ACTIVE ASSETS MONEY TRUST, N-30D, 2000-02-23

ACTIVE ASSETS MONEY TRUST
N-30D, 2000-02-23

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<PAGE> 1

ACTIVE ASSETS MONEY TRUST Two World Trade Center

LETTER TO THE SHAREHOLDERS December 31, 1999 New York, New York 10048

DEAR SHAREHOLDER:

As of December 31, 1999, Active Assets Money Trust had net assets of
approximately $18.2 billion, up 34 percent from a year earlier. The average life
of the Trust's portfolio was 71 days and its annualized net investment income
for the six-month period ended December 31, 1999 was 5.01 percent, while its
annualized 30-day moving average yield for December was 5.39 percent.

MARKET OVERVIEW

During the six-month period ended December 31, 1999, the U.S. economy continued
on its path of strength propelled by low inflation and unemployment and
accelerated workforce productivity coupled with a recovery in many overseas
economies. With renewed strength in the world economy and the threat of domestic
inflation looming, the Federal Reserve Board raised the federal funds target
rate in three steps from 4.75 percent to 5.50 percent between June and November.
These actions effectively reversed the three rate reductions the Fed had
implemented in the second half of 1998.

Investment rates available from money-market securities were higher during the
second half of 1999 than in the first half. Accordingly, the net yield provided
by the Trust generally followed an upward trend from late June to December as
the Fed raised the intended federal funds rate.

PORTFOLIO COMPOSITION AND STRUCTURE

On December 31, 1999, approximately 75 percent of the Trust's portfolio was
invested in high-quality commercial paper, 15 percent in federal agency and U.S.
Treasury obligations, and the remaining 10 percent in short-term bank notes and
certificates of deposit issued by financially strong commercial banks. At the
end of the period, approximately 87 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. As always, we try
to operate the Trust in a conservative manner without the use of derivatives or
<PAGE> 2
ACTIVE ASSETS MONEY TRUST

LETTER TO THE SHAREHOLDERS December 31, 1999, continued

structured notes that might fluctuate excessively with changing interest rates.
We believe that the Trust continues to serve as a useful investment for
liquidity, preservation of capital and a yield that reflects prevailing
money-market conditions.

LOOKING AHEAD

While we anticipate some moderation in the pace of economic activity during the
year ahead, we believe that the economy's growth rate could remain stronger than
the Fed believes desirable for the long run. As a result, future meetings of the
Fed's Open Market Committee may result in further upward adjustments for
short-term interest rates.

We appreciate your ongoing support of Active Assets Money Trust and look forward
to continuing to serve your investment needs.

<TABLE>
<S> <C>
Very truly yours,

/s/ CHARLES A. FIUMEFREDDO /s/ MITCHELL M. MERIN
CHARLES A. FIUMEFREDDO MITCHELL M. MERIN
Chairman of the Board President
</TABLE>

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<PAGE> 3

ACTIVE ASSETS MONEY TRUST

PORTFOLIO OF INVESTMENTS December 31, 1999 (unaudited)

<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL DESCRIPTION YIELD
AMOUNT IN AND ON DATE OF
THOUSANDS MATURITY DATE PURCHASE VALUE
- -------------------------------------------------------------------------------------
<C> <S> <C> <C>
COMMERCIAL PAPER (74.8%)
Banking (11.0%)
$251,350 Bank of America Corp.
01/27/00 - 02/22/00...................... 5.89 - 6.09% $ 249,916,337
507,500 Citicorp
01/24/00 - 02/28/00...................... 5.83 - 5.97 504,346,604
808,900 Morgan (J.P.) & Co. Inc.
01/18/00 - 03/30/00...................... 5.91 - 6.10 802,171,625
30,000 Northern Trust Corp.
02/15/00................................. 5.96 29,779,125
100,000 Wachovia Corp.
01/14/00 - 02/04/00...................... 5.00 - 5.11 99,680,167
317,800 Wells Fargo & Co.
02/07/00 - 03/24/00...................... 5.89 - 6.04 314,759,877
---------------
2,000,653,735
---------------
Computer Hardware (0.5%)
50,000 IBM Credit Corp.
02/16/00................................. 5.86 49,630,722
50,000 International Business Machines Corp.
01/21/00................................. 5.85 49,841,667
---------------
99,472,389
---------------
Construction/Agricultural/Equipment (0.3%)
45,300 Deere & Co.
01/24/00................................. 6.01 45,127,508
---------------
Diversified Financial Services (6.9%)
232,100 Associates Corp. of North America
01/18/00 - 03/17/00...................... 5.84 - 6.00 230,213,467
77,800 Associates First Capital Corp.
02/02/00 - 02/18/00...................... 5.86 - 6.00 77,267,883
949,700 General Electric Capital Corp.
01/26/00 - 09/08/00...................... 5.18 - 6.15 936,571,720
---------------
1,244,053,070
---------------
Finance - Automotive (9.2%)
908,800 DaimlerChrysler North America Holding
Corp.
01/21/00 - 03/23/00...................... 5.89 - 6.09 900,232,287
516,550 Ford Motor Credit Co.
01/11/00 - 02/10/00...................... 5.55 - 6.03 514,256,624
250,000 General Motors Acceptance Corp.
01/10/00 - 01/12/00...................... 6.57 - 6.63 249,552,403
---------------
1,664,041,314
---------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS

3
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ACTIVE ASSETS MONEY TRUST

PORTFOLIO OF INVESTMENTS December 31, 1999 (unaudited) continued

<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL DESCRIPTION YIELD
AMOUNT IN AND ON DATE OF
THOUSANDS MATURITY DATE PURCHASE VALUE
- -------------------------------------------------------------------------------------
<C> <S> <C> <C>
Finance - Consumer (9.3%)
$870,250 American Express Credit Corp.
01/06/00 - 02/28/00...................... 5.55 - 6.48% $ 866,872,976
735,000 New Center Asset Trust
01/28/00 - 02/18/00...................... 5.85 - 6.07 730,127,931
98,350 Norwest Financial Inc.
02/29/00 - 03/14/00...................... 5.91 - 5.96 97,341,415
---------------
1,694,342,322
---------------
Finance - Corporate (6.2%)
350,000 CIT Group Inc. (The)
01/04/00 - 02/17/00...................... 5.54 - 6.06 348,154,861
775,000 Ciesco, L.P.
01/19/00 - 03/10/00...................... 5.88 - 6.05 770,462,175
---------------
1,118,617,036
---------------
Insurance (0.8%)
153,500 Prudential Funding Corp.
01/11/00 - 02/14/00...................... 5.54 - 6.56 152,975,793
---------------
Integrated Oil Companies (0.6%)
100,000 Chevron USA Inc.
01/26/00 - 02/08/00...................... 6.20 - 6.43 99,453,194
---------------
International Banks (25.0%)
250,000 ANZ (DE) Inc.
03/27/00 - 04/06/00...................... 6.06 - 6.07 246,274,083
635,000 Abbey National North America Corp.
01/05/00 - 03/20/00...................... 6.01 - 6.05 629,828,989
508,450 Barclays U.S. Funding Corp.
01/03/00 - 01/14/00...................... 5.78 - 5.85 507,849,991
170,000 CBA (Delaware) Finance Inc.
01/25/00 - 03/06/00...................... 6.00 - 6.13 168,651,517
384,100 Cregem North America Inc.
01/13/00 - 03/23/00...................... 5.91 - 6.05 379,734,105
838,650 Deutsche Bank Financial Inc.
01/03/00 - 04/19/00...................... 5.77 - 6.04 833,015,183
796,400 Dresdner U.S. Finance Inc.
01/10/00 - 03/08/00...................... 5.87 - 6.32 790,699,768
480,000 Internationale Nederlanden (U.S.) Funding
Corp.
02/09/00 - 03/24/00...................... 5.89 - 6.09 474,800,153
22,950 KFW International Finance Inc.
04/04/00................................. 5.94 22,601,237
245,000 National Australia Funding (DE) Inc.
01/25/00 - 01/27/00...................... 5.86 - 5.87 244,006,805
120,000 Societe Generale N.A. Inc.
03/24/00 - 03/28/00...................... 6.10 - 6.11 118,270,917
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS

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ACTIVE ASSETS MONEY TRUST

PORTFOLIO OF INVESTMENTS December 31, 1999 (unaudited) continued

<TABLE>
<CAPTION>
ANNUALIZED
PRINCIPAL DESCRIPTION YIELD
AMOUNT IN AND ON DATE OF
THOUSANDS MATURITY DATE PURCHASE VALUE
- -------------------------------------------------------------------------------------
<C> <S> <C> <C>
$ 25,800 Toronto-Dominion Holdings (USA) Inc.
02/29/00................................. 5.66% $ 25,562,791
84,150 UBS Finance (Delaware) LLC
05/24/00 - 05/25/00...................... 6.08 - 6.09 82,147,092
30,000 Westpac Capital Corp.
01/28/00................................. 6.14 29,864,100
---------------
4,553,306,731
---------------
Investment Bankers/Brokers/Services (5.0%)
908,150 Goldman Sachs Group Inc.
01/12/00 - 03/28/00...................... 6.01 - 6.53 902,579,817
---------------
TOTAL COMMERCIAL PAPER
(Amortized Cost $13,574,622,909)....................... 13,574,622,909
---------------
U.S. GOVERNMENT & AGENCY OBLIGATIONS
(14.7%)
250,000 Federal Farm Credit Bank
02/11/00 - 12/15/00...................... 4.89 - 6.07 239,561,167
650,000 Federal Home Loan Banks
02/18/00 - 11/24/00...................... 4.90 - 5.93 637,940,657
625,100 Federal Home Loan Mortgage Corp.
03/16/00 - 12/22/00...................... 5.54 - 6.16 605,830,234
984,450 Federal National Mortgage Assoc.
02/04/00 - 12/11/00...................... 4.89 - 6.10 944,739,776
250,000 U.S. Treasury Bills
01/13/00 - 12/07/00...................... 5.23 - 5.92 247,002,295
---------------
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Amortized Cost $2,675,074,129)........................ 2,675,074,129
---------------
CERTIFICATES OF DEPOSIT (5.3%)
339,800 Chase Manhattan Bank (USA), N.A.
01/20/00 - 02/04/00...................... 5.85 - 5.90 339,800,000
300,000 First Union National Bank
01/10/00 - 01/11/00...................... 5.83 - 5.84 300,000,000
328,700 Fleet National Bank
02/22/00 - 02/29/00...................... 6.06 - 6.08 328,700,000
---------------
TOTAL CERTIFICATES OF DEPOSIT
(Amortized Cost $968,500,000).......................... 968,500,000
---------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS

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ACTIVE ASSETS MONEY TRUST

PORTFOLIO OF INVESTMENTS December 31, 1999 (unaudited) continued

<TABLE>
<C> <S> <C> <C>
TOTAL INVESTMENTS
(Amortized Cost $18,138,197,038) (a)........... 99.9% 18,138,197,038

CASH AND OTHER ASSETS IN EXCESS OF
LIABILITIES.................................... 0.1 17,602,744
------ ---------------

NET ASSETS..................................... 100.0% $18,155,799,782
====== ===============
</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, 1999 (unaudited)
ASSETS:
Investments in securities, at value
(amortized cost $18,138,197,038)........................... $18,138,197,038
Cash........................................................ 26,586
Interest receivable......................................... 23,804,624
Prepaid expenses and other assets........................... 675,670
---------------

TOTAL ASSETS............................................ 18,162,703,918
---------------

LIABILITIES:
Payable for:
Investment management fee............................... 4,227,405
Plan of distribution fee................................ 1,582,502
Shares of beneficial interest repurchased............... 100,404
Accrued expenses and other payables......................... 993,825
---------------

TOTAL LIABILITIES....................................... 6,904,136
---------------

NET ASSETS.............................................. $18,155,799,782
===============

COMPOSITION OF NET ASSETS:
Paid-in-capital............................................. $18,155,792,380
Accumulated undistributed net investment income............. 7,402
---------------

NET ASSETS.............................................. $18,155,799,782
===============

NET ASSET VALUE PER SHARE,
18,155,792,380 shares outstanding
(unlimited shares authorized of $.01 par value)............ $1.00
===============
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS

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<PAGE> 8
ACTIVE ASSETS MONEY TRUST

FINANCIAL STATEMENTS, continued

<TABLE>
<S> <C>
STATEMENT OF OPERATIONS
For the six months ended December 31, 1999 (unaudited)

NET INVESTMENT INCOME:

INTEREST INCOME............................................. $ 475,717,768
-------------

EXPENSES
Investment management fee................................... 23,544,685
Plan of distribution fee.................................... 8,390,576
Transfer agent fees and expenses............................ 3,200,067
Registration fees........................................... 834,714
Custodian fees.............................................. 345,678
Shareholder reports and notices............................. 215,532
Professional fees........................................... 38,936
Trustees' fees and expenses................................. 8,641
Other....................................................... 80,765
-------------

TOTAL EXPENSES.......................................... 36,659,594
-------------

NET INVESTMENT INCOME....................................... $ 439,058,174
=============
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS

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<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, 1999 JUNE 30, 1999
- ---------------------------------------------------------------------------------------
(unaudited)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income............................. $ 439,058,174 $ 694,899,969
Net realized gain................................. -- 118,973
--------------- ---------------

NET INCREASE.................................. 439,058,174 695,018,942
--------------- ---------------

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income............................. (439,065,504) (694,893,595)
Net realized gain................................. -- (118,973)
--------------- ---------------

TOTAL DIVIDENDS AND DISTRIBUTIONS............. (439,065,504) (695,012,568)
--------------- ---------------
Net increase from transactions in shares of
beneficial interest.............................. 2,166,424,479 4,067,695,663
--------------- ---------------

NET INCREASE.................................. 2,166,417,149 4,067,702,037
NET ASSETS:
Beginning of period............................... 15,989,382,633 11,921,680,596
--------------- ---------------

END OF PERIOD
(Including undistributed net investment income
of $7,402 and $14,732, respectively).......... $18,155,799,782 $15,989,382,633
=============== ===============
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS

9
<PAGE> 10

ACTIVE ASSETS MONEY TRUST

NOTES TO FINANCIAL STATEMENTS December 31, 1999 (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

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ACTIVE ASSETS MONEY TRUST

NOTES TO FINANCIAL STATEMENTS December 31, 1999 (unaudited) continued

$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 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; 0.25% to the portion of the daily net assets exceeding $3 billion but
not exceeding $15 billion; 0.249% to the portion of the daily net assets
exceeding $15 billion but not exceeding $17.5 billion; and 0.248% to the portion
of the daily net assets exceeding $17.5 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

11
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ACTIVE ASSETS MONEY TRUST

NOTES TO FINANCIAL STATEMENTS December 31, 1999 (unaudited) continued

0.15% of the Trust's average daily net assets. For the six months ended December
31, 1999, 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, 1999 aggregated $33,306,554,581 and
$31,574,074,993, respectively.

Morgan Stanley Dean Witter Trust FSB, an affiliate of the Investment Manager and
Distributor, is the Trust's transfer agent. At December 31, 1999, the Trust had
transfer agent fees and expenses payable of approximately $97,000.

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, 1999
included in Trustees' fees and expenses in the Statement of Operations amounted
to $3,003. At December 31, 1999, the Trust had an accrued pension liability of
$52,582 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, 1999 JUNE 30, 1999
----------------- ---------------
(unaudited)
<S> <C> <C>
Shares sold................................................. 35,009,985,003 56,769,537,371
Shares issued in reinvestment of dividends and
distributions.............................................. 438,122,692 693,725,182
--------------- ---------------
35,448,107,695 57,463,262,553
Shares repurchased.......................................... (33,281,683,216) (53,395,566,890)
--------------- ---------------
Net increase in shares outstanding.......................... 2,166,424,479 4,067,695,663
=============== ===============
</TABLE>

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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, 1999 1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------------------------------
(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.................. 0.025 0.048 0.052 0.051 0.052 0.051

Less dividends from net investment income.............. (0.025) (0.048) (0.052) (0.051) (0.052) (0.051)
------- ------- ------- ------- ------- -------

Net asset value, end of period......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= =======

TOTAL RETURN........................................... 2.54%(1) 4.92% 5.38% 5.23% 5.33% 5.23%

RATIOS TO AVERAGE NET ASSETS:
Expenses............................................... 0.42%(2) 0.43% 0.44% 0.45% 0.47% 0.49%

Net investment income.................................. 5.01%(2) 4.78% 5.24% 5.07% 5.21% 5.16%

SUPPLEMENTAL DATA:
Net assets, end of period, in millions................. $18,156 $15,989 $11,922 $8,928 $7,170 $5,709
</TABLE>

- ---------------------
(1) Not annualized.
(2) Annualized.

SEE NOTES TO FINANCIAL STATEMENTS

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<PAGE> 15

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<PAGE> 16

TRUSTEES
- ----------------------------------
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
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

Mitchell M. Merin
President

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. Read the
prospectus carefully before investing.

ACTIVE
ASSETS(R)
ACCOUNT

ACTIVE ASSETS
MONEY TRUST

Semiannual Report
December 31, 1999