<PAGE> 1
- -------------------------------------------------------------------------------
PROVIDENT
- -------------------------------------------------------------------------------
INSTITUTIONAL
FUNDS
400 Bellevue Parkway, Wilmington, DE 19809 Phone:
302-792-2555 Fax: 302-792-5876
Thomas A. Melfe
Chairman
MUNICIPAL FUND FOR NEW YORK INVESTORS, INC.
March 4, 1996
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,
1996.
The enclosed Investment Adviser's Report summarizes the major economic
issues facing the State and City of New York. Your Fund's priority is to
maintain the portfolio credit quality to which you are accustomed, despite the
many problems facing the New York market.
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 A. MELFE
Thomas A. Melfe
Chairman
------------------------------------------------------------------
<PAGE> 2
MUNICIPAL FUND FOR NEW YORK INVESTORS, INC.
SEMI-ANNUAL INVESTMENT ADVISER'S REPORT
The economy of the State of New York, while not deteriorating, remained
sluggish over the past six months, and as the State rolls into budget season, it
faces another shortfall. The estimated gap currently falls into the $3.5-4.0
billion range. To address the structural problems, Governor Pataki continues to
press hard for a mix of cuts--tax cuts, spending cuts, and job cuts--aimed at
revenue growth through a more favorable business climate and a leaner state
government. Tax reductions are proposed for both individuals and businesses and
jobs would be phased out largely via early retirements. Medicaid spending is the
largest target for cost savings, and assistance from the federal government in
the form of changes in allocation formulas is envisioned in current proposals.
The City of New York continues to have its own knotty problems addressing
structural imbalances in its budget. The City saw its long-term general
obligation rating lowered by Standard & Poor's Ratings Group to BBB+ and Moody's
currently has the rating under review. The rating agencies object to the
continued use of budget balancing strategies that employ too many measures that
essentially raise cash to close a particular budget gap but do nothing beyond
the year in which they are used. The current set of proposals also contain some
one-time measures including a controversial plan to sell the City water system.
There were some positive developments, however, over the past few months. The
City saw some improvement on the economic front this fall. The numbers were not
large, but increases were seen in employment and tourism was up. Efforts to find
ways to make the City more attractive to business continued, including
reductions in the commercial rent tax and the hotel tax.
A lack of supply of general market note issues in the short-term municipal
market over the past few months has given the market a flat and sometimes
inverted yield curve. Average weighted maturities have been constrained and new
note issues have often offered little incentive to extend, even after factoring
in a potential Fed rate cut. The Fund has consequently maintained a relatively
short maturity during the current period. New York budget issues and
creditworthiness continue to be monitored closely, and selection of high quality
securities to maintain safety and liquidity remains a primary objective. We are
pleased to report that the New York Money Fund earned a top decile rank in the
Lipper Analytical Performance Rankings for 1995.
On January 31, 1996, net assets stood at $283,560,401.
PNC INSTITUTIONAL MANAGEMENT CORPORATION
March 1, 1996
2
<PAGE> 3
NEW YORK MONEY FUND
MUNICIPAL FUND FOR NEW YORK INVESTORS, INC.
Statement of Net Assets
January 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- --------------------------------- ------- ------------
<S> <C> <C>
NEW YORK -- 94.6%
City of New York G.O. DN /
(Canadian Imperial Bank LOC)
(A-1+, VMIG-1)**
2.95%.................02/07/96 $ 3,000 $ 3,000,000
City of New York G.O. DN /
(Sumitomo Bank LOC)
(A-1+, VMIG-1)**
3.70%.................02/01/96 1,400 1,400,000
City of New York G.O. RAN /
(Multiple Credit Enhancements)
(SP-1, MIG-1)
4.75%.................06/28/96 4,000 4,012,195
City of New York G.O.
Series A-10 DN /
(Sumitomo Bank LOC)
(A-1+, VMIG-1)**
3.90%.................02/01/96 3,400 3,400,000
City of New York G.O.
Series B-10 DN /
(Union Bank of Switzerland
LOC)
(A-1+, VMIG-1)**
3.00%.................02/07/96 300 300,000
City of New York G.O.
Series E-4 DN /
(Sumitomo Bank LOC)
(A-1+, VMIG-1)**
3.55%.................02/01/96 1,000 1,000,000
City of New York G.O.
Series E-5 DN /
(Sumitomo Bank LOC)
(A-1, VMIG-1)**
3.70%.................02/01/96 1,900 1,900,000
City of New York G.O.
Series 1992 C-2 DN /
(Fuji Bank LOC)
(A-2, VMIG-1)**
4.05%.................02/01/96 400 400,000
City of New York G.O.
Series 1993 B DN /
(FGIC Insurance)
(A-1+, VMIG-1)**
3.80%.................02/01/96 300 300,000
City of New York G.O.
Series 1995 F-3 DN /
(Industrial Bank of Japan LOC)
(A-1, VMIG-1)**
3.35%.................02/07/96 10,000 10,000,000
City of New York G.O.
Series 1995 F-7 DN /
(Union Bank of Switzerland
LOC)
(A-1+, P-1)**
3.05%................. 02/07/96 2,800 2,800,000
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- -------------------------------- ---------- -----------
<S> <C> <C>
NEW YORK (CONTINUED)
City of New York G.O. TECP
(A-1, P-1)
3.40%.................02/09/96 $ 1,700 $ 1,700,000
City of New York G.O. TECP /
(Banque Paribas LOC)
(A-1, P-1)
3.75%.................02/07/96 500 500,000
City of New York G.O. TECP
Fiscal 1994 Series H-3
(A-1, VMIG-1)
3.75%.................02/07/96 5,800 5,800,000
City of New York
Housing Development
Corporation
(Columbus Gardens Project)
DN / (Citibank LOC) (A-1)**
3.00%.................02/07/96 1,400 1,400,000
City of New York Housing
Development Corporation
(East 96th Street Project)
DN / (Mitsubishi Bank LOC)
(A-1+, VMIG-1)**
3.20%.................02/07/96 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)**
3.00%.................02/07/96 3,345 3,345,000
City of New York Housing
Development Corporation
(Queenswood Apartment Project)
DN / (Sumitomo Bank LOC)
(VMIG-1)**
3.30%.................02/07/96 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)**
3.05%.................02/07/96 300 300,000
City of New York IDA Refunding
Revenue Adjustable Tender
Notes (La Guardia Associates)
Series 1985 DN / (Banque
Indosuez LOC) (A-1, VMIG-1)**
3.15%.................02/07/96 600 600,000
City of New York IDA Refunding
Revenue Adjustable Tender
Notes, Field Hotel Association
(JFK Project) DN / (Banque
Indosuez LOC) (A-1, VMIG-1)**
3.15%.................02/07/96 3,450 3,450,000
</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>
NEW YORK (CONTINUED)
City of New York Municipal
Water and Sewer System
Floating Rate Trust Receipts
Relating to
New York City Municipal Water
Finance Authority Water and
Sewer System 1996-A DN /
(A-1, VMIG-1)**
3.30%.................02/07/96 $10,000 $ 10,000,000
City of New York RAN Series B /
(Morgan Guaranty LOC)
(SP-1, MIG-1)
4.75%.................06/28/96 2,000 2,011,241
City of New York RAN Series
1996-A (SP-1+, MIG-1)
4.50%.................04/11/96 4,000 4,005,589
City of New York Tender Option
Bond DN / (MBIA Insurance)
(VMIG-1)**
3.30%.................02/07/96 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)**
2.90%.................02/07/96 400 400,000
City of New York Trust For
Cultural Resources (Carnegie
Hall)
Series 1985 DN / (Dai-Ichi
Kangyo LOC) (A-1, VMIG-1)**
3.35%.................02/07/96 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)**
3.35%.................02/07/96 4,400 4,400,000
City of New York Trust For
Cultural Resources (The Museum
of Broadcasting) Series 1989
DN / (Sumitomo Bank LOC)
(A-1, VMIG-1)**
3.30%.................02/07/96 2,300 2,300,000
City of Syracuse IDA Syracuse
University (Eggers Hall)
Series 1993 DN (A-1+)**
3.60%.................02/01/96 800 800,000
County of Albany BAN
6.00%.................02/21/96 5,440 5,443,526
County of Erie Water Authority
DN / (AMBAC Insurance)
(A-1+, VMIG-1)**
3.10%.................02/07/96 600 600,000
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- -------------------------------- ----------
<S> <C> <C>
NEW YORK (CONTINUED)
County of Erie Water Authority
Water Works System RB DN /
(AMBAC Insurance)
(A-1+, VMIG-1)**
3.10%.................02/07/96 $ 2,100 $ 2,100,000
County of Monroe Adjustable
Rate IDRB (Emerson Electric)
MB
(Aa1)
3.80%.................07/01/96 2,290 2,290,000
County of Monroe IDA (Canal
Ponds Business Park Project)
Series 1995-D DN / (Fleet Bank
LOC) (A-1, VMIG-1)**
3.00%.................02/07/96 5,150 5,150,000
County of Montgomery IDRB
(Service Merchandise Company)
DN / (Industrial Bank of Japan
LOC) (A-1+, VMIG-1)**
3.45%.................02/15/96 4,700 4,700,000
County of Nassau IDA (Cold
Spring Harbor Laboratory
Project) Series 1989
DN / (Morgan Guaranty LOC)
(A-1+)**
3.70%.................02/01/96 4,200 4,200,000
County of Nassau IDA (Cold
Spring Harbor Laboratory
Project) Series 1993
DN / (Morgan Guaranty LOC)
(A-1+)**
3.70%.................02/01/96 2,400 2,400,000
County of Suffolk Water
Authority Series 1994
DN / (FGIC Insurance)
(VMIG-1)**
3.10%.................02/07/96 4,100 4,100,000
County of Tompkins 1995
Renewals Series B BAN (NR)
4.25%.................09/06/96 1,000 1,002,000
Dormitory Authority of The
State of New York (Columbia
University) MGT 14-C
DN / (Morgan Guaranty LOC)
(VMIG-1)**
3.25%.................02/07/96 5,500 5,500,000
Dormitory Authority of The
State of New York (Cornell
University) Series 1990 B DN
(SP-1+, VMIG-1)**
3.60%.................02/01/96 7,800 7,800,000
Dormitory Authority of The
State of New York
(Metropolitan Museum of Art)
Series 1993 A DN
(A-1+, VMIG-1)**
2.75%.................02/07/96 385 385,000
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)**
2.95%.................02/07/96 $ 3,600 $ 3,600,000
</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)
Dormitory Authority of The
State of New York RB
(Beverwyck, Inc.) DN / (Banque
Paribas LOC)
(A-1, VMIG-1)**
3.05%.................02/07/96 $ 3,300 $ 3,300,000
Dormitory Authority of The
State of New York
TECP/(Dai-Ichi Kangyo LOC)
(A-1, P-1)
3.60%.................02/16/96 303 303,000
East Islip Union Free School
District TAN 1995
4.25%.................06/28/96 2,500 2,504,382
Massapequa Union Free School
District TAN (MIG-1)
4.25%.................06/28/96 3,000 3,005,840
Metropolitan Transportation
Authority Commuter Facilities
Series 1991 DN / (Morgan
Guaranty LOC)
(A-1+, VMIG-1)**
3.00%.................02/07/96 4,500 4,500,000
New York Local Government
Assistance Corporation
Variable Rate Bonds DN /
(Societe Generale LOC)
(A-1+, VMIG-1)**
2.95%.................02/07/96 3,000 3,000,000
New York Local Government
Assistance Corporation
Variable Rate Bonds Series E
DN / (Canadian Imperial Bank
LOC) (A-1+, VMIG-1)**
2.95%.................02/07/96 10,200 10,200,000
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) (A-1+)
3.65%.................12/01/96 2,065 2,065,000
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- -------------------------------- ----------
<S> <C> <C>
NEW YORK (CONTINUED)
New York State Energy, Research
and Development Authority
(Orange and Rockland
Utilities) Series 1995-A
DN / (AMBAC Insurance) (A-1+,
VMIG-1)**
2.90%.................02/07/96 $ 3,000 $ 3,000,000
New York State Energy, Research
and Development Authority PCR
(Central-Hudson Gas and
Electric Corporation) Series A
DN / (Bankers Trust LOC)
(A-1+, VMIG-1)**
2.90%.................02/01/96 4,850 4,850,000
New York State Energy, Research
and Development Authority PCR
(Rochester Gas and Electric)
DN / (Bank of New York LOC)
(A-1, VMIG-1)**
3.40%.................02/01/96 9,700 9,700,000
New York State Energy, Research
and Development Authority PCR
Refunding Bonds (Niagara
Mohawk Power) DN / (Morgan
Guaranty LOC)(NR)**
4.05%.................02/01/96 700 700,000
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)**
2.90%.................02/07/96 400 400,000
New York State Energy, Research
and Development Authority PCRB
MB/(Union Bank of Switzerland
LOC) (P-1)
3.85%.................10/15/96 2,000 2,000,000
New York State Housing Finance
Agency (Memorial Sloan-
Kettering Cancer Center)
DN (A-1+)**
3.05%.................02/07/96 400 400,000
New York State Housing Finance
Agency (Mount Sinai School of
Medicine) Series A DN / (Sanwa
Bank LOC) (A-1+, VMIG-1)**
3.40%.................02/07/96 5,900 5,900,000
New York State Housing Finance
Agency, Multi-Family Housing
RB Series 1988 A DN / (AMBAC
Insurance) (A-1+, VMIG-1)**
3.15%.................02/07/96 700 700,000
</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>
NEW YORK (CONTINUED)
New York State Housing Finance
Authority (Normandie Court I)
Series 1991 A DN / (Societe
Generale LOC)
(A-1+, VMIG-1)**
2.90%.................02/07/96 $ 2,300 $ 2,300,000
New York State Job Development
Authority DN / (Sumitomo Bank
LOC) (A-1, VMIG-1)**
5.90%.................02/01/96 935 935,000
New York State Job Development
Authority Special Purpose
Bonds Series 1984 C
DN / (Sumitomo Bank LOC) (A-1,
VMIG-1)**
4.00%.................02/01/96 7,495 7,495,000
New York State Job Development
Authority Special Purpose
Bonds Series 1984 D
DN / (Sumitomo Bank LOC) (A-1,
VMIG-1)**
4.00%.................02/01/96 375 375,000
New York State Job Development
Authority Special Purpose
Bonds Series 1984 E
DN / (Sumitomo Bank LOC) (A-1,
VMIG-1)**
4.00%.................02/01/96 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)**
4.00%.................02/01/96 2,340 2,340,000
New York State Job Development
Authority Special Purpose
Bonds Series 1984 G
DN / (Sumitomo Bank LOC) (A-1,
VMIG-1)**
4.00%.................02/01/96 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)**
4.00%.................02/01/96 1,755 1,755,000
New York State Local Assistance
Corporation DN / (Multiple
Credit Enhancements)
(A-1+, VMIG-1)**
2.95%.................02/07/96 9,400 9,400,000
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- --------------------------------- ------- ------------
<S> <C> <C>
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)**
3.00%.................02/07/96 $ 2,000 $ 2,000,000
New York State Power Authority
Adjustable Tender Notes MB
(A-1, VMIG-1)
3.85%.................03/01/96 15,300 15,300,000
New York State Solid Waste
Management Authority
(North Hempstead) DN /
(National Westminster LOC)
(A-1+, VMIG-1)**
2.95%.................02/07/96 150 150,000
New York State TECP
(A-1, P-1)
3.10%.................03/06/96 5,500 5,500,000
New York State TECP Series Q
(A-1+, P-1)
3.40%.................02/14/96 2,200 2,200,000
New York State TECP Series R
(A-1+, P-1)
3.10%.................03/07/96 6,000 6,000,000
3.25%.................03/13/96 5,000 5,000,000
Niagara Falls Toll Bridge
Series 1993 A DN /
(FGIC Insurance)
(A-1+, VMIG-1)**
3.10%.................02/07/96 2,300 2,300,000
Port Authority of New York and
New Jersey Versatile Structure
Obligations DN / (Morgan
Guaranty LOC)
(A-1+, VMIG-1)**
3.50%.................02/01/96 100 100,000
Yonkers IDA Series 1994 Civic
Facility RB (Consumers Union
Facility) DN / (AMBAC
Insurance) (A-1+, VMIG-1)**
3.00%.................02/07/96 1,000 1,000,000
------------
268,322,773
------------
</TABLE>
6
<PAGE> 7
NEW YORK MONEY FUND
Statement of Net Assets (Concluded)
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
- --------------------------------- ------- ------------
<S> <C> <C>
PUERTO RICO -- 5.1%
Government Development Bank For
Puerto Rico Adjustable RB
Series 1985 DN / (Credit
Suisse LOC) (A-1+, VMIG-1)**
2.80%.................02/07/96 $ 7,800 $ 7,800,000
Government Development Bank For
Puerto Rico TECP (A-1+)
3.10%.................02/01/96 4,600 4,600,000
Puerto Rico Highway and
Transportation Authority RB
Series X DN/(Landesbank
Hessen-Thuringen LOC)
(A-1+, VMIG-1)**
2.80%.................02/07/96 100 100,000
Puerto Rico Medical, Higher
Education, and Environmental
PCR (Ana G. Mendez
Educational Foundation
Project) DN/(Bank
of Tokyo LOC)
(A-1+, VMIG-1)**
3.20%.................02/07/96 1,800 1,800,000
------------
14,300,000
------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $282,622,773*)............... 99.7% 282,622,773
OTHER ASSETS IN EXCESS OF
LIABILITIES........................ 0.3% 937,628
----- ------------
NET ASSETS (Equivalent to $1.00
per share based on 283,591,832
Money shares of capital stock
outstanding).......................100.0% $283,560,401
====== ============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
($283,560,401 / 283,591,832).......................$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, 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 January 31,
1996.
- ---------------------------------------------------------
MUNICIPAL FUND FOR NEW YORK
INVESTORS, INC.
Maturity Schedule of Portfolio
January 31, 1996
<TABLE>
<CAPTION>
MATURITY
PERIOD PAR PERCENTAGE
------------- ------------ ---------
<S> <C> <C> <C>
1-30 days $242,223,000 85.7%
31-60 days 17,500,000 6.2%
61-90 days 4,000,000 1.4%
91-120 days 0 0.0%
Over 120 days 18,855,000 6.7%
Average Weighted Maturity -- 22 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
See Notes to Financial Statements.
7
<PAGE> 8
NEW YORK MONEY FUND
MUNICIPAL FUND FOR NEW YORK INVESTORS, INC.
Statement of Operations
Six Months Ended January 31, 1996
(Unaudited)
<TABLE>
<S> <C>
Investment income:
Interest income......................................................... $4,693,551
----------
Expenses:
Investment advisory fees................................................ 249,142
Administration fees..................................................... 249,142
Legal and audit fees.................................................... 42,701
Directors' and officer's fees and expenses.............................. 18,064
Custodian fees.......................................................... 31,219
Transfer agent fees..................................................... 12,567
Miscellaneous........................................................... 18,349
----------
621,184
Fees waived by Investment Adviser and Administrator..................... (371,032)
----------
Total expenses....................................................... 250,152
----------
Net investment income................................................ 4,443,399
Realized gain on investments:
Net realized gain on investments sold................................... 0
----------
Net increase in net assets resulting from operations...................... $4,443,399
==========
</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>
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 1996 JULY 31, 1995
---------------- -------------
(UNAUDITED)
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income................................. $ 4,443,399 $ 8,146,363
Net realized gain on investments sold................. 0 3,631
---------------- -------------
Net increase in net assets resulting from
operations.......................................... 4,443,399 8,149,994
---------------- -------------
Dividends to shareholders from net investment income:
Money shares.......................................... (4,443,399) (8,143,179)
Dollar shares......................................... 0 --
Plus shares........................................... 0 (3,184)
---------------- -------------
Total dividends to shareholders....................... (4,443,399) (8,146,363)
---------------- -------------
Increase (decrease) in net assets from Fund share
transactions.......................................... 36,910,119 (33,270,815)
---------------- -------------
Net increase (decrease) in net assets................. 36,910,119 (33,267,184)
Net assets:
Beginning of period...................................... 246,650,282 279,917,466
---------------- -------------
End of period............................................ $283,560,401 $ 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
------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
JANUARY 31, 1996 JULY 31, 1995 JULY 31, 1994 JULY 31, 1993 JULY 31, 1992 JULY 31, 1991
---------------- ------------- ------------- ------------- ------------- -------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------------- ------------- ------------- ------------- ------------- -------------
Income From Investment
Operations:
Net Investment Income..... 0.0179 0.0338 0.0226 0.0230 0.0321 0.0441
---------------- ------------- ------------- ------------- ------------- -------------
Total From Investment
Income............... 0.0179 0.0338 0.0226 0.0230 0.0321 0.0441
---------------- ------------- ------------- ------------- ------------- -------------
Less Distributions:
Dividends From Net
Investment Income....... (0.0179) (0.0338) (0.0226) (0.0230) (0.0321) (0.0441)
---------------- ------------- ------------- ------------- ------------- -------------
Total Distributions..... (0.0179) (0.0338) (0.0226) (0.0230) (0.0321) (0.0441)
---------------- ------------- ------------- ------------- ------------- -------------
Net Asset Value, End of
Period....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============= ========== ========== ========== ========== ==========
Total Return................... 3.64%(3) 3.43% 2.29% 2.33% 3.26% 4.50%
Ratios/Supplemental Data:
Net Assets, End of Period
$(000).................. 283,560 246,650 279,483 204,670 267,655 284,834
Ratio of Expenses to
Average Daily
Net Assets(1)........... 0.20%(3) 0.20% 0.20% 0.25%2 0.30% 0.30%
Ratio of Net Investment
Income to Average Daily
Net Assets.............. 3.56%(3) 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 six months ended January
31, 1996 and the years ended July 31, 1995, 1994, 1993, 1992 and 1991 were
.50%, .49%, .48%, .51%, .49% and .49%, respectively.
(2) Expense limitation for Money shares was lowered to .20% of the average daily
net assets, effective January 18, 1993.
(3) Annualized.
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
--------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
JANUARY 31, 1996 JULY 31, 1995(4) JULY 31, 1994(3) JULY 31, 1993 JULY 31, 1992 JULY 31, 1991
---------------- -------------- -------------- ------------- ------------- -------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------------- -------------- -------------- ------------- ------------- -------------
Income From Investment
Operations:
Net Investment Income... 0.00 0.00 0.0127 0.0205 0.0296 0.0416
---------------- -------------- -------------- ------------- ------------- -------------
Total From Investment
Income............. 0.00 0.00 0.0127 0.0205 0.0296 0.0416
---------------- -------------- -------------- ------------- ------------- -------------
Less Distributions:
Dividends From Net
Investment Income..... 0.00 0.00 (0.0127) (0.0205) (0.0296) (0.0416)
---------------- -------------- -------------- ------------- ------------- -------------
Total Distributions... 0.00 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 $ 1.00
============= =========== =========== ========== ========== ==========
Total Return................. -- -- 1.96%(3) 2.08% 3.01% 4.25%
Ratios/Supplemental Data:
Net Assets, End of
Period $(000)......... -- -- -- 46,509 50,094 54,613
Ratio of Expenses to
Average Daily
Net Assets(1)......... -- -- 0.45%(3) 0.50%(2) 0.55% 0.55%
Ratio 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 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 January 31, 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
--------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
JANUARY 31, 1996 JULY 31, 1995(4) JULY 31, 1994(3) JULY 31, 1993 JULY 31, 1992 JULY 31, 1991
---------------- -------------- -------------- ------------- ------------- -------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------------- -------------- -------------- ------------- ------------- -------------
Income From Investment
Operations:
Net Investment Income... 0.00 0.0090 0.0201 0.0205 0.0296 0.0416
---------------- -------------- -------------- ------------- ------------- -------------
Total From Investment
Income............. 0.00 0.0090 0.0201 0.0205 0.0296 0.0416
---------------- -------------- -------------- ------------- ------------- -------------
Less Distributions:
Dividends From Net
Investment Income..... 0.00 (0.0090) (0.0201) (0.0205) (0.0296) (0.0416)
---------------- -------------- -------------- ------------- ------------- -------------
Total Distributions... 0.00 (0.0090) (0.0201) (0.0205) (0.0296) (0.0416)
---------------- -------------- -------------- ------------- ------------- -------------
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%
Ratios/Supplemental Data:
Net Assets, End of
Period $(000)......... -- -- 435 1,481 243 461
Ratio of Expenses to
Average Daily
Net Assets(1)......... -- 0.45%(3) 0.45% 0.50%(2) 0.55% 0.55%
Ratio of Net Investment
Income to Average
Daily Net Assets...... -- 2.64%(3) 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 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 January 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
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-
13
<PAGE> 14
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 six months ended January 31, 1996, the Investment Adviser and
Administrators voluntarily waived fees totaling $185,516 and $185,516,
respectively.
Expenses include legal fees amounting to $23,685 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
ENDED YEAR
1/31/96 ENDED
(UNAUDITED) 7/31/95
------------- ---------------
Sold
<S> <C> <C>
Money shares......... $ 525,707,459 $ 1,040,239,729
Dollar shares........ -- --
Plus shares.......... -- 9,800
Issued as reinvestments
of dividends
Money shares......... 89,798 361,349
Dollar shares........ -- --
Plus shares.......... -- --
Redeemed
Money shares......... (488,887,138) (1,073,436,993)
Dollar shares........ -- --
Plus shares.......... -- (444,700)
------------- ---------------
Net increase
(decrease)........... $ 36,910,119 $ (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, 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 January 31, 1996, net assets consisted of the following:
<TABLE>
<S> <C>
Paid-in capital............... $283,591,833
Accumulated net realized
losses on investments....... (31,432)
------------
$283,560,401
=============
</TABLE>
14
<PAGE> 15
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-T-012
NEW YORK MONEY FUND
An Investment Portfolio
Offered by
Municipal Fund for
New York Investors, Inc.
[PROVIDENT INSTITUTIONAL FUNDS LOGO]
Semi-Annual Report
to Shareholders
January 31, 1996
