DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
LETTER TO THE SHAREHOLDERS June 30, 1996
Two World Trade Center, New York, New York 10048
DEAR SHAREHOLDER:
In contrast to the pattern of lower interest rates in 1995, tax-free money
market yields trended upward during the first six months of 1996. The fixed
income markets opened the year with a confident tone and the decline in
short-term interest rates which started one year earlier was sustained into
mid-February. The positive outlook faded, however, as healthy economic
indicators aroused concern that the Federal Reserve's easing step in late
January could be its last. The shift in market psychology began in earnest
after a surprisingly large increase in payroll employment was reported in
early March. By the end of June prevailing sentiment entertained the
possibility of the Fed tightening later in the summer.
At the long end of the tax-free money market, yields for municipal securities
maturing in six months to one year moved higher in conjunction with the rise
in taxable money market yields. The Bond Buyer One Year Note Index, a widely
followed indicator of longer-term municipal money market interest rates,
dipped to a two-year low of 3.08 percent in mid-February aided by seasonal
demand. For the balance of the first half of 1996 one year note rates rose
steadily and the Index reached 3.88 percent at the end of June.
Interest rates for shorter maturities, represented by daily and weekly
variable rate demand obligations (VRDOs), responded to the seasonal pattern of
cash flows. Weekly VRDO yields dropped quickly at the start of the year
falling from 5.00 percent in late December to 3.00 percent in early February
in the face of strong demand, rose above 4.00 percent during tax payment
season in late April and declined again to finish June at 3.30 percent.
PORTFOLIO MANAGEMENT AND PERFORMANCE
Dean Witter New York Municipal Money Market Trust produced a total return of
1.23 percent for the six-month period ended June 30, 1996. Thirty-day yields
ranged from a low of 2.34 percent for the month of March to a high of 2.67
percent for the month of May.
<PAGE>
DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
LETTER TO THE SHAREHOLDERS June 30, 1996, continued
The Fund's net assets exceeded $41 million, with 67 percent of the Fund's
portfolio invested in VRDOs. New York-exempt commercial paper and municipal
notes, the two other types of securities utilized in the portfolio, comprised
24 percent and 9 percent of the portfolio, respectively.
During most of the six-month period, the Fund's weighted average maturity fell
within a short to moderate range of 30 to 50 days. Seasonal purchases of new
one-year tax and revenue anticipation notes (TRANS) marketed in June caused
the average maturity to extend. At the end of June, the Fund's average
maturity had lengthened to 61 days, well within the overall limit of 90 days.
Portfolio holdings are continuously reviewed to maintain or improve
creditworthiness. Particular attention is devoted to monitoring the credit
quality of banks providing letters of credit and liquidity facilities for our
investments. Over the past several years, mounting concern about Japanese bank
exposure had prompted the steady reduction in securities supported by these
banks. The final holding was eliminated early in the first half of 1996.
LOOKING AHEAD
Over the coming months, the market's attention will be focused on the Federal
Reserve Board's next step in monetary policy. Strong employment numbers and
the potential for inflation prompt a cautious approach to the risk of rising
interest rates. In this uncertain environment the average maturity of the
Fund's portfolio is expected to remain conservative. As always, we will
maintain our emphasis on high 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>
DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
PORTFOLIO OF INVESTMENTS June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN COUPON DEMAND
THOUSANDS RATE+ DATE* VALUE
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NEW YORK TAX-EXEMPT SHORT-TERM VARIABLE RATE MUNICIPAL
OBLIGATIONS (70.2%)
$ 900 Babylon, Ser 1994 B (AMBAC) .................................... 3.10% 07/08/96 $ 900,000
1,000 Nassau County Industrial Development Agency, Cold Spring Harbor
Laboratory Ser 1993 ........................................... 3.45 07/01/96 1,000,000
1,000 New York City Housing Development Corporation, James Tower Dev
1994 Ser A .................................................... 3.20 07/08/96 1,000,000
New York City Industrial Development Agency,
700 Composite Offrg I (AMT) ....................................... 3.20 07/08/96 700,000
900 Composite Offrg XXV 1990 Ser E (AMT) .......................... 3.20 07/08/96 900,000
1,000 The Berkeley Carroll School Ser 1993 .......................... 3.20 07/08/96 1,000,000
1,000 The Calhoun School Inc Ser 1990 ............................... 3.15 07/08/96 1,000,000
1,000 The Columbia Grammar & Preparatory School Ser 1994 ............ 3.10 07/08/96 1,000,000
1,400 New York City Municipal Water Finance Authority, 1994 Ser C
(FGIC) ........................................................ 3.60 07/01/96 1,400,000
1,900 New York Local Government Assistance Corporation, Ser 1994 B ... 3.00 07/08/96 1,900,000
New York State Dormitory Authority,
1,400 Cornell University Ser 1990 B ................................. 3.45 07/01/96 1,400,000
2,000 Metropolitan Museum of Art Ser A .............................. 3.00 07/08/96 2,000,000
1,200 Oxford University Press Inc ................................... 3.65 07/01/96 1,200,000
New York State Energy Research & Development Authority,
1,900 Central Hudson Gas & Electric Corp Ser 1987 A (AMT) ........... 3.15 07/08/96 1,900,000
1,000 Long Island Lighting Co Ser 1985 B ............................ 3.25 03/01/97 1,000,000
1,000 Long Island Lighting Co Ser 1993 (AMT) ........................ 3.05 07/08/96 1,000,000
1,900 Niagara Mohawk Co Ser 1985 A .................................. 3.70 07/01/96 1,900,000
2,000 Rochester Gas & Electric Corp ................................. 3.75 11/15/96 2,000,000
1,000 New York State Housing Finance Agency, East 84th Street Ser A .. 3.30 07/08/96 1,000,000
900 New York State Medical Care Facilities Finance Agency, The
Children's Hospital of Buffalo 1991 Ser A ..................... 3.20 07/08/96 900,000
Port Authority of New York & New Jersey,
1,000 KIAC Partners Ser 3 (AMT) ..................................... 3.10 07/08/96 1,000,000
900 Versatile Structure Ser 2 ..................................... 3.50 07/01/96 900,000
1,000 St Lawrence County Industrial Development Agency, Reynolds
Metals Co
Ser 1995 (AMT) ................................................ 3.35 07/08/96 1,000,000
1,000 Triborough Bridge and Tunnel Authority, Ser 1994 (FGIC) ........ 3.05 07/08/96 1,000,000
------------
TOTAL NEW YORK TAX-EXEMPT SHORT-TERM VARIABLE RATE MUNICIPAL OBLIGATIONS
(Amortized Cost $29,000,000) ....................................................... 29,000,000
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
PORTFOLIO OF INVESTMENTS June 30, 1996 (unaudited) continued
<TABLE>
<CAPTION>
YIELD TO
PRINCIPAL MATURITY ON
AMOUNT IN COUPON MATURITY DATE OF
THOUSANDS RATE DATE PURCHASE VALUE
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NEW YORK TAX-EXEMPT COMMERCIAL PAPER (25.4%)
$1,000 Municipal Assistance Corporation for the City of New York, Ser F 3.70% 07/25/96 3.70% $ 1,000,000
1,000 New York City, Fiscal 1996 Ser J Subser J-2 .................... 3.50 08/29/96 3.50 1,000,000
New York State,
700 Ser R BANs .................................................... 3.35 07/11/96 3.35 700,000
1,300 Ser R BANs .................................................... 3.60 07/17/96 3.60 1,300,000
1,000 New York State Dormitory Authority, Sloan-Kettering Cancer
Center
Ser 1989 C .................................................... 3.55 10/17/96 3.55 1,000,000
New York State Environmental Facilities Corporation,
1,000 General Electric Co Ser 1987 A ................................ 3.55 09/11/96 3.55 1,000,000
600 General Electric Co Ser 1987 A ................................ 3.50 10/23/96 3.50 600,000
Niagara County Industrial Development Authority,
900 American Ref-Fuel Co Ser 1994 B (AMT) ......................... 3.75 08/08/96 3.75 900,000
1,000 American Ref-Fuel Co Ser 1994 B (AMT) ......................... 3.80 09/09/96 3.80 1,000,000
Puerto Rico
1,000 Puerto Rico Government Development Bank ........................ 3.35 09/19/96 3.35 1,000,000
1,000 Puerto Rico Government Development Bank ........................ 3.50 10/10/96 3.50 1,000,000
-------------
TOTAL NEW YORK TAX-EXEMPT COMMERCIAL PAPER
(Amortized Cost $10,500,000) .................................................................... 10,500,000
-------------
NEW YORK TAX-EXEMPT SHORT-TERM MUNICIPAL NOTES (9.7%)
1,000 Monroe County, Ser 1996 BANs, dtd 06/07/96 ..................... 4.50 06/06/97 3.65 1,007,676
1,000 Smithtown Central School District, 1996-97 TANs, dtd 07/02/96
(WI) .......................................................... 4.25 06/26/97 3.90 1,003,310
1,000 Three Village Central School District, 1996-97 TANs, dtd
07/11/96 (WI) ................................................. 4.50 06/30/97 3.85 1,006,070
1,000 Westchester County, Ser 1996 TANs, dtd 02/29/96 ................ 3.75 12/11/96 3.10 1,002,867
-------------
TOTAL NEW YORK TAX-EXEMPT SHORT-TERM MUNICIPAL NOTES
(Amortized Cost $4,019,923) ..................................................................... 4,019,923
-------------
TOTAL INVESTMENTS (Amortized Cost $43,519,923) (a) ................................. 105.3% 43,519,923
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS ..................................... (5.3) (2,210,835)
------------ -------------
NET ASSETS ......................................................................... 100.0% $41,309,088
============ =============
</TABLE>
- ------------
AMT Alternative Minimum Tax.
BANs Bond Anticipation Notes.
TANs Tax Anticipation Notes.
WI Security purchased on a when issued basis.
+ Rate shown is the rate in effect at June 30, 1996.
* Date on which the principal amount can be recovered through
demand.
(a) Cost is the same for federal income tax purposes.
Bond Insurance:
AMBAC AMBAC Indemnity Corporation.
FGIC Financial Guaranty Insurance Company.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1996 (unaudited)
<TABLE>
<CAPTION>
<S> <C>
ASSETS:
Investments in securities, at value
(amortized cost $43,519,923) .................. $43,519,923
Cash ........................................... 44,870
Interest receivable ............................ 134,918
Prepaid expenses ............................... 28,249
-------------
TOTAL ASSETS ................................. 43,727,960
-------------
LIABILITIES:
Payable for:
Investments purchased ........................ 2,009,380
Shares of beneficial interest repurchased ... 313,438
Investment management fee .................... 15,624
Plan of distribution fee ..................... 3,125
Accrued expenses ............................... 77,305
-------------
TOTAL LIABILITIES ............................ 2,418,872
-------------
NET ASSETS:
Paid-in-capital ................................ 41,309,483
Accumulated undistributed net investment income 26
Accumulated net realized loss .................. (421)
-------------
NET ASSETS ................................... $41,309,088
=============
NET ASSET VALUE PER SHARE,
41,309,483 shares outstanding
(unlimited shares authorized of $.01 par
value) ........................................ $1.00
=====
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
FINANCIAL STATEMENTS, continued
STATEMENT OF OPERATIONS
For the six months ended June 30, 1996 (unaudited)
<TABLE>
<CAPTION>
<S> <C>
NET INVESTMENT INCOME:
INTEREST INCOME ....................... $711,803
----------
EXPENSES
Investment management fee ............. 104,024
Transfer agent fees and expenses ..... 22,463
Shareholder reports and notices ...... 21,139
Professional fees ..................... 20,457
Plan of distribution fee .............. 17,164
Trustees' fees and expenses ........... 8,082
Registration fees ..................... 4,576
Custodian fees ........................ 2,971
Other ................................. 1,389
----------
TOTAL EXPENSES BEFORE EXPENSE OFFSET 202,265
LESS: EXPENSE OFFSET ............... (1,949)
----------
TOTAL EXPENSES AFTER EXPENSE OFFSET 200,316
----------
NET INVESTMENT INCOME AND NET INCREASE $511,487
==========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
FINANCIAL STATEMENTS, continued
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED DECEMBER
JUNE 30, 1996 31, 1995
- ------------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income and net increase ................ $ 511,487 $ 1,220,084
Dividends from net investment income .................. (511,495) (1,220,068)
Net increase (decrease) from transactions in shares of
beneficial interest .................................. 2,201,074 (520,873)
--------------- -----------------
TOTAL INCREASE (DECREASE) ........................... 2,201,066 (520,857)
NET ASSETS:
Beginning of period ................................... 39,108,022 39,628,879
--------------- -----------------
END OF PERIOD
(Including undistributed net investment income of
$26 and $34, respectively) .......................... $41,309,088 $39,108,022
=============== =================
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
NOTES TO FINANCIAL STATEMENTS June 30, 1996 (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's investment
objective is to provide a high level of daily income which is exempt from
federal and New York income tax, consistent with stability of principal and
liquidity. The Fund was organized as a Massachusetts business trust on
December 28, 1989 and commenced operations on March 20, 1990.
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts and disclosures. Actual results could differ
from those estimates. 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 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.
2. INVESTMENT MANAGEMENT AGREEMENT
Pursuant to an Investment Management Agreement with the Dean Witter
InterCapital Inc. (the "Investment Manager"), the Fund pays the 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 daily net assets not
exceeding $500 million; 0.425% to the portion of daily net assets exceeding
$500 million but not exceeding $750 million; 0.375% to the portion of daily
net assets exceeding $750 million but not exceeding $1 billion; 0.35% to the
portion of
<PAGE>
DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
NOTES TO FINANCIAL STATEMENTS June 30, 1996 (unaudited) continued
daily net assets exceeding $1 billion but not exceeding $1.5 billion; 0.325%
to the portion of daily net assets exceeding $1.5 billion but not exceeding $2
billion; 0.30% to the portion of daily net assets exceeding $2 billion but not
exceeding $2.5 billion; 0.275% to the portion of daily net assets exceeding
$2.5 billion but not exceeding $3 billion; and 0.25% to the portion of 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.
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. Expenses incurred by the
Distributor pursuant to the Plan in any fiscal year will not be reimbursed by
the Fund through payments accrued in any subsequent fiscal year. For the six
months ended June 30, 1996, the distribution fee was accrued at the annual
rate of 0.08%.
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, 1996 aggregated $53,922,520 and
$49,530,000, respectively.
<PAGE>
DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
NOTES TO FINANCIAL STATEMENTS June 30, 1996 (unaudited) continued
Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At June 30, 1996, the Fund had
transfer agent fees and expenses payable of approximately $4,000.
The Fund has 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,
1996 included in Trustees' fees and expenses in the Statement of Operations
amounted to $493. At June 30, 1996, the Fund had an accrued pension liability
of $46,241 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 FOR THE YEAR
MONTHS ENDED ENDED
JUNE 30, 1996 DECEMBER 31, 1995
----------------------- -----------------
(unaudited)
<S> <C> <C>
Shares sold .................................. 50,130,498 107,855,356
Shares issued in reinvestment of dividends .. 511,494 1,220,068
----------------------- -----------------
50,641,992 109,075,424
Shares repurchased ........................... (48,440,918) (109,596,297)
----------------------- -----------------
Net increase (decrease) in shares outstanding 2,201,074 (520,873)
======================= =================
</TABLE>
<PAGE>
DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
FINANCIAL HIGHLIGHTS
Selected ratios and per share data for a common share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
FOR THE SIX FOR THE YEAR ENDED DECEMBER 31
MONTHS ENDED ------------------------------------------------------
JUNE 30, 1996 1995 1994 1993 1992 1991
- ------------------------------------------------------------------------------------------------------------------
(unaudited)
<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 .................... 0.012 0.028 0.018 0.014 0.019 0.035
Less dividends from net investment income (0.012) (0.028) (0.018) (0.014) (0.019) (0.035)
--------------- ---------- --------- --------- --------- ---------
Net asset value, end of period ........... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
=============== ========== ========= ========= ========= =========
TOTAL INVESTMENT RETURN + ................ 1.23%(1) 2.84% 1.78% 1.36% 1.86% 3.57%
RATIOS TO AVERAGE NET ASSETS:
Expenses ................................. 0.97%(2)(4) 1.01%(3) 1.03% 1.03% 0.97% 0.87%
Net investment income .................... 2.46%(2) 2.79% 1.75% 1.34% 1.86% 3.53%
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands . $41,309 $39,108 $39,629 $41,112 $45,126 $66,196
</TABLE>
- ------------
+ Calculated based on the net asset value as of the last business day of
the period.
(1) Not annualized.
(2) Annualized.
(3) The above expense ratio was 1.00% after expense offset, which reflects
0.01% effect for custody cash credits.
(4) The above expense ratio was 0.96% after expense offset, which reflects
0.01% effect for custody cash credits.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
BOARD OF DIRECTORS
- ----------------------------------
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire DEAN WITTER
Dr. Manuel H. Johnson NEW YORK MUNICIPAL
Michael E. Nugent MONEY MARKET
Philip J. Purcell TRUST
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
directors, 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.
SEMIANNUAL REPORT
JUNE 30, 1996
