<PAGE>
400 Bellevue Parkway
4th Floor
[Logo of Provident Institutional Funds] Wilmington, DE 19809
302-793-8100
www.pif.com
May 31, 1999
Dear Shareholder:
We are pleased to present the Semi-Annual Report to Shareholders of the
following portfolios for the period ended April 30, 1999: FedFund, Federal
Trust Fund, T-Fund, Treasury Trust Fund, MuniFund, MuniCash and California
Money Fund.
Included in the Investment Adviser's Report is commentary on the United
States' improving economy and on recent developments in our Funds.
We would like to thank our shareholders for a successful proxy, which
resulted in the reorganization of the Provident Institutional Funds into a
single Delaware business trust.
Provident Institutional Funds offers a variety of high quality Taxable and
Tax-Exempt Money Market Funds designed to meet the varied needs of our
investors. Please contact your account representative or call our Client
Service Center at (800) 821-7432 to discuss your investment options. We
welcome the opportunity to serve you.
Sincerely,
/s/ Rodney D. Johnson
Rodney D. Johnson
Chairman
<PAGE>
PROVIDENT INSTITUTIONAL FUNDS
Semi-Annual Report of the Investment Adviser
The U.S. economy extended its nine year expansion during the past six months,
spurred on by low interest rates, low inflation and a consumer-led spending
spree. Record quarterly sales by several major automobile companies and strong
gains among retailers pushed the nation's gross domestic product (GDP) to 4.5%
in the first quarter, down only slightly from the torrid 6% pace in the fourth
quarter. At the same time, inflationary pressures remained tame. The GDP
deflator rose at a 1.4% annual pace in the first quarter and the consumer
price index gained just 1.7% for the twelve months ended March. About the only
concern during the period was the sharp increase in oil prices to $18 per
barrel, but at that price, oil was no higher than it was a year ago.
Following its aggressive rate cuts last fall, the Federal Reserve maintained
monetary targets through the end of April. The federal funds rate remained
steady at 4.75% and the short-term yield curve steepened as the market
pondered over the strength of the economy and the likelihood of higher
interest rates later this year. The Year 2000 issue also emerged as a market
factor and effected a slight yield premium on securities maturing early next
year.
In the government money market, yields rose slightly during the first quarter
and the spread between Treasury and Agency obligations widened. FedFund
generally purchased agencies in the one to three-month range, while making
occasional one-year investments to maintain a moderately extended average
weighted maturity and lock-in yields of 5.00%-5.10% into early 2000. T-Fund
employed a similar strategy of buying on weakness, and also participated in
the Treasury's cash management bill auctions as a substitute for repurchase
agreements. FedTrust maintained its all-government securities composition
during the period, with an average weighted maturity in the fifty-day range.
Treasury Trust invested exclusively in Treasury notes and bills and used
market opportunities to swap from bills to notes, as spreads widened.
In the municipal money market, strong demand and a shift from money market to
longer-term debt issuance kept short-term rates low for most of January and
February. Yields rose later in March and early April as municipal securities
were sold to meet April 15th tax payments. MuniFund, MuniCash and California
Money met frequently changing liquidity needs during the period by maintaining
high percentages in daily and weekly variable rate demand notes. These
investments were balanced by longer-maturing, nine to twelve-month trades at
yields of 3.00-3.25%.
The investment performance of the Provident Institutional Funds ("PIF") was
highlighted by the recognition received from Lipper Analytical Services, in
February, that four of the PIF funds ranked number one, within their
respective peer groups, for the following periods ended December 31, 1998:
TempFund for the last 20 years (Institutional Money Markets); FedFund for 15
years (Institutional U.S. Treasury Government Money Markets); and New York
Money Fund for 10 years (New York Tax-Exempt Money Markets). Furthermore, for
the one year period ended April 30 ,1999, each of these funds ranked in the
top quartile of their Lipper peer group, two of them, T-Fund and New York
Money finishing in the top decile. We are very proud of this consistent track
record and look forward to meeting your liquidity needs in the future.
TempFund, TempCash and New York Money Fund are not included in this semi-
annual report. For more information about these portfolios, call 1-800-821-
7432 to obtain a prospectus containing more complete information which should
be read carefully before investing.
2
<PAGE>
Provident Institutional Funds
FedFund Portfolio
Statement of Net Assets
April 30, 1999
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Date (000) Value
-------- ------- -----------
<S> <C> <C> <C>
U.S. GOVERNMENT AGENCY & INSTRUMENTALITY OBLIGATIONS--63.9%
Federal Farm Credit Bank Bonds
4.80%............................................ 02/01/00 $20,000 $19,991,607
-----------
Federal Home Loan Bank Bonds
5.705%........................................... 05/05/99 18,590 18,591,642
5.536%........................................... 07/15/99 10,000 9,998,757
4.86%............................................ 01/14/00 10,000 9,995,547
4.93%............................................ 01/19/00 10,000 9,997,190
4.79%............................................ 02/04/00 15,000 14,985,627
4.95%............................................ 02/17/00 10,000 9,995,720
5.10%............................................ 03/03/00 5,000 4,998,784
5.16%............................................ 03/08/00 5,000 4,998,508
-----------
83,561,775
-----------
Federal Home Loan Bank Discount Notes
4.70%............................................ 01/19/00 15,000 14,484,958
-----------
Federal Home Loan Bank Variable Rate Notes**
4.85%............................................ 05/03/99 15,000 14,998,973
4.91%............................................ 05/03/99 20,000 19,992,783
4.92%............................................ 05/03/99 30,000 29,998,544
4.955%........................................... 05/03/99 20,000 19,990,464
-----------
84,980,764
-----------
Federal Home Loan Mortgage Corporation Bonds
5.527%........................................... 06/10/99 15,000 14,997,303
7.125%........................................... 07/21/99 8,170 8,211,126
-----------
23,208,429
-----------
Federal Home Loan Mortgage Corporation Discount Notes
4.74%............................................ 05/17/99 50,000 49,894,667
4.75%............................................ 05/17/99 25,000 24,947,222
4.7299%.......................................... 05/20/99 25,000 24,937,590
-----------
99,779,479
-----------
Federal National Mortgage Association Bonds
5.48%............................................ 07/09/99 15,000 14,997,135
4.63%............................................ 10/14/99 20,000 19,986,860
4.86%............................................ 02/10/00 10,000 9,993,988
4.98%............................................ 04/20/00 10,000 9,994,442
-----------
54,972,425
-----------
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Date (000) Value
-------- ------- ------------
<S> <C> <C> <C>
U.S. GOVERNMENT AGENCY & INSTRUMENTALITY OBLIGATIONS (continued)
Federal National Mortgage Association Discount Notes
4.6999%......................................... 10/15/99 $20,000 $ 19,563,944
4.66%........................................... 12/13/99 13,000 12,619,692
------------
32,183,636
------------
Federal National Mortgage Association Variable Rate Notes**
4.7434%......................................... 05/03/99 25,000 24,994,943
4.85%........................................... 05/03/99 30,000 29,998,265
4.585%.......................................... 05/04/99 58,000 58,000,000
4.6875%......................................... 05/28/99 25,000 24,994,937
4.795%.......................................... 06/23/99 25,000 24,985,482
------------
162,973,627
------------
Student Loan Marketing Association Bonds
5.625%.......................................... 06/30/99 10,000 9,999,025
------------
Student Loan Marketing Association Discount Notes
4.60%........................................... 06/30/99 30,000 29,770,000
------------
Total............................................................ 615,905,725
------------
REPURCHASE AGREEMENTS--36.0%
Morgan (J.P) Securities, Inc.
4.90%........................................... 05/03/99 100,000 100,000,000
(Agreement dated 4/30/99 to be repurchased at $100,040,833,
collateralized by $103,338,022 Government National Mortgage
Association Bonds 6.00% to 6.50% due from 12/15/28 to 03/15/29.
The market value is $103,000,000).
4.75%........................................... 05/13/99 40,000 40,000,000
(Agreement dated 04/13/99 to be repurchased at $40,158,333,
collateralized by $49,965,451 Government National Mortgage
Association Bonds 6.00% to 9.00% due from 10/15/17 to 01/15/29.
The market value is $41,337,498).
</TABLE>
3
<PAGE>
FedFund Portfolio
Statement of Net Assets (Concluded)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Date (000) Value
-------- -------- ------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS (continued)
Morgan Stanley & Co., Inc.
4.9375%........................................ 05/03/99 $200,000 $200,000,000
(Agreement dated 04/30/99 to be repurchased at $200,082,292,
collateralized by $207,261,000 Federal Farm Credit Bank Bonds,
Federal National Mortgage Association Bonds, Resolution Funding
Corporation Bonds, Tennessee Valley Authority Bonds, Tennessee
Valley Authority Strips, and U.S. Treasury Notes 0.00% to 8.875%
due from 01/16/02 to 07/15/45. The market value is
$207,137,818).
Warburg Dillon Read LLC
4.90%.......................................... 05/03/99 7,600 7,600,000
(Agreement dated 04/30/99 to be repurchased at $7,603,103,
collateralized by $7,895,000 U.S. Treasury Bonds 5.50% due
08/15/28. The market value is $7,756,783).
------------
Total............................................................ 347,600,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $963,505,725*)...................................... 99.9% 963,505,725
OTHER ASSETS IN EXCESS OF LIABILITIES...................... 0.1 1,008,252
----- ------------
NET ASSETS (Equivalent to $1.00 per share based on
935,296,085 FedFund Shares and 29,427,678 FedFund Dollar
Shares outstanding)....................................... 100.0% $964,513,977
===== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($964,513,977 / 964,723,763).................................... $1.00
=====
</TABLE>
- --------
* Aggregate cost for federal income tax purposes is substantially the same.
** Variable rate security--the interest rate shown is as of April 30, 1999, and
the maturity date shown is the longer of (i) the next interest readjustment
date or (ii) the date on which the principal amount owned can be recovered
through demand.
FedFund Portfolio
Maturity Schedule of Portfolio
April 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- ------------ ----------
<S> <C> <C>
1-30 Days $689,190,000 71.4%
31-60 Days 40,000,000 4.1%
61-90 Days 73,170,000 7.6%
Over 150 Days 163,000,000 16.9%
</TABLE>
Average Weighted Maturity--54 days
4
<PAGE>
Provident Institutional Funds
T-Fund Portfolio
Statement of Net Assets
April 30, 1999
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Date (000) Value
-------- -------- ------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES--22.7%
U.S. Treasury Notes
6.25%.......................................... 05/31/99 $ 50,000 $ 50,025,819
6.00%.......................................... 06/30/99 30,000 30,020,037
6.75%.......................................... 06/30/99 70,000 70,130,907
6.375%......................................... 07/15/99 20,000 20,076,557
5.875%......................................... 07/31/99 10,000 10,008,254
6.00%.......................................... 08/15/99 10,000 10,013,555
6.00%.......................................... 10/15/99 40,000 40,275,121
5.875%......................................... 11/15/99 76,000 76,461,679
5.625%......................................... 11/30/99 50,000 50,251,482
7.75%.......................................... 01/31/00 122,000 124,668,854
5.50%.......................................... 02/29/00 30,000 30,143,109
7.125%......................................... 02/29/00 50,000 50,923,729
5.50%.......................................... 03/31/00 20,000 20,087,689
6.875%......................................... 03/31/00 60,000 60,972,321
6.75%.......................................... 04/30/00 75,000 76,346,975
6.375%......................................... 05/15/00 20,000 20,295,360
------------
Total............................................................ 740,701,448
------------
REPURCHASE AGREEMENTS--77.4%
Barclay's Capital, Inc.
4.85%.......................................... 05/03/99 140,000 140,000,000
(Agreement dated 04/30/99 to be repurchased at $140,056,583,
collateralized by $138,805,000 U.S. Treasury Notes 5.625% due
11/30/99. The market value is $142,816,465).
Bear Stearns & Co., Inc.
4.90%.......................................... 05/03/99 140,000 140,000,000
(Agreement dated 04/30/99 to be repurchased at $140,057,167,
collateralized by $502,620,000 U.S. Treasury Strips due 08/15/03
to 11/15/26. The market value is $143,685,850).
Credit Suisse First Boston Corp.
4.80%.......................................... 05/03/99 150,000 150,000,000
(Agreement dated 04/30/99 to be repurchased at $150,060,000,
collateralized by $112,630,000 U.S. Treasury Bonds 8.875% due
02/15/19. The market value is $153,097,959).
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Date (000) Value
-------- -------- ------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS (continued)
Deutsche Bank Securities, Inc.
4.86%.......................................... 05/03/99 $140,000 $140,000,000
(Agreement dated 04/30/99 to be repurchased at $140,056,700,
collateralized by $104,710,000 U.S. Treasury Bonds 8.75% due
05/15/17. The market value is $142,813,969).
Goldman Sachs & Co.
4.89%.......................................... 05/03/99 140,000 140,000,000
(Agreement dated 04/30/99 to be repurchased at $140,057,050,
collateralized by $94,741,000 U.S. Treasury Bonds and Notes
4.875% to 12.50% due 03/31/01 to 08/15/14. The market value is
$142,801,256).
Greenwich Capital Markets, Inc.
4.85%.......................................... 05/03/99 250,000 250,000,000
(Agreement dated 04/30/99 to be repurchased at $250,101,042,
collateralized by $443,780,000 U.S. Treasury Strips due from
05/15/05 to 05/15/16. The market value is $255,000,334).
Lehman Brothers, Inc.
4.85%.......................................... 05/03/99 280,000 280,000,000
(Agreement dated 04/30/99 to be repurchased at $280,113,167,
collateralized by $220,257,000 U.S. Treasury Bonds and Notes
6.375% to 10.375% due from 07/15/99 to 8/15/19. The market value
is $285,605,067).
Merrill Lynch Government Securities, Inc.
4.80%.......................................... 05/03/99 170,000 170,000,000
(Agreement dated 04/30/99 to be repurchased at $170,068,000,
collateralized by $472,724,000 U.S. Treasury Strips due from
02/15/05 to 08/15/26. The market value is $173,400,606).
Morgan (J.P) Securities, Inc.
4.65%.......................................... 05/27/99 150,000 150,000,000
(Agreement dated 04/27/99 to be repurchased at $150,581,250,
collateralized by $148,870,000 U.S. Treasury Notes 5.625% to
6.00% due from 06/30/99 to 05/15/01. The market value is
$153,000,067).
</TABLE>
5
<PAGE>
T-Fund Portfolio
Statement of Net Assets (Concluded)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Date (000) Value
-------- -------- -------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS (continued)
Morgan Stanley & Co., Inc.
4.8875%....................................... 05/03/99 $320,000 $ 320,000,000
(Agreement dated 04/30/99 to be repurchased at $320,130,333,
collateralized by $321,454,000 U.S. Treasury Bonds and Notes
3.375% to 9.125% due from 05/15/99 to 4/15/29. The market value
is $327,005,056).
Nesbitt Burns Securities, Inc.
4.85%......................................... 05/03/99 140,000 140,000,000
(Agreement dated 04/30/99 to be repurchased at $140,056,583,
collateralized by $111,895,000 U.S. Treasury Bonds 6.625% to
13.875% due from 05/15/11 to 02/15/27. The market value is
$142,802,142).
Salomon Smith Barney, Inc.
4.87%......................................... 05/03/99 140,000 140,000,000
(Agreement dated 04/30/99 to be repurchased at $140,056,817,
collateralized by $120,985,000 U.S. Treasury Bonds 8.25% to
11.25% due 05/15/05 to 02/15/15. The market value is
$142,867,689).
Warburg Dillon Read LLC
4.87%......................................... 05/03/99 280,000 280,000,000
(Agreement dated 04/30/99 to be repurchased at $280,113,633,
collateralized by $193,129,000 U.S. Treasury Bonds and Notes
7.50% to 12.00% due from 11/15/01 to 05/15/18. The market value
is $285,603,875).
4.90%......................................... 05/03/99 87,900 87,900,000
(Agreement dated 04/30/99 to be repurchased at $87,935,893,
collateralized by $264,370,000 U.S. Treasury Bonds and Strips
0.00% to 7.25% due from 08/15/22 to 08/15/28. The market value
is $89,660,132).
-------------
Total........................................................... 2,527,900,000
-------------
</TABLE>
<TABLE>
<CAPTION>
Par
(000) Value
----- --------------
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES (Cost
$3,268,601,448*)................................... 100.1% $3,268,601,448
LIABILITIES IN EXCESS OF OTHER ASSETS............... (0.1) (1,543,078)
----- --------------
NET ASSETS (Equivalent to $1.00 per share based on
2,585,491,306 T-Fund Shares and 681,585,221 T-Fund
Dollar Shares outstanding)......................... 100.0% $3,267,058,370
===== ==============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($3,267,058,370 / 3,267,076,527)......................... $1.00
=====
</TABLE>
- --------
* Aggregate cost for federal income tax purposes is substantially the same.
T-Fund Portfolio
Maturity Schedule of Portfolio
April 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- -------------- ----------
<S> <C> <C>
1-30 Days $2,527,900,000 77.5%
31-60 Days 50,000,000 1.5%
61-90 Days 120,000,000 3.7%
91-120 Days 20,000,000 0.6%
Over 150 Days 543,000,000 16.7%
</TABLE>
Average Weighted Maturity--54 days
6
<PAGE>
Provident Institutional Funds
Federal Trust Fund Portfolio
Statement of Net Assets
April 30, 1999
(Unaudited)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Date (000) Value
-------- ------- -----------
<S> <C> <C> <C>
U.S. GOVERNMENT AGENCY & INSTRUMENTALITY OBLIGATIONS--100.0%
Federal Farm Credit Bank Bonds
4.77%............................................ 07/01/99 $10,000 $ 9,998,853
4.76%............................................ 01/18/00 5,000 4,996,095
4.80%............................................ 02/01/00 10,000 9,995,803
-----------
24,990,751
-----------
Federal Farm Credit Bank Discount Notes
4.6899%.......................................... 05/03/99 930 929,758
4.7599%.......................................... 05/04/99 3,800 3,798,493
4.69%............................................ 05/11/99 9,000 8,988,275
4.71%............................................ 05/28/99 18,000 17,936,415
4.71%............................................ 06/01/99 2,430 2,420,144
4.54%............................................ 12/13/99 10,000 9,714,989
-----------
43,788,074
-----------
Federal Farm Credit Bank Variable Rate Notes**
4.56%............................................ 05/10/99 15,000 14,993,694
4.7462%.......................................... 05/24/99 15,000 14,993,433
-----------
29,987,127
-----------
Federal Home Loan Bank Bonds
5.723%........................................... 05/05/99 15,000 15,001,461
5.51%............................................ 07/06/99 2,500 2,502,873
4.95%............................................ 02/17/00 5,000 4,997,860
5.10%............................................ 03/03/00 1,000 999,757
5.16%............................................ 03/08/00 2,000 1,999,403
-----------
25,501,354
-----------
Federal Home Loan Bank Discount Notes
4.72%............................................ 05/05/99 1,800 1,799,056
4.73%............................................ 05/05/99 10,000 9,994,744
4.69%............................................ 05/10/99 8,000 7,990,620
4.70%............................................ 05/12/99 4,410 4,403,667
4.74%............................................ 05/14/99 10,000 9,982,883
4.68%............................................ 06/11/99 20,000 19,893,400
4.70%............................................ 01/19/00 5,000 4,828,319
-----------
58,892,689
-----------
Federal Home Loan Bank Variable Rate Notes**
4.85%............................................ 05/03/99 10,000 9,999,315
4.91%............................................ 05/03/99 10,000 9,999,515
4.955%........................................... 05/03/99 5,000 4,997,616
-----------
24,996,446
-----------
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Date (000) Value
-------- ------- -----------
<S> <C> <C> <C>
U.S. GOVERNMENT AGENCY & INSTRUMENTALITY OBLIGATIONS (continued)
Student Loan Marketing Association Discount Notes
4.80%............................................ 05/03/99 $17,300 $17,295,387
4.60%............................................ 06/30/99 5,000 4,961,667
-----------
22,257,054
-----------
Student Loan Marketing Association Variable Rate Notes**
4.457%........................................... 05/04/99 4,000 4,000,000
-----------
Tennessee Valley Authority Discount Notes
4.64%............................................ 05/05/99 11,300 11,294,174
4.6999%.......................................... 05/20/99 30,000 29,925,583
4.6899%.......................................... 05/21/99 20,000 19,947,889
-----------
61,167,646
-----------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $295,581,141*)..................................... 100.0% 295,581,141
LIABILITIES IN EXCESS OF OTHER ASSETS..................... 0.0 (69,461)
----- ------------
NET ASSETS (Equivalent to $1.00 per share based on
275,211,589 Federal Trust Shares and 20,444,872 Federal
Trust Dollar Shares outstanding)......................... 100.0% $295,511,680
===== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($295,511,680 / 295,656,461)................................... $1.00
============
</TABLE>
- --------
* Aggregate cost for federal income tax purposes is substantially the same.
** Variable rate security--the interest rate shown is as of April 30, 1999,
and the maturity date shown is the longer of (i) the next interest
readjustment date or (ii) the date on which the principal amount owned can
be recovered through demand.
Federal Trust Fund Portfolio
Maturity Schedule of Portfolio
April 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- ------------ ----------
<S> <C> <C>
1-30 Days $218,540,000 73.7%
31-60 Days 22,430,000 7.6%
61-90 Days 17,500,000 5.9%
Over 150 Days 38,000,000 12.8%
</TABLE>
Average Weighted Maturity--50 days
7
<PAGE>
Provident Institutional Funds
Treasury Trust Fund Portfolio
Statement of Net Assets
April 30, 1999
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Date (000) Value
-------- ------- --------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES--98.3%
U.S. Treasury Bills
4.05%......................................... 05/06/99 $11,675 $ 11,668,433
4.30%......................................... 05/06/99 4,500 4,497,313
4.24%......................................... 05/20/99 11,000 10,975,384
4.30%......................................... 06/03/99 11,755 11,708,666
4.35%......................................... 06/10/99 25,000 24,879,167
4.335%........................................ 06/24/99 820 814,668
4.42%......................................... 06/24/99 1,384 1,374,824
4.36%......................................... 07/22/99 20,780 20,573,632
--------------
86,492,087
--------------
U.S. Treasury Notes
6.375%........................................ 05/15/99 300,000 300,158,022
6.25%......................................... 05/31/99 360,000 360,463,173
6.75%......................................... 05/31/99 75,000 75,127,684
5.875%........................................ 07/31/99 195,000 195,618,166
6.875%........................................ 07/31/99 100,000 100,556,802
5.875%........................................ 08/31/99 115,000 115,478,457
6.875%........................................ 08/31/99 85,000 85,625,802
--------------
1,233,028,106
--------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES (Cost
$1,319,520,193*).................................... 98.3% 1,319,520,193
OTHER ASSETS IN EXCESS OF LIABILITIES................ 1.7 22,357,672
----- --------------
NET ASSETS (Equivalent to $1.00 per share based on
853,708,478 Treasury Trust Shares and 488,383,318
Treasury Trust Dollar Shares outstanding)........... 100.0% $1,341,877,865
===== ==============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($1,341,877,865 / 1,342,091,796).......................... $1.00
==============
</TABLE>
- --------
* Aggregate cost for federal income tax purposes is substantially the same.
Treasury Trust Fund Portfolio
Maturity Schedule of Portfolio
April 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- ------------ ----------
<S> <C> <C>
1-30 Days $327,175,000 24.8%
31-60 Days 473,959,000 36.0%
61-90 Days 20,780,000 1.6%
91-120 Days 295,000,000 22.4%
121-150 Days 200,000,000 15.2%
</TABLE>
Average Weighted Maturity--56 days
8
<PAGE>
Provident Institutional Funds
MuniFund Portfolio
Statement of Net Assets
April 30, 1999
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------ -----------
<S> <C> <C> <C>
ALABAMA--4.8%
Alabama Housing Finance Authority Multifamily Housing RB (Rime
Huntsville Project) Series B DN (Federal National Mortgage
Association) (A-1+)**
4.05%............................................. 05/07/99 $3,775 $ 3,775,000
Calhoun County Economic Development Council IDRB (Craft Corporation
Project) DN (Amsouth Bank of Alabama LOC) (A-1+, VMIG-1)**
4.15%............................................. 05/07/99 3,370 3,370,000
Chatom IDA PCRB (Alabama Electric Project) Series 1985 (A-1+)
2.75%............................................. 08/15/99 4,110 4,110,000
City of Huntsville Health Care Authority RB Series 1998 DN (Amsouth
Bank of Alabama LOC) (A-1)**
4.00%............................................. 05/07/99 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)**
4.00%............................................. 05/07/99 9,800 9,800,000
Columbia IDRB (Alabama Power Company) Series C DN (A-1, VMIG-1)**
4.40%............................................. 05/01/99 4,400 4,400,000
-----------
31,555,000
-----------
ALASKA--0.2%
City of Valdez Marine Terminal Revenue Refunding Bonds (Arco
Transportation Inc. Project) (A-1, P-1)
2.75%............................................. 05/14/99 1,100 1,100,000
-----------
ARIZONA--0.3%
Arizona State School District Financing Program TAN Series A (SP-
1+)
4.10%............................................. 07/30/99 2,000 2,002,533
-----------
ARKANSAS--0.5%
Arkansas Development Finance Authority Single Family Mortgage RB
(Mortgage-Backed Securities Program) (FGIC Insurance) (A-1+)
3.70%............................................. 06/01/99 3,405 3,405,000
-----------
CALIFORNIA--2.6%
Alameda-Contra Costa School Financing Authority (Capital
Improvements Financing Project) Series C DN (National Westminster
LOC) (A-1+)**
3.95%............................................. 05/07/99 95 95,000
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------ ----------
<S> <C> <C> <C>
CALIFORNIA (Continued)
California PCRB (Southern California Edison) Series 1986A DN (A-1+,
P-1)**
4.35%.............................................. 05/01/99 $4,150 $4,150,000
California Pollution Control Financing Authority (Pacific Gas &
Electric) Series 1996E DN (Morgan Guaranty Trust LOC) (A-1+)**
4.30%.............................................. 05/01/99 2,800 2,800,000
Los Angeles Convention & Exposition Center Authority RB Series D DN
(Bank of New York LOC) (A-1+, VMIG-1)**
4.10%.............................................. 05/07/99 10,000 10,000,000
----------
17,045,000
----------
COLORADO--0.9%
Douglas County School District TAN (SP-1+, MIG-1)
3.75%.............................................. 06/30/99 2,500 2,503,227
Moffat County PCRB (Tri-State) Series 1984 DN (AMBAC Insurance)
(A-1+, P-1)**
4.05%.............................................. 05/07/99 3,500 3,500,000
----------
6,003,227
----------
FLORIDA--2.7%
Capital Projects Finance Authority (Florida Hospital Association--
Capital Projects Loan Program) Series 1998A DN (Credit Suisse LOC)
(A-1+)**
4.05%.............................................. 05/07/99 5,000 5,000,000
Indian Trace Community Development District (Basin I Water
Management) Special Benefit Bonds Series 1989 DN (Swiss Bank LOC)
(VMIG-1)**
3.85%.............................................. 05/07/99 270 270,000
Orange County Housing Finance Authority Multifamily RB (Post
Fountains at Lee Vista) Series 1997E DN (Federal National Mortgage
Association) (A-1+)**
4.05%.............................................. 05/07/99 5,100 5,100,000
Orange County Housing Finance Authority Multifamily RB (Post Lake
Apartments Project) DN (Federal National Mortgage Association) (A-
1+)**
4.05%.............................................. 05/07/99 6,000 6,000,000
St. Petersburg Capital Improvement RB (Apartment & Golf Course
Project) Series B DN (Suntrust Bank LOC)**
4.05%.............................................. 05/07/99 1,580 1,580,000
----------
17,950,000
----------
</TABLE>
9
<PAGE>
MuniFund Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------ -----------
<S> <C> <C> <C>
GEORGIA--10.2%
Burke County Development Authority PCRB (Georgia Power Company
Plant Vogtle Project) Series 1994 DN (A-1, VMIG-1)**
4.40%............................................. 05/01/99 $9,500 $ 9,500,000
Burke County IDA PCRB (Georgia Power & Light Company Vogtle
Project) DN (A-1, VMIG-1)**
4.30%............................................. 05/01/99 17,500 17,500,000
Cobb County Development Authority RB (Highland Park Associates
Project) DN (Suntrust Bank LOC)**
4.05%............................................. 05/07/99 2,350 2,350,000
Cobb County Housing Authority Multifamily Housing RB (Post Bridge
Project) DN (Federal National Mortgage Association) (A-1+, VMIG-
1)**
4.05%............................................. 05/07/99 900 900,000
Fulco Hospital Authority RAN (Piedmont Hospital Project) DN
(Suntrust Bank LOC) (VMIG-1)**
4.05%............................................. 05/07/99 7,000 7,000,000
Fulton County IDA (Arthritis Foundation Incorporated) DN (Suntrust
Bank LOC)**
4.05%............................................. 05/07/99 1,000 1,000,000
Fulton County IDA (Epstein School Project) DN (Suntrust Bank LOC)**
4.05%............................................. 05/07/99 2,000 2,000,000
Fulton County IDA (Metro Atlanta YMCA Project) DN (Wachovia Bank
LOC)**
3.95%............................................. 05/07/99 8,500 8,500,000
Gwinnett County Development Authority (Wesleyan School Project)
Series 1997 DN (Suntrust Bank LOC)**
4.05%............................................. 05/07/99 1,300 1,300,000
Macon-Bibb County Hospital Authority RAN (The Medical Center of
Central Georgia) DN (Suntrust Bank LOC)**
4.05%............................................. 05/07/99 3,000 3,000,000
Metropolitan Atlanta Rapid Transit Authority Trust Receipts DN
(MBIA Insurance) (VMIG-1)**
4.10%............................................. 05/07/99 9,875 9,875,000
Municipal Electric Authority of Georgia Series C DN (Morgan
Guaranty Trust LOC) (A-1+, VMIG-1)**
4.00%............................................. 05/07/99 2,400 2,400,000
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------ -----------
<S> <C> <C> <C>
Smyrna Housing Authority Multifamily Housing RB (Post Valley
Project) Series 1995 DN (Federal National Mortgage Association)
(A-1+)**
4.05%............................................. 05/07/99 $1,300 $ 1,300,000
-----------
66,625,000
-----------
IDAHO--0.6%
Idaho TAN (SP-1+, MIG-1)
4.50%............................................. 06/30/99 3,750 3,755,353
-----------
ILLINOIS--8.9%
Illinois Development Finance Authority PCRB (Illinois Power Company
Project) (ABN-AMRO Bank N.V. LOC) (SP-1+, VMIG-1)
3.00%............................................. 08/26/99 4,000 4,000,000
Illinois Development Finance Authority PCRB (The Uno-Ven Company)
DN (NBD Bank Corp LOC) (A-1+, P-1)**
4.00%............................................. 05/07/99 7,900 7,900,000
Illinois Educational Facilities Authority RB (ACI Cultural Pooled
Financing Program) Series 1998 DN (NBD Bank Corp. LOC) (A-1+)**
4.00%............................................. 05/07/99 9,900 9,900,000
Illinois Health Facilities Authority PCRB Revolving Fund Pooled
Financing Program (The University of Chicago Project) (A-1+, VMIG-
1)
2.95%............................................. 05/03/99 4,000 4,000,000
Illinois Health Facilities Authority RB (Evanston Hospital
Corporation Project) (A-1+, VMIG-1)
3.70%............................................. 07/15/99 5,000 5,000,000
3.15%............................................. 08/02/99 5,000 5,000,000
3.55%............................................. 08/31/99 4,000 4,000,000
3.05%............................................. 02/15/00 10,000 10,000,000
Illinois Health Facilities Authority RB (Rush-Presbyterian-St.
Luke's Medical Center Obligated Group) Series 1998B DN (MBIA
Insurance) (A-1, VMIG-1)**
4.00%............................................. 05/07/99 1,000 1,000,000
Illinois Health Facilities Authority RB (The Children's Memorial
Hospital Project) Series A (Banc One N.A. LOC) (VMIG-1)
2.95%............................................. 06/25/99 3,000 3,000,000
</TABLE>
10
<PAGE>
MuniFund Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- -----------
<S> <C> <C> <C>
ILLINOIS (Continued)
Illinois State Development Finance Authority RB (Metropolitan
Family Services) DN (Bank America LOC) (A-1+)**
4.00%............................................ 05/07/99 $ 4,000 $ 4,000,000
-----------
57,800,000
-----------
INDIANA--1.8%
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)**
3.90%............................................ 05/07/99 500 500,000
Indiana State Educational Facilities Authority RB (Bethel College
Project) Series B DN (NBD Bank Corp. LOC) (A-1+)**
4.00%............................................ 05/07/99 4,000 4,000,000
Indiana State Educational Facilities Authority RB (Indiana Wesleyan
University Project) Series A DN (NBD Bank Corp. LOC) (A-1+)**
4.00%............................................ 05/07/99 2,000 2,000,000
-----------
12,000,000
-----------
KANSAS--0.2%
Leawood GO Series 1998A
5.50%............................................ 09/01/99 1,000 1,008,170
-----------
KENTUCKY--2.3%
Kentucky Interlocal School Transportation Association Certificates
of Participation TRAN (SP-1+)
3.90%............................................ 06/30/99 15,263 15,277,814
-----------
MARYLAND--10.6%
Frederick County (Homewood Incorporated Facility) DN (FNB Maryland
LOC) (A-1)**
3.55%............................................ 05/07/99 20,450 20,450,000
Maryland Health & Higher Education Facilities Authority RB (Doctors
Community Hospital) Series 1997 DN (FNB Maryland LOC) (A-1)**
3.65%............................................ 05/07/99 4,115 4,115,000
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- -----------
<S> <C> <C> <C>
Maryland Health & Higher Education Facilities Authority RB (Johns
Hopkins Hospital Project) DN (Bank America LOC) (A-1+)**
3.95%............................................ 05/07/99 $17,845 $17,845,000
Maryland Health & Higher Education Facilities Authority RB (The
Norwood School) Series 1998 DN (FNB Maryland LOC) (A-1)**
3.65%............................................ 05/07/99 10,505 10,505,000
Maryland State Economic Development Corporation RB (Pooled
Financing) DN (Bank America LOC) (A-1+, VMIG-1)**
4.00%............................................ 05/07/99 700 700,000
Maryland State Industrial Development Finance Authority RB
(McDonough School Income Facility) DN (FNB Maryland LOC) (A-1,
VMIG-1)**
3.80%............................................ 05/07/99 11,470 11,470,000
Montgomery County Economic Development RB (Brooke Grove Foundation
Incoporated Project) DN (FNB Maryland LOC) (A-1)**
3.65%............................................ 05/07/99 2,000 2,000,000
Montgomery County GO (Public Improvement Project) Series A
5.10%............................................ 07/01/99 1,820 1,827,116
-----------
68,912,116
-----------
MASSACHUSETTS--1.0%
Massachusetts Bay Transportation Authority General Transporation
Revenue Bonds Series 1984 (State Street Bank & Trust Co. LOC) (A-
1+, VMIG-1)
2.85%............................................ 09/01/99 3,000 3,000,983
Massachusetts GO RB Series B DN (Landesbank Hessen-Thuringen LOC)
(A-1+, VMIG-1)**
3.90%............................................ 05/07/99 2,500 2,500,000
Plymouth County Certificates of Participation (Correctional
Facility Project) Series 1999 (AMBAC Insurance)
3.25%............................................ 10/01/99 1,000 1,001,217
-----------
6,502,200
-----------
MICHIGAN--0.7%
Michigan Municipal Bond Authority Revenue Notes Series D-2 (Bank of
Nova Scotia LOC) (SP-1+)
4.25%............................................ 08/27/99 4,000 4,008,354
</TABLE>
11
<PAGE>
MuniFund Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- -----------
<S> <C> <C> <C>
MICHIGAN (Continued)
Midland County Economic Development Corporation (Dow Chemical
Company Project) Series 1993B DN (A-1, P-1)**
4.30%............................................ 05/01/99 $ 300 $ 300,000
-----------
4,308,354
-----------
MINNESOTA--10.5%
Minneapolis GO Series 1996 DN (Bayerische Landesbank Girozentrale
LOC)** (A-1+, VMIG-1)
3.90%............................................ 05/07/99 20,835 20,835,000
Minneapolis GO Series 1995B DN (Bayerische Landesbank Girozentrale
LOC)** (A-1+, VMIG-1)
3.90%............................................ 05/07/99 16,270 16,270,000
Minneapolis GO Series 1999A DN (A-1+, VMIG-1)**
3.90%............................................ 05/07/99 9,000 9,000,000
Minneapolis GO Series 1998B DN (Bayerische Landesbank Girozentrale
LOC) (A-1+, VMIG-1)**
3.90%............................................ 05/07/99 22,650 22,650,000
-----------
68,755,000
-----------
MISSOURI--3.3%
Missouri State Development Finance Board (Science City Union
Station) Series B DN (Canadian Imperial Bank LOC) (A-1+)**
4.40%............................................ 05/01/99 6,800 6,800,000
Missouri State Development Finance Board Recreational Facilities RB
(YMCA Greater St. Louis Project) Series B DN (Bank America LOC)
(A-1+)**
4.00%............................................ 05/07/99 2,040 2,040,000
Missouri State Environmental Improvement RB (Kansas City Power &
Light) DN (VMIG-1)**
4.05%............................................ 05/07/99 5,400 5,400,000
Missouri State Health & Education Facilities Authority RB (Saint
Anthonys Medical Center) Series C DN (Rabo Bank Nederland LOC) (A-
1+, VMIG-1)**
3.95%............................................ 05/07/99 7,100 7,100,000
-----------
21,340,000
-----------
NEW HAMPSHIRE--0.3%
New Hampshire Health & Higher Education Facilities Authority (VHA
of New England Capital Asset Financing Program) Series 1985D DN
(AMBAC Insurance) (A-1+, VMIG-1)**
4.05%............................................ 05/07/99 2,250 2,250,000
-----------
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- -----------
<S> <C> <C> <C>
NEW JERSEY--3.3%
Essex County Improvement Authority BAN (MIG-1)
3.50%............................................ 03/31/00 $ 5,000 $ 5,015,514
New Jersey Economic Development Authority PCRB (Public Service
Electric & Gas Company Project) Series 1995A DN (MBIA Insurance)
(A-1+, VMIG-1)**
3.80%............................................ 05/07/99 1,130 1,130,000
New Jersey Sports & Exhibition Authority Series 1992C DN (Barclays
Bank LOC) (A-1+, VMIG-1)**
3.75%............................................ 05/07/99 5,100 5,100,000
New Jersey Sports & Exhibition Authority Series 1998A DN (MBIA
Insurance) (A-1+)**
4.01%............................................ 05/01/99 5,405 5,405,000
South Jersey Transportation Authority Subordinatted BAN Series 1998
(SP-1+, MIG-1)
2.95%............................................ 11/03/99 5,000 5,000,000
-----------
21,650,514
-----------
NEW YORK--6.0%
City of New York GO Series E-2 DN (Morgan Guaranty Trust LOC) (A-
1+, VMIG-1)**
4.30%............................................ 05/01/99 4,550 4,550,000
City of New York GO Series E-5 DN (Morgan Guaranty Trust LOC) (A-1,
VMIG-1)**
4.30%............................................ 05/01/99 6,300 6,300,000
City of New York GO Series 1994E-4 DN (State Street Bank & Trust
LOC) (A-1+, VMIG-1)**
4.30%............................................ 05/01/99 4,400 4,400,000
City of New York Health & Hospital Corporation RB (Health System)
Series 1997A DN (Morgan Guaranty Trust LOC) (A-1+, VMIG-1)**
3.95%............................................ 05/07/99 3,200 3,200,000
New York State Energy, Research & Developement Authority PCRB
(Niagara Mohawk Power) Series 1985A DN (Toronto Dominion LOC) (A-
1+, VMIG-1)**
4.40%............................................ 05/01/99 10,300 10,300,000
Port Authority of New York & New Jersey Versatile Structure
Obligations Series 3 DN (A-1+, VMIG-1)**
4.20%............................................ 05/01/99 5,800 5,800,000
</TABLE>
12
<PAGE>
MuniFund Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------ -----------
<S> <C> <C> <C>
NEW YORK (Continued)
Port Authority of New York & New Jersey Versatile Structure
Obligations Series 5 DN (Bayerische Landesbank Girozentrale LOC)
(A-1+, VMIG-1)**
4.20%............................................. 05/01/99 $4,900 $ 4,900,000
-----------
39,450,000
-----------
NORTH CAROLINA--1.1%
Mecklenburg County GO Series 1996C DN (Bank America LOC) (A-1,
VMIG-1)**
3.90%............................................. 05/07/99 3,300 3,300,000
North Carolina Medical Care Commission Hospital RB (Moses H. Cone
Health System) Series 1998 DN (Wachovia Bank LOC) (A-1+)**
4.00%............................................. 05/07/99 200 200,000
North Carolina Medical Care Community Hospital RB (Baptist Hospital
Project) Series 1992B DN (Wachovia Bank LOC) (A1+, VMIG-1)**
4.00%............................................. 05/07/99 1,100 1,100,000
North Carolina Medical Care Community Hospital RB (Moses H. Cone
Memorial Hospital Project) DN
(A-1+, VMIG-1)**
4.00%............................................. 05/07/99 2,300 2,300,000
-----------
6,900,000
-----------
OHIO--2.4%
Clinton County Hospital RB (Pooled Financing Programs) Series 1998
DN (Fifth Third Bank LOC) (A-1+)**
4.05%............................................. 05/07/99 4,400 4,400,000
Columbus GO Unlimited Tax DN (Westdeutsche Landesbank Girozentrale
LOC) (A-1+, VMIG-1)**
3.90%............................................. 05/07/99 800 800,000
Cuyahoga County RB (The Cleveland Clinic) Series D DN (Bank America
LOC) (A-1+, VMIG-1)**
4.30%............................................. 05/07/99 300 300,000
Franklin County IDRB (Alco Standard Corporation Project) Series
1994 DN (Bank America LOC)
(A-1+, VMIG-1)**
4.05%............................................. 05/07/99 1,800 1,800,000
Montgomery County Economic Development Authority RB (Dayton Art
Institute Project) DN (National City Bank of Cleveland LOC) (A-1,
VMIG-1)**
4.05%............................................. 05/07/99 4,400 4,400,000
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------ -----------
<S> <C> <C> <C>
Ohio Water Development Authority PCRB (Cleveland Electric
Illuminating Company) Series 1997B DN (NBD Bank Corp. LOC) (A-1+,
P-1)**
4.00%............................................. 05/07/99 $3,900 $ 3,900,000
-----------
15,600,000
-----------
OKLAHOMA--0.4%
Oklahoma IDA Hospital RB (Baptist Medical Center of Oklahoma
Incorporated Project) DN (A-1+, VMIG-1)**
4.00%............................................. 05/07/99 2,500 2,500,000
-----------
PENNSYLVANIA--2.1%
Bedford County IDA IDRB (Sepa Incorporated Facility) Series 1985 DN
(First Union Bank LOC) (A-1, P-1)**
3.50%............................................. 05/07/99 4,500 4,500,000
City of Philadelphia Water & Wastewater RB Series 1997B DN (AMBAC
Insurance) (A-1+, VMIG-1)**
3.85%............................................. 05/07/99 3,900 3,900,000
Pennsylvania Higher Education Facilities Authority Health Services
RB (University of Pennsylvania) Series 1996C DN (Credit Suisse
LOC) (A-1+, VMIG-1)**
4.30%............................................. 05/07/99 5,200 5,200,000
-----------
13,600,000
-----------
RHODE ISLAND--1.3%
Rhode Island GO Series 1998 DN (Landesbank Hessen-Thuringen LOC)
(A-1+C, VMIG-1)**
3.95%............................................. 05/07/99 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--5.9%
Greenwood County Hospital RB (Self Memorial Hospital) Series B DN
(Wachovia Bank LOC) (VMIG-1)**
4.00%............................................. 05/07/99 9,580 9,580,000
Piedmont Municipal Power Agency Electric Refunding RB Series 1996B
DN (Credit Suisse LOC)
(A-1+, VMIG-1)**
4.00%............................................. 05/07/99 600 600,000
</TABLE>
13
<PAGE>
MuniFund Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- -----------
<S> <C> <C> <C>
SOUTH CAROLINA (Continued)
Piedmont Municipal Power Agency Electric Refunding RB Series 1997C
DN (Credit Suisse LOC)
(A-1+, VMIG-1)**
3.95%............................................ 05/07/99 $27,000 $27,000,000
York County PCRB (Saluda River Electric Cooperative Inc.) Series
1984E (A-1+, VMIG-1)
2.75%............................................ 08/15/99 1,455 1,455,000
-----------
38,635,000
-----------
TENNESSEE--7.9%
City of Chattanooga Health, Education & Housing Authority RB
(Baylor School Project) DN
(Suntrust Bank LOC)**
4.05%............................................ 05/07/99 630 630,000
City of Chattanooga Health, Education & Housing Authority RB (Girls
Preparatory School Project) Series 1998 DN (Amsouth Bank of
Alabama LOC) (VMIG-1)**
4.00%............................................ 05/07/99 9,700 9,700,000
City of Tusculum Health, Education & Housing Facility Board
Educational Facilities RB (Tusculum College Project) Series 1998
DN (Suntrust Bank LOC)**
4.05%............................................ 05/07/99 6,000 6,000,000
Dickson County IDRB (The Renaissance Learning Center) Series 1997
DN (Suntrust Bank LOC)**
4.05%............................................ 05/07/99 4,000 4,000,000
Memphis GO Series 1995A DN (Westdeutsche Landesbank Girozentrale
LOC) (A-1+, VMIG-1)**
4.05%............................................ 05/07/99 300 300,000
Metropolitan Government Nashville Davidson County Health &
Education Board (Belmont University Project) DN (Suntrust Bank
LOC)**
4.05%............................................ 05/07/99 3,600 3,600,000
Metropolitan Government Nashville Davidson County Health &
Education Board (Harpeth Hall School Project) DN (Suntrust Bank
LOC)**
4.05%............................................ 05/07/99 460 460,000
Montgomery County Public Building Authority Pooled Financing GO
(Tennessee County Loan Pool) Series 1995 DN (Bank America LOC) (A-
1+, VMIG-1)**
4.00%............................................ 05/07/99 7,300 7,300,000
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- -----------
<S> <C> <C> <C>
Montgomery County Public Building Authority Pooled Financing RB
(Montgomery County Loan Pool) Series 1996 DN (Bank America LOC)
(A-1+, VMIG-1)**
4.00%............................................ 05/07/99 $ 3,000 $ 3,000,000
Montgomery County Public Building Authority Pooled Financing RB
(Tennessee County Loan Pool) DN (Bank America LOC) (VMIG-1)**
4.00%............................................ 05/07/99 14,650 14,650,000
Washington County IDRB (Springbrook Properties Project) Series 1996
DN (Suntrust Bank LOC)
(A-1+, VMIG-1)**
4.05%............................................ 05/07/99 1,700 1,700,000
-----------
51,340,000
-----------
TEXAS--4.6%
City of San Antonio Water System Revenue Improvement & Refunding
Bonds Series 1996 DN (MBIA Insurance) (A-1+)**
4.03%............................................ 05/07/99 10,430 10,430,000
Hockley County IDA PCRB (Amoco Project) (A-1+, P-1)
3.00%............................................ 05/01/99 10,000 10,000,000
Houston GO Series A
5.00%............................................ 03/01/00 2,000 2,030,925
Texas TRAN (SP-1+, MIG-1)
4.50%............................................ 08/31/99 7,500 7,540,208
-----------
30,001,133
-----------
UTAH--0.7%
Utah County Environmental Improvement RB (USX Corporation Project)
(Wachovia Bank LOC)
(A-1+, VMIG-1)
3.00%............................................ 06/01/99 3,500 3,500,000
Utah GO
4.60%............................................ 07/01/99 1,000 1,002,900
-----------
4,502,900
-----------
VERMONT--1.2%
Vermont IDRB (Wallace Computer Services Incorporated) Series 1984
DN
(Wachovia Bank LOC)**
4.00%............................................ 05/07/99 8,000 8,000,000
-----------
</TABLE>
14
<PAGE>
MuniFund Portfolio
Statement of Net Assets (Concluded)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------ ------------
<S> <C> <C> <C>
VIRGINIA--0.4%
City of Alexandria IDA RB (YMCA of Metro Washington Facility)
Series 1998 DN (FNB Maryland LOC) (A-1)**
3.65%............................................ 05/07/99 $2,400 $ 2,400,000
Norfolk IDA Hospital RB (Children's Hospital
of King's Daughters) Series 1998 DN
(Wachovia Bank LOC) (A-1+)**
4.00%............................................ 05/07/99 400 400,000
------------
2,800,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $651,159,314*)...................................... 99.7% 651,159,314
OTHER ASSETS IN EXCESS OF LIABILITIES...................... 0.3 2,237,769
----- ------------
NET ASSETS (Equivalent to $1.00 per share based on
588,654,800 MuniFund Shares and 64,882,356 MuniFund Dollar
Shares outstanding)....................................... 100.0% $653,397,083
===== ============
</TABLE>
<TABLE>
<S> <C> <C>
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($653,397,083 / 653,537,156)........................................ $1.00
=====
</TABLE>
- --------
* Aggregate cost for federal income tax purposes is substantially the same.
** Variable rate demand note--the interest rate shown is as of April 30, 1999,
and the maturity date shown is the longer of (i) the next interest
readjustment date or (ii) the date on which the principal amount owned can
be recovered through demand.
The Moody's Investor's Service, Inc. and Standard & Poor's Ratings Group
ratings indicated are believed to be the most recent ratings available at April
30, 1999.
MuniFund Portfolio
Maturity Schedule of Portfolio
April 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- ------------ ----------
<S> <C> <C>
1-30 Days $541,130,000 83.1%
31-60 Days 9,905,000 1.5%
61-90 Days 29,333,000 4.5%
91-120 Days 20,565,000 3.2%
121-150 Days 15,500,000 2.4%
Over 150 Days 34,585,000 5.3%
</TABLE>
Average Weighted Maturity--29 days
Investment Abbreviations:
<TABLE>
<C> <S>
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
TRAN Tax and Revenue Anticipation Note
</TABLE>
15
<PAGE>
Provident Institutional Funds
MuniCash Portfolio
Statement of Net Assets
April 30, 1999
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------ ----------
<S> <C> <C> <C>
ARIZONA--1.8%
Arizona State School District Financing Program TAN Series A (SP-1+)
4.10%.............................................. 07/30/99 $2,000 $2,002,533
Phoenix IDRB (Leggett & Platt Incorporated Project) AMT (Wachovia
Bank LOC)**
4.10%.............................................. 05/07/99 5,170 5,170,000
----------
7,172,533
----------
ARKANSAS--0.9%
Arkansas Development Finance Authority Single Family Mortgage RB
(Mortgage-Backed Securities Program) AMT (FGIC Insurance) (A-1+)
3.75%.............................................. 06/01/99 3,495 3,495,000
----------
CALIFORNIA--1.4%
Los Angeles Convention & Exposition Center RB Series D DN (Bank of
New York LOC) (A-1+, VMIG-1)**
4.10%.............................................. 05/07/99 600 600,000
Los Angeles County TRAN (SP-1+, MIG-1)
4.50%.............................................. 06/30/99 5,000 5,006,569
----------
5,606,569
----------
COLORADO--1.5%
Colorado Housing Finance Authority Economic Development RB (White
Wave Incorporated Project) AMT (Key Bank N.A. LOC) (A-1, P-1)**
4.15%.............................................. 05/07/99 3,400 3,400,000
Douglas County School District TAN (SP-1+, MIG-1)
3.75%.............................................. 06/30/99 2,500 2,503,227
----------
5,903,227
----------
FLORIDA--2.4%
Florida County School District TAN
3.89%.............................................. 06/30/99 4,700 4,701,019
Greater Orlando Airport Authority Airport RB AMT (Morgan Guaranty
LOC) (A-1+, P-1)
3.10%.............................................. 05/20/99 5,104 5,104,000
----------
9,805,019
----------
GEORGIA--11.7%
Burke County Development Authority PCRB (Oglethorpe Power
Corporation Scherer Project)
3.45%.............................................. 05/01/99 14,215 14,215,000
3.50%.............................................. 05/28/99 10,570 10,570,000
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------ ----------
<S> <C> <C> <C>
Burke County Development Authority PCRB (Oglethorpe Power
Corporation Vogtle Project)
3.40%.............................................. 05/27/99 $3,605 $3,605,000
Dawson County Development Authority IDRB (World Wide Manufacturing
Incorporated Project) AMT (Wachovia Bank LOC)**
4.10%.............................................. 05/07/99 3,500 3,500,000
Haralson County Development Authority IDRB (Gold Kist Incorporated
Project) Series 1995 AMT (Wachovia Bank LOC)**
4.10%.............................................. 05/07/99 2,500 2,500,000
Metropolitan Atlanta Rapid Transit Authority Trust Receipts DN (MBIA
Insurance) (VMIG-1)**
4.10%.............................................. 05/07/99 12,900 12,900,000
----------
47,290,000
----------
IDAHO--0.9%
Idaho TAN (SP-1+, MIG-1)
4.50%.............................................. 06/30/99 3,750 3,755,353
----------
ILLINOIS--16.3%
Belvidere IDRB (R&D Thiel Incorporated Project) AMT (First Bank
Systems, N.A. LOC) (A-1)**
4.30%.............................................. 05/07/99 1,600 1,600,000
Chicago IDRB (Enterprise Center IX Project) AMT (Banc One N.A. LOC)
(A-1+)**
4.02%.............................................. 05/07/99 4,750 4,750,000
City of Harvey Multifamily Housing RB (Bethlehem Village Project)
AMT (Federal Home Loan Bank) (A-1+)**
4.15%.............................................. 05/07/99 3,400 3,400,000
Crawford County Manufacturing Facilities RB (Fair-Rite Products
Corporation) AMT (First Union Bank N.A. LOC)**
4.20%.............................................. 05/07/99 3,635 3,635,000
Illinois Development Finance Authority IDRB (Azteca Foods Project
Incorporated) AMT (ABN-AMRO Bank N.V. LOC) (A-1+)**
4.02%.............................................. 05/07/99 3,000 3,000,000
Illinois Development Finance Authority IDRB (Big Bolt Corporation
Project) AMT (ABN-AMRO Bank N.V. LOC)**
4.40%.............................................. 05/07/99 3,200 3,200,000
</TABLE>
16
<PAGE>
MuniCash Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------ ----------
<S> <C> <C> <C>
ILLINOIS (Continued)
Illinois Development Finance Authority IDRB (Henry Valve Company
Project) Series 1995 AMT (ABN-AMRO Bank N.V. LOC) (A-1+)**
4.02%.............................................. 05/07/99 $3,515 $3,515,000
Illinois Development Finance Authority IDRB (Royal Continental Box
Project) Series B AMT (ABN-AMRO Bank N.V. LOC) (A-1+)**
4.02%.............................................. 05/07/99 3,050 3,050,000
Illinois GO
4.70%.............................................. 06/01/99 2,350 2,351,843
4.50%.............................................. 08/01/99 500 501,664
Illinois Health Facilities Authority RB (Evanston Hospital
Corporation Project) (A-1+, VMIG-1)
3.15%.............................................. 08/02/99 8,500 8,500,000
3.05%.............................................. 02/15/00 5,000 5,000,000
Lake County IDRB (Northpoint Project) AMT (Banc One N.A. LOC) (A-
1+)**
4.10%.............................................. 05/07/99 6,000 6,000,000
Lake Zurich IDRB (Screenflex Portable Partitions Incorporated
Project) AMT (ABN-AMRO Bank N.V. LOC) (A-1+)**
4.02%.............................................. 05/07/99 2,475 2,475,000
Naperville Economic Development Authority (Independence Village
Associates) DN (National City Bank LOC)**
4.00%.............................................. 05/07/99 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)**
4.15%.............................................. 05/07/99 1,640 1,640,000
Sangamon County IDRB (Contech Construction Project Incorporated)
Series 1992 AMT (Mellon Bank N.A. LOC) (VMIG-1)**
4.10%.............................................. 05/07/99 2,900 2,900,000
Sangamon County IDRB (Contech Construction Project Incorporated)
Series 1994 AMT (Mellon Bank N.A. LOC) (VMIG-1)**
4.10%.............................................. 05/07/99 3,600 3,600,000
Sangamon County IDRB (Contech Construction Project Incorporated)
Series 1997 AMT (Mellon Bank N.A. LOC)**
4.15%.............................................. 05/07/99 1,500 1,500,000
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------ -----------
<S> <C> <C> <C>
Village of North Aurora IDRB (Oberweis Dairy Incorporated Project)
Series 1995 AMT (ABN-AMRO Bank N.V. LOC) (A-1+, VMIG-1)**
4.02%............................................. 05/07/99 $2,460 $ 2,460,000
-----------
65,773,507
-----------
INDIANA--4.1%
Indiana Development Finance Authority IDRB (Cives Corporation
Project) Series 1998 AMT (Wachovia Bank LOC) (VMIG-1)**
3.60%............................................. 05/07/99 3,600 3,600,000
Indiana Development Finance Authority IDRB (Enterprise Center II
Project) Series 1992 AMT (Banc One N.A. LOC) (A-1)**
4.02%............................................. 05/07/99 3,000 3,000,000
Indiana Development Finance Authority IDRB (Enterprise Center V
Project) Series 1992 AMT (Banc One N.A. LOC) (A-1+)**
4.02%............................................. 05/07/99 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
-----------
16,600,000
-----------
KANSAS--0.6%
Wyandotte County Municipal Temporary Notes Series V
3.30%............................................. 02/01/00 1,020 1,020,349
Wyandotte County Municipal Temporary Notes Series X
3.30%............................................. 02/01/00 1,263 1,262,932
-----------
2,283,281
-----------
KENTUCKY--6.7%
City of Maysville Solid Waste Disposal Facilities RB (Inland
Container Corporation Project) AMT (P-1)
3.50%............................................. 06/14/99 5,165 5,165,000
City of Wilder Industrial Building RB (Saratoga Investments Limited
Partnerships) DN (Fifth Third Bank LOC)**
4.10%............................................. 05/07/99 1,700 1,700,000
Elsmere IDRB (International Mold Steel, Incorporated Project) AMT
(Star Banc Corporation LOC)**
4.12%............................................. 05/07/99 1,885 1,885,000
</TABLE>
17
<PAGE>
MuniCash Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- -----------
<S> <C> <C> <C>
KENTUCKY (continued)
Kentucky Housing Corporation Revenue Notes Series C AMT
3.20%............................................ 12/31/99 $ 2,000 $ 2,000,000
Kentucky Interlocal School Transportation Association Certificates
of Participation TRAN (SP-1+)
3.90%............................................ 06/30/99 11,350 11,357,508
Pulaski County Solid Waste Disposal Facilities PCRB (East Kentucky
Power) Series B AMT (A-1+, VMIG-1)
2.80%............................................ 08/15/99 5,000 5,000,000
-----------
27,107,508
-----------
MARYLAND--4.1%
Maryland State Economic Development Corporation RB (Atlantic
Pharmaceutical Services Incorporated) AMT (FNB Maryland LOC) (A-
1)**
3.80%............................................ 05/07/99 5,225 5,225,000
Maryland State Health & Higher Education Authority RB (Doctors
Community Hospital) Series 1997 DN (FNB Maryland LOC) (A-1)**
3.65%............................................ 05/07/99 2,000 2,000,000
Montgomery County Economic Development RB (Brooke Grove Foundation
Inc.) DN (FNB Maryland LOC) (A-1)**
3.65%............................................ 05/07/99 2,500 2,500,000
Ocean County RB (Harrison Inn Fifty-Eight Limited Partnership
Facility) AMT (FNB Maryland LOC) (A-1)**
3.85%............................................ 05/07/99 4,760 4,760,000
Wicomico County Economic Development RB (Plymouth Tube Company
Project) AMT (Banc One N.A. LOC) (VMIG-1)**
4.20%............................................ 05/07/99 2,000 2,000,000
-----------
16,485,000
-----------
MASSACHUSETTS--1.0%
Massachusetts Bay Transportation Authority General Transportation
RB Series 1984 (State Street Bank & Trust Co. LOC) (A-1+, VMIG-1)
2.85%............................................ 09/01/99 2,000 2,000,655
Massachusetts Housing Finance Agency Development Bonds Trust
Receipts Series 1998B DN (Bank of New York LOC) (A-1+, VMIG-1)**
4.10%............................................ 05/07/99 2,000 2,000,000
-----------
4,000,655
-----------
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- -----------
<S> <C> <C> <C>
MICHIGAN--1.2%
Crawford Ausable School District State Aid GO
3.70%............................................ 10/25/99 $ 1,900 $ 1,904,946
Michigan Municipal Bond Authority Revenue Notes Series D-2 (Bank of
Nova Scotia LOC) (SP-1+)
4.25%............................................ 08/27/99 3,000 3,006,265
-----------
4,911,211
-----------
MINNESOTA--5.6%
Minneapolis GO Series 1995B DN (Bayerische Landesbank Girozentrale
LOC) (A-1+, VMIG-1)**
3.90%............................................ 05/07/99 3,300 3,300,000
Minneapolis GO Series 1999A DN (Bayerische Landesbank Girozentrale
LOC) (A-1+, VMIG-1)**
3.90%............................................ 05/07/99 17,000 17,000,000
Minnesota Agricultural Economic Development Authority (Como
Partnership Project) AMT (First Bank Systems, N.A. LOC)**
4.35%............................................ 05/0799 2,405 2,405,000
-----------
22,705,000
-----------
MISSOURI--3.2%
Maries County IDA Solid Waste Management RB (Kingsford Products
Company Project) AMT (Wachovia Bank N.A. LOC) (A-1)**
4.15%............................................ 05/07/99 13,000 13,000,000
-----------
MONTANA--1.0%
Montana GO TRAN (SP-1+, MIG-1)
3.50%............................................ 06/30/99 4,000 4,004,784
-----------
NEW HAMPSHIRE--0.4%
New Hampshire State Business Finance Authority IDRB (Felton Brush
Incorporated Project) AMT (Key Bank N.A. LOC)**
4.15%............................................ 05/07/99 45 45,000
New Hampshire State Housing Finance Authority Multifamily RB
(Countryside L.P. Project) AMT (General Electric Capital
Corporation LOC) (VMIG-1)**
4.05%............................................ 05/07/99 1,600 1,600,000
-----------
1,645,000
-----------
</TABLE>
18
<PAGE>
MuniCash Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------ ----------
<S> <C> <C> <C>
NEW JERSEY--7.2%
Burlington County GO
5.20%.............................................. 10/01/99 $ 300 $ 302,603
Carlstadt BAN
3.35%.............................................. 03/29/00 1,945 1,948,425
Cranford Township BAN
3.625%............................................. 01/18/00 2,000 2,007,025
Essex County Improvement Authority BAN
(MIG-1)
3.50%.............................................. 03/31/00 2,000 2,006,206
New Jersey Economic Development Authority RB (Danic Urban Renewal
Project) Series 1985 DN (Rabo Bank Nederland LOC) (P-1)**
3.55%.............................................. 05/07/99 1,000 1,000,000
New Jersey Economic Development Authority RB (Facile Holdings
Incorporated Project) AMT (First Union Bank LOC)**
3.85%.............................................. 05/07/99 2,180 2,180,000
New Jersey Economic Development Authority RB (Jersey Juice
Incorporated Project) Series 1998 AMT (First Union Bank LOC)**
3.90%.............................................. 05/07/99 400 400,000
New Jersey Economic Development Authority RB (Jewish Community
Foundation of Metro West Incorporated Project) Series 1998 DN
(First Union Bank LOC)**
3.80%.............................................. 05/07/99 5,400 5,400,000
New Jersey Economic Development Authority RB (Winchester Gardens
Ward Homestead Project) DN (Banque Paribas LOC) (VMIG-1)**
3.90%.............................................. 05/07/99 185 185,000
New Jersey Health Care Facilities Authority RB (Virtua Health
Project) (FSA Insurance)
4.00%.............................................. 07/01/99 2,665 2,669,606
Pequannock Township BAN
3.25%.............................................. 12/03/99 3,865 3,869,426
Salem County Pollution Control Finance Authority (Atlantic City
Electric Company) Series 1997A DN (MBIA Insurance) (A-1+, VMIG-1)**
3.75%.............................................. 05/07/99 1,200 1,200,000
Seaside Heights BAN
3.60%.............................................. 02/18/00 2,000 2,009,192
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------ -----------
<S> <C> <C> <C>
South Jersey Transportation Authority Subordinated BAN Series 1998
(SP-1+, MIG-1)
2.95%............................................. 11/03/99 $3,000 $ 3,000,000
West Orange BAN
3.25%............................................. 11/16/99 1,000 1,001,482
-----------
29,178,965
-----------
NEW MEXICO--0.5%
New Mexico TRAN (SP-1+, MIG-1)
3.75%............................................. 06/30/99 2,000 2,002,495
-----------
NEW YORK--0.1%
New York State Housing Finance Agency Service Contract Obligation
RB Series 1998A DN (Commerzbank LOC) (A-1+, VMIG-1)**
3.85%............................................. 05/07/99 200 200,000
-----------
NORTH CAROLINA--0.4%
Washington County Industrial Facilities PCRB (Mackeys Ferry Sawmill
Incorporated Project) AMT (Wachovia Bank LOC)**
4.05%............................................. 05/07/99 1,700 1,700,000
-----------
NORTH DAKOTA--1.1%
Mercer County Solid Waste Disposal RB (United Power Association
Project) Series U AMT (A-1+, P-1)
3.05%............................................. 06/01/99 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--12.7%
Beachwood BAN
3.20%............................................. 03/02/00 2,000 2,003,396
Brooklyn IDRB (Dylon Industries Inc. Project) AMT (Key Bank N.A.
LOC)**
4.15%............................................. 05/07/99 1,155 1,155,000
City of Allen BAN
3.35%............................................. 04/13/00 2,020 2,022,785
City of Newark BAN
3.30%............................................. 09/10/99 1,716 1,717,506
Clermont County Health Facilities Authority RB (Mercy Health System
Project) Series 1993A DN (Credit Suisse LOC) (VMIG-1)**
3.95%............................................. 05/07/99 3,900 3,900,000
</TABLE>
19
<PAGE>
MuniCash Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------ ----------
<S> <C> <C> <C>
OHIO (Continued)
City of Cleveland Airport System RB Series 1997D AMT (Toronto
Dominion LOC)(VMIG-1)**
3.95%.............................................. 05/07/99 $3,000 $3,000,000
Cuyahoga County IDRB (Cleveland Gear Company, Incorporated Project)
Series 1998 AMT (Key Bank N.A. LOC)**
4.15%.............................................. 05/07/99 2,900 2,900,000
Erie County IDRB (Brighton Manor Company Project) AMT (Banc One N.A.
LOC)**
4.15%.............................................. 05/07/99 3,040 3,040,000
Gates Mills Village BAN
3.90%.............................................. 06/15/99 3,900 3,900,740
Green County Certificates of Indebtedness Series B
3.15%.............................................. 09/09/99 1,030 1,030,791
Medina County Health Care Facilities RB (The Oaks At Medina Project)
Series 1997B DN (Banc One N.A. LOC)**
4.05%.............................................. 05/07/99 3,200 3,200,000
Ohio Air Quality Development Authority PCRB (Pennsylvania Power
Company Project) AMT (NBD Bank Corp LOC) (A-1+)**
4.05%.............................................. 05/07/99 2,200 2,200,000
Ohio Air Quality Development Authority PCRB (The Timken Company
Project) Series 1999 DN (Banc One N.A. LOC) (A-1+, P-1)**
4.00%.............................................. 05/07/99 2,000 2,000,000
Ohio Air Quality Development Authority PCRB (Timken Company Project)
Series 1992 DN (Credit Suisse LOC) (A-1+, P-1)**
4.00%.............................................. 05/07/99 1,600 1,600,000
Ohio State Higher Educational Facilities RB (Pooled Financing
Program) Series 1996 DN (Fifth Third Bank LOC)**
4.05%.............................................. 05/07/99 1,765 1,765,000
Ohio Water Authority Solid Waste Disposal RB (American Steel & Wire
Corporation Project) AMT (Bank America LOC) (A-1)**
4.15%.............................................. 05/07/99 8,100 8,100,000
Ohio Water Development Authority PCRB (Cleveland Electric
Illuminating Company) Series 1997B DN (Banc One N.A. LOC) (A-1+, P-
1)**
4.00%.............................................. 05/07/99 1,000 1,000,000
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------ -----------
<S> <C> <C> <C>
Ohio Water Development Revenue Refunding Bonds (Timken Company
Project) Series A DN (Credit Suisse LOC) (A-1+, P-1)**
4.00%............................................. 05/07/99 $1,800 $ 1,800,000
Sycamore Community School District BAN
4.20%............................................. 06/29/99 2,000 2,003,670
Toledo Special Assessment GO Notes RB DN (Canadian Imperial Bank
LOC) (VMIG-1)**
4.00%............................................. 05/07/99 2,900 2,900,000
-----------
51,238,888
-----------
OREGON--1.1%
Oregon State Department General Service Certificates of
Participation (Escrowed in U.S. Treasuries LOC)
7.20%............................................. 01/15/00 2,000 2,088,342
Portland Multifamily Housing RB (Village of Lovejoy Fountain) AMT
(Key Bank N.A. LOC) (A-1)**
4.05%............................................. 05/07/99 2,400 2,400,000
-----------
4,488,342
-----------
RHODE ISLAND--0.4%
Rhode Island Housing & Mortgage Finance Corporation Homeownership
Opportunity Bonds Series 24-B AMT (A-1+, VMIG-1)
3.15%............................................. 12/15/99 1,700 1,700,000
-----------
SOUTH CAROLINA--0.5%
Piedmont Municipal Power Agency Electric RB 1997C Refunding Series
DN (Credit Suisse LOC) (A-1+, VMIG-1)**
3.95%............................................. 05/07/99 100 100,000
Piedmont Municipal Power Agency Electric Refunding RB Series B DN
(Credit Suisse LOC) (A-1+, VMIG-1)**
4.00%............................................. 05/07/99 900 900,000
Rock Hill Utility Systems RB (Escrowed in U.S. Treasuries LOC)
6.75%............................................. 01/01/00 1,000 1,039,176
-----------
2,039,176
-----------
TENNESSEE--1.1%
City of Jackson IDRB (Quadion Corporation Project) AMT (First Bank
Systems, N.A. LOC) (A-1)**
4.15%............................................. 05/07/99 3,400 3,400,000
</TABLE>
20
<PAGE>
MuniCash Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------ ----------
<S> <C> <C> <C>
TENNESSEE (Continued)
Giles County GO Bonds (FSA Insurance)
3.15%.............................................. 08/01/99 $1,085 $1,085,000
----------
4,485,000
----------
TEXAS--3.3%
City of Haltom IDRB (Molded Products Company Project) Series 1995
AMT (ABN-AMRO Bank N.V. LOC) (A-1+)**
4.02%.............................................. 05/07/99 3,300 3,300,000
Montgomery County IDRB (Sawyer Research Products Incorporated) AMT
(Key Bank N.A. LOC)**
4.15%.............................................. 05/07/99 1,800 1,800,000
Port Arthur Navigation District Environmental Facilities RB (Star
Enterprise Project) AMT (A-1+)
3.20%.............................................. 07/22/99 1,750 1,750,000
Sulphur Springs IDRB (CMH Manufacturing Incorporated Project) AMT
(Wachovia Bank LOC)**
4.10%.............................................. 05/07/99 4,030 4,030,000
Texas TRAN (SP-1+, MIG-1)
4.50%.............................................. 08/31/99 2,500 2,512,982
----------
13,392,982
----------
UTAH--0.9%
Utah County Environmental Improvement RB (USX Corporation Project)
(Wachovia Bank LOC) (A-1+, VMIG-1)
3.00%.............................................. 06/01/99 3,500 3,500,000
----------
VIRGINIA--2.3%
Chesterfield County IDA RB (Lumberg, Incorporated Project) Series
1998 AMT (Bank America LOC) (A-1+)**
4.10%.............................................. 05/07/99 700 700,000
Metropolitan Washington D.C. Airports Authority (Virginia Passenger
Facility) Flexible Term Revenue Notes AMT (Bank America LOC) (A-1)
3.30%.............................................. 06/11/99 1,500 1,500,000
3.35%.............................................. 07/22/99 6,900 6,900,000
----------
9,100,000
----------
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------ ----------
<S> <C> <C> <C>
WASHINGTON--0.6%
Pilchuck Public Development Corporation RB (Holden-McDaniels
Partners, Project) AMT (Key Bank N.A. LOC)**
4.15%.............................................. 05/07/99 $2,170 $2,170,000
----------
WEST VIRGINIA--0.9%
West Virginia Economic Development Authority IDRB (North American
Processing Company Project) AMT (National City Bank LOC)**
4.15%.............................................. 05/07/99 2,670 2,670,000
West Virginia State Building Commission Lease RB (West Virginia
Regional Jail Project) Series A (AMBAC Insurance)
4.50%.............................................. 07/01/99 1,000 1,001,381
----------
3,671,381
----------
WISCONSIN--2.1%
Lodi School District TRAN
3.50%.............................................. 10/27/99 3,400 3,403,221
Stevens Point RB (Consolidated Paper Company Project) AMT (Wachovia
Bank LOC)**
4.10%.............................................. 05/07/99 5,000 5,000,000
----------
8,403,221
----------
WYOMING--1.2%
Carbon County PCRB (Amoco Company Project) (A-1+)
3.00%.............................................. 05/01/99 4,800 4,800,000
----------
</TABLE>
21
<PAGE>
MuniCash Portfolio
Statement of Net Assets (Concluded)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ----- ------------
<S> <C> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $408,114,097*).............................. 101.2% $408,114,097
LIABILITIES IN EXCESS OF OTHER ASSETS.............. (1.2) (4,769,265)
----- ------------
NET ASSETS (Equivalent to $1.00 per share based on
294,603,921 MuniCash Shares and 108,894,574
MuniCash Dollar Shares outstanding)............... 100.0% $403,344,832
===== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($403,344,832 + 403,498,495)....................... $1.00
============
</TABLE>
- --------
* Aggregate cost for federal income tax purposes is substantially the same.
Market value of securities subject to federal alternative minimum tax is
46.82% of the total market value.
** Variable rate demand note--the interest rate shown is as of April 30, 1999,
and the maturity date shown is the longer of (i) the next interest
readjustment date or (ii) the date on which the principal amount owned can
be recovered through demand.
The Moody's Investor's Service, Inc. and Standard & Poor's Ratings Group
ratings indicated are believed to be the most recent ratings available at April
30, 1999.
MuniCash Portfolio
Maturity Schedule of Portfolio
April 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- ------------ ----------
<S> <C> <C>
1-30 Days $264,099,000 64.8%
31-60 Days 25,410,000 6.2%
61-90 Days 45,615,000 11.2%
91-120 Days 20,085,000 4.9%
121-150 Days 7,246,000 1.8%
Over 150 Days 45,412,500 11.1%
</TABLE>
Average Weighted Maturity--51 days
Investment Abbreviations:
<TABLE>
<C> <S>
AMT Alternative Minimum Tax
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
RB Revenue Bond
TAN Tax Anticipation Note
TRAN Tax and Revenue Anticipation Note
</TABLE>
22
<PAGE>
Provident Institutional Funds
California Money Fund
Statement of Net Assets
April 30, 1999
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------ ----------
<S> <C> <C> <C>
CALIFORNIA--87.3%
ABAG Finance Authority Certificates of Participation (Lucile Salter
Packard Childrens Hospital)DN (AMBAC Insurance) (A-1+, VMIG-1)**
3.85%.............................................. 05/07/99 $3,800 $3,800,000
Alameda-Contra Costa Schools Financing Authority Certificates of
Participation (Capital Improvement Financing Projects) Series 1997C
DN (National Westminster LOC) (A-1+)**
3.95%.............................................. 05/07/99 100 100,000
California Health Facilities Financing Authority (Adventist Health
System West-Sutter Health) Series 1991B DN (Toronto Dominion LOC)
(A-1+, VMIG-1)**
3.85%.............................................. 05/07/99 2,000 2,000,000
California Health Facilities Financing Authority (Catholic
Healthcare West) Series 1988C DN (MBIA Insurance) (A-1+, VMIG-1)**
3.90%.............................................. 05/07/99 2,200 2,200,000
California Health Facilities Financing Authority (Pooled Loan
Program) Series 1985B DN (Morgan Guaranty LOC) (A-1+, VMIG-1)**
3.95%.............................................. 05/07/99 3,600 3,600,000
California Health Facilities Financing Authority (Pooled Loan
Program) Series 1987A DN (FGIC Insurance) (VMIG-1)**
3.90%.............................................. 05/07/99 100 100,000
California Health Facilities Financing Authority (Pooled Loan
Program) Series 1990A DN (A-1+, VMIG-1)**
3.95%.............................................. 05/07/99 5,000 5,000,000
California Health Facilities Financing Authority (Scripps Memorial
Hospital) Series 1985B DN (MBIA Insurance) (A-1+, VMIG-1)**
3.85%.............................................. 05/07/99 2,800 2,800,000
California Health Facilities Financing Authority RB (Catholic Health
Care) Series C DN (A-1+, VMIG-1)**
3.95%.............................................. 05/07/99 4,000 4,000,000
California Health Facilities Financing Authority RB (St. Francis
Catholic Healthcare) Series C DN (MBIA Insurance) (A-1+, VMIG-1)**
3.95%.............................................. 05/07/99 1,000 1,000,000
California Municipal Trust Certificates GO DN (Banc One N.A. LOC)
(SP-1+, MIG-1)**
4.01%.............................................. 05/07/99 20,545 20,545,000
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------ ----------
<S> <C> <C> <C>
California Pollution Control Financing Authority (Pacific Gas &
Electric) Series 1996E DN (Morgan Guaranty LOC) (A-1+)**
4.30%.............................................. 05/01/99 $ 500 $ 500,000
California Pollution Control Financing Authority PCRB (Southern
California Edison Company) (A-1, P-1)
2.75%.............................................. 09/07/99 2,000 2,000,000
California Pollution Control Financing Authority PCRB (Southern
California Edison Company) Series B DN (National Westminster LOC)
(A-1+, P-1)**
4.35%.............................................. 05/01/99 3,050 3,050,000
California Pollution Control Financing Authority PCRB (Southern
California Edison Company) Series 1986D DN (A-1+, VMIG-1)**
4.35%.............................................. 05/01/99 1,200 1,200,000
California RAN (SP-1+, MIG-1)
4.00%.............................................. 06/30/99 18,700 18,725,858
California School Facilities Financing Corporation (Capital
Improvement Project) Series B DN (Bayerische Landesbank
Girozentrale LOC) (VMIG-1)**
3.90%.............................................. 05/07/99 18,700 18,700,000
California Statewide Communities Development Authority Certificates
of Participation (Covenant Retirement Communities, Inc.) DN (ABN-
AMRO Bank N.V. LOC) (A-1+, VMIG-1)**
4.00%.............................................. 05/07/99 7,700 7,700,000
California Statewide Communities Development Authority Certificates
of Participation (St. Joseph Health System) DN (A-1+, VMIG-1)**
3.85%.............................................. 05/07/99 5,000 5,000,000
California Trust Receipts Series 58 DN (FGIC Insurance) (SP-1+, MIG-
1)**
3.90%.............................................. 05/07/99 11,065 11,065,000
City of Stockton IDRB (La Quinta Motor Inns) DN (NationsBank LOC)**
4.05%.............................................. 05/07/99 1,070 1,070,000
Contra Costa Multifamily Housing RB (Lakeshore Apartments) Series
1992C DN (Federal National Mortgage Association) (A-1+)**
3.70%.............................................. 05/07/99 4,000 4,000,000
</TABLE>
23
<PAGE>
California Money Fund
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------ ----------
<S> <C> <C> <C>
CALIFORNIA (Continued)
Corona Multifamily Housing RB (Country Hills Apartment Project)
Series 1995A DN (Bank America LOC) (A-1)**
3.95%.............................................. 05/07/99 $6,685 $6,685,000
Eastern Municipal Water District Facilities Corporation Certificates
of Participation (Riverside County Project) DN (FGIC Insurance) (A-
1+, VMIG-1)**
3.95%.............................................. 05/07/99 4,200 4,200,000
Foothill Eastern Corridor Agency (California Toll Road Project)
Series D DN (Morgan Guaranty LOC) (A-1+)**
3.95%.............................................. 05/07/99 1,400 1,400,000
Fremont Multifamily Housing Bonds (Creekside Village Apartments)
Series D DN (Kredietbank LOC) (VMIG-1)**
3.80%.............................................. 05/07/99 4,000 4,000,000
Golden Empire Schools Financing Authority (Kern High School District
Project) Series A DN (Canadian Imperial Bank LOC) (A-1+)**
4.00%.............................................. 05/07/99 15,055 15,055,000
Golden Empire Schools Financing Authority (Kern High School District
Project) Series B DN (National Westminster LOC) (A-1+)**
4.00%.............................................. 05/07/99 18,500 18,500,000
Hayward Multifamily Housing Bonds (Shorewood Apartment Project)
Series A DN (FGIC Insurance)(VMIG-1)**
3.90%.............................................. 05/07/99 6,000 6,000,000
Kern County Certificates of Participation (Kern Public Facilities
Project) Series B DN (UBS LOC) (VMIG-1)**
3.85%.............................................. 05/07/99 4,000 4,000,000
Los Angeles Convention & Exposition Center Authority Lease RB Series
D DN (Bank of New York LOC) (A-1+, VMIG-1)**
4.10%.............................................. 05/07/99 3,025 3,025,000
Los Angeles County Asset Lease RB TECP Notes (Westdeutsche
Landesbank Girozentrale LOC)
(A-1+, P-1)
2.85%.............................................. 06/10/99 16,650 16,650,000
Los Angeles County Metropolitan Transportation Authority Second
Subordinate Sales Tax Revenue Notes Series A DN (MBIA Insurance)
(A-1+)**
3.90%.............................................. 05/07/99 7,000 7,000,000
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------ ----------
<S> <C> <C> <C>
Los Angeles County Multifamily Housing RB (Malibu Meadows Project)
Series 1998B DN (Federal National Mortgage Association) (A-1+)**
3.90%.............................................. 05/07/99 $3,000 $3,000,000
Los Angeles County Pension Obligation Revenue Refunding Bonds Series
C DN (Bank of Nova Scotia LOC) (A-1+, VMIG-1)**
3.80%.............................................. 05/07/99 1,500 1,500,000
Los Angeles County TRAN (SP-1+, MIG-1)
4.50%.............................................. 06/30/99 31,000 31,040,727
Los Angeles County Transportation Commission Sales Tax Revenue
Refunding Bonds Series 1992 DN (FGIC Insurance) (A-1+, VMIG-1)**
3.80%.............................................. 05/07/99 16,300 16,300,000
Los Angeles Department of Water & Power TECP (Toronto Dominion LOC)
(A-1+, P-1)
2.75%.............................................. 05/17/99 2,000 2,000,000
Los Angeles Metropolitan Transportation Authority TECP (National
Westminster LOC)
2.40%.............................................. 05/12/99 5,300 5,300,000
Los Angeles Multifamily Housing Redevelopment Agency RB (Promenade
Towers Project) DN (Barclays Bank LOC) (VMIG-1)**
4.00%.............................................. 05/07/99 3,200 3,200,000
Los Angeles Unified School District TRAN Series 1998-1999 (SP-1+,
MIG-1)
4.50%.............................................. 07/01/99 9,000 9,012,636
Metropolitan Water District of Southern California Series A DN (ABN-
AMRO Bank N.V. LOC) (A-1+, VMIG-1)**
3.90%.............................................. 05/07/99 1,900 1,900,000
Metropolitan Water District of Southern California Series B TECP
(Westdeutsche Landesbank Girozentrale LOC) (A-1+, P-1)
3.00%.............................................. 05/19/99 5,000 5,000,000
2.95%.............................................. 06/07/99 15,000 15,000,000
Oakland Certificates of Participation (Capital Improvement Project)
DN (National Westminster LOC)**
4.00%.............................................. 05/07/99 6,800 6,800,000
Ontario Multifamily RB (Residential Park Center) DN (Royal Bank of
Canada LOC) (VMIG-1)**
3.35%.............................................. 05/07/99 9,900 9,900,000
</TABLE>
24
<PAGE>
California Money Fund
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------ ----------
<S> <C> <C> <C>
CALIFORNIA (Continued)
Pomona Redevelopment Agency Multifamily RB Series A DN (Federal
National Mortgage Association) (A-1+)**
3.85%.............................................. 05/07/99 $2,400 $2,400,000
Redlands City Multifamily Revenue Refunding Bonds (Parkview Terrace
Project) Series 1991A DN (Bank America LOC) (VMIG-1)**
3.95%.............................................. 05/07/99 3,000 3,000,000
Regents of the University of California Series A TECP (Bank America
LOC) (A-1+, P-1)
3.50%.............................................. 05/14/99 5,000 5,000,000
Riverside County Certificates of Participation (Riverside County
Public Facility) Series 1985A DN (Commerzbank LOC) (A-1+, VMIG-1)**
3.90%.............................................. 05/07/99 6,700 6,700,000
Riverside County Certificates of Participation (Riverside County
Public Facility) Series 1985D DN (Commerzbank LOC)(A-1+)**
3.90%.............................................. 05/07/99 4,080 4,080,000
Rohnert Park Multifamily Housing Bonds (Crossbrook Apartments)
Series A DN (Federal National Mortgage Association) (A-1+)**
3.85%.............................................. 05/07/99 2,500 2,500,000
San Diego County Water Authority Series A TECP (Bayerische
Landesbank Girozentrale LOC) (A-1, P-1)
2.80%.............................................. 06/09/99 6,600 6,600,000
San Diego Multifamily Housing RB (University Tour Center Apartments
Project) DN (Bank America LOC) (A-1, VMIG-1)**
3.45%.............................................. 05/07/99 4,000 4,000,000
San Diego Multifamily Housing RB Series A DN (Fifth Third Bank LOC)
(A-1+)**
3.80%.............................................. 05/07/99 4,100 4,100,000
San Diego Multifamily Mortgage RB DN (Commerzbank LOC) (A-1+)**
3.35%.............................................. 05/07/99 5,730 5,730,000
San Francisco City & County Housing Authority Multifamily Housing RB
(Winterland Project) Series 1985C DN (Citibank LOC) (A-1+, VMIG-
1)**
3.80%.............................................. 05/07/99 4,800 4,800,000
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- -----------
<S> <C> <C> <C>
San Francisco City & County Redevelopment Agency Multifamily
Housing RB (South Harbor Project) DN (VMIG-1)**
3.70%............................................ 05/07/99 $13,300 $13,300,000
San Francisco Various Purpose Unlimited Tax GO RB Series A (Societe
Generale LOC) (A-1, P-1)
2.85%............................................ 05/27/99 8,000 8,000,000
San Jose Multifamily Housing Bonds (Fairway Glen Project) Series A
DN (FGIC Insurance) (A-1+, VMIG-1)**
3.90%............................................ 05/07/99 4,980 4,980,000
San Jose Multifamily Housing Bonds (Timberwood Apartments Project)
Series 1995A DN (Wells Fargo Bank LOC) (VMIG-1)**
4.00%............................................ 05/07/99 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)**
3.80%............................................ 05/07/99 11,000 11,000,000
San Juan-Modesto-Santa Clara-Redding Public Power Agency (San Juan
Project) Subordinate Lien RB Series 1997E DN (National Westminster
LOC) (A-1+, VMIG-1)**
3.80%............................................ 05/07/99 23,300 23,300,000
Santa Clara Electric RB Series A DN (National Westminster LOC)
(VMIG-1)**
3.90%............................................ 05/07/99 1,040 1,040,000
Santa Clara Financing Authority Lease Revenue Refunding Bonds (VMC
Facilities Replacement Project) Series B DN (UBS LOC) (A-1, VMIG-
1)**
3.85%............................................ 05/07/99 6,500 6,500,000
Santa Clara Multifamily Housing Bonds (Fox Chase Project) DN (FGIC
Insurance) (A-1+, VMIG-1)**
3.90%............................................ 05/07/99 4,700 4,700,000
Solano County TRAN Series B (Teeter Plan Notes) (MIG-1)
3.50%............................................ 12/15/99 5,000 5,016,678
Southeast California Lease Revenue Refunding Bonds (Resource
Recovery Facility Authority) DN Bayerische Landesbank Girozentrale
LOC) (A-1, VMIG-1)**
3.90%............................................ 05/07/99 1,000 1,000,000
</TABLE>
25
<PAGE>
California Money Fund
Statement of Net Assets (Continued)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- ------------
<S> <C> <C> <C>
CALIFORNIA (Continued)
Southern California Public Power Authority Subordinated Refunding
RB (Palo Verde Project) Series 1996C DN (AMBAC Insurance) (A-1,
VMIG-1)**
3.80%............................................ 05/07/99 $ 5,000 $ 5,000,000
Southern California Public Power Authority Subordinated Refunding
RB (Southern Transmission Project) Series B DN (FSA Insurance) (A-
1+, VMIG-1)**
3.80%............................................ 05/07/99 18,000 18,000,000
Union City Multifamily Housing Bonds (Skylark Apartments Project)
Series B DN (Bank America LOC)**
3.75%............................................ 05/07/99 9,590 9,590,000
Vallecitos Water District Certificates of Participation (Twin Oaks
Reservoir Project) DN (Credit Locale de France LOC) (A-1+, VMIG-
1)**
3.90%............................................ 05/07/99 2,700 2,700,000
Watereuse Finance Authority RB Series 1998 DN (FSA Insurance) (A-
1+)**
4.00%............................................ 05/07/99 31,100 31,100,000
------------
512,825,899
------------
GUAM--0.5%
Guam Power Authority TECP (Kredietbank LOC) (A-1+, P-1)
3.05%............................................ 06/17/99 3,000 3,000,000
------------
PUERTO RICO--11.8%
Commonwealth of Puerto Rico TRAN (SP-1+, MIG-1)
3.50%............................................ 07/30/99 14,000 14,016,920
Puerto Rico Government Development Bank Series 1985 DN (Credit
Suisse LOC) (A-1+, VMIG-1)**
3.80%............................................ 05/07/99 3,750 3,750,000
Puerto Rico Government Development Bank TECP (A-1+)
2.85%............................................ 05/04/99 8,258 8,258,000
2.80%............................................ 05/06/99 10,000 10,000,000
2.80%............................................ 05/07/99 7,000 7,000,000
2.95%............................................ 05/11/99 1,000 1,000,000
2.80%............................................ 05/30/99 5,100 5,100,000
3.00%............................................ 06/08/99 2,400 2,400,000
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------ -----------
<S> <C> <C> <C>
Puerto Rico Highway & Transporation Authority Highway RB Series X DN
(Landesbank Hessen-Thuringen LOC) (A-1+, VMIG-1)**
3.80%.............................................. 05/07/99 $ 400 $ 400,000
Puerto Rico Highway & Transportation Authority RB Series 1998A DN
(AMBAC Insurance) (A-1+, VMIG-1)**
3.90%.............................................. 05/07/99 6,000 6,000,000
Puerto Rico Industrial Medical Higher Education & Environmental
Pollution Control Facilities Authority (Ana G. Mendez Education
Foundation Project) DN (Bank of Tokyo-Mitsubishi LOC) (A-1+)**
4.05%.............................................. 05/07/99 2,200 2,200,000
Puerto Rico Industrial Tourist Education Medical & Environmental
Control Financing Authority (Ana G. Mendez University System
Project) DN (Banco de Santander LOC) (A-1+)**
3.95%.............................................. 05/07/99 9,200 9,200,000
-----------
69,324,920
-----------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost
$585,150,819*). 99.6% 585,150,819
OTHER ASSETS
IN EXCESS OF
LIABILITIES.. 0.4 2,391,853
----- ------------
NET ASSETS
(Equivalent
to $1.00 per
share based
on
574,854,449
California
Money Shares
and
12,823,762
California
Dollar Shares
outstanding). 100.0% $587,542,672
===== ============
</TABLE>
<TABLE>
<S> <C> <C>
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($587,542,672 / 587,678,211)........................................ $1.00
=====
</TABLE>
- --------
* Aggregate cost for federal income tax purposes is substantially the same.
** Variable rate demand note--the interest rate shown is as of April 30, 1999,
and the maturity date shown is the longer of (i) the next interest
readjustment date or (ii) the date on which the principal amount owned can
be recovered through demand.
The Moody's Investor's Service, Inc. and Standard & Poor's Ratings Group
ratings indicated are believed to be the most recent ratings available at
April 30, 1999.
26
<PAGE>
California Money Fund
Statement of Net Assets (Concluded)
- --------------------------------------------------------------------------------
California Money Fund
Maturity Schedule of Portfolio
April 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- ------------ ----------
<S> <C> <C>
1-30 Days $461,688,000 78.9%
31-60 Days 43,650,000 7.5%
61-90 Days 58,700,000 10.0%
91-120 Days 14,000,000 2.4%
121-150 Days 2,000,000 0.3%
Over 150 Days 5,000,000 0.9%
</TABLE>
Average Weighted Maturity--20 days
Investment Abbreviations:
<TABLE>
<C> <S>
DN Demand Note (Variable Rate)
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>
27
<PAGE>
Provident Institutional Funds
Statements of Operations
(Unaudited)
<TABLE>
<CAPTION>
Federal Trust Treasury Trust California
FedFund T-Fund Fund Fund MuniFund MuniCash Money Fund
Portfolio/1/ Portfolio/1/ Portfolio/1/ Portfolio/1/ Portfolio/2/ Portfolio/2/ Portfolio/3/
------------ ------------ ------------- -------------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment Income:
Interest income........ $25,045,284 $87,431,962 $7,622,792 $31,072,782 $8,252,013 $6,859,906 $4,553,314
----------- ----------- ---------- ----------- ---------- ---------- ----------
Expenses:
Investment advisory
fee................... 607,312 2,159,484 187,029 826,160 477,848 380,019 342,555
Administration fee..... 607,312 2,159,484 187,029 826,160 477,848 380,019 342,555
Custodian fee.......... 93,620 207,339 37,461 110,096 56,529 49,950 35,906
Transfer agent fee..... 39,893 101,936 14,740 45,438 38,632 22,228 13,652
Trustees' fees and
expenses.............. 13,308 22,238 11,030 14,764 14,566 18,584 10,182
Registration fees and
expenses.............. 10,697 8,598 8,262 12,277 11,988 8,813 750
Legal fees............. 9,950 16,670 8,346 9,958 8,281 10,064 13,170
Audit fees............. 5,972 21,574 2,217 8,132 8,280 8,235 9,184
Printing............... 3,125 8,122 770 3,088 2,671 2,974 4,523
Other.................. 12,935 26,958 4,255 12,602 5,535 2,143 1,865
----------- ----------- ---------- ----------- ---------- ---------- ----------
1,404,124 4,732,403 461,139 1,868,675 1,102,178 883,029 774,342
Service Organization
fees--Dollar Shares.... 39,083 894,511 44,352 578,127 57,218 113,736 47,773
----------- ----------- ---------- ----------- ---------- ---------- ----------
Total Expenses.......... 1,443,207 5,626,914 505,491 2,446,802 1,159,396 996,765 822,115
Less fees waived........ (398,291) (1,154,480) (151,063) (499,796) (556,067) (446,565) (430,747)
Less fees paid
indirectly............. -- -- -- -- (1,578) -- --
----------- ----------- ---------- ----------- ---------- ---------- ----------
(398,291) (1,154,480) (151,063) (499,796) (557,645) (446,565) (430,747)
Net expenses............ 1,044,916 4,472,434 354,428 1,947,006 601,751 550,200 391,368
----------- ----------- ---------- ----------- ---------- ---------- ----------
Net investment income... 24,000,368 82,959,528 7,268,364 29,125,776 7,650,262 6,309,706 4,161,946
Realized gain (loss) or
investments:
Net realized gain (loss)
from security
transactions........... 35,648 (9,259) 5,057 (50,967) (28,157) (27,340) --
----------- ----------- ---------- ----------- ---------- ---------- ----------
Net increase in net
assets resulting from
operations............. $24,036,016 $82,950,269 $7,273,421 $29,074,809 $7,622,105 $6,282,366 $4,161,946
=========== =========== ========== =========== ========== ========== ==========
</TABLE>
/1/ For the six months ended April 30, 1999.
- --------
/2/ For the five months ended April 30, 1999.
/3/ For the three months ended April 30, 1999.
See accompanying notes to financial statements.
28
<PAGE>
Provident Institutional Funds
Statements of Change in Net Assets
<TABLE>
<CAPTION>
FedFund Portfolio T-Fund Portfolio
-------------------------------- ---------------------------------
Six Months Six Months
Ended Year Ended Ended Year Ended
April 30, 1999 October 31, 1998 April 30, 1999 October 31, 1998
-------------- ---------------- --------------- ----------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Increase (decrease) in
net assets:
Operations:
Net investment income. $ 24,000,368 $ 61,815,036 $ 82,959,528 $ 160,796,407
Net gain (loss) on
investments.......... 35,648 59,739 (9,259) 56,588
-------------- -------------- --------------- ---------------
Net increase in net
assets resulting from
operations........... 24,036,016 61,874,775 82,950,269 160,852,995
-------------- -------------- --------------- ---------------
Distributions to
shareholders:
From net investment
income:
FedFund Shares....... (23,292,622) (59,247,442) -- --
FedFund Dollar
Shares.............. (707,746) (2,567,594) -- --
T-Fund Shares........ -- -- (67,066,419) (130,717,839)
T-Fund Dollar Shares. -- -- (15,893,109) (30,078,568)
-------------- -------------- --------------- ---------------
Total distributions
to shareholders.... (24,000,368) (61,815,036) (82,959,528) (160,796,407)
-------------- -------------- --------------- ---------------
Capital share
transactions (at $1 per
share):
Sale of shares........ 3,256,910,933 6,842,819,441 18,592,657,984 30,459,048,928
Reinvestment of
dividends............ 5,449,519 13,345,715 29,042,773 40,453,713
Repurchase of shares.. (3,445,319,788) (7,045,960,017) (18,676,019,544) (29,459,596,681)
-------------- -------------- --------------- ---------------
Increase (decrease) in
net assets derived
from capital share
transactions......... (182,959,336) (189,794,861) (54,318,787) 1,039,905,960
-------------- -------------- --------------- ---------------
Total increase
(decrease) in net
assets............. (182,923,688) (189,735,122) (54,328,046) 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......... $ 964,513,977 $1,147,437,665 $ 3,267,058,370 $ 3,321,386,416
============== ============== =============== ===============
</TABLE>
See accompanying notes to financial statements.
29
<PAGE>
Provident Institutional Funds
Statements of Change in Net Assets
<TABLE>
<CAPTION>
Federal Trust Treasury Trust
Fund Portfolio Fund Portfolio
------------------------------- --------------------------------
Six Months Six Months
Ended Year Ended Ended Year Ended
April 30, 1999 October 31, 1998 April 30, 1999 October 31, 1998
-------------- ---------------- -------------- ----------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Increase (decrease) in
net assets:
Operations:
Net investment income. $ 7,268,364 $ 15,498,424 $ 29,125,776 $ 63,716,989
Net gain (loss) on
investments.......... 5,057 61,366 (50,967) 79,106
------------ -------------- -------------- --------------
Net increase in net
assets resulting from
operations........... 7,273,421 15,559,790 29,074,809 63,796,095
------------ -------------- -------------- --------------
Distributions to
shareholders:
From net investment
income:
Federal Trust Shares. (6,475,002) (13,571,694) -- --
Federal Trust Dollar
Shares.............. (793,362) (1,926,730) -- --
Treasury Trust
Shares.............. -- -- (19,661,027) (44,541,445)
Treasury Trust Dollar
Shares.............. -- -- (9,464,749) (19,175,544)
------------ -------------- -------------- --------------
Total distributions
to shareholders.... (7,268,364) (15,498,424) (29,125,776) (63,716,989)
------------ -------------- -------------- --------------
Capital share
transactions (at $1 per
share):
Sale of shares......... 719,364,133 1,408,226,011 4,428,205,198 9,002,283,228
Reinvestment of
dividends............. 932,690 1,867,261 9,668,774 19,672,838
Repurchase of shares... (744,003,266) (1,358,933,899) (4,659,077,848) (8,576,956,809)
------------ -------------- -------------- --------------
Increase (decrease) in
net assets derived
from capital share
transactions.......... (23,706,443) 51,159,373 (221,203,876) 444,999,257
------------ -------------- -------------- --------------
Total increase
(decrease) in net
assets............. (23,701,386) 51,220,739 (221,254,843) 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.......... $295,511,680 $ 319,213,066 $1,341,877,865 $1,563,132,708
============ ============== ============== ==============
</TABLE>
See accompanying notes to financial statements.
30
<PAGE>
Provident Institutional Funds
Statements of Change in Net Assets
<TABLE>
<CAPTION>
MuniFund Portfolio MuniCash Portfolio
--------------------------------- ---------------------------------
Five Months Five Months
Ended Year Ended Ended Year Ended
April 30, 1999 November 30, 1998 April 30, 1999 November 30, 1998
-------------- ----------------- -------------- -----------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Increase (decrease) in
net assets:
Operations:
Net investment income. $ 7,650,262 $ 19,543,173 $ 6,309,706 $ 19,198,090
Net gain (loss) on
investments.......... (28,157) (28,931) (27,340) 22,258
-------------- -------------- -------------- --------------
Net increase in net
assets resulting from
operations........... 7,622,105 19,514,242 6,282,366 19,220,348
-------------- -------------- -------------- --------------
Distributions to
shareholders:
From net investment
income:
MuniFund Shares...... (7,058,342) (17,790,533) -- --
MuniFund Dollar
Shares.............. (591,920) (1,752,640) -- --
MuniCash Shares...... -- -- (5,078,151) (15,680,768)
MuniCash Dollar
Shares.............. -- -- (1,231,555) (3,517,322)
-------------- -------------- -------------- --------------
Total distributions
to shareholders.... (7,650,262) (19,543,173) (6,309,706) (19,198,090)
-------------- -------------- -------------- --------------
Capital share
transactions (at $1 per
share):
Sale of shares......... 3,105,546,653 6,673,818,445 2,484,248,024 7,310,136,946
Reinvestment of
dividends............. 1,156,358 4,390,167 2,538,118 8,616,660
Repurchase of shares... (2,972,774,177) (6,762,863,889) (2,675,072,218) (7,274,887,652)
-------------- -------------- -------------- --------------
Increase (decrease) in
net assets derived
from capital share
transactions.......... 133,928,834 (84,655,277) (188,286,076) 43,865,954
-------------- -------------- -------------- --------------
Total increase
(decrease) in net
assets............. 133,900,677 (84,684,208) (188,313,416) 43,888,212
Net assets:
Beginning of period.... 519,496,406 604,180,614 591,658,248 547,770,036
-------------- -------------- -------------- --------------
End of period.......... $ 653,397,083 $ 519,496,406 $ 403,344,832 $ 591,658,248
============== ============== ============== ==============
</TABLE>
See accompanying notes to financial statements.
31
<PAGE>
Provident Institutional Funds
Statements of Change in Net Assets
<TABLE>
<CAPTION>
California Money
Fund Portfolio
---------------------------------
Three Months
Ended Year Ended
April 30, 1999 January 31, 1999
--------------- ----------------
(Unaudited)
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income...................... $ 4,161,946 $ 20,026,954
Net gain on investments.................... -- 13,414
--------------- ---------------
Net increase in net assets resulting from
operations................................ 4,161,946 20,040,368
--------------- ---------------
Distributions to shareholders:
From net investment income:
Money Shares.............................. (3,776,586) (16,653,422)
Dollar Shares............................. (385,360) (3,373,532)
--------------- ---------------
Total distributions to shareholders...... (4,161,946) (20,026,954)
--------------- ---------------
Capital share transactions (at $1 per share):
Sale of shares.............................. 1,004,451,176 4,494,248,134
Reinvestment of dividends................... 70,077 703,561
Repurchase of shares........................ (1,105,749,508) (4,397,080,630)
--------------- ---------------
Increase (decrease) in net assets derived
from capital share transactions............ (101,228,255) 97,871,065
--------------- ---------------
Total increase (decrease) in net assets.. (101,228,255) 97,884,479
Net assets:
Beginning of period......................... 688,770,927 590,886,448
--------------- ---------------
End of period............................... $ 587,542,672 $ 688,770,927
=============== ===============
</TABLE>
See accompanying notes to financial statements.
32
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
FedFund Shares
-------------------------------------------------------------------
Six Months
Ended Year Ended October 31,
April 30, -----------------------------------------------------
1999 1998 1997 1996 1995 1994
----------- --------- --------- --------- --------- ---------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- --------- --------- --------- --------- ---------
Income From
Investment
Operations:
Net Investment
Income.......... .0237 .0535 .0530 .0529 .0571 .0377
------- --------- --------- --------- --------- ---------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (.0237) (.0535) (.0530) (.0529) (.0571) (.0377)
------- --------- --------- --------- --------- ---------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ========= ========= ========= ========= =========
Total Return..... 4.88%/2/ 5.48% 5.43% 5.41% 5.86% 3.84%
Ratios/Supplemental
Data:
Net Assets, End
of Period $(000). 935,116 1,116,979 1,220,857 1,407,529 1,377,175 1,557,562
Ratio of Expenses
to Average Daily
Net Assets/1.../. .20%/2/ .20% .20% .19% .18% .18%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 4.77%/2/ 5.35% 5.30% 5.29% 5.71% 3.76%
<CAPTION>
FedFund Dollar Shares
--------------------------------------------------------
Six Months
Ended Year Ended October 31,
April 30, -------------------------------------------
1999 1998 1997 1996 1995 1994
------------ ------- -------- -------- -------- --------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------ ------- -------- -------- -------- --------
Income From
Investment
Operations:
Net Investment
Income.......... .0224 .0510 .0505 .0504 .0546 .0352
------------ ------- -------- -------- -------- --------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (.0224) (.0510) (.0505) (.0504) (.0546) (.0352)
------------ ------- -------- -------- -------- --------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ======= ======== ======== ======== ========
Total Return..... 4.63%/2/ 5.23% 5.18% 5.16% 5.61% 3.59%
Ratios/Supplemental
Data:
Net Assets, End
of Period $(000). 29,398 30,459 116,316 113,747 213,177 135,769
Ratio of Expenses
to Average Daily
Net Assets/1.../. .45%/2/ .45% .45% .44% .43% .43%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 4.52%/2/ 5.10% 5.05% 5.04% 5.46% 3.51%
</TABLE>
- ----
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .28% (annualized) for
the six months ended April 30, 1999 and .28%, .29%, .30%, .29% and .30%,
respectively, for the years ended October 31, 1998, 1997, 1996, 1995 and
1994 for FedFund Shares, and .53% (annualized) for the six months ended
April 30, 1999 and .53%, .54%, .55%, .54% and .55%, respectively, for the
years ended October 31, 1998, 1997, 1996, 1995 and 1994 for FedFund Dollar
Shares.
/2/Annualized.
See accompanying notes to financial statements.
33
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
T-Fund Shares
--------------------------------------------------------------------
Six Months
Ended Year Ended October 31,
April 30, -----------------------------------------------------
1999 1998 1997 1996 1995 1994
----------- --------- --------- --------- --------- ---------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- --------- --------- --------- --------- ---------
Income From
Investment
Operations:
Net Investment
Income.......... .0232 .0532 .0528 .0528 .0565 .0368
--------- --------- --------- --------- --------- ---------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (.0232) (.0532) (.0528) (.0528) (.0565) (.0368)
--------- --------- --------- --------- --------- ---------
Net Asset Value,
End of Period... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ========= ========= =========
Total Return.... 4.79%/2/ 5.46% 5.41% 5.40% 5.80% 3.75%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000).......... 2,585,475 2,544,001 1,765,332 1,507,603 1,211,220 1,012,977
Ratio of
Expenses to
Average Daily
Net Assets/1../. .20%/2/ .20% .20% .19% .18% .18%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 4.68%/2/ 5.31% 5.28% 5.26% 5.66% 3.65%
<CAPTION>
T-Fund Dollar Shares
--------------------------------------------------------
Six Months
Ended Year Ended October 31,
April 30, ------------------------------------------
1999 1998 1997 1996 1995 1994
------------- -------- -------- -------- ------- -------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------- -------- -------- -------- ------- -------
Income From
Investment
Operations:
Net Investment
Income.......... .0220 .0507 .0503 .0503 .0540 .0343
------------- -------- -------- -------- ------- -------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (.0220) (.0507) (.0503) (.0503) (.0540) (.0343)
------------- -------- -------- -------- ------- -------
Net Asset Value,
End of Period... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============= ======== ======== ======== ======= =======
Total Return.... 4.54%/2/ 5.21% 5.16% 5.15% 5.55% 3.50%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000).......... 681,583 777,385 516,092 351,271 82,502 22,195
Ratio of
Expenses to
Average Daily
Net Assets/1../. .45%/2/ .45% .45% .44% .43% .43%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 4.43%/2/ 5.06% 5.03% 5.01% 5.41% 3.40%
</TABLE>
- ----
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .26% (annualized) for
the six months ended April 30, 1999 and .27%, .29%, .30%, .29% and .29%,
respectively, for the years ended October 31, 1998, 1997, 1996, 1995 and
1994 for T-Fund Shares, and .51% (annualized) for the six months ended April
30, 1999 and .52%, .54%, .55%, .54% and .54%, respectively, for the years
ended October 31, 1998, 1997, 1996, 1995 and 1994 for T-Fund Dollar Shares.
/2/Annualized.
See accompanying notes to financial statements.
34
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
Federal Trust Shares Federal Trust Dollar Shares
------------------------------------------------------- --------------------------------------------------
Six Months Six Months
Ended Year Ended October 31, Ended Year Ended October 31,
April 30, ------------------------------------------- April 30, --------------------------------------
1999 1998 1997 1996 1995 1994 1999 1998 1997 1996 1995 1994
----------- ------- ------- ------- ------- ------- ---------- ------ ------ ------ ------ ------
(Unaudited) (Unaudited)
<S> <C> <C> <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 $ 1.00 $ 1.00
-------- ------- ------- ------- ------- ------- -------- ------ ------ ------ ------ ------
Income From
Investment
Operations:
Net Investment
Income.......... .0234 .0529 .0521 .0523 .0563 .0380 .0221 .0504 .0496 .0498 .0538 .0355
-------- ------- ------- ------- ------- ------- -------- ------ ------ ------ ------ ------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (.0234) (.0529) (.0521) (.0523) (.0563) (.0380) (.0221) (.0504) (.0496) (.0498) (.0538) (.0355)
-------- ------- ------- ------- ------- ------- -------- ------ ------ ------ ------ ------
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 $ 1.00 $ 1.00
======== ======= ======= ======= ======= ======= ======== ====== ====== ====== ====== ======
Total Return...... 4.82%/2/ 5.42% 5.33% 5.35% 5.77% 3.87% 4.57%/2/ 5.17% 5.08% 5.10% 5.52% 3.62%
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000)..... 275,063 280,580 229,292 273,752 237,718 317,769 20,449 38,633 38,700 26,875 28,402 8,278
Ratio of Expenses
to Average Daily
Net Assets........ .20%/2/ .20% .20% .19% .18% .18% .45%/2/ .45% .45% .44% .43% .43%
Ratio of Net
Investment Income
to Average Daily
Net Assets........ 4.72%/2/ 5.29% 5.21% 5.22% 5.61% 3.85% 4.47%/2/ 5.04% 4.96% 4.97% 5.36% 3.60%
</TABLE>
- ----
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .30% (annualized) for
the six months ended April 30, 1999 and .29%, .31%, .31%, .32% and .31%,
respectively, for the years ended October 31, 1998, 1997, 1996, 1995 and 1994
for Federal Trust Shares, and .55% (annualized) for the six months ended
April 30, 1999 and .54%, .56%, .56%, .57% and .56%, respectively, for the
years ended October 31, 1998, 1997, 1996, 1995 and 1994 for Federal Trust
Dollar Shares.
/2/Annualized.
See accompanying notes to financial statements.
35
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
Treasury Trust Shares
---------------------------------------------------------------
Six Months
Ended Year Ended October 31,
April 30, -------------------------------------------------
1999 1998 1997 1996 1995 1994
----------- --------- ------- ------- --------- ---------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- --------- ------- ------- --------- ---------
Income From
Investment
Operations:
Net Investment
Income.......... .0215 .0502 .0504 .0508 .0545 .0359
------- --------- ------- ------- --------- ---------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (.0215) (.0502) (.0504) (.0508) (.0545) (.0359)
------- --------- ------- ------- --------- ---------
Net Asset Value,
End of Period... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ========= ======= ======= ========= =========
Total Return.... 4.43%/2/ 5.14% 5.16% 5.20% 5.59% 3.65%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000).......... 853,526 1,091,366 786,556 897,659 1,101,834 1,016,635
Ratio of
Expenses to
Average Daily
Net Assets/1../. .20%/2/ .20% .20% .19% .18% .18%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 4.33%/2/ 5.02% 5.04% 5.08% 5.45% 3.57%
<CAPTION>
Treasury Trust Dollar Shares
----------------------------------------------------------
Six Months
Ended Year Ended October 31,
April 30, --------------------------------------------
1999 1998 1997 1996 1995 1994
------------- -------- -------- -------- -------- --------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------- -------- -------- -------- -------- --------
Income From
Investment
Operations:
Net Investment
Income.......... .0203 .0477 .0479 .0483 .0520 .0334
------------- -------- -------- -------- -------- --------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (.0203) (.0477) (.0479) (.0483) (.0520) (.0334)
------------- -------- -------- -------- -------- --------
Net Asset Value,
End of Period... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============= ======== ======== ======== ======== ========
Total Return.... 4.18%/2/ 4.89% 4.91% 4.95% 5.34% 3.40%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000).......... 488,352 471,767 331,498 294,228 223,272 181,934
Ratio of
Expenses to
Average Daily
Net Assets/1../. .45%/2/ .45% .45% .44% .43% .43%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 4.08%/2/ 4.77% 4.79% 4.83% 5.20% 3.32%
</TABLE>
- ----
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .27% (annualized) for
the six months ended April 30, 1999 and .28%, .30%, .30%, .29% and .29%,
respectively, for the years ended October 31, 1998, 1997, 1996, 1995 and
1994 for Treasury Trust Shares, and .52% (annualized) for the six months
ended April 30, 1999 and .53%, .55%, .55%, .54% and .54%, respectively, for
the years ended October 31, 1998, 1997, 1996, 1995 and 1994 for Treasury
Trust Dollar Shares.
/2/Annualized.
See accompanying notes to financial statements.
36
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
MuniFund Shares
---------------------------------------------------------
Five Months
Ended Year Ended November 30,
April 30, -------------------------------------------
1999 1998 1997 1996 1995 1994
----------- ------- ------- ------- ------- -------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- -------
Income From
Investment
Operations:
Net Investment
Income.......... .0117 .0327 .0338 .0326 .0360 .0255
------- ------- ------- ------- ------- -------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (.0117) (.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.... 2.87%/2/ 3.32% 3.43% 3.31% 3.66% 2.58%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000).......... 588,526 467,760 536,794 530,204 720,318 687,895
Ratio of
Expenses to
Average Daily
Net Assets...... .20%/2/ .25% .27% .27% .27% .26%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 2.82%/2/ 3.26% 3.38% 3.26% 3.59% 2.53%
<CAPTION>
MuniFund Dollar Shares
-----------------------------------------------------
Five Months
Ended Year Ended November 30,
April 30, ---------------------------------------
1999 1998 1997 1996 1995 1994
------------- ------- ------- ------- ------- -------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------- ------- ------- ------- ------- -------
Income From
Investment
Operations:
Net Investment
Income.......... .0107 .0302 .0313 .0301 .0335 .0230
------------- ------- ------- ------- ------- -------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (.0107) (.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.... 2.62%/2/ 3.07% 3.18% 3.06% 3.41% 2.33%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000).......... 64,871 51,736 67,387 61,396 6,474 2,785
Ratio of
Expenses to
Average Daily
Net Assets...... .45%/2/ .50% .52% .52% .52% .51%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 2.57%/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 .40% (annualized) for
the five months ended April 30, 1999 and .41%, .41%, .42%, .41% and .41%,
respectively, for the years ended November 30, 1998, 1997, 1996, 1995 and
1994 for MuniFund Shares, and .65% (annualized) for the five months ended
April 30, 1999 and .66%, .66%, .67%, .66% and .66%, respectively, for the
years ended November 30, 1998, 1997, 1996, 1995 and 1994 for MuniFund Dollar
Shares.
/2/Annualized.
See accompanying notes to financial statements.
37
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
MuniCash Shares
---------------------------------------------------------
Five Months
Ended Year Ended November 30,
April 30, -------------------------------------------
1999 1998 1997 1996 1995 1994
----------- ------- ------- ------- ------- -------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- -------
Income From
Investment
Operations:
Net Investment
Income.......... .0123 .0346 .0358 .0350 .0382 .0266
------- ------- ------- ------- ------- -------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (.0123) (.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.... 3.00%/2/ 3.51% 3.63% 3.56% 3.89% 2.69%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000).......... 294,482 500,254 397,681 281,544 321,642 273,439
Ratio of
Expenses to
Average Daily
Net Assets...... .20%/2/ .18% .18% .18% .18% .19%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 2.96%/2/ 3.47% 3.58% 3.50% 3.83% 2.59%
<CAPTION>
MuniCash Dollar Shares
--------------------------------------------------------
Five Months
Ended Year Ended November 30,
April 30, ------------------------------------------
1999 1998 1997 1996 1995 1994
------------- ------- -------- -------- -------- -------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------- ------- -------- -------- -------- -------
Income From
Investment
Operations:
Net Investment
Income.......... .0112 .0321 .0333 .0325 .0357 .0241
------------- ------- -------- -------- -------- -------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (.0112) (.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.... 2.75%/2/ 3.26% 3.38% 3.31% 3.64% 2.44%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000).......... 108,863 91,404 150,089 101,528 101,424 99,688
Ratio of
Expenses to
Average Daily
Net Assets...... .45%/2/ .43% .43% .43% .43% .44%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 2.71%/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 five months ended April 30, 1999 and 40%, .41%, .42%, .41% and .42%,
respectively, for the years ended November 30, 1998, 1997, 1996, 1995 and
1994 for MuniCash Shares, and .66% (annualized) for the five months ended
April 30, 1999 and .65%, .66%, .67%, .66% and .67%, respectively, for the
years ended November 30, 1998, 1997, 1996, 1995 and 1994 for MuniCash Dollar
Shares.
/2/Annualized.
See accompanying notes to financial statements.
38
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
California Money Shares
----------------------------------------------------------
Three Months
Ended Year Ended January 31,
April 30, -------------------------------------------
1999 1999 1998 1997 1996 1995
------------ ------- ------- ------- ------- -------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- -------
Income From
Investment
Operations:
Net Investment
Income.......... .0061 .0305 .0334 .0316 .0356 .0281
------- ------- ------- ------- ------- -------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (.0061) (.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.... 2.52%/2/ 3.09% 3.39% 3.21% 3.62% 2.84%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000).......... 574,722 549,170 460,339 326,521 389,883 385,824
Ratio of
Expenses to
Average Daily
Net Assets...... .20%/2/ .20% .20% .20% .20% .20%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 2.48%/2/ 3.02% 3.34% 3.15% 3.55% 2.79%
<CAPTION>
California Dollar Shares
--------------------------------------------------------
Three Months
Ended Year Ended January 31,
April 30, ------------------------------------------
1999 1999 1998 1997 1996 1995
------------- -------- -------- -------- ------- -------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------- -------- -------- -------- ------- -------
Income From
Investment
Operations:
Net Investment
Income.......... .0055 .0280 .0309 .0291 .0331 .0256
------------- -------- -------- -------- ------- -------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (.0055) (.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.... 2.27%/2/ 2.84% 3.14% 2.96% 3.37% 2.59%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000).......... 12,821 139,601 130,547 126,321 31,163 11,026
Ratio of
Expenses to
Average Daily
Net Assets...... .45%/2/ .45% .45% .45% .45% .45%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 2.23%/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 three months ended April 30, 1999 and .45%, .46%, .48%, .48% and .48%,
respectively, for the years ended January 31, 1999, 1998, 1997, 1996 and
1995 for California Money Shares, and .70% (annualized) for the three months
ended April 30, 1999 and .70%, .71%, .73%, .73% and .73%, respectively, for
the years ended January 31, 1999, 1998, 1997, 1996 and 1995 for California
Dollar Shares.
/2/Annualized.
See accompanying notes to financial statements.
39
<PAGE>
Notes to Financial Statements
(Unaudited)
A. Provident Institutional Funds ("PIF" or the "Company") was organized as a
Delaware business trust on October 21, 1998. It is the successor to five
investment companies: (1) Temporary Investment Fund, Inc. ("Temp"), (2) Trust
for Federal Securities ("Fed"), (3) Municipal Fund for Temporary Investment
("Muni"); (4) Municipal Fund for California Investors, Inc. ("Cal Muni") and
(5) Municipal Fund for New York Investors, Inc. ("NY Muni"), (the "Predecessor
Companies"). The accompanying financial statements and notes are those of the
portfolios of Fed, Muni and Cal Muni, as follows: Fed--FedFund, T-Fund,
Federal Trust Fund and Treasury Trust Fund; Muni--MuniFund and MuniCash; and
Cal Muni--California Money Fund. On February 10, 1999 these portfolios, along
with the portfolios of the other Predecessor Companies were reorganized into
separate series of PIF.
The fiscal year ends for Fed, Muni and Cal Muni were October 31, November 30,
and January 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, which is a non-diversified investment company, because it
concentrates its investments in California Municipal Obligations, is a
diversified investment company under the Investment Company Act of 1940.
FedFund, Federal Trust Fund, Treasury Trust Fund and MuniCash each offers two
classes of shares: Fund Shares and Dollar Shares. 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 of .25%
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 April 30, 1999, no
Administration Shares, Plus Shares, Cash Reserve Shares or Cash Management
Shares were outstanding.
Certain California municipal obligations in the California Money Fund 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.
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 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
40
<PAGE>
Notes to Financial Statements (Continued)
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 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. Net income for
dividend purposes includes interest accrued, discount earned and net realized
short term gains on portfolio securities, less the amortization of market
premium and applicable expenses. Capital gains, if any, are distributed at
least once a year.
Federal Taxes--No provision is made for federal taxes as it is the Company's
intention to have each portfolio continue to qualify as a regulated investment
company and to make the requisite distributions to its shareholders which will
be sufficient to relieve it from 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 among the
portfolios based on their relative average daily net assets.
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 each
portfolio for FedFund, T-Fund, Federal Trust Fund, Treasury Trust Fund,
MuniFund and MuniCash 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 pays BIMC and the Administrators each a fee, computed daily and payable
monthly, at an annual rate of 0.20% of it's 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 each
portfolio do not exceed .20% of their respective average net assets. For the
periods ended April 30, 1999, the Co-Administrators and BIMC waived, on an
equal basis, a total of $398,291 of the administration and advisory fees
payable to them with respect to FedFund, $1,154,480 with respect to T-Fund,
41
<PAGE>
Notes to Financial Statements (Continued)
$151,063 with respect to Federal Trust Fund, $499,796 with respect to Treasury
Trust Fund, $556,067 with respect to MuniFund, $446,565 with respect to
MuniCash and $430,747 with respect to California Money Fund.
Per the Company's operating procedures, custodian fees may be reduced by
amounts calculated on uninvested cash balances. For the period ended April 30,
1999, MuniFund's custodian fees were reduced in the amount of $1,578.
For the periods ended April 30, 1999, each portfolio paid Service Organization
fees to affiliates of BIMC in the amounts as follows: $487 with respect to
FedFund, $93,514 with respect to T-Fund and $25,648 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 Trust 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:
<TABLE>
<CAPTION>
FedFund Portfolio
---------------------------------
Six Months Ended Year Ended
April 30, 1999 October 31, 1998
---------------- ----------------
(Unaudited)
<S> <C> <C>
Shares sold:
FedFund..................................... 3,126,058,508 6,319,523,560
FedFund Dollar.............................. 130,852,425 523,295,881
Shares issued in reinvestment of dividends:
FedFund..................................... 5,275,326 11,390,841
FedFund Dollar.............................. 174,193 1,954,874
Shares repurchased:
FedFund..................................... (3,313,230,744) (6,434,850,991)
FedFund Dollar.............................. (132,089,044) (611,109,026)
-------------- --------------
Net decrease in shares....................... (182,959,336) (189,794,861)
============== ==============
</TABLE>
<TABLE>
<CAPTION>
T-Fund Portfolio
----------------------------------
Six Months Ended Year Ended
April 30, 1999 October 31, 1998
---------------- ----------------
(Unaudited)
<S> <C> <C>
Shares sold:
T-Fund.................................... 16,349,629,760 25,173,201,809
T-Fund Dollar............................. 2,243,028,224 5,285,847,119
Shares issued in reinvestment of dividends:
T-Fund.................................... 27,010,049 35,843,706
T-Fund Dollar............................. 2,032,724 4,610,007
Shares repurchased:
T-Fund.................................... (16,335,159,467) (24,430,422,061)
T-Fund Dollar............................. (2,340,860,077) (5,029,174,620)
--------------- ---------------
Net increase (decrease) in shares.......... (54,318,787) 1,039,905,960
=============== ===============
</TABLE>
<TABLE>
<CAPTION>
Federal Trust Fund Portfolio
---------------------------------
Six Months Ended Year Ended
April 30, 1999 October 31, 1998
---------------- ----------------
(Unaudited)
<S> <C> <C>
Shares sold:
Federal Trust............................... 605,609,878 1,151,951,115
Federal Trust Dollar........................ 113,754,255 256,274,896
Shares issued in reinvestment of dividends:
Federal Trust............................... 835,317 1,627,779
Federal Trust Dollar........................ 97,373 239,482
Shares repurchased:
Federal Trust............................... (611,966,672) (1,102,343,671)
Federal Trust Dollar........................ (132,036,594) (256,590,228)
------------ --------------
Net increase (decrease) in shares............ (23,706,443) 51,159,373
============ ==============
</TABLE>
42
<PAGE>
Notes to Financial Statements (Continued)
<TABLE>
<CAPTION>
Treasury Trust Fund Portfolio
---------------------------------
Six Months Ended Year Ended
April 30, 1999 October 31, 1998
---------------- ----------------
(Unaudited)
<S> <C> <C>
Shares sold:
Treasury Trust.............................. 3,135,529,332 6,646,747,191
Treasury Trust Dollar....................... 1,292,675,866 2,355,536,037
Shares issued in reinvestment of dividends:
Treasury Trust.............................. 2,464,377 5,171,973
Treasury Trust Dollar....................... 7,204,397 14,500,865
Shares repurchased:
Treasury Trust.............................. (3,375,801,522) (6,347,159,817)
Treasury Trust Dollar....................... (1,283,276,326) (2,229,796,992)
-------------- --------------
Net increase (decrease) in shares............ (221,203,876) 444,999,257
============== ==============
</TABLE>
<TABLE>
<CAPTION>
MuniFund Portfolio
-----------------------------------
Five Months Ended Year Ended
April 30, 1999 November 30, 1998
----------------- -----------------
(Unaudited)
<S> <C> <C>
Shares sold:
MuniFund................ 3,026,830,351 6,507,334,293
MuniFund Dollar......... 78,716,302 166,484,152
Shares issued in
reinvestment of
dividends:
MuniFund................ 588,669 2,746,208
MuniFund Dollar......... 567,689 1,643,959
Shares repurchased:
MuniFund................ (2,906,627,318) (6,579,088,822)
MuniFund Dollar......... (66,146,859) (183,775,067)
-------------- --------------
Net increase (decrease)
in shares............... 133,928,834 (84,655,277)
============== ==============
</TABLE>
<TABLE>
<CAPTION>
MuniCash Portfolio
-----------------------------------
Five Months Ended Year Ended
April 30, 1999 November 30, 1998
----------------- -----------------
(Unaudited)
<S> <C> <C>
Shares sold:
MuniCash................ 2,302,192,448 7,022,119,234
MuniCash Dollar......... 182,055,576 288,017,712
Shares issued in
reinvestment of
dividends:
MuniCash................ 1,850,192 5,807,076
MuniCash Dollar......... 687,926 2,809,584
Shares repurchased:
MuniCash................ (2,509,795,097) (6,925,371,487)
MuniCash Dollar......... (165,277,121) (349,516,165)
-------------- --------------
Net increase (decrease)
in shares............... (188,286,076) 43,865,954
============== ==============
</TABLE>
<TABLE>
<CAPTION>
California Money Fund Portfolio
-----------------------------------
Three Months Ended Year Ended
April 30, 1999 January 31, 1999
------------------ ----------------
(Unaudited)
<S> <C> <C>
Shares sold:
California Money Shares. 937,455,146 4,163,985,529
California Dollar
Shares................. 66,996,030 330,262,605
Shares issued in
reinvestment of
dividends:
California Money Shares. 70,077 703,561
California Dollar
Shares................. -- --
Shares repurchased:
California Money Shares. (911,973,505) (4,075,870,211)
California Dollar
Shares................. (193,776,003) (321,210,419)
------------ --------------
Net increase (decrease)
in shares............... (101,228,255) 97,871,065
============ ==============
</TABLE>
43
<PAGE>
Notes to Financial Statements (Concluded)
On April 30, 1999, three shareholders held approximately 33% of the
outstanding shares of T-Fund, three shareholders held approximately 52% of
Federal Trust Fund, one shareholder held approximately 16% of Treasury Trust
Fund, three shareholders held approximately 46% of MuniFund, two shareholders
held approximately 37% of MuniCash and two shareholders help approximately 51%
of California Money Fund.
E. At April 30, 1999, net assets consisted of:
<TABLE>
<CAPTION>
Federal Treasury
Trust Trust
FedFund T-Fund Fund Fund
Portfolio Portfolio Portfolio Portfolio
------------ -------------- ------------ --------------
<S> <C> <C> <C> <C>
Paid-in capital......... $964,723,763 $3,267,076,527 $295,656,461 $1,342,091,796
Accumulated net realized
loss on security
transactions........... (209,786) (18,157) (144,781) (213,931)
------------ -------------- ------------ --------------
Total Net Assets........ $964,513,977 $3,267,058,370 $295,511,680 $1,341,877,865
============ ============== ============ ==============
</TABLE>
<TABLE>
<CAPTION>
California
Money
MuniFund MuniCash Fund
Portfolio Portfolio Portfolio
------------ ------------ ------------
<S> <C> <C> <C>
Paid-in capital.................... $653,537,156 $403,498,495 $587,678,211
Accumulated net realized loss on
security transactions............. (140,073) (153,663) (135,539)
------------ ------------ ------------
Total Net Assets................... $653,397,083 $403,344,832 $587,542,672
============ ============ ============
</TABLE>
F. At October 31, 1998, FedFund, T-Fund, Federal Trust Fund, and Treasury Trust
Fund had capital loss carryovers amounting to $245,434, $8,898, $149,838 and
$154,882, respectively, expiring at various times from 2001 to 2005. At
November 30, 1998 MuniFund and MuniCash had capital loss carryovers amounting
to $111,916 and $126,323, respectively, expiring at various times from 2002 to
2006. At January 31, 1999, California Money Fund had a capital loss carryover
amounting to $135,539 expiring at various times from 2001 to 2006. The capital
loss carryovers are available to offset possible future capital gains of the
corresponding portfolios.
44
<PAGE>
Results of Special Meeting of Sharesholders (Unaudited)
A Special Shareholder Meetings for Trust for Federal Securities ("Fed"),
Municipal Fund for Temporary Investment ("Muni"), and Municipal Fund for
California Investors, Inc. ("Cal Muni") (Fed, Muni and Cal Muni, each a
"Company", collectively the "Companies") were held on January 28, 1999 and
reconvened on February 9, 1999. Shareholders of FedFund, T-Fund, Federal Trust
Fund and Treasury Trust Fund, portfolios of Fed; MuniFund and MuniCash,
portfolios of Muni; and California Money Fund, a portfolio of Cal Muni,
(FedFund, T-Fund, Federal Trust Fund, Treasury Trust Fund, MuniFund, MuniCash,
and California-Money Fund are each a "Portfolio", collectively, the
"Portfolios") voted as described below:
1. Election of Directors/Trustees. Messrs. Beckwith, Harris, Johnson, Platt,
Robb, Urish and Winter were elected Directors/Trustees, by shareholders of
each of the Companies, as follows.
<TABLE>
<CAPTION>
Number of
Number of Votes
Name of Candidate Votes For Withheld
----------------- ---------------------- ---------
<S> <C> <C> <C>
G. Nicholas Beckwith, III...................... Fed 4,275,158,947 3,518,644
Muni 829,960,213 4,563,898
Cal Muni 455,875,788 -0-
Jerrold B. Harris.............................. Fed 4,275,728,649 2,948,942
Muni 829,957,553 4,566,558
Cal Muni 455,875,788 -0-
Rodney D. Johnson.............................. Fed 4,275,728,649 2,948,942
Muni 829,833,119 4,690,992
Cal Muni 455,875,788 -0-
Joseph P. Platt, Jr. .......................... Fed 4,275,728,649 2,948,942
Muni 829,981,224 4,542,887
Cal Muni 455,875,788 -0-
Robert C. Robb, Jr. ........................... Fed 4,275,728,649 2,948,942
Muni 829,999,421 4,524,690
Cal Muni 455,875,788 -0-
Kenneth L. Urish............................... Fed 4,275,728,649 2,948,942
Muni 830,001,227 4,522,884
Cal Muni 455,875,788 -0-
Frederick W. Winter............................ Fed 4,275,728,649 2,948,942
Muni 830,001,227 4,522,884
Cal Muni 455,875,788 -0-
</TABLE>
2. Ratification of Auditors. Shareholders of Fed voted to ratify
PricewaterhouseCoopers LLP (PwC) as independent accountants for the fiscal
year ending October 31, 1999; shareholders of Cal Muni, voted to ratify PwC as
independent accountants for the fiscal year ending January 31, 1999; and
shareholders of Muni, voted to ratify KPMG LLP as independent accountants for
the fiscal year ending November 30, 1999, as follows.
<TABLE>
<CAPTION>
Fed Muni Cal Muni
------------- ----------- -----------
<S> <C> <C> <C>
For the resolution........................ 4,270,033,526 828,008,029 455,875,438
Against the resolution.................... 931,210 3,646,176 -0-
Abstain................................... 7,712,853 2,869,905 350
</TABLE>
3. Agreement and Plan of Reorganization. Shareholders of each of the Companies
voted to approve an Agreement and Plan of Reorganization pursuant to which
each Portfolio was reorganized as a separate series of Provident Institutional
Funds, a Delaware business trust, as follows.
<TABLE>
<CAPTION>
Federal Treasury
Fed FedFund T-Fund Trust Fund Trust Fund
--- ----------- ------------- ----------- -----------
<S> <C> <C> <C> <C>
For the resolution............ 642,917,110 2,445,484,665 215,044,414 682,687,661
Against the resolution........ 35,397,223 30,727,914 242,037 14,429,473
Abstain....................... 2,047,607 86,316,301 59,368 727,589
Broker non-vote............... 424,019 2,196,742 34,606 119,940,862
</TABLE>
<TABLE>
<CAPTION>
Muni MuniFund MuniCash
---- ----------- -----------
<S> <C> <C>
For the resolution...................................... 370,230,881 316,628,233
Against the resolution.................................. 31,554,609 3,101,787
Abstain................................................. 2,527,367 2,477,106
Broker non-vote......................................... 6,096,762 101,907,366
</TABLE>
<TABLE>
<CAPTION>
California
Cal Muni Money Fund
-------- -----------
<S> <C>
For the resolution.................................................. 436,970,039
Against the resolution.............................................. 17,286,169
Abstain............................................................. 350
Broker non-vote..................................................... 1,619,230
</TABLE>
45
<PAGE>
Results of Special Meeting of Sharesholders (Unaudited)
4. Changes in Fundamental Investment Limitations. Changes were proposed to the
fundamental investment limitations of each Company, as follows: Fed--(a)
limitation on borrowing and senior securities, (b) limitation on underwriting
activities, (c) limitation on real estate and commodities, and (d) limitation
on loans; Muni--(a) limitation on borrowing and senior securities, (b)
limitation on underwriting activities, (c) limitation on real estate related
transactions, (d) limitation on investment in commodities, and (e) limitation
on loans; Cal Muni--(a) limitation on borrowing and senior securities, (b)
limitation on underwriting activities, (c) limitation on real estate related
transactions, (d) limitation on investment in commodities, (e) limitation on
loans, and (f) limitation regarding concentration. The proposed changes were
approved by shareholders of each Portfolio as follows:
<TABLE>
<CAPTION>
Federal Treasury
Fed FedFund T-Fund Trust Fund Trust Fund
--- ----------- ------------- ----------- -----------
<S> <C> <C> <C> <C>
For the resolution............ 656,985,609 2,477,395,613 210,235,430 683,828,928
Against the resolution........ 15,273,185 36,195,310 5,088,067 12,653,642
Abstain....................... 8,103,146 48,937,957 22,322 1,362,154
Broker non-vote............... 424,019 2,196,742 34,606 119,940,861
</TABLE>
<TABLE>
<CAPTION>
Muni Muni Fund Muni Cash
---- ----------- -----------
<S> <C> <C>
For the resolution...................................... 332,146,787 292,963,211
Against the resolution.................................. 72,127,665 25,771,103
Abstain................................................. 38,421 3,472,812
Broker non-vote......................................... 6,096,761 101,907,366
</TABLE>
<TABLE>
<CAPTION>
California
Cal Muni Money Fund
-------- -----------
<S> <C>
For the resolution.................................................. 434,619,571
Against the resolution.............................................. 19,636,637
Abstain............................................................. 350
Broker non-vote..................................................... 1,619,230
</TABLE>
5. Changes to Fundamental Investment Limitations to Make Such Limitations Non-
Fundamental. Changes were proposed to fundamental investment limitations of
each Company to make such limitations non-fundamental, as follows: Fed--(a)
limitations on eligible investments; Muni--(a) limitation on eligible
investments, (b) limitation on acquiring securities of other investment
companies, (c) limitation on purchasing securities on margin, making short
sales or maintaining a short position, (d) limitation on purchasing industrial
revenue bonds, and (e) limitation on purchasing securities with legal or
contractual restrictions on resale; Cal Muni--(a) limitation on eligible
investments, (b) limitation on issuer diversification, (c) limitation on
acquiring securities of other investment companies, (d) limitation on
purchasing securities on margin, making short sales or maintaining a short
position, and (e) limitation on investing in illiquid securities. The proposed
changes were approved by shareholders as follows:
<TABLE>
<CAPTION>
Federal Treasury
Fed FedFund T-Fund Trust Fund Trust Fund
--- ----------- ------------- ----------- -----------
<S> <C> <C> <C> <C>
For the resolution............ 563,523,034 2,389,842,020 210,167,317 650,472,767
Against the resolution........ 108,730,226 124,818,389 5,156,180 45,700,402
Abstain....................... 8,108,680 47,868,472 22,322 1,671,554
Broker non-vote............... 424,019 2,196,741 34,606 119,940,862
</TABLE>
<TABLE>
<CAPTION>
Muni Muni Fund Muni Cash
---- ----------- -----------
<S> <C> <C>
For the resolution...................................... 320,488,063 289,747,942
Against the resolution.................................. 83,823,792 27,953,741
Abstain................................................. 1,002 4,505,443
Broker non-vote......................................... 6,096,762 101,907,366
</TABLE>
<TABLE>
<CAPTION>
California
Cal Muni Money Fund
-------- -----------
<S> <C>
For the resolution.................................................. 406,162,388
Against the resolution.............................................. 48,093,820
Abstain............................................................. 350
Broker non-vote..................................................... 1,619,230
</TABLE>
6. Investment of Substantially All Assets in Another Open-End Investment
Company. Shareholders of all the Companies voted to approve a new fundamental
investment
46
<PAGE>
Results of Special Meeting of Shareholders (Concluded)
limitation for each Portfolio to permit each Portfolio to invest substantially
all of its assets in another open-end investment company, as follows:
<TABLE>
<CAPTION>
Federal Treasury
Trust Trust
Fed FedFund T-Fund Fund Fund
- --- ----------- ------------- ----------- -----------
<S> <C> <C> <C> <C>
For the resolution............ 574,730,497 2,409,440,206 214,984,681 655,748,012
Against the resolution........ 97,452,109 71,729,405 338,816 38,985,176
Abstain....................... 8,179,334 81,359,269 22,322 3,111,535
Broker
non-vote..................... 424,019 2,196,742 34,606 119,940,862
</TABLE>
<TABLE>
<CAPTION>
Muni Muni Fund MuniCash
---- ----------- -----------
<S> <C> <C>
For the resolution...................................... 367,632,622 292,812,636
Against the resolution.................................. 13,716,629 24,359,441
Abstain................................................. 22,963,606 5,035,049
Broker non-vote......................................... 6,096,762 101,907,366
</TABLE>
<TABLE>
<CAPTION>
California
Cal Muni Money Fund
-------- -----------
<S> <C>
For the resolution.................................................. 405,313,557
Against the resolution.............................................. 48,901,150
Abstain............................................................. 41,850
Broker non-vote..................................................... 1,619,230
</TABLE>
7. Federal Trust Fund Only--Change in Fundamental Investment Objective.
Shareholders of Federal Trust Fund voted to approve a change in Federal Trust
Fund's fundamental investment objective to make such objective non-fundamental,
as follows:
<TABLE>
<CAPTION>
Federal
Fed Trust Fund
--- -----------
<S> <C>
For the resolution.................................................. 210,235,430
Against the resolution.............................................. 5,088,067
Abstain............................................................. 22,322
Broker non-vote..................................................... 34,606
</TABLE>
47
<PAGE>
Trustees
Rodney D. Johnson
Chairman
G. Nicholas Beckwith
Jerrold B. Harris
Joseph Platt
Robert C. Robb, Jr.
Kenneth L. Urish
Frederick W. Winter
Investment Adviser
BlackRock Institutional Management Corporation
400 Bellevue Parkway
Wilmington, DE 19809
Co-Administrators
PFPC Inc.
400 Bellevue Parkway
Wilmington, DE 19809
Provident Distributors, Inc.
Four Falls Corporate Center
6th Floor
West Conshohocken, PA 19428
Distributor
Provident Distributors, Inc.
Four Falls Corporate Center
6th Floor
West Conshohocken, PA 19428
Transfer Agent
PFPC Inc.
P.O. Box 8950
Wilmington, DE 19885-9628
This report is submitted for the general information of the shareholders of the
Company. It is not authorized for distribution to prospective investors unless
accompanied or preceded by effective prospectuses for each portfolio of the
Company, which contain information concerning the investment policies of the
portfolios as well as other pertinent information.
PIF-SA-003
FedFund
T-Fund
Federal Trust Fund
Treasury Trust Fund
MuniFund
California Money Fund
Investment Portfolios offered by
Provident Institutional Funds
PROVIDENT
INSTITUTIONAL
FUNDS
Semi-Annual Report
April 30, 1999
