<PAGE> 1
DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
Two World Trade Center
New York, New York 10048
DEAR SHAREHOLDER:
--------------------------------------------------------------------------------
The three forces influencing the direction and level of yields on short-term
municipal securities during the first half of 1995 were changes in Federal
Reserve monetary policy, shifts in investor demand in a generally thin market
and reaction to the bankruptcy of Orange County, California.
Yields on tax-free money market instruments declined as mounting evidence of
a slowing economy caused interest rates to fall in anticipation of an easing of
Federal Reserve Board monetary policy. The drop in yields was most apparent
among securities with maturities of six months to one year. Shorter maturities
displayed a more volatile pattern in response to changes in seasonal demand and
a diminished supply of suitable tax-free money market investments.
The decline in interest rates during the first half of 1995 essentially
erased the increase in yields that occurred at the long-end of the municipal
money market during the second half of 1994. The Bond Buyer One Year Note Index
fell from a peak of 5.10 percent in mid-January to 3.79 percent at the end of
June, only four basis points above the level of one year earlier. Yields for the
shortest maturities, on the other hand, fluctuated within a wider band during
the six month period. Returns for variable-rate demand obligations (VRDOs) with
weekly rate changes ranged from a low of 2.60 percent in early January to a high
of 4.70 percent in late April during the tax redemption season. At the end of
June, weekly rates stood at 4.00 percent, 20 basis points above one-year yields.
The Orange County, California, bankruptcy continued to cloud the market. The
County's difficulties had been precipitated by the collapse of its highly
leveraged investment pool in December 1994. Investors became more selective in
their purchases of California securities. As a result, many California issuers
were faced with higher borrowing costs or the need to acquire credit enhancement
for their financings.
PERFORMANCE AND PORTFOLIO
On June 30, 1995, the Fund's annualized 30-day yield was 2.82 percent. Net
assets of stood at $42 million. At the end of June, the Fund's portfolio was
diversified across market sectors. The Fund was 73 percent invested in New
York-exempt VRDOs. New York-exempt commercial paper and municipal notes, the two
other types of securities utilized in the portfolio, comprised 14 percent and 13
percent of the portfolio, respectively.
The Fund's weighted average maturity remained within a short (25 day) to
moderate (45 day) range for most of the first half of 1995. During the month of
June, seasonal purchases of new one-year tax and revenue anticipation notes
(TRANs) caused the average maturity to extend modestly to 61 days. Fewer
commitments were made, to new note purchases than in past years because of
greater selectivity.
The failure of the Orange County investment pool reinforced the need to
emphasize safety and quality in the selection of all tax free money fund
investments. Particular attention has been given to analyzing each borrower's
investment pool practices when making portfolio selections.
LOOKING AHEAD
Extension of the Fund's average maturity in the weeks ahead will hinge upon
Federal Reserve Board actions affecting the direction of interest rates as well
as the availability of suitable investments. Developments in bankruptcy
proceedings of Orange County, California, will be watched closely for their
impact on the tax-free money market. As always, we will maintain our emphasis on
quality and liquidity in making investment selections.
We appreciate your support of Dean Witter New York Municipal Money Market
Trust and look forward to continuing to serve your investment needs and
objectives.
Very truly yours,
/s/ CHARLES A. FIUMEFREDDO
--------------------------
Charles A. Fiumefreddo
Chairman of the Board
<PAGE> 2
DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
PORTFOLIO OF INVESTMENTS June 30, 1995 (unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount (in Current
thousands) Yield Value
---------- ---------- -----------
<C> <S> <C> <C>
NEW YORK TAX-EXEMPT SHORT-TERM VARIABLE RATE MUNICIPAL
OBLIGATIONS* (79.6%)
NEW YORK
$1,000 Babylon, Ser 1994 B, 3.95% due 07/05/95.......................... 3.95% $ 1,000,000
1,000 Franklin County Industrial Development Agency, KES Chateaugay Ser
1991 A (AMT), 4.05% due 07/05/95............................... 4.05 1,000,000
500 New York City, Fiscal 1994 Ser A Subser A-4, 4.10% due
07/03/95....................................................... 4.10 500,000
New York City Cultural Resources Trust,
1,500 Carnegie Hall Ser 1990, 4.05% due 07/05/95..................... 4.05 1,500,000
1,500 Jewish Museum Ser 1992, 4.00% due 07/05/95..................... 4.00 1,500,000
1,000 New York City Housing Development Corporation, James Tower Dev
1994 Ser A, 3.85% due 07/05/95................................. 3.85 1,000,000
New York City Industrial Development Agency,
750 Composite Offrg I (AMT), 3.85% due 07/05/95.................... 3.85 750,000
950 Composite Offrg XXV 1990 Ser E (AMT), 3.85% due 07/05/95....... 3.85 950,000
1,900 The Berkeley Carroll School Ser 1993, 3.85% due 07/05/95....... 3.85 1,900,000
1,000 The Calhoun School Inc Ser 1990, 3.75% due 07/06/95............ 3.75 1,000,000
1,000 The Columbia Grammar & Preparatory School Ser 1994,
3.80% due 07/05/95............................................. 3.80 1,000,000
1,000 New York City Municipal Water Finance Authority, 1995 Ser A
(FGIC), 4.50% due 07/03/95..................................... 4.50 1,000,000
2,000 New York Local Government Assistance Corporation, Ser 1994 B,
3.70% due 07/05/95............................................. 3.70 2,000,000
2,000 New York State Dormitory Authority, Metropolitan Museum of Art
Ser A, 3.90% due 07/05/95...................................... 3.90 2,000,000
2,100 New York State Energy Research & Development Authority,
Central Hudson Gas & Electric Corp Ser 1987 A (AMT),
4.15% due 07/06/95............................................. 4.15 2,100,000
1,000 Long Island Lighting Co Ser 1985 A, 4.70% due 09/01/95......... 4.70 1,000,000
1,000 Long Island Lighting Co Ser 1993 (AMT), 3.90% due 07/05/95..... 3.90 1,000,000
1,000 New York State Electric & Gas Corp Ser 1985 A,
4.65% due 09/15/95............................................. 4.65 1,000,000
1,000 New York State Medical Care Facilities Finance Agency, The
Children's Hospital of Buffalo 1991 Ser A, 3.85% due
07/05/95....................................................... 3.85 1,000,000
3,500 New York State Power Authority, Tender Notes, 4.40% due
09/01/95....................................................... 4.40 3,500,000
Port Authority of New York & New Jersey,
1,200 Ser 2, 3.85% due 07/03/95...................................... 3.85 1,200,000
1,000 KIAK Partners Special Proj Ser 3 (AMT), 4.10% due 07/05/95..... 4.10 1,000,000
2,000 St Lawrence County Industrial Development Agency, Reynolds
Metals Co Ser 1995 (AMT), 4.00% due 07/05/95................... 4.00 2,000,000
2,000 Triborough Bridge and Tunnel Authority, Ser 1994 (FGIC),
3.75% due 07/05/95............................................. 3.75 2,000,000
-----------
32,900,000
-----------
PUERTO RICO
300 Puerto Rico Highway & Transportation Authority, Ser X,
4.00% due 07/05/95............................................. 4.00 300,000
-----------
TOTAL NEW YORK TAX-EXEMPT SHORT-TERM VARIABLE RATE
MUNICIPAL OBLIGATIONS (AMORTIZED COST $33,200,000)........................... 33,200,000
-----------
</TABLE>
<PAGE> 3
DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
PORTFOLIO OF INVESTMENTS June 30, 1995 (unaudited) (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Yield to
Principal Maturity
Amount (in on Date of
thousands) Purchase Value
---------- ---------- -----------
<C> <S> <C> <C>
NEW YORK TAX-EXEMPT COMMERCIAL PAPER (14.9%)
NEW YORK
$2,200 New York State, Ser P BANs, 4.05% due 08/09/95................... 4.05% $ 2,200,000
Niagara County Industrial Development Authority, American Ref-Fuel
Co Ser 1994 (AMT),
1,000 4.30% due 07/12/95............................................. 4.30 1,000,000
1,000 4.30% due 09/12/95............................................. 4.30 1,000,000
-----------
4,200,000
-----------
PUERTO RICO
Puerto Rico Government Development Bank,
1,000 3.80% due 08/11/95............................................. 3.80 1,000,000
1,000 3.80% due 09/11/95............................................. 3.80 1,000,000
-----------
2,000,000
-----------
TOTAL NEW YORK TAX-EXEMPT COMMERCIAL PAPER
(AMORTIZED COST $6,200,000).................................................. 6,200,000
-----------
NEW YORK TAX-EXEMPT SHORT-TERM MUNICIPAL
NOTES (14.5%)
1,000 Erie County, 1994 RANs, dtd 08/16/94 4.75% due 08/15/95.......... 4.00 1,000,888
1,000 Half Hollow Hills Central School District, 1995-96 TANs, dtd
07/13/95 4.50% due 06/28/96 (WI)............................... 3.75 1,006,930
530 Monroe County, Public Improvement Bonds 1995 (FGIC),
dtd 06/08/95 5.00% due 06/01/96................................ 3.90 535,159
500 Pelham Union Free School District, 1995-96 TANs, dtd 07/06/95
4.00% due 11/06/95 (WI)........................................ 3.50 500,820
1,000 Suffolk County, 1994 TANs, dtd 09/22/94 4.50% due 09/14/95....... 4.10 1,000,828
Three Village Central School District, 1995-96 TANs, dtd 07/12/95
1,000 4.25% due 06/28/96 (WI)........................................ 3.70 1,005,100
1,000 4.50% due 06/28/96 (WI)........................................ 3.75 1,006,950
-----------
TOTAL NEW YORK TAX-EXEMPT SHORT-TERM MUNICIPAL NOTES
(AMORTIZED COST $6,056,675).................................................. 6,056,675
-----------
TOTAL INVESTMENTS (AMORTIZED COST $45,456,675) (a)............... 109.0% 45,456,675
LIABILITIES IN EXCESS OF OTHER ASSETS............................ (9.0) (3,750,753)
------ -----------
NET ASSETS....................................................... 100.0% $41,705,922
====== ===========
</TABLE>
---------------
<TABLE>
<C> <S>
AMT Alternative Minimum Tax.
BANs Bond Anticipation Notes.
RANs Revenue Anticipation Notes.
TANs Tax Anticipation Notes.
* Due date reflects next rate change.
(WI) Security purchased on a when issued basis.
(a) Cost is the same for federal income tax purposes.
</TABLE>
Bond Insurance:
--------------
FGIC Financial Guaranty Insurance Company.
See Notes to Financial Statements
<PAGE> 4
DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1995 (unaudited)
-------------------------------------------
ASSETS:
Investments in securities, at value
(amortized cost $45,456,675)............. $ 45,456,675
Interest receivable........................ 260,645
Prepaid expenses and other assets.......... 23,012
------------
TOTAL ASSETS....................... 45,740,332
------------
LIABILITIES:
Payable for:
Investments purchased.................... 3,519,800
Shares of beneficial interest
repurchased............................ 204,518
Investment management fee................ 18,515
Plan of distribution fee................. 3,703
Payable to bank............................ 202,543
Accrued expenses and other payables........ 85,331
------------
TOTAL LIABILITIES.................. 4,034,410
------------
NET ASSETS:
Paid-in-capital............................ 41,706,331
Accumulated undistributed net investment
income................................... 12
Accumulated net realized loss.............. (421)
------------
NET ASSETS......................... $ 41,705,922
===========
NET ASSET VALUE PER SHARE,
41,706,331 shares outstanding (unlimited
shares authorized of $.01 par value)..... $1.00
=====
STATEMENT OF OPERATIONS For the six months
ended June 30, 1995 (unaudited)
-------------------------------------------
NET INVESTMENT INCOME:
INTEREST INCOME.......................... $ 828,311
------------
EXPENSES
Investment management fee.............. 107,807
Shareholder reports and notices........ 27,777
Transfer agent fees and expenses....... 24,692
Plan of distribution fee............... 18,740
Professional fees...................... 14,531
Trustees' fees and expenses............ 14,501
Registration fees...................... 6,393
Organizational expenses................ 2,295
Custodian fees......................... 1,808
Other.................................. 3,147
-----------
TOTAL EXPENSES....................... 221,691
-----------
NET INVESTMENT INCOME AND NET
INCREASE........................... $ 606,620
===========
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the
six months ended For the
June 30, 1995 year ended
(unaudited) December 31, 1994
----------------- ------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income and net increase................................ $ 606,620 $ 760,862
Dividends to shareholders from net investment income.................... (606,626) (760,887)
Net increase (decrease) from transactions in shares of beneficial
interest.............................................................. 2,077,049 (1,483,202)
----------- ------------
Total increase (decrease)........................................... 2,077,043 (1,483,227)
NET ASSETS:
Beginning of period..................................................... 39,628,879 41,112,106
----------- ------------
END OF PERIOD (including undistributed net investment income of $12 and
$18, respectively).................................................... $41,705,922 $ 39,628,879
=========== ============
</TABLE>
See Notes to Financial Statements
<PAGE> 5
DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
NOTES TO FINANCIAL STATEMENTS (unaudited)
--------------------------------------------------------------------------------
1. ORGANIZATION AND ACCOUNTING POLICIES -- Dean Witter New York Municipal Money
Market Trust (the "Fund") is registered under the Investment Company Act of
1940, as amended (the "Act"), as a non-diversified, open-end management
investment company. The Fund was organized as a Massachusetts business trust on
December 28, 1989 and commenced operations on March 20, 1990.
The following is a summary of significant accounting policies:
A. Valuation of Investments -- Portfolio securities are valued at amortized
cost, which approximates market value.
B. Accounting for Investments -- Security transactions are accounted for on
the trade date (date the order to buy or sell is executed). Realized gains
and losses on security transactions are determined on the identified cost
method. The Fund amortizes premiums and accretes discounts on securities
purchased over the life of the respective securities. Interest income is
accrued daily.
C. Federal Income Tax Status -- It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute all of its taxable and nontaxable
income to its shareholders. Accordingly, no federal income tax provision is
required.
D. Dividends and Distributions to Shareholders -- The Fund records
dividends and distributions to shareholders as of the close of each
business day.
E. Organizational Expenses -- Dean Witter InterCapital Inc. (the
"Investment Manager") paid the organizational expenses of approximately
$58,000 which were fully amortized as of March 20, 1995.
2. INVESTMENT MANAGEMENT AGREEMENT -- Pursuant to an Investment Management
Agreement, the Fund pays its Investment Manager a management fee, accrued daily
and payable monthly, by applying the following annual rates to the net assets of
the Fund determined as of the close of each business day: 0.50% to the portion
of the daily net assets not exceeding $500 million; 0.425% to the portion of the
daily net assets exceeding $500 million but not exceeding $750 million; 0.375%
to the portion of the daily net assets exceeding $750 million but not exceeding
$1 billion; 0.35% to the portion of the daily net assets exceeding $1 billion
but not exceeding $1.5 billion; 0.325% to the portion of the daily net assets
exceeding $1.5 billion but not exceeding $2 billion; 0.30% to the portion of the
daily net assets exceeding $2 billion but not exceeding $2.5 billion; 0.275% to
the portion of the daily net assets exceeding $2.5 billion but not exceeding $3
billion; and 0.25% to the portion of the daily net assets exceeding $3 billion.
Under the terms of the Agreement, in addition to managing the Fund's
investments, the Investment Manager maintains certain of the Fund's books and
records and furnishes, at its own expense, office space, facilities, equipment,
clerical, bookkeeping and certain legal services and pays the salaries of all
personnel, including officers of the Fund who are employees of the Investment
Manager. The Investment Manager also bears the cost of telephone services, heat,
light, power and other utilities provided to the Fund.
3. PLAN OF DISTRIBUTION -- Dean Witter Distributors Inc. (the "Distributor"),
an affiliate of the Investment Manager, is the distributor of the Fund's shares
and, in accordance with a Plan of Distribution (the "Plan") pursuant to Rule
12b-1 under the Act, finances certain expenses in connection therewith.
<PAGE> 6
DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
--------------------------------------------------------------------------------
Under the Plan, the Distributor bears the expense of all promotional and
distribution related activities on behalf of the Fund, except for expenses that
the Trustees determine to reimburse, as described below. The following
activities and services may be provided by the Distributor and other
broker-dealers under the Plan: (1) compensation to, and expenses of, the
Distributor and other broker-dealers; (2) sales incentives and bonuses to sales
representatives and to marketing personnel in connection with promoting sales of
the Fund's shares; (3) expenses incurred in connection with promoting sales of
the Fund's shares; (4) preparing and distributing sales literature; and (5)
providing advertising and promotional activities, including direct mail
solicitation and television, radio, newspaper, magazine and other media
advertisements.
The Fund is authorized to reimburse the Distributor for specific expenses
the Distributor incurs or plans to incur in promoting the distribution of the
Fund's shares. The amount of each monthly reimbursement payment may in no event
exceed an amount equal to a payment at the annual rate of 0.15% of the Fund's
average daily net assets during the month. For the six months ended June 30,
1995, the distribution fee was accrued at the annual rate of 0.09%.
4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES -- The cost of
purchases and proceeds from sales/maturities of portfolio securities for the six
months ended June 30, 1995 aggregated $57,020,312 and $51,540,000, respectively.
Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At June 30, 1995, the Fund had
transfer agent fees and expenses payable of approximately $4,600.
The Fund established an unfunded noncontributory defined benefit pension
plan covering all independent Trustees of the Fund who will have served as
independent Trustees for at least five years at the time of retirement. Benefits
under this plan are based on years of service and compensation during the last
five years of service. Aggregate pension costs for the six months ended June 30,
1995 included in Trustees' fees and expenses in the Statement of Operations
amounted to $4,070. At June 30, 1995, the Fund had an accrued pension liability
of $50,480 which is included in accrued expenses in the Statement of Assets and
Liabilities.
5. SHARES OF BENEFICIAL INTEREST -- Transactions in shares of beneficial
interest, at $1.00 per share, were as follows:
<TABLE>
<CAPTION>
For the six
months
ended For the
June 30, year ended
1995 December 31, 1994
----------- -----------------
<S> <C> <C>
Shares sold................................................. 54,588,523 101,653,911
Shares issued in reinvestment of dividends.................. 606,626 760,887
----------- ---------------
55,195,149 102,414,798
Shares repurchased.......................................... (53,118,100) (103,898,000)
----------- ---------------
Net increase (decrease) in shares outstanding............... 2,077,049 (1,483,202)
=========== ===============
</TABLE>
<PAGE> 7
DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
For the For the
six period
months March 20,
ended For the year ended 1990*
June 30, December 31, through
1995 -------------------------------------------- December
(unaudited) 1994 1993 1992 1991 31, 1990
-------- -------- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period...... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- ---------
Net investment income..................... 0.140 0.018 0.014 0.019 0.035 0.045
Less dividends from net investment
income.................................. (0.140) (0.018) (0.014) (0.019) (0.035) (0.045)
-------- -------- -------- -------- -------- ---------
Net asset value, end of period............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== =========
TOTAL INVESTMENT RETURN................... 1.42%(1) 1.78% 1.36% 1.86% 3.57% 4.69%(1)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands).......................... $ 41,706 $ 39,629 $ 41,112 $ 45,126 $ 66,196 $ 101,294
Ratios to average net assets:
Expenses................................ 1.03%(2) 1.03% 1.03% 0.97% 0.87% 0.12%(2)(3)
Net investment income................... 2.81%(2) 1.75% 1.34% 1.86% 3.53% 5.66%(2)(3)
</TABLE>
---------------
* Commencement of operations.
(1) Not annualized.
(2) Annualized.
(3) If the Fund had borne all expenses that were assumed or waived by the
Investment Manager, the above annualized expense and net investment income
ratios would have been 0.80% and 4.98%, respectively.
See Notes to Financial Statements
<PAGE> 8
BOARD OF TRUSTEES
Jack F. Bennett
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Dr. Manuel H. Johnson
Paul Kolton
Michael E. Nugent
Philip J. Purcell
John L. Schroeder
OFFICERS
Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Sheldon Curtis
Vice President, Secretary and General Counsel
Katherine H. Stromberg
Vice President
Thomas F. Caloia
Treasurer
TRANSFER AGENT
Dean Witter Trust Company
Harborside Financial Center - Plaza Two
Jersey City, New Jersey 07311
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
INVESTMENT MANAGER
Dean Witter InterCapital Inc.
Two World Trade Center
New York, New York 10048
The financial statements included herein have been taken from the
records of the Fund without examination by the independent accountants
and accordingly they do not express an opinion thereon.
This report is submitted for the general information of shareholders of
the Fund. For more detailed information about the Fund, its officers and
trustees, fees, expenses and other pertinent information, please see
the prospectus of the Fund.
This report is not authorized for distribution to prospective investors
in the Fund unless preceded or accompanied by an effective prospectus.
DEAN WITTER
NEW YORK MUNICIPAL
MONEY MARKET
TRUST
[LOGO]
Semiannual Report
June 30, 1995
