<PAGE>
400 Bellevue Parkway
4th Floor
Wilmington, DE 19809
302-793-8100
www.pif.com
PROVIDENT LOGO
MUNICIPAL FUND FOR NEW YORK INVESTORS, INC.
March 4, 1999
Dear Shareholder:
We are pleased to present the Semi-Annual Report to Shareholders of New York
Money Fund for the period ended January 31, 1999.
Commentary of New York's improving economy and on recent developments in our
Fund are contained in the accompanying Investment Adviser's Report.
We would like to thank our shareholders for a successful proxy which
resulted in the reorganization of the Provident Institutional Funds into a
single Delaware business trust.
Provident Institutional Funds offers a variety of high quality Taxable and
Tax-Exempt Money Market Funds designed 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,
Rodney Johnson signature
Rodney D. Johnson
Chairman
1
<PAGE>
MUNICIPAL FUND FOR NEW YORK INVESTORS, INC.
Semi-Annual Report of the Investment Adviser
The State of New York rolled into budget season this year with a powerful
momentum from continuing fiscal reform and is projected to record a budget
surplus of approximately $1.8 billion, the fourth consecutive year of surplus.
The strategy of moving toward "smaller, smarter government" and a friendlier
business climate, aided by a strong national economy, continued to produce
positive dividends for the State. Private sector job creation is at an all
time high, welfare rolls are down, and New Yorkers have seen tax relief
through a broad spectrum of tax cuts, including reductions in income taxes,
business taxes and property taxes. The current budget proposal submitted by
the Pataki administration, recognizing the vulnerability of the State progress
to a slowdown in the economy, provides for spending increases below the
projected rate of inflation and a reduction of long-term debt.
The performance of New York City mirrored that of the State. The City economy
continued to grow at an impressive rate. Gross city product increased an
estimated 3.2% and private sector job creation exceeded 84,000 jobs in
calendar year 1998, a record gain. The City has produced substantial budget
surpluses for three years running with the current plan estimating a $1.6
billion surplus for 1999. The City, like the State, remains at risk from any
slowdown or recession in the national economy and Mayor Giuliani, in his
announcement of the City's current financial plan, reaffirmed his
administration's commitment to tax reduction to stimulate growth and to
keeping spending below the rate of inflation.
Demand for short-term tax-exempt paper has been strong throughout the current
period as tax-exempt money market fund assets have grown. General market paper
at attractive rates has been in very limited supply in the New York market.
Fewer, and smaller, note offerings along with credit quality related maturity
restrictions on some letter of credit banks have combined to move the Fund's
average weighted maturity lower. The overall level of rates and the flatness
of the yield curve have offered little incentive to extend, and the use of
tax-exempt commercial paper and mid-range maturities has increased. The credit
background, particularly the situation in Asia, continues to be monitored
closely, with ongoing adjustments being made as the situation develops. The
Fund is pleased to report that it achieved a number one ranking in the Lipper
Analytical Performance Rankings for the ten-year period ended December 31,
1998. Total net assets on January 31, 1999, stood at $345,277,190.
BlackRock Institutional Management
Corporation
2
<PAGE>
New York Money Fund
Municipal Fund for New York Investors
Statement of Net Assets
January 31, 1999
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- ------------
<S> <C> <C> <C>
NEW YORK--88.4%
Babylon IDA Resource Recovery RB (Ogden Martin Project) DN (FSA
Insurance) (A-1+, VMIG-1)**
2.35%........................................... 02/07/99 $ 3,200 $ 3,200,000
City of New York GO DN (Morgan Guaranty LOC) (A-1+, VMIG-1)**
3.30%........................................... 02/01/99 650 650,000
City of New York GO DN (Kredietbank LOC) (VMIG-1)**
3.20%........................................... 02/01/99 2,600 2,600,000
City of New York GO DN (Morgan Guaranty LOC) (A-1+, VMIG-1)**
3.30%........................................... 02/01/99 5,750 5,750,000
City of New York GO DN (Morgan Guaranty LOC) (A-1)**
3.30%........................................... 02/01/99 2,000 2,000,000
City of New York GO Series A-7 DN
(Morgan Guaranty LOC) (A-1+, VMIG-1)**
3.30%........................................... 02/01/99 900 900,000
City of New York GO Series B DN
(A-1+, VMIG-1)**
3.30%........................................... 02/01/99 2,150 2,150,000
City of New York GO Series B DN (FGIC Insurance) (A-1+, VMIG-1)**
3.30%........................................... 02/01/99 200 200,000
City of New York GO Series B-4 DN (Union Bank of Switzerland LOC)
(A-1, VMIG-1)**
3.20%........................................... 02/01/99 800 800,000
City of New York GO Series B-5 DN
(MBIA Insurance) (A-1+, VMIG-1)**
3.20%........................................... 02/01/99 1,185 1,185,000
City of New York GO Series D-22 DN
(FGIC Insurance) (A-1+, VMIG-1)**
2.70%........................................... 02/07/99 5,800 5,800,000
City of New York GO Series E-4 DN (State Street Bank & Trust Co.
LOC) (A-1+, VMIG-1)**
3.30%........................................... 02/01/99 1,400 1,400,000
City of New York GO Series E-5 DN
(Morgan Guaranty LOC) (A-1, VMIG-1)**
3.30%........................................... 02/01/99 500 500,000
City of New York GO Series E-5 DN
(Morgan Guaranty LOC) (A-1+, VMIG-1)**
3.30%........................................... 02/01/99 1,700 1,700,000
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- ------------
<S> <C> <C> <C>
City of New York GO Series 1995F DN (Union Bank of Switzerland
LOC) (A-1+, P-1)**
2.60%........................................... 02/07/99 $ 300 $ 300,000
City of New York GO Series 1995F-2 DN
(Toronto Dominion LOC) (A-1+, VMIG-1)**
2.55%........................................... 02/07/99 500 500,000
City of New York GO Series 1995F-3 DN (Landesbank Hessen Thuringen
Girozentrale LOC) (A-1, VMIG-1)**
2.55%........................................... 02/07/99 2,300 2,300,000
City of New York GO Series 1995F-4 DN (Landesbank Hessen Thuringen
Girozentrale LOC) (A-1+, VMIG-1)**
2.50%........................................... 02/07/99 1,400 1,400,000
City of New York GO Series 1995F-6 DN
(Morgan Guaranty LOC) (A-1+, VMIG-1)**
2.55%........................................... 02/07/99 2,900 2,900,000
City of New York Health & Hospital Corporation RB Series C DN
(Toronto Dominion LOC)
(A-1+, VMIG-1)**
2.40%........................................... 02/07/99 3,700 3,700,000
City of New York Health & Hospital Corporation RB Series 1997A DN
(Morgan Guaranty LOC)
(A-1+, VMIG-1)**
2.50%........................................... 02/07/99 10,100 10,100,000
City of New York Housing Development Corporation (Columbus Gardens
Project) Series 1993A DN (Citibank LOC) (A-1)**
2.45%........................................... 02/07/99 2,985 2,985,000
City of New York Housing Development Corporation (Queenswood
Apartment Project) DN (National City Bank of Cleveland LOC)
(VMIG-1)**
2.55%........................................... 02/07/99 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+)**
2.45%........................................... 02/07/99 8,000 8,000,000
City of New York Housing Development Corporation Multifamily
Rental Housing RB (Parkgate Development Project) Series 1998A DN
(Federal National Mortgage Association) (A-1+)**
2.40%........................................... 02/07/99 5,000 5,000,000
</TABLE>
3
<PAGE>
New York Money Fund
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (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)**
2.35%........................................... 02/07/99 $ 9,100 $ 9,100,000
City of New York Municipal Assistance Corporation Trust Receipts
Series A-11 DN
(National Westminster LOC) (VMIG-1)**
3.10%........................................... 02/07/99 2,500 2,500,000
City of New York Municipal Water & Sewer System Finance Authority
RB Series 1995A DN
(FGIC Insurance) (A-1+, VMIG-1)**
3.25%........................................... 02/01/99 1,000 1,000,000
City of New York Municipal Water Finance Authority TECP
(Westdeutsche Landesbank Girozentrale LOC) (A-1, P-1)
2.80%........................................... 02/26/99 4,000 4,000,000
City of New York Tender Option Bonds DN
(MBIA Insurance) (VMIG-1)**
2.99%........................................... 02/07/99 7,000 7,000,000
City of New York Transitional Finance Authority RB Series A DN
(Banc One N.A. LOC) (A-1+C)**
3.04%........................................... 02/07/99 15,475 15,475,000
City of New York Transitional Finance Authority RB Series C DN
(Bayerische Landesbank Girozentrale LOC)** (A-1+, VMIG-1)
3.15%........................................... 02/01/99 1,400 1,400,000
City of New York Transitional Finance Authority Future Tax Secured
Bonds Series 1999A DN
(Bank of Nova Scotia LOC) (VMIG-1)**
2.35%........................................... 02/07/99 3,600 3,600,000
Dormitory Authority of the State of New York (Beverwyck, Inc.) DN
(Banque Paribas LOC) (P-1)**
2.50%........................................... 02/07/99 5,700 5,700,000
Dormitory Authority of the State of New York (Cornell University)
Series 1990B DN
(SP-1+, VMIG-1)**
3.20%........................................... 02/01/99 1,100 1,100,000
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- ------------
<S> <C> <C> <C>
Dormitory Authority of the State of New York (Metropolitan Museum
of Art) Series 1993A DN (A-1+, VMIG-1)**
2.35%........................................... 02/07/99 $ 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)**
3.30%........................................... 02/01/99 2,500 2,500,000
Franklin County IDA Civic Facility RB (Paul Smith's College
Project) Series 1998 DN (Key Corporation Bank, N.A. LOC)**
2.80%........................................... 02/07/99 4,475 4,475,000
Long Island Power Authority Electric System RB DN (Westdeutsche
Landesbank Girozentrale LOC) (A-1+, VMIG-1)**
2.65%........................................... 02/07/99 5,300 5,300,000
Long Island Power Authority Electric System RB
Series 2 DN (Westdeutsche Landesbank Girozentrale LOC) (A-1+,
VMIG-1)**
2.50%........................................... 02/07/99 8,200 8,200,000
Long Island Power Authority Electric Systems RB Series 6 DN
(Morgan Guaranty LOC)
(A-1+, VMIG-1)**
3.20%........................................... 02/01/99 1,100 1,100,000
Metropolitan Transportation Authority Transit Facilities RB Series
1998C DN (FSA Insurance) (A-1+)**
3.04%........................................... 02/07/99 7,100 7,100,000
Monroe County IDA (Electronic Navigation Industries) MB
3.75%........................................... 07/01/99 2,290 2,290,000
Montgomery County IDRB (Service Merchandise Company) DN (Barclays
Bank LOC)
(A-1+, VMIG-1)**
3.10%........................................... 02/16/99 4,700 4,700,000
New York City GO Series B DN (MBIA Insurance) (A-1+, VMIG-1)**
3.20%........................................... 02/01/99 600 600,000
New York Housing Development Corporation Multifamily Rental
Housing RB (Columbus Green Project) DN (Federal National Mortgage
Association) (A-1+)**
2.45%........................................... 02/07/99 6,300 6,300,000
</TABLE>
4
<PAGE>
New York Money Fund
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in 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+)**
2.45%........................................... 02/07/99 $ 9,000 $ 9,000,000
New York Local Government Assistance Corporation Bonds Series
1995C DN (Landesbank Hessen-Thuringen LOC) (A-1+, VMIG-1)**
2.35%........................................... 02/07/99 4,100 4,100,000
New York Local Government Assistance Corporation Bonds Series
1995D DN (Societe Generale LOC) (A-1+, VMIG-1)**
2.50%........................................... 02/07/99 5,380 5,380,000
New York Local Government Assistance Corporation Bonds Series
1995F DN (Toronto Dominion LOC) (A-1+, VMIG-1)**
2.35%........................................... 02/07/99 3,300 3,300,000
New York Metropolitan Transportation Authority TECP (ABN-AMRO Bank
N.V. LOC) (A-1+, P-1)
2.75%........................................... 02/16/99 20,000 20,000,000
New York State Energy, Research & Development Authority PCRB
(Brooklyn Gas Facilities Project) Series 1997A DN (MBIA
Insurance)
(A-1+, VMIG-1)**
2.50%........................................... 02/07/99 1,490 1,490,000
New York State Energy, Research & Development Authority PCRB
(Central Hudson Gas & Electric Corporation) Series A DN (Morgan
Guaranty LOC) (A-1+, VMIG-1)**
2.85%........................................... 02/07/99 500 500,000
New York State Energy, Research & Development Authority PCRB
(Lilco Project) Series A MB (Deutsche Bank LOC)
3.58%........................................... 03/01/99 10,005 10,005,000
New York State Energy, Research & Development Authority PCRB (New
York State Electric & Gas Corporation Project) Series 1985A MB
(Morgan Guaranty LOC) (A-1+, P-1)
3.58%........................................... 03/15/99 8,000 8,000,000
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- ------------
<S> <C> <C> <C>
New York State Energy, Research & Development Authority PCRB (New
York State Electric & Gas Corporation Project) Series 1985D
(Union Bank of Switzerland LOC) (A-1+)
3.00%........................................... 12/01/99 $ 2,065 $ 2,065,000
New York State Energy, Research & Development Authority PCRB (New
York State Electric & Gas Corporation Project) Series 1994C DN
(Morgan Guaranty LOC) (A-1+, VMIG-1)**
3.20%........................................... 02/01/99 1,200 1,200,000
New York State Energy, Research & Development Authority PCRB (New
York State Electric & Gas Corporation Project) Series 1994D-2 DN
(NBD Bank Corp LOC) (A-1+, VMIG-1)**
3.20%........................................... 02/01/99 3,000 3,000,000
New York State Energy, Research & Development Authority PCRB (New
York State Electric & Gas Corporation) MB DN (Union Bank of
Switzerland LOC) (A-1+, VMIG-1)**
3.20%........................................... 02/01/99 600 600,000
New York State Energy, Research & Development Authority PCRB
(Niagara Mohawk Power) DN (Westpac Banking Corp. LOC) (P-1)**
3.20%........................................... 02/01/99 5,600 5,600,000
New York State Energy, Research & Development Authority PCRB
(Niagara Mohawk Power)
Series 1985A DN (Toronto Dominion LOC)
(A-1, VMIG-1)**
3.20%........................................... 02/01/99 3,400 3,400,000
New York State Energy, Research & Development Authority PCRB
(Niagara Mohawk Power) Series 1985C DN (Canadian Imperial Bank
LOC) (P-1)**
3.20%........................................... 02/01/99 1,400 1,400,000
New York State Housing Finance Agency Multifamily Housing RB
Series 1988A DN (AMBAC Insurance) (A-1+, VMIG-1)**
2.85%........................................... 02/07/99 700 700,000
New York State Housing Finance Agency Service Contract Obligation
RB Series 1998A DN (Commerzbank LOC) (A-1+, VMIG-1)**
2.48%........................................... 02/01/99 12,800 12,800,000
</TABLE>
5
<PAGE>
New York Money Fund
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- ------------
<S> <C> <C> <C>
NEW YORK (Continued)
New York State Housing Finance Authority RB (Normandie Court I)
Series 1991A DN
(Societe Generale LOC) (A-1+, VMIG-1)**
2.50%........................................... 02/07/99 $ 4,700 $ 4,700,000
New York State Housing Finance Authority RB (Related Liberty View
Project) Series A DN (Federal National Mortgage Association) (A-
1+)**
2.45%........................................... 02/07/99 4,400 4,400,000
New York State IDA Civic Facilities
(National Audubon Society) Series 1989 DN
(Swiss Bank LOC) (A-1+, VMIG-1)**
3.10%........................................... 02/01/99 2,100 2,100,000
New York State Job Development Authority Special Purpose Bonds
Series 1984A DN (Multiple Credit Enhancements) (A-1, VMIG-1)**
3.10%........................................... 02/01/99 705 705,000
New York State Job Development Authority Special Purpose Bonds
Series 1984C DN (Multiple Credit Enhancements) (A-1, VMIG-1)**
3.10%........................................... 02/01/99 5,775 5,775,000
New York State Job Development Authority Special Purpose Bonds
Series 1984D DN (Multiple Credit Enhancements) (A-1, VMIG-1)**
3.10%........................................... 02/01/99 290 290,000
New York State Job Development Authority Special Purpose Bonds
Series 1984E DN (Multiple Credit Enhancements) (A-1, VMIG-1)**
3.10%........................................... 02/01/99 1,100 1,100,000
New York State Job Development Authority Special Purpose Bonds
Series 1984F DN (Multiple Credit Enhancements) (A-1, VMIG-1)**
3.10%........................................... 02/01/99 1,445 1,445,000
New York State Job Development Authority Special Purpose Bonds
Series 1984G DN (Multiple Credit Enhancements) (A-1, VMIG-1)**
3.10%........................................... 02/01/99 1,830 1,830,000
New York State Job Development Authority Special Purpose Bonds
Series 1984H DN (Multiple Credit Enhancements) (A-1, VMIG-1)**
3.10%........................................... 02/01/99 1,070 1,070,000
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- ------------
<S> <C> <C> <C>
New York State Power Authority Revenue & General Purpose Bonds
Series 1985 MB (A-1, VMIG-1)
3.45%........................................... 03/01/99 $15,300 $ 15,300,000
New York State Thruway Authority General RB DN (FGIC Insurance)
(VMIG-1)**
3.20%........................................... 02/01/99 200 200,000
Rotterdam BAN
4.00%........................................... 06/18/99 4,655 4,659,175
Shelter Island Union Free School District TAN
3.875%.......................................... 06/29/99 1,500 1,501,923
Suffolk County Water Authority DN
(Bank of Nova Scotia LOC) (VMIG-1)**
2.45%........................................... 02/07/99 5,100 5,100,000
------------
305,116,098
------------
PUERTO RICO--11.5%
Puerto Rico Government Development Bank Series 1985 DN (Credit
Suisse LOC) (A-1+, VMIG-1)**
2.35%........................................... 02/07/99 10,100 10,100,000
Puerto Rico Highway & Transportation Authority RB Series X DN
(Landesbank Hessen-Thuringen LOC) (A-1+, VMIG-1)**
2.35%........................................... 02/07/99 4,100 4,100,000
Puerto Rico Highway & Transportation Authority RB Series 1998A DN
(AMBAC Insurance)
(A-1+, VMIG-1)**
2.35%........................................... 02/07/99 10,400 10,400,000
Puerto Rico Industrial Tourist, Educational, Medical &
Environmental Control Facilities RB (Ana G. Mendez University
Systems Project) Series 1998 DN (Banco de Santander LOC) (A-1+)**
2.20%........................................... 02/07/99 7,700 7,700,000
</TABLE>
6
<PAGE>
New York Money Fund
Statement of Net Assets (Concluded)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- ------------
<S> <C> <C> <C>
PUERTO RICO (Continued)
Puerto Rico Medical, Higher Education & Environmental PCRB (Ana G.
Mendez Educational Foundation Project) DN (Bank of Tokyo LOC)**
2.75%........................................... 02/07/99 $ 7,365 $ 7,365,000
------------
39,665,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $344,781,098*)...................................... 99.9% 344,781,098
OTHER ASSETS IN EXCESS OF LIABILITIES...................... 0.1 496,092
----- ------------
NET ASSETS (Equivalent to $1.00 per share based on
345,298,386 Money Shares of capital stock outstanding).... 100.0% $345,277,190
===== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($345,277,190 / 345,298,386).................................... $1.00
=====
</TABLE>
- --------
* Aggregate cost for federal income tax purposes is substantially the same.
** Variable rate demand note--the interest rate shown is as of January 31,
1999, and the maturity date shown is the longer of (i) the next interest
readjustment date or (ii) the date on which the principal amount owned 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
January 31, 1999.
New York Money Fund
Supplementary Information
Maturity Schedule of Portfolio
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- ------------ ----------
<S> <C> <C>
1-30 Days $326,265,000 94.6%
31-60 Days 8,000,000 2.3%
121-150 Days 6,155,000 1.8%
Over 150 Days 4,355,000 1.3%
</TABLE>
Average Weighted Maturity--15 days
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
RB Revenue Bond
TAN Tax Anticipation Note
TECP Tax-Exempt Commercial Paper
</TABLE>
See accompanying notes to financial statements.
7
<PAGE>
New York Money Fund
Municipal Fund for New York Investors, Inc.
Statement of Operations
Six Months Ended January 31, 1999
(Unaudited)
<TABLE>
<S> <C>
Investment income:
Interest income................................................... $5,294,776
----------
Expenses:
Investment advisory fees.......................................... 331,990
Administration fees............................................... 331,990
Legal fees........................................................ 27,517
Audit fees........................................................ 19,674
Trustees' fees and expenses....................................... 14,690
Custodian fees.................................................... 39,555
Transfer agent fees............................................... 17,683
Printing.......................................................... 3,763
Miscellaneous..................................................... 3,623
----------
790,485
Fees waived by Investment Adviser and Administrators.............. (458,496)
----------
Total expenses.................................................. 331,989
----------
Net investment income............................................. 4,962,787
Realized gain (loss) on investments:
Net realized gain on investments sold............................. 0
----------
Net increase in net assets resulting from operations................ $4,962,787
==========
</TABLE>
See accompanying notes to financial statements
8
<PAGE>
New York Money Fund
Municipal Fund for New York Investors, Inc.
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months Year Ended
Ended July 31,
January 31, 1999 1998
---------------- ------------
(Unaudited)
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income....................... $ 4,962,787 $ 10,947,861
Net realized gain on investments sold....... -- 3,904
------------ ------------
Net increase in net assets resulting from
operations................................. 4,962,787 10,951,765
------------ ------------
Dividends to shareholders from net investment
income:
Money Shares................................ (4,962,787) (10,941,581)
Dollar Shares............................... -- (6,280)
Plus Shares................................. -- --
------------ ------------
Total dividends to shareholders............. (4,962,787) (10,947,861)
------------ ------------
Increase in net assets from Fund share
transactions................................. 27,186,346 47,117,614
------------ ------------
Net increase in net assets.................. 27,186,346 47,121,518
Net assets:
Beginning of period........................... 318,090,844 270,969,326
------------ ------------
End of period................................. $345,277,190 $318,090,844
============ ============
</TABLE>
See accompanying notes to financial statements
9
<PAGE>
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, 1999 July 31, 1998 July 31, 1997 July 31, 1996 July 31, 1995 July 31, 1994
---------------- ------------- ------------- ------------- ------------- -------------
(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. 0.0151 0.0336 0.0334 0.0339 0.0338 0.0226
-------- -------- -------- -------- -------- --------
Less Distributions:
Dividends to
Shareholders from Net
Investment Income.... (0.0151) (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 $ 1.00
======== ======== ======== ======== ======== ========
Total Return............ 3.07%/2/ 3.41% 3.39% 3.44% 3.43% 2.29%
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000).......... 345,277 318,091 269,821 272,145 246,650 279,483
Ratio of Expenses to
Average Daily Net
Assets/1............./. .20%/2/ .20% 0.20% 0.20% 0.20% 0.20%
Ratio of Net Investment
Income to Average Daily
Net Assets............. 2.99%/2/ 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 six months ended January 31,
1999 and the years ended July 31, 1998, 1997, 1996, 1995 and 1994 were .48%
(annualized), .48%, .49%, .50%, .49% and .48%, respectively.
/2/Annualized.
See accompanying notes to financial statements.
10
<PAGE>
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, 1999/3/ July 31, 1998/3/ July 31, 1997 July 31, 1996/3/ July 31, 1995/3/ July 31, 1994/3/
------------------- ---------------- ------------- ---------------- ---------------- ----------------
(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........... -- 0.0303 0.0309 0.0089 -- 0.0127
----- -------- -------- -------- ----- --------
Less Distributions:
Dividends to
Shareholders from
Net Investment
Income........... -- (0.0303) (0.0309) (0.0089) -- (0.0127)
----- -------- -------- -------- ----- --------
Net Asset Value, End
of Period.......... $1.00 $ 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 January 31, 1999.
See accompanying notes to financial statements.
11
<PAGE>
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, 1999/3/ July 31, 1998/3/ July 31, 1997/3/ July 31, 1996/3/ July 31, 1995/3/ July 31, 1994
------------------- ---------------- ---------------- ---------------- ---------------- -------------
(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........... -- -- -- -- 0.0090 0.0201
----- ----- ----- ----- -------- --------
Less Distributions:
Dividends to
Shareholders from
Net Investment
Income........... -- -- -- -- (0.0090) (0.0201)
----- ----- ----- ----- -------- --------
Net Asset Value, End
of Period.......... $1.00 $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 January 31, 1999.
See accompanying notes to financial statements.
12
<PAGE>
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 BlackRock
Institutional Management Corporation ("BIMC"), an indirect majority-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.
13
<PAGE>
Notes to Financial Statements (Continued)
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.
PNC Bank serves at 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 six months ended January 31, 1999, BIMC and the Administrators
voluntarily waived fees totaling $458,496.
PFPC Trust is the Company's custodian and PFPC is the transfer agent.
No Service Organization fees were paid to affiliates for the six months ended
January 31, 1999.
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, 1999 July 31, 1998
---------------- --------------
(Unaudited)
<S> <C> <C>
Sold
Money shares.................................. $786,502,847 $1,537,268,971
Dollar shares................................. -- 20,198
Plus shares................................... -- --
Issued as reinvestments of dividends
Money shares.................................. 87,178 709,929
Dollar shares................................. -- 12,482
Plus shares................................... -- --
Redeemed
Money shares.................................. (759,403,679) (1,489,712,988)
Dollar shares................................. -- (1,180,978)
Plus shares................................... -- --
------------ --------------
Net increase.................................. $ 27,186,346 $ 47,117,614
============ ==============
</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, 1999, three shareholders held approximately 67% of the
outstanding shares of 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 January 31, 1999, net assets consisted of the following:
<TABLE>
<S> <C>
Paid-in capital................................................... $345,296,949
Accumulated net realized loss on investments...................... (19,759)
------------
Total Net Assets.................................................. $345,277,190
============
</TABLE>
14
<PAGE>
Trustees
Rodney D. Johnson
Chairman
G. Nicholas Beckwith
Jerrold B. Harris
Joseph Platt
Robert C. Robb. Jr.
Kenneth L. Urish
Fredrick W. Winter
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 of preceded by effective prospectuses for each portfolio of the
Company which contains information concerning the investment policies of the
portfolios as well as other pertinent information.
NEW YORK MONEY FUND
AN INVESTMENT PORTFOLIO OFFERED BY PROVIDENT INSTITUTIONAL FUNDS
PROVIDENT INSTITUTIONAL FUNDS
SEMI-ANNUAL REPORT
JANUARY 31, 1999
