<PAGE> 1
<TABLE>
<S> <C>
MORGAN STANLEY DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST Two World Trade Center
LETTER TO THE SHAREHOLDERS June 30, 2000 New York, New York 10048
</TABLE>
DEAR SHAREHOLDER:
The U.S. economic expansion stayed on course during the six-month period ended
June 30, 2000. Real personal consumption accelerated and unemployment reached a
30-year low. At the same time, a surge in oil prices heightened the risk of
inflation. In response, the Federal Reserve Board took added steps toward a more
restrictive monetary policy. The Fed raised the federal funds rate target three
times, by a total of 100 basis points, since February 2000, bringing the rate to
a nine-year high of 6.50 percent.
MUNICIPAL MONEY MARKET OVERVIEW
The rise in tax-free money market yields continued over the first half of 2000,
though at a slower pace than during the latter half of 1999. Yields for both
variable-rate and fixed-rate municipal money market instruments increased by
some 50 basis points on average from the previous six-month period. However, the
movement of yields was subject to the usual fluctuations stemming from seasonal
changes in the direction of cash flows. The trend toward higher interest rates
was interrupted in early January when heavy demand from new cash in the market
caused rates to drop temporarily. The rise in yields resumed when demand
subsided later in the month. Another marked departure from the measured pace
toward higher yields occurred in conjunction with the tax-payment season,
lasting from late April into early May, when yields took an exaggerated spike
upward.
The Bond Buyer One Year Note Index, a benchmark indicator for the longest
maturities in the tax-free money market sector, dropped modestly from 3.97
percent to 3.91 percent, its low for the first half of the year, during the
first week of January. The Index moved upward moderately to a level of 4.10
percent in mid April but then rose more than 50 basis points over the next
several weeks to a high of 4.64 percent in mid May. The Index settled down again
over the balance of the second quarter to end June at 4.29 percent for a net
increase of 32 basis points over the six-month period. Over the 12-month period
beginning in June 1999, when the Federal Reserve Board first embarked on a less
accommodative monetary policy, the Index increased by 90 basis points, from 3.39
percent to 4.29 percent.
<PAGE> 2
MORGAN STANLEY DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
LETTER TO THE SHAREHOLDERS June 30, 2000, continued
Although yields for daily and weekly variable rate demand obligations (VRDOs)
also rose, their yield swings were much more pronounced because these
instruments are the ones utilized most frequently to meet changing cash flows.
Weekly VRDO yields moved over a range of nearly 300 basis points during the
six-month period, from a low of 2.95 percent in early January to a high of 5.85
percent in early May. In a year-over-year comparison, the average yield for
weekly VRDOs rose from 3.30 percent in June 1999 to 4.40 percent in June 2000.
PORTFOLIO MANAGEMENT AND PERFORMANCE
Morgan Stanley Dean Witter New York Municipal Money Market Trust's annualized
net investment income was 2.91 percent for the six-month period ended June 30,
2000. The Fund's 30-day moving average yield was 3.21 percent as of June 30,
2000.
On June 30, the Fund's net assets totaled $65 million with 76 percent of the
Fund's portfolio invested in VRDOs. New York tax-exempt commercial paper and
municipal notes, the two other types of securities utilized in the portfolio,
comprised 22 percent and 2 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 our investments.
At the end of June the Fund's average maturity was 26 days, down from 36 days at
the end of December. The Fund's average maturity is typically extended at
midyear with the purchase of newly issued one-year tax and revenue anticipation
notes (TRANs). However, our investments in TRANs were made more selectively this
year. Healthy municipal government balance sheets reduced the available supply
of cash flow notes. At the same time, a bias toward higher short-term interest
rates made commitments to longer fixed-rate notes less desirable.
LOOKING AHEAD
We expect the Federal Reserve Board to maintain its vigilant stance in its
efforts to contain inflation. Additional increases in short-term interest rates
remain a possibility if the central bank feels that economic momentum is not
slowing sufficiently. In this climate the Fund's average maturity is expected to
remain within a short to moderate range.
2
<PAGE> 3
MORGAN STANLEY DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
LETTER TO THE SHAREHOLDERS June 30, 2000, continued
We appreciate your ongoing support of Morgan Stanley Dean Witter New York
Municipal Money Market Trust and look forward to continuing to serve your
investment needs.
<TABLE>
<S> <C>
Very truly yours,
/s/ CHARLES A. FIUMEFREDDO /s/ MITCHELL M. MERIN
CHARLES A. FIUMEFREDDO MITCHELL M. MERIN
Chairman of the Board President
</TABLE>
3
<PAGE> 4
MORGAN STANLEY DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
PORTFOLIO OF INVESTMENTS June 30, 2000 (unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN COUPON DEMAND
THOUSANDS RATE+ DATE* VALUE
---------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
NEW YORK TAX-EXEMPT SHORT-TERM VARIABLE RATE MUNICIPAL OBLIGATIONS
(78.4%)
$2,500 Babylon Industrial Development Agency, Ogden Martin System
Ser 1998 (FSA)............................................. 4.45% 07/10/00 $2,500,000
3,150 Nassau County Industrial Development Agency, 1999 Cold
Spring Harbor Laboratory................................... 4.45 07/03/00 3,150,000
1,000 New York City, 1992 Ser B (FGIC)............................ 4.75 07/03/00 1,000,000
New York City Cultural Resources Trust,
1,765 American Museum of Natural History Ser 1993 A (MBIA)....... 4.45 07/10/00 1,765,000
1,200 Museum of Broadcasting Ser 1989............................ 4.40 07/10/00 1,200,000
2,500 New York City Housing Development Corporation, James Tower
1994 Ser A................................................. 4.50 07/10/00 2,500,000
New York City Industrial Development Agency,
1,500 National Audubon Society Inc Ser 1989...................... 4.40 07/03/00 1,500,000
950 The Columbia Grammar & Preparatory School Ser 1994......... 4.65 07/10/00 950,000
2,000 New York City Transitional Finance Authority, Fiscal 1999
Ser A Subser A-1........................................... 4.65 07/10/00 2,000,000
2,200 New York Local Government Assistance Corporation, Ser 1994
B.......................................................... 4.35 07/10/00 2,200,000
New York State Dormitory Authority,
1,700 Cornell University Ser 1990 B.............................. 4.45 07/03/00 1,700,000
1,500 New York Public Library Ser 1998 B......................... 4.40 07/10/00 1,500,000
2,800 Oxford University Press Inc Ser 1993....................... 4.50 07/03/00 2,800,000
950 The Metropolitan Museum of Art Ser 1993 A.................. 4.30 07/10/00 950,000
New York State Energy Research & Development Authority,
2,000 New York State Electric & Gas Corp Ser 1985 A.............. 4.20 09/15/00 2,000,000
1,000 New York State Electric & Gas Corp Ser 1994 D.............. 4.50 07/03/00 1,000,000
New York State Housing Finance Agency,
2,500 150 East 44th Street 2000 Ser A (AMT)...................... 4.70 07/10/00 2,500,000
2,000 East 84th Street Ser A (AMT)............................... 4.50 07/10/00 2,000,000
3,000 Normandie Court I Ser 1991 (AMT)........................... 4.45 07/10/00 3,000,000
3,000 Service Contract 1998 Ser A................................ 4.65 07/10/00 3,000,000
1,900 Niagara Falls Bridge Commission, Toll Bridge Refg Ser 1993 A
(FGIC)..................................................... 4.45 07/10/00 1,900,000
1,400 Port Authority of New York & New Jersey, Ser 2.............. 4.30 07/03/00 1,400,000
2,000 St Lawrence County Industrial Development Agency, Reynolds
Metals Co Ser 1995 (AMT)**................................. 4.90 07/10/00 2,000,000
2,500 Suffolk County Water Authority, Ser 1997 BANs............... 4.55 07/10/00 2,500,000
1,000 Yonkers Industrial Development Agency, Sarah Lawrence
College Ser 1997 (MBIA).................................... 4.65 07/10/00 1,000,000
PUERTO RICO
3,000 Puerto Rico Highway & Transportation Authority,
Transportation 1998 Ser A (AMBAC).......................... 4.25 07/10/00 3,000,000
----------
TOTAL NEW YORK TAX-EXEMPT SHORT-TERM VARIABLE RATE MUNICIPAL
OBLIGATIONS
(Cost $51,015,000).............................................................. 51,015,000
----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
4
<PAGE> 5
MORGAN STANLEY DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
PORTFOLIO OF INVESTMENTS June 30, 2000 (unaudited) continued
<TABLE>
<CAPTION>
YIELD TO
PRINCIPAL MATURITY
AMOUNT IN COUPON MATURITY ON DATE OF
THOUSANDS RATE DATE PURCHASE VALUE
------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
NEW YORK TAX-EXEMPT COMMERCIAL PAPER (22.9%)
$1,000 Long Island Power Authority, Electric System Subser 3....... 4.00% 08/21/00 4.00% $1,000,000
Metropolitan Transportation Authority,
1,000 Transit Facilities Ser CP-1 Subser B BANs.................. 3.90 07/26/00 3.90 1,000,000
1,000 Transit Facilities Ser CP-1 Subser B BANs.................. 4.45 08/10/00 4.45 1,000,000
900 Transit Facilities Ser CP-1 Subser B BANs.................. 4.45 09/07/00 4.45 900,000
1,000 New York City, 1994 Ser H Subser H-3 (FSA).................. 4.40 10/12/00 4.40 1,000,000
New York State Dormitory Authority,
1,500 Columbia University 1997 Issue............................. 4.10 08/14/00 4.10 1,500,000
1,500 Columbia University 1997 Issue............................. 4.05 09/12/00 4.05 1,500,000
New York State Environmental Quality,
1,000 Ser 1997 A................................................. 3.80 07/13/00 3.80 1,000,000
2,000 Ser 1998 A................................................. 4.05 08/09/00 4.05 2,000,000
New York State Power Authority,
1,000 Ser 2...................................................... 3.90 07/11/00 3.90 1,000,000
1,000 Ser 2...................................................... 4.50 08/08/00 4.50 1,000,000
PUERTO RICO
Puerto Rico Government Development Bank,
1,000 Ser 1996................................................... 3.60 07/20/00 3.60 1,000,000
1,000 Ser 1996................................................... 3.40 08/10/00 3.40 1,000,000
----------
TOTAL NEW YORK TAX-EXEMPT COMMERCIAL PAPER
(Cost $14,900,000)............................................................................ 14,900,000
----------
NEW YORK TAX-EXEMPT SHORT-TERM MUNICIPAL NOTE (2.3%)
1,500 Massapequa Union Free School District, Ser 2000-2001 TANs,
dtd 07/11/00 (WI) (Cost $1,507,860)........................ 5.00 06/26/01 4.43 1,507,860
----------
TOTAL INVESTMENTS (Cost $67,422,860) (a).............................................. 103.6% 67,422,860
LIABILITIES IN EXCESS OF OTHER ASSETS.................................................. (3.6) (2,376,752)
----- ----------
NET ASSETS............................................................................ 100.0% $65,046,108
===== ==========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE> 6
MORGAN STANLEY DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
PORTFOLIO OF INVESTMENTS June 30, 2000 (unaudited) continued
---------------------
<TABLE>
<C> <S>
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, 2000.
* Date on which the principal amount can be recovered through
demand.
** This security has been segregated in connection with the
purchase of a "when-issued" security.
(a) Cost is the same for federal income tax purposes.
Bond Insurance:
AMBAC AMBAC Assurance Corporation.
FGIC Financial Guaranty Insurance Company.
FSA Financial Security Assurance Inc.
MBIA Municipal Bond Investors Assurance Corporation.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
6
<PAGE> 7
MORGAN STANLEY DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
FINANCIAL STATEMENTS
<TABLE>
<S> <C>
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (unaudited)
ASSETS:
Investments in securities, at value
(cost $67,422,860)......................................... $67,422,860
Cash........................................................ 83,483
Interest receivable......................................... 310,912
Prepaid expenses............................................ 18,357
-----------
TOTAL ASSETS............................................ 67,835,612
-----------
LIABILITIES:
Payable for:
Investments purchased................................... 1,507,860
Shares of beneficial interest repurchased............... 1,172,225
Investment management fee............................... 27,768
Plan of distribution fee................................ 5,554
Accrued expenses............................................ 76,097
-----------
TOTAL LIABILITIES....................................... 2,789,504
-----------
NET ASSETS.............................................. $65,046,108
===========
COMPOSITION OF NET ASSETS:
Paid-in-capital............................................. $65,046,047
Accumulated undistributed net investment income............. 61
-----------
NET ASSETS.............................................. $65,046,108
===========
NET ASSET VALUE PER SHARE,
65,046,047 shares outstanding
(unlimited shares authorized of $.01 par value)............ $1.00
===========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
7
<PAGE> 8
MORGAN STANLEY DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
FINANCIAL STATEMENTS, continued
<TABLE>
<S> <C>
STATEMENT OF OPERATIONS
For the six months ended June 30, 2000 (unaudited)
NET INVESTMENT INCOME:
INTEREST INCOME............................................. $1,280,069
----------
EXPENSES
Investment management fee................................... 169,655
Plan of distribution fee.................................... 33,465
Professional fees........................................... 30,802
Shareholder reports and notices............................. 24,967
Transfer agent fees and expenses............................ 18,896
Trustees' fees and expenses................................. 8,833
Custodian fees.............................................. 2,782
Registration fees........................................... 1,611
Other....................................................... 1,533
----------
TOTAL EXPENSES.......................................... 292,544
Less: expense offset........................................ (2,782)
----------
NET EXPENSES............................................ 289,762
----------
NET INVESTMENT INCOME....................................... $ 990,307
==========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
8
<PAGE> 9
MORGAN STANLEY DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
FINANCIAL STATEMENTS, continued
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
FOR THE SIX
MONTHS ENDED FOR THE YEAR
JUNE 30, ENDED
2000 DECEMBER 31, 1999
--------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income............................... $ 990,307 $ 1,628,426
Dividends to shareholders from net investment
income............................................. (990,257) (1,628,484)
Net increase (decrease) from transactions in shares
of beneficial interest............................. 3,037,404 (15,071,140)
----------- ------------
NET INCREASE (DECREASE)......................... 3,037,454 (15,071,198)
NET ASSETS:
Beginning of period................................. 62,008,654 77,079,852
----------- ------------
END OF PERIOD
(Including undistributed net investment income
of $61 and $11, respectively)................... $65,046,108 $ 62,008,654
=========== ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
9
<PAGE> 10
MORGAN STANLEY DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
NOTES TO FINANCIAL STATEMENTS June 30, 2000 (unaudited)
1. ORGANIZATION AND ACCOUNTING POLICIES
Morgan Stanley 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 Morgan Stanley Dean
Witter Advisors 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%
10
<PAGE> 11
MORGAN STANLEY DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
NOTES TO FINANCIAL STATEMENTS June 30, 2000 (unaudited) continued
to the portion of daily net assets exceeding $750 million but not 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.
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.
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, 2000, the distribution fee was accrued at the annual rate of 0.10%.
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, 2000 aggregated $90,472,860 and $84,650,000,
respectively.
Morgan Stanley Dean Witter Trust FSB, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At June 30, 2000, the Fund had
transfer agent fees and expenses payable of approximately $600.
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, 2000
included in Trustees' fees and expenses in the Statement of Operations amounted
to $2,808. At June 30, 2000, the
11
<PAGE> 12
MORGAN STANLEY DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
NOTES TO FINANCIAL STATEMENTS June 30, 2000 (unaudited) continued
Fund had an accrued pension liability of $49,883 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, 2000 DECEMBER 31, 1999
------------- -----------------
(unaudited)
<S> <C> <C>
Shares sold................................................. 96,547,458 145,147,248
Shares issued in reinvestment of dividends.................. 990,257 1,628,484
------------ -------------
97,537,715 146,775,732
Shares repurchased.......................................... (94,500,311) (161,846,872)
------------ -------------
Net increase (decrease) in shares outstanding............... 3,037,404 (15,071,140)
============ =============
</TABLE>
12
<PAGE> 13
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, 2000 1999 1998 1997 1996 1995
---------------------------------------------------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER SHARE DATA:
Net asset value, beginning of period....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------
Net income from investment operations...... 0.015 0.023 0.025 0.026 0.025 0.028
Less dividends from net investment
income.................................... (0.015) (0.023) (0.025) (0.026) (0.025) (0.028)
------ ------ ------ ------ ------ ------
Net asset value, end of period............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
TOTAL RETURN............................... 1.47%(1) 2.29% 2.53% 2.68% 2.53% 2.84%
RATIOS TO AVERAGE NET ASSETS:
Expenses................................... 0.86%(2)(3) 0.88%(3) 0.87%(3) 0.96%(3) 0.95%(3) 1.01%(3)
Net investment income...................... 2.91%(2) 2.25% 2.48% 2.64% 2.48% 2.79%
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands.... $65,046 $62,009 $77,080 $49,336 $40,758 $39,108
</TABLE>
---------------------
(1) Not annualized.
(2) Annualized.
(3) Does not reflect the effect of the expense offset of 0.01%.
SEE NOTES TO FINANCIAL STATEMENTS
13
<PAGE> 14
MORGAN STANLEY DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
CHANGE IN INDEPENDENT ACCOUNTANTS
On July 1, 2000 PricewaterhouseCoopers LLP resigned as independent accountants
of the Fund.
The reports of PricewaterhouseCoopers LLP on the financial statements of the
Fund for the past two fiscal years contained no adverse opinion or disclaimer of
opinion and were not qualified or modified as to uncertainty, audit scope or
accounting principle.
In connection with its audits for the two most recent fiscal years and through
July 1, 2000, there have been no disagreements with PricewaterhouseCoopers LLP
on any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which disagreements if not resolved
to the satisfaction of PricewaterhouseCoopers LLP would have caused them to make
reference thereto in their report on the financial statements for such years.
The Fund, with the approval of its Board of Trustees and its Audit Committee,
engaged Deloitte & Touche LLP as its new independent accountants as of July 1,
2000.
14
<PAGE> 15
(This Page Intentionally Left Blank)
<PAGE> 16
TRUSTEES
----------------------------------
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
Wayne E. Hedien
James F. Higgins
Dr. Manuel H. Johnson
Michael E. Nugent
Philip J. Purcell
John L. Schroeder
OFFICERS
----------------------------------
Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Mitchell M. Merin
President
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
----------------------------------
Deloitte & Touche LLP
Two World Financial Center
New York, New York 10281
INVESTMENT MANAGER
----------------------------------
Morgan Stanley Dean Witter Advisors 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. Read the
prospectus carefully before investing.
Morgan Stanley Dean Witter Distributors Inc., member NASD.
MORGAN STANLEY
DEAN WITTER
NEW YORK
MUNICIPAL MONEY
MARKET TRUST
[ART]
SEMIANNUAL REPORT
JUNE 30, 2000
