<PAGE> 1
PROVIDENT
--------------------------------------------------------------------------------
INSTITUTIONAL 400 Bellevue Parkway, Wilmington, DE 19809 Phone:
FUNDS 302-792-2555 Fax: 302-792-5876
Edward J. Roach
Treasurer
MUNICIPAL FUND FOR NEW YORK INVESTORS, INC.
February 28, 1995
Dear Shareholder:
We are pleased to present the Semi-Annual Report to Shareholders of
Municipal Fund for New York Investors, Inc. for the period 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. New York Money
Fund maintained a defensive investment strategy in order to take advantage of
rapidly changing market conditions.
Our commitment to credit quality will endure as the premier ingredient in
the investment strategy for New York Money Fund, while our credit research team
continues to monitor the economic policies of New York State and New York City.
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,
Edward J. Roach
Vice President and Treasurer
<PAGE> 2
MUNICIPAL FUND FOR NEW YORK INVESTORS, INC.
SEMI-ANNUAL INVESTMENT ADVISER'S REPORT
New York State faces a growing deficit due largely to tax revenues falling
short of projections by approximately $300 million. The governor has promised to
cut both income taxes and the level of state spending in fiscal 1996. The
budgetary means by which these goals are to be simultaneously achieved will
determine how the State's debt will be evaluated by investors. The governor
instituted a freeze on all non-essential hiring and has indicated that other
budget cutting proposals will include cuts in Medicaid spending and the
consolidation of several debt issuing authorities within the State. The opinion
of the rating agencies regarding the State's obligations has been improving over
the last couple of years and continued willingness to face hard budget decisions
responsibly enhances prospects for a rating upgrade.
New York City has a larger and more difficult gap to close in its fiscal
1996 budget. Standard & Poor's Corporation recently placed the City's general
obligation bonds on Credit Watch with negative outlook. Action to correct
structural problems in the City budget and reduced reliance on one-time sources
of revenues will be required to improve the outlook for the City's debt. The New
York City economy has seen improvement over the past year but appears to be
slowing and the level of unemployment remains above the national average.
Employment in the City has suffered from weakness in the financial services
sector but the overall economy is large and diverse and the City has a history
of coming to grips with its fiscal problems when necessary.
The Federal Reserve Board continued its practice of tightening monetary
policy throughout the past year and the Fund's average weighted maturity was
kept short in order to capture the rise in rates. The current cycle of Fed
tightening is probably at or close to completion, however, and the Fed must now
concentrate on the hazards of a potential slowdown in the economy while
continuing to maintain its inflation fighting posture.
Careful selection of high quality securities will remain a primary
investment objective in the management of the Fund's portfolio. Total net assets
on January 31 stood at $223,044,371.
PNC INSTITUTIONAL MANAGEMENT CORPORATION
February 24, 1995
2
<PAGE> 3
NEW YORK MONEY FUND
MUNICIPAL FUND FOR NEW YORK INVESTORS, INC.
Statement of Net Assets
January 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
--------------------------------- ------- ------------
<S> <C> <C>
NEW YORK -- 98.2%
City of Mount Pleasant IDA
(General Motors) DN
(VMIG-2)**
3.65%..................2/07/95 $ 6,175 $ 6,175,000
City of New York G.O. Series
B10 DN (Union Bank of
Switzerland LOC) (A-1+,
VMIG-1)**
3.55%.................02/07/95 1,900 1,900,000
City of New York G.O. DN
(Kredietbank LOC)
(VMIG-1)**
4.25%.................02/01/95 900 900,000
City of New York G.O. RAN
Fiscal 1995 Series B (SP-1,
MIG-1)
4.103%................06/30/95 2,800 2,800,000
City of New York Floating Libor
Notes (SP-1, MIG-1)
4.1238%...............06/30/95 3,000 3,000,000
City of New York Housing
Development Corporation
(Columbus Gardens Project)
DN (Citibank LOC) (A-1)**
3.55%.................02/07/95 1,400 1,400,000
City of New York Housing
Development Corporation
(East 96th St. Project) DN
(Mitsubishi Bank LOC) (A-1+,
VMIG-1)**
2.45%.................02/07/95 7,000 7,000,000
City of New York Housing
Development Corporation
(Parkgate Tower) Resolution
One Series 1985 DN (Citibank
LOC)
(A-1, VMIG-1)**
3.35%.................02/07/95 4,945 4,945,000
City of New York Housing
Development Corporation
(Queenswood Apartment Project)
DN (Sumitomo Bank LOC)
(VMIG-1)**
3.55%.................02/07/95 1,600 1,600,000
City of New York IDA Refunding
Revenue Adjustable Tender
Notes
(La Guardia Associates) Series
1985 DN (Banque Indosuez LOC)
(A1, VMIG-1)**
3.45%.................02/01/95 100 100,000
City of New York IDA Refunding
Revenue Adjustable Tender
Notes, Field Hotel Association
(JFK Project) DN (Banque
Indosuez LOC) (A1, VMIG-1)**
3.45%.................02/07/95 4,150 4,150,000
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
--------------------------------- ------- ------------
<S> <C> <C>
NEW YORK (CONTINUED)
City of New York RAN (SP-1,
MIG-1)
4.75%.................06/30/95 $ 6,880 $ 6,901,760
City of New York Tender Option
Bonds DN (MBIA Insurance)
(VMIG-1)**
3.76%.................02/07/95 7,000 7,000,000
City of New York Trust For
Cultural Resources (Carnegie
Hall) DN
(Dai-Ichi Kangyo LOC)
(A-1, VMIG-1)**
2.75%.................02/07/95 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)**
2.75%.................02/07/95 2,500 2,500,000
City of New York Trust For
Cultural Resources (The Museum
of Broadcasting) Series 1989
DN (Sumitomo Bank LOC)
(A-1+, VMIG-1)**
3.55%.................02/07/95 3,400 3,400,000
City of New York Trust for
Cultural Resources (American
Museum of Natural History) DN
(MBIA Insurance) (A-1+,
VMIG-1)**
3.35%.................02/07/95 400 400,000
City of New York Trust For
Cultural Resources (The Jewish
Museum) Series 1992 DN
(Sumitomo Bank LOC) (A1+,
VMIG-1)**
3.55%.................02/07/95 2,000 2,000,000
County of Broome BAN Series
1994 (MIG-1)
3.75%.................04/20/95 3,000 3,002,789
County of Erie Water Authority
DN (AMBAC Insurance)
(A-1+, VMIG-1)**
3.40%.................02/07/95 600 600,000
County of Erie Water Authority
Water Works System DN RB
(AMBAC Insurance)
(A-1+, VMIG-1)**
3.40%.................02/07/95 800 800,000
County of Monroe IDA Adjustable
Rate IDRB (Emerson Electric)
MB (Aa1)
3.60%.................07/01/95 2,290 2,290,000
County of Monroe RAN
4.25%.................02/28/95 5,500 5,502,755
</TABLE>
3
<PAGE> 4
NEW YORK MONEY FUND
Statement of Net Assets (Continued)
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
--------------------------------- ------- ------------
<S> <C> <C>
NEW YORK (CONTINUED)
County of Montgomery IDRB
(Service Merchandise Company)
DN (Barclays Bank LOC)
(A1+, VMIG-1)**
3.60%.................02/15/95 $ 4,700 $ 4,700,000
Dormitory Authority of The
State of New York
(Metropolitan Museum of Art)
Series 1993 A DN
(A-1+, VMIG-1)**
3.40%.................02/07/95 385 385,000
Dormitory Authority of The
State of New York (Highland
Community Development) DN
(Hong Kong Shanghai LOC)
(VMIG-1)**
3.45%.................02/07/95 1,990 1,990,000
Dormitory Authority of The
State of New York State
University Education
Facilities 1990-A MB (Escrowed
to Maturity in U.S. Government
Securities) (Aaa, AAA)
6.30%.................05/01/95 3,000 3,021,388
Dormitory Authority of The
State of New York TECP
(Dai-Ichi Kangyo LOC) (A-1,
P-1)
4.00%.................02/15/95 617 617,000
4.05%.................02/22/95 108 108,000
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)**
3.50%.................02/07/95 8,700 8,700,000
Dormitory Authority of The
State of New York 1989 Series
A TECP (Dai-Ichi Kangyo LOC)
(A-1, P-1)
4.10%.................03/13/95 419 419,000
Hempstead BAN (MIG-1)
4.50%.................08/17/95 4,000 4,010,794
Metropolitan Transportation
Authority Commuter Facilities
Series 1991 DN (Morgan
Guaranty LOC)
(A-1+, VMIG-1)**
3.45%.................02/07/95 200 200,000
New York State Energy Research
and Development Authority TECP
(A1+, VMIG-1)
3.70%.................03/09/95 1,800 1,800,000
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
--------------------------------- ------- ------------
<S> <C> <C>
NEW YORK (CONTINUED)
New York Metropolitan Transit
Authority Tender Option Bonds
DN (Canadian Imperial Bank
LOC) (A-1+, VMIG-1)**
3.70%.................02/07/95 $ 9,000 $ 9,000,000
New York State Energy Research
and Development Adjustable
Rate PCRB (Long Island
Lighting Project) MB (Deutsche
Bank LOC) (MIG-1)
3.00%.................03/01/95 4,000 4,000,000
New York State Energy Research
and Development Authority PCRB
(Orange & Rockland Utilities,
Inc. Projects) Series 1994 A
DN (FGIC Insurance)
(A-1+, VMIG-1)**
3.35%.................02/07/95 3,400 3,400,000
New York State Energy Research
and Development Authority
Annual Tender PCRB MB (Union
Bank of Switzerland LOC)
(A-1+)
4.60%.................12/01/95 2,065 2,065,000
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
New York State Energy Research
and Development Authority (New
York State Electric and Gas)
Series 1985-A MB (Morgan
Guaranty LOC) (P1, A-1+)
3.25%.................03/15/95 2,000 2,000,000
New York State Energy Research
and Development Authority PCR
(Central-Hudson Gas and
Electric Corporation) Series A
DN (Bankers Trust LOC)
(A1+, VMIG-1)**
2.80%.................02/02/95 5,600 5,600,000
New York State Energy Research
and Development Authority PCRB
(Rochester Gas and Electric)
DN (Credit Suisse LOC)
(A-1, VMIG-1)**
3.75%.................02/01/95 17,800 17,800,000
New York State Housing Finance
Agency (Mount Sinai School of
Medicine) Series A DN (Sanwa
Bank LOC) (A1+, VMIG-1)**
3.00%.................02/07/95 600 600,000
</TABLE>
4
<PAGE> 5
NEW YORK MONEY FUND
Statement of Net Assets (Continued)
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
--------------------------------- ------- ------------
<S> <C> <C>
NEW YORK (CONTINUED)
New York State Housing Finance
Agency (Mental Hygiene
Improvement Bonds) MB
(Escrowed To Maturity in U.S.
Government Securities) (AAA,
Aaa)
7.20%.................05/01/95 $ 850 $ 857,879
New York State Housing Finance
Agency, (Multi-Family Housing)
Series 1988A RB DN (AMBAC
Insurance) (A-1+, VMIG-1)**
3.45%.................02/07/95 700 700,000
New York State Housing Finance
Authority (Normandie Court I)
Series 1991A DN (Societe
Generale LOC) (A-1+, VMIG-1)**
3.55%.................02/07/95 2,300 2,300,000
New York State Job Development
Authority DN (Sumitomo Bank
LOC) (A-1, VMIG-1)**
3.65%.................02/01/95 1,000 1,000,000
New York State Job Development
Authority Special Purpose
Bonds Series 1984C DN
(Sumitomo Bank LOC) (A-1+,
VMIG-1)**
3.85%.................02/01/95 7,745 7,745,000
New York State Job Development
Authority Special Purpose
Bonds Series 1984D DN
(Sumitomo Bank LOC) (A-1+,
VMIG-1)**
3.85%.................02/01/95 415 415,000
New York State Job Development
Authority Special Purpose
Bonds Series 1984E DN
(Sumitomo Bank LOC) (A-1+,
VMIG-1)**
3.85%.................02/01/95 1,875 1,875,000
New York State Job Development
Authority Special Purpose
Bonds Series 1984F DN
(Sumitomo Bank LOC) (A-1+,
VMIG-1)**
3.85%.................02/01/95 2,160 2,160,000
New York State Job Development
Authority Special Purpose
Bonds Series 1984G DN
(Sumitomo Bank LOC) (A-1+,
VMIG-1)**
3.85%.................02/01/95 3,570 3,570,000
New York State Job Development
Authority Special Purpose
Bonds Series 1984H DN
(Sumitomo Bank LOC) (A-1+,
VMIG-1)**
3.85%.................02/01/95 1,920 1,920,000
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
--------------------------------- ------- ------------
<S> <C> <C>
NEW YORK (CONTINUED)
New York State Local Assistance
Corporation DN (Multiple
Credit Enhancements) (A-1+,
VMIG-1)**
3.40%.................02/07/95 $ 200 $ 200,000
New York State Medical Care
Facilities Finance Agency RB
(Pooled Equipment Loan
Program) Series 1985 Issue One
DN (Chemical Bank LOC) (A-1,
VMIG-1)**
2.95%.................02/07/95 2,000 2,000,000
New York State Power Authority
Adjustable Tender Notes MB
(A-1, VMIG-1)
3.80%.................03/01/95 16,300 16,300,000
New York State Solid Waste
Management Authority North
Hempstead DN (National
Westminster LOC) (A-1+,
VMIG-1)**
3.40%.................02/07/95 150 150,000
New York State TECP
(Westdeutsche Landsbank
Gironzentrale LOC) (A-1, P-1)
3.80%.................02/15/95 4,500 4,500,000
New York State TECP
(Westdeutsche Landsbank
Gironzentrale LOC) (A-1, P-1)
3.90%.................02/16/95 4,300 4,300,000
New York State Urban
Development Corporation Tender
Option Btp-113 DN (Bankers
Trust LOC) (VMIG-1)**
3.775%................02/07/95 6,222 6,222,000
Niagara Falls Toll Bridge
Series 1993-A DN (FGIC
Insurance) (A-1+, VMIG-1)**
3.40%.................02/07/95 200 200,000
Triborough Bridge and Tunnel
Authority Beneficial Interest
Certificates DN (MBIA
Insurance) (VMIG-1)**
3.30%.................02/15/95 4,475 4,475,000
Triborough Bridge and Tunnel
Authority DN (FGIC Insurance)
(A-1+, VMIG-1)**
3.40%.................02/07/95 3,500 3,500,000
Williamsville Central School
District BAN (MIG-1)
4.00%.................05/04/95 9,700 9,715,372
</TABLE>
5
<PAGE> 6
NEW YORK MONEY FUND
Statement of Net Assets (Concluded)
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
--------------------------------- ------- ------------
<S> <C> <C>
NEW YORK (CONTINUED)
Yonkers IDA Civic Facility RB
(Consumers Union Facility)
Series 1994 DN (AMBAC
Insurance) (VMIG-1)**
3.35%.................02/07/95 $ 1,000 $ 1,000,000
------------
219,138,737
------------
PUERTO RICO -- 1.3%
Government Development Bank for
Puerto Rico Adjustable RB
Series 1985 DN (Credit Suisse
LOC) (A1+, VMIG-1)**
2.95%.................02/07/95 50 50,000
Puerto Rico Industrial Medical
and Environmental Control
Facility Finance Authority
IDRB MB (Morgan Guaranty LOC)
(AAA)
4.35%.................12/01/95 2,700 2,700,000
Puerto Rico Medical Higher
Education and Environmental
PCR (Ana G. Mendez Educational
Foundation Project) DN (Bank
of Tokyo LOC) (A-1+, VMIG-1)**
3.50%.................02/07/95 100 100,000
------------
2,850,000
------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $221,988,737*)............... 99.5% 221,988,737
OTHER ASSETS IN EXCESS OF
LIABILITIES........................ 0.5% 1,055,634
----- ------------
NET ASSETS (Equivalent to $1.00
per share based on 223,079,433
Money shares of capital stock
outstanding)....................... 100.0% $223,044,371
===== ============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
($223,044,371 / 223,079,433)........................... $1.00
=====
</TABLE>
-------------
* Aggregate cost for federal income tax purposes is
substantially the same.
** 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 indicated are believed to be the most recent
ratings available at January 31, 1995.
--------------------------------------------------------------------------------
NEW YORK MONEY FUND
MUNICIPAL FUND FOR NEW YORK
INVESTORS, INC.
Maturity Schedule of Portfolio
January 31, 1995
MATURITY
PERIOD PAR PERCENTAGE
------------ ------------ ----------
1-7 days $130,902,000 59.0%
15-30 days 44,500,000 20.0%
31-60 days 4,219,000 1.9%
Over 60 days 42,285,000 19.1%
Average Weighted Maturity -- 38 days
--------------------------------------------------------------------------------
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 Six Months Ended January 31, 1995
(Unaudited)
<TABLE>
<S> <C>
Investment income:
Interest income......................................................... $4,165,117
----------
Expenses:
Investment advisory fees................................................ 252,730
Administration fees..................................................... 252,730
Service Organization fees:
Plus shares.......................................................... 302
Legal and audit fees.................................................... 33,239
Directors' and officers' fees and expenses.............................. 14,287
Custodian fees.......................................................... 31,658
Transfer agent fees..................................................... 14,074
Miscellaneous........................................................... 15,008
----------
614,028
Fees waived by Investment Adviser and Administrator..................... (361,020)
----------
Total expenses....................................................... 253,008
----------
Net investment income................................................ 3,912,109
Realized gain on investments:
Net realized gain on investments sold................................... --
----------
Net increase in net assets resulting from operations...................... $3,912,109
==========
</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>
SIX MONTHS
ENDED
JANUARY 31, 1995 YEAR ENDED
(UNAUDITED) JULY 31, 1994
---------------- -------------
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income.................................. $ 3,912,109 $ 6,086,824
Net gain (loss) on investments......................... -- (3,432)
------------ -------------
Net increase in net assets resulting from operations... 3,912,109 6,083,392
------------ -------------
Dividends to shareholders from net investment income:
Money shares........................................... (3,908,925) (5,431,630)
Dollar shares.......................................... -- (636,261)
Plus shares............................................ (3,184) (18,933)
------------ -------------
Total dividends to shareholders........................ (3,912,109) (6,086,824)
------------ -------------
Increase (decrease) in net assets from Fund share
transactions........................................... (56,873,095) 27,260,410
------------ -------------
Net increase (decrease) in net assets.................. (56,873,095) 27,256,978
Net assets:
Beginning of period....................................... 279,917,466 252,660,488
------------ -------------
End of period............................................. $223,044,371 $ 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 PERIOD)
<TABLE>
<CAPTION>
MONEY SHARES
------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED
JANUARY 31, 1995 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) JULY 31, 1994 JULY 31, 1993 JULY 31, 1992 JULY 31, 1991 JULY 31, 1990
---------------- ------------- ------------- ------------- ------------- -------------
<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..... 0.0157 0.0226 0.0230 0.0321 0.0441 0.0535
-------- --------- --------- --------- --------- ---------
Total From Investment
Operations........... 0.0157 0.0226 0.0230 0.0321 0.0441 0.0535
-------- --------- --------- --------- --------- ---------
Less Distributions:
Dividends From Net
Investment Income....... (0.0157) (0.0226) (0.0230) (0.0321) (0.0441) (0.0535)
-------- --------- --------- --------- --------- ---------
Total Distributions..... (0.0157) (0.0226) (0.0230) (0.0321) (0.0441) (0.0535)
-------- --------- --------- --------- --------- ---------
Net Asset Value, End of
Period....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ========= ========= ========= ========= =========
Total Return................... 3.16%(3) 2.29% 2.33% 3.26% 4.50% 5.48%
Ratios/Supplemental Data:
Net Assets, End of Period
$(000).................. 223,044 279,483 204,670 267,655 284,834 310,289
Ratio of Expenses to
Average
Net Assets(1)........... 0.20%(3) 0.20% 0.25%(2) 0.30% 0.30% 0.30%
Ratio of Net Investment
Income to Average Daily
Net Assets.............. 3.10%(3) 2.28% 2.31% 3.20% 4.42% 5.35%
</TABLE>
---------------
(1) Annualized operating expense ratios before waivers of fees by the Investment
Adviser and Administrator for Money shares for the six months ended January
31, 1995 and for the years ended July 31, 1994, 1993, 1992, 1991 and 1990
were .49%, .48%, .51%, .49%, .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 note 3 to
Financial Statements).
(3) Annualized.
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
-------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED
JANUARY 31, 1995 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED)(4) JULY 31, 1994(4) JULY 31, 1993 JULY 31, 1992 JULY 31, 1991 JULY 31, 1990
---------------- -------------- ------------- ------------- ------------- -------------
<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.... 0.00 0.0127 0.0205 0.0296 0.0416 0.0510
-------- -------- --------- --------- --------- ---------
Total From Investment
Operations.......... 0.00 0.0127 0.0205 0.0296 0.0416 0.0510
-------- -------- --------- --------- --------- ---------
Less Distributions:
Dividends From Net
Investment Income...... 0.00 (0.0127) (0.0205) (0.0296) (0.0416) (0.0510)
-------- -------- --------- --------- --------- ---------
Total Distributions.... 0.00 (0.0127) (0.0205) (0.0296) (0.0416) (0.0510)
-------- -------- --------- --------- --------- ---------
Net Asset Value, End of
Period...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ========= ========= ========= =========
Total Return.................. -- 1.96%(3) 2.08% 3.01% 4.25% 5.23%
Ratios/Supplemental Data:
Net Assets, End of Period
$(000)................. -- -- 46,509 50,094 54,613 69,705
Ratio of Expenses to
Average
Net Assets(1).......... -- 0.45%(3) 0.50%(2) 0.55% 0.55% 0.55%
Ratio of Net Investment
Income to Average Daily
Net Assets............. -- 1.94%(3) 2.06% 2.95% 4.17% 5.10%
</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, 1991 and 1990 were .73%, .76%, .74%, .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 (See note 3 to
Financial Statements).
(3) Annualized.
(4) There were no shares outstanding during the period from March 28, 1994 to
January 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 PERIOD)
<TABLE>
<CAPTION>
PLUS SHARES
------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED
JANUARY 31, 1995 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED)(4) JULY 31, 1994 JULY 31, 1993 JULY 31, 1992 JULY 31, 1991 JULY 31, 1990
---------------- ------------- ------------- ------------- ------------- -------------
<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..... 0.0090 0.0201 0.0205 0.0296 0.0416 0.0510
-------- --------- --------- ---------- --------- ---------
Total From Investment
Operations........... 0.0090 0.0201 0.0205 0.0296 0.0416 0.0510
-------- --------- --------- ---------- --------- -----------
Less Distributions:
Dividends From Net
Investment Income....... (0.0090) (0.0201) (0.0205) (0.0296) (0.0416) (0.0510)
-------- --------- --------- ---------- --------- -----------
Total Distributions..... (0.0090) (0.0201) (0.0205) (0.0296) (0.0416) (0.0510)
-------- --------- --------- ---------- --------- -----------
Net Asset Value, End of
Period....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ========= ========= ========= ========= =========
Total Return................... 2.69%(3) 2.04% 2.08% 3.01% 4.25% 5.23%
Ratios/Supplemental Data:
Net Assets, End of Period
$(000).................. -- 435 1,481 243 461 404
Ratio of Expenses to
Average
Net Assets(1)........... 0.45%(3) 0.45% 0.50%(2) 0.55% 0.55% 0.55%
Ratio of Net Investment
Income to Average Daily
Net Assets.............. 2.66%(3) 2.03% 2.06% 2.95% 4.17% 5.10%
</TABLE>
---------------
(1) Annualized operating expense ratios before waivers of fees by the Investment
Adviser and Administrator for Plus shares for the six months ended January
31, 1995 and for the years ended July 31, 1994, 1993, 1992, 1991 and 1990
were .74%, .73%, .76%, .74%, .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 (See note 3 to
Financial Statements).
(3) Annualized.
(4) There were no shares outstanding during the period from December 2, 1994 to
January 31, 1995.
See Notes to Financial Statements.
11
<PAGE> 12
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
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"), 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. Under the
Investment Advisory Agreement, the Investment Adviser is entitled to receive a
fee from the Company, computed daily and payable monthly,
12
<PAGE> 13
at an annual rate of .20% of the Company'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"), a 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 36 month period beginning January 18, 1993.
For the period ended January 31, 1995, the Investment Advisor and the
Administrators voluntarily waived fees totaling $180,510 and $180,510,
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>
SIX MONTHS YEAR
ENDED 1/31/95 ENDED
(UNAUDITED) 7/31/94
------------- ---------------
<S> <C> <C>
Sold
Money shares......... $ 482,711,273 $ 1,176,497,722
Dollar shares........ -- 41,213,523
Plus shares.......... 9,800 242,100
Issued as reinvestments
of dividends
Money shares......... 250,347 233,959
Dollar shares........ -- --
Plus shares.......... -- --
Redeemed
Money shares......... (539,399,815) (1,101,910,204)
Dollar shares........ -- (87,727,990)
Plus shares.......... (444,700) (1,288,700)
------------- ---------------
Net increase
(decrease)........... $ (56,873,095) $ 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, 1994, a capital loss carryover of $35,062 was available to offset
possible future capital gains. The carryover expires as follows: $874 in 1996,
$10,525 in 1997, $3,125 in 1998, $17,106 in 2001, and $3,432 in 2002.
6. Net Assets
At January 31, 1995, net assets consisted of the following:
<TABLE>
<S> <C>
Paid-in capital............... $223,079,433
Accumulated net realized
losses on investments....... (35,062)
------------
$223,044,371
============
</TABLE>
13
<PAGE> 14
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<PAGE> 15
--------------------------------------------------------------------------------
DIRECTORS
Francis E. Drake, Jr.
Rodney D. Johnson
Thomas A. Melfe
OFFICERS
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 an
effective prospectus for the Company,
which contains information concerning the
investment policies of the portfolios as
well as other pertinent information.
PIF-T-012
NEW YORK
MONEY FUND
An Investment Portfolio
Offered by
Municipal Fund for
New York Investors, Inc.
PROVIDENT
-------------
INSTITUTIONAL
FUNDS
Semi-Annual Report
to Shareholders
January 31, 1995
--------------------------------------------------------------------------------
