TCW/DW GLOBAL TELECOM TRUST, N-30D, 1998-02-06

TCW/DW GLOBAL TELECOM TRUST
N-30D, 1998-02-06

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<PAGE>
TCW/DW GLOBAL TELECOM TRUST TWO WORLD TRADE CENTER, NEW YORK, NEW YORK
10048
LETTER TO THE SHAREHOLDERS NOVEMBER 30, 1997

DEAR SHAREHOLDER:

The six-month period ended November 30, 1997 was quite tumultuous for investors
in technology and international stocks. The period was punctuated by two
noteworthy events. First, Asian markets experienced a severe correction as the
region's currencies were sharply devalued and economic growth projections for
the area were reduced. Coincidentally, Brazil underwent a sympathetic reaction
to the problems in Asia. Second, several large U.S. multinational consumer
nondurable companies preannounced earnings shortfalls, which placed pressure on
many large-cap names. During August and September, a divergence between
large-cap and small-cap stocks took shape as the small-cap stocks outperformed
the larger. However, technology stocks suffered in October and November as fears
of worldwide economic slowing pervaded the markets.

PERFORMANCE AND PORTFOLIO COMPOSITION

On July 28, 1997, TCW/DW Global Telecom Trust began offering four classes of
shares -- A, B, C and D -- each with its own sales charge and distribution fee
structure. A revised prospectus, which includes complete details regarding the
Fund's conversion to multiple classes of shares, was mailed to shareholders in
mid-summer.

For the six-month period ended November 30, 1997, the Fund's Class B shares
produced a total return of 11.11 percent. This compares to a return of 13.60
percent for the broad-based Standard & Poor's 500 Composite Stock Price Index
(S&P 500) and 14.20 percent for the Lipper Telecommunication Funds Average.

The Fund was designed to capture the dramatic changes taking place in
telecommunications throughout the world. The Fund seeks to achieve its objective
of long-term capital appreciation by diversifying its portfolio across different
sectors of the telecommunication and information industries as well as
geographically. This strategy benefited the Fund during the past six months.
<PAGE>
TCW/DW GLOBAL TELECOM TRUST
LETTER TO THE SHAREHOLDERS NOVEMBER 30, 1997, CONTINUED

On November 30, 1997, approximately 72 percent of the Fund's assets was
allocated to North America, with 26 percent in other foreign investments and the
remaining 2 percent in cash. Transporters of telecommunications (e.g., voice,
video and data) accounted for 39 percent of the portfolio, enabling technology
25 percent, content providers 20 percent and infrastructure 14 percent. Among
the Fund's key holdings are Cisco Systems, Inc. and Rambus Inc. (enabling
technology), Sterling Commerce, Inc. (content providers) and Nokia Corp.
(infrastructure).

LOOKING AHEAD

According to TCW Funds Management, Inc., the Fund's investment adviser, a major
convergence is occurring within the telecommunication industry. This phenomenom
is evidenced by the recent acquisitions of Brooks Fiber and MCI by Worldcom, the
combination of CUC International and Hospitality Franchises, and persistent
rumors of AT&T being on the acquisition prowl. TCW anticipates a continuance of
this trend and believes that 1998 could turn out to be a year of consolidation
within the telecommunications industry.

Over the long term, TCW believes that the telecommunications area continues to
offer outstanding investment opportunities. Supporting this view are several
positive long-term trends, including the worldwide infrastructure expansion of
existing communications networks, the growth of wireless networks and the
gradual shift from analog to digital technologies.

We appreciate your support of TCW/DW Global Telecom Trust and look forward to
continuing to serve your investment needs and objectives.

Very truly yours,

[SIGNATURE]
CHARLES A. FIUMEFREDDO
CHAIRMAN OF THE BOARD
<PAGE>
TCW/DW GLOBAL TELECOM TRUST
PORTFOLIO OF INVESTMENTS NOVEMBER 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
COMMON AND CONVERTIBLE PREFERRED STOCKS AND WARRANTS (98.2%)
AUSTRALIA (1.1%)
TELECOMMUNICATIONS
43,350 Telstra Corp. (ADR)............................................................. $ 1,612,100
------------
CANADA (1.2%)
COMPUTER SOFTWARE
95,300 Cognicase Inc................................................................... 893,437
------------
TELECOMMUNICATIONS
72,000 Clearnet Communications Inc. (Class A)*......................................... 855,000
------------

TOTAL CANADA.................................................................... 1,748,437
------------

CZECH REPUBLIC (1.1%)
TELECOMMUNICATIONS
15,000 SPT Telekom AS*................................................................. 1,579,772
------------
FINLAND (1.7%)
TELECOMMUNICATIONS
30,000 Nokia Corp. (ADR)............................................................... 2,493,750
------------
FRANCE (1.4%)
COMMUNICATIONS EQUIPMENT
80,000 Alcatel Alsthom (ADR)........................................................... 1,980,000
------------

GREECE (1.1%)
TELEPHONES
80,000 Hellenic Telecommunication Organization S.A..................................... 1,573,610
------------
HONG KONG (3.1%)
TELECOMMUNICATIONS
150,000 APT Satellite Holdings Ltd. (ADR)*.............................................. 2,062,500
1,000,000 Smartone Telecommunications*.................................................... 2,406,272
------------

TOTAL HONG KONG................................................................. 4,468,772
------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>

HUNGARY (1.6%)
CABLE/CELLULAR
280,000 Matav RT........................................................................ $ 1,108,216
60,000 Matav RT (ADR).................................................................. 1,215,000
------------

TOTAL HUNGARY................................................................... 2,323,216
------------

INDIA (1.1%)
TELECOMMUNICATIONS
125,000 Videsh Sanchar Nigam Ltd. (GDR)*................................................ 1,656,250
------------

ISRAEL (2.6%)
TELECOMMUNICATIONS
70,000 ECI Telecommunications Limited Designs.......................................... 1,898,750
60,000 Gilat Satellite Networks Ltd.................................................... 1,905,000
------------

TOTAL ISRAEL.................................................................... 3,803,750
------------

ITALY (2.5%)
COMMUNICATIONS EQUIPMENT
800,000 Pirelli SpA..................................................................... 1,983,712
------------
TELECOMMUNICATIONS
250,000 Telecom Italia SpA.............................................................. 1,556,277
------------

TOTAL ITALY..................................................................... 3,539,989
------------

JAPAN (2.8%)
ELECTRONIC & ELECTRICAL EQUIPMENT
24,000 Sony Corp. (ADR)................................................................ 2,004,000
------------
UTILITIES - TELEPHONE
50,000 Nippon Telegraph & Telephone (ADR).............................................. 2,078,125
------------

TOTAL JAPAN..................................................................... 4,082,125
------------

LUXEMBOURG (1.0%)
TELECOMMUNICATIONS
40,000 Millicom International Cellular S.A.*........................................... 1,480,000
------------
</TABLE>

UNITED KINGDOM (3.5%)
TELECOMMUNICATIONS
50,000 COLT Telecom Group PLC (ADR)*................................................... 2,168,750
200,000 Esat Telecom Group PLC (ADR).................................................... 2,850,000
------------

TOTAL UNITED KINGDOM............................................................ 5,018,750
------------

UNITED STATES (66.8%)
AIRCRAFT & AEROSPACE
27,900 Raytheon Co..................................................................... 1,560,656
------------
BROADCAST MEDIA
40,000 Central European Media Enterprises Ltd. (Class A)............................... 1,000,000
46,600 Cox Communications, Inc. (Class A)*............................................. 1,581,487
116,196 Westinghouse Electric Corp...................................................... 3,485,880
------------
6,067,367
------------
BUSINESS SERVICES
44,700 Cognizant Corp.................................................................. 1,916,512
93,000 LCC International, Inc. (Class A)*.............................................. 1,825,125
34,500 Omnicom Group, Inc.............................................................. 2,557,312
------------
6,298,949
------------
CABLE TELEVISION EQUIPMENT
33,700 CIENA Corp.*.................................................................... 1,826,119
------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>

CABLE/CELLULAR
57,200 Houston Industries, Inc. $1.65 (Conv. Pref.).................................... $ 3,174,600
------------
COMMUNICATIONS - EQUIPMENT & SOFTWARE
36,000 Cisco Systems, Inc.*............................................................ 3,102,750
38,000 Harris Corp..................................................................... 1,802,625
117,600 Pairgain Technologies, Inc.*.................................................... 2,770,950
35,100 Tellabs, Inc.*.................................................................. 1,823,006
------------
9,499,331
------------
COMMUNICATIONS - EQUIPMENT/MANUFACTURERS
68,200 Andrew Corp.*................................................................... 1,803,037
------------
COMMUNICATIONS EQUIPMENT
91,500 FORE Systems, Inc............................................................... 1,578,375
55,800 MRV Communications, Inc.*....................................................... 1,562,400
------------
3,140,775
------------
COMPUTER SOFTWARE
13,900 Microsoft Corp.*................................................................ 1,965,981
128,300 Pervasive Software, Inc.*....................................................... 1,010,362
44,800 Security Dynamics Technologies, Inc.*........................................... 1,517,600
24,700 Trusted Information Systems, Inc................................................ 223,844
------------
4,717,787
------------
COMPUTER SOFTWARE & SERVICES
95,800 Checkfree Corp.*................................................................ 2,496,788
100,800 CUC International, Inc.......................................................... 2,898,000
56,500 Sterling Commerce, Inc.*........................................................ 1,963,375
------------
7,358,163
------------
CONSUMER SERVICES
64,800 E*TRADE Group, Inc.*............................................................ 1,620,000
------------
ELECTRONICS - SEMICONDUCTORS/COMPONENTS
22,600 Intel Corp...................................................................... 1,754,325
32,100 Maxim Integrated Products, Inc.*................................................ 2,216,906
28,500 Motorola, Inc................................................................... 1,791,938
30,300 Rambus Inc.*.................................................................... 1,691,119
------------
7,454,288
------------
HOME ENTERTAINMENT
55,800 Electronic Arts, Inc............................................................ 1,869,300
178,600 T-HQ, Inc.*..................................................................... 3,315,263
------------
5,184,563
------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW GLOBAL TELECOM TRUST
PORTFOLIO OF INVESTMENTS NOVEMBER 30, 1997 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
INTERNET
87,500 At Home Corp. (Ser A)........................................................... $ 1,793,750
------------
MEDIA
33,300 Hearst-Argyle Television, Inc.*................................................. 974,025
65,400 Tele-Communications Liberty Media Group (Class A)*.............................. 2,203,163
184,400 VDI Media*...................................................................... 2,005,350
------------
5,182,538
------------
PUBLISHING
50,100 Mecklermedia Corp.*............................................................. 1,095,938
------------
TELECOMMUNICATIONS
34,400 Advanced Fibre Communications, Inc.*............................................ 881,500
250,000 Euronet Services, Inc........................................................... 1,750,000
100,000 General Communication, Inc. (Class A)........................................... 681,250
80,000 Globalstar Telecommunications Ltd.*............................................. 3,965,000
5,000 Hybrid Networks, Inc............................................................ 85,625
21,500 Iridium World Communications Ltd................................................ 876,125
42,000 LCI International, Inc.*........................................................ 1,157,625
14,400 Lucent Technologies, Inc........................................................ 1,153,800
39,100 NEXTLINK Communications, Inc. (Class A)*........................................ 789,331
307,000 PLD Telekom, Inc.*.............................................................. 1,957,125
84,100 Premiere Technologies, Inc.*.................................................... 2,007,888
100,000 RSL Communications, Ltd. (Class A).............................................. 2,512,500
80,000 SmarTalk Teleservices, Inc.*.................................................... 1,710,000
100,000 Tele-Communications TCI Ventures Group (Class A)................................ 2,262,500

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>

50,700 Teleport Communications Group Inc. (Class A)*................................... $ 2,477,963
45,708 Winstar Communications, Inc. 6% (Conv. Pref.)*.................................. 1,508,364
17,600 Winstar Communications, Inc. (Class C) (Warrants)............................... 149,600
51,400 WorldCom, Inc.*................................................................. 1,644,800
------------
27,570,996
------------
WIRE & CABLE
135,600 Asia Pacific Wire & Cable Corp.*................................................ 1,220,400
------------

TOTAL UNITED STATES............................................................. 96,569,257
------------
</TABLE>

<TABLE>
<S> <C> <C>
TOTAL COMMON AND CONVERTIBLE PREFERRED STOCKS AND WARRANTS
(IDENTIFIED COST $120,086,243)............................................................ 98.2 % 141,873,528

CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES............................................ 1.8 2,612,306
------ -------------

NET ASSETS................................................................................ 100.0 % $ 144,485,834
------ -------------
------ -------------
</TABLE>

- ---------------------

ADR American Depository Receipt.
GDR Global Depository Receipt.
RDC Russian Depository Certificate.
* Non-income producing security.
** Resale is restricted to qualified institutional investors.
(a) The aggregate cost for federal income tax purposes approximates identified
cost. The aggregate gross unrealized appreciation is $27,729,652 and the
aggregate gross unrealized depreciation is $5,942,367, resulting in net
unrealized appreciation of $21,787,285.

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW GLOBAL TELECOM TRUST
SUMMARY OF INVESTMENTS NOVEMBER 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------------
Aircraft & Aerospace.............................................................. $ 1,560,656 1.1 %
Broadcast Media................................................................... 8,298,617 5.7
Business Services................................................................. 6,298,949 4.4
Cable Television Equipment........................................................ 1,826,119 1.3
Cable/Cellular.................................................................... 5,497,816 3.8
Communications - Equipment & Software............................................. 9,499,331 6.6
Communications - Equipment/Manufacturers.......................................... 1,803,037 1.2
Communications Equipment.......................................................... 7,104,487 4.9
Computer Software................................................................. 5,611,224 3.9
Computer Software & Services...................................................... 7,358,163 5.1
Consumer Services................................................................. 1,620,000 1.1
Electronic & Electrical Equipment................................................. 2,004,000 1.4
Electronics - Semiconductors/ Components.......................................... 7,454,288 5.2

<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Home Entertainment................................................................ $ 5,184,563 3.6 %
Internet.......................................................................... 1,793,750 1.2
Media............................................................................. 5,182,538 3.6
Publishing........................................................................ 1,095,938 0.8
Telecommunications................................................................ 52,095,417 36.1
Telephones........................................................................ 7,286,110 5.0
Utilities - Telephone............................................................. 2,078,125 1.4
Wire & Cable...................................................................... 1,220,400 0.8
------------ ---
$141,873,528 98.2 %
------------ ---
------------ ---
</TABLE>

<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------------
Common Stocks..................................................................... $137,040,964 94.9 %
Convertible Preferred Stocks...................................................... 4,682,964 3.2
Warrants.......................................................................... 149,600 0.1
------------ ---
$141,873,528 98.2 %
------------ ---
------------ ---
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW GLOBAL TELECOM TRUST
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1997 (UNAUDITED)

<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $120,086,243).............................................................. $141,873,528
Cash.......................................................................................... 1,640,164
Receivable for:
Investments sold.......................................................................... 2,120,304
Shares of beneficial interest sold........................................................ 139,818
Dividends................................................................................. 37,488
Foreign withholding taxes reclaimed....................................................... 26,194
Interest.................................................................................. 21,008
Deferred organizational expenses.............................................................. 128,659
Receivable from affiliate..................................................................... 1,351
Prepaid expenses and other assets............................................................. 72,784
------------
TOTAL ASSETS............................................................................. 146,061,298
------------
LIABILITIES:
Payable for:
Investments purchased..................................................................... 1,225,200
Plan of distribution fee.................................................................. 100,886
Management fee............................................................................ 71,511
Investment advisory fee................................................................... 47,674
Shares of beneficial interest repurchased................................................. 14,635
Accrued expenses and other payables........................................................... 115,558
------------
TOTAL LIABILITIES........................................................................ 1,575,464
------------
NET ASSETS............................................................................... $144,485,834
------------
------------
COMPOSITION OF NET ASSETS:
Paid-in-capital............................................................................... $117,271,920
Net unrealized appreciation................................................................... 21,786,234
Net investment loss........................................................................... (965,178)
Accumulated undistributed net realized gain................................................... 6,392,858
------------
NET ASSETS............................................................................... $144,485,834
------------
------------
CLASS A SHARES:
Net Assets.................................................................................... $210,054
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 16,502
NET ASSET VALUE PER SHARE................................................................ $12.73
------------
------------
MAXIMUM OFFERING PRICE PER SHARE,
(NET ASSET VALUE PLUS 5.54% OF NET ASSET VALUE)........................................ $13.44
------------
------------
CLASS B SHARES:
Net Assets.................................................................................... $143,945,997
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 11,334,952
NET ASSET VALUE PER SHARE................................................................ $12.70
------------
------------
CLASS C SHARES:
Net Assets.................................................................................... $319,963
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 25,196
NET ASSET VALUE PER SHARE................................................................ $12.70
------------
------------
CLASS D SHARES:
Net Assets.................................................................................... $9,820
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 771
NET ASSET VALUE PER SHARE................................................................ $12.74
------------
------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW GLOBAL TELECOM TRUST
FINANCIAL STATEMENTS, CONTINUED

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED NOVEMBER 30, 1997* (UNAUDITED)

<TABLE>
<S> <C>
NET INVESTMENT INCOME:

INCOME
Dividends (net of $57,945 foreign withholding tax)............................................. $ 569,853
Interest....................................................................................... 75,372
-----------

TOTAL INCOME.............................................................................. 645,225
-----------

EXPENSES
Plan of distribution fee (Class A shares)...................................................... 103
Plan of distribution fee (Class B shares)...................................................... 584,279
Plan of distribution fee (Class C shares)...................................................... 886
Management fee................................................................................. 430,853
Investment advisory fee........................................................................ 287,236
Transfer agent fees and expenses............................................................... 164,279
Custodian fees................................................................................. 40,730
Trustees' fees and expenses.................................................................... 26,858
Professional fees.............................................................................. 21,371
Registration fees.............................................................................. 19,992
Organizational expenses........................................................................ 17,785
Shareholder reports and notices................................................................ 11,527
Other.......................................................................................... 4,504
-----------

TOTAL EXPENSES............................................................................ 1,610,403
-----------

NET INVESTMENT LOSS....................................................................... (965,178)
-----------

NET REALIZED AND UNREALIZED GAIN:
Net realized gain (loss) on:
Investments................................................................................ 5,881,610
Foreign exchange transactions.............................................................. (16,978)
-----------

NET GAIN.................................................................................. 5,864,632
-----------
Net change in unrealized appreciation/depreciation on:
Investments................................................................................ 8,380,479
Translation of other assets and liabilities denominated in foreign currencies.............. (376)
-----------

NET APPRECIATION.......................................................................... 8,380,103
-----------

NET GAIN.................................................................................. 14,244,735
-----------

NET INCREASE................................................................................... $13,279,557
-----------
-----------
</TABLE>

- ---------------------

* Class A, Class C and Class D shares were issued July 28, 1997.

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW GLOBAL TELECOM TRUST
FINANCIAL STATEMENTS, CONTINUED

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
FOR THE PERIOD
AUGUST 28,
FOR THE SIX 1996*
MONTHS ENDED THROUGH
NOVEMBER 30, 1997** MAY 31, 1997
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
(unaudited)

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment loss.................................................... $ (965,178) $ (1,003,201)
Net realized gain...................................................... 5,864,632 1,507,340
Net change in unrealized appreciation.................................. 8,380,103 13,406,131
-------------------- --------------

NET INCREASE...................................................... 13,279,557 13,910,270
Net increase from transactions in shares of beneficial interest........ 8,965,961 108,230,046
-------------------- --------------

NET INCREASE...................................................... 22,245,518 122,140,316

NET ASSETS:
Beginning of period.................................................... 122,240,316 100,000
-------------------- --------------

END OF PERIOD
(INCLUDING A NET INVESTMENT LOSS OF $965,178 AND $0,
RESPECTIVELY)...................................................... $ 144,485,834 $ 122,240,316
-------------------- --------------
-------------------- --------------
</TABLE>

- ---------------------

* Commencement of operations.
** Class A, Class C and Class D shares were issued July 28, 1997.

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW GLOBAL TELECOM TRUST
NOTES TO FINANCIAL STATEMENTS NOVEMBER 30, 1997 (UNAUDITED)

1. ORGANIZATIONAL AND ACCOUNTING POLICIES

TCW/DW Global Telecom Trust (the "Fund") is registered under the Investment
Company Act of 1940, as amended (the "Act"), as a diversified, open-end
management investment company. The Fund's investment objective is long-term
capital appreciation. The Fund seeks to achieve its objective by investing
primarily in securities of domestic and foreign companies operating in all
aspects of the telecommunications and information industries. The Fund was
organized as a Massachusetts business trust on March 28, 1996 and had no other
operations other than those relating to organizational matters and the issuance
of 10,000 shares of beneficial interest for $100,000 to Dean Witter InterCapital
Inc. ("InterCapital"), an affiliate of Dean Witter Services Company Inc. (the
"Manager"), to effect the Fund's initial capitalization. The Fund commenced
operations on August 28, 1996. On July 28, 1997, the Fund commenced offering
three additional classes of shares, with the then current shares designated as
Class B shares.

The Fund offers Class A shares, Class B shares, Class C shares and Class D
shares. The four classes are substantially the same except that most Class A
shares are subject to a sales charge imposed at the time of purchase, some Class
A shares, and most Class B shares and Class C shares are subject to a contingent
deferred sales charge imposed on shares redeemed within one year, six years and
one year, respectively. Class D shares are not subject to a sales charge.
Additionally, Class A shares, Class B shares and Class C shares incur
distribution expenses.

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 -- (1) an equity security listed or traded on the
New York, American or other domestic or foreign stock exchange is valued at its
latest sale price on that exchange prior to the time when assets are valued; if
there were no sales that day, the security is valued at the latest bid price (in
cases where securities are traded on more than one exchange; the securities are
valued on the exchange designated as the primary market by the Adviser); (2) all
other portfolio securities for which over-the-counter market quotations are
readily available are valued at the latest available bid price prior to the time
of valuation; (3) when market quotations are not readily available, including
circumstances under which it is determined by TCW Funds Management, Inc. (the
"Adviser") that sale or bid prices are not reflective of a security's market
value, portfolio securities are valued at their fair value as determined in good
faith under procedures established by and under
<PAGE>
TCW/DW GLOBAL TELECOM TRUST
NOTES TO FINANCIAL STATEMENTS NOVEMBER 30, 1997 (UNAUDITED) CONTINUED

the general supervision of the Trustees (valuation of debt securities for which
market quotations are not readily available may be based upon current market
prices of securities which are comparable in coupon, rating and maturity or an
appropriate matrix utilizing similar factors); and (4) certain portfolio
securities may be valued by an outside pricing service approved by the Trustees.
The pricing service may utilize a matrix system incorporating security quality,
maturity and coupon as the evaluation model parameters, and/or research and
evaluations by its staff, including review of broker-dealer market price
quotations, if available, in determining what it believes is the fair valuation
of the securities valued by such pricing service; (5) short-term debt securities
having a maturity date of more than sixty days at time of purchase are valued on
a mark-to-market basis until sixty days prior to maturity and thereafter at
amortized cost based on their value on the 61st day. Short-term debt securities
having a maturity date of sixty days or less at the time of purchase are valued
at amortized cost.

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.
Dividend income and other distributions are recorded on the ex-dividend date
except for certain dividends on foreign securities which are recorded as soon as
the Fund is informed after the ex-dividend date. Discounts are accreted over the
life of the respective securities. Interest income is accrued daily.

C. MULTIPLE CLASS ALLOCATIONS -- Investment income, expenses (other than
distribution fees), and realized and unrealized gains and losses are allocated
to each class of shares based upon the relative net asset value on the date such
items are recognized. Distribution fees are charged directly to the respective
class.

D. FOREIGN CURRENCY TRANSLATION -- The books and records of the Fund are
maintained in U.S. dollars as follows: (1) the foreign currency market value of
investment securities, other assets and liabilities and forward contracts are
translated at the exchange rates prevailing at the end of the period; and (2)
purchases, sales, income and expenses are translated at the exchange rates
prevailing on the respective dates of such transactions. The resultant exchange
gains and losses are included in the Statement of Operations as realized and
unrealized gain/loss on foreign exchange transactions. Pursuant to U.S. Federal
income tax regulations, certain foreign exchange gains/losses included in
realized and unrealized gain/loss are included in or are a reduction of ordinary
income for federal income tax purposes. The Fund does not isolate that portion
of the results of operations arising as a result of changes in the foreign
exchange rates from the changes in the market prices of the securities.
<PAGE>
TCW/DW GLOBAL TELECOM TRUST
NOTES TO FINANCIAL STATEMENTS NOVEMBER 30, 1997 (UNAUDITED) CONTINUED

E. FORWARD FOREIGN CURRENCY CONTRACTS -- The Fund may enter into forward foreign
currency contracts which are valued daily at the appropriate exchange rates. The
resultant unrealized exchange gains and losses are included in the Statement of
Operations as unrealized foreign currency gain or loss and in the Statement of
Assets and Liabilities as part of the related foreign currency denominated asset
or liability. The Fund records realized gains or losses on delivery of the
currency or at the time the forward contract is extinguished (compensated) by
entering into a closing transaction prior to delivery.

F. FEDERAL INCOME TAX STATUS -- It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of its taxable income to its shareholders.
Accordingly, no federal income tax provision is required.

G. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- The Fund records dividends and
distributions to its shareholders on the ex-dividend date. The amount of
dividends and distributions from net investment income and net realized capital
gains are determined in accordance with federal income tax regulations which may
differ from generally accepted accounting principles. These "book/tax"
differences are either considered temporary or permanent in nature. To the
extent these differences are permanent in nature, such amounts are reclassified
within the capital accounts based on their federal tax-basis treatment;
temporary differences do not require reclassification. Dividends and
distributions which exceed net investment income and net realized capital gains
for financial reporting purposes but not for tax purposes are reported as
dividends in excess of net investment income or distributions in excess of net
realized capital gains. To the extent they exceed net investment income and net
realized capital gains for tax purposes, they are reported as distributions of
paid-in-capital.

H. ORGANIZATIONAL EXPENSES -- InterCapital paid the organizational expenses in
the amount of approximately $172,000 which will be reimbursed for the full
amount thereof. Such expenses have been deferred and are being amortized on the
straight-line method over a period not to exceed five years from the
commencement of operations.

2. MANAGEMENT AGREEMENT

Pursuant to a Management Agreement, the Fund pays the Manager a management fee,
accrued daily and payable monthly, by applying the annual rate of 0.60% to the
net assets of the Fund determined as of the close of each business day.
<PAGE>
TCW/DW GLOBAL TELECOM TRUST
NOTES TO FINANCIAL STATEMENTS NOVEMBER 30, 1997 (UNAUDITED) CONTINUED

Under the terms of the Management Agreement, the Manager maintains certain of
the Fund'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 Fund who are employees
of the Manager. The Manager also bears the cost of telephone services, heat,
light, power and other utilities provided to the Fund.

3. INVESTMENT ADVISORY AGREEMENT

Pursuant to an Investment Advisory Agreement with the Adviser, the Fund pays the
Adviser an advisory fee, accrued daily and payable monthly, by applying the
annual rate of 0.40% to the net assets of the Fund determined as of the close of
each business day.

Under the terms of the Investment Advisory Agreement, the Fund has retained the
Adviser to invest the Fund's assets, including placing orders for the purchase
and sale of portfolio securities. The Adviser obtains and evaluates such
information and advice relating to the economy, securities markets, and specific
securities as it considers necessary or useful to continuously manage the assets
of the Fund in a manner consistent with its investment objective. In addition,
the Adviser pays the salaries of all personnel, including officers of the Fund,
who are employees of the Adviser.

4. PLAN OF DISTRIBUTION

Shares of the Fund are distributed by Dean Witter Distributors Inc. (the
"Distributor"), an affiliate of the Investment Manager. The Fund has adopted a
Plan of Distribution (the "Plan") pursuant to Rule 12b-1 under the Act. The Plan
provides that the Fund will pay the Distributor a fee which is accrued daily and
paid monthly at the following annual rates: (i) Class A -- up to 0.25% of the
average daily net assets of Class A; (ii) Class B -- 1.0% of the lesser of: (a)
the average daily aggregate gross sales of the Class B shares since the
inception of the Fund (not including reinvestment of dividend or capital gain
distributions) less the average daily aggregate net asset value of the Class B
shares redeemed since the Fund's inception upon which a contingent deferred
sales charge has been imposed or waived; or (b) the average daily net assets of
Class B; and (iii) Class C -- up to 1.0% of the average daily net assets of
Class C. In the case of Class A shares, amounts paid under the Plan are paid to
the Distributor for services provided. In the case of Class B and Class C
shares, amounts paid under the Plan are paid to the Distributor for services
provided and the expenses borne by it and others in the distribution of the
shares of these Classes, including the payment of commissions for sales of these
Classes and incentive compensation to, and expenses of, the account executives
of Dean Witter Reynolds Inc. ("DWR"), an affiliate of the Investment Manager and
Distributor, and others who engage in or support distribution of the shares or
who
<PAGE>
TCW/DW GLOBAL TELECOM TRUST
NOTES TO FINANCIAL STATEMENTS NOVEMBER 30, 1997 (UNAUDITED) CONTINUED

service shareholder accounts, including overhead and telephone expenses;
printing and distribution of prospectuses and reports used in connection with
the offering of these shares to other than current shareholders; and
preparation, printing and distribution of sales literature and advertising
materials. In addition, the Distributor may utilize fees paid pursuant to the
Plan, in the case of Class B shares, to compensate DWR and other selected
broker-dealers for their opportunity costs in advancing such amounts, which
compensation would be in the form of a carrying charge on any unreimbursed
expenses.

In the case of Class B shares, provided that the Plan continues in effect, any
cumulative expenses incurred by the Distributor but not yet recovered may be
recovered through the payment of future distribution fees from the Fund pursuant
to the Plan and contingent deferred sales charges paid by investors upon
redemption of Class B shares. Although there is no legal obligation for the Fund
to pay expenses incurred in excess of payments made to the Distributor under the
Plan and the proceeds of contingent deferred sales charges paid by investors
upon redemption of shares, if for any reason the Plan is terminated, the
Trustees will consider at that time the manner in which to treat such expenses.
The Distributor has advised the Fund that such excess amounts, including
carrying charges, totaled $7,529,100 at November 30, 1997.

In the case of Class A shares and Class C shares, expenses incurred pursuant to
the Plan in any calendar year in excess of 0.25% or 1.0% of the average daily
net assets of Class A or Class C, respectively, will not be reimbursed by the
Fund through payments in any subsequent year, except that expenses representing
a gross sales credit to account executives may be reimbursed in the subsequent
calendar year. For the period ended November 30, 1997, the distribution fee was
accrued for Class A shares and Class C shares at the annual rate of 0.25% and
1.0%, respectively.

The Distributor has informed the Fund that for the period ended November 30,
1997, it received contingent deferred sales charges from certain redemptions of
the Fund's Class B shares of $196,308, and received approximately $7,000 in
front-end sales charges from sales of the Fund's Class A shares. The respective
shareholders pay such charges which are not an expense of the Fund.

5. SECURITY TRANSACTIONS

The cost of purchases and proceeds from sales of portfolio securities, excluding
short-term investments, for the six months ended November 30, 1997 aggregated
$86,027,039 and $78,330,070, respectively.
<PAGE>
TCW/DW GLOBAL TELECOM TRUST
NOTES TO FINANCIAL STATEMENTS NOVEMBER 30, 1997 (UNAUDITED) CONTINUED

6. SHARES OF BENEFICIAL INTEREST

Transactions in shares of beneficial interest were as follows:

<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE PERIOD
NOVEMBER 30, 1997 AUGUST 28, 1996*
---------------------------- THROUGH
MAY 31, 1997
(UNAUDITED) --------------------------
SHARES AMOUNT SHARES AMOUNT
----------- -------------- ----------- ------------
<S> <C> <C> <C> <C>
CLASS A SHARES**
Sold............................................................. 18,990 $ 265,592 -- --
Redeemed......................................................... (2,488) (35,240) -- --
----------- -------------- ----------- ------------
Net increase - Class A........................................... 16,502 230,352 -- --
----------- -------------- ----------- ------------

CLASS B SHARES
Sold............................................................. 1,540,074 20,074,634 11,662,388 $118,594,978
Redeemed......................................................... (899,272) (11,682,635) (978,238) (10,364,932)
----------- -------------- ----------- ------------
Net increase - Class B........................................... 640,802 8,391,999 10,684,150 108,230,046
----------- -------------- ----------- ------------

CLASS C SHARES**
Sold............................................................. 26,728 354,591 -- --
Redeemed......................................................... (1,532) (20,996) -- --
----------- -------------- ----------- ------------
Net increase - Class C........................................... 25,196 333,595 -- --
----------- -------------- ----------- ------------

CLASS D SHARES**
Sold............................................................. 771 10,015 -- --
----------- -------------- ----------- ------------
Net increase in Fund............................................. 683,271 $ 8,965,961 10,684,150 $108,230,046
----------- -------------- ----------- ------------
----------- -------------- ----------- ------------
</TABLE>

- ---------------------

* Commencement of operations.
** For the period July 28, 1997 (issue date) through November 30, 1997.

7. PURPOSES OF AND RISKS RELATING TO CERTAIN FINANCIAL INSTRUMENTS

The Fund may enter into forward foreign currency contracts ("forward contracts")
to facilitate settlement of foreign currency denominated portfolio transactions
or to manage foreign currency exposure associated with foreign currency
denominated securities.

Forward contracts involve elements of market risk in excess of the amounts
reflected in the Statement of Assets and Liabilities. The Fund bears the risk of
an unfavorable change in foreign exchange rates underlying the forward
contracts. Risks may also arise upon entering into these contracts from the
potential inability of the counterparties to meet the terms of their contracts.

At November 30, 1997, there were no outstanding forward contracts.
<PAGE>
TCW/DW GLOBAL TELECOM TRUST
FINANCIAL HIGHLIGHTS

Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:

<TABLE>
<CAPTION>
FOR THE
FOR THE PERIOD
SIX MONTHS AUGUST
ENDED 28, 1996*
NOVEMBER THROUGH
30, 1997++ MAY 31,
(UNAUDITED) 1997
- ---------------------------------------

<S> <C> <C>
CLASS B SHARES

PER SHARE
OPERATING
PERFORMANCE:

Net asset value,
beginning of
period.......... $ 11.43 $ 10.00
---------- ---------
Net investment
loss............ (0.09) (0.09)
Net realized and
unrealized
gain............ 1.36 1.52
---------- ---------

Total from
investment
operations...... 1.27 1.43
---------- ---------

Net asset value,
end of period... $ 12.70 $ 11.43
---------- ---------
---------- ---------

TOTAL INVESTMENT
RETURN+.......... 11.11% (1) 14.30% (1)

RATIOS TO AVERAGE
NET ASSETS:
Expenses......... 2.32% (2) 2.38% (2)

Net investment
loss............ (1.34)%(2) (1.27)%(2)

SUPPLEMENTAL DATA:

Net assets, end
of period, in
thousands....... $143,946 $122,240

Portfolio
turnover rate... 57% (1) 80% (1)

Average
commission rate
paid............ $0.0400 $0.0283
</TABLE>

- ---------------------

* Commencement of operations.
++ The per share amounts were computed using an average number of shares
outstanding during the period.
+ Does not reflect the deduction of sales charge. 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>
TCW/DW GLOBAL TELECOM TRUST
FINANCIAL HIGHLIGHTS, CONTINUED

<TABLE>
<CAPTION>
FOR THE PERIOD
JULY 28, 1997*
THROUGH
NOVEMBER 30,
1997++
(UNAUDITED)

- ----------------------------------------------------------------------------------------
<S> <C>
CLASS A SHARES
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period.................................. $ 12.99
------
Net investment loss................................................... (0.04)
Net realized and unrealized loss...................................... (0.22)
------
Total from investment operations...................................... (0.26)
------
Net asset value, end of period........................................ $ 12.73
------
------
TOTAL INVESTMENT RETURN+.............................................. (2.00)%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses.............................................................. 1.69% (2)
Net investment loss................................................... (0.99)%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands............................... $ 210
Portfolio turnover rate............................................... 57% (1)
Average commission rate paid.......................................... $ 0.0400
</TABLE>

<TABLE>
<S> <C>
CLASS C SHARES
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period.................................. $ 12.99
------
Net investment loss................................................... (0.07)
Net realized and unrealized loss...................................... (0.22)
------
Total from investment operations...................................... (0.29)
------
Net asset value, end of period........................................ $ 12.70
------
------
TOTAL INVESTMENT RETURN+.............................................. (2.23)%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses.............................................................. 2.53% (2)
Net investment loss................................................... (1.59)%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands............................... $ 320
Portfolio turnover rate............................................... 57% (1)
Average commission rate paid.......................................... $ 0.0400
</TABLE>

- ---------------------

* The date shares were first issued.
++ The per share amounts were computed using an average number of shares
outstanding during the period.
+ Does not reflect the deduction of sales charge. 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>
TCW/DW GLOBAL TELECOM TRUST
FINANCIAL HIGHLIGHTS, CONTINUED

<TABLE>
<CAPTION>
FOR THE PERIOD
JULY 28, 1997*
THROUGH
NOVEMBER 30,
1997++
(UNAUDITED)

- ----------------------------------------------------------------------------------------

<S> <C>
CLASS D SHARES

PER SHARE OPERATING PERFORMANCE:

Net asset value, beginning of period.................................. $ 12.99
------

Net investment loss................................................... (0.02)

Net realized and unrealized loss...................................... (0.23)
------

Total from investment operations...................................... (0.25)
------

Net asset value, end of period........................................ $ 12.74
------
------

TOTAL INVESTMENT RETURN+.............................................. (1.92)%(1)

RATIOS TO AVERAGE NET ASSETS:
Expenses.............................................................. 1.58% (2)

Net investment loss................................................... (0.44)%(2)

SUPPLEMENTAL DATA:
Net assets, end of period, in thousands............................... $10

Portfolio turnover rate............................................... 57% (1)

Average commission rate paid.......................................... $ 0.0400
</TABLE>

- ---------------------

* The date shares were first issued.
++ The per share amounts were computed using an average number of shares
outstanding during the period.
+ 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>

TRUSTEES
John C. Argue
Richard M. DeMartini
Charles A. Fiumefreddo
John R. Haire
Dr. Manuel H. Johnson
Thomas E. Larkin, Jr.
Michael E. Nugent
John L. Schroeder
Marc I. Stern

OFFICERS
Charles A. Fiumefreddo
Chairman and Chief Executive Officer

Thomas E. Larkin, Jr.
President

Barry Fink
Vice President, Secretary and
General Counsel

Robert M. Hanisee
Vice President

John A. Healey
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

MANAGER
Dean Witter Services Company Inc.

ADVISER
TCW Funds Management, Inc.

The financial statements included herein have been taken from the
records of the Fund without examination by the independent accoun-
tants and accordingly they do not express an opinion thereon.

This report is submitted for the general information of shareholders
of the Fund. For more detailed information about the Fund, its officers
and trustees, fees, expenses and other pertinent information, please see
the prospectus of the Fund.

This report is not authorized for distribution to prospective investors
in the Fund unless preceded or accompanied by an effective prospectus.

TCW/DW

GLOBAL
TELECOM TRUST

[PHOTO]

SEMIANNUAL REPORT
NOVEMBER 30, 1997