<PAGE> 1
[LOGO]
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400 Bellevue Parkway, Wilmington, DE 19809 Phone:
302-792-2555 Fax: 302-792-5876
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PROVIDENT
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INSTITUTIONAL
FUNDS
Thomas A. Melfe
Chairman
MUNICIPAL FUND FOR NEW YORK INVESTORS, INC.
September 5, 1996
Dear Shareholder:
We are pleased to present the Annual Report to Shareholders of Municipal
Fund for New York Investors, Inc. for the year ended July 31, 1996.
The economic and financing issues facing the State and City of New York are
summarized in our Investment Adviser's Report which is enclosed. Your Fund
continues to emphasize portfolio credit quality to help provide safety and
liquidity of your investment.
Please call your Provident Distributors, Inc. account representative or our
Client Service Center at (800) 821-7432 if you have any questions. We welcome
the opportunity to serve you.
Sincerely,
/s/ Thomas as Melfe
----------------------
Thomas A. Melfe
Chairman
<PAGE> 2
MUNICIPAL FUND FOR NEW YORK INVESTORS, INC.
ANNUAL INVESTMENT ADVISER'S REPORT
The State of New York saw its already difficult budget process hampered
further this year by the federal budget impasse, resulting in a failure to pass
a timely budget for the twelfth year in a row. This record continues to be a
drag on the State's progress toward a credit rating upgrade. Although the
hoped-for aid from Washington in the form of higher reimbursements for Medicaid
failed to arrive, the outlook is not without some positive developments. The
State economy continues to strengthen and tax cuts and other measures to create
a more favorable business climate appear to be paying off with increased
revenues. Further cuts to aid business expansion are in the pipeline and efforts
to restrain spending have had reasonable success.
The New York City economy has experienced a few bright spots over the past
year, most notably in the area of job growth, but the improvements are marginal
and the economy continues to lag the national average. The budget picture
remains one of persistent structural imbalances with the annual shortages being
closed by an array of one-time stopgap measures that add little to forward
progress on long-term budget reform. Mayor Giuliani continues with vigorous
efforts to hold the line on spending and has kept in place an income tax
surcharge that was due to expire at year-end. But the City economy remains
relatively weak and the effects of federal welfare reform could place additional
pressures on City finances.
The recent tendency of the national economy to give off conflicting signals
about its strength has made it difficult for a consensus to form as to the
movement of short-term interest rates. It has led to bouts of intense Fed
watching and the markets have on several occasions attempted to discount a Fed
tightening only to retrace the steps when it failed to materialize. The effect
on the short-term municipal market has been slight due to built-in seasonal
patterns and overriding supply considerations. New York City marketed an issue
of $800 million tax anticipation notes maturing in February 1997 that was well
received despite aggressive pricing. New note supply entered the market in early
July and several issues were purchased by the Fund, extending the portfolio's
average weighted maturity to the 50-day range. On July 31, total net assets
stood at $272,164,799.
PNC INSTITUTIONAL MANAGEMENT CORPORATION
2
<PAGE> 3
NEW YORK MONEY FUND
MUNICIPAL FUND FOR NEW YORK INVESTORS, INC.
Statement of Net Assets
July 31, 1996
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- --------------------- ---------- ------- ------------
<S> <C> <C> <C>
NEW YORK -- 93.5%
Beacon City School District TAN
4.25%.................06/26/97 $ 2,700 $ 2,708,190
City of New York GO Series F-5
DN (Mitsubishi Bank LOC)
(A-1+, VMIG-1)**
3.65%.................08/07/96 5,000 5,000,000
City of New York GO
Series 1995F-3 DN (Industrial
Bank of Japan LOC)
(A-1, VMIG-1)**
3.70%.................08/07/96 1,700 1,700,000
City of New York GO
Series 1995F-7 DN (Union
Bank of Switzerland LOC)
(A-1+, P-1)**
3.45%.................08/07/96 2,600 2,600,000
City of New York GO
Series 1996J-2 TECP
(Commerzbank LOC)
(A-1+, MIG-1)
3.50%.................09/13/96 6,000 6,000,000
City of New York Housing
Development Corporation
(Columbus Gardens Project) DN
(Citibank LOC) (A-1)**
3.45%.................08/07/96 1,385 1,385,000
City of New York Housing
Development Corporation (East
96th St. Project) DN
(Mitsubishi Bank LOC)
(A-1+, VMIG-1)**
3.40%.................08/07/96 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)**
3.35%.................08/07/96 3,345 3,345,000
City of New York Housing
Development Corporation
(Queenswood Apartment Project)
DN (Sumitomo Bank LOC)
(VMIG-1)**
3.60%.................08/07/96 2,700 2,700,000
City of New York IDA (Columbia
Grammar & Preparatory School)
Civic Facility RB Series 1994
DN (Chemical Bank LOC) (A-1)**
3.40%.................08/07/96 300 300,000
City of New York IDA Tender
Notes (La Guardia Associates)
Series 1985 DN (Banque
Indosuez LOC)
(A-1, VMIG-1)**
3.60%.................08/07/96 600 600,000
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- --------------------------------- ------- ------------
<S> <C> <C> <C>
NEW YORK (CONTINUED)
City of New York IDA Tender
Notes, Field Hotel Association
(JFK Project) DN (Banque
Indosuez LOC) (VMIG-1)**
3.60%.................08/07/96 $12,450 $ 12,450,000
City of New York Municipal
Water Finance Authority Series
3 TECP (Toronto Dominion LOC)
(A-1+, P-1)
3.65%.................10/11/96 2,000 2,000,000
City of New York Tender Option
Bond DN (MBIA Insurance)
(VMIG-1)**
3.67%.................08/07/96 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)**
3.25%.................08/07/96 400 400,000
City of New York Trust For
Cultural Resources (Carnegie
Hall) Series 1985 DN
(Dai-Ichi Kangyo LOC)
(A-1, VMIG-1)**
3.40%.................08/07/96 7,250 7,250,000
City of New York Trust For
Cultural Resources (Carnegie
Hall) Series 1990 DN
(Dai-Ichi Kangyo LOC)
(A-1, VMIG-1)**
3.40%.................08/07/96 4,400 4,400,000
City of New York Trust For
Cultural Resources (S.R.
Guggenheim Foundation) Series
1990B DN (Swiss Bank LOC)
(VMIG-1)**
3.55%.................08/01/96 4,000 4,000,000
City of New York Trust For
Cultural Resources (The Museum
of Broadcasting) Series 1989
DN (Sumitomo Bank LOC)
(A-1+, VMIG-1)**
3.60%.................08/07/96 2,300 2,300,000
City of Syracuse IDA Syracuse
University (Eggers Hall)
Series 1993 DN (A-1+)**
3.55%.................08/01/96 900 900,000
Dormitory Authority of The
State of New York (Beverwyck,
Inc.) DN (Banque Paribas LOC)
(A-1, VMIG-1)**
3.70%.................08/07/96 14,900 14,900,000
Dormitory Authority of The
State of New York (Cornell
University) Series 1990B DN
(SP-1+, VMIG-1)**
3.55%.................08/01/96 4,200 4,200,000
</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> <C>
NEW YORK (CONTINUED)
Dormitory Authority of The
State of New York (Memorial
Sloan- Kettering Cancer
Center) MB (Chemical Bank LOC)
(A-1, VMIG-1)
3.55%.................08/15/96 $ 1,240 $ 1,240,000
3.60%.................08/15/96 2,600 2,600,000
3.50%.................09/10/96 1,035 1,035,000
Dormitory Authority of The
State of New York
(Metropolitan Museum of Art)
Series 1993A DN
(A-1+, VMIG-1)**
3.25%.................08/07/96 1,720 1,720,000
Dormitory Authority of The
State of New York (St. Francis
Center At The Knolls, Inc.)
Series 1994 DN (Banque Paribas
LOC)
(A-1+, VMIG-1)**
3.75%.................08/01/96 3,100 3,100,000
Dormitory Authority of The
State of New York (United
Cerebral Palsy of New York
City, Inc.) DN (Chemical Bank
LOC)
(A-1, VMIG-1)**
3.45%.................08/07/96 3,600 3,600,000
Dormitory Authority of The
State of New York TECP
(Dai-Ichi Kangyo LOC)
(A-1, P-1)
3.65%.................11/15/96 1,562 1,562,000
Erie County RAN Series 1996A
(Union Bank of Switzerland
LOC) (MIG-1)
4.25%.................04/17/97 3,000 3,013,341
Erie County Water Authority
Water Works System Series
1993A DN (AMBAC Insurance)
(A-1+, VMIG-1)**
3.25%.................08/07/96 600 600,000
Erie County Water Authority
Water Works System Series
1993B DN (AMBAC Insurance)
(A-1+, VMIG-1)**
3.25%.................08/07/96 2,100 2,100,000
Glens Falls School District RAN
Series 1996
4.25%.................06/30/97 3,550 3,560,910
Hempstead Union Free School
District TAN Series 1996
4.125%................06/30/97 4,000 4,007,889
Huntington Union Free School
District TAN Series 1996
(MIG-1)
4.15%.................06/24/97 2,000 2,005,166
Kenmore -- Town of Tonawanda
Union Free School District BAN
4.00%.................05/08/97 1,410 1,411,562
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- --------------------------------- ------- ------------
NEW YORK (CONTINUED)
Metropolitan Transportation
Authority Commuter Facilities
Series 1991 DN (Morgan
Guaranty LOC)
(A-1+, VMIG-1)**
3.55%.................08/07/96 $ 700 $ 700,000
Monroe County IDA (Canal Ponds
Business Park Project)
Series 1995D DN (Fleet Bank
LOC) (A-1, VMIG-1)**
3.40%.................08/07/97 5,150 5,150,000
Monroe County IDRB (Emerson
Electric) MB
3.85%.................07/01/97 2,290 2,290,000
Montgomery County IDRB (Service
Merchandise Company) DN
(Barclays Bank LOC)
(A-1+, VMIG-1)**
3.45%.................08/15/96 4,700 4,700,000
Nassau County IDA (Cold Spring
Harbor Laboratory Project)
Series 1989 DN (Morgan
Guaranty LOC) (A-1+)**
3.65%.................08/01/96 400 400,000
Nassau County IDA (Cold Spring
Harbor Laboratory Project)
Series 1993 DN (Morgan
Guaranty LOC) (A-1+)**
3.65%.................08/01/96 2,200 2,200,000
New York State Energy, Research
& Development Authority
(New York State Electric &
Gas)
Series 1985A MB (Morgan
Guaranty LOC) (A-1+)
3.25%.................03/15/97 1,000 1,000,000
New York State Energy, Research
& Development Authority
(Orange & Rockland Utilities
Project) Series 1995A DN
(AMBAC Insurance) (A-1+,
VMIG-1)**
3.25%.................08/07/96 2,600 2,600,000
New York State Energy, Research
& Development Authority PCRB
Series 1985B MB (P-1)
3.85%.................10/15/96 2,000 2,000,000
New York State Energy, Research
& Development Authority PCRB
(Central-Hudson Gas & Electric
Corporation) Series A DN
(Bankers Trust LOC)
(A-1+, VMIG-1)**
3.20%.................08/01/96 4,850 4,850,000
</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> <C>
NEW YORK (CONTINUED)
New York State Energy, Research
& Development Authority PCRB
(Niagara Mohawk Power)
Series 1985A DN (Toronto
Dominion LOC) (A-1, VMIG-1)**
3.65%.................08/01/96 $ 6,400 $ 6,400,000
New York State Energy, Research
& Development Authority PCRB
(Rochester Gas & Electric) DN
(Bank of New York LOC)
(A-1, VMIG-1)**
3.35%.................08/01/96 11,500 11,500,000
New York State Energy, Research
& Development Authority PCRB
MB (Deutsche Bank LOC)
(MIG-1)
3.25%.................03/01/97 4,000 4,000,000
New York State Energy, Research
& Development Authority PCRB
MB (Union Bank of Switzerland
LOC) (A-1+)
3.65%.................12/01/96 2,065 2,065,000
New York State Housing Finance
Agency (Memorial Sloan-
Kettering Cancer Center) DN
(A-1+)**
3.25%.................08/07/96 1,100 1,100,000
New York State Housing Finance
Agency (Mount Sinai School of
Medicine) Series A DN (Sanwa
Bank LOC) (A-1+, VMIG-1)**
3.40%.................08/07/96 2,100 2,100,000
New York State Housing Finance
Agency, Multi-Family Housing
RB Series 1988A DN (AMBAC
Insurance) (A-1+, VMIG-1)**
3.65%.................08/07/96 700 700,000
New York State Housing Finance
Authority (Normandie Court I)
Series 1991A DN (Societe
Generale LOC)
(A-1+, VMIG-1)**
3.45%.................08/07/96 10,900 10,900,000
New York State Job Development
Authority DN (Sumitomo Bank
LOC) (A-1, VMIG-1)**
3.75%.................08/01/96 865 865,000
New York State Job Development
Authority Special Purpose
Bonds Series 1984C DN
(Sumitomo Bank LOC) (A-1,
VMIG-1)**
3.55%.................08/01/96 6,970 6,970,000
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- --------------------------------- ------- ------------
NEW YORK (CONTINUED)
New York State Job Development
Authority Special Purpose
Bonds Series 1984D DN
(Sumitomo Bank LOC) (A-1,
VMIG-1)**
3.55%.................08/01/96 $ 335 $ 335,000
New York State Job Development
Authority Special Purpose
Bonds Series 1984E DN
(Sumitomo Bank LOC) (A-1,
VMIG-1)**
3.55%.................08/01/96 1,525 1,525,000
New York State Job Development
Authority Special Purpose
Bonds Series 1984F DN
(Sumitomo Bank LOC) (A-1,
VMIG-1)**
3.55%.................08/01/96 2,075 2,075,000
New York State Job Development
Authority Special Purpose
Bonds Series 1984G DN
(Sumitomo Bank LOC) (A-1,
VMIG-1)**
3.55%.................08/01/96 2,795 2,795,000
New York State Job Development
Authority Special Purpose
Bonds Series 1984H DN
(Sumitomo Bank LOC) (A-1,
VMIG-1)**
3.55%.................08/01/96 1,620 1,620,000
New York State Local Assistance
Corporation DN (Multiple
Credit Enhancements)
(A-1+, VMIG-1)**
3.50%.................08/07/96 4,500 4,500,000
New York State Power Authority
Adjustable Tender Notes MB
(A-1, VMIG-1)
3.25%.................09/01/96 15,300 15,300,000
New York State Power Authority
TECP (A-1, P-1)
3.00%.................08/07/96 1,500 1,500,000
New York State Solid Waste
Management Authority (North
Hempstead) DN (National
Westminster LOC)
(A-1+, VMIG-1)**
3.45%.................08/07/96 50 50,000
New York State TECP Series R
(A-1+, P-1)
3.70%.................08/08/96 5,500 5,500,000
New York State TECP Series S
(A-1, P-1)
3.55%.................10/09/96 5,000 5,000,000
Niagara Falls Toll Bridge
Series 1993A DN (FGIC
Insurance) (A-1+, VMIG-1)**
3.25%.................08/07/96 300 300,000
</TABLE>
5
<PAGE> 6
NEW YORK MONEY FUND
Statement of Net Assets (Continued)
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- -------------------- -------- ------- ------------
<S> <C> <C> <C>
NEW YORK (CONTINUED)
Sachem Central School District
At Holbrook Suffolk County TAN
Series 1996-97 (VMIG-1)
4.125%................06/26/97 $ 2,000 $ 2,005,208
Smithtown Central School
District Suffolk County TAN
4.50%.................06/26/97 6,800 6,838,307
South Glens Falls GO RAN
4.25%.................06/27/97 4,775 4,789,506
Suffolk County IDA (Algorex
Corporation Project) Series
1984 DN (Marine Midland LOC)
(VMIG-1)**
3.45%.................08/07/96 1,250 1,250,000
Suffolk County Water Authority
BAN Series 1994 DN (VMIG-1)**
3.35%.................08/07/96 3,300 3,300,000
Tompkins County BAN Series
1995B
4.25%.................09/06/96 1,000 1,000,330
Triborough Bridge and Tunnel
Authority DN (FGIC Insurance)
(A-1+, VMIG-1)**
3.45%.................08/07/96 1,600 1,600,000
Yonkers IDA Civic Facility RB
(Consumers Union Facility)
Series 1994 DN (AMBAC
Insurance) (A-1+, VMIG-1)**
3.35%.................08/07/96 1,000 1,000,000
------------
254,467,409
------------
PUERTO RICO -- 6.3%
Puerto Rico Government
Development Bank Series 1985
DN (Credit Suisse LOC)
(A-1+, VMIG-1)**
3.25%.................08/07/96 $ 8,100 $ 8,100,000
Puerto Rico Highway and
Transportation Authority RB
Series X DN (Landesbank
Hessen-Thuringen LOC)
(A-1+, VMIG-1)**
3.25%.................08/07/96 1,600 1,600,000
Puerto Rico Industrial,
Medical, & Higher Education MB
(International American
University of Puerto Rico)
(Bank of Tokyo LOC) (VMIG-1)
3.30%.................08/06/96 6,000 6,000,000
Puerto Rico Medical, Higher
Education, & Environmental
PCRB (Ana G. Mendez
Educational Foundation
Project) DN (Bank of Tokyo
LOC) (A-1+, VMIG-1)**
3.65%.................08/07/96 1,500 1,500,000
------------
17,200,000
------------
</TABLE>
6
<PAGE> 7
NEW YORK MONEY FUND
Statement of Net Assets (Concluded)
<TABLE>
<CAPTION>
VALUE
------------
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $271,667,409*)............... 99.8% $271,667,409
OTHER ASSETS IN EXCESS OF
LIABILITIES........................ 0.2% 497,390
---- ------------
NET ASSETS (Equivalent to $1.00
per share based on 272,176,227
Money shares and 20,000
Dollar shares of capital stock
outstanding)......................100.00% $272,164,799
====== ============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
($272,164,799 / 272,196,227).......................$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, 1996, 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 indicated are believed to
be the most recent ratings available at July 31, 1996.
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
SUPPLEMENTARY INFORMATION
Maturity Schedule of Portfolio
July 31, 1996
<TABLE>
<CAPTION>
MATURITY
PERIOD PAR PERCENTAGE
------------- ------------ ---------
<S> <C> <C> <C>
1-30 days $198,075,000 72.9%
31-60 days 23,335,000 8.6%
61-90 days 9,000,000 3.3%
91-120 days 1,562,000 0.6%
121-150 days 2,065,000 0.8%
Over 150 days 37,525,000 13.8%
Average Weighted Maturity of Portfolio -- 52 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
PCRB Pollution Control Revenue Bond
RAN Revenue Anticipation Note
RB Revenue Bond
TAN Tax Anticipation Note
TECP Tax-Exempt Commercial Paper
</TABLE>
See Notes to Financial Statements.
7
<PAGE> 8
NEW YORK MONEY FUND
MUNICIPAL FUND FOR NEW YORK INVESTORS, INC.
Statement of Operations
Year Ended July 31, 1996
<TABLE>
<S> <C>
Investment income:
Interest income......................................................... $9,366,008
----------
Expenses:
Investment advisory fees................................................ 525,300
Administration fees..................................................... 525,300
Service Organization fees: Dollar shares................................ 22
Legal and audit fees.................................................... 82,039
Directors' and officer's fees and expenses.............................. 37,947
Custodian fees.......................................................... 66,778
Transfer agent fees..................................................... 23,919
Miscellaneous........................................................... 48,643
----------
1,309,948
Fees waived by Investment Adviser and Administrator..................... (783,189)
----------
Total expenses....................................................... 526,759
----------
Net investment income................................................ 8,839,249
Realized gain on investments:
Net realized gain on investments sold................................... 4
----------
Net increase in net assets resulting from operations...................... $8,839,253
==========
</TABLE>
See Notes to Financial Statements.
8
<PAGE> 9
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, 1996 JULY 31, 1995
------------- -------------
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income................................... $ 8,839,249 $ 8,146,363
Net realized gain on investments sold................... 4 3,631
------------ ------------
Net increase in net assets resulting from operations.... 8,839,253 8,149,994
------------ ------------
Dividends to shareholders from net investment income:
Money shares............................................ (8,838,972) (8,143,179)
Dollar shares........................................... (277) --
Plus shares............................................. -- (3,184)
------------ ------------
Total dividends to shareholders......................... (8,839,249) (8,146,363)
------------ ------------
Increase (decrease) in net assets from Fund share
transactions............................................ 25,514,513 (33,270,815)
------------ ------------
Net increase (decrease) in net assets................... 25,514,517 (33,267,184)
Net assets:
Beginning of period........................................ 246,650,282 279,917,466
------------ ------------
End of period.............................................. $ 272,164,799 $ 246,650,282
============ ============
</TABLE>
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>
MONEY SHARES
-----------------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
JULY 31, 1996 JULY 31, 1995 JULY 31, 1994 JULY 31, 1993 JULY 31, 1992
------------- ------------- ------------- ------------- -------------
<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........................ 0.0339 0.0338 0.0226 0.0230 0.0321
------- ------- ------- ------- -------
Total From Investment Income............... 0.0339 0.0338 0.0226 0.0230 0.0321
------- ------- ------- ------- -------
Less Distributions:
Dividends From Net Investment Income......... (0.0339) (0.0338) (0.0226) (0.0230) (0.0321)
------- ------- ------- ------- -------
Total Distributions........................ (0.0339) (0.0338) (0.0226) (0.0230) (0.0321)
------- ------- ------- ------- -------
Net Asset Value, End of Period.................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= =======
Total Return...................................... 3.44% 3.43% 2.29% 2.33% 3.26%
Ratios/Supplemental Data:
Net Assets, End of Period $(000)............. 272,145 246,650 279,483 204,670 267,655
Ratio of Expenses to Average Daily Net
Assets(1).................................. 0.20% 0.20% 0.20% 0.25% 0.30%
Ratio of Net Investment Income to Average
Daily
Net Assets................................. 3.37% 3.36% 2.28% 2.31% 3.20%
</TABLE>
- ---------------
(1) Operating expense ratios before waivers of fees by the Investment Adviser
and Administrator for Money shares for the years ended July 31, 1996, 1995,
1994, 1993, and 1992 were .50%, .49%, .48%, .51%, and .49%, respectively.
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>
DOLLAR SHARES
---------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
JULY 31, 1996(3) JULY 31, 1995(3) JULY 31, 1994(3) JULY 31, 1993 JULY 31, 1992
---------------- ---------------- ---------------- ------------- -------------
<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..................... 0.0089 0.00 0.0127 0.0205 0.0296
------- ----- ------- ------- -------
Total From Investment Income............ 0.0089 0.00 0.0127 0.0205 0.0296
------- ----- ------- ------- -------
Less Distributions:
Dividends From Net Investment Income...... (0.0089) 0.00 (0.0127) (0.0205) (0.0296)
------- ----- ------- ------- -------
Total Distributions..................... (0.0089) 0.00 (0.0127) (0.0205) (0.0296)
------- ----- ------- ------- -------
Net Asset Value, End of Period................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ===== ======= ======= =======
Total Return................................... 3.05%(2) -- 1.96%(2) 2.08% 3.01%
Ratios/Supplemental Data:
Net Assets, End of Period $(000).......... 20 -- -- 46,509 50,094
Ratio of Expenses to Average Daily Net
Assets(1)............................... .45%(2) -- 0.45%(2) 0.50% 0.55%
Ratio of Net Investment Income to Average
Daily
Net Assets.............................. 3.07%(2) -- 1.94%(2) 2.06% 2.95%
</TABLE>
- ---------------
(1) Operating expense ratios before waivers of fees by the Investment Adviser
and Administrator for Dollar shares for the years ended July 31, 1996, 1994,
1993, and 1992 were .75% (annualized), .73% (annualized), .76%, and .74%,
respectively.
(2) Annualized.
(3) There were no Dollar shares outstanding during the period from March 28,
1994 to April 14, 1996.
See Notes to Financial Statements.
11
<PAGE> 12
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
-------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
JULY 31, 1996(3) JULY 31, 1995(3) JULY 31, 1994 JULY 31, 1993 JULY 31, 1992
--------------- --------------- ------------- ------------- -------------
<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 0.0090 0.0201 0.0205 0.0296
----- ------- ------- ------- -------
Total From Investment Income............. 0.00 0.0090 0.0201 0.0205 0.0296
----- ------- ------- ------- -------
Less Distributions:
Dividends From Net Investment Income....... 0.00 (0.0090) (0.0201) (0.0205) (0.0296)
----- ------- ------- ------- -------
Total Distributions...................... 0.00 (0.0090) (0.0201) (0.0205) (0.0296)
----- ------- ------- ------- -------
Net Asset Value, End of Period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
===== ======= ======= ======= =======
Total Return.................................... -- 2.69%(2) 2.04% 2.08% 3.01%
Ratios/Supplemental Data:
Net Assets, End of Period $(000)........... -- -- 435 1,481 243
Ratio of Expenses to Average Daily Net
Assets(1)................................ -- 0.45%(2) 0.45% 0.50% 0.55%
Ratio of Net Investment Income to Average
Daily
Net Assets............................... -- 2.64%(2) 2.03% 2.06% 2.95%
</TABLE>
- ---------------
(1) 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, and 1992 were .73% (annualized), .73%, .76%, and .74%, respectively.
(2) Annualized.
(3) There were no Plus shares outstanding during the period from December 2,
1994 to July 31, 1996.
See Notes to Financial Statements.
12
<PAGE> 13
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 and of New York law on these
obligations must be considered.
2. Significant Accounting Policies
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statement and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from these estimates. The
following is a summary of significant accounting policies consistently followed
by the Company in the preparation of its financial statements.
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.
13
<PAGE> 14
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 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 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, 1996, the Investment Adviser and Administrators
voluntarily waived fees totaling $783,189.
Expenses include legal fees amounting to $43,572 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 ENDED YEAR ENDED
JULY 31, 1996 JULY 31, 1995
--------------- ---------------
<S> <C> <C>
Sold
Money shares....... $ 1,050,446,668 $ 1,040,239,729
Dollar shares...... 40,000 --
Plus shares........ -- 9,800
Issued as
reinvestments
of dividends
Money shares....... 143,673 361,349
Dollar shares...... -- --
Plus shares........ -- --
Redeemed
Money shares....... (1,025,095,828) (1,073,436,993)
Dollar shares...... (20,000) --
Plus shares........ -- (444,700)
--------------- ---------------
Net increase
(decrease)......... $ 25,514,513 $ (33,270,815)
=============== ===============
</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, 1996, a capital loss carryover of $31,428, expiring at various
times from 1997-2003, was available to offset possible future capital gains.
6. Net Assets
At July 31, 1996, net assets consisted of the following:
<TABLE>
<S> <C>
Paid-in capital............... $272,196,227
Accumulated net realized
losses on investments....... (31,428)
------------
$272,164,799
=============
</TABLE>
14
<PAGE> 15
RESULTS OF SPECIAL MEETING OF SHAREHOLDERS (UNAUDITED)
On September 25, 1995, a special meeting of the shareholders of the Company was
held to consider the election of four directors and the ratification of the
selection of Coopers & Lybrand L.L.P. as the Company's independent accountants.
Election of Directors--The shareholders of the Company were requested to vote
for the election of the following individuals to serve as directors of the
Company. The shareholders approved each nominee. The results of the voting are
as follows:
<TABLE>
<CAPTION>
NOMINEE IN FAVOR OPPOSED ABSTAIN
--------------------------- ---------------- ------- -------
<S> <C> <C> <C>
Thomas A. Melfe 136,890,058.870 0 0
Francis E. Drake, Jr. 136,890,058.870 0 0
Rodney D. Johnson 136,890,058.870 0 0
Anthony M. Santomero 136,890,058.870 0 0
</TABLE>
Ratification of Independent Accountants--The shareholders ratified the
appointment of Coopers & Lybrand L.L.P. as independent accountants for the
Company for the fiscal year ending July 31, 1995 as follows:
<TABLE>
<CAPTION>
IN FAVOR OPPOSED ABSTAIN
------------------------------ ---------------- -------
<S> <C> <C>
136,890,058.870 0 0
</TABLE>
<PAGE> 16
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, 1996 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, 1996. 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, 1996, 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 6, 1996
<PAGE> 17
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<PAGE> 18
Directors
Thomas A. Melfe
Chairman
Francis E. Drake, Jr.
Rodney D. Johnson
Anthony M. Santomero
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.
LOGO
Annual Report
to Shareholders
July 31, 1996
