<PAGE>
400 Bellevue Parkway
4th Floor
[Logo of Provident Institutional Funds] Wilmington, DE 19809
(302) 797-2000
www.pif.com
May 4, 2000
Dear Shareholder:
We are pleased to present the Semi-Annual Report to Shareholders of
Provident Institutional Funds for the period ended April 30, 2000.
Included is the Investment Adviser's Report with commentary on the United
States' economy and its continued strength and growth. The Adviser's
commentary also focuses on the strong performance and asset growth in our
Funds.
Provident Institutional Funds offers a variety of high quality Taxable and
Tax-Exempt Money Market Funds designed to meet the varied needs of our
institutional investors. Please contact your account representative or call
our Client Service Center at (800) 821-7432 to discuss your investment
options. We welcome the opportunity to serve you.
Sincerely,
/s/ Rodney D. Johnson
Rodney D. Johnson
Chairman
<PAGE>
PROVIDENT INSTITUTIONAL FUNDS
Semi-Annual Report of the Investment Adviser
The U.S. economy roared ahead in the final quarter of last year, paced by a
7.3% increase in gross domestic product (GDP), the strongest quarterly gain in
sixteen years. For all of 1999, the economy expanded by 4.2%, the third
consecutive year of better than 4% growth. Corporate profits rose 2.7% in the
fourth quarter and 8.8% for the year. Consumer spending continued to fuel the
economy's expansion, with auto sales and retail sales, setting 13 and 15-year
records, respectively. In the first quarter, growth slowed slightly to 5.4%
but remained well above the Federal Reserve's target, as the wealth effect of
higher stock market valuation kept consumers optimistic. Even a doubling in
energy prices and four increases in short-term interest rates since last
November by the Fed did very little to curb consumers' appetites. Price
indices, however, did begin to show the effect of higher oil prices and a
strong economy. The year-over-year gain in consumer prices rose to 3.0% in
April, as compared to only 2.3% in April of 1999.
The Federal Reserve maintained a strong hold on monetary policy during the
period, raising the federal funds rate 25 basis points at its November,
February and March meetings and 50 basis points in May. The current rate of
6.50% is 1.75% above the level a year ago. Further monetary tightening is also
anticipated before the end of the year. The money market yield curve has
flattened over the period as the increase in 6-12 month yields have been less
than that experienced on overnight instruments. Most of the portfolios'
investments, therefore, have tended to be short, in the one to three-month
area. In addition, the prospect of higher rates ahead has also encouraged us
to maintain moderately short average weighted maturities across the
portfolios. The use of variable rate securities, such as obligations based on
one and three-month LIBOR, as well as others that reset based on the federal
funds and prime rates, also kept the portfolios responsive to changes in
short-term interest rates during the last six months.
Total assets of the Trust's ten portfolios were $24.5 billion on April 30,
2000, versus $23.6 billion on October 31, 1999. The Y2K phenomena was not the
event widely predicted and all the portfolios experienced lighter redemption
pressure than was anticipated. The first quarter of 2000 was a particularly
strong period of growth, with assets averaging $28 billion versus $25.7
billion in the fourth quarter.
The performance of the portfolios continued to be very competitive within
their respective peer groups. For the one year period ended April 30, 2000,
all the Trust's portfolios, except for Treasury Trust, ranked in the top
quartile of their peer groups, according to Lipper Funds, Inc. TempFund's
performance placed it #31 out of 203 funds, while TempCash was #34 in the same
institutional category. Among the Treasury funds, T-Fund ranked #10 out of 123
funds, while Treasury Trust was #39. In the U.S. government funds category,
FedTrust was 21st out of 98 funds, while FedFund was #18. The municipal
portfolios also performed well in the year ended April. MuniCash was ranked #9
out of 90 institutional funds, while MuniFund was #21. Finally, CalMoney
ranked #4 out of 52 California funds, and NY Money placed #3 out of 52 New
York funds. The funds' conservative investment philosophy, the focus on credit
quality and research, and their competitive expense ratios all played a role
in this performance. Of course, past performance is no guarantee of future
results.
We appreciate your continued interest in the Provident Institutional Funds,
and look forward to meeting your institutional liquidity needs in the future.
BlackRock Institutional Management
Corporation
2
<PAGE>
Provident Institutional Funds
TempFund Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
------------------------- -------- -------- ---------------
<S> <C> <C> <C>
CERTIFICATES OF DEPOSIT--5.1%
Domestic Certificates Of Deposit
Bank One Illinois (A-1, P-1)
6.10%....................................... 06/30/00 $100,000 $ 100,000,000
FCC National Bank (A-1, P-1)
6.03%....................................... 08/11/00 100,000 99,986,623
First National Bank of Chicago (A-1, P-1)
5.60%....................................... 06/14/00 100,000 99,994,221
First Union National Bank (A-1, P-1)
5.56%....................................... 06/02/00 50,000 50,000,000
Wilmington Trust Co. (A-1, P-1)
5.99%....................................... 05/18/00 170,000 169,999,209
6.05%....................................... 06/01/00 150,000 150,000,000
6.20%....................................... 06/23/00 75,000 75,000,000
---------------
Total......................................................... 744,980,053
---------------
COMMERCIAL PAPER--62.2%
Abrasive Asbestos & Miscellaneous Nonmetallic Mineral Products--
0.5%
Minnesota Mining & Manufacturing (A-1+, P-1)
6.00%....................................... 06/19/00 50,000 49,591,667
6.00%....................................... 06/20/00 4,861 4,820,492
6.00%....................................... 06/27/00 12,614 12,494,167
---------------
66,906,326
---------------
Asset Backed Securities--17.7%
Barton Capital Corp. (A-1+, P-1)
6.05%....................................... 05/23/00 170,375 169,745,086
Corporate Receivables Corp. (A-1+, P-1)
6.08%....................................... 05/19/00 100,000 99,696,000
6.09%....................................... 05/23/00 100,000 99,627,833
6.07999%.................................... 06/20/00 100,000 99,155,556
Dakota Certificates Program (A-1+, P-1)
6.09999%.................................... 06/09/00 50,000 49,669,584
6.10%....................................... 06/12/00 47,200 46,864,093
6.09999%.................................... 06/13/00 57,000 56,584,692
6.10%....................................... 06/16/00 75,000 74,415,417
Delaware Funding Corp. (A-1+, P-1)
6.04%....................................... 05/17/00 100,054 99,785,411
Edison Asset Securitzation LLC (A-1+, P-1)
6.03%....................................... 05/12/00 153,234 152,951,666
Grand Funding Corp. (A-1+, P-1)
6.05%....................................... 05/09/00 25,000 24,966,389
6.05%....................................... 05/16/00 206,289 205,768,980
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
------------------------- -------- -------- ---------------
<S> <C> <C> <C>
COMMERCIAL PAPER (continued)
Asset Backed Securities (continued)
6.05%................................... 05/17/00 $ 75,000 $ 74,798,333
6.09999%................................ 05/17/00 19,900 19,846,049
6.05%................................... 05/22/00 50,000 49,823,542
6.09999%................................ 06/12/00 65,450 64,984,214
6.09999%................................ 06/15/00 25,003 24,812,352
6.09999%................................ 06/16/00 75,000 74,415,417
Pooled Accounts Receivable Capital Corp. (A-1+, P-1)
6.05%................................... 05/03/00 25,240 25,231,517
6.04999%................................ 05/04/00 25,216 25,203,287
6.04999%................................ 05/12/00 26,669 26,619,699
6.05%................................... 05/16/00 26,000 25,934,458
6.07%................................... 05/22/00 34,245 34,123,744
6.10%................................... 05/22/00 25,268 25,178,088
6.09%................................... 06/05/00 35,337 35,127,776
6.09%................................... 06/14/00 101,575 100,818,943
Sheffield Receivables Corp. (A-1+, P-1)
6.05%................................... 05/15/00 352,805 351,974,928
6.09%................................... 05/22/00 22,300 22,220,779
6.07999%................................ 06/14/00 160,000 158,811,022
Special Purpose Accounts Receivable (A-1, P-1)
6.07%................................... 05/09/00 90,000 89,878,600
Trident Capital Finance, Inc. (A-1+, P-1)
6.08%................................... 06/05/00 181,575 180,501,690
---------------
2,589,535,145
---------------
Beverages--0.7%
Coca-Cola Co. (A-1, P-1)
6.08%................................... 05/22/00 100,000 99,645,333
---------------
Food & Kindred Products--0.4%
Campbell Soup Co. (A-1+, P-1)
5.87%................................... 06/19/00 50,000 49,600,514
---------------
Insurance Agents, Brokers--1.1%
Marsh USA Inc. (A-1+, P-1)
5.87%................................... 05/05/00 100,000 99,934,778
5.87%................................... 05/11/00 58,000 57,905,428
---------------
157,840,206
---------------
Insurance Carriers--2.6%
Aegon Funding Corp. (A-1+, P-1)
5.87%................................... 05/01/00 93,000 93,000,000
5.90%................................... 05/02/00 58,000 57,990,494
</TABLE>
3
<PAGE>
TempFund Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ---------------
<S> <C> <C> <C>
COMMERCIAL PAPER (continued)
Insurance Carriers (continued)
5.88%....................................... 05/11/00 $103,000 $ 102,831,767
5.88%....................................... 05/17/00 50,000 49,869,333
5.90%....................................... 05/17/00 81,000 80,787,600
---------------
384,479,194
---------------
Life Insurance--1.3%
Prudential Funding Corp. (A-1, P-1)
6.05%....................................... 06/12/00 100,000 99,294,167
6.20%....................................... 09/07/00 100,000 97,778,333
---------------
197,072,500
---------------
Miscellaneous Business Credit Institutions--1.7%
National Rural Utilities Coop. Finance Corp. (A-1+, P-1)
6.05%....................................... 08/07/00 60,000 59,011,833
6.08%....................................... 09/12/00 52,000 50,823,182
6.12%....................................... 09/13/00 50,000 48,852,500
6.12%....................................... 09/14/00 25,000 24,422,000
6.12%....................................... 09/18/00 75,000 73,215,000
---------------
256,324,515
---------------
Motor Vehicles--3.4%
DaimlerChrysler North America Holding Corp. (A-1, P-1)
5.89%....................................... 05/02/00 200,000 199,967,278
5.89%....................................... 05/03/00 100,000 99,967,278
5.90%....................................... 05/18/00 100,000 99,721,389
6.04%....................................... 05/19/00 100,000 99,698,000
---------------
499,353,945
---------------
Motors & Generators--2.6%
Emerson Electric Co. (A-1+, P-1)
6.07%....................................... 05/01/00 100,000 100,000,000
5.87%....................................... 05/17/00 75,000 74,804,333
6.08%....................................... 05/24/00 200,000 199,223,111
---------------
374,027,444
---------------
Personal Credit Institutions--4.6%
Associates First Capital Corp. (A-1, P-1)
5.88%....................................... 05/01/00 100,000 100,00,000
Ford Motor Credit (A-1, P-1)
6.01999%.................................... 05/10/00 100,000 99,849,500
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ---------------
<S> <C> <C> <C>
COMMERCIAL PAPER (continued)
Personal Credit Institutions (continued)
General Motors Acceptance Corp. (A-1, P-1)
5.89%.................................. 05/02/00 $ 75,000 $ 74,987,729
5.91%.................................. 05/08/00 200,000 199,770,167
5.91%.................................. 05/09/00 200,000 199,737,333
---------------
674,344,729
---------------
Security Brokers & Dealers--17.6%
Bear Stearns Co., Inc. (A-1, P-1)
6.02%.................................. 06/16/00 282,000 279,830,793
Credit Suisse First Boston Inc. (A-1+, P-1)
5.90%.................................. 05/09/00 200,000 199,737,778
Goldman Sachs Group, Inc. (A-1+, P-1)
6.13%.................................. 05/22/00 100,000 99,642,417
Goldman Sachs Group, Inc. (A-1+, P-1)
6.08%.................................. 05/25/00 300,000 298,784,000
Merrill Lynch & Co., Inc. (A-1+, P-1)
5.95%.................................. 05/31/00 250,000 248,760,417
6.13%.................................. 07/25/00 200,000 197,105,278
Morgan Stanley Dean Witter & Co. (A-1, P-1)
5.93%.................................. 05/17/00 200,000 199,472,889
5.95%.................................. 05/30/00 300,000 298,562,083
6.02%.................................. 06/12/00 65,000 64,543,483
Salomon Smith Barney Holdings, Inc. (A-1, P-1)
5.89%.................................. 05/11/00 100,000 99,836,389
6.01%.................................. 05/17/00 200,000 199,465,778
6.12%.................................. 06/06/00 200,000 198,776,000
6.13%.................................. 07/05/00 100,000 98,893,194
6.13%.................................. 07/11/00 100,000 98,791,028
---------------
2,582,201,527
---------------
Services--Equipment Rental & Leasing--0.7%
HD Real Estate Funding Corp. (A-1+, P-1)
5.93%.................................. 05/23/00 107,000 106,612,244
---------------
Short-Term Business Credit Institutions--4.9%
CIT Group Holdings, Inc. (A-1, P-1)
6.09%.................................. 05/22/00 100,000 99,644,750
General Electric Capital Corp. (A-1+, P-1)
5.92%.................................. 05/08/00 125,000 124,856,111
5.92%.................................. 06/06/00 150,000 149,112,000
5.95%.................................. 06/07/00 125,000 124,235,590
</TABLE>
4
<PAGE>
TempFund Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ---------------
<S> <C> <C> <C>
COMMERCIAL PAPER (continued)
Short-Term Business Credit Institutions (continued)
6.13%.................................. 08/07/00 $125,000 $ 122,914,097
5.96%.................................. 08/15/00 100,000 98,245,111
---------------
719,007,659
---------------
Soaps & Detergents Cleaning--1.7%
Procter & Gamble Co. (A-1+, P-1)
6.04%.................................. 05/17/00 100,000 99,731,556
6.07%.................................. 05/18/00 100,000 99,713,361
6.09%.................................. 05/22/00 50,000 49,822,375
---------------
249,267,292
---------------
Telephone Communications--0.7%
SBC Communications (A-1+, P-1)
6.00%.................................. 06/01/00 43,740 43,514,010
6.00%.................................. 06/05/00 28,000 27,836,667
6.14%.................................. 08/07/00 22,496 22,119,992
6.17%.................................. 09/05/00 14,410 14,096,346
---------------
107,567,015
---------------
Total..................................................... 9,113,785,588
---------------
TIME DEPOSITS--5.1%
Citibank, N.A. (A-1+, P-1)
5.875%................................. 05/01/00 100,000 100,000,000
Suntrust Bank (A-1+, P-1)
5.875%................................. 05/01/00 240,000 240,000,000
6.00%.................................. 05/01/00 400,000 400,000,000
---------------
Total..................................................... 740,000,000
---------------
VARIABLE RATE OBLIGATIONS**--18.6%
Banks--14.2%
American Express Centurion Bank (A-1, P-1)
6.18%.................................. 05/01/00 100,000 100,000,000
Bank of America N.A. (A-1+, P-1)
6.17%.................................. 05/01/00 250,000 250,000,000
6.16%.................................. 05/26/00 65,000 65,061,956
Bank One Corp. (A-1, P-1)
6.11%.................................. 05/18/00 15,000 15,003,555
6.20%.................................. 06/13/00 196,000 195,968,642
6.43813%............................... 07/26/00 25,000 25,025,458
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ---------------
<S> <C> <C> <C>
VARIABLE RATE OBLIGATIONS** (continued)
Banks (continued)
Citigroup Inc. (A-1+, P-1)
6.09625%............................... 05/04/00 $125,000 $ 125,000,000
First Union National Bank (A-1, P-1)
6.18%.................................. 05/01/00 150,000 150,000,000
6.16%.................................. 05/17/00 200,000 200,000,000
Key Bank National Association (A-1, P-1)
6.19%.................................. 05/25/00 153,000 153,000,000
SMM Trust Series 1999A (A-1+, P-1)
6.40%.................................. 07/13/00 335,000 335,000,000
SMM Trust Series 1999G (A-1+, P-1)
6.2125%................................ 05/03/00 250,000 250,000,000
SMM Trust Series 2000B (A-1+, P-1)
6.15%.................................. 05/13/00 225,000 225,000,000
---------------
2,089,059,611
---------------
Miscellaneous Business Credit Institutions--1.6%
National Rural Utilities Coop. Finance Corp. (A-1+, P-1)
6.26% 07/24/00 242,000 242,000,000
---------------
Petroleum Refining--0.4%
Texaco Capital, Inc. (A-1, P-1)
5.94125%............................... 05/03/00 60,000 59,999,677
---------------
Security Brokers & Dealers--1.7%
Merrill Lynch & Co., Inc. (A-1+, P-10
6.20875%............................... 06/05/00 72,000 72,084,688
6.24%.................................. 07/12/00 171,000 170,967,362
---------------
243,052,050
---------------
Short-Term Business Credit Institutions--0.7%
General Electric Capital Corp. (A-1+, P-1)
6.04875%............................... 05/12/00 100,000 100,000,000
---------------
Total.................................................... 2,734,111,338
---------------
MEDIUM TERM NOTES--1.6%
Security Brokers & Dealers
Goldman Sachs Group, Inc. (A-1+, P-1)
6.10%.................................. 05/03/00 75,000 75,000,000
6.10%.................................. 05/10/00 165,000 165,000,000
---------------
Total.................................................... 240,000,000
---------------
</TABLE>
5
<PAGE>
TempFund Portfolio
Statement of Net Assets (Continued)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ---------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS-- 7.6%
Morgan (J.P.) Securities, Inc.
5.62%.................................. 05/01/00 $200,000 $ 200,000,000
(Agreement dated 04/28/00 to be repurchased at
$200,093,667, collateralized by $239,448,631 Federal
National Mortgage Association Bonds 6.00% due 02/01/29.
The market value is $206,000,000.)
Morgan Stanley & Co., Inc.
5.9625%................................ 05/01/00 268,400 268,400,000
(Agreement dated 04/28/00 to be repurchased at
$268,533,361, collateralized by $290,176,491 Federal
Home Loan Bank Bonds 0.00% to 7.39% due from 03/21/01 to
01/29/18. The market value is $275,477,237.)
6.0125%................................ 05/01/00 450,000 450,000,000
(Agreement dated 04/28/00 to be repurchased at
$450,225,469, collateralized by $486,510,509 Federal
Home Loan Bank Bonds 0.00% to 7.39% due from 03/21/01 to
01/29/18. The market value is $461,865,710.)
Warburg Dillon Read
5.61%.................................. 05/01/00 200,000 200,000,000
(Agreement dated 04/28/00 to be repurchased at
$200,093,500 collateralized by $201,535,000 U.S.
Treasury Notes 5.875% to 6.125% due 11/30/01 to
12/31/01. The market value is $204,002,901.)
---------------
Total Repurchase Agreements
(Cost $645,800,000)...................................... 1,118,400,000
---------------
</TABLE>
<TABLE>
<CAPTION>
Value
---------------
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $14,691,276,979*)............................... 100.2% $14,691,276,979
LIABILITIES IN EXCESS OF OTHER ASSETS.................. (0.2) (30,060,862)
----- ---------------
NET ASSETS (Equivalent to $1.00 per share based on
14,078,686,622 Fund Shares, 551,546,644 Dollar Shares
and 31,249,314 Cash Management Shares outstanding..... 100.0% $14,661,216,117
===== ===============
NET ASSETS VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($14,661,216,117 / 14,661,482,580)........................... $1.00
=====
</TABLE>
--------
* Cost for federal income tax purposes.
** Variable Rate Obligations--The interest rate shown is as of April 30, 2000,
and the maturity date shown is the longer of the next interest readjustment
date or the date the principal amount owned can be recovered upon demand.
6
<PAGE>
TempFund Portfolio
Statement of Net Assets (Concluded)
--------------------------------------------------------------------------------
TempFund Portfolio
Maturity Information
April 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
------------ -------------- ----------
<S> <C> <C>
1-30 Days $9,763,995,000 66.3%
31-60 Days 2,977,355,000 20.2
61-90 Days 1,273,000,000 8.6
91-120 Days 407,496,000 2.8
121-150 Days 316,410,000 2.1
</TABLE>
Average Weighted Maturity--30 days
The Duff & Phelps, Fitch Investors Service, Moody's Investors Service, Standard
& Poor's Ratings Service and TBW, Inc. ratings of the investments are believed
to be the most recent ratings available at April 30, 2000.
See accompanying notes to financial statements.
7
<PAGE>
Provident Institutional Funds
TempCash Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- --------------
<S> <C> <C> <C>
U.S. GOVERNMENT AGENCY & INSTRUMENTALITY OBLIGATIONS--1.7%
Federal National Mortgage Association Discount Notes
5.83%........................................ 05/25/00 $ 50,000 $ 49,805,667
--------------
Total.......................................................... 49,805,667
--------------
CERTIFICATES OF DEPOSIT--0.9%
Domestic Certificates Of Deposit
Wilmington Trust Co. (A-1, P-1)
6.11%........................................ 06/12/00 25,000 25,000,000
--------------
Total.......................................................... 25,000,000
--------------
COMMERCIAL PAPER--72.5%
Asset Backed Securities--26.6%
Corporate Receivable Corp. (A-1+, P-1)
6.09999%..................................... 06/19/00 98,000 97,186,328
Delaware Funding Corp. (A-1+, P-1)
6.10%........................................ 06/21/00 50,389 49,953,555
Emerald Certificates Program (A-1+,Ph1)
6.08%........................................ 05/15/00 50,000 49,881,778
6.08%........................................ 05/16/00 40,000 39,898,667
6.08%........................................ 05/17/00 25,000 24,932,444
Fairway Finance, Ltd. (A-1, P-1)
6.08%........................................ 05/25/00 25,000 24,898,667
6.09999%..................................... 06/13/00 52,133 51,753,153
6.09999%..................................... 06/14/00 35,000 34,739,055
Grand Funding Corp. (A-1+, P-1)
6.07999%..................................... 05/05/00 50,000 49,966,222
6.04%........................................ 05/17/00 75,000 74,798,667
K2 (USA) LLC (A-1+, P-1)
6.09999%..................................... 06/30/00 33,500 33,159,417
6.275%....................................... 09/15/00 54,500 53,198,548
Monte Rosa Capital Corp. (A-1+, P-1)
6.09999%..................................... 06/19/00 12,560 12,455,717
Moriarty, Ltd. (A-1+, P-1)
6.09999%..................................... 06/12/00 79,600 79,033,513
Pooled Accounts Receivable Capital Corp.
(A-1+, P-1)
6.07%........................................ 05/22/00 15,090 15,036,569
Special Purpose Accounts Receivable (A-1, P-1)
5.97%........................................ 05/15/00 50,000 49,883,917
6.12%........................................ 06/06/00 20,000 19,877,600
--------------
760,653,817
--------------
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- --------------
<S> <C> <C> <C>
COMMERCIAL PAPER (continued)
Banks--1.7%
AB Spintab (A-1, P-1)
5.95%................................... 05/31/00 $ 50,000 $ 49,752,083
--------------
Life Insurance--4.1%
AON Corp. (A-1+, P-2, D-1+)
6.06%................................... 05/10/00 38,000 37,942,430
6.06999%................................ 05/19/00 21,420 21,354,990
6.08%................................... 05/25/00 37,000 36,850,027
6.08%................................... 05/26/00 22,496 22,401,017
--------------
118,548,464
--------------
Motor Vehicle Parts & Accessories--5.6%
Eaton Corp. (A-2, P-1, F1)
5.95%................................... 05/08/00 100,000 99,884,305
6.03%................................... 05/10/00 20,000 19,969,850
6.10%................................... 05/18/00 40,000 39,884,778
--------------
159,738,933
--------------
Natural Gas Transmission & Distribution--1.0%
Duke Capital (A-1, P-2, D-1)
6.14%................................... 05/12/00 30,000 29,943,716
--------------
Personal Credit Institutions--3.2%
Countrywide Funding Corp. (A-1, P-2, F1)
6.06%................................... 05/12/00 65,400 65,278,901
6.08%................................... 05/25/00 25,000 24,898,667
--------------
90,177,568
--------------
Petroleum Refining--3.1%
Repsol International Finance BV (A-2, P-1, F1)
6.00%................................... 05/09/00 73,500 73,402,000
6.00%................................... 05/16/00 15,000 14,962,500
--------------
88,364,500
--------------
Pharmaceutical Preparations--2.4%
American Home Products Corp. (A-1, P-1)
6.07%................................... 05/16/00 68,500 68,326,752
--------------
Security Brokers & Dealers--17.1%
Bear Stearns Co., Inc. (A-1, P-1)
5.86%................................... 05/01/00 75,000 75,000,000
</TABLE>
8
<PAGE>
TempCash Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- --------------
<S> <C> <C> <C>
COMMERCIAL PAPER (continued)
Security Brokers & Dealers (continued)
Donaldson, Lufkin & Jenrette, Inc.
(A-2, P-2, F1, D-1)
6.09999%................................ 05/16/00 $ 25,000 $ 24,936,458
6.15%................................... 06/20/00 50,000 49,572,917
Goldman Sachs GP (A-1+, P-1)
6.09%................................... 05/12/00 125,000 124,767,396
Merrill Lynch & Co., Inc. (A-1+, P-1)
6.14999%................................ 07/10/00 40,000 39,521,667
Morgan Stanley Dean Witter & Co. (A-1, P-1)
5.95%................................... 05/05/00 25,000 24,983,472
5.93%................................... 05/17/00 25,000 24,934,111
6.05%................................... 05/30/00 75,000 74,634,479
Painewebber Group, Inc. (A-2, P-2, F1, T-1)
6.12%................................... 05/24/00 50,000 49,804,500
--------------
488,155,000
--------------
Short-Term Business Credit Institutions--4.9%
Heller Financial, Inc. (A-2, P-2, F1, D-1)
6.10%................................... 05/15/00 25,000 24,940,694
6.10999%................................ 05/15/00 25,000 24,940,597
6.09999%................................ 05/16/00 50,000 49,872,917
6.10%................................... 05/19/00 10,000 9,969,500
6.10%................................... 05/30/00 30,000 29,852,583
--------------
139,576,291
--------------
Switchgear & Switchboard Apparatus--1.8%
Cooper Industries (A-2, P-1, D-1)
6.13%................................... 05/17/00 50,000 49,863,778
--------------
Telephone Communications--1.0%
MCI Worldcom (A-2, P-2, F1, D-1)
6.00%................................... 06/01/00 30,000 29,845,000
--------------
Total..................................................... 2,072,945,902
--------------
TIME DEPOSITS--8.5%
Citibank, N.A. (A-1+, P-1)
5.875%.................................. 05/01/00 100,000 100,000,000
Skandinaviska Enskilda Banken (A-1, P-1)
6.0625%................................. 05/01/00 100,000 100,000,000
Suntrust Bank Atlanta (A-1+, P-1)
5.875%.................................. 05/01/00 44,400 44,400,000
--------------
Total..................................................... 244,400,000
--------------
VARIABLE RATE OBLIGATIONS**--16.8%
Banks--7.9%
Bayerische Hypo-Und Vereinsbank (A-1+, P-1)
6.04%................................... 05/15/00 $ 75,000 $ 74,997,717
SMM Trust Series 200B (A-1+, P-1)
6.15%................................... 05/15/00 150,000 150,000,000
--------------
224,997,717
--------------
Life Insurance--4.4%
Allstate Life Insurance Co. (A-1, P-1)
6.19475%................................ 05/01/00 50,000 50,000,000
Monumental Life Insurance Co. (A-1+, P-1)
6.26%................................... 05/01/00 75,000 75,000,000
--------------
125,000,000
--------------
Personal Credit Institutions--2.8%
American Honda Finance Corp. (A-1, P-1)
6.04875%................................ 05/15/00 80,000 79,999,390
--------------
Security Brokers & Dealers--1.7%
Merrill Lynch & Co., Inc. (A-1+, P-1)
6.24%................................... 07/12/00 50,000 49,990,457
--------------
Total..................................................... 479,987,564
--------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $2,872,139,133*).......................... 100.4% 2,872,139,133
LIABILITIES IN EXCESS OF OTHER ASSETS............. (0.4) (11,598,882)
------ --------------
NET ASSETS (Equivalent to $1.00 per share
based on 2,481,063,189 Fund Shares and
379,780,462 Dollar Shares outstanding)........... 100.0%$2,860,540,251
=====================
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
($2,860,540,251 / 2,860,843,651)................. $1.00
=====
</TABLE>
--------
* Cost for federal income tax purposes.
** Variable Rate Obligations--The rate shown is the rate as of April 30, 2000
and the maturity date shown is the longer of the next interest readjustment
date or the date the principal amount can be recovered upon demand.
9
<PAGE>
TempCash Portfolio
Statement of Net Assets (Concluded)
--------------------------------------------------------------------------------
TempCash Portfolio
Maturity Information
April 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- -------------- ----------
<S> <C> <C>
1-30 Days $2,200,806,000 76.4%
31-60 Days 502,682,000 17.4
61-90 Days 123,500,000 4.3
121-150 Days 54,500,000 1.9
</TABLE>
Average Weighted Maturity--25 days
The Duff & Phelps, Fitch Investors Service, Moody's Investors Service, Standard
& Poor's Ratings Service and TBW, Inc. ratings of the investments are believed
to be the most recent ratings available at April 30, 2000.
See accompanying notes to financial statements.
10
<PAGE>
Provident Institutional Funds
FedFund Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- --------------------------------
<S> <C> <C> <C>
U.S. GOVERNMENT AGENCY & INSTRUMENTALITY OBLIGATIONS--63.8%
Federal Agricultural Mortgage Corporation Discount Notes--0.4%
5.96%........................................... 06/14/00 $ 3,605 $ 3,578,740
------------
Federal Home Loan Bank Bonds--2.3%
5.52%........................................... 08/02/00 20,000 19,995,121
------------
Federal Home Loan Bank Variable Rate
Notes**--5.3%
6.13%........................................... 07/05/00 25,000 24,992,672
5.99%........................................... 07/06/00 20,000 19,996,373
------------
44,989,045
------------
Federal Home Loan Mortgage Corporation
Bonds--2.3%
5.55%........................................... 07/14/00 10,000 9,983,916
5.99%........................................... 12/06/00 10,000 9,993,478
------------
19,977,394
------------
Federal Home Loan Mortgage Corporation Discount Notes--12.3%
5.865%.......................................... 06/01/00 30,000 29,848,487
5.88%........................................... 06/08/00 20,000 19,875,867
5.94%........................................... 06/15/00 20,000 19,851,500
5.95%........................................... 06/15/00 6,282 6,235,278
6.03%........................................... 06/29/00 10,000 9,901,175
6.04%........................................... 07/13/00 20,000 19,755,044
------------
105,467,351
------------
Federal Home Loan Mortgage Corporation Variable Rate Notes**--2.9%
5.935%.......................................... 05/18/00 25,000 24,999,071
------------
Federal National Mortgage Association
Bonds--4.7%
5.10%........................................... 05/19/00 15,000 14,998,942
5.46%........................................... 06/21/00 10,000 9,999,735
6.57%........................................... 04/26/01 15,000 14,984,466
------------
39,983,143
------------
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
U.S. GOVERNMENT AGENCY & INSTRUMENTALITY OBLIGATIONS (continued)
Federal National Mortgage Association Discount Notes--9.4%
5.52%....................................... 05/18/00 $ 31,000 $ 30,919,193
5.95%....................................... 06/15/00 20,000 19,851,250
6.04%....................................... 07/13/00 30,000 29,632,567
------------
80,403,010
------------
Federal National Mortgage Association Variable Rate Notes**--
13.7%
6.06%....................................... 05/01/00 28,000 27,997,063
5.95%....................................... 05/02/00 25,000 24,995,712
5.92%....................................... 05/04/00 20,000 19,996,885
5.89%....................................... 05/10/00 25,000 24,999,631
6.03875%.................................... 06/22/00 20,000 19,998,600
------------
117,987,891
------------
Student Loan Marketing Association Master Notes**--3.5%
5.882%...................................... 05/02/00 30,000 30,000,000
------------
Student Loan Marketing Association Variable Rate Notes**--7.0%
5.932%...................................... 05/02/00 20,000 20,000,000
6.432%...................................... 05/02/00 20,000 20,019,802
6.482%...................................... 05/02/00 20,000 20,000,000
------------
60,019,802
------------
Total......................................................... 547,400,568
------------
REPURCHASE AGREEMENTS--36.2%
Morgan Stanley & Co., Inc.
5.96%....................................... 05/01/00 25,900 25,900,000
(Agreement dated 04/28/00 to be repurchased at $25,912,864,
collateralized by $31,227,928 Federal Home Loan Mortgage
Corporation Bonds and U.S. Treasury STRIPS 0.00% to 7.00% due
from 02/15/03 to 05/15/18. The market value is $26,825,042.)
6.01%....................................... 05/01/00 180,000 180,000,000
(Agreement dated 04/28/00 to be repurchased at $180,090,187,
collateralized by $217,028,072 Federal Home Loan Mortgage
Corporation Bonds and U.S. Treasury STRIPS 0.00% to 7.00% due
from 02/15/03 to 05/15/18. The market value is $186,428,865.)
</TABLE>
11
<PAGE>
FedFund Portfolio
Statement of Net Assets (Concluded)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS (continued)
Warburg Dillon Read
5.88%........................................... 05/08/00 $ 30,000 $ 30,000,000
(Agreement dated 02/14/00 to be repurchased at $30,411,600,
collateralized by $36,200,000 Federal National Mortgage
Association Bonds 6.00% due 12/01/28. The market value is
$30,901,805.)
5.87%........................................... 05/09/00 20,000 20,000,000
(Agreement dated 02/09/00 to be repurchased at $20,293,500,
collateralized by $20,978,280 Federal National Mortgage
Association Adjustable Rate Bonds and Notes 6.00% to 6.97% due
from 01/01/10 to 12/01/28. The market value is $20,600,847.)
5.87%........................................... 05/15/00 10,000 10,000,000
(Agreement dated 02/14/00 to be repurchased at $10,148,381,
collateralized by $14,135,000 Federal National Mortgage
Association Bonds 6.00% due 03/01/13. The market value is
$10,302,971.)
5.95%........................................... 05/22/00 25,000 25,000,000
(Agreement dated 02/22/00 to be repurchased at $25,371,875,
collateralized by $35,330,000 Federal National Mortgage
Association Bonds 6.00% due 03/01/13. The market value is
$25,751,961.)
6.10%........................................... 06/21/00 20,000 20,000,000
(Agreement dated 03/23/00 to be repurchased at $20,305,000,
collateralized by $27,225,000 Federal National Mortgage
Association Bonds 6.00% due from 12/01/28 to 03/01/13. The market
value is $20,602,059.)
------------
Total............................................................. 310,900,000
------------
</TABLE>
<TABLE>
<CAPTION>
Value
------------
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES (Cost $858,300,568*).... 100.0% $858,300,568
OTHER ASSETS IN EXCESS OF LIABILITIES................... 0.0 168,315
-------- ------------
NET ASSETS (equivalent to $1.00 per share based on
815,470,309 Fund Shares and 43,214,001 Dollar Shares of
beneficial interest outstanding)....................... 100.0% $858,468,883
======== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($858,468,883 / 858,684,310)........................... $1.00
=====
</TABLE>
--------
* Cost for federal income tax purposes.
** Variable Rate Obligations--The interest rate shown is as of April 30, 2000,
and the maturity date shown is the longer of the next interest readjustment
date or the date the principal amount owned can be recovered upon demand.
FedFund Portfolio
Maturity Information
April 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- ------------ ----------
<S> <C> <C>
1-30 Days $549,900,000 64.0%
31-60 Days 159,887,000 18.6
61-90 Days 105,000,000 12.2
91-120 Days 20,000,000 2.3
Over 150 Days 25,000,000 2.9
</TABLE>
Average Weighted Maturity--34 days
See accompanying notes to financial statements.
12
<PAGE>
Provident Institutional Funds
T-Fund Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- --------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES--14.4%
U.S. Treasury Notes
6.375%....................................... 05/15/00 $ 20,000 $ 20,010,882
5.50%........................................ 05/31/00 60,000 60,014,750
6.25%........................................ 05/31/00 50,000 50,044,626
5.375%....................................... 06/30/00 10,000 10,000,062
6.25%........................................ 08/31/00 70,000 70,163,701
4.00%........................................ 10/31/00 50,000 49,499,250
5.00%........................................ 04/30/01 72,000 71,066,316
6.25%........................................ 04/30/01 96,000 95,900,320
--------------
Total.......................................................... 426,699,907
--------------
REPURCHASE AGREEMENTS--83.5%
ABN AMRO, Inc.
5.71%........................................ 05/01/00 130,000 130,000,000
(Agreement dated 04/28/00 to be repurchased at $130,061,858,
collateralized by $98,778,000 U.S Treasury Notes 12.75% due
11/15/10. The market value is $132,600,184.)
Barclay's Capital, Inc..
5.83%........................................ 05/08/00 100,000 100,000,000
(Agreement dated 03/09/00 to be repurchased at $100,971,666,
collateralized by $101,965,000 U.S. Treasury Notes 4.00% due
10/31/00. The market value is $102,066,965.)
5.90%........................................ 06/06/00 200,000 200,000,000
(Agreement dated 03/08/00 to be repurchased at $202,950,000
collateralized by $200,000,000 U.S. Treasury Notes 6.75% due
04/30/00. The market value is $206,750,000.)
Bear Stearns & Co., Inc.
5.72%........................................ 05/01/00 130,000 130,000,000
(Agreement dated 04/28/00 to be repurchased at $130,061,967,
collateralized by $248,770,000 U.S. Treasury STRIPS due
11/15/09. The market value is $132,644,164.)
Credit Suisse First Boston Corp.
5.80%........................................ 05/01/00 100,000 100,000,000
(Agreement dated 02/01/00 to be repurchased at $101,450,000,
collateralized by $100,000,000 U.S. Treasury Notes 6.375% due
01/31/02. The market value is $102,125,000.)
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- --------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS (continued)
Credit Suisse First Boston Corp. (continued)
5.85%................................... 05/08/00 $125,000 $ 125,000,000
(Agreement dated 04/24/00 to be repurchased at
$125,284,375, collateralized by $84,757,000 U.S. Treasury
Bonds 11.25% due 02/15/15. The market value is
$127,499,489.)
5.82%................................... 05/10/00 100,000 100,000,000
(Agreement dated 02/11/00 to be repurchased at
$101,438,833, collateralized by $100,000,000 U.S.
Treasury Notes 6.375% due 01/31/02. The market value is
$102,125,000.)
5.82%................................... 05/10/00 100,000 100,000,000
(Agreement dated 04/26/00 to be repurchased at
$100,226,333, collateralized by $74,224,000 U.S. Treasury
Bonds 8.875% to 11.25% due from 02/15/15 to 08/15/17. The
market value is $101,999,880.)
Deutsche Bank Securities, Inc.
5.89%................................... 05/15/00 200,000 200,000,000
(Agreement dated 03/16/00 to be repurchased at
$201,963,333 collateralized by $173,055,000 U.S. Treasury
Bonds and Notes 6.75% to 7.875% due from 04/30/00 to
02/15/21. The market value is $204,000,129.)
Goldman Sachs & Co.
5.00%................................... 05/01/00 101,600 101,600,000
(Agreement dated 04/28/00 to be repurchased at
$101,642,333, collateralized by $86,404,232 U.S. Treasury
Bonds and Notes 5.625% to 11.625% due from 10/31/01 to
11/15/12. The market value is $103,632,261.)
5.65%................................... 05/01/00 50,000 50,000,000
(Agreement dated 04/28/00 to be repurchased at $50,023,542
collateralized by $42,521,768 U.S. Treasury Bonds and
Notes 5.625% to 11.625% due from 10/31/01 to 11/15/12.
The market value is $51,000,128.)
Greenwich Capital Markets, Inc.
5.72%................................... 05/01/00 130,000 130,000,000
(Agreement dated 04/28/00 to be repurchased at
$130,061,967, collateralized by $290,933,000 U.S.
Treasury STRIPS due from 05/15/03 to 11/15/22. The market
value is $132,602,705.)
</TABLE>
13
<PAGE>
T-Fund Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS (continued)
Lehman Brothers, Inc.
5.75%..................................... 05/01/00 $130,000 $130,000,000
(Agreement dated 04/28/00 to be repurchased at $130,062,292,
collateralized by $109,662,000 U.S. Treasury Bonds 5.50% to
13.75% due from 05/15/01 to 08/15/28. The market value is
$132,601,727.)
Merrill Lynch Government Securities, Inc.
5.73%..................................... 05/01/00 130,000 130,000,000
(Agreement dated 04/28/00 to be repurchased at $130,062,075,
collateralized by $194,761,000 U.S. Treasury STRIPS due
from 05/15/05 to 08/15/07. The market value is
$132,601,280.)
Morgan (J.P) Securities, Inc.
5.72%..................................... 05/01/00 130,000 130,000,000
(Agreement dated 04/28/00 to be repurchased at $130,061,967,
collateralized by $131,829,000 U.S. Treasury Notes 5.75%
due 04/30/03. The market value is $132,600,736.)
Morgan Stanley & Co., Inc.
5.9625%................................... 05/01/00 130,000 130,000,000
(Agreement dated 04/28/00 to be repurchased at $130,064,594,
collateralized by $111,311,000 U.S. Treasury Bonds and
Notes 6.25% to 7.875% due from 02/15/07 to 02/15/21. The
market value is $132,759,260.)
Nesbitt Burns Securities, Inc.
5.65%..................................... 05/01/00 132,000 132,000,000
(Agreement dated 04/28/00 to be repurchased at $132,062,150,
collateralized by $124,274,000 U.S. Treasury Bonds and
Notes 6.375% to 8.875% due from 08/15/05 to 08/15/27. The
market value is $134,642,243.)
Salomon Smith Barney Inc.
5.79%..................................... 05/04/00 150,000 150,000,000
(Agreement dated 02/07/00 to be repurchased at $152,098,875,
collateralized by $150,000,000 U.S Treasury Notes 6.375%
due 01/31/02. The market value is $155,390,625.)
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- --------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS (continued)
Warburg Dillon Read
5.72%........................................ 05/01/00 $ 65,000 $ 65,000,000
(Agreement dated 04/28/00 to be repurchased at $65,030,983,
collateralized by $65,875,000 U.S Treasury Inflation Indexed
Securities 3.625% due 04/15/28. The market value is
$66,304,240.)
5.83%........................................ 05/02/00 150,000 150,000,000
(Agreement dated 02/02/00 to be repurchased at $152,186,250,
collateralized by $147,805,000 U.S. Treasury Inflation Indexed
Securities 3.375% to 3.625% due 01/15/07 to 04/15/28. The
market value is $153,005,189.)
--------------
Total........................................................... 2,483,600,000
--------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES (Cost
$2,910,299,907*)..................................... 97.9% 2,910,299,907
OTHER ASSETS IN EXCESS OF LIABILITIES................. 2.1 62,039,844
----- --------------
NET ASSETS (Equivalent to $1.00 per share based on
2,280,649,191 Fund Shares, 631,543,183 Dollar Shares
and 60,249,785 Cash Management Shares outstanding.).. 100.0% $2,972,339,751
===== ==============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($2,972,339,751/2,972,442,159)............................. $1.00
=====
</TABLE>
--------
* Cost for federal income tax purposes.
14
<PAGE>
T-Fund Portfolio
Statement of Net Assets (Concluded)
--------------------------------------------------------------------------------
T-Fund Portfolio
Maturity Information
April 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- -------------- ----------
<S> <C> <C>
1-30 Days $2,303,600,000 79.2%
31-60 Days 310,000,000 10.6
61-90 Days 10,000,000 0.3
121-150 Days 70,000,000 2.4
Over 150 Days 218,000,000 7.5
</TABLE>
Average Weighted Maturity--36 days
See accompanying notes to financial statements.
15
<PAGE>
Provident Institutional Funds
Federal Trust Fund Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
U.S. GOVERNMENT AGENCY & INSTRUMENTALITY OBLIGATIONS--100.1%
Federal Farm Credit Bank Bonds--4.7%
5.40%........................................ 07/03/00 $ 5,000 $ 4,999,820
5.45%........................................ 08/02/00 5,000 5,000,127
------------
9,999,947
------------
Federal Farm Credit Bank Discount Notes--14.6%
5.88%........................................ 05/26/00 1,010 1,005,876
5.82%........................................ 06/12/00 2,435 2,418,466
5.99999%..................................... 06/22/00 15,000 14,870,000
6.09%........................................ 09/13/00 13,100 12,800,829
------------
31,095,171
------------
Federal Farm Credit Bank Variable Rate Notes**--9.4%
5.9725%...................................... 05/01/00 20,000 19,997,984
------------
Federal Home Loan Bank Discount Notes--26.9%
5.95%........................................ 05/17/00 1,648 1,643,642
5.86%........................................ 05/19/00 600 598,242
5.80%........................................ 05/24/00 7,113 7,086,642
5.95%........................................ 05/26/00 4,000 3,983,472
5.64%........................................ 05/31/00 3,595 3,578,104
5.84%........................................ 05/31/00 2,300 2,288,807
5.85%........................................ 06/02/00 1,499 1,491,205
5.93%........................................ 06/02/00 1,107 1,101,165
6.00%........................................ 06/23/00 4,945 4,901,319
6.03%........................................ 07/14/00 5,734 5,662,927
6.045%....................................... 07/14/00 11,000 10,863,316
5.99%........................................ 07/21/00 2,536 2,501,821
6.009999%.................................... 07/21/00 10,000 9,864,775
6.09%........................................ 09/08/00 1,504 1,470,925
------------
57,036,362
------------
Federal Home Loan Bank Variable Rate Notes**--7.1%
5.99%........................................ 05/01/00 10,000 9,998,186
5.983%....................................... 05/04/00 5,000 4,999,158
------------
14,997,344
------------
Student Loan Marketing Association Discount Notes--2.1%
5.88999%..................................... 05/26/00 4,500 4,481,594
------------
Student Loan Marketing Association Master Notes**--23.5%
5.882%....................................... 05/02/00 50,000 50,000,000
------------
U.S. GOVERNMENT AGENCY &
INSTRUMENTALITY OBLIGATIONS (continued)
Student Loan Marketing Association Variable Rate
Notes**--11.8%
5.932%....................................... 05/02/00 $ 5,000 $ 5,000,000
6.432%....................................... 05/02/00 10,000 10,009,901
6.482%....................................... 05/02/00 10,000 10,000,000
------------
25,009,901
============
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $212,618,303*)....................................... 100.1% 212,618,303
LIABILITIES IN EXCESS OF OTHER ASSETS....................... (0.1) (149,878)
----- -----------
</TABLE>
<TABLE>
<S> <C> <C>
NET ASSETS (Equivalent to $1.00 per share based on
198,798,102 Fund Shares and 13,812,532 Dollar Shares
outstanding)........................................... 100.0% $212,468,425
===== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($212,468,425 / 212,610,634)................................. $1.00
=====
</TABLE>
--------
* Cost for federal income tax purposes.
** Variable Rate Obligations--The interest rate shown is as of April 30, 2000,
and the maturity date shown is the longer of the next interest readjustment
date or the date the principal amount owned can be recovered upon demand.
Federal Trust Fund Portfolio
Maturity Information
April 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- ------------ ----------
<S> <C> <C>
1-30 Days $128,871,000 60.4%
31-60 Days 30,881,000 14.5
61-90 Days 34,270,000 16.0
91-120 Days 5,000,000 2.3
121-150 Days 14,604,000 6.8
</TABLE>
Average Weighted Maturity--35 days
See accompanying notes to financial statements.
16
<PAGE>
Provident Institutional Funds
Treasury Trust Fund Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES--81.8%
U.S. Treasury Bills--7.1%
5.31999%........................................ 06/15/00 $ 4,792 $ 4,760,133
5.38%........................................... 06/22/00 40,000 39,689,156
5.40%........................................... 06/22/00 405 401,841
5.40%........................................... 06/29/00 40,000 39,646,000
------------
84,497,130
------------
U.S. Treasury Bonds--3.3%
8.25%........................................... 05/15/00 40,000 40,033,709
------------
U.S. Treasury Notes--71.4%
6.375%.......................................... 05/15/00 110,000 110,029,510
6.25%........................................... 05/31/00 250,000 250,119,666
6.125%.......................................... 07/31/00 305,000 305,170,728
6.00%........................................... 08/15/00 30,000 30,003,185
5.125%.......................................... 08/31/00 25,000 24,922,852
6.25%........................................... 08/31/00 130,000 130,046,718
------------
850,292,659
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES (Cost $974,823,498*)..... 81.8% 974,823,498
OTHER ASSETS IN EXCESS OF LIABILITIES.................... 18.2 216,459,437
----- --------------
NET ASSETS (Equivalent to $1.00 per share based on
882,180,462 Fund Shares and 309,441,066 Dollar Shares
outstanding)............................................ 100.0% $1,191,282,935
===== ==============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($1,191,282,935 / 1,191,621,528)........................ $1.00
=====
</TABLE>
--------
* Cost for federal income tax purposes.
Treasury Trust Fund Portfolio
Maturity Information
April 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
------------ ------------ ----------
<S> <C> <C>
1-30 Days $150,000,000 15.4%
31-60 Days 335,197,000 34.4
91-120 Days 335,000,000 34.3
121-150 Days 155,000,000 15.9
</TABLE>
Average Weighted Maturity--40 days
See accompanying notes to financial statements.
17
<PAGE>
Provident Insitutional Funds
Treasury Trust Fund
Statement of Assets and Liabilities
April 30, 2000
<TABLE>
<S> <C>
ASSETS
Investments at value, cost ($974,823,498)..................... $ 974,823,498
Cash.......................................................... 648
Interest receivable........................................... 40,898,938
Receivable for investment securities matured.................. 748,489,000
Prepaid expenses.............................................. 22,760
--------------
Total Assets................................................ 1,764,234,844
--------------
LIABILITIES
Payable for investment securities purchased................... 565,846,727
Payable for fund shares redeemed.............................. 1,685,984
Accrued expenses.............................................. 278,027
Dividend payable.............................................. 5,141,171
--------------
Total Liabilities........................................... 572,951,909
--------------
NET ASSETS applicable to 882,180,462 Fund Shares and 309,441,066
Dollar Shares outstanding...................................... $1,191,282,935
==============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE........ $1.00
=====
</TABLE>
See accompanying notes to financial statements.
18
<PAGE>
Provident Institutional Funds
MuniFund Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS--99.5%
Alabama--3.0%
Calhoun County Economic Development Council IDRB (Craft
Corporation Project) DN (Amsouth Bank of Alabama LOC) (A-1)**
5.25%........................................... 05/07/00 $ 3,015 $ 3,015,000
City of Huntsville Health Care Authority RB Series 1998 DN
(Amsouth Bank of Alabama LOC) (A-1)**
5.05%........................................... 05/07/00 6,100 6,100,000
Homewood Educational Development Authority (Samford University) DN
(Bank of Nova Scotia LOC) (VMIG-1)**
5.80%........................................... 05/01/00 5,300 5,300,000
------------
14,415,000
------------
Alaska--1.0%
Anchorage GO (SP-1+, MIG-1)
4.75%........................................... 02/02/01 5,000 5,023,602
------------
Arizona--2.4%
Apache County IDA RB (Tucson Electric Power Company) Series 1983C
DN (A-1+, VMIG-1)**
5.00%........................................... 05/07/00 4,300 4,300,000
Maricopa County PCRB (Southern California Edison) Series E (A-1,
P-1)
4.00%........................................... 06/09/00 4,250 4,250,000
4.00%........................................... 07/21/00 2,900 2,900,000
------------
11,450,000
------------
California--0.6%
Los Angeles County TRAN (SP-1+, MIG-1)
4.00%........................................... 06/30/00 3,000 3,003,235
------------
Colorado--2.1%
Dever GO Series 1992C
5.75%........................................... 08/01/00 4,100 4,159,042
Douglas County School District TAN (SP-1+, MIG-1)
4.50%........................................... 06/30/00 4,000 4,005,724
Jefferson County School District GO (MBIA Insurance)
5.25%........................................... 12/15/00 2,000 2,014,493
------------
10,179,259
------------
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Delaware--1.0%
Delaware State Economic Development Authority PCRB (Delmarva
Project) Series A DN (A-1, VMIG-1)**
5.00%........................................... 05/07/00 $ 5,000 $ 5,000,000
------------
District of Columbia--0.9%
District of Columbia Supplemental Student Loan RB (AMBAC
Insurance) (A-1+, VMIG-1)
4.95%........................................... 05/07/00 4,500 4,500,000
------------
Florida--5.7%
Capital Projects Finance Authority (Florida Hospital Association--
Capital Projects Loan Program) Series 1998A DN (Credit Suisse
LOC) (A-1+)**
5.05%........................................... 05/07/00 5,000 5,000,000
Gainesville Utilities System TECP (A-1+, P-1)
4.00%........................................... 07/28/00 1,070 1,070,000
Jacksonville TECP (A-1, P-1)
4.00%........................................... 07/14/00 3,500 3,500,000
Orange County Housing Finance Authority Multifamily RB (Post
Fountains at Lee Vista) Series 1997E DN (Federal National
Mortgage Association) (A-1+)**
5.05%........................................... 05/07/00 5,100 5,100,000
Orange County Housing Finance Authority Multifamily RB (Post Lake
Apartments Project) DN (Federal National Mortgage Association)
(A-1+)**
5.05%........................................... 05/07/00 6,000 6,000,000
Putnam County (Seminole Electric Project)
(A-1+, P-1)
4.05%........................................... 09/15/00 3,500 3,500,000
St. Lucie PCRB TECP (A-1+, VMIG-1)
4.05%........................................... 08/10/00 2,000 2,000,000
St. Petersburg Capital Improvement RB (Apartment & Golf Course
Project) Series B DN (Suntrust Bank Atlanta LOC)**
5.05%........................................... 05/07/00 1,425 1,425,000
------------
27,595,000
------------
</TABLE>
19
<PAGE>
MuniFund Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Georgia--3.5%
Bibb County Development Authority Educational Facilities RB
(Tattnall Square Academy) DN (Wachovia Bank LOC) (A-1+)**
5.10%...................................... 05/07/00 $ 3,950 $ 3,950,000
Clarke County School District (FSA Insurance)
5.125%..................................... 09/01/00 1,000 1,003,301
Cobb County Development Authority RB (Highland Park
Associates Project) DN (Suntrust Bank LOC)**
5.10%...................................... 05/07/00 2,150 2,150,000
Fulton County IDA (Epstein School Project) DN (AMBAC
Insurance) (A-1+C)**
5.13%...................................... 05/07/00 2,000 2,000,000
Fulton County IDA (Epstein School Project) DN (Suntrust Bank
LOC) (A-1+C)**
5.10%...................................... 05/07/00 2,000 2,000,000
Macon-Bibb County Hospital Authority RAN (The Medical Center
of Central Georgia) DN (Suntrust Bank LOC)**
5.10%...................................... 05/07/00 3,000 3,000,000
Municipal Electric Authority of Georgia (Morgan Guaranty
Trust LOC) (P-1)
3.85%...................................... 06/09/00 3,000 3,000,000
------------
17,103,301
------------
Hawaii--0.4%
Hawaii GO (FGIC Insurance)
5.00%...................................... 12/01/00 1,750 1,758,108
------------
Idaho--0.6%
Idaho TAN (SP-1+)
4.25%...................................... 06/30/00 3,000 3,004,039
------------
Illinois--9.9%
Chicago GO Tender Notes (Westdeutsche Landesbank Girozentrale
LOC) (SP-1+, MIG-1)
4.00%...................................... 10/26/00 5,000 5,000,000
Chicago Sales Tax RB DN (Societe Generale LOC) (A-1+C)**
5.13%...................................... 05/07/00 8,000 8,000,000
Cook County GO DN (A-1+, VMIG-1)**
5.05%...................................... 05/07/00 1,700 1,700,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Illinois (continued)
Illinois GO Series 1990
6.70%...................................... 06/01/00 $ 1,655 $ 1,669,008
Illinois Development Finance Authority PCRB (Illinois Power
Company Project) (ABN-AMRO Bank N.V. LOC) (A-1+, VMIG-1)
4.05%...................................... 08/17/00 6,000 6,000,000
Illinois Development Finance Authority RB DN (A-1)
4.95%...................................... 05/07/00 2,000 2,000,000
Illinois Educational Facilities Authority RB (National Louis
University) Series 1999A DN (Banc One LOC) (A-1+)**
5.09%...................................... 05/07/00 3,000 3,000,000
Illinois Educational Facilities Authority RB DN (Harris Trust
& Savings Bank LOC) (A-1+)**
5.05%...................................... 05/07/00 4,300 4,300,000
Illinois Health Facilities Authority PCRB Revolving Fund
Pooled Financing Program (The University of Chicago Project)
(A-1+, VMIG-1)
4.15%...................................... 09/26/00 4,000 4,000,000
Illinois Health Facilities Authority RB (Evanston Hospital
Corporation Project) (A-1+, VMIG-1)
3.55%...................................... 07/31/00 6,000 6,000,000
Illinois Health Facilities Authority RB (Streetville
Corporation) Series A DN (A-1+)**
5.05%...................................... 05/07/00 1,000 1,000,000
Illinois Housing Development Authority RB (Homeownership
Mortgage Project) Series E
(SP-1+, VMIG-1)
3.55%...................................... 07/27/00 2,000 2,000,000
University of Illinois Auxiliary Facilities System RB Series
2000S DN (MBIA Insurance) (VMIG-1)**
5.18%...................................... 05/07/00 3,500 3,500,000
------------
48,169,008
------------
Indiana--2.0%
Indiana Municipal Power Agency Power Supply System RB Series
A DN (Toronto Dominion LOC) (A-1+, VMIG-1)**
5.05%...................................... 05/07/00 500 500,000
</TABLE>
20
<PAGE>
MuniFund Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Indiana (continued)
Sullivan IDA PCRB (National Rural Utilities LOC) (A-1+, P-1)
3.78%...................................... 05/05/00 $ 2,000 $ 2,000,000
3.80%...................................... 05/16/00 1,000 1,000,000
4.00%...................................... 08/14/00 6,000 6,000,000
------------
9,500,000
------------
Iowa--0.2%
Iowa Financial Authority Hospital Facilities RB Series 1998B
DN (Harris Trust & Savings Bank LOC) (A-1+, VMIG-1)**
5.05%...................................... 05/07/00 1,000 1,000,000
------------
Kansas--0.8%
Kansas Department of Transportation DN (Citibank LOC) (A-
1C+)**
5.13%...................................... 05/07/00 4,000 4,000,000
------------
Kentucky--2.3%
Clark County PCRB (Eastern Kentucky Power Project) Series J
(A-1+, P-1)
4.15%...................................... 10/15/00 6,085 6,085,000
Owensboro-Davies County Water Resource Agency Wastewater RB
BAN Series A (SP-1)
4.40%...................................... 09/01/00 1,600 1,602,593
Somerset RB (Blakley YMCA) Series 00 DN (Fifth Third Bank
LOC) (VMIG-1)**
5.10%...................................... 05/07/00 3,615 3,615,000
------------
11,302,593
------------
Louisiana--0.2%
Louisiana Public Facilities Authority Hospital RB (Willis-
Knighton Medical Center Project) Series 1993 DN (Mellon Bank
LOC) (A-1)**
4.50%...................................... 05/07/00 900 900,000
------------
Maryland--8.2%
Baltimore County Revenue Refunding Bonds (Paths at Loveton
Farms Apartments Facility Project) DN (FNB of Maryland LOC)
(A-1)**
4.62%...................................... 05/07/00 5,520 5,520,000
Frederick County (Homewood Incorporated Facility) DN (FNB
Maryland LOC) (A-1)**
4.62%...................................... 05/07/00 10,450 10,450,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Maryland (continued)
Maryland State Health & Higher Education Facilities Authority
RB (Doctors Community Hospital) Series 1997 DN (FNB Maryland
LOC) (A-1)**
4.57%...................................... 05/07/00 $ 7,300 $ 7,300,000
Maryland State Health & Higher Education Facilities Authority
RB (Doctors Community Hospital) Series 1999 DN (FNB Maryland
LOC) (A-1)**
4.57%...................................... 05/07/00 4,115 4,115,000
Maryland State Health & Higher Education Facilities Authority
RB (The Norwood School) Series 1998 DN (FNB Maryland LOC)
(A-1)**
4.60%...................................... 05/07/00 10,505 10,505,000
Montgomery County Economic Development Authority RB (Brooke
Grove Foundation Incorporated Project) DN (FNB Maryland LOC)
(A-1)**
4.62%...................................... 05/07/00 1,965 1,965,000
------------
39,855,000
------------
Massachusetts--0.4%
Massachusetts Bay Transportation Authority (FGIC Insurance)
(A-1C+, VMIG-1)
5.13%...................................... 05/07/00 2,000 2,000,000
------------
Michigan--2.3%
Detroit Economic Development Corporation (Waterfront
Reclamation Project) Series C DN (Lasalle National Bank LOC)
(A-1+)**
5.15%...................................... 05/07/00 2,000 2,000,000
Detroit Sewer Disposal RB Series 1998A DN (MBIA Insurance
LOC) (A-1+, VMIG-1)**
5.00%...................................... 05/07/00 1,300 1,300,000
Garden City Housing Finance Authority (Garden City Housing
Project) DN (National City Bank LOC) (A-1+)**
4.50%...................................... 05/07/00 1,900 1,900,000
Michigan Municipal Bond Revenue Authority (SP-1+)
4.00%...................................... 06/30/00 6,000 5,999,100
------------
11,199,100
------------
</TABLE>
21
<PAGE>
MuniFund Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Minnesota--1.0%
Minneapolis GO Series 1995B DN (Bayerische Landesbank
Girozentrale LOC) (A-1+, VMIG-1)**
4.90%...................................... 05/07/00 $ 4,600 $ 4,600,000
------------
Mississippi--0.6%
Mississippi Hospital Authority TECP (A-1+, VMIG-1)
3.80%...................................... 05/16/00 3,100 3,100,000
------------
Missouri--0.0%
Kansas City IDRB (Mid-America Health Services Project) Series
1984 DN (Bank of New York LOC) (A-1, VMIG-1)**
5.10%...................................... 05/07/00 200 200,000
------------
Nevada--3.3%
Las Vegas Valley Water Authority TECP (UBS LOC) (A-1+, P-1)
4.05%...................................... 06/09/00 10,000 10,000,000
3.95%...................................... 07/14/00 6,000 6,000,000
------------
16,000,000
------------
New Hampshire--0.4%
New Hampshire Health & Higher Education Facilities Authority
(VHA of New England Capital Asset Financing Program) Series
1985B DN (Mellon Bank N.A. LOC) (A-1+)**
5.10%...................................... 05/07/00 1,900 1,900,000
------------
New Jersey--1.8%
New Jersey GO (Bank of Nova Scotia LOC)
(A-1+, P-1)
3.70%...................................... 06/08/00 7,600 7,600,000
New Jersey Housing & Mortgage Finance Agency DN (AMBAC
Insurance) (A-1C+)**
4.93%...................................... 05/07/00 200 200,000
New Jersey Sports & Exhibition Authority Series 1992C DN
(Barclays Bank LOC)
(A-1+, VMIG-1)**
5.00%...................................... 05/07/00 1,000 1,000,000
------------
8,800,000
------------
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
New Mexico--1.9%
City of Albequerque Airport Revenue Bonds DN (AMBAC
Insurance) (VMIG-1)**
5.00%...................................... 05/07/00 $ 4,000 $ 4,000,000
New Mexico TRAN (SP-1+, MIG-1)
4.50%...................................... 06/30/00 5,000 5,005,213
------------
9,005,213
------------
New York--2.1%
City of New York GO Series 2000B (A-1+, VMIG-1)
4.05%...................................... 08/09/00 10,000 10,000,000
------------
North Carolina--1.0%
Mecklenburg County DN (A-1+, VMIG-1)**
5.10%...................................... 05/07/00 300 300,000
Mecklenburg County GO Series 1996B DN (Bank of America LOC)
(A-1+, VMIG-1)**
5.00%...................................... 05/07/00 300 300,000
Mecklenburg County GO Series 1996C DN (Bank of America LOC)
(A-1+, VMIG-1)**
5.00%...................................... 05/07/00 200 200,000
Mecklenburg County GO Series 1998C DN (First Union National
Bank of North Carolina LOC) (A-1+, VMIG-1)**
5.00%...................................... 05/07/00 2,300 2,300,000
North Carolina Medical Care Commission Hospital RB (Moses H.
Cone Health System) Series 1998 DN (Wachovia Bank LOC) (A-
1+)**
5.05%...................................... 05/07/00 900 900,000
North Carolina Medical Care Commission Hospital RB (Moses H.
Cone Memorial Hospital Project) DN (Wachovia Bank LOC) (A-
1+, VMIG-1)**
5.05%...................................... 05/07/00 825 825,000
------------
4,825,000
------------
Ohio--6.8%
Clermont County Health Facilities Authority RB (Mercy Health
System Project) DN (Credit Suisse LOC) (VMIG-1)**
5.05%...................................... 05/07/00 1,580 1,580,000
Clinton County Hospital RB (Pooled Financing Programs) Series
1998 DN (Fifth Third Bank LOC) (A-1+)**
5.10%...................................... 05/07/00 5,900 5,900,000
</TABLE>
22
<PAGE>
MuniFund Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Ohio (continued)
Columbus GO Unlimited Tax DN (Westduetsche Landesbank
Girozentrale LOC) (A-1+, VMIG-1)**
4.95%...................................... 05/07/00 $ 700 $ 700,000
Cuyahoga County Hospital RB (Cleveland Clinic Foundation
Project) Series 1998A DN (Chase Manhattan Bank LOC) (A-1+,
VMIG-1)**
5.10%...................................... 05/07/00 2,200 2,200,000
Franklin County IDRB (Alco Standard Corporation Project)
Series 1994 DN (Bank America LOC) (A-1+, VMIG-1)**
5.15%...................................... 05/07/00 1,800 1,800,000
Lucas County Health Facilities Authority RB (Lutheran Homes
Society Project) DN (Bank One N.A. LOC) (A-1+)**
5.10%...................................... 05/07/00 4,600 4,600,000
Montgomery County Economic Development Authority RB (Dayton
Art Institute Project) DN (National City Bank LOC) (A-1,
VMIG-1)**
5.05%...................................... 05/07/00 4,400 4,400,000
Ohio Air Quality Development Authority PCRB (PPG Industries
Incorporated Project) Series 1988A DN (A-1, VMIG-1)**
5.25%...................................... 05/07/00 2,000 2,000,000
Ohio Highway Authority Series V (AA1)
4.70%...................................... 05/15/00 4,000 4,000,951
Ohio Water Development Authority PCRB (Cleveland Electric
Illuminating Company) Series 1997B DN (NBD Bank Corp. LOC)
(A-1+, P-1)**
5.05%...................................... 05/07/00 1,000 1,000,000
Toledo-Lucas County Port Authority DN (Toledo Museum of Art
Project) (Fifth Third Bank Corp. LOC) (A-1+)**
5.15%...................................... 05/07/00 4,300 4,300,000
Warren County Health Care Facilities RB (Otterbein Homes
Project) Series 1998B DN (Fifth Third Bank Corp. LOC) (A-
1+)**
5.25%...................................... 05/07/00 400 400,000
------------
32,880,951
------------
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Pennsylvania--2.7%
Bedford County IDA IDRB (Sepa Incorporated Facility) Series
1985 DN (First Union Bank LOC) (A-1, P-1)**
4.85%...................................... 05/07/00 $ 900 $ 900,000
Delaware County IDA (A-1+, VMIG-1)
4.10%...................................... 08/11/00 2,000 2,000,000
Franklin County IDRB DN (AMBAC Insurance) (A-1+)**
5.13%...................................... 05/04/00 2,000 2,000,000
Lancaster County DN (FGIC Insurance) (A-1+)**
5.11%...................................... 05/07/00 2,000 2,000,000
Lebanon County Health Facilities DN (Allfirst Bank LOC) (A-
1)**
5.13%...................................... 05/07/00 3,000 3,000,000
Pennsylvania GO
4.50%...................................... 08/01/00 3,000 3,008,049
------------
12,908,049
------------
Rhode Island--0.3%
Rhode Island (Construction Development Loan Project) RB (MBIA
Insurance)
5.00%...................................... 08/01/00 1,555 1,558,629
------------
South Carolina--1.9%
Greenwood County Hospital RB (Self Memorial Hospital) Series
B DN (Wachovia Bank LOC) (A-1+, VMIG-1)**
5.10%...................................... 05/07/00 9,380 9,380,000
------------
Tennessee--7.5%
Chattanooga GO
4.50%...................................... 09/01/00 1,530 1,532,384
City of Chattanooga Health, Education & Housing Facility
Board Series 1999 DN (Amsouth Bank of Alabama LOC) (A-1)**
5.05%...................................... 05/07/00 12,400 12,400,000
City of Tusculum Health, Education & Housing Facility Board
Educational Facilities RB (Tusculum College Project) Series
1998 DN (Suntrust Bank LOC)**
5.10%...................................... 05/07/00 7,000 7,000,000
</TABLE>
23
<PAGE>
MuniFund Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Tennessee (continued)
Memphis General Improvement Refunding RB DN (Westdeutsche
Landesbank Giroentrale LOC) (A-1+, VMIG-1)**
5.10%...................................... 05/07/00 $ 500 $ 500,000
Memphis GO Series 1995A DN (Westdeutsche Landesbank
Girozentrale LOC) (A-1+, VMIG-1)**
5.10%...................................... 05/07/00 700 700,000
Metropolitan Government Nashville Davidson County Health &
Education Board (Belmont University Project) DN (Suntrust
Bank LOC)**
5.10%...................................... 05/07/00 3,500 3,500,000
Metropolitan Government Nashville Davidson County Health &
Education Board (Harpeth Hall School Project) DN (Suntrust
Bank LOC)**
5.10%...................................... 05/07/00 440 440,000
Montgomery County Public Building Authority Pooled Financing
RB (Tennessee County Loan Pool) DN (Bank America LOC) (VMIG-
1)**
5.10%...................................... 05/07/00 4,650 4,650,000
State of Tennessee TECP
4.00%...................................... 07/18/00 4,000 4,000,000
Washington County IDRB (Springbrook Properties Project)
Series 1996 DN (Suntrust Bank LOC) (A-1+, VMIG-1)**
5.10%...................................... 05/07/00 1,500 1,500,000
------------
36,222,384
------------
Texas--10.3%
Harris County BAN TECP (UBS LOC) (A-1+, P-1)
3.80%...................................... 05/05/00 1,200 1,200,000
3.80%...................................... 05/17/00 1,900 1,900,000
3.90%...................................... 06/09/00 3,400 3,400,000
3.85%...................................... 06/16/00 1,100 1,100,000
Hockley County Development Authority PCRB (Amoco Project)
Series 1983 (A-1+)
4.20%...................................... 09/01/00 3,500 3,501,123
Houston TRAN (SP-1+, MIG-1)
4.25%...................................... 06/30/00 10,000 10,014,308
McKinney Independent School District (A-1+)
3.85%...................................... 08/24/00 2,000 2,000,000
Texas TRAN (SP-1+, MIG-1)
4.50%...................................... 08/31/00 27,000 27,059,486
------------
50,174,917
------------
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Utah--0.4%
City of Jordan GO
4.00%...................................... 06/15/00 $ 1,000 $ 1,000,835
Salt Lake City RB (Pooled Hospital Financing Program) Series
1998A-55 DN (A-1+, VMIG-1)**
5.05%...................................... 05/07/00 1,000 1,000,000
------------
2,000,835
------------
Vermont--1.7%
Vermont IDA (Wachovia Bank LOC)
5.10%...................................... 05/07/00 8,000 8,000,000
------------
Virginia--3.3%
Albemarle County IDRB (University of Virginia Health Services
Foundation Project) Series 1998 DN (First Union National
Bank of North Carolina LOC) (A-1)**
5.05%...................................... 05/07/00 2,000 2,000,000
City of Alexandria IDRB (YMCA of Metro Washington Facility)
Series 1998 DN (FNB Maryland LOC) (A-1+)**
4.62%...................................... 05/07/00 2,350 2,350,000
Commonwealth of Virginia TRAN RB Series 1999B DN (Citibank
LOC) (A-1+)**
5.13%...................................... 05/07/00 1,000 1,000,000
Fairfax County IDA (Inova Health Care Project) RB Series 2000
DN (A-1+, VMIG-1)**
4.95%...................................... 05/07/00 1,400 1,400,000
Lynchburg IDA Hospital Facilities RB (VHA Mid-Atlantic States
Capital Asset Finance Program) Series 1985B DN (AMBAC
Insurance) (A-1+)**
5.10%...................................... 05/07/00 1,200 1,200,000
Lynchburg IDA Hospital Facilities RB (VHA Mid-Atlantic States
Capital Asset Finance Program) Series 1985F DN (AMBAC
Insurance) (A-1+, VMIG-1)**
5.10%...................................... 05/07/00 2,500 2,500,000
Prince William County IDA PCRB (Virginia Electric & Power Co.
Project) Series 1986 MB (A-1, VMIG-1)
4.00%...................................... 06/08/00 5,400 5,400,000
Virginia College Building Authority Educational Facilities RB
(University of Richmond Project) Series 1996 DN (VMIG-1)**
5.05%...................................... 05/07/00 300 300,000
------------
16,150,000
------------
</TABLE>
24
<PAGE>
MuniFund Portfolio
Statement of Net Assets (Concluded)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Washington--4.4%
King County School District
4.00%...................................... 06/01/00 $ 2,165 $ 2,165,885
Port of Anacortes IDRB (Texaco Project) (A-1, P-1)
3.90%...................................... 07/11/00 11,000 11,000,000
Seattle Water System RB (FGIC Insurance) (A-1C+)
3.80%...................................... 08/17/00 4,000 4,000,000
Washington County Higher Education Authority Pooled Equipment
Lease RB Series 1985 DN (First Union Bank LOC) (VMIG-1)**
5.15%...................................... 05/07/00 900 900,000
Washington State DN (A-1+)**
5.13%...................................... 05/07/00 3,000 3,000,000
------------
21,065,885
------------
Wisconsin--0.6%
South East Wisconsin Professional Baseball Park District
Sales Tax RB Series Y DN (MBIA Insurance LOC) (VMIG-1)**
5.18%...................................... 05/07/00 3,000 3,000,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $482,729,108*)...................................... 99.5% 482,729,108
OTHER ASSETS IN EXCESS OF LIABILITIES...................... 0.5 2,426,390
----- ------------
NET ASSETS (Equivalent to $1.00 per share based on
415,492,706 Fund Shares, 64,900,143 Dollar Shares and
4,919,834 Cash Management Shares outstanding)............. 100.0% $485,155,498
===== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($485,155,498 / 485,312,683).................................... $1.00
=====
</TABLE>
--------
* Cost for federal income tax purposes.
** Variable Rate Obligations--The interest rate shown is as of April 30,
2000, and the maturity date shown is the longer of the next interest
readjustment date or the date the principal amount owned can be recovered
upon demand.
MuniFund Portfolio
Maturity Information
April 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- ------------ ----------
<S> <C> <C>
1-30 Days $286,235,000 59.4%
31-60 Days 26,170,000 5.4
61-90 Days 61,470,000 12.7
91-120 Days 46,655,000 9.7
121-150 Days 42,130,000 8.7
Over 150 Days 19,835,000 4.1
</TABLE>
Average Weighted Maturity--46 days
Investment Abbreviations:
<TABLE>
<C> <S>
BAN Bond Anticipation Note
DN Demand Note (Variable Rate)
GO General Obligation
IDA Industrial Development Authority
IDRB Industrial Development Revenue Bond
LOC Letter of Credit
PCRB Pollution Control Revenue Bond
RAN Revenue Anticipation Note
RB Revenue Bond
TAN Tax Anticipation Note
TECP Tax Exempt Commercial Paper
TRAN Tax and Revenue Anticipation Note
</TABLE>
The Moody's Investors Service, Inc. and Standard & Poor's Ratings Service
ratings of the investments are believed to be the most recent ratings
available at April 30, 2000.
See accompanying notes to financial statements.
25
<PAGE>
Provident Institutional Funds
MuniCash Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS--100.3%
Alabama--5.7%
Columbia IDRB (Alabama Power Project) AMT (A-1,VMIG-1)**
5.90%........................................... 05/07/00 $ 4,800 $ 4,800,000
Columbia IDRB (Alabama Power Project) DN (A-1)**
5.80%........................................... 05/01/00 15,400 15,400,000
Columbia IDRB (Alabama Power Project) DN (A-1, VMIG-1)**
5.80%........................................... 05/01/00 5,900 5,900,000
Homewood Educational Development Authority (Samford University) DN
(Bank of Nova Scotia LOC) (VMIG-1)**
5.80%........................................... 05/01/00 2,500 2,500,000
------------
28,600,000
------------
Alaska--0.4%
Anchorage TAN (SP-1+, MIG-1)
4.75%........................................... 02/02/01 2,000 2,009,441
------------
Arizona--1.0%
Phoenix IDRB (Leggett & Platt Incorporated Project) AMT (Wachovia
Bank LOC)**
5.20%........................................... 05/07/00 5,170 5,170,000
------------
Arkansas--0.2%
Arkansas Single Family Mortgage Revenue Bonds Series 2000 AMT
(National Westminster LOC) (A-1+)
4.30%........................................... 03/01/01 1,000 1,000,000
------------
California--0.5%
California Higher Education Loan Authority Student Loan RB Series
1992 (Student Loan Marketing Association LOC) (VMIG-1)
4.35%........................................... 04/01/01 2,425 2,425,000
------------
Colorado--1.6%
Adams County School District GO Bonds Series 1990 (FGIC Insurance
LOC)
7.30%........................................... 12/15/00 1,000 1,018,297
Colorado Health Facilities Authority Economic Development RB
(Johnson Publishing Company Project) AMT (Banc One N.A. LOC)**
5.20%........................................... 05/07/00 2,400 2,400,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Colorado (continued)
Colorado Housing Finance Authority Economic Development RB (White
Wave Incorporated Project) AMT (Key Bank N.A. LOC) (A-1, P-1)**
5.25%........................................... 05/07/00 $ 3,400 $ 3,400,000
Douglas County School District TAN (SP-1+, MIG-1)
4.50%........................................... 06/30/00 1,000 1,001,431
------------
7,819,728
------------
District of Columbia--0.5%
District of Columbia GO Series B-2 DN (A-1+,VMIG-1)**
6.10%........................................... 05/01/00 2,400 2,400,000
------------
Florida--2.0%
Greater Orlando Airport Authority TECP AMT (Morgan Guaranty Trust
LOC) (A-1, P-1)
3.80%........................................... 05/17/00 5,000 5,000,000
Miami-Dade County IDRB AMT**
5.30%........................................... 05/07/00 3,000 3,000,000
Putnam County Development Authority PCRB (National Rural Utilities
Co-op Seminole Electric Project) Series 1984 H (A-1+, P-1)
4.05%........................................... 09/15/00 2,000 2,000,000
------------
10,000,000
------------
Georgia--1.1%
Dawson County Development Authority IDRB (World Wide Manufacturing
Incorporated Project) AMT (Wachovia Bank LOC)**
5.20%........................................... 05/07/00 3,200 3,200,000
Haralson County Development Authority IDRB (Gold Kist Incorporated
Project) Series 1995 AMT (Wachovia Bank LOC)**
5.20%........................................... 05/07/00 2,500 2,500,000
------------
5,700,000
------------
Hawaii--0.6%
Hawaii State Department of Budget & Finance (Palama Meat Company
Project) Series A AMT (Bank of Hawaii LOC)**
5.55%........................................... 05/07/00 2,960 2,960,000
------------
</TABLE>
26
<PAGE>
MuniCash Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Idaho--0.8%
Idaho TAN (SP-1+)
4.25%........................................... 06/30/00 $ 4,000 $ 4,005,385
------------
Illinois--11.3%
Belvidere IDRB (R&D Thiel Incorporated Project) AMT (First Bank
Systems, N.A. LOC) (A-1)**
5.50%........................................... 05/07/00 1,600 1,600,000
Chicago Multifamily Housing RB (Barbara Jean Wright Apartments
Project) Series B AMT (ABN-Ambro Bank N.V. LOC) (A-1+)**
5.13%........................................... 05/07/00 3,300 3,300,000
City of Harvey Multifamily Housing RB (Bethlehem Village Project)
AMT (Federal Home Loan Bank LOC) (A-1+)**
5.25%........................................... 05/07/00 3,400 3,400,000
Cook County GO DN (A-1+, VMIG-1)**
4.45%........................................... 05/07/00 200 200,000
Elmhurst IDRB (John Sakash Co. Project) AMT (Lasalle National Bank
LOC) (A-1+)**
5.13%........................................... 05/07/00 1,400 1,400,000
Glendale Heights IDRB (Hudapak Metal Company Incorporated Project)
AMT (Banc One N.A. LOC)**
5.25%........................................... 05/07/00 3,845 3,845,000
Illinois Development Finance Authority IDRB (Azteca Foods Project
Incorporated) AMT (ABN-AMRO Bank N.V. LOC) (A-1+)**
5.13%........................................... 05/07/00 2,600 2,600,000
Illinois Development Finance Authority IDRB (Big Bolt Corporation
Project) AMT (ABN-AMRO Bank N.V. LOC)**
5.44%........................................... 05/07/00 3,100 3,100,000
Illinois Development Finance Authority IDRB (Henry Valve Company
Project) Series 1995 AMT (ABN-AMRO Bank N.V. LOC) (A-1+)**
5.13%........................................... 05/07/00 3,035 3,035,000
Illinois Development Finance Authority IDRB (Royal Continental Box
Project) Series B AMT (ABN-AMRO Bank N.V. LOC) (A-1+)**
5.13%........................................... 05/07/00 2,850 2,850,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Illinois (continued)
Illinois Health Facilities Authority RB (Evanston Hospital
Corporation Project) (A-1+, VMIG-1)
3.55%........................................... 07/31/00 $ 9,500 $ 9,500,000
Illinois Housing Development Finance Authority Series V DN (First
Union Bank LOC) (VMIG-1)**
5.23%........................................... 05/07/00 2,000 2,000,000
Lake County IDRB (Northpoint Project) AMT (Banc One N.A. LOC) (A-
1+)**
5.10%........................................... 05/07/00 2,100 2,100,000
Lake Zurich IDRB (Screenflex Portable Partitions Incorporated
Project) AMT (ABN-AMRO Bank N.V. LOC) (A-1+)**
5.13%........................................... 05/07/00 2,585 2,585,000
Naperville Economic Development Authority (Independence Village
Associates) DN (National City Bank N.A. LOC)**
5.15%........................................... 05/07/00 2,555 2,555,000
Rockford RB (Fairhaven Christian Center Project) DN (Banc One N.A.
LOC)**
5.10%........................................... 05/07/00 2,500 2,500,000
Sangamon County IDRB (Contech Construction Project Incorporated)
Series 1992 AMT (Mellon Bank N.A. LOC) (VMIG-1)**
5.20%........................................... 05/07/00 2,700 2,700,000
Sangamon County IDRB (Contech Construction Project Incorporated)
Series 1994 AMT (Mellon Bank N.A. LOC) (VMIG-1)**
5.20%........................................... 05/07/00 3,400 3,400,000
Sangamon County IDRB (Contech Construction Project Incorporated)
Series 1997 AMT (Mellon Bank N.A. LOC)**
5.25%........................................... 05/07/00 1,400 1,400,000
Village of North Aurora IDRB (Oberweis Dairy Incorporated Project)
Series 1995 AMT (ABN-AMRO Bank N.V. LOC) (A-1+, VMIG-1)**
5.13%........................................... 05/07/00 2,350 2,350,000
------------
56,420,000
------------
</TABLE>
27
<PAGE>
MuniCash Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- --------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Indiana--5.6%
Bremen IDA RB (Universal Bearings Incorporated Project Private
Placement) Series A 1996 AMT (Key Bank N.A. LOC) (A-1, P-1)**
5.40%......................................... 05/07/00 $ 5,000 $ 5,000,000
Crown Point Multi-School Building Corporation BAN
4.25%......................................... 07/17/00 3,000 3,000,000
Elkhart Economic Development RB (Jameson Inns Incorporated
Project) AMT (Firstar Bank N.A. LOC)**
5.25%......................................... 05/07/00 3,305 3,305,000
Indiana Development Finance Authority IDRB (Cives Corporation
Project) Series 1998 AMT (Wachovia Bank LOC) (VMIG-1)**
5.20%......................................... 05/07/00 3,600 3,600,000
Indiana Development Finance Authority IDRB (Enterprise Center II
Project) Series 1992 AMT (Banc One N.A. LOC) (A-1)**
5.13%......................................... 05/07/00 3,000 3,000,000
Indiana Development Finance Authority IDRB (Enterprise Center V
Project) Series 1992 AMT (Banc One N.A. LOC) (A-1+)**
5.13%......................................... 05/07/00 5,000 5,000,000
Indiana Secondary Market for Educational Loans Series D RB (AMBAC
Insurance)
4.65%......................................... 06/01/00 1,000 1,000,531
Indiana Secondary Market for Educational Loans Series F RB (AMBAC
Insurance)
3.60%......................................... 06/01/00 500 499,917
Terre Haute Industrial Economic Development RB (Jameson Inns
Incorporated Project) AMT (Firstar Bank N.A. LOC)**
5.25%......................................... 05/07/00 3,740 3,740,000
------------
28,145,448
------------
Kansas--1.0%
Wyandotte County BAN
4.30%......................................... 02/01/01 5,000,000 5,000,000
------------
Kentucky--3.8%
City of Maysville Solid Waste Disposal Facilities RB (Inland
Container Corporation Project) AMT
4.85%......................................... 07/14/00 4,000 4,000,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Kentucky (continued)
City of Wilder Industrial Building RB (Saratoga Investments
Limited Partnerships) DN (Fifth Third Bank N.A. LOC)**
5.25%........................................... 05/07/00 $ 1,610 $ 1,610,000
Elsmere IDRB (International Mold Steel Incorporated Project) AMT
(Star Banc Corporation LOC)**
5.27%........................................... 05/07/00 1,820 1,820,000
Florence Economic Development RB (Jameson Inns Incorporated
Project) AMT (Firstar Bank N.A. LOC)**
5.25%........................................... 05/07/00 2,520 2,520,000
Jefferson County Economic Development RB (Jameson Inns
Incorporated Project) AMT (First Bank Systems LOC)**
5.25%........................................... 05/07/00 2,550 2,550,000
Jefferson County Industrial Building RB (Atlas Machine & Supply
Company, Project) AMT (Banc One N.A. LOC)**
5.20%........................................... 05/07/00 5,000 5,000,000
McCreary County Industrial Building RB (Le Sportsac Incorporated
Project) DN (Fifth Third Bank N.A. LOC)**
5.10%........................................... 05/07/00 1,555 1,555,000
------------
19,055,000
------------
Louisiana--1.2%
Jefferson Parish AMT (Bayerische Landesbank Girozentrale LOC) (A-
1C+)**
5.17%........................................... 05/07/00 6,205 6,205,000
------------
Maryland--5.8%
Maryland State Community Development Administration (Atlantic
Pharmaceutical Services Incorporated) AMT (FNB Maryland LOC) (A-
1)**
4.77%........................................... 05/07/00 4,940 4,940,000
Maryland State Department of Housing & Community Development AMT
(Landesbank Hessen Thuringen Girozentrale LOC) (VMIG-1)
3.85%........................................... 08/24/00 3,000 3,000,000
</TABLE>
28
<PAGE>
MuniCash Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Maryland (continued)
Maryland State Educational Development Authority (Association of
Catholic Charities) DN (FNB Maryland LOC) (A-1)**
5.13%........................................... 05/05/00 $ 3,175 $ 3,175,000
Maryland State Educational Development Authority (Association of
Catholic Charities) DN (FNB Maryland LOC) (A-1)**
5.13%........................................... 05/05/00 1,880 1,880,000
Maryland State Health & Higher Education Authority RB (Doctors
Community Hospital) Series 1997 DN (FNB Maryland LOC) (A-1)**
4.57%........................................... 05/07/00 2,000 2,000,000
Montgomery County Economic Development RB (Brooke Grove Foundation
Incorporated Project) DN (FNB Maryland LOC) (A-1)**
4.62%........................................... 05/07/00 7,350 7,350,000
Ocean County RB (Harrison Inn Fifty-Eight Limited Partnership
Facility) AMT (FNB Maryland LOC) (A-1)**
4.82%........................................... 05/07/00 4,610 4,610,000
Wicomico County Economic Development RB (Plymouth Tube Company
Project) AMT (Banc One N.A. LOC) (VMIG-1)**
5.20%........................................... 05/07/00 1,900 1,900,000
------------
28,855,000
------------
Massachusetts--0.5%
Massachusetts RB (Escrowed in U.S. Treasuries)
7.50%........................................... 12/01/00 2,350 2,443,925
------------
Michigan--3.2%
Bentley Community School District Student Aid GO
4.45%........................................... 08/22/00 1,100 1,101,146
Benton Harbor Area School District Student Aid GO
4.00%........................................... 08/31/00 1,000 1,000,966
Garden City Housing Finance Authority (Garden City Housing
Project) DN (National City Bank N.A. LOC) (A-1+)**
5.10%........................................... 05/07/00 2,495 2,495,000
Gibraltar School District State Aid Notes Series 2000
4.50%........................................... 11/14/00 2,700 2,702,806
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Michigan (continued)
Howell Public Schools GO (MBIA Insurance)
3.85%........................................... 05/01/00 $ 625 $ 625,000
Kalamazoo GO (MIG-1)
4.50%........................................... 12/01/00 4,000 4,009,292
Michigan Strategic Fund--Amera Group Limited Obligations RB Series
2000 AMT (Banc One LOC)**
5.20%........................................... 05/07/00 3,200 3,200,000
Pinckney Community School District Student Aid GO
4.25%........................................... 06/30/00 1,000 1,000,477
------------
16,134,687
------------
Minnesota--1.4%
Minneapolis GO Series 1995B DN (Bayerische Landesbank Girozentrale
LOC) (A-1+, VMIG-1)**
4.90%........................................... 05/07/00 3,000 3,000,000
Minnesota Agricultural Economic Development Authority (Como
Partnership Project) AMT (Firstar Bank N.A. LOC)**
5.40%........................................... 05/07/00 2,260 2,260,000
Minnesota School Districts Tax & Aid Anticipated Borrowing Program
Certificates Series A (MIG-1)
4.25%........................................... 02/28/01 1,500 1,500,565
------------
6,760,565
------------
Missouri--3.2%
Jackson County Port Facility RB (Chevron USA Incorporated Project)
Series 1993 DN**
3.85% 05/01/00 3,200 3,200,000
Maries County IDA Solid Waste Management RB (Kingsford Products
Company Project) AMT (Clorox Company Incorporated Guarantee) (A-
1)**
5.25%........................................... 05/07/00 12,600 12,600,000
------------
15,800,000
------------
New Hampshire--0.7%
New Hampshire State Business Finance Authority IDRB (Felton Brush
Incorporated Project) AMT (Key Bank N.A. LOC)**
5.40%........................................... 05/07/00 1,770 1,770,000
</TABLE>
29
<PAGE>
MuniCash Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
New Hampshire (continued)
New Hampshire State Housing Finance Authority Multifamily RB
(Countryside L.P. Project) AMT (General Electric Capital
Corporation LOC) (VMIG-1)**
5.20%........................................... 05/07/00 $ 1,500 $ 1,500,000
------------
3,270,000
------------
New Jersey--4.7%
Essex County Public Improvement Authority RB (County Asset Sale
Project) Series 1995 DN (Morgan Guaranty Trust LOC) (VMIG-1)**
4.80%........................................... 05/07/00 1,050 1,050,000
Monmouth County Improvement Authority RB (Water Treatment
Facility) Series 1990
6.875%.......................................... 08/01/00 750 769,714
New Jersey Economic Development Authority (Ocean Spray Cranberries
Incorporated Guarantee Project) AMT
3.70%........................................... 07/01/00 4,000 4,000,000
New Jersey Economic Development Authority RB (Airis Newark LLC
Project) Series 1998 DN (Kredietbank LOC) (A-1+, VMIG-1)**
5.05%........................................... 05/07/00 1,408 1,408,000
New Jersey Economic Development Authority RB (Facile Holdings
Incoporated Project) AMT (First Union National Bank N.A. LOC)**
4.95%........................................... 05/07/00 4,667 4,667,000
New Jersey Economic Development Authority RB (Jersey Juice
Incorporated Project) Series 1998 AMT (First Union National Bank
N.A. LOC)**
5.00%........................................... 05/07/00 3,270 3,270,000
New Jersey Economic Development Authority RB (Kenwood USA
Corporation Project) DN (Bank of New York LOC) (P-1)**
4.95%........................................... 05/07/00 600 600,000
New Jersey Housing & Mortgage Finance Agency DN (AMBAC Insurance,
Merrill Lynch LOC) (A-1C+)**
4.93%........................................... 05/07/00 3,200 3,200,000
Newark School District Qualified Bonds (MBIA Insurance)
5.30%........................................... 09/01/00 1,000 1,004,753
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
New Jersey (continued)
Washington Township BAN Series C
4.25%........................................... 07/17/00 $ 2,000 $ 2,001,848
Wildwood Crest BAN
3.45%........................................... 05/25/00 1,375 1,375,157
------------
23,346,472
------------
New Mexico--0.8%
Dona Ana County IDRB (Merryweath Project) RB Series 1998 AMT**
5.35%........................................... 05/07/00 2,000 2,000,000
New Mexio TRAN (SP-1+, MIG-1)
4.50%........................................... 06/30/00 2,000 2,002,086
------------
4,002,086
------------
New York--0.2%
City of New York GO DN (Morgan Guaranty Trust LOC) (A-1+, VMIG-
1)**
6.10%........................................... 05/01/00 100 100,000
New York State Housing Finance Agency Series A DN (Mount Sinai
School Of Medicine) (Chase Manhatten Bank LOC) (VMIG-1)**
4.45%........................................... 05/07/00 1,000 1,000,000
------------
1,100,000
------------
North Carolina--3.3%
Charlotte-Mecklenburg Hospital Authority RB (Health Care System
Project) Series 1996C DN (Bank of America LOC) (A-1+, VMIG-1)**
5.00%........................................... 05/07/00 3,200 3,200,000
Green County Industrial Facilities & Pollution Control Financing
Authority IDRB (Snow Hill Tape Corporation Project) Series 1995
DN (Wachovia Bank LOC) (A-1+)**
5.15%........................................... 05/07/00 1,100 1,100,000
Mecklenburg County DN (A-1+, VMIG-1)**
5.10%........................................... 05/07/00 4,700 4,700,000
Mecklenberg County GO Series 1998C DN (First Union National Bank
of North Carolina LOC) (A-1, VMIG-1)**
5.00%........................................... 05/07/00 3,815 3,815,000
</TABLE>
30
<PAGE>
MuniCash Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
North Carolina (continued)
North Carolina Medical Care Commission Health Care Facility RB
(Lutheran Services for the Aging Project) Series 1998 DN (Branch
Banking and Trust Co. LOC) (A-1])*
5.10%........................................... 05/07/00 $ 2,850 $ 2,850,000
North Carolina Medical Care Commission Hospital RB (Luthern
Retirement Project) Series 1999 DN (Bank America N.A. LOC)**
5.10%........................................... 05/07/00 500 500,000
University of North Carolina RB (Kenan Memorial Stadium Project)
Series 1996 DN (Wachovia Bank N.A. LOC) (A-1+)**
5.10%........................................... 05/07/00 576 576,000
------------
16,741,000
------------
North Dakota--0.7%
Mercer County Solid Waste Disposal RB (United Power Association
Project) Series U AMT
3.95%........................................... 06/01/00 3,400 3,400,000
------------
Ohio--15.8%
Allen County BAN
4.73%........................................... 09/14/00 2,000 2,003,850
Brecksville County BAN
3.75%........................................... 07/22/00 1,300 1,300,495
Brooklyn IDRB (Dylon Industries Incorporated Project) AMT (Key
Bank N.A. LOC)**
5.40%........................................... 05/07/00 1,115 1,115,000
City of Mansfield School District BAN
4.40%........................................... 07/18/00 1,240 1,241,161
Clermont County Health Facilities Authority RB (Mercy Health
System Project) Series 1993A DN (Credit Suisse LOC) (VMIG-1)**
5.05%........................................... 05/07/00 300 300,000
Clinton County Hospital RB (Pooled Financing Programs) Series 1998
DN (Fifth Third Bank N.A. LOC) (A-1+)**
5.10%........................................... 05/07/00 4,100 4,100,000
Cuyahoga County IDRB (Cleveland Gear Company Incorporated Project)
Series 1998 AMT (Key Bank N.A. LOC)**
5.40%........................................... 05/07/00 1,000 1,000,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Ohio (continued)
Cuyahoga County IDRB (Northstar Project) Series 1998 DN (KeyBank
N.A. LOC)**
5.40%........................................... 05/07/00 $ 2,115 $ 2,115,000
East Palestine City School District BAN
4.10%........................................... 11/09/00 1,700 1,701,878
Erie County BAN
3.75%........................................... 06/01/00 2,400 2,400,984
Erie County IDRB (Brighton Manor Company Project) AMT (Bank One
N.A. LOC)**
5.20%........................................... 05/07/00 3,300 3,300,000
Goshen School District GO Series 00 BAN
4.71%........................................... 10/11/00 2,000 2,004,410
Hilliard GO BAN Series 2000
4.589%.......................................... 05/25/00 2,000 2,000,906
Lebanon BAN Series 2000
4.51%........................................... 11/02/00 2,150 2,152,744
Lima City School District BAN (MIG-1)
4.55%........................................... 07/26/00 2,000 2,002,174
Lucas County BAN Series 2000
4.56%........................................... 04/12/01 1,430 1,432,719
Mansfield City School District BAN
4.55%........................................... 07/18/00 2,000 2,002,094
Maplewood School District BAN
4.46%........................................... 08/15/00 1,397 1,398,033
Marion County GO
4.50%........................................... 11/16/00 1,000 1,001,581
Medina County Health Care Facilities RB (The Oaks At Medina
Project) Series 1997B DN (Bank One N.A. LOC)**
5.10%........................................... 05/07/00 800 800,000
North Olmsted BAN
4.20%........................................... 09/21/00 1,000 1,000,750
Ohio Air Quality Development Authority PCRB (JMG Funding, Ltd.
Partnership Project) Series 1994B DN (Societe Generale LOC) (A-
1+, VMIG-1)**
5.05%........................................... 05/07/00 3,840 3,840,000
Ohio Air Quality Development Authority PCRB (Pennsylvania Power
Company Project) AMT (Banc One N.A. LOC) (A-1+)**
5.05%........................................... 05/07/00 2,328 2,328,000
</TABLE>
31
<PAGE>
MuniCash Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Ohio (continued)
Ohio Air Quality Development Authority PCRB (The Timken Company
Project) Series 1992 DN (Credit Suisse LOC) (A-1+, P-1)**
5.05%........................................... 05/07/00 $ 500 $ 500,000
Ohio Higher Education Facilities (Case Westen Project) (Banc One
N.A. LOC) (A-1+, P-1)
3.80%........................................... 05/31/00 3,000 3,000,000
Ohio Housing Finance Agency MultiFamily Housing RB (The Club at
Spring Valley Apartments Project) Series 1996A DN (Key Bank N.A.
LOC) (A-1)**
5.25%........................................... 05/07/00 7,500 7,500,000
Ohio Water Authority Solid Waste Disposal RB (American Steel &
Wire Corporation Project) AMT (Bank America N.A. LOC) (A-1)**
5.25%........................................... 05/07/00 7,800 7,800,000
Ohio Water Development Revenue Refunding Bonds (TheTimken Company
Project) Series A DN (Credit Suisse LOC) (A-1+, P-1)**
5.05%........................................... 05/07/00 1,784 1,784,000
Richland County GO
4.40%........................................... 11/16/00 2,300 2,303,599
Springboro BAN
4.51%........................................... 01/25/01 1,200 1,202,199
Toledo City School District BAN (MIG-1)
4.50%........................................... 01/26/01 2,012 2,016,268
Toledo TAN
4.20%........................................... 05/18/00 1,438 1,437,807
Union Township GO BAN Series 2000
4.75%........................................... 03/13/01 1,500 1,505,600
4.86%........................................... 04/10/01 1,000 1,004,602
Wapakoneta BAN
4.75%........................................... 02/01/01 1,400 1,402,523
Westlake BAN Series 2000
4.55%........................................... 05/03/01 1,140 1,142,177
Youngstown IDRB (Portage Transformer Company Project) Series 1996
DN (National City Bank N.A. LOC)**
5.25%........................................... 05/07/00 3,585 3,585,000
------------
78,725,554
------------
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Oregon--0.5%
Portland BAN Series B (MIG-1)
4.50%..................... 06/01/00 $ 2,500 $ 2,501,515
------------
Pennsylvania--5.9%
Pennsylvania Higher Education Facilities
Authority RB (University of Pennsylvania
Health Services Project) Series 1984B DN
(A-1+, VMIG-1)**
5.10%.......................05/07/00 5,300 5,300,000
Pennsylvania Higher Education Facilities
Authority RB (University of Pennsylvania
Health Services Project) Series 1994B DN
(A-1+, VMIG-1)**
5.10%.......................05/07/00 5,895 5,895,000
Pennsylvania Higher Education Facilities
Authority RB (University of Pennsylvania
Health Services Project) Series 1996C DN
(Credit Suisse LOC)
(A-1+, VMIG-1)**
5.10%.......................05/07/00 18,300 18,300,000
------------
29,495,000
------------
South Carolina--0.5%
Berkeley County IDRB (Nucor Corp. Guarantee
Project) Series 1995 DN (A-1+, P-1)**
5.15%.......................05/07/00 1,800 1,800,000
Piedmont Municipal Power Agency Electric
Refunding RB Series B DN (Credit Suisse
LOC)
(A-1+, VMIG-1)**
5.05%.......................05/07/00 600 600,000
------------
2,400,000
------------
Tennessee--0.6%
City of Jackson IDRB (Quadion Corporation
Project) AMT (First Bank Systems, N.A. LOC)
(A-1)**
5.30%.......................05/07/00 3,000 3,000,000
------------
Texas--6.4%
Austin Airport System RB Series 2000J AMT
(MBIA Insurance LOC) (VMIG-1)**
5.23%.......................05/07/00 2,000 2,000,000
City of Haltom IDRB (Molded Products Company
Project) Series 1995 AMT (ABN-AMRO Bank
N.V. LOC) (A-1+)**
5.13%.......................05/07/00 3,150 3,150,000
</TABLE>
32
<PAGE>
MuniCash Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Texas (continued)
Houston TRAN (SP-1+, MIG-1)
4.25%.......................06/30/00 $ 5,000 $ 5,007,154
Montgomery County IDRB (Sawyer Research
Products Incorporated) AMT (Key Bank N.A.
LOC)**
5.40%.......................05/07/00 1,500 1,500,000
Port Arthur Navigation District
Environmental Facilities RB (Motiva
Enterprises Project) AMT (A-1)**
5.20%.......................05/07/00 5,890 5,890,000
Sulphur Springs IDRB (CMH Manufacturing
Incorporated Project) AMT (Wachovia Bank
N.A. LOC)**
5.20%.......................05/07/00 4,030 4,030,000
Texas TRAN (SP-1+, MIG-1)
4.50%.......................08/31/00 10,400 10,422,946
------------
32,000,100
------------
Vermont--0.3%
Vermont IDA (Alpine Pipeline Company
Project) AMT (Key Bank N.A. LOC)**
5.40%.......................05/07/00 1,375 1,375,000
------------
Virginia--1.8%
Chesterfield County IDA RB (Lumberg,
Incorporated Project) Series 1998 AMT (Bank
America N.A. LOC) (A-1+)**
5.20%.......................05/07/00 1,000 1,000,000
Fairfax County IDA (Inova Health Care
Project) RB Series 2000 DN (A-1+, VMIG-1)**
4.95%.......................05/07/00 300 300,000
Hanover County IDA (Covenent Woods Project)
(Branch Banking &Trust Co. LOC) Series 1999
DN (A-1)**
5.15%.......................05/07/00 300 300,000
Louisa County IDA PCRB (Virginia Electric &
Power Co. Project) Series 1985 MB (A-1,
VMIG-1)
3.85%.......................05/12/00 4,000 3,998,360
Metropolitan Washington D.C. Airport
Authority (Virginia Passenger Facility)
Flexible Term Revenue Notes AMT (Bank
America N.A. LOC) (A-1)
3.90%.......................07/28/00 2,500 2,500,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Virginia (continued)
Metropolitan Washington D.C. Airport
Authority (Virginia Passenger Facility)
Flexible Term Revenue Notes AMT (Bank
America N.A. LOC) (A-1+, P-1)
4.00%.......................08/16/00 $ 1,000 $ 1,000,000
------------
9,098,360
------------
Washington--2.6%
Everett IDRB (Kimberly Clark Project) AMT
(A-1+)**
5.20%.......................05/07/00 3,900 3,900,000
King County Public Hospitals (Hospital
Facilities Revenue Project, Valley Medical
Center) (Krediet Bank LOC)
6.75%.......................09/01/00 2,000 2,056,870
Pilchuck Public Development Corporation RB
(Holden-McDaniels Partners, Project) AMT
(Key Bank N.A. LOC)**
5.45%.......................05/07/00 2,095 2,095,000
Port Douglas County Development Corporation
RB Series 1996 AMT (Key Bank N.A. LOC) (A-
1)**
5.35%.......................05/07/00 1,000 1,000,000
Seattle Water System RB (FGIC Insurance) (A-
1C+)
3.80%.......................08/17/00 4,005 4,005,000
------------
13,056,870
------------
Wisconsin--2.4%
Brown Deer School District TRAN
4.05%.......................10/27/00 2,000 2,001,381
Stevens Point RB (Consolidated Paper Company
Project) AMT (Wachovia Bank LOC)**
5.20%.......................05/07/00 5,000 5,000,000
Wisconsin Housing & Economic Development
Authority DN (A-1C+)**
5.23%.......................05/07/00 3,400 3,400,000
Wisconsin Housing & Economic Development
Authority Homeownership RB Series I
(Merrill Lynch & Co. LOC)
3.55%.......................08/15/00 1,500 1,500,000
------------
11,901,381
------------
</TABLE>
33
<PAGE>
MuniCash Portfolio
Statement of Net Assets (Concluded)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Wyoming--1.7%
Gillette PCRB Series 1988 DN (Commerzbank
LOC) (A-1+, P-1)**
5.10%.......................05/07/00 $ 8,600 $ 8,600,000
------------
TOTAL INVESTMENTS IN SECURITIES (Cost
$500,922,517*)...................... 100.3% 500,922,517
LIABILITIES IN EXCESS OF OTHER
ASSETS.............................. (0.3) (1,605,177)
------- ------------
NET ASSETS (Equivalent to $1.00 per
share based on 370,958,012 Fund
Shares and 128,504,609 Dollar Shares
Outstanding)........................ 100.0% $499,317,340
======= ============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
($499,317,340 / 499,462,621)........ $1.00
=====
</TABLE>
--------
* Cost for federal income tax purposes. Market value of securities subject to
federal alternative minimum tax is approximately 48% of the total market
value.
** Variable Rate Obligations--The interest rate shown is as of April 30, 2000,
and the maturity date shown is the longer of the next interest readjustment
date or the date the principal amount owned can be recovered upon demand.
MuniCash Fund Portfolio
Maturity Information
April 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
Period (000) of Portfolio
-------- ------------ ------------
<S> <C> <C>
1- 30 Days $368,310,500 73.6%
31- 60 Days 12,800,000 2.6
61- 90 Days 35,040,000 7.0
91- 120 Days 22,252,000 4.4
121- 150 Days 19,400,000 3.9
Over 150 Days 42,807,000 8.5
</TABLE>
Average Weighted Maturity--42 days
Investment Abbreviations:
<TABLE>
<C> <S>
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
DN Demand Note (Variable Rate)
GO General Obligation
IDA Industrial Development Authority
IDRB Industrial Development Revenue Bond
LOC Letter of Credit
PCRB Pollution Control Revenue Bond
RB Revenue Bond
TAN Tax Anticipation Note
TECP Tax Exempt Commercial Paper
TRAN Tax and Revenue Anticipation Note
</TABLE>
The Moody's Investors Service, Inc. and Standard & Poor's Ratings Service
ratings of the investments in the various Portfolios are believed to be the
most recent ratings available at April 30, 2000.
See accompanying notes to financial statements.
34
<PAGE>
Provident Institutional Funds
California Money Fund Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS--99.5%
California--91.7%
ABAG Finance Authority Certificates of Participation (Lucile
Salter Packard Childrens Hospital) DN (AMBAC Insurance) (A-1+,
VMIG-1)**
4.90%........................................... 05/07/00 $ 3,725 $ 3,725,000
Alameda-Contra Costa Schools Financing Authority Certificates of
Participation (Capital Improvements Financing Project) Series
1997C DN (National Westminster LOC) (A-1+)**
5.30%........................................... 05/07/00 4,905 4,905,000
Alameda-Contra Costa Schools Financing Authority Certificates of
Participation (Capital Improvements Financing Project) Series A
DN (National Westminster LOC) (A-1+)**
5.30%........................................... 05/07/00 8,410 8,410,000
Berkeley Hospital RB (AAA)
7.65%........................................... 04/30/00 1,325 1,355,596
California Economic Development Financing Authority RB Series
1998B (A-1+, VMIG-1)
5.00%........................................... 05/07/00 13,300 13,299,487
California GO DN (Bayerische Landesbank Girozentrale LOC) (A-1C+)
4.83%........................................... 05/07/00 13,700 13,700,000
California GO RB (Aa3, AA-)
9.00%........................................... 06/01/00 5,000 5,022,617
California GO TECP (A-1+, P-1)
3.00%........................................... 05/19/00 4,700 4,700,000
3.35%........................................... 06/14/00 5,000 5,000,000
3.25%........................................... 06/15/00 2,700 2,700,000
3.25%........................................... 07/06/00 8,500 8,500,000
3.35%........................................... 07/12/00 6,000 6,000,000
California Health Facilities Financing Authority (Adventist Health
System West-Sutter Health) Series 1991B DN (Toronto Dominion LOC)
(A-1+, VMIG-1)**
4.90%........................................... 05/07/00 3,500 3,500,000
California Health Facilities Financing Authority (Catholic
Healthcare West) Series 1988C DN (MBIA Insurance) (A-1+, VMIG-
1)**
4.90%........................................... 05/07/00 5,200 5,200,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
California (continued)
California Health Facilities Financing Authority (Pooled Loan
Program) Series 1985B DN (Morgan Guaranty Trust LOC) (A-1+, VMIG-
1)**
5.00%........................................... 05/07/00 $11,485 $ 11,485,000
California Health Facilities Financing Authority (Pooled Loan
Program) Series 1987A DN (FGIC Insurance) (VMIG-1)**
5.25%........................................... 05/07/00 100 100,000
California Health Facilities Financing Authority (Pooled Loan
Program) Series 1990A DN (A-1+, VMIG-1)**
5.00%........................................... 05/07/00 4,600 4,600,000
California Health Facilities Financing Authority (Scripps Memorial
Hospital) Series A DN (MBIA Insurance) (A-1+, VMIG-1)**
4.75%........................................... 05/07/00 3,200 3,200,000
California Health Facilities Financing Authority (Scripps Memorial
Hospital) Series 1985B DN (MBIA Insurance) (A-1+, VMIG-1)**
5.25%........................................... 05/07/00 7,160 7,160,000
California Health Facilities Financing Authority RB (Scripps
Memorial Hospital) Series 1991B DN (MBIA Insurance & Swiss Bank
SBPA) (A-1+, VMIG-1)**
4.75%........................................... 05/07/00 1,100 1,100,000
California Health Facilities Financing Authority RB (Little County
Mary Health Service) (Kredietbank LOC) (AAA, Aaa)
4.00%........................................... 10/01/00 1,010 1,011,219
California Housing Finance Agency RB Series C (FNMA Insurance) (A-
1+)
4.75%........................................... 05/03/00 2,750 2,750,000
California Pollution Control Financing Authority PCRB (Pacific Gas
& Electric) Series 1996E DN (Morgan Guaranty Trust LOC) (A-1+)**
6.15%........................................... 05/01/00 600 600,000
California Pollution Control Financing Authority PCRB (Southern
California Edison Company Project) (A-1, P-1)
3.35%........................................... 04/30/00 2,000 2,000,000
</TABLE>
35
<PAGE>
California Money Fund Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
California (continued)
California Pollution Control Financing Authority PCRB (Southern
California Edison Company Project) (A-1, P-1)
3.10%........................................... 07/21/00 $ 1,000 $ 1,000,000
California RAN Series 1999A (SP-1+, MIG-1)
4.00%........................................... 06/30/00 18,000 18,018,565
California School Facilities Financing Corporation (Capital
Improvement Project) Series B DN (Bayerische Landesbank
Girozentrale LOC) (VMIG-1)**
4.90%........................................... 05/07/00 10,000 10,000,000
California Statewide Communities Development Authority
Certificates of Participation (Covenant Retirement Communities,
Inc.) DN (ABN-AMRO Bank N.V. LOC) (A-1+, VMIG-1)**
4.95%........................................... 05/07/00 7,500 7,500,000
California Statewide Community College Financing Authority TRAN
Series A (SP-1+)
4.00%........................................... 06/30/00 15,000 15,018,533
California TRAN Financing Authority DN (FSA Insurance) (A-1+)
5.00%........................................... 05/07/00 24,200 24,200,000
California Trust Receipts Series 58 DN (FGIC Insurance) (SP-1+,
MIG-1)**
5.13%........................................... 05/07/00 2,900 2,900,000
California Wastewater Systems (MBIA Insurance) (AAA, Aaa)
6.50%........................................... 12/01/00 1,000 1,035,729
City of Stockton IDRB (La Quinta Motor Inns) DN (Bank America
LOC)**
5.15%........................................... 05/07/00 650 650,000
Conejo Valley Unified School District TRAN (SP-1+)
3.45%........................................... 06/30/00 5,000 5,002,300
Contra Costa Multifamily Housing RB (Lakeshore Apartments) Series
1992C DN (Federal National Mortgage Association) (A-1+)**
4.60%........................................... 05/07/00 7,145 7,145,000
Corona Multifamily Housing RB (Country Hills Apartment Project)
Series 1995A DN (Bank America LOC) (A-1)**
5.30%........................................... 05/07/00 6,595 6,595,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity
in Securities Date Par (000) Value
------------- -------- --------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
California (continued)
Fremont Multifamily Housing Bonds (Creekside Village Apartments)
Series D DN (Kredietbank LOC) (VMIG-1)**
5.05%......................................... 05/07/00 $ 4,000 $ 4,000,000
Golden Empire Schools Financing Authority (Kern High School
District Project) Series A DN (Canadian Imperial Bank LOC) (A-
1+)**
4.90%......................................... 05/07/00 7,355 7,355,000
Golden Empire Schools Financing Authority (Kern High School
District Project) Series B DN (National Westminster LOC) (A-1+)**
4.90%......................................... 05/07/00 9,700 9,700,000
Kern County Certificates of Participation (Kern Public Facilities
Project) Series B DN (Union Bank of Switzerland LOC) (VMIG-1)**
4.90%......................................... 05/07/00 3,700 3,700,000
Kern County TRAN (SP-1+, MIG-1)
4.00%......................................... 06/30/00 5,000,000 5,006,748
Los Angeles Community Redevelopment Agency Multifamily Housing
Revenue Refunding Bonds Series 2000 DN (VMIG-1)**
4.70%......................................... 05/07/00 1,000 1,000,000
Los Angeles County Certificates of Participation(Correctional
Facilities Project) (AAA, AAA)
6.50%......................................... 09/01/00 10,000 10,293,173
Los Angeles County Certificates of Partnership (Equipment & Real
Property Acquistion Program) (Kredietbank LOC) (AAA, Aaa)
4.00%......................................... 12/01/00 2,470 2,474,860
Los Angeles County Department of Water & Power Series F DN (A-1+,
VMIG-1)
5.15%......................................... 05/07/00 5,000 5,000,000
Los Angeles County Leasing Authority TECP (P-1, A-1)
3.25%......................................... 07/06/00 5,000 5,000,000
Los Angeles County Multifamily Housing RB (Malibu Meadows Project)
Series 1998B DN (Federal National Mortgage Association) (A-1+)**
5.00%......................................... 05/07/00 3,000 3,000,000
</TABLE>
36
<PAGE>
California Money Fund Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
California (continued)
Los Angeles County Pension Obligation Revenue Refunding Bonds
Series C DN (Bank of Nova Scotia LOC) (A-1+, VMIG-1)**
5.00%........................................... 05/07/00 $ 1,500 $ 1,500,000
Los Angeles County TRAN (SP-1+, MIG-1)
4.00%........................................... 06/30/00 8,200 8,208,621
Los Angeles County Transportation Commission Sales Tax Revenue
Refunding Bonds Series 1992 DN (FGIC Insurance) (A-1+, VMIG-1)**
5.00%........................................... 05/07/00 6,700 6,700,000
Los Angeles County Unified School District TRAN (SP-1+, MIG-1)
4.00%........................................... 06/30/00 2,000 2,002,860
Los Angeles Water & Power TECP (Westdeutsche Landesbank
Girozentrale LOC) (A-1+, P-1)
3.35%........................................... 08/14/00 2,800 2,800,000
Metropolitan Water District of Southern California Series A DN
(ABN-AMRO Bank N.V. LOC) (A-1+, VMIG-1)**
5.00%........................................... 05/07/00 1,845 1,845,000
Metropolitian Water District of Southern California TECP (A-1, P-
1)
3.15%........................................... 06/07/00 15,800 15,800,000
3.45%........................................... 07/11/00 6,300 6,300,000
Metropolitan Water District Southern California Waterworks RB
Series A
7.00%........................................... 07/01/00 1,775 1,784,782
Milpitas Unified School District TRAN (SP-1+)
3.25%........................................... 06/30/00 3,500 3,500,719
Ontario Multifamily RB (Residential Park Center) DN (Royal Bank of
Canada LOC) (VMIG-1)**
4.25%........................................... 05/07/00 9,900 9,900,000
Pomona Redevelopment Agency Multifamily RB Series A DN (FNMA
Insurance) (A-1+)**
4.95%........................................... 05/07/00 2,400 2,400,000
Rancho Mirage Joint Powers Financing Authority Certificates of
Participation (Eisenhower Medical Center) Series B DN (MBIA
Insurance) (VMIG-1)**
4.75%........................................... 05/07/00 3,750 3,750,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
California (continued)
Riverside County Certificates of Participation (Riverside County
Public Facility) Series 1985A DN (Commerzbank LOC) (A-1+, VMIG-
1)**
4.75%........................................... 05/07/00 $ 4,100 $ 4,100,000
Riverside County Certificates of Participation (Riverside County
Public Facility) Series 1985D DN (Commerzbank LOC) (A-1+)**
4.75%........................................... 05/07/00 3,980 3,980,000
Riverside County Housing Authority Multifamily DN (A-1+)**
4.75%........................................... 05/07/00 9,040 9,040,000
Rohnert Park Multifamily Housing Bonds (Crossbrook Apartments)
Series A DN (FNMA Insurance) (A-1+)**
4.90%........................................... 05/07/00 2,500 2,500,000
Sacramento Municipal Utility District TECP (Bayerische Landesbank
Girozentrale LOC) (A-1+, P-1)
3.30%........................................... 05/12/00 5,000 5,000,000
2.95%........................................... 06/16/00 10,000 10,000,000
3.30%........................................... 07/14/00 4,000 4,000,000
3.30%........................................... 08/10/00 2,000 2,000,000
San Diego Multifamily Housing RB (University Tour Center
Apartments Project) DN (Bank America LOC) (A-1, VMIG-1)**
5.05%........................................... 05/07/00 4,000 4,000,000
San Diego Multifamily Housing RB Series A DN (Fifth Third Bank
LOC) (A-1+)**
4.80%........................................... 05/07/00 4,100 4,100,000
San Diego TAN (SP-1+, MIG-1)
4.25%........................................... 09/29/00 5,000 5,009,372
San Diego Water Authority TECP (SP-1+, MIG-1)
3.35%........................................... 08/11/00 10,000 10,000,000
San Francisco Airport Authority TECP (A-1+, P-1)
2.90%........................................... 06/08/00 5,200 5,200,000
San Francisco Bay Area Transportation Facilities Authority TECP
(A-1+, P-1)
3.30%........................................... 09/14/00 10,000 10,000,000
San Francisco City & County Redevelopment Agency Multifamily
Housing RB (South Harbor Project) DN (VMIG-1)**
4.80%........................................... 05/07/00 12,300 12,300,000
</TABLE>
37
<PAGE>
California Money Fund Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
California (continued)
San Francisco City & County Redevelopment Agency RB (Filmore
Center) DN (A-1+)**
4.75%........................................... 05/07/00 $ 1,400 $ 1,400,000
San Francisco Public Utility System TECP (A-1+, P-1)
3.15%........................................... 06/07/00 3,000 3,000,000
San Jose Multifamily Housing Bonds (Fairway Glen Project) Series A
DN (FGIC Insurance) (A-1+, VMIG-1)**
5.05%........................................... 05/07/00 4,980 4,980,000
San Jose Multifamily Housing Bonds (Timberwood Apartments Project)
Series 1995A DN (Wells Fargo Bank LOC) (VMIG-1)**
5.05%........................................... 05/07/00 4,065 4,065,000
San Juan-Modesto-Santa Clara-Redding Public Power Agency (San Juan
Project) Subordinate Lien RB Series 1995B DN (AMBAC Insurance)
(A-1+, VMIG-1)**
5.00%........................................... 05/07/00 12,000 12,000,000
San Juan-Modesto-Santa Clara-Redding Public Power Agency (San Juan
Project) Subordinate Lien RB Series 1997E DN (National
Westminster LOC) (A-1+, VMIG-1)**
5.00%........................................... 05/07/00 12,900 12,900,000
Santa Ana Unified School District Public Facilities Series 1990 DN
(Banque Nationale de Paris LOC) (VMIG-1)**
5.00%........................................... 05/07/00 4,078 4,078,280
Santa Clara Multifamily Housing Bonds (Fox Chase Project) DN (FGIC
Insurance) (A-1+, VMIG-1)**
5.00%........................................... 05/07/00 4,700 4,700,000
Southeast California Lease Revenue Refunding Bonds (Resource
Recovery Facility Authority) DN (Bayerische Landesbank
Girozentrale LOC) (A-1, VMIG-1)**
4.90%........................................... 05/07/00 5,400 5,400,000
Southern California Public Power Authority RB Series 1989 (Aaa,
AAA)
6.00%........................................... 07/01/00 1,000 1,003,431
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
California (continued)
Southern California Public Power Authority Subordinated Refunding
RB (Palo Verde Project) Series 1996B DN (A-1+, VMIG-1)**
5.00%........................................... 05/07/00 $ 1,800 $ 1,800,000
Southern California Public Power Authority Subordinated Refunding
RB (Southern Transmission Project) Series B DN (FSA Insurance)
(A-1+, VMIG-1)**
5.00%........................................... 05/07/00 5,200 5,200,000
Sunnyvale Elementary School District TRAN (SP-1+)
3.25%........................................... 06/30/00 5,000 5,001,192
University of California Revenue Refunding Bonds (AMBAC Insurance)
(Aaa, AAA)
10.00%.......................................... 09/01/00 7,755 7,918,731
University of California TECP (A-1+, P-1)
2.85%........................................... 06/09/00 6,000 6,000,000
Vallecitos Water District Certificates of Participation (Twin Oaks
Reservoir Project) DN (Credit Locale de France LOC) (A-1+, VMIG-
1)**
4.90%........................................... 05/07/00 4,700 4,700,000
Wateruse Finance Authority RB Series 1998 DN (FSA Insurance) (A-
1+)**
5.00%........................................... 05/07/00 12,600 12,600,000
West Basin Municipal Water District (AAA)
7.00%........................................... 08/01/00 1,035 1,064,108
------------
531,150,923
------------
Guam--1.1%
Guam Power Authority TECP (Kredietbank LOC)
(A-1, P-1)
2.95%........................................... 06/09/00 3,000 3,000,000
3.30%........................................... 08/11/00 3,200 3,200,000
------------
6,200,000
------------
Puerto Rico--6.3%
Commonwealth of Puerto Rico GO MB (AAA)
7.70%........................................... 07/01/00 1,500 1,539,125
Commonwealth of Puerto Rico TRAN
(SP-1+, MIG-1)
4.50%........................................... 07/30/00 18,500 18,548,586
</TABLE>
38
<PAGE>
California Money Fund Portfolio
Statement of Net Assets (Concluded)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity
in Securities Date Par (000) Value
------------- -------- --------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Puerto Rico (continued)
Puerto Rico Electric Power Authority DN
(Societe Generale) (A-1+)**
5.10%.......................................05/07/00 $ 500 $ 500,000
Puerto Rico Government Development Bank TECP (A-1+, P-1)
3.50%..................................... 07/20/00 5,000 5,000,000
3.35%..................................... 08/17/00 2,000,000 2,000,000
3.35%..................................... 08/18/00 3,000,000 3,000,000
3.60%..................................... 08/18/00 6,000,000 6,000,000
------------
36,587,711
------------
Virgin Islands--0.4%
Virgin Islands Public Finanace Authority (AAA, AAA)
6.80%..................................... 10/01/00 2,550 2,582,578
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES (Cost $576,521,212*)....... 99.5% 576,521,212
OTHER ASSETS IN EXCESS OF LIABILITIES...................... 0.5 2,759,786
----- ------------
NET ASSETS (Equivalent to $1.00 per share based on
570,291,880 Fund Shares and 9,116,116 Dollar Shares
Outstanding).............................................. 100.0% $579,280,998
===== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($579,280,998 / 579,407,996).................................... $1.00
=====
</TABLE>
--------
* Cost for federal income tax purposes.
** Variable Rate Obligations--The interest rate shown is as of April 30, 2000,
and the maturity date shown is the longer of the next interest readjustment
date or the date the principal amount owned can be recovered upon demand.
California Money Fund Portfolio
Maturity Information
April 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- ------------ ----------
<S> <C> <C>
1-30 Days $329,943,280 57.3%
31-60 Days 55,700,000 9.7
61-90 Days 101,775,000 17.7
91-120 Days 48,535,000 8.4
121-150 Days 27,755,000 4.8
Over 150 Days 12,030,000 2.1
</TABLE>
Average Weighted Maturity--39 days
Investment Abbreviations:
<TABLE>
<S> <C>
DN Demand Note
GO General Obligation
LOC Letter of Credit
PCRB Pollution Control Revenue Bond
RAN Revenue Anticipation Note
RB Revenue Bond
TAN Tax Anticipation Note
TRAN Tax and Revenue Anticipation Note
TECP Tax--Exempt Commercial Paper
</TABLE>
The Moody's Investors Service, Inc. and Standard & Poor's Ratings Service
ratings of the investments in the various portfolios are believed to be the
most recent ratings available at April 30, 2000.
See accompanying notes to financial statements.
39
<PAGE>
Provident Institutional Funds
New York Money Fund Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS--98.8%
New York--79.4%
Board of Cooperative Education Services for the Sole Supervisory
District of Broome, Delaware & Tioga Counties RAN
4.00%........................................... 06/30/00 $ 2,000 $ 2,001,582
Brewster Central School District TAN
4.00%........................................... 06/30/00 1,500 1,500,894
Cayuga County BAN**
4.125%.......................................... 09/07/00 2,658 2,661,814
City of New York GO Bonds (Morgan Guaranty Trust LOC) Series B-2
DN (A-1+, VMIG-1)**
6.10%........................................... 05/01/00 300 300,000
City of New York GO DN (Kredietbank LOC) (A-1+)**
5.13%........................................... 05/07/00 9,060 9,060,000
City of New York GO Series 1993B DN (FGIC Insurance) (A-1+, VMIG-
1)**
6.10%........................................... 05/01/00 100 100,000
City of New York GO Series 1994B-3 DN (MBIA Insurance) (A-1+,
VMIG-1)**
6.05%........................................... 05/01/00 500 500,000
City of New York GO Series 1994B-7 DN (AMBAC Insurance) (A-1+,
VMIG-1)**
6.05%........................................... 05/01/00 700 700,000
City of New York GO Series 1995F-2 DN (Toronto Dominion LOC) (A-
1+, VMIG-1)**
4.95%........................................... 05/07/00 3,000 3,000,000
City of New York GO Series 1995F-4 DN (Landesbank Hessen Thuringen
Girozentrale LOC) (A-1+, VMIG-1)**
5.05%........................................... 05/07/00 1,400 1,400,000
City of New York GO Series B-8 DN (Bayerishe Landesbank LOC) (A-
1+, VMIG-1)**
5.00%........................................... 05/07/00 300 300,000
City of New York GO Series D-22 DN (FGIC Insurance) (A-1+, VMIG-
1)**
4.95%........................................... 05/07/00 5,800 5,800,000
City of New York Health & Hospital Corporation RB DN (Health
System) Series A (Morgan Guaranty Trust LOC) (A-1+, VMIG-1)**
5.00%........................................... 05/07/00 6,000 6,000,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
New York (continued)
City of New York Housing Development Corporation (Columbus Gardens
Project) Series 1993A DN (Citibank LOC) (A-1)**
4.85%........................................... 05/07/00 $ 5,000 $ 5,000,000
City of New York Housing Development Corporation Multifamily
Rental Housing RB (Monterey Project) Series 1997A DN (Federal
National Mortgage Association) (A-1+)**
4.95%........................................... 05/07/00 4,200 4,200,000
City of New York Tender Option Bonds DN (MBIA Insurance) (VMIG-
1)**
5.10%........................................... 05/07/00 7,000 7,000,000
City of New York Transitional Finance Authority Financing RB
Series A-1 DN (Morgan Guaranty Trust LOC) (A-1+, VMIG-1)**
5.05%........................................... 05/07/00 5,400 5,400,000
Clinton County BAN
4.00%........................................... 07/28/00 4,016 4,020,395
Dormitory Authority of the State of New York (Beverwyck Inc.) DN
(Banque Paribas LOC) (P-1)**
5.20%........................................... 05/07/00 7,000 7,000,000
Dormitory Authority of the State of New York (Cornell University)
TECP (A-1+, P-1)
3.55%........................................... 05/11/00 10,000 10,000,000
Dormitory Authority of the State of New York (Metropolitan Museum
of Art) Series 1993A DN (A-1+, VMIG-1)**
4.85%........................................... 05/07/00 1,068 1,068,000
Dormitory Authority of the State of New York (State University
Educational Facilities) RB Series A MB (Escrowed in U.S.
Government Securities) (AAA)
7.70%........................................... 05/15/00 2,100 2,105,106
Dormitory Authority of the State of New York RB (Rockefeller
University) Series 1998A DN (A-1+, VMIG-1)**
4.90%........................................... 05/07/00 2,600 2,600,000
Dormitory Authority of the State of New York Reserves DN (MBIA
Insurance) (A-1, VMIG-1)**
5.00%........................................... 05/07/00 2,400 2,400,000
</TABLE>
40
<PAGE>
New York Money Fund Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
New York (continued)
Eastchester Union Free School District TAN
4.00%........................................... 06/30/00 $ 4,300 $ 4,302,384
Franklin County IDA Civic Facility RB
(Paul Smith's College Project) Series 1998 DN
(Key Bank N.A. LOC)**
5.25%........................................... 05/07/00 4,300 4,300,000
Holland Patent Central School District BAN Series 2000
4.50%........................................... 02/22/01 1,438 1,440,977
Long Island Power Authority Electric System Subordinated RB DN
(Bayerische Landesbank Girozentrale LOC) (A-1+, VMIG-1)**
5.00%........................................... 05/07/00 10,500 10,500,000
Lyons Central School District RAN
3.625%.......................................... 06/26/00 3,250 3,251,081
Metropolitan Transportation Authority DN
(First Union Bank LOC) (VMIG-1)**
5.13%........................................... 05/07/00 5,000 5,000,000
Monroe County IDA (Electronic Navigation Industries) MB (AA+)
3.45%........................................... 07/01/00 2,290 2,290,000
Municipal Acceptance Corporation of New York RB Series G MB (AA,
Aa2)
4.25%........................................... 07/01/00 4,300 4,307,472
Nassau County MB (FGIC Insurance) (AAA, Aaa)
4.60%........................................... 09/01/00 1,000 1,001,933
New York City Trust For Cultural Resources (Carnegie Hall) DN
(Westdeutsche Landesbank LOC) (A-1+, VMIG-1)**
4.40%........................................... 05/07/00 1,000 1,000,000
New York Local Government Assistance Corporation Bonds Series
1995E DN (Canadian Imperial Bank LOC) (A-1+, VMIG-1)**
4.95%........................................... 05/07/00 2,400 2,400,000
New York Local Government Assistance Corporation RB Series 1995 DN
(Society General LOC)
(A-1+, VMIG-1)**
4.95%........................................... 05/07/00 1,395 1,395,000
New York State Energy, Research & Development Authority PCRB (New
York State Electric & Gas Corporation Project) Series 1985A MB
(Morgan Guaranty Trust LOC) (A-1+, VMIG-1)
4.20%........................................... 03/15/01 8,000 8,000,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
New York (continued)
New York State Energy, Research & Development Authority PCRB (New
York State Electric & Gas Corporation Project) Series 1985D MB
(Fleet National Bank LOC) (A-1+, VMIG-1)
3.90%........................................... 12/01/00 $ 2,300 $ 2,300,000
New York State Energy, Research & Development Authority PCRB (New
York State Electric & Gas Corporation Project) Series B (A-1+,
VMIG-1)
3.70%........................................... 10/15/00 750 747,810
New York State Energy, Research & Develpoment Authority PCRB
(Orange & Rockland Utilities Incorporated Project) Series 1995A
DN
(AMBAC Insurance) (A-1+, VMIG-1)**
5.00%........................................... 05/07/00 1,300 1,300,000
New York State Housing Finance Agency Series A (Mount Sinai School
Of Medicine) (Chase Manhatten Bank LOC) DN (A-1+, VMIG-1)**
4.45%........................................... 05/07/00 700 700,000
New York State Housing Finance Agency (Liberty View Apartments)
Series 1997A DN (Federal National Mortgage Association) (A-1+)**
4.95%........................................... 05/07/00 1,700 1,700,000
New York State Housing Finance Agency Multifamily Housing RB
Series 1988A DN (AMBAC Insurance) (A-1+, VMIG-1)**
5.10%........................................... 05/07/00 700 700,000
New York State Housing Finance Agency Service Contract Obligation
RB Series 1998A DN (Commerzbank LOC) (A-1+, VMIG-1)**
4.95%........................................... 05/01/00 200 200,000
New York State Housing Finance Authority RB (Normandie Court I)
Series 1991 DN (Society Generale LOC) (A-1+, VMIG-1)**
5.00%........................................... 05/07/00 1,700 1,700,000
New York State Local Government Assistance Corporation RB Series
1995B DN (Bank of Nova Scotia LOC) (A-1+, VMIG-1)**
4.20%........................................... 05/07/00 2,500 2,500,000
New York State Power Authority General Power MB
4.00%........................................... 09/01/00 15,300 15,300,000
Newark Central School District BAN
4.625%.......................................... 01/26/01 4,000 4,013,721
</TABLE>
41
<PAGE>
New York Money Fund Portfolio
Statement of Net Assets (Continued)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
New York (continued)
Niagara County IDA Solid Waste Disposal Facility RB (American Fuel
Company of Niagara L.P.) Series 1994A DN (Wachovia Bank LOC) [A-
1, P-1]**
5.10%........................................... 05/07/00 $ 810 $ 810,000
Niagara Falls Bridge Commission RB Series 1993A DN (FGIC Insurance
& Credit Local de France SBPA) [A-1+, VMIG-1]**
5.00%........................................... 05/07/00 1,000 1,000,000
Rochester GO MB (MBIA Insurance) (AAA, Aaa)
5.00%........................................... 10/01/00 5,000 5,024,304
Shenendehowa Central School Distict Clifton Park BAN
4.00%........................................... 07/19/00 1,505 1,506,330
Southwestern Central School District BAN
4.25%........................................... 12/08/00 3,000 3,004,335
Suffolk County Water Authority DN (Bank of Nova Scotia LOC) [VMIG-
1]**
5.05%........................................... 05/07/00 4,500 4,500,000
Taconic Hills Central School District at Craryville RAN
3.875%.......................................... 06/29/00 3,600 3,601,917
Town of Colonie, Albany County BAN Series C
4.00%........................................... 07/28/00 1,800 1,801,878
Triborough Bridge & Tunnel Authority DN (Westdeutsche Landesbank
Girozentrale LOC) [A-1+, VMIG-1]**
5.00%........................................... 05/07/00 2,000 2,000,000
Triborough Bridge & Tunnel Authority Series S MB (Escrowed in U.S.
Government Securities) (Aaa)
7.00%........................................... 01/01/01 1,000 1,031,299
Watertown City School District GO RAN
4.125%.......................................... 06/30/00 3,000 3,002,492
------------
191,750,724
------------
Puerto Rico--19.4%
Puerto Rico Electric Power Authority GO DN (Societe Generale LOC)
[A-1+]**
5.10%........................................... 05/07/00 10,700 10,700,000
Puerto Rico Electric Power Authority RB DN (Societe Generale LOC)
[A-1+]**
5.10%........................................... 05/03/00 3,500 3,500,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Puerto Rico (continued)
Puerto Rico Government Development Bank Series 1985 DN (Credit
Suisse LOC) [A-1+, VMIG-1]**
4.75%........................................... 05/07/00 $11,650 $ 11,650,000
Puerto Rico Industrial, Tourist, Educational, Medical &
Environmental Control Facilities RB (Ana G. Mendez University
System Project) Series 1998 DN (Banco de Santander LOC) [A-1+]**
5.10%........................................... 05/07/00 13,200 13,200,000
Puerto Rico Medical, Higher Education & Environmental PCRB (Ana G.
Mendez Educational Foundation Project) DN (Bank of Tokyo-
Mitsubishi LOC)**
5.30%........................................... 05/07/00 7,900 7,900,000
------------
46,950,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $238,700,724*)...................................... 98.8% 238,700,724
OTHER ASSETS IN EXCESS OF LIABILITIES...................... 1.2 2,969,760
----- ------------
NET ASSETS (Equivalent to $1.00 per share based on
240,733,313 Fund Shares and 957,075 Dollar Shares
outstanding).............................................. 100.0% $241,670,484
===== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($241,670,484 / 241,690,388).................................... $1.00
=====
</TABLE>
--------
* Cost for federal income tax purposes.
** Variable Rate Obligations--The interest rate shown is as of April 30, 2000,
and the maturity date shown is the longer of the next interest readjustment
date or the date the principal amount owned can be recovered upon demand.
42
<PAGE>
New York Money Fund Portfolio
Statement of Net Assets (Concluded)
--------------------------------------------------------------------------------
New York Money Fund
Maturity Information
April 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage of
Period (000) Portfolio
-------- ------------ -------------
<S> <C> <C>
1-30 Days $162,583,000 68.2%
31-60 Days 6,850,000 2.9
61-90 Days 24,711,120 10.4
121-150 Days 18,957,980 7.9
Over 150 Days 25,487,629 10.6
</TABLE>
Average Weighted Maturity--51 days
Investment Abbreviations:
<TABLE>
<C> <S>
BAN Bond Anticipation Note
DN Demand Note (Variable Rate)
GO General Obligation
LOC Letter of Credit
MB Municipal Bond
IDA Industrial Development Authority
PCRB Pollution Control Revenue Bond
RAN Revenue Anticipation Note
RB Revenue Bond
TAN Tax Anticipation Note
TECP Tax Exempt Commercial Paper
TRAN Tax and Revenue Anticipation Note
</TABLE>
The Moody's Investor Service, Inc. and Standard & Poor's Rating Service ratings
of the investments in the various Portfolios are believed to be the most recent
ratings available at April 30, 2000.
See accompanying notes to financial statements.
43
<PAGE>
Provident Institutional Funds
Statements of Operations
For the Six Months Ended April 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Federal Treasury
TempFund TempCash Fed Fund T-Fund Trust Fund Trust Fund
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
------------ ----------- ----------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Investment Income:
Interest income........ $482,184,835 $88,244,062 $25,568,820 $88,161,983 $6,052,533 $33,548,860
------------ ----------- ----------- ----------- ---------- -----------
Expenses:
Invesment advisory fee. 7,332,155 2,208,753 557,611 1,992,049 131,844 778,921
Administration fee..... 7,332,155 2,208,753 557,611 1,992,049 131,844 778,921
Custodian fee.......... 720,445 182,297 86,838 191,740 27,510 110,740
Transfer agent fee..... 428,793 44,140 27,464 92,936 10,007 37,031
Registration fees and
expenses.............. 58,281 18,593 11,634 40,693 18,288 8,817
Legal fees............. 12,778 19,091 19,184 19,588 18,476 19,156
Audit fees............. 19,780 13,008 11,399 7,427 11,612 10,116
Trustees' fees and
expenses.............. 10,873 15,527 16,845 17,020 16,845 17,093
Printing............... 10,559 8,878 4,938 4,591 4,748 4,681
Other.................. 96,056 22,216 28,826 35,069 12,235 18,922
------------ ----------- ----------- ----------- ---------- -----------
16,021,875 4,741,256 1,322,350 4,393,162 383,409 1,784,398
------------ ----------- ----------- ----------- ---------- -----------
Services Organization
fees--Dollar Shares.... 648,914 491,689 52,192 759,125 23,736 434,355
Services Organization
fees--Cash Management
Shares................. 44,294 -- -- 136,753 -- --
------------ ----------- ----------- ----------- ---------- -----------
693,208 491,689 52,192 895,878 23,736 434,355
------------ ----------- ----------- ----------- ---------- -----------
Total expenses.......... 16,715,083 5,232,945 1,374,542 5,289,040 407,145 2,218,753
------------ ----------- ----------- ----------- ---------- -----------
Less fees waived........ (1,387,437) (2,062,011) (432,036) (1,213,586) (172,334) (535,938)
Less fees paid
indirectly............. -- (2,051) (2,927) (86,442) -- --
------------ ----------- ----------- ----------- ---------- -----------
(1,387,437) (2,064,062) (434,963) (1,300,028) (172,334) (535,938)
------------ ----------- ----------- ----------- ---------- -----------
Net expenses............ 15,327,646 3,168,883 939,579 3,989,012 234,811 1,682,815
------------ ----------- ----------- ----------- ---------- -----------
Net investment income... 466,857,189 85,075,179 24,629,241 84,172,971 5,817,722 31,866,045
Realized gain (loss) on
investments:
Net realized gain
(loss) from security
transactions.......... (113,689) (162,504) 12,065 (80,298) (1,489) (106,407)
------------ ----------- ----------- ----------- ---------- -----------
Net increase in net
assets resulting from
operations............ $466,743,500 $84,912,675 $24,641,306 $84,092,673 $5,816,233 $31,759,638
============ =========== =========== =========== ========== ===========
</TABLE>
See accompanying notes to financial statements.
44
<PAGE>
Provident Institutional Funds
Statements of Operations
For the Six Months Ended April 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
California New York
MuniFund MuniCash Money Fund Money Fund
Portfolio Portfolio Portfolio Portfolio
----------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Investment Income:
Interest income.............. $11,270,515 $9,210,230 $9,431,842 $5,622,946
----------- ---------- ---------- ----------
Expenses:
Invesment advisory fee....... 534,682 422,984 595,889 319,159
Administration fee........... 534,682 422,984 595,889 319,159
Custodian fee................ 64,659 54,715 63,535 38,288
Transfer agent fee........... 35,572 19,375 17,080 12,383
Registration fees and
expenses.................... 41,401 9,507 4,782 1,006
Legal fees................... 18,871 19,303 17,910 18,356
Audit fees................... 8,117 10,510 9,669 12,642
Trustees' fees and expenses.. 16,928 16,983 16,541 14,372
Printing..................... 5,419 3,911 5,786 5,603
Other........................ 14,764 10,433 11,463 9,994
----------- ---------- ---------- ----------
1,275,095 990,705 1,338,544 750,962
Services Organization fees--
Dollar Shares................ 77,575 175,097 14,765 113
Services Organization fees--
Cash Management Shares....... 7,749 -- -- --
----------- ---------- ---------- ----------
85,324 175,097 14,765 113
----------- ---------- ---------- ----------
Total expenses................ 1,360,419 1,165,802 1,353,309 751,075
----------- ---------- ---------- ----------
Less fees waived.............. (664,031) (507,295) (742,656) (431,804)
Less fees paid indirectly..... (25,629) (11,652) (2,047) (5,409)
----------- ---------- ---------- ----------
(689,660) (518,947) (744,703) (437,213)
----------- ---------- ---------- ----------
Net expenses.................. 670,759 646,855 608,606 313,862
----------- ---------- ---------- ----------
Net investment income......... 10,599,756 8,563,375 8,823,236 5,309,084
----------- ---------- ---------- ----------
Realized gain (loss) on
investments:
Net realized gain (loss) from
security transactions....... (16,092) 7,484 3,711 2,000
Increase in amortized market
discount.................... 1,440 2,129 1 682
----------- ---------- ---------- ----------
Net gain (loss) on
investments................. (14,652) 9,613 3,712 2,682
----------- ---------- ---------- ----------
Net increase in net assets
resulting from operations.... $10,585,104 $8,572,988 $8,826,948 $5,311,766
=========== ========== ========== ==========
</TABLE>
See accompanying notes to financial statements.
45
<PAGE>
Provident Institutional Funds
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
TempFund Portfolio TempCash Portfolio
----------------------------------------------------- ---------------------------------------------------
Six Months Six Months
Ended One Month Ended Year Ended Ended One Month Ended Year Ended
April 30, 2000 October 31, 1999 September 30, 1999 April 30, 2000 October 31, 1999 September 30, 1999
--------------- ---------------- ------------------ -------------- ---------------- ------------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease)
in net assets:
Operations:
Net investment
income............. $ 466,857,189 $ 67,024,490 $ 650,787,946 $ 85,075,179 $ 10,587,379 $ 171,864,093
Net gain (loss) on
investments........ (113,689) -- 50,928 (162,504) -- (128,638)
--------------- --------------- --------------- -------------- -------------- --------------
Net increase in
net assets
resulting from
operations......... 466,743,500 67,024,490 650,838,874 84,912,675 10,587,379 171,735,455
--------------- --------------- --------------- -------------- -------------- --------------
Distributions to
shareholders:
From net
investment income:
TempFund Shares... (452,090,618) (64,950,049) (631,844,393) -- -- --
TempFund Dollar
Shares............ (14,297,270) (2,011,692) (18,827,954) -- -- --
TempFund Cash
Management
Shares............ (469,301) (62,749) (115,599) -- -- --
TempCash Shares... -- -- -- (74,305,577) (8,898,995) (151,905,646)
TempCash Dollar
Shares............ -- -- -- (10,769,602) (1,688,384) (19,958,447)
--------------- --------------- --------------- -------------- -------------- --------------
Total
distributions to
shareholders..... (466,857,189) (67,024,490) (650,787,946) (85,075,179) (10,587,379) (171,864,093)
--------------- --------------- --------------- -------------- -------------- --------------
Increase
(decrease) in net
assets derived
from capital share
transactions....... 316,527,689 1,788,268,757 2,567,515,101 507,841,153 6,225,835 (656,158,328)
--------------- --------------- --------------- -------------- -------------- --------------
Total increase
(decrease) in net
assets........... 316,414,000 1,788,268,757 2,567,566,029 507,678,649 6,225,835 (656,286,966)
Net assets:
Beginning of
period............. 14,344,802,117 12,556,533,360 9,988,967,331 2,352,861,602 2,346,635,767 3,002,922,733
--------------- --------------- --------------- -------------- -------------- --------------
End of period...... $14,661,216,117 $14,344,802,117 $12,556,533,360 $2,860,540,251 $2,352,861,602 $2,346,635,767
=============== =============== =============== ============== ============== ==============
</TABLE>
See accompanying notes to financial statements.
46
<PAGE>
Provident Institutional Funds
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
FedFund Portfolio T-Fund Portfolio
------------------------------- --------------------------------
Six Months Six Months
Ended Year Ended Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
-------------- ---------------- -------------- ----------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Increase (decrease) in
net assets:
Operations:
Net investment income. $ 24,629,241 $ 46,197,993 $ 84,172,971 $ 165,295,342
Net gain (loss) on
investments.......... 12,065 17,942 (80,298) (13,212)
------------ -------------- -------------- --------------
Net increase in net
assets resulting from
operations........... 24,641,306 46,215,935 84,092,673 165,282,130
------------ -------------- -------------- --------------
Distributions to
shareholders:
From net investment
income:
FedFund Shares....... (23,520,333) (44,821,647) -- --
FedFund Dollar
Shares.............. (1,108,908) (1,376,346) -- --
T-Fund Shares........ -- -- (67,309,092) (134,576,688)
T-Fund Dollar Shares. -- -- (15,527,441) (30,677,701)
T-Fund Cash
Management Shares... -- -- (1,336,438) (40,953)
------------ -------------- -------------- --------------
Total distributions
to shareholders.... (24,629,241) (46,197,993) (84,172,971) (165,295,342)
------------ -------------- -------------- --------------
Increase (decrease) in
net assets derived from
capital share
transactions........... 81,102,109 (370,100,898) (40,912,938) (308,040,217)
------------ -------------- -------------- --------------
Total increase
(decrease) in net
assets............. 81,114,174 (370,082,956) (40,993,236) (308,053,429)
Net assets:
Beginning of period.... 777,354,709 1,147,437,665 3,013,332,987 3,321,386,416
------------ -------------- -------------- --------------
End of period.......... $858,468,883 $ 777,354,709 $2,972,339,751 $3,013,332,987
============ ============== ============== ==============
</TABLE>
See accompanying notes to financial statements.
47
<PAGE>
Provident Institutional Funds
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Federal Trust Fund Portfolio Treasury Trust Fund Portfolio
------------------------------- --------------------------------
Six Months Six Months
Ended Year Ended Ended Year Ended
April 30, 2000 October 31, 1999 April 30, 2000 October 31, 1999
-------------- ---------------- -------------- ----------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Increase (decrease) in
net assets:
Operations:
Net investment income. $ 5,817,722 $ 13,591,905 $ 31,866,045 $ 57,263,241
Net gain (loss) on
investments.......... (1,489) 9,118 (106,407) (69,222)
------------ ------------ -------------- --------------
Net increase in net
assets resulting from
operations........... 5,816,233 13,601,023 31,759,638 57,194,019
------------ ------------ -------------- --------------
Distributions to
shareholders:
From net investment
income:
Federal Trust Shares. (5,316,573) (12,211,729) -- --
Federal Trust Dollar
Shares.............. (501,149) (1,380,176) -- --
Treasury Trust
Shares.............. -- -- (23,297,499) (38,151,639)
Treasury Trust Dollar
Shares.............. -- -- (8,568,546) (19,111,602)
------------ ------------ -------------- --------------
Total distributions
to shareholders.... (5,817,722) (13,591,905) (31,866,045) (57,263,241)
------------ ------------ -------------- --------------
Decrease in net assets
derived from capital
share transactions..... (34,413,400) (72,338,870) (33,749,300) (337,924,844)
------------ ------------ -------------- --------------
Total decrease in
net assets......... (34,414,889) (72,329,752) (33,855,707) (337,994,066)
Net assets:
Beginning of period.... 246,883,314 319,213,066 1,225,138,642 1,563,132,708
------------ ------------ -------------- --------------
End of period.......... $212,468,425 $246,883,314 $1,191,282,935 $1,225,138,642
============ ============ ============== ==============
</TABLE>
See accompanying notes to financial statements.
48
<PAGE>
Provident Institutional Funds
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
MuniFund Portfolio MuniCash Portfolio
------------------------------------------------- -------------------------------------------------
Six Months Eleven Months Six Months Eleven Months
Ended Ended Year Ended Ended Ended Year Ended
April 30, 2000 October 31, 1999 November 30, 1998 April 30, 2000 October 31, 1999 November 30, 1998
-------------- ---------------- ----------------- -------------- ---------------- -----------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in
net assets:
Operations:
Net investment
income.............. $ 10,599,756 $ 16,799,387 $ 19,543,173 $ 8,563,375 $ 13,139,776 $ 19,198,090
Net gain (loss) on
investments......... (14,652) (30,617) (28,931) 9,613 (28,571) 22,258
------------ ------------ ------------ ------------ ------------- ------------
Net increase in net
assets resulting
from operations..... 10,585,104 16,768,770 19,514,242 8,572,988 13,111,205 19,220,348
------------ ------------ ------------ ------------ ------------- ------------
Distributions to
shareholders:
From net investment
income:
MuniFund Shares...... (9,537,429) (15,393,321) (17,790,533) -- -- --
MuniFund Dollar
Shares.............. (1,015,937) (1,381,220) (1,752,640) -- -- --
MuniFund Cash
Management
Shares.............. (46,390) (24,846) -- -- -- --
MuniCash Shares...... -- -- -- (6,207,867) (10,189,371) (15,680,768)
MuniCash Dollar
Shares.............. -- -- -- (2,355,508) (2,950,405) (3,517,322)
------------ ------------ ------------ ------------ ------------- ------------
Total distributions
to shareholders.... (10,599,756) (16,799,387) (19,543,173) (8,563,375) (13,139,776) (19,198,090)
------------ ------------ ------------ ------------ ------------- ------------
Increase (decrease) in
net assets derived
from capital share
transactions.......... (56,813,042) 22,517,403 (84,655,277) 68,078,874 (160,400,824) 43,865,954
------------ ------------ ------------ ------------ ------------- ------------
Total increase
(decrease) in net
assets............. (56,827,694) 22,486,786 (84,684,208) 68,088,487 (160,429,395) 43,888,212
Net assets:
Beginning of period... 541,983,192 519,496,406 604,180,614 431,228,853 591,658,248 547,770,036
------------ ------------ ------------ ------------ ------------- ------------
End of period......... $485,155,498 $541,983,192 $519,496,406 $499,317,340 $ 431,228,853 $591,658,248
============ ============ ============ ============ ============= ============
</TABLE>
See accompanying notes to financial statements.
49
<PAGE>
Provident Institutional Funds
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
California Money Fund Portfolio New York Money Fund Portfolio
------------------------------------------------ ---------------------------------------------
Six Months Nine Months Six Months Three Months
Ended Ended Year Ended Ended Ended Year Ended
April 30, 2000 October 31, 1999 January 31, 1999 April 30, 2000 October 31, 1999 July 31, 1999
-------------- ---------------- ---------------- -------------- ---------------- -------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in
net assets:
Operations:
Net investment
income.............. $ 8,823,236 $ 12,783,083 $ 20,026,954 $ 5,309,084 $ 2,373,602 $ 9,389,877
Net gain (loss) on
investments......... 3,712 4,829 13,414 2,682 -- (1,390)
------------ ------------ ------------ ------------ ------------ ------------
Net increase in net
assets resulting
from operations..... 8,826,948 12,787,912 20,040,368 5,311,766 2,373,602 9,388,487
------------ ------------ ------------ ------------ ------------ ------------
Distributions to
shareholders:
From net investment
income:
California Money
Shares.............. (8,661,688) (12,291,399) (16,653,422) -- -- --
California Money
Dollar Shares....... (161,548) (491,684) (3,373,532) -- -- --
New York Money
Shares.............. -- -- -- (5,307,459) (2,373,602) (9,389,877)
New York Money Dollar
Shares.............. -- -- -- (1,625) -- --
------------ ------------ ------------ ------------ ------------ ------------
Total distributions
to shareholders.... (8,823,236) (12,783,083) (20,026,954) (5,309,084) (2,373,602) (9,389,877)
------------ ------------ ------------ ------------ ------------ ------------
Increase (decrease) in
net assets derived
from capital share
transactions.......... 27,513,423 (137,011,893) 97,871,065 (81,578,767) 27,518,947 (22,361,832)
------------ ------------ ------------ ------------ ------------ ------------
Total increase
(decrease) in net
assets............. 27,517,135 (137,007,064) 97,884,479 (81,576,085) 27,518,947 (22,363,222)
Net assets:
Beginning of period... 551,763,863 688,770,927 590,886,448 323,246,569 295,727,622 318,090,844
------------ ------------ ------------ ------------ ------------ ------------
End of period......... $579,280,998 $551,763,863 $688,770,927 $241,670,484 $323,246,569 $295,727,622
============ ============ ============ ============ ============ ============
</TABLE>
See accompanying notes to financial statements.
50
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
TempFund Shares
--------------------------------------------------------------------------------------
TempFund Dollar Shares
--------------------------------------------------------------------------------------
Six Months One Month
Ended Ended Year Ended September 30,
April 30, October 31, ------------------------------------------------------
2000 1999 1999 1998 1997 1996 1995
----------- ----------- ---------- --------- --------- --------- ---------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- --------- --------- --------- ---------
Income From
Investment
Operations:
Net Investment
Income.......... 0.0285 0.0045 0.0495 0.0549 0.0539 0.0541 0.0567
---------- ---------- ---------- --------- --------- --------- ---------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0285) (0.0045) (0.0495) (0.0549) (0.0539) (0.0541) (0.0567)
---------- ---------- ---------- --------- --------- --------- ---------
Net Asset Value,
End of Period... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========= ========= ========= =========
Total Return..... 5.87%/2/ 5.42%/2/ 5.06% 5.63% 5.53% 5.55% 5.82%
Ratios/Supplemental
Data:
Net Assets,
End of Period
$(000).......... 14,078,431 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/.... 0.18%/2/ 0.18%/2/ 0.18% 0.18% 0.18% 0.18% 0.24%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 5.75%/2/ 5.31%/2/ 4.96% 5.50% 5.39% 5.41% 5.67%
<CAPTION>
Six Months One Month
Ended Ended Year Ended September 30,
April 30, October 31, --------------------------------------------
2000 1999 1999 1998 1997 1996 1995
------------- ------------- -------- -------- -------- -------- --------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------- ------------- -------- -------- -------- -------- --------
Income From
Investment
Operations:
Net Investment
Income.......... 0.0273 0.0043 0.0470 0.0524 0.0514 0.0516 0.0542
------------- ------------- -------- -------- -------- -------- --------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0273) (0.0043) (0.0470) (0.0524) (0.0514) (0.0516) (0.0542)
------------- ------------- -------- -------- -------- -------- --------
Net Asset Value,
End of Period... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============= ============= ======== ======== ======== ======== ========
Total Return..... 5.61%/2/ 5.15%/2/ 4.81% 5.38% 5.27% 5.30% 5.57%
Ratios/Supplemental
Data:
Net Assets,
End of Period
$(000).......... 551,536 446,568 497,178 302,476 355,284 162,119 81,828
Ratio of Expenses
to Average Daily
Net Assets/1/.... 0.43%/2/ 0.43%/2/ 0.43% 0.43% 0.43% 0.43% 0.49%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 5.50%/2/ 5.06%/2/ 4.71% 5.25% 5.14% 5.16% 5.42%
</TABLE>
----
/1/ Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .20% (annualized) for
the six months ended April 30, 2000, .20% (annualized) for the one month
ended October 31, 1999 and .22%, .23%, .24%, .26% and .27% for the years
ended September 30, 1999, 1998, 1997, 1996 and 1995, respectively, for
TempFund Shares and .45% (annualized) for the six months ended April 30,
2000, .45% (annualized) for the one month ended October 31, 1999 and .47%,
.48%, .49%, .51% and .52% for the years ended September 30, 1999, 1998,
1997, 1996 and 1995, respectively, for TempFund Dollar Shares.
/2/ Annualized.
See accompanying notes to financial statements.
51
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
TempFund Cash Management Shares
----------------------------------------------
For the Period
Six Months One Month June 14, 1999/1/
Ended Ended Through
April 30, October 31, September 30,
2000 1999 1999
----------- ----------- ----------------
(Unaudited)
<S> <C> <C> <C>
Net Asset Value,
Beginning of Period............. $ 1.00 $ 1.00 $ 1.00
-------- -------- --------
Income From Investment Operations:
Net Investment Income........... 0.0260 0.0041 0.0135
-------- -------- --------
Less Distributions:
Dividends to Shareholders
From Net Investment Income.... (0.0260) (0.0041) (0.0135)
-------- -------- --------
Net Asset Value,
End of Period................... $ 1.00 $ 1.00 $ 1.00
======== ======== ========
Total Return...................... 5.44%/2/ 4.92%/2/ 4.60%/2/
Ratios/Supplemental Data:
Net Assets, End of Period $(000).. 31,249 14,069 13,789
Ratio of Expenses to Average Daily
Net Assets/3/..................... 0.68%/2/ 0.68%/2/ 0.68%/2/
Ratio of Net Investment Income to
Average Daily Net Assets.......... 5.25%/2/ 4.81%/2/ 4.57%/2/
</TABLE>
----
/1/ Commencement of Operations.
/2/ Annualized.
/3/ Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets for TempFund Cash Management Shares
would have been .70% (annualized) for the six months ended April 30, 2000,
.70% (annualized) for one month ended October 31, 1999 and .71% (annualized)
for the period ended September 30, 1999.
See accompanying notes to financial statements.
52
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
TempCash Shares
------------------------------------------------------------------------------------------
TempCash Dollar Shares
------------------------------------------------------------------------------------------
Six Months One Month
Ended Ended Year Ended September 30
April 30, October 31, ----------------------------------------------------------
2000 1999 1999 1998 1997 1996 1995
----------- ----------- ---------- ---------- ---------- ---------- ----------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- ---------- ---------- ----------
Income From
Investment
Operations:
Net Investment
Income.......... 0.0285 0.0044 0.0496 0.0552 0.0541 0.0542 0.0575
---------- ---------- ---------- ---------- ---------- ---------- ----------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0285) (0.0044) (0.0496) (0.0552) (0.0541) (0.0542) (0.0575)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ========== ========== ==========
Total Return..... 5.86%/2/ 5.31%/2/ 5.07% 5.66% 5.55% 5.56% 5.90%
Ratios/Supplemental
Data:
Net Assets, End
of Period $(000). 2,480,834 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/.... 0.18%/2/ 0.18%/2/ 0.18% 0.18% 0.18% 0.18% 0.16%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 5.74%/2/ 5.19%/2/ 4.95% 5.52% 5.41% 5.42% 5.75%
<CAPTION>
Six Months One Month
Ended Ended Year Ended September 30
April 30, October 31, -------------------------------------------------
2000 1999 1999 1998 1997 1996 1995
-------------- -------------- --------- --------- --------- --------- ---------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------------- -------------- --------- --------- --------- --------- ---------
Income From
Investment
Operations:
Net Investment
Income.......... 0.0272 0.0042 0.0471 0.0527 0.0516 0.0517 0.0550
-------------- -------------- --------- --------- --------- --------- ---------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0272) (0.0042) (0.0471) (0.0527) (0.0516) (0.0517) (0.0550)
-------------- -------------- --------- --------- --------- --------- ---------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============== ============== ========= ========= ========= ========= =========
Total Return..... 5.61%/2/ 5.06%/2/ 4.82% 5.41% 5.29% 5.31% 5.65%
Ratios/Supplemental
Data:
Net Assets, End
of Period $(000). 379,706 401,426 378,010 503,809 401,529 527,830 454,156
Ratio of Expenses
to Average Daily
Net Assets/1/.... 0.43%/2/ 0.43%/2/ 0.43% 0.43% 0.43% 0.43% 0.41%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 5.49%/2/ 4.94%/2/ 4.70% 5.27% 5.16% 5.17% 5.50%
</TABLE>
----
/1/ Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .32% (annualized) for
the six months ended April 30, 2000, .34% (annualized) for the one month
ended October 31, 1999 and .30%, .32%, .30%, .33% and .30% for the years
ended September 30, 1999, 1998, 1997, 1996 and 1995, respectively, for
TempCash Shares and .57% (annualized) for the six months ended April 30,
2000, .59% (annualized) for the one month ended October 31, 1999 and .55%,
.57%, .55%, .58% and .55% for the years ended September 30, 1999, 1998,
1997, 1996 and 1995, respectively, for TempCash Dollar Shares.
/2/ Annualized.
See accompanying notes to financial statements.
53
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
FedFund Shares
-----------------------------------------------------------------------
FedFund Dollar Shares
-----------------------------------------------------------------------
Six Months
Ended Year Ended October 31,
April 30, --------------------------------------------------------
2000 1999 1998 1997 1996 1995
----------- -------- ---------- ---------- ---------- ----------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- ---------- ---------- ---------- ----------
Income From
Investment
Operations:
Net Investment
Income.......... 0.0275 0.0483 0.0535 0.0530 0.0529 0.0571
-------- -------- ---------- ---------- ---------- ----------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0275) (0.0483) (0.0535) (0.0530) (0.0529) (0.0571)
-------- -------- ---------- ---------- ---------- ----------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ========== ========== ========== ==========
Total Return..... 5.66%/2/ 4.94% 5.48% 5.43% 5.41% 5.86%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000)........... 815,285 742,744 1,116,979 1,220,857 1,407,529 1,377,175
Ratio of Expenses
to Average Daily
Net Assets/1/.... 0.20%/2/ 0.20% 0.20% 0.20% 0.19% 0.18%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 5.52%/2/ 4.81% 5.35% 5.30% 5.29% 5.71%
<CAPTION>
Six Months
Ended Year Ended October 31,
April 30, -------------------------------------------------
2000 1999 1998 1997 1996 1995
-------------- --------- --------- --------- --------- ---------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------------- --------- --------- --------- --------- ---------
Income From
Investment
Operations:
Net Investment
Income.......... 0.0263 0.0458 0.0510 0.0505 0.0504 0.0546
-------------- --------- --------- --------- --------- ---------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0263) (0.0458) (0.0510) (0.0505) (0.0504) (0.0546)
-------------- --------- --------- --------- --------- ---------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============== ========= ========= ========= ========= =========
Total Return..... 5.41%/2/ 4.69% 5.23% 5.18% 5.16% 5.61%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000)........... 43,184 34,611 30,459 116,316 113,747 213,177
Ratio of Expenses
to Average Daily
Net Assets/1/.... 0.45%/2/ 0.45% 0.45% 0.45% 0.44% 0.43%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 5.27%/2/ 4.56% 5.10% 5.05% 5.04% 5.46%
</TABLE>
----
/1/ Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .30% (annualized) for
the six months ended April 30, 2000 and .28%, .28%, .29%, .30% and .29% for
the years ended October 31, 1999, 1998, 1997, 1996 and 1995, respectively,
for FedFund Shares, and .55% (annualized) for the six months ended April 30,
2000 and .53%, .53%, .54%, .55% and .54% for the years ended October 31,
1999, 1998, 1997, 1996 and 1995, respectively, for FedFund Dollar Shares.
/2/ Annualized.
See accompanying notes to financial statements.
54
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
T-Fund Shares
-----------------------------------------------------------------
T-Fund Dollar Shares
-----------------------------------------------------------------
Six Months Year Ended October 31,
Ended April -----------------------------------------------------
30, 2000 1999 1998 1997 19996 1995
----------- --------- --------- --------- --------- ---------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- --------- --------- --------- --------- ---------
Income From
Investment
Operations:
Net Investment
Income.......... 0.0266 0.0473 0.0532 0.0528 0.0528 0.0565
--------- --------- --------- --------- --------- ---------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0266) (0.0473) (0.0532) (0.0528) (0.0528) (0.0565)
--------- --------- --------- --------- --------- ---------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ========= ========= =========
Total Return..... 5.47%/2/ 4.83% 5.46% 5.41% 5.40% 5.80%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000)........... 2,280,566 2,397,386 2,544,001 1,765,332 1,507,603 1,211,220
Ratio of
Expenses to
Average Daily
Net Assets/1/... 0.19%/2/ 0.20% 0.20% 0.20% 0.19% 0.18%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 5.32%/2/ 4.72% 5.31% 5.28% 5.26% 5.66%
<CAPTION>
Six Months Year Ended October 31,
Ended April --------------------------------------------
30, 2000 1999 1998 1997 1996 1995
----------- -------- -------- -------- -------- --------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- -------- -------- -------- -------- --------
Income From
Investment
Operations:
Net Investment
Income.......... 0.0254 0.0448 0.0507 0.0503 0.0503 0.0540
----------- -------- -------- -------- -------- --------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0254) (0.0448) (0.0507) (0.0503) (0.0503) (0.0540)
----------- -------- -------- -------- -------- --------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ======== ======== ======== ======== ========
Total Return..... 5.22%/2/ 4.58% 5.21% 5.16% 5.15% 5.55%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000)........... 631,526 612,695 777,385 516,092 351,271 82,502
Ratio of
Expenses to
Average Daily
Net Assets/1/... 0.44%/2/ 0.45% 0.45% 0.45% 0.44% 0.43%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 5.07%/2/ 4.47% 5.06% 5.03% 5.01% 5.41%
</TABLE>
----
/1/ Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .27% (annualized) for
the six months ended April 30, 2000 and .26% , .27%, .29%, .30% and .29% for
the years ended October 31, 1999, 1998, 1997, 1996 and 1995, respectively,
for T-Fund Shares and .52% (annualized) for the six months ended April 30,
2000 and .51%, .52%, .54%, .55% and .54%, for the years ended October 31,
1999, 1998, 1997, 1996 and 1995, respectively, for T-Fund Dollar Shares.
/2/ Annualized.
See accompanying notes to financial statements.
55
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
T-Fund Cash Management Shares
-----------------------------
Six Months For the Period
Ended May 17, 1999/1/
April 30, Through
2000 Ocotber 31, 1999
-------------- ----------------
(Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of
Period.............................. $ 1.00 $ 1.00
-------------- --------------
Income From Investment Operations:
Net Investment Income............. 0.0241 0.0197
-------------- --------------
Less Distributions:
Dividends to Shareholders From Net
Investment Income................. (0.0241) (0.0197)
-------------- --------------
Net Asset Value, End of Period...... $ 1.00 $ 1.00
============== ==============
Total Return........................ 4.97%/2/ 4.37%/2/
Ratios/Supplemental Data:
Net Assets, End of Period $(000).... 60,248 3,252
Ratio of Expenses to Average Daily
Net Assets/3/....................... .69%/2/ .70%/2/
Ratio of Net Investment Income to
Average Daily Net Assets............ 4.82%/2/ 4.43%/2/
</TABLE>
----
/1/ Commencement of Operations.
/2/ Annualized.
/3/ Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets for T-Fund Cash Management Shares would
have been .77% (annualized) for the six months ended April 30, 2000 and .78%
(annualized) for the period ended October 31, 1999.
See accompanying notes to financial statements.
56
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
Federal Trust Fund Shares
---------------------------------------------------------
Federal Trust Fund Dollar Shares
----------------------------------------------------------
Six Months
Ended Year Ended October 31,
April 30, -------------------------------------------
2000 1999 1998 1997 1996 1995
----------- ------- ------- ------- ------- -------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- -------
Income From
Investment
Operations:
Net Investment
Income.......... 0.0276 0.0478 0.0529 0.0521 0.0523 0.0563
------- ------- ------- ------- ------- -------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0276) (0.0478) (0.0529) (0.0521) (0.0523) (0.0563)
------- ------- ------- ------- ------- -------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= =======
Total Return..... 5.68%/2/ 4.88% 5.42% 5.33% 5.35% 5.77%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000)........... 198,651 219,344 280,580 229,292 273,752 237,718
Ratio of Expenses
to Average Daily
Net Assets/1/.... 0.20%/2/ 0.20% 0.20% 0.20% 0.19% 0.18%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 5.53%/2/ 4.76% 5.29% 5.21% 5.22% 5.61%
<CAPTION>
Six Months
Ended Year Ended October 31,
April 30, --------------------------------------------
2000 1999 1998 1997 1996 1995
------------- -------- -------- -------- -------- --------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------- -------- -------- -------- -------- --------
Income From
Investment
Operations:
Net Investment
Income.......... 0.0263 0.0453 0.0504 0.0496 0.0498 0.0538
------------- -------- -------- -------- -------- --------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0263) (0.0453) (0.0504) (0.0496) (0.0498) (0.0538)
------------- -------- -------- -------- -------- --------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============= ======== ======== ======== ======== ========
Total Return..... 5.43%/2/ 4.63% 5.17% 5.08% 5.10% 5.52%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000)........... 13,817 27,539 38,633 38,700 26,875 28,402
Ratio of Expenses
to Average Daily
Net Assets/1/.... 0.45%/2/ 0.45% 0.45% 0.45% 0.44% 0.43%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 5.28%/2/ 4.51% 5.04% 4.96% 4.97% 5.36%
</TABLE>
----
/1/ Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .36% (annualized) for
the six months ended April 30, 2000 and .32%, .29%, .31%, .31% and .32% for
the years ended October 31, 1999, 1998, 1997, 1996 and 1995, respectively,
for Federal Trust Fund Shares and .61% (annualized) for the six months ended
April 30, 2000 and .57%, .54%, .56%, .56% and .57% for the years ended
October 31, 1999, 1998, 1997, 1996 and 1995, respectively, for Federal Trust
Fund Dollar Shares.
/2/ Annualized.
See accompanying notes to financial statements.
57
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
Treasury Trust Fund Shares
-------------------------------------------------------------------
Treasury Trust Fund Dollar Shares
-------------------------------------------------------------------
Six Months
Ended Year Ended October 31,
April 30, ----------------------------------------------------
2000 1999 1998 1997 1996 1995
----------- -------- ---------- -------- -------- ----------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- ---------- -------- -------- ----------
Income From
Investment
Operations:
Net Investment
Income.......... 0.0258 0.0442 0.0502 0.0504 0.0508 0.0545
-------- -------- ---------- -------- -------- ----------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0258) (0.0442) (0.0502) (0.0504) (0.0508) (0.0545)
-------- -------- ---------- -------- -------- ----------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ========== ======== ======== ==========
Total Return..... 5.30%/2/ 4.51% 5.14% 5.16% 5.20% 5.59%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000)........... 881,910 826,167 1,091,366 786,556 897,659 1,101,834
Ratio of Expenses
to Average Daily
Net Assets/1/.... 0.20%/2/ 0.20% 0.20% 0.20% 0.19% 0.18%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 5.17%/2/ 4.41% 5.02% 5.04% 5.08% 5.45%
<CAPTION>
Six Months
Ended Year Ended October 31,
April 30, -------------------------------------------------
2000 1999 1998 1997 1996 1995
-------------- --------- --------- --------- --------- ---------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------------- --------- --------- --------- --------- ---------
Income From
Investment
Operations:
Net Investment
Income.......... 0.0246 0.0417 0.0477 0.0479 0.0483 0.0520
-------------- --------- --------- --------- --------- ---------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0246) (0.0417) (0.0477) (0.0479) (0.0483) (0.0520)
-------------- --------- --------- --------- --------- ---------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============== ========= ========= ========= ========= =========
Total Return..... 5.05%/2/ 4.26% 4.89% 4.91% 4.95% 5.34%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000)........... 309,373 398,972 471,767 331,498 294,228 223,272
Ratio of Expenses
to Average Daily
Net Assets/1/.... 0.45%/2/ 0.45% 0.45% 0.45% 0.44% 0.43%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 4.92%/2/ 4.14% 4.77% 4.79% 4.83% 5.20%
</TABLE>
----
/1/ Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .29% (annualized) for
the six months ended April 30, 2000 and .28%, .28%, .30%, .30% and .29% for
the years ended October 31, 1999, 1998, 1997, 1996 and 1995, respectively,
for Treasury Trust Fund Shares and .54% (annualized) for the six months
ended April 30, 2000 and .53%, .53%, .55%, .55% and .54% for the years ended
October 31, 1999, 1998, 1997, 1996 and 1995, respectively, for Treasury
Trust Fund Dollar Shares.
/2/ Annualized.
See accompanying notes to financial statements.
58
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
MuniFund Shares
-------------------------------------------------------------------------------
MuniFund Dollar Shares
--------------------------------------------------------------------------------
Six Months
Ended Eleven Months Year Ended November 30,
April 30, Ended October ------------------------------------------------
2000 31, 1999 1998 1997 1996 1995 1994
----------- ------------- -------- -------- -------- -------- --------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- -------- --------
Income From
Investment
Operations:
Net Investment
Income.......... 0.0175 0.0273 0.0327 0.0338 0.0326 0.0360 0.0255
-------- -------- -------- -------- -------- -------- --------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0175) (0.0273) (0.0327) (0.0338) (0.0326) (0.0360) (0.0255)
-------- -------- -------- -------- -------- -------- --------
Net Asset Value,
End of Period... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ======== ========
Total Return.... 3.56%/2/ 3.02%/2/ 3.32% 3.43% 3.31% 3.66% 2.58%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000).......... 415,350 483,033 467,760 536,794 530,204 720,318 687,895
Ratio of
Expenses to
Average Daily
Net Assets/1/... 0.19%/2/ 0.20%/2/ 0.25% 0.27% 0.27% 0.27% 0.26%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 3.48%/2/ 2.96%/2/ 3.26% 3.38% 3.26% 3.59% 2.53%
<CAPTION>
Six Months
Ended Eleven Months Year Ended November 30,
April 30, Ended October -------------------------------------------------
00 31, 1999 1998 1997 1996 1995 1994
-------------- --------------- --------- --------- --------- --------- ---------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------------- --------------- --------- --------- --------- --------- ---------
Income From
Investment
Operations:
Net Investment
Income.......... 0.0162 0.0250 0.0302 0.0313 0.0301 0.0335 0.0230
-------------- --------------- --------- --------- --------- --------- ---------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0162) (0.0250) (0.0302) (0.0313) (0.0301) (0.0335) (0.0230)
-------------- --------------- --------- --------- --------- --------- ---------
Net Asset Value,
End of Period... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============== =============== ========= ========= ========= ========= =========
Total Return.... 3.31%/2/ 2.77%/2/ 3.07% 3.18% 3.06% 3.41% 2.33%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000).......... 64,886 56,238 51,736 67,387 61,396 6,474 2,785
Ratio of
Expenses to
Average Daily
Net Assets/1/... 0.44%/2/ 0.45%/2/ 0.50% 0.52% 0.52% 0.52% 0.51%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 3.23%/2/ 2.71%/2/ 3.01% 3.13% 3.01% 3.34% 2.28%
</TABLE>
----
/1/ Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .41% (annualized) for
the six months ended April 30, 2000, .41% (annualized) for the eleven months
ended October 31, 1999 and .41%, .41%, .42%, .41% and .41% for the years
ended November 30, 1998, 1997, 1996, 1995 and 1994, respectively, for
MuniFund Shares and .66% (annualized) for the six months ended April 30,
2000 .66% (annualized) for the eleven months ended October 31, 1999 and
.66%, .66%, .67%, .66% and .66% for the years ended November 30, 1998, 1997,
1996, 1995 and 1994, respectively, for MuniFund Dollar Shares.
/2/ Annualized.
See accompanying notes to financial statements.
59
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
MuniFund Cash
Management Shares
----------------------------
For the Period
June 14,
Six Months 1999/1/
Ended Through
April 30, Ocotber 31,
2000 1999
----------- --------------
(Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of Period.............. $ 1.00 $ 1.00
------- -------
Income From Investment Operations:
Net Investment Income........................... 0.0150 0.0099
------- -------
Less Distributions:
Dividends to Shareholders
From Net Investment Income.................... (0.0150) (0.0099)
------- -------
Net Asset Value, End of Period.................... $ 1.00 $ 1.00
======= =======
Total Return...................................... 3.06%/2/ 2.61%/2/
Ratios/Supplemental Data:
Net Assets, End of Period $(000).................. 4,919 2,712
Ratio of Expenses to Average Daily Net Assets/3/.. 0.69%/2/ 0.70%/2/
Ratio of Net Investment Income to Average Daily
Net Assets........................................ 2.98%/2/ 2.58%/2/
</TABLE>
----
/1/ Commencement of Operations.
/2/ Annualized.
/3/ Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets for MuniFund Cash Management Shares
would have been .91% (annualized) for the six months ended April 30, 2000
and .92% (annualized) for the period ended October 31, 1999.
See accompanying notes to financial statements.
60
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
MuniCash Shares
------------------------------------------------------------------------------
MuniCash Dollar Shares
-----------------------------------------------------------------------------
Eleven
Six Months Months
Ended Ended Year Ended November 30,
April 30, October 31, ------------------------------------------------
2000 1999 1998 1997 1996 1995 1994
----------- ----------- -------- -------- -------- -------- --------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- -------- --------
Income From
Investment
Operations:
Net Investment
Income.......... 0.0180 0.0281 0.0346 0.0358 0.0350 0.0382 0.0266
-------- -------- -------- -------- -------- -------- --------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0180) (0.0281) (0.0346) (0.0358) (0.0350) (0.0382) (0.0266)
-------- -------- -------- -------- -------- -------- --------
Net Asset Value,
End of Period... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ======== ========
Total Return.... 3.67%/2/ 3.11%/2/ 3.51% 3.63% 3.56% 3.89% 2.69%
Ratios/Supplemental
Data:
Net Assets,
End of Period
$(000).......... 370,842 308,212 500,254 397,681 281,544 321,642 273,439
Ratio of
Expenses to
Average Daily
Net Assets/1/... 0.20%/2/ 0.20%/2/ 0.18% 0.18% 0.18% 0.18% 0.19%
Ratio of Net
Investment
Income to
Average
Daily Net
Assets.......... 3.61%/2/ 3.05%/2/ 3.47% 3.58% 3.50% 3.83% 2.59%
<CAPTION>
Eleven
Six Months Months
Ended Ended Year Ended November 30,
April 30, October 31, -----------------------------------------------
2000 1999 1998 1997 1996 1995 1994
-------------- -------------- -------- --------- --------- --------- --------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------------- -------------- -------- --------- --------- --------- --------
Income From
Investment
Operations:
Net Investment
Income.......... 0.0167 0.0258 0.0321 0.0333 0.0325 0.0357 0.0241
-------------- -------------- -------- --------- --------- --------- --------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0167) (0.0258) (0.0321) (0.0333) (0.0325) (0.0357) (0.0241)
-------------- -------------- -------- --------- --------- --------- --------
Net Asset Value,
End of Period... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============== ============== ======== ========= ========= ========= ========
Total Return.... 3.42%/2/ 2.86%/2/ 3.26% 3.38% 3.31% 3.64% 2.44%
Ratios/Supplemental
Data:
Net Assets,
End of Period
$(000).......... 128,475 123,017 91,404 150,089 101,528 101,424 99,688
Ratio of
Expenses to
Average Daily
Net Assets/1/... 0.45%/2/ 0.45%/2/ 0.43% 0.43% 0.43% 0.43% 0.44%
Ratio of Net
Investment
Income to
Average
Daily Net
Assets.......... 3.36%/2/ 2.80%/2/ 3.22% 3.33% 3.25% 3.58% 2.34%
</TABLE>
----
/1/ Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .41% (annualized) for
the six months ended April 30, 2000, .41% (annualized) for the eleven months
ended October 31, 1999 and .40%, .41%, .42%, .41% and .42% for the years
ended November 30, 1998, 1997, 1996, 1995 and 1994, respectively, for
MuniCash Shares and .66% (annualized) for the six months ended April 30,
2000, .66% (annualized) for the eleven months ended October 31, 1999 and
.65%, .66%, .67%, .66% and .67% for the years ended November 30, 1998, 1997,
1996, 1995 and 1994, respectively, for MuniCash Dollar Shares.
/2/ Annualized.
See accompanying notes to financial statements.
61
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
California Money Shares
-----------------------------------------------------------------------
California Dollar Shares
------------------------------------------------------------------------
Six Months Nine Months
Ended Ended Year Ended January 31,
April 30, October 31, -------------------------------------------
2000 1999 1999 1998 1997 1996 1995
----------- ----------- ------- ------- ------- ------- -------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- ------- -------
Income From
Investment
Operations:
Net Investment
Income.......... 0.0148 0.0201 0.0305 0.0334 0.0316 0.0356 0.0281
------- ------- ------- ------- ------- ------- -------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0148) (0.0201) (0.0305) (0.0334) (0.0316) (0.0356) (0.0281)
------- ------- ------- ------- ------- ------- -------
Net Asset Value,
End of Period... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= ======= =======
Total Return.... 3.01%/2/ 2.73%/2/ 3.09% 3.39% 3.21% 3.62% 2.84%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000).......... 570,167 543,476 549,170 460,339 326,521 389,883 385,824
Ratio of
Expenses to
Average Daily
Net Assets/1/... 0.20%/2/ 0.20%/2/ 0.20% 0.20% 0.20% 0.20% 0.20%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 2.94%/2/ 2.68%/2/ 3.02% 3.34% 3.15% 3.55% 2.79%
<CAPTION>
Six Months Nine Months
Ended Ended Year Ended January 31,
April 30, October 31, --------------------------------------------
2000 1999 1999 1998 1997 1996 1995
------------- ------------- -------- -------- -------- -------- --------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------- ------------- -------- -------- -------- -------- --------
Income From
Investment
Operations:
Net Investment
Income.......... 0.0136 0.0182 0.0280 0.0309 0.0291 0.0331 0.0256
------------- ------------- -------- -------- -------- -------- --------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0136) (0.0182) (0.0280) (0.0309) (0.0291) (0.0331) (0.0256)
------------- ------------- -------- -------- -------- -------- --------
Net Asset Value,
End of Period... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============= ============= ======== ======== ======== ======== ========
Total Return.... 2.76%/2/ 2.48%/2/ 2.84% 3.14% 2.96% 3.37% 2.59%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000).......... 9,114 8,288 139,601 130,547 126,321 31,163 11,026
Ratio of
Expenses to
Average Daily
Net Assets/1/... 0.45%/2/ 0.45%/2/ 0.45% 0.45% 0.45% 0.45% 0.45%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 2.69%/2/ 2.43%/2/ 2.77% 3.09% 2.90% 3.30% 2.54%
</TABLE>
----
/1/ Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .45% (annualized) for
the six months ended April 30, 2000, .45% (annualized) for the nine months
ended October 31, 1999 and .45%, .46%, .48%, .48% and .48% for the years
ended January 31, 1999, 1998, 1997, 1996 and 1995, respectively, for
California Money Shares and .70% (annualized) for the six months ended April
30, 2000, .70% (annualized) for the nine months ended October 31, 1999 and
.70%, .71%, .73%, .73% and .73% for the years ended January 31, 1999, 1998,
1997, 1996 and 1995, respectively, for California Money Dollar Shares.
/2/ Annualized.
See accompanying notes to financial statements.
62
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
New York Money Shares
------------------------------------------------------------------------------
New York Money Dollar Shares/3/
------------------------------------------------------------------------------
Three
Six Months Months
Ended Ended Year Ended July 31,
April 30, October 31, ------------------------------------------------
2000 1999 1999 1998 1997 1996 1995
----------- ----------- -------- -------- -------- -------- --------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- -------- --------
Income From
Investment
Operations:
Net Investment
Income.......... 0.0167 0.0076 0.0289 0.0336 0.0334 0.3390 0.0338
-------- -------- -------- -------- -------- -------- --------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0167) (0.0076) (0.0289) (0.0336) (0.0334) (0.0339) (0.0338)
-------- -------- -------- -------- -------- -------- --------
Net Asset Value,
End of Period... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ======== ========
Total Return.... 3.39%/2/ 3.06%/2/ 2.93% 3.41% 3.39% 3.44% 3.43%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000).......... 240,713 323,247 295,728 318,091 269,821 272,145 246,650
Ratio of
Expenses to
Average Daily
Net Assets/1/... 0.20%/2/ 0.20%/2/ 0.20% 0.20% 0.20% 0.20% 0.20%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 3.32%/2/ 3.02%/2/ 2.87% 3.35% 3.34% 3.37% 3.36%
<CAPTION>
Three
Six Months Months
Ended Ended Year Ended July 31,
April 30, October 31, -----------------------------------------
2000 1999 1999 1998 1997 1996 1995
-------------- ----------- ----- --------- --------- --------- -----
(Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 1.00 $1.00 $1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
-------------- ----------- ----- --------- --------- --------- -----
Income From
Investment
Operations:
Net Investment
Income.......... 0.0020 -- -- 0.0303 0.0309 0.0089 --
-------------- ----------- ----- --------- --------- --------- -----
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0020) -- -- (0.0303) (0.0309) (0.0089) --
-------------- ----------- ----- --------- --------- --------- -----
Net Asset Value,
End of Period... $ 1.00 $1.00 $1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
============== =========== ===== ========= ========= ========= =====
Total Return.... 3.64%/2/ -- -- 3.16% 3.14% 3.05% --
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000).......... 957 -- -- -- 1,148 20 --
Ratio of
Expenses to
Average Daily
Net Assets/1/... 0.45%/2/ -- -- 0.45% 0.45% 0.45% --
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 3.77%/2/ -- -- 3.11% 3.09% 3.07% --
</TABLE>
----
/1/ Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .47% (annualized) for
the six months ended April 30, 2000, .50% (annualized) for the three months
ended October 31, 1999 and .48%, .48%, .49%, .50% and .49% for the years
ended July 31, 1999, 1998, 1997, 1996 and 1995, respectively, for New York
Money Shares and .73% (annualized) for the six months ended April 30, 2000,
.73% (annualized), .74% and .75% (annualized) for the years ended July 31,
1998, 1997 and 1996, respectively, for New York Money Dollar Shares.
/2/ Annualized.
/3/ There were no Dollar Shares outstanding during the periods March 28, 1994 to
April 14, 1996 and July 21, 1998 to April 10, 2000.
See accompanying notes to financial statements.
63
<PAGE>
Notes to Financial Statements
A. Provident Institutional Funds ("PIF" or the "Company") was organized as a
Delaware business trust on October 21, 1998. PIF is the successor to five
investment companies: (1) Temporary Investment Fund, Inc. ("Temp"), (2) Trust
for Federal Securities ("Fed"), (3) Municipal Fund for Temporary Investment
("Muni"), (4) Municipal Fund for California Investors, Inc. ("Cal Muni") and
(5) Municipal Fund for New York Investors, Inc. ("NY Muni"), (the "Predecessor
Companies"). The accompanying financial statements and notes are those of the
portfolios of Temp, Fed, Muni, Cal Muni and NY Muni, as follows: Temp--
TempFund and TempCash; Fed--FedFund, T-Fund, Federal Trust Fund and Treasury
Trust Fund; Muni--MuniFund and MuniCash; Cal Muni--California Money Fund and
NY Muni--New York Money Fund. On February 10, 1999, the Predecessor Companies
were each reorganized into a separate series of PIF.
The fiscal year ends for Temp, Fed, Muni, Cal Muni and NY Muni were September
30, October 31, November 30, January 31 and July 31, respectively. The fiscal
year end for PIF is October 31. PIF is a no-load open-end management
investment company. Each portfolio included in these financial statements and
notes, with the exception of California Money Fund and New York Money Fund,
which are non-diversified investment companies because they emphasize
investments in California Municipal Obligations and New York Municipal
Obligations, respectively, is a diversified investment company under the
Investment Company Act of 1940.
TempCash, FedFund, Federal Trust Fund, Treasury Trust Fund and MuniCash each
offers two classes of shares: Fund Shares and Dollar Shares. New York Money
Fund offers three classes of shares: Fund Shares, Dollar Shares and Plus
Shares. TempFund, T-Fund, MuniFund and California Money Fund each offers six
classes of shares: Fund Shares, Administration Shares, Dollar Shares, Plus
Shares, Cash Reserve Shares, and Cash Management Shares. Pursuant to a
Shareholder Service Plan and specified in a servicing agreement, institutions
other than broker/dealers ("Service Organizations"), provide certain services,
not intended to promote the sale of the shares, to their clients who
beneficially own shares of a particular class, in consideration for the
Company's payment of a fee to the Servicing Organization at an annual rate not
to exceed .10% for Administration Shares, .25% for Dollar Shares, .40% for
Cash Reserve Shares and .50% for Cash Management Shares of the average daily
net asset value of such Shares. The difference in the level of fees is related
to the type and number of services provided by the Servicing Organization.
Pursuant to an Amended Distribution Plan and specified in a related agreement,
institutions that are broker/dealers ("Broker/Dealers"), provide certain sales
and support services to their clients who beneficially own shares of the Plus
class, in consideration for the Company's payment of a fee to the
Broker/Dealer at an annual rate not to exceed .25% (not to exceed .40% in the
case of New York Money Fund and California Money Fund) of the average daily
net asset value of such Shares. Dividends paid to Administration, Dollar,
Plus, Cash Reserve and Cash Management shareholders are reduced by such fees.
Fund Shares are sold to institutional investors who choose not to enter into
agreements with PIF. As of April 30, 2000, no Administration Shares, Plus
Shares or Cash Reserve Shares were outstanding.
Certain California municipal obligations in California Money Fund may be
obligations of issuers which rely in whole or in part on California State
revenues, real property taxes, revenues from health care institutions, or
obligations secured by mortgages on real property. Consequently, the possible
effect of economic conditions in California or of California law on these
obligations must be considered.
Certain New York municipal obligations in New York Money Fund may be
obligations of issuers which rely in whole or in part on New York State
revenues, real property taxes, revenues from health care institutions, or
obligations secured by mortgages on real property. Consequently, the possible
effect of economic conditions in New York State or of New York law on these
obligations must be considered.
64
<PAGE>
Notes to Financial Statements (Continued)
B. Significant accounting policies are as follows:
Use of Estimates--The preparation of financial statements in conformity with
accounting principles generally accepted in the United States requires
management to make estimates and assumptions that could affect the reported
amounts of assets and liabilities at the date of the financial statement and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from these estimates.
Security Valuation--Portfolio securities are valued under the amortized cost
method which approximates current market value. Under this method, securities
are valued at cost when purchased and thereafter a constant proportionate
amortization of any discount or premium is recorded until maturity of the
security. Regular review and monitoring of the valuation is performed in an
attempt to avoid dilution or other unfair results to shareholders. The Company
seeks to maintain the net asset value per share of each portfolio at $1.00.
Repurchase Agreements--The Company may purchase, for TempFund, TempCash,
FedFund and T-Fund, money market instruments from financial institutions, such
as banks and non-bank dealers, subject to the seller's agreement to repurchase
them at an agreed upon date and price. Collateral for repurchase agreements
may have longer maturities than the maximum permissible remaining maturity of
portfolio investments, provided the repurchase agreements themselves mature in
one year or less. The seller will be required on a daily basis to maintain the
value of the securities subject to the agreement at no less than the
repurchase price. Repurchase agreements with maturities in excess of seven
days are subject to a seven day put feature.
Dividends to Shareholders--Dividends are declared daily and paid monthly.
Dividends payable are recorded on the dividend record date. Ordinary income
includes interest accrued and discount earned on portfolio securities and is
reduced by premium amortized and expenses accrued. Net realized capital gains,
if any, are distributed at least annually.
Federal Taxes--No provision is made for federal taxes as it is the Company's
intention to have each portfolio continue to qualify for and elect the tax
treatment applicable to regulated investment companies under Subchapter M of
the Internal Revenue Code of 1986, as amended and make the requisite
distributions to its shareholders which will be sufficient to relieve it from
all or substantially all federal income and excise taxes.
Other--Investment transactions are accounted for on the trade date and the
cost of investments sold is determined by use of the specific identification
method for both financial reporting and income tax purposes. Expenses not
directly attributable to a specific portfolio are allocated among the
portfolios based on their relative average daily net assets.
C. Under agreements between the Company and Blackrock Institutional Management
Corporation ("BIMC"), an indirect majority owned subsidiary of PNC Bank
National Association ("PNC Bank"), BIMC manages the Company's portfolios and
maintains their financial accounts. PFPC Trust Company is the Company's
custodian and PFPC Inc. ("PFPC"), is the Company's transfer agent.
Provident Distributors, Inc. ("PDI") serves as the Company's distributor. No
compensation is payable by the Company to PDI for its distribution services.
The Company has entered into an Administration Agreement with PFPC and BIMC
for certain administrative services (together the "Co-Administrators"). Prior
to the reorganization as discussed in note A, PDI was co-administrator with
PFPC.
In return for their advisory and administrative services, the Company pays
BIMC and the Co-Administrators each a fee, computed daily and payable monthly,
based upon an annualized percentage of the average net assets of the TempFund
Portfolio as follows: .175% of the first $1 billion, .15% of the next $1
billion, .125% of the next $1 billion, .10% of the next $1 billion, .095% of
the next $1 billion,
65
<PAGE>
Notes to Financial Statements (Continued)
.09% of the next $1 billion, .08% of next $1 billion, .075% of the next $1
billion and .07% of net assets in excess of $8 billion. With respect to
TempCash, MuniFund and MuniCash portfolios, the fee payable, based on each
funds' daily average net assets; and with respect to Fed Fund, T-Fund, Federal
Trust Fund and Treasury Trust Fund, the fee payable based on those Funds'
combined average assets, is as follows: .175% of the first $1 billion, .15% of
the next $1 billion, .125% of the next $1 billion, .10% of the next $1
billion, .095% of the next $1 billion, .09% of the next $1 billion, .085% of
the next $1 billion and .08% of net assets in excess of $7 billion. California
Money Fund and New York Money Fund pay BIMC and the Administrators each a fee,
computed daily and payable monthly, at an annual rate of .20% of average net
assets.
The Co-Administrators and BIMC have also agreed to reduce their fees, on an
equal basis, to the extent necessary to ensure that the total operating
expenses (excluding Service Organization and Broker/Dealer fees) of TempFund
and TempCash do not exceed .18% of their respective average net assets; and
with respect to the other eight portfolios, do not exceed .20% of their
respective average net assets. For the six months ended April 30, 2000, the
Co-Administrators and BIMC, (as Advisor), waived, on an equal basis, a total
of $1,387,437 of the administration and advisory fees payable to them with
respect to TempFund, $2,062,011 with respect to TempCash, $432,036 with
respect to FedFund, $1,213,586 with respect to T-Fund, $172,334 with respect
to Federal Trust Fund, $535,938 with respect to Treasury Trust Fund, $664,031
with respect to MuniFund, $507,295 with respect to MuniCash, $742,656 with
respect to California Money Fund and $431,804 with respect to New York Money
Fund.
Per the Company's operating procedures, custodian fees may be reduced by
amounts calculated on uninvested cash balances. For the six months ended April
30, 2000, custodian fees were reduced in the amounts as follows: $2,051 with
respect to TempCash, $2,927 with respect to FedFund, $86,442 with respect to
T-Fund, $25,629 with respect to MuniFund, $11,652 with respect to MuniCash,
$2,047 with respect to California Money Fund and $5,409 with respect to New
York Money Fund.
For the six months ended April 30, 2000, certain portfolios paid Service
Organization fees to affiliates of BIMC in the amounts as follows: $103,452
with respect to TempFund, $8,940 with respect to TempCash, $8,990 with respect
to FedFund, $120,082 with respect to T-Fund, $26,363 with respect to Treasury
Trust Fund and $274 with respect to MuniFund.
D. The Company's Declaration of Trust permits the Trustees to authorize the
issuance of an unlimited number of full and fractional shares of beneficial
interest (shares) in the Company and to classify or reclassify any unissued
shares into one or more additional classes of shares.
Transactions in shares of the Company are summarized as follows (at $1.00 per
share):
<TABLE>
<CAPTION>
TempFund Portfolio
---------------------------------------------------
Six Months Ended One Month Ended Year Ended
April 30, October 31, September 30,
2000 1999 1999
---------------- --------------- ----------------
(Unaudited)
<S> <C> <C> <C>
Shares sold:
TempFund................. 128,472,625,520 24,296,956,790 227,037,649,542
TempFund Dollar.......... 2,750,173,175 397,018,844 4,533,892,817
TempFund Cash Management. 62,407,666 5,037,879 22,677,787
Shares issued in
reinvestment of
dividends:
TempFund................. 163,874,146 21,545,685 220,267,401
TempFund Dollar.......... 7,980,208 989,434 9,067,103
TempFund Cash Management. -- -- --
Shares repurchased:
TempFund................. (128,442,122,699) (22,479,904,215) (224,898,894,234)
TempFund Dollar.......... (2,653,182,937) (448,617,656) (4,348,256,691)
TempFund Cash Management. (45,227,390) (4,758,004) (8,888,624)
---------------- --------------- ----------------
Net increase in shares.. 316,527,689 1,788,268,757 2,567,515,101
================ =============== ================
</TABLE>
66
<PAGE>
Notes to Financial Statements (Continued)
<TABLE>
<CAPTION>
TempCash Portfolio
------------------------------------------------
Six Months One Month
Ended Ended Year Ended
April 30, October 31, September 30,
2000 1999 1999
--------------- -------------- ---------------
(Unaudited)
<S> <C> <C> <C>
Shares sold:
TempCash................... 14,658,264,291 2,118,780,855 56,760,587,569
TempCash Dollar............ 960,156,282 137,828,067 1,845,834,401
Shares issued in
reinvestment of dividends:
TempCash................... 27,018,017 4,403,410 66,156,673
TempCash Dollar............ 7,908,938 1,083,992 14,715,850
Shares repurchased:
TempCash................... (14,155,742,456) (2,140,374,753) (57,357,122,062)
TempCash Dollar............ (989,763,919) (115,495,736) (1,986,330,759)
--------------- -------------- ---------------
Net increase (decrease) in
shares.................... 507,841,153 6,225,835 (656,158,328)
=============== ============== ===============
</TABLE>
<TABLE>
<CAPTION>
FedFund Portfolio
---------------------------------
Six Months Ended Year Ended
April 30, 2000 October 31, 1999
---------------- ----------------
(Unaudited)
<S> <C> <C>
Shares sold:
FedFund..................................... 3,448,898,628 6,027,235,623
FedFund Dollar.............................. 205,961,513 271,091,233
Shares issued in reinvestment of dividends:
FedFund..................................... 4,670,717 10,115,239
FedFund Dollar.............................. 230,936 352,921
Shares repurchased:
FedFund..................................... (3,381,040,372) (6,411,602,521)
FedFund Dollar.............................. (197,619,313) (267,293,393)
-------------- --------------
Net increase (decrease) in shares........... 81,102,109 (370,100,898)
============== ==============
</TABLE>
<TABLE>
<CAPTION>
T-Fund Portfolio
----------------------------------
Six Months Ended Year Ended
April 30, 2000 October 31, 1999
---------------- ----------------
(Unaudited)
<S> <C> <C>
Shares sold:
T-Fund...................................... 12,522,732,516 31,110,312,502
T-Fund Dollar............................... 2,285,289,428 4,351,583,123
T-Fund Cash Management...................... 78,019,701 3,824,994
Shares issued in reinvestment of dividends:
T-Fund...................................... 32,302,339 56,979,876
T-Fund Dollar............................... 3,053,551 4,914,634
T-Fund Cash Management...................... 186 --
Shares repurchased:
T-Fund...................................... (12,671,791,429) (31,313,897,577)
T-Fund Dollar............................... (2,269,497,103) (4,521,184,800)
T-Fund Cash Management...................... (21,022,127) (572,969)
--------------- ---------------
Net decrease in shares...................... (40,912,938) (308,040,217)
=============== ===============
</TABLE>
<TABLE>
<CAPTION>
Federal Trust Fund Portfolio
---------------------------------
Six Months Ended Year Ended
April 30, 2000 October 31, 1999
---------------- ----------------
(Undaudited)
<S> <C> <C>
Shares sold:
Federal Trust............................... 370,414,759 1,157,609,847
Federal Trust Dollar........................ 63,384,343 193,288,061
Shares issued in reinvestment of dividends:
Federal Trust............................... 498,951 1,519,142
Federal Trust Dollar........................ 4,957 101,601
Shares repurchased:
Federal Trust............................... (391,604,886) (1,220,372,777)
Federal Trust Dollar........................ (77,111,524) (204,484,744)
------------ --------------
Net decrease in shares...................... (34,413,400) (72,338,870)
============ ==============
</TABLE>
67
<PAGE>
Notes to Financial Statements (Continued)
<TABLE>
<CAPTION>
Treasury Trust Fund Portfolio
---------------------------------
Six Months Ended Year Ended
April 30, 2000 October 31, 1999
---------------- ----------------
(Undaudited)
<S> <C> <C>
Shares sold:
Treasury Trust.............................. 3,163,650,548 5,417,125,106
Treasury Trust Dollar....................... 907,886,656 2,351,119,439
Shares issued in reinvestment of dividends:
Treasury Trust.............................. 6,084,717 5,905,883
Treasury Trust Dollar....................... 6,327,283 14,632,134
Shares repurchased:
Treasury Trust.............................. (3,113,914,355) (5,688,187,728)
Treasury Trust Dollar....................... (1,003,784,149) (2,438,519,678)
-------------- --------------
Net decrease in shares...................... (33,749,300) (337,924,844)
============== ==============
</TABLE>
<TABLE>
<CAPTION>
MuniFund Portfolio
----------------------------------------------
Six Months Eleven Months
Ended Ended Year Ended
April 30, October 31, November 30,
2000 1999 1998
-------------- -------------- --------------
(Unaudited)
<S> <C> <C> <C>
Shares sold:
MuniFund...................... 3,036,514,511 6,159,975,658 6,507,334,293
MuniFund Dollar............... 87,718,687 156,826,329 166,484,152
MuniFund Cash Management...... 12,069,431 8,317,454 --
Shares issued in reinvestment
of dividends:
MuniFund...................... 1,440,314 1,608,291 2,746,208
MuniFund Dollar............... 923,556 1,319,052 1,643,959
MuniFund Cash Management...... -- -- --
Shares repurchased:
MuniFund...................... (3,105,625,718) (6,146,283,448) (6,579,088,822)
MuniFund Dollar............... (79,992,412) (153,640,293) (183,775,067)
MuniFund Cash Management...... (9,861,411) (5,605,640) --
-------------- -------------- --------------
Net increase (decrease) in
shares....................... 56,813,042 22,517,403 (84,655,277)
============== ============== ==============
</TABLE>
<TABLE>
<CAPTION>
MuniCash Portfolio
----------------------------------------------
Six Months Eleven Months
Ended Ended Year Ended
April 30, October 31, November 30,
2000 1999 1998
-------------- -------------- --------------
(Unaudited)
<S> <C> <C> <C>
Shares sold:
MuniCash...................... 1,884,701,764 4,156,725,775 7,022,119,234
MuniCash Dollar............... 163,587,020 314,725,344 288,017,712
Shares issued in reinvestment
of dividends:
MuniCash...................... 3,093,669 3,952,506 5,807,076
MuniCash Dollar............... 741,772 1,366,412 2,809,584
Shares repurchased:
MuniCash...................... (1,825,172,452) (4,352,699,628) (6,925,371,487)
MuniCash Dollar............... (158,872,899) (284,471,233) (349,516,165)
-------------- -------------- --------------
Net increase (decrease) in
shares....................... (68,078,874) (160,400,824) 43,865,954
============== ============== ==============
</TABLE>
<TABLE>
<CAPTION>
California Money Fund Portfolio
----------------------------------------------
Six Months Nine Months
Ended Ended Year Ended
April 30, October 31, January 31,
2000 1999 1999
-------------- -------------- --------------
(Unaudited)
<S> <C> <C> <C>
Shares sold:
California Money.............. 1,537,504,103 2,323,322,233 4,163,985,529
California Money Dollar....... 23,700,275 74,930,983 330,262,605
Shares issued in reinvestment
of dividends:
California Money.............. 56,657 337,753 703,561
California Money Dollar....... -- -- --
Shares repurchased:
California Money.............. (1,510,872,845) (2,329,358,752) (4,075,870,211)
California Money Dollar....... (22,874,767) (206,244,110) (321,210,419)
-------------- -------------- --------------
Net increase (decrease) in
shares....................... 27,513,423 (137,011,893) 97,871,065
============== ============== ==============
</TABLE>
68
<PAGE>
Notes to Financial Statements (Continued)
<TABLE>
<CAPTION>
New York Money Fund Portfolio
------------------------------------------
Six Months Three Months
Ended Ended Year Ended
April 30, October 31, July 31,
2000 1999 1999
------------ ------------ --------------
(Unaudited)
<S> <C> <C> <C>
Shares sold:
New York Money.................... 766,558,628 326,009,383 1,623,766,248
New York Money Dollar............. 1,268,671 -- --
Shares issued in reinvestment of
dividends:
New York Money.................... 68,443 9,850 168,119
New York Money Dollar............. -- -- --
Shares repurchased:
New York Money.................... (849,162,913) (298,500,286) (1,646,296,199)
New York Money Dollar............. (311,596) -- --
------------ ------------ --------------
Net increase (decrease) in shares. (81,578,767) 27,518,947 (22,361,832)
============ ============ ==============
</TABLE>
On April 30, 2000, one shareholder held approximately 10% of the outstanding
shares of TempFund, two shareholders held approximately 35% of TempCash, two
shareholders held approximately 29% of T-Fund, three shareholders held
approximately 47% of Federal Trust Fund, two shareholders held approximately
25% of Treasury Trust Fund, one shareholder held approximately 26% of
MuniFund, three shareholders held approximately 59% of MuniCash, two
shareholders held approximately 46% of California Money Fund and four
shareholders held approximately 84% of New York Money Fund.
E. At April 30, 2000, net assets consisted of :
<TABLE>
<CAPTION>
TempFund TempCash FedFund T-Fund
Portfolio Portfolio Portfolio Portfolio
--------------- -------------- ------------ --------------
<S> <C> <C> <C> <C>
Paid-in capital......... $14,661,482,580 $2,860,843,651 $858,684,310 $2,972,442,159
Accumulated net realized
loss on security
transactions........... (266,463) (303,400) (215,427) (102,408)
--------------- -------------- ------------ --------------
Total Net Assets........ $14,661,216,117 $2,860,540,251 $858,468,883 $2,972,339,751
=============== ============== ============ ==============
</TABLE>
<TABLE>
<CAPTION>
Federal Treasury
Trust Trust
Fund Fund MuniFund MuniCash
Portfolio Portfolio Portfolio Portfolio
------------ -------------- ------------ ------------
<S> <C> <C> <C> <C>
Paid-in capital......... $212,610,634 $1,191,621,528 $485,312,683 $499,462,621
Accumulated net realized
loss on security
transactions........... (142,209) (338,593) (158,625) (147,757)
Amortized market
discount............... -- -- 1,440 2,476
------------ -------------- ------------ ------------
Total Net Assets........ $212,468,425 $1,191,282,935 $485,155,498 $499,317,340
============ ============== ============ ============
</TABLE>
<TABLE>
<CAPTION>
California New York
Money Fund Money Fund
Portfolio Portfolio
------------ ------------
<S> <C> <C>
Paid-in capital.................................... $579,407,996 $241,688,951
Accumulated net realized loss on security
transactions...................................... (126,999) (19,149)
Amortized market discount.......................... 1 682
------------ ------------
Total Net Assets.................................. $579,280,998 $241,670,484
============ ============
</TABLE>
F. At October 31, 1999, TempFund, TempCash, FedFund, T-Fund, Federal Trust
Fund, Treasury Trust Fund, MuniFund, MuniCash, California Money Fund and New
York Money Fund had capital loss carryovers amounting to $152,774, $140,896,
$227,492, $22,110, $140,720, $221,373, $142,533, $155,241, $130,710 and
$21,149 expiring at various times from 2000 to 2007, respectively. The capital
loss carryovers are available to offset possible future capital gains of the
corresponding portfolios.
69
<PAGE>
Trustees
Rodney D. Johnson
Chairman
G. Nicholas Beckwith
Jerrold B. Harris
Joseph Platt
Robert C. Robb,Jr.
Kenneth L. Urish
Frederick W. Winter
Investment Adviser
BlackRock Institutional Management Corporation
400 Bellevue Parkway
Wilmington, DE 19809
Co-Administrators
PFPC Inc.
400 Bellevue Parkway
Wilmington, DE 19809
BlackRock Institutional Management Corporation
400 Bellevue Parkway
Wilmington, DE 19809
Distributor
Provident Distributors, Inc.
3200 Horizon Drive
King of Prussia, PA 19406
Transfer Agent
PFPC Inc.
P.O. Box 8950
Wilmington, DE 19885-9628
This report is submitted for the general information of the shareholders of the
Company. It is not authorized for distribution to prospective investors unless
accompanied or preceded by effective prospectuses for each portfolio of the
Company, which contain information concerning the investment policies of the
portfolios as well as other pertinent information.
PIF-SA-001
TempFund
TempCash
FedFund
T-Fund
Federal Trust Fund
Treasury Trust Fund
MuniFund
MuniCash
California Money Fund
New York Money Fund
Investment Portfolios offered by
Provident Institutional Funds
[LOGO OF PROVIDENT INSTITUTIONAL FUNDS]
Semi-Annual Report
April 30, 2000
