<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.
September 7, 1995
Dear Shareholder:
We are pleased to present the Semi-Annual Report to Shareholders of
Municipal Fund for California Investors, Inc. for the period ended July 31,
1995.
The money market portfolio, California Money Fund, remained very
competitive during the period, despite the problems the Orange County situation
created for the municipal markets and for California state-specific funds. The
California Intermediate Municipal Fund emphasized net asset stability during the
period by shortening its average maturity. This portfolio continued to
concentrate on higher quality issues while providing a competitive return in a
difficult market environment. Currently, 90% of its assets are rated AA or
higher. Due to the ongoing economic pressures experienced by the State of
California, we will continue to place great emphasis on the credit quality of
all issues purchased for both portfolios.
Provident Institutional Funds offer a broad range of high quality Money
Market, Fixed Income and Equity 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.
Thank you for your continued confidence in Provident Institutional Funds.
We welcome the opportunity to service your investment requirements.
Sincerely,
/s/ G. Willing Pepper
---------------------
G. Willing Pepper
Chairman
<PAGE> 2
MUNICIPAL FUND FOR CALIFORNIA INVESTORS, INC.
SEMI-ANNUAL INVESTMENT ADVISER'S REPORT
The good news concerning the State of California's General Fund operation
for the fiscal year ended June 30, 1995, is that on a cash basis the receipts
were $1.78 billion in excess of disbursements. The bad news is that the General
Fund balance at the end of the fiscal year is still a deficit of $3.46 billion
(before loans), although down from a deficit of $5.24 billion a year earlier.
The stabilization in operations will be beneficial since it is anticipated that
the State will need only $2 billion in short-term financing in fiscal 1996 as
compared with $7 billion one year ago. Unemployment continues to remain near the
8% level.
California's economy is showing signs of improving as evidenced by
increased new vehicle purchases plus an anticipated increase in housing
construction, after a weak first quarter of 1995 brought about by heavy rains.
The State is, however, still plagued by funding mandates for education, a
rapidly rising prison population and illegal immigrant expenses significantly
underfunded by the Federal government. The revenue side is hampered by
limitations placed upon the ability of state and local governments to raise
taxes.
The Orange County solution now rests with a "Consensus Recovery Plan" being
developed by county officials with the apparent support of State officials. The
plan includes the diversion of some tax revenues from the Orange County
Transportation Authority, the participants in the County's investment pool
agreeing to give up claims of $860 million which the County owes them, and other
contributions cities and special districts are being asked to make. Municipal
Fund for California Investors, Inc. has no Orange County holdings in its
portfolios.
At the July Federal Open Market Committee (FOMC) meeting, the Federal
Reserve reversed a year-long monetary policy stance by dropping the federal
funds rate 25 basis points to 5.75%. Another rate cut of 25 basis points is
possible at the next regularly scheduled FOMC meeting in September.
In anticipation of declining short-term interest rates, CalMoney extended
its average weighted maturity during the last quarter to the 30-40 day range;
thus locking-in attractive yields by buying one-year notes. Going forward, we
will avoid purchasing any Orange County securities. Moreover, our conservative
policy will cause us to purchase California notes only if they have credit
enhancements in place, such as letters of credit or insurance. We are also
concerned by the financial condition of many Japanese banks, and we have taken
steps to sharply reduce the exposure to these institutions by placing maturity
restrictions on them.
Given the fiscal pressures which continue to impact California, the careful
selection of high quality securities will remain a primary objective in the
management of the Fund's two portfolios. On July 31,
1995, the California Intermediate Municipal Fund had assets of $15.4 million and
CalMoney stood at $405.7 million.
PNC INSTITUTIONAL MANAGEMENT CORPORATION
September 5, 1995
2
<PAGE> 3
CALIFORNIA MONEY FUND
MUNICIPAL FUND FOR CALIFORNIA INVESTORS, INC.
Statement of Net Assets
July 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- --------------------------------- ------- ------------
<S> <C> <C>
CALIFORNIA -- 95.25%
ABAG Finance Authority
Certificates of Participation
(Lucile Salter Packard
Childrens Hospital) DN (AMBAC
Insurance) (A-1+, VMIG-1)**
3.55%.................08/07/95 $ 6,250 $ 6,250,000
Bay Area Government Association
(Lease Revenue Pooled
Projects) Series 1987 DN
(National Westminster LOC)
(VMIG-1)**
3.35%.................08/07/95 7,727 7,727,000
California Department of Water
Resources (Central Valley
Project) RB Series N-V2 DN
(Canadian Imperial Bank LOC)
(A-1+, VMIG-1)**
3.65%.................08/07/95 13,200 13,200,000
California Educational
Facilities Financing Authority
(Occidental College Project)
Series 1985B MB (Morgan
Guaranty LOC) (A-1+)
3.80%.................12/01/95 10,100 10,100,000
California Health Facilities
Financing Authority (Adventist
Health System West-Sutter
Health) Series 1991A DN
(Toronto Dominion LOC)
(A-1+, VMIG-1)**
3.40%.................08/07/95 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)**
3.75%.................08/07/95 2,500 2,500,000
California Health Facilities
Financing Authority (Catholic
Healthcare West) Series 1988B
DN (MBIA Insurance) (VMIG-1)**
3.65%.................08/07/95 1,000 1,000,000
California Health Facilities
Financing Authority (Catholic
Healthcare West) Series 1988C
DN (MBIA Insurance)
(A-1+, VMIG-1)**
3.65%.................08/07/95 4,600 4,600,000
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- --------------------------------- --------- -----------
<S> <C> <C>
California Health Facilities
Financing Authority
(Huntington Memorial Hospital)
DN (Morgan Guaranty LOC)
(A-1+)**
3.65%.................08/07/95 $ 100 $ 100,000
California Health Facilities
Financing Authority (Pooled
Loan Program) Series 1985B DN
(Morgan Guaranty LOC)
(A-1+, VMIG-1)**
3.65%.................08/07/95 6,300 6,300,000
California Health Facilities
Financing Authority (Pooled
Loan Program) Series 1987A DN
(Sanwa Bank LOC) (VMIG-1)**
3.65%.................08/07/95 5,800 5,800,000
California Health Facilities
Financing Authority (Scripps
Memorial Hospital) Series
1985B DN (MBIA Insurance)
(A-1+, VMIG-1)**
3.65%.................08/07/95 6,500 6,500,000
California Health Facilities
Financing Authority (St.
Francis Hospital) DN (MBIA
Insurance) (A-1+, VMIG-1)**
3.65%.................08/07/95 5,000 5,000,000
California Pollution Control
Financing Authority (Dow
Chemical Company Project)
(A-1, P-1)
3.40%.................11/09/95 1,000 1,000,000
California Pollution Control
Financing Authority (Pacific
Gas & Electric) Series 1988C
(Credit Suisse LOC) (A -1+)
4.05%.................08/18/95 2,000 2,000,000
4.10%.................09/08/95 3,700 3,700,000
California Pollution Control
Financing Authority DN
(Societe Generale LOC)
(A-1+, VMIG-1)**
3.35%.................08/15/95 3,100 3,100,000
California Pollution Control
Financing Authority PCRB
(Exxon Corporation) Series
1989 DN (VMIG-1)**
3.75%.................08/07/95 2,400 2,400,000
</TABLE>
3
<PAGE> 4
CALIFORNIA MONEY FUND
Statement of Net Assets (Continued)
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- --------------------------------- --------- -----------
<S> <C> <C>
California Pollution Control
Financing Authority PCRB
(Shell Oil Company Project)
Series 1991A DN (National
Westminster LOC)
(A-1+, VMIG-1)**
3.75%.................08/07/95 $ 900 $ 900,000
California Pollution Control
Financing Authority PCRB
(Southern California Edison
Company) Series A (A-1, P-1)
3.65%.................10/25/95 1,000 1,000,000
California Pollution Control
Financing Authority PCRB
(Southern California Edison
Company) Series 1985D
(A-1, P-1)
3.30%.................10/13/95 1,200 1,200,000
California Pollution Control
Financing Authority PCRB
Series 1988D (Bank of
Tokyo LOC) (A-1)
3.35%.................10/13/95 4,595 4,595,000
California Pollution Control
Financing Authority TECP
(Banque Nationale de Paris
LOC) (A-1+)
3.65%.................09/11/95 6,000 6,000,000
California Statewide
Communities Development
Authority Certificates of
Participation
(St. Joseph Health System) DN
(A-1+, VMIG-1)**
3.70%.................08/07/95 12,300 12,300,000
California Statewide
Communities Development
Authority Series 1995A-2 DN
(Federal National Mortgage
Association LOC) (A-1+)**
3.65%.................08/07/95 2,530 2,530,000
California Statewide
Communities Development
Authority Series 1995A-5 DN
(Federal National Mortgage
Association LOC) (A-1+)**
3.65%.................08/07/95 7,000 7,000,000
California Water Management
Certificates of Participation
(Monterey Peninsula Wastewater
Reclamation Project) DN
(Sumitomo Bank LOC)
(A-1, VMIG-1)**
3.95%.................08/07/95 7,500 7,500,000
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- --------------------------------- --------- -----------
<S> <C> <C>
City of Loma Linda Hospital
Revenue Bonds DN (Industrial
Bank of Japan LOC)
(A-1, VMIG-1)**
3.75%.................08/07/95 $ 2,000 $ 2,000,000
City of Stockton IDRB (La
Quinta Motor Inns) DN
(NationsBank LOC) (A-1)**
3.95%.................08/07/95 2,790 2,790,000
Contra Costa Multifamily
Housing Revenue Bonds
(Riverside Apartments) Series
1992B DN (Federal National
Mortgage Association LOC)
(A-1+)**
3.65%.................08/07/95 4,000 4,000,000
Corona Multifamily Housing
Revenue Refunding Bonds
(Country Hills Apartment
Project) Series 1995A DN (Bank
of America LOC) (A-1)**
3.55%.................08/07/95 7,045 7,045,000
Eastern Municipal Water
District Facilities
Corporation (Riverside County)
Certificates of Participation
DN (FGIC Insurance) (A-1+,
VMIG-1)**
3.70%.................08/07/95 900 900,000
Fremont Multifamily Housing
Bonds (Creekside Village
Apartments) Series D DN (Fuji
Bank LOC) (VMIG-1)**
3.70%.................08/07/95 1,000 1,000,000
Fremont Multifamily Housing
Bonds (Mission Wells Project)
Series 1985E DN (Industrial
Bank of Japan LOC)
(A-1+, VMIG-1)**
3.85%.................08/07/95 5,100 5,100,000
Golden Empire Schools Financing
Authority (Kern High School
District Project) DN (A-1+)**
3.70%.................08/07/95 1,700 1,700,000
Golden Empire Schools Financing
Authority (Kern High School
District Project) Series B DN
(National Westminster LOC)
(A-1+)**
3.70%.................08/07/95 5,000 5,000,000
Golden Empire Schools Financing
Authority (Kern High School
District Project) Series 1989
DN (Barclays Bank LOC)
(VMIG-1)**
3.70%.................08/07/95 2,000 2,000,000
</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>
Kern County Certificates of
Participation (Kern Public
Facilities Project) Series A
DN (Sanwa Bank LOC) (VMIG-1)**
3.65%.................08/07/95 $ 3,900 $ 3,900,000
Kern County Certificates of
Participation (Kern Public
Facilities Project) Series D
DN (Sanwa Bank LOC) (VMIG-1)**
3.65%.................08/07/95 2,500 2,500,000
Los Angeles County Housing
Authority (Malibu Woods
Project) DN (Sumitomo Bank
LOC) (A-1)**
3.80%.................08/07/95 2,129 2,129,000
Los Angeles County Housing
Authority Mutifamily Housing
Revenue Bonds (Sand Canyon
Ranch Project) Series 1985F DN
(Citibank LOC) (A-1)**
3.80%.................08/07/95 4,000 4,000,000
Los Angeles County Metropolitan
Transportation Authority
General Revenue Bonds (Union
Gateway Project) Series 1985A
DN (Societe Generale LOC)
(VMIG-1)**
3.75%.................08/07/95 8,200 8,200,000
Los Angeles County Metropolitan
Transportation Authority
Second Subordinate Sales Tax
Revenue Notes Series A DN
(Industrial Bank of Japan LOC)
(A-1+)**
3.70%.................08/07/95 9,300 9,300,000
Los Angeles County Multifamily
Mortgage Revenue Bonds Series
1984B DN (Citibank LOC) (A-1,
VMIG-1)**
4.56%.................08/07/95 4,100 4,100,000
Los Angeles County TRAN (Bank
of America LOC) (SP-1, MIG-1)
4.50%.................07/01/96 18,210 18,327,296
Los Angeles County
Transportation Commission
Sales Tax Revenue Refunding
Bonds Series 1992 DN (FGIC
Insurance)
(A-1+, VMIG-1)**
3.55%.................08/07/95 4,400 4,400,000
Los Angeles Department of Water
and Power TECP (A-1+, P-1)
3.70%.................08/23/95 5,700 5,700,000
Los Angeles Wastewater TECP
(A-1, P-1)
3.00%.................09/15/95 5,700 5,700,000
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- --------------------------------- --------- -----------
<S> <C> <C>
Monterey County Financing
Authority RB (Reclamation &
Distribution Projects) DN
(Dai-Ichi Kangyo LOC)
(VMIG-1)**
3.95%.................08/07/95 $ 3,000 $ 3,000,000
Oakland Certificates of
Participation (Capital
Improvement Project) DN
(Mitsubishi Bank LOC)
(A-1+, VMIG-1)**
4.05%.................08/07/95 24,600 24,600,000
Oakland Economic Development
Revenue Bonds (Leamington
Project) Series 1994A DN
(First Interstate LOC) (A-1)**
3.80%.................08/07/95 4,300 4,300,000
Pasadena Certificates of
Participation (Rose Bowl
Improvements) DN (Industrial
Bank of Japan LOC)
(A-1, VMIG-1)**
3.65%.................08/07/95 5,400 5,400,000
Redlands City Multifamily
Revenue Refunding Bonds
(Parkview Terrace Project)
Series 1991A DN (Bank of
America LOC) (VMIG-1)**
3.75%.................08/07/95 3,600 3,600,000
Riverside County Certificates
of Participation (Riverside
County Public Facility) Series
1985A
DN (Sanwa Bank LOC)
(A-1+, VMIG-1)**
3.80%.................08/07/95 3,000 3,000,000
Riverside County Certificates
of Participation (Riverside
County Public Facility) Series
1985B
DN (Sanwa Bank LOC)
(A-1+, VMIG-1)**
3.70%.................08/01/95 16,300 16,300,000
Riverside County Certificates
of Participation (Riverside
County Public Facility) Series
1985C
DN (Sanwa Bank LOC)
(A-1+, VMIG-1)**
3.70%.................08/07/95 1,400 1,400,000
Sacramento County (Courthouse
Project-Administration Center)
DN (Union Bank of Switzerland
LOC) (A-1+, VMIG-1)**
3.25%.................08/07/95 11,900 11,900,000
</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 Bernardino County TRAN
(Toronto Dominion LOC) (SP-1+)
4.50%.................07/05/96 $10,000 $ 10,048,987
San Diego IDRB (San Diego Gas &
Electric) (A-1, VMIG-1)
3.05%.................09/11/95 5,200 5,200,000
San Francisco City and County
Housing Authority Multifamily
Housing Revenue Bonds
(Winterland Project) Series
1985C DN (Citibank LOC) (A-1,
VMIG-1)**
3.80%.................08/07/95 1,200 1,200,000
San Francisco City and County
Redevelopment Agency
Multifamily Housing Revenue
Bonds (Bayside Village
Project) Series A DN
(Industrial Bank of Japan LOC)
(VMIG-1)**
3.65%.................08/07/95 16,700 16,700,000
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)**
3.65%.................08/07/95 5,500 5,500,000
San Francisco City and County
Redevelopment Agency
Multifamily Housing Revenue
Bonds (South Harbor Project)
DN (VMIG-1)**
3.625%................08/07/95 14,200 14,200,000
San Jose Multifamily Housing
Bonds DN (FGIC Insurance)
(VMIG-1)**
3.80%.................08/07/95 4,980 4,980,000
Santa Clara Electric Revenue
Bonds Series B DN (Bank of
Tokyo LOC) (A-1+, VMIG-1)**
3.55%.................08/07/95 1,000 1,000,000
Santa Clara Multifamily Housing
Bonds (Fox Chase Project)
DN (FGIC Insurance)
(A-1+, VMIG-1)**
3.80%.................08/07/95 1,600 1,600,000
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- --------------------------------- ------- ------------
<S> <C> <C>
Santa Margarita/Dana Point
Authority Series 1994B RB
(MBIA Insurance)
4.50%.................08/01/95 $ 3,595 $ 3,595,000
Southern California (Public
Power Authority Transportation
Project) Subordinate Refunding
Revenue Bonds Series 1991 DN
(FGIC Insurance) (A-1+,
VMIG-1)**
3.50%.................08/07/95 3,000 3,000,000
Triunfo Sanitation District
Revenue Bonds DN (Banque
Nationale de Paris LOC)
(A-1+)**
3.70%.................08/07/95 2,400 2,400,000
Upland Housing Authority
Multifamily Revenue Bonds
(Upland Village Green Project)
DN (Bank of Tokyo LOC)
(VMIG-1)**
3.90%.................08/07/95 3,700 3,700,000
Washington Township Hospital
District (Alameda County) DN
(Industrial Bank of Japan LOC)
(VMIG-1)**
3.85%.................08/07/95 9,800 9,800,000
-----------
386,517,283
-----------
PUERTO RICO -- 4.73%
Puerto Rico Government
Development Bank Series 1985
DN (Credit Suisse LOC)
(A-1+, VMIG-1)**
3.45%.................08/07/95 14,400 14,400,000
Puerto Rico Industrial Medical
Higher Education and
Environmental Pollution
Control Facility Authority
(Ana G. Mendez Education
Foundation Project) DN (Bank
of Tokyo LOC) (A-1+)**
3.90%.................08/07/95 4,800 4,800,000
-----------
19,200,000
-----------
</TABLE>
6
<PAGE> 7
CALIFORNIA MONEY FUND
Statement of Net Assets (Concluded)
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- --------------------------------- ------- ------------
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $405,717,283*)........... 99.98% $405,717,283
OTHER ASSETS IN EXCESS OF
LIABILITIES.................... .02 74,486
------- ------------
NET ASSETS (Equivalent to $1.00
per share based on 385,859,617
California Money and 20,068,828
California Dollar Shares
outstanding)................... 100.00% $405,791,769
======= ============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
($405,791,769 / 405,928,445)............. $1.00
=====
</TABLE>
- -------------
* Aggregate cost for federal income tax purposes is
$405,717,283.
** Variable rate demand notes -- the interest rate shown
is as of July 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 ratings are believed to be the
most recent ratings available at July 31, 1995.
- --------------------------------------------------------
CALIFORNIA MONEY FUND
SUPPLEMENTARY INFORMATION
Maturity Schedule of Portfolio
July 31, 1995
<TABLE>
<CAPTION>
MATURITY
PERIOD PAR PERCENTAGE
------------- ------------ ----------
<S> <C> <C>
1-30 Days $338,846,000 83.5%
31-60 Days 20,600,000 5.1%
61-90 Days 6,795,000 1.7%
91-120 Days 1,000,000 0.3%
Over 120 Days 38,310,000 9.4%
</TABLE>
Average Weighted Maturity of Portfolio -- 36 days
- --------------------------------------------------------
See accompanying notes to financial statements.
7
<PAGE> 8
CALIFORNIA INTERMEDIATE MUNICIPAL FUND
MUNICIPAL FUND FOR CALIFORNIA INVESTORS, INC.
Statement of Net Assets
July 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- ----------------------------------- ------- -----------
<S> <C> <C> <C>
CALIFORNIA -- 90.85%
California Education
Authority (Pepperdine
University) RB (MBIA
Insurance) (Aaa)
6.80%................... 11/01/00 $ 500 $ 550,000
California Education
Authority (Stanford
University) RB (Aaa)
5.50%................... 11/01/00 800 844,000
California Health
Facilities Financing
Authority (Cedars-Sinai
Hospital) Series 1990 RB
(Aa)
6.50%................... 11/01/00 600 639,750
California Health
Facilities Financing
Authority DN (Industrial
Bank of Japan LOC) (Aa3,
VMIG-1) **
3.80%................... 08/01/95 300 300,000
City of Sacramento
Sanitation District RB
(Aa)
4.30%................... 12/01/00 500 487,500
East Bay Municipal
Utility District RB
(AMBAC Insurance) (Aaa)
7.00%................... 06/01/00 800 893,000
Elk Grove Unified School
District (Pre-Refunded
12/01/98 @ 103) RB (FGIC
Insurance) (Aaa)
9.00%................... 12/01/07 700 823,375
Los Angeles County Public
Works RB (Aa1)
4.70%................... 03/01/03 1,000 967,500
Los Angeles County
Transportation
Commission Sales Tax
Revenue Series A (Pre-
Refunded 07/01/98 @ 102)
RB (Aaa)
8.00%................... 07/01/18 800 899,000
Los Angeles Department of
Water and Power
(Electric Plant) RB (Aa)
9.00%................... 02/01/01 500 599,375
Los Angeles Department of
Water and Power
(Electric Plant)
Series 1990 RB (Aa)
6.75%................... 05/15/99 500 538,125
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- --------------------------- ------ -------- -----------
<S> <C> <C> <C>
Los Angeles State
Building Authority
General Services Series
A RB (Aa)
6.75%................... 03/01/99 $ 500 $ 526,875
Sacramento Special Tax
Refunding Bonds (Laguna
Community Facilities
District) RB (FGIC
Insurance) (Aaa)
5.40%................... 12/01/01 640 660,000
San Francisco Bay Area
Rapid Transit District
Sales Tax RB (A1)
6.60%................... 07/01/99 600 643,500
San Francisco Various
Purpose Unlimited Tax GO
Series A RB (Aa)
6.20%................... 12/15/99 700 749,000
Southern California
Public Power Authority
(Joint Power Project) RB
(A)
6.75%................... 07/01/00 600 650,250
Southern California
Public Power Authority
(Transmission Project)
RB (Aa)
6.80%................... 07/01/98 400 430,000
Southern California
Public Power Authority
(Refunding Project)
Series A RB (Aaa)
6.00%................... 07/01/00 500 537,500
State of California GO
(Aa)
4.10%................... 09/01/01 1,000 952,500
University of California
(Multi-Purpose Projects)
Series C RB (AMBAC
Insurance) (Aaa)
4.125%.................. 09/01/00 800 771,000
West Sacramento
Redevelopment Agency RB
(MBIA Insurance) (Aaa)
6.25%................... 09/01/01 500 538,125
14,000,375
VIRGIN ISLANDS -- 7.42%
Virgin Islands Public
Finance Authority (Pre-
Refunded 10/01/00 @ 101)
RB (Aaa)
7.25%................... 10/01/07 1,000 1,143,750
</TABLE>
8
<PAGE> 9
CALIFORNIA INTERMEDIATE MUNICIPAL FUND
Statement of Net Assets (Concluded)
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- ----------------------------------- ------- -----------
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $14,695,833*)................. 98.27% $15,144,125
OTHER ASSETS IN EXCESS OF
LIABILITIES......................... 1.73 266,246
------- -----------
NET ASSETS (Equivalent to $10.43
per share based on 1,477,857
California Intermuni shares
outstanding)........................100.00% $15,410,371
======= ===========
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
($15,410,371 / 1,477,857).................. $10.43
======
</TABLE>
- -------------
* Aggregate cost for federal income tax purposes is
$14,695,833. The net unrealized appreciation (excess of
market value over tax cost) is $448,292 (comprised of
$578,024 appreciation and $129,732 depreciation.)
** Variable rate demand notes -- the interest rate shown is
as of July 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 ratings are believed to be the most
recent ratings available at July 31, 1995.
- --------------------------------------------------------
CALIFORNIA INTERMEDIATE
MUNICIPAL FUND
SUPPLEMENTARY INFORMATION
July 31, 1995
Average Weighted Maturity of Portfolio -- 4.86 Years
- ---------------------------------------------------------
INVESTMENT ABBREVIATIONS:
<TABLE>
<S> <C>
DN Demand Note (Variable Rate)
GO General Obligation
IDRB Industrial Development Revenue Bond
LOC Letter of Credit
MB Municipal Bond
PCRB Pollution Control Revenue Bond
RB Revenue Bond
TECP Tax-Exempt Commercial Paper
TRAN Tax and Revenue Anticipation Note
</TABLE>
See accompanying notes to financial statements.
9
<PAGE> 10
MUNICIPAL FUND FOR CALIFORNIA INVESTORS, INC.
Statements of Operations
For the Six Months Ended July 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
CALIFORNIA CALIFORNIA
MONEY INTERMEDIATE
FUND MUNICIPAL FUND
---------- --------------
<S> <C> <C>
Investment income:
Interest................................................... $7,721,253 $ 424,008
---------- --------------
Expenses:
Investment advisory fee.................................... 402,391 16,203
Administration fee......................................... 402,391 16,203
Service Organization fees:
Dollar shares........................................... 23,390 --
Custodian fees............................................. 50,360 2,426
Legal fees................................................. 19,500 495
Transfer agent fees........................................ 22,500 980
Audit fees................................................. 24,750 535
Directors' and Officers' fees and expenses................. 19,800 570
Registration and filing fees............................... 2,400 --
Printing................................................... 6,750 1,325
Other...................................................... 16,960 3,450
---------- --------------
991,192 42,187
Fees waived by Investment Adviser and Administrators....... (565,279) (25,985)
---------- --------------
Total expenses.......................................... 425,913 16,202
---------- --------------
Net investment income................................. 7,295,340 407,806
---------- --------------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments sold...................... -- 45,065
Increase in unrealized appreciation of investments......... -- 624,543
Decrease in amortized market discount...................... -- (1,498)
---------- --------------
Net gain on investments............................... -- 668,110
---------- --------------
Net increase in net assets resulting from operations......... $7,295,340 $1,075,916
========== ============
</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 SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
JULY 31, JANUARY 31, JULY 31, JANUARY 31,
1995 1995 1995 1995
------------ ------------ ------------ -----------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Net investment income.......... $ 7,295,340 $ 11,572,454 $ 407,806 $ 944,558
Net realized and
unrealized gain (loss)
on investments............... -- (39,944) 668,110 (1,455,564)
------------ ------------ ------------ -----------
Net increase (decrease) in net
assets resulting from
operations................... 7,295,340 11,532,510 1,075,916 (511,006)
------------ ------------ ------------ -----------
Distributions to shareholders
from:
Net investment income:
Money shares.............. (6,978,035) (11,142,146) -- --
Plus shares............... -- -- -- --
Dollar shares............. (317,305) (430,308) -- --
Intermuni shares.......... -- -- (407,806) (944,558)
Net realized capital gains... -- -- -- (64,692)
------------ ------------ ------------ -----------
Total distributions............ (7,295,340) (11,572,454) (407,806) (1,009,250)
------------ ------------ ------------ -----------
Increase (decrease) in net
assets from capital share
transactions................. 8,941,755 21,291,148 (2,689,958) (1,108,779)
------------ ------------ ------------ -----------
Net increase (decrease) in net
assets....................... 8,941,755 21,251,204 (2,021,848) (2,629,035)
Net assets:
Beginning of period.......... 396,850,014 375,598,810 17,432,219 20,061,254
------------ ------------ ------------ -----------
End of period................ $405,791,769 $396,850,014 $ 15,410,371 $17,432,219
============= ============= ============ ============
</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
-----------------------------------------------------------------------
SIX MONTHS YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
07/31/95 01/31/95 01/31/94 01/31/93 01/31/92 01/31/91
----------- ------- ------- ------- ------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period.............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- ---------- ----------
Income From Investment Operations:
Net Investment Income........................ 0.0181 0.0281 0.0223 0.0251 0.0375 0.0509
---------- ---------- ---------- ---------- ---------- ----------
Less Distributions:
Dividends to Shareholders From Net Investment
Income..................................... (0.0181) (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 $ 1.00
========== ========== ========== ========== ========== ==========
Total Return...................................... 3.67%(1) 2.84% 2.25% 2.54% 3.82% 5.21%
Ratios/Supplemental Data:
Net Assets, End of Period $(000)................ 385,725 385,824 356,501 359,193 490,141 629,001
Ratio of Expenses to Average Net Assets(2)...... .20%(1) .20% .20% .30% .30% .29%
Ratio of Net Investment Income to Average Net
Assets....................................... 3.64%(1) 2.79% 2.23% 2.52% 3.75% 5.10%
</TABLE>
- ---------------
(1) Annualized.
(2) Operating expense ratios before waivers of Investment Adviser and
Administrator fees for Money shares for the six months ended July 31, 1995
and for the years ended January 31, 1995, 1994, 1993, 1992 and 1991 were
.48%, .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 DOLLAR SHARES
--------------------------------------------------------------- -------------------------------
SIX MONTHS YEAR YEAR YEAR YEAR YEAR SIX MONTHS YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED
07/31/95(4) 01/31/95(4) 01/31/94(4) 01/31/93(4) 01/31/92 01/31/91 07/31/95 01/31/95 01/31/94
----------- --------- --------- ----------- -------- -------- ----------- -------- --------
(UNAUDITED) (UNAUDITED)
<S> <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
-------- ------- ------- -------- -------- -------- -------- -------- --------
Income From Investment
Operations:
Net Investment Income......... -- -- -- 0.0191 0.0350 0.0484 0.0168 0.0256 0.0198
-------- ------- ------- -------- -------- -------- -------- -------- --------
Less Distributions:
Dividends to Shareholders From
Net Investment Income....... -- -- -- (0.0191) (0.0350) (0.0484) (0.0168) (0.0256) (0.0198)
-------- ------- ------- -------- -------- -------- -------- -------- --------
Net Asset Value, End of Period.... $1.00 $1.00 $1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ======== ======== ======== ========
Total Return...................... -- -- -- 1.93% 3.57% 4.96% 3.42%(2) 2.59% 2.00%
Ratios/Supplemental Data:
Net Assets,
End of Period $(000).......... -- -- -- -- 27,656 19,872 20,067 11,026 19,098
Ratio of Expenses to Average
Net Assets(3)................. -- -- -- .55% .55% .54% .45%2 .45% .45%
Ratio of Net Investment Income
to Average Net Assets......... -- -- -- 2.27% 3.50% 4.85% 3.39%2 2.54% 1.98%
<CAPTION>
YEAR YEAR 01/09/91(1)
ENDED ENDED TO
01/31/93 01/31/92 01/31/91
-------- -------- --------
<S> <C> <C> <C>
Net Asset Value,
Beginning of Period.............. $ 1.00 $ 1.00 $ 1.00
-------- -------- --------
Income From Investment
Operations:
Net Investment Income......... 0.0226 0.0350 0.0024
-------- -------- --------
Less Distributions:
Dividends to Shareholders From
Net Investment Income....... (0.0226) (0.0350) (0.0024)
-------- -------- --------
Net Asset Value, End of Period.... $ 1.00 $ 1.00 $ 1.00
======== ======== ========
Total Return...................... 2.29% 3.57% 3.87%(2)
Ratios/Supplemental Data:
Net Assets,
End of Period $(000).......... 11,750 6,599 1,126
Ratio of Expenses to Average
Net Assets(3)................. .55% .55% .54%(2)
Ratio of Net Investment Income
to Average Net Assets......... 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 six months ended July 31, 1995 and for the years ended
January 31, 1995, 1994, 1993 and 1992 were .73%, .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 July 12, 1995. As of July 13, 1995, no Plus shares were outstanding.
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
------------------------------------------------------------------
SIX MONTHS YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
07/31/95 01/31/95 01/31/94 01/31/93 01/31/92 01/31/91
----------- -------- -------- -------- -------- --------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period........................ $ 10.02 $ 10.85 $ 10.72 $ 10.61 $ 10.34 $ 10.05
-------- -------- -------- -------- -------- --------
Income From Investment Operations:
Net Investment Income.................................. 0.2571 0.5165 0.5480 0.5655 0.6070 0.6199
Net Realized and Unrealized Gain (Loss) on
Investments.......................................... 0.4100 (0.7959) 0.4110 0.2219 0.3296 0.2915
-------- -------- -------- -------- -------- --------
Total from Investment Operations..................... 0.6671 (0.2794) 0.9590 0.7874 0.9366 0.9114
-------- -------- -------- -------- -------- --------
Less Distributions:
Dividends from Net Investment Income................... (0.2571) (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.................................. (0.2571) (0.5506) (0.8290) (0.6774) (0.6666) (0.6214)
-------- -------- -------- -------- -------- --------
Net Asset Value, End of Period.............................. $ 10.43 $ 10.02 $ 10.85 $ 10.72 $ 10.61 $ 10.34
======== ======== ======== ======== ======== ========
Total Return................................................ 6.71% (2.51%) 9.26% 7.68% 9.34% 9.40%
Ratios/Supplemental Data:
Net Assets, End of Period $(000).......................... 15,410 17,432 20,061 17,318 19,516 14,131
Ratio of Expenses to Average Net Assets(2)................ .20%(1) .20% .20% .30% .30% .30%
Ratio of Net Investment Income to Average Net Assets...... 5.03%(1) 5.06% 5.06% 5.31% 5.80% 6.14%
Portfolio Turnover Rate................................... 15%(1) 3% 23% 52% 63% 39%
</TABLE>
- ---------------
(1) Annualized
(2) Operating expense ratios before waivers of Investment Adviser and
Administrator fees for the six months ended July 31, 1995 and for the years
ended January 31, 1995, 1994, 1993, 1992 and 1991 were .52%, .53%, .51%,
.48%, .53% and .57%, respectively.
See accompanying notes to financial statements.
14
<PAGE> 15
Notes to Financial Statements
(Unaudited)
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 July 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"), an indirect
wholly-owned 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"), an indirect wholly-owned subsidiary of PNC Bank, 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 six months ended July 31, 1995, with respect to California Money
Fund, the Investment Adviser and the Administrators voluntarily waived fees, on
an equal basis, totaling $565,279.
For the six months ended July 31, 1995, with respect to California
Intermediate Municipal Fund, the Investment Adviser and the Administrators
voluntarily waived fees, on an equal basis, totaling $25,985.
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
--------------------------------
SIX MONTHS YEAR
ENDED ENDED
JULY 31, JANUARY 31,
1995 1995
------------- ---------------
(UNAUDITED)
<S> <C> <C>
Sold
Money shares......... $ 739,253,376 $ 1,362,734,998
Plus shares.......... -- --
Dollar shares........ 116,956,098 175,135,239
Issued as reinvestments
of dividends
Money shares......... 487,836 412,873
Plus shares.......... -- --
Dollar shares........ -- 308,417
Redeemed
Money shares......... (739,839,716) (1,333,786,669)
Plus shares.......... (100) --
Dollar shares........ (107,915,739) (183,513,710)
------------- ---------------
Net increase........... $ 8,941,755 $ 21,291,148
============== ===============
</TABLE>
16
<PAGE> 17
<TABLE>
<CAPTION>
CALIFORNIA INTERMEDIATE MUNICIPAL FUND
-----------------------------------------------
SIX MONTH ENDED YEAR ENDED
JULY 31, 1995 JANUARY 31, 1995
---------------------- ----------------------
SHARES VALUE SHARES VALUE
-------- ----------- -------- -----------
(UNAUDITED)
<S> <C> <C> <C> <C>
Sold
Intermuni
shares........... 129,730 $ 1,338,169 375,627 $ 3,840,132
Issued as
reinvestments of
dividends
Intermuni
shares........... -- -- 2,718 27,667
Redeemed
Intermuni
shares........... (390,887) (4,028,127) (488,982) (4,976,578)
-------- ----------- -------- -----------
Net decrease...... (261,157) $(2,689,958) (110,637) $(1,108,779)
======== =========== ======== ===========
</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 six months ended July 31, 1995, purchases and sales of investment
securities (excluding short-term investments) of California Intermediate
Municipal Fund were $1,179,217 and $3,860,347 respectively.
7. Net assets
At July 31, 1995, net assets consisted of the following:
<TABLE>
<CAPTION>
CALIFORNIA
INTERMEDIATE
CALIFORNIA MUNICIPAL
MONEY FUND FUND
------------ -----------
<S> <C> <C>
Paid-in capital............. $405,928,445 $14,952,984
Accumulated net realized
gain (loss) on
investments............... (136,676) 2,010
Amortized market discount... -- 7,085
Net unrealized appreciation
of investments............ -- 448,292
------------ -----------
Total Net Assets............ $405,791,769 $15,410,371
============= ===========
</TABLE>
17
<PAGE> 18
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-T-011
CALIFORNIA MONEY FUND
CALIFORNIA INTERMEDIATE
MUNICIPAL FUND
Investment Portfolios
Offered by
Municipal Fund for
California Investors, Inc.
[PROVIDENT INSTITUTIONAL FUNDS LOGO]
Semi-Annual Report
to Shareholders
July 31, 1995
