<PAGE> 1
PROVIDENT
--------------------------------------------------------------------------------
INSTITUTIONAL 400 Bellevue Parkway, Wilmington, DE 19809 Phone:
FUNDS 302-792-2555 Fax: 302-792-5876
MUNICIPAL FUND FOR CALIFORNIA INVESTORS, INC.
February 28, 1995
Dear Shareholder:
We are pleased to present the Annual Report to Shareholders of Municipal
Fund for California Investors, Inc. for the year ended January 31, 1995.
The year 1994 was a challenging one, with continued pressure on short-term
interest rates by the Federal Reserve Board throughout the year. California
Money Fund and California Intermediate Municipal Fund maintained a defensive
investment strategy in order to take advantage of rapidly changing market
conditions.
With the Orange County bankruptcy filing sending shock waves throughout the
municipal marketplace, California investors were given still another 1994 issue
to overcome. As you know, California Money Fund owns an issue that is part of
the Orange County Investment Pool; however, a letter of credit was issued
guaranteeing both the principal and interest of this issue.
Our commitment to credit quality will endure as a premier ingredient in our
investment strategy and policies, with particular attention being placed on the
credit situation of all California counties.
Provident Institutional Funds offers a broad range of high quality Taxable
and Tax-Exempt Money Market and Fixed Income Funds to meet the varied needs of
our investors. Please feel free to contact your Provident Distributors, Inc.
account representative or our Client Service Center at (800) 821-7432 to discuss
your investment options. We welcome the opportunity to serve you.
Sincerely,
/s/ G. WILLING PEPPER
---------------------
G. Willing Pepper
Chairman
<PAGE> 2
MUNICIPAL FUND FOR CALIFORNIA INVESTORS, INC.
ANNUAL INVESTMENT ADVISER'S REPORT
The good news in California is that unemployment, on a seasonally adjusted
basis, was down to 7.7% in December 1994, from 8.8% in July and 10.1% in January
1994. The State gained 150,000 jobs during 1994 according to the state finance
director's office. Residential real estate for the first ten months of 1994 saw
resale volume up 18% and new home construction permits up 16% over the prior
period. This is an indication that further economic growth should follow in 1995
and into fiscal year 1996.
Looking ahead, the Governor's proposed general fund 1996 budget of $41.7
billion represents an increase of only 0.1% from the prior year and the
projected federal aid for illegal immigrants is now $835 million, down from the
original figure of $2.8 billion. The budget also anticipates an $880 million
reduction in federal mandate expenditures. The state anticipates issuing $2.2
billion of long-term debt in fiscal 1996, with most of the proceeds being used
for prison construction. Currently, the state is planning on issuing about $3
billion in revenue anticipation notes during fiscal 1996.
Orange County continues to seek solutions to its bankruptcy problems as it
faces obstacles of time and volume of debt. The County has $975 million of
short-term notes maturing by August 10th and an estimated operating cash
shortage of $172 million for the fiscal year ending June 30, 1995. The
liquidation of the $7.4 billion of par value portfolio was accomplished ahead of
schedule with less of a loss than anticipated. The restructured fund consists of
$5.7 billion of relatively high grade securities.
In the short-term financial markets, the Federal Reserve tightened monetary
policy seven times in the last twelve months, raising the federal funds rate 300
basis points to 6%. Due to this steadily rising rate environment, the investment
strategy for CalMoney was to shorten the average weighted maturity to a range of
30-40 days by investing in short-term, 1-3 month securities, and variable rate
notes. On January 31, 1995, the average weighted maturity stood at 33 days.
With regard to the Orange County situation, and as we previously informed
shareholders, CalMoney owns $7.9 million of Orange County TRANS which mature on
July 19, 1995. These securities have a letter of credit from Citibank, which
guarantees the timely payment of both principal and interest.
During 1994, yields in the long-term tax-exempt market rose to the highest
levels since October 1992, as the Federal Reserve raised short-term rates an
unprecedented number of times during the year. The average maturity of the
California Intermediate Fund was reduced from a high of 7.2 years to 5.6 years
at the end of the fiscal year. The Fund continues to emphasize higher quality
issues with 89.4% of the assets rated AA or higher. Pre-refunded and general
obligation bonds represented 30% of the total assets. The high average coupon of
6.1% added stability to the net asset value.
CalMoney and California Intermediate Fund continue to emphasize high
quality issues by utilizing a conservative investment strategy with strict
credit reviews. The staff of credit analysts are carefully watching the Orange
County situation and keeping abreast of the credit quality of the other counties
in California. Given the fiscal pressures which continue to impact California,
the careful selection of high quality securities will remain a primary
investment objective in the management of the Fund's two portfolios. On January
31, 1995, California Intermediate Municipal Fund had net assets of $17.4 million
and CalMoney stood at $396.9 million. As cited in IBC/Donoghue's Money Fund
Report, CalMoney was listed as the number one top performer of all
state-specific funds over a period of 10 years ended December 31, 1994.
PNC INSTITUTIONAL MANAGEMENT CORPORATION
February 24, 1995
2
<PAGE> 3
CALIFORNIA INTERMEDIATE MUNICIPAL FUND PORTFOLIO
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN CALIFORNIA INTERMEDIATE
MUNICIPAL FUND AND THE LEHMAN BROTHERS 5-YEAR BOND INDEX
(FOR EACH YEAR ENDED JANUARY 31)
<TABLE>
<CAPTION>
CALIFORNIA LEHMAN
INTERMEDIATE BROTHERS 5-
MEASUREMENT PERIOD MUNICIPAL YEAR BOND
(FISCAL YEAR COVERED) FUND INDEX
<S> <C> <C>
9/1/88 10000 10000
1989 10282 10335
1990 10971 11112
1991 12063 12140
1992 13124 13377
1993 14131 14526
1994 15438 15746
1995 15050 15596
</TABLE>
3
<PAGE> 4
CALIFORNIA MONEY FUND
MUNICIPAL FUND FOR CALIFORNIA INVESTORS, INC.
Statement of Net Assets
January 31, 1995
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
---------------------------------- ------- -----------
<S> <C> <C>
CALIFORNIA -- 95.75%
ABAG Finance Authority
Certificates of Participation
(Lucile Salter Parker Childrens
Hospital at Sanford) DN (AMBAC
Insurance) (A-1+, VMIG-1)**
3.30%..................02/07/95
$18,050 $18,050,000
Bay Area Government Association
(Lease Revenue Pooled Projects)
Series 1987 DN (National
Westminster LOC) (VMIG-1)**
3.55%..................02/07/95
8,797 8,797,000
California Educational
Facilities Financing Authority
(Occidental College Project)
Series 1985B (Morgan Guaranty
LOC) (A-1+)
4.15%..................06/01/95
10,100 10,100,000
California Health Facilities
(Sutter Health) Series 1990B DN
(Morgan Guaranty LOC)
(A-1+, VMIG-1)**
3.80%..................02/01/95
1,100 1,100,000
California Health Facilities
Financing Authority (Adventist
Health System/West-Sutter
Health) Series 1991A DN
(Toronto Dominion LOC)
(A-1+, VMIG-1)**
3.55%..................02/07/95
6,000 6,000,000
California Health Facilities
Financing Authority (Adventist
Health System/West-Sutter
Health) Series 1991B DN
(Toronto Dominion LOC)
(A-1+, VMIG-1)**
3.50%..................02/07/95
2,500 2,500,000
California Health Facilities
Financing Authority (Catholic
Healthcare West) Series 1988B
DN (MBIA Insurance) (VMIG-1)**
3.35%..................02/07/95
1,000 1,000,000
California Health Facilities
Financing Authority (Enloe
Memorial Hospital) DN (Bank of
America LOC) (A-1)**
2.70%..................02/07/95
500 500,000
California Health Facilities
Financing Authority (Health
Dimensions, Inc.) Series A
(A-1, VMIG-1)
3.40%..................02/01/95
6,055 6,055,000
California Health Facilities
Financing Authority (O'Connor
Hospital) DN (A-1+, VMIG-1)**
3.40%..................02/07/95
7,317 7,316,533
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
---------------------------------- ------- -----------
<S> <C> <C>
California Health Facilities
Financing Authority (Pooled
Loan Program) Series 1987A DN
(Sanwa Bank LOC) (VMIG-1)**
3.70%..................02/07/95
$ 2,700 $ 2,700,000
California Health Facilities
Financing Authority (Scripps
Memorial Hospital) Series 1985B
DN (MBIA Insurance) (A-1+,
VMIG-1)**
3.70%..................02/07/95
6,500 6,500,000
California PCR (Pacific Gas &
Electric) Series 1988E TECP
(Long Term Credit Bank of
Japan LOC)
3.75%..................02/28/95
4,000 4,000,000
California Pollution Control
Finance Authority DN (Societe
Generale LOC) (A-1+, VMIG-1)**
3.45%..................02/15/95
3,100 3,100,000
California Pollution Control
Finance Authority PCRB (Shell
Oil Company Project) Series A
DN (A-1+, VMIG-1)**
3.70%..................02/01/95
600 600,000
California Pollution Control
Finance Authority PCRB TECP
(A-1, P-1) 4.05%.......03/14/95
3,000 3,000,000
California Pollution Control
Finance Authority (Pacific Gas
& Electric) TECP Series C
2.70%..................02/15/95
4,300 4,300,000
California Pollution Control
Finance Authority TECP (Banque
Nationale de Paris LOC) (A-1+)
3.10%..................02/16/95
5,000 5,000,000
3.15%..................02/16/95
6,000 6,000,000
City of Anaheim Certificates of
Participation Series 1993 DN
(Industrial Bank of Japan LOC)
(A-1+, VMIG-1)**
3.85%..................02/07/95
800 800,000
City of Loma Linda (Loma Linda
University Medical Center)
Series 1985C DN (A-1+)**
3.70%..................02/07/95
2,875 2,875,000
City of Loma Linda Hospital
Revenue Bonds DN (Industrial
Bank of Japan LOC) (A-1+)**
3.70%..................02/07/95 2,400 2,400,000
City of Stockton IDRB (La Quinta
Motor Inns) DN (NationsBank
LOC) (A-1)**
3.75%..................02/07/95
2,790 2,790,000
</TABLE>
4
<PAGE> 5
CALIFORNIA MONEY FUND
Statement of Net Assets (Continued)
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
---------------------------------- ------- -----------
<S> <C> <C>
Corona Multifamily Housing
Revenue Refunding Bonds
(Country Hills Apartment
Project) DN (Union Bank of
Switzerland LOC) (A-1)**
3.60%..................02/07/95
$ 7,045 $ 7,045,000
County of Sacramento (Courthouse
Project - Administration
Center) DN (Union Bank of
Switzerland LOC) (A-1+,
VMIG-1)**
3.45%..................02/07/95
12,000 12,000,000
Eastern Municipal Water District
Facilities Corporation
(Riverside County) Certificates
of Participation DN (FGIC
Insurance) (A-1+, VMIG-1)**
3.50%..................02/07/95
900 900,000
Fremont Multifamily Housing
Bonds (Mission Wells Project)
Series 1985E DN (Industrial
Bank of Japan LOC) (A-1+,
VMIG-1)**
3.65%..................02/07/95
5,100 5,100,000
Golden Empire Schools Financing
Authority (Kern High School
District Project) DN (A-1+)**
3.75%..................02/07/95
1,700 1,700,000
Golden Empire Schools Financing
Authority (Kern High School
District Project) Series 1989
DN (Barclays Bank LOC)
(VMIG-1)**
3.75%..................02/07/95
2,000 2,000,000
Los Angeles County Housing
Authority (Malibu Woods
Project) DN (Sumitomo Bank
LOC)**
3.65%..................02/07/95
2,129 2,129,000
Los Angeles County Housing
Authority Multifamily Housing
Revenue Bonds (Sand Canyon
Ranch Project) Series 1985F DN
(Citibank LOC) (A-1)**
2.95%..................02/07/95
4,000 4,000,000
Los Angeles County Metropolitan
Transportation Authority Second
Subordinate Sales Tax Revenue
Notes Series A DN (A-1+)**
3.50%..................02/07/95
12,000 12,000,000
Los Angeles County Multifamily
Mortgage Revenue Bonds
Series 1984B DN (Citibank LOC)
(A-1+, VMIG-1)**
4.16%..................02/07/95
4,100 4,100,000
Los Angeles County TRAN
Series 1994-95 (SP-1+, MIG-1+)
4.50%..................06/30/95
11,900 11,923,878
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
---------------------------------- ------- -----------
<S> <C> <C>
Los Angeles Unified School
District TRAN (SP-1+)
4.50%..................07/10/95
$12,000 $12,045,379
Moorpark Multifamily Revenue
Bonds (Le Club Apartments
Project) Series A DN (Citibank
LOC) (A-1)**
2.75%..................02/07/95
2,700 2,700,000
Oakland Certificates of
Participation (Capital
Improvement Project)
DN (Mitsubishi Bank LOC)
(A-1+, VMIG-1)**
4.10%..................02/07/95
26,200 26,200,000
Oakland Economic Development
Revenue Bonds (Leamington
Project) Series 1994A DN (First
Interstate LOC) (A-1)**
3.70%..................02/07/95
4,300 4,300,000
Orange County TRAN (Citibank
LOC) (SP-1+, MIG-1)***
4.50%..................07/19/95
7,900 7,924,290
Pasadena Certificates of
Participation (Rose Bowl
Improvements) DN (Industrial
Bank of Japan LOC)
(A-1, VMIG-1)**
3.80%..................02/07/95
5,400 5,400,000
Placer IDRB (Chesapeake
Industries, Inc.) DN (Barclays
Bank LOC) (VMIG-1)**
3.40%..................02/07/95
1,200 1,200,000
Redlands City Multifamily
Revenue Refunding Bonds DN
(Bank of America LOC)
(VMIG-1)**
3.55%..................02/07/95
3,600 3,600,000
Riverside County Certificates of
Participation (Riverside County
Public Facility) Series 1985C
DN (Sanwa Bank LOC)
(A-1+, VMIG-1)**
3.40%..................02/07/95
1,400 1,400,000
Riverside County TRAN
Series 1994-95 (SP-1+, MIG-1)
4.25%..................06/30/95
3,000 3,007,675
Riverside County Transportation
Commission Sales Tax Revenue
Bonds TECP (Industrial Bank of
Japan LOC) (A-1, P-1)
3.25%..................02/01/95
9,400 9,400,000
San Francisco City and County
Housing Authority Multifamily
Housing Revenue Bonds
(Winterland Project) Series
1985C DN (Citibank LOC)
(A-1, VMIG-1)**
3.35%..................02/07/95
1,200 1,200,000
</TABLE>
5
<PAGE> 6
CALIFORNIA MONEY FUND
Statement of Net Assets (Continued)
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
---------------------------------- ------- -----------
<S> <C> <C>
San Francisco City and County
Redevelopment Agency
Multifamily Housing Revenue
Bonds (Bayside Village Project)
Series A DN (Industrial Bank of
Japan LOC) (A-1+, VMIG-1)**
3.525%.................02/07/95
$ 4,600 $ 4,600,000
San Francisco City and County
Redevelopment Agency
Multifamily Housing Revenue
Bonds (Bayside Village Project)
Series B DN (Industrial Bank of
Japan LOC) (A-1+, VMIG-1)**
3.525%.................02/07/95
5,500 5,500,000
San Francisco City and County
Redevelopment Agency
Multifamily Housing Revenue
Bonds (South Harbor Project) DN
(VMIG-1)**
3.50%..................02/07/95
12,080 12,080,000
San Jose Multifamily Housing
Bonds DN (FGIC Insurance)
(VMIG-1)**
3.55%..................02/07/95
4,980 4,980,000
San Ramon Valley Unified School
District TRAN (MIG-1)
3.50%..................02/16/95
5,000 5,000,055
Santa Clara Multifamily Housing
Bonds (Fox Chase Project) DN
(FGIC Insurance)
(A-1+, VMIG-1)**
3.55%..................02/07/95
1,600 1,600,000
Santa Clara TRAN (SP-1+, MIG-1)
4.25%..................07/07/95 5,000 5,013,254
Santa Margarita/Dana Point
Authority (Orange County)
Series 1994B RB (MBIA
Insurance)
4.50%..................08/01/95
3,595 3,599,385
Southern California (Public
Power Authority Transportation
Project) Subordinate Refunding
Revenue Bonds Series 1991 DN
(FGIC Insurance) (A-1+,
VMIG-1)** 3.25%........02/07/95
11,600 11,600,000
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
---------------------------------- ------- -----------
<S> <C> <C>
State of California Department
of Water Resources Series 1
TECP (A-1+, VMIG-1)
3.55%..................02/14/95
$ 6,000 $ 6,000,000
3.60%..................03/02/95
4,727 4,727,000
State of California GO DN**
6.625%.................02/01/95
5,795 5,795,000
State of California RAN
Series 1994-95A (SP-1, MIG-1)
5.00%..................06/28/95
13,490 13,539,091
State of California RAN
Series 1994-95B DN
(A-1, VMIG-1)**
4.32%..................02/01/95
35,000 35,000,000
Triunfo Sanitation District
Revenue Bonds DN (Banque
National de Paris LOC) (A-1+)**
3.75%..................02/07/95
2,400 2,400,000
Ventura County Certificates of
Participation (Channel Islands
Beach Community Services
District) Series 1990 DN (Swiss
Bank LOC) (A-1+, VMIG-1)**
3.40%..................02/07/95
2,000 2,000,000
Washington Township Hospital
District (Alameda County) DN
(Industrial Bank of Japan LOC)
(VMIG-1)**
3.60%..................02/07/95
9,800 9,800,000
-----------
379,992,540
-----------
PUERTO RICO -- 3.81%
Puerto Rico Government
Development Bank Series 1985 DN
(Credit Suisse LOC)
(A-1+, VMIG-1)**
2.95%..................02/07/95
7,100 7,100,000
Puerto Rico Maritime Shipping
Authority TECP (Credit Suisse
LOC) (A-1, P-1)
2.90%..................02/15/95
3,000 3,000,000
3.50%..................02/27/95
5,000 5,000,000
-----------
15,100,000
-----------
</TABLE>
6
<PAGE> 7
CALIFORNIA MONEY FUND
Statement of Net Assets (Concluded)
<TABLE>
<CAPTION>
VALUE
------------
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $395,092,540*)...............99.56% $395,092,540
OTHER ASSETS IN EXCESS OF
LIABILITIES..........................0.44 1,757,474
--- ------------
NET ASSETS (Equivalent to $1.00
per share based on
385,958,121 California Money,
100 California Plus,
and 11,028,469
California Dollar shares
outstanding.......................100.00% $396,850,014
------ ------------
------ ------------
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
($396,850,014 / 396,986,690)............. $1.00
-----
-----
</TABLE>
-------------
* Aggregate cost for federal income tax purposes is
$395,092,540.
** Variable rate demand notes -- the interest rate shown
is as of January 31, 1995, and the maturity date shown
is the longer of (i) the next interest readjustment
date or (ii) the date on which the principal amount
owed can be recovered through demand.
*** With respect to this security, PNC Institutional
Management Corporation, the Investment Adviser,
through PNC Bank Corp., has obtained an $8,300,000
irrevocable letter of credit from Citibank, N.A.. This
letter of credit provides additional support for the
valuation of this security. The marked to market
valuation of this security has at no time adversely
affected the maintenance of a net asset value of
$1.00. The letter of credit expires on July 31, 1995.
The Moody's Investors Service, Inc. and Standard &
Poor's Ratings Group, Division of McGraw-Hill, Inc.
ratings are believed to be the most recent ratings
available at January 31, 1995. The ratings have not
been verified by the Independent Accountants and,
therefore, are not covered by the Report of the
Independent Accountants.
--------------------------------------------------------
CALIFORNIA MONEY FUND
SUPPLEMENTARY INFORMATION
Maturity Schedule of Portfolio
January 31, 1995
<TABLE>
<CAPTION>
MATURITY
PERIOD PAR PERCENTAGE
------------ ------------ ----------
<S> <C> <C>
1-30 Days $324,939,533 82.3%
31-60 Days 3,000,000 0.8%
Over 60 Days 66,985,000 16.9%
Average Weighted Maturity of Portfolio -- 33 days
--------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
7
<PAGE> 8
CALIFORNIA INTERMEDIATE MUNICIPAL FUND
MUNICIPAL FUND FOR CALIFORNIA INVESTORS, INC.
Statement of Net Assets
January 31, 1995
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
---------------------------------- ------- -----------
<S> <C> <C>
CALIFORNIA -- 91.22%
Alameda County Transit Authority
(Sales Tax Revenue) RB (FGIC
Insurance) (Aaa)
5.50%..................11/01/01
$ 1,000 $ 991,250
Anaheim Electric Revenue
Refunding Bonds RB (Aa)
4.75%..................10/01/01
800 726,000
California Education Authority
(Pepperdine University) RB
(MBIA Insurance) (Aaa)
6.80%..................11/01/00
500 537,500
California Education Authority
(Stanford University) RB (Aaa)
5.50%..................11/01/00 800 813,000
California Health Facilities
Financing Authority
(Cedars-Sinai Hospital) Series
1990 RB (Aa)
6.50%..................11/01/00
600 624,750
California Health Facilities
Financing Authority DN
(Industrial Bank of Japan LOC)
(Aa3, VMIG-1)**
3.95%..................02/01/95
100 100,000
City of Sacramento Sanitation
District RB (Aa)
4.30%..................12/01/00
500 468,125
East Bay Municipal Utility
District RB (AMBAC Insurance)
(Aaa)
7.00%..................06/01/00
800 858,000
Elk Grove Unified School
District Pre-Refunded 12/01/98
@ 103 RB (FGIC Insurance) (Aaa)
9.00%..................12/01/07
700 805,875
Los Angeles County Public Works
RB (Aa1)
4.70%..................03/01/03
1,000 906,250
Los Angeles County
Transportation Commission Sales
Tax Revenue Series A
Pre-Refunded 07/01/98 @ 102 RB
(Aaa)
8.00%..................07/01/18
800 880,000
Los Angeles Department of Water
and Power (Electric Plant) RB
(Aa)
9.00%..................02/01/01
500 585,625
Los Angeles Department of Water
and Power (Electric Plant)
Series 1990 RB (Aa)
6.75%..................05/15/99
500 528,125
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
---------------------------------- ------- -----------
<S> <C> <C>
Los Angeles State Building
Authority General Services
Series A RB (Aa)
6.75%..................03/01/99
$ 500 $ 521,250
Metropolitan Water District of
Southern California RB (Aa)
6.25%..................07/01/01
1,000 1,037,500
San Elijo Joint Power Water
Authority PCRB (FGIC
Insurance) (Aaa)
4.90%..................03/01/01
500 475,000
San Francisco Bay Area Rapid
Transit District Sales Tax RB
(A1)
6.60%..................07/01/99
600 629,250
San Francisco GO (Aa)
5.70%..................06/15/01
500 503,750
San Francisco Various Purpose
Unlimited Tax GO Series A RB
(Aa)
6.20%..................12/15/99
700 728,000
Southern California Public Power
Authority (Joint Power Project)
RB (A)
6.75%..................07/01/00
600 632,250
Southern California Public Power
Authority (Transmission
Project) RB (Aa)
6.80%..................07/01/98
400 418,000
State of California GO (Aa)
4.10%..................09/01/01
1,000 878,750
University of California (Multi-
Purpose Projects) Series C RB
(AMBAC Insurance) (Aaa)
4.125%..................9/01/00
800 730,000
West Sacramento Redevelopment
Agency RB (MBIA Insurance)
(Aaa)
6.25%..................09/01/01
500 523,125
-----------
15,901,375
-----------
VIRGIN ISLANDS -- 6.30%
Virgin Islands Public Finance
Authority Pre-Refunded
10/01/00 @ 101 RB (Aaa)
7.25%..................10/01/07
1,000 1,098,750
-----------
</TABLE>
8
<PAGE> 9
CALIFORNIA INTERMEDIATE MUNICIPAL FUND
Statement of Net Assets (Concluded)
<TABLE>
<CAPTION>
VALUE
-----------
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $17,176,376*)................ 97.52%
$17,000,125
OTHER ASSETS IN EXCESS OF
LIABILITIES...........................2.48
432,094
--- -----------
NET ASSETS (Equivalent to $10.02
per share based on 1,739,014
California Intermuni shares
outstanding........................100.00%
$17,432,219
------ -----------
------ -----------
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
($17,432,219 / 1,739,014).........................$10.02
------
------
</TABLE>
-------------
* Aggregate cost for federal income tax purposes is
$17,176,376. The aggregate gross unrealized
depreciation (excess of tax cost over market value) is
$(176,251) (comprised of $264,816 appreciation and
$441,067 depreciation.)
** Variable rate demand notes -- the interest rate shown
is as of January 31, 1995, and the maturity date shown
is the longer of (i) the next interest readjustment
date or (ii) the date on which the principal amount
owed can be recovered through demand.
The Moody's Investors Service, Inc. and Standard &
Poor's Ratings Group, Division of McGraw-Hill, Inc.
ratings are believed to be the most recent ratings
available at January 31, 1995. The ratings have not
been verified by the Independent Accountants and,
therefore, are not covered by the Report of the
Independent Accountants.
--------------------------------------------------------
CALIFORNIA INTERMEDIATE
MUNICIPAL FUND
Supplementary Information
January 31, 1995
Average Weighted Maturity of Portfolio -- 5.59 Years
---------------------------------------------------------
<TABLE>
<CAPTION>
INVESTMENT ABBREVIATIONS:
<S> <C>
DN Demand Notes (Variable Rate)
GO General Obligation
IDA Industrial Development Authority
IDRB Industrial Development Revenue Bond
LOC Letter of Credit
PCR Pollution Control Revenue
PCRB Pollution Control Revenue Bond
RAN Revenue Anticipation Notes
RB Revenue Bonds
TECP Tax-Exempt Commercial Paper
TRAN Tax and Revenue Anticipation Notes
</TABLE>
See accompanying notes to financial statements.
9
<PAGE> 10
MUNICIPAL FUND FOR CALIFORNIA INVESTORS, INC.
Statements of Operations
For the Year Ended January 31, 1995
<TABLE>
<CAPTION>
CALIFORNIA CALIFORNIA
MONEY INTERMEDIATE
FUND MUNICIPAL FUND
----------- --------------
<S> <C> <C>
Investment income:
Interest.................................................. $12,450,075 $ 981,929
----------- --------------
Expenses:
Investment advisory fee................................... 833,727 37,369
Administration fee........................................ 833,727 37,369
Service Organization fees:
Dollar shares.......................................... 43,771 --
Custodian fees............................................ 104,373 5,158
Legal fees................................................ 32,800 1,500
Transfer agent fees....................................... 47,500 2,725
Audit fees................................................ 42,750 2,070
Directors' and Officers' fees and expenses................ 46,250 1,890
Registration and filing fees.............................. 4,800 --
Printing.................................................. 19,350 4,950
Other..................................................... 34,060 6,313
----------- --------------
2,043,108 99,344
Fees waived by Investment Adviser and Administrators...... (1,165,487) (61,973)
----------- --------------
Total expenses......................................... 877,621 37,371
----------- --------------
Net investment income................................ 11,572,454 944,558
----------- --------------
Realized and unrealized gain (loss) on investments:
Net realized loss on investments sold..................... (39,944) (43,055)
Decrease in unrealized appreciation of investments........ -- (1,416,126)
Increase in amortized market discount..................... -- 3,617
----------- --------------
Net loss on investments.............................. (39,944) (1,455,564)
----------- --------------
Net increase (decrease) in net assets resulting from
operations................................................ $11,532,510 $ (511,006)
============ ============
</TABLE>
See accompanying notes to financial statements.
10
<PAGE> 11
MUNICIPAL FUND FOR CALIFORNIA INVESTORS, INC.
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
CALIFORNIA INTERMEDIATE
CALIFORNIA MONEY FUND MUNICIPAL FUND
----------------------------- -------------------------
FOR THE FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
JANUARY 31, JANUARY 31, JANUARY 31, JANUARY 31,
1995 1994 1995 1994
------------ ------------ ----------- -----------
<S> <C> <C> <C> <C>
Net investment income.......... $ 11,572,454 $ 8,495,814 $ 944,558 $ 881,270
Net realized and
unrealized gain (loss)
on investments............... (39,944) (3,743) (1,455,564) 655,629
------------ ------------ ----------- -----------
Net increase (decrease) in net
assets resulting from
operations................... 11,532,510 8,492,071 (511,006) 1,536,899
------------ ------------ ----------- -----------
Distributions to shareholders
from:
Net investment income:
Money shares.............. (11,142,146) (8,242,936) -- --
Plus shares............... -- -- -- --
Dollar shares............. (430,308) (252,878) -- --
Intermuni shares.......... -- -- (944,558) (881,270)
Net realized capital gains... -- -- (64,692) (446,415)
------------ ------------ ----------- -----------
Total distributions............ (11,572,454) (8,495,814) (1,009,250) (1,327,685)
------------ ------------ ----------- -----------
Increase (decrease) in net
assets from capital share
transactions................. 21,291,148 4,659,031 (1,108,779) 2,533,686
------------ ------------ ----------- -----------
Net increase (decrease) in net
assets....................... 21,251,204 4,655,288 (2,629,035) 2,742,900
Net assets:
Beginning of period.......... 375,598,810 370,943,522 20,061,254 17,318,354
------------ ------------ ----------- -----------
End of period................ $396,850,014 $375,598,810 $17,432,219 $20,061,254
============= ============= ============ ============
</TABLE>
See accompanying notes to financial statements.
11
<PAGE> 12
CALIFORNIA MONEY FUND
MUNICIPAL FUND FOR CALIFORNIA INVESTORS, INC.
Financial Highlights
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
MONEY SHARES
-------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
01/31/95 01/31/94 01/31/93 01/31/92 01/31/91
-------- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period............................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- ---------
Income From Investment Operations:
Net Investment Income....................................... 0.0281 0.0223 0.0251 0.0375 0.0509
-------- -------- -------- -------- ---------
Less Distributions:
Dividends to Shareholders From Net Investment Income........ (0.0281) (0.0223) (0.0251) (0.0375) (0.0509)
-------- -------- -------- -------- ---------
Net Asset Value, End of Period.................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Return.................................................... 2.84% 2.25% 2.54% 3.82% 5.21%
Ratios/Supplemental Data:
Net Assets, End of Period $(000).............................. 385,824 356,501 359,193 490,141 629,001
Ratio of Expenses to Average Net Assets(1).................... .20% .20% .30% .30% .29%
Ratio of Net Investment Income to Average Net Assets.......... 2.79% 2.23% 2.52% 3.75% 5.10%
</TABLE>
---------------
(1) Operating expense ratios before waivers of Investment Adviser and
Administrator fees for Money shares for the years ended January 31, 1995,
1994, 1993, 1992 and 1991 were .48%, .49%, .48%, .48%, and .46%, respectively.
See accompanying notes to financial statements.
12
<PAGE> 13
CALIFORNIA MONEY FUND
MUNICIPAL FUND FOR CALIFORNIA INVESTORS, INC.
Financial Highlights
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
PLUS SHARES
--------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
01/31/95(4) 01/31/94(4) 01/31/93(4) 01/31/92 01/31/91
------- ------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning
of Period......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- -------- -------- --------
Income From
Investment
Operations:
Net Investment
Income........ -- -- 0.0191 0.0350 0.0484
------- ------- -------- -------- --------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income........ -- -- (0.0191) (0.0350) (0.0484)
------- ------- -------- -------- --------
Net Asset Value,
End of Period..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======== ======== ========
Total Return........ -- -- 1.93% 3.57% 4.96%
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000)... -- -- -- 27,656 19,872
Ratio of Expenses
to
Average Net
Assets(3)....... -- -- .55% .55% .54%
Ratio of Net
Investment
Income to
Average Net
Assets.......... -- -- 2.27% 3.50% 4.85%
</TABLE>
<TABLE>
<CAPTION>
DOLLAR SHARES
----------------------------------------------------------------------------
YEAR YEAR YEAR YEAR 01/09/91(1)
ENDED ENDED ENDED ENDED TO
01/31/95 01/31/94 01/31/93 01/31/92 01/31/91
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning
of Period......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
Income From
Investment
Operations:
Net Investment
Income........ 0.0256 0.0198 0.0226 0.0350 0.0024
-------- -------- -------- -------- --------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income........ (0.0256) (0.0198) (0.0226) (0.0350) (0.0024)
-------- -------- -------- -------- --------
Net Asset Value,
End of Period..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Return........ 2.59% 2.00% 2.29% 3.57% 3.87%(2)
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000)... 11,026 19,098 11,750 6,599 1,126
Ratio of Expenses
to
Average Net
Assets(3)....... .45% .45% .55% .55% .54%(2)
Ratio of Net
Investment
Income to
Average Net
Assets.......... 2.54% 1.98% 2.27% 3.50% 3.85%(2)
</TABLE>
---------------
(1) Commencement of operations.
(2) Annualized.
(3) Operating expense ratios before waivers of Investment Adviser and
Administrator fees for Plus shares for the years ended January 31, 1993,
1992 and 1991 were .64%, .73%, and .71%, respectively. Operating
expense ratios before waivers of Investment Adviser and Administrator fees
for Dollar shares for the years ended January 31, 1995, 1994, 1993 and 1992
were .73%, .74%, .73%, and .73%, respectively, and for the period ended
January 31, 1991 was .71%.
(4) Only 100 Plus shares were outstanding during the period from December 1,
1992 to January 31, 1995.
See accompanying notes to financial statements.
13
<PAGE> 14
CALIFORNIA INTERMEDIATE MUNICIPAL FUND
MUNICIPAL FUND FOR CALIFORNIA INVESTORS, INC.
Financial Highlights
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
INTERMUNI SHARES
-----------------------------------------------------------------------------
YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
01/31/95 01/31/94 01/31/93 01/31/92 01/31/91
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period.............. $ 10.85 $ 10.72 $ 10.61 $ 10.34 $ 10.05
------------- ------------- ------------- ------------- -------------
Income From Investment Operations:
Net Investment Income......................... 0.5165 0.5480 0.5655 0.6070 0.6199
Net Realized and Unrealized Gain (Loss) on
Investments................................. (0.7959) 0.4110 0.2219 0.3296 0.2915
------------- ------------- ------------- ------------- -------------
Total From Investment Operations............ (0.2794) 0.9590 0.7874 0.9366 0.9114
------------- ------------- ------------- ------------- -------------
Less Distributions:
Dividends From Net Investment Income.......... (0.5165) (0.5480) (0.5655) (0.6070) (0.6199)
Distributions From Net Capital Gains.......... (0.0341) (0.2810) (0.1119) (0.0596) (0.0015)
------------- ------------- ------------- ------------- -------------
Total Distributions......................... (0.5506) (0.8290) (0.6774) (0.6666) (0.6214)
------------- ------------- ------------- ------------- -------------
Net Asset Value, End of Period.................... $ 10.02 $ 10.85 $ 10.72 $ 10.61 $ 10.34
========= ========= ========= ========= =========
Total Return...................................... (2.51)% 9.26% 7.68% 9.34% 9.40%
Ratios/Supplemental Data:
Net Assets, End of Period $(000)................ 17,432 20,061 17,318 19,516 14,131
Ratio of Expenses to Average Net Assets(1)...... .20% .20% .30% .30% .30%
Ratio of Net Investment Income to Average
Net Assets.................................... 5.06% 5.06% 5.31% 5.80% 6.14%
Portfolio Turnover Rate........................... 3% 23% 52% 63% 39%
</TABLE>
---------------
(1) Operating expense ratios before waivers of Investment Adviser and
Administrator fees for the years ended January 31, 1995, 1994, 1993, 1992 and
1991 were .53%, .51%, .48%, .53% and .57%, respectively.
See accompanying notes to financial statements.
14
<PAGE> 15
Notes to Financial Statements
1. General Information
Municipal Fund for California Investors, Inc. (the "Company") is a no-load,
non-diversified, open-end management investment company registered under the
Investment Company Act of 1940, as amended. The Company consists of two separate
portfolios: California Money Fund and California Intermediate Municipal Fund.
California Money Fund offers three series of shares: California Money ("Money"),
California Money Dollar ("Dollar"), and California Money Plus ("Plus").
California Intermediate Municipal Fund also offers three series of shares:
California Intermuni ("Intermuni"), California Intermuni Dollar ("Intermuni
Dollar"), and California Intermuni Plus ("Intermuni Plus"). Shares of each
series represent equal pro rata interests in a single investment portfolio and
are identical in all respects except that the Dollar and Plus shares of each
portfolio bear the service fees described below and are entitled to vote
separately on matters relating to these fees.
Dollar shares and Intermuni Dollar shares are sold pursuant to a non-12b-1
shareholder services plan to institutions other than broker/dealers, and Plus
shares and Intermuni Plus shares are sold pursuant to a 12b-1 services plan only
to broker/dealers which enter into agreements with each portfolio requiring them
to provide certain support services to their customers in consideration of the
portfolio's payment of .25% (on an annualized basis) of the average daily net
asset value of such shares held by the institutions on behalf of their
customers. Dividends paid to Plus and Dollar shareholders are reduced by such
fees. In addition, broker/dealers purchasing Plus shares and Intermuni Plus
shares may be requested to provide assistance in connection with the
distribution of such shares. Money and Intermuni shares are sold to
institutional investors who choose not to enter into such servicing agreements
with the portfolio. No Intermuni Dollar shares or Intermuni Plus shares have
been sold as of January 31, 1995.
Certain California municipal obligations in the Company's portfolios 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.
2. Significant Accounting Policies
Portfolio valuation--California Money Fund: Portfolio securities are valued
at amortized cost which approximates market value. Amortized cost valuation
involves valuing an instrument at its cost initially and, thereafter, assuming a
constant amortization to maturity of any discount or premium.
Portfolio valuation--California Intermediate Municipal Fund: Portfolio
securities for which market quotations are readily available (other than debt
securities with remaining maturities of 60 days or less) are valued at the mean
of the most recent quoted bid and asked prices provided by investment dealers.
Market or fair value may be determined by a matrix pricing system which is used
to determine the value of municipal obligations based on factors such as yield,
price, maturities, call features and ratings on comparable securities. Debt
securities with remaining maturities of 60 days or less are valued on an
amortized cost basis.
Securities transactions and investment income: Securities transactions are
recorded on the trade date. Realized gains and losses on investments sold are
recorded on the identified cost basis. Interest income is recorded on the
accrual basis.
Dividends and distributions to shareholders: It is the policy of each
portfolio to declare dividends from net investment income daily and to pay such
dividends within five business days of the end of each month. Net realized
capital gains, if any, are distributed at least annually.
15
<PAGE> 16
Federal taxes: No provision is made for federal income or excise taxes
because the Company intends to have each portfolio continue to qualify as a
regulated investment company by complying with the applicable requirements of
the Internal Revenue Code and by distributing all of its earnings to its
shareholders.
3. Investment Advisory Fee, Administration Fee and Other Related Party
Transactions
The Company has entered into an Investment Advisory Agreement with PNC
Institutional Management Corporation (the "Investment Adviser"), a subsidiary of
PNC Bank, National Association ("PNC Bank"). PNC Bank serves as the Company's
sub-investment adviser pursuant to a Sub-Advisory Agreement between the
Investment Adviser and PNC Bank. Under the Investment Advisory Agreement, the
Investment Adviser is entitled to receive a fee from the Company, computed daily
and payable monthly, at an annual rate of .20% of the value of each portfolio's
average daily net assets.
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 Inc.
("PFPC") and PDI (the "Administrators"), for certain administrative services.
Pursuant to their administrative agreement with the Company, PFPC and PDI
jointly are entitled to receive a fee at an annual rate of .20% of each
portfolio's daily net assets.
The Investment Adviser and the Administrators have agreed to reduce the
advisory and administration fees otherwise payable to them and to reimburse the
Portfolios for their operating expenses to the extent necessary to ensure that
their annual operating expense ratios (excluding fees paid to Service
Organizations pursuant to Servicing Agreements) do not exceed .20% of each
portfolio's average daily net assets.
For the year ended January 31, 1995, with respect to California Money Fund,
the Investment Adviser and the Administrators voluntarily waived fees, on an
equal basis, totaling $1,165,487.
For the year ended January 31, 1995, with respect to California
Intermediate Municipal Fund, the Investment Adviser and the Administrators
voluntarily waived fees, on an equal basis, totaling $61,973.
Expenses include legal fees paid to counsel to the Company, a partner of
which is secretary of the Company.
PNC Bank also serves as the Company's custodian and PFPC, a subsidiary of
PNC Bank, serves as transfer agent.
4. Fund Shares
Since California Money Fund has sold, issued as reinvestments of dividends
and redeemed shares only at a constant net asset value of $1.00 per share, the
number of shares represented by such sales, reinvestments and redemptions is the
same as the dollar amounts shown below for such transactions.
<TABLE>
<CAPTION>
CALIFORNIA MONEY FUND
----------------------------------
YEAR YEAR
ENDED ENDED
JANUARY 31, JANUARY 31,
1995 1994
--------------- ---------------
<S> <C> <C>
Sold
Money shares....... $ 1,362,734,998 $ 1,329,959,674
Plus shares........ -- --
Dollar shares...... 175,135,239 116,172,785
Issued as
reinvestments of
dividends
Money shares....... 412,873 450,944
Plus shares........ -- --
Dollar shares...... 308,417 155,154
Redeemed
Money shares....... (1,333,786,669) (1,333,097,037)
Plus shares........ -- --
Dollar shares...... (183,513,710) (108,982,489)
--------------- ---------------
Net increase......... $ 21,291,148 $ 4,659,031
=============== ===============
</TABLE>
16
<PAGE> 17
<TABLE>
<CAPTION>
CALIFORNIA INTERMEDIATE MUNICIPAL FUND
-----------------------------------------------
YEAR ENDED YEAR ENDED
JANUARY 31, 1995 JANUARY 31, 1994
---------------------- ----------------------
SHARES VALUE SHARES VALUE
-------- ----------- -------- -----------
<S> <C> <C> <C> <C>
Sold
Intermuni
shares........... 375,627 $ 3,840,132 600,624 $ 6,501,944
Issued as
reinvestments of
dividends
Intermuni
shares........... 2,718 27,667 23,062 247,846
Redeemed
Intermuni
shares........... (488,982) (4,976,578) (388,842) (4,216,104)
-------- ----------- -------- -----------
Net increase
(decrease)....... (110,637) $(1,108,779) 234,844 $ 2,533,686
========== ============= ========== =============
</TABLE>
The authorized capital of the Company consists of 2.3 billion Money shares,
300 million Dollar shares, and 300 million Plus shares, 80 million Intermuni
shares, 10 million Intermuni Dollar shares and 10 million Intermuni Plus shares,
each with a par value of $.001 per share.
5. Capital Loss Carryover
At January 31, 1995, California Money Fund had a capital loss carryover
amounting to $136,676 which expires in the years 2001 and 2002, and is available
to offset possible future capital gains.
At January 31, 1995 California Intermediate Municipal Fund had a capital
loss carryover amounting to $43,055 which expires in 2002, and is available to
offset possible future capital gains.
6. Purchases and Sales of Securities
For the year ended January 31, 1995, purchases and sales of investment
securities (excluding short-term investments) of California Intermediate
Municipal Fund were $505,865 and $1,081,648 respectively.
7. Net assets
At January 31, 1995, net assets consisted of the following:
<TABLE>
<CAPTION>
CALIFORNIA
INTERMEDIATE
CALIFORNIA MUNICIPAL
MONEY FUND FUND
------------ -----------
<S> <C> <C>
Paid-in capital............. $396,986,690 $17,642,942
Accumulated net realized
loss on investments....... (136,676) (43,055)
Amortized market discount... -- 8,583
Net unrealized appreciation
of investments............ -- (176,251)
------------ -----------
Total Net Assets............ $396,850,014 $17,432,219
============= ===========
</TABLE>
17
<PAGE> 18
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors
of Municipal Fund for California Investors, Inc:
We have audited the accompanying statements of net assets of Municipal Fund
for California Investors, Inc. (comprised of California Money Fund and
California Intermediate Municipal Fund Portfolios) as of January 31, 1995, and
the related statements of operations for the year then ended, the statements of
changes in net assets for each of the two years in the period then ended, and
the financial highlights for each of the periods presented. These financial
statements and financial highlights are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of investments owned as of
January 31, 1995 by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
each of the respective portfolios constituting Municipal Fund for California
Investors, Inc. as of January 31, 1995, the results of their operations for the
year then ended, the changes in their net assets for each of the two years in
the period then ended, and the financial highlights for each of the periods
presented, in conformity with generally accepted accounting principles.
Coopers & Lybrand L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
March 10, 1995
18
<PAGE> 19
--------------------------------------------------------------------------------
DIRECTORS
G. Willing Pepper
Chairman
William R. Howell
Rodney D. Johnson
Rudolph A. Peterson
Anthony M. Santomero
OFFICERS
G. Willing Pepper
President
Edward J. Roach
Vice President and
Treasurer
Morgan R. Jones
Secretary
Investment Adviser
PNC Institutional Management
Corporation
400 Bellevue Parkway
Wilmington, DE 19809
Co-Administrators
PFPC Inc.
400 Bellevue Parkway
Wilmington, DE 19809
Provident Distributors, Inc.
259 Radnor-Chester Road
Suite 120
Radnor, PA 19087
Distributor
Provident Distributors, Inc.
259 Radnor-Chester Road
Suite 120
Radnor, PA 19087
Transfer Agent
PFPC Inc.
P.O. Box 8950
Wilmington, DE 19885-9628
This report is submitted for
the general information of the
shareholders of the Company.
It is not authorized for
distribution to prospective
investors unless accompanied
or preceded by effective
prospectuses for each
portfolio of the Company,
which contain information
concerning the investment
policies of the portfolios as
well as other pertinent
information.
PIF-A-011
CALIFORNIA MONEY FUND
CALIFORNIA INTERMEDIATE
MUNICIPAL FUND
Investment Portfolios
Offered by
Municipal Fund for
California Investors, Inc.
PROVIDENT
-------------
INSTITUTIONAL
FUNDS
Annual Report to Shareholders
January 31, 1995
--------------------------------------------------------------------------------
