<PAGE>
400 Bellevue Parkway
4th Floor
[Logo of Provident Institutional Funds] Wilmington, DE 19809
302-793-8100
www.pif.com
September 30, 1999
Dear Shareholder:
We are pleased to present the Annual Report to Shareholders of TempFund and
TempCash for the period ended September 30, 1999.
Commentary on the United States' strong economy and on recent developments
in our Funds are contained in the accompanying Investment Adviser's Report.
Provident Institutional Funds offers a variety of high quality Taxable and
Tax-Exempt Money Market Funds designed to meet the varied needs of our
investors. Please contact your account representative or call our Client
Service Center at (800) 821-7432 to discuss your investment options. We
welcome the opportunity to serve you.
Sincerely,
/s/ Rodney D. Johnson
Rodney D. Johnson
Chairman
<PAGE>
PROVIDENT INSTITUTIONAL FUNDS
TempFund and TempCash
Annual Investment Adviser's Report
During the twelve months ended September 30, 1999, the Federal Reserve (the
"Fed") adjusted monetary policy five times; three rate reductions last fall
and two rate increases this summer. The lowering of rates was in response to
global credit problems while the recent rate increases were in response to a
strong domestic economy. In last year's fourth quarter, the Federal Reserve
moved aggressively to reduce the federal funds target by 75 basis points from
5.50% to 4.75%. The series of three rapid rate reductions was in response to
the turmoil in world financial markets, the threat to continued growth in the
domestic economy and the concern that some companies were experiencing
difficulty obtaining short-term funds. Following the three moves, Fed policy
returned to neutral from an easing bias as the U.S. economy recorded strong
growth in the fourth quarter of 1998 and the first quarter of 1999. During
this time, the yield curve shifted from an inverted curve to a slightly
positive curve in line with a growing economy. TempFund, with its AAA rating,
targeted a 50 to 55 day average weighted maturity during this period while
TempCash targeted a longer 60 to 65 day maturity. In the early part of the
first quarter, funds flowed into money market funds and TempFund's asset level
topped $16.5 billion.
As the economy continued to exhibit strong growth through the second and third
quarters, the Fed became increasingly concerned that tight labor markets would
outpace productivity gains and cause inflation to rise. As a result, the Fed
increased the federal funds target by 25 basis points to 5.00% at its June 30
meeting and another 25 basis points to 5.25% on August 24. Despite the growth
in the economy, inflation continued to be subdued. In fact, the core Consumer
Price Index ("CPI") increased only 1.9% on a year-over-year basis in August,
its slowest growth in over 30 years. The increase in short-term interest rates
caused money to be redeemed from money market funds in the second and third
quarters of 1999. In the quarter ended September 30, assets in TempFund ranged
from $10.8 billion to $13.7 billion, down sharply from the first quarter.
Assets in TempCash declined to $2.3 billion from $4-5 billion in January. In
the rising rate environment, the average weighted maturity of the portfolios
was shortened to the 40 to 45 day range, and with Y2K approaching, portfolio
liquidity will be a key investment objective.
We appreciate your continued interest in TempFund and TempCash and look
forward to meeting your needs in the future.
BlackRock Institutional Management
Corporation
2
<PAGE>
Provident Institutional Funds
TempFund Portfolio
Statement of Net Assets
September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- ---------------
<S> <C> <C> <C>
AGENCY OBLIGATIONS--1.2%
Federal Home Loan Mortgage Corporation Discount Notes
4.94%....................................... 12/07/99 $150,000 $ 148,620,917
---------------
Total.......................................................... 148,620,917
---------------
CERTIFICATES OF DEPOSIT--5.6%
Domestic Certificates of Deposit--5.6%
FCC National Bank (A-1+, P-1)
6.03%....................................... 08/11/00 100,000 99,958,688
First National Bank of Chicago (A-1+, P-1)
5.05%....................................... 02/09/00 100,000 99,989,618
5.60%....................................... 06/14/00 100,000 99,966,245
First Tennessee Bank (A-1, P-1)
5.25%....................................... 10/04/99 250,000 250,000,000
First Union National Bank (A-1, P-1)
5.56%....................................... 06/02/00 50,000 50,000,000
NationsBank (A-1+, P-1)
5.00%....................................... 01/05/00 100,000 99,994,925
---------------
Total.......................................................... 699,909,476
---------------
COMMERCIAL PAPER--55.4%
Asset Backed Securities--17.8%
Barton Capital Corp. (A-1+, P-1)
5.37%....................................... 10/08/99 32,974 32,939,570
5.37%....................................... 10/12/99 43,283 43,211,980
5.40%....................................... 10/25/99 75,000 74,730,000
5.40%....................................... 10/26/99 82,710 82,399,837
Corporate Receivables Corp. (A-1+, P-1)
5.37%....................................... 10/19/99 200,000 199,463,000
5.32%....................................... 10/25/99 150,000 149,468,000
5.32%....................................... 10/26/99 150,000 149,445,833
4.94%....................................... 11/22/99 42,000 41,700,307
5.38%....................................... 12/10/99 100,000 98,953,889
Dakota Certificates Program (A-1+, P-1)
5.16%....................................... 10/22/99 100,000 99,699,000
5.40%....................................... 12/10/99 100,000 98,950,000
Delaware Funding Corp. (A-1+, P-1)
5.36%....................................... 11/15/99 88,118 87,527,609
5.40%....................................... 11/17/99 76,025 75,489,024
5.40%....................................... 11/19/99 101,397 100,651,732
5.40%....................................... 11/23/99 70,652 70,090,317
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- ---------------
<S> <C> <C> <C>
Monte Blanc (A-1+, P-1)
5.37%....................................... 10/28/99 $173,620 $ 172,920,745
5.40%....................................... 11/15/99 67,234 66,780,170
Old Line Funding Corp. (A-1+, P-1)
5.43%....................................... 10/29/99 135,241 134,669,832
5.40%....................................... 11/15/99 50,404 50,063,773
5.43%....................................... 11/19/99 150,000 148,891,375
Receivables Capital Corp. (A-1+, P-1)
5.40%....................................... 11/19/99 120,515 119,629,215
Trident Capital Finance, Inc. (A-1+, P-1)
5.34%....................................... 10/07/99 138,600 138,476,646
---------------
2,236,151,854
---------------
Banks--0.5%
J.P. Morgan & Co., Inc. (A-1+, P-1)
4.82%....................................... 10/05/99 60,000 59,967,867
---------------
Beverages--0.8%
Coca-Cola Co. (A-1+, P-1)
5.32%....................................... 10/12/99 50,000 49,918,722
5.32%....................................... 10/13/99 50,000 49,911,333
---------------
99,830,055
---------------
Communication Equipment--0.4%
Lucent Technologies, Inc. (A-1, P-1)
5.06%....................................... 02/14/00 50,000 49,044,222
---------------
Credit Institutions--4.0%
Associates Corp. of North America (A-1+, P-1)
5.17%....................................... 10/14/99 100,000 99,813,306
5.17%....................................... 10/15/99 100,000 99,798,944
5.17%....................................... 10/18/99 100,000 99,755,861
Associates First Capital Corp. (A-1, P-1)
5.18%....................................... 10/13/99 50,000 49,913,667
5.18%....................................... 10/14/99 50,000 49,906,472
5.18%....................................... 10/18/99 50,000 49,877,694
5.18%....................................... 10/19/99 50,000 49,870,500
---------------
498,936,444
---------------
Insurance--1.6%
Prudential Funding Corp. (A-1, P-1)
5.17%....................................... 12/10/99 150,000 148,492,083
5.75%....................................... 01/21/00 50,000 49,105,556
---------------
197,597,639
---------------
</TABLE>
3
<PAGE>
TempFund Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- ---------------
<S> <C> <C> <C>
COMMERCIAL PAPER (continued)
Insurance Carriers--4.8%
Aegon Funding Corp. (A-1+, P-1)
5.31%....................................... 10/04/99 $150,000 $ 149,933,625
5.33%....................................... 11/15/99 108,500 107,777,119
5.78%....................................... 03/20/00 114,000 110,870,130
5.78%....................................... 03/24/00 240,000 233,256,667
---------------
601,837,541
---------------
Miscellaneous Business Credit Institutions--1.6%
National Rural Utilities Coop. Finance Corp. (A-1+, P-1)
5.30%....................................... 11/19/99 30,000 29,783,583
5.30%....................................... 11/22/99 70,000 69,464,111
5.32%....................................... 12/13/99 110,700 109,505,793
---------------
208,753,487
---------------
Motor Vehicles--3.6%
DaimlerChrysler North America Holding Corp. (A-1, P-1)
5.31%....................................... 10/06/99 50,000 49,963,125
5.17%....................................... 10/13/99 100,000 99,827,667
5.17%....................................... 10/14/99 100,000 99,813,306
Ford Motor Credit Co. (A-1, P-1)
5.30%....................................... 10/07/99 200,000 199,823,333
---------------
449,427,431
---------------
Oil & Gas--9.3%
Koch Industries (A-1+, P-1)
5.55%....................................... 10/01/99 514,000 514,000,000
Mobil Corp. (A-1+, P-1)
5.55%....................................... 10/01/99 653,000 653,000,000
---------------
1,167,000,000
---------------
Retail--Variety Stores--1.7%
Wal-Mart Stores (A-1+, P-1)
5.28%....................................... 10/04/99 126,000 125,944,560
5.30%....................................... 10/04/99 92,000 91,959,367
---------------
217,903,927
---------------
Security Brokers & Dealers--2.2%
Morgan Stanley Dean Witter & Co. (A-1, P-1)
5.30%....................................... 10/19/99 185,100 184,609,485
4.94%....................................... 01/18/00 100,000 98,504,278
---------------
283,113,763
---------------
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- ---------------
<S> <C> <C> <C>
Services--Computer Rental & Leasing--0.5%
Electronic Data Systems (A-1, P-1)
5.35%....................................... 10/06/99 $59,700 $ 59,655,640
---------------
Services--Equipment Rental & Leasing--1.3%
HD Real Estate Funding Corp. (A-1+, P-1)
5.73%....................................... 02/22/00 168,886 165,015,133
---------------
Short-Term Business Credit Institutions--5.3%
American Express Credit Corp. (A-1, P-1)
4.81%....................................... 11/19/99 100,000 99,345,306
CIT Group Holdings, Inc. (A-1, P-1)
5.40%....................................... 12/14/99 100,000 98,890,000
General Electric Capital Corp. (A-1+, P-1)
4.81%....................................... 11/10/99 50,000 49,732,778
4.95%....................................... 02/07/00 100,000 98,226,250
5.06%....................................... 02/14/00 100,000 98,088,444
5.42%....................................... 02/18/00 130,000 127,259,889
5.41%....................................... 02/25/00 100,000 97,790,917
---------------
669,333,584
---------------
Total.......................................................... 6,963,568,587
---------------
VARIABLE RATE OBLIGATIONS**--20.9%
Asset Backed Securities--3.4%
Corporate Asset Funding, Inc. (A-1+, P-1)
5.4725%..................................... 12/03/99 100,000 99,988,284
5.4825%..................................... 12/03/99 74,800 74,794,057
SMM Trust Series 1999G (A-1+, P-1)
5.455%...................................... 10/04/99 250,000 250,000,000
---------------
424,782,341
---------------
Banks--7.8%
Bank of America (A-1+, P-1)
5.50%....................................... 10/01/99 200,000 200,000,000
Bank One Corp. (A-1+, P-1)
5.57125%.................................... 12/13/99 196,000 195,926,368
First Union National Bank (A-1, P-1)
5.35%....................................... 10/20/99 100,000 100,000,000
5.5625%..................................... 11/17/99 200,000 200,000,000
Key Bank National Association (A-1, P-1)
5.57563%.................................... 11/26/99 153,000 153,000,000
Wells Fargo & Company (A-1, P-1)
5.38875%.................................... 12/31/99 130,000 129,942,995
---------------
978,869,363
---------------
</TABLE>
4
<PAGE>
TempFund Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- ---------------
<S> <C> <C> <C>
VARIABLE RATE OBLIGATIONS** (continued)
Farm Machinery & Equipment--1.2%
Deere & Co. (A-1, P-1)
5.38%....................................... 10/01/99 $150,000 $ 149,937,956
---------------
Finance Services--0.8%
US Central Credit Union (A-1+, P-1)
5.33%....................................... 10/14/99 100,000 100,000,000
---------------
Miscellaneous Business Credit Institutions--0.6%
John Deere Capital Corp. (A-1, P-1)
5.3375%..................................... 11/01/99 75,000 75,034,218
---------------
Petroleum Refining--0.5%
Texaco Capital, Inc. (A-1, P-1)
5.1925%..................................... 11/04/99 60,000 59,965,287
---------------
Security Brokers & Dealers--4.2%
Goldman Sachs Group L.P. (A-1+, P-1)
5.485%...................................... 10/07/99 300,000 300,000,000
Morgan Stanley Dean Witter & Co. (A-1, P-1)
5.54125%.................................... 11/23/99 50,000 50,019,192
5.6125%..................................... 12/09/99 184,000 184,019,643
---------------
534,038,835
---------------
Short-Term Business Credit Institutions--2.4%
General Electric Capital Corp. (A-1+, P-1)
5.39%....................................... 11/12/99 100,000 100,000,000
Xerox Credit Corp. (A-1, P-1)
5.225%...................................... 10/12/99 200,000 199,998,036
---------------
299,998,036
---------------
Total.......................................................... 2,622,626,036
---------------
MEDIUM TERM NOTES--3.3%
Asset Backed Securities--0.6%
SMM Trust Series 1999E (A-1+, P-1)
5.362%...................................... 04/05/00 75,000 75,000,000
---------------
Banks--0.8%
Wells Fargo & Co. (A-1, P-1)
5.31%....................................... 04/03/00 100,000 99,966,492
---------------
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- ---------------
<S> <C> <C> <C>
Finance Lessors--0.2%
IBM Credit Corp. (A-1, P-1)
4.70%....................................... 10/29/99 $25,000 $ 24,996,705
---------------
Security Brokers & Dealers--1.6%
Goldman Sachs Group L.P. (A-1+, P-1)
5.10%....................................... 11/15/99 100,000 100,000,000
Merrill Lynch & Co. (A-1+, P-1)
5.143%...................................... 11/15/99 100,000 100,000,000
---------------
200,000,000
---------------
Short-Term Business Credit Institutions--0.1%
C.I.T. Group Holdings, Inc. (A-1, P-1)
6.25%....................................... 10/04/99 17,000 17,001,670
---------------
Total.......................................................... 416,964,867
---------------
REPURCHASE AGREEMENTS--13.7%
Lehman Brothers, Inc.
5.16%....................................... 10/01/99 317,000 317,000,000
(Agreement dated 09/30/99 to be repurchased at $317,045,437,
collateralized by $331,791,904 Federal Home Loan Mortgage
Corporation Bonds, Federal National Mortgage Association
Bonds and Mortgage Securities 5.50% to 12.00% due from
03/01/00 to 06/01/29. The market value is $326,514,546.)
Morgan (J.P.) Securities, Inc.
5.20%....................................... 10/01/99 200,000 200,000,000
(Agreement dated 09/30/99 to be repurchased at 200,028,889,
collateralized by $223,231,225 Federal Home Loan Mortgage
Corporation Bonds and Federal National Mortgage Association
Bonds 6.00% to 7.50% due from 06/01/24 to 07/01/29. The
market value is $206,000,000.)
</TABLE>
5
<PAGE>
TempFund Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------------ ---------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS (continued)
Morgan Stanley & Co., Inc.
5.15%................................... 10/01/99 $200,000 $ 200,000,000
(Agreements dated 09/30/99 to be repurchased at $200,028,611,
collateralized by $348,356,489 Federal Farm Credit Bank
Medium Term Notes, Federal Home Loan Bank Bonds, Federal Home
Loan Mortgage Corporation Bonds, Federal National Mortgage
Association Bonds, Medium Term Notes and Mortgage Securities,
Financial Assistance Corporation Bonds, Student Loan
Marketing Association Notes and U.S. Treasury Strips 0.00% to
8.80% due from 04/24/00 to 07/01/29. The market value is
$206,019,031.)
5.18%................................... 10/01/99 100,000 100,000,000
(Agreement dated 09/30/99 to be repurchased at 100,014,389,
collateralized by $174,178,244 Federal Farm Credit Bank
Medium Term Notes, Federal Home Loan Bank Bonds, Federal Home
Loan Mortgage Corporation Bonds, Federal National Mortgage
Association Bonds, Medium Term Notes and Mortgage Securities,
Financial Assistance Corporation Bonds, Student Loan
Marketing Association Notes and U.S. Treasury Strips 0.00% to
8.80% due from 04/24/00 to 07/01/29. The market value is
$103,009,515.)
5.28%................................... 10/01/99 200,000 200,000,000
(Agreement dated 09/30/99 to be repurchased at $200,029,333,
collateralized by $348,356,489 Federal Farm Credit Bank
Medium Term Notes, Federal Home Loan Bank Bonds, Federal Home
Loan Mortgage Corporation Bonds, Federal National Mortgage
Association Bonds, Medium Term Notes and Mortgage Securities,
Financial Assistance Corporation Bonds, Student Loan
Marketing Association Notes and U.S. Treasury Strips 0.00% to
8.80% due from 04/24/00 to 07/01/29. The market value is
$206,019,031.)
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------------ ---------------
<S> <C> <C> <C>
5.75%................................... 10/01/99 $450,000 $ 450,000,000
(Agreement dated 09/30/99 to be repurchased at $450,071,875,
collateralized by $783,802,099 Federal Farm Credit Bank
Medium Term Notes, Federal Home Loan Bank Bonds, Federal Home
Loan Mortgage Corporation Bonds, Federal National Mortgage
Association Bonds, Medium Term Notes and Mortgage Securities,
Financial Assistance Corporation Bonds, Student Loan
Marketing Association Notes and U.S. Treasury Strips 0.00% to
8.80% due from 04/24/00 to 07/01/29. The market value is
$463,542,819.)
5.65%................................... 10/01/99 54,100 54,100,000
(Agreement dated 09/30/99 to be repurchased at $54,108,491,
collateralized by $94,084,232 Federal Farm Credit Bank Medium
Term Notes, Federal Home Loan Bank Bonds, Federal Home Loan
Mortgage Corporation Bonds, Federal National Mortgage
Association Bonds, Medium Term Notes and Mortgage Securities,
Financial Assistance Corporation Bonds, Student Loan
Marketing Association Notes and U.S. Treasury Strips 0.00% to
8.80% due from 04/24/00 to 07/01/29. The market value is
$55,641,686.)
Warburg Dillon Read LLC
5.20%................................... 10/01/99 200,000 200,000,000
(Agreement dated 09/30/99 to be repurchased at $200,028,889,
collateralized by $208,675,000 U.S. Treasury Bills due
03/16/00. The market value is $204,002,765.)
---------------
Total.......................................................... 1,721,100,000
---------------
</TABLE>
6
<PAGE>
TempFund Portfolio
Statement of Net Assets (Concluded)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
---------------
<S> <C> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $12,572,789,883*) .. 100.1% $12,572,789,883
LIABILITIES IN EXCESS OF
OTHER ASSETS.............. (0.1) (16,256,523)
--------- ---------------
NET ASSETS (Equivalent to
$1.00 per share based on
12,045,711,395 Fund
Shares, 497,185,576 Dollar
Shares and 13,789,163 Cash
Management Shares
outstanding).............. 100.0% $12,556,533,360
========= ===============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
($12,556,533,360 / 12,556,686,134).. $1.00
=====
</TABLE>
- --------
* Cost for federal income tax purposes.
** Variable Rate Obligations--The interest rate shown is as of September 30,
1999, and the maturity date shown is the longer of the next interest
readjustment date or the date the principal amount owned can be recovered
upon demand.
TempFund Portfolio
Maturity Information
September 30, 1999
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- -------------- ----------
<S> <C> <C>
1-30 Days $7,484,328,000 59.3%
31-60 Days 1,962,845,000 15.6
61-90 Days 1,265,500,000 10.0
91-120 Days 380,000,000 3.0
121-151 Days 748,886,000 5.9
Over 150 Days 779,000,000 6.2
</TABLE>
Average Weighted Maturity--43 days
The Duff & Phelps, Fitch Investors Service, Moody's Investors Service, Standard
& Poor's Ratings Service and TBW, Inc. ratings of the investments are believed
to be the most recent ratings available at September 30, 1999. The ratings have
not been audited by the independent Auditors and, therefore, are not covered by
the Independent Auditors' Report.
See accompanying notes to financial statements.
7
<PAGE>
Provident Institutional Funds
TempCash Portfolio
Statement of Net Assets
September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- --------------
<S> <C> <C> <C>
CERTIFICATES OF DEPOSIT--24.5%
Domestic Certificates of Deposit--5.3%
First National Bank of Chicago (A-1+, P-1)
4.98%........................................ 01/06/00 $75,000 $ 74,996,153
NationsBank (A-1+, P-1)
5.00%........................................ 01/05/00 50,000 49,997,462
--------------
124,993,615
--------------
Yankee Dollar Certificates Of Deposit--19.2%
Australia & New Zealand Banking Group (A-1+, P-1)
5.00%........................................ 10/01/99 25,000 25,000,000
5.03%........................................ 10/29/99 50,000 50,000,000
Dresdner Bank (A-1+, P-1, T-1+)
5.06%........................................ 01/18/00 50,000 50,001,456
National Westminster Bank (A-1+, P-1)
4.98%........................................ 01/10/00 100,000 99,994,661
Rabobank Nederland (A-1+, P-1)
4.98%........................................ 01/10/00 100,000 99,991,992
Royal Bank of Canada (A-1+, P-1)
5.02%........................................ 02/08/00 50,000 49,994,847
Svenska Handelsbanken (A-1, P-1)
5.07%........................................ 02/09/00 50,000 49,994,810
5.10%........................................ 04/19/00 25,000 24,990,422
--------------
449,968,188
--------------
Total .......................................................... 574,961,803
--------------
COMMERCIAL PAPER--18.7%
Asset Backed Securities--7.0%
Moriarty Ltd. (A-1+, P-1)
5.35%........................................ 10/07/99 15,000 14,986,625
Pooled Accounts Receivable Capital Corp. (A-1+, P-1)
5.32%........................................ 10/08/99 24,110 24,085,060
Sigma Finance, Inc. (A-1+, P-1)
5.40%........................................ 11/08/99 50,000 49,715,000
Trident Capital Finance, Inc. (A-1+, P-1)
5.35%........................................ 10/04/99 75,000 74,966,563
--------------
163,753,248
--------------
Banks--2.1%
UBS Finance PLC (A-1+, P-1)
4.90%........................................ 10/25/99 50,000 49,836,667
--------------
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- --------------
<S> <C> <C> <C>
Food & Agriculture--4.3%
Diageo Capital PLC (A-1, P-1)
4.91%........................................ 10/25/99 $50,000 $ 49,836,333
4.90%........................................ 10/27/99 50,000 49,823,056
--------------
99,659,389
--------------
Motor Vehicle Parts & Accessories--1.1%
Eaton Corp. (A-2, F-1, P-1)
5.38%........................................ 10/07/99 25,000 24,977,583
--------------
Personal Credit Institutions--2.1%
Countrywide Funding Corp. (A-1, F-1, P-2)
5.35%........................................ 10/01/99 50,000 50,000,000
--------------
Short-Term Business Credit Institutions--2.1%
Finova Capital Corp. (D-1, F-1)
5.38%........................................ 10/15/99 50,000 49,895,389
--------------
Total .......................................................... 438,122,276
--------------
TIME DEPOSITS--7.2%
Bank Brussels Lambert (A-1+, P-1)
5.4375%...................................... 10/01/99 115,000 115,000,000
KBC Bank NV (A-1+, P-1)
5.375%....................................... 10/01/99 53,700 53,700,000
--------------
Total .......................................................... 168,700,000
--------------
VARIABLE RATE OBLIGATIONS**--49.0%
Asset Backed Securities--14.9%
Corporate Receivables Corp. (A-1+, P-1)
5.4125%...................................... 11/16/99 100,000 100,000,000
CXC, Inc. (A-1+, P-1)
5.4125%...................................... 11/16/99 100,000 100,000,000
SMM Trust Series 1999B (A-1+, P-1)
5.57%........................................ 12/15/99 150,400 150,400,000
--------------
350,400,000
--------------
Banks--11.7%
Bayerische Hypo-Und Vereinsbank (A-1+, P-1)
5.29%........................................ 10/14/99 100,000 99,967,869
5.29%........................................ 10/15/99 75,000 74,962,989
Wells Fargo & Co. (A-1, P-1)
5.38875%..................................... 12/31/99 100,000 99,956,150
--------------
274,887,008
--------------
</TABLE>
8
<PAGE>
TempCash Portfolio
Statement of Net Assets (Concluded)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- --------------
<S> <C> <C> <C>
VARIABLE RATE OBLIGATIONS** (continued)
Life Insurance--7.5%
Allstate Life Insurance Co. (A-1, P-1)
5.44975%..................................... 10/01/99 $50,000 $ 50,000,000
Monumental Life Insurance Co. (A-1+, P-1)
5.50%........................................ 10/01/99 75,000 75,000,000
5.54%........................................ 10/01/99 50,000 50,000,000
--------------
175,000,000
--------------
Miscellaneous Business Credit Institutions--0.6%
John Deere Capital Corp. (A-1, P-1)
5.31%........................................ 10/12/99 15,000 15,003,943
--------------
Personal Credit Institutions--5.7%
American Honda Finance Corp. (A-1, P-1)
5.4025%...................................... 11/15/99 80,000 79,990,104
5.5275%...................................... 12/07/99 15,000 15,002,111
5.4825%...................................... 12/20/99 40,000 39,998,141
--------------
134,990,356
--------------
Security Brokers & Dealers--4.3%
Goldman Sachs Group (A-1+, P-1)
5.485%....................................... 10/07/99 100,000 100,000,000
--------------
Short-Term Business Credit Institutions--4.3%
General Electric Capital Corp. (A-1+, P-1)
5.26%........................................ 10/12/99 100,000 100,000,000
--------------
Total .......................................................... 1,150,281,307
--------------
</TABLE>
<TABLE>
<CAPTION>
Value
--------------
<S> <C> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $2,332,065,386*).. 99.4% $2,332,065,386
OTHER ASSETS IN EXCESS OF
LIABILITIES............. 0.6 14,570,381
-------- --------------
NET ASSETS (Equivalent to
$1.00 per share based on
1,968,713,825 Fund
Shares and 378,062,838
Dollar Shares
outstanding)............ 100.0% $2,346,635,767
======== ==============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
($2,346,635,767 / 2,346,776,663). $1.00
=====
</TABLE>
- --------
* Cost for federal income tax purposes.
** Variable Rate Obligations--The interest rate shown is as of September 30,
1999, and the maturity date shown is the longer of the next interest
readjustment date or the date the principal amount owned can be recovered.
TempCash Portfolio
Maturity Information
September 30, 1999
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- -------------- ----------
<S> <C> <C>
1-30 Days $1,197,810,000 51.3%
31-60 Days 330,000,000 14.1
61-90 Days 205,400,000 8.8
91-120 Days 475,000,000 20.4
121-151 Days 100,000,000 4.3
Over 150 Days 25,000,000 1.1
</TABLE>
Average Weighted Maturity--46 days
The Duff & Phelps, Fitch Investors Service, Moody's Investors Service,
Standard & Poor's Ratings Service and TBW, Inc. ratings of the investments are
believed to be the most recent ratings available at September 30, 1999. The
ratings have not been audited by the Independent Auditors and, therefore, are
not covered by the Independent Auditors' Report.
See accompanying notes to financial statements.
9
<PAGE>
Provident Institutional Funds
Statements of Operations
Year Ended September 30, 1999
<TABLE>
<CAPTION>
TempFund TempCash
Portfolio Portfolio
------------ ------------
<S> <C> <C>
Investment Income:
Interest income.................................. $675,432,440 $179,238,761
------------ ------------
Expenses:
Investment advisory fee.......................... 12,490,007 4,969,690
Administration fee............................... 12,490,007 4,969,690
Registration fees and expenses................... 1,082,376 --
Custodian fee.................................... 1,185,424 437,281
Transfer agent fee............................... 844,807 110,699
Trustees' fees and expenses...................... 49,480 32,898
Shareholder computer access program.............. 47,600 9,010
Legal fees....................................... 40,747 20,627
Audit fees....................................... 53,395 23,153
Printing......................................... 15,097 15,650
Other............................................ 105,100 28,765
------------ ------------
28,404,040 10,617,463
Service Organization fees--Dollar Shares......... 998,538 1,059,560
Service Organization fees--Cash Management
Shares.......................................... 12,627 --
------------ ------------
1,011,165 1,059,560
------------ ------------
Total expenses................................. 29,415,205 11,677,023
Less fees waived................................. (4,770,711) (4,302,355)
------------ ------------
Net expenses................................... 24,644,494 7,374,668
------------ ------------
Net investment income............................ 650,787,946 171,864,093
Realized gain (loss) or investments:
Net realized gain (loss) from security
transactions.................................... 50,928 (128,638)
------------ ------------
Net increase in net assets resulting from
operations...................................... $650,838,874 $171,735,455
============ ============
</TABLE>
See accompanying notes to financial statements.
10
<PAGE>
Provident Institutional Funds
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
TempFund Portfolio TempCash Portfolio
---------------------------------- -------------------------------------
Year Ended Year Ended
September 30, September 30, Year Ended Year Ended
1999 1998 September 30, 1999 September 30, 1998
---------------- ---------------- ------------------ ------------------
<S> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income............................ $ 650,787,946 $ 560,564,139 $ 171,864,093 $ 165,453,579
Net realized gain (loss) on investments.......... 50,928 (203,702) (128,638) 491,505
---------------- ---------------- --------------- ---------------
Net increase in net assets resulting from
operations...................................... 650,838,874 560,360,437 171,735,455 165,945,084
---------------- ---------------- --------------- ---------------
Distributions to shareholders:
From net investment income:
TempFund Shares................................. (631,844,393) (544,340,518) -- --
TempFund Dollar Shares.......................... (18,827,954) (16,223,621) -- --
TempFund Cash Management Shares................. (115,599) -- -- --
TempCash Shares................................. -- -- (151,905,646) (142,514,398)
TempCash Dollar Shares.......................... -- -- (19,958,447) (22,939,181)
Distributions to shareholders from net realized
gain:
TempFund shares................................. -- (23,462) -- --
TempFund Dollar shares.......................... -- (725) -- --
---------------- ---------------- --------------- ---------------
Total distributions to shareholders............ (650,787,946) (560,588,326) (171,864,093) (165,453,579)
---------------- ---------------- --------------- ---------------
Capital share transactions (at $1 per share):
Sale of shares.................................... 231,594,220,146 163,267,203,408 58,606,421,970 55,035,173,158
Reinvestment of dividends......................... 229,334,504 194,706,744 80,872,523 77,504,373
Repurchase of shares.............................. (229,256,039,549) (161,888,500,360) (59,343,452,821) (54,502,812,282)
---------------- ---------------- --------------- ---------------
Increase (decrease) in net assets derived from
capital share transactions....................... 2,567,515,101 1,573,409,792 (656,158,328) 609,865,249
---------------- ---------------- --------------- ---------------
Total increase (decrease) in net assets........ 2,567,566,029 1,573,181,903 (656,286,966) 610,356,754
Net assets:
Beginning of period............................... 9,988,967,331 8,415,785,428 3,002,922,733 2,392,565,979
---------------- ---------------- --------------- ---------------
End of period..................................... $ 12,556,533,360 $ 9,988,967,331 $ 2,346,635,767 $ 3,002,922,733
================ ================ =============== ===============
</TABLE>
See accompanying notes to financial statements.
11
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
TempFund Shares TempFund Dollar Shares
------------------------------------------------------ ------------------------------------------
Year Ended September 30, Year Ended September 30,
------------------------------------------------------ ------------------------------------------
1999 1998 1997 1996 1995 1999 1998 1997 1996 1995
---------- --------- --------- --------- --------- ------- ------- ------- ------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- --------- --------- --------- --------- ------- ------- ------- ------- ------
Income From Investment
Operations:
Net Investment Income... .0495 .0549 .0539 .0541 .0567 .0470 .0524 .0514 .0516 .0542
---------- --------- --------- --------- --------- ------- ------- ------- ------- ------
Less Distributions:
Dividends to
Shareholders From Net
Investment Income....... (.0495) (.0549) (.0539) (.0541) (.0567) (.0470) (.0524) (.0514) (.0516) (.0542)
---------- --------- --------- --------- --------- ------- ------- ------- ------- ------
Net Asset Value, End of
Period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========= ========= ========= ========= ======= ======= ======= ======= ======
Total Return............ 5.06% 5.63% 5.53% 5.55% 5.82% 4.81% 5.38% 5.27% 5.30% 5.57%
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000)........... 12,045,566 9,686,491 8,060,501 5,715,004 5,351,346 497,178 302,476 355,284 162,119 81,828
Ratio of Expenses to
Average Daily Net
Assets/1............../. .18% .18% .18% .18% .24% .43% .43% .43% .43% .49%
Ratio of Net Investment
Income to Average Daily
Net Assets.............. 4.96% 5.50% 5.39% 5.41% 5.67% 4.71% 5.25% 5.14% 5.16% 5.42%
</TABLE>
- ----
/1/Without.the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets for TempFund Shares would have been
.22%, .23%, .24%, .26% and .27% for the years ended September 30, 1999,
1998, 1997, 1996 and 1995, respectively. For TempFund Dollar Shares, the
ratio of expenses to average daily net assets would have been .47%, .48%,
.49%, .51% and .52% for the years ended September 30, 1999, 1998, 1997,
1996 and 1995, respectively.
See accompanying notes to financial statements.
12
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
TempFund
Cash Management Shares
-----------------------
For the Period
June 14, 1999/1
/ Through
September 30,
1999
-----------------------
<S> <C>
Net Asset Value, Beginning of Period................... $ 1.00
-------
Income From Investment Operations:
Net Investment Income.................................. .0135
-------
Less Distributions:
Dividends to Shareholders From Net Investment Income... (.0135)
-------
Net Asset Value, End of Period......................... $ 1.00
=======
Total Return........................................... 4.60%/2/
Ratios/Supplemental Data:
Net Assets, End of Period $(000)....................... 13,789
Ratio of Expenses to Average Daily Net Assets/3/ ...... .68%/2/
Ratio of Net Investment Income to Average Daily Net
Assets................................................ 4.57%/2/
</TABLE>
- --------
/1/Commencement.of Operations.
/2/Annualized..
/3/Without.the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets for TempFund Cash Management Shares
would have been .71% (annualized) for the period ended September 30, 1999.
See accompanying notes to financial statements.
13
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
TempCash Shares TempCash Dollar Shares
---------------------------------------------------------- ------------------------------------------------
Year Ended September 30, Year Ended September 30,
---------------------------------------------------------- ------------------------------------------------
1999 1998 1997 1996 1995 1999 1998 1997 1996 1995
---------- ---------- ---------- ---------- ---------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- ---------- -------- -------- -------- -------- --------
Income From
Investment
Operations:
Net Investment
Income............. .0496 .0552 .0541 .0542 .0575 .0471 .0527 .0516 .0517 .0550
---------- ---------- ---------- ---------- ---------- -------- -------- -------- -------- --------
Less Distributions:
Dividends to
Shareholders From
Net Investment
Income............. (.0496) (.0552) (.0541) (.0542) (.0575) (.0471) (.0527) (.0516) (.0517) (.0550)
---------- ---------- ---------- ---------- ---------- -------- -------- -------- -------- --------
Net Asset Value,
End of Period...... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ========== ======== ======== ======== ======== ========
Total Return....... 5.07% 5.66% 5.55% 5.56% 5.90% 4.82% 5.41% 5.29% 5.31% 5.65%
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000)...... 1,968,626 2,499,114 1,991,037 1,835,326 1,316,166 378,010 503,809 401,529 527,830 454,156
Ratio of Expenses
to Average Daily
Net Assets/1/ ..... .18% .18% .18% .18% .16% .43% .43% .43% .43% .41%
Ratio of Net
Investment Income
to Average Daily
Net Assets......... 4.95% 5.52% 5.41% 5.42% 5.75% 4.70% 5.27% 5.16% 5.17% 5.50%
</TABLE>
- ----
/1/Without.the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets for TempCash Shares would have been
.30%, .32%, .30%, .33%, and .30% for the years ended September 30, 1999,
1998, 1997, 1996, and 1995, respectively. For TempCash Dollar Shares, the
ratio of expenses to average daily net assets would have been .55%, .57%,
.55%, .58% and .55% for the years ended September 30, 1999, 1998, 1997,
1996 and 1995, respectively.
See accompanying notes to financial statements.
14
<PAGE>
Notes to Financial Statements
A. Provident Institutional Funds ("PIF" or the "Company") was organized as a
Delaware business trust on October 21, 1998. PIF is the successor to five
investment companies: (1) Temporary Investment Fund, Inc. ("Temp"), (2) Trust
for Federal Securities ("Fed"), (3) Municipal Fund for Temporary Investment
("Muni"), (4) Municipal Fund for California Investors, Inc. ("Cal Muni") and
(5) Municipal Fund for New York Investors, Inc. ("NY Muni"), (the "Predecessor
Companies"). The accompanying financial statements and notes are those of the
portfolios of Temp--TempFund and TempCash. On February 10, 1999, these
portfolios, along with the portfolios of the other Predecessor Companies, were
each reorganized into a separate series of PIF.
The fiscal year end for Temp was September 30. 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 is a diversified
investment company under the Investment Company Act of 1940.
TempCash offers two classes of shares: Fund Shares and Dollar Shares.
TempFund offers six classes of shares: Fund Shares, Administration Shares,
Dollar Shares, Plus Shares, Cash Reserve Shares, and Cash Management Shares.
Pursuant to a Shareholder Service Plan and specified in a servicing agreement,
institutions other than broker/dealers ("Service Organizations"), provide
certain services, not intended to promote the sale of the shares, to their
clients who beneficially own shares of a particular class, in consideration
for the Company's payment of a fee to the Servicing Organization at an annual
rate of .10% for Administration Shares, .25% for Dollar Shares, .40% for Cash
Reserve Shares and .50% for Cash Management Shares of the average daily net
asset value of such Shares. The difference in the level of fees is related to
the type and number of services provided by the Servicing Organization.
Pursuant to an Amended Distribution Plan and specified in a related agreement,
institutions that are broker/dealers ("Broker/Dealers"), provide certain sales
and support services to their clients who beneficially own shares of the Plus
class, in consideration for the Company's payment of a fee to the
Broker/Dealer at an annual rate not to exceed .25% 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 September 30, 1999, no Administration Shares, Plus
Shares or Cash Reserve Shares were outstanding.
B. Significant accounting policies are as follows:
Use of Estimates--The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that could affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from those estimates.
Security Valuation--Portfolio securities are valued under the amortized cost
method which approximates current market value. Under this method, securities
are valued at cost when purchased and thereafter a constant proportionate
amortization of any discount or premium is recorded until maturity of the
security. Regular review and monitoring of the market-based valuation is
performed in an attempt to avoid dilution or other unfair results to
shareholders. The Company seeks to maintain the net asset value per share of
each portfolio at $1.00.
Repurchase Agreements--The Company may purchase, for each portfolio, money
market instruments from financial institutions, such as banks and non-bank
dealers, subject to the seller's agreement to repurchase them at an agreed
upon date and price. 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.
15
<PAGE>
Notes to Financial Statements (Continued)
Dividends to Shareholders--Dividends are declared daily and paid monthly.
Dividends payable are recorded on the dividend record date. Net income for
dividend purposes includes interest accrued and discount earned on portfolio
securities and is reduced by premium amortized and expenses accrued. Net
realized capital gains, if any, will be distributed at least annually.
Federal Taxes--No provision is made for federal taxes as it is the Company's
intention to have each portfolio continue to qualify for and elect the tax
treatment applicable to regulated investment companies under subchapter M of
the Internal Revenue Code of 1986, as amended, and make the requisite
distributions to its shareholders which will be sufficient to relieve it from
all or substantially all federal income and excise taxes.
Other--Investment transactions are accounted for on the trade date and the
cost of investments sold is determined by use of the specific identification
method for both financial reporting and income tax purposes. Expenses not
directly attributable to a specific portfolio are allocated between the two
portfolios based on their relative 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") is the Company's Distributor. No
compensation is payable by the Company to PDI for its distribution services.
The Company has entered into an Administration Agreement with PFPC and BIMC
for certain administrative services (together the "Co-Administrators"). Prior
to the reorganization discussed in paragraph A, PDI was co-administrator with
PFPC.
In return for their advisory and administrative services, the Company pays
BIMC and the Co-Administrators each a fee, computed daily and payable monthly,
based upon an annualized percentage of the average daily net assets of each
portfolio as follows:
TempFund Portfolio:
0.175% of the first $1 billion, plus 0.15% of the next $1 billion, 0.125% of
the next $1 billion, 0.10% of the next $1 billion, 0.095% of the next $1
billion, 0.09% of the next $1 billion, 0.08% of the next $1 billion, 0.075% of
the next $1 billion and 0.07% of net assets in excess of $8 billion.
TempCash Portfolio:
0.175% of the first $1 billion, plus 0.15% of the next $1 billion, 0.125% of
the next $1 billion, 0.10% of the next $1 billion, 0.095% of the next $1
billion, 0.09% of the next $1 billion, 0.085% of the next $1 billion and 0.08%
of net assets in excess of $7 billion.
The Co-Administrators and BIMC have also agreed to reduce their fees, on an
equal basis, to the extent necessary to ensure that the ordinary operating
expenses (excluding Service Organization or Broker/Dealer fees) of the
TempFund portfolio and the TempCash portfolio do not exceed 0.18% of each
portfolio's average daily net assets.
For the year ended September 30, 1999, the Co-Administrators and BIMC
voluntarily waived, on an equal basis, administration and advisory fees
totaling $4,770,711 and $4,302,355 for the TempFund portfolio and the TempCash
portfolio, respectively.
Service Organization fees were paid to affiliates of BIMC for the year ended
September 30, 1999 by the respective portfolios, as follows: TempFund, $99,384
and TempCash, $29,363.
D. The Company's Declaration of Trust permits the Trustees to authorize the
issuance of an unlimited number of full and fractional shares of beneficial
interest (shares) in the Company and to classify or reclassify any unissued
shares into one or more additional classes of shares.
16
<PAGE>
Notes to Financial Statements (Concluded)
Transactions in shares of the Company are summarized as follows:
<TABLE>
<CAPTION>
TempFund Portfolio
----------------------------------
Year Ended Year Ended
September 30, September 30,
1999 1998
---------------- ----------------
<S> <C> <C>
Sale of shares:
TempFund................ 227,037,649,542 156,484,722,787
TempFund Dollar......... 4,533,892,817 6,782,480,621
TempFund Cash
Management............. 22,677,787 --
Shares issued in
reinvestment of
dividends:
TempFund................ 220,267,401 186,102,310
TempFund Dollar......... 9,067,103 8,604,434
TempFund Cash
Management............. -- --
Shares repurchased:
TempFund................ (224,898,894,234) (155,044,635,487)
TempFund Dollar......... (4,348,256,691) (6,843,864,873)
TempFund Cash
Management............. (8,888,624) --
---------------- ----------------
Net increase in shares... 2,567,515,101 1,573,409,792
================ ================
</TABLE>
<TABLE>
<CAPTION>
TempCash Portfolio
--------------------------------
Year Ended Year Ended
September 30, September 30,
1999 1998
--------------- ---------------
<S> <C> <C>
Sale of shares:
TempCash.................................... 56,760,587,569 52,797,975,692
TempCash Dollar............................. 1,845,834,401 2,237,197,466
Shares issued in reinvestment of dividends:
TempCash.................................... 66,156,673 60,504,102
TempCash Dollar............................. 14,715,850 17,000,271
Shares repurchased:
TempCash.................................... (57,357,122,062) (52,350,827,640)
TempCash Dollar............................. (1,986,330,759) (2,151,984,642)
--------------- ---------------
Net increase (decrease) in shares............ (656,158,328) 609,865,249
=============== ===============
</TABLE>
On September 30, 1999 two shareholders held approximately 28% of the
outstanding shares of TempCash Portfolio.
E. At September 30, 1999, capital loss carryovers, expiring at various times
from 2004 to 2007 were available to offset possible future capital gains of
the respective portfolios, as follows: TempFund, $152,774 and TempCash,
$140,896.
F. At September 30, 1999, net assets consisted of the following:
<TABLE>
<CAPTION>
TempFund TempCash
---------------- --------------
<S> <C> <C>
Paid-in capital......... $ 12,556,686,134 $2,346,776,663
Accumulated net realized
loss on investments.... (152,774) (140,896)
---------------- --------------
Total net assets........ $ 12,556,533,360 $2,346,635,767
================ ==============
</TABLE>
17
<PAGE>
Report of Independent Accountants
To the Board of Trustees
and Shareholders of
Provident Institutional Funds
In our opinion, the accompanying statements of net assets and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
TempFund and TempCash (Portfolios of Provident Institutional Funds, hereafter
referred to as the "Fund") at September 30, 1999, the results of their
operations for the year then ended, the changes in their net assets for each
of the two years in the period then ended and the financial highlights for
each of the periods presented in conformity with generally accepted accounting
principles. These financial statements and financial highlights (hereafter
referred to as "financial statements") are the responsibility of the Fund's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these statements in
accordance with generally accepted auditing standards which require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included
confirmation of securities at September 30, 1999 by correspondence with the
custodian, provide a reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
Philadelphia, PA 19103
October 29, 1999
18
<PAGE>
Trustees
Rodney D. Johnson
Chairman
G. Nicholas Beckwith
Jerrold B. Harris
Joseph Platt
Robert C. Robb, Jr.
Kenneth L. Urish
Frederick W. Winter
Investment Adviser
BlackRock Institutional Management Corporation
400 Bellevue Parkway
Wilmington, DE 19809
Co-Administrators
PFPC Inc.
400 Bellevue Parkway
Wilmington, DE 19809
BlackRock Institutional Management Corporation
400 Bellevue Parkway
Wilmington, DE 19809
Distributor
Provident Distributors, Inc.
Four Falls Corporate Center
6th Floor
West Conshohocken, PA 19428
Transfer Agent
PFPC Inc.
P.O. Box 8950
Wilmington, 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.
TempFund
TempCash
Investment Portfolios offered by
Provident Institutional Funds
[LOGO OF PROVIDENT INSTITUTIONAL FUNDS APPEARS HERE]
Annual Report
September 30, 1999
