<PAGE> 1
ACTIVE ASSETS MONEY TRUST Two World Trade Center, New York, New York 10048
LETTER TO THE SHAREHOLDERS December 31, 1997
DEAR SHAREHOLDER:
We are pleased to present the semiannual report on the operations
of Active Assets Money Trust for the six-month period ended December 31, 1997.
As of December 31, 1997, the Trust had net assets totaling $9.9 billion with an
average life of 75 days. The Trust's annualized net investment income for the
six-month period under review was 5.26 percent, and its 30-day annualized yield
for December was 5.32 percent.
MARKET OVERVIEW
After rising by about 25 basis points late in the first quarter of 1997, money
market yields held remarkably stable during the remainder of the year. The
target rate for federal funds remained constant at 5 1/2 percent from March 25,
1997, through year - end. Overall economic conditions in the United States
continue to be excellent, while inflation has remained quite moderate. The
unemployment rate reached a 24-year low during the year.
Aided by favorable demographic trends, cash flows into financial assets were
robust throughout 1997. Money market funds were certainly no exception, as total
assets in all such funds surpassed $1 trillion for the first time early in
August. We historically have avoided making any direct investments in Asian
financial institutions because of their relatively slim levels of capital
strength. As a result, exposure to credit rating downgrades, which many such
entities have been experiencing recently, has been averted.
PORTFOLIO COMPOSITION AND STRUCTURE
On December 31, 1997, approximately 82 percent of the Trust's portfolio was
invested in high-quality commercial paper, 9 percent in certificates of deposit
and short-term bank notes of major, financially strong commercial banks, 1
percent in the bankers' acceptances of such institutions and the remaining 8
percent in federal agency and U.S. Treasury obligations. At
<PAGE> 2
ACTIVE ASSETS MONEY TRUST
LETTER TO THE SHAREHOLDERS December 31, 1997 continued
the end of the period under review, approximately 90 percent of the Trust's
holdings 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 straightforward, 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 those
seeking liquidity, preservation of capital and a yield that reflects prevailing
money market conditions.
LOOKING AHEAD
At this time we anticipate a slight moderation in the pace of economic activity
during the first half of 1998, with no major adverse surprises in the rate of
inflation. We do not expect investment yields available to the Trust early in
1998 to differ dramatically from those available during the second
half of 1997.
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, 1997 (unaudited)
<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL DESCRIPTION YIELD
AMOUNT IN AND ON DATE OF
THOUSANDS MATURITY DATE PURCHASE VALUE
- ------------------------------------------------------------------------------------------
<C> <S> <C> <C>
COMMERCIAL PAPER (81.9%)
Automotive - Finance (10.9%)
$425,000 Chrysler Financial Corp.
01/22/98 - 04/20/98....................... 5.73 - 5.85% $ 418,672,850
226,300 Ford Motor Credit Co.
01/06/98 - 02/18/98....................... 5.59 - 5.76 225,576,013
435,100 General Motors Acceptance Corp.
01/12/98 - 04/13/98....................... 5.71 - 5.83 431,065,382
-------------
1,075,314,245
-------------
Bank Holding Companies (11.6%)
275,000 Bankers Trust New York Corp.
01/26/98 - 05/08/98....................... 5.69 - 5.83 271,620,589
115,000 Chase Manhattan Corp.
01/26/98 - 04/22/98....................... 5.67 - 5.77 113,686,672
95,000 Corestates Capital Corp.
01/05/98 - 03/30/98....................... 5.63 - 5.71 94,471,813
85,000 First Chicago NBD Corp.
04/17/98 - 05/18/98....................... 5.79 - 5.82 83,415,646
480,000 Morgan (J.P.) & Co. Inc.
04/09/98 - 04/30/98....................... 5.79 - 5.81 471,753,647
50,000 PNC Funding Corp.
03/27/98.................................. 5.81 49,324,722
70,000 Republic New York Corp.
02/10/98.................................. 5.70 69,569,111
-------------
1,153,842,200
-------------
Banks - Commercial (33.7%)
100,000 Abbey National North America Corp.
02/02/98 - 03/31/98....................... 5.67 - 5.71 98,923,711
100,000 ABN - AMRO North America Finance Inc.
03/26/98.................................. 5.78 98,672,333
80,000 A N Z (DE) Inc.
01/28/98 - 02/25/98....................... 5.67 - 5.95 79,531,375
183,400 Barclays U.S. Funding Corp.
02/19/98 - 03/12/98....................... 5.75 - 5.81 181,686,195
260,000 Canadian Imperial Holdings Inc.
02/05/98 - 03/18/98....................... 5.75 - 5.82 257,523,613
74,150 Commerzbank U.S. Finance Corp.
01/20/98 - 01/27/98....................... 5.74 - 5.78 73,902,781
380,000 Deutsche Bank Financial Inc.
02/09/98 - 04/09/98....................... 5.60 - 5.79 376,398,822
412,900 Dresdner U.S. Finance Inc.
01/02/98 - 04/13/98....................... 5.64 - 5.82 409,850,702
350,950 International Nederlanden (U.S) Funding
Corp.
03/06/98 - 06/05/98....................... 5.72 - 5.82 345,263,835
430,000 National Australia Funding (DE) Inc.
01/14/98 - 03/19/98....................... 5.64 - 5.75 426,892,222
150,000 Rabobank U.S.A. Finance Corp.
04/01/98.................................. 5.69 147,926,250
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 4
ACTIVE ASSETS MONEY TRUST
PORTFOLIO OF INVESTMENTS December 31, 1997 (unaudited) continued
<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL DESCRIPTION YIELD
AMOUNT IN AND ON DATE OF
THOUSANDS MATURITY DATE PURCHASE VALUE
- ------------------------------------------------------------------------------------------
<C> <S> <C> <C>
$260,000 Societe Generale N.A. Inc.
02/09/98 - 03/31/98....................... 5.61 - 5.82% $ 257,069,020
329,400 Toronto Dominion Holdings USA Inc.
01/27/98 - 06/18/98....................... 5.66 - 5.80 325,793,755
250,000 WestPac Capital Corp.
03/24/98 - 04/20/98....................... 5.76 - 5.79 246,476,597
-------------
3,325,911,211
-------------
Brokerage (3.7%)
361,850 Goldman Sachs Group L.P.
01/02/98 - 03/09/98....................... 5.80 - 6.07 360,724,056
-------------
Chemicals (0.3%)
30,000 DuPont (E.I) de Nemours & Co.
01/29/98.................................. 5.67 29,871,667
-------------
Finance - Commercial (3.8%)
379,300 CIT Group Holdings, Inc.
01/15/98 - 03/18/98....................... 5.61 - 5.68 376,538,068
-------------
Finance - Consumer (4.5%)
13,450 American Express Credit Corp.
01/02/98.................................. 6.25 13,447,665
130,000 Avco Financial Services Inc.
01/22/98 - 02/25/98....................... 5.65 - 5.77 129,237,436
180,000 Beneficial Corp.
01/29/98 - 04/07/98....................... 5.66 - 5.83 178,789,615
120,000 Household Finance Corp.
01/28/98 - 04/24/98....................... 5.62 - 5.81 118,540,583
-------------
440,015,299
-------------
Finance - Corporate (2.9%)
290,000 Ciesco, L.P.
03/09/98 - 04/06/98....................... 5.75 - 5.79 286,330,569
-------------
Finance - Diversified (7.1%)
171,300 Associates Corp. of North America
01/07/98 - 04/07/98....................... 5.77 - 6.14 169,890,288
50,000 Commercial Credit Co.
02/12/98.................................. 5.70 49,673,917
491,800 General Electric Capital Corp.
01/06/98 - 07/16/98....................... 5.62 - 5.84 487,922,142
-------------
707,486,347
-------------
Finance - Equipment (0.3%)
27,450 Deere (John) Capital Corp.
02/25/98.................................. 5.69 27,215,569
-------------
Household Products (0.1%)
10,000 Procter & Gamble Co.
04/17/98.................................. 5.70 9,836,289
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 5
ACTIVE ASSETS MONEY TRUST
PORTFOLIO OF INVESTMENTS December 31, 1997 (unaudited) continued
<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL DESCRIPTION YIELD
AMOUNT IN AND ON DATE OF
THOUSANDS MATURITY DATE PURCHASE VALUE
- ------------------------------------------------------------------------------------------
<C> <S> <C> <C>
Office Equipment (1.0%)
$ 95,000 IBM Credit Corp.
01/22/98 - 03/05/98....................... 5.68 - 5.77% $ 94,393,742
-------------
Retail (1.0%)
95,000 Sears Roebuck Acceptance Corp.
01/21/98 - 01/23/98....................... 5.78 94,681,917
-------------
Utilities - Finance (1.0%)
100,000 National Rural Utilities Cooperative
Finance Corp.
04/27/98.................................. 5.79 98,173,000
-------------
TOTAL COMMERCIAL PAPER
(Amortized Cost $8,080,334,179)........................... 8,080,334,179
-------------
SHORT-TERM BANK NOTES (3.1%)
49,250 Bank of America NT & SA
03/03/98 - 05/11/98....................... 5.74 - 5.96 49,250,000
100,000 BankBoston, N.A.
01/23/98 - 03/19/98....................... 5.64 - 5.66 100,000,000
25,000 Corestates Bank, N.A.
04/15/98.................................. 5.78 25,000,000
90,000 F.C.C. National Bank
04/22/98.................................. 5.77 90,000,000
40,000 La Salle National Bank
03/23/98.................................. 5.82 40,000,000
-------------
TOTAL SHORT-TERM BANK NOTES
(Amortized Cost $304,250,000)............................. 304,250,000
-------------
U.S. GOVERNMENT & AGENCY OBLIGATIONS (7.3%)
334,000 Federal Farm Credit Bank
06/25/98 - 12/15/98....................... 5.61 - 5.75 321,862,483
90,000 Federal Home Loan Banks
06/19/98 - 09/04/98....................... 5.68 - 5.74 87,251,821
74,800 Federal Home Loan Mortgage Corp.
02/13/98 - 08/28/98....................... 5.67 - 5.70 72,840,727
130,000 Federal National Mortgage Assoc.
05/27/98 - 06/22/98....................... 5.66 - 5.75 126,779,717
28,850 Student Loan Marketing Assoc.
06/30/98.................................. 5.68 28,069,607
84,400 U.S. Treasury Bills
02/05/98 - 05/28/98....................... 5.52 - 5.96 83,104,375
-------------
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Amortized Cost
$719,908,730)............................................. 719,908,730
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 6
ACTIVE ASSETS MONEY TRUST
PORTFOLIO OF INVESTMENTS December 31, 1997 (unaudited) continued
<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL DESCRIPTION YIELD
AMOUNT IN AND ON DATE OF
THOUSANDS MATURITY DATE PURCHASE VALUE
- ------------------------------------------------------------------------------------------
<C> <S> <C> <C>
CERTIFICATES OF DEPOSIT (6.3%)
$300,000 Chase Manhattan Bank (USA)
01/29/98 - 02/26/98....................... 5.68 - 5.75% $ 300,000,000
324,500 Union Bank of California, N.A.
02/02/98 - 04/21/98....................... 5.75 - 5.82 324,500,000
--------------
TOTAL CERTIFICATES OF DEPOSIT
(Amortized Cost $624,500,000)............................. 624,500,000
--------------
BANKERS' ACCEPTANCES (1.2%)
75,000 Corestates Bank, N.A.
01/06/98 - 06/09/98....................... 5.64 - 5.78 74,366,768
15,000 Chase Manhattan Bank, N.A.
06/01/98.................................. 5.79 14,645,779
30,000 Wachovia Bank, N.A.
02/17/98.................................. 5.72 29,779,100
--------------
TOTAL BANKERS' ACCEPTANCES
(Amortized Cost $118,791,647)............................. 118,791,647
--------------
REPURCHASE AGREEMENT (0.1%)
965 The Bank of New York
01/02/98 (dated 12/31/97; proceeds
$965,021) (a) (Identified Cost
$964,813)................................. 3.875 964,813
--------------
TOTAL INVESTMENTS
(Amortized Cost $9,848,749,369) (b)................. 99.9% 9,848,749,369
CASH AND OTHER ASSETS
IN EXCESS OF LIABILITIES............................. 0.1 9,746,881
----- --------------
NET ASSETS......................................... 100.0% $9,858,496,250
===== ==============
</TABLE>
- ---------------------
(a) Collateralized by $782,982 U.S. Treasury Bond 7.875% due 02/15/21 valued at
$984,110.
(b) 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, 1997 (unaudited)
ASSETS:
Investments in securities, at value
(amortized cost $9,848,749,369).................................... $9,848,749,369
Cash................................................................ 90,000
Interest receivable................................................. 13,525,902
Prepaid expenses and other assets................................... 353,195
--------------
TOTAL ASSETS.................................................... 9,862,718,466
--------------
LIABILITIES:
Payable for:
Investment management fee....................................... 2,624,983
Plan of distribution fee........................................ 932,459
Shares of beneficial interest repurchased....................... 185,842
Accrued expenses and other payables................................. 478,932
--------------
TOTAL LIABILITIES............................................... 4,222,216
--------------
NET ASSETS...................................................... $9,858,496,250
==============
COMPOSITION OF NET ASSETS:
Paid-in-capital..................................................... $9,858,493,716
Accumulated undistributed net investment income..................... 2,534
--------------
NET ASSETS...................................................... $9,858,496,250
==============
NET ASSET VALUE PER SHARE,
9,858,493,716 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, 1997 (unaudited)
NET INVESTMENT INCOME:
INTEREST INCOME....................................................... $284,449,207
------------
EXPENSES
Investment management fee............................................. 14,109,337
Plan of distribution fee.............................................. 4,988,393
Transfer agent fees and expenses...................................... 2,149,307
Registration fees..................................................... 386,648
Custodian fees........................................................ 175,452
Shareholder reports and notices....................................... 163,091
Professional fees..................................................... 29,830
Trustees' fees and expenses........................................... 8,146
Other................................................................. 32,682
------------
TOTAL EXPENSES.................................................... 22,042,886
------------
NET INVESTMENT INCOME............................................. 262,406,321
NET REALIZED GAIN..................................................... 30,286
------------
NET INCREASE.......................................................... $262,436,607
============
</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 FOR THE YEAR
MONTHS ENDED ENDED
DECEMBER 31, 1997 JUNE 30, 1997
- ------------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income.............................. $ 262,406,321 $ 420,477,213
Net realized gain.................................. 30,286 --
--------------- --------------
NET INCREASE................................... 262,436,607 420,477,213
--------------- --------------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income.............................. (262,413,847) (420,473,721)
Net realized gain.................................. (30,286) --
--------------- --------------
TOTAL.......................................... (262,444,133) (420,473,721)
--------------- --------------
Net increase from transactions in shares of
beneficial interest............................... 930,464,348 1,757,892,646
--------------- --------------
NET INCREASE................................... 930,456,822 1,757,896,138
NET ASSETS:
Beginning of period................................ 8,928,039,428 7,170,143,290
--------------- --------------
END OF PERIOD
(Including undistributed net investment income
of
$2,534 and $10,060, respectively).............. $ 9,858,496,250 $8,928,039,428
=============== ==============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE> 10
ACTIVE ASSETS MONEY TRUST
NOTES TO FINANCIAL STATEMENTS December 31, 1997 (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, 1997 (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 under the Plan: (1)
compensation to sales representatives of Dean Witter Reynolds Inc., an affiliate
of the Investment Manager and 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, 1997, the
distribution fee was accrued at the annual rate of 0.10%.
<PAGE> 12
ACTIVE ASSETS MONEY TRUST
NOTES TO FINANCIAL STATEMENTS December 31, 1997 (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, 1997 aggregated $17,856,906,193 and
$17,183,757,823, respectively.
Dean Witter Trust FSB, an affiliate of the Investment Manager and Distributor,
is the Trust's transfer agent. At December 31, 1997, the Trust had transfer
agent fees and expenses payable of approximately $14,000.
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, 1997
included in Trustees' fees and expenses in the Statement of Operations amounted
to $1,549. At December 31, 1997, the Trust had an accrued pension liability of
$48,182 which is included in accrued expenses in the Statement of Assets and
Liabilities.
5. SHARES OF BENEFICIAL INTEREST
Transactions in shares of beneficial interest, at $1.00 per share, were as
follows:
<TABLE>
<CAPTION>
FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED
DECEMBER 31, 1997 JUNE 30, 1997
----------------- ---------------
<S> <C> <C>
(unaudited)
Shares sold......................................................................... 19,524,689,690 32,530,523,067
Shares issued in reinvestment of dividends and distributions........................ 261,986,984 419,594,925
--------------- ---------------
19,786,676,674 32,950,117,992
Shares repurchased.................................................................. (18,856,212,326) (31,192,225,346)
--------------- ---------------
Net increase in shares outstanding.................................................. 930,464,348 1,757,892,646
=============== ===============
</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, 1997 1997 1996
- -----------------------------------------------------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period............................. $ 1.00 $ 1.00 $ 1.00
------- ------------ ------------
Net investment income............................................ 0.027 0.051 0.052
Less dividends from net investment income........................ (0.027) (0.051) (0.052)
------- ------------ ------------
Net asset value, end of period................................... $ 1.00 $ 1.00 $ 1.00
======= ============ ===== ======
TOTAL INVESTMENT RETURN+......................................... 2.69%(1) 5.23% 5.33%
RATIOS TO AVERAGE NET ASSETS:
Expenses......................................................... 0.44%(2) 0.45% 0.47%
Net investment income............................................ 5.26%(2) 5.07% 5.21%
SUPPLEMENTAL DATA:
Net assets, end of period, in millions........................... $9,858 $8,928 $7,170
<CAPTION>
1995 1994 1993
-------------------------------------------------------------
<S> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period............................. $ 1.00 $ 1.00 $ 1.00
------------ ------------ ------------
Net investment income............................................ 0.051 0.029 0.029
Less dividends from net investment income........................ (0.051) (0.029) (0.029)
------------ ------------ ------------
Net asset value, end of period................................... $ 1.00 $ 1.00 $ 1.00
============ ============ ============
TOTAL INVESTMENT RETURN+......................................... 5.23% 2.99% 2.95%
RATIOS TO AVERAGE NET ASSETS:
Expenses......................................................... 0.49% 0.51% 0.51%
Net investment income............................................ 5.16% 2.95% 2.90%
SUPPLEMENTAL DATA:
Net assets, end of period, in millions........................... $5,709 $4,144 $3,604
</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 Intentionally Left Blank)
<PAGE> 15
(This Page Intentionally Left Blank)
<PAGE> 16
TRUSTEES
- -------------------------------------------------
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Wayne E. Hedien
Dr. Manuel H. Johnson
Michael E. Nugent
Philip J. Purcell
John L. Schroeder
OFFICERS
- -------------------------------------------------
Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Barry Fink
Vice President, Secretary and General Counsel
Jonathan R. Page
Vice President
Thomas F. Caloia
Treasurer
TRANSFER AGENT
- -------------------------------------------------
Dean Witter Trust FSB
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.
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ACTIVE
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ASSETS(R)
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ACCOUNT
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ACTIVE ASSETS
MONEY TRUST
Semiannual Report
December 31, 1997
