PROVIDENT INSTITUTIONAL FUNDS, 497, 2000-04-05

PROVIDENT INSTITUTIONAL FUNDS
497, 2000-04-05

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<PAGE>

PROVIDENT INSTITUTIONAL FUNDS
=============================

Institutional Shares

[ARTWORK]

PROSPECTUS
March 1,2000

[LOGO] PROVIDENT
INSTITUTIONAL
FUNDS

The Securities and Exchange Commission has not
approved or disapproved the Fund's shares or determined
if this prospectus is accurate or complete. It is a criminal
offense to state otherwise.

<PAGE>

Table of Contents

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- --------------------------------------------------------------------------------

<TABLE>
<S> <C>
How to Find the Information You Need........................................ 1

TempFund.................................................................... 2

TempCash.................................................................... 10

FedFund..................................................................... 19

T-Fund...................................................................... 26

Federal Trust Fund.......................................................... 33

Treasury Trust Fund......................................................... 40

MuniFund.................................................................... 47

MuniCash.................................................................... 55

California Money Fund....................................................... 63

New York Money Fund......................................................... 72

Management of the Fund...................................................... 80

Shareholder Information..................................................... 81

Price of Fund Shares...................................................... 81

Purchase of Shares........................................................ 81

Redemption of Shares...................................................... 83

Dividends and Distributions............................................... 84

Federal Taxes............................................................. 84

State and Local Taxes..................................................... 84
</TABLE>
<PAGE>

How to Find the Information You Need

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

Welcome to the new Provident Institutional Funds Prospectus for Institutional
Shares.

The prospectus has been written to provide you with information you need to
make an informed decision about whether to invest in Institutional Shares of
the Provident Institutional Funds (the "Trust").

This prospectus contains information about the Institutional Shares of all ten
of the Trust's portfolios (the "Funds"). To save you time, the prospectus has
been organized so that each Fund has its own short section. All you have to do
is turn to the section for any particular Fund. Once you read the important
facts about the Funds that interest you, read the sections that tell you about
buying and selling shares, certain fees and expenses, and your rights as a
shareholder. These sections apply to all the Funds.

Institutional Shares are sold to institutions that have not entered into ser-
vicing agreements with the Trust in connection with their investments.

The Funds are particularly suitable for banks, corporations and other financial
institutions that seek investment of short-term funds for their own accounts or
for the accounts of their customers.
1
<PAGE>

TempFund

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------

Risk/Return Summary

Investment Goal:
The Fund seeks current income with liquidity and stability of principal.

Investment Policies:
The Fund invests in a broad range of money market instruments, including gov-
ernment, bank, and commercial obligations and repurchase agreements relating
to such obligations.

Principal Risks of Investing:
Although the Fund invests in money market instruments which the investment
adviser, BlackRock Institutional Management Corporation ("BIMC," or the "Ad-
viser") believes present minimal credit risks at the time of purchase, there
is a risk that an issuer may not be able to make principal and interest pay-
ments when due. The Fund is also subject to risks related to changes in pre-
vailing interest rates, since generally, a fixed-income security will increase
in value when interest rates fall and decrease in value when interest rates
rise.

An investment in the Fund is not a deposit in PFPC Trust Company or PNC Bank,
N.A. and is not insured or guaranteed by the Federal Deposit Insurance Corpo-
ration or any other government agency. Although the Fund seeks to preserve the
value of your investment at $1.00 per share, it is possible to lose money by
investing in the Fund.

Who May Want to Invest in the Fund:
The Fund is designed for institutional investors seeking current income and
stability of principal.

2
<PAGE>

Performance Information
The Bar Chart and the Table below indicate the risks of investing in the Insti-
tutional Shares of Fund by showing how the performance of the Institutional
Shares of Fund has varied from year to year. The Table shows how the Institu-
tional Shares of Fund's average annual return for one, five and ten years com-
pares to that of a selected market index. The Bar Chart and the Table assume
reinvestment of dividends and distributions. The Fund's past performance does
not necessarily indicate how it will perform in the future.

[GRAPH]
TempFund
Institutional Shares
1990 8.27
1991 6.24
1992 3.89
1993 3.12
1994 4.19
1995 5.99
1996 5.42
1997 5.60
1998 5.52
1999 5.15

During the ten-year period shown in the bar chart, the highest quarterly return
was 8.37% (for the quarter ended June 30, 1990) and the lowest quarterly return
was 3.08% (for the quarter ended June 30, 1993).
3
<PAGE>

The Fund's Average Annual Total Return for Periods Ended December 31, 1999

<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
<S> <C> <C> <C>
TempFund Institutional Shares 5.15% 5.53% 5.33%
IBC's Money Fund Report:
First Tier Institutions--Only Money Fund Average* 4.95% 5.21% 4.95%
<CAPTION>
7 Day Yield As of
December 31, 1999
<S> <C> <C> <C>
TempFund Institutional Shares 5.48%
IBC's Money Fund Report:
First Tier Institutions--Only Money Fund Average* 5.49%
</TABLE>
* IBC's Money Fund Report: First Tier Institutions--Only Money Fund Average
is comprised of institutional money market funds investing in First Tier
Eligible money market instruments.

Current Yield: You may obtain the Fund's current 7-day yield by calling 1-800-
821-7432 or by visiting its web site at www.pif.com.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and
hold shares of the Fund.

Annual Fund Operating Expenses
(Expenses that are deducted from Fund assets)

<TABLE>
<CAPTION>
TempFund
Institutional Shares
<S> <C> <C>
Management Fees .09%
Other Expenses .11%
Administration Fees .09%
Miscellaneous .02%
Total Annual Fund Operating Expenses(/1/) .20%
==========
</TABLE>
(/1/)The Adviser and PFPC Inc., the Fund's co-administrator, may from time to
time waive the investment advisory and administration fees otherwise pay-
able to them or may reimburse the Fund for its operating expenses. As a
result of fee waivers, "Management Fees," "Other Expenses" and "Total
Annual Fund Operating Expenses" of the Fund actually incurred are set
forth below. The Adviser and PFPC expect to continue such fee waivers,
but can terminate the waivers upon 120 days prior written notice to the
Fund.

<TABLE>
<CAPTION>
TempFund
Institutional Shares
<S> <C> <C>
Management Fees .08%
Other Expenses .10%
Administration Fees .08%
Miscellaneous .02%
Total Annual Fund Operating Expenses (after current
waivers) .18%
==========
</TABLE>

4
<PAGE>

Example
This Example is intended to help you compare the cost of investing in the Fund
(without the waivers) with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods
indicated and then redeem all of your shares at the end of those periods. The
Example also assumes that your investment has a 5% return each year and that
the Fund's operating expenses remain the same. Although your actual costs may
be higher or lower, based on these assumptions your costs would be:

<TABLE>
<CAPTION>
TempFund
Institutional Shares
<S> <C>
One Year $20
Three Years $64
Five Years $113
Ten Years $255
</TABLE>
5
<PAGE>

INVESTMENT STRATEGIES AND RISK DISCLOSURE

The Fund invests in securities maturing within 13 months or less from the date
of purchase, with certain exceptions. For example, certain government securi-
ties held by the Fund may have remaining maturities exceeding 13 months if such
securities provide for adjustments in their interest rates not less frequently
than every 13 months. The securities purchased by the Fund are also subject to
the quality, diversification, and other requirements of Rule 2a-7 under the
Investment Company Act of 1940, as amended, and other rules of the Securities
and Exchange Commission. Pursuant to Rule 2a-7, the Fund will generally limit
its purchases of any one issuer's securities (other than U.S. Government obli-
gations, repurchase agreements collateralized by such securities and securities
subject to certain guarantees or otherwise providing a right to demand payment)
to 5% of the Fund's total assets, except that up to 25% of its total assets may
be invested in securities of one issuer for a period of up to three business
days; provided that the Fund may not invest more than 25% of its total assets
in the securities of more than one issuer in accordance with the foregoing at
any one time.

The Fund will only purchase securities that present minimal credit risk as
determined by the Adviser pursuant to guidelines approved by the Board of
Trustees of Provident Institutional Funds. Securities purchased by the Fund (or
the issuers of such securities) will be First Tier Eligible Securities. First
Tier Eligible Securities are:

. securities that have ratings at the time of purchase (or which are guaran-
teed or in some cases otherwise supported by credit supports with such rat-
ings) in the highest rating category by at least two unaffiliated nation-
ally recognized statistical rating organizations ("NRSROs"), or one NRSRO,
if the security or guarantee was only rated by one NRSRO;

. securities that are issued or guaranteed by a person with such ratings;

. securities without such short-term ratings that have been determined to be
of comparable quality by the Adviser pursuant to guidelines approved by the
Board of Trustees;

. securities issued or guaranteed as to principal or interest by the U.S.
Government or any of its agencies or instrumentalities; or

. securities issued by other open-end investment companies that invest in the
type of obligations in which the Fund may invest.

INVESTMENTS. The Fund's investments may include the following:

U.S. Government Obligations. The Fund may purchase obligations issued or guar-
anteed by the U.S. Government or its agencies and instrumentalities and related
custodial receipts.

6
<PAGE>

Bank Obligations. The Fund may purchase obligations of issuers in the banking
industry, such as bank holding company obligations, certificates of deposit,
bankers' acceptances, bank notes and time deposits issued or supported by the
credit of domestic banks or savings institutions having total assets at the
time of purchase in excess of $1 billion. The Fund may also make interest-bear-
ing savings deposits in domestic commercial and savings banks in amounts not in
excess of 5% of the Fund's assets.

Commercial Paper. The Fund may invest in commercial paper, short-term notes and
corporate bonds of domestic corporations that meet the Fund's quality and matu-
rity requirements.

Asset-Backed Obligations. The Fund may invest in asset-backed securities which
are backed by mortgages, installment sales contracts, credit card receivables
or other assets.

Investment Company Securities. The Fund may invest in securities issued by
other open-end investment companies that invest in the type of obligations in
which the Fund may invest and that determine their net asset value per share
based upon the amortized cost or penny rounding method. Investments in the
securities of other investment companies will cause the Fund (and, indirectly
the Fund's shareholders) to bear proportionately the costs incurred in connec-
tion with the other investment companies' operations.

Municipal Obligations. The Fund may, when deemed appropriate by the Adviser in
light of the Fund's investment objective, invest in high quality, short-term
obligations issued by state and local governmental issuers which carry yields
that are competitive with those of other types of money market instruments of
comparable quality.

Variable and Floating Rate Instruments. The Fund may purchase variable or
floating rate notes, which are instruments that provide for adjustments in the
interest rate on certain reset dates or whenever a specified interest rate
index changes, respectively.

Repurchase Agreements. The Fund may enter into repurchase agreements.

Reverse Repurchase Agreements and Securities Lending. The Fund may enter into
reverse repurchase agreements. The Fund is permitted to invest up to one-third
of its total assets in reverse repurchase agreements. The Fund may also lend
its securities with a value of up to one-third of its total assets (including
the value of the collateral for the loan) to qualified brokers, dealers, banks
and other financial institutions for the purpose of realizing additional net
investment income through the receipt of interest on the loan. Investments in
reverse repurchase agreements and securities lending transactions will be
aggregated for purposes of this investment limitation.

Borrowing. The Fund is authorized to issue senior securities or borrow money
from banks or other lenders on a temporary basis. The Fund will borrow money
when the Adviser believes that the return from securities purchased with bor-
rowed funds will be greater than the cost of the borrowing. Such borrowings
will be unsecured. The Fund will not purchase portfolio securities while
borrowings in excess of 5% of the Fund's total assets are outstanding.
7
<PAGE>

When-Issued and Delayed Settlement Transactions. The Fund may purchase securi-
ties on a "when-issued" or "delayed settlement" basis. The Fund expects that
commitments to purchase when-issued or delayed settlement securities will not
exceed 25% of the value of its total assets absent unusual market conditions.
The Fund does not intend to purchase when-issued or delayed settlement securi-
ties for speculative purposes but only in furtherance of its investment objec-
tive. The Fund receives no income from when-issued or delayed settlement secu-
rities prior to delivery of such securities.

Illiquid Securities. The Fund will not invest more than 10% of the value of its
total assets in illiquid securities, including time deposits and repurchase
agreements having maturities longer than seven days. Securities that have read-
ily available market quotations are not deemed illiquid for purposes of this
limitation.

Other Types of Investments. This Prospectus describes the Fund's principal
investment strategies, and the particular types of securities in which the Fund
principally invests. The Fund may, from time to time, make other types of
investments and pursue other investment strategies in support of its overall
investment goal. Any other types of investments will comply with the Fund's
quality and maturity guidelines. These supplemental investment strategies are
described in the Statement of Additional Information, which is referred to on
the back cover of this Prospectus.

RISK FACTORS. The principal risks of investing in the Fund are also described
above in the Risk/Return Summary. The following supplements that description.

Interest Rate Risk. Generally, a fixed-income security will increase in value
when interest rates fall and decrease in value when interest rates rise. As a
result, if interest rates were to change rapidly, there is a risk that the
change in market value of the Fund's assets may not enable the Fund to maintain
a stable net asset value of $1.00 per share.

Credit Risk. The risk that an issuer will be unable to make principal and
interest payments when due is known as "credit risk." U.S. Government securi-
ties are generally considered to be the safest type of investment in terms of
credit risk, with municipal obligations and corporate debt securities present-
ing somewhat higher credit risk. Credit quality ratings published by an NRSRO
are widely accepted measures of credit risk. The lower a security is rated by
an NRSRO, the more credit risk it is considered to represent.

Other Risks. Certain investment strategies employed by the Fund may involve
additional investment risk. Liquidity risk involves certain securities which
may be difficult or impossible to sell at the time and the price that the Fund
would like. Reverse repurchase agreements, securities lending transactions and
when-issued or delayed delivery transactions may involve leverage risk. Lever-
age risk is associated with securities or practices that multiply small market
movements into larger changes in the value of the Fund's investment portfolio.
The Fund does not currently intend to employ investment strategies that involve
leverage risk.

8
<PAGE>

Financial Highlights
The financial highlights tables are intended to help you understand the Fund's
financial performance for the past 5 years ended September 30, 1999 and the one
month ended October 31, 1999. Certain information reflects financial results
for a single Fund share. The total returns in the table represent the rate that
an investor would have earned or lost on an investment in the Fund (assuming
reinvestment of all dividends and distributions). This information has been
audited by PricewaterhouseCoopers LLP, whose report, along with the Fund's
financial statements, are incorporated by reference into the Statement of Addi-
tional Information and included in the Annual Report, each of which is avail-
able upon request.

TempFund Institutional Shares
The table below sets forth selected financial data for a TempFund Institutional
Share outstanding throughout each year presented.

-----------------------------------------------------
<TABLE>
<CAPTION>
Ended
October 31, Year Ended September 30,
1999 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- --------- --------- --------- ---------
Income From Investment
Operations:
Net Investment Income .0045 .0495 .0549 .0539 .0541 .0567
---------- ---------- --------- --------- --------- ---------
Less Distributions:
Dividends to
Shareholders From Net
Investment Income (.0045) (.0495) (.0549) (.0539) (.0541) (.0567)
---------- ---------- --------- --------- --------- ---------
Net Asset Value, End of
Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========= ========= ========= =========
Total Return 5.42%/2/ 5.06% 5.63% 5.53% 5.55% 5.82%
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000) 13,884,164 12,045,566 9,686,491 8,060,501 5,715,004 5,351,346
Ratio of Expenses to
Average Daily Net
Assets/1/ .18%/2/ .18% .18% .18% .18% .24%
Ratio of Net Investment
Income to Average Daily
Net Assets 5.31%/2/ 4.96% 5.50% 5.39% 5.41% 5.67%
</TABLE>

-----------------------------------------------------
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .20% (annualized) for
the one month ended October 31, 1999 and .22%, .23%, .24%, .26% and .27% for
the years ended September 30, 1999, 1998, 1997, 1996 and 1995, respectively,
for TempFund Institutional Shares.
/2/Annualized.
9
<PAGE>

TempCash

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- -------------------------------------------------------------------------------

Risk/Return Summary

Investment Goal:
The Fund seeks current income with liquidity and stability of principal.

Investment Policies:
The Fund invests in a broad range of money market instruments, including gov-
ernment, U.S. and foreign bank and commercial obligations and repurchase
agreements relating to such obligations. Under normal market conditions, at
least 25% of the Fund's total assets will be invested in obligations of
issuers in the financial services industry and repurchase agreements relating
to such obligations.

Principal Risks of Investing:
Although the Fund invests in money market instruments which the investment
adviser, BlackRock Institutional Management Corporation ("BIMC," or the "Ad-
viser"), believes present minimal credit risks at the time of purchase, there
is a risk that an issuer may not be able to make principal and interest pay-
ments when due. The Fund is also subject to risks related to changes in pre-
vailing interest rates, since generally, a fixed-income security will increase
in value when interest rates fall and decrease in value when interest rates
rise.

Because of its concentration in the financial services industry, the Fund will
be exposed to the risks associated with that industry, such as government reg-
ulation, the availability and cost of capital funds, and general economic con-
ditions. In addition, securities issued by foreign entities, including foreign
banks and corporations may involve additional risks. Examples of these risks
are the lack of available public information about the foreign issuer, and
international economic or political developments which could affect the pay-
ment of principal and interest when due.

Who May Want to Invest in the Fund:
The Fund is designed for institutional investors seeking current income and
stability of principal.

10
<PAGE>

Performance Information
The Bar Chart and the Table below indicate the risks of investing in the Insti-
tutional Shares of the Fund by showing how the performance of the Institutional
Shares of the Fund has varied from year to year. The Table shows how the Insti-
tutional Shares of the Fund's average annual return for one, five and ten years
compares to that of a selected market index. The Bar Chart and the Table assume
reinvestment of dividends and distributions. The Fund's past performance does
not necessarily indicate how it will perform in the future.

[GRAPH]
TempCash
Institutional Shares
1990 8.42
1991 6.27
1992 3.80
1993 3.15
1994 4.30
1995 6.02
1996 5.44
1997 5.62
1998 5.55
1999 5.13

During the ten-year period shown in the bar chart, the highest quarterly return
was 8.53% (for the quarter ended June 30, 1990) and the lowest quarterly return
was 3.07% (for the quarter ended March 31, 1993).
11
<PAGE>

The Fund's Average Annual Total Return for Periods Ended December 31, 1999

<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
<S> <C> <C> <C>
TempCash Institutional Shares 5.13% 5.55% 5.35%
IBC's Money Fund Report:
First Tier Institutions--Only Money Fund Average* 4.95% 5.21% 4.95%
<CAPTION>
7 Day Yield
As of December 31, 1999
<S> <C> <C> <C>
TempCash Institutional Shares 5.58%
IBC's Money Fund Report:
First Tier Institutions--Only Money Fund Average* 5.49%
</TABLE>
* IBC's Money Fund Report: First Tier Institutions--Only Money Fund Average
is comprised of institutional money market funds investing in First Tier
Eligible money market instruments.

Current Yield: You may obtain the Fund's current 7-day yield by calling 1-800-
821-7432 or by visiting its web site at www.pif.com.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and
hold shares of the Fund.

Annual Fund Operating Expenses
(Expenses that are deducted from Fund assets)

<TABLE>
<CAPTION>
TempCash
Institutional
Shares
<S> <C> <C>
Management Fees .16%
Other Expenses .18%
Administration Fees .16%
Miscellaneous .02%
Total Annual Fund Operating Expenses(/1/) .34%
======
</TABLE>
(/1/)The Adviser and PFPC Inc., the Fund's co-administrator, may from time to
time waive the investment advisory and administration fees otherwise pay-
able to them or may reimburse the Fund for its operating expenses. As a
result of fee waivers, "Management Fees," "Other Expenses" and "Total
Annual Fund Operating Expenses" of the Fund actually incurred are set
forth below. The Adviser and PFPC expect to continue such fee waivers but
can terminate the waivers upon 120 days prior written notice to the Fund.

<TABLE>
<CAPTION>
TempCash
Institutional
Shares
<S> <C> <C>
Management Fees .08%
Other Expenses .10%
Administration Fees .08%
Miscellaneous .02%
Total Annual Fund Operating Expenses (after current waivers) .18%
======
</TABLE>

12
<PAGE>

Example
This Example is intended to help you compare the cost of investing in the Fund
(without the waivers) with the cost of investing in other mutual funds.

<TABLE>
<CAPTION>
TempCash
Institutional Shares
<S> <C>
One Year $ 35
Three Years $109
Five Years $191
Ten Years $431
</TABLE>
13
<PAGE>

INVESTMENT STRATEGIES AND RISK DISCLOSURE

The Fund is a money market fund. The investment objective of the Fund is to
seek current income and stability of principal. The Fund's investment objective
may be changed by the Board of Trustees without shareholder approval. The Fund
invests in a broad range of money market instruments, including government,
U.S. and foreign bank and commercial obligations and repurchase agreements
relating to such obligations. At least 25% of the Fund's total assets will be
invested in obligations of issuers in the financial services industry and
repurchase agreements relating to such obligations, unless the Fund is in a
temporary defensive position.

The Fund invests in securities maturing within 13 months or less from the date
of purchase, with certain exceptions. For example, certain government securi-
ties held by the Fund may have remaining maturities exceeding 13 months if such
securities provide for adjustments in their interest rates not less frequently
than every 13 months. The securities purchased by the Fund are also subject to
the quality, diversification, and other requirements of Rule 2a-7 under the
Investment Company Act of 1940, as amended, and other rules of the Securities
and Exchange Commission. Pursuant to Rule 2a-7, the Fund generally will limit
its purchases of any one issuer's securities (other than U.S. Government obli-
gations, repurchase agreements collateralized by such securities and securities
subject to certain guarantees or otherwise providing a right to demand payment)
to 5% of the Fund's total assets, except that up to 25% of its total assets may
be invested in securities of one issuer for a period of up to three business
days; provided that the Fund may not invest more than 25% of its total assets
in the securities of more than one issuer in accordance with the foregoing at
any one time.

. securities that are issued or guaranteed by a person with such ratings;

. securities without such short-term ratings that have been determined to be
of comparable quality by the Adviser pursuant to guidelines approved by the
Board of Trustees;

. securities issued or guaranteed as to principal or interest by the U.S.
Government or any of its agencies or instrumentalities; or

. securities issued by other open-end investment companies that invest in the
type of obligations in which the Fund may invest.

14
<PAGE>

INVESTMENTS. The Fund's investments may include the following:

U.S. Government Obligations. The Fund may purchase obligations issued or guar-
anteed by the U.S. Government or its agencies and instrumentalities and
related custodial receipts.

Bank Obligations. The Fund may purchase obligations of issuers in the banking
industry, such as bank holding company obligations and certificates of depos-
it, bankers' acceptances, bank notes and time deposits, including U.S. dollar-
denominated instruments issued or supported by the credit of U.S. or foreign
banks or savings institutions having total assets at the time of purchase in
excess of $1 billion. The Fund may invest substantially in obligations of for-
eign banks or foreign branches of U.S. banks where the Adviser deems the
instrument to present minimal credit risks. The Fund may also make interest-
bearing savings deposits in commercial and savings banks in amounts not in
excess of 5% of its assets.

Commercial Paper. The Fund may invest in commercial paper and short-term notes
and corporate bonds that meet the Fund's quality and maturity restrictions.
Commercial paper purchased by the Fund may include instruments issued by for-
eign issuers, such as Canadian Commercial Paper, which is U.S. dollar-denomi-
nated commercial paper issued by a Canadian corporation or a Canadian counter-
part of a U.S. corporation, and in Europaper, which is U.S. dollar-denominated
commercial paper of a foreign issuer.

Asset-Backed Obligations. The Fund may invest in asset-backed securities which
are backed by mortgages, installment sales contracts, credit card receivables
or other assets and collateralized mortgage obligations ("CMOs") issued or
guaranteed by U.S. Government agencies and instrumentalities or issued by pri-
vate companies. Purchasable mortgage-related securities also include adjust-
able rate securities. The Fund currently intends to hold CMOs only as collat-
eral for repurchase agreements.

Guaranteed Investment Contracts. The Fund may make investments in obligations,
such as guaranteed investment contracts and similar funding agreements (col-
lectively "GICs"), issued by highly rated U.S. insurance companies. GIC
investments that do not provide for payment within seven days after notice are
subject to the Fund's policy regarding investments in illiquid securities.
15
<PAGE>

Repurchase Agreements. The Fund may enter into repurchase agreements.

RISK FACTORS. The principal risks of investing in the Fund are also described
above in the Risk/Return Summary. The following supplements that description.

Interest Rate Risk. Generally, a fixed-income security will increase in value
when interest rates fall and decrease in value when interest rates rise. As a
result, if interest rates were to

16
<PAGE>

change rapidly, there is a risk that the change in market value of the Fund's
assets may not enable the Fund to maintain a stable net asset value of $1.00
per share.

Concentration. The Fund intends to concentrate more than 25% of its total
assets in the obligations of issuers in the financial services industry and
repurchase agreements relating to such obligations. Because the Fund concen-
trates its assets in the financial services industry it will be exposed to the
risks associated with that industry, such as government regulation, the avail-
ability and cost of capital funds, and general economic conditions.

Foreign Exposure. Securities issued by foreign entities, including foreign
banks and corporations, may involve additional risks and considerations.
Extensive public information about the foreign issuer may not be available,
and unfavorable political, economic or governmental developments in the for-
eign country involved could affect the payment of principal and interest.

17
<PAGE>

TempCash Institutional Shares
The table below sets forth selected financial data for a TempCash Institutional
Share outstanding throughout each year presented.

-----------------------------------------------------
<TABLE>
<CAPTION>
Ended
October 31, Year Ended September 30,
1999 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- --------- --------- --------- --------- ---------
Income From Investment
Operations:
Net Investment Income .0044 .0496 .0552 .0541 .0542 .0575
--------- --------- --------- --------- --------- ---------
Less Distributions:
Dividends to
Shareholders From Net
Investment Income (.0044) (.0496) (.0552) (.0541) (.0542) (.0575)
--------- --------- --------- --------- --------- ---------
Net Asset Value, End of
Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ========= ========= =========
Total Return 5.31%/2/ 5.07% 5.66% 5.55% 5.56% 5.90%
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000) 1,951,436 1,968,626 2,499,114 1,991,037 1,835,326 1,316,166
Ratio of Expenses to
Average Daily Net
Assets/1/ .18%/2/ .18% .18% .18% .18% .16%
Ratio of Net Investment
Income to
Average Daily Net
Assets 5.19%/2/ 4.95% 5.52% 5.41% 5.42% 5.75%
</TABLE>

-----------------------------------------------------
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .34% (annualized) for
the one month ended October 31, 1999 and .30%, .32%, .30%, .33% and .30% for
the years ended September 30, 1999, 1998, 1997, 1996 and 1995, respectively,
for TempCash Institutional Shares.
/2/Annualized.

18
<PAGE>

FedFund

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

Risk/Return Summary

Investment Goal:
The Fund seeks current income with liquidity and stability of principal.

Investment Policies:
The Fund invests in a portfolio consisting of U.S. Treasury bills, notes and
other obligations issued or guaranteed by the U.S. Government, its agencies or
instrumentalities and repurchase agreements relating to such obligations.

Principal Risks of Investing:
Securities issued or guaranteed by the U.S. Government, its agencies and
instrumentalities have historically involved little risk of loss of principal
if held to maturity. However, due to fluctuations in interest rates, the market
value of such securities may vary during the period a shareholder owns shares
of the Fund. The Fund is subject to risks related to changes in prevailing
interest rates, since generally, a fixed-income security will increase in value
when interest rates fall and decrease in value when interest rates rise.

An investment in the Fund is not a deposit in PFPC Trust Company or PNC Bank,
N.A. and is not insured or guaranteed by the Federal Deposit Insurance Corpora-
tion or any other government agency. Although the Fund seeks to preserve the
value of your investment at $1.00 per share, it is possible to lose money by
investing in the Fund.

Who May Want to Invest in the Fund:
The Fund is designed for institutional investors seeking current income with
liquidity and security of principal.
19
<PAGE>

Performance Information
The Bar Chart and the Table below indicate the risks of investing in the Insti-
tutional Shares of the Fund by showing the performance of the Institutional
Shares of the Fund has varied from year to year. The Table shows how the Insti-
tutional Shares of the Fund's average annual return for one, five and ten years
compares to that of a selected market index. The Bar Chart and the Table assume
reinvestment of dividends and distributions. The Fund's past performance does
not necessarily indicate how it will perform in the future.

[GRAPH]
FedFund
Institutional Shares
1990 8.15
1991 6.13
1992 3.82
1993 3.11
1994 4.22
1995 5.92
1996 5.34
1997 5.47
1998 5.38
1999 5.01

During the ten-year period shown in the bar chart, the highest quarterly return
was 8.24% (for the quarter ended June 30, 1990) and the lowest quarterly return
was 3.07% (for the quarter ended June 30, 1993).

20
<PAGE>

The Fund's Average Annual Total Return for Periods Ended December 31, 1999

<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
<S> <C> <C> <C>
FedFund Institutional Shares 5.01% 5.42% 5.25%
IBC's Money Fund Report:
Government Institutions--Only Money Fund Average* 4.69% 5.02% 4.95%
<CAPTION>
7 Day Yield As of
December 31, 1999
<S> <C> <C> <C>
FedFund Institutional Shares 5.13%
IBC's Money Fund Report
Government Institutions--Only Money Fund Average* 5.06%
</TABLE>
* IBC's Money Fund Report: Government Institutions--Only Money Fund Average is
comprised of institutional money market funds investing in U.S. T-Bills,
Repurchase Agreements and/or Government Agencies.

Current Yield: You may obtain the Fund's current 7-day yield by calling 1-800-
821-7432 or by visiting its web site at www.pif.com.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.

Annual Fund Operating Expenses
(Expenses that are deducted from Fund assets)

<TABLE>
<CAPTION>
FedFund
Institutional Shares
<S> <C> <C>
Management Fees .12%
Other Expenses .16%
Administration Fees .12%
Miscellaneous .04%
Total Annual Fund Operating Expenses(1) .28%
==========
</TABLE>
(/1/)BlackRock Institutional Management Corporation ("BIMC," or the "Adviser")
and PFPC Inc., the Fund's co-administrator, may from time to time waive
the investment advisory and administration fees otherwise payable to them
or may reimburse the Fund for its operating expenses. As a result of fee
waivers, "Management Fees," "Other Expenses" and "Total Annual Fund Oper-
ating Expenses" of the Fund actually incurred are set forth below. The
Adviser and PFPC expect to continue such fee waivers, but can terminate
the waivers upon 120 days prior written notice to the Fund.

<TABLE>
<CAPTION>
FedFund
Institutional Shares
<S> <C> <C>
Management Fees .08%
Other Expenses .12%
Administration Fees .08%
Miscellaneous .04%
Total Annual Fund Operating Expenses .20%
==========
</TABLE>

21
<PAGE>

Example
This Example is intended to help you compare the cost of investing in the Fund
(without the waivers) with the cost of investing in other mutual funds.

<TABLE>
<CAPTION>
FedFund
Institutional Shares
<S> <C>
One Year $ 29
Three Years $ 90
Five Years $157
Ten Years $356
</TABLE>

22
<PAGE>

INVESTMENT STRATEGIES AND RISK DISCLOSURE

The Fund is a money market fund. The investment objective of the Fund is to
seek current income with liquidity and security of principal. The Fund's
investment objective may be changed by the Board of Trustees without share-
holder approval. The Fund invests in obligations issued or guaranteed by the
U.S. Government, its agencies or instrumentalities (in addition to direct
Treasury obligations) and repurchase agreements relating to such obligations.

INVESTMENTS. The Fund's investments may include the following:

U.S. Government Obligations. The Fund may purchase obligations issued or guar-
anteed by the U.S. Government or its agencies and instrumentalities and
related custodial receipts.

Repurchase Agreements. The Fund may enter into repurchase agreements.

Other Types of Investments. This Prospectus describes the Fund's principal
investment strategies, and the particular types of securities in which the
Fund principally invests. The Fund may, from time to time, make other types of
investments and pursue other investment strategies in support of its overall
investment goal. These supplemental investment strategies are described in the
Statement of Additional Information, which is referred to on the back cover of
this Prospectus.

RISK FACTORS. The principal risks of investing in the Fund are also described
above in the Risk/Return Summary. The following supplements that description.

Credit Risk. The risk that an issuer will be unable to make principal and
interest payments when due is known as "credit risk." U.S. Government securi-
ties are generally considered to be the safest type of investment in terms of
credit risk. Not all U.S. Government Securities are backed by the full faith
and credit of the United States. Obligations of certain agencies and instru-
mentalities of the U.S. Government are backed by the full faith and credit of
the United States. Others are backed by the right of the issuer to borrow from
the U.S. Treasury or are backed only by the credit of the agency or instrumen-
tality issuing the obligation.

Other Risks. Certain investment strategies employed by the Fund may involve
additional investment risk. Reverse repurchase agreements, securities lending
transactions and when-issued or delayed settlement transactions may involve
leverage risk. Leverage risk is associated with securities or practices that
multiply small market movements into larger changes in the value of the Fund's
investment portfolio. The Fund does not currently intend to employ investment
strategies that involve leverage risk.

24
<PAGE>

Financial Highlights
The financial highlights tables are intended to help you understand the Fund's
financial performance for the past 5 years. Certain information reflects finan-
cial results for a single Fund share. The total returns in the table represent
the rate that an investor would have earned or lost on an investment in the
Fund (assuming reinvestment of all dividends and distributions). This informa-
tion has been audited by PricewaterhouseCoopers LLP, whose report, along with
the Fund's financial statements, are incorporated by reference into the State-
ment of Additional Information and included in the Annual Report, each of which
is available upon request.

FedFund Institutional Shares
The table below sets forth selected financial data for a FedFund Institutional
Share outstanding throughout each year presented.

--------------------------------------------
<TABLE>
<CAPTION>
Year Ended October 31,
1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- --------- --------- --------- ---------
Income From Investment
Operations:
Net Investment Income .0483 .0535 .0530 .0529 .0571
------- --------- --------- --------- ---------
Less Distributions:
Dividends to Shareholders
From Net Investment
Income (.0483) (.0535) (.0530) (.0529) (.0571)
------- --------- --------- --------- ---------
Net Asset Value, End of
Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ========= ========= ========= =========
Total Return 4.94% 5.48% 5.43% 5.41% 5.86%
Ratios/Supplemental Data:
Net Assets, End of Period
$(000) 742,744 1,116,979 1,220,857 1,407,529 1,377,175
Ratio of Expenses to
Average Daily Net
Assets/1/ .20% .20% .20% .19% .18%
Ratio of Net Investment
Income to Average Daily
Net Assets 4.81% 5.35% 5.30% 5.29% 5.71%
</TABLE>

--------------------------------------------
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .28%, .28%, .29%, .30%
and .29% for the years ended October 31, 1999, 1998, 1997, 1996 and 1995,
respectively, for FedFund Institutional Shares.

25
<PAGE>

T-Fund

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

Risk/Return Summary

Investment Goal:
The Fund seeks current income with liquidity and stability of principal.

Investment Policies:
The Fund invests in U.S. Treasury bills, notes, trust receipts and direct obli-
gations of the U.S. Treasury and repurchase agreements relating to direct Trea-
sury obligations.

Principal Risks of Investing:
Securities issued or guaranteed by the U.S. Government have historically
involved little risk of loss of principal if held to maturity. However, due to
fluctuations in interest rates, the market value of such securities may vary
during the period a shareholder owns shares of the Fund. The Fund is subject to
risks related to changes in prevailing interest rates, since generally, a
fixed-income security will increase in value when interest rates fall and
decrease in value when interest rates rise.

Who May Want to Invest in the Fund:
The Fund is designed for institutional investors seeking current income with
liquidity and security of principal.

26
<PAGE>

Performance Information
The Bar Chart and the Table below indicate the risks of investing in the Insti-
tutional Shares of the Fund (without the waivers) by showing how the perfor-
mance of the Institutional Shares of the Fund has varied from year to year. The
Table shows how the Institutional Shares of the Fund's average annual return
for one, five and ten years compares to that of a selected market index. The
Bar Chart and the Table assume reinvestment of dividends and distributions. The
Fund's past performance does not necessarily indicate how it will perform in
the future.

[GRAPH]
T-Fund
Institutional Shares

1990 8.22
1991 6.21
1992 3.83
1993 3.07
1994 3.91
1995 5.86
1996 5.33
1997 5.44
1998 5.34
1999 4.89

During the ten-year period shown in the bar chart, the highest quarterly return
was 8.33% (for the quarter ended June 30, 1990) and the lowest quarterly return
was 3.04% (for the quarter ended December 31, 1993).
27
<PAGE>

The Fund's Average Annual Total Return for Periods Ended December 31, 1999

<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
<S> <C> <C> <C>
T-Fund Institutional Shares 4.89% 5.37% 5.20%
IBC's Money Fund Report:
Government Institutions--Only Money Fund Average * 4.69% 5.02% 4.95%
<CAPTION>
7 Day Yield
As of December 31, 1999
<S> <C> <C> <C>
T-Fund Institutional Shares 4.72%
IBC's Money Fund Report:
Government Institutions--Only Money Fund Average* 5.06%
</TABLE>
* IBC's Money Fund Report: Government Institutions--Only Money Fund Average is
comprised of institutional money market funds investing in U.S. T-Bills,
Repurchase Agreements and/or Government Agencies.

Current Yield: You may obtain the Fund's current 7-day yield by calling 1-800-
821-7432 or by visiting its web site at www.pif.com.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.

Annual Fund Operating Expenses
(Expenses that are deducted from Fund assets)

<TABLE>
<CAPTION>
T-Fund
Institutional Shares
<S> <C> <C>
Management Fees .12%
Other Expenses .14%
Administration Fees .12%
Miscellaneous .02%
Total Annual Fund Operating Expenses(/1/) .26%
==========
</TABLE>
(/1/)BlackRock Institutional Management Corporation ("BIMC," or the "Adviser")
and PFPC Inc., the Fund's co-administrator, may from time to time waive
the investment advisory and administration fees otherwise payable to them
or may reimburse the Fund for its operating expenses. As a result of fee
waivers, "Management Fees," "Other Expenses" and "Total Annual Fund Oper-
ating Expenses" of the Fund actually incurred are set forth below. The
Adviser and PFPC expect to continue such fee waivers, but can terminate
the waivers upon 120 days prior written notice to the Fund.

<TABLE>
<CAPTION>
T-Fund
Institutional Shares
<S> <C> <C>
Management Fees .09%
Other Expenses .11%
Administration Fees .09%
Miscellaneous .02%
Total Annual Fund Operating Expenses (after current
waivers) .20%
==========
</TABLE>

28
<PAGE>

Example
This Example is intended to help you compare the cost of investing in the Fund
(without the waivers) with the cost of investing in other mutual funds.

<TABLE>
<CAPTION>
T-Fund
Institutional Shares
<S> <C>
One Year $ 27
Three Year $ 84
Five Year $146
Ten Year $331
</TABLE>
29
<PAGE>

INVESTMENT STRATEGIES AND RISK DISCLOSURE

The Fund is a money market fund. The investment objective of the Fund is to
seek current income with liquidity and security of principal. The Fund's
investment objective may be changed by the Board of Trustees without share-
holder approval. The Fund invests solely in direct obligations of the U.S.
Treasury, such as Treasury bills, notes, trust receipts and repurchase agree-
ments relating to direct Treasury obligations.

INVESTMENTS. The Fund's investments may include the following:

U.S. Treasury Obligations. The Fund may purchase direct obligations of the
U.S. Treasury. The Fund may invest in Treasury receipts where the principal
and interest components are traded separately under the Separate Trading of
Registered Interest and Principal of Securities program ("STRIPS").

Repurchase Agreements. The Fund may enter into repurchase agreements.

30
<PAGE>

Other Types of Investments. This Prospectus describes the Fund's principal
investment strategies, and the particular types of securities in which the Fund
principally invests. The Fund may, from time to time, make other types of
investments and pursue other investment strategies in support of its overall
investment goal. These supplemental investment strategies are described in the
Statement of Additional Information, which is referred to on the back cover of
this Prospectus.

RISK FACTORS. The principal risks of investing in the Fund are also described
above in the Risk/Return Summary. The following supplements that description.

Credit Risk. The risk that an issuer will be unable to make principal and
interest payments when due is known as "credit risk." U.S. Treasury securities
are considered to be the safest type of investment in terms of credit risk.

31
<PAGE>

T-Fund Institutional Shares
The table below sets forth selected financial data for a T-Fund Institutional
Share outstanding throughout each year presented.

-------------------------------------------
<TABLE>
<CAPTION>
Year Ended October 31,
1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- --------- --------- --------- ---------
Income From Investment
Operations:
Net Investment Income .0473 .0532 .0528 .0528 .0565
--------- --------- --------- --------- ---------
Less Distributions:
Dividends to
Shareholders From Net
Investment Income (.0473) (.0532) (.0528) (.0528) (.0565)
--------- --------- --------- --------- ---------
Net Asset Value, End of
Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ========= =========
Total Return 4.83% 5.46% 5.41% 5.40% 5.80%
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000) 2,397,386 2,544,001 1,765,332 1,507,603 1,211,220
Ratio of Expenses to
Average Daily Net
Assets/1/ .20% .20% .20% .19% .18%
Ratio of Net Investment
Income to Average Daily
Net Assets 4.72% 5.31% 5.28% 5.26% 5.66%
</TABLE>

-------------------------------------------
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .26%, .27%, .29%, 30%
and .29% for the years ended October 31, 1999, 1998, 1997, 1996 and 1995,
respectively, for T-Fund Institutional Shares.

32
<PAGE>

Federal Trust Fund

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------

Risk/Return Summary

Investment Goal:
The Fund seeks current income with liquidity and relative stability of princi-
pal.

Investment Policies:
The Fund invests in obligations issued or guaranteed as to principal and
interest by the U.S. government or by its agencies or instrumentalities
thereof the interest income from which, under current law, generally may not
be subject to state income tax by reason of federal law.

Principal Risks of Investing:
Securities issued or guaranteed by the U.S. Government, its agencies and
instrumentalities have historically involved little risk of loss of principal
if held to maturity. However, due to fluctuations in interest rates, the mar-
ket value of such securities may vary during the period a shareholder owns
shares of the Fund. The Fund is subject to risks related to changes in pre-
vailing interest rates, since generally, a fixed-income security will increase
in value when interest rates fall and decrease in value when interest rates
rise.

The Fund may from time to time engage in portfolio trading for liquidity pur-
poses, in order to enhance its yield or if otherwise deemed advisable. In
selling securities prior to maturity, the Fund may realize a price higher or
lower than that paid to acquire any given security, depending upon whether
interest rates have decreased or increased since its acquisition. In addition,
shareholders in a particular state that imposes an income tax should determine
through consultation with their own tax advisors whether such interest income,
when distributed by the Fund, will be considered by the state to have retained
exempt status, and whether the Fund's capital gain and other income, if any,
when distributed will be subject to the state's income tax.

Who May Want to Invest in the Fund:
The Fund is designed for institutional investors seeking current income with
liquidity and security of principal.
33
<PAGE>

Performance Information
The Bar Chart and the Table below indicate the risks of investing in the Insti-
tutional Shares of the Fund by showing how the performance of the Institutional
Shares of the Fund has varied from year to year. The Table shows how the Insti-
tutional Shares of the Fund's average annual return for one, and five years and
since inception compares to that of a selected market index. The Bar Chart and
the Table assume reinvestment of dividends and distributions. The Fund's past
performance does not necessarily indicate how it will perform in the future.

[GRAPH]
Federal Trust
Institutional Shares
1991 6.08
1992 3.80
1993 3.06
1994 4.24
1995 5.83
1996 5.26
1997 5.38
1998 5.32
1999 4.98

During the nine-year period shown in the bar chart, the highest quarterly
return was 6.91% (for the quarter ended March 31, 1991) and the lowest quar-
terly return was 3.04% (for the quarter ended June 30, 1993).

34
<PAGE>

The Fund's Average Annual Total Return for Periods Ended December 31, 1999

<TABLE>
<CAPTION>
Since Inception
1 Year 5 Years (December 3, 1990)
<S> <C> <C> <C>
Federal Trust Fund Institutional Shares 4.98% 5.36% 4.89%
IBC's Money Fund Report:
Government Institutions--Only Money Fund
Average* 4.69% 5.02% 4.95%
<CAPTION>
7 Day Yield As of
December 31, 1999
<S> <C> <C> <C>
Federal Trust Fund Institutional Shares 5.51%
IBC's Money Fund Report:
Government Institutions--Only Money Fund
Average* 5.06%
</TABLE>
* IBC's Money Fund Report: Government Institutions--Only Money Fund Average is
comprised of institutional money market funds investing in U.S. T-Bills,
Repurchase Agreements and/or Government Agencies.

Current Yield: You may obtain the Fund's current 7-day yield by calling 1-800-
821-7432 or by visiting its web site at www.pif.com.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.

Annual Fund Operating Expenses
(Expenses that are deducted from Fund assets)

<TABLE>
<CAPTION>
Federal Trust
Fund
Institutional
Shares
<S> <C> <C>
Management Fees .12%
Other Expenses .20%
Administration Fees .12%
Miscellaneous .08%
Total Annual Fund Operating Expenses(/1/) .32%
======
</TABLE>
(/1/)BlackRock Institutional Management Corporation ("BIMC," or the "Adviser")
and PFPC Inc., the Fund's co-administrator, may from time to time waive
the investment advisory and administration fees otherwise payable to them
or may reimburse the Fund for its operating expenses. As a result of fee
waivers, "Management Fees," "Other Expenses" and "Total Annual Fund Oper-
ating Expenses" of the Fund actually incurred are set forth below. The
Adviser and PFPC expect to continue such fee waivers, but can terminate
the waivers upon 120 days prior written notice to the Fund.

<TABLE>
<CAPTION>
Federal Trust
Fund
Institutional
Shares
<S> <C> <C>
Management Fees .06%
Other Expenses .14%
Administration Fees .06%
Miscellaneous .08%
Total Annual Fund Operating Expenses (after current waivers) .20%
======
</TABLE>
35
<PAGE>

Example
This Example is intended to help you compare the cost of investing in the Fund
(without the waivers) with the cost of investing in other mutual funds.

<TABLE>
<CAPTION>
Federal Trust Fund
Institutional Shares
<S> <C>
One Year $ 33
Three Years $103
Five Years $180
Ten Years $406
</TABLE>
36
<PAGE>

INVESTMENT STRATEGIES AND RISK DISCLOSURE

The Fund is a money market fund. The investment objective of the Fund is to
seek current income with liquidity and security of principal. The Fund's
investment objective may be changed by the Board of Trustees without share-
holder approval. The Fund invests in obligations issued or guaranteed as to
principal and interest by the U.S. Government or by agencies or instrumentali-
ties thereof the interest income from which, under current law, generally may
not be subject to state income tax by reason of federal law.

INVESTMENTS. The Fund's investments may include the following:

U.S. Government Obligations. The Fund may purchase obligations issued or guar-
anteed by the U.S. Government, including securities issued by the U.S. Trea-
sury and by certain agencies or instrumentalities such as the Federal Home
Loan Bank, Federal Farm Credit Banks Funding Corp. and the Student Loan Mar-
keting Association, and related custodial receipts.

Other Types of Investments. This Prospectus describes the Fund's principal
investment strategies, and the particular types of securities in which the Fund
principally invests. The Fund may, from time to time, make other types of
investments and pursue other investment strategies in support of its overall
investment goal. These supplemental investment strategies are described in the
Statement of Additional Information, which is referred to on the back cover of
this Prospectus.

RISK FACTORS. The principal risks of investing in the Fund are also described
above in the Risk/Return Summary. The following supplements that description.

Credit Risk. The risk that an issuer will be unable to make principal and
interest payments when due is known as "credit risk." U.S. Government securi-
ties are generally considered to be the safest type of investment in terms of
credit risk. Not all U.S. Government Securities are backed by the full faith
and credit of the United States. Obligations of certain agencies and instrumen-
talities of the U.S. Government are backed by the full faith and credit of the
United States; others are backed by the right of the issuer to borrow from the
U.S. Treasury or are backed only by the credit of the agency or instrumentality
issuing the obligation.

38
<PAGE>

Federal Trust Fund Institutional Shares
The table below sets forth selected financial data for a Federal Trust Fund
Institutional Share outstanding throughout each year presented.

-------------------------------------
<TABLE>
<CAPTION>
Year Ended October 31,
1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- -------
Income From Investment
Operations:
Net Investment Income .0478 .0529 .0521 .0523 .0563
------- ------- ------- ------- -------
Less Distributions:
Dividends to Shareholders From
Net Investment Income (.0478) (.0529) (.0521) (.0523) (.0563)
------- ------- ------- ------- -------
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= =======
Total Return 4.88% 5.42% 5.33% 5.35% 5.77%
Ratios/Supplemental Data:
Net Assets, End of Period $(000) 219,344 280,580 229,292 273,752 237,718
Ratio of Expenses to Average
Daily Net Assets/1/ .20% .20% .20% .19% .18%
Ratio of Net Investment Income to
Average Daily Net Assets 4.76% 5.29% 5.21% 5.22% 5.61%
</TABLE>

-------------------------------------
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .32%, .29%, .31%, .31%
and .32% for the years ended October 31, 1999, 1998, 1997, 1996 and 1995,
respectively, for Federal Trust Fund Institutional Shares.
39
<PAGE>

Treasury Trust Fund

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------

Risk/Return Summary

Investment Goal:
The Fund seeks current income with liquidity and stability of principal.

Investment Policies:
The Fund invests solely in direct obligations of the U.S. Treasury, such as
Treasury bills, notes and trust receipts. Because the Fund invests exclusively
in direct U.S. Treasury obligations, investors may benefit from income tax
exclusions or exemptions that are available in certain states and localities.

Principal Risks of Investing:
Securities issued or guaranteed by the U.S. Government have historically
involved little risk of loss of principal if held to maturity. However, due to
fluctuations in interest rates, the market value of such securities may vary
during the period a shareholder owns shares of the Fund. The Fund is subject
to risks related to changes in prevailing interest rates, since generally, a
fixed-income security will increase in value when interest rates fall and
decrease in value when interest rates rise.

The Fund may from time to time engage in portfolio trading for liquidity pur-
poses, in order to enhance its yield or if otherwise deemed advisable. In
selling securities prior to maturity, the Fund may realize a price higher or
lower than that paid to acquire any given security, depending upon whether
interest rates have decreased or increased since its acquisition. In addition,
shareholders in a particular state that imposes income tax should determine
through consultation with their own tax advisors whether such interest income,
when distributed by the Fund, will be considered by the state to have retained
exempt status, and whether the Fund's capital gain and other income, if any,
when distributed will be subject to the states income tax.

Who May Want to Invest in the Fund:
The Fund is designed for institutional investors seeking current income with
liquidity and security of principal. The Fund's investment policies are
intended to qualify Fund shares for the investment of funds of federally regu-
lated thrifts. The Fund intends to qualify its shares as "short-term liquid
assets" as established in the published rulings, interpretations, and regula-
tions of the Office of Thrift Supervision. However, investing institutions are
advised to

40
<PAGE>

consult their primary regulator for concurrence that Fund shares qualify under
applicable regulations and policies.

[GRAPH]
Treasury Trust
Institutional Shares
1990 7.94
1991 5.87
1992 3.54
1993 2.96
1994 3.98
1995 5.66
1996 5.12
1997 5.19
1998 4.99
1999 4.61

During the ten-year period shown in the bar chart, the highest quarterly return
was 8.28% (for the quarter ended March 31, 1990) and the lowest quarterly
return was 2.84% (for the quarter ended June 30, 1993).
41
<PAGE>

The Fund's Average Annual Total Return for Periods Ended December 31, 1999

<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
<S> <C> <C> <C>
Treasury Trust Fund Institutional Shares 4.61% 5.12% 4.98%
IBC's Money Fund Report:
Government Institutions--Only Money Fund Average* 4.69% 5.02% 4.95%
<CAPTION>
7 Day Yield As of
December 31, 1999
<S> <C> <C> <C>
Treasury Trust Fund Institutional Shares 4.98%
IBC's Money Fund Report:
Government Institutions--Only Money Fund Average* 5.06%
</TABLE>
* IBC's Money Fund Report Government Institutions--Only Fund Average is com-
prised of institutional money market funds investing in U.S. T-Bills, Repur-
chase Agreements and/or Government Agencies.

Current Yield: You may obtain the Fund's current 7-day yield by calling 1-800-
821-7432 or by visiting its website at www.pif.com.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.

Annual Fund Operating Expenses
(Expenses that are deducted from Fund assets)

<TABLE>
<CAPTION>
Treasury Trust Fund
Institutional Shares
<S> <C> <C>
Management Fees .12%
Other Expenses .16%
Administration Fees .12%
Miscellaneous .04%
Total Annual Fund Operating Expenses(/1/) .28%
==========
</TABLE>
(/1/)BlackRock Institutional Management Corporation ("BIMC," or the "Adviser")
and PFPC Inc., the Fund's co-administrator, may from time to time waive
the investment advisory and administration fees otherwise payable to them
or may reimburse the Fund for its operating expenses. As a result of fee
waivers, "Management Fees," "Other Expenses" and "Total Annual Fund Oper-
ating Expenses" of the Fund actually incurred are set forth below. The
Adviser and PFPC expect to continue such fee waivers, but can terminate
the waivers upon 120 days prior written notice to the Fund.

<TABLE>
<CAPTION>
Treasury Trust Fund
Institutional Shares
<S> <C> <C>
Management Fees .08%
Other Expenses .12%
Administration Fees .08%
Miscellaneous .04%
Total Annual Fund Operating Expenses (after current
waivers) .20%
==========
</TABLE>

42
<PAGE>

Example
This Example is intended to help you compare the cost of investing in the Fund
(without the waivers) with the cost of investing in other mutual funds.

<TABLE>
<CAPTION>
Treasury Trust Fund
Institutional Shares
<S> <C>
One Year $ 29
Three Years $ 90
Five Years $157
Ten Years $356
</TABLE>
43
<PAGE>

INVESTMENT STRATEGIES AND RISK DISCLOSURE

The Fund invests in securities maturing within one year or less, with certain
exceptions. For example, certain government securities held by the Fund may
have remaining maturities exceeding 13 months if such securities provide for
adjustments in their interest rates not less frequently than every 13 months.
The securities purchased by the Fund are also subject to the quality, diversi-
fication, and other requirements of Rule 2a-7 under the Investment Company Act
of 1940, as amended, and other rules of the Securities and Exchange Commission.

Investments. The Fund's investments may include the following:

U.S. Treasury Obligations. To the extent consistent with its investment objec-
tives, the Fund may invest in direct obligations of the U.S. Treasury. The Fund
may invest in Treasury receipts where the principal and interest components are
traded separately under the Separate Trading of Registered Interest and Princi-
pal of Securities program ("STRIPS").

44
<PAGE>

gies are described in the Statement of Additional Information, which is
referred to on the back cover of this Prospectus.

RISK FACTORS. The principal risks of investing in the Fund are also described
above in the Risk/Return Summary. The following supplements that description.

Treasury Trust Fund Institutional Shares
The table below sets forth selected financial data for a Treasury Trust Insti-
tutional Share outstanding throughout each year presented.

--------------------------------------
<TABLE>
<CAPTION>
Year Ended October 31,
1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- --------- ------- ------- ---------
Income From Investment
Operations:
Net Investment Income .0442 .0502 .0504 .0508 .0545
------- --------- ------- ------- ---------
Less Distributions:
Dividends to Shareholders
From Net Investment Income (.0442) (.0502) (.0504) (.0508) (.0545)
------- --------- ------- ------- ---------
Net Asset Value, End of
Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ========= ======= ======= =========
Total Return 4.51% 5.14% 5.16% 5.20% 5.59%
Ratios/Supplemental Data:
Net Assets, End of Period
$(000) 826,167 1,091,366 786,556 897,659 1,101,834
Ratio of Expenses to Average
Daily Net Assets/1/ .20% .20% .20% .19% .18%
Ratio of Net Investment
Income to Average Daily Net
Assets 4.41% 5.02% 5.04% 5.08% 5.45%
</TABLE>

--------------------------------------
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .28%, .28%, .30%, .30%
and .29% for the years ended October 31, 1999, 1998, 1997, 1996 and 1995,
respectively, for Treasury Trust Institutional Shares.

46
<PAGE>

MuniFund

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------

Risk/Return Summary

Investment Goal:
The Fund seeks as high a level of current interest income exempt from federal
income tax as is consistent with relative stability of principal.

Investment Policies:
The Fund invests in a broad range of short-term tax-exempt obligations issued
by or on behalf of states, territories, and possessions of the United States,
the District of Columbia, and their respective authorities, agencies, instru-
mentalities, and political subdivisions and tax-exempt derivative securities
such as tender option bonds, participations, beneficial interests in trusts
and partnership interests (collectively, "Municipal Obligations").

Who May Want to Invest in The Fund:
The Fund is designed for institutional investors seeking as high a level of
current interest income exempt from federal income tax as is consistent with
relative stability of principal.
47
<PAGE>

Performance Information
The Bar Chart and the Table below indicate the risks of investing in Institu-
tional Shares of the Fund by showing how the performance of the Institutional
Shares of Fund has varied from year to year. The Table shows how the Institu-
tional Shares of Fund's average annual return for one, five and ten years com-
pares to that of a selected market index. The Bar Chart and the Table assume
reinvestment of dividends and distributions. The Fund's past performance does
not necessarily indicate how it will perform in the future.

[GRAPH]
MuniFund
Institutional Shares
1990 5.40
1991 3.78
1992 2.48
1993 2.21
1994 2.61
1995 3.68
1996 3.27
1997 3.45
1998 3.28
1999 3.10

During the ten-year period shown in the bar chart, the highest quarterly return
was 5.87% (for the quarter ended March 31, 1990) and the lowest quarterly
return was 2.09% (for the quarter ended December 31, 1993).

48
<PAGE>

The Fund's Average Annual Total Return for Periods Ended December 31, 1999

<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
<S> <C> <C> <C>
MuniFund Institutional Shares 3.10% 3.36% 3.32%
IBC's Money Fund Report:
Tax-Free Institutions--Only Money Fund Average* 2.96% 3.22% 3.34%
<CAPTION>
7 Day Yield As of
December 31, 1999
<S> <C> <C> <C>
MuniFund Institutional Shares 3.66%
IBC's Money Fund Report:
Tax-Free Institutions--Only Money Fund Average* 3.85%
</TABLE>
* IBC's Money Fund Report: Tax Free Institutions-Only Money Fund Average is
comprised of institutional money market funds investing in obligations of
tax- exempt entities, including state and municipal authorities.

Current Yield: You may obtain the Fund's current 7-day yield by calling 1-800-
821-7432 or by visiting its web site at www.pif.com.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and
hold shares of the Fund.

Annual Fund Operating Expenses
(Expenses that are deducted from Fund assets)

<TABLE>
<CAPTION>
MuniFund
Institutional Shares
<S> <C> <C>
Management Fees .17%
Other Expenses .24%
Administration Fees .17%
Miscellaneous .07%
Total Annual Fund Operating Expenses(/1/) .41%
==========
</TABLE>
(/1/)The Adviser and PFPC Inc., the Fund's co-administrator, may from time to
time waive the investment advisory and administration fees otherwise pay-
able to them or may reimburse the Fund for its operating expenses. As a
result of fee waivers, "Management Fees," "Other Expenses" and "Total
Annual Fund Operating Expenses" of the Fund actually incurred are set
forth below. The Adviser and PFPC expect to continue such fee waivers,
but can terminate the waivers upon 120 days prior written notice to the
Fund.

<TABLE>
<CAPTION>
MuniFund
Institutional Shares
<S> <C> <C>
Management Fees .07%
Other Expenses .13%
Administration Fees .07%
Miscellaneous .06%
Total Annual Fund Operating Expenses (after current
waivers) .20%
==========
</TABLE>
49
<PAGE>

Example
This Example is intended to help you compare the cost of investing in the Fund
(without the waivers) with the cost of investing in other mutual funds.

<TABLE>
<CAPTION>
MuniFund
Institutional Shares
<S> <C>
One Year $ 42
Three Years $132

Five Years $230
Ten Years $518
</TABLE>
50
<PAGE>

INVESTMENT STRATEGIES AND RISK DISCLOSURE

The Fund is a money market fund. The investment objective of the Fund is to
seek as high a level of current interest income exempt from federal income tax
as is consistent with relative stability of principal. The Fund's investment
objective may be changed by the Board of Trustees without shareholder approv-
al. The Fund invests substantially all its assets in a diversified portfolio
of Municipal Obligations. The Fund will not knowingly purchase securities the
interest on which is subject to regular federal income tax.

Except during periods of unusual market conditions or during temporary defen-
sive periods, the Fund invests substantially all, but in no event less than
80% of its total assets in Municipal Obligations with remaining maturities of
13 months or less as determined in accordance with the rules of the Securities
and Exchange Commission. The Fund may hold uninvested cash reserves pending
investment, during temporary defensive periods or if, in the opinion of the
Adviser, suitable tax-exempt obligations are unavailable. There is no percent-
age limitation on the amount of assets which may be held uninvested.
Uninvested cash reserves will not earn income. The securities purchased by the
Fund are also subject to the quality, diversification, and other requirements
of Rule 2a-7 under the Investment Company Act of 1940, as amended, and other
rules of the SEC. Pursuant to Rule 2a-7, the Fund generally will limit its
purchase of any one issuer's securities (other than U.S. Government securi-
ties, repurchase agreements collateralized by such securities and securities
subject to certain guarantees or otherwise providing a right to demand pay-
ment) to 5% of the Fund's total assets, except that up to 25% of its total
assets may be invested in the securities of one issuer for a period of up to
three business days; provided that the Fund may not invest more than 25% of
its total assets in the securities of more than one issuer in accordance with
the foregoing at any one time.

The Fund will only purchase securities that present minimal credit risk as
determined by the Adviser pursuant to guidelines approved by the Board of
Trustees of Provident Institutional Funds. Securities purchased by the Fund
(or the issuers of such securities) will be First Tier Eligible Securities.
Applicable First Tier Eligible Securities are:

. securities that have short-term debt ratings at the time of purchase (or
which are guaranteed or in some cases otherwise supported by credit sup-
ports with such ratings) in the highest rating category by at least two
unaffiliated nationally recognized statistical rating organizations
("NRSROs") (or one NRSRO if the security or guarantee was rated by only one
NRSRO);

. securities that are issued or guaranteed by a person with such ratings; or

. securities without such short-term ratings that have been determined to be
of comparable quality by the Adviser pursuant to guidelines approved by the
Board of Trustees; and

. securities issued by other open-end investment companies that invest in the
type of obligations in which the Fund may invest.

INVESTMENTS. The Fund's investments may include the following:

Municipal Obligations. The Fund may purchase Municipal Obligations which are
classified as "general obligation" securities and "revenue" securities. Reve-
nue securities include pri-
51
<PAGE>

vate activity bonds which are not payable from the unrestricted revenues of the
issuer. Consequently, the credit quality of private activity bonds is usually
directly related to the credit standing of the corporate user of the facility
involved. While interest paid on private activity bonds will be exempt from
regular federal income tax, it may be treated as a specific tax preference item
under the federal alternative minimum tax. The portfolio may also include
"moral obligation" bonds.

When-Issued and Delayed Settlement Transactions. The Fund may purchase Munici-
pal Obligations on a "when-issued" or "delayed settlement" basis. The Fund
expects that commitments to purchase when-issued or delayed settlement securi-
ties will not exceed 25% of the value of its total assets absent unusual market
conditions. The Fund does not intend to purchase when-issued or delayed settle-
ment securities for speculative purposes but only in furtherance of its invest-
ment objective. The Fund receives no income from when-issued or delayed settle-
ment securities prior to delivery of such securities.

Stand-by Commitments. The Fund may acquire "stand-by commitments" with respect
to Municipal Obligations held in its portfolio. The Fund will acquire stand-by
commitments solely to facilitate portfolio liquidity and does not intend to
exercise its rights thereunder for trading purposes.

52
<PAGE>

gies are described in the Statement of Additional Information, which is
referred to on the back cover of this Prospectus.

RISK FACTORS. The principal risks of investing in the Fund are also described
above in the Risk/Return Summary. The following supplements that description.

Credit Risk. The risk that an issuer will be unable to make principal and
interest payments when due is known as "credit risk." U.S. government securi-
ties are generally considered to be the safest type of investment in terms of
credit risk. Municipal obligations generally rank between U.S. government secu-
rities and corporate debt securities in terms of credit safety. Credit quality
ratings published by an NRSRO are widely accepted measures of credit risk. The
lower a security is rated by an NRSRO, the more credit risk it is considered to
represent.

Municipal Obligations. Opinions relating to the validity of Municipal Obliga-
tions and to the exemption of interest thereon from federal income tax are ren-
dered by bond counsel to the respective issuers at the time of issuance, and
opinions relating to the validity of and the tax-exempt status of payments
received by the Fund for tax-exempt derivative securities are rendered by coun-
sel to the respective sponsors of such securities. The Adviser will rely on
such opinions and will not review independently the underlying proceedings
relating to the issuance of Municipal Obligations, the creation of any tax-
exempt derivative securities, or the bases for such opinions.
53
<PAGE>

Financial Highlights
The financial highlights tables are intended to help you understand the Fund's
financial performance for the past 5 years ended November 30, 1998 and the
eleven months ended October 31, 1999. Certain information reflects financial
results for a single Fund share. The total returns in the table represent the
rate that an investor would have earned or lost on an investment in the Fund
(assuming reinvestment of all dividends and distributions). The information
for the eleven months ended October 31, 1999 has been audited by
PricewaterhouseCoopers LLP, whose report, along with the Fund's financial
statements, are incorporated by reference into the Statement of Additional
Information and included in the Annual Report, each of which is available upon
request. The financial highlights for the five years in the period ended
November 30, 1998 were audited by KPMG LLP whose report expressed an unquali-
fied opinion on those statements.

MuniFund Institutional Shares
The table below sets forth selected financial data for a MuniFund Institu-
tional Share outstanding throughout each year presented.

-----------------------------------------------
<TABLE>
<CAPTION>
Eleven Months
Ended
October 31, Year Ended November 30,
1999 1998 1997 1996 1995 1994
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- -------
Income From Investment
Operations:
Net Investment Income .0273 .0327 .0338 .0326 .0360 .0255
------- ------- ------- ------- ------- -------
Less Distributions:
Dividends to
Shareholders From Net
Investment Income (.0273) (.0327) (.0338) (.0326) (.0360) (.0255)
------- ------- ------- ------- ------- -------
Net Asset Value, End of
Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= =======
Total Return 3.02%/2/ 3.32% 3.43% 3.31% 3.66% 2.58%
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000) 483,033 467,760 536,794 530,204 720,318 687,895
Ratio of Expenses to
Average Daily Net
Assets/1/ .20%/2/ .25% .27% .27% .27% .26%
Ratio of Net Investment
Income to Average Daily
Net Assets 2.96%/2/ 3.26% 3.38% 3.26% 3.59% 2.53%
</TABLE>

-----------------------------------------------
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .41% (annualized) for
the eleven months ended October 31, 1999 and .41%, .41%, .42%, .41% and
.41% for the years ended November 30, 1998, 1997, 1996, 1995 and 1994,
respectively, for MuniFund Institutional Shares.
/2/Annualized.

54
<PAGE>

MuniCash

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

Risk/Return Summary

Investment Goal:
The Fund seeks as high a level of current interest income exempt from federal
income tax as is consistent with relative stability of principal.

Investment Policies:
The Fund invests in a broad range of short-term tax-exempt obligations issued
by or on behalf of states, territories, and possessions of the United States,
the District of Columbia, and their respective authorities, agencies, instru-
mentalities, and political subdivisions and tax-exempt derivative securities
such as tender option bonds, participations, beneficial interests in trusts and
partnership interests (collectively, "Municipal Obligations").

Principal Risks of Investing:
Although the Fund invests in money market instruments which the investment
adviser, BlackRock Institutional Management Corporation ("BIMC," or the "Advis-
er") believes present minimal credit risks at the time of purchase, there is a
risk that an issuer may not be able to make principal and interest payments
when due. The Fund is also subject to risks related to changes in prevailing
interest rates, since generally, a fixed-income security will increase in value
when interest rates fall and decrease in value when interest rates rise.

Although the Fund intends to invest its assets in tax-exempt obligations, the
Fund is permitted to invest in private activity bonds and other securities
which may be subject to the federal alternative minimum tax.

Who May Want to Invest in the Fund:
The Fund is designed for institutional investors seeking as high a level of
current interest income exempt from federal income tax as is consistent with
relative stability of principal.
55
<PAGE>

[GRAPH]
MuniCash
Institutional Shares
1990 5.94
1991 4.46
1992 2.91
1993 2.34
1994 2.83
1995 3.91
1996 3.51
1997 3.65
1998 3.47
1999 3.18

During the ten-year period shown in the bar chart, the highest quarterly return
was 6.07% (for the quarter ended June 30, 1990) and the lowest quarterly return
was 2.25% (for the quarter ended March 31, 1994).

56
<PAGE>

The Fund's Average Annual Total Return for Periods Ended December 31, 1999

<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
<S> <C> <C> <C>
MuniCash Institutional Shares 3.18% 3.54% 3.62%
IBC's Money Fund Report:
Tax-Free Institutions-Only Money Fund Average* 2.96% 3.22% 3.34%
<CAPTION>
7 Day Yield
As of December 31, 1999
<S> <C> <C> <C>
MuniCash Institutional Shares 3.70%
IBC's Money Fund Report:
Tax-Free Institutions-Only Money Fund Average* 3.85%
</TABLE>
* IBC's Money Fund Report: Tax-Free Institutions-Only Money Fund Average is
comprised of institutional money market funds investing in obligations of
tax- exempt entities, including state and municipal authorities.

Current Yield: You may obtain the Fund's current 7-day yield by calling 1-800-
821-7432 or by visiting its web site at www.pif.com.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and
hold shares of the Fund.

Annual Fund Operating Expenses
(Expenses that are deducted from Fund assets)

<TABLE>
<CAPTION>
MuniCash
Institutional
Shares
<S> <C> <C>
Management Fees .17%
Other Expenses .24%
Administration Fees .17%
Miscellaneous .07%
Total Annual Fund Operating Expenses(/1/) .41%
======
</TABLE>
(/1/)The Adviser and PFPC Inc., the Fund's co-administrator, may from time to
time waive the investment advisory and administration fees otherwise pay-
able to them or may reimburse the Fund for its operating expenses. As a
result of fee waivers, "Management Fees," "Other Expenses" and "Total
Annual Fund Operating Expenses" of the Fund actually incurred are set
forth below. The Adviser and PFPC expect to continue such fee waivers,
but can terminate the waivers upon 120 days prior written notice to the
Fund.

<TABLE>
<CAPTION>
MuniCash
Institutional Shares
<S> <C> <C>
Management Fees .07%
Other Expenses .13%
Administration Fees .07%
Miscellaneous .06%
Total Annual Fund Operating Expenses (after current
waivers) .20%
==========
</TABLE>
57
<PAGE>

Example
This Example is intended to help you compare the cost of investing in the Fund
(without the waivers) with the cost of investing in other mutual funds.

<TABLE>
<CAPTION>
MuniCash
Institutional Shares
<S> <C>
One Year $ 42
Three Years $132

Five Years $230
Ten Years $518
</TABLE>
58
<PAGE>

INVESTMENT STRATEGIES AND RISK DISCLOSURE

The Fund is a money market fund. The investment objective of the Fund is to
seek as high a level of current interest income exempt from federal income tax
as is consistent with relative stability of principal. The Fund's investment
objective may be changed by the Board of Trustees without shareholder approval.
The Fund invests substantially all of its assets in a diversified portfolio of
Municipal Obligations. The Fund will not knowingly purchase securities the
interest on which is subject to regular federal income tax.

Except during periods of unusual market conditions or during temporary defen-
sive periods, the Fund invests substantially all, but in no event less than 80%
of its total assets in Municipal Obligations with remaining maturities of 13
months or less as determined in accordance with the rules of the Securities and
Exchange Commission. The Fund may hold uninvested cash reserves pending invest-
ment, during temporary defensive periods or if, in the opinion of the Adviser,
suitable tax-exempt obligations are unavailable. There is no percentage limita-
tion on the amount of assets which may be held uninvested. Uninvested cash
reserves will not earn income. The securities purchased by the Fund are also
subject to the quality, diversification, and other requirements of Rule 2a-7
under the Investment Company Act of 1940, as amended, and other rules of the
SEC. Pursuant to Rule 2a-7, the Fund generally will limit its purchase of any
one issuer's securities (other than U.S. Government securities, repurchase
agreements collateralized by such securities and securities subject to certain
guarantees or otherwise providing the right to demand payment) to 5% of the
Fund's total assets, except that up to 25% of its total assets may be invested
in the securities of one issuer for a period of up to three business days; pro-
vided that the Fund generally may not invest more than 25% of its total assets
in the securities of more than one issuer in accordance with the foregoing at
any one time.

The Fund will only purchase securities that present minimal credit risk as
determined by the Adviser pursuant to guidelines approved by the Board of
Trustees of Provident Institutional Funds. Securities purchased by the Fund (or
the issuers of such securities) will be Eligible Securities. Applicable Eligi-
ble Securities are:

. securities that have short-term debt ratings at the time of purchase or
which are guaranteed or in some cases otherwise supported by credit support
with such rating in the two highest rating categories by at least two unaf-
filiated nationally recognized statistical rating organizations ("NRSROs")
(or one NRSRO if the security or guarantee was rated by only one NRSRO);

. securities that are issued or guaranteed by a person with such ratings;

. securities without such short-term ratings that have been determined to be
of comparable quality by the Adviser pursuant to guidelines approved by the
Board of Trustees; or

. shares of other open-end investment companies that invest in the type of
obligations in which the Fund may invest.
59
<PAGE>

INVESTMENTS. The Fund's investments may include the following:

Municipal Obligations. The Fund may purchase Municipal Obligations which are
classified as "general obligation" securities and "revenue" securities. Revenue
securities include private activity bonds which are not payable from the unre-
stricted revenues of the issuer. Consequently, the credit quality of private
activity bonds is usually directly related to the credit standing of the corpo-
rate user of the facility involved. While interest paid on private activity
bonds will be exempt from regular federal income tax, it may be treated as a
specific tax preference item under the federal alternative minimum tax. The
portfolio may also include "moral obligation" bonds.

60
<PAGE>

Other Types of Investments. This Prospectus describes the Fund's principal
investment strategies, and the particular types of securities in which the Fund
principally invests. The Fund may, from time to time, make other types of
investments and pursue other investment strategies in support of its overall
investment goal. These supplemental investment strategies are described in the
Statement of Additional Information, which is referred to on the back cover of
this Prospectus.

RISK FACTORS. The principal risks of investing in the Fund are also described
above in the Risk/Return Summary. The following supplements that description.

Financial Highlights
The financial highlights tables are intended to help you understand the Fund's
financial performance for the past 5 years ended November 30, 1998 and the
eleven months ended October 31, 1999. Certain information reflects financial
results for a single Fund share. The total returns in the table represent the
rate that an investor would have earned or lost on an investment in the Fund
(assuming reinvestment of all dividends and distributions). The information
for the eleven months ended October 31, 1999 has been audited by
PricewaterhouseCoopers LLP, whose report, along with the Fund's financial
statements, are incorporated by reference into the Statement of Additional
Information and included in the Annual Report, each of which is available upon
request. The financial highlights for the five year period ended November 30,
1998 were audited by KPMG LLP whose report dated expressed an unqualified
opinion on those statements.

MuniCash Institutional Shares
The table below sets forth selected financial data for a MuniCash Institu-
tional Share outstanding throughout each year presented.

-----------------------------------------------
<TABLE>
<CAPTION>
Eleven Months
Ended
October 31, Year Ended November 30,
1999 1998 1997 1996 1995 1994
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- -------
Income From Investment
Operations:
Net Investment Income .0281 .0346 .0358 .0350 .0382 .0266
------- ------- ------- ------- ------- -------
Less Distributions:
Dividends to
Shareholders From Net
Investment Income (.0281) (.0346) (.0358) (.0350) (.0382) (.0266)
------- ------- ------- ------- ------- -------
Net Asset Value, End of
Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= =======
Total Return 3.11%/2/ 3.51% 3.63% 3.56% 3.89% 2.69%
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000) 308,212 500,254 397,681 281,544 321,642 273,439
Ratio of Expenses to
Average Daily Net
Assets/1/ .20%/2/ .18% .18% .18% .18% .19%
Ratio of Net Investment
Income to Average Daily
Net Assets 3.05%/2/ 3.47% 3.58% 3.50% 3.83% 2.59%
</TABLE>

-----------------------------------------------
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .41% (annualized) for
the eleven months ended October 31, 1999 and .40%, .41%, .42%, .41% and
.42% for the years ended November 30, 1998, 1997, 1996, 1995 and 1994,
respectively, for MuniCash Institutional Shares.
/2/Annualized.

62
<PAGE>

California Money Fund

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------

Risk/Return Summary

Investment Goal:
The Fund seeks to provide investors with as high a level of current interest
income that is exempt from federal income tax and, to the extent possible,
from California State personal income tax as is consistent with the preserva-
tion of capital and relative stability of principal.

Investment Policies:
The Fund invests primarily in debt obligations issued by or on behalf of the
State of California and other states, territories, and possessions of the
United States, the District of Columbia, and their respective authorities,
agencies, instrumentalities and political subdivisions, and tax-exempt deriva-
tive securities such as tender option bonds, participations, beneficial inter-
ests in trusts and partnership interests ("Municipal Obligations"). Dividends
paid by the Fund that are derived from the interest on Municipal Obligations
that is exempt from taxation under the Constitution or statutes of California
("California Municipal Obligations") are exempt from regular federal and Cali-
fornia State personal income tax. California Municipal Obligations include
municipal securities issued by the State of California and its political sub-
divisions, as well as certain other governmental issuers such as the Common-
wealth of Puerto Rico.

The Fund is non-diversified because it concentrates its investments in Cali-
fornia Municipal Obligations. This means that it may invest a greater percent-
age of its assets in a particular issuer, and that its performance will be
dependent upon a smaller category of securities than a diversified portfolio.
Accordingly, the Fund may experience greater fluctuations in net asset value
and may have greater risk of loss.

Dividends derived from interest on Municipal Obligations other than California
Municipal Obligations are exempt from federal income tax but may be subject to
California State personal income tax.

An investment in the Fund is not a deposit in PFPC Trust Company or PNC Bank,
N.A. and is not insured or guaranteed by the Federal Deposit Insurance Corpo-
ration or any other
63
<PAGE>

government agency. Although the Fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in the
Fund.

Who May Want to Invest in the Fund:
The Fund is designed for California institutional investors and their customers
seeking as high a level of current interest income that is exempt from federal
income tax and, to the extent possible, from California personal income tax as
is consistent with the preservation of capital and relative stability of prin-
cipal.

[GRAPH]
California Money Fund
Institutional Shares
1990 5.29
1991 3.94
1992 2.61
1993 2.26
1994 2.73
1995 3.64
1996 3.21
1997 3.39
1998 3.13
1999 2.82

During the ten-year period shown in the bar chart, the highest quarterly return
was 5.50% (for the quarter ended June 30, 1990) and the lowest quarterly return
was 2.13% (for the quarter ended March 31, 1993).

64
<PAGE>

The Fund's Average Annual Total Return for Periods Ended December 31, 1999

<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
<S> <C> <C> <C>
California Money Fund Institutional Shares 2.82% 3.24% 3.30%
IBC's Money Fund Report:
California State Specific Tax-Free Institutions--
Only Money Fund Average* 2.74% 3.04% 3.17%
<CAPTION>
7 Day Yield As of
December 31, 1999
<S> <C> <C> <C>
California Money Fund Institutional Shares 3.33%
IBC's Money Fund Report:
California State Specific Tax-Free Institutions--
Only Money Fund Average* 3.47%
</TABLE>
* IBC's Money Fund Report: California State Specific Tax-Free Institutions--
Only Money Fund Average is comprised of institutional money market funds
investing in tax-exempt obligations of California State.

Current Yield: You may obtain the Fund's current 7-day yield by calling 1-800-
821-7432 or by visiting its web site at www.pif.com.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and
hold shares of the Fund.

Annual Fund Operating Expenses
(Expenses that are deducted from Fund assets)

<TABLE>
<CAPTION>
California
Money Fund
Institutional Shares
<S> <C> <C>
Management Fees .20%
Other Expenses .25%
Administration Fees .20%
Miscellaneous .05%
Total Annual Fund Operating Expenses(/1/) .45%
==========
</TABLE>
(/1/)The Adviser and PFPC Inc., the Fund's co-administrator, may from time to
time waive the investment advisory and administration fees otherwise pay-
able to them or may reimburse the Fund for its operating expenses. As a
result of fee waivers, "Management Fees," "Other Expenses" and "Total
Annual Fund Operating Expenses" of the Fund actually incurred are set
forth below. The Adviser and PFPC expect to continue such fee waivers.

<TABLE>
<CAPTION>
California
Money Fund
Institutional Shares
<S> <C> <C>
Management Fees .07%
Other Expenses .13%
Administration Fees .07%
Miscellaneous .06%
Total Annual Fund Operating Expenses (after current
waivers) .20%
==========
</TABLE>
65
<PAGE>

Example
This Example is intended to help you compare the cost of investing in the Fund
(without the waivers) with the cost of investing in other mutual funds.

<TABLE>
<CAPTION>
California Money Fund
Institutional Shares
<S> <C>
One Year $ 46
Three Years $144
Five Years $252
Ten Years $567
</TABLE>
66
<PAGE>

INVESTMENT STRATEGIES AND RISK DISCLOSURE

The Fund is a money market fund. The investment objective of the Fund is to
provide investors with as high a level of current interest income that is
exempt from federal income tax and, to the extent possible, from California
State personal income tax as is consistent with the preservation of capital and
relative stability of principal. The Fund's investment objective may be changed
by the Board of Trustees without shareholder approval. The Fund invests primar-
ily in California Municipal Obligations.

Substantially all of the Fund's assets are invested in Municipal Obligations.
The Fund expects that, except during temporary defensive periods or when
acceptable securities are unavailable for investment by the Fund, the Fund's
assets will be invested primarily in California Municipal Obligations. At least
50% of the Fund's assets must be invested in obligations which, when held by an
individual, the interest therefrom is exempt from California personal income
taxation (i.e., California Municipal Obligations and certain U.S. Government
obligations) at the close of each quarter of its taxable year so as to permit
the Fund to pay dividends that are exempt from California State personal income
tax. Dividends, regardless of their source, may be subject to local taxes. The
Fund will not knowingly purchase securities the interest on which is subject to
regular federal income tax; however, the Fund may hold uninvested cash reserves
pending investment during temporary defensive periods or, if in the opinion of
the Adviser, suitable tax-exempt obligations are unavailable. Uninvested cash
reserves will not earn income.

The Fund invests in Municipal Obligations which are determined by the Adviser
to present minimal credit risk pursuant to guidelines approved by the Board of
Trustees of Provident Institutional Funds pursuant to Rule 2a-7 under the
Investment Company Act of 1940, as amended, and other rules of the Securities
and Exchange Commission. Pursuant to Rule 2a-7, the Fund is authorized to pur-
chase instruments that are determined to have minimum credit risk and are Eli-
gible Securities. Applicable Eligible Securities are:

. instruments which are rated at the time of purchase (or which are guaran-
teed or in some cases otherwise supported by credit supports with such rat-
ings) in one of the top two rating categories by two unaffiliated nation-
ally recognized statistical rating organizations ("NRSRO") (or one NRSRO if
the security or guarantee was rated by only one NRSRO);

. instruments issued or guaranteed by persons with short-term debt having
such ratings;

. unrated instruments determined by the Adviser, pursuant to procedures
approved by the Board of Trustees, to be of comparable quality to such
instruments; and

. shares of other open-end investment companies that invest in the type of
obligations in which the Fund may invest and securities issued by the U.S.
government or any agency or instrumentality.
67
<PAGE>

INVESTMENTS. The Fund's investments may include the following:

Municipal Obligations. The Fund may purchase Municipal Obligations which are
classified as "general obligation" securities and "revenue" securities. Revenue
securities may include private activity bonds which are not payable from the
unrestricted revenues of the issuer. Consequently, the credit quality of pri-
vate activity bonds is usually directly related to the credit standing of the
corporate user of the facility involved. While interest paid on private activ-
ity bonds will be exempt from regular federal income tax, it may be treated as
a specific tax preference item under the federal alternative minimum tax. The
portfolio may also include "moral obligation" securities.

Variable and Floating Rate Instruments. The Fund may purchase variable or
floating rate notes issued by industrial development authorities and other gov-
ernmental entities, which are instruments that provide for adjustments in the
interest rate on certain reset dates or whenever a specified interest rate
index changes, respectively.

When-Issued and Delayed Settlement Transactions. The Fund may purchase securi-
ties on a "when-issued" or "delayed settlement" basis. The Fund expects that
commitments to purchase when-issued or delayed settlement securities will not
exceed 25% of the value of its total assets absent unusual market conditions
and that commitments by the Fund to purchase when-issued securities will not
exceed 45 days. The Fund does not intend to purchase when-issued or delayed
settlement securities for speculative purposes but only in furtherance of its
investment objective. The Fund receives no income from when-issued or delayed
settlement securities prior to delivery of such securities.

Illiquid Securities. The Fund will not invest more than 10% of the value of its
total assets in illiquid securities, which may be illiquid due to legal or con-
tractual restrictions on resale or the absence of readily available market quo-
tations. Securities that have readily available market quotations are not
deemed illiquid for purposes of this limitation.

68
<PAGE>

Other Types of Investments. This Prospectus describes the Fund's principal
investment strategies, and the particular types of securities in which the Fund
principally invests. The Fund may, from time to time, make other types of
investments and pursue other investment strategies in support of its overall
investment goal. These supplemental investment strategies are described in the
Statement of Additional Information, which is referred to on the back cover of
this Prospectus.

RISK FACTORS. The principal risks of investing in the Fund are also described
above in the Risk/Return Summary. The following supplements that description.

Credit Risk. The risk that an issuer will be unable to make principal and
interest payments when due is known as "credit risk." U.S. government securi-
ties are generally considered to be the safest type of investment in terms of
credit risk. Municipal obligations generally rank between U.S. government secu-
rities and corporate debt securities in terms of credit safety. Credit quality
ratings published by a NRSRO are widely accepted measures of credit risk. The
lower a security is rated by a NRSRO the more credit risk it is considered to
represent.

Special Considerations Affecting the Fund. The Fund is concentrated in securi-
ties issued by the State of California or entities within the State of Califor-
nia and therefore, investment in the Fund may be riskier than an investment in
other types of money market funds. The Fund's ability to achieve its investment
objective is dependent upon the ability of the issuers of California Municipal
Obligations to timely meet their continuing obligations with respect to the
Municipal Obligations. Any reduction in the creditworthiness of issuers of Cal-
ifornia Municipal Obligations could adversely affect the market values and mar-
ketability of California Municipal Obligations, and, consequently, the net
asset value of the Fund's portfolio.

General obligation bonds of the state of California are currently rated AA- and
AA3, respectively, by Standard & Poor's Ratings Services and Moody's Investors
Service, Inc.
69
<PAGE>

Certain California constitutional amendments, legislative measures, executive
orders, administrative regulations and voter initiatives could result in cer-
tain adverse consequences affecting California Municipal Obligations. Signifi-
cant financial and other considerations relating to the Fund's investments in
California Municipal Obligations are summarized in the Statement of Additional
Information.

The Fund may invest more than 25% of its assets in Municipal Obligations the
interest on which is paid solely from revenues of similar projects if such
investment is deemed necessary or appropriate by the Fund's Adviser. To the
extent that the Fund's assets are concentrated in Municipal Obligations pay-
able from revenues on similar projects, the Fund will be subject to the pecu-
liar risks presented by such projects to a greater extent than it would be if
the Fund's assets were not so concentrated.

70
<PAGE>

Financial Highlights
The financial highlights tables are intended to help you understand the Fund's
financial performance for the past 5 years ended January 31, 1999 and the nine
months ended October 31, 1999. Certain information reflects financial results
for a single Fund share. The total returns in the table represent the rate that
an investor would have earned or lost on an investment in the Fund (assuming
reinvestment of all dividends and distributions). This information has been
audited by PricewaterhouseCoopers LLP, whose report, along with the Fund's
financial statements, are incorporated by reference into the Statement of Addi-
tional Information and included in the Annual Report, each of which is avail-
able upon request.

California Money Fund Institutional Shares
The table below sets forth selected financial data for a California Money Fund
Institutional Share outstanding throughout each year presented.

----------------------------------------------
<TABLE>
<CAPTION>
Nine Months
Ended
October 31, Year Ended January 31,
1999 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- -------
Income From Investment
Operations:
Net Investment Income .0201 .0305 .0334 .0316 .0356 .0281
------- ------- ------- ------- ------- -------
Less Distributions:
Dividends to
Shareholders From Net
Investment Income (.0201) (.0305) (.0334) (.0316) (.0356) (.0281)
------- ------- ------- ------- ------- -------
Net Asset Value, End of
Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= =======
Total Return 2.73%/2/ 3.09% 3.39% 3.21% 3.62% 2.84%
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000) 543,476 549,170 460,339 326,521 389,883 385,824
Ratio of Expenses to
Average Daily Net
Assets/1/ .20%/2/ .20% .20% .20% .20% .20%
Ratio of Net Investment
Income to Average Daily
Net Assets 2.68%/2/ 3.02% 3.34% 3.15% 3.55% 2.79%
</TABLE>

----------------------------------------------
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .45% (annualized) for
the nine months ended October 31, 1999 and .45%, .46%, .48%, .48% and .48%
for the years ended January 31, 1999, 1998, 1997, 1996 and 1995, respective-
ly, for California Money Fund Institutional Shares.
/2/Annualized.
71
<PAGE>

New York Money Fund

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------

Risk/Return Summary

Investment Goal:
The Fund seeks to provide investors with as high a level of current interest
income that is exempt from federal income tax and, to the extent possible,
from New York State and New York City personal income taxes as is consistent
with the preservation of capital and relative stability of principal.

Investment Policies:
The Fund invests primarily in debt obligations issued by or on behalf of the
State of New York. We may also invest in debt obligations issued by or on
behalf of other states, territories, and possessions of the United States, the
District of Columbia, and their respective authorities, agencies, instrumen-
talities and political subdivisions, and tax-exempt derivative securities such
as tender option bonds, participations, beneficial interests in trusts and
partnership interests ("Municipal Obligations"). Dividends paid by the Fund
that are derived from interest on obligations that is exempt from taxation
under the Constitution or statutes of New York ("New York Municipal Obliga-
tions") are exempt from regular federal, New York State and New York City per-
sonal income tax. New York Municipal Obligations include municipal securities
issued by the State of New York and its political sub-divisions, as well as
certain other governmental issuers such as the Commonwealth of Puerto Rico.

The Fund is non-diversified because it concentrates its investments in New
York Municipal Obligations. This means that it may invest a greater percentage
of its assets in a particular issuer, and that its performance will be depen-
dent upon a smaller category of securities than a diversified portfolio.
Accordingly, the Fund may experience greater fluctuations in net asset value
and may have greater risk of loss.

Dividends derived from interest on Municipal Obligations other than New York
Municipal Obligations are exempt from federal income tax but may be subject to
New York State and New York City personal income tax.

72
<PAGE>

Who May Want to Invest in the Fund:
The Fund is designed for institutional investors and their customers seeking as
high a level of current interest income that is exempt from federal income tax
and, to the extent possible, from New York State and New York City personal
income taxes as is consistent with the preservation of capital and relative
stability of principal.

[GRAPH]

New York Money Fund
Institutional Shares
1990 5.40
1991 3.89
1992 2.66
1993 2.22
1994 2.63
1995 3.69
1996 3.30
1997 3.48
1998 3.22
1999 2.99

During the ten-year period shown in the bar chart, the highest quarterly return
was 5.54% (for the quarter ended June 30, 1990) and the lowest quarterly return
was 2.09% (for the quarter ended March 31, 1994).
73
<PAGE>

The Fund's Average Annual Total Return for Periods Ended December 31, 1999

<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
<S> <C> <C> <C>
New York Money Fund Institutional Shares 2.99% 3.33% 3.34%
IBC's Money Fund Report:
New York State Specific Tax-Free Institutions--Only
Money Fund Average* 2.72% 3.11% 3.22%
<CAPTION>
7 Day Yield As of
December 31, 1999
<S> <C> <C> <C>
New York Money Fund Institutional Shares 3.56%
IBC's Money Fund Report:
New York State Specific Tax-Free Institutions--Only
Money Fund Average* 3.55%
</TABLE>
* IBC's Money Fund Report: New York State Specific Tax-Free Institutions--
Only Money Fund Average is comprised of institutional money market funds
investing in tax-exempt obligations of New York State.

Current Yield: You may obtain the Fund's current 7-day yield by calling 1-800-
821-7432 or by visiting its web site at www.pif.com.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and
hold shares of the Fund.

Annual Fund Operating Expenses
(Expenses that are deducted from Fund assets)

<TABLE>
<CAPTION>
New York Money Fund
Institutional Shares
<S> <C> <C> <C>
Management Fees .20%
Other Expenses .30%
Administration Fees .20%
Miscellaneous .10%
Total Annual Fund Operating Expenses(/1/) .50%
=======
</TABLE>
(/1/)The Adviser and PFPC Inc., the Fund's co-administrator, may from time to
time waive the investment advisory and administration fees otherwise pay-
able to them or may reimburse the Fund for its operating expenses. As a
result of fee waivers, "Management Fees," "Other Expenses" and "Total
Annual Fund Operating Expenses" of the Fund actually incurred are set
forth below. The Adviser and PFPC expect to continue such fee waivers.

<TABLE>
<CAPTION>
New York
Money Fund
Institutional Shares
<S> <C> <C>
Management Fees .05%
Other Expenses .15%
Administration Fees .05%
Miscellaneous .10%
Total Annual Fund Operating Expenses (after current
waivers) .20%
==========
</TABLE>

74
<PAGE>

Example
This Example is intended to help you compare the cost of investing in the Fund
(without the waivers) with the cost of investing in other mutual funds.

<TABLE>
<CAPTION>
New York Money Fund
Institutional Shares
<S> <C>
One Year $ 51
Three Years $160
Five Years $280
Ten Years $628
</TABLE>
75
<PAGE>

INVESTMENT STRATEGIES AND RISK DISCLOSURE

The Fund is a money market fund. The investment objective of the Fund is to
provide investors with as high a level of current interest income that is
exempt from federal income tax and, to the extent possible, from New York
State and New York City personal income taxes as is consistent with the pres-
ervation of capital and relative stability of principal. The Fund's investment
objective may be changed by the Board of Trustees without shareholder approv-
al. The Fund invests primarily in New York Municipal Obligations.

The securities purchased by the Fund are subject to the quality, diversifica-
tion, and other requirements of Rule 2a-7 under the Investment Company Act of
1940, as amended, and other rules of the Securities and Exchange Commission.
The Fund will only purchase securities that present minimal credit risk as
determined by the Adviser pursuant to guidelines approved by the Board of
Trustees of Provident Institutional Funds. Securities purchased by the Fund
(or the issuers of such securities) will be Eligible Securities. Applicable
Eligible Securities are:

. instruments which are rated at the time of purchase (or which are guaran-
teed or in some cases otherwise supported by credit supports with such rat-
ings) in one of the top two rating categories by two unaffiliated nation-
ally recognized statistical rating organizations ("NRSROs") (or one NRSRO
if the security or guarantee was rated by only one NRSRO);

. instruments issued or guaranteed by persons with short-term debt having
such ratings;

. unrated instruments determined by the Adviser, pursuant to procedures
approved by the Board of Trustees, to be of comparable quality to such
instruments; and

. shares of other open-end investment companies that invest in the type of
obligations in which the Fund may invest.

INVESTMENTS. The Fund's investments may include the following:

Municipal Obligations. They may purchase Municipal Obligations which are clas-
sified as "general obligation" securities and "revenue" securities. Revenue
securities may include private activity bonds which are not payable from the
unrestricted revenues of the issuer. Consequently, the credit quality of pri-
vate activity bonds is usually directly related to the credit standing of the
corporate user of the facility involved. While interest paid on private activ-
ity bonds will be exempt from regular federal income tax, it may be treated as
a specific tax preference item under the federal alternative minimum tax. The
portfolio may also include "moral obligation" securities.

76
<PAGE>

When-Issued and Delayed Settlement Transactions. The Fund may purchase securi-
ties on a "when-issued" or "delayed settlement" basis. The Fund expects that
commitments to purchase when-issued or delayed settlement securities will not
exceed 25% of the value of its total assets absent unusual market conditions
and that commitments by the Fund to purchase when-issued securities will not
exceed 45 days. The Fund does not intend to purchase when-issued or delayed
settlement securities for speculative purposes but only in furtherance of its
investment objective. The Fund receives no income from when-issued or delayed
settlement securities prior to delivery of such securities.

Other Types of Investments. This Prospectus describes the Fund's principal
investment strategies, and the particular types of securities in which the Fund
principally invests. The Fund may, from time to time, make other types of
investments and pursue other investment strategies in support of its overall
investment goal. These supplemental investment strategies are described in the
Statement of Additional Information, which is referred to on the back cover of
this Prospectus.

RISK FACTORS. The principal risks of investing in the Fund are also described
above in the Risk/Return Summary. The following supplements that description.

77
<PAGE>

Credit Risk. The risk that an issuer will be unable to make principal and
interest payments when due is known as "credit risk." U.S. government securi-
ties are generally considered to be the safest type of investment in terms of
credit risk. Municipal obligations generally rank between U.S. government
securities and corporate debt securities in terms of credit safety. Credit
quality ratings published by an NRSRO are widely accepted measures of credit
risk. The lower a security is rated by an NRSRO, the more credit risk it is
considered to represent.

Special Considerations Affecting the Fund. The Fund's ability to achieve its
investment objective is dependent upon the ability of the issuers of New York
Municipal Obligations to meet their continuing obligations for the payment of
principal and interest.

Certain substantial issuers of New York Municipal Obligations (including
issuers whose obligations may be acquired by the Fund) have, at times, experi-
enced serious financial difficulties. These difficulties have at times jeopar-
dized the credit standing and impaired the borrowings abilities of all New
York issuers and have generally contributed to higher interest costs for their
borrowing and fewer markets for their outstanding debt obligations. Strong
demand for New York Municipal Obligations has at times had the effect of per-
mitting New York Municipal Obligations to be issued with yields relatively
lower, and after issuance, to trade in the market at prices relatively higher,
than comparably rated municipal obligations issued by other jurisdictions. A
recurrence of the financial difficulties previously experienced by certain
issuers of New York Municipal Obligations could result in defaults or declines
in the market values of those issuers' existing obligations and, possibly, in
the obligations of other issuers of New York Municipal Obligations. Although
as of the date of this Prospectus, no issuers of New York Municipal Obliga-
tions are in default with respect to the payment of their Municipal Obliga-
tions, the occurrence of any such default could affect adversely the market
values and marketability of all New York Municipal Obligations and, conse-
quently, the net asset value of the Fund's portfolio.

Municipal Obligations. Opinions relating to the validity of Municipal Obliga-
tions and to the exemption of interest thereon from federal income tax (and,
with respect to New York Municipal Obligations, to the exemption of interest
thereon from New York State and New York City personal income taxes) are ren-
dered by bond counsel to the respective issuers at the time of issuance, and
opinions relating to the validity of and the tax-exempt status of payments
received by the Fund for tax-exempt derivative securities are rendered by
counsel to the respective sponsors of such securities. The Adviser will rely
on such opinions and will not review independently the underlying proceedings
relating to the issuance of Municipal Obligations, the creation of any tax-
exempt derivative securities, or the bases for such opinions.

78
<PAGE>

Financial Highlights
The financial highlights tables are intended to help you understand the Fund's
financial performance for the past 5 years ended July 31, 1999 and the three
months ended October 31, 1999. Certain information reflects financial results
for a single Fund share. The total returns in the table represent the rate that
an investor would have earned or lost on an investment in the Fund (assuming
reinvestment of all dividends and distributions). This information has been
audited by PricewaterhouseCoopers LLP, whose report, along with the Fund's
financial statements, are incorporated by reference into the Statement of Addi-
tional Information and included in the Annual Report, each of which is avail-
able upon request.

New York Money Fund Institutional Shares
The table below sets forth selected financial data for a New York Money Fund
Institutional Share outstanding throughout each year presented.

----------------------------------------------
<TABLE>
<CAPTION>
Three Months
Ended
October 31, Year Ended July 31,
1999 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- -------
Income From Investment
Operations:
Net Investment Income .0076 .0289 .0336 .0334 .0339 .0338
------- ------- ------- ------- ------- -------
Less Distributions:
Dividends to
Shareholders From Net
Investment Income (.0076) (.0289) (.0336) (.0334) (.0339) (.0338)
------- ------- ------- ------- ------- -------
Net Asset Value, End of
Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= =======
Total Return 3.06%/2/ 2.93% 3.41% 3.39% 3.44% 3.43%
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000) 323,247 295,728 318,091 269,821 272,145 246,650
Ratio of Expenses to
Average Daily Net
Assets/1/ .20%/2/ .20% .20% .20% .20% .20%
Ratio of Net Investment
Income to Average Daily
Net Assets 3.02%/2/ 2.87% 3.35% 3.34% 3.37% 3.36%
</TABLE>

----------------------------------------------
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .50% (annualized) for
the three months ended October 31, 1999 and .48%, .48%, .49%, .50% and .49%
for the years ended July 31, 1999, 1998, 1997, 1996 and 1995, respectively,
for New York Money Fund Institutional Shares.
/2/Annualized.
79
<PAGE>

Management of the Fund

Investment Adviser
The Adviser, a majority-owned indirect subsidiary of PNC Bank, serves as the
Company's investment adviser. The Adviser and its affiliates are one of the
largest U.S. bank managers of mutual funds, with assets currently under manage-
ment in excess of $58 billion. BIMC (formerly known as PNC Institutional Man-
agement Corporation or "PIMC") was organized in 1977 by PNC Bank to perform
advisory services for investment companies and has its principal offices at
Bellevue Park Corporate Center, 400 Bellevue Parkway, Wilmington, Delaware
19809.

As investment adviser, BIMC manages each Fund and is responsible for all pur-
chases and sales of Funds' securities. For the investment advisory services
provided and expenses assumed by it, BIMC is entitled to receive a fee, com-
puted daily and payable monthly, based on each Fund's average net assets. BIMC
and PFPC, the co-administrator, may from time to time reduce the investment
advisory and administration fees otherwise payable to them or may reimburse a
Fund for its operating expenses. Any fees waived and any expenses reimbursed by
BIMC and PFPC with respect to a particular fiscal year are not recoverable. For
the fiscal year ended October 31, 1999, TempFund, TempCash, FedFund, T-Fund,
Federal Trust Fund, Treasury Trust Fund, MuniFund, MuniCash, California Money
Fund and New York Money Fund paid investment advisory fees and administration
fees each aggregating .08%, .08%, .08%, .09%, .06%, .08%, .07%, .07%, .07%, and
.05%, respectively, (net of waivers) of their average net assets. The services
provided by BIMC and the fees payable by each Fund for these services are
described further in the Statement of Additional Information under "Management
of the Funds."

80
<PAGE>

Shareholder Information

Price of Fund Shares
A Fund's net asset value per share for purposes of pricing purchase and redemp-
tion orders is determined by PFPC Inc. ("PFPC"), the Trust's co-administrator,
twice each day on which both the New York Stock Exchange and the Federal
Reserve Bank of Philadelphia are open for business (a "Business Day"). The net
asset value of each Fund, except for TempFund and T-Fund is determined as of
12:00 Noon and 4:00 PM, Eastern Time (9:00 AM, and 1:00 PM Pacific Time). The
net asset value of TempFund and T-Fund is determined as of 12:00 Noon and 5:30
PM Eastern Time. The net asset value per share of each class of a Fund's shares
is calculated by adding the value of all securities and other assets of a Fund
that are allocable to a particular class, subtracting liabilities charged to
such class, and dividing the result by the total number of outstanding shares
of such class. In computing net asset value, each Fund uses the amortized cost
method of valuation as described in the Statement of Additional Information
under "Additional Purchase and Redemption Information." Under the 1940 Act, a
Fund may postpone the date of payment of any redeemable security for up to
seven days.

On any business day when the Bond Market Association ("BMA") recommends that
the securities markets close early, each Fund reserves the right to close at or
prior to the BMA recommended closing time. If a Fund does so, it will cease
granting same business day credits for purchase and redemption orders received
after the Fund's closing time and credit will be granted to the next business
day.

Purchase of Shares
Shares of each of the Funds are sold at the net asset value per share next
determined after confirmation of a purchase order by PFPC, which also serves as
the Trust's transfer agent. Purchase orders for shares are accepted only on
Business Days and must be transmitted to the Funds' Office in Wilmington, Dela-
ware by telephone (800-441-7450; in Delaware: 302-797-2350) or until 3:00 PM
Eastern Time through the Fund's internet-based order entry program, MA2000.

81
<PAGE>

The chart below outlines the cut-off times for when purchase orders are execut-
ed. Purchase orders accepted by PFPC by the cut-off time and for which payment
has been received by PNC Bank, N.A. ("PNC Bank"), an agent of the Trust's cus-
todian, PFPC Trust Company, by 4:00 PM Eastern Time (5:30 PM, Eastern Time, for
TempFund and T-Fund) will be executed that day. Purchase orders received after
the cut-off times, and orders for which payment has not been received by 4:00
PM Eastern Time (5:30 PM Eastern Time for TempFund and T-Fund) will not be
accepted, and notice thereof will be given to the institution placing the
order. Payment for purchase orders which are not received or accepted will be
returned after prompt inquiry to the sending institution. Each of the Funds may
at their discretion reject any purchase order for Institutional Shares.

* Purchase orders placed between 3:00 PM and 5:30 PM, Eastern Time, may only
be transmitted by telephone, and TempFund and T-Fund reserve the right to
limit the amount of such orders.
** Purchase orders for Institutional Shares of the California Money Fund will
be accepted between 12:00 Noon Eastern Time and 1:00 PM Eastern Time up to a
maximum of $1 million per account. The Fund reserves the right to limit the
amount of such orders.

Payment for Institutional Shares of a Fund may be made only in federal funds or
other funds immediately available to PNC Bank. The minimum initial investment
by an institution for Institutional Shares is $3 million. There is no minimum
subsequent investment. A Fund, at its discretion, may reduce the minimum ini-
tial investment for Institutional Shares for specific institutions whose aggre-
gate relationship with the Provident Institutional Funds is substantially
equivalent to this $3 million minimum and warrants this reduction.

Institutional Shares of the Funds are sold without charge by a Fund. Institu-
tional investors purchasing or holding Institutional Shares of the Funds for
their customer accounts may charge customer fees for cash management and other
services provided in connection with their accounts. A customer should, there-
fore, consider the terms of its account with an institution before purchasing
Institutional Shares of the Funds. An institution purchasing Institutional
Shares of the Fund on behalf of its customers is responsible for transmitting
orders to a Fund in accordance with its customer agreements.

82
<PAGE>

Redemption of Shares
Redemption orders must be transmitted to the Funds' Office in Wilmington, Dela-
ware in the manner described under "Purchase of Shares." Institutional Shares
are redeemed without charge by a Fund at the net asset value per share next
determined after PFPC's receipt of the redemption request.

The chart below outlines the cut-off times for the redemption of Institutional
Shares of the Funds. Payment for redeemed Institutional Shares of the Funds for
which redemption requests are received by PFPC by the established cut-off times
on a Business Day is normally made in federal funds wired to the redeeming
shareholder on the same day. Payment of redemption requests which are received
after the established cut-off times, or on a day when PNC Bank is closed, is
normally wired in federal funds on the next day following redemption that PNC
Bank is open for business.

* Redemption orders placed between 3:00 PM and 5:30 PM Eastern Time may only
be transmitted by telephone. TempFund and T-Fund reserve the right to limit
the amount of such orders.
** Redemption orders for Institutional Shares of California Money Fund will be
accepted between 12:00 Noon Eastern Time and 1:00 PM Eastern Time for a max-
imum order of $1 million per account. The Fund reserves the right to limit
the amount of such orders.

The Funds shall have the right to redeem shares in any Institutional Share
account if the value of the account is less than $100,000, after sixty days'
prior written notice to the shareholder. If during the sixty-day period the
shareholder increases the value of its Institutional Share account to $100,000
or more, no such redemption shall take place. If a shareholder's Institutional
Share account falls below an average of $100,000 in any particular calendar
month, the account may be charged an account maintenance fee with respect to
that month (with the exception of TempFund). Any such redemption shall be
effected at the net asset value next determined after the redemption order is
entered. In addition, a Fund may redeem Institutional Shares involuntarily
under certain special circumstances described in the Statement of Additional
Information under "Additional Purchase and Redemption
83
<PAGE>

Information." An institution redeeming shares of the Fund on behalf of its cus-
tomers is responsible for transmitting orders to a Fund in accordance with its
customers agreements.

Dividends and Distributions
Each Fund declares dividends daily and distributes substantially all of its net
investment income to shareholders monthly. Shares begin accruing dividends on
the day the purchase order for the shares is effected and continue to accrue
dividends through the day before such shares are redeemed. Dividends are paid
monthly by check, or by wire transfer if requested in writing by the sharehold-
er, within five business days after the end of the month or within five busi-
ness days after a redemption of all of a shareholder's shares of a particular
class.

Institutional shareholders may elect to have their dividends reinvested in
additional full and fractional shares of the same class of shares with respect
to which such dividends are declared at the net asset value of such shares on
the payment date. Reinvested dividends receive the same tax treatment as divi-
dends paid in cash. Reinvestment elections, and any revocations thereof, must
be made in writing to PFPC, the Fund's transfer agent, at P.O. Box 8950, Wil-
mington, Delaware 19885-9628 and will become effective after its receipt by
PFPC with respect to dividends paid.

Federal Taxes
Distributions paid by TempFund, TempCash, FedFund, T-Fund, Federal Trust Fund
and Treasury Trust Fund, will generally be taxable to shareholders. Each Fund
expects that all, or substantially all, of its distributions will consist of
ordinary income. You will be subject to income tax on these distributions
regardless whether they are paid in cash or reinvested in additional shares.
The one major exception to these tax principles is that distribution on, and
sales exchanges and redemptions of, shares held in an IRA (or other tax quali-
fied plan) will not be currently taxable.

Tax Exempt Funds--MuniFund, MuniCash, California Money Fund and New York Money
Fund ("the Tax-Exempt Funds") anticipate that substantially all of their income
dividends will be "exempt interest dividends," which are exempt from federal
income taxes. Interest on indebtedness incurred by a shareholder to purchase or
carry shares of a Tax-Exempt Fund generally will not be deductible for federal
income tax purposes. You should note that a portion of the exempt interest div-
idends paid by a Tax-Exempt Fund may constitute an item of tax preference for
purposes of determining federal alternative minimum tax liability. Exempt-
interest dividends will also be considered along with other adjusted gross
income in determining whether any Social Security or railroad retirement pay-
ments received by you are subject to federal income taxes.

State and Local Taxes
Shareholders may also be subject to state and local taxes on distributions.
State income taxes may not apply however, to the portions of each Fund's dis-
tributions, if any, that are attributable to interest on federal securities or
interest on securities of the particular state or localities within the state.

84
<PAGE>

Dividends that are paid by California Money Fund to non-corporate shareholders
and are derived from interest on California Municipal Obligations or certain
U.S. Government obligations are also exempt from California state personal
income tax, provided that at least 50% of the aggregate value of the Fund's
assets consist of exempt-interest obligations. However, dividends paid to cor-
porate shareholders subject to California state franchise tax or California
state corporate income tax will be taxed as ordinary income to such sharehold-
ers, notwithstanding that all or a portion of such dividends is exempt from
California state personal income tax. Moreover, to the extent that the Fund's
dividends are derived from interest on debt obligations other than California
Municipal Obligations or certain U.S. Government obligations such dividends
will be subject to California state personal income tax, even though such div-
idends may be exempt for Federal income tax purposes.

Dividends paid by California Money Fund derived from U.S. Government obliga-
tions generally will be exempt from state and local tax as well. However,
except as noted with respect to California state personal income tax, in some
situations distributions of net investment income may be taxable to investors
under state or local law as dividend income even though all or a portion of
such distributions may be derived from interest on tax-exempt obligations
which, if realized directly, would be exempt from such income taxes.

The New York Money Fund intends to comply with certain state tax requirements
so that the exempt-interest dividends derived from interest on New York Munic-
ipal Obligations will be exempt from New York State and New York City personal
income taxes (but not corporate franchise taxes.) Dividends and distributions
derived from taxable income and capital gains are exempt from New York State
and New York City taxes. Interest on indebtedness incurred by a shareholder to
purchase or carry shares of the Fund is not deductible for federal, New York
State or New York City personal income tax purposes. Except as noted with
respect to New York State and New York City personal income taxes, dividends
and distributions paid to shareholders that are derived from income on Munici-
pal Obligations may be taxable income under state or local law even though all
or a portion of such dividends or distributions may be derived from interest
on tax-exempt obligations that, if paid directly to shareholders, would be
tax-exempt income.

* * *

PFPC, as transfer agent, will send each of the Funds shareholder or their
authorized representative an annual statement designating the amount, if any,
of any dividends and distributions made during each year and their federal tax
treatment. Additionally, PFPC will send California Money Fund and New York
Money Funds' shareholders or their authorized representatives an annual state-
ment regarding, as applicable California, New York State and New York City tax
treatment.

The foregoing is only a summary of certain tax considerations under current
law, which may be subject to change in the future. Shareholders who are non-
resident aliens, foreign trusts or estates, or foreign corporations or part-
nerships, may be subject to different United States federal income tax treat-
ment. You should consult your tax adviser for further information regarding
federal, state, local and/or foreign tax consequences relevant to your spe-
cific situation.
85
<PAGE>

How to Contact Provident Institutional Funds

For purchases and redemption orders only call: 800-441-7450

For yield information call: 800-821-6006
TempFund Institutional Shares Code #: 24
TempCash Institutional Shares Code #: 21
FedFund Institutional Shares Code #: 30
T-Fund Institutional Shares Code #: 60
Federal Trust Institutional Shares Code #: 11
Treasury Trust Fund Institutional Shares Code #: 62
MuniFund Institutional Shares Code #: 50
MuniCash Institutional Shares Code #: 48
California Money Fund Institutional Shares Code #: 52
New York Money Fund Institutional Shares Code #: 53

For other information call: 800-821-7432 or visit our website at www.pif.com

Written correspondence may be sent to:
Provident Institutional Funds
Bellevue Park Corporate Center
400 Bellevue Parkway
Wilmington, DE 19809
<PAGE>

Where to Find More Information
The Statement of Additional Information (the "SAI") includes additional infor-
mation about the Trust's investment policies, organization and management. It
is legally part of this prospectus (it is incorporated by reference). The
Annual and Semi-Annual Reports provide additional information about each
Fund's investments, performance and portfolio holdings.

Investors can get free copies of the above named documents, and make share-
holder inquiries, by calling 1-800-821-7432. Other information is available on
the Trust's web site at www.pif.com.

Information about the Trust (including the SAI) can be reviewed and copied at
the SEC's Public Reference Room in Washington, D.C., and information on the
operation of the Public Reference Room may be obtained by calling the SEC at
1-202-942-8090. Reports and other information about the Trust are available on
the EDGAR Database on the SEC's Internet site at http://www.sec.gov; copies of
this information may be obtained, after paying a duplicating fee, by elec-
tronic request at the following E-mail address: [email protected], or by
writing the SEC's Public Reference Section, Washington, D.C. 20549-0102.

The Provident Institutional Funds 1940 Act File No. is 811-2354.

PIF-P-001
<PAGE>

[LOGO]

PROVIDENT INSTITUTIONAL FUNDS
-----------------------------

Dollar Shares

PROSPECTUS

March 1, 2000

PROVIDENT
[LOGO] INSTITUTIONAL
FUNDS

The Securities and Exchange Commission has not approved or disapproved the
Funds' shares or determined if this prospectus is accurate or complete. It is a
criminal offense to state otherwise.