TCW/DW LATIN AMERICAN GROWTH FUND, N-30D, 1997-10-15

TCW/DW LATIN AMERICAN GROWTH FUND
N-30D, 1997-10-15

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<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND TWO WORLD TRADE CENTER, NEW YORK, NEW YORK
10048
LETTER TO THE SHAREHOLDERS JULY 31, 1997

DEAR SHAREHOLDER:

As of July 28, 1997, TCW/DW Latin American Growth Fund began offering four
classes of shares: A, B, C, and D, each with its own sales charge and
distribution fee structure. Fund shares held prior to July 28 were designated
Class B shares. 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 July 31, 1997, the Fund's Class B shares
registered a total return of 34.96 percent, compared to 35.32 percent for the
International Finance Corporation Investable Latin America Total Return Index.
The Lipper Analytical Services, Inc. Latin American Funds Average total return
for the same period was 32.64 percent.

MARKET OVERVIEW

The Latin American equity markets began 1997 on a strong note as robust
corporate earnings growth and attractive valuations prompted strong capital
inflows to the region. The region's markets then continued to rally during the
second quarter as macroeconomic and political fundamentals continued to improve,
while corporate earnings results were generally in line with expectations. Latin
American stocks weathered a turbulent month in July as currency devaluations in
other emerging markets induced concerns about the strength of the Brazilian
currency. However, the markets rallied toward the end of the month as it became
more evident that the Brazilian currency was not undergoing widespread
speculation.

INDIVIDUAL MARKETS

BRAZIL

Brazilian equities continued to outperform the entire region, surging 56.1
percent in U.S. dollar terms during the period under review. This strength was
fueled by continued progress on political and economic reforms, with virtually
all of the country's large, state-owned companies
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
LETTER TO THE SHAREHOLDERS JULY 31, 1997, CONTINUED

in the process of privatization or deregulation. Roughly 80 percent of the
Fund's Brazilian portfolio is invested in these state-owned companies, on
expectations that privatization will lead to improved profitability. The market
was also bolstered by President Cardoso's announcement that privatization
proceeds would be used to reduce the fiscal deficit. Although currency
devaluations in Southeast Asia initially sent tremors through the market, after
a few days of increased trading in Brazilian foreign exchange futures, an
increase in interest rates and a sharp stock market drop, it became evident that
there was simply not enough investor interest to pressure the currency.
Subsequently, stock prices rebounded and interest rates declined to previous
levels.

MEXICO

The Mexican equity market rose a strong 39 percent in U.S. dollar terms. After
lagging behind most of the other Latin American markets in the first quarter,
Mexican stocks have recently shown good strength. The Fund's Mexican holdings
have increasingly been geared toward interest-rate-sensitive sectors, given that
automobile and retail sales as well as construction and unemployment figures all
point to a modest recovery in consumer confidence. Moreover, interest rates
continued their downward trend, helped by lower inflation, which is currently
running at less than 1 percent per month.

ARGENTINA

The Argentine equity market rose 23 percent during the period as robust economic
growth (eight percent year-over-year for the first quarter) continued to foster
a favorable outlook for corporate earnings growth. The market was also bolstered
in April by a Standard & Poor's rating upgrade of leading Argentine bank
corporate bonds to investment grade, allowing for a positive re-rating of the
whole equity market. The recent offering of a five-year Argentine global bond at
only 185 basis points over U.S. Treasury notes indicates that investors perceive
that the risk of default by the Argentine government is declining.

CHILE

The Chilean equity market gained 22 percent during the period as an initial
decline in inflationary pressure allowed the central bank to reduce real
short-term interest rates from 7.25 percent to 6.75 percent. Although economic
indicators suggest that growth is indeed moderating to a more sustainable pace,
a higher-than-expected increase in economic activity and monthly inflation has
dampened expectations of additional near-term interest-rate reductions. The
consensus forecast for 1997 gross domestic product (GDP) growth is 5.5 percent,
compared to 7.1 percent in 1996.
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
LETTER TO THE SHAREHOLDERS JULY 31, 1997, CONTINUED

VENEZUELA

Following a full 92 percent gain witnessed during the Fund's 1996 fiscal year,
the Venezuelan equity market gained an additional 41 percent in the six months
ended July 31. This gain is primarily attributable to continued improvement in
macroeconomic and political fundamentals. The government estimated that GDP
growth for the first half of 1997 was about three percent year-over-year, after
rising only 1 percent year-over-year the first quarter and contracting by two
percent during 1996. Other positive news included an adjustment in gasoline and
electricity prices, and an announcement that privatization of state-owned steel
and aluminum companies was targeted for later this year.

PERU

The Peruvian equity market jumped 33 percent during the period, fueled by
stronger than expected economic growth of seven percent in the first half of the
year, versus less than two percent GDP during the same period last year. More
importantly, the recovery is broad based and includes the construction,
manufacturing and mining sectors. At the same time, twelve-month inflation
slowed to nine percent in July, compared to 12 percent during the same period
last year. While macroeconomic data and corporate earnings growth prospects
remain encouraging, the recent decline in equity prices partly reflects
President Fujimori's deteriorating popularity in the wake of several political
scandals.

COLOMBIA

The Colombian equity market gained 19 percent during the period. Annual
inflation has dropped from 22 percent at the end of last year to 18 percent in
the last twelve months. This makes the government's target of an 18 percent
inflation figure for the full year attainable and further interest-rate cuts by
the central bank likely. However, the rally in Colombian stocks has been
tempered by concerns that corporate earnings growth will prove lackluster this
year, as the economic recovery is only beginning to take root following the
recession experienced in the last quarter of 1996 and early this year.

THE PORTFOLIO

In terms of country allocation, the Fund's investments as of July 31, 1997, were
spread among Brazil (37.5 percent), Mexico (30.8 percent), Argentina (10.1
percent), Chile (8.6 percent), Venezuela (4.0 percent), Peru (3.9 percent) and
Colombia (2.6 percent). The Fund maintained a cash position of approximately two
percent.
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
LETTER TO THE SHAREHOLDERS JULY 31, 1997, CONTINUED

OUTLOOK

Due to the strong performance in the first half of the year and the region's
expected strong economic growth, the Fund's adviser, TCW Funds Management, Inc.
(TCW), believes that Latin American valuation levels remain reasonable. In
addition, TCW expects further gains from these markets to be fueled by annual
earnings growth in excess of 20 percent in U.S. dollar terms for 1997 and 1998
calendar years.

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 JULY 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ------------------------------------------------------------------
<C> <S> <C>
COMMON AND PREFERRED
STOCKS (97.5%)
ARGENTINA (10.1%)
BANKS
88,195 Banco de Galicia y Buenos
Aires S.A. de C.V. (ADR).... $ 2,767,118
101,705 Banco Frances del Rio de la
Plata S.A. (ADR)............ 3,610,527
---------------
6,377,645
---------------
ELECTRIC
86,000 Capex S.A..................... 739,741
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
315,363 Molinos Rio de la Plata S.A.
(Class B)*.................. 1,167,065
---------------
MULTI-INDUSTRY
1,367,064 Perez Companc S.A. (Class
B).......................... 11,225,728
---------------
OIL RELATED
289,764 Yacimentos Petroliferos
Fiscales S.A. (ADR)......... 9,381,110
---------------
REAL ESTATE
234,752 Inversiones y Representaciones
S.A. (Class B).............. 1,026,061
---------------
STEEL
1,178,780 Siderca S.A. (Class A)........ 3,195,101
---------------
TELECOMMUNICATIONS
72,103 Telecom Argentina
Stet - France
Telecom S.A................. 416,113
16,200 Telecom Argentina
Stet - France
Telecom S.A. (ADR).......... 936,563
82,785 Telefonica de Argentina S.A.
(ADR)....................... 3,285,530
---------------
4,638,206
---------------

TOTAL ARGENTINA............... 37,750,657
---------------
BRAZIL (37.5%)
BANKING
197,490,305 Banco Bradesco S.A. (Pref.)... 2,142,867
3,183,200 Banco Itau S.A. (Pref.)....... 1,884,229
---------------
4,027,096
---------------
BREWERY
5,966,564 Companhia Cervejaria Brahma
(Pref.)*.................... 4,517,982
---------------

<CAPTION>
NUMBER OF
SHARES VALUE
- ------------------------------------------------------------------
<C> <S> <C>
BUILDING MATERIALS
4,899,000 Companhia Cimento Portland
Itau (Pref.)................ $ 1,606,007
---------------
ELECTRIC
152,900,000 Companhia Paranaense de
Energia - Copel (Pref.)..... 2,901,556
---------------
FINANCIAL SERVICES
4,771,000 Itausa Investimentos Itau S.A.
(Pref.)..................... 4,626,050
---------------
METALS & MINING
322,858 Companhia Vale do Rio Doce
S.A. (Pref.)................ 8,467,234
---------------
MISCELLANEOUS
3,026,600 Encorpar S.A.*................ --
---------------
OIL & GAS
49,900,000 Petrobras Distribuidora S.A.
(Pref.)..................... 1,645,055
61,693,000 Petroleo Brasileiro S.A.
(Pref.)..................... 18,743,187
---------------
20,388,242
---------------
PAPER & FOREST PRODUCTS
679,000 Industrias Klabin de Papel e
Celulose S.A. (Pref.)....... 764,965
---------------
STEEL & IRON
125,900 Usinas Siderurgicas de Minas
Gerais S.A. (Pref.)......... 1,469,550
---------------
TELECOMMUNICATIONS
49,422,000 Telecomunicacoes Brasileiras
S.A......................... 6,776,870
63,300 Telecomunicacoes Brasileiras
S.A. (ADR).................. 9,392,138
263,183,140 Telecomunicacoes Brasileiras
S.A. (Pref.)................ 39,128,715
17,663,300 Telecomunicacoes de
Sao Paulo S.A. (Pref.)*..... 6,035,110
769,727 Telecomunicacoes de
Sao Paulo S.A. (Pref.)
(RCP)*...................... 256,599
---------------
61,589,432
---------------
TEXTILES
3,026,600 Companhia de Tecidos Norte de
Minas (Pref.)............... 1,140,320
---------------
UTILITIES - ELECTRIC
10,222,338 Centrais Electricas
Brasileiras S.A............. 5,569,376
9,905,403 Centrais Electricas
Brasileiras S.A. (Pref.).... 5,854,149
55,356 Companhia Energetica de Minas
Gerais S.A. (ADR) -
144A**...................... 3,113,775
</TABLE>

TOTAL BRAZIL.................. 139,865,627
---------------
CHILE (8.6%)
BANKS
47,350 Banco BHIF (ADR)*............. 1,006,187
86,800 Banco Santander Chile (ADR)... 1,367,100
---------------
2,373,287
---------------
BUILDING & CONSTRUCTION
92,000 Madeco S.A. (ADR)............. 2,219,500
---------------
CHEMICALS
15,730 Sociedad Quimica y Minera de
Chile S.A. (ADR)............ 956,581
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
112,340 Embotelladora Andina S.A.
(Series A) (ADR)............ 2,387,225
112,340 Embotelladora Andina S.A.
(Series B) (ADR)............ 2,317,012
53,400 Vina Concha Y Toro (ADR)...... 1,622,025
---------------
6,326,262
---------------
INVESTMENT COMPANIES
94,453 Genesis Chile Fund Ltd........ 4,817,103
1,713,809 The Five Arrows Chile
Investment Trust Ltd........ 5,715,553
---------------
10,532,656
---------------
SUPERMARKETS
28,500 Santa Isabel S.A. (ADR)....... 783,750
34,630 Supermercados Unimarc S.A.
(ADR)*...................... 599,532
---------------
1,383,282
---------------
TELECOMMUNICATIONS
88,145 Compania de Telecomunicaciones
de Chile S.A. (ADR)......... 2,903,276
---------------
UTILITIES - ELECTRIC
54,054 Chilgener S.A. (ADR).......... 1,608,106
65,584 Enersis S.A. (ADR)............ 2,438,905
---------------
4,047,011
---------------

<CAPTION>
NUMBER OF
SHARES VALUE
- ------------------------------------------------------------------
<C> <S> <C>
UTILITIES - GAS
49,500 Chilectra S.A.
(ADR) - 144A**.............. $ 1,500,494
---------------

TOTAL CHILE................... 32,242,349
---------------

COLOMBIA (2.6%)
BANKING
314,296 Banco de Bogota............... 1,876,522
59,000 Banco Industrial Colombiano
S.A. (ADR).................. 1,003,000
---------------
2,879,522
---------------
BUILDING & CONSTRUCTION
57,800 Cementos Diamante S.A. (ADR) -
144A**...................... 823,650
160,529 Compania de Cementos Argos
S.A......................... 1,210,669
---------------
2,034,319
---------------
FINANCIAL SERVICES
114,868 Compania Suramericana de
Seguros S.A................. 2,897,999
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
149,299 Compania Nacional de
Chocolates S.A.............. 1,306,936
---------------
RETAIL
193,527 Almacenes Exito S.A........... 668,952
---------------

TOTAL COLOMBIA................ 9,787,728
---------------

MEXICO (30.8%)
AUTOMOTIVE
56,440 Sanluis Corporacion S.A. de
C.V. (Units)++.............. 437,486
---------------
BANKING
1,006,688 Grupo Financiero Inbursa S.A.
de C.V. (B Shares).......... 4,841,579
---------------
BUILDING & CONSTRUCTION
136,700 Empresas ICA Sociedad
Controladora S.A. de C.V.
(ADR)*...................... 2,563,125
---------------
BUILDING MATERIALS
568,300 Apasco S.A. de C.V............ 4,361,473
1,871,200 Cemex S.A. de C.V. (B
Shares)..................... 10,555,119
---------------
14,916,592
---------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
PORTFOLIO OF INVESTMENTS JULY 31, 1997 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ------------------------------------------------------------------
<C> <S> <C>
CONGLOMERATES
1,052,699 Grupo Carso S.A. de C.V.
(Series A1)*................ $ 8,402,202
1,388,380 Grupo Industria Alfa S.A. de
C.V. (A Shares)............. 11,365,608
---------------
19,767,810
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
138,500 Empresas la Moderna S.A. de
C.V. (ADR).................. 3,055,656
456,500 Fomento Economico Mexicano
S.A. de C.V. (B Shares)..... 3,655,270
458,900 Grupo Industrial Bimbo S.A. de
C.V. (Series A)............. 3,668,617
497,800 Grupo Modelo S.A. de C.V.
(Series C).................. 4,616,334
516,800 Jugos del Valle S.A. de C.V.
(Series B).................. 1,004,779
107,900 Panamerican Beverages, Inc.
(Class A)................... 3,614,650
---------------
19,615,306
---------------
MEDIA GROUP
143,310 Grupo Televisa S.A. (GDR)*.... 4,397,826
---------------
METALS & MINING
244,844 Tubos de Acero de Mexico S.A.
de C.V. (ADR)*.............. 4,606,128
---------------
MULTI-INDUSTRY
441,800 DESC S.A. de C.V. (Series
B).......................... 4,057,462
---------------
PAPER & FOREST PRODUCTS
2,136,900 Kimberly-Clark de Mexico S.A.
de C.V. (A Shares).......... 10,113,239
---------------
RETAIL
510,868 Cifra S.A. de C.V. (Series
A)*......................... 961,880
4,176,918 Cifra S.A. de C.V. (Series
C)*......................... 7,212,637
---------------
8,174,517
---------------
TELECOMMUNICATIONS
381,173 Telefonos de Mexico S.A. de
C.V. (Series L) (ADR)....... 21,155,101
---------------
TOTAL MEXICO.................. 114,646,171
---------------

<CAPTION>
NUMBER OF
SHARES VALUE
- ------------------------------------------------------------------
<C> <S> <C>

PERU (3.9%)
BREWERY
1,909,060 Union de Cervecerias Peruanas
Backus & Johnston S.A. (T
Shares)..................... $ 1,634,691
---------------
BUILDING MATERIALS
928,724 Cementos Lima, S.A............ 1,961,846
---------------
FINANCIAL SERVICES
140,903 Credicorp Ltd. (ADR).......... 2,712,379
---------------
METALS & MINING
183,144 Companhia de Minas
Buenaventura S.A. (A
Shares)..................... 1,499,142
45,786 Companhia de Minas
Buenaventura S.A. (B
Shares)..................... 412,091
43,000 Compania de Minas Buenaventura
S.A. (ADR)*................. 779,375
---------------
2,690,608
---------------
TELECOMMUNICATIONS
12,100 CPT Telefonica del Peru S.A.
(ADR)....................... 298,719
2,102,220 CPT Telefonica del Peru S.A.
(B Shares).................. 5,162,374
---------------
5,461,093
---------------

TOTAL PERU.................... 14,460,617
---------------

VENEZUELA (4.0%)
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
163,100 Mavesa (ADR).................. 1,651,388
---------------
STEEL & IRON
295,900 Siderurgica Venezolana Sivens
S.A. de C.V. (ADR).......... 1,612,063
12,355 Siderurgica Venezolana
Sivensa, Saica S.A.C.A.
(ADR) (Series B) - 144A**... 61,775
---------------
1,673,838
---------------
TELECOMMUNICATIONS
83,925 Compania Anonima Nacional
Telefonos de Venezuela
(ADR)*...................... 3,661,228
---------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
PORTFOLIO OF INVESTMENTS JULY 31, 1997 (UNAUDITED) CONTINUED

<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ------------------------------------------------------------------
<C> <S> <C>
UTILITIES - ELECTRIC
4,852,759 C.A. la Electricidad de
Caracas S.A.C.A............. $ 7,922,672
---------------

TOTAL VENEZUELA............... 14,909,126
---------------

TOTAL COMMON AND PREFERRED
STOCKS
(IDENTIFIED COST
$214,931,605) (A)........... 97.5% 363,662,275

CASH AND OTHER ASSETS IN
EXCESS OF LIABILITIES....... 2.5 9,155,096
----- ------------

NET ASSETS.................. 100.0% $372,817,371
----- ------------
----- ------------

<FN>
- ---------------------
ADR American Depository Receipt.
GDR Global Depository Receipt.
RCP Receipt Shares.
* Non-income producting 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 $152,172,024 and the
aggregate gross unrealized depreciation is $3,441,354, resulting in net
unrealized appreciation of $148,730,670.
</TABLE>

FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT JULY 31, 1997:

<TABLE>
<CAPTION>
UNREALIZED
IN DELIVERY APPRECIATION/
CONTRACTS TO RECEIVE EXCHANGE FOR DATE DEPRECIATION
- ------------------------------------------------------------
<S> <C> <C> <C>
MXN 5,274,332 $ 674,640 08/04/97 --
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
SUMMARY OF INVESTMENTS JULY 31, 1997 (UNAUDITED)

<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Automotive........................................................................... $ 437,486 0.1%
Banking.............................................................................. 11,748,198 3.2
Banks................................................................................ 8,750,933 2.3
Brewery.............................................................................. 6,152,673 1.7
Building & Construction.............................................................. 6,816,944 1.8
Building Materials................................................................... 18,484,446 5.0
Chemicals............................................................................ 956,581 0.3
Conglomerates........................................................................ 19,767,810 5.3
Electric............................................................................. 3,641,296 1.0
Financial Services................................................................... 10,236,428 2.7
Food, Beverage, Tobacco & Household Products......................................... 30,066,957 8.1
Investment Companies................................................................. 10,532,656 2.8
Media Group.......................................................................... 4,397,826 1.2
Metals & Mining...................................................................... 15,763,969 4.2
Multi-Industry....................................................................... 15,283,191 4.1
Oil & Gas............................................................................ 20,388,242 5.5
Oil Related.......................................................................... 9,381,109 2.5
Paper & Forest Products.............................................................. 10,878,203 2.9
Real Estate.......................................................................... 1,026,061 0.3
Retail............................................................................... 8,843,469 2.4
Steel................................................................................ 3,195,101 0.9
Steel & Iron......................................................................... 3,143,388 0.8
Supermarkets......................................................................... 1,383,282 0.4
Telecommunications................................................................... 99,408,336 26.6
Textiles............................................................................. 1,140,320 0.3
Utilities - Electric................................................................. 40,336,876 10.7
Utilities - Gas...................................................................... 1,500,494 0.4
------------------ ---
$ 363,662,275 97.5%
------------------ ---
------------------ ---
</TABLE>

<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks........................................................................ $ 251,360,979 67.4%
Preferred Stocks..................................................................... 112,301,296 30.1
------------------ ---
$ 363,662,275 97.5%
------------------ ---
------------------ ---
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
JULY 31, 1997 (UNAUDITED)

<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $214,931,605)............................ $ 363,662,275
Cash........................................................ 8,349,911
Receivable for:
Dividends............................................... 1,653,179
Shares of beneficial interest sold...................... 1,137,666
Investments sold........................................ 806,504
Interest................................................ 28,662
Foreign withholding taxes reclaimed..................... 15,616
Deferred organizational expenses............................ 16,391
Prepaid expenses............................................ 61,009
-------------
TOTAL ASSETS........................................... 375,731,213
-------------
LIABILITIES:
Payable for:
Investments purchased................................... 1,778,792
Plan of distribution fee................................ 306,113
Shares of beneficial interest repurchased............... 258,191
Management fee.......................................... 229,586
Investment advisory fee................................. 153,057
Accrued expenses............................................ 188,103
-------------
TOTAL LIABILITIES...................................... 2,913,842
-------------
NET ASSETS............................................. $ 372,817,371
-------------
-------------
COMPOSITION OF NET ASSETS:
Paid-in-capital............................................. $ 334,819,579
Net unrealized appreciation................................. 148,724,879
Accumulated undistributed net investment income............. 424,902
Accumulated net realized loss............................... (111,151,989)
-------------
NET ASSETS............................................. $ 372,817,371
-------------
-------------
CLASS A SHARES:
Net Assets.................................................. $31,999
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)... 2,066
NET ASSET VALUE PER SHARE.............................. $15.49
-------------
-------------
MAXIMUM OFFERING PRICE PER SHARE
(NET ASSET VALUE PLUS 5.54% OF NET ASSET VALUE)...... $16.35
-------------
-------------
CLASS B SHARES:
Net Assets.................................................. $ 372,669,696
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)... 24,068,161
NET ASSET VALUE PER SHARE.............................. $15.48
-------------
-------------
CLASS C SHARES:
Net Assets.................................................. $105,481
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)... 6,810
NET ASSET VALUE PER SHARE.............................. $15.49
-------------
-------------
CLASS D SHARES:
Net Assets.................................................. $10,195
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)... 658
NET ASSET VALUE PER SHARE.............................. $15.49
-------------
-------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
FINANCIAL STATEMENTS, CONTINUED

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JULY 31, 1997* (UNAUDITED)

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

INCOME
Dividends (net of $301,022 foreign withholding tax)......... $ 5,164,798
Interest.................................................... 155,661
-----------
TOTAL INCOME........................................... 5,320,459
-----------

EXPENSES
Plan of distribution fee (Class B Shares)................... 1,556,266
Management fee.............................................. 1,167,203
Investment advisory fee..................................... 778,135
Custodian fees.............................................. 305,160
Transfer agent fees and expenses............................ 292,514
Foreign exchange provisional tax............................ 74,213
Professional fees........................................... 42,132
Shareholder reports and notices............................. 41,162
Registration fees........................................... 21,832
Organizational expenses..................................... 19,412
Trustees' fees and expenses................................. 16,892
Other....................................................... 8,656
-----------
TOTAL EXPENSES......................................... 4,323,577
-----------
NET INVESTMENT INCOME.................................. 996,882
-----------

NET REALIZED AND UNREALIZED GAIN:
Net realized gain on:
Investments............................................. 11,827,009
Foreign exhange transactions............................ (16,876)
-----------
NET GAIN............................................... 11,810,133
-----------
Net change in unrealized appreciation/depreciation on:
Investments............................................. 82,685,998
Net translation of other assets and liabilities
denominated in foreign currencies..................... (5,126)
-----------
NET APPRECIATION....................................... 82,680,872
-----------
NET GAIN............................................... 94,491,005
-----------
NET INCREASE................................................ $95,487,887
-----------
-----------

<FN>
- ---------------------
* Class A, Class C and Class D shares were issued July 28, 1997.
</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 SIX ENDED
MONTHS ENDED JANUARY 31,
JULY 31, 1997* 1997
- --------------------------------------------------------------------------------------------

(UNAUDITED)
<S> <C> <C>

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)................................ $ 996,882 $ (744,793)
Net realized gain (loss).................................... 11,810,133 (7,342,055)
Net change in unrealized appreciation....................... 82,680,872 57,021,883
---------------- -----------

NET INCREASE........................................... 95,487,887 48,935,035
Net increase (decrease) from transactions in shares of
beneficial interest....................................... 6,486,260 (39,157,667)
---------------- -----------

NET INCREASE........................................... 101,974,147 9,777,368

NET ASSETS:
Beginning of period......................................... 270,843,224 261,065,856
---------------- -----------

END OF PERIOD
(INCLUDING UNDISTRIBUTED NET INVESTMENT INCOME OF
$424,902 AND A NET INVESTMENT LOSS OF $571,980,
RESPECTIVELY)........................................... $ 372,817,371 $270,843,224
---------------- -----------
---------------- -----------

<FN>
- ---------------------
* Class A, Class C and Class D shares were issued July 28, 1997.
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
NOTES TO FINANCIAL STATEMENTS JULY 31, 1997 (UNAUDITED)

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. 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 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
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
NOTES TO FINANCIAL STATEMENTS JULY 31, 1997 (UNAUDITED) CONTINUED

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.

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 the income is earned or expenses and
realized and unrealized gains and losses are incurred. Distribution fees are
charged directly to the respective class.

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 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.
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
NOTES TO FINANCIAL STATEMENTS JULY 31, 1997 (UNAUDITED) CONTINUED

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 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., an affiliate of
Dean Witter Services Company Inc. (the "Manager") paid the organizational
expenses in the amount of approximately $244,000 which have been reimbursed in
the amount of $200,000. 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 book 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.
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
NOTES TO FINANCIAL STATEMENTS JULY 31, 1997 (UNAUDITED) CONTINUED

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.

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. The plan
provided that the Fund pay the Distributor a fee which is accrued daily and paid
monthly at the following annual rates: (i) Class A -- 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 -- 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 Manager and Distributor, and others who engage in or support
distribution of the 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 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
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
NOTES TO FINANCIAL STATEMENTS JULY 31, 1997 (UNAUDITED) CONTINUED

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 $20,539,940 at July 31, 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 July 31, 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 six months ended July 31,
1997, it received contingent deferred sales charges from certain redemptions of
the Fund's Class B shares of $614,312. The respective shareholders pay such
charges which are not an expense of the Fund.

5. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES

The cost of purchases and proceeds from sales of portfolio securities, excluding
short-term investments, for the six months ended July 31, 1997 aggregated
$42,751,971 and $37,720,100, respectively.

Dean Witter Trust Company, an affiliate of the Manager and Distributor, is the
Fund's transfer agent. At July 31, 1997, the Fund had transfer agent fees and
expenses payable of approximately $26,000.
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
NOTES TO FINANCIAL STATEMENTS JULY 31, 1997 (UNAUDITED) CONTINUED

6. SHARES OF BENEFICIAL INTEREST

Transactions in shares of beneficial interest were as follows:

<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED
JULY 31, 1997 FOR THE YEAR
---------------------------- ENDED
JANUARY 31, 1997
(UNAUDITED) --------------------------
SHARES AMOUNT SHARES AMOUNT
----------- -------------- ----------- ------------
<S> <C> <C> <C> <C>
CLASS A SHARES*
Sold............................................................. 2,066 $ 31,807 -- --
----------- -------------- ----------- ------------
CLASS B SHARES
Sold............................................................. 3,522,806 47,454,040 2,700,960 $ 27,087,984
Redeemed......................................................... (3,070,666) (41,114,188) (6,631,601) (66,245,651)
----------- -------------- ----------- ------------
Net increase (decrease)--Class B................................. 452,140 6,339,852 (3,930,641) (39,157,667)
----------- -------------- ----------- ------------
CLASS C SHARES*
Sold............................................................. 6,810 104,583 -- --
----------- -------------- ----------- ------------
CLASS D SHARES*
Sold............................................................. 658 10,018 -- --
----------- -------------- ----------- ------------
Net increase (decrease) in Fund.................................. 461,674 $ 6,486,260 (3,930,641) $(39,157,667)
----------- -------------- ----------- ------------
----------- -------------- ----------- ------------
</TABLE>

- ---------------------
* For the period July 28, 1997 (issue date) through July 31, 1997.

7. FEDERAL INCOME TAX STATUS

At January 31, 1997, the Fund had a net capital loss carryover of approximately
$114,149,000, which may be used to offset future capital gains to the extent
provided by regulations, which is available through January 31 in the following
years:

<TABLE>
<CAPTION>
AMOUNT IN THOUSANDS
---------------------------------------
2003 2004 2005
----------- ----------- -----------
<S> <C> <C>
$ 4,864 $ 92,050 $ 17,235
----------- ----------- -----------
----------- ----------- -----------
</TABLE>

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.
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
NOTES TO FINANCIAL STATEMENTS JULY 31, 1997 (UNAUDITED) 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 July 31, 1997, there were outstanding forward contracts used to facilitate
settlement of foreign currency denominated portfolio transactions.

At July 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
FOR THE SIX DECEMBER 30,
MONTHS ENDED FOR THE YEAR ENDED JANUARY 31, 1992*
JULY 31, 1997** ----------------------------------------------------- THROUGH
(UNAUDITED) 1997 1996 1995 1994 JANUARY 31, 1993
- -------------------------------------------------------------------------------------------------------------------------------

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

PER SHARE OPERATING PERFORMANCE:

Net asset value, beginning of
period............................ $ 11.47 $ 9.48 $ 9.35 $ 16.05 $ 9.56 $ 10.00
--------------- ----------- ----------- ----------- ----------- -------

Net investment income (loss)....... 0.04 (0.04) (0.06) (0.17) (0.04) (0.01)

Net realized and unrealized gain
(loss)............................ 3.97 2.03 0.19 (6.21) 6.68 (0.43)
--------------- ----------- ----------- ----------- ----------- -------

Total from investment operations... 4.01 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..... $ 15.48 $ 11.47 $ 9.48 $ 9.35 $ 16.05 $ 9.56
--------------- ----------- ----------- ----------- ----------- -------
--------------- ----------- ----------- ----------- ----------- -------

TOTAL INVESTMENT RETURN+........... 34.96%(1) 20.99% 1.39% (40.12)% 69.49% (4.30)%(1)

RATIOS TO AVERAGE NET ASSETS:
Expenses........................... 2.78%(2) 2.78% 2.98% 2.87% 2.89% 3.08%(2)

Net investment income (loss)....... 0.64%(2) (0.29)% (0.61)% (1.46)% (0.90)% (1.08)%(2)

SUPPLEMENTAL DATA:
Net assets, end of period, in
thousands......................... $372,670 $ 270,843 $ 261,066 $ 294,774 $ 325,956 $69,611

Portfolio turnover rate............ 12%(1) 29% 64% 145% 111% 1%(1)

Average commission rate paid....... $0.0003 $ 0.0002 -- -- -- --
<FN>

- ---------------------
* Commencement of operations.
** Prior to July 28, 1997, the Fund issued one class of shares. All shares of
the Fund held prior to that date have been designated Class B shares.
+ 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.
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
FINANCIAL HIGHLIGHTS, CONTINUED

<TABLE>
<CAPTION>
FOR THE PERIOD
JULY 28, 1997*
THROUGH
JULY 31, 1997
- ----------------------------------------------------------------------------------------

<S> <C>
CLASS A SHARES

PER SHARE OPERATING PERFORMANCE:

Net asset value, beginning of period.................................. $ 15.22
-------

Net investment income................................................. 0.02

Net realized and unrealized gain...................................... 0.25
-------

Total from investment operations...................................... 0.27
-------

Net asset value, end of period........................................ $ 15.49
-------
-------

TOTAL INVESTMENT RETURN+.............................................. 1.77%(1)

RATIOS TO AVERAGE NET ASSETS:
Expenses.............................................................. 1.93%(2)

Net investment income................................................. 14.02%(2)

SUPPLEMENTAL DATA:
Net assets, end of period, in thousands............................... $ 32

Portfolio turnover rate............................................... 12%(1)

Average commission rate paid.......................................... $0.0003

CLASS C SHARES

PER SHARE OPERATING PERFORMANCE:

Net asset value, beginning of period.................................. $ 15.22
-------

Net investment income................................................. 0.02

Net realized and unrealized gain...................................... 0.25
-------

Total from investment operations...................................... 0.27
-------

Net asset value, end of period........................................ $ 15.49
-------
-------

TOTAL INVESTMENT RETURN+.............................................. 1.77%(1)

RATIOS TO AVERAGE NET ASSETS:
Expenses.............................................................. 2.68%(2)

Net investment income................................................. 20.48%(2)

SUPPLEMENTAL DATA:
Net assets, end of period, in thousands............................... $ 105

Portfolio turnover rate............................................... 12%(1)

Average commission rate paid.......................................... $0.0003
<FN>

- ---------------------
* The date shares were first issued.
+ 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.
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
FINANCIAL HIGHLIGHTS, CONTINUED

<TABLE>
<CAPTION>
FOR THE PERIOD
JULY 28, 1997*
THROUGH
JULY 31, 1997
- ----------------------------------------------------

<S> <C>
CLASS D SHARES

PER SHARE OPERATING PERFORMANCE:

Net asset value, beginning of
period............................ $ 15.22
-------

Net investment income.............. 0.02

Net realized and unrealized gain... 0.25
-------

Total from investment operations... 0.27
-------

Net asset value, end of period..... $ 15.49
-------
-------

TOTAL INVESTMENT RETURN+........... 1.77%(1)

RATIOS TO AVERAGE NET ASSETS:
Expenses........................... 1.68%(2)

Net investment income.............. 18.47%(2)

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

Portfolio turnover rate............ 12%(1)

Average commission rate paid....... $0.0003
<FN>

- ---------------------
* The date shares were first issued.
+ Calculated based on the net asset value as of the last business day of the
period.
(1) Not annualized.
(2) Annualized.
</TABLE>

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 L. Stern

OFFICERS
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 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
accountants 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.

[LOGO]TCW/DW

LATIN AMERICAN
GROWTH FUND

[GRAPHIC]

SEMIANNUAL REPORT
July 31, 1997