<PAGE> 1
ACTIVE ASSETS MONEY TRUST Two World Trade Center, New York, New York 10048
LETTER TO THE SHAREHOLDERS December 31, 1996
DEAR SHAREHOLDER:
As of December 31, 1996, Active Assets Money Trust had assets in excess of $7.7
billion with an average life of 69 days. The Trust's annualized yield for the
six-month period ended December 31, 1996 was 5.04 percent and its annualized
yield for December was 5.06 percent.
MARKET OVERVIEW
Rates available for money market securities for the fourth quarter continued to
reflect the stable pattern which has been in place since February 1996. The
Federal Open Market Committee decided to leave monetary policy unchanged at its
meeting on February 4-5, 1997, marking one full year of stable monetary policy.
Speaking on December 5, 1996, Federal Reserve Chairman Alan Greenspan warned
that the outlook for inflation "remains uncertain" partly because of a possible
speculative bubble caused by a surge in U.S. stocks, real estate and other
financial assets this year. This comment, his first such warning since 1993,
caused a downward price reaction in most financial markets around the globe.
However, the November U.S. employment report released on December 6, revealed
smaller-than-expected growth of 118,000 new jobs and a rise in the unemployment
rate from 5.2 percent to 5.4 percent. While that report calmed the markets
somewhat, some nervousness remained as a result of an increase in wages by an
average of nine cents an hour, tying a record set in June 1996 and resulting in
a 3.5 percent rise for the past twelve months.
PORTFOLIO COMPOSITION AND STRUCTURE
On December 31, 1996, approximately 78 percent of the Trust's portfolio was
invested in high quality commercial paper, 16 percent in short-term bank notes
and certificates of deposit of major, financially strong commercial banks, 3
percent in bankers' acceptances issued by such institutions and the remaining 3
percent in Federal agency and U.S. Treasury obligations.
<PAGE> 2
ACTIVE ASSETS MONEY TRUST
LETTER TO THE SHAREHOLDERS December 31, 1996, continued
At the end of the period under review, approximately 88 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 that could fluctuate excessively with changing
interest rates. As always, the Trust serves as a useful investment for
liquidity, preservation of capital and a yield which reflects prevailing money
market conditions.
LOOKING AHEAD
At this time, we anticipate a moderate pace for economic activity during the
first half of 1997, with no major adverse surprises in the rate of inflation. We
do not expect investment yields available to the Trust during the next six
months to differ significantly from those available during the second half of
1996.
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, 1996 (unaudited)
<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL DESCRIPTION YIELD
AMOUNT IN AND ON DATE OF
THOUSANDS MATURITY DATES PURCHASE VALUE
- --------------------------------------------------------------------------------------------
<C> <S> <C> <C>
COMMERCIAL PAPER (78.2%)
Automotive-Finance (8.4%)
$282,350 Ford Motor Credit Co.
01/07/97 - 04/29/97..................... 5.37 - 5.51% $ 280,202,892
375,450 General Motors Acceptance Corp.
01/08/97 - 06/30/97..................... 5.39 - 5.82 372,316,442
-----------
652,519,334
-----------
Bank Holding Companies (15.0%)
179,650 BankAmerica Corp.
01/27/97 - 03/10/97..................... 5.38 - 5.67 178,211,860
196,900 Bankers Trust N.Y. Corp.
01/21/97 - 03/20/97..................... 5.39 - 5.41 195,943,513
30,000 Corestates Capital Corp.
02/06/97................................ 5.40 29,840,400
25,000 First Chicago Corp.
03/31/97................................ 5.46 24,670,576
90,000 First Union Corp.
02/24/97 - 02/27/97..................... 5.37 89,263,808
50,000 Mellon Financial Co.
02/07/97................................ 5.54 49,723,014
120,000 Morgan (J.P.) & Co. Inc.
02/05/97 - 04/08/97..................... 5.44 - 5.56 118,911,736
140,000 NationsBank Corp.
02/19/97 - 02/21/97..................... 5.36 - 5.37 138,977,267
340,050 PNC Funding Corp.
01/06/97 - 04/10/97..................... 5.39 - 5.48 337,569,850
-----------
1,163,112,024
-----------
Banks - Commercial (26.1%)
285,000 Abbey National North America Corp.
02/24/97 - 04/17/97..................... 5.36 - 5.52 281,681,722
96,000 A N Z (Delaware) Inc.
02/19/97 - 08/18/97..................... 5.36 - 5.52 94,120,695
102,550 ABN - AMRO North America Finance Inc.
03/06/97 - 09/19/97..................... 5.58 - 5.80 100,233,896
40,000 Barclays U.S. Funding Corp.
03/07/97................................ 5.38 39,617,222
170,000 Canadian Imperial Holdings Inc.
02/13/97 - 02/19/97..................... 5.41 - 5.42 168,857,678
145,000 Commerzbank U.S. Finance Inc.
01/22/97 - 02/20/97..................... 5.50 - 5.76 144,267,004
315,000 Deutsche Bank Financial Inc.
01/23/97 - 04/07/97..................... 5.40 - 5.70 311,877,310
152,500 Dresdner U.S. Finance Inc.
01/14/97 - 07/03/97..................... 5.49 - 5.62 149,524,911
87,000 National Australia Funding (DE) Inc.
01/31/97 - 02/21/97..................... 5.51 - 5.73 86,471,300
146,900 Societe Generale N.A. Inc.
02/10/97 - 03/27/97..................... 5.36 - 5.62 145,762,401
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 4
ACTIVE ASSETS MONEY TRUST
PORTFOLIO OF INVESTMENTS December 31, 1996 (unaudited) continued
<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL DESCRIPTION YIELD
AMOUNT IN AND ON DATE OF
THOUSANDS MATURITY DATES PURCHASE VALUE
- --------------------------------------------------------------------------------------------
<C> <S> <C> <C>
$180,000 Toronto - Dominion Holdings USA Inc.
01/31/97 - 06/30/97..................... 5.45 - 5.71% $ 177,106,126
326,800 WestPac Capital Corp.
02/04/97 - 06/03/97..................... 5.39 - 5.55 323,087,541
-----------
2,022,607,806
-----------
Brokerage (2.8%)
220,900 Goldman Sachs Group L.P.
03/05/97 - 03/24/97..................... 5.38 - 5.43 218,646,139
-----------
Finance - Commercial (5.0%)
389,100 CIT Group Holdings, Inc.
01/13/97 - 03/25/97..................... 5.37 - 5.51 386,825,532
-----------
Finance - Consumer (7.5%)
306,700 American Express Credit Corp.
01/06/97 - 05/29/97..................... 5.36 - 5.43 303,687,729
62,000 Avco Financial Services Inc.
01/27/97 - 04/16/97..................... 5.40 - 5.51 61,519,474
167,200 Beneficial Corp.
01/10/97 - 04/18/97..................... 5.37 - 5.47 165,856,508
50,000 Household Finance Corp.
03/13/97................................ 5.40 49,478,347
-----------
580,542,058
-----------
Finance - Diversified (6.4%)
107,250 Associates Corp. of North America
01/06/97 - 03/21/97..................... 5.36 - 5.47 106,575,229
395,850 General Electric Capital Corp.
01/07/97 - 05/07/97..................... 5.37 - 5.94 392,714,781
-----------
499,290,010
-----------
Finance - Equipment (2.1%)
162,200 Deere (John) Capital Corp.
01/16/97 - 04/21/97..................... 5.36 - 5.40 160,696,302
-----------
Industrials (0.9%)
75,000 Caterpillar Financial Services Corp.
02/11/97 - 06/20/97..................... 5.41 - 5.58 73,766,828
-----------
Office Equipment (1.6%)
125,000 IBM Credit Corp.
02/28/97 - 03/26/97..................... 5.37 - 5.40 123,694,583
-----------
Retail (1.3%)
98,600 Sears Roebuck Acceptance Corp.
01/15/97 - 04/22/97..................... 5.41 - 5.53 97,805,265
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 5
ACTIVE ASSETS MONEY TRUST
PORTFOLIO OF INVESTMENTS December 31, 1996 (unaudited) continued
<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL DESCRIPTION YIELD
AMOUNT IN AND ON DATE OF
THOUSANDS MATURITY DATES PURCHASE VALUE
- --------------------------------------------------------------------------------------------
<C> <S> <C> <C>
Utilities (1.1%)
$ 85,000 National Rural Utilities Cooperative
Finance Corp.
02/24/97 - 03/06/97..................... 5.36 - 5.38% $ 84,244,450
-----------
TOTAL COMMERCIAL PAPER
(Amortized Cost $6,063,750,331)............................ 6,063,750,331
-----------
SHORT-TERM BANK NOTES (6.2%)
50,000 Bank of America NT & SA
06/30/97................................ 5.50 50,000,000
200,000 F.C.C. National Bank
04/29/97 - 05/23/97..................... 5.50 - 5.53 200,000,000
135,000 First National Bank of Boston
01/30/97 - 02/26/97..................... 5.50 - 5.56 135,000,000
91,800 La Salle National Bank
01/02/97 - 04/14/97..................... 5.49 - 5.63 91,800,000
-----------
TOTAL SHORT-TERM BANK NOTES
(Amortized Cost $476,800,000).............................. 476,800,000
-----------
U.S. GOVERNMENT & AGENCY OBLIGATIONS (3.3%)
20,000 Federal Home Loan Banks
01/31/97................................ 5.53 19,911,500
77,000 Federal Home Loan Mortgage Corp.
02/20/97 - 03/31/97..................... 5.39 - 5.40 76,139,914
85,850 Federal National Mortgage Assoc.
03/20/97 - 03/24/97..................... 5.36 - 5.42 84,833,043
75,000 U.S. Treasury Bills
02/06/97 - 03/06/97..................... 5.07 - 5.14 74,521,625
-----------
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Amortized Cost $255,406,082).............................. 255,406,082
-----------
CERTIFICATES OF DEPOSIT (9.3%)
305,000 Chase Manhattan Bank (USA)
02/25/97 - 06/17/97..................... 5.37 - 5.62 305,000,000
20,000 First Alabama Bank
04/15/97................................ 5.49 20,000,000
210,000 Mellon Bank, N.A.
02/27/97 - 04/15/97..................... 5.48 - 5.56 210,000,000
185,000 Union Bank of California, N.A.
01/09/97 - 05/15/97..................... 5.50 - 5.78 185,000,000
-----------
TOTAL CERTIFICATES OF DEPOSIT
(Amortized Cost $720,000,000).............................. 720,000,000
-----------
BANKERS' ACCEPTANCES (2.9%)
40,000 Bank of America NT & SA
02/07/97................................ 5.50 39,779,644
45,000 Chase Manhattan Bank, N.A.
02/24/97 - 05/02/97..................... 5.36 - 5.42 44,446,692
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 6
ACTIVE ASSETS MONEY TRUST
PORTFOLIO OF INVESTMENTS December 31, 1996 (unaudited) continued
<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL DESCRIPTION YIELD
AMOUNT IN AND ON DATE OF
THOUSANDS MATURITY DATES PURCHASE VALUE
- --------------------------------------------------------------------------------------------
<C> <S> <C> <C>
$ 85,000 Corestates Bank, N.A.
01/22/97 - 05/21/97..................... 5.34 - 5.72% $ 84,283,708
15,000 First Bank National Association
04/09/97................................ 5.49 14,781,542
15,000 Mellon Bank, N.A.
01/03/97................................ 5.73 14,995,350
25,000 Republic National Bank of New York
04/07/97................................ 5.37 24,648,667
-----------
TOTAL BANKERS' ACCEPTANCES
(Amortized Cost $222,935,603).............................. 222,935,603
-----------
TOTAL INVESTMENTS
(Amortized Cost $7,738,892,016) (a).................. 99.9% 7,738,892,016
CASH AND OTHER ASSETS IN EXCESS
OF LIABILITIES........................................ 0.1 10,505,322
---- -----------
NET ASSETS.......................................... 100.0% $7,749,397,338
==== ===========
</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, 1996 (unaudited)
ASSETS:
Investments in securities, at value
(amortized cost $7,738,892,016).................................... $7,738,892,016
Cash................................................................ 32,377
Interest receivable................................................. 13,805,454
Prepaid expenses and other assets................................... 180,514
------------
TOTAL ASSETS.................................................... 7,752,910,361
------------
LIABILITIES:
Payable for:
Investment management fee....................................... 2,083,399
Plan of distribution fee........................................ 719,387
Shares of beneficial interest repurchased....................... 48,127
Accrued expenses and other payables................................. 662,110
------------
TOTAL LIABILITIES............................................... 3,513,023
------------
NET ASSETS:
Paid-in-capital..................................................... 7,749,393,397
Accumulated undistributed net investment income..................... 3,941
------------
NET ASSETS...................................................... $7,749,397,338
============
NET ASSET VALUE PER SHARE,
7,749,393,397 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, 1996 (unaudited)
NET INVESTMENT INCOME:
INTEREST INCOME....................................................... $217,071,602
----------
EXPENSES
Investment management fee............................................. 11,534,821
Plan of distribution fee.............................................. 3,951,504
Transfer agent fees and expenses...................................... 1,656,418
Registration fees..................................................... 381,581
Custodian fees........................................................ 144,940
Shareholder reports and notices....................................... 103,605
Professional fees..................................................... 23,871
Trustees' fees and expenses........................................... 6,667
Other................................................................. 28,757
----------
TOTAL EXPENSES.................................................... 17,832,164
----------
NET INVESTMENT INCOME AND NET INCREASE............................ $199,239,438
==========
</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 ENDED FOR THE YEAR
DECEMBER 31, ENDED
1996 JUNE 30, 1996
------------------------------------------------------------------------------
(unaudited)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income and net increase............ $ 199,239,438 $ 345,193,903
Dividends from net investment income.............. (199,242,065) (345,191,836)
Net increase from transactions in shares of
beneficial interest.............................. 579,256,675 1,461,230,225
----------- -----------
NET INCREASE.................................. 579,254,048 1,461,232,292
NET ASSETS:
Beginning of period............................... 7,170,143,290 5,708,910,998
----------- -----------
END OF PERIOD
(Including undistributed net investment income
of
$3,941 and $6,568, respectively).............. $7,749,397,338 $7,170,143,290
=========== ===========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 10
ACTIVE ASSETS MONEY TRUST
NOTES TO FINANCIAL STATEMENTS December 31, 1996 (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's investment objective is high current
income, preservation of capital and liquidity. The Trust was organized as a
Massachusetts business trust on March 30, 1981 and commenced operations on July
7, 1981.
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures. Actual results could differ from
those estimates.
The following is a summary of significant accounting policies:
A. VALUATION OF INVESTMENTS -- Portfolio securities are valued at amortized
cost, which approximates market value.
B. ACCOUNTING FOR INVESTMENTS -- Security transactions are accounted for on the
trade date (date the order to buy or sell is executed). Realized gains and
losses on security transactions are determined 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 the Investment Manager 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 daily net assets not exceeding $500
million; 0.425% to the portion of the daily net assets exceeding $500 million
but not exceeding $750 million; 0.375% to the portion of the daily net assets
exceeding $750 million but not exceeding $1 billion; 0.35% to the portion of the
daily net assets exceeding $1 billion but not exceeding $1.5 billion; 0.325% to
the
<PAGE> 11
ACTIVE ASSETS MONEY TRUST
NOTES TO FINANCIAL STATEMENTS December 31, 1996 (unaudited) continued
portion of the daily net assets exceeding $1.5 billion but not exceeding $2
billion; 0.30% to the portion of the daily net assets exceeding $2 billion but
not exceeding $2.5 billion; 0.275% to the portion of the daily net assets
exceeding $2.5 billion but not exceeding $3 billion; and 0.25% to the portion of
the daily net assets exceeding $3 billion.
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, 1996, the
distribution fee was accrued at the annual rate of 0.10%.
<PAGE> 12
ACTIVE ASSETS MONEY TRUST
NOTES TO FINANCIAL STATEMENTS December 31, 1996 (unaudited) continued
4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES
The cost of purchases and proceeds from sales/maturities of portfolio securities
for the six months ended December 31, 1996 aggregated $13,350,430,714 and
$12,956,292,903, respectively.
Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Trust's transfer agent. At December 31, 1996, the Trust had
transfer agent fees and expenses payable of approximately $240,000.
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, 1996
included in Trustees' fees and expenses in the Statement of Operations amounted
to $433. At December 31, 1996, the Trust had an accrued pension liability of
$48,535 which is included in accrued expenses in the Statement of Assets and
Liabilities.
5. SHARES OF BENEFICIAL INTEREST
Transactions in shares of beneficial interest, at $1.00 per share, were as
follows:
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE YEAR
DECEMBER 31, ENDED
1996 JUNE 30, 1996
--------------- ---------------
(unaudited)
<S> <C> <C>
Shares sold........................................................................ 14,787,931,332 26,645,844,853
Shares issued in reinvestment of dividends......................................... 198,765,105 344,415,057
---------------- -----------
14,986,696,437 26,990,259,910
Shares repurchased................................................................. (14,407,439,762) (25,529,029,685)
---------------- -----------
Net increase in shares outstanding................................................. 579,256,675 1,461,230,225
================ ===========
</TABLE>
<PAGE> 13
ACTIVE ASSETS MONEY TRUST
FINANCIAL HIGHLIGHTS
Selected ratios and per share of beneficial interest outstanding throughout each
period:
<TABLE>
<CAPTION>
FOR
THE
SIX
MONTHS
ENDED FOR THE YEAR ENDED JUNE 30,
DECEMBER ---------------------------------------
31, 1996 1996 1995
- --------------------------------------------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period............................. $1.00 $ 1.00 $ 1.00
------ ------ ------
Net investment income............................................ 0.025 0.052 0.051
Less dividends from net investment income........................ (0.025) (0.052) (0.051)
------ ------ ------
Net asset value, end of period................................... $1.00 $ 1.00 $ 1.00
====== ====== ======
TOTAL INVESTMENT RETURN+......................................... 2.60%(1) 5.33% 5.23%
RATIOS TO AVERAGE NET ASSETS:
Expenses......................................................... 0.45%(2) 0.47% 0.49%
Net investment income............................................ 5.04%(2) 5.21% 5.16%
SUPPLEMENTAL DATA:
Net assets, end of period, in millions........................... $7,749 $7,170 $5,709
<CAPTION>
FOR THE YEAR ENDED JUNE 30,
---------------------------------------------------------------
1994 1993 1992
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period............................. $ 1.00 $ 1.00 $ 1.00
------ ------ ------
Net investment income............................................ 0.029 0.029 0.045
Less dividends from net investment income........................ (0.029) (0.029) (0.045)
------ ------ ------
Net asset value, end of period................................... $ 1.00 $ 1.00 $ 1.00
====== ====== ======
TOTAL INVESTMENT RETURN+......................................... 2.99% 2.95% 4.58%
RATIOS TO AVERAGE NET ASSETS:
Expenses......................................................... 0.51% 0.51% 0.54%
Net investment income............................................ 2.95% 2.90% 4.45%
SUPPLEMENTAL DATA:
Net assets, end of period, in millions........................... $4,144 $3,604 $3,628
</TABLE>
- ---------------------
+ Calculated based on the net asset value as of the last business day of the
period.
(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
Board of Directors
- -----------------------------------------------------
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Dr. Manuel H. Johnson
Michael E. Nugent
Philip J. Purcell
John L. Schroeder
Officers
- -----------------------------------------------------
Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Barry Fink
Vice President, Secretary and General Counsel
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
directors, 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, 1996
