<PAGE>
MORGAN STANLEY DEAN WITTER NEW YORK
MUNICIPAL MONEY MARKET TRUST Two World Trade Center
LETTER TO THE SHAREHOLDERS June 30, 1998 New York, New York 10048
DEAR SHAREHOLDER:
We are pleased to present the semiannual report on the operations of Morgan
Stanley Dean Witter New York Municipal Money Market Trust for the six-month
period ended June 30, 1998.
Tax-free money market yields showed a modest bias toward lower rates in the
first half of 1998. With no change in Federal Reserve Board monetary policy and
little reason to believe that a move was imminent, short-term municipal
interest rates were driven primarily by market forces of supply and demand. The
benefits of continued economic growth were evident in stronger municipal
government balance sheets and reduced cash flow borrowing. The crisis in Asia
had little impact on the municipal money market because most tax-free money
funds had already significantly reduced or eliminated holdings of variable rate
demand obligations (VRDOs) with exposure to Asian bank liquidity facilities.
Yields edged downward for municipal securities maturing in six months to one
year. The Bond Buyer One-Year Note Index, a benchmark indicator of longer-term
municipal money market yields, declined 18 basis points from 3.77 percent in
late December 1997 to 3.59 percent at the end of June 1998. On a year-over-year
basis, one year note yields were 26 basis points lower this June. Reflecting
the relative stability of one year interest rates, the range from high to low
for the Index was only 27 basis points during the six-month period versus 56
basis points for the same period one year ago.
The ratio of the One Year Note Index to the yield for one-year U.S. Treasury
Bills was 66 percent at the end of June, somewhat lower than the 68 percent
ratio at the end of 1997. A declining ratio means that securities in this
sector of the municipal market outperformed Treasuries with comparable
maturities.
Yields for the shortest tax-free money market maturities responded quickly to
changing cash flow patterns of municipal money funds and fluctuated over a
wider range than yields for longer maturities. Yields for weekly VRDOs moved
over a 155 basis point range from a low of 2.85 percent in February to a high
of 4.40 percent during income tax payment season in April. This range of
movement was nearly identical to the range last year.
<PAGE>
MORGAN STANLEY DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
LETTER TO THE SHAREHOLDERS June 30, 1998, continued
PORTFOLIO MANAGEMENT AND PERFORMANCE
Morgan Stanley Dean Witter New York Municipal Money Market Trust's annualized
net investment income (ratio to average net assets) was 2.60 percent for the
six-month period ended June 30, 1998. The Fund's thirty-day average yield was
2.64 percent as of June 30, 1998.
On June 30, the Fund's net assets exceeded $50 million with 64 percent of the
Fund's portfolio invested in New York exempt VRDOs. New York exempt commercial
paper and municipal notes, the two other types of securities held in the
portfolio, comprised 30 percent and 6 percent of the portfolio, respectively.
Portfolio holdings are continuously reviewed to maintain or improve
creditworthiness. Particular effort is devoted to monitoring the credit quality
of institutions that provide credit enhancement and liquidity facilities for
money market investments. Holdings of issues with exposure to Asian bank
letters of credit or liquidity facilities were eliminated two years ago.
The Fund's weighted average maturity ranged from approximately 25 to 40 days
for most of the period between January and the middle of June. In late June
investments were made in newly issued one year tax and revenue anticipation
notes (TRANs) which come to market in large supply at mid-year. The addition of
longer fixed-rate securities tend to smooth out portfolio yields by offsetting
some of the yield volatility of VRDOs with daily and weekly rate changes. At
the end of June, the Fund's weighted average maturity had lengthened to 41
days.
LOOKING FORWARD
The fundamentals are in place for a year of slower but solid domestic economic
growth in the United States. Events in Asia have strengthened the U.S. dollar
and contributed to lower long-term interest rates. Furthermore, the Asian
financial crisis seems likely to continue to moderate inflationary pressures.
Given the currently favorable outlook for interest rates, the weighted average
maturity for the Fund's portfolio is expected to remain in a moderate to longer
range of 40 to 70 days in the period ahead. In light of tight employment
conditions, however, we will be watchful for signs of accelerating labor costs
which could threaten the Federal Reserve Board's presently neutral monetary
policy.
We appreciate your support of Morgan Stanley Dean Witter New York Municipal
Money Market Trust and look forward to continuing to serve your investment
needs and objectives.
Sincerely yours,
/s/ Charles A. Fiumefreddo
CHARLES A. FIUMEFREDDO
Chairman of the Board
2
<PAGE>
MORGAN STANLEY DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
PORTFOLIO OF INVESTMENTS June 30, 1998 (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 (66.4%)
$ 1,500 New York City, Fiscal 1994 Ser E Subseries E-4 ............................ 4.00% 07/01/98 $ 1,500,000
1,000 New York City Housing Development Corporation, Multi-family 1994 Ser A 3.40 07/08/98 1,000,000
New York City Industrial Development Agency,
1,000 Korean Airlines Co Ser 1997 A (AMT) ....................................... 3.35 07/08/98 1,000,000
1,500 National Audubon Society Inc Ser 1989 ..................................... 3.85 07/01/98 1,500,000
900 The Berkeley Carroll School Ser 1993 ...................................... 3.45 07/08/98 900,000
800 The Calhoun School Inc Ser 1990 ........................................... 3.15 07/08/98 800,000
950 The Columbia Grammar & Preparatory School Ser 1994 ........................ 3.45 07/08/98 950,000
2,200 New York Local Government Assistance Corporation, Ser 1994 B** ............ 3.15 07/08/98 2,200,000
New York State Dormitory Authority,
2,200 Cornell University Ser 1990 B ............................................. 3.85 07/01/98 2,200,000
1,000 Metropolitan Museum of Art Ser A .......................................... 3.20 07/08/98 1,000,000
2,200 Oxford University Press Inc Ser 1993 ...................................... 3.80 07/01/98 2,200,000
New York State Energy Research & Development Authority,
1,000 Brooklyn Union Gas Co Ser A-2 ............................................. 3.35 07/08/98 1,000,000
1,000 Central Hudson Gas & Electric Corp Ser 1985 B ............................. 3.50 07/08/98 1,000,000
1,500 Long Island Lighting Co Ser 1985 A ........................................ 3.58 03/01/99 1,500,000
1,000 Long Island Lighting Co Ser 1993 B (AMT) .................................. 3.60 07/08/98 1,000,000
1,000 New York State Electric & Gas Corp Ser 1985 B ............................. 3.80 10/15/98 1,000,000
1,800 New York State Electric & Gas Corp Ser 1994 B ............................. 4.00 07/01/98 1,800,000
New York State Housing Finance Agency,
1,000 East 84th Street Ser A (AMT) .............................................. 3.30 07/08/98 1,000,000
2,000 Normandie Court II 1987 Ser A (AMT) ....................................... 3.20 07/08/98 2,000,000
900 New York State Medical Care Facilities Finance Agency, Lenox Hill
Hospital 1990 Ser A ....................................................... 3.35 07/08/98 900,000
2,000 Port Authority of New York & New Jersey, Ser 4 (AMT) ...................... 4.00 07/01/98 2,000,000
2,000 St. Lawrence County Industrial Development Agency, Reynolds Metals Co
Ser 1995 (AMT) ............................................................ 3.50 07/08/98 2,000,000
400 Syracuse Industrial Developmental Agency, Syracuse University Eggers
Hall Ser 1993 ............................................................. 3.85 07/01/98 400,000
2,000 Triborough Bridge and Tunnel Authority, Ser 1994 (FGIC) ................... 3.20 07/08/98 2,000,000
1,000 Yonkers Industrial Development Agency, Sarah Lawrence College Ser 1997
(MBIA) .................................................................... 3.20 07/08/98 1,000,000
PUERTO RICO
2,000 Puerto Rico Highway & Transportation Authority, Transportation 1998
Ser A (AMBAC) ............................................................. 3.00 07/08/98 2,000,000
-----------
TOTAL NEW YORK TAX-EXEMPT SHORT-TERM VARIABLE RATE MUNICIPAL OBLIGATIONS
(Amortized Cost $35,850,000) .................................................................. 35,850,000
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
3
<PAGE>
MORGAN STANLEY DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
PORTFOLIO OF INVESTMENTS June 30, 1998 (unaudited) continued
<TABLE>
<CAPTION>
YIELD TO
PRINCIPAL MATURITY
AMOUNT IN COUPON MATURITY ON DATE OF
THOUSANDS RATE DATE PURCHASE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NEW YORK TAX-EXEMPT COMMERCIAL PAPER (31.3%)
$ 1,000 Long Island Power Authority, Electric System Subser 3 ............... 3.75% 07/29/98 3.75% $ 1,000,000
Municipal Assistance Corporation for the City of New York,
1,000 Ser K Subser K-3 .................................................... 3.65 08/13/98 3.65 1,000,000
1,000 Ser K Subser K-3 .................................................... 3.60 09/08/98 3.60 1,000,000
New York City,
1,000 1994 Ser H Subser H-3 (FSA) ......................................... 3.45 10/21/98 3.45 1,000,000
1,000 1996 Ser J Subser J-2 ............................................... 3.55 10/29/98 3.55 1,000,000
1,000 New York City Municipal Water Finance Authority, Ser #3 ............. 3.60 07/15/98 3.60 1,000,000
New York State,
1,000 Ser T BANs .......................................................... 3.50 07/09/98 3.50 1,000,000
1,300 Ser T BANs .......................................................... 3.65 07/14/98 3.65 1,300,000
New York State Dormitory Authority,
1,000 Columbia University 1997 Issue ...................................... 3.45 10/06/98 3.45 1,000,000
1,000 Columbia University 1997 Issue ...................................... 3.50 10/08/98 3.50 1,000,000
1,000 Sloan-Kettering Cancer Center Ser 1989 C ............................ 3.60 09/16/98 3.60 1,000,000
500 Sloan-Kettering Cancer Center Ser 1989 C ............................ 3.35 09/17/98 3.35 500,000
New York State Environmental Facilities Corporation,
500 General Electric Co Ser 1987 A ...................................... 3.25 07/10/98 3.25 500,000
1,100 General Electric Co Ser 1987 A ...................................... 3.65 08/11/98 3.65 1,100,000
500 General Electric Co Ser 1987 A ...................................... 3.45 09/10/98 3.45 500,000
1,000 New York State Environmental Quality, Ser 1998 A .................... 3.60 08/06/98 3.60 1,000,000
New York State Power Authority,
1,000 Ser 2 ............................................................... 3.65 08/19/98 3.65 1,000,000
1,000 Ser 2 ............................................................... 3.50 10/07/98 3.50 1,000,000
TOTAL NEW YORK TAX-EXEMPT COMMERCIAL PAPER ------------
(Amortized Cost $16,900,000) ............................................................................. 16,900,000
NEW YORK TAX-EXEMPT SHORT-TERM MUNICIPAL NOTES (5.6%) ------------
1,000 Half Hollow Hills Central School District, 1998-99 TANs,
dtd 07/09/98 (WI) ................................................. 3.90 06/25/99 3.55 1,003,250
1,000 Mamaroneck Union Free School District, Ser 1998 TANs, dtd 07/09/98
(WI) ................................................................ 3.90 02/05/99 3.50 1,002,240
1,000 Nassau County, Ser 1997 B TANs, dtd 12/23/97 ........................ 4.25 08/31/98 3.78 1,000,766
TOTAL NEW YORK TAX-EXEMPT SHORT-TERM MUNICIPAL NOTES ------------
(Amortized Cost $3,006,256) .............................................................................. 3,006,256
------------
TOTAL INVESTMENTS (Amortized Cost $55,756,256) (a) .......................................... 103.3% 55,756,256
LIABILITIES IN EXCESS OF CASH AND OTHER ASSETS .............................................. (3.3) (1,792,397)
------ ------------
NET ASSETS .................................................................................. 100.0% $ 53,963,859
====== ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
4
<PAGE>
MORGAN STANLEY DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
PORTFOLIO OF INVESTMENTS June 30, 1998 (unaudited) continued
- ---------------
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, 1998.
* Date on which the principal amount can be recovered through demand.
** This security is segregated in connection with the purchase of
"when-issued" securities.
(a) Cost is the same for federal income tax purposes.
Bond Insurance:
- ---------------
AMBAC AMBAC Indemnity Corporation.
FGIC Financial Guaranty Insurance Company.
FSA Financial Security Assurance Inc.
MBIA Municipal Bond Investors Assurance Corporation.
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE>
MORGAN STANLEY DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1998 (unaudited)
<TABLE>
<S> <C>
ASSETS :
Investments in securities, at value
(amortized cost $55,756,256)......................... $55,756,256
Cash ................................................... 1,534,760
Interest receivable .................................... 203,573
Prepaid expenses ....................................... 29,428
-----------
TOTAL ASSETS ......................................... 57,524,017
-----------
LIABILITIES :
Payable for:
Investments purchased ................................ 3,005,490
Shares of beneficial interest repurchased ............ 458,272
Investment management fee ............................ 24,263
Plan of distribution fee ............................. 4,853
Accrued expenses ....................................... 67,280
-----------
TOTAL LIABILITIES .................................... 3,560,158
-----------
NET ASSETS ........................................... $53,963,859
===========
COMPOSITION OF NET ASSETS :
Paid-in-capital ........................................ $53,963,819
Accumulated undistributed net investment
income .............................................. 40
-----------
NET ASSETS ................................. ......... $53,963,859
===========
NET ASSET VALUE PER SHARE,
53,963,819 shares outstanding (unlimited
shares authorized of $.01 par value)................. $1.00
=====
</TABLE>
STATEMENT OF OPERATIONS
For the six months ended June 30, 1998 (unaudited)
<TABLE>
<S> <C>
NET INVESTMENT INCOME :
INTEREST INCOME ........................................ $930,258
--------
EXPENSES
Investment management fee .............................. 134,187
Plan of distribution fee ............................... 24,748
Transfer agent fees and expenses ....................... 21,669
Professional fees ...................................... 20,467
Shareholder reports and notices ........................ 16,608
Trustees' fees and expenses ............................ 9,787
Registration fees ...................................... 4,084
Custodian fees ......................................... 3,082
Other .................................................. 1,803
--------
TOTAL EXPENSES ....................................... 236,435
Less : expense offset .................................. (3,082)
--------
NET EXPENSES ......................................... 233,353
--------
NET INVESTMENT INCOME ................................ 696,905
NET REALIZED GAIN .................................... 421
--------
NET INCREASE ........................................... $697,326
========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
6
<PAGE>
MORGAN STANLEY 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
JUNE 30, 1998 DECEMBER 31, 1997
- --------------------------------------------------------------------------------------------
<S> <C> <C>
(unaudited)
INCREASE (DECREASE) IN NET ASSETS :
OPERATIONS :
Net investment income ................................ $ 696,905 $ 1,169,478
Net realized gain .................................... 421 --
------------ ------------
NET INCREASE ....................................... 697,326 1,169,478
Dividends from net investment income ................. (696,885) (1,169,485)
Net increase from transactions in shares of beneficial
interest ........................................... 4,627,830 8,577,349
------------ ------------
NET INCREASE ....................................... 4,628,271 8,577,342
NET ASSETS :
Beginning of period .................................. 49,335,588 40,758,246
------------ ------------
END OF PERIOD
(Including undistributed net investment income of
$40 and $20, respectively)......................... $ 53,963,859 $ 49,335,588
============ ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
7
<PAGE>
MORGAN STANLEY DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
NOTES TO FINANCIAL STATEMENTS June 30, 1998 (unaudited)
1. ORGANIZATION AND ACCOUNTING POLICIES
Morgan Stanley Dean Witter New York Municipal Money Market Trust (the "Fund"),
formerly Dean Witter New York Municipal Money Market Trust, 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 Morgan Stanley Dean
Witter Advisors Inc. (the "Investment Manager"), formerly Dean Witter
InterCapital Inc., 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
8
<PAGE>
MORGAN STANLEY DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
NOTES TO FINANCIAL STATEMENTS June 30, 1998 (unaudited) continued
exceeding $1 billion; 0.35% to the portion of 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
Morgan Stanley 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, Morgan
Stanley Dean Witter Financial Advisors and other selected 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, 1998, the distribution fee was accrued at the annual rate of
0.09%.
9
<PAGE>
MORGAN STANLEY DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
NOTES TO FINANCIAL STATEMENTS June 30, 1998 (unaudited) continued
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, 1998 aggregated $87,206,882 and
$82,501,360, respectively.
Morgan Stanley Dean Witter Trust FSB, an affiliate of the Investment Manager
and Distributor, is the Fund's transfer agent. At June 30, 1998, the Fund had
transfer agent fees and expenses payable of approximately $1,200.
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, 1998
included in Trustees' fees and expenses in the Statement of Operations amounted
to $2,793. At June 30, 1998, the Fund had an accrued pension liability of
$46,540 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, 1998 DECEMBER 31, 1997
------------- -----------------
(unaudited)
<S> <C> <C>
Shares sold ........................................ 69,661,771 108,032,544
Shares issued in reinvestment of dividends ......... 696,885 1,169,485
---------- -----------
70,358,656 109,202,029
Shares repurchased ................................. (65,730,826) (100,624,680)
----------- ------------
Net increase in shares outstanding ................. 4,627,830 8,577,349
=========== ============
</TABLE>
10
<PAGE>
MORGAN STANLEY 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 SIX FOR THE YEAR ENDED DECEMBER 31,
MONTHS ENDED --------------------------------------------------------
JUNE 30, 1998 1997 1996 1995 1994 1993
- ----------------------------------------------------------------------------------------------------------------------------------
(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 ............................. 0.013 0.026 0.025 0.028 0.018 0.014
Less dividends from net investment income ......... (0.013) (0.026) (0.025) (0.028) (0.018) (0.014)
-------- ------- ------- ------- ------- -------
Net asset value, end of period .................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN ........................... 1.30%(1) 2.68% 2.53% 2.84% 1.78% 1.36%
RATIOS TO AVERAGE NET ASSETS :
Expenses .......................................... 0.88%(2)(3) 0.96%(3) 0.95%(3) 1.01% 1.03% 1.03%
Net investment income ............................. 2.60%(2) 2.64% 2.48% 2.79% 1.75% 1.34%
SUPPLEMENTAL DATA :
Net assets, end of period, in thousands ........... $53,964 $49,336 $40,758 $ 39,108 $ 39,629 $ 41,112
</TABLE>
- -------------
(1) Not annualized.
(2) Annualized.
(3) Does not reflect the effect of the expense offset of 0.01%.
SEE NOTES TO FINANCIAL STATEMENTS
11
<PAGE>
TRUSTEES
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Wayne E. Hedien
Dr. Manuel H. Johnson
Michael E. Nugent
Philip J. Purcell
John L. Schroeder
OFFICERS
Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Barry Fink
Vice President, Secretary and General Counsel
Katherine H. Stromberg
Vice President
Thomas F. Caloia
Treasurer
TRANSFER AGENT
Morgan Stanley Dean Witter Trust FSB
Harborside Financial Center - Plaza Two
Jersey City, New Jersey 07311
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
INVESTMENT MANAGER
Morgan Stanley Dean Witter Advisiors 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.
MORGAN STANLEY
DEAN WITTER
NEW YORK MUNICIPAL
MONEY MARKET TRUST
[Graphic]
SEMIANNUAL REPORT
JUNE 30, 1998
