<PAGE> 1
ACTIVE ASSETS MONEY TRUST Two World Trade Center, New York, New York 10048
LETTER TO THE SHAREHOLDERS December 31, 1998
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, 1998.
As of December 31, 1998, the Trust had net assets of approximately $13.6
billion, up 38 percent from a year earlier. The average life of the Trust's
portfolio was 72 days and its annualized net investment income ratio for the
six-month period ended December 31, 1998 was 5.05 percent while its 30-day
moving average yield for December was 4.85 percent.
MARKET OVERVIEW
Rates available from money market securities were generally stable during July,
August and September. The Federal Open Market Committee made three
25-basis-point (one-quarter of a percentage point) cuts in its target rate for
federal funds in late September, mid-October and mid-November. These rate
reductions generally led yields on money market instruments to decline by 75
basis points during the final three months of 1998. The steps taken by the Fed
were motivated by a need to stabilize financial markets following major shocks
to global markets from Russia's summer currency and debt crisis and from a huge
leverage trap that nearly resulted in the collapse of a large hedge fund,
Long-Term Capital Management.
By the end of the period under review, global economies had begun to stabilize.
The powerful U.S. economy continued to benefit from substantial economic
expansion, with only moderate inflation and low levels of unemployment.
PORTFOLIO COMPOSITION AND STRUCTURE
On December 31, 1998, approximately 58 percent of the Trust's portfolio was
invested in high-quality commercial paper, 36 percent in federal agency
obligations, and the remaining 6 percent in short-term bank notes and
certificates of deposit issued by financially strong commercial banks.
<PAGE> 2
ACTIVE ASSETS MONEY TRUST
LETTER TO THE SHAREHOLDERS December 31, 1998, continued
At the end of the fiscal period, approximately 86 percent of the Trust's
holdings were due to mature in less than four months. Consequently, the
portfolio is well positioned for stability of value with a very high degree of
liquidity. We always try to operate the Trust in a conservative manner without
the use of derivatives or structured notes that might fluctuate excessively with
changing interest rates. As always, the Trust serves as a useful investment for
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 1999, with no major adverse surprises in the rate of
inflation. The investment yields available to the Trust early in 1999 are likely
to be somewhat lower than the averages achieved during the second half of 1998.
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
2
<PAGE> 3
ACTIVE ASSETS MONEY TRUST
PORTFOLIO OF INVESTMENTS December 31, 1998 (unaudited)
<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL DESCRIPTION YIELD
AMOUNT IN AND ON DATE OF
THOUSANDS MATURITY DATES PURCHASE VALUE
- -------------------------------------------------------------------------------------
<C> <S> <C>
COMMERCIAL PAPER (57.6%)
Banking (9.8%)
$ 50,000 Bank of New York Co. Inc.
02/22/99............................. 5.17% $ 49,631,667
200,000 Bank One Corp.
01/26/99 - 03/30/99.................. 5.14 198,408,583
100,000 BankAmerica Corp.
02/08/99............................. 5.23 99,455,333
255,000 Bankers Trust Corp.
02/16/99 - 04/14/99.................. 5.65 - 5.72 251,918,681
70,000 Mellon Financial Co.
03/19/99............................. 5.12 69,243,903
325,000 Morgan (J.P.) & Co. Inc.
01/26/99 - 02/05/99.................. 5.40 - 5.43 323,568,293
100,000 NationsBank Corp.
02/05/99............................. 5.65 99,466,250
250,000 Wells Fargo & Co.
03/29/99 - 04/15/99.................. 5.12 - 5.14 246,706,125
--------------
1,338,398,835
--------------
Construction/Agricultural Equipment/Trucks (0.4%)
50,000 Deere (John) Capital Corp.
01/25/99............................. 5.24 49,827,333
--------------
Diversified Financial Services (7.1%)
444,200 Associates Corp. of North America
01/14/99 - 04/16/99.................. 5.08 - 5.35 441,830,686
526,700 General Electric Capital Corp.
01/19/99 - 05/17/99.................. 5.08 - 5.67 521,357,453
--------------
963,188,139
--------------
Finance - Automotive (10.6%)
205,000 Chrysler Financial Corp.
02/25/99 - 03/10/99.................. 5.12 - 5.16 203,255,458
470,000 Daimler-Benz North America Corp.
03/05/99 - 04/22/99.................. 5.12 - 5.24 463,575,653
208,100 Ford Motor Credit Co.
01/05/99 - 03/25/99.................. 5.10 - 5.40 207,130,659
570,500 General Motors Acceptance Corp.
01/13/99 - 03/18/99.................. 5.13 - 5.40 568,615,283
--------------
1,442,577,053
--------------
Finance - Consumer (5.6%)
170,450 American Express Credit Corp.
01/05/99 - 05/20/99.................. 5.10 - 5.58 168,368,902
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
3
<PAGE> 4
ACTIVE ASSETS MONEY TRUST
PORTFOLIO OF INVESTMENTS December 31, 1998 (unaudited) continued
<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL DESCRIPTION YIELD
AMOUNT IN AND ON DATE OF
THOUSANDS MATURITY DATES PURCHASE VALUE
- -------------------------------------------------------------------------------------
<C> <S> <C> <C>
$ 195,000 Avco Financial Services Inc.
01/11/99 - 02/23/99.................. 5.20 - 5.45% $ 194,320,246
28,400 Household Finance Corp.
02/23/99............................. 5.22 28,183,837
375,000 New Center Asset Trust
01/22/99 - 02/10/99.................. 5.13 - 5.39 373,472,192
--------------
764,345,177
--------------
Finance - Corporate (4.9%)
420,000 Ciesco, L.P.
01/19/99 - 02/22/99.................. 5.25 - 5.42 417,682,111
260,000 CIT Group Inc. (The)
01/21/99 - 02/11/99.................. 5.40 - 5.73 259,020,167
--------------
676,702,278
--------------
Insurance (0.9%)
50,000 American General Finance Corp.
03/23/99............................. 5.18 49,424,000
75,200 Prudential Funding Corp.
01/12/99 - 01/20/99.................. 5.34 - 5.38 75,019,273
--------------
124,443,273
--------------
Integrated Oil Companies (0.9%)
70,000 Chevron USA Inc.
01/29/99............................. 5.41 69,707,089
50,000 Texaco Inc.
03/02/99............................. 5.16 49,574,167
--------------
119,281,256
--------------
International Banks (15.0%)
65,000 Abbey National North America Corp.
02/04/99............................. 5.66 64,662,361
70,000 ABN - AMRO North America Finance Inc.
01/29/99............................. 5.72 69,701,100
210,000 Commerzbank U.S. Finance Inc.
01/25/99 - 02/12/99.................. 5.43 - 5.64 208,855,675
561,300 Deutsche Bank Financial Inc.
01/04/99 - 01/26/99.................. 5.10 - 5.89 560,218,957
245,750 Dresdner U.S. Finance Inc.
01/05/99 - 01/07/99.................. 5.46 - 5.52 245,546,432
150,000 National Australia Funding (DEL) Inc.
01/08/99............................. 5.23 149,848,333
150,000 Societe Generale N.A. Inc.
02/25/99............................. 5.24 148,817,500
230,000 Toronto-Dominion Holdings USA Inc.
01/19/99 - 03/02/99.................. 5.17 - 5.43 229,088,167
359,350 UBS Finance (DEL) Inc.
01/15/99 - 04/08/99.................. 4.89 - 5.35 357,266,027
--------------
2,034,004,552
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
4
<PAGE> 5
ACTIVE ASSETS MONEY TRUST
PORTFOLIO OF INVESTMENTS December 31, 1998 (unaudited) continued
<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL DESCRIPTION YIELD
AMOUNT IN AND ON DATE OF
THOUSANDS MATURITY DATES PURCHASE VALUE
- -------------------------------------------------------------------------------------
<C> <S> <C> <C>
Investment Bankers/Brokers/Services (0.8%)
$ 104,050 Goldman Sachs Group L.P.
01/04/99 - 01/11/99.................. 5.34 - 5.39% $ 103,962,854
--------------
Retail (1.6%)
225,100 Sears Roebuck Acceptance Corp.
01/22/99 - 02/18/99.................. 5.16 - 5.43 223,896,107
--------------
TOTAL COMMERCIAL PAPER
(Amortized Cost $7,840,626,857)........................ 7,840,626,857
--------------
CERTIFICATES OF DEPOSIT (2.2%)
Major Banks
100,000 Chase Manhattan Bank (USA)
02/23/99............................. 5.12 100,000,000
100,000 Mellon Bank, N.A.
02/01/99............................. 5.13 100,000,000
100,000 Morgan Guaranty Trust Co.
03/10/99............................. 5.12 100,000,000
--------------
TOTAL CERTIFICATES OF DEPOSIT
(Amortized Cost $300,000,000).......................... 300,000,000
--------------
SHORT-TERM BANK NOTES (4.4%)
Major Banks
170,000 F.C.C. National Bank
02/24/99 - 02/26/99.................. 5.28 170,000,000
150,000 First Union National Bank
01/28/99 - 03/30/99.................. 5.22 - 5.66 150,000,000
285,000 NationsBank N.A.
03/11/99 - 03/17/99.................. 5.12 285,000,000
--------------
TOTAL SHORT-TERM BANK NOTES
(Amortized Cost $605,000,000).......................... 605,000,000
--------------
U.S. GOVERNMENT AGENCIES (35.7%)
95,000 Federal Farm Credit Bank
04/05/99 - 10/25/99.................. 4.83 - 4.87 92,513,725
989,100 Federal Home Loan Banks
03/22/99 - 06/30/99.................. 4.66 - 4.81 972,406,923
2,065,100 Federal Home Loan Mortgage Corp.
01/28/99 - 06/02/99.................. 4.77 - 5.11 2,040,440,606
1,776,000 Federal National Mortgage Assoc.
03/04/99 - 07/20/99.................. 4.71 - 5.62 1,742,729,839
--------------
TOTAL U.S. GOVERNMENT AGENCIES
(Amortized Cost $4,848,091,093)........................ 4,848,091,093
--------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE> 6
ACTIVE ASSETS MONEY TRUST
PORTFOLIO OF INVESTMENTS December 31, 1998 (unaudited) continued
<TABLE>
<CAPTION>
VALUE
- -------------------------------------------------------------------------------------
<C> <S> <C> <C>
TOTAL INVESTMENTS
(Amortized Cost $13,593,717,950) (a)............. 99.9% $13,593,717,950
CASH AND OTHER ASSETS IN EXCESS
OF LIABILITIES.................................... 0.1 2,066,762
----- --------------
NET ASSETS...................................... 100.0% $13,595,784,712
===== ===============
</TABLE>
- ---------------------
(a) Cost is the same for federal income tax purposes.
SEE NOTES TO FINANCIAL STATEMENTS
6
<PAGE> 7
ACTIVE ASSETS MONEY TRUST
FINANCIAL STATEMENTS
<TABLE>
<S> <C>
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1998 (unaudited)
ASSETS:
Investments in securities, at value
(amortized cost $13,593,717,950)........................... $13,593,717,950
Cash........................................................ 39,230
Interest receivable......................................... 7,156,631
Prepaid expenses and other assets........................... 463,689
--------------
TOTAL ASSETS............................................ 13,601,377,500
--------------
LIABILITIES:
Payable for:
Investment management fee............................... 3,318,162
Plan of distribution fee................................ 1,216,854
Shares of beneficial interest repurchased............... 352,995
Accrued expenses and other payables......................... 704,777
--------------
TOTAL LIABILITIES....................................... 5,592,788
--------------
NET ASSETS.............................................. $13,595,784,712
==============
COMPOSITION OF NET ASSETS:
Paid-in-capital............................................. $13,595,782,352
Accumulated undistributed net investment income............. 2,360
--------------
NET ASSETS.............................................. $13,595,784,712
==============
NET ASSET VALUE PER SHARE,
13,595,782,352 shares outstanding
(unlimited shares authorized of $.01 par value)............ $1.00
==============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
7
<PAGE> 8
ACTIVE ASSETS MONEY TRUST
FINANCIAL STATEMENTS, continued
<TABLE>
<S> <C>
STATEMENT OF OPERATIONS
For the six months ended December 31, 1998 (unaudited)
NET INVESTMENT INCOME:
INTEREST INCOME............................................. $369,075,310
------------
EXPENSES
Investment management fee................................... 18,463,869
Plan of distribution fee.................................... 6,730,206
Transfer agent fees and expenses............................ 2,533,733
Registration fees........................................... 782,417
Custodian fees.............................................. 252,608
Shareholder reports and notices............................. 168,722
Professional fees........................................... 29,393
Trustees' fees and expenses................................. 8,885
Other....................................................... 39,345
------------
TOTAL EXPENSES.......................................... 29,009,178
------------
NET INVESTMENT INCOME................................... 340,066,132
NET REALIZED GAIN....................................... 90,104
------------
NET INCREASE................................................ $340,156,236
============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
8
<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, 1998 JUNE 30, 1998
- ---------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income............................. $ 340,066,132 $ 557,753,091
Net realized gain................................. 90,104 52,509
--------------- ---------------
NET INCREASE.................................. 340,156,236 557,805,600
--------------- ---------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income............................. (340,072,130) (557,754,793)
Net realized gain................................. (90,104) (52,509)
--------------- ---------------
TOTAL......................................... (340,162,234) (557,807,302)
--------------- ---------------
Net increase from transactions in shares of
beneficial interest.............................. 1,674,110,114 2,993,642,870
--------------- ---------------
NET INCREASE.................................. 1,674,104,116 2,993,641,168
NET ASSETS:
Beginning of period............................... 11,921,680,596 8,928,039,428
--------------- ---------------
END OF PERIOD
(Including undistributed net investment income
of
$2,360 and $8,358, respectively).............. $13,595,784,712 $11,921,680,596
=============== ===============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
9
<PAGE> 10
ACTIVE ASSETS MONEY TRUST
NOTES TO FINANCIAL STATEMENTS December 31, 1998 (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 Morgan Stanley Dean Witter
Advisors 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
10
<PAGE> 11
ACTIVE ASSETS MONEY TRUST
NOTES TO FINANCIAL STATEMENTS December 31, 1998 (unaudited) continued
$1.5 billion; 0.325% to the 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
Morgan Stanley 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, 1998, the
distribution fee was accrued at the annual rate of 0.10%.
11
<PAGE> 12
ACTIVE ASSETS MONEY TRUST
NOTES TO FINANCIAL STATEMENTS December 31, 1998 (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, 1998 aggregated $24,874,484,371 and
$23,526,344,845, respectively.
Morgan Stanley Dean Witter Trust FSB, an affiliate of the Investment Manager and
Distributor, is the Trust's transfer agent. At December 31, 1998, the Trust had
transfer agent fees and expenses payable of approximately $18,000.
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, 1998
included in Trustees' fees and expenses in the Statement of Operations amounted
to $3,016. At December 31, 1998, the Trust had an accrued pension liability of
$51,037 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, 1998 JUNE 30, 1998
----------------- ---------------
(unaudited)
<S> <C> <C>
Shares sold................................................. 25,014,648,941 43,883,134,528
Shares issued in reinvestment of dividends and
distributions.............................................. 339,526,692 556,771,082
--------------- ---------------
25,354,175,633 44,439,905,610
Shares repurchased.......................................... (23,680,065,519) (41,446,262,740)
--------------- ---------------
Net increase in shares outstanding.......................... 1,674,110,114 2,993,642,870
=============== ===============
</TABLE>
12
<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, 1998 1998 1997 1996 1995 1994
- ---------------------------------------------------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER SHARE DATA:
Net asset value, beginning of period................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------
Net income from investment operations.................. 0.026 0.052 0.051 0.052 0.051 0.029
Less dividends from net investment income.............. (0.026) (0.052) (0.051) (0.052) (0.051) (0.029)
------ ------ ------ ------ ------ ------
Net asset value, end of period......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
TOTAL RETURN........................................... 2.59%(1) 5.38% 5.23% 5.33% 5.23% 2.99%
RATIOS TO AVERAGE NET ASSETS:
Expenses............................................... 0.43%(2) 0.44% 0.45% 0.47% 0.49% 0.51%
Net investment income.................................. 5.05%(2) 5.24% 5.07% 5.21% 5.16% 2.95%
SUPPLEMENTAL DATA:
Net assets, end of period, in millions................. $13,596 $11,922 $8,928 $7,170 $5,709 $4,144
</TABLE>
- ---------------------
(1) Not annualized.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
13
<PAGE> 14
(This Page Intentionally Left Blank)
14
<PAGE> 15
(This Page Intentionally Left Blank)
15
<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
- ---------------------------------------
Morgan Stanley Dean Witter Trust FSB
Harborside Financial Center -- Plaza Two
Jersey City, New Jersey 07311
INDEPENDENT ACCOUNTANTS
- ---------------------------------------
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
INVESTMENT MANAGER
- ---------------------------------------
Morgan Stanley Dean Witter Advisors Inc.
Two World Trade Center
New York, New York 10048
The financial statements included herein have been taken from the records of the
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, 1998
