<PAGE> 1
[PROVIDENT INSTITUTIONAL FUNDS LOGO]
------------------------------------------------------------------
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.
September 8, 1998
Dear Shareholder:
We are pleased to present the Annual Report to Shareholders of Municipal Fund
for New York Investors, Inc. for the period ended July 31, 1998.
Commentary on 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.
ANNUAL REPORT OF THE INVESTMENT ADVISER
The dramatic economic turnaround that has occurred in the State of New York
over the past several years continues to gather momentum. Helped by the
continuing strength in the national economy, the fiscal policies of the Pataki
Administration have produced an array of economic benefits. Governor Pataki has
introduced broad tax cuts, provided a more favorable business climate, and began
a trend toward smaller, more agile state government. As a result, the State has
seen unprecedented job creation, a string of budget surpluses, and a
strengthening of its creditworthiness. Perhaps the most encouraging development
is that the State appears to have eliminated the structural deficit that has
plagued the budget process for so many years. In addition, measurable progress
has been made on welfare reform and the State has made a major commitment to
education funding while holding the line on spending growth.
New York City continues to see increased revenues due to the booming stock
market and financial services sector and the strong national economy. The City
enjoyed a budget surplus in the neighborhood of $2.0 billion for the current
fiscal year and, assuming a stable economic climate, expects substantial
surpluses for at least the next two years. The additional revenue presents an
opportunity to improve long term fiscal health through debt paydown. In July,
the City's credit rating was upgraded to A- by Standard & Poor's.
The last of the New York City Revenue Anticipation Notes matured on June
30, 1998. The notes were part of a $1,075,000,000 issue that came to market in
October, 1997. New note offerings have been light and there are currently no New
York City Revenue Anticipation Note or Tax Anticipation Note offerings on the
calendar. The yield curve in the short-term municipal money market has been
relatively flat, and cash flows have been volatile, which offers little
incentive to extend the average weighted maturity. Consequently, the Fund's
average weighted maturity has shortened over the past few months to the 25-30
day range. It is anticipated that the average weighted maturity will be extended
in early September due to put rollovers and new note issues, as attractive
buying opportunities arise. Credit quality continues to be monitored carefully,
with the situation in Japan and global trading banks under regular review. Total
net assets in the Municipal Fund for New York Investors on July 31, 1998 stood
at $318,090,844, up $47 million from a year ago.
BLACKROCK INSTITUTIONAL MANAGEMENT CORPORATION
2
<PAGE> 3
NEW YORK MONEY FUND
MUNICIPAL FUND FOR NEW YORK INVESTORS
Statement of Net Assets
July 31, 1998
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
-------------- -------- ------- ------------
<S> <C> <C> <C>
NEW YORK -- 93.0%
Albany City School District RAN
4.25%................. 10/15/98 $ 4,000 $ 4,004,044
Babylon IDA Resource Recovery RB
(Ogden Martin Project) DN (FSA
Insurance) (A-1+, VMIG-1)**
3.35%................. 08/07/98 3,200 3,200,000
City of New York GO Series B DN
(FGIC Insurance) (A-1+, VMIG-
1)**
3.85%................. 08/01/98 2,400 2,400,000
City of New York GO Series E DN
(FGIC Insurance) (A-1+, VMIG-
1)**
3.70%................. 08/01/98 2,000 2,000,000
City of New York GO Series B-4
DN (Union Bank of Switzerland
LOC) (A-1+, VMIG-1)**
3.85%................. 08/01/98 3,400 3,400,000
City of New York GO DN Series
B-4 (Union Bank of Switzerland
LOC) (A-1, VMIG-1)**
3.85%................. 08/01/98 2,000 2,000,000
City of New York GO Series D-22
DN (FGIC Insurance) (A-1+,
VMIG-1)**
3.45%................. 08/07/98 5,800 5,800,000
City of New York GO Series F-5
DN (Mitsubishi Bank LOC) (A-
1+, VMIG-1)**
3.45%................. 08/07/98 1,800 1,800,000
City of New York GO Series 1995F
DN (Union Bank of Switzerland
LOC) (A-1+, P-1)**
3.40%................. 08/07/98 300 300,000
City of New York GO Series
1995F-2 DN (Toronto Dominion
LOC) (A-1+, VMIG-1)**
3.40%................. 08/07/98 500 500,000
City of New York GO Series
1995F-4 DN (Landesbank Hessen
LOC) (A-1+, VMIG-1)**
3.45%................. 08/07/98 1,400 1,400,000
City of New York GO Series
1995F-6 DN (Morgan Guaranty
LOC) (A-1+, VMIG-1)**
3.50%................. 08/07/98 2,900 2,900,000
</TABLE>
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
-------------- -------- ------- ------------
<S> <C> <C> <C>
NEW YORK (CONTINUED)
City of New York Health &
Hospital Corporation RB Series
C DN (Toronto Dominion LOC)
(A-1+, VMIG-1)**
3.50%................. 08/07/98 $ 3,700 3,700,000
City of New York Health &
Hospital Corporation RB Series
1997A DN (Morgan Guaranty LOC)
(A-1+, VMIG-1)**
3.60%................. 08/07/98 4,100 $ 4,100,000
City of New York Housing
Development Corporation
(Columbus Gardens Project)
Series 1993A DN (Citibank
LOC)(A-1)**
3.35%................. 08/07/98 2,985 2,985,000
City of New York Housing
Development Corporation
(Queenswood Apartment Project)
DN (National City LOC) (VMIG-
1)**
3.45%................. 08/07/98 1,325 1,325,000
City of New York Housing
Development Corporation
Multifamily Housing RB
(Carnegie Park) Series 1997A DN
(Federal National Mortgage
Association) (A-1+)**
3.50%................. 08/07/98 8,000 8,000,000
City of New York IDA Tender
Notes (La Guardia Associates)
Series 1985 DN (Banque Indosuez
LOC) (P-1)**
3.45%................. 08/07/98 8,900 8,900,000
City of New York IDA Tender
Notes Field Hotel Association
(JFK Project) DN (Banque
Indosuez LOC) (P-1)**
3.45%................. 08/07/98 12,450 12,450,000
City of New York Municipal
Acceptance Corporation, Trust
Receipts Series A-11 DN
(National Westminster
LOC)(VMIG-1)**
3.65%................. 08/07/98 7,800 7,800,000
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)**
3.35%................. 08/07/98 1,100 1,100,000
</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)
City of New York Municipal Water &
Sewer System Finance Authority RB
Series 1995A DN (FGIC Insurance)
(A-1+, VMIG-1)**
3.90%................. 08/01/98 $ 5,500 $ 5,500,000
City of New York Tender Option
Bonds DN (MBIA Insurance)
(VMIG-1)**
3.62%................. 08/07/98 7,000 7,000,000
City of New York Transitional
Finance Authority Financing RB
Series C DN (Bayerische
Landesbank Girozentrale LOC)
(A-1+, VMIG-1)**
3.70%................. 08/01/98 13,000 13,000,000
City of New York Trust For
Cultural Resources (S.R.
Guggenheim Foundation) Series
1990B DN (Swiss Bank LOC)
(VMIG-1)**
3.70%................. 08/01/98 6,950 6,950,000
City of Syracuse IDA (Syracuse
University Eggers Hall) Series
1993 DN (Morgan Guaranty LOC)
(A-1+)**
3.70%................. 08/01/98 200 200,000
Corning BAN
4.25%................. 09/10/98 2,500 2,500,888
Dormitory Authority of The State
of New York (Beverwyck, Inc.)
DN (Banque Paribas LOC) (P-1)**
3.50%................. 08/07/98 5,700 5,700,000
Dormitory Authority of The State
of New York (College &
University Loan Program)
(Morgan Guaranty LOC)
3.55%................. 08/07/98 1,500 1,500,000
Dormitory Authority of The State
of New York (Cornell
University) Series 1990B DN
(SP-1+, VMIG-1)**
3.70%................. 08/01/98 2,300 2,300,000
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%................. 08/12/98 3,000 3,000,000
Dormitory Authority of The State
of New York (Memorial Sloan-
Kettering Cancer Center) RB
Series 1989C TECP (Chemical
Bank LOC)(A-1, VMIG-1)
3.65%................. 08/12/98 3,300 3,300,000
</TABLE>
<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 (Metropolitan
Museum of Art) Series 1993A DN
(A-1+, VMIG-1)**
3.40%................. 08/07/98 $ 1,615 $ 1,615,000
Dormitory Authority of The State
of New York (St. Francis Center
At The Knolls, Inc.) Series
1994 DN (Banque Paribas LOC)
(P-1)**
3.75%................. 08/01/98 1,500 1,500,000
Hicksville Water District GO BAN
4.00%................. 01/22/99 2,084 2,087,215
Long Island Power Authority
Electric Systems RB (Putters
Project) Series 43B DN (Credit
Suisse LOC)(VMIG-1)**
3.65%................. 08/07/98 3,100 3,100,000
Long Island Power Authority
Electric Systems RB Series 5 DN
(Morgan Guaranty LOC) (A-1+,
VMIG-1)**
3.70%................. 08/01/98 5,000 5,000,000
Long Island Power Authority
Electric Systems RB Series 6 DN
(Morgan Guaranty LOC) (A-1+,
VMIG-1)**
3.70%................. 08/01/98 1,700 1,700,000
Monroe County IDA (Electronic
Navigation Industries) RB
3.75%................. 07/01/99 2,290 2,290,000
Montgomery County IDRB (Service
Merchandise Company) DN
(Barclays Bank LOC) (A-1+,
VMIG-1)**
3.45%................. 08/17/98 4,700 4,700,000
Municipal Assistance Corporation
for The City of New York TECP
(AMBAC Insurance) (A-1+,
VMIG-1)
3.65%................. 08/12/98 11,000 11,000,000
Nassau County IDA (Cold Spring
Harbor Laboratory Project)
Series 1993 DN (Morgan Guaranty
LOC) (A-1+)**
3.75%................. 08/01/98 400 400,000
New York Housing Development
Corporation Multifamily Rental
Housing RB (Columbus Green
Project) DN (Federal National
Mortgage Association)(A-1+)**
3.30%................. 08/07/98 6,300 6,300,000
</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 Housing Development
Corporation Multifamily Rental
Housing RB (Monterey Project)
Series 1997A DN (Federal National
Mortgage Association)(A-1+)**
3.35%................. 08/07/98 $10,800 $ 10,800,000
New York Local Government
Assistance Corporation Bonds
Series 1995D DN (Societe
Generale LOC) (A-1+, VMIG-1)**
3.35%................. 08/07/98 17,080 17,080,000
New York State Energy, Research
& Development Authority PCRB
(Central Hudson Gas & Electric
Corporation) Series A DN
(Bankers Trust LOC) (A-1+,
VMIG-1)**
3.50%................. 08/07/98 500 500,000
New York State Energy, Research
& Development Authority PCRB
(Lilco Project) Series A MB
(Deutsche Bank LOC) (VMIG-1)
3.58%................. 09/01/98 10,005 10,005,000
New York State Energy, Research
& Development Authority PCRB
(New York State Electric & Gas
Corporation) Series 1985A MB
(Morgan Guaranty LOC) (A-1+,
P-1)
3.58%................. 03/15/99 8,000 8,000,000
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
(New York State Electric & Gas
Corporation) Series 1994C DN
(Morgan Guaranty LOC) (A-1+,
VMIG-1)**
3.65%................. 08/01/98 900 900,000
</TABLE>
<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
(New York State Electric & Gas
Corporation) Series 1994D-2 DN
(NBD Bank Corp LOC) (A-1+,
VMIG-1)**
3.75%................. 08/01/98 $ 1,800 $ 1,800,000
New York State Energy, Research
& Development Authority PCRB
(Niagara Mohawk Power) DN
(Westpac Banking Corp. LOC)
(P-1)**
3.70%................. 08/01/98 500 500,000
New York State Energy, Research
& Development Authority PCRB
(Niagara Mohawk Power) Series
1985A DN (Toronto Dominion LOC)
(A-1, VMIG-1)**
3.85%................. 08/01/98 11,900 11,900,000
New York State Energy, Research
& Development Authority PCRB
(Niagara Mohawk Power) Series
1985C DN (Canadian Imperial
Bank LOC) (P-1)**
3.70%................. 08/01/98 1,600 1,600,000
New York State Environmental
Quality GO Series 1997A TECP
(Bayerische Landesbank
Girozentrale LOC) (A-1+, VMIG-
1)
3.45%................. 08/14/98 4,000 4,000,000
New York State Housing Finance
Agency Multifamily Housing RB
Series 1988A DN (AMBAC
Insurance) (A-1+, VMIG-1)**
3.45%................. 08/07/98 700 700,000
New York State Housing Finance
Authority RB (Related Liberty
View Project) Series A DN
(Federal National Mortgage
Association) (A-1+)**
3.45%................. 08/07/98 4,400 4,400,000
New York State IDA Civic
Facilities (National Audubon
Society) Series 1989 DN (Swiss
Bank LOC) (A-1+, VMIG-1)**
3.70%................. 08/01/98 1,800 1,800,000
</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)
New York State Job Development
Authority Series 1984A DN
(Multiple Credit Enhancements)
(A-1, VMIG-1)**
3.40%................. 08/03/98 $ 705 $ 705,000
New York State Job Development
Authority Special Purpose Bonds
Series 1984C DN (Multiple
Credit Enhancements) (A-1,
VMIG-1)**
3.50%................. 08/03/98 5,775 5,775,000
New York State Job Development
Authority Special Purpose Bonds
Series 1984D DN (Multiple
Credit Enhancements) (A-1,
VMIG-1)**
3.50%................. 08/03/98 290 290,000
New York State Job Development
Authority Special Purpose Bonds
Series 1984E DN (Multiple
Credit Enhancements) (A-1,
VMIG-1)**
3.50%................. 08/03/98 1,100 1,100,000
New York State Job Development
Authority Special Purpose Bonds
Series 1984F DN (Multiple
Credit Enhancements) (A-1,
VMIG-1)**
3.50%................. 08/03/98 1,445 1,445,000
New York State Job Development
Authority Special Purpose Bonds
Series 1984G DN (Multiple
Credit Enhancements) (A-1,
VMIG-1)**
3.50%................. 08/03/98 1,830 1,830,000
New York State Job Development
Authority Special Purpose Bonds
Series 1984H DN (Multiple
Credit Enhancements) (A-1,
VMIG-1)**
3.50%................. 08/03/98 1,070 1,070,000
New York State Power Authority
Revenue & General Purpose Bonds
MB
3.60%................. 09/01/98 15,300 15,300,000
New York State TECP Series V (A-
1+, P-1)
3.50%................. 08/07/98 2,600 2,600,000
Niagara County IDA Solid Waste
Disposal Facility RB (American
Fuel Company of Niagra L.P.)
Series 1994A DN (Wachovia Bank
LOC) (A-1, P-1)**
3.40%................. 08/07/98 5,110 5,110,000
</TABLE>
<TABLE>
<CAPTION>
INVESTMENTS IN MATURITY PAR
SECURITIES DATE (000) VALUE
-------------- -------- ------- ------------
<S> <C> <C> <C>
NEW YORK (CONTINUED)
Port Authority of New York & New
Jersey (Versatile Structure
Obligations) Series 3 DN
(Morgan Guaranty LOC) (A-1+,
VMIG-1)**
3.70%................. 08/01/98 $ 1,800 $ 1,800,000
Port Authority of New York & New
Jersey (Versatile Structure
Obligations) Series 5 DN
(Bayerische Landesbank
Girozentrale LOC) (A-1+.VMIG-
1)**
3.70%................. 08/01/98 400 400,000
Rotterdam BAN
4.00%................. 06/18/99 4,655 4,664,781
Suffolk County Water Authority
DN (Bank of Nova Scotia LOC)
(VMIG-1)**
3.45%................. 08/07/98 5,100 5,100,000
------------
295,946,928
------------
PUERTO RICO -- 6.7%
Puerto Rico Government
Development Bank Series 1985 DN
(Credit Suisse LOC) (A-1+,
VMIG-1)**
3.20%................. 08/07/98 14,100 14,100,000
Puerto Rico Highway &
Transportation Authority RB
Series X DN (Landesbank
Hessen-Thuringen LOC) (A-1+,
VMIG-1)**
3.20%................. 08/07/98 2,100 2,100,000
Puerto Rico Medical, Higher
Education & Environmental PCRB
(Ana G. Mendez Educational
Foundation Project) DN (Bank of
Tokyo LOC) (A-1+, VMIG-1)**
3.50%................. 08/07/98 5,100 5,100,000
------------
21,300,000
------------
</TABLE>
6
<PAGE> 7
NEW YORK MONEY FUND
Statement of Net Assets (Concluded)
<TABLE>
<CAPTION>
VALUE
------------
<S> <C> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $317,246,928*)............ 99.7% $317,246,928
OTHER ASSETS IN EXCESS OF
LIABILITIES..................... 0.3 843,916
----- ------------
NET ASSETS (Equivalent to $1.00
per share based on 318,112,040
Money Shares of capital stock
outstanding).................... 100.0% $318,090,844
----- ------------
----- ------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE ($318,090,844 /
318,112,040).............................. $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 July 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 Investor's Service, Inc. and Standard &
Poor's Ratings Group ratings indicated are believed to be
the most recent ratings available at July 31, 1998. The
ratings have not been verified by the Independent
Accountants and, therefore are not covered by the Report
of the Independent Accountants.
NEW YORK MONEY FUND
SUPPLEMENTARY INFORMATION
Maturity Schedule of Portfolio
July 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
MATURITY
PERIOD PAR PERCENTAGE
------------- ------------ -----------
<S> <C> <C> <C> <C>
1-30 Days......$264,330,000 83.3%
31-60 Days..... 27,805,000 8.8%
61-90 Days..... 6,000,000 1.9%
121-150 Days... 2,065,000 0.6%
Over 150 Days.. 17,029,343 5.4%
Average Weighted Maturity -- 24 days
- ----------------------------------------------------
</TABLE>
INVESTMENT ABBREVIATIONS:
<TABLE>
<S> <C>
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
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, 1998
<TABLE>
<S> <C>
Investment income:
Interest income........................................... $11,601,677
-----------
Expenses:
Investment advisory fees.................................. 653,314
Administration fees....................................... 653,314
Legal fees................................................ 48,679
Audit fees................................................ 41,499
Directors' and officer's fees and expenses................ 36,796
Custodian fees............................................ 79,868
Transfer agent fees....................................... 16,907
Printing.................................................. 6,343
Miscellaneous............................................. 17,679
-----------
1,554,399
Fees waived by Investment Adviser and Administrators...... (901,087)
-----------
653,312
Service Organization fees: Dollar Shares.................. 504
-----------
Total expenses......................................... 653,816
-----------
Net investment income.................................. 10,947,861
Realized gain (loss) on investments:
Net realized gain on investments sold..................... 3,904
-----------
Net increase in net assets resulting from operations........ $10,951,765
===========
</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>
YEAR ENDED YEAR ENDED
JULY 31, 1998 JULY 31, 1997
---------------- -------------
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income................................. $ 10,947,861 $ 9,520,295
Net realized gain on investments sold................. 3,904 6,328
------------ ------------
Net increase in net assets resulting from
operations.......................................... 10,951,765 9,526,623
------------ ------------
Dividends to shareholders from net investment income:
Money Shares.......................................... (10,941,581) (9,414,149)
Dollar Shares......................................... (6,280) (106,146)
Plus Shares........................................... -- --
------------ ------------
Total dividends to shareholders....................... (10,947,861) (9,520,295)
------------ ------------
Increase (decrease) in net assets from Fund share
transactions.......................................... 47,117,614 (1,201,801)
------------ ------------
Net increase (decrease) in net assets................. 47,121,518 (1,195,473)
Net assets:
Beginning of period...................................... 270,969,326 272,164,799
------------ ------------
End of period............................................ $318,090,844 $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
---------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
JULY 31, 1998 JULY 31, 1997 JULY 31, 1996 JULY 31, 1995 JULY 31, 1994
------------- ------------- ------------- ------------- -------------
<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.................... 0.0336 0.0334 0.0339 0.0338 0.0226
-------- -------- -------- -------- --------
Less Distributions:
Dividends to Shareholders from
Net Investment Income.................. (0.0336) (0.0334) (0.0339) (0.0338) (0.0226)
-------- -------- -------- -------- --------
Net Asset Value, End of Period................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Return.................................. 3.41% 3.39% 3.44% 3.43% 2.29%
Ratios/Supplemental Data:
Net Assets, End of Period $(000)......... 318,091 269,821 272,145 246,650 279,483
Ratio of Expenses to Average Daily Net
Assets(1).............................. 0.20% 0.20% 0.20% 0.20% 0.20%
Ratio of Net Investment Income to Average
Daily
Net Assets............................. 3.35% 3.34% 3.37% 3.36% 2.28%
</TABLE>
- ---------------
(1) Operating expense ratios before waivers of fees by the Investment Adviser
and Administrators for Money Shares for the years ended July 31, 1998, 1997,
1996, 1995 and 1994 were .48%, .49%, .50%, .49% and .48%, 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, 1998(3) JULY 31,1997 JULY 31, 1996(3) JULY 31, 1995(3) JULY 31, 1994(3)
---------------- ------------- ---------------- ---------------- ----------------
<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............ 0.0303 0.0309 0.0089 0.00 0.0127
-------- -------- -------- -------- --------
Less Distributions:
Dividends to Shareholders from
Net Investment Income.......... (0.0303) (0.0309) (0.0089) 0.00 (0.0127)
-------- -------- -------- -------- --------
Net Asset Value, End of Period........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Return.......................... 3.16%(2) 3.14% 3.05%(2) -- 1.96%(2)
Ratios/Supplemental Data:
Net Assets, End of Period
$(000)......................... -- 1,148 20 -- --
Ratio of Expenses to Average
Daily Net Assets(1)............ .45%(2) .45% .45%(2) -- 0.45%(2)
Ratio of Net Investment Income to
Average Daily
Net Assets..................... 3.11%(2) 3.09% 3.07%(2) -- 1.94%(2)
</TABLE>
- ---------------
(1) Operating expense ratios before waivers of fees by the Investment Adviser
and Administrators for Dollar Shares for the years ended July 31, 1998,
1997, 1996 and 1994 were .73% (annualized), .74%, .75% (annualized) and .73%
(annualized), respectively.
(2) Annualized.
(3) There were no Dollar Shares outstanding during the periods March 28, 1994 to
April 14, 1996 and July 21, 1998 to July 31, 1998.
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, 1998(3) JULY 31, 1997(3) JULY 31, 1996(3) JULY 31, 1995(3) JULY 31, 1994
---------------- ---------------- ---------------- ---------------- -------------
<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 0.00 0.00 0.0090 0.0201
-------- -------- -------- -------- --------
Less Distributions:
Dividends to Shareholders from
Net Investment Income.......... 0.00 0.00 0.00 (0.0090) (0.0201)
-------- -------- -------- -------- --------
Net Asset Value, End of Period........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Return.......................... -- -- -- 2.69%(2) 2.04%
Ratios/Supplemental Data:
Net Assets, End of Period
$(000)......................... -- -- -- -- 435
Ratio of Expenses to Average
Daily Net Assets(1)............ -- -- -- 0.45%(2) 0.45%
Ratio of Net Investment Income to
Average Daily
Net Assets..................... -- -- -- 2.64%(2) 2.03%
</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 and
1994 were .73% (annualized) and .73%, respectively.
(2) Annualized.
(3) There were no Plus Shares outstanding during the period from December 2,
1994 to July 31, 1998.
See Notes to Financial Statements.
12
<PAGE> 13
NOTES TO FINANCIAL STATEMENTS
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 BlackRock
Institutional Management Corporation ("BIMC"), an indirect majority-owned
subsidiary of PNC Bank, National Association ("PNC Bank"). Under the Investment
Advisory Agreement, the Investment Adviser is entitled to receive a fee from the
13
<PAGE> 14
Company, computed daily and payable monthly, at an annual rate of .20% of the
Company's average daily net assets.
PNC Bank serves as the Company's sub-investment adviser pursuant to a
Sub-Advisory Agreement. In March 1998, BIMC, assumed the responsibilities of PNC
Bank, as sub-advisor, 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 were transferred to BIMC and BIMC's obligation to pay to PNC Bank a
portion of the advisory fee was 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.
BIMC and the 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, 1998, BIMC and the Administrators voluntarily
waived fees totaling $901,087.
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 the transfer agent.
No Service Organization fees were paid to affiliates for the year ended July
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>
YEAR YEAR
ENDED ENDED
JULY 31, 1998 JULY 31, 1997
---------------- ---------------
<S> <C> <C>
Sold
Money shares....... $ 1,537,268,971 $ 1,249,241,950
Dollar shares...... 20,198 61,700,122
Plus shares........ -- --
Issued as
reinvestments of
dividends
Money shares....... 709,929 396,348
Dollar shares...... 12,482 45,758
Plus shares........ -- --
Redeemed
Money shares....... (1,489,712,988) (1,251,968,397)
Dollar shares...... (1,180,978) (60,617,582)
Plus shares........ -- --
--------------- ---------------
Net increase
(decrease)......... $ 47,117,614 $ (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 July 31, 1998, four shareholders held approximately 80% of the outstanding
shares of the New York Money Fund.
5. Capital Loss Carryover
At July 31, 1998, a capital loss carryover of $19,759, expiring at various
times from 2000-2001, was available to offset possible future capital gains.
6. Net Assets
At July 31, 1998, net assets consisted of the following:
<TABLE>
<S> <C>
Paid-in capital.............. $318,110,603
Accumulated net realized loss
on investments............. (19,759)
------------
Total Net Assets............. $318,090,844
============
</TABLE>
14
<PAGE> 15
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors of
Municipal Fund for New York Investors, Inc.
In our opinion, the accompanying statement of net assets and the related
statement of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
Municipal Fund for New York Investors, Inc. ("the Fund") at July 31, 1998 and
the results of its operations for the year then ended, the changes in its 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. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at July 31, 1998 by
correspondence with the custodian and brokers, provides a reasonable basis for
the opinion expressed above.
PricewaterhouseCoopers LLP
2400 Eleven Penn Center
Philadelphia, Pennsylvania
August 28, 1998
<PAGE> 16
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-A-012
NEW YORK MONEY FUND
An Investment Portfolio
Offered by
Municipal Fund for
New York Investors, Inc.
[PROVIDENT INSTITUTIONAL FUNDS LOGO]
Annual Report
to Shareholders
July 31, 1998
