<PAGE>
400 Bellevue Parkway
4th Floor
[Logo of Provident Institutional Funds] Wilmington, DE 19809
(302) 797-2000
www.pif.com
December 5, 2000
Dear Shareholder:
We are pleased to present the Annual Report to Shareholders of Provident
Institutional Funds for the period ended October 31, 2000.
Included is the Investment Adviser's Report with commentary on the current
status of the United States' economy and 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
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
Annual Report of the Investment Adviser
The impact of the Federal Reserve's six tightenings of monetary policy since
June 1999 became evident in the second half of the year as the nation's gross
domestic product (GDP) fell to a 2.4% pace in the third quarter, less than
half the 5.6% rate in the second quarter. Consumer spending, which accounts
for two thirds of GDP, led the decline and registered its slowest pace in the
last six months in October. U.S. manufacturing also contracted as the third
quarter started, falling for four consecutive months. Lastly, the effects of
lower stock market valuations began to weaken the consumers' optimism about
the outlook for the economy and, consequently, their willingness to spend on
goods and services.
The Federal Reserve maintained its restrictive bias during the last six
months, although no further changes were effected following the May FOMC
meeting. The most significant change in the money market arena was the sharp
flattening of the yield curve, as expectations of higher short-term interest
rates diminished. From a mid-year range of 7.20% to 7.50%, one-year LIBOR fell
to 6.80% by late October. All the while, the federal funds rate remained at
6.50%. The narrowing of yield spreads, particularly beyond six-month
maturities, kept most of the funds' investments in the three to six-month
sector. In addition, the funds' average weighted maturities, which were
moderately extended at mid-year, were maintained at the longer end of a 45-55
day target range. The exception was T-Fund, where high overnight repo yields
versus treasuries, argued for a shorter than normal position of 25-30 days.
Total assets of the Trust's ten money market portfolios were $28.9 billion on
October 31, 2000, up $4.5 billion from April 30 and $5.3 billion versus one
year ago. The funds benefited from market conditions where a growing premium
was placed on credit quality and liquidity as the year progressed. The
performance of the funds also continued to be very competitive within their
respective peer groups. For the one-year period ended October 31, 2000,
TempFund and TempCash ranked #23 and #14, respectively, out of 209
institutional money market funds as reported by Lipper Analytical Services.
Among institutional treasury funds, T-Fund and Treasury Trust placed #12 and
#56 of 124 funds, while FedFund and FedTrust ranked #15 and #17 out of 103
institutional government funds. Of the 92 institutional tax-exempt funds,
MuniCash and MuniFund ranked #10 and #26, respectively, for the one-year
period. Finally, CalMoney was #4 of 54 California funds, while NYMoney was #3
of 50 New York funds.
We value your interest in the Provident Institutional Funds and hope that our
consistent performance and attention to credit quality and liquidity continue
to meet your daily cash management needs.
BlackRock Institutional Management
Corporation
2
<PAGE>
Provident Institutional Funds
TempFund Portfolio
Statement of Net Assets
October 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
------------------------- -------- -------- ---------------
<S> <C> <C> <C>
CERTIFICATES OF DEPOSIT--9.8%
Domestic Certificates Of Deposit
Bank of America National Trust (A-1+, P-1)
6.75%....................................... 02/05/01 $100,000 $ 100,000,000
6.77%....................................... 03/07/01 100,000 100,000,000
6.68%....................................... 03/12/01 100,000 100,000,000
6.70%....................................... 04/10/01 100,000 100,000,000
6.60%....................................... 04/23/01 150,000 150,000,000
Bank One NA (A-1, P-1)
6.83%....................................... 12/06/00 50,000 50,002,947
6.75%....................................... 12/29/00 225,000 225,000,000
6.67%....................................... 04/11/01 200,000 200,000,000
6.61%....................................... 04/26/01 140,000 140,000,000
6.69%....................................... 11/14/00 100,000 100,000,000
First Tennessee Bank (A-1, P-1)
6.57%....................................... 12/27/00 200,000 200,000,000
Wilmington Trust Company (A-1, P-1)
6.67%....................................... 02/12/01 200,000 200,000,000
---------------
Total......................................................... 1,665,002,947
---------------
COMMERCIAL PAPER--60.6%
Asset Backed Securities--22.6%
Corporate Asset Funding Inc. (A-1+, P-1)
6.50%....................................... 11/20/00 125,000 124,571,181
6.50%....................................... 11/21/00 125,000 124,548,611
Corporate Receivables Corp. (A-1+, P-1)
6.50%....................................... 11/20/00 125,000 124,571,181
6.50%....................................... 11/22/00 100,000 99,620,833
6.49%....................................... 12/08/00 70,000 69,533,081
6.49%....................................... 12/08/00 150,000 148,999,458
CXC Inc. (A-1+, P-1)
6.55%....................................... 11/09/00 100,000 99,854,444
6.56%....................................... 11/09/00 100,000 99,854,222
6.50%....................................... 11/20/00 100,000 99,656,944
6.50%....................................... 11/22/00 50,000 49,810,417
6.49%....................................... 12/12/00 75,000 74,445,646
6.49%....................................... 12/13/00 100,000 99,242,833
6.56%....................................... 01/24/01 75,000 73,852,000
6.53%....................................... 02/07/01 64,500 63,353,441
6.48%....................................... 03/14/01 125,000 122,007,500
Delaware Funding Corp. (A-1+, P-1)
6.53%....................................... 01/26/01 101,730 100,143,069
Edison Asset Securitization LLC (A-1+, P-1)
6.50%....................................... 11/09/00 300,000 299,566,667
6.51%....................................... 11/17/00 200,000 199,421,333
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
------------------------- -------- -------- ---------------
<S> <C> <C> <C>
COMMERCIAL PAPER (continued)
Asset Backed Securities (continued)
6.54%........................................ 01/19/01 $250,000 $ 246,412,083
6.54%........................................ 01/22/01 20,000 19,702,067
6.49%........................................ 02/09/01 90,000 88,377,500
Pooled Accounts Receivable Capital Corp. (A-1+, P-1)
6.50%........................................ 12/15/00 71,205 70,639,316
Quincy Capital Corp. (A-1+, P-1)
6.50%........................................ 11/15/00 133,359 133,021,898
Sheffield Receivables Corporation (A-1+, P-1)
6.52%........................................ 11/15/00 176,650 176,202,094
6.52%........................................ 11/20/00 340,400 339,228,646
6.51%........................................ 11/21/00 50,000 49,819,167
6.49%........................................ 12/14/00 50,000 49,612,403
Trident Capital Finance, Inc. (A-1+, P-1)
6.50%........................................ 11/13/00 225,000 224,512,500
6.50%........................................ 11/14/00 354,400 353,568,144
---------------
3,824,148,679
---------------
Food & Kindred Products--0.8%
Unilever Capital Corp. (A-1, P-1)
6.52%........................................ 11/02/00 132,000 131,976,093
---------------
Insurance Agents, Brokers & Services--1.5%
Marsh USA Inc. (A-1+, P-1)
6.65%........................................ 11/02/00 50,000 49,990,764
6.48%........................................ 02/21/01 100,000 97,984,000
6.44%........................................ 03/05/01 103,000 100,715,231
---------------
248,689,995
---------------
Insurance Carriers, Nec--0.8%
Aegon Funding Corp. (A-1+, P-1)
6.77%........................................ 11/13/00 135,000 134,695,350
---------------
Life Insurance--1.2%
Prudential Funding Corp. (A-1, P-1)
6.54%........................................ 11/06/00 100,000 99,909,167
6.50%........................................ 11/30/00 100,000 99,476,389
---------------
199,385,556
---------------
Miscellaneous Business Credit Institutions--1.0%
National Rural Utilities Coop. Finance Corp. (A-1+, P-1)
6.50%........................................ 12/11/00 50,000 49,638,889
6.53%........................................ 01/26/01 130,000 127,972,072
---------------
177,610,961
---------------
</TABLE>
3
<PAGE>
TempFund Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
------------------------- -------- -------- ---------------
<S> <C> <C> <C>
COMMERCIAL PAPER (continued)
Motor Vehicles & Car Bodies--1.2%
Daimler-Benz North America Corp. (A-1, P-1)
6.53%........................................ 11/13/00 $100,000 $ 99,782,333
6.51%........................................ 11/20/00 100,000 99,656,417
---------------
199,438,750
---------------
Personal Credit Institutions--10.3%
Associates Corp. of North America (A-1, P-1)
6.52%........................................ 12/06/00 200,000 198,732,222
6.48%........................................ 12/07/00 125,000 124,190,000
6.51%........................................ 12/07/00 100,000 99,349,000
6.48%........................................ 12/08/00 125,000 124,167,500
6.48%........................................ 12/15/00 150,000 148,812,000
6.58%........................................ 01/09/01 100,000 98,738,833
Ford Motor Credit Company (A-1, P-1)
6.49%........................................ 11/21/00 300,000 298,918,333
6.48%........................................ 12/04/00 350,000 347,921,000
General Motors Acceptance Corp. (A-1, P-1)
6.49%........................................ 11/21/00 300,000 298,918,333
---------------
1,739,747,221
---------------
Pharmaceutical Preparations--0.5%
Pfizer, Inc. (A-1+, P-1)
6.47%........................................ 12/01/00 29,058 28,901,329
6.47%........................................ 12/05/00 65,300 64,900,981
---------------
93,802,310
---------------
Radio & TV Broadcast & Commercial Equipment--3.8%
Motorola Inc. (A-1, P-1)
6.48%........................................ 02/15/01 252,000 247,191,840
6.48%........................................ 02/16/01 46,000 45,114,040
6.47%........................................ 02/23/01 56,000 54,852,653
6.44%........................................ 03/05/01 150,000 146,672,667
6.40%........................................ 04/12/01 150,000 145,680,000
---------------
639,511,200
---------------
Security Brokers & Dealers--4.6%
Credit Suisse First Boston Inc. (A-1+, P-1)
6.47%........................................ 02/20/01 250,000 245,012,708
Merrill Lynch & Co. Inc. (A-1+, P-1)
6.52%........................................ 01/18/01 150,000 147,881,000
Morgan Stanley Dean Witter (A-1+, P-1)
6.58%........................................ 01/12/01 200,000 197,368,000
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
------------------------- -------- -------- ---------------
<S> <C> <C> <C>
COMMERCIAL PAPER (continued)
Security Brokers & Dealers (continued)
Salomon Smith Barney Holdings, Inc. (A-1, P-1)
6.50%........................................ 11/06/00 $200,000 $ 199,819,445
---------------
790,081,153
---------------
Short-Term Business Credit Institutions--6.4%
CIT Group Holdings Inc. (A-1, P-1)
6.50%........................................ 11/28/00 100,000 99,512,500
General Electric Capital Corp. (A-1+, P-1)
6.53%........................................ 12/08/00 190,000 188,724,836
6.85%........................................ 01/08/01 200,000 197,412,222
6.50%........................................ 02/12/01 100,000 98,140,278
6.47%........................................ 02/21/01 170,000 166,578,089
6.50%........................................ 03/09/01 200,000 195,377,778
Motorola Credit Corp. (A-1, P-1)
6.48%........................................ 02/20/01 138,000 135,242,760
---------------
1,080,988,463
---------------
Soaps & Detergents Cleaning--0.6%
Procter & Gamble Co. (A-1+, P-1)
6.51%........................................ 11/30/00 100,000 99,475,583
---------------
Telephone Communications--5.3%
AT&T Corp. (A-1+, P-1)
6.48%........................................ 11/02/00 50,000 49,991,000
BellSouth Capital Funding Corp. (A-1+, P-1)
6.48%........................................ 11/16/00 99,050 98,782,565
6.47%........................................ 02/23/01 200,000 195,902,333
Verizon Global Funding (A-1, P-1)
6.50%........................................ 11/02/00 50,000 49,990,972
6.50%........................................ 11/03/00 50,000 49,981,945
6.48%........................................ 12/05/00 50,000 49,694,000
6.48%........................................ 12/07/00 45,000 44,708,400
6.48%........................................ 12/08/00 42,000 41,720,280
6.48%........................................ 12/13/00 46,425 46,074,027
6.48%........................................ 12/14/00 30,200 29,966,252
6.50%........................................ 01/22/01 40,000 39,407,778
6.50%........................................ 01/23/01 45,000 44,325,625
6.50%........................................ 01/25/01 46,000 45,294,028
6.50%........................................ 01/26/01 60,000 59,068,333
6.50%........................................ 01/29/01 50,000 49,196,528
---------------
894,104,066
---------------
Total.......................................................... 10,253,655,380
---------------
</TABLE>
4
<PAGE>
TempFund Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- --------------
<S> <C> <C> <C>
TIME DEPOSITS--6.2%
Fifth Third Bank (A-1+, P-1)
6.56%........................................ 11/01/00 $250,000 $ 250,000,000
Fleet Bank N.A. Rhode Island (A-1, P-1)
6.59%........................................ 11/01/00 500,000 500,000,000
Lasalle National Bank (A-1+, P-1)
6.56%........................................ 11/01/00 300,000 300,000,000
--------------
Total.......................................................... 1,050,000,000
--------------
VARIABLE RATE OBLIGATIONS**--14.9%
Banks--9.7%
American Express Centurion Bank (A-1, P-1)
6.68%........................................ 11/01/00 100,000 100,000,000
Bank of America, N.A. (A-1+, P-1)
6.67%........................................ 11/01/00 250,000 250,000,000
6.73%........................................ 11/27/00 65,000 65,024,083
Bank One Corp. (A-1, P-1)
6.71%........................................ 11/20/00 15,000 15,000,284
6.88%........................................ 01/26/01 25,000 25,008,109
Citigroup Inc. (A-1+, P-1)
6.58%........................................ 11/06/00 125,000 125,000,000
6.59%........................................ 11/10/00 150,000 150,000,000
First Union National Bank (A-1, P-1)
6.68%........................................ 11/01/00 150,000 150,000,000
SMM Trust Series 2000A (A-1+, P-1)
6.64%........................................ 11/13/00 314,350 314,350,000
SMM Trust Series 2000B (A-1+, P-1)
6.64%........................................ 11/13/00 225,000 225,000,000
SMM Trust Series 2000G (A-1+, P-1)
6.69%........................................ 12/04/00 215,000 215,000,000
--------------
1,634,382,476
--------------
Miscellaneous Business Credit Institutions--1.4%
National Rural Utilities Coop. Finance Corp.
(A-1+, P-1)
6.71%........................................ 01/24/01 242,000 242,000,000
--------------
Security Brokers & Dealers--2.3%
Merrill Lynch & Co., Inc. (A-1+, P-1)
6.58%........................................ 11/06/00 150,000 149,959,562
6.76%........................................ 12/05/00 72,000 72,034,095
6.76%........................................ 01/12/01 171,000 170,984,719
--------------
392,978,376
--------------
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- --------------
<S> <C> <C> <C>
VARIABLE RATE OBLIGATIONS** (continued)
Telephone Communications--1.5%
SBC Communications Inc. (A-1+, P-1)
6.63%........................................ 11/15/00 $245,000 $ 244,974,080
--------------
Total.......................................................... 2,514,334,932
--------------
MEDIUM TERM NOTES--3.5%
Security Brokers & Dealers
Goldman Sachs Group Inc. (A-1+, P-1)
6.73%........................................ 12/26/00 275,000 275,000,000
6.85%........................................ 01/19/01 200,000 200,000,000
6.79%........................................ 02/09/01 125,000 125,000,000
--------------
Total.......................................................... 600,000,000
--------------
REPURCHASE AGREEMENTS--5.3%
Morgan (J.P.) Securities, Inc.
6.45%........................................ 11/01/00 200,000 200,000,000
(Agreement dated 10/31/00 to be repurchased at $200,035,833,
collateralized by $203,529,000 U.S. Treasury Notes 5.50% due
08/31/01. The market value is $204,000,160.)
Morgan Stanley & Co., Inc.
6.50%........................................ 11/01/00 98,100 98,100,000
(Agreement dated 10/31/00 to be repurchased at $98,117,713,
collateralized by $204,913,000 U.S. Treasury STRIPS 0.00% due
from 05/15/01 to 08/15/21. The market value is $100,108,130.)
6.625%....................................... 11/01/00 408,000 408,000,000
(Agreement dated 10/31/00 to be repurchased at $408,075,083,
collateralized by $1,021,671,726 Government National Mortgage
Association Bonds 5.50% to 7.375% due from 02/20/24 to
07/20/30. The market value is $420,318,878.)
UBS Warburg Dillon Read LLC
6.45%........................................ 11/01/00 195,000 195,000,000
(Agreement dated 10/31/00 to be repurchased at $195,034,938,
collateralized by $204,575,000 U.S. Treasury Bills due
04/12/01. The market value is $198,900,089.)
--------------
Total.......................................................... 901,100,000
--------------
</TABLE>
5
<PAGE>
TempFund Portfolio
Statement of Net Assets (Concluded)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
---------------
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $16,984,093,259*)......................... 100.3% $16,984,093,259
LIABILITIES IN EXCESS OF OTHER ASSETS............ (0.3) (53,423,861)
----- ---------------
NET ASSETS (Equivalent to $1.00 per share based
on 15,863,354,124 Institutional Shares,
815,148,331 Dollar Shares and 30,242,605 Cash
Management Shares and 222,325,935 Cash Reserve
Shares outstanding.)............................ 100.0% $16,930,669,398
===== ===============
NET ASSETS VALUE, OFFERING AND REDEMPTION PRICE PER
SHARE ($16,930,669,398 / 16,931,070,995)............... $1.00
=====
</TABLE>
--------
* Cost for federal income tax purposes.
** Variable Rate Obligations--The interest rate shown is as of October 31,
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.
TempFund Portfolio
Maturity Information
October 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
------------- -------------- ----------
<S> <C> <C>
1-30 Days $8,411,309,000 49.3%
31-60 Days 3,151,188,000 18.4
61-90 Days 2,105,730,000 12.3
91-120 Days 1,891,500,000 11.1
121-150 Days 778,000,000 4.6
Over 150 Days 740,000,000 4.3
</TABLE>
Average Weighted Maturity--48 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 October 31, 2000. The
ratings have not been audited by the Independent Accountants and, therefore,
are not covered by the Report of Independent Accountants.
See accompanying notes to financial statements.
6
<PAGE>
Provident Institutional Funds
TempCash Portfolio
Statement of Net Assets
October 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
------------------------- -------- -------- ---------------
<S> <C> <C> <C>
AGENCY OBLIGATIONS--1.7%
Federal Home Loan Mortgage Corporation
6.42%........................................ 01/25/01 $ 75,000 $ 73,863,125
---------------
Total.......................................................... 73,863,125
---------------
CERTIFICATES OF DEPOSIT--12.5%
Yankee Certificates Of Deposit--10.1%
Dai-Ichi Kangyo Bank-Yankee (A-2, P-1, F1, T-1)
6.62%........................................ 11/14/00 100,000 100,000,277
6.61%........................................ 12/20/00 50,000 50,000,000
Deutsche Bank-Yankee (A-1+, P-1)
6.90%........................................ 12/05/00 75,000 75,000,000
Norinchukin Bank-Yankee (A-1, P-1)
6.60%........................................ 11/06/00 100,000 100,000,000
6.73%........................................ 01/12/01 100,000 100,000,000
---------------
425,000,277
---------------
Yankee Dollar Certificates Of Deposit--2.4%
Natexis Banque Populaires S.A. Yankee (A-1, P-1)
6.63%........................................ 02/27/01 100,000 100,000,000
---------------
Total.......................................................... 525,000,277
---------------
COMMERCIAL PAPER--70.4%
Aircraft Parts & Auxiliary Equipment, Nec--1.2%
Textron Financial (A-1, P-1)
6.53%........................................ 11/15/00 50,000 49,873,028
---------------
Asset Backed Securities--15.0%
Crown Point Capital Co. (A-1, F1)
6.58%........................................ 01/22/01 108,479 106,853,141
Edison Asset Securitzation LLC (A-1+, P-1)
6.52%........................................ 11/22/00 75,000 74,714,750
Emerald Certificates Program (A-1+, P-1)
6.54%........................................ 11/14/00 23,000 22,945,682
Fairway Finance, Ltd. (A-1, P-1)
6.53%........................................ 11/15/00 37,372 37,277,096
6.50%........................................ 12/15/00 41,901 41,568,120
6.50%........................................ 12/15/00 50,000 49,602,778
K2 (USA) LLC (A-1+, P-1)
6.48%........................................ 04/10/01 30,000 29,136,000
6.47%........................................ 04/17/01 50,000 48,499,319
6.60%........................................ 04/17/01 50,000 48,469,167
Links Finance LLC (A-1+, P-1)
6.54%........................................ 11/07/00 20,000 19,978,200
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
------------------------- -------- -------- ---------------
<S> <C> <C> <C>
COMMERCIAL PAPER (continued)
Asset Backed Securities (continued)
New Castle Certificates Program (A-1+, P-1)
6.55%....................................... 12/07/00 $ 20,000 $ 19,869,000
6.55%....................................... 12/08/00 40,000 39,730,722
6.55%....................................... 12/20/00 50,000 49,554,236
Pooled Accounts Receivable Capital Corp. (A-1+, P-1)
6.53%....................................... 11/13/00 42,062 41,970,445
---------------
630,168,656
---------------
Banks--11.4%
AB Spintab (A-1, P-1)
6.66%....................................... 11/02/00 42,710 42,702,099
Den Norske Bank ASA (A-1, P-1)
6.46%....................................... 12/27/00 45,000 44,547,800
Forrestal Funding Master Trust (A-1+, P-1)
6.57%....................................... 02/09/01 90,000 88,358,750
Ing Bank (Internationale Nederland) (A-1+, P-1)
6.50%....................................... 02/21/01 50,000 48,988,889
Intrepid Funding Master Trust (A-1+, P-1)
6.48%....................................... 02/20/01 61,466 60,237,909
Svenska Handelsbanken Inc. (A-1, P-1)
6.41%....................................... 03/30/01 100,000 97,346,972
Swedbank (A-1, P-1)
6.46%....................................... 03/15/01 100,000 97,595,444
---------------
479,777,863
---------------
Beverages--3.5%
Coca-Cola Co. (A-1, P-1)
6.50%....................................... 12/07/00 100,000 99,350,000
6.48%....................................... 12/22/00 50,000 49,541,000
---------------
148,891,000
---------------
Chemicals & Allied Products--1.7%
BASF (AG) (A-1+, P-1)
6.45%....................................... 04/27/01 72,000 69,716,700
---------------
Communication Equipment Nec--1.4%
Alcatel SA (A-1, P-1)
6.63%....................................... 02/28/01 60,000 58,685,050
---------------
</TABLE>
7
<PAGE>
TempCash Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
------------------------- -------- -------- ---------------
<S> <C> <C> <C>
COMMERCIAL PAPER (continued)
Electrical Industrial Apparatus--2.1%
Cooper Industries (A-2, P-1, F1)
6.60%....................................... 12/14/00 $ 44,000 $ 43,653,133
6.60%....................................... 12/14/00 46,000 45,637,367
---------------
89,290,500
---------------
Food & Kindred Products--2.3%
Diageo Capital PLC (A-1, P-1)
6.47%....................................... 02/06/01 50,000 49,127,674
6.48%....................................... 02/06/01 50,000 49,127,000
---------------
98,254,674
---------------
Government--4.6%
Quebec Province (A-1+, P-1)
6.45%....................................... 02/22/01 25,000 24,493,854
6.44%....................................... 02/27/01 100,000 97,889,111
6.45%....................................... 02/28/01 30,000 29,360,375
6.42%....................................... 03/22/01 42,000 40,943,910
---------------
192,687,250
---------------
Motors & Generators--1.2%
Emerson Electric Co. (A-1+, P-1)
6.52%....................................... 12/22/00 50,000 49,538,167
---------------
Personal Credit Institutions--7.0%
Associates Corp. (A-1, P-1)
6.51%....................................... 12/05/00 100,000 99,385,167
6.66%....................................... 12/29/00 100,000 100,000,000
Countrywide Funding Corp. (A-1, P-2, F1)
6.53%....................................... 11/15/00 95,000 94,758,753
---------------
294,143,920
---------------
Petroleum Refining--2.1%
Repsol International Finance BV (P-1, F-1)
6.60%....................................... 02/05/01 40,000 39,296,000
6.57%....................................... 03/05/01 50,000 48,868,500
---------------
88,164,500
---------------
Primary Production Of Aluminum--1.4%
Alcoa, Inc. (A-1, P-1)
6.51%....................................... 12/14/00 60,000 59,533,450
---------------
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
------------------------- -------- -------- ---------------
<S> <C> <C> <C>
COMMERCIAL PAPER (continued)
Security Brokers & Dealers--9.1%
Bear Stearns Co., Inc. (A-1, P-1)
6.47%....................................... 12/20/00 $ 50,000 $ 49,559,681
Goldman Sachs GP (A-1+, P-1)
6.50%....................................... 02/15/01 40,000 39,234,444
Lehman Brothers Holdings, Inc. (A-1, P-2, F1)
6.80%....................................... 12/05/00 75,000 74,518,333
6.72%....................................... 12/15/00 50,000 49,589,333
6.48%....................................... 03/22/01 75,000 73,096,500
Merrill Lynch & Co., Inc. (A-1+, P-2, F1)
6.50%....................................... 01/30/01 100,000 98,375,000
---------------
384,373,291
---------------
Short-Term Business Credit Institutions--6.4%
General Electric Capital Corp. (A-1+, P-1)
6.51%....................................... 02/12/01 50,000 49,068,708
6.50%....................................... 02/15/01 100,000 98,086,111
Heller Financial, Inc. (A-2, P-2, F1, T-1)
6.58%....................................... 11/15/00 25,000 24,936,028
6.58%....................................... 11/21/00 50,000 49,817,222
6.60%....................................... 01/19/01 50,000 49,275,833
---------------
271,183,902
---------------
Total......................................................... 2,964,281,951
---------------
TIME DEPOSITS--4.4%
National Australia Bank, Ltd. (A-1+, P-1)
6.56%....................................... 11/01/00 185,000 185,000,000
---------------
Total......................................................... 185,000,000
---------------
VARIABLE RATE OBLIGATIONS**--10.4%
Banks--5.1%
Bank One Corp. (A-1, P-1)
6.73%....................................... 11/17/00 25,000 25,007,832
SMM Trust Series 2000A (A-1+, P-1)
6.64%....................................... 11/13/00 40,000 40,000,000
SMM Trust Series 2000B (A-1+, P-1)
6.64%....................................... 11/13/00 150,000 150,000,000
---------------
215,007,832
---------------
</TABLE>
8
<PAGE>
TempCash Portfolio
Statement of Net Assets (Continued)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
------------------------- -------- -------- ---------------
<S> <C> <C> <C>
VARIABLE RATE OBLIGATIONS** (continued)
Life Insurance--2.9%
Allstate Life Insurance Co. (A-1, P-1)
6.77%....................................... 11/01/00 $ 50,000 $ 50,000,000
Monumental Life Insurance Co. (A-1+, P-1)
6.75%....................................... 11/01/00 75,000 75,000,000
---------------
125,000,000
---------------
Security Brokers & Dealers--1.2%
Merrill Lynch & Co., Inc. (A-1, P-1, F1+)
6.76%....................................... 01/12/01 50,000 49,995,532
---------------
Telephone Communications--1.2%
Vodafone Airtouch PLC (A-1, P-1, F1)
6.76%....................................... 12/21/00 50,000 49,998,080
---------------
Total...................................... 440,001,444
---------------
REPURCHASE AGREEMENTS--1.0%
Morgan Stanley & Co., Inc.
6.625%...................................... 11/01/00 42,300 42,300,000
(Agreement dated 10/31/00 to be repurchased at $42,307,784
collateralized by $133,125,000 Government National Mortgage
Association Bonds 6.125% to 8.00% due from 10/20/24 to
09/15/30. The market value is 43,628,512.)
---------------
Total......................................................... 42,300,000
---------------
</TABLE>
<TABLE>
<CAPTION>
Value
--------------
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $4,230,446,797*)................................. 100.4% $4,230,446,797
LIABILITIES IN EXCESS OF OTHER ASSETS................... (0.4) (17,294,286)
----- --------------
NET ASSETS (Equivalent to $1.00 per share based on
3,785,826,240 Institutional Shares and 427,706,309
Dollar Shares outstanding)............................. 100.0% $4,213,152,511
===== ==============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($4,213,152,511 / 4,213,532,549).............................. $1.00
=====
</TABLE>
--------
* Cost for federal income tax purposes.
** Variable Rate Obligations--The rate shown is the rate as of October 31,
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.
TempCash Portfolio
Maturity Information
October 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
------------- -------------- ----------
<S> <C> <C>
1-30 Days $1,227,444,000 28.8%
31-60 Days 1,146,901,000 26.8
61-90 Days 383,479,000 9.0
91-120 Days 946,466,000 22.1
121-150 Days 367,000,000 8.6
Over 150 Days 202,000,000 4.7
</TABLE>
Average Weighted Maturity--66 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 October 31, 2000. The
ratings have not been audited by the Independent Accountants and, therefore,
are not covered by the Report of Independent Accountants.
See accompanying notes to financial statements.
9
<PAGE>
Provident Institutional Funds
FedFund Portfolio
Statement of Net Assets
October 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- --------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES--1.8%
U.S.Treasury Bills
6.17%........................................ 02/01/01 $ 30,000 $ 29,532,487
--------------
Total.......................................................... 29,532,487
--------------
U.S. GOVERNMENT AGENCY & INSTRUMENTALITY OBLIGATIONS--66.9%
Federal Home Loan Bank Discount Notes--3.0%
6.37%........................................ 02/16/01 25,000 24,526,674
6.38%........................................ 02/23/01 25,000 24,494,917
--------------
49,021,591
--------------
Federal Home Loan Bank Variable Rate Notes**--9.9%
6.41%........................................ 11/01/00 30,000 29,983,171
6.47%........................................ 11/01/00 25,000 24,993,560
6.49%........................................ 11/01/00 20,000 19,998,336
6.58%........................................ 01/12/01 20,000 19,987,098
6.48%........................................ 01/18/01 30,000 29,985,099
6.55%........................................ 01/19/01 35,000 34,976,963
--------------
159,924,227
--------------
Federal Home Loan Mortgage Corporation Bonds--4.3%
5.99%........................................ 12/06/00 10,000 9,998,958
6.35%........................................ 01/05/01 50,000 49,959,022
6.40%........................................ 02/08/01 10,000 9,986,372
--------------
69,944,352
--------------
Federal Home Loan Mortgage Corporation Discount Notes--5.9%
6.38%........................................ 11/14/00 50,000 49,884,806
6.39%........................................ 11/16/00 4,804 4,791,209
6.46%........................................ 01/16/01 16,369 16,145,906
6.42%........................................ 01/18/01 14,374 14,174,058
6.42%........................................ 06/21/01 11,200 10,736,619
--------------
95,732,598
--------------
Federal Home Loan Mortgage Corporation Variable Rate Notes**--
1.5%
6.41%........................................ 11/20/00 25,000 24,997,776
--------------
Federal National Mortgage Association Bonds--3.1%
6.57%........................................ 04/26/01 15,000 14,992,405
6.84%........................................ 07/18/01 10,000 9,999,290
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity
in Securities Date Par (000) Value
------------- ----------------------------------
<S> <C> <C> <C>
U.S. GOVERNMENT AGENCY & INSTRUMENTALITY OBLIGATIONS (continued)
Federal National Mortgage Association Bonds
(continued)
6.64%...................................... 09/18/01 $ 25,000 $ 24,991,777
--------------
49,983,472
--------------
Federal National Mortgage Association
Discount Notes--26.1%
6.39%...................................... 11/09/00 30,000 29,957,400
6.41%...................................... 11/16/00 50,000 49,866,458
6.38%...................................... 11/22/00 19,823 19,749,225
6.50%...................................... 12/07/00 30,000 29,805,000
6.47%...................................... 12/14/00 30,000 29,768,158
6.42%...................................... 01/04/01 25,000 24,714,667
6.43%...................................... 01/11/01 50,000 49,365,931
6.47%...................................... 01/11/01 25,000 24,680,993
6.43%...................................... 01/18/01 40,000 39,442,733
6.43%...................................... 01/25/01 25,000 24,620,451
6.47%...................................... 01/25/01 32,000 31,511,533
6.39%...................................... 02/08/01 25,000 24,560,688
6.37%...................................... 02/22/01 30,000 29,400,158
6.52%...................................... 06/04/01 15,000 14,415,917
--------------
421,859,312
--------------
Federal National Mortgage Association Variable Rate Notes**--6.1%
6.47%...................................... 11/01/00 33,000 32,980,571
6.77%...................................... 11/07/00 40,000 40,000,000
6.53%...................................... 11/24/00 25,000 25,000,000
--------------
97,980,571
--------------
Student Loan Marketing Association Master Notes--1.9%
6.62%...................................... 11/07/00 30,000 30,000,000
--------------
Student Loan Marketing Association Variable Rate Notes**--5.1%
6.80%...................................... 11/07/00 25,000 24,986,146
6.82%...................................... 11/07/00 20,000 19,992,636
6.87%...................................... 11/07/00 17,000 17,000,000
7.07%...................................... 11/07/00 20,000 20,000,000
--------------
81,978,782
--------------
Total.......................................................... 1,081,422,681
--------------
</TABLE>
10
<PAGE>
FedFund Portfolio
Statement of Net Assets (Continued)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ---------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS--33.4%
Deutsche Bank Securities, Inc.
6.61%....................................... 11/01/00 $150,000 $ 150,000,000
Agreement dated 10/31/00 to be repurchased at $150,027,542,
collateralized by $321,752,500 Federal National Mortgage
Association Adjustable Rate Notes 6.607% due 04/01/34. The
market value is $154,500,000.)
Lehman Brothers, Inc.
6.50%....................................... 11/01/00 31,300 31,300,000
Agreement dated 10/31/00 to be repurchased at $31,305,651,
collateralized by $68,886,247 Government National Mortgage
Association Bonds 6.50% to 8.50% due from 12/15/07 to
12/15/28. The market value is $32,239,847.)
Morgan Stanley & Co., Inc.
6.50%....................................... 11/01/00 33,000 33,000,000
(Agreement dated 10/31/00 to be repurchased at $33,005,958,
collateralized by $50,298,361 Federal Home Loan Mortgage
Corporation STRIPS and U.S. Treasury Notes 0.00% to 5.50% due
from 01/31/03 to 09/01/29. The market value is $33,870,963.)
6.625%...................................... 11/01/00 200,000 200,000,000
(Agreement dated 10/31/00 to be repurchased at $200,036,806,
collateralized by $581,019,918 Government National Mortgage
Association Bonds 6.50% to 8.00% due from 11/20/23 to
09/15/30. The market value is $206,096,952.)
6.53%....................................... 11/03/00 50,000 50,000,000
(Agreement dated 10/26/00 to be repurchased at $50,072,556,
collateralized by $76,209,639 Federal Home Loan Mortgage
Corporation STRIPS and U.S. Treasury Notes 0.00% to 5.50% due
from 01/31/03 to 09/01/29. The market value is $51,319,640.)
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- --------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS (continued)
UBS Warburg Dillon Read LLC
6.55%........................................ 03/29/01 $ 50,000 $ 50,000,000
(Agreement dated 09/26/00 to be repurchased at $51,673,889,
collateralized by $50,685,000 Federal Home Loan Mortgage
Corporation Bonds, Federal National Mortgage Association
Medium Term Notes and U.S. Treasury Notes 6.00% to 7.58% due
from 08/21/03 to 08/15/09. The market value is $51,830,059.)
6.58%........................................ 03/29/01 25,000 25,000,000
(Agreement dated 09/28/00 to be repurchased at $25,831,639,
collateralized by $54,647,000 Federal Home Loan Mortgage
Corporation Bonds, Resolution Funding Corporation STRIPS and
U.S. Treasury Notes 0.00% to 7.58% due 06/12/06 to 10/15/13.
The market value is $25,908,993.)
--------------
Total.......................................................... 539,300,000
--------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $1,650,255,168*)............................. 102.1% 1,650,255,168
LIABILITIES IN EXCESS OF OTHER ASSETS............... (2.1) (33,511,818)
----- --------------
NET ASSETS (equivalent to $1.00 per share based on
1,400,405,428 Institutional Shares and 216,538,523
Dollar Shares outstanding)......................... 100.0% $1,616,743,350
===== ==============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($1,616,743,350 / 1,616,943,951).......................... $1.00
=====
</TABLE>
--------
* Cost for federal income tax purposes.
** Variable Rate Obligations--The interest rate shown is as of October 31,
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.
11
<PAGE>
FedFund Portfolio
Statement of Net Assets (Concluded)
--------------------------------------------------------------------------------
FedFund Portfolio
Maturity Information
October 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
------------- ------------ ----------
<S> <C> <C>
1-30 Days $928,927,000 56.1%
31-60 Days 70,000,000 4.2
61-90 Days 362,743,000 21.9
91-120 Days 145,000,000 8.7
121-150 Days 75,000,000 4.5
Over 150 Days 76,200,000 4.6
</TABLE>
Average Weighted Maturity--49
See accompanying notes to financial statements.
12
<PAGE>
Provident Institutional Funds
T-Fund Portfolio
Statement of Net Assets
October 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- --------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES--11.0%
U.S. Treasury Bills--4.1%
6.17%........................................ 01/18/01 $ 70,000 $ 69,064,217
6.17%........................................ 01/25/01 50,000 49,272,187
--------------
118,336,404
--------------
U.S. Treasury Notes--6.9%
5.00%........................................ 04/30/01 72,000 71,538,288
5.63%........................................ 05/15/01 35,000 34,856,777
5.25%........................................ 05/31/01 55,000 54,597,049
6.50%........................................ 05/31/01 40,000 39,961,854
--------------
200,953,968
--------------
Total........................................ 319,290,372
--------------
REPURCHASE AGREEMENTS--88.1%
ABN AMRO, Inc.
6.55%........................................ 11/01/00 130,000 130,000,000
(Agreement dated 10/31/00 to be repurchased at $130,023,653,
collateralized by $141,316,000 U.S Treasury Bonds 5.25% due
11/15/28. The market value is $132,596,803.)
Barclay's Capital, Inc.
6.54%........................................ 11/01/00 130,000 130,000,000
(Agreement dated 10/31/00 to be repurchased at $130,023,617,
collateralized by $125,615,000 U.S. Treasury Bonds 6.125% to
6.375% due from 8/15/27 to 11/15/27. The market value is
$133,899,317.)
Bear Stearns & Co., Inc.
6.56%........................................ 11/01/00 130,000 130,000,000
(Agreement dated 10/31/00 to be repurchased at $130,023,689,
collateralized by $290,600,000 U.S. Treasury STRIPS 0.00% due
from 11/15/13 to 02/15/14. The market value is $132,978,740.)
Deutsche Bank Securities, Inc.
6.56%........................................ 11/01/00 130,000 130,000,000
(Agreement dated 10/31/00 to be repurchased at $130,023,689,
collateralized by $123,694,000 U.S. Treasury Inflation Index
Securities 3.375% due 01/15/07. The market value is
$132,600,317.)
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
------------------------- -------- -------- --------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS (continued)
Goldman Sachs & Co.
6.50%........................................ 01/08/01 $125,000 $ 125,000,000
(Agreement dated 07/12/00 to be repurchased at $129,062,500,
collateralized by $116,914,000 U.S. Treasury Bonds and Notes
5.875% to 8.75% due from 11/15/04 to 05/15/20. The market
value is $127,500,089.)
Greenwich Capital Markets, Inc.
6.55%........................................ 11/01/00 350,000 350,000,000
(Agreement dated 10/31/00 to be repurchased at $350,063,681,
collateralized by $627,209,000 U.S. Treasury STRIPS 0.00% due
from 11/15/00 to 11/15/24. The market value is $357,001,691.)
Lehman Brothers, Inc.
6.44%........................................ 11/01/00 500 500,000
(Agreement dated 10/31/00 to be repurchased at $500,089,
collateralized by $515,000 U.S. Treasury Notes 5.75% due
04/30/03. The market value is $512,749.)
6.55%........................................ 11/01/00 130,000 130,000,000
(Agreement dated 10/31/00 to be repurchased at $130,023,653,
collateralized by $117,269,000 U.S. Treasury Bonds and
Inflation Indexed Securities 3.625% to 12.75% due from
07/15/02 to 04/15/28. The market value is $132,606,768.)
Merrill Lynch Government Securities, Inc.
6.49%........................................ 01/05/01 150,000 150,000,000
(Agreement dated 08/07/00 to be repurchased at $154,083,292,
collateralized by $161,092,500 U.S. Treasury STRIPS 0.00% due
from 11/15/00 to 08/15/27. The market value is $155,352,080.)
6.49%........................................ 02/16/01 50,000 50,000,000
(Agreement dated 08/23/00 to be repurchased at $51,595,459,
collateralized by $59,268,000 U.S. Treasury STRIPS 0.00% due
08/15/01 to 02/15/01. The market value is $51,996,359.)
</TABLE>
13
<PAGE>
T-Fund Portfolio
Statement of Net Assets (Concluded)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- --------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS (continued)
Morgan (J.P.) Securities, Inc.
6.52%........................................ 11/01/00 $130,000 $ 130,000,000
(Agreement dated 10/31/00 to be repurchased at $130,023,544,
collateralized by $116,250,000 U.S. Treasury Bonds and Notes
6.50% to 11.25% due from 08/15/03 to 10/15/06. The market
value is $132,600,642.)
Morgan Stanley & Co., Inc.
6.50%........................................ 11/01/00 350,900 350,900,000
(Agreement dated 10/31/00 to be repurchased at $350,963,357,
collateralized by $358,051,245 U.S. Treasury Notes 4.25% to
6.25% due from 09/30/01to 02/15/07. The market value is
$358,002,167.)
6.43%........................................ 02/02/01 160,000 160,000,000
(Agreement dated 10/05/00 to be repurchased at $163,429,333,
collateralized by $163,260,755 U.S. Treasury Notes 4.25% to
6.25% due 02/15/07. The market value is $163,238,378.)
Nesbitt Burns Securities, Inc.
6.56%........................................ 11/01/00 130,000 130,000,000
(Agreement dated 10/31/00 to be repurchased at $130,023,689,
collateralized by $114,080,000 U.S. Treasury Bonds and Notes
6.75% to 8.125% due from 02/15/05 to 08/15/26. The market
value is $132,601,906.)
Salomon Smith Barney, Inc.
6.53%........................................ 11/01/00 130,000 130,000,000
(Agreement dated 10/31/00 to be repurchased at $130,023,581,
collateralized by $104,015,000 U.S Treasury Bonds 8.125% due
08/15/21. The market value if $132,671,133.)
UBS Warburg Dillon Read LLC
6.55%........................................ 11/01/00 130,000 130,000,000
(Agreement dated 10/31/00 to be repurchased at $130,023,653,
collateralized by $227,285,000 U.S Treasury STRIPS 0.00% due
11/15/14. The market value is $132,602,610.)
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- --------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS (continued)
6.42%........................................ 11/07/00 $200,000 $ 200,000,000
(Agreement dated 10/11/00 to be repurchased at $200,963,000,
collateralized by $652,455,000 U.S. Treasury Notes and STRIPS
0.00% to 6.00% due from 08/15/09 to 05/15/20. The market value
is $204,768,814.)
--------------
Total.......................................................... 2,556,400,000
--------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES (Cost $2,875,690,372*)... 99.1% 2,875,690,372
OTHER ASSETS IN EXCESS OF LIABILITIES.................... 0.9 26,986,746
----- --------------
NET ASSETS (Equivalent to $1.00 per share based on
2,209,469,530 Institutional Shares, 630,816,540 Dollar
Shares and 62,481,470 Cash Management Shares
outstanding.)........................................... 100.0% $2,902,677,118
===== ==============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($2,902,677,118 / 2,902,767,540).............................. $1.00
=====
</TABLE>
--------
* Cost for federal income tax purposes.
T-Fund Portfolio
Maturity Information
October 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- -------------- ----------
<S> <C> <C>
1-30 Days $2,071,400,000 72.0%
61-90 Days 395,000,000 13.7
91-120 Days 210,000,000 7.3
Over 150 Days 202,000,000 7.0
</TABLE>
Average Weighted Maturity--32 days
See accompanying notes to financial statements.
14
<PAGE>
Provident Institutional Funds
Federal Trust Fund Portfolio
Statement of Net Assets
October 31, 2000
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity
in Securities Date Par (000) Value
------------- --------------------------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES--6.5%
U.S. Treasury Bills
6.17%........................................ 02/01/01 $ 10,000 $ 9,844,163
------------
Total.............................................................. 9,844,163
------------
U.S. GOVERNMENT AGENCY & INSTRUMENTALITY OBLIGATIONS--100.1%
Federal Farm Credit Bank Discount Notes--25.1%
6.35%........................................ 11/01/00 238 238,000
6.40%........................................ 11/14/00 478 476,895
6.43%........................................ 11/21/00 2,221 2,213,066
6.36%........................................ 11/28/00 1,845 1,836,199
6.38%........................................ 11/30/00 650 646,659
6.38%........................................ 12/04/00 2,100 2,087,718
6.38%........................................ 01/05/01 5,300 5,238,947
6.38%........................................ 01/05/01 10,000 9,884,806
6.42%........................................ 01/05/01 2,235 2,209,093
6.43%........................................ 01/05/01 1,428 1,411,421
6.39%........................................ 01/09/01 3,427 3,385,028
6.39%........................................ 01/12/01 2,000 1,974,440
6.43%........................................ 01/16/01 1,567 1,545,729
6.32%........................................ 03/22/01 5,000 4,876,233
------------
38,024,234
------------
Federal Home Loan Bank Discount Notes--42.0%
6.45%........................................ 11/01/00 6,850 6,850,000
6.49%........................................ 11/01/00 10,000 9,999,168
6.50%........................................ 11/24/00 10,000 9,958,472
6.37%........................................ 12/22/00 6,565 6,505,710
6.43%........................................ 01/03/01 10,700 10,579,598
6.37%........................................ 01/19/01 7,000 6,902,150
4.88%........................................ 01/26/01 5,000 4,978,468
6.66%........................................ 04/06/01 8,000 7,996,767
------------
63,770,333
------------
Student Loan Marketing Association Variable Rate Notes**--33.0%
6.62%........................................ 11/07/00 25,000 25,000,000
6.77%........................................ 11/07/00 15,000 14,999,515
7.07%........................................ 11/07/00 10,000 10,000,000
------------
49,999,515
------------
Total............................................................. 151,794,082
------------
</TABLE>
<TABLE>
<CAPTION>
Value
------------
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $161,638,245*)..................................... 106.6% $161,638,245
LIABILITIES IN EXCESS OF OTHER ASSETS..................... (6.6) (10,042,204)
----- ------------
NET ASSETS (Equivalent to $1.00 per share based on
138,523,583 Institutional Shares and 13,193,533 Dollar
Shares outstanding)...................................... 100.0% $151,596,041
===== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($151,596,041 / 151,717,116)............................. $1.00
=====
</TABLE>
--------
* Cost for federal income tax purposes is $161,638,942.
** Variable Rate Obligations--the interest rate shown is as of October 31,
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
October 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- ----------- ----------
<S> <C> <C>
1-30 Days $82,282,000 50.7%
31-60 Days 8,665,000 5.3
61-90 Days 48,657,000 29.9
91-120 Days 10,000,000 6.1
121-150 Days 5,000,000 3.1
Over 150 Days 8,000,000 4.9
</TABLE>
Average Weighted Maturity--46 days
See accompanying notes to financial statements.
15
<PAGE>
Provident Institutional Funds
Federal Trust Fund
Statement of Assets and Liabilities
October 31, 2000
<TABLE>
<S> <C>
ASSETS
Investments at value, cost ($161,638,245)....................... $161,638,245
Cash............................................................ 38,299
Interest receivable............................................. 561,422
Prepaid expenses................................................ 576
------------
Total Assets.................................................. 162,238,542
------------
LIABILITIES
Payable for investment securities purchased..................... 9,844,163
Accrued expenses................................................ 34,772
Dividend payable................................................ 763,566
------------
Total Liabilities............................................. 10,642,501
------------
NET ASSETS applicable to 138,523,583 Institutional Shares and
13,193,533 Dollar Shares outstanding............................. $151,596,041
============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE.......... $1.00
============
</TABLE>
See accompanying notes to financial statements.
16
<PAGE>
Provident Institutional Funds
Treasury Trust Fund Portfolio
Statement of Net Assets
October 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
------------------------- -------- -------- ---------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES--102.5%
U.S. Treasury Bills--30.4%
5.92%....................................... 11/02/00 $ 317 $ 316,948
5.90%....................................... 11/09/00 35,000 34,954,111
5.96%....................................... 11/09/00 7,210 7,200,459
5.97%....................................... 11/09/00 50,000 49,933,667
6.00%....................................... 11/09/00 35,000 34,953,333
6.05%....................................... 11/09/00 690 689,072
5.97%....................................... 11/24/00 904 900,552
6.28%....................................... 12/21/00 1,985 1,967,686
6.29%....................................... 12/21/00 27,285 27,046,635
6.32%....................................... 12/21/00 18,515 18,352,480
6.35%....................................... 12/21/00 50,000 49,559,028
6.08%....................................... 01/18/01 42,195 41,639,608
6.13%....................................... 01/18/01 12,785 12,615,194
6.16%....................................... 01/18/01 32,000 31,572,907
6.17%....................................... 02/01/01 40,000 39,376,650
---------------
351,078,330
---------------
U.S. Treasury Notes--72.1%
5.75%....................................... 11/15/00 25,000 24,994,378
8.50%....................................... 11/15/00 100,000 100,079,463
4.63%....................................... 11/30/00 79,440 79,333,413
5.63%....................................... 11/30/00 195,000 194,897,981
4.63%....................................... 12/31/00 90,000 89,713,220
5.50%....................................... 12/31/00 72,000 71,876,381
4.50%....................................... 01/31/01 235,000 233,909,836
5.25%....................................... 01/31/01 40,000 39,887,937
---------------
834,692,609
---------------
</TABLE>
<TABLE>
<CAPTION>
Value
--------------
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $1,185,770,939*)............................. 102.5% $1,185,770,939
LIABILITIES IN EXCESS OF OTHER ASSETS............... (2.5) (28,531,105)
----- --------------
NET ASSETS (Equivalent to $1.00 per share based on
846,944,658 Institutional Shares and 310,670,548
Dollar Shares outstanding)......................... 100.0% $1,157,239,834
===== ==============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($1,157,239,834 / 1,157,615,206).......................... $1.00
=====
</TABLE>
--------
* Cost for federal income tax purposes is $1,185,801,696.
Treasury Trust Fund Portfolio
Maturity Information
October 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- ------------ ----------
<S> <C> <C>
1-30 Days $ 3,585,000 0.4%
31-60 Days 546,989,000 55.1
61-90 Days 441,800,000 44.5
</TABLE>
Average Weighted Maturity--52 days
See accompanying notes to financial statements.
17
<PAGE>
Provident Institutional Funds
MuniFund Portfolio
Statement of Net Assets
October 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS--100.1%
Alabama--0.4%
Columbia IDRB (Alabama Power Project) DN (A-1)
4.60%.......................................... 11/01/00 $ 3,000 $ 3,000,000
------------
Alaska--0.7%
Anchorage GO (SP-1+, MIG-1)
4.75%.......................................... 02/02/01 5,000 5,007,924
------------
Arizona--0.6%
Mesa Municipal Development Corporation TECP (A-1+, VMIG-1)
4.35%.......................................... 01/16/01 4,305 4,305,000
------------
Colorado--0.8%
Colorado Housing Finance Authority Multifamily Housing RB
(Huntington Project) Series J DN (Federal National Mortgage
Association) (A-1+)
4.40%.......................................... 11/07/00 1,000 1,000,000
Douglas County School District TAN
(SP-1+, VMIG-1)
5.00%.......................................... 06/29/01 2,500 2,510,780
Jefferson County School District GO MB (MBIA Insurance)
5.25%.......................................... 12/15/00 2,000 2,002,797
------------
5,513,577
------------
Connecticut--0.2%
Connecticut GO Series B DN (A-1+, VMIG-1)
4.15%.......................................... 11/07/00 1,000 1,000,000
------------
Florida--4.1%
Capital Projects Finance Authority (Florida Hospital Association--
Capital Projects Loan Program) Series 1998A DN (Credit Suisse
LOC) (A-1+)
4.35%.......................................... 11/07/00 4,990 4,990,000
City of Jacksonville PCRB TECP (A-1, P-1)
4.25%.......................................... 11/17/00 3,500 3,500,000
City of Jacksonville PCRB TECP (A-1+, VMIG-1)
4.15%.......................................... 11/10/00 3,500 3,500,000
Gainesville Utility Systems TECP (Bayerische Landesbank
Girozentrale LOC) (A-1+, P-1)
4.30%.......................................... 02/15/01 2,000 2,000,000
Gainesville Utility Systems TECP (Bayerische Landesbank
Girozentrale LOC) (A-1+, P-1)
4.30%.......................................... 03/08/01 1,070 1,070,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Florida (continued)
Putnam County PCRB MB (Seminole Electric Project) Series D (A-1+,
P-1)
4.35%.......................................... 12/15/00 $ 2,000 $ 2,000,000
Putnam County PCRB MB (Seminole Electric Project) Series H (A-1+)
4.15%.......................................... 03/15/01 3,000 3,000,000
St. Lucie PCRB Series 1992 TECP
(A-1+, VMIG-1)
4.30%.......................................... 12/15/00 5,000 5,000,000
St. Lucie PCRB Series 1993 TECP
(A-1+, VMIG-1)
4.30%.......................................... 12/22/00 2,000 2,000,000
St. Petersburg Capital Improvement RB
(Apartment & Golf Course Project) Series B DN (Suntrust Bank
Atlanta LOC)
4.35%.......................................... 11/07/00 1,425 1,425,000
------------
28,485,000
------------
Georgia--3.4%
Atlanta Water RB
4.40%.......................................... 05/01/01 4,000 4,000,000
Bibb County Development Authority Educational Facilities RB
(Tattnall Square Academy) DN (Wachovia Bank LOC) (A-1+)
4.35%.......................................... 11/07/00 3,950 3,950,000
Burke County Development Authority PCRB (Oglethorpe Power
Corporation Project) Series 1994A DN (FGIC Insurance) (A-1+,
VMIG-1)
4.30%.......................................... 11/07/00 500 500,000
Cobb County Development Authority RB
(Highland Park Associates Project) DN (Suntrust Bank LOC)
4.40%.......................................... 11/07/00 2,050 2,050,000
Fulton County IDA (Epstein School Project) DN (AMBAC Insurance)
(A-1+C)
4.43%.......................................... 11/07/00 2,000 2,000,000
Fulton County IDA (Epstein School Project) DN (Suntrust Bank LOC)
(A-1+C)
4.40%.......................................... 11/07/00 2,000 2,000,000
Macon-Bibb County Hospital Authority RAN (The Medical Center of
Central Georgia) DN (Suntrust Bank LOC)
4.40%.......................................... 11/07/00 3,000 3,000,000
</TABLE>
18
<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 (continued)
Municipal Electric Authority TECP (Morgan Guaranty Trust LOC) (A-
1+, P-1)
4.30%.......................................... 12/19/00 $ 3,000 $ 3,000,000
Private Colleges & Universities Authority of Georgia RB (Emory
University Project) Series C
DN (A-1+, VMIG-1)
4.25%.......................................... 11/07/00 1,000 1,000,000
Rosewell Housing Authority Multifamily RB (Post Canyon Project) DN
(Federal National Mortgage Association) (A-1+, VMIG-1)
4.35%.......................................... 11/07/00 1,050 1,050,000
Smyrna Housing Authority Multifamily Housing RB (F&M Villages
Project) Series 1997 DN (Federal National Mortgage Association)
(A-1+)
4.35%.......................................... 11/07/00 1,000 1,000,000
------------
23,550,000
------------
Hawaii--0.3%
Hawaii GO MB (FGIC Insurance)
5.00%.......................................... 12/01/00 1,750 1,751,137
------------
Idaho--0.8%
Idaho State TAN (SP-1+, MIG-1)
5.38%.......................................... 06/29/01 5,500 5,534,810
------------
Illinois--9.8%
Chicago GO Series W (First Union Merlot) (Ambac Insurance) (VMIG-
1)
4.40%.......................................... 01/01/01 2,000 2,000,000
Chicago Sales Tax RB DN (First Union Merlot) (FGIC Insurance)
(VMIG-1)
4.48%.......................................... 11/07/00 5,000 5,000,000
Chicago Sales Tax RB DN (Societe Generale LOC) (A-1+C)
4.43%.......................................... 11/07/00 8,000 8,000,000
Chicago Skyway Toll Zurich Capital Markets Series Z-3 DN (VMIG-1)
4.43........................................... 11/07/00 6,000 6,000,000
Cook County GO DN (A-1+, VMIG-1)
4.30%.......................................... 11/07/00 100 100,000
Illinois Development Finance Authority PCRB (Illinois Power
Company Project) (ABN-AMRO Bank N.V. LOC) (A-1+, VMIG-1)
4.35%.......................................... 12/15/00 6,000 6,000,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Illinois (continued)
Illinois Educational Facilities Authority RB (National Louis
University) Series 1999A DN (Banc One LOC) (A-1+)
4.39%.......................................... 11/07/00 $ 2,940 $ 2,940,000
Illinois Health Facilities Authority PCRB Revolving Fund Pooled
Financing Program (The University of Chicago Project) (A-1+,
VMIG-1)
4.35%.......................................... 03/07/01 4,000 4,000,000
Illinois Health Facilities Authority RB (Evanston Hospital
Corporation Project) (A-1+, VMIG-1)
4.45%.......................................... 07/31/01 8,000 8,000,000
Illinois Health Facilities Authority RB (Streetville Corporation
Project) Series A DN
(A-1+, VMIG-1)
4.40%.......................................... 11/07/00 1,000 1,000,000
Illinois Metropolitan Pier Expo Authority Eagle
Tax-Exempt Trust Series 2000 DN (FGIC Insurance) (A-1C+)
4.43%.......................................... 11/07/00 2,000 2,000,000
Illinois Regional Transportation Eagle Tax-Exempt Trust Series
2000 DN (MBIA Insurance)
(A-1C+)
4.33%.......................................... 11/07/00 5,000 5,000,000
Illinois Trust Receipts GO Series 1999 DN (Societe Generale LOC)
(A-1C+)
4.43%.......................................... 11/07/00 10,000 10,000,000
University of Illinois Auxiliary Facilities System RB Eagle Tax-
Exempt Trust Series 2000 DN
(A-1+)
4.43%.......................................... 11/07/00 3,855 3,855,000
University of Illinois Auxiliary Facilities System RB Eagle Tax-
Exempt Trust Series 2000 DN (MBIA Insurance) (VMIG-1)
4.48%.......................................... 11/07/00 3,500 3,500,000
------------
67,395,000
------------
Indiana--0.9%
Indiana Municipal Power Agency Power Supply System RB Series A DN
(Toronto Dominion LOC)
(A-1+, VMIG-1)
4.30%.......................................... 11/07/00 500 500,000
</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)
Indiana (continued)
Sullivan IDA PCRB TECP (National Rural Utilities LOC) (A-1+, P-1)
4.25%.......................................... 11/17/00 $ 5,400 $ 5,400,000
------------
5,900,000
------------
Iowa--4.3%
Des Moines Commercial Development DN (A-1+)
4.65%.......................................... 11/02/00 4,600 4,600,000
Iowa Finance Authority Hospital Facilities RB Series 1998B DN
(Harris Trust & Savings Bank LOC)
(A-1+, VMIG-1)
4.35%.......................................... 11/07/00 1,000 1,000,000
Iowa Higher Education Loan Authority (Private College Project) DN
(A-1+, VMIG-1)
4.40%.......................................... 11/07/00 1,700 1,700,000
Iowa School Corporation Warrant Certificates Series 2000A (SP-1+,
MIG-1)
5.50%.......................................... 06/22/01 8,000 8,049,332
Urbandale IDRB (Aurora Business Park Association Project) Series
1985 DN (A-1+)
4.60%.......................................... 11/07/00 9,200 9,200,000
Urbandale IDRB (Meredith Association Project) Series 1985 DN (A-
1+)
4.60%.......................................... 11/07/00 5,000 5,000,000
------------
29,549,332
------------
Kansas--1.5%
City of Burlington MB (A-1+, P-1)
4.30%.......................................... 02/15/01 6,200 6,200,000
Kansas Department of Transportation Eagle Tax-Exempt Trust Series
2000 DN (Citibank LOC)
(A-1C+)
4.43%.......................................... 11/07/00 4,000 4,000,000
------------
10,200,000
------------
Kentucky--3.3%
Clark County PCRB (Eastern Kentucky Power Project) Series J (A-1+,
P-1)
4.30%.......................................... 04/15/01 5,705 5,705,000
Kentucky Asset Liability Common General Fund Revenue TRAN Series
2000A (SP-1+, MIG-1)
5.25%.......................................... 06/27/01 5,000 5,022,143
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Kentucky (continued)
Kentucky Interlocal School TRAN Series 2000 (SP-1+)
5.00%.......................................... 06/29/01 $ 8,700 $ 8,732,853
Somerset RB (Blakley YMCA) Series 2000 DN (Fifth Third Bank LOC)
(VMIG-1)
4.35%.......................................... 11/07/00 3,615 3,615,000
------------
23,074,996
------------
Louisiana--1.3%
Louisiana Offshore Terminal Authority Deepwater Port Refunding RB
(Loop LLC) Series 1997A DN (Morgan Guaranty Trust LOC)
(A-1+, VMIG-1)
4.35%.......................................... 11/07/00 4,710 4,710,000
Louisiana Public Facilities Authority Hospital RB (Willis-Knighton
Medical Center Project) Series 1993 DN (Mellon Bank LOC) (A-1)
4.40%.......................................... 11/07/00 880 880,000
Louisiana Public Facilities Authority Hospital RB (Willis-Knighton
Medical Center Project) Series 1997 DN (AMBAC Insurance)
(A-1+, VMIG-1)
4.40%.......................................... 11/07/00 600 600,000
Plaqumines Port Harbor (A-1+, P-1)
4.45%.......................................... 02/08/01 3,000 3,000,000
------------
9,190,000
------------
Maine--0.4%
Maine Turnpike Authority RB Eagle Tax-Exempt Trust Series 2000 DN
(Citibank LOC) (A-1C+)
4.43%.......................................... 11/07/00 3,000 3,000,000
------------
Maryland--9.8%
Baltimore County Revenue Refunding Bonds (Paths at Loveton Farms
Apartments Facility Project) DN (FNB of Maryland LOC) (A-1)
4.38%.......................................... 11/07/00 5,520 5,520,000
Frederick County (Homewood Incorporated Facility) DN (FNB Maryland
LOC) (A-1)
4.48%.......................................... 11/07/00 10,450 10,450,000
Maryland State Health & Higher Education Facilities Authority RB
(Catholic Healthcare) Series B DN (Toronto Dominion LOC) (A-1+,
VMIG-1)
4.40%.......................................... 11/07/00 1,000 1,000,000
</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)
Maryland (continued)
Maryland State Health & Higher Education Facilities Authority RB
(Doctors Community Hospital) Series 1997 DN (Allfirst Bank LOC)
(A-1)
4.33%.......................................... 11/07/00 $ 7,030 $ 7,030,000
Maryland State Health & Higher Education Facilities Authority RB
(Doctors Community Hospital) Series 1999 DN (Allfirst Bank LOC)
(A-1)
4.27%.......................................... 11/07/00 3,920 3,920,000
Maryland State Health & Higher Education Facilities Authority RB
Series 1993D DN (Allfirst Bank LOC) (A-1)
4.33%.......................................... 11/07/00 5,700 5,700,000
Maryland State Health & Higher Education Facilities Authority RB
(The Norwood School) Series 1998 DN (Allfirst Bank LOC) (A-1)
4.46%.......................................... 11/07/00 10,505 10,505,000
Montgomery County Economic Development Authority RB (Brooke Grove
Foundation Incorporated Project) DN (Allfirst Bank LOC) (A-1)
4.38%.......................................... 11/07/00 1,965 1,965,000
Westminster Educational Facilities RB Series 2000 DN (Wachovia
Bank LOC) (A-1+)
4.35%.......................................... 11/07/00 21,750 21,750,000
------------
67,840,000
------------
Michigan--3.1%
Detroit Economic Development Corporation (Waterfront Reclamation
Project) Series C DN (Lasalle National Bank LOC) (A-1+)
4.40%.......................................... 11/07/00 2,000 2,000,000
Detroit Sewer Disposal RB Series 1998A DN (MBIA Insurance) (A-1+,
VMIG-1)
4.30%.......................................... 11/07/00 12,300 12,300,000
Garden City Housing Finance Authority (Garden City Housing
Project) DN (National City Bank LOC) (A-1+)
4.40%.......................................... 11/07/00 3,395 3,395,000
Michigan State Housing Development Authority Nonprofit Limited
Obligation RB Series 2000 DN (A-1)
4.40%.......................................... 11/07/00 4,000 4,000,000
------------
21,695,000
------------
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Minnesota--3.4%
Hennepin County GO Series 1997C DN (Westdeutsche Landesbank SPA)
(A-1+, VMIG-1)
4.25%.......................................... 11/07/00 $ 100 $ 100,000
Hennepin County GO Series 2000B DN (Landesbank Hessen Thuringen
Girozentrale LOC)
(A-1C+, VMIG-1)
4.25%.......................................... 11/07/00 6,700 6,700,000
Minneapolis & St. Paul Airport RB Series 2000A DN (FGIC Insurance)
(VMIG-1)
4.48%.......................................... 11/07/00 5,000 5,000,000
Minneapolis Convention Center GO Series 2000 DN (Bayerische
Landesbank Girozentrale LOC)
(A-1, VMIG-1)
4.25%.......................................... 11/07/00 5,600 5,600,000
Minneapolis GO RB DN (Bayerische Landesbank Girozentrale LOC) (A-
1+, VMIG-1)
4.25%.......................................... 11/07/00 2,030 2,030,000
Minneapolis GO Series 1997A DN (Bayerische Landesbank Girozentrale
LOC) (A-1+, VMIG-1)
4.25%.......................................... 11/07/00 400 400,000
Minneapolis GO Series 1997B DN (Bayerische Landesbank Girozentrale
LOC) (A-1+, VMIG-1)
4.25%.......................................... 11/07/00 1,425 1,425,000
Minneapolis Public Works SPA DN (Bayerische
Hypo-Und Verinsbank LOC) (A-1+, VMIG-1)
4.25%.......................................... 11/02/00 1,900 1,900,000
------------
23,155,000
------------
Missouri--0.3%
Kansas City IDRB (Mid-America Health Services Project) Series 1984
DN (Bank of New York LOC) (A-1, VMIG-1)
4.60%.......................................... 11/07/00 200 200,000
Maries County IDA Solid Waste Management RB (Kingsford Products
Company Project) DN
(Clorox Company Incorporated Guarantee) (A-1)
4.50%.......................................... 11/07/00 1,500 1,500,000
------------
1,700,000
------------
</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)
Nevada--3.2%
Clark County Airport Systems Series 1993A DN (National Westminster
LOC) (A-1+, VMIG-1)
4.25%.......................................... 11/07/00 $ 900 $ 900,000
Clark County PCRB MB (FGIC Insurance)
6.90%.......................................... 06/01/01 1,000 1,014,384
Las Vegas Valley Water Authority TECP
(UBS LOC) (A-1+, P-1)
4.20%.......................................... 12/08/00 13,400 13,400,000
4.30%.......................................... 02/08/01 6,000 6,000,000
Nevada GO Series A MB
6.20%.......................................... 05/01/01 1,000 1,017,082
------------
22,331,466
------------
New Hampshire--0.5%
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+, VMIG-1)
4.40%.......................................... 11/07/00 1,900 1,900,000
New Hampshire Health & Higher Education Facilities Authority (VHA
of New England Capital Asset Financing Program) Series 1985D DN
(AMBAC Insurance) (A-1+, VMIG-1)
4.40%.......................................... 11/07/00 1,600 1,600,000
------------
3,500,000
------------
New Jersey--1.6%
Essex County Public Improvement Authority RB (County Asset Sale
Project) Series 1995 DN (Morgan Guaranty Trust LOC) (VMIG-1)
4.25%.......................................... 11/07/00 1,000 1,000,000
New Jersey TRAN [A-1+, P-1]
4.20%.......................................... 12/06/00 10,000 10,000,000
------------
11,000,000
------------
North Carolina--1.9%
Charlotte-Mecklenburg Hospital Authority RB
(Health Care System Project) Series 1996C DN (Bank of America
LOC) (A-1+, VMIG-1)
4.25%.......................................... 11/07/00 800 800,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
North Carolina (continued)
Mecklenburg County GO DN (Bank of America LOC) (A-1+, VMIG-1)
4.35%.......................................... 11/07/00 $ 5,200 $ 5,200,000
Mecklenburg County GO Series 1996C DN
(Bank of America LOC) (A-1+, VMIG-1)
4.25%.......................................... 11/07/00 200 200,000
Mecklenberg County GO Series 1998C DN
(First Union National Bank of North Carolina LOC) (A-1, VMIG-1)
4.35%.......................................... 11/07/00 900 900,000
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)
4.45%.......................................... 11/07/00 100 100,000
North Carolina Medical Care Commission Hospital RB (Duke
University Hospital Project) Series 1985D DN (A-1+, VMIG-1)
4.35%.......................................... 11/07/00 1,830 1,830,000
North Carolina Medical Care Commission Hospital RB (Moses H. Cone
Memorial Hospital Project) Series 1995 DN (Wachovia Bank LOC)
(A-1+, VMIG-1)
4.40%.......................................... 11/07/00 225 225,000
North Carolina Medical Care Commission Hospital RB (Moses H. Cone
Health System) Series 1998 DN (Wachovia Bank LOC) (A-1+)
4.40%.......................................... 11/07/00 500 500,000
North Carolina Medical Care (Duke University Project) Series 1985C
DN (A-1+, VMIG-1)
4.35%.......................................... 11/02/00 3,100 3,100,000
University of North Carolina Chapel Hill School of Medicine RB
(Ambulatory Care Clinic Project) Series 1990 DN (A-1+, VMIG-1)
4.30%.......................................... 11/07/00 250 250,000
------------
13,105,000
------------
Ohio--5.7%
Clinton County Hospital RB DN (National City Bank LOC) (VMIG-1)
4.45%.......................................... 11/07/00 8,165 8,165,000
</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)
Clinton County Hospital RB (Pooled Financing Programs) Series 1998
DN (Fifth Third Bank LOC) (A-1+)
4.45%.......................................... 11/07/00 $ 5,700 $ 5,700,000
Columbus GO Unlimited Tax DN (Westduetsche Landesbank Girozentrale
LOC) (A-1+, VMIG-1)
4.20%.......................................... 11/07/00 400 400,000
Franklin County IDRB (Alco Standard Corporation Project) Series
1994 DN (Bank America LOC)
(A-1+, VMIG-1)
4.40%.......................................... 11/07/00 800 800,000
Lucas County Health Facilities Authority RB
(Lutheran Homes Society Project) DN
(Bank One N.A. LOC) (A-1+)
4.45%.......................................... 11/07/00 4,600 4,600,000
Montgomery County Economic Development Authority RB (Dayton Art
Institute Project) DN (National City Bank LOC) (A-1, VMIG-1)
4.40%.......................................... 11/07/00 3,400 3,400,000
Nordonia Hills Local School District BAN Series A
4.75%.......................................... 03/20/01 3,500 3,505,920
Ohio State University Series 1999B TECP
(A-1+, P-1)
4.15%.......................................... 11/07/00 10,000 10,000,000
Ohio Water Development Authority PCRB (Cleveland Electric
Illuminating Company) Series 1997B DN (Barclays Bank LOC) (A-1+,
P-1)
4.35%.......................................... 11/07/00 1,900 1,900,000
Warren County Health Care Facilities RB
(Otterbein Homes Project) Series 1998B DN
(Fifth Third Bank Corporation LOC) (A-1+)
4.55%.......................................... 11/07/00 590 590,000
------------
39,060,920
------------
Oregon--2.1%
Umatilla County Hospital Authority RB (Catholic Health
Initiatives) DN (A-1+, VMIG-1)
4.40%.......................................... 11/07/00 14,600 14,600,000
------------
Pennsylvania--11.6%
Franklin County IDRB DN (AMBAC Insurance) (A-1+)
4.43%.......................................... 11/02/00 2,000 2,000,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Pennsylvania (continued)
Lancaster County DN (FGIC Insurance) (A-1+)
4.41%.......................................... 11/07/00 $ 2,000 $ 2,000,000
Lancaster County Hospital Authority (Quarryville Presbyterian
Senior Living Facility Project) RB Series 2000 DN (A-1)
4.40%.......................................... 11/07/00 4,000 4,000,000
Lebanon County Health Facilities DN
(Allfirst Bank LOC) (A-1)
4.43%.......................................... 11/07/00 3,000 3,000,000
Pennsylvania Higher Education Facilities Authority RB (University
of Pennsylvania Health Services Project) Series 1994B DN
(A-1+, VMIG-1)
4.40%.......................................... 11/07/00 12,955 12,955,000
Pennsylvania Higher Education Facilities Authority RB (University
of Pennsylvania Health Services Project) Series 1996C DN (Credit
Suisse LOC)
(A-1+, VMIG-1)
4.40%.......................................... 11/07/00 18,800 18,800,000
Pennsylvania Higher Education Facilities Authority RB (University
of Pennsylvania Health Services Project) Series 1998B DN (Morgan
Guaranty LOC)
(A-1+, VMIG-1)
4.40%.......................................... 11/07/00 27,250 27,250,000
Philadelphia TRAN Series 2000A (SP-1+, VMIG-1)
5.00%.......................................... 06/29/01 10,000 10,040,342
------------
80,045,342
------------
South Carolina--3.5%
Greenwood County Hospital RB (Self Memorial Hospital) Series B DN
(Wachovia Bank LOC)
(A-1+, VMIG-1)
4.35%.......................................... 11/07/00 9,180 9,180,000
Piedmont Municipal Power Agency Electric Refunding RB Series 1996B
DN (Credit Suisse LOC)
(A-1+, VMIG-1)
4.30%.......................................... 11/07/00 1,600 1,600,000
Piedmont Municipal Power Agency Electric Refunding RB Series 1996C
DN (Morgan Guaranty Trust LOC) (A-1+, VMIG-1)
4.30%.......................................... 11/07/00 5,000 5,000,000
</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)
South Carolina (continued)
South Carolina Public Service Authority TECP
Series 2000 DN (MBIA Insurance) (A-1C+)
4.43%.......................................... 11/07/00 1,465 $ 1,465,000
South Carolina Public Service Authority TECP (Toronto Dominion
LOC) (A-1+, P-1)
4.30%.......................................... 03/08/01 $ 7,000 7,000,000
------------
24,245,000
------------
Tennessee--6.7%
City of Chattanooga Health, Education & Housing Facility Board
Series 1999 DN (Amsouth Bank of Alabama LOC) (A-1)
4.40%.......................................... 11/07/00 12,400 12,400,000
City of Chattanooga IDRB DN (Citibank LOC) (A-1C+)
4.43%.......................................... 11/07/00 2,040 2,040,000
City of Tusculum Health, Education & Housing Facility Board
Educational Facilities RB (Tusculum College Project) Series 1998
DN
(Suntrust Bank LOC)
4.40%.......................................... 11/07/00 6,800 6,800,000
Clarksville Public Building Authority of Adjustable Rate Pooled
Financing RB (Tennessee Municipal Bond Fund) Series 1995 DN
(Nations Bank LOC) (A-1+)
4.35%.......................................... 11/07/00 1,100 1,100,000
Memphis General Improvement Refunding RB DN (Westdeutsche
Landesbank Giroentrale LOC)
(A-1+, VMIG-1)
4.40%.......................................... 11/07/00 500 500,000
Memphis GO Series 1995A DN (Westdeutsche Landesbank Girozentrale
LOC) (A-1+, VMIG-1)
4.40%.......................................... 11/07/00 600 600,000
Metropolitan Government Nashville Davidson County Health &
Education Board (Belmont University Project) DN (Suntrust Bank
LOC)
4.40%.......................................... 11/07/00 3,500 3,500,000
Metropolitan Government Nashville Davidson County Health &
Education Board (Harpeth Hall School Project) DN (Suntrust Bank
LOC)
4.40%.......................................... 11/07/00 420 420,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Tennessee (continued)
Montgomery County Public Building Authority Pooled Financing RB
(Tennessee County Loan Pool) DN (Bank America LOC) (VMIG-1)
4.35%.......................................... 11/07/00 $ 4,605 $ 4,605,000
Shelby County DN (Citibank LOC) (A-1C+)
4.33%.......................................... 11/07/00 4,000 4,000,000
Shelby County GO TECP (Bank of America LOC)
(A-1+)
4.30%.......................................... 12/21/00 3,500 3,500,000
4.30%.......................................... 03/15/01 5,500 5,500,000
Washington County IDRB (Springbrook Properties Project) Series
1996 DN (Suntrust Bank LOC)
(A-1+, VMIG-1)
4.40%.......................................... 11/07/00 1,500 1,500,000
------------
46,465,000
------------
Texas--6.1%
Amarillo Independent School District MB
5.00%.......................................... 02/01/01 1,000 1,001,696
Austin Water & Wastewater System RB DN
(Citibank LOC) (A-1C+)
4.43%.......................................... 11/07/00 5,000 5,000,000
Austin Water & Wastewater System RB DN (MBIA Insurance) (VMIG-1)
4.53%.......................................... 11/07/00 2,500 2,500,000
Fort Bend Independent School District MB
6.00%.......................................... 02/15/01 1,300 1,306,181
Garland Independent School District MB
7.00%.......................................... 02/15/01 1,295 1,304,790
Harris County BAN (UBS LOC) (A-1+, P-1)
4.15%.......................................... 12/08/00 1,900 1,900,000
4.25%.......................................... 01/16/01 3,400 3,400,000
Harris County Toll Road Series C DN
(A-1+, VMIG-1)
4.35%.......................................... 11/07/00 1,300 1,300,000
Plano Independent School District MB (A-1+)
6.00%.......................................... 02/15/01 1,400 1,406,657
San Antonio GO Bonds Series 1991
6.13%.......................................... 10/31/00 2,000 2,025,740
</TABLE>
24
<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)
Texas (continued)
Socorro Independent School District Unlimited Tax Building Bonds
Series 2000 DN (Citibank LOC)
(A-1C+)
4.43%.......................................... 11/07/00 $ 3,000 $ 3,000,000
Texas State TRAN Series 2000 DN (SP-1+, MIG-1)
5.25%.......................................... 08/31/01 7,000 7,054,565
Texas State TRAN Series 2000L DN (SP-1+, VMIG-1)
4.50%.......................................... 11/07/00 11,000 11,000,000
------------
42,199,629
------------
Utah--2.3%
Intermountain Power Agency Supply RB (A-1+, VMIG-1)
4.25%.......................................... 02/16/01 10,000 10,000,000
Intermountain Power Agency Supply RB Series 1985F MB (Bank of
America LOC) (A-1+, VMIG-1)
4.225%......................................... 03/15/01 4,000 4,000,000
Salt Lake City RB (Pooled Hospital Financing Program) Series 1998A
DN (A-1+, VMIG-1)
4.30%.......................................... 11/07/00 1,550 1,550,000
------------
15,550,000
------------
Vermont--1.2%
Vermont IDA DN (Wachovia Bank LOC)
4.35%.......................................... 11/07/00 8,000 8,000,000
------------
Virginia--2.0%
City of Alexandria IDRB (YMCA of Metro Washington Facility) Series
1998 DN (Allfirst Bank LOC)
(A-1+)
4.48%.......................................... 11/07/00 2,295 2,295,000
Commonwealth of Virginia TRAN RB Series 1999B DN (Citibank LOC)
(A-1+)
4.43%.......................................... 11/07/00 1,000 1,000,000
Lynchburg IDA Hospital Facilities RB (VHA Mid-Atlantic States
Capital Asset Finance Program) Series 1985B DN (AMBAC Insurance)
(A-1+)
4.40%.......................................... 11/07/00 600 600,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Virginia (continued)
Lynchburg IDA Hospital Facilities RB (VHA Mid-Atlantic States
Capital Asset Finance Program) Series 1985E DN (NBD Bank
Corporation LOC) (VMIG-1)
4.40%.......................................... 11/07/00 $ 1,000 $ 1,000,000
Lynchburg IDA Hospital Facilities RB (VHA Mid-Atlantic States
Capital Asset Finance Program) Series 1985F DN (AMBAC Insurance)
(A-1+, VMIG-1)
4.40%.......................................... 11/07/00 2,000 2,000,000
Norfolk IDA Hospital RB (Childrens Hospital of the King's
Daughters) Series 1998 DN (Wachovia Bank LOC) (A-1+)
4.35%.......................................... 11/07/00 600 600,000
Prince William County IDA PCRB TECP (Virginia Electric & Power
Company Project) Series 1986 MB (A-1, VMIG-1)
4.15%.......................................... 01/12/01 5,400 5,400,000
Virginia Beach Ocean Ranch Motel Corporation IDRB Series 1998 DN
(Branch Banking and Trust Company LOC) (A-1, P-1)
4.60%.......................................... 11/07/00 1,000 1,000,000
Virginia College Building Authority Educational Facilities RB
(University of Richmond Project) Series 1996 DN (VMIG-1)
4.35%.......................................... 11/07/00 200 200,000
------------
14,095,000
------------
Washington--0.7%
Washington State GO DN (A-1+)
4.43%.......................................... 11/07/00 5,000 5,000,000
------------
Wisconsin--1.6%
South East Wisconsin Professional Baseball Park District Sales Tax
RB Series Y DN (MBIA Insurance) (VMIG-1)
4.48%.......................................... 11/07/00 3,000 3,000,000
Wisconsin GO Extendible Municipal Series 2000 (A-1+, P-1)
4.30%.......................................... 12/12/00 5,000 5,000,000
</TABLE>
25
<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)
Wisconsin (continued)
Wisconsin State Health & Educational Facilities Authority DN (A-1)
4.50%.......................................... 11/07/00 $ 3,000 $ 3,000,000
------------
11,000,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES (Cost $691,044,133*)...... 100.1% 691,044,133
LIABILITIES IN EXCESS OF OTHER ASSETS..................... (0.1) (900,529)
----- ------------
NET ASSETS (Equivalent to $1.00 per share based on
605,883,398 Institutional Shares, 63,632,796 Dollar
Shares, 3,633,014 Cash Management Shares and 17,150,681
Cash Reserve Shares outstanding)......................... 100.0% $690,143,604
===== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($690,143,604 / 690,299,889)................................... $1.00
=====
</TABLE>
--------
* Cost for federal income tax purposes.
** Variable Rate Obligations--The interest rate shown is as of October 31,
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
October 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
------------- ------------ ----------
<S> <C> <C>
1-30 Days $492,745,000 69.3%
31-60 Days 22,400,000 3.1
61-90 Days 55,550,000 7.8
91-120 Days 15,105,000 2.1
121-150 Days 30,995,000 4.4
Over 150 Days 94,475,000 13.3
</TABLE>
Average Weighted Maturity--44 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
MB Municipal Bond
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 October 31, 2000. The ratings have not been audited by the
Independent Accountants and, therefore, are not covered by the Report of
Independent Accountants.
See accompanying notes to financial statements.
26
<PAGE>
Provident Institutional Funds
MuniCash Fund Portfolio
Statement of Net Assets
October 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS--99.9%
Alabama--10.2%
Columbia IDRB (Alabama Power Project) AMT (A-1, VMIG-1)
4.75%.......................................... 11/07/00 $ 4,600 $ 4,600,000
Columbia IDRB (Alabama Power Project) Series 1995A DN (A-1, VMIG-
1)
4.60%.......................................... 11/01/00 25,400 25,400,000
Columbia IDRB (Alabama Power Project) Series 1995B DN (A-1, VMIG-
1)
4.60%.......................................... 11/01/00 9,800 9,800,000
DCH Health Care Authority RB (Alabama Health Care Facilities
Project) (MBIA Insurance)
5.00%.......................................... 06/01/01 1,000 1,003,057
------------
40,803,057
------------
Alaska--0.5%
Anchorage TAN (SP-1+, MIG-1)
4.75%.......................................... 02/02/01 2,000 2,003,169
------------
California--0.6%
California Higher Education Loan Authority Student Loan RB Series
1992 (Student Loan Marketing Association) (VMIG-1)
4.35%.......................................... 04/01/01 2,425 2,425,000
------------
Colorado--2.1%
Adams County School District GO Series 1990 (FGIC Insurance)
7.30%.......................................... 12/15/00 1,000 1,003,531
Colorado Health Facilities Authority Economic Development RB
(Johnson Publishing Company Project) AMT (Banc One N.A. LOC)
4.65%.......................................... 11/07/00 2,400 2,400,000
Colorado Housing Finance Authority Economic Development RB (White
Wave Incorporated Project) AMT (Key Bank N.A. LOC) (A-1, P-1)
4.60%.......................................... 11/07/00 3,135 3,135,000
Lower Colorado Texas River Authority (First Union Bank LOC; FSA
Insurance)
4.40%.......................................... 08/01/01 2,000 2,000,000
------------
8,538,531
------------
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Delaware--2.5%
Delaware State Economic Development Authority IDRB (Star
Enterprise Project) Bonds Series 1997B DN (A-1)
4.60%.......................................... 11/07/00 $ 10,000 $ 10,000,000
------------
Florida--0.8%
Miami-Dade County IDRB AMT
4.70%.......................................... 11/07/00 3,000 3,000,000
------------
Georgia--3.1%
Atlanta Water RB ZTC#4 (FGIC Insurance, Zurich Capital Mgmt. LOC)
(AAA,Aaa)
4.40%.......................................... 05/01/01 4,000 4,000,000
Dawson County Development Authority IDRB (World Wide Manufacturing
Incorporated Project) AMT (Wachovia Bank LOC)
4.45%.......................................... 11/07/00 3,200 3,200,000
Griffin-Spalding County IDRB Series 2000 (Wachovia Bank LOC) (A-
1+)
4.55%.......................................... 11/02/00 2,750 2,750,000
Haralson County Development Authority IDRB (Gold Kist Incorporated
Project) Series 1995 AMT (Wachovia Bank LOC)
4.45%.......................................... 11/07/00 2,500 2,500,000
------------
12,450,000
------------
Hawaii--2.9%
Hawaii Department of Budget & Finance AMT (A-1)
4.60%.......................................... 12/08/00 3,500 3,500,000
Hawaii State Housing Financial & Development RB Series 1990B DN
(Industrial Bank of Japan LOC) (VMIG-1)
4.85%.......................................... 11/07/00 8,000 8,000,000
------------
11,500,000
------------
Illinois--3.9%
Belvidere IDRB (R&D Thiel Incorporated Project) AMT (First Bank
Systems, N.A. LOC) (A-1)
4.50%.......................................... 11/07/00 1,600 1,600,000
Berwyn GO (Kredietbank LOC) (AAA, Aaa)
3.20%.......................................... 12/01/00 500 499,545
</TABLE>
27
<PAGE>
MuniCash Fund Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Illinois (continued)
Chicago GO Merlot Series W (First Union LOC, AMBAC Insurance)
(AAA, VMIG-1)
4.40%.......................................... 09/01/01 $ 2,000 $ 2,000,000
City of Harvey Multifamily Housing RB (Bethlehem Village Project)
AMT (Federal Home Loan Bank) (A-1+)
4.60%.......................................... 11/07/00 3,400 3,400,000
Glendale Heights IDRB (Hudapak Metal Company Incorporated Project)
AMT (Banc One N.A. LOC)
4.70%.......................................... 11/07/00 3,755 3,755,000
Illinois Development Finance Authority IDRB (Big Bolt Corporation
Project) AMT (ABN-AMRO Bank N.V. LOC)
4.75%.......................................... 11/07/00 3,000 3,000,000
Sangamon County IDRB (Contech Construction Project Incorporated)
Series 1997 AMT (Mellon Bank N.A. LOC) (VMIG-1)
4.55%.......................................... 11/07/00 1,400 1,400,000
------------
15,654,545
------------
Indiana--5.4%
Bremen IDA RB (Universal Bearings Incorporated Project Private
Placement) Series 1996A AMT (Key Bank N.A. LOC) (A-1, P-1)
4.55%.......................................... 11/07/00 1,900 1,900,000
Elkhart Economic Development RB (Jameson Inns Incorporated
Project) AMT (Firstar Bank N.A. LOC)
4.70%.......................................... 11/07/00 3,305 3,305,000
Indiana Development Finance Authority IDRB (Cives Corporation
Project) Series 1998 AMT (Wachovia Bank LOC) (VMIG-1)
4.45%.......................................... 11/07/00 3,600 3,600,000
Indiana Development Finance Authority IDRB Series 2000 AMT (Banc
One LOC)
4.65%.......................................... 11/07/00 4,000 4,000,000
Indiana Educational Facilities BAN Series 2000B
4.85%.......................................... 05/03/01 2,000 2,003,394
Monroe County IDRB (Textile Incorporated Project) (Fifth Third
Bank LOC) (A-1)
4.55%.......................................... 11/02/00 1,705 1,705,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Indiana (continued)
South Bend Educational Development Authority DN (National City
Bank LOC)
4.55%.......................................... 11/07/00 $ 1,350 $ 1,350,000
Terre Haute Industrial Economic Development RB (Jameson Inns
Incorporated Project) AMT (Firstar Bank N.A. LOC)
4.70%.......................................... 11/07/00 3,740 3,740,000
------------
21,603,394
------------
Iowa--0.3%
Dallas County IDRB Series 2000A DN (First Bank Systems LOC)
4.65%.......................................... 11/07/00 1,000 1,000,000
------------
Kansas--1.8%
Wyandotte County BAN
4.30%.......................................... 02/01/01 5,000 5,000,000
Wyandotte County Temporary Notes Series 2000
4.70%.......................................... 05/01/01 2,000 2,001,764
------------
7,001,764
------------
Kentucky--7.7%
City of Maysville Solid Waste Disposal Facilities RB (Inland
Container Corporation Project) AMT
4.70%.......................................... 12/05/00 3,250 3,250,000
City of Wilder Industrial Building RB (Saratoga Investments
Limited Partnerships) DN (Fifth Third Bank N.A. LOC)
4.55%.......................................... 11/07/00 1,520 1,520,000
Elsmere IDRB (International Mold Steel Incorporated Project) AMT
(Star Banc Corporation LOC)
4.55%.......................................... 11/07/00 1,755 1,755,000
Florence Economic Development RB (Jameson Inns Incorporated
Project) AMT (Firstar Bank N.A. LOC)
4.70%.......................................... 11/07/00 2,520 2,520,000
Jefferson County Economic Development RB (Jameson Inns
Incorporated Project) AMT (First Bank Systems LOC)
4.70%.......................................... 11/07/00 2,550 2,550,000
</TABLE>
28
<PAGE>
MuniCash Fund Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Kentucky (continued)
Jefferson County Industrial Building RB (Atlas Machine & Supply
Company Project) AMT (Banc One N.A. LOC)
4.65%.......................................... 11/07/00 $ 4,860 $ 4,860,000
Jefferson County PCRB (Banc One N.A. LOC) (A-1, VMIG-1)
4.50%.......................................... 11/16/00 2,500 2,500,000
Kentucky Interlocal School TRAN Series 2000
(SP-1+)
5.00%.......................................... 06/29/01 5,000 5,018,881
Meade County IDRB (Liters Quarry Project) Series 1999 AMT (Banc
One LOC)
4.55%.......................................... 11/07/00 3,000 3,000,000
Trimble County PCRB (Louisville Gas & Electric Company) (A-1,
VMIG-1)
4.45%.......................................... 11/20/00 4,000 4,000,000
------------
30,973,881
------------
Maryland--2.3%
Maryland State Department of Housing & Community Development
(Landesbank Hessen Thuringen Girozentrale LOC) (VMIG-1)
4.47%.......................................... 04/05/01 3,000 3,000,000
Ocean County RB (Harrison Inn Fifty-Eight Limited Partnership
Facility) AMT (FNB Maryland LOC) (A-1)
4.58%.......................................... 11/07/00 4,445 4,445,000
Wicomico County Economic Development RB (Plymouth Tube Company
Project) AMT (Banc One N.A. LOC) (VMIG-1)
4.65%.......................................... 11/07/00 1,800 1,800,000
------------
9,245,000
------------
Massachusetts--0.6%
Massachusetts RB (Escrowed in U.S. Treasuries LOC ) (AAA, Aaa)
7.50%.......................................... 12/01/00 2,350 2,403,578
------------
Michigan--9.3%
Elk Rapids School District State Aid Notes Series 2000
4.75%.......................................... 06/29/01 1,000 1,001,570
Gibraltar School District State Aid Notes Series 2000
4.50%.......................................... 11/14/00 2,700 2,700,185
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Michigan (continued)
Kalamazoo GO (MIG-1)
4.50%.......................................... 12/01/00 $ 4,000 $ 4,001,302
Michigan Strategic Fund Limited Obligation RB (America Group LLC
Project) Series 2000 AMT (Banc One LOC)
4.65%.......................................... 11/07/00 3,200 3,200,000
Michigan Strategic Fund Limited Obligation RB (Custome Innovations
Incorporated Project) Series 2000 AMT (Comerica Bank LOC)
4.55%.......................................... 11/07/00 4,550 4,550,000
Michigan Strategic Fund Limited Obligation RB (VK&W Investors LLC
Project) Series 2000 AMT (Comerica Bank LOC)
4.55%.......................................... 11/01/00 3,000 3,000,000
Michigan Strategic Fund Limited Obligation RB (Sparta Foundry
Incorporated Project) Series 1999 AMT (Old Kent Bank & Trust Co.
LOC)
4.55%.......................................... 11/07/00 1,400 1,400,000
Oakland County Educational Limited Obligation RB Series 2000 AMT
(Banc One LOC)
4.95%.......................................... 11/01/00 6,000 6,000,000
Plymouth-Canton Community School District School Building and
Refunding Bonds Series 1991B
(Aa1)
6.25%.......................................... 05/01/01 1,400 1,426,805
University of Michigan Board of Regents (A-1, P-1)
4.40%.......................................... 11/06/00 10,000 10,000,000
------------
37,279,862
------------
Minnesota--6.0%
Becker PCRB (North State Power Project) (VMIG-1)
4.55%.......................................... 01/16/01 4,000 4,000,000
Minneapolis GO (Convention Center Project) DN (Bayerische
Landesbank Girozentrale LOC) (A-1+, VMIG-1)
4.05%.......................................... 11/07/00 5,725 5,725,000
Minneapolis GO Series 1998B DN (Bayerische Landesbank Girozentrale
LOC) (A-1+, VMIG-1)
4.25%.......................................... 11/07/00 900 900,000
Minneapolis GO Series 1999A DN (Bayerische Landesbank Girozentrale
LOC) (A-1+, VMIG-1)
4.25%.......................................... 11/07/00 8,880 8,880,000
</TABLE>
29
<PAGE>
MuniCash Fund Portfolio
Statement of Net Assets (Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Minnesota (continued)
Minnesota Agricultural Economic Development Authority (Como
Partnership Project) AMT (Firstar Bank N.A. LOC)
4.60%.......................................... 11/07/00 $ 2,115 $ 2,115,000
Minnesota School District Tax & Aid Anticipated Borrowing Program
Certificates Series A
(MIG-1)
4.25%.......................................... 02/28/01 1,500 1,500,222
Minnesota School District Tax & Aid Certificates of Participation
Series 2000A (MIG-1)
5.00%.......................................... 08/09/01 1,000 1,005,166
------------
24,125,388
------------
Missouri--2.8%
Maries County IDA Solid Waste Management RB (Kingsford Products
Company Project) AMT (Clorox Company Incorporated Guarantee)
(A-1)
4.50%.......................................... 11/07/00 11,100 11,100,000
------------
Nevada--3.3%
Clark County PCRB Series 2000A DN (A-1, VMIG-1)
4.75%.......................................... 11/01/00 13,400 13,400,000
------------
New Hampshire--0.4%
New Hampshire State Business Finance Authority IDRB (Felton Brush
Incorporated Project) AMT (Key Bank N.A. LOC)
4.55%.......................................... 11/07/00 1,700 1,700,000
------------
New Jersey--2.8%
Aberdeen Township BAN Series 2000
4.90%.......................................... 08/16/01 1,000 1,003,394
Essex County BAN Series 2000A
4.75%.......................................... 07/27/01 1,000 1,002,592
Middlesex County Certificates of Participation Series 1998 (MBIA
Insurance)
3.90%.......................................... 02/15/01 335 333,959
New Jersey Economic Development Authority (Parke Place Association
Project) Revenue Bonds Series 2000 AMT (Commerce Bank LOC)
4.58%.......................................... 11/07/00 665 665,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
New Jersey (continued)
New Jersey Economic Development Authority RB (Airis Newark LLC
Project) Series 1998 DN (Kredietbank LOC) (A-1+, VMIG-1)
4.30%.......................................... 11/07/00 $ 1,450 $ 1,450,000
New Jersey Economic Development Authority RB (Facile Holdings
Incorporated Project) AMT (First Union National Bank N.A. LOC)
4.25%.......................................... 11/07/00 3,315 3,315,000
New Jersey Economic Development Authority RB (Nandan Company
Project) Series 1995 DN (First Union National Bank of North
Carolina LOC) (VMIG-1)
4.40%.......................................... 11/07/00 1,865 1,865,000
New Jersey Turnpike Authority (Citibank Eagle Tax-Exempt Trust)
Series 2000 DN (MBIA Insurance) (A-1C+)
4.23%.......................................... 11/07/00 1,300 1,300,000
Sussex County GO Series 1999 (FGIC Insurance) (Aaa, AAA)
4.15%.......................................... 02/01/01 300 299,446
------------
11,234,391
------------
New Mexico--0.5%
Dona Ana County IDRB (Merryweath Project) RB Series 1998 AMT
(First Merit Bank N.A. LOC)
4.60%.......................................... 11/07/00 2,000 2,000,000
------------
New York--1.2%
City of New York Municipal Water & Sewer System Finance Authority
RB Series 2000C DN (A-1+, VMIG-1)
4.55%.......................................... 11/01/00 5,000 5,000,000
------------
North Carolina--0.5%
Green County Industrial Facilities & Pollution Control Financing
Authority IDRB (Snow Hill Tape Corporation Project) Series 1995
DN (Wachovia Bank LOC) (A-1+)
4.40%.......................................... 11/07/00 600 600,000
North Carolina Educational Facilities Finance Agency RB (The
Bowman Gray School of Medicine Project) Series 1996 DN (Wachovia
Bank LOC)
(VMIG-1)
4.35%.......................................... 11/07/00 1,300 1,300,000
</TABLE>
30
<PAGE>
MuniCash Fund 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 Hospital RB (Moses H. Cone
Memorial Hospital Project) DN (Wachovia Bank LOC) (A-1+)
4.40%.......................................... 11/07/00 $ 100 $ 100,000
------------
2,000,000
------------
North Dakota--1.6%
Mercer County Solid Waste Disposal RB (United Power Association
Project) Series U AMT (National Rural CO-OP) (A-1+, P-1)
4.80%.......................................... 12/01/00 3,400 3,400,000
North Dakota Housing Finance Agency (Home Mortgage Finance
Program) Series 2000D (Bayerische Landesbank Girozentrale LOC)
4.45%.......................................... 08/27/01 3,000 3,000,000
------------
6,400,000
------------
Ohio--8.9%
Brooklyn IDRB (Dylon Industries Incorporated Project) AMT (Key
Bank N.A. LOC)
4.55%.......................................... 11/07/00 10 10,000
Cuyahoga County IDRB (Cleveland Gear Company Incorporated Project)
Series 1998 AMT (Key Bank N.A. LOC)
4.55%.......................................... 11/07/00 1,000 1,000,000
Cuyahoga County IDRB (Northstar Project) Series 1998 DN (KeyBank
N.A. LOC)
4.55%.......................................... 11/07/00 375 375,000
East Palestine City School District BAN
4.10%.......................................... 11/09/00 1,700 1,700,078
Erie County IDRB (Brighton Manor Company Project) AMT (Bank One
N.A. LOC)
4.65%.......................................... 11/07/00 1,750 1,750,000
Lebanon BAN Series 2000
4.51%.......................................... 11/02/00 2,150 2,150,015
Lucas County BAN Series 2000
4.56%.......................................... 04/12/01 1,430 1,431,273
Marion County GO
4.50%.......................................... 11/16/00 1,000 1,000,119
Ohio Housing Finance Agency MultiFamily Housing RB (The Club at
Spring Valley Apartments Project) Series 1996A DN (Key Bank N.A.
LOC) (A-1)
4.45%.......................................... 11/07/00 3,400 3,400,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Ohio (continued)
Ohio Water Authority Solid Waste Disposal RB (American Steel &
Wire Corporation Project) AMT (Bank America N.A. LOC) (A-1)
4.55%.......................................... 11/07/00 $ 6,150 $ 6,150,000
Richland County IDRB Series 2000 AMT (Fifth Third Bank LOC)
4.55%.......................................... 11/07/00 4,000 4,000,000
Richland County GO
4.40%.......................................... 11/16/00 2,300 2,300,271
Rossford BAN
5.20%.......................................... 06/27/01 1,000 1,001,862
Rossford BAN Series 2000
5.96%.......................................... 07/30/01 1,000 1,008,600
Springboro BAN
4.51%.......................................... 01/25/01 1,200 1,200,695
Toledo City School District BAN (MIG-1)
4.50%.......................................... 01/26/01 2,012 2,013,359
Union Township GO BAN Series 2000
4.75%.......................................... 03/13/01 1,500 1,502,339
4.86%.......................................... 04/10/01 1,000 1,002,141
Wapakoneta BAN
4.75%.......................................... 02/01/01 1,400 1,400,841
Westlake BAN Series 2000
4.55%.......................................... 05/03/01 1,140 1,141,095
------------
35,537,688
------------
Oklahoma--0.4%
Oklahoma City IDRB Series 1998 (Banc One LOC)
4.65%.......................................... 11/02/00 1,400 1,400,000
------------
Pennsylvania--2.1%
Delaware River Port Authority (Pennsylvania & New Jersey Port
District Project) Bonds Series 1998A (MBIA Insurance)
3.95%.......................................... 01/01/01 700 699,259
Pennsylvania Higher Education Facilities Authority RB (University
of Pennsylvania Health Services Project) Series 1984B DN (A-1+,
VMIG-1)
4.40%.......................................... 11/07/00 5,800 5,800,000
Pennsylvania Higher Education Facilities Authority RB (University
of Pennsylvania Health Services Project) Series 1994B DN (A-1+,
VMIG-1)
4.40%.......................................... 11/07/00 1,900 1,900,000
------------
8,399,259
------------
</TABLE>
31
<PAGE>
MuniCash Fund Portfolio
Statement of Net Assets (Continued)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
South Carolina--0.2%
Piedmont Municipal Power Agency Electric
Refunding RB Series B DN (Credit Suisse LOC) (A-1+, VMIG-1)
4.30%.......................................... 11/07/00 $ 600 $ 600,000
------------
South Dakota--0.8%
South Dakota Housing Development Authority
Series 2000 AMT (First Union Bank LOC)
(VMIG-1)
4.53%.......................................... 11/07/00 3,000 3,000,000
------------
Tennessee--0.3%
Shelby County Airport Authority RB
(MBIA Insurance)
5.25%.......................................... 11/07/00 1,075 1,077,499
------------
Texas--4.1%
Montgomery County IDRB (Sawyer Research Products Incorporated
Project) AMT (Key Bank N.A. LOC)
4.55%.......................................... 11/07/00 1,500 1,500,000
Port Arthur Navigation District Environmental Facilities RB
(Motiva Enterprises Project) AMT (A-1)
4.55%.......................................... 11/07/00 5,890 5,890,000
Texas State Transportation Service Series 2000 DN (SP-1+, VMIG-1)
4.50%.......................................... 11/07/00 9,200 9,200,000
------------
16,590,000
------------
Vermont--0.3%
Vermont IDA (Alpine Pipeline Company Project) AMT (Key Bank N.A.
LOC)
4.55%.......................................... 11/07/00 1,375 1,375,000
------------
Virginia--5.4%
Dinwiddie County IDRB AMT (Banc One N.A. LOC) (A-1+, VMIG-1)
4.75%.......................................... 11/01/00 3,900 3,900,000
Fairfax County IDRB (Inova Health Care Project) Series 2000 DN (A-
1+, VMIG-1)
4.35%.......................................... 11/07/00 300 300,000
Metropolitan Washington Airport Authority TECP (Virginia Passenger
Facility) AMT (Bank America N.A. LOC) (A-1+, P-1)
4.50%.......................................... 01/10/01 5,000 5,000,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Virginia (continued)
4.40%.......................................... 01/16/01 $ 1,000 $ 1,000,000
4.40%.......................................... 01/24/01 11,500 11,500,000
------------
21,700,000
------------
Washington--1.5%
Everett IDRB (Kimberly Clark Project) AMT
(A-1+)
4.50%.......................................... 11/07/00 3,900 3,900,000
Pilchuck Public Development Corporation RB (Holden-McDaniels
Partners, Project) AMT (Key Bank N.A. LOC)
4.60%.......................................... 11/07/00 2,010 2,010,000
------------
5,910,000
------------
Wisconsin--2.8%
Beloit School District TRAN Series 2000
4.55%.......................................... 10/26/01 1,400 1,400,658
Wisconsin GO Series 2000 (A-1+, P-1)
4.30%.......................................... 12/12/00 5,000 5,000,000
Wisconsin Housing & Economic Development Authority DN (A-1C+)
4.53%.......................................... 11/07/00 4,800 4,800,000
------------
11,200,658
------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
TOTAL INVESTMENTS IN SECURITIES (Cost $399,631,664*). 99.9% 399,631,664
OTHER ASSETS IN EXCESS OF LIABILITIES................ 0.1% 573,348
----- ------------
NET ASSETS (Equivalent to $1.00 per share based on
298,967,639 Institutional Shares and 101,409,321
Dollar Shares Outstanding).......................... 100.0% $400,205,012
---- ===== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($400,205,012 / 400,376,960)............................. $1.00
=====
</TABLE>
--------
* Cost for federal income tax purposes. Market value of securities subject to
federal alternative minimum tax is 42.70% of the total market value.
(unaudited)
** Variable Rate Obligations--The interest rate shown is as of October 31,
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.
32
<PAGE>
MuniCash Portfolio
Statement of Net Assets (Concluded)
--------------------------------------------------------------------------------
MuniCash Portfolio
Maturity Information
October 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
Maturity Percentage
Period Par (000) of Portfolio
-------- ------------ ------------
<S> <C> <C>
1-30 Days $300,240,000 75.2%
31-60 Days 23,000,000 5.8
61-90 Days 25,412,000 6.4
91-120 Days 10,535,000 2.6
121-150 Days 1,500,000 0.4
Over 150 Days 38,795,000 9.6
</TABLE>
Average Weighted Maturity--37 days
Investment Abbreviations:
<TABLE>
<C> <S>
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
DN Demand Note (Variable Rate)
GO General Obligation
IDA Industrial Development Authority
IDRB Industrial Development Revenue Bond
LOC Letter of Credit
PCRB Pollution Control Revenue Bond
RB Revenue Bond
TAN Tax Anticipation Note
TRAN Tax and Revenue Anticipation Note
</TABLE>
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 October 31, 2000. The ratings have not been
audited by the Independent Accountants and, therefore, are not covered by the
Report of the Independent Accountants.
See accompanying notes to financial statements.
33
<PAGE>
Provident Institutional Funds
California Money Fund Portfolio
Statement of Net Assets
October 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS--99.9%
California--88.6%
ABAG Finance Authority Certificates of Participation (Lucile
Salter Packard Childrens Hospital) DN (AMBAC Insurance)
(A-1+, VMIG-1)
3.90%.......................................... 11/07/00 $ 3,625 $ 3,625,000
Alameda-Contra Costa Schools Financing Authority Certificates of
Participation (Capital Improvements Financing Project) Series
1997C DN (National Westminster LOC) (A-1+)
4.05%.......................................... 11/07/00 4,705 4,705,000
Alameda-Contra Costa Schools Financing Authority Certificates of
Participation (Capital Improvements Financing Project) Series G
DN (Credit Locale de France LOC) (A-1+)
4.00%.......................................... 11/07/00 8,935 8,935,000
California Community College Financing Authority TRAN Series A
(SP-1+)
5.00%.......................................... 06/29/01 7,500 7,535,950
California Education Facilities Authority RB Series 2000 DN (VMIG-
1)
3.70%.......................................... 11/07/00 2,000 2,000,000
California GO (A-1+, P-1)
3.85%.......................................... 12/05/00 5,000 5,000,000
California GO DN (Bayerische Landesbank Girozentrale LOC) (A-1C+)
3.98%.......................................... 11/07/00 14,995 14,995,000
California GO Series 2000X (First Union Bank LOC) (VMIG-1)
4.03%.......................................... 11/07/00 7,300 7,300,000
California Health Facilities Financing Authority (Adventist Health
System West-Sutter Health) Series 1991B DN (Toronto Dominion LOC)
(A-1+, VMIG-1)
4.00%.......................................... 11/07/00 3,500 3,500,000
California Health Facilities Financing Authority (Catholic
Healthcare West) Series 1988A DN (MBIA Insurance) (A-1+, VMIG-1)
3.85%.......................................... 11/07/00 1,700 1,700,000
California Health Facilities Financing Authority (Pooled Loan
Program) Series 1987A DN (FGIC Insurance) (VMIG-1)
4.10%.......................................... 11/07/00 100 100,000
</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 (Scripps Memorial
Hospital) Series 1985B DN (MBIA Insurance) (A-1+, VMIG-1)
4.00%.......................................... 11/07/00 $ 6,560 $ 6,560,000
California Health Facilities Financing Authority (Scripps Memorial
Hospital) Series 1991B DN (MBIA Insurance & Swiss Bank SBPA)
(A-1+, VMIG-1)
3.95%.......................................... 11/07/00 1,100 1,100,000
California Health Facilities Financing Authority (Scripps Memorial
Hospital) Series A DN (MBIA Insurance) (A-1+, VMIG-1)
3.95%.......................................... 11/07/00 3,000 3,000,000
California Housing Financing Agency Series L DN (FSA Insurance)
(A-1+, VMIG-1)
3.90%.......................................... 11/07/00 4,500 4,500,000
California Infrastructure & Economic RB Series 2000C (MBIA
Insurance) LOC (A-1+, VMIG-1)
3.75%.......................................... 10/31/00 16,600 16,600,000
California Pollution Control Financing Authority PCRB Series 1997A
DN (Toronto Dominion LOC) (A-1+)
4.50%.......................................... 11/01/00 600 600,000
California Pollution Control Financing Authority PCRB (Southern
California Edison Company Project) (A-1, P-1)
4.00%.......................................... 01/12/01 2,000 2,000,000
California School Facilities Financing Corporation (Capital
Improvement Project) Series B DN (Bayerische Landesbank
Girozentrale LOC) (VMIG-1)
4.00%.......................................... 11/07/00 1,840 1,840,000
California Statewide Communities Development Authority
Certificates of Participation (Covenant Retirement Communities,
Inc.) DN (ABN-AMRO Bank N.V. LOC) (A-1+, VMIG-1)
3.90%.......................................... 11/07/00 7,500 7,500,000
California Trust Receipts Series 1985 DN (FGIC Insurance) (SP-1+,
MIG-1)
3.95%.......................................... 11/07/00 12,365 12,365,000
</TABLE>
34
<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 Wastewater Systems (MBIA Insurance) (AAA, Aaa)
6.50%.......................................... 12/01/00 $ 1,000 $ 1,022,205
City of San Diego-San Diego Gas & Water RB (A-1+, VMIG-1)
3.70%.......................................... 02/22/01 2,000 2,000,000
City of Stockton IDRB (La Quinta Motor Inns) DN (Bank America LOC)
4.40%.......................................... 11/07/00 650 650,000
Corona Multifamily Housing RB (Country Hills Apartment Project)
Series 1995A DN (Bank America LOC) (A-1)
4.05%.......................................... 11/07/00 6,595 6,595,000
Dublin San Ramon Services District Sewer Authority Certificates of
Participation Series 2000 DN (MBIA Insurance)
4.00%.......................................... 11/02/00 4,000 4,000,000
Foothill-De Anza Community College GO
Series 2000 Y (VMIG-1)
3.68%.......................................... 11/07/00 8,175 8,175,000
Fresno County TRANS Series 2000-01 (SP-1+, VMIG-1)
5.00%.......................................... 07/02/01 8,000 8,038,826
Golden Empire Schools Financing Authority (Kern High School
District Project) Series A DN (Canadian Imperial Bank LOC) (A-1+)
3.70%.......................................... 11/07/00 7,355 7,355,000
Golden Empire Schools Financing Authority (Kern High School
District Project) Series B DN (National Westminster LOC) (A-1+)
3.70%.......................................... 11/07/00 9,700 9,700,000
Hayward Multifamily Housing Bonds (Shorewood Apartment Project)
Series A DN (FGIC Insurance) (VMIG-1)
4.00%.......................................... 11/07/00 2,700 2,700,000
Irvine Ranch Improvement Bond Act 1915 RB (Assessment District
Project) DN (Canadian Imperial Bank of Commerce LOC)
(A-1+, VMIG-1)
4.50%.......................................... 11/01/00 2,200 2,200,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
California (continued)
Irvine Ranch Water District Consolidated GO RB Series 1985B DN
(Landesbank Hessen-Thuringen Girozentrale LOC) (A-1+)
4.55%.......................................... 11/01/00 $ 2,400 $ 2,400,000
Irvine Ranch Water District (Orange County Project) Series 1993B
DN (Morgan Guaranty Trust LOC) (A-1+, VMIG-1)
4.55%.......................................... 11/01/00 1,300 1,300,000
Irvine Ranch Water District RB DN (Landesbank Hessen LOC) (A-1+)
4.50%.......................................... 11/01/00 1,500 1,500,000
Kern County Certificates of Participation (Kern Public Facilities
Project) Series B DN (Union Bank of Switzerland LOC) (VMIG-1)
3.90%.......................................... 11/07/00 3,300 3,300,000
Los Angeles Community Redevelopment Agency Multifamily Housing
Revenue Refunding Bonds Series 2000 DN (VMIG-1)
3.85%.......................................... 11/07/00 1,000 1,000,000
Los Angeles County Certificates of Partnership (Equipment & Real
Property Acquisition Program) (Kredietbank LOC) (AAA, Aaa)
4.00%.......................................... 12/01/00 2,470 2,470,681
Los Angeles County Department of Water & Power Series C DN (A-1+,
VMIG-1)
4.10%.......................................... 11/07/00 4,800 4,800,000
Los Angeles County Department of Water & Power Series F DN (A-1+,
VMIG-1)
3.80%.......................................... 11/07/00 5,000 5,000,000
Los Angeles County Multifamily Housing RB (Malibu Meadows Project)
Series 1998B DN (Federal National Mortgage Association) (A-1+)
4.05%.......................................... 11/07/00 5,600 5,600,000
Los Angeles County Pension Obligation Revenue Refunding Bonds
Series B DN (AMBAC Insurance) (A-1+, VMIG-1)
3.75%.......................................... 11/07/00 8,600 8,600,000
Los Angeles County Public Works Financing Authority Lease RB
Series 2000J DN (First Union Bank LOC) (VMIG-1)
4.03%.......................................... 11/07/00 5,000 5,000,000
</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)
Los Angeles County TRAN Series 2000A (SP-1+, MIG-1)
5.00%.......................................... 06/29/01 $ 12,000 $ 12,065,345
Los Angeles County TRAN Series 2000D (VMIG-1)
4.00%.......................................... 11/07/00 30,000 30,000,000
Los Angeles County Transportation Commission Sales Tax Revenue
Refunding Bonds Series 1992 DN (FGIC Insurance) (A-1+, VMIG-1)
3.75%.......................................... 11/07/00 6,700 6,700,000
Los Angeles County Unified School District Certificates of
Participation Series 1997A DN (Commerzbank LOC) (A-1+, VMIG-1)
4.00%.......................................... 11/07/00 13,800 13,800,000
Los Angeles County Unified School District Certificates of
Participation Series 2000B (Sp-1+)
4.50%.......................................... 10/01/01 10,000 10,058,589
Los Angeles County Unified School District Certificates of
Participation TRAN Series 2000A (SP-1+)
5.00%.......................................... 07/02/01 3,000 3,013,979
Los Angeles County Water and Power (Westdeutsche Landesbank
Girozentrale LOC) (A-1+, P-1)
4.00%.......................................... 01/16/01 2,800 2,800,000
Los Angeles Metropolitan Transportation Authority (Morgan Guaranty
Trust LOC) (A-1+, P-1)
3.60%.......................................... 02/09/01 10,000 10,000,000
Metropolitan Water District of Southern California Series A DN
(ABN-AMRO Bank N.V. LOC) (A-1+, VMIG-1)
3.95%.......................................... 11/07/00 4,795 4,795,000
Metropolitan Water District of Southern California Series B (A-1+,
P-1)
3.70%.......................................... 12/14/00 15,800 15,800,000
Oakland California Joint Power Financing Authority Lease RB Series
A-1 DN (Commerzbank LOC) (A-1)
4.05%.......................................... 11/07/00 5,000 5,000,000
Ontario Multifamily RB (Residential Park Center) DN (Royal Bank of
Canada LOC) (VMIG-1)
3.50%.......................................... 11/07/00 9,900 9,900,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
California (continued)
Orange County California Apartment Development Revenue Bonds
Series 1985V DN (Aa2, VMIG-1, Aa+, A-1+)
4.05%.......................................... 11/07/00 $ 5,000 $ 5,000,000
Pomona Redevelopment Agency Multifamily RB Series A DN (FNMA
Insurance) (A-1+)
4.00%.......................................... 11/07/00 9,100 9,100,000
Riverside County Certificates of Participation (Riverside County
Public Facility) Series 1985A DN (Commerzbank LOC) (A-1+, VMIG-1)
3.70%.......................................... 11/07/00 8,800 8,800,000
Riverside County Certificates of Participation (Riverside County
Public Facility) Series 1985D DN (Commerzbank LOC) (A-1+)
3.70%.......................................... 11/07/00 3,980 3,980,000
Rohnert Park Multifamily Housing Bonds (Crossbrook Apartments)
Series A DN (FNMA Insurance) (A-1+)
3.85%.......................................... 11/07/00 2,500 2,500,000
Sacramento County Sanitation District Financing Authority Series
2000
4.10%.......................................... 09/01/01 2,600 2,600,000
Sacramento County TRAN
5.00%.......................................... 10/04/01 2,000 2,021,435
Sacramento Municipal Utility District TECP (Bayerische Landesbank
Girozentrale LOC)
(A-1+, P-1)
3.70%.......................................... 11/17/00 5,000 5,000,000
3.75%.......................................... 11/17/00 4,000 4,000,000
3.90%.......................................... 01/17/01 2,000 2,000,000
Sacramento Municipal Utility District TECP Series 2000A
(Bayerische Landesbank Girozentrale LOC)
3.85%.......................................... 10/01/01 11,155 11,155,000
San Diego Multifamily Housing RB Series A DN (Fifth Third Bank
LOC) (A-1+)
3.95%.......................................... 11/07/00 4,100 4,100,000
San Diego Multifamily Housing RB Series 1985 DN (VMIG-1)
4.00%.......................................... 11/07/00 7,300 7,300,000
</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)
San Diego Multifamily Housing RB (University Tour Center
Apartments Project) DN (Bank America LOC) (A-1, VMIG-1)
4.00%.......................................... 11/07/00 $ 4,000 $ 4,000,000
San Diego Water Authority DN (A-1, P-1)
3.45%.......................................... 11/07/00 10,000 10,000,000
San Francisco Airport Commission (A-1+, P-1)
3.75%.......................................... 01/12/01 5,230 5,230,000
San Francisco Bay Area Transit Authority (A-1+, P-1)
3.65%.......................................... 12/07/00 5,000 5,000,000
San Francisco City & County Redevelopment Agency Multifamily
Housing RB (Filmore Center) DN (A-1+)
3.90%.......................................... 11/07/00 1,400 1,400,000
San Francisco City & County Redevelopment Agency Multifamily
Housing RB (South Harbor Project) DN (VMIG-1)
4.10%.......................................... 11/07/00 12,100 12,100,000
San Francisco Public Utility Commission (A-1+, P-1)
3.60%.......................................... 11/06/00 6,000 6,000,000
San Jose Multifamily Housing Bonds (Fairway Glen Project) Series A
DN (FGIC Insurance) (A-1+, VMIG-1)
4.00%.......................................... 11/07/00 4,980 4,980,000
San Jose Multifamily Housing Bonds (Timberwood Apartments Project)
Series 1995A DN (Wells Fargo Bank LOC) (VMIG-1)
3.80%.......................................... 11/07/00 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)
3.75%.......................................... 11/07/00 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)
3.75%.......................................... 11/07/00 15,600 15,600,000
Santa Ana Unified School District Public Facilities Series 1990 DN
(Banque Nationale de Paris LOC) (VMIG-1)
3.75%.......................................... 11/07/00 7,303 7,303,280
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
------------------------- ---------- -------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
California (continued)
Santa Clara Multifamily Housing Bonds (Fox Chase Project) DN (FGIC
Insurance) (A-1+, VMIG-1)
3.95%........................................ 11/07/00 $ 1,600 $ 1,600,000
Southern California Public Power Authority Subordinated Refunding
RB (Palo Verde Project) Series 1996B DN (A-1+, VMIG-1)
3.75%........................................ 11/07/00 10,300 10,300,000
Southern California Public Power Authority Subordinated Refunding
RB (Southern Transmission Project) Series 1991 DN (AMBAC
Insurance & Barclays LOC) (A-1+, VMIG-1)
3.75%........................................ 11/07/00 5,000 5,000,000
Southern California Public Power Authority Subordinated Refunding
RB (Southern Transmission Project) Series 1996B DN
(FSA Insurance) (A-1+, VMIG-1)
3.75%........................................ 11/07/00 5,200 5,200,000
Wateruse Finance Authority RB Series 1998 DN (FSA Insurance) (A-
1+)
3.75%........................................ 11/07/00 9,200 9,200,000
------------
519,335,290
------------
Guam--1.1%
Guam Power Authority TECP (Kredietbank LOC) (A-1, P-1)
3.95%........................................ 12/08/00 3,200 3,200,000
3.70%........................................ 03/08/2001 3,000 3,000,000
------------
6,200,000
------------
Puerto Rico--10.2%
ABN AMRO Munitops Series 2000 (Aaa)
3.90%........................................ 10/26/01 10,100 10,100,000
Commonwealth of Puerto Rico Highway & Transportation Authority RB
Series 2000B DN (MBIA Insurance) (VMIG-1)
4.03%........................................ 11/07/00 2,735 2,735,000
Commonwealth of Puerto Rico Infrastructure Finance Authority
Series 2000A DN (Societe Generale LOC) (A-1C+)
4.60%........................................ 11/01/00 1,100 1,100,000
Puerto Rico Electric Power Authority Series 43 DN (Societe
Generale LOC) (A-1+)
3.90%........................................ 11/07/00 8,900 8,900,000
</TABLE>
37
<PAGE>
California Money Fund Portfolio
Statement of Net Assets (Concluded)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- --------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Puerto Rico (continued)
Puerto Rico Electric Power Authority Series 44 DN (Societe
Generale LOC) (A-1+)
3.90%.......................................... 11/07/000 $ 5,600 $ 5,600,000
Puerto Rico Government Development Bank Series 1985 DN (Credit
Suisse LOC) (A-1+, VMIG-1)
3.85%.......................................... 11/07/00 9,332 9,332,000
Puerto Rico Government Development Bank TECP (A-1+, P-1)
3.90%.......................................... 12/07/00 5,014 5,014,000
4.00%.......................................... 01/26/01 9,000 9,000,000
Puerto Rico Industrial Tourist Education Medical & Environmental
Control Financing Authority (Ana G. Mendez University System
Project) DN (Banco de Santarder LOC) (A-1+)
3.85%.......................................... 11/07/00 1,500 1,500,000
Puerto Rico Industrial Tourist Education Medical & Environmental
Control Financing Authority (Ana G. Mendez Foundation Project) DN
(Bank of Tokyo-Mitsubishi LOC) (A-1+)
4.20%.......................................... 11/07/00 6,500 6,500,000
------------
59,781,000
------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $585,316,290*)....................................... 99.9% 585,316,290
OTHER ASSETS IN EXCESS OF LIABILITIES....................... 0.1 630,735
----- ------------
NET ASSETS (Equivalent to $1.00 per share based on
575,859,338 Institutional Shares and 10,213,984 Dollar
Shares Outstanding)........................................ 100.0% $585,947,025
===== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($585,947,025 / 586,073,322)............................... $1.00
=====
</TABLE>
--------
* Cost for federal income tax purposes.
** Variable Rate Obligations--The interest rate shown is as of October 31,
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
October 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- ------------ ----------
<S> <C> <C>
1-30 Days $455,290,280 77.8%
31-60 Days 37,484,000 6.4
61-90 Days 21,030,000 3.6
91-120 Days 12,000,000 2.1
121-150 Days 3,000,000 0.5
Over 150 Days 56,255,000 9.6
</TABLE>
Average Weighted Maturity--47 days
Investment Abbreviations:
<TABLE>
<C> <S>
DN Demand Note
GO General Obligation
IDRB Industrial Development Revenue Bonds
LOC Letter of Credit
PCRB Pollution Control Revenue Bond
RB Revenue Bond
TRAN Tax and Revenue Anticipation Notes
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 October 31, 2000. The ratings have not been
audited by the Independent Accountants and, therefore, are not covered by The
Report of Independent Accountants.
See accompanying notes to financial statements.
38
<PAGE>
Provident Institutional Funds
New York Money Fund Portfolio
Statement of Net Assets
October 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS--99.6%
New York--90.1%
City of New York GO DN (Chase Manhattan Bank LOC) (A-1+)
4.60%........................................... 11/01/00 $ 3,050 $ 3,050,000
City of New York GO DN (Morgan Guaranty Trust LOC) (A-1+, VMIG-1)
4.75%........................................... 11/01/00 100 100,000
City of New York GO Series 1995F-2 DN (Toronto Dominion LOC) (A-
1+, VMIG-1)
4.15%........................................... 11/07/00 6,450 6,450,000
City of New York GO Series 1995F-4 DN (Landesbank Hessen Thuringen
Girozentrale LOC) (A-1+, VMIG-1)
4.15%........................................... 11/07/00 1,900 1,900,000
City of New York GO Series 1995F-6 DN (Morgan Guaranty Trust LOC)
(A-1+, VMIG-1)
4.20%........................................... 11/07/00 3,000 3,000,000
City of New York GO Series A DN (Morgan Guaranty Trust LOC) (A-1+,
VMIG-1)
4.75%........................................... 11/01/00 1,150 1,150,000
City of New York GO Series B DN (FGIC Insurance) (A-1+, VMIG-1)
4.75%........................................... 11/01/00 100 100,000
City of New York GO Series B-2 DN (Morgan Guaranty Trust LOC) (A-
1+, VMIG-1)
4.75%........................................... 11/01/00 700 700,000
City of New York GO Series B-8 DN (Bayerishe Landesbank LOC) (A-
1+, VMIG-1)
4.20%........................................... 11/07/00 300 300,000
City of New York GO Series D-22 DN (FGIC Insurance) (A1+, VMIG-1)
4.20%........................................... 11/07/00 4,600 4,600,000
City of New York GO Series E-4 DN (State Street Bank LOC) (A-1+,
VMIG-1)
4.75%........................................... 11/01/00 1,000 1,000,000
City of New York GO Series E-5 DN (Morgan Guaranty Trust LOC) (A-
1+, VMIG-1)
4.75%........................................... 11/01/00 1,900 1,900,000
City of New York GO Series F-5 DN (Bayerische Landesbank
Girozentrale LOC) (A-1+, VMIG-1)
4.20%........................................... 11/07/00 5,000 5,000,000
City of New York GO Trust Receipts DN (Societe Generale) (A-1+)
4.40%........................................... 11/07/00 9,060 9,060,000
</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 Health & Hospital Corporation RB (Health System)
Series A DN (Morgan Guaranty Trust LOC) (A-1+, VMIG-1)
4.20%........................................... 11/07/00 $ 6,000 $ 6,000,000
City of New York Health & Hospital DN (Bank of New York LOC) (A-
1+, VMIG-1)
4.10%........................................... 11/07/00 1,200 1,200,000
City of New York Housing Development Corporation Multifamily
Housing RB (Carnegie Park Project) Series 1997A DN (Federal
National Mortgage Association) (A-1+)
4.20%........................................... 11/07/00 7,000 7,000,000
City of New York Housing Development Corporation Multifamily
Rental Housing RB (Monterey Project) Series 1997A DN
(Federal National Mortgage Association) (A-1+)
4.20%........................................... 11/07/00 11,100 11,100,000
City of New York Municipal Water & Sewer System Finance Authority
RB Series 2000C DN (A-1+, VMIG-1)
4.55%........................................... 11/01/00 9,700 9,700,000
City of New York Municipal Water Finance Authority DN (First Union
Bank LOC) (VMIG-1)
4.43%........................................... 11/07/00 5,000 5,000,000
City of New York Municipal Water Finance Authority Series 1994G DN
(FGIC Insurance)
(A-1+, VMIG-1)
4.60%........................................... 11/01/00 4,300 4,300,000
City of New York Tender Option Bonds DN (MBIA Insurance) (VMIG-1)
4.35%........................................... 11/07/00 7,000 7,000,000
City of New York Transitional Finance Authority Financing RB Eagle
Tax Exempt Trust Series 2000 DN (Citibank LOC) (A-1+)
4.35%........................................... 11/07/00 3,000 3,000,000
City of New York Transitional Finance Authority Financing RB
Future Tax Secured Bonds Series 1998A-1 DN (Morgan Guaranty Trust
LOC) (A-1+, VMIG-1)
4.20%........................................... 11/07/00 1,500 1,500,000
</TABLE>
39
<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)
City of New York Transitional Finance Authority Financing RB
Future Tax Secured Bonds Series 1998A-1 DN (Societe Generale LOC)
(VMIG-1)
4.20%........................................... 11/07/00 $ 2,400 $ 2,400,000
City of New York Transitional Finance Authority Financing RB
Future Tax Secured Bonds Series 1998A-2 DN (Bank of Nova Scotia
LOC) (VMIG-1)
4.20%........................................... 11/07/00 2,400 2,400,000
City of New York Transitional Finance Authority Financing RB
Future Tax Secured Bonds Series1998A-2 DN (Morgan Guaranty Trust
SBPA) (A-1+, VMIG-1)
4.20%........................................... 11/07/00 500 500,000
City of New York Transitional Finance Authority Financing RB
Future Tax Secured Bonds Series 1998C DN (Bayerische Landesbank
Girozentrale LOC) (A-1+, VMIG-1)
4.60%........................................... 11/01/00 850 850,000
City of New York Transitional Finance Authority Financing RB
Future Tax Secured BondsSeries 1999B-2 DN (Banc One LOC) (A-1+,
VMIG-1)
4.60%........................................... 11/01/00 1,000 1,000,000
Dobbs Ferry University School District Free BAN Series 2000
4.60%........................................... 07/16/01 1,850 1,854,302
Dormitory Authority of the State of New York RB (Beverwyck Inc.)
DN (Banque Paribas LOC) (P-1)
4.20%........................................... 11/07/00 7,000 7,000,000
Dormitory Authority of the State of New York RB (Cornell
University) DN (Morgan Guaranty SPA) (SP-1+, VMIG-1)
4.50%........................................... 11/01/00 600 600,000
Dormitory Authority of the State of New York RB (MBIA Insurance)
DN (A-1, VMIG-1)
4.10%........................................... 11/07/00 2,400 2,400,000
Dormitory Authority of the State of New York RB (Metropolitan
Museum of Art) Series 1993A DN (A-1+, VMIG-1)
4.10%........................................... 11/07/00 1,063 1,063,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
New York (continued)
Dormitory Authority of the State of New York RB (Rockefeller
University) Series 1998A DN (A-1+, VMIG-1)
4.10%........................................... 11/07/00 $ 9,500 $ 9,500,000
Franklin County IDA Civic Facility RB (Paul Smith's College
Project) Series 1998 DN (Key Bank N.A. LOC)
4.45%........................................... 11/07/00 4,200 4,200,000
Holland Patent Central School District BAN Series 2000
4.50%........................................... 02/22/01 1,438 1,438,903
Liverpool Central School District BAN Series 2000
4.85%........................................... 07/12/01 6,000 6,013,891
Long Island Power Authority Electric System DN (MBIA Insurance)
(A-1+, VMIG-1)
4.20%........................................... 11/07/00 2,800 2,800,000
Long Island Power Authority Electric System Subordinated RB DN
(Bayerische Landesbank Girozentrale LOC) (A-1+, VMIG-1)
4.20%........................................... 11/07/00 7,100 7,100,000
Long Island Power Authority Electric System Subordinated RB DN
(Morgan Guaranty Trust LOC) (A-1+, VMIG-1)
4.55%........................................... 11/01/00 1,300 1,300,000
Massapequa Unified School District BAN
5.00%........................................... 06/26/01 4,500 4,515,967
Metropolitan Transportation Authority DN (First Union Bank LOC)
(VMIG-1)
4.43%........................................... 11/07/00 5,000 5,000,000
Monroe County IDA (Electronic Navigation Industries) MB (AA-)
4.60%........................................... 07/02/01 2,290 2,290,000
Nassau County IDA Civic Facility Refunding & Improvement RB (Cold
Spring Harbor Laboratory Project) DN (Morgan Guaranty Trust LOC)
(A-1+)
4.50%........................................... 11/01/00 10,450 10,450,000
New York Local Government Assistance Corporation Bond Series DN
(Toronto Dominion LOC) (A-1+, VMIG-1)
4.05%........................................... 11/07/00 2,500 2,500,000
</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)
New York Local Government Assistance Corporation Bonds Series
1993A DN (Union Bank of Switzerland LOC) (A-1+, VMIG-1)
4.15%........................................... 11/07/00 $ 2,075 $ 2,075,000
New York Local Government Assistance Corporation Bonds Series
1994B DN (Credit Suisse LOC) (A-1+, VMIG-1)
4.10%........................................... 11/07/00 5,000 5,000,000
New York Local Government Assistance Corporation Bonds Series
1995G DN (National Westminster LOC) (A-1+, VMIG-1)
4.00%........................................... 11/07/00 4,300 4,300,000
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
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 1994D DN
(FNB Chicago LOC) (A-1+, VMIG-1)
4.55%........................................... 11/01/00 200 200,000
New York State Energy, Research & Development Authority PCRB (New
York State Electric & Gas Corporation Project) Series 1994D-2 DN
(Bank One N.A. LOC) (A-1+, VMIG-1)
4.65%........................................... 11/01/00 4,200 4,200,000
New York State Energy, Research & Development Authority PCRB
(Niagara Mohawk Power Corporation) Series 1985A DN
(Toronto Dominion LOC) (A-1, VMIG-1)
4.75%........................................... 11/01/00 2,100 2,100,000
New York State Energy, Research & Development Authority PCRB
(Niagara Mohawk Power Corporation) Series 1985C DN (Bank One LOC)
(P-1)
4.60%........................................... 11/01/00 1,400 1,400,000
</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
(Niagara Mohawk Power Corporation) Series 1987A DN
(Morgan Guaranty Trust LOC)
4.50%........................................... 11/01/00 $ 300 $ 300,000
New York State Energy, Research & Develpoment Authority PCRB
(Orange & Rockland Utilities Incorporated Project) Series 1995A
DN (AMBAC Insurance) (A-1+, VMIG-1)
4.00%........................................... 11/07/00 5,750 5,750,000
New York State Housing Finance Agency (Liberty View Apartments)
Series 1997A DN (Federal National Mortgage Association) (A-1+)
4.20%........................................... 11/07/00 1,900 1,900,000
New York State Housing Finance Agency Multifamily Housing RB
Series 1988A DN (AMBAC Insurance) (A-1+, VMIG-1)
4.50%........................................... 11/07/00 700 700,000
New York State Housing Finance Agency Service Contract Obligation
RB Series 1998A DN (Commerzbank LOC) (A-1+, VMIG-1)
4.00%........................................... 11/01/00 5,400 5,400,000
New York State Housing Finance Authority RB (Normandie Court I)
Series 1991 DN (Society Generale LOC) (A-1+, VMIG-1)
4.20%........................................... 11/07/00 3,700 3,700,000
New York State Power Authority Revenue & General Purpose Bonds
Series 1985
4.30%........................................... 09/04/01 8,000 8,000,000
New York State Power Authority TECP (Morgan Guaranty Trust LOC)
(A-1, P-1)
4.20%........................................... 11/06/00 15,200 15,200,000
New York State Power Authority TECP (Toronto Dominion LOC) (A-1,
P-1)
4.20%........................................... 12/11/00 10,000 10,000,000
Newark Central School District BAN
4.63%........................................... 01/26/01 4,000 4,004,370
Niagara County IDA Solid Waste Disposal Facility RB (American Fuel
Company of Niagara L.P.) Series 1994 A DN (Wachovia Bank LOC)
(A-1, P-1)
4.25%........................................... 11/07/00 810 810,000
</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 Falls Toll Bridge Commission RB Series 1993A DN (FGIC
Insurance & Credit Local de France SBPA) (A-1+, VMIG-1)
4.00%........................................... 11/07/00 $ 1,000 $ 1,000,000
North Tonawanda BAN Series 2000
5.00%........................................... 07/12/01 2,437 2,445,079
Oyster Bay BAN Series 2000E
5.00%........................................... 09/28/01 4,455 4,475,291
Port Authority of New York & New Jersey (Versatile Structure
Obligations) DN (Bayerische Landebank Girozentrale LOC) (A-1+,
VMIG-1)
4.60%........................................... 11/01/00 800 800,000
Southwestern Central School District BAN
4.25%........................................... 12/08/00 3,000 3,000,726
Suffolk County Water Authority DN (Bank of Nova Scotia LOC) (VMIG-
1)
4.10%........................................... 11/07/00 4,500 4,500,000
Triborough Bridge & Tunnel Authority Series S MB (Escrowed in U.S.
Government Securities) (Aaa)
7.00%........................................... 01/01/01 1,000 1,011,548
------------
273,858,077
------------
Puerto Rico--9.5%
Puerto Rico Electric Power Authority Series 43 DN (Societe
Generale LOC) (A-1+)
3.90%........................................... 11/07/00 9,700 9,700,000
Puerto Rico Electric Power Authority Series 44 DN (Societe
Generale LOC) (A-1+)
3.90%........................................... 11/07/00 3,300 3,300,000
Puerto Rico Government Development Bank Series 1985 DN (MBIA
Insurance, Credit Suisse SBPA)
(A-1+, VMIG-1)
3.85%........................................... 11/07/00 12,050 12,050,000
Puerto Rico Highway & Transportation Authority RB Series 1998A DN
(AMBAC Insurance) (A-1+, VMIG-1)
3.90%........................................... 11/07/00 300 300,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Puerto Rico (continued)
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+)
3.85%........................................... 11/07/00 $ 3,500 $ 3,500,000
------------
28,850,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $302,708,077*)...................................... 99.6% 302,708,077
OTHER ASSETS IN EXCESS OF LIABILITIES...................... 0.4 1,133,182
----- ------------
NET ASSETS (Equivalent to $1.00 per share based on
302,211,111 Institutional Shares and 1,647,327 Dollar
Shares outstanding)....................................... 100.0% $303,841,259
===== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($303,841,259 / 303,858,438).............................. $1.00
=====
</TABLE>
--------
* Cost for federal income tax purposes.
** Variable Rate Obligations- The interest rate shown is as of October 31,
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
October 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
Percentage
Maturity of
Period Par (000) Portfolio
-------- --------- ----------
<S> <C> <C>
1-30 Days $243,358,000 80.4%
31-60 Days 15,300,000 5.1
61-90 Days 5,000,000 1.7
'91-120 Days 1,437,629 0.5
121-150 Days 8,000,000 2.6
Over 150 Days 29,532,000 9.7
</TABLE>
Average Weighted Maturity--39 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
RB Revenue Bond
</TABLE>
The Moody's Investor Service, Inc. and Standard & Poor's Rating Service ratings
of the investmentsin the various Portfolios are believed to be the most recent
ratings available at October 31, 2000. The ratings have not been audited by the
Independent Accountants and, therefore, are not covered by the Report of
Independent Accountants.
See accompanying notes to financial statements.
43
<PAGE>
Provident Institutional Funds
Statements of Operations
Year Ended October 31, 2000
<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........ $1,025,320,461 $204,972,616 $66,885,946 $187,673,106 $11,697,845 $67,508,979
-------------- ------------ ----------- ------------ ----------- -----------
Expenses:
Investment advisory
fee................... 14,687,862 4,686,062 1,336,320 3,927,630 240,278 1,481,376
Administration fee..... 14,687,862 4,686,062 1,336,320 3,927,630 240,278 1,481,376
Custodian fee.......... 1,440,784 402,631 192,565 380,917 50,851 216,262
Transfer agent fee..... 925,116 66,656 54,516 175,935 18,555 76,405
Legal fees............. 182,096 56,871 27,132 57,426 21,859 30,983
Audit fees............. 128,554 28,344 12,000 15,718 12,171 11,270
Printing............... 97,700 25,898 6,592 17,454 5,302 7,317
Registration fees and
expenses.............. 108,939 61,573 23,182 57,899 30,037 28,677
Trustees' fees and
expenses.............. 20,622 29,775 32,242 32,220 27,206 31,842
Other.................. 259,136 41,853 35,820 68,771 16,605 35,130
-------------- ------------ ----------- ------------ ----------- -----------
32,538,671 10,085,725 3,056,689 8,661,600 663,142 3,400,638
Service Organization
fees--Dollar Shares.... 1,559,251 1,008,870 272,800 1,476,904 40,645 817,042
Service Organization
fees--Cash Management
Shares................. 102,230 -- -- 265,030 -- --
Service Organization
fees--Cash Reserve
Shares................. 266,843 -- -- -- -- --
-------------- ------------ ----------- ------------ ----------- -----------
1,928,324 1,008,870 272,800 1,741,934 40,645 817,042
-------------- ------------ ----------- ------------ ----------- -----------
Total expenses.......... 34,466,995 11,094,595 3,329,489 10,403,534 703,787 4,217,680
-------------- ------------ ----------- ------------ ----------- -----------
Less fees waived........ (3,255,600) (4,261,283) (906,690) (2,384,479) (277,845) (1,023,001)
Less fees paid
indirectly............. -- -- (3,412) (157,795) -- --
-------------- ------------ ----------- ------------ ----------- -----------
(3,255,600) (4,261,283) (910,102) (2,542,274) (277,845) (1,023,001)
-------------- ------------ ----------- ------------ ----------- -----------
Net expenses............ 31,211,395 6,833,312 2,419,387 7,861,260 425,942 3,194,679
-------------- ------------ ----------- ------------ ----------- -----------
Net investment income... 994,109,066 198,139,304 64,466,559 179,811,846 11,271,903 64,314,300
Realized gain (loss) on
investments:
Net realized gain
(loss) from security
transactions.......... (248,823) (239,142) 26,891 (68,312) 19,645 (143,186)
-------------- ------------ ----------- ------------ ----------- -----------
Net increase in net
assets resulting from
operations............ $ 993,860,243 $197,900,162 $64,493,450 $179,743,534 $11,291,548 $64,171,114
============== ============ =========== ============ =========== ===========
</TABLE>
See accompanying notes to financial statements.
44
<PAGE>
Provident Institutional Funds
Statements of Operations
Year Ended October 31, 2000
<TABLE>
<CAPTION>
California New York
MuniFund MuniCash Money Fund Money Fund
Portfolio Portfolio Portfolio Portfolio
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Investment Income:
Interest income........... $25,376,568 $18,115,465 $21,180,724 $11,485,495
----------- ----------- ----------- -----------
Expenses:
Invesment advisory fee.... 1,115,908 773,893 1,227,525 604,475
Administration fee........ 1,115,908 773,893 1,227,525 604,475
Custodian fee............. 133,543 101,441 130,056 73,115
Transfer agent fee........ 71,746 36,272 28,132 21,487
Legal fees................ 26,419 24,161 24,213 20,969
Audit fees................ 11,965 13,731 12,697 13,431
Printing.................. 6,595 5,353 7,038 6,779
Registration fees and
expenses................. 59,021 17,978 6,343 2,206
Trustees' fees and
expenses................. 32,631 32,435 32,445 27,623
Other..................... 20,592 12,136 16,179 10,964
----------- ----------- ----------- -----------
2,594,328 1,791,293 2,712,153 1,385,524
Service Organization fees--
Dollar Shares............. 154,315 317,374 27,387 2,497
Service Organization fees--
Cash Management Shares.... 19,831 -- -- --
Service Organization fees--
Cash Reserve Shares....... 20,565 -- -- --
----------- ----------- ----------- -----------
194,711 317,374 27,387 2,497
----------- ----------- ----------- -----------
Total expenses............. 2,789,039 2,108,667 2,739,540 1,388,021
----------- ----------- ----------- -----------
Less fees waived........... (1,319,007) (906,846) (1,484,630) (781,051)
Less fees paid indirectly.. (47,998) (15,175) (26,204) (20,069)
----------- ----------- ----------- -----------
(1,367,005) (922,021) (1,510,834) (801,120)
----------- ----------- ----------- -----------
Net expenses............... 1,422,034 1,186,646 1,228,706 586,901
----------- ----------- ----------- -----------
Net investment income...... 23,954,534 16,928,819 19,952,018 10,898,594
----------- ----------- ----------- -----------
Realized gain (loss) on
investments:
Net realized gain (loss)
from security
transactions............. (13,752) (21,869) 4,413 5,407
Increase in amortized
market discount.......... -- 4,815 -- --
----------- ----------- ----------- -----------
Net gain (loss) on
investments.............. (13,752) (17,054) 4,413 5,407
----------- ----------- ----------- -----------
Net increase in net assets
resulting from operations. $23,940,782 $16,911,765 $19,956,431 $10,904,001
=========== =========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
45
<PAGE>
Provident Institutional Funds
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
TempFund Portfolio
----------------------------------------------------
Year Ended One Month Ended
October 31, October 31, Year Ended
2000 1999 September 30, 1999
--------------- --------------- ------------------
<S> <C> <C> <C>
Increase (decrease)
in net assets:
Operations:
Net investment
income.......... $ 994,109,066 $ 67,024,490 $ 650,787,946
Net gain (loss)
on investments.. (248,823) -- 50,928
--------------- --------------- ---------------
Net increase in
net assets
resulting from
operations...... 993,860,243 67,024,490 650,838,874
--------------- --------------- ---------------
Distributions to
shareholders:
From net
investment
income:
TempFund
Institutional
Shares.......... (951,788,932) (64,950,049) (631,844,393)
TempFund Dollar
Shares.......... (37,047,225) (2,011,692) (18,827,954)
TempFund Cash
Management
Shares.......... (1,162,297) (62,749) (115,599)
TempFund Cash
Reserve Shares.. (4,110,612) -- --
TempCash
Institutional
Shares.......... -- -- --
TempCash Dollar
Shares.......... -- -- --
--------------- --------------- ---------------
Total
distributions
to
shareholders... (994,109,066) (67,024,490) (650,787,946)
--------------- --------------- ---------------
Increase
(decrease) in
net assets
derived from
capital share
transactions.... 2,586,116,104 1,788,268,757 2,567,515,101
--------------- --------------- ---------------
Total increase
(decrease) in
net assets..... 2,585,867,281 1,788,268,757 2,567,566,029
Net assets:
Beginning of
period.......... 14,344,802,117 12,556,533,360 9,988,967,331
--------------- --------------- ---------------
End of period.... $16,930,669,398 $14,344,802,117 $12,556,533,360
--------------------------------------------------
=============== =============== ===============
<CAPTION>
TempCash Portfolio
----------------------------------------------------
Year Ended One Month Ended Year Ended
October 31, 2000 October 31, 1999 September 30, 1999
---------------- ---------------- ------------------
<S> <C> <C> <C>
Increase (decrease)
in net assets:
Operations:
Net investment
income.......... $ 198,139,304 $ 10,587,379 $ 171,864,093
Net gain (loss)
on investments.. (239,142) -- (128,638)
---------------- ---------------- ------------------
Net increase in
net assets
resulting from
operations...... 197,900,162 10,587,379 171,735,455
---------------- ---------------- ------------------
Distributions to
shareholders:
From net
investment
income:
TempFund
Institutional
Shares.......... -- -- --
TempFund Dollar
Shares.......... -- -- --
TempFund Cash
Management
Shares.......... -- -- --
TempFund Cash
Reserve Shares.. -- -- --
TempCash
Institutional
Shares.......... (174,383,527) (8,898,995) (151,905,646)
TempCash Dollar
Shares.......... (23,755,777) (1,688,384) (19,958,447)
---------------- ---------------- ------------------
Total
distributions
to
shareholders... (198,139,304) (10,587,379) (171,864,093)
---------------- ---------------- ------------------
Increase
(decrease) in
net assets
derived from
capital share
transactions.... 1,860,530,051 6,225,835 (656,158,328)
---------------- ---------------- ------------------
Total increase
(decrease) in
net assets..... 1,860,290,909 6,225,835 (656,286,966)
Net assets:
Beginning of
period.......... 2,352,861,602 2,346,635,767 3,002,922,733
---------------- ---------------- ------------------
End of period.... $4,213,152,511 $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
--------------------------------- ---------------------------------
Year Ended Year Ended Year Ended Year Ended
October 31, 2000 October 31, 1999 October 31, 2000 October 31, 1999
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income.................................. $ 64,466,559 $ 46,197,993 $ 179,811,846 $ 165,295,342
Net gain (loss) on investments......................... 26,891 17,942 (68,312) (13,212)
-------------- ------------- -------------- --------------
Net increase in net assets resulting from operations... 64,493,450 46,215,935 179,743,534 165,282,130
-------------- ------------- -------------- --------------
Distributions to shareholders:
From net investment income:
FedFund Institutional Shares........................... (57,933,919) (44,821,647) -- --
FedFund Dollar Shares.................................. (6,532,640) (1,376,346) -- --
T-Fund Institutional Shares............................ -- -- (144,322,710) (134,576,688)
T-Fund Dollar Shares................................... -- -- (32,679,214) (30,677,701)
T-Fund Cash Management Shares.......................... -- -- (2,809,922) (40,953)
-------------- ------------- -------------- --------------
Total distributions to shareholders................... (64,466,559) (46,197,993) (179,811,846) (165,295,342)
-------------- ------------- -------------- --------------
Increase (decrease) in net assets derived from capital
share transactions.................................... 839,361,750 (370,100,898) (110,587,557) (308,040,217)
-------------- ------------- -------------- --------------
Total increase (decrease) in net assets............... 839,388,641 (370,082,956) (110,655,869) (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.......................................... $1,616,743,350 $ 777,354,709 $2,902,677,118 $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
-------------------------- ------------------------------
Year Ended Year Ended Year Ended Year Ended
October 31, October 31, October 31, October 31,
2000 1999 2000 1999
------------ ------------ -------------- --------------
<S> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income.............................................. $ 11,271,903 $ 13,591,905 $ 64,314,300 $ 57,263,241
Net gain (loss) on investments..................................... 19,645 9,118 (143,186) (69,222)
------------ ------------ -------------- --------------
Net increase in net assets resulting from operations............... 11,291,548 13,601,023 64,171,114 57,194,019
------------ ------------ -------------- --------------
Distributions to shareholders:
From net investment income:
Federal Trust Fund Institutional Shares............................ (10,361,486) (12,211,729) -- --
Federal Trust Fund Dollar Shares................................... (910,417) (1,380,176) -- --
Treasury Trust Fund Institutional Shares........................... -- -- (47,177,619) (38,151,639)
Treasury Trust Fund Dollar Shares.................................. -- -- (17,136,681) (19,111,602)
------------ ------------ -------------- --------------
Total distributions to shareholders............................... (11,271,903) (13,591,905) (64,314,300) (57,263,241)
------------ ------------ -------------- --------------
Decrease in net assets derived from capital share transactions..... (95,306,918) (72,338,870) (67,755,622) (337,924,844)
------------ ------------ -------------- --------------
Total decrease in net assets...................................... (95,287,273) (72,329,752) (67,898,808) (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...................................................... $151,596,041 $246,883,314 $1,157,239,834 $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
-----------------------------------------
Year Ended Eleven Months Year Ended
October 31, Ended October November 30,
2000 31, 1999 1998
------------ ------------- ------------
<S> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income.................... $ 23,954,534 $ 16,799,387 $ 19,543,173
Net gain (loss) on investments........... (13,752) (30,617) (28,931)
------------ ------------ ------------
Net increase in net assets resulting from
operations.............................. 23,940,782 16,768,770 19,514,242
------------ ------------ ------------
Distributions to shareholders:
From net investment income:
MuniFund Institutional Shares............ (21,441,598) (15,393,321) (17,790,533)
MuniFund Dollar Shares................... (2,190,900) (1,381,220) (1,752,640)
MuniFund Cash Management Shares.......... (132,208) (24,846) --
MuniFund Cash Reserve Shares............. (189,828) -- --
MuniCash Institutional Shares............ -- -- --
MuniCash Dollar Shares................... -- -- --
------------ ------------ ------------
Total distributions to shareholders..... (23,954,534) (16,799,387) (19,543,173)
------------ ------------ ------------
Increase (decrease) in net assets derived
from capital share transactions......... 148,174,164 22,517,403 (84,655,277)
------------ ------------ ------------
Total increase (decrease) in net
assets................................. 148,160,412 22,486,786 (84,684,208)
Net assets:
Beginning of period...................... 541,983,192 519,496,406 604,180,614
------------ ------------ ------------
End of period............................ $690,143,604 $541,983,192 $519,496,406
--------------------------------------------------
============ ============ ============
<CAPTION>
MuniCash Portfolio
------------------------------------------
Year Ended Eleven Months Year Ended
October 31, Ended October November 30,
2000 31, 1999 1998
------------- -------------- -------------
<S> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income.................... $ 16,928,819 $ 13,139,776 $ 19,198,090
Net gain (loss) on investments........... (17,054) (28,571) 22,258
------------- -------------- -------------
Net increase in net assets resulting from
operations.............................. 16,911,765 13,111,205 19,220,348
------------- -------------- -------------
Distributions to shareholders:
From net investment income:
MuniFund Institutional Shares............ -- -- --
MuniFund Dollar Shares................... -- -- --
MuniFund Cash Management Shares.......... -- -- --
MuniFund Cash Reserve Shares............. -- -- --
MuniCash Institutional Shares............ (12,313,669) (10,189,371) (15,680,768)
MuniCash Dollar Shares................... (4,615,150) (2,950,405) (3,517,322)
------------- -------------- -------------
Total distributions to shareholders..... (16,928,819) (13,139,776) (19,198,090)
------------- -------------- -------------
Increase (decrease) in net assets derived
from capital share transactions......... (31,006,787) (160,400,824) 43,865,954
------------- -------------- -------------
Total increase (decrease) in net
assets................................. (31,023,841) (160,429,395) 43,888,212
Net assets:
Beginning of period...................... 431,228,853 591,658,248 547,770,036
------------- -------------- -------------
End of period............................ $400,205,012 $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
--------------------------------------------------
Nine Months
Year Ended Ended Year Ended
October 31, 2000 October 31, 1999 January 31, 1999
---------------- ---------------- ----------------
<S> <C> <C> <C>
Increase (decrease) in
net assets:
Operations:
Net investment income. $ 19,952,018 $ 12,783,083 $ 20,026,954
Net gain (loss) on
investments.......... 4,413 4,829 13,414
------------ ------------- ------------
Net increase in net
assets resulting from
operations........... 19,956,431 12,787,912 20,040,368
------------ ------------- ------------
Distributions to
shareholders:
From net investment
income:
California Money Fund
Institutional
Shares............... (19,625,241) (12,291,399) (16,653,422)
California Money Fund
Dollar Shares........ (326,777) (491,684) (3,373,532)
New York Money Fund
Institutional
Shares............... -- -- --
New York Money Fund
Dollar Shares........ -- -- --
------------ ------------- ------------
Total distributions
to shareholders..... (19,952,018) (12,783,083) (20,026,954)
------------ ------------- ------------
Increase (decrease) in
net assets derived
from capital share
transactions......... 34,178,749 (137,011,893) 97,871,065
------------ ------------- ------------
Total increase
(decrease) in net
assets.............. 34,183,162 (137,007,064) 97,884,479
Net assets:
Beginning of period... 551,763,863 688,770,927 590,886,448
------------ ------------- ------------
End of period......... $585,947,025 $ 551,763,863 $688,770,927
--------------------------------------------------
============ ============= ============
<CAPTION>
New York Money Fund Portfolio
------------------------------------------------
Three Months
Year Ended Ended Year Ended
October 31, 2000 October 31, 1999 July 31, 1999
---------------- ---------------- --------------
<S> <C> <C> <C>
Increase (decrease) in
net assets:
Operations:
Net investment income. $ 10,898,594 $ 2,373,602 $ 9,389,877
Net gain (loss) on
investments.......... 5,407 -- (1,390)
---------------- ---------------- --------------
Net increase in net
assets resulting from
operations........... 10,904,001 2,373,602 9,388,487
---------------- ---------------- --------------
Distributions to
shareholders:
From net investment
income:
California Money Fund
Institutional
Shares............... -- -- --
California Money Fund
Dollar Shares........ -- -- --
New York Money Fund
Institutional
Shares............... (10,862,081) (2,373,602) (9,389,877)
New York Money Fund
Dollar Shares........ (36,513) -- --
---------------- ---------------- --------------
Total distributions
to shareholders..... (10,898,594) (2,373,602) (9,389,877)
---------------- ---------------- --------------
Increase (decrease) in
net assets derived
from capital share
transactions......... (19,410,717) 27,518,947 (22,361,832)
---------------- ---------------- --------------
Total increase
(decrease) in net
assets.............. (19,405,310) 27,518,947 (22,363,222)
Net assets:
Beginning of period... 323,246,569 295,727,622 318,090,844
---------------- ---------------- --------------
End of period......... $303,841,259 $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 Institutional Shares
------------------------------------------------------------------------
One Month
Year Ended Ended Year Ended September 30,
October 31, October 31, -------------------------------------------
2000 1999 1999 1998 1997 1996
----------- ----------- ---------- --------- --------- ---------
<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.......... 0.0611 0.0045 0.0495 0.0549 0.0539 0.0541
---------- ---------- ---------- --------- --------- ---------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0611) (0.0045) (0.0495) (0.0549) (0.0539) (0.0541)
---------- ---------- ---------- --------- --------- ---------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========= ========= =========
Total Return..... 6.28% 5.42%/2/ 5.06% 5.63% 5.53% 5.55%
Ratios/Supplemental
Data:
Net Assets, End
of Period $(000). 15,862,970 13,884,164 12,045,566 9,686,491 8,060,501 5,715,004
Ratio of Expenses
to Average Daily
Net Assets/1/ ... 0.18% 0.18%/2/ 0.18% 0.18% 0.18% 0.18%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 6.12% 5.31%/2/ 4.96% 5.50% 5.39% 5.41%
<CAPTION>
TempFund Dollar Shares
-------------------------------------------------------------
One Month
Year Ended Ended Year Ended September 30,
October 31, October 31, -----------------------------------
2000 1999 1999 1998 1997 1996
----------- ------------- -------- -------- -------- --------
<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.......... 0.0586 0.0043 0.0470 0.0524 0.0514 0.0516
----------- ------------- -------- -------- -------- --------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0586) (0.0043) (0.0470) (0.0524) (0.0514) (0.0516)
----------- ------------- -------- -------- -------- --------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ============= ======== ======== ======== ========
Total Return..... 6.02% 5.15%/2/ 4.81% 5.38% 5.27% 5.30%
Ratios/Supplemental
Data:
Net Assets, End
of Period $(000). 815,132 446,569 497,178 302,476 355,284 162,119
Ratio of Expenses
to Average Daily
Net Assets/1/ ... 0.43% 0.43%/2/ 0.43% 0.43% 0.43% 0.43%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 5.94% 5.06%/2/ 4.71% 5.25% 5.14% 5.16%
</TABLE>
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .20% for the year
ended October 31, 2000, .20% (annualized) for the one month ended October
31, 1999 and .22%, .23%, .24% and 26% for the years ended September 30,
1999, 1998, 1997, 1996, respectively, for TempFund Institutional Shares and
.45% for the year ended October 31, 2000, .45% (annualized) for the one
month ended October 31, 1999 and .47%, .48%, .49% and .51% for the years
ended September 30, 1999, 1998, 1997 and 1996, 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 June
One Month 14, 1999/1/
Year Ended Ended Through
October 31, October 31, September 30,
2000 1999 1999
----------- ----------- -------------
<S> <C> <C> <C>
Net Asset Value, Beginning of Period.. $ 1.00 $ 1.00 $ 1.00
------- ------- -------
Income From Investment Operations:
Net Investment Income................ 0.0561 0.0041 0.0135
------- ------- -------
Less Distributions:
Dividends to Shareholders From Net
Investment Income.................... (0.0561) (0.0041) (0.0135)
------- ------- -------
Net Asset Value, End of Period........ $ 1.00 $ 1.00 $ 1.00
======= ======= =======
Total Return.......................... 5.75% 4.92%/2/ 4.60%/2/
Ratios/Supplemental Data:
Net Assets, End of Period $(000)...... 30,242 14,069 13,789
Ratio of Expenses to Average Daily Net
Assets/3/ ............................ 0.68% 0.68%/2/ 0.68%/2/
Ratio of Net Investment Income to
Average Daily Net Assets.............. 5.68% 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% for the year ended October 31, 2000, .70% (annualized)
for the 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>
Temp Fund Cash Reserve Shares
-----------------------------
For the Period
May 30, 2000/1
/ Through
October 31, 2000
----------------
<S> <C>
Net Asset Value, Beginning of Period............. $ 1.00
--------
Income From Investment Operations:
Net Investment Income........................... 0.0258
--------
Less Distributions:
Dividends to Shareholders From Net Investment
Income.......................................... (0.0258)
--------
Net Asset Value, End of Period................... $ 1.00
========
Total Return..................................... 6.24%/2/
Ratios/Supplemental Data:
Net Assets, End of Period $(000)................. 222,325
Ratio of Expenses to Average Daily Net
Assets/3/ ....................................... 0.58%/2/
Ratio of Net Investment Income to Average Daily
Net Assets....................................... 6.16%/2/
</TABLE>
----
/1/Commencement of Operations
/2/Annualized.
/3/Without the waiver of advisory and administration fees, the ration of
expenses to average daily net assets for TempFund Cash Reserve Shares would
have been .60% (annualized) for the period ended October 31, 2000.
See accompanying notes to financial statements.
53
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
TempCash Institutional Shares
---------------------------------------------------------------------
One Month
Year Ended Ended Year Ended September 30,
October 31, October 31, ------------------------------------------
2000 1999 1999 1998 1997 1996
----------- ----------- --------- --------- --------- ---------
<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.......... 0.0613 0.0044 0.0496 0.0552 0.0541 0.0542
--------- --------- --------- --------- --------- ---------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0613) (0.0044) (0.0496) (0.0552) (0.0541) (0.0542)
--------- --------- --------- --------- --------- ---------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ========= ========= =========
Total Return..... 6.30% 5.31%/2/ 5.07% 5.66% 5.55% 5.56%
Ratios/Supplemental
Data:
Net Assets, End
of Period $(000). 3,785,528 1,951,436 1,968,626 2,499,114 1,991,037 1,835,326
Ratio of Expenses
to Average Daily
Net Assets/1/ ... 0.18% 0.18%/2/ 0.18% 0.18% 0.18% 0.18%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 6.18% 5.19%/2/ 4.95% 5.52% 5.41% 5.42%
<CAPTION>
TempCash Dollar Shares
-------------------------------------------------------------
One Month
Year Ended Ended Year Ended September 30,
October 31, October 31, -----------------------------------
2000 1999 1999 1998 1997 1996
----------- ------------- -------- -------- -------- --------
<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.......... 0.0588 0.0042 0.0471 0.0527 0.0516 0.0517
----------- ------------- -------- -------- -------- --------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0588) (0.0042) (0.0471) (0.0527) (0.0516) (0.0517)
----------- ------------- -------- -------- -------- --------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ============= ======== ======== ======== ========
Total Return..... 6.04% 5.06%/2/ 4.82% 5.41% 5.29% 5.31%
Ratios/Supplemental
Data:
Net Assets, End
of Period $(000). 427,625 401,426 378,010 503,809 401,529 527,830
Ratio of Expenses
to Average Daily
Net Assets/1/ ... 0.43% 0.43%/2/ 0.43% 0.43% 0.43% 0.43%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 5.89% 4.94%/2/ 4.70% 5.27% 5.16% 5.17%
</TABLE>
----
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .31% for the year
ended October 31, 2000, .34% (annualized) for the one month ended October
31, 1999 and .30%, .32%, .30% and .33% for the years ended September 30,
1999, 1998, 1997 and 1996, respectively, for TempCash Institutional Shares
and .56% for the year ended October 31, 2000, .59% (annualized) for the one
month ended October 31, 1999 and .55%, .57%, .55% and .58% for the years
ended September 30, 1999, 1998, 1997 and 1996, respectively, for TempCash
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>
FedFund Institutional Shares FedFund Dollar Shares
--------------------------------------------------- -------------------------------------------
Year Ended October 31, Year Ended October 31,
--------------------------------------------------- -------------------------------------------
2000 1999 1998 1997 1996 2000 1999 1998 1997 1996
--------- ------- --------- --------- --------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- ------- --------- --------- --------- ------- ------- ------- ------- -------
Income From Investment
Operations:
Net Investment Income.. 0.0594 0.0483 0.0535 0.0530 0.0529 0.0569 0.0458 0.0510 0.0505 0.0504
--------- ------- --------- --------- --------- ------- ------- ------- ------- -------
Less Distributions:
Dividends to
Shareholders From Net
Investment Income...... (0.0594) (0.0483) (0.0535) (0.0530) (0.0529) (0.0569) (0.0458) (0.0510) (0.0505) (0.0504)
--------- ------- --------- --------- --------- ------- ------- ------- ------- -------
Net Asset Value, End of
Period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ======= ========= ========= ========= ======= ======= ======= ======= =======
Total Return............ 6.10% 4.94% 5.48% 5.43% 5.41% 5.84% 4.69% 5.23% 5.18% 5.16%
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000)........... 1,400,232 742,744 1,116,979 1,220,857 1,407,529 216,511 34,611 30,459 116,316 113,747
Ratio of Expenses to
Average Daily Net
Assets/1/ .............. 0.20% 0.20% 0.20% 0.20% 0.19% 0.45% 0.45% 0.45% 0.45% 0.44%
Ratio of Net Investment
Income to Average Daily
Net Assets.............. 6.01% 4.81% 5.35% 5.30% 5.29% 6.04% 4.56% 5.10% 5.05% 5.04%
</TABLE>
----
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .29%, .28%, .28%, .29%
and .30% for the years ended October 31, 2000, 1999, 1998, 1997 and 1996,
respectively, for FedFund Institutional Shares, and .54%, .53%, .53%, .54%
and .55% for the years ended October 31, 2000, 1999, 1998, 1997 and 1996,
respectively, for FedFund Dollar Shares.
See accompanying notes to financial statements.
55
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
T-Fund Institutional Shares T-Fund Dollar Shares
----------------------------------------------------- -------------------------------------------
Year Ended October 31, Year Ended October 31,
----------------------------------------------------- -------------------------------------------
2000 1999 1998 1997 1996 2000 1999 1998 1997 1996
--------- --------- --------- --------- --------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- --------- --------- --------- --------- ------- ------- ------- ------- -------
Income From Investment
Operations:
Net Investment Income.. 0.0579 0.0473 0.0532 0.0528 0.0528 0.0554 0.0448 0.0507 0.0503 0.0503
--------- --------- --------- --------- --------- ------- ------- ------- ------- -------
Less Distributions:
Dividends to
Shareholders From Net
Investment Income...... (0.0579) (0.0473) (0.0532) (0.0528) (0.0528) (0.0554) (0.0448) (0.0507) (0.0503) (0.0503)
--------- --------- --------- --------- --------- ------- ------- ------- ------- -------
Net Asset Value, End of
Period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ========= ========= ======= ======= ======= ======= =======
Total Return............ 5.95% 4.83% 5.46% 5.41% 5.40% 5.68% 4.58% 5.21% 5.16% 5.15%
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000)........... 2,209,396 2,397,386 2,544,001 1,765,332 1,507,603 630,801 612,695 777,385 516,092 351,271
Ratio of Expenses to
Average Daily Net
Assets/1/ .............. 0.19% 0.20% 0.20% 0.20% 0.19% 0.44% 0.45% 0.45% 0.45% 0.44%
Ratio of Net Investment
Income to Average Daily
Net Assets.............. 5.77% 4.72% 5.31% 5.28% 5.26% 5.54% 4.47% 5.06% 5.03% 5.01%
</TABLE>
----
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .27%, .26%, .27%, .29%
and .30% for the years ended October 31, 2000, 1999, 1998, 1997 and 1996,
respectively, for T-Fund Institutional Shares and .52%, .51%, .52%, .54%
and .55%, for the years ended October 31, 2000, 1999, 1998, 1997 and 1996,
respectively, for T-Fund Dollar Shares.
See accompanying notes to financial statements.
56
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
T-Fund Cash Management Shares
---------------------------------
For the Period
May 17, 1999/1/
Year Ended Through
October 31, 2000 October 31, 1999
---------------- ----------------
<S> <C> <C>
Net Asset Value, Beginning of Period......... $ 1.00 $ 1.00
------- -------
Income From Investment Operations:
Net Investment Income....................... 0.0529 0.0197
------- -------
Less Distributions:
Dividends to Shareholders From Net
Investment Income........................... (0.0529) (0.0197)
------- -------
Net Asset Value, End of Period............... $ 1.00 $ 1.00
======= =======
Total Return................................. 5.42% 4.37%/2/
Ratios/Supplemental Data:
Net Assets, End of Period $(000)............. 62,480 3,252
Ratio of Expenses to Average Daily Net
Assets/3/ ................................... 0.69% .70%/2/
Ratio of Net Investment Income to Average
Daily Net Assets............................. 5.31% 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% for the year ended October 31, 2000 and .78%
(annualized) for the period ended October 31, 1999.
See accompanying notes to financial statements.
57
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
Federal Trust Fund Institutional Shares Federal Trust Fund Dollar Shares
------------------------------------------------ ------------------------------------------------
Year Ended October 31, Year Ended October 31,
------------------------------------------------ ------------------------------------------------
2000 1999 1998 1997 1996 2000 1999 1998 1997 1996
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Income From
Investment
Operations:
Net Investment
Income............ 0.0593 0.0478 0.0529 0.0521 0.0523 0.0568 0.0453 0.0504 0.0496 0.0498
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Less Distributions:
Dividends to
Shareholders From
Net Investment
Income............ (0.0593) (0.0478) (0.0529) (0.0521) (0.0523) (0.0568) (0.0453) (0.0504) (0.0496) (0.0498)
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net Asset Value,
End of Period...... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Total Return....... 6.10% 4.88% 5.42% 5.33% 5.35% 5.83% 4.63% 5.17% 5.08% 5.10%
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000)...... 138,396 219,344 280,580 229,292 273,752 13,200 27,539 38,633 38,700 26,875
Ratio of Expenses
to Average Daily
Net Assets/1/ ..... 0.20% 0.20% 0.20% 0.20% 0.19% 0.45% 0.45% 0.45% 0.45% 0.44%
Ratio of Net
Investment Income
to Average Daily
Net Assets......... 5.84% 4.76% 5.29% 5.21% 5.22% 5.59% 4.51% 5.04% 4.96% 4.97%
</TABLE>
----
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .34%, .32%, .29%, .31%
and .31% for the years ended October 31, 2000, 1999, 1998, 1997 and 1996,
respectively, for Federal Trust Fund Institutional Shares and .59%, .57%,
.54%, .56% and .56% for the years ended October 31, 2000, 1999, 1998, 1997
and 1996, respectively, for Federal Trust Fund Dollar Shares.
See accompanying notes to financial statements.
58
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
Treasury Trust Fund Institutional Shares Treasury Trust Fund Dollar Shares
------------------------------------------------- ------------------------------------------------
Year Ended October 31, Year Ended October 31,
------------------------------------------------- ------------------------------------------------
2000 1999 1998 1997 1996 2000 1999 1998 1997 1996
-------- -------- --------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- --------- -------- -------- -------- -------- -------- -------- --------
Income From
Investment
Operations:
Net Investment
Income............ 0.0552 0.0442 0.0502 0.0504 0.0508 0.0527 0.0417 0.0477 0.0479 0.0483
-------- -------- --------- -------- -------- -------- -------- -------- -------- --------
Less Distributions:
Dividends to
Shareholders From
Net Investment
Income............ (0.0552) (0.0442) (0.0502) (0.0504) (0.0508) (0.0527) (0.0417) (0.0477) (0.0479) (0.0483)
-------- -------- --------- -------- -------- -------- -------- -------- -------- --------
Net Asset Value,
End of Period...... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ========= ======== ======== ======== ======== ======== ======== ========
Total Return....... 5.66% 4.51% 5.14% 5.16% 5.20% 5.40% 4.26% 4.89% 4.91% 4.95%
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000)...... 846,651 826,167 1,091,366 786,556 897,659 310,589 398,972 471,767 331,498 294,228
Ratio of Expenses
to Average Daily
Net Assets/1/ ..... 0.20% 0.20% 0.20% 0.20% 0.19% 0.45% 0.45% 0.45% 0.45% 0.44%
Ratio of Net
Investment Income
to Average Daily
Net Assets......... 5.49% 4.41% 5.02% 5.04% 5.08% 5.23% 4.14% 4.77% 4.79% 4.83%
</TABLE>
----
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .29%, .28%, .28%, .30%
and .30% for the years ended October 31, 2000, 1999, 1998, 1997 and 1996,
respectively, for Treasury Trust Fund Institutional Shares and .54%, .53%,
.53%, .55% and .55% for the years ended October 31, 2000, 1999, 1998, 1997
and 1996, respectively, for Treasury Trust Fund Dollar Shares.
See accompanying notes to financial statements.
59
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
MuniFund Institutional Shares
------------------------------------------------------------
Eleven
Year Months
Ended Ended Year Ended November 30,
October 31, October 31, ----------------------------------
2000 1999 1998 1997 1996 1995
----------- ----------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- -------
Income From
Investment
Operations:
Net Investment
Income.......... 0.0379 0.0273 0.0327 0.0338 0.0326 0.0360
------- ------- ------- ------- ------- -------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0379) (0.0273) (0.0327) (0.0338) (0.0326) (0.0360)
------- ------- ------- ------- ------- -------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= =======
Total Return..... 3.86% 3.02%/2/ 3.32% 3.43% 3.31% 3.66%
Ratios/Supplemental
Data:
Net Assets,
End of Period
$(000)........... 605,741 483,033 467,760 536,794 530,204 720,318
Ratio of Expenses
to Average Daily
Net Assets/1/ ... 0.19% 0.20%/2/ 0.25% 0.27% 0.27% 0.27%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 3.79% 2.96%/2/ 3.26% 3.38% 3.26% 3.59%
<CAPTION>
MuniFund Dollar Shares
-------------------------------------------------------------
Eleven
Year Months
Ended Ended Year Ended November 30,
October 31, October 31, -----------------------------------
2000 1999 1998 1997 1996 1995
----------- ------------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ------------- -------- -------- -------- --------
Income From
Investment
Operations:
Net Investment
Income.......... 0.0354 0.0250 0.0302 0.0313 0.0301 0.0335
----------- ------------- -------- -------- -------- --------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0354) (0.0250) (0.0302) (0.0313) (0.0301) (0.0335)
----------- ------------- -------- -------- -------- --------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ============= ======== ======== ======== ========
Total Return..... 3.60% 2.77%/2/ 3.07% 3.18% 3.06% 3.41%
Ratios/Supplemental
Data:
Net Assets,
End of Period
$(000)........... 63,619 56,238 51,736 67,387 61,396 6,474
Ratio of Expenses
to Average Daily
Net Assets/1/ ... 0.44% 0.45%/2/ 0.50% 0.52% 0.52% 0.52%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 3.55% 2.71%/2/ 3.01% 3.13% 3.01% 3.34%
</TABLE>
----
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .40% for the year
ended October 31, 2000, .41% (annualized) for the eleven months ended
October 31, 1999 and .41%, .41%, .42% and .41% for the years ended November
30, 1998, 1997, 1996 and 1995, respectively, for MuniFund Institutional
Shares and .65% for the year ended October 31, 2000, .66% (annualized) for
the eleven months ended October 31, 1999 and .66%, .66%, .67% and .66% for
the years ended November 30, 1998, 1997, 1996 and 1995, respectively, for
MuniFund Dollar Shares.
/2/Annualized.
See accompanying notes to financial statements.
60
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
MuniFund Cash Management
Shares
--------------------------
For the Period
June 14,
1999/1/
Year Ended Through
October 31, October 31,
2000 1999
----------- --------------
<S> <C> <C>
Net Asset Value,
Beginning of Period............................... $ 1.00 $ 1.00
-------- --------
Income From Investment Operations:
Net Investment Income............................. 0.0329 0.0099
-------- --------
Less Distributions:
Dividends to Shareholders From Net Investment
Income............................................ (0.0329) (0.0099)
-------- --------
Net Asset Value, End of Period..................... $ 1.00 $ 1.00
======== ========
Total Return....................................... 3.34% 2.61%/2/
Ratios/Supplemental Data:
Net Assets, End of Period $(000)................... 3,633 2,712
Ratio of Expenses to Average Daily Net Assets/3/ .. 0.69% 0.70%/2/
Ratio of Net Investment Income to Average Daily Net
Assets............................................. 3.33% 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 .90% for the year ended October 31, 2000 and .92%
(annualized) for the period ended October 31, 1999.
See accompanying notes to financial statements.
61
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
MuniFund Cash
Reserve
Shares
-------------
For the
Period August
4, 2000/1/
Through
October 31,
2000
-------------
<S> <C>
Net Asset Value, Beginning of Period............................ $ 1.00
--------
Income From Investment Operations:
Net Investment Income.......................................... 0.0090
--------
Less Distributions:
Dividends to Shareholders From Net Investment Income........... (0.0090)
--------
Net Asset Value, End of Period.................................. $ 1.00
========
Total Return.................................................... 3.74%/2/
Ratios/Supplemental Data:
Net Assets, End of Period $(000)................................ 17,151
Ratio of Expenses to Average Daily Net Assets/3/ ............... 0.59%/2/
Ratio of Net Investment Income to Average Daily Net Assets...... 3.69%/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 Reserve Shares would
have been .79% (annualized) for the period ended October 31, 2000.
See accompanying notes to financial statements.
62
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
MuniCash Institutional Shares
------------------------------------------------------------------
Eleven Months
Year Ended Ended Year Ended November 30,
October 31, October 31, --------------------------------------
2000 1999 1998 1997 1996 1995
----------- ------------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- --------
Income From
Investment
Operations:
Net Investment
Income.......... 0.0392 0.0281 0.0346 0.0358 0.0350 0.0382
-------- -------- -------- -------- -------- --------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0392) (0.0281) (0.0346) (0.0358) (0.0350) (0.0382)
-------- -------- -------- -------- -------- --------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total Return..... 3.99% 3.11%/2/ 3.51% 3.63% 3.56% 3.89%
Ratios/Supplemental
Data:
Net Assets, End
of Period $(000). 298,832 308,212 500,254 397,681 281,544 321,642
Ratio of Expenses
to Average Daily
Net Assets/1/ ... 0.20% 0.20%/2/ 0.18% 0.18% 0.18% 0.18%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 3.91% 3.05%/2/ 3.47% 3.58% 3.50% 3.83%
<CAPTION>
MuniCash Dollar Shares
-------------------------------------------------------------------
Eleven Months
Year Ended Ended Year Ended November 30,
October 31, October 31, ---------------------------------------
2000 1999 1998 1997 1996 1995
----------- --------------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- --------------- --------- --------- --------- ---------
Income From
Investment
Operations:
Net Investment
Income.......... 0.0367 0.0258 0.0321 0.0333 0.0325 0.0357
----------- --------------- --------- --------- --------- ---------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0367) (0.0258) (0.0321) (0.0333) (0.0325) (0.0357)
----------- --------------- --------- --------- --------- ---------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =============== ========= ========= ========= =========
Total Return..... 3.73% 2.86%/2/ 3.26% 3.38% 3.31% 3.64%
Ratios/Supplemental
Data:
Net Assets, End
of Period $(000). 101,373 123,017 91,404 150,089 101,528 101,424
Ratio of Expenses
to Average Daily
Net Assets/1/ ... 0.45% 0.45%/2/ 0.43% 0.43% 0.43% 0.43%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 3.63% 2.80%/2/ 3.22% 3.33% 3.25% 3.58%
</TABLE>
----
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .40% for the year
ended October 31, 2000, .41% (annualized) for the eleven months ended
October 31, 1999 and .40%, .41%, .42% and .41% for the years ended November
30, 1998, 1997, 1996 and 1995, respectively, for MuniCash Institutional
Shares and .65% for the year ended October 31, 2000, .66% (annualized) for
the eleven months ended October 31, 1999 and .65%, .66%, .67% and .66% for
the years ended November 30, 1998, 1997, 1996, and 1995, respectively, for
MuniCash Dollar Shares.
/2/Annualized.
See accompanying notes to financial statements.
63
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
California Money Fund Institutional Shares
------------------------------------------------------------
Nine Months
Year Ended Ended Year Ended January 31,
October 31, October 31, ----------------------------------
2000 1999 1999 1998 1997 1996
----------- ----------- ------- ------- ------- -------
<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.......... 0.0326 0.0201 0.0305 0.0334 0.0316 0.0356
------- ------- ------- ------- ------- -------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0326) (0.0201) (0.0305) (0.0334) (0.0316) (0.0356)
------- ------- ------- ------- ------- -------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= =======
Total Return..... 3.31% 2.73%/2/ 3.09% 3.39% 3.21% 3.62%
Ratios/Supplemental
Data:
Net Assets, End
of Period $(000). 575,735 543,476 549,170 460,339 326,521 389,883
Ratio of Expenses
to Average Daily
Net Assets/1/ ... 0.20% 0.20%/2/ 0.20% 0.20% 0.20% 0.20%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 3.25% 2.68%/2/ 3.02% 3.34% 3.15% 3.55%
<CAPTION>
California Money Fund Dollar Shares
-------------------------------------------------------------
Nine Months
Year Ended Ended Year Ended January 31,
October 31, October 31, -----------------------------------
2000 1999 1999 1998 1997 1996
----------- ------------- -------- -------- -------- --------
<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.......... 0.0301 0.0182 0.0280 0.0309 0.0291 0.0331
----------- ------------- -------- -------- -------- --------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0301) (0.0182) (0.0280) (0.0309) (0.0291) (0.0331)
----------- ------------- -------- -------- -------- --------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ============= ======== ======== ======== ========
Total Return..... 3.05% 2.48%/2/ 2.84% 3.14% 2.96% 3.37%
Ratios/Supplemental
Data:
Net Assets, End
of Period $(000). 10,212 8,288 139,601 130,547 126,321 31,163
Ratio of Expenses
to Average Daily
Net Assets/1/ ... 0.45% 0.45%/2/ 0.45% 0.45% 0.45% 0.45%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 2.98% 2.43%/2/ 2.77% 3.09% 2.90% 3.30%
</TABLE>
----
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .44% for the year
ended October 31, 2000, .45% (annualized) for the nine months ended October
31, 1999 and .45%, .46%, .48% and .48% for the years ended January 31,
1999, 1998, 1997 and 1996, respectively, for California Money Fund
Institutional Shares and .69% for the year ended October 31, 2000, .70%
(annualized) for the nine months ended October 31, 1999 and .70%, .71%,
.73% and .73% for the years ended January 31, 1999, 1998, 1997 and 1996,
respectively, for California Money Fund Dollar Shares.
/2/Annualized.
See accompanying notes to financial statements.
64
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
New York Money Fund Institutional Shares
------------------------------------------------------------
Three
Months
Year Ended Ended Year Ended July 31,
October 31, October 31, ----------------------------------
2000 1999 1999 1998 1997 1996
----------- ----------- ------- ------- ------- -------
<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.......... 0.0364 0.0076 0.0289 0.0336 0.0334 0.0339
------- ------- ------- ------- ------- -------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0364) (0.0076) (0.0289) (0.0336) (0.0334) (0.0339)
------- ------- ------- ------- ------- -------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= =======
Total Return..... 3.71% 3.06%/2/ 2.93% 3.41% 3.39% 3.44%
Ratios/Supplemental
Data:
Net Assets, End
of Period $(000). 302,194 323,247 295,728 318,091 269,821 272,145
Ratio of Expenses
to Average Daily
Net Assets/1/ ... 0.19% 0.20%/2/ 0.20% 0.20% 0.20% 0.20%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 3.61% 3.02%/2/ 2.87% 3.35% 3.34% 3.37%
<CAPTION>
New York Money Fund Dollar Shares/3/
-----------------------------------------------------------------
Three
Months
Year Ended Ended Year Ended July 31,
October 31, October 31, --------------------------------------
2000 1999 1999 1998 1997 1996
-------------- ----------- ----- ----------- -------- -----------
<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.......... 0.0205 -- -- 0.0303 0.0309 0.0089
-------------- ----------- ----- ----------- -------- -----------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (0.0205) -- -- (0.0303) (0.0309) (0.0089)
-------------- ----------- ----- ----------- -------- -----------
Net Asset Value,
End of Period.... $ 1.00 $1.00 $1.00 $ 1.00 $ 1.00 $ 1.00
============== =========== ===== =========== ======== ===========
Total Return..... 3.73%/2/ -- -- 3.16%/2/ 3.14% 3.05%/2/
Ratios/Supplemental
Data:
Net Assets, End
of Period $(000). 1,647 -- -- -- 1,148 20
Ratio of Expenses
to Average Daily
Net Assets/1/ ... 0.44%/2/ -- -- 0.45%/2/ 0.45% 0.45%/2/
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 3.66%/2/ -- -- 3.11%/2/ 3.09% 3.07%/2/
</TABLE>
----
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .45% for the year ended
October 31, 2000, .50% (annualized) for the three months ended October 31,
1999 and .48%, .48%, .49% and .50% for the years ended July 31, 1999, 1998,
1997 and 1996, respectively, for New York Money Fund Institutional Shares
and .70% for the year ended October 31, 2000 and .73% (annualized), .74% and
.75% (annualized) for the years ended July 31, 1998, 1997 and 1996,
respectively, for New York Money Fund 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.
65
<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.
Prior to February 10, 1999 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 three classes of shares: Institutional Shares, Dollar Shares and Cash
Management Shares. New York Money Fund offers four classes of shares:
Institutional Shares, Dollar Shares, Plus Shares and Cash Management Shares.
TempFund, T-Fund, MuniFund and California Money Fund each offers six classes
of shares: Institutional 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.
Institutional Shares are sold to institutional investors who choose not to
enter into agreements with PIF. As of October 31, 2000, no Administration
Shares or Plus 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.
66
<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, .09% of the next $1 billion, .08% of the 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'
67
<PAGE>
Notes to Financial Statements (Continued)
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 year ended October 31, 2000, the Co-
Administrators and BIMC (as Advisor), waived, on an equal basis, a total of
$3,255,600 of the administration and advisory fees payable to them with
respect to TempFund, $4,261,283 with respect to TempCash, $906,690 with
respect to FedFund, $2,384,479 with respect to T-Fund, $277,845 with respect
to Federal Trust Fund, $1,203,001 with respect to Treasury Trust Fund,
$1,319,007 with respect to MuniFund, $906,846 with respect to MuniCash,
$1,484,630 with respect to California Money Fund and $781,051 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 year ended October 31,
2000, custodian fees were reduced in the amounts as follows: $3,412 with
respect to FedFund, $157,795 with respect to T-Fund, $47,998 with respect to
MuniFund, $15,175 with respect to MuniCash, $26,204 with respect to California
Money Fund and $20,069 with respect to New York Money Fund.
For the year ended October 31, 2000, certain portfolios paid Service
Organization fees to affiliates of BIMC in the amounts as follows: $448,659
with respect to TempFund, $30,197 with respect to TempCash, $191,829 with
respect to FedFund, $277,059 with respect to T-Fund, $64,867 with respect to
Treasury Trust Fund and $1,324 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
---------------------------------------------------
Year Ended One Month Ended Year Ended
October 31, October 31, September 30,
2000 1999 1999
---------------- --------------- ----------------
<S> <C> <C> <C>
Shares sold:
TempFund Institutional... 233,444,789,636 24,296,956,790 227,037,649,542
TempFund Dollar.......... 5,682,299,127 397,018,844 4,533,892,817
TempFund Cash Management. 104,883,430 5,037,879 22,677,787
TempFund Cash Reserve.... 311,020,792 -- --
Shares issued in
reinvestment of
dividends:
TempFund Institutional... 358,210,499 21,545,685 220,267,401
TempFund Dollar.......... 19,818,020 989,434 9,067,103
TempFund Cash Management. -- -- --
TempFund Cash Reserve.... 2,757,767 -- --
Shares repurchased:
TempFund Institutional... (231,823,955,666) (22,479,904,215) (224,898,894,234)
TempFund Dollar.......... (5,333,545,014) (448,617,656) (4,348,256,691)
TempFund Cash Management. (88,709,863) (4,758,004) (8,888,624)
TempFund Cash Reserve.... (91,452,624) -- --
---------------- --------------- ----------------
Net increase in shares.. 2,586,116,104 1,788,268,757 2,567,515,101
================ =============== ================
</TABLE>
68
<PAGE>
<TABLE>
<CAPTION>
TempCash Portfolio
------------------------------------------------
One Month
Year Ended Ended Year Ended
October 31, October 31, September 30,
2000 1999 1999
--------------- -------------- ---------------
<S> <C> <C> <C>
Shares sold:
TempCash Institutional...... 34,276,298,592 2,118,780,855 56,760,587,569
TempCash Dollar............. 1,986,173,641 137,828,067 1,845,834,401
Shares issued in
reinvestment of dividends:
TempCash Institutional...... 64,761,562 4,403,410 66,156,673
TempCash Dollar............. 17,466,234 1,083,992 14,715,850
Shares repurchased:
TempCash Institutional...... (32,506,757,251) (2,140,374,753) (57,357,122,062)
TempCash Dollar............. (1,977,412,727) (115,495,736) (1,986,330,759)
--------------- -------------- ---------------
Net increase (decrease)
in shares................. 1,860,530,051 6,225,835 (656,158,328)
=============== ============== ===============
</TABLE>
<TABLE>
<CAPTION>
FedFund Portfolio
----------------------------------
Year Ended Year Ended
October 31, 2000 October 31, 1999
---------------- ----------------
<S> <C> <C>
Shares sold:
FedFund Institutional....................... 7,506,942,425 6,027,235,623
FedFund Dollar.............................. 819,993,852 271,091,233
Shares issued in reinvestment of dividends:
FedFund Institutional....................... 12,403,245 10,115,239
FedFund Dollar.............................. 461,075 352,921
Shares repurchased:
FedFund Institutional....................... (6,861,881,578) (6,411,602,521)
FedFund Dollar.............................. (638,557,269) (267,293,393)
--------------- ---------------
Net increase (decrease) in shares.......... 839,361,750 (370,100,898)
=============== ===============
<CAPTION>
T-Fund Portfolio
----------------------------------
Year Ended Year Ended
October 31, 2000 October 31, 1999
---------------- ----------------
<S> <C> <C>
Shares sold:
T-Fund Institutional........................ 22,372,243,692 31,110,312,502
T-Fund Dollar............................... 4,292,507,682 4,351,583,123
T-Fund Cash Management...................... 147,016,725 3,824,994
Shares issued in reinvestment of dividends:
T-Fund Institutional........................ 63,665,722 56,979,876
T-Fund Dollar............................... 6,460,654 4,914,634
T-Fund Cash Management...................... 606 --
Shares repurchased:
T-Fund Institutional........................ (22,623,845,649) (31,313,897,577)
T-Fund Dollar............................... (4,280,849,103) (4,521,184,800)
T-Fund Cash Management...................... (87,787,886) (572,969)
--------------- ---------------
Net decrease in shares..................... (110,587,557) (308,040,217)
=============== ===============
</TABLE>
<TABLE>
<CAPTION>
Federal Trust Fund Portfolio
---------------------------------
Year Ended Year Ended
October 31, 2000 October 31, 1999
---------------- ----------------
<S> <C> <C>
Shares sold:
Federal Trust Fund Institutional............ 748,936,322 1,157,609,847
Federal Trust Fund Dollar................... 132,464,351 193,288,061
Shares issued in reinvestment of dividends:
Federal Trust Fund Institutional............ 1,652,645 1,519,142
Federal Trust Fund Dollar................... 10,830 101,601
Shares repurchased:
Federal Trust Fund Institutional............ (831,554,662) (1,220,372,777)
Federal Trust Fund Dollar................... (146,816,404) (204,484,744)
-------------- --------------
Net decrease in shares..................... (95,306,918) (72,338,870)
============== ==============
<CAPTION>
Treasury Trust Fund Portfolio
---------------------------------
Year Ended Year Ended
October 31, 2000 October 31, 1999
---------------- ----------------
<S> <C> <C>
Shares sold:
Treasury Trust Fund Institutional........... 5,794,428,275 5,417,125,106
Treasury Trust Fund Dollar.................. 1,424,771,205 2,351,119,439
Shares issued in reinvestment of dividends:
Treasury Trust Fund Institutional........... 13,203,897 5,905,883
Treasury Trust Fund Dollar.................. 12,428,772 14,632,134
Shares repurchased:
Treasury Trust Institutional................ (5,787,047,066) (5,688,187,728)
Treasury Trust Dollar....................... (1,525,540,705) (2,438,519,678)
-------------- --------------
Net decrease in shares..................... (67,755,622) (337,924,844)
============== ==============
</TABLE>
Notes to Financial Statements (Continued)
69
<PAGE>
Notes to Financial Statements (Continued)
<TABLE>
<CAPTION>
MuniFund Portfolio
----------------------------------------------
Eleven Months
Year Ended Ended Year Ended
October 31, October 31, November 30,
2000 1999 1998
-------------- -------------- --------------
<S> <C> <C> <C>
Shares sold:
MuniFund Institutional........ 6,193,963,872 6,159,975,658 6,507,334,293
MuniFund Dollar............... 180,305,122 156,826,329 166,484,152
MuniFund Cash Management...... 21,482,043 8,317,454 --
MuniFund Cash Reserve......... 25,235,520 -- --
Shares issued in reinvestment
of dividends:
MuniFund Institutional........ 3,142,617 1,608,291 2,746,208
MuniFund Dollar............... 2,067,687 1,319,052 1,643,959
MuniFund Cash Management...... -- -- --
MuniFund Cash Reserve......... 125,760 -- --
Shares repurchased:
MuniFund Institutional........ (6,074,386,690) (6,146,283,448) (6,579,088,822)
MuniFund Dollar............... (174,990,325) (153,640,293) (183,775,067)
MuniFund Cash Management...... (20,560,843) (5,605,640) --
MuniFund Cash Reserve......... (8,210,599) -- --
-------------- -------------- --------------
Net increase (decrease) in
shares...................... 148,174,164 22,517,403 (84,655,277)
============== ============== ==============
</TABLE>
<TABLE>
<CAPTION>
MuniCash portfolio
----------------------------------------------
Eleven Months
Year Ended Ended Year Ended
October 31, October 31, November 30,
2000 1999 1998
-------------- -------------- --------------
<S> <C> <C> <C>
Shares sold:
MuniCash Institutional........ 4,187,265,384 4,156,725,775 7,022,119,234
MuniCash Dollar............... 231,819,362 314,725,344 288,017,712
Shares issued in reinvestment
of dividends:
MuniCash Institutional........ 4,409,805 3,952,506 5,807,076
MuniCash Dollar............... 1,554,798 1,366,412 2,809,584
Shares repurchased:
MuniCash Institutional........ (4,201,042,581) (4,352,699,628) (6,925,371,487)
MuniCash Dollar............... (255,013,555) (284,471,233) (349,516,165)
-------------- -------------- --------------
Net increase (decrease) in
shares...................... (31,006,787) (160,400,824) 43,865,954
============== ============== ==============
</TABLE>
<TABLE>
<CAPTION>
California Money Fund Portfolio
----------------------------------------------
Nine Months
Year Ended Ended Year Ended
October 31, October 31, January 31,
2000 1999 1999
-------------- -------------- --------------
<S> <C> <C> <C>
Shares sold:
California Money Fund
Institutional................ 2,857,526,112 2,323,322,233 4,163,985,529
California Money Fund Dollar.. 34,813,662 74,930,983 330,262,605
Shares issued in reinvestment
of dividends:
California Money Fund
Institutional................ 443,981 337,753 703,561
California Money Fund Dollar.. -- -- --
Shares repurchased:
California Money Fund
Institutional................ (2,825,714,720) (2,329,358,752) (4,075,870,211)
California Money Fund Dollar.. (32,890,286) (206,244,110) (321,210,419)
-------------- -------------- --------------
Net increase (decrease) in
shares...................... 34,178,749 (137,011,893) 97,871,065
============== ============== ==============
</TABLE>
<TABLE>
<CAPTION>
New York Money Fund Portfolio
--------------------------------------------
Three Months
Year Ended Ended Year Ended
October 31, October 31, July 31,
2000 1999 1999
-------------- ------------ --------------
<S> <C> <C> <C>
Shares sold:
New York Money Fund
Institutional.................. 1,445,968,111 326,009,383 1,623,766,248
New York Money Fund Dollar...... 4,678,102 -- --
Shares issued in reinvestment of
dividends:
New York Money Fund
Institutional.................. 131,636 9,850 168,119
New York Money Fund Dollar...... 30,907 -- --
Shares repurchased:
New York Money Fund
Institutional.................. (1,467,157,791) (298,500,286) (1,646,296,199)
New York Money Fund Dollar...... (3,061,682) -- --
-------------- ------------ --------------
Net increase (decrease) in
shares........................ (19,410,717) 27,518,947 (22,361,832)
============== ============ ==============
</TABLE>
70
<PAGE>
Notes to Financial Statements (Continued)
On October 31, 2000, one shareholder held approximately 22% of the
outstanding shares of TempCash, three shareholders help approximately 48% of
FedFund, two shareholders held approximately 31% of T-Fund, two shareholders
held approximately 34% of Federal Trust Fund, two shareholders held
approximately 28% of Treasury Trust Fund, one shareholder held approximately
33% of MuniFund, three shareholders held approximately 48% of MuniCash, two
shareholders held approximately 47% of California Money Fund, and three
shareholders held approximately 75% of New York Money Fund.
E. At October 31, 2000, net assets consisted of:
<TABLE>
<CAPTION>
TempFund TempCash FedFund T-Fund
Portfolio Portfolio Portfolio Portfolio
--------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Paid-in capital......... $16,931,070,995 $4,213,532,549 $1,616,943,951 $2,902,767,540
Accumulated net realized
loss on security
transactions........... (401,597) (380,038) (200,601) (90,422)
--------------- -------------- -------------- --------------
Total Net Assets........ $16,930,669,398 $4,213,152,511 $1,616,743,350 $2,902,677,118
=============== ============== ============== ==============
</TABLE>
<TABLE>
<CAPTION>
Federal
Trust Fund Treasury Trust MuniFund MuniCash
Portfolio Fund Portfolio Portfolio Portfolio
------------ -------------- ------------ ------------
<S> <C> <C> <C> <C>
Paid-in capital......... $151,717,116 $1,157,615,206 $690,299,889 $400,376,960
Accumulated net realized
loss on security
transactions........... (121,075) (375,372) (156,285) (177,110)
Amortized market
discount............... -- -- -- 5,162
------------ -------------- ------------ ------------
Total Net Assets........ $151,596,041 $1,157,239,834 $690,143,604 $400,205,012
============ ============== ============ ============
</TABLE>
<TABLE>
<CAPTION>
California New York
Money Fund Money Fund
Portfolio Portfolio
------------ ------------
<S> <C> <C>
Paid-in capital.................................. $586,021,382 $303,846,081
Accumulated net realized loss on security
transactions.................................... (74,357) (4,822)
------------ ------------
Total Net Assets................................. $585,947,025 $303,841,259
============ ============
</TABLE>
F. At October 31, 2000, 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 $401,597, $380,038,
$200,601, $90,422, $120,378, $344,615 $156,285, $177,110, $74,357 and $4,822
expiring at various times from 2000 to 2008, respectively. The capital loss
carryovers are available to offset possible future capital gains of the
corresponding portfolios.
In accordance with Statement of Position 93-2 "Determination, disclosure and
financial statement presentation of income, capital gain and return of capital
distribution by investment companies", California Money Fund and New York
Money Fund made reductions of $51,940 and $10,920, respectively, to
accumulated net realized loss on investments and to paid-in-capital to reflect
the expiration of capital loss carryovers for federal income tax purposes.
71
<PAGE>
Report of Independent Accountants
To the Board of Trustees
and Shareholders of
Provident Institutional Funds
In our opinion, the accompanying statement of assets and liabilities of
Federal Trust Fund and the statements of net assets and the related statements
of operations and of changes in net assets and the financial highlights
present fairly, in all material respects, the financial position of TempFund,
TempCash, FedFund, T-Fund, Federal Trust Fund, Treasury Trust Fund, California
Money Fund and New York Money Fund (Portfolios of Provident Institutional
Funds, hereafter referred to as the "Fund") at October 31, 2000 and the
results of their operations, the changes in their net assets and the financial
highlights for each of the periods presented and the financial position of
MuniFund and MuniCash (also Portfolios of the Funds) at October 31, 2000, the
results of their operations for the period then ended and the changes in their
net assets and the financial highlights for the period then ended and the
eleven months in the period ended October 31, 1999, in conformity with
accounting principles generally accepted in the United States of America.
These financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in
accordance with auditing standards generally accepted in the United States of
America, which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe that
our audits, which included confirmation of securities at October 31, 2000 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion.
The statements of changes in net assets for the year ended November 30, 1998
and the financial highlights for the four years in the period ended November
30, 1998 of MuniFund and MuniCash were audited by other independent
accountants whose report dated January 8, 1999 expressed an unqualified
opinion on those statements.
PricewaterhouseCoopers LLP
Philadelphia, PA 19103
December 12, 2000
72
<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.
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]
PROVIDENT
INSTITUTIONAL
FUNDS
Annual Report
October 31, 2000
PIF-A-001