UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-17f-2
Certificate of Accounting of Securities and Similar
Investments in the Custody of
Management Investment Companies
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
1. Investment Company Act Rule Number:
811-2354
2. State identification Number:
3. Exact name of investment company as specified in registration statement:
PROVIDENT INSTITUTIONAL FUNDS
4. Address of principal executive office (number, street, city, state,
Zip code):
400 BELLEVUE PARKWAY
WILMINGTON, DE 19809
Management Statement Regarding Compliance with Certain Provisions of the
Investment Company Act of 1940
August 30, 2000
PricewaterhouseCoopers LLP
2400 Eleven Penn Center
Philadelphia, PA 19103
We, as members of management of TempFund, TempCash, New York Money
Fund, California Money Fund, T-Fund, FedFund, Treasury Trust Fund,
Federal Trust Fund, MuniFund and MuniCash (collectively the "Funds"),
portfolios of the Provident Institutional Funds, are responsible for
complying with the requirements of subsections (b) and (c) of Rule 17f-2,
"Custody of Investments by Registered Management Investment Companies,"
of the Investment Company Act of 1940. We are also responsible for
establishing and maintaining effective internal controls over compliance
with those requirements. We have performed an evaluation of the Funds'
compliance with the requirements of subsections (b) and (c) of Rule 17f-2
as of June 30, 2000 and from April 28, 2000 through June 30, 2000.
Based on this evaluation, we assert that the Funds were in compliance with
the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of June 30, 2000 and from April 28, 2000 through
June 30, 2000, with respect to securities reflected in the investment account
of the Funds.
Provident Institutional Funds:
By:
/s/Rodney D. Johnson
Rodney D. Johnson
President and Treasurer
Report of Independent Accountants
To the Board of Trustees of
Provident Institutional Funds:
We have examined management's assertion, included in the
accompanying Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940, about
the Provident Institutional Funds (the "Funds") consisting of
New York Money Fund, California Money Fund, TempFund, TempCash,
T-Fund, FedFund, Treasury Trust Fund, Federal Trust Fund,
MuniFund and MuniCash, compliance with the requirements of
subsections (b) and (c) of Rule 17f-2 under the Investment
Company Act of 1940 ("the Act") as of June 30, 2000.
Management is responsible for the Funds' compliance with those
requirements. Our responsibility is to express an opinion on
management's assertion about the Funds' compliance based on our
examination.
Our examination was conducted in accordance with attestation
standards established by the American Institute of Certified
Public Accountants and, accordingly, included examining, on a
test basis, evidence about the Funds' compliance with those
requirements and performing such other procedures as we
considered necessary in the circumstances. Included among our
procedures were the following tests performed as of June 30,
2000, and with respect to agreement of security purchases and
sales, for the period from April 28, 2000, (the date of our last
examination) through June 30, 2000:
Confirmation of all securities held by institutions in book
entry form, at the Federal Reserve Bank of Cleveland, the
Depository Trust Company, the Participatory Trust Company,
and Bankers Trust Company;
Confirmation of all securities out for transfer with brokers
or alternative procedures;
Reconciliation of all such securities to the books and
records of the Funds and the Custodian, PNC Bank, National
Association;
Confirmation of all repurchase agreements with brokers/banks
and agreement of underlying collateral with the custodian
records; and
Agreement of ten security purchases and twelve security
sales or maturities since our last report from the books and
records of the Funds to trade confirmations or alternative
procedures.
We believe that our examination provides a reasonable basis for
our opinion. Our examination does not provide a legal
determination on the Funds' compliance with specified
requirements.
In our opinion, management's assertion that Provident
Institutional Funds were in compliance with the requirements of
subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of June 30, 2000 with respect to securities
reflected in the investment account of the Funds is fairly
stated, in all material respects.
This report is intended solely for the information and use of the
Board of Directors, management, and the Securities and Exchange
Commission and is not intended to be and should not be used by
anyone other than these specified parties.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
August 30, 2000
