<PAGE> 1
ACTIVE ASSETS MONEY TRUST Two World Trade Center, New York, New York 10048
LETTER TO THE SHAREHOLDERS December 31, 1995
DEAR SHAREHOLDER:
As of December 31, 1995, Active Assets Money Trust had assets in excess of $6.3
billion with an average life of 73 days. The Trust's annualized net yield for
the six-month period was 5.43 percent and its annualized yield for December was
5.32 percent.
TWO FEDERAL RESERVE RATE CUTS
While the Federal Reserve Board held its discount rate steady from February 1995
through the end of the year, it lowered its target rate on federal-funds twice.
Citing a slowing economy and moderation in the expectations for inflation, the
central bank lowered the federal-funds rate from 6.00 percent to 5.75 percent in
early July, and on December 19, cut that rate a second time to its December 31
level of 5.50 percent. We believe further reductions are possible which could
lower this key money market rate by another 25 to 75 basis points during 1996
unless the economy picks up considerably more strength.
PORTFOLIO COMPOSITION AND STRUCTURE
On December 31, 1995, approximately 83 percent of the Trust's portfolio
consisted of high quality commercial paper, 13 percent invested in short-term
bank notes and certificates of deposit of major, financially strong commercial
banks, 3 percent invested in bankers' acceptances issued by such institutions
and the remaining one percent invested in federal agency and U.S. Treasury
obligations.
At the end of this fiscal period, more than 82 percent of the Trust's assets
were due to mature in less than four months. Therefore, the portfolio is well
positioned for stability of value with a high degree of liquidity. We continue
to operate the Trust in a straight-forward, conservative style without
"structured notes" or derivatives which could fluctuate excessively when
interest rates change.
<PAGE> 2
ACTIVE ASSETS MONEY TRUST
LETTER TO THE SHAREHOLDERS December 31, 1995, continued
LOOKING AHEAD
At this time, we anticipate a moderate pace for economic activity during the
first half of 1996, with no adverse surprises in the rate of inflation.
Investment yields available to the Trust during the first half of 1996 are
likely to be lower than those achieved during the second half of 1995.
Nonetheless, your Trust continues to serve as a very useful investment for
liquidity, preservation of capital and a yield which will reflect prevailing
money market conditions.
We appreciate your ongoing support of Active Assets Money Trust and look forward
to continuing to serve your investment needs and objectives.
Very truly yours,
/S/CHARLES A. FIUMEFREDDO
- -------------------------
CHARLES A. FIUMEFREDDO
Chairman of the Board
<PAGE> 3
ACTIVE ASSETS MONEY TRUST
PORTFOLIO OF INVESTMENTS December 31, 1995 (unaudited)
<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL DESCRIPTION YIELD
AMOUNT IN AND ON DATE OF
THOUSANDS MATURITY DATES PURCHASE VALUE
- -------------------------------------------------------------------------------------------
<C> <S> <C> <C>
COMMERCIAL PAPER (82.5%)
Automotive - Finance (7.8%)
$ 20,000 Daimler - Benz North America Corp. 02/12/96... 6.14 % $ 19,856,389
163,830 Ford Motor Credit Co. 01/12/96 - 05/03/96..... 5.48 - 5.79 162,407,121
315,000 General Motors Acceptance Corp.
02/02/96 - 06/10/96........................... 5.48 - 5.82 309,621,820
-----------
491,885,330
-----------
Bank Holding Companies (15.4%)
28,300 BankAmerica Corp. 02/22/96.................... 5.69 28,062,280
286,500 Chemical Banking Corp.
03/07/96 - 06/13/96........................... 5.39 - 5.77 281,625,380
60,000 Corestates Capital Corp.
01/26/96 - 03/18/96........................... 5.70 - 5.79 59,472,558
30,000 First Chicago Corp. 03/13/96.................. 5.69 29,655,900
50,000 First Union Corp. 02/27/96.................... 5.65 49,542,750
95,000 Morgan (J.P.) & Co. Inc.
03/11/96 - 04/04/96........................... 5.66 - 5.78 93,845,533
250,750 NationsBank Corp.
01/18/96 - 04/09/96........................... 5.66 - 5.84 248,912,407
130,000 PNC Funding Corp.
02/01/96 - 03/08/96........................... 5.72 - 5.84 128,941,771
55,000 Republic New York Corp. 02/14/96.............. 5.69 54,605,039
-----------
974,663,618
-----------
Banks - Commercial (19.1%)
214,300 Abbey National North America Corp.
02/29/96 - 05/30/96........................... 5.60 - 5.71 211,412,142
280,000 ABN - AMRO North America Finance Inc.
01/24/96 - 04/25/96........................... 5.75 - 5.78 277,034,850
199,000 Barclays U.S. Funding Corp.
01/11/96 - 01/26/96........................... 5.77 - 5.79 198,392,303
35,700 Canadian Imperial Holdings Inc.
02/26/96 - 02/29/96........................... 5.80 35,360,305
283,300 Dresdner U.S. Finance Inc.
01/17/96 - 02/06/96........................... 5.75 - 5.82 282,054,918
15,000 International Nederlanden (U.S.) Funding Corp.
03/25/96...................................... 5.55 14,803,992
45,000 National Australia Funding (DE) Inc.
03/20/96...................................... 5.64 44,437,556
143,000 Toronto - Dominion Holdings USA Inc.
01/10/96 - 04/03/96........................... 5.49 - 5.84 142,141,055
-----------
1,205,637,121
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 4
ACTIVE ASSETS MONEY TRUST
PORTFOLIO OF INVESTMENTS December 31, 1995 (unaudited) continued
<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL DESCRIPTION YIELD
AMOUNT IN AND ON DATE OF
THOUSANDS MATURITY DATES PURCHASE VALUE
- -------------------------------------------------------------------------------------------
<C> <S> <C> <C>
Brokerage (6.6%)
$263,000 Goldman Sachs Group L.P.
01/09/96 - 03/08/96........................... 5.71 - 5.83% $ 261,338,992
155,000 Morgan Stanley Group Inc.
01/23/96 - 01/30/96........................... 5.81 - 5.82 154,298,875
-----------
415,637,867
-----------
Finance - Commercial (4.8%)
309,700 CIT Group Holdings, Inc.
01/29/96 - 04/08/96........................... 5.62 - 5.74 306,204,129
-----------
Finance - Consumer (7.3%)
311,980 American Express Credit Corp.
02/07/96 - 08/02/96........................... 5.39 - 5.80 304,821,085
38,400 American General Finance Corp. 01/18/96....... 5.75 38,284,075
45,000 Avco Financial Services Inc. 03/22/96......... 5.67 44,421,075
56,500 Household Finance Corp. 01/03/96 - 02/14/96... 5.67 - 5.79 56,211,607
20,000 Norwest Financial Inc. 02/21/96............... 5.72 19,833,933
-----------
463,571,775
-----------
Finance - Diversified (6.0%)
140,950 Associates Corp. of North America
02/16/96 - 05/13/96........................... 5.59 - 5.80 139,506,512
240,550 General Electric Capital Corp.
02/05/96 - 06/28/96........................... 5.51 - 5.79 236,644,725
-----------
376,151,237
-----------
Finance - Equipment (3.1%)
194,850 Deere (John) Capital Corp.
01/11/96 - 06/11/96........................... 5.53 - 5.81 192,659,239
-----------
Foods & Beverages (0.5%)
30,000 Coca - Cola Co. 03/21/96...................... 5.59 29,624,166
-----------
Office Equipment (4.9%)
45,000 Hewlett-Packard Co. 02/13/96.................. 5.72 44,682,750
245,000 IBM Credit Corp. 03/04/96 - 04/03/96.......... 5.65 - 5.72 241,782,103
25,000 Xerox Credit Corp. 01/25/96................... 5.79 24,897,083
-----------
311,361,936
-----------
Retail (3.3%)
210,100 Sears Roebuck Acceptance Corp.
01/04/96 - 04/15/96........................... 5.57 - 5.85 208,558,852
-----------
Telephones (3.7%)
36,000 Ameritech Corp. 03/06/96...................... 5.77 35,628,820
198,800 AT&T Corp. 01/16/96 - 02/26/96................ 5.70 - 5.79 197,581,541
-----------
233,210,361
-----------
TOTAL COMMERCIAL PAPER
(Amortized Cost $5,209,165,631)........................... 5,209,165,631
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 5
ACTIVE ASSETS MONEY TRUST
PORTFOLIO OF INVESTMENTS December 31, 1995 (unaudited) continued
<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL DESCRIPTION YIELD
AMOUNT IN AND ON DATE OF
THOUSANDS MATURITY DATES PURCHASE VALUE
- -------------------------------------------------------------------------------------------
<C> <S> <C> <C>
SHORT-TERM BANK NOTES (7.9%)
$ 50,000 Bank of New York 06/05/96..................... 5.59 % $ 50,000,000
115,000 F.C.C. National Bank
02/13/96 - 04/30/96........................... 5.73 - 5.86 115,000,000
104,150 First National Bank of Boston
05/15/96 - 05/29/96........................... 5.53 - 5.73 104,150,000
50,000 Fleet National Bank 02/27/96.................. 5.75 50,000,000
25,000 NationsBank, N.A. 08/01/96.................... 5.48 25,000,000
25,000 NBD Bank 01/08/96............................. 5.80 25,000,000
90,000 PNC Bank, N.A. 02/28/96....................... 5.75 90,000,000
41,500 Wachovia Bank of N.C., N.A.
01/08/96 - 01/22/96........................... 5.75 - 5.76 41,500,000
-----------
TOTAL SHORT-TERM BANK NOTES
(Amortized Cost $500,650,000)............................. 500,650,000
-----------
CERTIFICATES OF DEPOSIT (5.2%)
50,000 Mellon Bank, N.A. 03/05/96.................... 5.70 50,000,000
275,000 Union Bank 01/05/96 - 04/19/96................ 5.65 - 5.88 275,000,000
-----------
TOTAL CERTIFICATES OF DEPOSIT
(Amortized Cost $325,000,000)............................. 325,000,000
-----------
BANKERS' ACCEPTANCES (3.2%)
72,000 Bank of America NT & SA
01/12/96 - 05/20/96........................... 5.56 - 5.70 70,863,457
82,000 Corestates Bank, N.A.
01/09/96 - 05/20/96........................... 5.60 - 5.79 81,335,315
20,000 First Union National Bank 01/23/96............ 5.76 19,925,333
20,000 Morgan Guaranty Trust Company of New York
01/31/96...................................... 5.77 19,898,844
10,000 Republic National Bank of N.Y. 04/23/96....... 5.70 9,824,306
-----------
TOTAL BANKERS' ACCEPTANCES
(Amortized Cost $201,847,255)............................. 201,847,255
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 6
ACTIVE ASSETS MONEY TRUST
PORTFOLIO OF INVESTMENTS December 31, 1995 (unaudited) continued
<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL DESCRIPTION YIELD
AMOUNT IN AND ON DATE OF
THOUSANDS MATURITY DATES PURCHASE VALUE
- -------------------------------------------------------------------------------------------
<C> <S> <C> <C>
U.S. GOVERNMENT & AGENCIES OBLIGATIONS (1.1%)
$ 8,250 Federal Home Loan Banks 01/19/96.............. 5.74 % $ 8,224,563
27,000 Federal National Mortgage Assoc.
06/21/96 - 09/18/96........................... 5.34 - 5.75 26,064,258
40,000 U.S. Treasury Bills 07/25/96 - 08/22/96....... 5.71 - 5.83 38,630,225
-----------
TOTAL U.S. GOVERNMENT & AGENCIES OBLIGATIONS
(Amortized Cost $72,919,046).............................. 72,919,046
-----------
TOTAL INVESTMENTS
(Amortized Cost $6,309,581,932) (a)............... 99.9% 6,309,581,932
CASH AND OTHER ASSETS IN EXCESS OF
LIABILITIES........................................ 0.1 8,390,437
---- -----------
NET ASSETS........................................ 100.0% $6,317,972,369
====== ==============
</TABLE>
- ---------------------
(a) Cost is the same for federal income tax purposes.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 7
ACTIVE ASSETS MONEY TRUST
FINANCIAL STATEMENTS
<TABLE>
<S> <C>
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1995 (unaudited)
ASSETS:
Investments in securities, at value
(amortized cost $6,309,581,932).................................... $6,309,581,932
Cash................................................................ 56,564
Interest receivable................................................. 11,013,805
Prepaid expenses.................................................... 370,837
-----------
TOTAL ASSETS.................................................... 6,321,023,138
-----------
LIABILITIES:
Payable for:
Investment management fee....................................... 1,557,613
Plan of distribution fee........................................ 523,358
Shares of beneficial interest repurchased....................... 358,640
Accrued expenses.................................................... 611,158
-----------
TOTAL LIABILITIES............................................... 3,050,769
-----------
NET ASSETS:
Paid-in-capital..................................................... 6,317,968,182
Accumulated undistributed net investment income..................... 4,187
-----------
NET ASSETS...................................................... $6,317,972,369
==============
NET ASSET VALUE PER SHARE, 6,317,968,182 shares outstanding
(unlimited shares authorized of $.01 par value).................... $1.00
=====
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 8
ACTIVE ASSETS MONEY TRUST
FINANCIAL STATEMENTS, continued
<TABLE>
<S> <C>
STATEMENT OF OPERATIONS
For the six months ended December 31, 1995 (unaudited)
NET INVESTMENT INCOME:
INTEREST INCOME....................................................... $183,265,713
----------
EXPENSES
Investment management fee............................................. 9,349,253
Plan of distribution fee.............................................. 3,093,254
Transfer agent fees and expenses...................................... 1,554,918
Registration fees..................................................... 551,840
Custodian fees........................................................ 123,163
Shareholder reports and notices....................................... 103,872
Professional fees..................................................... 29,305
Trustees' fees and expenses........................................... 8,700
Other................................................................. 42,965
----------
TOTAL EXPENSES.................................................... 14,857,270
----------
NET INVESTMENT INCOME............................................. 168,408,443
NET REALIZED GAIN................................................. 13,215
----------
NET INCREASE.......................................................... $168,421,658
============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 9
ACTIVE ASSETS MONEY TRUST
FINANCIAL STATEMENTS, continued
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS FOR THE YEAR
ENDED ENDED
DECEMBER 31, 1995 JUNE 30, 1995
- --------------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income........................... $ 168,408,443 $ 255,626,693
Net realized gain............................... 13,215 92,427
------------- -----------
NET INCREASE................................ 168,421,658 255,719,120
------------- -----------
DIVIDENDS AND DISTRIBUTIONS FROM:
Net investment income........................... (168,408,757) (255,627,418)
Net realized gain............................... (13,215) (92,427)
------------- -----------
TOTAL....................................... (168,421,972) (255,719,845)
------------- -----------
Net increase from transactions in shares of
beneficial interest............................ 609,061,685 1,564,838,536
------------- -----------
TOTAL INCREASE.............................. 609,061,371 1,564,837,811
NET ASSETS:
Beginning of period............................. 5,708,910,998 4,144,073,187
------------- -----------
END OF PERIOD
(Including undistributed net investment
income of $4,187 and $4,501,
respectively)............................... $6,317,972,369 $ 5,708,910,998
============== ================
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 10
ACTIVE ASSETS MONEY TRUST
NOTES TO FINANCIAL STATEMENTS December 31, 1995 (unaudited)
1. ORGANIZATION AND ACCOUNTING POLICIES
Active Assets Money Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "Act"), as a diversified, open-end
management investment company. The Trust was organized as a Massachusetts
business trust on March 30, 1981 and commenced operations on July 7, 1981.
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 by the identified cost method.
The Trust 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 Trust'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 Trust 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 Dean Witter InterCapital
Inc. (the "Investment Manager"), the Trust pays a management fee, accrued daily
and payable monthly, by applying the following annual rates to the net assets of
the Trust determined as of the close of each business day: 0.50% to the portion
of the average daily net assets not exceeding $500 million; 0.425% to the
portion of the average daily net assets exceeding $500 million but not exceeding
$750 million; 0.375% to the portion of the average daily net assets exceeding
$750 million but not exceeding $1 billion; 0.35% to the portion of the average
daily net assets exceeding $1 billion but not exceeding $1.5 billion; 0.325% to
the portion of the average daily net assets exceeding $1.5 billion but not
exceeding $2 billion; 0.30% to the portion of the average daily net assets
exceeding $2 billion but not exceeding $2.5 billion; 0.275% to the portion of
the average daily net assets exceeding $2.5 billion but not exceeding $3
billion; and 0.25% to the portion of the average daily net assets exceeding $3
billion.
<PAGE> 11
ACTIVE ASSETS MONEY TRUST
NOTES TO FINANCIAL STATEMENTS December 31, 1995 (unaudited) continued
Under the terms of the Agreement, in addition to managing the Trust's
investments, the Investment Manager maintains certain of the Trust's books and
records and furnishes, at its own expense, office space, facilities, equipment,
clerical, bookkeeping and certain legal services and pays the salaries of all
personnel, including officers of the Trust who are employees of the Investment
Manager. The Investment Manager also bears the cost of telephone services, heat,
light, power and other utilities provided to the Trust.
3. PLAN OF DISTRIBUTION
Dean Witter Distributors Inc. (the "Distributor"), an affiliate of the
Investment Manager, is the distributor of the Trust's shares and, in accordance
with a Plan of Distribution (the "Plan") pursuant to Rule 12b-1 under the Act,
finances certain expenses in connection therewith.
Under the Plan, the Distributor bears the expense of all promotional and
distribution related activities on behalf of the Trust, except for expenses that
the Trustees determine to reimburse, as described below. The following
activities and services may be provided by the Distributor and other
broker-dealers under the Plan: (1) compensation to, and expenses of, the
Distributor and other broker-dealers; (2) sales incentives and bonuses to sales
representatives and to marketing personnel in connection with promoting sales of
the Trust's shares; (3) expenses incurred in connection with promoting sales of
the Trust's shares; (4) preparing and distributing sales literature; and (5)
providing advertising and promotional activities, including direct mail
solicitation and television, radio, newspaper, magazine and other media
advertisements.
The Trust is authorized to reimburse the Distributor for specific expenses the
Distributor incurs or plans to incur in promoting the distribution of the
Trust'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 Trust's
average daily net assets. For the six months ended December 31, 1995, 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 December 31, 1995 aggregated $11,322,306,254 and
$10,876,033,225, respectively.
<PAGE> 12
ACTIVE ASSETS MONEY TRUST
NOTES TO FINANCIAL STATEMENTS December 31, 1995 (unaudited) continued
Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Trust's transfer agent. At December 31, 1995, the Trust had
transfer agent fees and expenses payable of approximately $270,000.
The Trust has an unfunded noncontributory defined benefit pension plan covering
all independent Trustees of the Trust 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 December 31, 1995
included in Trustees' fees and expenses in the Statement of Operations amounted
to $765. At December 31, 1995, the Trust had an accrued pension liability of
$50,287 included in accrued expenses in the Statement of Assets and Liabilities.
5. SHARES OF BENEFICIAL INTEREST
Transactions in shares of beneficial interest, at $1.00 per share, were as
follows:
<TABLE>
<CAPTION>
FOR THE SIX MONTHS FOR THE YEAR
ENDED ENDED
DECEMBER 31, 1995 JUNE 30, 1995
------------------ ------------------
(unaudited)
<S> <C> <C>
Shares sold...................................................................... 12,130,133,041 21,295,444,660
Shares issued in reinvestment of dividends and distributions..................... 168,063,998 255,223,533
------------- ------------
12,298,197,039 21,550,668,193
Shares repurchased............................................................... (11,689,135,354) (19,985,829,657)
------------- ------------
Net increase in shares outstanding............................................... 609,061,685 1,564,838,536
============= =============
</TABLE>
<PAGE> 13
ACTIVE ASSETS MONEY 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 JUNE 30
MONTHS ENDED -------------------------------------------
DECEMBER 31, 1995 1995 1994 1993 1992 1991
-----------------------------------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period.............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----- ----- ----- ----- ----- -----
Net investment income............................. 0.027 0.051 0.029 0.029 0.045 0.068
Less dividends from net investment income......... (0.027) (0.051) (0.029) (0.029) (0.045) (0.068)
----- ----- ----- ----- ----- -----
Net asset value, end of period.................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN........................... 2.74%(1) 5.23% 2.99% 2.95% 4.58% 7.05%
RATIOS TO AVERAGE NET ASSETS:
Expenses.......................................... 0.48%(2) 0.49% 0.51% 0.51% 0.54% 0.52%
Net investment income............................. 5.43%(2) 5.16% 2.95% 2.90% 4.45% 6.80%
SUPPLEMENTAL DATA:
Net assets, end of period, in millions............ $6,318 $5,709 $4,144 $3,604 $3,628 $3,688
</TABLE>
- ---------------------
(1) Not annualized.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 14
(This page has been left blank intentionally.)
<PAGE> 15
(This page has been left blank intentionally.)
<PAGE> 16
TRUSTEES
- ---------------------------------------------------
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Dr. Manuel H. Johnson
Paul Kolton
Michael E. Nugent
Philip J. Purcell
John L. Schroeder
OFFICERS
- ---------------------------------------------------
Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Sheldon Curtis
Vice President, Secretary and General Counsel
Jonathan R. Page
Vice President
Thomas F. Caloia
Treasurer
TRANSFER AGENT
- ---------------------------------------------------
Dean Witter Trust Company
Harborside Financial Center - Plaza Two
Jersey City, New Jersey 07311
INDEPENDENT ACCOUNTANTS
- ---------------------------------------------------
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
INVESTMENT MANAGER
- ---------------------------------------------------
Dean Witter InterCapital Inc.
Two World Trade Center
New York, New York 10048
The financial statements included herein have been taken from the records of
the Trust 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
Trust. For more detailed information about the Trust, its officers and
trustees, fees, expenses and other pertinent information, please see the
prospectus of the Trust.
This report is not authorized for distribution to prospective investors in the
Trust unless preceded or accompanied by an effective prospectus.
ACTIVE
ASSETS(R)
ACCOUNT
ACTIVE ASSETS
MONEY TRUST
Semiannual Report
December 31, 1995
