N-CSRS 1 a17-15745_11ncsrs.htm N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-05987

Morgan Stanley New York Municipal Money Market Trust
(Exact name of registrant as specified in charter)

522 Fifth Avenue, New York, New York					10036
(Address of principal executive offices)					(Zip code)

John H. Gernon 522 Fifth Avenue, New York, New York 10036
(Name and address of agent for service)

Registrant’s telephone number, including area code:				212-296-0289

Date of fiscal year end:	December 31,

Date of reporting period:		June 30, 2017

Item 1 - Report to Shareholders

Trustees

Frank L. Bowman
Kathleen A. Dennis
Nancy C. Everett
Jakki L. Haussler
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael F. Klein
Patricia Maleski
Michael E. Nugent, Chair of the Board
W. Allen Reed
Fergus Reid

Officers

John H. Gernon
President and Principal Executive Officer

Timothy J. Knierim
Chief Compliance Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Mary E. Mullin
Secretary

Michael J. Key
Vice President

Transfer Agent

Boston Financial Data Services, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Trustees

Perkins Coie LLP
30 Rockefeller Plaza
New York, New York 10112

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

The financial statements included herein have been taken from the records of the Fund without examination by the independent auditors and accordingly they do not express an opinion thereon.

This report is submitted for the general information of the shareholders of the Fund. For more detailed information about the Fund, its fees and expenses and other pertinent information, please read its Prospectus. The Fund's Statement of Additional Information contains additional information about the Fund, including its trustees. It is available, without charge, by calling (800) 548-7786.

This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective Prospectus. Please read the Prospectus carefully before investing.

Morgan Stanley Distribution, Inc., member FINRA.

INVESTMENT MANAGEMENT

Morgan Stanley
New York
Municipal Money
Market Trust

Semi-Annual Report

June 30, 2017

DWNSAN
1864847 EXP 08.31.18

Morgan Stanley New York Municipal Money Market Trust

Table of Contents

Welcome Shareholder					3
Fund Report					4
Expense Example					8
Portfolio of Investments					9
Statement of Assets and Liabilities					11
Statement of Operations					12
Statements of Changes in Net Assets					13
Notes to Financial Statements					14
Financial Highlights					21
Investment Advisory Agreement Approval					23
Privacy Notice					26

Welcome Shareholder,

We are pleased to provide this semi-annual report, in which you will learn how your investment in Morgan Stanley New York Municipal Money Market Trust (the "Fund") performed during the latest six-month period. It includes an overview of the market conditions and discusses some of the factors that affected performance during the reporting period. In addition, the report contains financial statements and a list of portfolio holdings.

Morgan Stanley Investment Management is a client-centric, investor-led organization. Our global presence, intellectual capital, and breadth of products and services enable us to partner with investors to meet the evolving challenges of today's financial markets. We aim to deliver superior investment service and to empower our clients to make the informed decisions that help them reach their investment goals.

As always, we thank you for selecting Morgan Stanley Investment Management, and look forward to working with you in the months and years ahead.

This material must be preceded or accompanied by a prospectus for the fund being offered.

Market forecasts provided in this report may not necessarily come to pass. There is no assurance that a mutual fund will achieve its investment objective. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Fund Report (unaudited)

For the six months ended June 30, 2017

Market Conditions

Interest rates at the long end of the municipal money market maturity range have shifted higher over the past year as market participants have become more reluctant to invest in longer maturities while the Federal Reserve (Fed) continues to tighten monetary policy. The Municipal Market Data (MMD) One-Year Note Index stood at 0.95 percent at the end of June 2017, up from 0.41 percent in June 2016.⁽¹⁾ The increase in rates came despite a significant drop in cash flow borrowing needs, as state and local government budgets moved into better balance.

Tax-exempt money market fund assets have largely stabilized at roughly $130 billion, as of July 3, 2017, after seeing significant outflows (down 50 percent) in 2016 stemming from the restructuring of product lineups in advance of money market reform.⁽²⁾

As the market digested two Fed rate hikes during the first half of 2017, dealer inventories crept higher, which prompted the SIFMA Index, which measures yields for weekly variable rate demand obligations (VRDOs), to widen.⁽³⁾ With dealer inventories consequently on the rise, volatility returned to the market as dealers sought to recruit additional crossover, separately managed

accounts, and short-bond fund investors. The SIFMA Index has steadily risen in the first half of the year to 0.91 percent on June 28, 2017, up from 0.68 percent at the start of the year.⁽³⁾

Issuance of new variable rate paper has been subdued in anticipation of additional interest rate hikes by the Fed. In addition, state and local governments remain cautious about taking on new capital spending in the wake of the recent financial crisis.

The Rockefeller Institute of Government published a report in June 2017 providing an analysis of state tax revenue collections for the first quarter of 2017. The Institute noted that tax collections in 2017, while positive year-over-year, came in below budget estimates for many states. The underperformance was driven by a slowdown in economic growth across several industry sectors, particularly oil and gas. State and local governments were forced to address budgetary shortfalls in fiscal year 2017, which ended June 30, 2017, and for fiscal 2018, which began July 1, 2017. The inability to reach consensus regarding how to address the shortfall resulted in a handful of states beginning the current fiscal year on July 1, 2017 without an adopted budget.

(1) Source: Municipal Market Data

(2) Source for fund flows: iMoneynet, Informa Business Intelligence Inc.

(3) Source for SIFMA data: Bloomberg L.P., data as of June 30, 2017. SIFMA Index is issued weekly and is compiled from the weekly interest rate resets of tax-exempt variable rate issues included in a database maintained by Municipal Market Data which meet specific criteria established from time to time by The Securities Industry and Financial Markets Association.

A key credit challenge facing state and local governments involves the continued growth in unfunded pension liabilities for current and future retirees. For a majority of municipal entities, growth in annual required pension contributions continued to outpace tax revenue growth in 2017. This imbalance in growth rates placed strains on state and local government budgets and is expected to increase going forward absent an increase in funding resources or a reduction in future retiree benefits.

Based on the U.S. Bureau of Labor Statistics ("BLS") employment data, New York State's economic rebound since the last recession could be classified as slow and steady, which has continued into 2017. Through the first five months of 2017, the pace of growth in non-farm employment has remained relatively flat. Positive growth has been realized in all industry sectors except manufacturing. According to the BLS, all of the job growth through May 2017 has been in the private sector, as the government sector employment has remained flat.

New York City continues to be the economic driver for the State, accounting for over 90 percent of total net new jobs in the State in 2017 year-to-date through May.⁽⁴⁾ The City's economic performance has improved the financial health of both the State and City, and is a key factor supporting the strong investment grade ratings enjoyed by both entities.

In the period ahead, we will maintain our emphasis on high levels of liquidity and very short duration as we

watch how monetary policy unfolds and what tax reform proposals will be put forth by Congress, and determine what impact — if any — such reforms may have on municipal yields.

Performance Analysis

As of June 30, 2017, Morgan Stanley New York Municipal Money Market Trust had net assets of approximately $17.3 million and an average portfolio maturity of 6 days. For the six-month period ended June 30, 2017, the Fund's Class R shares provided a total return of 0.07 percent. For the seven-day period ended June 30, 2017, the Fund's Class R shares provided an effective annualized yield of 0.30 percent (subsidized) and –0.96 percent (non-subsidized) and a current yield of 0.30 percent (subsidized) and –0.97 percent (non-subsidized), while its 30-day moving average yield for June was 0.20 percent (subsidized) and –1.14 percent (non-subsidized). For the six-month period ended June 30, 2017, the Fund's Class S shares provided a total return of 0.07 percent. For the seven-day period ended June 30, 2017, the Fund's Class S shares provided an effective annualized yield of 0.30 percent (subsidized) and –0.97 percent (non-subsidized) and a current yield of 0.30 percent (subsidized) and –0.97 percent (non-subsidized), while its 30-day moving average yield for June was 0.21 percent (subsidized) and –1.15 percent (non-subsidized). Yield quotations more closely reflect the current earnings of the Fund. The non-subsidized yield reflects what the yield would have been had a fee and/or expense waiver not been in place during the period. Past performance is no guarantee of future results.

(4) Source: U.S. Bureau of Labor Statistics

Our investment philosophy emphasizes risk management and a disciplined credit research process to assist in our ability to respond to market and economic developments. Ongoing market volatility and uncertainty have called for a defensive strategy with shorter duration and higher portfolio liquidity.

There is no guarantee that any sectors mentioned will continue to perform as discussed herein or that securities in such sectors will be held by the Fund in the future.

PORTFOLIO COMPOSITION as of 06/30/17
Weekly Variable Rate Bonds	79.7	%
Daily Variable Rate Bonds	15.7
Closed-End Investment Company	4.6
MATURITY SCHEDULE as of 06/30/17
1 - 30 Days	100.0	%

Subject to change daily. Provided for informational purposes only and should not be deemed as a recommendation to buy or sell the types of securities mentioned above. Portfolio composition and maturity schedule are stated as a percentage of total investments.

Morgan Stanley is a full-service securities firm engaged in securities trading and brokerage activities, investment banking, research and analysis, financing and financial advisory services.

Investment Strategy

The Fund will invest in high quality, short-term securities that are normally municipal obligations that pay interest exempt from federal and New York income taxes. The Fund's "Adviser," Morgan Stanley Investment Management Inc., seeks to maintain the Fund's share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the principal value of your investment.

An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

For More Information About Portfolio Holdings

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its semiannual and annual reports within 60 days of the end of the fund's second and fourth fiscal quarters. The semiannual reports and the annual reports are filed electronically with the Securities and Exchange Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also delivers the semiannual and annual reports to fund shareholders and makes these reports available on its public web site, www.morganstanley.com/im. Each Morgan Stanley fund also files a complete schedule of portfolio holdings with the SEC for the fund's first and third fiscal quarters on Form N-Q and monthly holdings for each money market fund on Form N-MFP. Morgan Stanley does not deliver these reports to shareholders, nor are the first and third fiscal quarter reports posted to the Morgan Stanley public web site.

However, the holdings for each money market fund are posted to the Morgan Stanley public web site. You may obtain the Form N-Q filings (as well as the Form N-CSR, N-CSRS and N-MFP filings) by accessing the SEC's web site, http://www.sec.gov. You may also review and copy them at the SEC's public reference room in Washington, DC. Information on the operation of the SEC's public reference room may be obtained by calling the SEC at (800) SEC-0330. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's e-mail address (publicinfo@sec.gov) or by writing to the SEC's Public Reference Section, Washington, D.C. 20549-1520.

Householding Notice

To reduce printing and mailing costs, the Fund attempts to eliminate duplicate mailings to the same address. The Fund delivers a single copy of certain shareholder documents, including shareholder reports, prospectuses and proxy materials, to investors with the same last name who reside at the same address. Your participation in this program will continue for an unlimited period of time unless you instruct us otherwise. You can request multiple copies of these documents by calling (800) 548-7786, 8:00 a.m. to 6:00 p.m., ET. Once our Customer Service Center has received your instructions, we will begin sending individual copies for each account within 30 days.

Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including advisory fees, administration fees, shareholder services fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period 01/01/17 – 06/30/17.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing cost of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second line of the table is useful in comparing ongoing costs, and will not help you determine the relative total cost of owning different funds that have transactional costs, such as sales charges (loads) or exchange fees.

	Beginning Account Value		Ending Account Value		Expenses Paid During Period⁽¹⁾
	01/01/17		06/30/17		01/01/17 – 06/30/17
Class R
Actual (0.07% return)	$	1,000.00	$	1,000.74	$	2.98
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,021.82	$	3.01
Class S
Actual (0.07% return)	$	1,000.00	$	1,000.74	$	2.98
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,021.82	$	3.01

(1) Expenses are equal to the Fund's annualized expense ratios of 0.60% and 0.60% for Class R and Class S shares, respectively, multiplied by the average account value over the period, multiplied by 181**/365 (to reflect the one-half year period). If the Fund had borne all of its expenses, the annualized expense ratios would have been 1.78% and 1.78% for Class R and Class S shares, respectively.

** Adjusted to reflect non-business day accruals.

Morgan Stanley New York Municipal Money Market Trust

Portfolio of Investments n June 30, 2017 (unaudited)

PRINCIPAL AMOUNT (000)			COUPON RATE (a)			DEMAND DATE (b)	MATURITY DATE	VALUE
		Weekly Variable Rate Bonds (79.9%)
$	780	Metropolitan Transportation Authority, NY, Ser 2005 E Subser E-2		0.91	%	07/07/17	11/01/35	$	780,000
	730	Nassau County Interim Finance Authority, NY, Sales Tax Ser 2008 A		0.92		07/07/17	11/15/25		730,000
	600	New York City Cultural Resources Trust, NY, The Pierpont Morgan Library Ser 2004		0.91		07/07/17	02/01/34		600,000
	800	New York City Housing Development Corporation, NY, Multifamily Housing Sustainable Neighborhood Ser 2015 D-4		0.89		07/07/17	05/01/20		800,000
	500	New York City Industrial Development Agency, NY, New York Stock Exchange Ser 2003 B		0.91		07/07/17	05/01/33		500,000
	730	New York City Municipal Water Finance Authority, NY, Second General Fiscal 2010 Ser CC		0.93		07/07/17	06/15/41		730,000
	800	New York City Transitional Finance Authority, NY, Future Tax Fiscal 2013 Ser A Subser A-7		0.89		07/07/17	08/01/39		800,000
		New York State Dormitory Authority,
	550	Blythedale Children's Hospital Ser 2009		0.91		07/07/17	12/01/36		550,000
	800	City University System CONs 5th Ser 2008 C		0.92		07/07/17	07/01/31		800,000
	800	Columbia University Ser 2009 A		0.85		07/07/17	09/01/39		800,000
	600	Cornell University Ser 2004 B		0.91		07/07/17	07/01/33		600,000
	600	Mental Health Services Facilities Ser 2003 D-2E		0.92		07/07/17	02/15/31		600,000
	800	St. John's University Ser 2008 B-2		0.89		07/07/17	07/01/37		800,000
	800	New York State Energy Research & Development Authority Facilities, NY, Consolidated Edison Co., Ser 2005 Subser A-2		0.91		07/07/17	05/01/39		800,000
		New York State Housing Finance Agency,
	800	10 Barclay Street 2004 Ser A		0.93		07/07/17	11/15/37		800,000
	850	625 West 57th Street Ser 2015 A-2		0.92		07/07/17	05/01/49		850,000
	600	New York State Mortgage Agency, Homeowner Mortgage Ser 159		0.97		07/07/17	10/01/38		600,000

See Notes to Financial Statements
9

Morgan Stanley New York Municipal Money Market Trust

Portfolio of Investments n June 30, 2017 (unaudited) continued

PRINCIPAL AMOUNT (000)			COUPON RATE (a)			DEMAND DATE (b)	MATURITY DATE			VALUE
$	850	Syracuse, NY, Industrial Development Agency, Syracuse University Project, Ser 2005 B		0.89	%	07/07/17	12/01/35			$	850,000
	800	Triborough Bridge & Tunnel Authority, NY, Ser 2002 F		0.98		07/07/17	11/01/32				800,000
		Total Weekly Variable Rate Bonds (Cost $13,790,000)									13,790,000
		Daily Variable Rate Bonds (15.7%)
	800	JP Morgan Chase & Co., NY, Battery Park City Authority Junior Ser C PUTTERs Ser 5012 (c)		0.46		07/03/17	11/01/19				800,000
	450	New York City, NY, Fiscal 2012 Subser G-6		0.97		07/03/17	04/01/42				450,000
	60	New York State Dormitory Authority, University of Rochester Ser 2003 B		0.95		07/03/17	07/01/33				60,000
		New York State Housing Finance Agency,
	700	160 Madison Avenue Ser 2013 A		0.95		07/03/17	11/01/46				700,000
	700	505 West 37th Street 2009 Ser B		0.97		07/03/17	05/01/42				700,000
		Total Daily Variable Rate Bonds (Cost $2,710,000)									2,710,000
		Closed-End Investment Company (4.6%)
	800	Nuveen New York Performance Plus Municipal Fund, Inc., VRDP Ser 1-890 (AMT) (c) (Cost $800,000)		0.15		07/07/17	03/01/40				800,000
		Total Investments (Cost $17,300,000) (d)						100.2	%		17,300,000
		Liabilities in Excess of Other Assets						(0.2	)		(28,905	)
		Net Assets						100.0	%	$	17,271,095

AMT Alternative Minimum Tax.

PUTTERs Puttable Tax-Exempt Receipts.

VRDP Variable Rate Demand Preferred.

(a) Rate shown is the rate in effect at June 30, 2017.

(b) Date on which the principal amount can be recovered through demand.

(c) 144A security - Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

(d) The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes.

See Notes to Financial Statements
10

Morgan Stanley New York Municipal Money Market Trust

Financial Statements

Statement of Assets and Liabilities June 30, 2017 (unaudited)

Assets:
Investments in securities, at value (cost $17,300,000)	$	17,300,000
Cash		60,580
Receivable for:
Interest		12,714
Due from Adviser		12,630
Prepaid expenses and other assets		67,960
Total Assets		17,453,884
Liabilities:
Payable for:
Trustees' fees		46,979
Transfer and sub transfer agent fees		44,746
Shareholder services fee		1,524
Accrued expenses and other payables		89,540
Total Liabilities		182,789
Net Assets	$	17,271,095
Composition of Net Assets:
Paid-in-capital	$	17,351,402
Dividends in excess of net investment income		(80,307	)
Net Assets	$	17,271,095
Class R Shares:
Net Assets	$	17,221,094
Shares Outstanding (unlimited shares authorized, $0.01 par value)		17,221,088
Net Asset Value Per Share	$	1.00
Class S Shares:
Net Assets	$	50,001
Shares Outstanding (unlimited shares authorized, $0.01 par value)		50,001
Net Asset Value Per Share	$	1.00

See Notes to Financial Statements
11

Morgan Stanley New York Municipal Money Market Trust

Financial Statements continued

Statement of Operations For the six months ended June 30, 2017 (unaudited)

Net Investment Income:
Interest Income	$	72,228
Expenses
Professional fees		50,095
Advisory fee (Note 3)		43,239
Shareholder reports and notices		17,680
Registration fees		17,396
Shareholder services fee (Note 4)		9,609
Transfer and sub transfer agent fees (Note 5)		9,527
Administration fee (Note 3)		4,804
Custodian fees		1,649
Trustees' fees and expenses		1,598
Other		14,959
Total Expenses		170,556
Less: amounts waived/reimbursed (Note 4)		(113,014	)
Net Expenses		57,542
Net Investment Income		14,686
Net Increase	$	14,686

See Notes to Financial Statements
12

Morgan Stanley New York Municipal Money Market Trust

Financial Statements continued

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED JUNE 30, 2017			FOR THE YEAR ENDED DECEMBER 31, 2016
	(unaudited)
Increase (Decrease) in Net Assets: Operations:
Net investment income	$	14,686		$	76,395
Net realized gain		—			6,430
Net Increase		14,686			82,825
Dividends and Distributions to Shareholders from:
Net investment income
Class R shares		(13,674	)		(37,932	)
Class S shares		(38	)		(107,783	)
Net realized gain
Class R shares		—			(1,735	)
Class S shares		—			(5,273	)
Paid-in-capital
Class R shares		—			(17,352	)
Class S shares		—			(52,747	)
Total Dividends and Distributions		(13,712	)		(222,822	)
Net decrease from transactions in shares of beneficial interest		(5,916,609	)		(1,225,420,713	)
Net Decrease		(5,915,635	)		(1,225,560,710	)
Net Assets:
Beginning of period		23,186,730			1,248,747,440
End of Period (Including dividends in excess of net investment income of $(80,307) and $(81,281))	$	17,271,095		$	23,186,730

See Notes to Financial Statements
13

Morgan Stanley New York Municipal Money Market Trust

Notes to Financial Statements n June 30, 2017 (unaudited)

1. Organization and Accounting Policies

Morgan Stanley New York Municipal Money Market Trust (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified, open-end management investment company. The Fund applies investment company accounting and reporting guidance. The Fund's investment objective is to seek 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 Fund offers two classes of shares, the Reserve Class ("Class R") and the AA Sweep Class ("Class S"). Effective September 29, 2016, "AA Sweep Class" was re-designated as Class S and "the Reserve Class" was re-designated as Class R. Class R shares are offered to the general public and Class S shares are offered exclusively to investors who have an Active Assets Account with Morgan Stanley Wealth Management, an affiliate of Morgan Stanley Investment Management Inc. (the "Adviser"). The two classes have the same fees and expenses.

The Securities and Exchange Commission ("SEC") has adopted changes to the rules that govern money market funds. The Fund operates as a "retail money market fund," which allows the Fund to continue to seek a stable net asset value ("NAV"). The Fund will be permitted to impose a liquidity fee on redemptions from the Fund or temporarily restrict redemptions from the Fund for up to 10 business days.

The following is a summary of significant accounting policies:

A. Valuation of Investments — Portfolio securities are valued at amortized cost, which approximates fair value, in accordance with Rule 2a-7 under the Act. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the NAV as of the close of each business day.

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 by the identified cost method. Discounts are accreted and premiums are amortized over the life of the respective securities and are included in interest income. Interest income is accrued daily as earned.

C. Multiple Class Allocations — Investment income, expenses, and realized and unrealized gains and losses are allocated to each class of shares based upon the relative net asset value on the date such items are recognized. Shareholder services fees are charged directly to the respective class.

D. Dividends and Distributions to Shareholders — Dividends and distributions to shareholders are recorded on the close of each business day. Dividends from net investment income, if any, are declared and paid daily. Net realized capital gains, if any, are distributed at least annually.

Morgan Stanley New York Municipal Money Market Trust

Notes to Financial Statements n June 30, 2017 (unaudited) continued

E. Use of Estimates — The preparation of financial statements in accordance with generally accepted accounting principles in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.

F. Indemnifications — The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

2. Fair Valuation Measurements

Financial Accounting Standards Board ("FASB") Accounting Standards Codification^TM ("ASC") 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below.

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

Morgan Stanley New York Municipal Money Market Trust

Notes to Financial Statements n June 30, 2017 (unaudited) continued

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2017.

INVESTMENT TYPE	LEVEL 1 UNADJUSTED QUOTED PRICES		LEVEL 2 OTHER SIGNIFICANT OBSERVABLE INPUTS		LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS		TOTAL
Assets:
Weekly Variable Rate Bonds	$	—	$	13,790,000	$	—	$	13,790,000
Daily Variable Rate Bonds		—		2,710,000		—		2,710,000
Closed-End Investment Company		—		800,000		—		800,000
Total Assets	$	—	$	17,300,000	$	—	$	17,300,000

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes. The Fund recognizes transfers between the levels as of the end of the period. As of June 30, 2017, the Fund did not have any investments transfer between investment levels.

3. Advisory/Administration Agreements

Pursuant to an Investment Advisory Agreement with the Adviser, the Fund pays the Adviser an advisory fee, accrued daily and paid monthly, by applying the following annual rates to the net assets of the Fund determined as of the close of each business day: 0.45% to the portion of the daily net assets not exceeding $500 million; 0.375% to the portion of the daily net assets exceeding $500 million but not exceeding $750 million; 0.325% to the portion of the daily net assets exceeding $750 million but not exceeding $1 billion; 0.30% to the portion of the daily net assets exceeding $1 billion but not exceeding $1.5 billion; 0.275% to the portion of the daily net assets exceeding $1.5 billion but not exceeding $2 billion; 0.25% to the portion of the daily net assets exceeding $2 billion but not exceeding $2.5 billion; 0.225% to the portion of the daily net assets exceeding $2.5 billion but not exceeding $3 billion; and 0.20% to the portion of the daily net assets exceeding $3 billion. For the six months ended June 30, 2017, the advisory fee rate (net of waivers) was equivalent to an annual effective rate of 0.00% of the Fund's average daily net assets.

The Adviser also serves as the Administrator to the Fund and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.05% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Fund. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

Morgan Stanley New York Municipal Money Market Trust

Notes to Financial Statements n June 30, 2017 (unaudited) continued

The Adviser/Administrator has agreed to assume all operating expenses of the Fund and to waive the advisory fee and administration fee, as applicable, to the extent that such expenses and fees excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), on an annualized basis exceeds 0.60% of the average daily net assets of the Fund. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time that the Fund's Board of Trustees, (the "Trustees"), act to discontinue all or a portion of such waivers and/or expense reimbursements when they deem such action is appropriate.

4. Shareholder Services Plan

Pursuant to a Shareholder Services Plan (the "Plan"), the Fund may pay Morgan Stanley Distribution, Inc. (the "Distributor"), an affiliate of the Adviser/Administrator, as compensation for the provision of services to shareholders a service fee up to the rate of 0.15% on an annualized basis of the average daily net assets of the Fund for Class R and Class S shares.

Reimbursements for these expenses are made in monthly payments by the Fund to the Distributor, which will 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, 2017, the distribution fee was accrued at the annual rate of 0.10%.

The Distributor and Adviser/Administrator have agreed to waive all or a portion of the Fund's shareholder services fee, advisory fee and administration fee, respectively, and/or reimburse expenses, to the extent that total expenses exceed total income of the Fund on a daily basis. For the six months ended June 30, 2017, the Distributor waived $93, the Adviser waived $42,903 and the Administrator waived $4,767. For the same period, the Adviser reimbursed additional expenses to the extent the Fund's total expenses exceeded total income on a daily basis in the amount of $65,251. These fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time that the Trustees act to discontinue all or a portion of such waivers and/or expense reimbursements when they deem such action is appropriate.

5. Dividend Disbursing and Transfer Agent

The Fund's dividend disbursing and transfer agent is Boston Financial Data Services, Inc. ("BFDS"). Pursuant to a Transfer Agency Agreement, the Fund pays BFDS a fee based on the number of classes, accounts and transactions relating to the Fund.

Morgan Stanley New York Municipal Money Market Trust

Notes to Financial Statements n June 30, 2017 (unaudited) continued

6. Custodian Fees

State Street (the "Custodian") serves as Custodian for the Fund in accordance with a Custodian Agreement. The Custodian holds cash, securities, and other assets of the Fund as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

7. Transactions with Affiliates

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the six months ended June 30, 2017, the Fund engaged in cross-trade purchases of $700,000, and sales of $1,700,000 which resulted in no net realized gains or losses.

The Fund has an unfunded noncontributory defined benefit pension plan covering certain 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 factors which include years of service and compensation. The Trustees voted to close the plan to new participants and eliminate the future benefits growth due to increases to compensation after July 31, 2003. At June 30, 2017, the Fund had an accrued pension liability of $46,979, which is reflected as "Trustees' fees" in the Statement of Assets and Liabilities.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Trustee to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Trustees. Each eligible Trustee generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

Morgan Stanley New York Municipal Money Market Trust

Notes to Financial Statements n June 30, 2017 (unaudited) continued

8. Shares of Beneficial Interest

Transactions in shares of beneficial interest, at $1.00 per share, were as follows:

	FOR THE SIX MONTHS ENDED JUNE 30, 2017			FOR THE YEAR ENDED DECEMBER 31, 2016
	(unaudited)
CLASS R SHARES
Shares sold		5,957,773			359,206,247
Shares issued in reinvestment of dividends and distributions		13,674			57,019
Shares redeemed		(11,888,057	)		(680,974,987	)
Net decrease — Class R		(5,916,610	)		(321,711,721	)
CLASS S SHARES
Shares sold		—			1,753,128,775
Shares issued in reinvestment of dividends and distributions		1			165,803
Shares redeemed		—			(2,657,003,570	)
Net increase (decrease) — Class S		1			(903,708,992	)
Net decrease in Fund		(5,916,609	)		(1,225,420,713	)

9. Federal Income Tax Status

It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Each of the tax years in the four-year period ended December 31, 2016, remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term capital gains being treated as ordinary income

Morgan Stanley New York Municipal Money Market Trust

Notes to Financial Statements n June 30, 2017 (unaudited) continued

for tax purposes. The tax character of distributions paid during fiscal years 2016 and 2015 was as follows:

2016 DISTRIBUTIONS PAID FROM:								2015 DISTRIBUTIONS PAID FROM:
TAX-EXEMPT INCOME		ORDINARY INCOME		LONG-TERM CAPITAL GAIN		PAID-IN- CAPITAL		TAX-EXEMPT INCOME		ORDINARY INCOME		LONG-TERM CAPITAL GAIN
$	138,256	$	7,459	$	7,008	$	70,099	$	113,297	$	2,281	$	11,951

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, primarily due to nondeductible expenses, resulted in the following reclassifications among the Fund's components of net assets at December 31, 2016:

DIVIDENDS IN EXCESS OF NET INVESTMENT INCOME				ACCUMULATED UNDISTRIBUTED NET REALIZED GAIN				PAID-IN-CAPITAL
$	(579	)		$	578			$	1

At December 31, 2016, the Fund had no distributable earnings on a tax basis.

10. Other

At June 30, 2017, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 99.7%.

11. Accounting Pronouncement

In October 2016, the SEC issued a new rule, Investment Company Reporting Modernization, which, among other provisions, amends Regulation S-X to require standardized, enhanced disclosures, particularly related to derivatives, in investment company financial statements. Compliance with the guidance is effective for financial statements with reports ending on or after August 1, 2017; adoption will have no effect on the Fund's net assets or results of operations. Although still evaluating the potential impact of the Investment Company Reporting Modernization to the Fund, management expects that the impact of the Fund's adoption will be limited to additional financial statement disclosures.

Morgan Stanley New York Municipal Money Market Trust

Financial Highlights

Selected ratios and per share data for a share of beneficial interest outstanding throughout each period:

	FOR THE SIX			FOR THE YEAR ENDED DECEMBER 31,
	MONTHS ENDED
	JUNE 30, 2017			2016⁽¹⁾			2015			2014			2013			2012
	(unaudited)
Class R Shares
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		0.001			0.000	⁽²⁾		0.000	⁽²⁾		0.000	⁽²⁾		0.000	⁽²⁾		0.000	⁽²⁾
Less dividends and distributions from net investment income		(0.001	)		(0.000	) ⁽²⁾⁽³⁾		(0.000	) ⁽²⁾		(0.000	) ⁽²⁾		(0.000	) ⁽²⁾		(0.000	) ⁽²⁾
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return		0.07	%⁽⁷⁾		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets⁽⁴⁾:
Net expenses		0.60	%⁽⁵⁾⁽⁸⁾		0.24	%⁽⁵⁾		0.03	%⁽⁵⁾		0.06	%⁽⁵⁾		0.10	%⁽⁵⁾		0.15	%⁽⁵⁾
Net investment income		0.15	%⁽⁵⁾⁽⁸⁾		0.01	%⁽⁵⁾		0.01	%⁽⁵⁾		0.01	%⁽⁵⁾		0.01	%⁽⁵⁾		0.01	%⁽⁵⁾
Rebate from Morgan Stanley affiliate		N/A			0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾
Supplemental Data:
Net assets, end of period, in millions	$	17		$	23		$	345		$	362		$	378		$	419

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class R shares. The annualized expense and net investment income ratios would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with not impact to the net expenses or net investment income.

(2) Amount is less than $0.001.

(3) Includes capital gain and paid-in-capital distributions of less than $0.001.

(4) If the Fund had borne all of its expenses that were reimbursed or waived by the Distributor and Adviser/Administrator, the annualized expense and net investment loss ratios, would have been as follows:

PERIOD ENDED	EXPENSE RATIO			NET INVESTMENT LOSS RATIO
June 30, 2017		1.78	%		(1.03	)%
December 31, 2016		0.59			(0.34	)
December 31, 2015		0.57			(0.53	)
December 31, 2014		0.55			(0.48	)
December 31, 2013		0.56			(0.45	)
December 31, 2012		0.57			(0.41	)

(5) The ratios reflect the rebate of certain Fund expenses in connection with investments in a Morgan Stanley affiliate during the period. The effect of the rebate on the ratios is disclosed in the above table as "Rebate from Morgan Stanley affiliate."

(6) Amount is less than 0.005%.

(7) Not Annualized.

(8) Annualized.

See Notes to Financial Statements
21

Morgan Stanley New York Municipal Money Market Trust

Financial Highlights continued

	FOR THE SIX			FOR THE YEAR ENDED DECEMBER 31,
	MONTHS ENDED
	JUNE 30, 2017			2016⁽¹⁾			2015			2014			2013			2012
	(unaudited)
Class S Shares
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		0.001			0.000	⁽²⁾		0.000	⁽²⁾		0.000	⁽²⁾		0.000	⁽²⁾		0.000	⁽²⁾
Less dividends and distributions from net investment income		(0.001	)		(0.000	) ⁽²⁾⁽³⁾		(0.000	) ⁽²⁾		(0.000	) ⁽²⁾		(0.000	) ⁽²⁾		(0.000	) ⁽²⁾
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return		0.07	%⁽⁸⁾		0.06	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to Average Net Assets⁽⁴⁾:
Net expenses		0.60	%⁽⁵⁾⁽⁹⁾		0.24	%⁽⁵⁾		0.03	%⁽⁵⁾		0.06	%⁽⁵⁾		0.10	%⁽⁵⁾		0.15	%⁽⁵⁾
Net investment income		0.15	%⁽⁵⁾⁽⁹⁾		0.01	%⁽⁵⁾		0.01	%⁽⁵⁾		0.01	%⁽⁵⁾		0.01	%⁽⁵⁾		0.01	%⁽⁵⁾
Rebate from Morgan Stanley affiliate		N/A			0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾
Supplemental Data:
Net assets, end of period, in millions	$	50	⁽⁷⁾	$	50	⁽⁷⁾	$	904		$	989		$	1,077		$	974

(1) Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of Class S shares. The annualized expense and net investment income ratios would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with not impact to the net expenses or net investment income.

(2) Amount is less than $0.001.

(3) Includes capital gain and paid-in-capital distributions of less than $0.001.

PERIOD ENDED	EXPENSE RATIO			NET INVESTMENT LOSS RATIO
June 30, 2017		1.78	%		(1.03	)%
December 31, 2016		0.59			(0.34	)
December 31, 2015		0.57			(0.53	)
December 31, 2014		0.55			(0.48	)
December 31, 2013		0.56			(0.45	)
December 31, 2012		0.57			(0.41	)

(6) Amount is less than 0.005%.

(7) In thousands.

(8) Not Annualized.

(9) Annualized.

See Notes to Financial Statements
22

Morgan Stanley New York Municipal Money Market Trust

Investment Advisory Agreement Approval (unaudited)

Nature, Extent and Quality of Services

The Board reviewed and considered the nature and extent of the investment advisory services provided by the Adviser (as defined herein) under the advisory agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Fund's Adviser under the administration agreement, including accounting, operations, clerical, bookkeeping, compliance, business management and planning, legal services and the provision of supplies, office space and utilities at the Adviser's expense. The Board also considered the Adviser's investment in personnel and infrastructure that benefits the Fund. (The advisory and administration agreements together are referred to as the "Management Agreement.") The Board also considered that the Adviser serves a variety of other investment advisory clients and has experience overseeing service providers. The Board also compared the nature of the services provided by the Adviser with similar services provided by non-affiliated advisers as presented to the Board by Broadridge Financial Solutions, Inc. ("Broadridge").

The Board reviewed and considered the qualifications of the portfolio managers, the senior administrative managers and other key personnel of the Adviser who provide the administrative and advisory services to the Fund. The Board determined that the Adviser's portfolio managers and key personnel are well qualified by education and/or training and experience to perform the services in an efficient and professional manner. The Board concluded that the nature and extent of the advisory and administrative services provided were necessary and appropriate for the conduct of the business and investment activities of the Fund and supported its decision to approve the Management Agreement.

Performance, Fees and Expenses of the Fund

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as presented by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2016, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was below its peer group average for the one-, three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as presented by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. When a fund's management fee and/or its total expense ratio are higher than its peers, the Board and the Adviser discuss the reasons for this and, where appropriate, they discuss possible waivers and/or caps. The Board noted that the Fund's

Morgan Stanley New York Municipal Money Market Trust

Investment Advisory Agreement Approval (unaudited) continued

management fee and total expense ratio were higher than its peer group averages. After discussion, the Board concluded that the Fund's (i) performance was acceptable and (ii) management fee and total expense ratio were acceptable.

Economies of Scale

The Board considered the size and growth prospects of the Fund and how that relates to the Fund's total expense ratio and particularly the Fund's management fee rate, which includes breakpoints. In conjunction with its review of the Adviser's profitability, the Board discussed with the Adviser how a change in assets can affect the efficiency or effectiveness of managing the Fund and whether the management fee level is appropriate relative to current and projected asset levels and/or whether the management fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and/or potential economies of scale of the Fund supports its decision to approve the Management Agreement.

Profitability of the Adviser and Affiliates

The Board considered information concerning the costs incurred and profits realized by the Adviser and its affiliates during the last year from their relationship with the Fund and during the last two years from their relationship with the Morgan Stanley Fund Complex and reviewed with the Adviser the cost allocation methodology used to determine the profitability of the Adviser and affiliates. The Board has determined that its review of the analysis of the Adviser's expenses and profitability supports its decision to approve the Management Agreement.

Other Benefits of the Relationship

The Board considered other direct and indirect benefits to the Adviser and/or its affiliates derived from their relationship with the Fund and other funds advised by the Adviser. These benefits may include, among other things, fees for trading, distribution and/or shareholder servicing and for transaction processing and reporting platforms used by securities lending agents, and research received by the Adviser generated from commission dollars spent on funds' portfolio trading. The Board reviewed with the Adviser these arrangements and the reasonableness of the Adviser's costs relative to the services performed. The Board has determined that its review of the other benefits received by the Adviser or its affiliates supports its decision to approve the Management Agreement.

Resources of the Adviser and Historical Relationship Between the Fund and the Adviser

The Board considered whether the Adviser is financially sound and has the resources necessary to perform its obligations under the Management Agreement. The Board also reviewed and considered the historical relationship between the Fund and the Adviser, including the organizational structure of the Adviser, the policies and procedures formulated and adopted by the Adviser for managing the Fund's operations and the Board's confidence in the competence and integrity of the senior managers and key

Morgan Stanley New York Municipal Money Market Trust

Investment Advisory Agreement Approval (unaudited) continued

personnel of the Adviser. The Board concluded that the Adviser has the financial resources necessary to fulfill its obligations under the Management Agreement and that it is beneficial for the Fund to continue its relationship with the Adviser.

Other Factors and Current Trends

The Board considered the controls and procedures adopted and implemented by the Adviser and monitored by the Fund's Chief Compliance Officer and concluded that the conduct of business by the Adviser indicates a good faith effort on its part to adhere to high ethical standards in the conduct of the Fund's business.

General Conclusion

After considering and weighing all of the above factors, with various written materials and verbal information presented by the Adviser, the Board concluded that it would be in the best interest of the Fund and its shareholders to approve renewal of the Management Agreement for another year. In reaching this conclusion the Board did not give particular weight to any single piece of information or factor referenced above. The Board considered these factors and information over the course of the year and in numerous meetings, some of which were in executive session with only the independent Board members and their counsel present. It is possible that individual Board members may have weighed these factors, and the information presented, differently in reaching their individual decisions to approve the Management Agreement.

Morgan Stanley New York Municipal Money Market Trust

Privacy Notice (unaudited)

Morgan Stanley Investment Management Inc.
An Important Notice Concerning Our U.S. Privacy Policy

We are required by federal law to provide you with a copy of our privacy policy annually. This policy applies to current and former individual investors in funds managed or sponsored by Morgan Stanley Investment Management Inc. ("MSIM") as well as current and former individual clients of MSIM. This policy is not applicable to partnerships, corporations, trusts or other non-individual clients or investors. Please note that we may amend this policy at any time, and will inform you of any changes as required by law.

We Respect Your Privacy

We appreciate that you have provided us with your personal financial information. We strive to maintain the privacy of such information while we help you achieve your financial objectives. This Notice describes what non-public personal information we collect about you, why we collect it, when we may share it with others and how certain others may use it. It discusses the steps you may take to limit our sharing of certain information about you to affiliated companies in the Morgan Stanley family of companies ("other Morgan Stanley companies"). It also discloses how you may limit use of certain shared information for marketing purposes by other Morgan Stanley branded companies. Throughout this policy, we refer to the non-public information that personally identifies you or your accounts as "personal information.''

1. What Personal Information Do We Collect About You?

We obtain personal information from applications and other forms you submit to us, from your dealings with us, from consumer reporting agencies, from our Web sites and from third parties and other sources.

For example:

• We may collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through subscription documents, applications and other forms you submit to us.

• We may obtain information about account balances, your use of account(s) and the types of products and services you prefer to receive from us through your dealings and transactions with us and other sources.

• We may obtain information about your creditworthiness and credit history from consumer reporting agencies.

Morgan Stanley New York Municipal Money Market Trust

Privacy Notice (unaudited) continued

• We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.

• If you interact with us through our public and private Web sites, we may collect information that you provide directly through online communications (such as an e-mail address). We may also collect information about your Internet service provider, your domain name, your computer's operating system and Web browser, your use of our Web sites and your product and service preferences, through the use of "cookies." Please consult the Terms of Use of these sites for more details.

2. When Do We Disclose Personal Information We Collect About You?

We may disclose personal information we collect about you to other Morgan Stanley companies and to non-affiliated third parties.

a. Information We Disclose to Other Morgan Stanley Companies. We may disclose personal information to other Morgan Stanley companies for a variety of reasons, including to manage your account(s) effectively, to service and process your transactions, to let you know about products and services offered by us and other Morgan Stanley companies, to manage our business, and as otherwise required or permitted by law. Offers for products and services from other Morgan Stanley companies are developed under conditions designed to safeguard your personal information.

b. Information We Disclose to Non-affiliated Third Parties. We do not disclose personal information that we collect about you to non-affiliated third parties except to those who provide marketing services on our behalf, to financial institutions with whom we have joint marketing agreements, and as otherwise required or permitted by law. For example, we may disclose personal information to non-affiliated third parties for servicing and processing transactions, to offer our own products and services, to protect against fraud, for institutional risk control, to respond to judicial process or to perform services on our behalf. When we share personal information with a non-affiliated third party, they are required to limit their use of personal information to the particular purpose for which it was shared and they are not allowed to share personal information with others except to fulfill that limited purpose or as may be permitted or required by law.

3. How Do We Protect The Security And Confidentiality Of Personal Information We Collect About You?

We maintain physical, electronic and procedural security measures to help safeguard the personal information we collect about you. We have internal policies governing the proper handling of client information. Third parties that provide support or marketing services on our behalf may also receive

Morgan Stanley New York Municipal Money Market Trust

Privacy Notice (unaudited) continued

personal information, and we require them to adhere to confidentiality standards with respect to such information.

4. How Can You Limit The Sharing Of Certain Types Of Personal Information With Other Morgan Stanley Companies?

We offer you choices as to whether we share with other Morgan Stanley companies the personal information that was collected to determine your eligibility for products and services you request ("eligibility information"). Eligibility information does not include your identification information or personal information pertaining to our transactions or experiences with you. Please note that, even if you direct us not to share eligibility information with other Morgan Stanley companies ("opt-out"), we may still share personal information, including eligibility information, with those companies in circumstances excluded from the opt-out under applicable law, such as to process transactions or to service your account.

5. How Can You Limit The Use Of Certain Types Of Personal Information By Other Morgan Stanley Companies For Marketing?

By following the opt-out instructions in Section 6 below, you may limit other Morgan Stanley branded companies from marketing their products or services to you based on personal information we disclose to them. This information may include, for example, your income and account history with us. Please note that, even if you choose to limit Other Morgan Stanley Companies from using personal information about you that we may share with them for marketing their products and services to you, Other Morgan Stanley Companies may use your personal information that they obtain from us to market to you in circumstances permitted by law, such as if the Other Morgan Stanley Company has its own relationship with you.

6. How Can You Send Us An Opt-Out Instruction?

If you wish to limit our sharing of eligibility information about you with other Morgan Stanley companies or other Morgan Stanley companies' use of personal information for marketing purposes, as described in this notice, you may do so by:

• Calling us at (800) 548-7786
Monday–Friday between 8a.m. and 6p.m.(EST)

• Writing to us at the following address:
Boston Financial Data Services, Inc.
c/o Privacy Coordinator
P.O. Box 219804
Kansas City, Missouri 64121

Morgan Stanley New York Municipal Money Market Trust

Privacy Notice (unaudited) continued

Your written request should include your name, address, telephone number and account number(s) to which the opt-out applies and whether you are opting out with respect to sharing of eligibility information (Section 4 above), or if information used for Marketing (Section 5 above) or both. Written opt-out requests should not be sent with any other correspondence. In order to process your request, we require that the request be provided by you directly and not through a third party.

Your opt-out preference will remain in effect with respect to this policy (as it may be amended) until you notify us otherwise. If you have a joint account, your direction for us not to share this information with other Morgan Stanley companies and for those other Morgan Stanley companies not to use your personal information for marketing will be applied to all account holders on that account. Please understand that if you limit our sharing or our affiliated companies' use of personal information, you and any joint account holder(s) may not receive information about Morgan Stanley products and services, including products or services that could help you manage your financial resources and achieve your investment objectives.

7. What If An Affiliated Company Becomes A Non-Affiliated Third Party?

If, at any time in the future, an affiliated company becomes a non-affiliated third party, further disclosures of personal information made to the former affiliated company will be limited to those described in Section 2(b) above relating to non-affiliated third parties. If you elected under Section 6 to limit disclosures we make to affiliated companies, or use of personal information by affiliated companies, your election will not apply to use by any former affiliated company of your personal information in their possession once it becomes a non-affiliated third party.

Morgan Stanley New York Municipal Money Market Trust

Privacy Notice (unaudited) continued

Special Notice to Residents of Vermont
The following section supplements our policy with respect to our individual clients who have a Vermont address and supersedes anything to the contrary in the above policy with respect to those clients only.

The state of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collect about you with affiliated companies and non-affiliated third parties other than in certain limited circumstances. Except as permitted by law, we will not share personal information we collect about you with non-affiliated third parties or other Morgan Stanley companies unless you provide us with your written consent to share such information ("opt-in").

If you wish to receive offers for investment products and services offered by or through other Morgan Stanley companies, please notify us in writing at the following address:

Boston Financial Data Services, Inc.
c/o Privacy Coordinator
P.O. Box 219804
Kansas City, Missouri 64121

Your authorization should include your name, address, telephone number and account number(s) to which the opt-in applies and should not be sent with any other correspondence. In order to process your authorization, we require that the authorization be provided by you directly and not through a third party.

Special Notice to Residents of California
The following section supplements our policy with respect to our individual clients who have a California address and supersedes anything to the contrary in the above policy with respect to those clients only.

In response to a California law, if your account has a California home address, your personal information will not be disclosed to non-affiliated third parties except as permitted by applicable California law, and we will limit sharing such information with our affiliates to comply with California privacy laws that apply to us.

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Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semiannual reports.

Item 6.

(a) Refer to Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable for semiannual reports.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Applicable only to annual reports filed by closed-end funds.

Item 9. Closed-End Fund Repurchases

Applicable to reports filed by closed-end funds.

Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.

Item 11. Controls and Procedures

(a) The Fund’s principal executive officer and principal financial officer have concluded that the Fund’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Fund in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

(a) Code of Ethics — Not applicable for semiannual reports.

(b) A separate certification for each principal executive officer and principal financial officer of the registrant are attached hereto as part of EX-99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Morgan Stanley New York Municipal Money Market Trust

/s/ John H. Gernon
John H. Gernon
Principal Executive Officer
August 17, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ John H. Gernon
John H. Gernon
Principal Executive Officer
August 17, 2017

/s/ Francis Smith
Francis Smith
Principal Financial Officer
August 17, 2017