<PAGE> 1
- -------------------------------------------------------------------------------
[PROVIDENT INSTITUTIONAL FUNDS LETTERHEAD]
- -------------------------------------------------------------------------------
Thomas A. Melfe
Chairman
MUNICIPAL FUND FOR NEW YORK INVESTORS, INC.
September 14, 1995
Dear Shareholder:
We are pleased to present the Annual Report to Shareholders of Municipal
Fund for New York Investors, Inc. for the period ended July 31, 1995.
The enclosed Adviser's Report presents an economic overview of New York
State and New York City. Despite some of their ongoing budgetary concerns, New
York Money Fund continues to offer shareholders a competitive yield, with an
emphasis on credit quality and liquidity.
Provident Institutional Funds offer many other 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 serve your investment needs.
Sincerely,
/s/ THOMAS A. MELFE
-----------------------
Thomas A. Melfe
Chairman
<PAGE> 2
MUNICIPAL FUND FOR NEW YORK INVESTORS, INC.
ANNUAL INVESTMENT ADVISER'S REPORT
The State of New York's fiscal 1996 budget, though two months late,
revealed some major shifts in the State's budgetary policy. General fund
spending is down and the growth rate of total spending has also been reduced. In
addition, the personal income tax and a variety of business taxes have been cut.
Unfortunately, structural imbalances persist. Political debate may well
intensify as projected deficits increase and deeper and more painful cuts of
government programs become necessary. The State's cash flow for the first four
months of fiscal 1996 is on track with budget projections. Personal income tax
and sales tax receipts are up, while business tax receipts are down over the
same period last year. Economic growth for the State is projected to remain weak
compared to the nation, which leaves the State vulnerable even in the event of a
minor economic downturn.
New York City received its long anticipated downgrade to BBB+ from A- by
Standard & Poor's on July 10, 1995. Though the City has implemented massive
budget cuts and work force reductions, structural balance has proven elusive.
The 1996 budget relies heavily on non-recurring revenue enhancers, overly
optimistic growth projections, and increased support from the State and federal
governments. Plans to sell the City's water system to the New York City Water
Finance Authority is symptomatic of the City's high debt burden. The City's
economy remains sluggish, but reduced unemployment and increased employment
statistics evidence a very gradual improvement in the labor market.
Although the technical factors that shape the rate cycle in the short-term
municipal money market remained largely in place, there were a number of issues
over the last year that created a higher than usual degree of uncertainty. The
significant issues included the potential for imposition of new regulations by
the Securities and Exchange Commission, speculation about the possibility of a
flat tax, national sales tax, or other major changes in the tax code, and, of
course, the Orange County, California debacle. All of these factors tended to
argue in favor of increased caution on the part of portfolio managers. In terms
of portfolio strategy, this translated most significantly into an emphasis on
short average weighted maturities. The average weighted maturity of Municipal
Fund for New York Investors, Inc. rarely topped 50 days and was often below 40
days. In addition, underlying and reinforcing this policy was a string of
interest rate increases by the Federal Reserve that offered little incentive to
extend maturities. Currently, as the economic indicators have turned more mixed,
the extent and direction of future Fed policy moves has become the subject of
much debate in the marketplace. Average maturities of money market funds have
been increasing recently, but it remains to be seen whether or not the Federal
Reserve has successfully engineered a soft landing for the economy.
Credit quality is another area that has been highlighted over the past
year, with even greater scrutiny being given to the creditworthiness of issuers
and credit enhancers and added emphasis on ongoing disclosure on the part of
issuers of municipal securities. Also, the structure of many deals has become
more complex, creating a need for more detailed analysis. Careful selection of
high quality securities, with emphasis on insuring safety and liquidity,
continues to be a primary objective of the Fund. Total net assets in the Fund at
fiscal year-end stood at $246,650,282.
PNC INSTITUTIONAL MANAGEMENT CORPORATION
September 11, 1995
2
<PAGE> 3
NEW YORK MONEY FUND
MUNICIPAL FUND FOR NEW YORK INVESTORS, INC.
Statement of Net Assets
July 31, 1995
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- --------------------------------- ------- ------------
<S> <C> <C> <C>
NEW YORK -- 94.3%
City of New York G.O. DN /
(Mitsubishi Bank LOC)
(A-1+, VMIG-1)**
3.80%.................08/01/95 $ 3,500 $ 3,500,000
City of New York G.O. Series
B-10 DN / (Union Bank of
Switzerland LOC) (A-1+,
VMIG-1)**
3.75%.................08/07/95 2,200 2,200,000
City of New York G.O. TECP /
(Banque Paribas LOC)
(A-1, VMIG-1)
3.60%.................08/25/95 4,800 4,800,000
4.25%.................10/13/95 1,000 1,000,000
City of New York Housing
Development Corporation
(Columbus Gardens Project) DN
/ (Citibank LOC) (A-1)**
3.75%.................08/07/95 1,400 1,400,000
City of New York Housing
Development Corporation
(East 96th St. Project) DN /
(Mitsubishi Bank LOC)
(A-1+, VMIG-1)**
3.45%.................08/07/95 2,000 2,000,000
City of New York Housing
Development Corporation
(Parkgate Tower) Resolution
One Series 1985 DN /
(Citibank LOC)
(A-1, VMIG-1)**
3.75%.................08/07/95 4,945 4,945,000
City of New York Housing
Development Corporation
(Queenswood Apartment Project)
DN / (Sumitomo Bank LOC)
(VMIG-1)**
3.75%.................08/07/95 2,700 2,700,000
City of New York IDA (Columbia
Grammar School and Preparatory
School) Civic Facility RB
Series 1994 DN / (Chemical
Bank LOC) (A-1)**
3.60%.................08/07/95 300 300,000
City of New York IDA Refunding
Revenue Adjustable Tender
Notes (La Guardia Associates)
Series 1985 DN / (Banque
Indosuez LOC) (A1, VMIG-1)**
3.70%.................08/02/95 5,700 5,700,000
City of New York IDA Refunding
Revenue Adjustable Tender
Notes, Field Hotel Association
(JFK Project) DN / (Banque
Indosuez LOC) (A1, VMIG-1)**
3.70%.................08/07/95 3,750 3,750,000
NEW YORK (CONTINUED)
City of New York Tender Option
Bond DN / (MBIA Insurance)
(VMIG-1)**
3.96%.................08/07/95 $ 7,000 $ 7,000,000
City of New York Trust For
Cultural Resources (American
Museum of Natural History) DN
/ (MBIA Insurance) (A-1+,
VMIG-1)**
3.55%.................08/07/95 400 400,000
City of New York Trust For
Cultural Resources (Carnegie
Hall) Series 1985 DN / (Dai-Ichi
Kangyo LOC) (A-1, VMIG-1)**
3.75%.................08/07/95 3,250 3,250,000
City of New York Trust For
Cultural Resources (Carnegie
Hall) Series 1990 DN / (Dai-Ichi
Kangyo LOC) (A-1, VMIG-1)**
3.75%.................08/07/95 2,700 2,700,000
City of New York Trust For
Cultural Resources (The Jewish
Museum) Series 1992 DN /
(Sumitomo Bank LOC) (A1+,
VMIG-1)**
3.75%.................08/07/95 1,900 1,900,000
City of New York Trust For
Cultural Resources (The Museum
of Broadcasting) Series 1989
DN / (Sumitomo Bank LOC)
(A-1+, VMIG-1)**
3.75%.................08/07/95 2,300 2,300,000
County of Albany BAN
6.00%.................02/21/96 5,440 5,475,968
County of Erie Water Authority
DN / (AMBAC Insurance) (A-1+,
VMIG-1)**
3.60%.................08/07/95 600 600,000
County of Erie Water Authority
Water Works System RB DN /
(AMBAC Insurance)
(A-1+, VMIG-1)**
3.60%.................08/07/95 800 800,000
County of Monroe IDA Adjustable
Rate IDRB (Emerson Electric)
MB (Aa1)
3.80%.................07/01/96 2,290 2,290,000
County of Monroe IDA 1985 IDRB
(Rochester District Heating
Cooperative, Inc. Facility) DN
/ (Chemical Bank LOC)**
3.70%.................08/07/95 3,800 3,800,000
County of Montgomery IDRB
(Service Merchandise Company)
DN / (Barclays Bank LOC) (A1+,
VMIG-1)**
3.35%.................08/15/95 4,700 4,700,000
</TABLE>
3
<PAGE> 4
NEW YORK MONEY FUND
Statement of Net Assets (Continued)
July 31, 1995
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- --------------------------------- ------- ------------
<S> <C> <C> <C>
NEW YORK (CONTINUED)
County of Suffolk TAN 1995
(RA Series I) / (Westdeutsche
Landesbank Girozentrale LOC)
(SP-1+, MIG-1)
5.25%.................08/15/95 $ 3,900 $ 3,900,808
County of Suffolk Water
Authority Series 1994
(VMIG-1)**
3.75%.................08/01/95 4,100 4,100,000
Dormitory Authority of The
State of New York (Columbia
University) MGT 14-C DN /
(Morgan Guaranty LOC)
(VMIG-1)**
3.75%.................08/07/95 5,500 5,500,000
Dormitory Authority of The
State of New York
(Metropolitan Museum of Art)
Series 1993 A DN (A-1+,
VMIG-1)**
3.60%.................08/07/95 385 385,000
Dormitory Authority of The
State of New York (United
Cerebral Palsy of New York
City, Inc.) RB DN / (Chemical
Bank LOC)
(A-1, VMIG-1)**
3.60%.................08/07/95 8,600 8,600,000
Dormitory Authority of The
State of New York Pooled Short
Term TECP / (Dai-Ichi Kangyo
LOC) (A-1, P-1)
2.90%.................08/16/95 303 303,000
4.10%.................09/08/95 1,010 1,010,000
East Islip Union Free School
District TAN 1995
4.25%.................06/28/96 2,500 2,509,830
Hempstead BAN (MIG-1)
4.50%.................08/17/95 4,000 4,000,877
Massapequa Union Free School
District TAN (MIG-1)
4.25%.................06/28/96 3,000 3,013,101
Metropolitan Transportation
Authority Commuter Facilities
Series 1991 DN /
(Morgan Guaranty LOC)
(A-1+, VMIG-1)**
3.65%.................08/07/95 9,200 9,200,000
New York State Energy Research
and Development Authority PCR
(Central-Hudson Gas and
Electric Corporation) Series A
DN / (Bankers Trust LOC)
(A1+, VMIG-1)**
3.40%.................08/03/95 600 600,000
NEW YORK (CONTINUED)
New York State Energy Research
and Development Authority PCR
(Rochester Gas and Electric)
DN / (Bank of New York LOC)
(A-1, VMIG-1)**
3.55%.................08/01/95 $14,600 $ 14,600,000
New York State Energy Research
and Development Authority PCRB
(Orange and Rockland
Utilities, Inc. Projects)
Series 1994 A DN / (FGIC
Insurance)
(A-1+, VMIG-1)**
3.55%.................08/07/95 400 400,000
New York State Energy Research
and Development Authority (New
York State Electric and Gas)
Series 1985-A MB / (Morgan
Guaranty LOC) (A-1+)
4.65%.................03/15/96 1,000 1,000,000
New York State Energy Research
and Development Authority
Adjustable Rate PCRB (Long
Island Lighting Project) MB /
(Deutsche Bank LOC) (VMIG-1)
4.70%.................03/01/96 4,000 4,000,000
New York State Energy Research
and Development Authority
Annual Tender PCRB MB/(Union
Bank of Switzerland LOC) (P-1)
4.10%.................10/15/95 2,000 2,000,000
4.60%.................12/01/95 2,065 2,065,000
New York State Housing Finance
Agency (Memorial Sloan-
Kettering Cancer Center) DN
(A-1+)**
3.75%.................08/07/95 400 400,000
New York State Housing Finance
Agency (Mount Sinai School of
Medicine) Series A DN / (Sanwa
Bank LOC) (A1+, VMIG-1)**
3.60%.................08/07/95 5,500 5,500,000
New York State Housing Finance
Agency, (Multi-Family Housing)
RB Series 1988 A DN / (AMBAC
Insurance)
(A-1+, VMIG-1)**
3.65%.................08/07/95 700 700,000
New York State Housing Finance
Authority (Normandie Court I)
Series 1991A DN / (Societe
Generale LOC)
(A-1+, VMIG-1)**
3.60%.................08/07/95 2,300 2,300,000
</TABLE>
4
<PAGE> 5
NEW YORK MONEY FUND
Statement of Net Assets (Continued)
July 31, 1995
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- --------------------------------- ------- ------------
<S> <C> <C> <C>
NEW YORK (CONTINUED)
New York State IDA Civic
Facilities (National Audubon
Society) Series 1989 DN /
(Swiss Bank LOC) (VMIG-1)**
4.10%.................08/01/95 $ 1,600 $ 1,600,000
New York State Job Development
Authority DN / (Sumitomo Bank
LOC) (A-1, VMIG-1)**
3.50%.................08/01/95 935 935,000
New York State Job Development
Authority Special Purpose
Bonds Series 1984 C DN /
(Sumitomo Bank LOC) (A-1,
VMIG-1)**
3.70%.................08/01/95 7,235 7,235,000
New York State Job Development
Authority Special Purpose
Bonds Series 1984 D DN /
(Sumitomo Bank LOC) (A-1,
VMIG-1)**
3.70%.................08/01/95 375 375,000
New York State Job Development
Authority Special Purpose
Bonds Series 1984 E DN /
(Sumitomo Bank LOC) (A-1,
VMIG-1)**
3.70%.................08/01/95 1,725 1,725,000
New York State Job Development
Authority Special Purpose
Bonds Series 1984 F DN /
(Sumitomo Bank LOC) (A-1,
VMIG-1)**
3.70%.................08/01/95 1,930 1,930,000
New York State Job Development
Authority Special Purpose
Bonds Series 1984 G DN /
(Sumitomo Bank LOC) (A-1,
VMIG-1)**
3.70%.................08/01/95 3,175 3,175,000
New York State Job Development
Authority Special Purpose
Bonds Series 1984 H DN /
(Sumitomo Bank LOC) (A-1,
VMIG-1)**
3.70%.................08/01/95 1,755 1,755,000
New York State Local Government
Assistance Corp. Series 1995-D
MB / (Societe Generale LOC)
(A-1+, VMIG-1)
3.20%.................08/01/95 12,100 12,100,000
New York State Local Government
Assistance Corp. Series 1995-G
MB / (National Westminster
LOC) (A-1+, VMIG-1)
3.20%.................08/01/95 10,000 10,000,000
NEW YORK (CONTINUED)
New York State Medical Care
Facilities Finance Agency
Revenue Pooled Equipment Loan
Program, Series 1985 Issue One
DN / (Chemical Bank LOC) (A-1,
VMIG-1)**
3.60%.................08/07/95 $ 2,000 $ 2,000,000
New York State Power Authority
Adjustable Tender Notes MB
(A-1, VMIG-1)
4.40%.................09/01/95 15,300 15,300,000
New York State Solid Waste
Management Authority (North
Hempstead) DN / (National
Westminster LOC)
(A-1+, VMIG-1)**
3.55%.................08/07/95 150 150,000
New York State TECP Series Q
(A-1, P-1)
3.75%.................10/25/95 5,000 5,000,000
New York State TECP Series R
(A-1, P-1)
3.75%.................08/09/95 8,000 8,000,000
3.20%.................08/24/95 5,500 5,500,000
Niagara Falls Toll Bridge
Series 1993 A DN (FGIC
Insurance) (A-1+, VMIG-1)**
3.60%.................08/07/95 200 200,000
Triborough Bridge and Tunnel
Authority Beneficial Interest
Certificates DN / (MBIA
Insurance) (VMIG-1)**
3.45%.................08/15/95 4,475 4,475,000
Triborough Bridge and Tunnel
Authority DN / (FGIC
Insurance) (A-1+, VMIG-1)**
3.50%.................08/07/95 6,600 6,600,000
Yonkers IDA Series 1994 Civic
Facility RB (Consumers Union
Facility) DN / (AMBAC
Insurance) (A-1+, VMIG-1)**
3.50%.................08/07/95 1,000 1,000,000
------------
232,653,584
------------
PUERTO RICO -- 5.1%
Government Development Bank for
Puerto Rico Adjustable RB
Series 1985 DN / (Credit
Suisse LOC) (A1+, VMIG-1)**
3.45%.................08/07/95 3,850 3,850,000
Puerto Rico Industrial,
Medical, and Environmental
Control Facility Finance
Authority IDRB MB / (Morgan
Guaranty LOC)
4.35%.................12/01/9 2,700 2,700,000
</TABLE>
5
<PAGE> 6
NEW YORK MONEY FUND
Statement of Net Assets (Concluded)
July 31, 1995
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- --------------------------------- ------- ------------
<S> <C> <C> <C>
PUERTO RICO (CONTINUED)
Puerto Rico Industrial,
Medical, and Higher Education
Authority Revenue Bonds MB /
(Bank of Tokyo LOC) (VMIG-1)
3.85%.................08/10/95 $ 2,300 $ 2,300,000
Puerto Rico Industrial,
Medical, Higher Education, and
Pollution Control Facility
Finance Authority
Inter-American University of
Puerto Rico Project Series
1988 MB / (Bank of Tokyo LOC)
(VMIG-1)
3.45%.................08/07/95 1,400 1,400,000
Puerto Rico Medical, Higher
Education, and Environmental
PCR (Ana G. Mendez Educational
Foundation Project) DN /
(Bank of Tokyo LOC)
(A-1+, VMIG-1)**
3.90%.................08/07/95 2,300 2,300,000
------------
12,550,000
------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $245,203,584*)............... 99.4% 245,203,584
OTHER ASSETS IN EXCESS OF
LIABILITIES..........................0.6% 1,446,698
----- ------------
NET ASSETS (Equivalent to $1.00
per share based on 246,681,714
Money shares of capital stock
outstanding).......................100.0% $246,650,282
====== ============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
($246,650,282 / 246,681,714).......................$1.00
=====
- -------------
* Aggregate cost for federal income tax purposes is
substantially the same.
** 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. The ratings
have not been verified by the Independent Accountants
and, therefore, are not covered by the Report of the
Independent Accountants.
</TABLE>
- ---------------------------------------------------------
NEW YORK MONEY FUND
MUNICIPAL FUND FOR NEW YORK
INVESTORS, INC.
Maturity Schedule of Portfolio
July 31, 1995
<TABLE>
<CAPTION>
MATURITY
PERIOD PAR PERCENTAGE
------------- ------------ ----------
<S> <C> <C>
1-30 days $197,838,000 80.7%
31-60 days 16,310,000 6.7%
61-90 days 8,000,000 3.3%
91-120 days 0 0.0%
Over 120 days 22,995,000 9.3%
Average Weighted Maturity -- 33 days
</TABLE>
- ---------------------------------------------------------
INVESTMENT ABBREVIATIONS:
BAN Bond Anticipation Note
DN Demand Note
GO General Obligation
IDA Industrial Development Authority
IDRB Industrial Development Revenue Bond
LOC Letter of Credit
MB Municipal Bond
PCR Pollution Control Revenue
RAN Revenue Anticipation Note
RB Revenue Bond
TAN Tax Anticipation Note
TECP Tax-Exempt Commercial Paper
TRAN Tax and Revenue Anticipation Note
See Notes to Financial Statements.
6
<PAGE> 7
NEW YORK MONEY FUND
MUNICIPAL FUND FOR NEW YORK INVESTORS, INC.
Statement of Operations
For the Year Ended July 31, 1995
<TABLE>
<S> <C>
Investment income:
Interest income......................................................... $8,631,699
----------
Expenses:
Investment advisory fees................................................ 485,058
Administration fees..................................................... 485,058
Service Organization fees:
Plus shares.......................................................... 302
Legal and audit fees.................................................... 69,567
Directors' and officers' fees and expenses.............................. 27,000
Custodian fees.......................................................... 60,755
Transfer agent fees..................................................... 21,957
Miscellaneous........................................................... 36,496
----------
1,186,193
Fees waived by Investment Adviser and Administrator..................... (700,857)
----------
Total expenses....................................................... 485,336
----------
Net investment income................................................ 8,146,363
Realized gain on investments:
Net realized gain on investments sold................................... 3,631
----------
Net increase in net assets resulting from operations...................... $8,149,994
==========
</TABLE>
See Notes to Financial Statements.
7
<PAGE> 8
NEW YORK MONEY FUND
MUNICIPAL FUND FOR NEW YORK INVESTORS, INC.
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
JULY 31, 1995 JULY 31, 1994
------------- -------------
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income................................... $ 8,146,363 $ 6,086,824
Net gain (loss) on investments.......................... 3,631 (3,432)
------------- -------------
Net increase in net assets resulting from operations.... 8,149,994 6,083,392
------------- -------------
Dividends to shareholders from net investment income:
Money shares............................................ (8,143,179) (5,431,630)
Dollar shares........................................... -- (636,261)
Plus shares............................................. (3,184) (18,933)
------------- -------------
Total dividends to shareholders......................... (8,146,363) (6,086,824)
------------- -------------
Increase (decrease) in net assets from Fund share
transactions............................................ (33,270,815) 27,260,410
------------- -------------
Net increase (decrease) in net assets................... (33,267,184) 27,256,978
Net assets:
Beginning of year.......................................... 279,917,466 252,660,488
------------- -------------
End of year................................................ $ 246,650,282 $ 279,917,466
============= =============
</TABLE>
See Notes to Financial Statements.
8
<PAGE> 9
NEW YORK MONEY FUND
MUNICIPAL FUND FOR NEW YORK INVESTORS, INC.
Financial Highlights
(FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH YEAR)
<TABLE>
<CAPTION>
MONEY SHARES
-----------------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
JULY 31, 1995 JULY 31, 1994 JULY 31, 1993 JULY 31, 1992 JULY 31, 1991
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------- ------------- ------------- ------------- -------------
Income From Investment Operations:
Net Investment Income........................ 0.0338 0.0226 0.0230 0.0321 0.0441
------------- ------------- ------------- ------------- -------------
Total From Investment Operations........... 0.0338 0.0226 0.0230 0.0321 0.0441
------------- ------------- ------------- ------------- -------------
Less Distributions:
Dividends From Net Investment Income......... (0.0338) (0.0226) (0.0230) (0.0321) (0.0441)
------------- ------------- ------------- ------------- -------------
Total Distributions........................ (0.0338) (0.0226) (0.0230) (0.0321) (0.0441)
------------- ------------- ------------- ------------- -------------
Net Asset Value, End of Year...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ==========
Total Returns..................................... 3.43% 2.29% 2.33% 3.26% 4.50%
Ratios/Supplemental Data:
Net Assets, End of Year $(000)............... 246,650 279,483 204,670 267,655 284,834
Ratios of Expenses to Average Net Assets(1).. 0.20% 0.20% 0.25%(2) 0.30% 0.30%
Ratios of Net Investment Income to Average
Daily Net Assets........................... 3.36% 2.28% 2.31% 3.20% 4.42%
</TABLE>
- ---------------
(1) Annualized operating expense ratios before waivers of fees by the Investment
Adviser and Administrator for Money shares for the years ended July 31,
1995, 1994, 1993, 1992 and 1991 were .49%, .48%, .51%, .49% and .49%,
respectively.
(2) Expense limitation for Money shares was lowered to .20% of the Portfolio's
average daily net assets, effective January 18, 1993.
See Notes to Financial Statements.
9
<PAGE> 10
NEW YORK MONEY FUND
MUNICIPAL FUND FOR NEW YORK INVESTORS, INC.
Financial Highlights
(FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
DOLLAR SHARES
-------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
JULY 31, 1995(4) JULY 31, 1994(4) JULY 31, 1993 JULY 31, 1992 JULY 31, 1991
-------------- -------------- ------------- ------------- -------------
<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...................... 0.00 0.0127 0.0205 0.0296 0.0416
------- -------------- ------------- ------------- -------------
Total From Investment Operations......... 0.00 0.0127 0.0205 0.0296 0.0416
------- -------------- ------------- ------------- -------------
Less Distributions:
Dividends From Net Investment Income....... 0.00 (0.0127) (0.0205) (0.0296) (0.0416)
------- -------------- ------------- ------------- -------------
Total Distributions...................... 0.00 (0.0127) (0.0205) (0.0296) (0.0416)
------- -------------- ------------- ------------- -------------
Net Asset Value, End of Period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ============== ============= ============= ============
Total Returns................................... -- 1.96%(3) 2.08% 3.01% 4.25%
Ratios/Supplemental Data:
Net Assets, End of Period $(000)........... -- -- 46,509 50,094 54,613
Ratios of Expenses to Average Net
Assets(1)................................. -- 0.45%(3) 0.50%(2) 0.55% 0.55%
Ratios of Net Investment Income to Average
Daily Net Assets......................... -- 1.94%(3) 2.06% 2.95% 4.17%
</TABLE>
- ---------------
(1) Annualized operating expense ratios before waivers of fees by the Investment
Adviser and Administrator for Dollar shares for the years ended July 31,
1994, 1993, 1992 and 1991 were .73%, .76%, .74% and .74%, respectively.
(2) Expense limitation for Dollar shares was lowered to .45% of the Portfolio's
average daily net assets, effective January 18, 1993.
(3) Annualized.
(4) There were no Dollar shares outstanding during the period from March 28,
1994 to July 31, 1995.
See Notes to Financial Statements.
10
<PAGE> 11
NEW YORK MONEY FUND
MUNICIPAL FUND FOR NEW YORK INVESTORS, INC.
Financial Highlights
(FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH YEAR)
<TABLE>
<CAPTION>
PLUS SHARES
------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
JULY 31, 1995(4) JULY 31, 1994 JULY 31, 1993 JULY 31, 1992 JULY 31, 1991
-------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------------- ------------- ------------- ------------- -------------
Income From Investment Operations:
Net Investment Income........................ 0.0090 0.0201 0.0205 0.0296 0.0416
-------------- ------------- ------------- ------------- -------------
Total From Investment Operations........... 0.0090 0.0201 0.0205 0.0296 0.0416
-------------- ------------- ------------- ------------- -------------
Less Distributions:
Dividends From Net Investment Income......... (0.0090) (0.0201) (0.0205) (0.0296) (0.0416)
-------------- ------------- ------------- ------------- -------------
Total Distributions........................ (0.0090) (0.0201) (0.0205) (0.0296) (0.0416)
-------------- ------------- ------------- ------------- -------------
Net Asset Value, End of Year...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============== ============= ============= ============= =============
Total Returns..................................... 2.69%(3) 2.04% 2.08% 3.01% 4.25%
Ratios/Supplemental Data:
Net Assets, End of Year $(000)............... -- 435 1,481 243 461
Ratios of Expenses to Average Net Assets(1).. 0.45%(3) 0.45% 0.50%(2) 0.55% 0.55%
Ratios of Net Investment Income to Average
Daily Net Assets........................... 2.64%93) 2.03% 2.06% 2.95% 4.17%
</TABLE>
- ---------------
(1) Annualized operating expense ratios before waivers of fees by the Investment
Adviser and Administrator for Plus shares for the years ended July 31, 1995,
1994, 1993, 1992 and 1991 were .73%, .73%, .76%, .74% and .74%,
respectively.
(2) Expense limitation for Plus shares was lowered to .45% of the Portfolio's
average daily net assets, effective January 18, 1993.
(3) Annualized.
(4) There were no Plus shares outstanding during the period from December 2,
1994 to July 31, 1995.
See Notes to Financial Statements.
11
<PAGE> 12
NOTES TO FINANCIAL STATEMENTS
1. Municipal Fund for New York 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 offers three series of
shares--New York Money ("Money"), New York Money Dollar ("Dollar"), and New York
Money Plus ("Plus"). Shares of each series represent equal pro rata interests in
a single investment portfolio of the Company and are identical in all respects
except that the Dollar and Plus shares bear the service fees described below and
are entitled to vote separately on matters relating to these fees.
Dollar shares are sold pursuant to a non-12b-1 Shareholder Services Plan to
institutions other than broker/dealers, and Plus shares are sold pursuant to a
12b-1 Services Plan only to broker/dealers which enter into agreements with the
Company requiring them to provide certain support services to their customers in
consideration of the Company'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 Dollar and Plus shareholders are reduced
by such fees. In addition, broker/dealers purchasing Plus shares may be
requested to provide assistance in connection with the distribution of such
shares. Money shares are sold to institutional investors who choose not to enter
into such servicing agreements with the Company.
Certain New York municipal obligations in the Company's portfolio may be
obligations of issuers which rely in whole or in part on New York State
revenues, real property taxes, revenues from health care institutions, or
obligations secured by mortgages on real property. Consequently, the possible
effect of economic conditions in New York State or of New York law on these
obligations must be considered.
2. Significant Accounting Policies
Portfolio valuation--Portfolio securities of the Company 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.
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 the Company
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.
Federal taxes--No provision is made for federal income or excise taxes since
the Company intends to continue to qualify as a regulated investment company by
complying with the applicable requirements of the Internal Revenue Code of 1986,
as amended, 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. 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 Company's average daily net assets.
Provident Distributors, Inc. ("PDI") is the Company's distributor. No
compensation is pay-
12
<PAGE> 13
able 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 the Company's average daily net
assets.
The Investment Adviser and Administrators have agreed to reduce the advisory
and administration fees otherwise payable to them and to reimburse the Company
for its operating expenses to the extent necessary to ensure that its annual
operating expense ratio (excluding fees paid to Service Organizations pursuant
to Servicing Agreements) does not exceed .20% of the Company's average daily net
assets.
For the year ended July 31, 1995, the Investment Advisor and the
Administrators voluntarily waived fees totaling $350,428 and $350,429,
respectively.
Expenses include legal fees paid to counsel to the Company, a partner of which
is secretary of the Company.
PNC Bank is the Company's custodian and PFPC is transfer agent.
4. Fund Shares
Since the Company 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 is the same as the following amounts for such transactions.
<TABLE>
<CAPTION>
YEAR YEAR
ENDED ENDED
7/31/95 7/31/94
--------------- ---------------
Sold
<S> <C> <C>
Money shares........... $ 1,040,239,729 $ 1,176,497,722
Dollar shares.......... -- 41,213,523
Plus shares............ 9,800 242,100
Issued as reinvestments
of dividends
Money shares........... 361,349 233,959
Dollar shares.......... -- --
Plus shares............ -- --
Redeemed
Money shares........... (1,073,436,993) (1,101,910,204)
Dollar shares.......... -- (87,727,990)
Plus shares............ (444,700) (1,288,700)
--------------- ---------------
Net increase
(decrease)............. $ (33,270,815) $ 27,260,410
=============== ===============
</TABLE>
The authorized capital of the Company consists of 1.4 billion Money shares,
300 million Dollar shares and 300 million Plus shares, each with a par value of
$.001 per share.
5. Capital Loss Carryover
At July 31, 1995, a capital loss carryover of $31,432 was available to offset
possible future capital gains. The carryover expires as follows: $7,769 in 1997,
$3,125 in 1998, $17,106 in 2001, and $3,432 in 2002.
6. Net Assets
At July 31, 1995, net assets consisted of the following:
<TABLE>
<S> <C>
Paid-in capital............... $246,681,714
Accumulated net realized
losses on investments....... (31,432)
------------
$246,650,282
============
</TABLE>
13
<PAGE> 14
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Directors
of Municipal Fund for New York Investors, Inc.:
We have audited the accompanying statement of net assets of Municipal Fund for
New York Investors, Inc. as of July 31, 1995 and the related statement of
operations for the year then ended, the statement of changes in net assets for
each of the two years in the period then ended, and the financial highlights for
each of the five years in the period then ended. These financial statements and
financial highlights are the responsibility of the Fund'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 securities held by the
custodian as of July 31, 1995. 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
Municipal Fund for New York Investors, Inc. as of July 31, 1995, the results of
its operations for the year then ended, the changes in net assets for each of
the two years in the period then ended, and the financial highlights for each of
the five years in the period then ended, in conformity with generally accepted
accounting principles.
COOPERS & LYBRAND L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
September 8, 1995
14
<PAGE> 15
Directors
Thomas A. Melfe
Chairman
Francis E. Drake, Jr.
Rodney D. Johnson
Officers
Edward J. Roach
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 an effective prospectus for the Company, which
contains information concerning its investment policies as well as other
pertinent information.
PIF-A-012
NEW YORK MONEY FUND
An Investment Portfolio
Offered by
Municipal Fund for
New York Investors, Inc.
[PROVIDENT INSTITUTIONAL FUNDS LOGO]
Annual Report to Shareholders
July 31, 1995
