<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 19, 1998
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, 1998.
Commentary of New York's improving economy and on recent developments in our
Fund are contained in the accompanying Investment Adviser's Report.
Provident Institutional Funds offer a variety of high quality Taxable and
Tax-Exempt Money Market Funds to meet the varied needs of our investors. Please
contact your account representative or call our Client Service Center at (800)
821-7432 to discuss your investment options. 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 budget proposal for the State of New York contained much for which New
Yorkers should be pleased, not the least of which was a projected surplus of
$1.8 billion for the upcoming fiscal year -- the largest ever for the State.
Governor Pataki's program of tax relief, a friendlier business climate, and a
smaller, more responsive government, against a background of economic good
health, both nationally and locally, continues to produce an impressive array of
benefits. Employment growth is solid. More tax cuts for both business and
individuals are proposed, and additions to the State's "rainy day" fund are
expected to raise it to a record level. Welfare reform, education reform, and a
willingness to confront tough issues have contributed to a renewed optimism in
the State.
A budget surplus is part of the good news for New York City as well,
following the second year in a row of record revenue growth. Mayor Giuliani,
conscious of the dangers of dissipating the financial momentum gained from
several years of discipline and austerity, has proposed a financial plan
designed to leverage current gains to protect future health by committing
resources to reducing structural problems, promoting further tax cuts to fuel
job growth, and maintaining spending increases at a rate below the level of
inflation. The City's revenues continued to benefit from the solid performance
from Wall Street and the ongoing strength in the national economy. General
obligation debt has been placed on "CreditWatch" with a positive outlook by
Standard & Poor's, and the City's GO paper was upgraded to "A3" by Moody's in
February of this year.
Substantial amounts of cash have remained in the short term municipal money
market over the past few months, keeping supplies tight and constraining rates.
The market has provided little incentive to extend and the average weighted
maturity of the Fund has generally been in the 35 to 50 day range. Credit
quality remains a top priority and the Japanese Bank situation continues to be
monitored closely.
PNC INSTITUTIONAL MANAGEMENT CORPORATION
2
<PAGE> 3
NEW YORK MONEY FUND
MUNICIPAL FUND FOR NEW YORK INVESTORS
Statement of Net Assets
January 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
INVESTMENTS IN PAR
SECURITIES MATURITY (000) VALUE
-------------- -------- ------- ------------
<S> <C> <C> <C>
NEW YORK -- 88.7%
Albany City School District BAN
4.375%................ 07/10/98 $ 1,825 $ 1,828,627
Beacon City BAN
4.25%................. 05/04/98 1,100 1,100,936
Caledonia-Mumford Central School
District BAN
4.25%................. 06/18/98 4,600 4,605,840
City of New York GO DN (FGIC
Insurance) (A-1+, VMIG-1)**
4.00%................. 02/01/98 500 500,000
City of New York GO RAN Series
1997 DN (Bank of New York LOC)
(SP-1+, MIG-1)**
4.00%................. 02/01/98 23,700 23,700,000
City of New York GO Series B DN
(MBIA Insurance)**
3.65%................. 02/01/98 4,000 4,000,000
City of New York GO Series D DN
(FGIC Insurance) (A1+, VMIG-
1)**
3.30%................. 02/07/98 2,000 2,000,000
City of New York GO Series D-22
DN (FGIC Insurance) (A-1+,
VMIG-1)**
3.45%................. 02/07/98 10,000 10,000,000
City of New York GO Series E-4
DN (State Street Bank & Trust
LOC) (A-1+, VMIG-1)**
3.65%................. 02/01/98 1,100 1,100,000
City of New York GO Series F-5
DN (Mitsubishi Bank LOC) (A-
1+, VMIG-1)**
3.45%................. 02/07/98 9,200 9,200,000
City of New York GO Series
1995B-4 DN (National
Westminster LOC) (A-1+, VMIG-
1)**
3.65%................. 02/01/98 1,000 1,000,000
City of New York GO Series 1995F
DN (Union Bank of Switzerland
LOC) (A-1+, P-1)**
3.45%................. 02/07/98 300 300,000
City of New York GO Series
1995F-2 DN (Toronto Dominion
LOC) (A-1+, VMIG-1)**
3.45%................. 02/07/98 500 500,000
City of New York GO Series
1995F-3 DN (Landesbank Hessen
LOC) (A-1, VMIG-1)**
3.40%................. 02/07/98 1,700 1,700,000
</TABLE>
<TABLE>
<CAPTION>
INVESTMENTS IN PAR
SECURITIES MATURITY (000) VALUE
-------------- -------- ------- ------------
<S> <C> <C> <C>
NEW YORK (CONTINUED)
City of New York GO Series
1995F-4 DN (Landesbank Hessen
LOC) (A-1+, VMIG-1)**
3.45%................. 02/07/98 $ 1,400 $ 1,400,000
City of New York Health &
Hospital Corporation RB Series
1997A DN (Morgan Guaranty LOC)
(A-1+, VMIG-1)**
3.30%................. 02/07/98 5,500 5,500,000
City of New York Housing
Development Corporation
(Columbus Apartments Project)
Series A DN (Federal National
Mortgage Association) (A-1+)**
3.35%................. 02/07/98 200 200,000
City of New York Housing
Development Corporation
(Columbus Gardens Project)
Series 1993A DN (Citibank
LOC)(A-1)**
3.40%................. 02/07/98 4,185 4,185,000
City of New York Housing
Development Corporation
(Queenswood Apartment Project)
DN (Sumitomo Bank LOC)
(VMIG-1)**
4.00%................. 02/07/98 2,525 2,525,000
City of New York Housing
Development Corporation
Multifamily Housing RB
(Carnegie Park) Series 1997A DN
(Federal National Mortgage
Association) (A-1+)**
3.35%................. 02/07/98 5,000 5,000,000
City of New York IDA Tender
Notes (La Guardia Associates)
Series 1985 DN (Banque Indosuez
LOC) (P-1)**
3.55%................. 02/07/98 11,200 11,200,000
City of New York IDA Tender
Notes Field Hotel Association
(JFK Project) DN (Banque
Indosuez LOC) (P-1)**
3.55%................. 02/07/98 12,450 12,450,000
</TABLE>
3
<PAGE> 4
NEW YORK MONEY FUND
Statement of Net Assets (Continued)
<TABLE>
<CAPTION>
INVESTMENTS IN PAR
SECURITIES MATURITY (000) VALUE
-------------- -------- ------- ------------
<S> <C> <C> <C>
NEW YORK (CONTINUED)
City of New York Municipal
Assistance Corporation (Public
Benefit Corporation of the State
of New York) Series 1991K-1 DN
(Westdeutsche Landesbank
Girozentrale LOC) (A-1+, VMIG-
1)**
3.45%................. 02/07/98 $ 1,100 $ 1,100,000
City of New York Municipal
Assistance Corporation (Public
Benefit Corporation of the
State of New York) Series
1991K-2 DN (Bayerische
Landesbank Girozentrale LOC)
(A-1+, VMIG-1)**
3.45%................. 02/07/98 3,200 3,200,000
City of New York Municipal
Assistance Corporation RB TECP
(AMBAC Insurance) (A-1+,
VMIG-1)
3.65%................. 02/13/98 11,000 11,000,000
City of New York Municipal Water
& Sewer System Finance
Authority RB Series 1995A DN
(FGIC Insurance) (A-1+, VMIG-
1)**
3.90%................. 02/01/98 16,230 16,230,000
City of New York Series H-2 TECP
(MBIA Insurance) (A-1+, VMIG-
1)
3.50%................. 02/10/98 2,000 2,000,000
City of New York Tender Option
Bond DN (MBIA Insurance)
(VMIG-1)**
3.63%................. 02/07/98 7,000 7,000,000
City of New York Trust For
Cultural Resources (Carnegie
Hall) Series 1985 DN
(Westdeutsche Landesbank
Girozentrale LOC) (A-1,
VMIG-1)**
3.35%................. 02/07/98 1,150 1,150,000
City of New York Trust For
Cultural Resources (Carnegie
Hall) Series 1990 DN
(Westdeutsche Landesbank
Girozentrale LOC) (A-1,
VMIG-1)**
3.35%................. 02/07/98 6,400 6,400,000
City of New York Water Authority
DN (FGIC Insurance) (A-1+,
VMIG-1)**
3.65%................. 02/01/98 1,400 1,400,000
</TABLE>
<TABLE>
<CAPTION>
INVESTMENTS IN PAR
SECURITIES MATURITY (000) VALUE
-------------- -------- ------- ------------
<S> <C> <C> <C>
NEW YORK (CONTINUED)
City of Syracuse IDA (Syracuse
University Eggers Hall) Series
1993 DN (Morgan Guaranty LOC)
(A-1+)**
3.50%................. 02/01/98 $ 2,000 $ 2,000,000
Dormitory Authority of The State
of New York (Beverwyck, Inc.)
DN (Banque Paribas LOC) (P-1)**
3.55%................. 02/07/98 6,100 6,100,000
Dormitory Authority of The State
of New York (Cornell
University) Series 1990B DN
(SP-1+, VMIG-1)**
3.50%................. 02/01/98 800 800,000
Dormitory Authority of The State
of New York (Memorial Sloan-
Kettering Cancer Center) Series
A TECP (Chemical Bank LOC)
(A-1, VMIG-1)
3.65%................. 02/13/98 3,000 3,000,000
Dormitory Authority of The State
of New York (Memorial Sloan-
Kettering Cancer Center) Series
1989C TECP (Chemical Bank LOC)
(A-1+, VMIG-1)
3.65%................. 02/13/98 3,300 3,300,000
Dormitory Authority of The State
of New York (Metropolitan
Museum of Art) Series 1993A DN
(A-1+, VMIG-1)**
3.30%................. 02/07/98 1,720 1,720,000
Galway Central School District
BAN
4.125%................ 06/18/98 4,000 4,003,964
Hicksville Water District GO BAN
4.00%................. 01/22/99 2,084 2,090,202
Monroe County GO TECP (Bank of
Nova Scotia LOC) (SP-1+, MIG-
1)
3.50%................. 02/18/98 1,285 1,285,000
3.55%................. 03/02/98 715 715,000
Monroe County IDRB (Emerson
Electric) MB (AA+)
3.78%................. 07/01/98 2,290 2,290,000
Montgomery County IDRB (Service
Merchandise Company) DN
(Barclays Bank LOC) (A-1+,
VMIG-1)**
3.65%................. 02/17/98 4,700 4,700,000
</TABLE>
4
<PAGE> 5
NEW YORK MONEY FUND
Statement of Net Assets (Continued)
<TABLE>
<CAPTION>
INVESTMENTS IN PAR
SECURITIES MATURITY (000) VALUE
-------------- -------- ------- ------------
<S> <C> <C> <C>
NEW YORK (CONTINUED)
Nassau County GO General
Improvement Bonds Series V MB
(AMBAC Insurance)
5.125%................ 03/01/98 $ 3,000 $ 3,003,346
Nassau County IDA (Cold Spring
Harbor Laboratory Project)
Series 1993 DN (Morgan Guaranty
LOC) (A-1+)**
3.60%................. 02/01/98 700 700,000
New Paltz Central School
District BAN
4.125%................ 06/15/98 5,000 5,004,152
New York City GO Series 1994B DN
(AMBAC Insurance) (A-1+,
VMIG-1)**
3.65%................. 02/01/98 700 700,000
New York Housing Development
Corporation Multifamily Rental
Housing RB Series 1997A DN
(Federal National Mortgage
Association) (A-1+)**
3.35%................. 02/07/98 3,200 3,200,000
New York Local Government
Assistance Corporation Bonds
Series 1994B DN (Credit Suisse
LOC) (A-1+, VMIG-1)**
3.30%................. 02/07/98 500 500,000
New York Local Government
Assistance Corporation Bonds
Series 1995D DN (Societe
Generale LOC) (A-1+, VMIG-1)**
3.40%................. 02/07/98 16,200 16,200,000
New York Local Government
Assistance Corporation Bonds
Series 1995F DN (Toronto
Dominion LOC) (A-1+, VMIG-1)**
3.30%................. 02/07/98 7,100 7,100,000
New York State Energy, Research
& Development Authority PCRB
(Central Hudson Electric & Gas
Corporation) Series B DN
(Bankers Trust LOC)**
3.30%................. 02/07/98 6,000 6,000,000
New York State Energy, Research
& Development Authority PCRB
(Lilco Project) Series A MB
(Deutsche Bank LOC)(VMIG-1)
3.60%................. 03/01/98 10,000 10,000,000
</TABLE>
<TABLE>
<CAPTION>
INVESTMENTS IN PAR
SECURITIES MATURITY (000) VALUE
-------------- -------- ------- ------------
<S> <C> <C> <C>
NEW YORK (CONTINUED)
New York State Energy, Research
& Development Authority PCRB
(New York State Electric & Gas
Corporation) Series 1985A MB
(Morgan Guaranty LOC) (A-1+,
P-1)
3.65%................. 03/15/98 $ 5,000 $ 5,000,000
New York State Energy, Research
& Development Authority PCRB
(New York State Electric & Gas
Corporation) Series 1985B MB
(Union Bank of Switzerland LOC)
3.80%................. 10/15/98 2,000 2,000,000
New York State Energy, Research
& Development Authority PCRB
(New York State Electric & Gas
Corporation) Series 1985D MB
(Union Bank of Switzerland LOC)
(A-1+)
3.80%................. 12/01/98 2,065 2,065,000
New York State Energy, Research
& Development Authority PCRB
(Niagara Mohawk Power
Corporation) DN (Westpac
Banking Corp. LOC) (P-1)**
3.65%................. 02/01/98 600 600,000
New York State Energy, Research
& Development Authority PCRB
(Niagara Mohawk Power
Corporation) Series 1987A DN
(Toronto Dominion LOC)**
3.50%................. 02/01/98 11,500 11,500,000
New York State Energy, Research
& Development Authority PCRB
(Niagara Mohawk Power
Corporation) Series 1985A DN
(Toronto Dominion LOC) (A-
1+)**
3.90%................. 02/01/98 4,500 4,500,000
New York State Energy, Research
& Development Authority PCRB
(Niagara Mohawk Power
Corporation) Series 1985C DN
(Canadian Imperial Bank LOC)
(P-1)**
3.65%................. 02/01/98 700 700,000
New York State Environmental
Quality GO Series 1997A TECP
(Bayerische Landesbank
Girozentrale LOC) (A-1+, VMIG-
1)
3.45%................. 02/02/98 3,000 3,000,000
3.80%................. 03/13/98 4,000 4,000,000
</TABLE>
5
<PAGE> 6
NEW YORK MONEY FUND
Statement of Net Assets (Continued)
<TABLE>
<CAPTION>
INVESTMENTS IN PAR
SECURITIES MATURITY (000) VALUE
-------------- -------- ------- ------------
<S> <C> <C> <C>
NEW YORK (CONTINUED)
New York State Housing Finance
Agency (State University
Construction) Series A MB
(Escrowed in U.S. Treasuries)
7.25%................. 05/01/98 $ 525 $ 529,034
New York State Housing Finance
Agency Multifamily Housing RB
Series 1988A DN (AMBAC
Insurance) (A-1+, VMIG-1)**
3.40%................. 02/07/98 700 700,000
New York State Housing Finance
Authority RB (Related Liberty
View Project) Series A DN
(Federal National Mortgage
Association) (A-1+)**
3.35%................. 02/07/98 4,400 4,400,000
New York State IDA Civic
Facilities (National Audubon
Society) Series 1989 DN (Swiss
Bank LOC) (VMIG-1)**
3.50%................. 02/01/98 300 300,000
New York State Job Development
Authority Series 1984A DN
(Sumitomo Bank LOC) (A-1,
VMIG-1)**
4.15%................. 02/02/98 785 785,000
New York State Job Development
Authority Special Purpose Bonds
Series 1984C DN (Sumitomo Bank
LOC) (A-1, VMIG-1)**
4.40%................. 02/02/98 6,375 6,375,000
New York State Job Development
Authority Special Purpose Bonds
Series 1984D DN (Sumitomo Bank
LOC) (A-1, VMIG-1)**
4.40%................. 02/02/98 290 290,000
New York State Job Development
Authority Special Purpose Bonds
Series 1984E DN (Sumitomo Bank
LOC) (A-1, VMIG-1)**
4.40%................. 02/02/98 1,310 1,310,000
New York State Job Development
Authority Special Purpose Bonds
Series 1984F DN (Sumitomo Bank
LOC) (A-1, VMIG-1)**
4.40%................. 02/02/98 1,740 1,740,000
New York State Job Development
Authority Special Purpose Bonds
Series 1984G DN (Sumitomo Bank
LOC) (A-1, VMIG-1)**
4.40%................. 02/02/98 2,280 2,280,000
</TABLE>
<TABLE>
<CAPTION>
INVESTMENTS IN PAR
SECURITIES MATURITY (000) VALUE
-------------- -------- ------- ------------
<S> <C> <C> <C>
NEW YORK (CONTINUED)
New York State Job Development
Authority Special Purpose Bonds
Series 1984H DN (Sumitomo Bank
LOC) (A-1, VMIG-1)**
4.40%................. 02/02/98 $ 1,235 $ 1,235,000
New York State Power Authority
Revenue & General Purpose Bonds
MB (A-1, VMIG-1)
3.75%................. 03/01/98 15,300 15,300,000
New York State Power Authority
TECP (A-1, P-1)
3.60%................. 02/04/98 1,500 1,500,000
New York State Thruway Authority
General RB DN (FGIC Insurance)
(VMIG-1)**
3.65%................. 02/01/98 1,100 1,100,000
Niagara Falls Toll Bridge Series
1993A DN (FGIC Insurance) (A-
1+, VMIG-1)**
3.45%................. 02/07/98 300 300,000
Port Authority of New York & New
Jersey (Versatile Structure
Obligations) Series 5 DN
(Bayerische Landesbank
Girozentrale LOC) (A-1+, VMIG-
1)**
3.60%................. 02/01/98 300 300,000
Port Authority of New York & New
Jersey Special Obligation
Revenue Bonds DN (A-1+,
VMIG-1)**
3.60%................. 02/01/98 1,900 1,900,000
Smithtown Central School
District TAN
4.10%................. 06/29/98 4,775 4,778,695
Suffolk County Water Authority
BAN DN (Bank of Nova Scotia
LOC)(VMIG-1)**
3.50%................. 02/07/98 6,500 6,500,000
Triborough Bridge & Tunnel
Authority DN (FGIC Insurance)
(A-1+, VMIG-1)**
3.45%................. 02/07/98 8,400 8,400,000
------------
331,274,796
------------
PUERTO RICO -- 10.8%
Puerto Rico Government
Development Bank Series 1985 DN
(Credit Suisse LOC) (A-1+,
VMIG-1)**
3.25%................. 02/07/98 26,400 26,400,000
</TABLE>
6
<PAGE> 7
NEW YORK MONEY FUND
Statement of Net Assets (Concluded)
<TABLE>
<CAPTION>
INVESTMENTS IN PAR
SECURITIES MATURITY (000) VALUE
-------------- -------- ------- ------------
<S> <C> <C> <C>
PUERTO RICO (CONTINUED)
Puerto Rico Industrial, Medical &
Higher Education RB (InterAmerican
University of Puerto Rico) MB
(Bank of Tokyo LOC) (VMIG-1)
3.45%................. 02/04/98 $ 6,400 $ 6,400,000
Puerto Rico Industrial, Medical
& Higher Education RB
(InterAmerican University of
Puerto Rico) Series 1988 MB
(Bank of Tokyo LOC) (VMIG-1)
3.70%................. 03/10/98 1,200 1,200,000
Puerto Rico Medical, Higher
Education & Environmental PCRB
(Ana G. Mendez Educational
Foundation Project) DN (Bank of
Tokyo LOC) (A-1+, VMIG-1)**
3.85%................. 02/07/98 6,400 6,400,000
------------
40,400,000
------------
TOTAL INVESTMENTS IN SECURITIES
(Cost $371,674,796*)............ 99.5% 371,674,796
OTHER ASSETS IN EXCESS OF
LIABILITIES..................... 0.5 1,751,665
--
------------
NET ASSETS (Equivalent to $1.00
per share based on 373,288,764
Money Shares and 158,893 Dollar
Shares of capital stock
outstanding).................... 100.0% $373,426,461
===== ============
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE ($373,426,461 /
373,447,657).............................. $1.00
=====
- ---------------
* Aggregate cost for federal income tax purposes is
substantially the same.
** Variable rate demand notes -- the interest rate shown is
as of January 31, 1998, 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 Service ratings indicated are believed to be the
most recent ratings available at January 31, 1998.
- -------------------------------------------------
</TABLE>
NEW YORK MONEY FUND
SUPPLEMENTARY INFORMATION
Maturity Schedule of Portfolio
January 31, 1998
<TABLE>
<CAPTION>
MATURITY
PERIOD PAR PERCENTAGE
------------- ------------ -----------
<S> <C> <C> <C> <C>
1-30 days.... $331,175,000 89.1%
31-60 days... 10,200,000 2.7%
61-90 days... 525,000 0.1%
91-120 days.. 1,100,000 0.3%
121-150
days......... 18,375,000 5.0%
Over 150
days......... 10,264,343 2.8%
Average Weighted Maturity of Portfolio -- 23 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
Six Months Ended January 31, 1998
(Unaudited)
<TABLE>
<S> <C>
Investment income:
Interest income........................................... $5,989,764
----------
Expenses:
Investment advisory fees.................................. 327,206
Administration fees....................................... 327,206
Legal fees................................................ 20,845
Audit fees................................................ 19,442
Directors' and officer's fees and expenses................ 24,000
Custodian fees............................................ 40,985
Transfer agent fees....................................... 9,962
Printing.................................................. 3,350
Miscellaneous............................................. 9,700
----------
782,696
Fees waived by Investment Adviser and Administrators...... (455,491)
----------
327,205
Service Organization fees: Dollar Shares.................. 377
----------
Total expenses......................................... 327,582
----------
Net investment income.................................. 5,662,182
Realized gain (loss) on investments:
Net realized gain on investments sold..................... 3,904
----------
Net increase in net assets resulting from operations........ $5,666,086
==========
</TABLE>
See Notes to Financial Statements.
8
<PAGE> 9
NEW YORK MONEY FUND
MUNICIPAL FUND FOR NEW YORK INVESTORS, INC.
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 1998 JULY 31, 1997
---------------- -------------
(Unaudited)
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income................................. $ 5,662,182 $ 9,520,295
Net realized gain on investments sold................. 3,904 6,328
------------ ------------
Net increase in net assets resulting from
operations.......................................... 5,666,086 9,526,623
------------ ------------
Dividends to shareholders from net investment income:
Money Shares.......................................... (5,657,426) (9,414,149)
Dollar Shares......................................... (4,756) (106,146)
Plus Shares........................................... -- --
------------ ------------
Total dividends to shareholders....................... (5,662,182) (9,520,295)
------------ ------------
Increase (decrease) in net assets from Fund share
transactions.......................................... 102,453,231 (1,201,801)
------------ ------------
Net increase (decrease) in net assets................. 102,457,135 (1,195,473)
Net assets:
Beginning of period...................................... 270,969,326 272,164,799
------------ ------------
End of period............................................ $373,426,461 $270,969,326
============ ============
</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, 1998 JULY 31, 1997 JULY 31, 1996 JULY 31, 1995 JULY 31, 1994 JULY 31, 1993
---------------- ------------- ------------- ------------- ------------- -------------
(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..... 0.0174 0.0334 0.0339 0.0338 0.0226 0.0230
-------- -------- -------- -------- -------- --------
Less Distributions:
Dividends to Shareholders
from
Net Investment Income... (0.0174) (0.0334) (0.0339) (0.0338) (0.0226) (0.0230)
-------- -------- -------- -------- -------- --------
Net Asset Value, End of
Period....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total Return................... 3.55%(2) 3.39% 3.44% 3.43% 2.29% 2.33%
Ratios/Supplemental Data:
Net Assets, End of Period
$(000).................. 373,267 269,821 272,145 246,650 279,483 204,670
Ratio of Expenses to
Average Daily
Net Assets(1)........... 0.20%(2) 0.20% 0.20% 0.20% 0.20% 0.25%
Ratio of Net Investment
Income to
Average Daily Net
Assets............... 3.46%(2) 3.34% 3.37% 3.36% 2.28% 2.31%
</TABLE>
- ---------------
(1) Operating expense ratios before waivers of fees by the Investment Adviser
and Administrators for Money Shares for the six months ended January 31,
1998 and the years ended July 31, 1997, 1996, 1995, 1994 and 1993 were .48%
(annualized), .49%, .50%, .49%, .48% and .51% , respectively.
(2) 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
JANUARY 31,1998 JULY 31, 1997 JULY 31, 1996(3) JULY 31, 1995(3)
--------------- ------------- ---------------- ----------------
(Unaudited)
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period... $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- --------
Income From Investment Operations:
Net Investment Income............. 0.0162 0.0309 0.0089 0.00
-------- -------- -------- --------
Less Distributions:
Dividends to Shareholders from
Net Investment Income........... (0.0162) (0.0309) (0.0089) 0.00
-------- -------- -------- --------
Net Asset Value, End of Period......... $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ========
Total Return........................... 3.30%(2) 3.14% 3.05%(2) --
Ratios/Supplemental Data:
Net Assets, End of Period
$(000).......................... 159 1,148 20 --
Ratio of Expenses to Average Daily
Net Assets(1)................... 0.45%(2) 0.45% 0.45%(2) --
Ratio of Net Investment Income to
Average Daily Net Assets........ 3.21%(2) 3.09% 3.07%(2) --
<CAPTION>
DOLLAR SHARES
--------------------------------
YEAR ENDED YEAR ENDED
JULY 31, 1994(3) JULY 31, 1993
---------------- -------------
<S> <C> <C>
Net Asset Value, Beginning of Period... $ 1.00 $ 1.00
-------- --------
Income From Investment Operations:
Net Investment Income............. 0.0127 0.0205
-------- --------
Less Distributions:
Dividends to Shareholders from
Net Investment Income........... (0.0127) (0.0205)
-------- --------
Net Asset Value, End of Period......... $ 1.00 $ 1.00
======== ========
Total Return........................... 1.96%(2) 2.08%
Ratios/Supplemental Data:
Net Assets, End of Period
$(000).......................... -- 46,509
Ratio of Expenses to Average Daily
Net Assets(1)................... 0.45%(2) 0.50%
Ratio of Net Investment Income to
Average Daily Net Assets........ 1.94%(2) 2.06%
</TABLE>
- ---------------
(1) Operating expense ratios before waivers of fees by the Investment Adviser
and Administrators for Dollar Shares for the six months ended January 31,
1998 and the years ended July 31, 1997, 1996, 1994, and 1993 were .73%
(annualized), .74%, .75% (annualized), .73% (annualized) and .76%,
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
----------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR ENDED
JANUARY 31, 1998(3) JULY 31, 1997(3) JULY 31, 1996(3) JULY 31, 1995(3)
------------------- ---------------- ---------------- ----------------
(Unaudited)
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period.............................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- --------
Income From Investment Operations:
Net Investment Income............ 0.00 0.00 0.00 0.0090
-------- -------- -------- --------
Less Distributions:
Dividends to Shareholders from
Net
Investment Income.............. 0.00 0.00 0.00 (0.0090)
-------- -------- -------- --------
Net Asset Value, End of Period........ $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ========
Total Return.......................... -- -- -- 2.69%(2)
Ratios/Supplemental Data:
Net Assets, End of Period
$(000)......................... -- -- -- --
Ratio of Expenses to Average
Daily
Net Assets(1).................. -- -- -- 0.45%(2)
Ratio of Net Investment Income to
Average Daily Net Assets....... -- -- -- 2.64%(2)
<CAPTION>
PLUS SHARES
-----------------------------
YEAR ENDED YEAR ENDED
JULY 31, 1994 JULY 31, 1993
------------- -------------
<S> <C> <C>
Net Asset Value, Beginning of
Period.............................. $ 1.00 $ 1.00
-------- --------
Income From Investment Operations:
Net Investment Income............ 0.0201 0.0205
-------- --------
Less Distributions:
Dividends to Shareholders from
Net
Investment Income.............. (0.0201) (0.0205)
-------- --------
Net Asset Value, End of Period........ $ 1.00 $ 1.00
======== ========
Total Return.......................... 2.04% 2.08%
Ratios/Supplemental Data:
Net Assets, End of Period
$(000)......................... 435 1,481
Ratio of Expenses to Average
Daily
Net Assets(1).................. 0.45% 0.50%
Ratio of Net Investment Income to
Average Daily Net Assets....... 2.03% 2.06%
</TABLE>
- ---------------
(1) Operating expense ratios before waivers of fees by the Investment Adviser
and Administrators for Plus Shares for the years ended July 31, 1995, 1994
and 1993 were .73% (annualized), .73% and .76%, respectively.
(2) Annualized.
(3) There were no Plus Shares outstanding during the period from December 2,
1994 to January 31, 1998.
See Notes to Financial Statements.
12
<PAGE> 13
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. General Information
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.
3. Investment Advisory Fee, Administration Fee and Other Related Party
Transactions
The Company has entered into an Investment Advisory Agreement with PNC
Institutional
13
<PAGE> 14
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.
In March 1998, PNC Institutional Management Corporation, which changed its
name to BlackRock Institutional Management Corporation ("BIMC"), assumed the
responsibilities of PNC Bank, as sub-adviser, to provide research, credit
analysis and recommendations with respect to the Fund's investments and supply
certain computer facilities, personnel and other services. The personnel and
facilities related to these services are being transferred to BIMC and BIMC's
obligation to pay to PNC Bank a portion of the advisory fee has been terminated.
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 six months ended January 31, 1998, the Investment Adviser and
Administrators voluntarily waived fees totaling $455,491.
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.
No Service Organization fees were paid to affiliates for the six months ended
January 31, 1998.
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 ENDED
JANUARY 31, 1998 JULY 31, 1997
---------------- ---------------
(Unaudited)
<S> <C> <C>
Sold
Money shares....... $ 649,339,554 $ 1,249,241,950
Dollar shares...... -- 61,700,122
Plus shares........ -- --
Issued as
reinvestments of
dividends
Money shares....... 419,631 396,348
Dollar shares...... 10,595 45,758
Plus shares........ -- --
Redeemed
Money shares....... (546,316,549) (1,251,968,397)
Dollar shares...... (1,000,000) (60,617,582)
Plus shares........ -- --
------------- ---------------
Net increase
(decrease)......... $ 102,453,231 $ (1,201,801)
============= ===============
</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.
On January 31, 1998, three shareholders held approximately 64% of the
outstanding shares of the New York Money Fund.
5. Capital Loss Carryover
At July 31, 1997, a capital loss carryover of $23,663, expiring at various
times from 1998-2001, was available to offset possible future capital gains.
6. Net Assets
At January 31, 1998, net assets consisted of the following:
<TABLE>
<S> <C>
Paid-in capital.............. $373,446,220
Accumulated net realized loss
on investments............. (19,759)
------------
Total Net Assets............. $373,426,461
============
</TABLE>
14
<PAGE> 15
Directors
Thomas A. Melfe
Chairman
Francis E. Drake, Jr.
Rodney D. Johnson
Anthony M. Santomero
Officers
Thomas H. Nevin
President
Lisa M. Buono
Treasurer
Investment Adviser
BlackRock Institutional
Management Corporation
400 Bellevue Parkway
Wilmington, DE 19809
Co-Administrators
PFPC Inc.
400 Bellevue Parkway
Wilmington, DE 19809
Provident Distributors, Inc.
Four Falls Corporate Center
6th Floor
West Conshohocken, PA 19428
Distributor
Provident Distributors, Inc.
Four Falls Corporate Center
6th Floor
West Conshohocken, PA 19428
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, 1998
