<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND TWO WORLD TRADE CENTER, NEW YORK, NEW YORK
10048
LETTER TO THE SHAREHOLDERS JANUARY 31, 1997
DEAR SHAREHOLDER:
TCW/DW Latin American Growth Fund registered a total return of 20.99 percent for
the fiscal year ended January 31, 1997, versus 17 percent for the International
Finance Corporation's Investable (IFCI) Latin America Total Return Index and
22.36 percent for the Lipper Latin American Funds Average.
The accompanying chart illustrates the performance of a $10,000 investment in
the Fund since inception (December 30, 1992) through the fiscal year ended
January 31, 1997, versus the performance of a similar hypothetical investment in
the issues comprising the IFCI Latin America Total Return Index and the Lipper
Latin American Funds Average.
REGIONAL OVERVIEW
Following strong gains in the first half of 1996,
Latin American stocks traded in a narrow range
during most of the second half before adding to
their gains in a late-December, early-January rally.
The region's strong performance was primarily
attributable to improved macroeconomic fundamentals,
culminating in economic growth that averaged about
3.4 percent in 1996, compared to virtually no growth
in 1995. This economic rebound translated into
increased corporate earnings, which on average
exceeded 30 percent in U.S. dollar terms. Capital
inflows into the region also improved as foreign
direct investment increased nearly 40 percent in
1996 to more than $28 billion. At the same time,
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
LETTER TO THE SHAREHOLDERS JANUARY 31, 1997, CONTINUED
exports rose by an additional 12 percent during the year, bolstering regional
foreign exchange reserves 20 percent to more than $150 billion.
INDIVIDUAL MARKETS
BRAZIL
With nearly 40 percent of the Fund's net assets invested in Brazil, the 44
percent gain posted by Brazilian equities in the fiscal year ended January 31,
1997 was an important contributor to the Fund's overall performance. Moreover,
the Fund's Brazil holdings outperformed the International Finance Corporation
(IFC) Brazil Index. Roughly three-quarters of the Fund's Brazilian investments
was concentrated in state-owned companies, which responded with strong
performance to tariff restructurings and privatizations within the electricity
and telecommunications sectors. The Brazilian market continued to rally in
January as it became evident that a constitutional amendment would be passed
allowing President Cardoso to run for reelection in 1998. On the economic front,
Brazil closed the year with its lowest inflation rate in 46 years. Going
forward, if monetary and fiscal policies are tightened in an attempt to quell
demand, concerns regarding a growing current account deficit could lead to a
reduction in economic growth forecasts.
MEXICO
Mexican equities rose by more than 13 percent during the twelve months ended
January 31, 1997. The Fund's strong Mexican weighting comprised approximately 30
percent of net assets at the end of the fiscal year. Most of Mexico's strong
gains were posted during the first half of 1996 as declining interest rates
provided greater liquidity, and as economic data indicated that an economic
recovery was underway. Following a six percent pull back in 1995, the Mexican
economy grew five percent in 1996. Furthermore, exports increased by more than
20 percent during 1996, and inflation dropped to 28 percent compared to 52
percent during 1995.
Optimism regarding the economic recovery in Mexico continues to be tempered by
weakness in the banking sector, as well as anemic retail sales, which have yet
to signal a recovery in domestic demand. The steady appreciation of the peso
during most of 1996 raised concerns about diminishing export competitiveness and
led the Fund's investment adviser, TCW Funds Management, Inc. (TCW), to reduce
exposure in Mexico from 34 percent to 30 percent of net assets in early
September 1996. In mid-October, the value of the peso declined nearly six
percent versus the U.S. dollar, prompting investors to shun Mexican stocks for
fear that renewed peso volatility might be
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
LETTER TO THE SHAREHOLDERS JANUARY 31, 1997, CONTINUED
imminent. However, Mexico rebounded in November and December, as the peso
stabilized. The market rallied in January as the Mexican government announced
plans to prepay the remaining $3.5 billion owed to the United States Treasury.
ARGENTINA
At the end of January, approximately 11 percent of the Fund's net assets was
invested in Argentine stocks, which rose 23 percent during the Fund's fiscal
year. Equity prices were buoyed by signs of a stronger-than-expected economic
recovery, marked by an increase in credit demand and dramatic improvements in
industrial production. Moreover, during the fourth quarter of 1996 the finance
minister announced estimated economic growth of nine percent year-over-year, and
implied full-year growth in excess of four percent. As a result, there has been
an upward revision in economic growth expectations for 1997 to a range of four
percent to five percent and a favorable earnings growth outlook of nearly 20
percent.
CHILE
The Chilean equity market underperformed the rest of the region during the
fiscal year, falling nearly four percent in U.S. dollar terms. The Fund's 10
percent weighting in Chile was well below the International Finance Corporations
(IFC) Latin America Index's 16 percent weighting, but was the primary reason why
the Fund trailed its Lipper average, as some other funds underweighted the
Chilean market even more sharply. Chile's poor equity market performance is
attributable in large part to a tight monetary policy. The decline in equity
prices was exacerbated by a severe drought and the ensuing impact on
hydroelectric generators, which caused a steep drop in the prices of electricity
stocks (a sector that represents 25 percent of the market).
On the upside, the market staged a modest recovery in January, rising 12 percent
in U.S. dollar terms, as investors anticipated that monetary policy would soon
be relaxed. Consensus forecasts for 1997 economic growth are nearly six percent.
PERU
The Fund's exposure to Peruvian equities was a little more than four percent of
net assets at the end of the fiscal year. Peruvian equities increased nine
percent for the fiscal year, primarily on a strong January rally that helped to
offset sharp losses posted in the fourth quarter of 1996. Despite the current
unresolved hostage crisis, President Fujimori's popularity rating has increased
since the
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
LETTER TO THE SHAREHOLDERS JANUARY 31, 1997, CONTINUED
onset of the crisis, as the general public remains very aware of the decline in
living standards they suffered under terrorism in the past. Despite the
President's increased popularity, the constitutional court remains split
regarding Fujimori's eligibility to run for reelection.
On the economic front, both the central bank and the Fujimori administration
seem to agree that the engineered slowdown of the economy has been overdone. As
such, measures now have been taken to stimulate economic growth. Further, robust
economic growth of nearly nine percent year-over-year in December helped to
allay concerns that the economic recovery had stalled.
COLOMBIA
The Fund's exposure to Colombian equities was approximately two percent of net
assets at the end of January 1997. Despite the political uncertainty surrounding
the Samper administration, the Colombian equity market increased 21 percent
during the fiscal year, as a reduction in real interest rates increased foreign
and domestic interest in the stock market. Tight monetary policy has proven to
be ineffective in reducing inflation from nearly 20 percent, and concerns that
the economy might be damaged as a result prompted monetary easing.
Although a marked slowdown in economic growth (as estimated three percent in
1996 versus five percent in 1995) has hurt corporate earnings in Colombia, a
decline in interest rates is expected to bring stronger economic growth in 1997.
The Colombian central bank has indicated that monetary policy will continue to
ease in 1997, but this may limit the government's ability to fight inflation.
Also, with political volatility receding, President Samper's critics are now
resigned to allowing him to finish his term. Entering 1997, equity market
valuations in Colombia were among the region's most attractive.
VENEZUELA
The Fund's Venezuelan position was increased during the fiscal year to just over
two percent of net assets as of January 31, 1997. The Venezuelan equity market
posted the region's strongest gains during the period, surging a hardy 92
percent in U.S. dollar terms. The rally was led by the improved outlook for the
continued success of the Venezuelan economic program, in which the government
raised gasoline prices and removed all foreign exchange controls. Strong oil
prices have caused the Venezuelan currency to appreciate, while real interest
rates and inflation began a downward trend in the fourth quarter of 1996. The
Caldera administration continues to negotiate social security reform and
modifications to the current severance benefits program.
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
LETTER TO THE SHAREHOLDERS JANUARY 31, 1997, CONTINUED
OUTLOOK
As economic fundamentals continue to improve throughout much of the region, TCW
remains optimistic regarding the potential for further gains by the Latin
American equity markets. Unlike 1995 and 1996, all of the major Latin American
countries are expected to show positive economic growth, with the regional
growth rate accelerating to the four percent range on average. Furthermore, the
region is continuing to receive increasing inflows of both foreign direct
investment and mutual fund portfolio investment. This favorable economic
environment provides the basis for estimated earnings growth of approximately 25
percent in U.S. dollar terms for 1997. At the same time, equity valuations are
attractive relative to the rate of earnings growth, and compared to equity
markets in other regions of the world.
We appreciate your support of TCW/DW Latin American Growth Fund 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 LATIN AMERICAN GROWTH FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 1997
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -----------------------------------------------------------------
<C> <S> <C>
COMMON AND PREFERRED STOCKS (97.5%)
ARGENTINA (11.4%)
BANKS
88,195 Banco de Galicia y Buenos
Aires S.A. de C.V. (ADR)... $ 2,149,753
65,005 Banco Frances del Rio de la
Plata S.A. (ADR)........... 1,950,150
---------------
4,099,903
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
61,100 Disco S.A. (ADR)*............ 1,649,700
230,667 Molinos Rio de la Plata S.A.
(Class B)*................. 830,692
---------------
2,480,392
---------------
MULTI-INDUSTRY
1,369,302 Perez Companc S.A. (Class
B)......................... 10,232,267
---------------
OIL & GAS
734,822 Astra Compania Argentina de
Petroleo S.A............... 1,381,949
63,850 Transportadora de Gas del Sur
S.A. (ADR)................. 838,031
---------------
2,219,980
---------------
OIL RELATED
191,484 Yacimentos Petroliferos
Fiscales S.A. (ADR)........ 5,337,616
---------------
REAL ESTATE
194,682 Inversiones y
Representaciones S.A.
(Class B).................. 712,786
---------------
STEEL
1,098,860 Siderca S.A. (Class A)....... 2,066,580
---------------
TELECOMMUNICATIONS
72,103 Telecom Argentina Stet -
France Telecom S.A......... 339,724
16,200 Telecom Argentina Stet -
France Telecom S.A.
(ADR)...................... 765,450
<CAPTION>
NUMBER OF
SHARES VALUE
- -----------------------------------------------------------------
<C> <S> <C>
82,785 Telefonica de Argentina S.A.
(ADR)...................... $ 2,524,943
---------------
3,630,117
---------------
TOTAL ARGENTINA.............. 30,779,641
---------------
BRAZIL (37.4%)
BANKING
415,090,305 Banco Bradesco S.A.
(Pref.).................... 3,334,697
3,942,200 Banco Itau S.A. (Pref.)...... 1,828,584
---------------
5,163,281
---------------
BREWERY
7,649,964 Companhia Cervejaria Brahma
(Pref.)*................... 4,653,192
---------------
BUILDING MATERIALS
2,545,000 Companhia Cimento Portland
Itau (Pref.)............... 888,413
---------------
ELECTRIC
113,200,000 Companhia Paranaense de
Energia-Copel.............. 1,526,511
---------------
FINANCIAL SERVICES
2,677,000 Itausa Investimentos Itau
S.A. (Pref.)............... 2,048,202
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
5,360,000 Brasmotor S.A. (Pref.)....... 1,384,086
---------------
INDUSTRIALS
1,148,000 Dixie Toga S.A. (Pref.)...... 911,285
---------------
METALS & MINING
316,258 Companhia Vale do Rio Doce
S.A. (Pref.)............... 7,138,187
---------------
OIL & GAS
68,584,000 Petroleo Brasileiro S.A.
(Pref.).................... 13,184,185
---------------
PAPER & FOREST PRODUCTS
729,000 Industrias Klabin de Papel e
Celulose S.A. (Pref.)...... 634,459
---------------
STEEL & IRON
1,259,000,000 Usinas Siderurgicas de Minas
Gerais S.A. (Pref.)........ 1,432,872
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 1997, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -----------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS
49,422,000 Telecomunicacoes Brasileiras
S.A........................ $ 3,989,305
63,300 Telecomunicacoes Brasileiras
S.A. (ADR)................. 5,522,925
299,683,140 Telecomunicacoes Brasileiras
S.A. (Pref.)............... 26,110,495
20,382,300 Telecomunicacoes de Sao Paulo
S.A. (Pref.)*.............. 4,775,883
---------------
40,398,608
---------------
TEXTILES
3,313,600 Companhia de Tecidos Norte de
Minas (Pref.).............. 1,175,732
---------------
UTILITIES - ELECTRIC
12,922,338 Centrais Electricas
Brasileiras S.A............ 5,277,198
19,768,403 Centrais Electricas
Brasileiras S.A. (Pref.)... 8,356,574
64,575 Companhia Energetica de Minas
Gerais S.A. (Pref.)
(ADR)...................... 2,696,006
55,356 Companhia Energetica de Minas
Gerais S.A. (ADR) -
144A**..................... 2,311,113
7,493,900 Light Participacoes S.A...... 2,114,289
---------------
20,755,180
---------------
TOTAL BRAZIL................. 101,294,193
---------------
CHILE (9.5%)
BANKS
47,350 Banco BHIF (ADR)*............ 911,487
---------------
BUILDING & CONSTRUCTION
89,200 Madeco S.A. (ADR)............ 2,564,500
---------------
CHEMICALS
44,220 Sociedad Quimica y Minera de
Chile S.A. (ADR)........... 2,575,815
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
112,340 Embotelladora Andina S.A.
(ADR)...................... 3,538,710
---------------
<CAPTION>
NUMBER OF
SHARES VALUE
- -----------------------------------------------------------------
<C> <S> <C>
INVESTMENT COMPANIES
69,895 Genesis Chile Fund Ltd....... $ 2,695,501
1,658,300 The Five Arrows Chile
Investment Trust Ltd....... 4,767,612
---------------
7,463,113
---------------
SUPERMARKETS
93,300 Santa Isabel S.A. (ADR)...... 2,507,438
---------------
TELECOMMUNICATIONS
88,145 Compania de
Telecomunicaciones de Chile
S.A. (ADR)................. 2,192,607
---------------
UTILITIES - ELECTRIC
36,910 Chilgener S.A. (ADR)......... 945,819
100,784 Enersis S.A. (ADR)........... 3,111,706
---------------
4,057,525
---------------
TOTAL CHILE.................. 25,811,195
---------------
COLOMBIA (2.4%)
BANKING
276,708 Banco de Bogota.............. 1,542,933
59,000 Banco Industrial Colombiano
S.A. (ADR)................. 1,025,125
---------------
2,568,058
---------------
BUILDING & CONSTRUCTION
66,400 Cementos Diamante S.A. (ADR)
- 144A**................... 913,000
119,375 Compania de Cementos Argos
S.A........................ 733,331
---------------
1,646,331
---------------
FINANCIAL SERVICES
42,604 Compania Suramericana de
Seguros S.A................ 765,028
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
108,299 Compania Nacional de
Chocolates S.A............. 870,097
---------------
RETAIL
193,527 Almacenes Exito S.A.......... 548,701
---------------
TOTAL COLOMBIA............... 6,398,215
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 1997, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -----------------------------------------------------------------
<C> <S> <C>
MEXICO (30.1%)
AUTOMOTIVE
56,440 Sanluis Corporacion S.A. de
C.V. (Units)++............. $ 321,379
---------------
BANKING
1,006,688 Grupo Financiero Inbursa S.A.
de C.V. (B Shares)......... 3,606,816
---------------
BUILDING & CONSTRUCTION
136,700 Empresas ICA Sociedad
Controladora S.A. de C.V.
(ADR)*..................... 2,067,588
---------------
BUILDING MATERIALS
333,800 Apasco S.A. de C.V........... 2,426,083
1,805,200 Cemex S.A. de C.V. (B
Shares).................... 7,391,734
766,080 Grupo Cementos de Chihuahua
S.A. de C.V. (B Shares)*... 862,637
---------------
10,680,454
---------------
CONGLOMERATES
1,052,699 Grupo Carso S.A. de C.V.
(Series A1)*............... 6,418,568
1,388,380 Grupo Industria Alfa S.A. de
C.V. (A Shares)............ 7,239,473
---------------
13,658,041
---------------
CONSTRUCTION & HOUSING
148,400 Corporacion GEO S.A. de C.V.
(Series B)*................ 731,081
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
138,500 Empresas la Moderna S.A. de
C.V. (ADR)................. 3,133,563
456,500 Fomento Economico Mexicano
S.A. de C.V. (B Shares).... 1,597,604
441,900 Grupo Industrial Bimbo S.A.
de C.V. (Series A)......... 2,663,275
541,340 Grupo Industrial Maseca S.A.
de C.V. (B Shares)......... 713,474
317,500 Grupo Modelo S.A. de C.V.
(Series C)................. 1,905,406
516,800 Jugos de Valle S.A. de C.V.
(B Shares)................. 784,293
<CAPTION>
NUMBER OF
SHARES VALUE
- -----------------------------------------------------------------
<C> <S> <C>
35,070 Panamerican Beverages, Inc.
(Class A).................. $ 1,836,791
---------------
12,634,406
---------------
MEDIA GROUP
143,310 Grupo Televisa S.A. (GDR)*... 3,708,146
---------------
METALS & MINING
239,384 Tubos de Acero de Mexico S.A.
de C.V. (ADR)*............. 4,189,220
---------------
MULTI-INDUSTRY
396,800 DESC S.A. de C.V. (Series
B)......................... 2,315,301
---------------
PAPER & FOREST PRODUCTS
382,100 Kimberly-Clark de Mexico S.A.
de C.V. (A Shares)......... 7,920,691
---------------
RETAIL
4,176,918 Cifra S.A. de C.V. (C
Shares)*................... 5,547,845
---------------
TELECOMMUNICATIONS
381,173 Telefonos de Mexico S.A. de
C.V. (Series L) (ADR)...... 14,341,634
---------------
TOTAL MEXICO................. 81,722,602
---------------
PERU (4.4%)
BREWERY
1,435,893 Cerveceria Backus & Johnston
S.A........................ 1,195,219
---------------
BUILDING MATERIALS
630,516 Cementos Lima, S.A........... 1,061,595
---------------
FINANCIAL SERVICES
117,419 Credicorp Ltd. (ADR)......... 2,465,799
---------------
METALS & MINING
183,144 Companhia de Minas
Buenaventura S.A. (A
Shares).................... 1,255,607
43,000 Companhia de Minas
Buenaventura S.A. (ADR)*... 682,625
45,786 Companhia de Minas
Buenaventura S.A. (B
Shares).................... 358,596
---------------
2,296,828
---------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 1997, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -----------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS
12,100 CPT Telefonica del Peru S.A.
(ADR)...................... $ 261,663
2,102,220 CPT Telefonica del Peru S.A.
(B Shares)................. 4,557,594
---------------
4,819,257
---------------
TOTAL PERU................... 11,838,698
---------------
VENEZUELA (2.3%)
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
93,000 Mavesa (ADR) - 144A**........ 639,375
---------------
STEEL & IRON
135,900 Siderurgica Venezolana Sivens
S.A. de C.V. (ADR)......... 455,265
12,355 Siderurgica Venezolana
Sivensa, Saica S.A.C.A.
(ADR) (Series B) -
144A**..................... 37,992
---------------
493,257
---------------
TELECOMMUNICATIONS
83,925 Compania Anonima Nacional
Telefonos de Venezuela
(ADR)*..................... 2,370,881
---------------
<CAPTION>
NUMBER OF
SHARES VALUE
- -----------------------------------------------------------------
<C> <S> <C>
UTILITIES - ELECTRIC
2,700,961 C.A. la Electricidad de
Caracas S.A.C.A............ $ 2,769,340
---------------
TOTAL VENEZUELA.............. 6,272,853
---------------
TOTAL COMMON AND PREFERRED
STOCKS
(IDENTIFIED COST
$198,072,725)(A)............ 97.5% 264,117,397
CASH AND OTHER ASSETS IN
EXCESS OF LIABILITIES....... 2.5 6,725,827
----- ------------
NET ASSETS.................. 100.0% $270,843,224
----- ------------
----- ------------
<FN>
- ---------------------
ADR American Depository Receipt.
GDR Global Depository Receipt.
* Non-income producing security.
** Resale is restricted to qualified institutional investors.
++ Consists of one or more than one class of securities traded together as a
unit; common stocks with attached warrants.
(a) The aggregate cost for federal income tax purposes approximates identified
cost. The aggregate gross unrealized appreciation is $72,608,427 and the
aggregate gross unrealized depreciation is $6,563,755, resulting in net
unrealized appreciation of $66,044,672.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
SUMMARY OF INVESTMENTS JANUARY 31, 1997
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------------------------------------------------------------
<S> <C> <C>
Automotive................................ $ 321,379 0.1%
Banking................................... 11,338,155 4.1
Banks..................................... 5,011,390 1.9
Brewery................................... 5,848,411 2.1
Building & Construction................... 6,278,419 2.3
Building Materials........................ 12,630,462 4.7
Chemicals................................. 2,575,815 1.0
Conglomerates............................. 13,658,041 5.0
Construction & Housing.................... 731,081 0.3
Electric.................................. 1,526,511 0.6
Financial Services........................ 5,279,029 1.9
Food, Beverage, Tobacco & Household
Products................................ 21,547,066 8.0
Industrials............................... 911,285 0.3
Investment Companies...................... 7,463,113 2.8
Media Group............................... 3,708,146 1.4
Metals & Mining........................... 13,624,235 5.0
Multi-Industry............................ 12,547,568 4.6
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------------------------------------------------------------
<S> <C> <C>
Oil & Gas................................. $ 15,404,165 5.7%
Oil Related............................... 5,337,616 1.9
Paper & Forest Products................... 8,555,150 3.2
Real Estate............................... 712,786 0.3
Retail.................................... 6,096,546 2.3
Steel..................................... 2,066,580 0.8
Steel & Iron.............................. 1,926,129 0.7
Supermarkets.............................. 2,507,438 0.9
Telecommunications........................ 67,753,104 25.0
Textiles.................................. 1,175,732 0.4
Utilities - Electric...................... 27,582,045 10.2
------------------ -----
$ 264,117,397 97.5%
------------------ -----
------------------ -----
</TABLE>
<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
- ------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks............................. $ 183,564,545 67.8%
Preferred Stocks.......................... 80,552,852 29.7
------------------ -----
$ 264,117,397 97.5%
------------------ -----
------------------ -----
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
JANUARY 31, 1997
<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $198,072,725)............................ $ 264,117,397
Cash........................................................ 7,686,012
Receivable for:
Shares of beneficial interest sold...................... 364,805
Dividends............................................... 116,051
Investments sold........................................ 84,023
Interest................................................ 16,043
Deferred organizational expenses............................ 35,803
Prepaid expenses............................................ 43,134
-------------
TOTAL ASSETS........................................... 272,463,268
-------------
LIABILITIES:
Payable for:
Investments purchased................................... 738,888
Plan of distribution fee................................ 223,496
Shares of beneficial interest repurchased............... 217,085
Management fee.......................................... 167,622
Investment advisory fee................................. 111,748
Accrued expenses............................................ 161,205
-------------
TOTAL LIABILITIES...................................... 1,620,044
-------------
NET ASSETS:
Paid-in-capital............................................. 328,333,319
Net unrealized appreciation................................. 66,044,007
Accumulated net investment loss............................. (571,980)
Accumulated net realized loss............................... (122,962,122)
-------------
NET ASSETS............................................. $ 270,843,224
-------------
-------------
NET ASSET VALUE PER SHARE,
23,616,021 SHARES OUTSTANDING (UNLIMITED SHARES AUTHORIZED
OF $.01 PAR VALUE)........................................
$11.47
-------------
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
FINANCIAL STATEMENTS, CONTINUED
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED JANUARY 31, 1997
<TABLE>
<S> <C>
NET INVESTMENT INCOME:
INCOME
Dividends (net of $604,437 foreign withholding tax)......... $ 6,252,318
Interest.................................................... 164,246
-----------
TOTAL INCOME........................................... 6,416,564
-----------
EXPENSES
Plan of distribution fee.................................... 2,573,703
Management fee.............................................. 1,930,277
Investment advisory fee..................................... 1,286,852
Transfer agent fees and expenses............................ 588,739
Custodian fees.............................................. 432,431
Professional fees........................................... 101,891
Shareholder reports and notices............................. 70,610
Registration fees........................................... 50,076
Organizational expenses..................................... 39,254
Trustees' fees and expenses................................. 35,890
Other....................................................... 51,634
-----------
TOTAL EXPENSES......................................... 7,161,357
-----------
NET INVESTMENT LOSS.................................... (744,793)
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss on:
Investments............................................. (7,148,447)
Foreign exchange transactions........................... (193,608)
-----------
NET LOSS............................................... (7,342,055)
-----------
Net change in unrealized appreciation/depreciation on:
Investments............................................. 57,019,786
Net translation of other assets and liabilities
denominated in foreign currencies..................... 2,097
-----------
NET APPRECIATION....................................... 57,021,883
-----------
NET GAIN............................................... 49,679,828
-----------
NET INCREASE................................................ $48,935,035
-----------
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
FINANCIAL STATEMENTS, CONTINUED
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
JANUARY 31, 1997 JANUARY 31, 1996
- -------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment loss......................................... $ (744,793) $ (1,564,418)
Net realized loss........................................... (7,342,055) (68,233,853)
Net change in unrealized appreciation/depreciation.......... 57,021,883 68,526,655
---------------- ----------------
NET INCREASE (DECREASE)................................ 48,935,035 (1,271,616)
Net decrease from transactions in shares of beneficial
interest.................................................. (39,157,667) (32,436,582)
---------------- ----------------
NET INCREASE (DECREASE)................................ 9,777,368 (33,708,198)
NET ASSETS:
Beginning of period......................................... 261,065,856 294,774,054
---------------- ----------------
END OF PERIOD
(INCLUDING AN ACCUMULATED NET INVESTMENT LOSS OF
$571,980 AND $894,899, RESPECTIVELY).................... $ 270,843,224 $ 261,065,856
---------------- ----------------
---------------- ----------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1997
1. ORGANIZATION AND ACCOUNTING POLICIES
TCW/DW Latin American Growth Fund (the "Fund") is registered under the
Investment Company Act of 1940, as amended (the "Act"), as a non-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 equity securities of Latin American issuers. The Fund was
organized as a Massachusetts business trust on February 25, 1992 and commenced
operations on December 30, 1992.
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 pursuant to procedures
adopted by the Trustees); (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 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) 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-
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1997, CONTINUED
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. 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 foreign currency
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.
D. 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. 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.
E. 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.
F. 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
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1997, CONTINUED
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.
G. ORGANIZATIONAL EXPENSES -- Dean Witter InterCapital Inc. ("InterCapital"), an
affiliate of Dean Witter Services Company Inc. (the "Manager"), paid the
organizational expenses in the amount of approximately $244,000 of which
approximately $200,000 have been reimbursed. The balance has been absorbed by
InterCapital. 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 following annual rates to the
net assets of the Fund determined as of the close of each business day: 0.75% to
the portion of daily net assets not exceeding $500 million and 0.72% to the
portion of the daily net assets exceeding $500 million.
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, the Fund pays the Adviser an
advisory fee, accrued daily and payable monthly, by applying the following
annual rates to the net assets of the Fund determined as of the close of each
business day: 0.50% to the portion of daily net assets not exceeding $500
million and 0.48% to the portion of the daily net assets exceeding $500 million.
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.
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1997, CONTINUED
4. PLAN OF DISTRIBUTION
Shares of the Fund are distributed by Dean Witter Distributors Inc. (the
"Distributor"), an affiliate of the Manager. The Fund has adopted a Plan of
Distribution (the "Plan"), pursuant to Rule 12b-1 under the Act, pursuant to
which the Fund pays the Distributor compensation, accrued daily and payable
monthly, at an annual rate of 1.0% of the lesser of: (a) the average daily
aggregate gross sales of the Fund's shares since the Fund's inception (not
including reinvestment of dividend or capital gain distributions) less the
average daily aggregate net asset value of the Fund's shares redeemed since the
Fund's inception of the Plan upon which a contingent deferred sales charge has
been imposed or upon which such charge has been waived; or (b) the Fund's
average daily net assets. Amounts paid under the Plan are paid to the
Distributor to compensate it for the services provided and the expenses borne by
it and others in the distribution of the Fund's shares, including the payment of
commissions for sales of the Fund's shares and incentive compensation to, and
expenses of, the account executives of Dean Witter Reynolds Inc. ("DWR"), an
affiliate of the Manager and Distributor, and other employees or selected
broker-dealers who engage in or support distribution of the Fund's shares or who
service shareholder accounts, including overhead and telephone expenses,
printing and distribution of prospectuses and reports used in connection with
the offering of the Fund's shares to other than current shareholders and
preparation, printing and distribution of sales literature and advertising
materials. In addition, the Distributor may be compensated under the Plan for
its opportunity costs in advancing such amounts, which compensation would be in
the form of a carrying charge on any unreimbursed expenses incurred by the
Distributor.
Provided that the Plan continues in effect, any cumulative expenses incurred but
not yet recovered, may be recovered through future distribution fees from the
Fund and contingent deferred sales charges from the Fund's shareholders.
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 $20,103,415
at January 31, 1997.
The Distributor has informed the Fund that for the year ended January 31, 1997,
it received approximately $997,000 in contingent deferred sales charges from
certain redemptions of the Fund's shares.
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1997, CONTINUED
5. SECURITY TRANSACTIONS AND TRANSACTION WITH AFFILIATES
The cost of purchases and proceeds from sales of portfolio securities, excluding
short-term investments, for the year ended January 31, 1997 aggregated
$72,611,974, and $114,727,230, respectively.
Dean Witter Trust Company, an affiliate of the Manager and Distributor, is the
Fund's transfer agent. At January 31, 1997, the Fund had transfer agent fees and
expenses payable of approximately $62,000.
6. SHARES OF BENEFICIAL INTEREST
Transactions in shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
JANUARY 31, 1997 JANUARY 31, 1996
---------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT
----------- -------------- ----------- ------------
<S> <C> <C> <C> <C>
Sold............................................................. 2,700,960 $ 27,087,984 7,422,903 $ 63,325,768
Repurchased...................................................... (6,631,601) (66,245,651) (11,407,729) (95,762,350)
----------- -------------- ----------- ------------
Net decrease..................................................... (3,930,641) $ (39,157,667) (3,984,826) $(32,436,582)
----------- -------------- ----------- ------------
----------- -------------- ----------- ------------
</TABLE>
7. FEDERAL INCOME TAX STATUS
At January 31, 1997, the Fund had a net capital loss carryover of approximately
$114,149,000 of which $4,864,000 will be available through January 31, 2003,
$92,050,000 will be available through January 31, 2004 and $17,235,000 will be
available through January 31, 2005 to offset future capital gains to the extent
provided by regulations.
Foreign currency losses incurred after October 31 ("post-October" losses) within
the taxable year are deemed to arise on the first business day of the Fund's
next taxable year. The Fund incurred and will elect to defer net foreign
currency losses of approximately $41,000 during fiscal 1997.
As of January 31, 1997, the Fund had temporary book/tax differences primarily
attributable to capital loss deferrals on wash sales and income from the
mark-to-market of passive foreign investment companies ("PFICs"). The Fund had
permanent book/tax differences primarily attributable to foreign currency
losses, a net operating loss and tax adjustments on PFICs sold by the Fund. To
reflect reclassifications arising from the permanent differences,
paid-in-capital was charged $957,903, accumulated net realized loss was charged
$109,809 and accumulated net investment loss was credited $1,067,712.
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1997, CONTINUED
8. 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 January 31, 1997, the Fund had no open forward contracts.
At January 31, 1997, the Fund's cash balance consisted principally of interest
bearing deposits with Chase Manhattan N.A., the Fund's custodian.
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
FINANCIAL HIGHLIGHTS
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:
<TABLE>
<CAPTION>
For the period
December 30,
FOR THE YEAR ENDED JANUARY 31, 1992*
------------------------------------------------------------------------- through
1997 1996 1995 1994 January 31, 1993
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of
period............................ $ 9.48 $ 9.35 $ 16.05 $ 9.56 $ 10.00
-------- -------- -------- -------- --------
Net investment loss................ (0.04) (0.06) (0.17) (0.04) (0.01)
Net realized and unrealized gain
(loss)............................ 2.03 0.19 (6.21) 6.68 (0.43)
-------- -------- -------- -------- --------
Total from investment operations... 1.99 0.13 (6.38) 6.64 (0.44)
Less distributions from net
realized gain..................... -- -- (0.32) (0.15) --
-------- -------- -------- -------- --------
Net asset value, end of period..... $ 11.47 $ 9.48 $ 9.35 $ 16.05 $ 9.56
-------- -------- -------- -------- --------
-------- -------- -------- -------- --------
TOTAL INVESTMENT RETURN+........... 20.99% %1.39 (40.12)% 69.49% (4.30)%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses........................... %2.78 %2.98 %2.87 %2.89 3.08%(2)
Net investment loss................ (0.29)% (0.61)% (1.46)% (0.90)% (1.08)%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in
thousands......................... $270,843 $261,066 $294,774 $325,956 $69,611
Portfolio turnover rate............ % 29 % 64 % 145 % 111 1%(1)
Average commission rate paid....... $ 0.0002 -- -- -- --
<FN>
- ---------------------
* Commencement of operations.
+ Does not reflect the deduction of sales charge. Calculated based on the net
asset value as of last business day of the period.
(1) Not annualized.
(2) Annualized.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE SHAREHOLDERS AND TRUSTEES
OF TCW/DW LATIN AMERICAN GROWTH FUND
In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of TCW/DW Latin American Growth Fund
(the "Fund") at January 31, 1997, the results of its operations for the year
then ended, the changes in its net assets for each of the two years in the
period then ended and the financial highlights for each of the four years in the
period then ended and for the period December 30, 1992 (commencement of
operations) through January 31, 1993, in conformity with generally accepted
accounting principles. These financial statements and financial highlights
(hereafter referred to as "financial statements") are the responsibility of the
Fund's management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
financial statements in accordance with generally accepted auditing standards
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at January 31, 1997 by correspondence with the
custodian and brokers, provide a reasonable basis for the opinion expressed
above.
PRICE WATERHOUSE LLP
1177 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10036
MARCH 13, 1997
<PAGE>
TRUSTEES
John C. Argue
Richard M. DeMartini TCW/DW
Charles A. Fiumefreddo
John R. Haire LATIN AMERICAN GROWTH FUND
Dr. Manuel H. Johnson
Thomas E. Larkin, Jr.
Michael E. Nugent [GRAPHIC]
John L. Schroeder
Marc I. Stern ANNUAL REPORT
OFFICERS JANUARY 31, 1997
Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Barry Fink
Vice President, Secretary and General Counsel
Michael P. Reilly
Vice President
Thomas F. Caloia
Treasurer
TRANSFER AGENT
Dean Witter Trust Company
Harborside Financial Center - Plaza Two
Jersey City, New Jersey 07311
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
MANAGER
Dean Witter Services Company Inc.
ADVISER
TCW Funds Management, Inc.
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.
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
GROWTH OF $10,000
DATE TOTAL IFC LIPPER
December 30, 1992 $10,000 $10,000 $10,000
January 31, 1993 $ 9,570 $ 9,707 $ 9,836
January 31, 1994 $16,220 $18,234 $17,318
January 31, 1995 $ 9,712 $12,253 $12,057
January 31, 1996 $ 9,847 $13,254 $13,048
January 31, 1997 $11,714 (3) $15,508 $15,966
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
20.99 (1) 4.38 (1)
15.99 (2) 3.95 (2)
____ Fund ____ IFC (4) ____ Lipper (5)
Past performance is not predictive of future returns.
- ----------------------------------------------------------
(1) Figure shown assumes reinvestment of all distributions and does not reflect
the deduction of any sales charges.
(2) Figure shown assumes the deduction of the maximum applicable contingent
deferred sales charge (CDSC) (1 Year-5%, since inception 2%). See the
Fund's current prospectus for complete details on fees and sales charges.
(3) Closing value after the deduction of a 2% CDSC, assuming a complete
redemption on January 31, 1997.
(4) The International Finance Corporation's Investable Latin America Total
Return Index is a broad, neutral and historically consistent benchmark for
the Latin American Markets. The Index, which includes Argentina, Brazil,
Chile, Colombia, Mexico, Peru and Venezuela, reflects restrictions on
foreign investment. No single market is dramatically overweighted. The
Index is unmanaged and should not be considered an investment.
(5) The Lipper Latin American Funds Average tracks the performance of the funds
whose primary trading markets or operations are concentrated in the Latin
American region or in a single country within the region as reported by
Lipper Analytical Services, Inc.
