TCW/DW LATIN AMERICAN GROWTH FUND, N-30D, 1998-04-01

TCW/DW LATIN AMERICAN GROWTH FUND
N-30D, 1998-04-01

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<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND TWO WORLD TRADE CENTER, NEW YORK, NEW YORK
10048
LETTER TO THE SHAREHOLDERS JANUARY 31, 1998

DEAR SHAREHOLDER:

The first half of TCW/DW Latin American Growth Fund's fiscal year ended January
31, 1998 was volatile, exhibiting strength in the first quarter, turbulence in
early to mid July and then rallying toward the end of the month. However, the
region's markets suffered moderate declines in the second half of the fiscal
year as stock prices were hurt by the global trend of capital flight to safety
witnessed in the wake of the Asian currency crisis.

PERFORMANCE

For the fiscal year ended January 31, 1998, the Fund's Class B shares posted a
total return of 5.41 percent, versus 4.66 percent for the International Finance
Corporation (IFC) Investable Latin America Total Return Index and 3.42 percent
for the Lipper Analytical Services, Inc. Latin American Funds Average. Since
their inception on July 28, 1997, through January 31, 1998, the Fund's Class A,
C and D shares had total returns of -20.24 percent, -20.50 percent and -20.11
percent, respectively.

The accompanying chart illustrates the performance of a $10,000 investment in
the Fund's Class B shares from inception (December 30, 1992) through the fiscal
year ended January 31, 1998, versus the performance of similar hypothetical
investments in the issues comprising the IFC Investable Latin America Total
Return Index and the Lipper Latin American Funds Average.

INDIVIDUAL MARKETS

MEXICO

Mexican equities outperformed those of the entire region, gaining 15.9 percent
for the 12 months ended January 31, 1998. The market was driven by the continued
improvement of Mexico's macroeconomic environment, including strong economic
growth and a recovery in consumer spending, while inflation gradually continued
to decline. Stock prices fell sharply in January as turmoil in the Southeast
Asian equity markets and fears of a spillover effect on Mexico's foreign trade
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
LETTER TO THE SHAREHOLDERS JANUARY 31, 1998, CONTINUED

prospects led to a 5 percent depreciation of the peso relative to the U.S.
dollar. Further, a sharp drop in crude oil prices dampened the outlook for
Mexican exports as well as prospects for narrowing the federal budget deficit.
While the Fund's investment adviser, TCW Funds Management, Inc. (TCW), expects
Mexico's current-account deficit to widen from 1.8 percent of gross domestic
product (GDP) in 1997 to 3.5 percent in 1998, it remains at a manageable level.
In addition, the government has taken proactive steps to decrease the impact of
lower oil revenues by reducing the fiscal budget by $2 billion.

BRAZIL

Brazilian equities performed particularly well during the first half of the
fiscal year, rising 56 percent in U.S. dollar terms. TCW believes that this
strong performance is attributable to continued progress on political and
economic reform, with virtually all of the large, state-owned companies in the
process of privatization or deregulation. Later in the year, however, TCW took
profits and reduced the Fund's exposure to Brazil as the currency crisis in Asia
- -- and the ensuing capital flight to quality in international markets -- put
into question the sustainability of financing Brazil's current-account deficit.
In response, the central bank there abruptly raised interest rates in October to
stave off speculation against the currency. Although the hike in interest rates
prompted analysts to revise their 1998 economic growth forecasts downward, there
is hope these rates can be reduced early in 1998. Overall, Brazilian stocks rose
13.6 percent for the 12 months ended January 31, 1998.

ARGENTINA

Argentine stocks rose 6.4 percent during the Fund's fiscal year as the economy
there continued to show signs of strong growth. TCW expects economic growth in
1998 to reach at least 8 percent, and the fiscal deficit has improved to about
1.4 percent of GDP, which meets International Monetary Fund criteria for
Argentina's Extended Fund Facility agreement.

CHILE

Chilean equities underperformed those of the entire region, falling 16 percent
for the 12 months ended January 31, 1998. Copper prices declined from over $0.98
per pound in June to approximately $0.76 per pound at the end of December amid
expectations of weaker global demand because of slowing economic growth in Asia.
This decline in copper prices resulted in a significant deterioration of Chile's
trade deficit in late 1997 as well as in poor prospects for the trade deficit in
1998. The country's central bank raised interest rates in January in an attempt
to moderate domestic demand
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
LETTER TO THE SHAREHOLDERS JANUARY 31, 1998, CONTINUED

and lower inflation. Nevertheless, TCW anticipates real GDP growth of
approximately 5 percent in 1998. TCW remains cautious regarding the Chilean
stock market, as the impact of higher interest rates on overall economic
activity is difficult to foresee.

SMALLER MARKETS

Colombian equities rose 12.2 percent during the Fund's fiscal year as robust GDP
growth in the second half of the year signaled an end to the recession that had
marked the early part of the year. Peruvian stocks weakened slightly during the
period under review despite an improvement in macroeconomic fundamentals.
Sentiment was dampened by political uncertainties and weather concerns (El
Nino), which TCW feels may negatively affect future growth. Venezuelan equities
rose 6 percent as investors were encouraged by the success of the country's
progress toward economic stabilization, as well as private investment flows into
the petroleum sector. In addition, a decline in oil prices prompted the
government to reduce fiscal spending and, according to TCW, has provided the
needed impetus for positive political momentum toward privatizing state-owned
aluminum and electricity companies.

THE PORTFOLIO

As of January 31, 1998, the Fund's portfolio was represented by investments in
Mexico (37.2 percent of net assets), Brazil (34.6 percent), Argentina (12.2
percent), Chile (4.9 percent), Peru (3.4 percent), Colombia (3.2 percent) and
Venezuela (2.2 percent). The Fund remained nearly fully invested, with a cash
position of 2.3 percent.

OUTLOOK

TCW remains optimistic regarding the region's equity markets, because the
economic and earnings growth outlooks for 1998 appear to be favorable. Although
there is the potential for further turmoil in the Asian equity markets and a
disinflationary slowdown in the industrialized economies, economic growth in
Latin America is being driven primarily by demographics, productivity gains and
private-sector cash inflows. TCW reports that, collectively, the Latin American
markets are trading at a reasonable valuation level of 16 times 1998 earnings,
with an earnings growth estimate of approximately 20 percent in U.S. dollar
terms. Earnings growth continues to be driven by privatization opportunities in
Brazil and the productivity gains that come from private-sector management. In
Mexico, earnings growth is being driven by the recovery of real wages and the
purchasing power of consumers, which is occurring for the first time since the
peso devaluation in 1994.
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
LETTER TO THE SHAREHOLDERS JANUARY 31, 1998, CONTINUED

TCW is also encouraged by government policies throughout the region, which
continue to emphasize free trade, limited government intervention in the economy
and fiscal austerity. The direction of these government policies fosters an
environment that attracts individual foreign direct investment, as well as
portfolio investment.

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,

/s/ Charles A. Fiumefreddo
CHARLES A. FIUMEFREDDO
CHAIRMAN OF THE BOARD
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
FUND PERFORMANCE JANUARY 31, 1998

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC

<TABLE>
<CAPTION>
Growth of $10,000 -- Class B
Shares
($ in Thousands)
Average Annual Total Returns
<S> <C> <C> <C>
Life of
1 Year 5 Years Fund
5.41%(1) 5.56%(1) 4.58%(1)
0.41%(2) 5.26%(2) 4.41%(2)
Fund(3) IFC(4) Lipper(5)
December-1992 $10,000 $10,000 $10,000
January-1993 $ 9,570 $ 9,707 $ 9,836
January-1994 $16,220 $18,234 $17,318
January-1995 $9,712 $12,253 $12,154
January-1996 $9,847 $13,254 $13,141
January-1997 $11,914 $15,509 $16,063
January-1998 $12,458(3) $16,232 $16,613
</TABLE>

PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RETURNS. PERFORMANCE FOR CLASS
A, CLASS C, AND CLASS D SHARES WILL VARY FROM THE PERFORMANCE OF CLASS B
SHARES SHOWN ABOVE DUE TO DIFFERENCES IN CHARGES AND EXPENSES.

<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS++
- ----------------------------------------------------------------------------------------------------
CLASS B SHARES* CLASS A SHARES**
- ----------------------------------------------- -----------------------------------------------
PERIOD ENDED 1/31/98 PERIOD ENDED 1/31/98
- ------------------------- -------------------------
<S> <C> <C> <C> <C> <C>
1 Year 5.41%(1) 0.41%(2) From Inception (7/28/97) (20.24)%(1) (24.42)%(2)
5 Years 5.58(1) 5.26(2)
From Inception (12/30/92) 4.58(1) 4.41(2)
</TABLE>

<TABLE>
<CAPTION>
CLASS C SHARES+ CLASS D SHARES++
- ----------------------------------------------- -----------------------------------------------
PERIOD ENDED 1/31/98 PERIOD ENDED 1/31/98
- ------------------------- -------------------------
<S> <C> <C> <C> <C> <C>
From Inception (7/28/97) (20.50)%(1) (21.29)%(2) From Inception (7/28/97) (20.11)%(1)
</TABLE>

- ------------------------
(1) Figure shown assumes reinvestment of all distributions and does not reflect
the deduction of any sales charges.
(2) Figure shown assumes reinvestment of all distributions and the deduction of
the maximum applicable sales charge. See the Fund's current prospectus for
complete details on fees and sales charges.
(3) Closing value assuming a complete redemption on January 31, 1998.
(4) The International Finance Corporation (IFC) 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. The Index does not include any expenses, fees or
charges. 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.
* The maximum contingent deferred sales charge (CDSC) for Class B shares is 5%.
The CDSC declines to 0% after six years.
** The maximum front-end sales charge for Class A shares is 5.25%.
+ The maximum contingent deferred sales charge for Class C shares is 1% for
shares redeemed within one year of purchase.
++ Class D shares have no sales charge.
++ For periods of less than one year, the Fund quotes its total return on a
non-annualized basis.
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 1998
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
COMMON AND PREFERRED STOCKS (97.7%)
ARGENTINA (12.2%)
BANKS
147,339 Banco de Galicia y Buenos Aires S.A. de C.V. (ADR)................ $ 3,232,249
134,200 Banco Rio de la Plata S.A. (ADR).................................. 1,652,338
------------
4,884,587
------------
BREWERY
152,700 Quilmes Industrial S.A. (ADR)..................................... 1,918,294
------------
FOOD, BEVERAGE, TOBACCO, & HOUSEHOLD PRODUCTS
315,363 Molinos Rio de la Plata S.A. (Class B)*........................... 599,411
------------
MULTI-INDUSTRY
1,244,164 Perez Companc S.A. (Class B)...................................... 8,177,183
------------
OIL & GAS
263,364 Yacimentos Petroliferos Fiscales S.A. (ADR)....................... 8,016,142
------------
STEEL
1,396,570 Siderca S.A. (Class A)............................................ 3,185,358
------------
TELECOMMUNICATIONS
72,103 Telecom Argentina Stet - France Telecom S.A. (Class B)............ 449,368
52,140 Telecom Argentina Stet - France Telecom S.A. (ADR)................ 1,635,893
133,735 Telefonica de Argentina S.A. (ADR)................................ 4,630,574
------------
6,715,835
------------

TOTAL ARGENTINA................................................... 33,496,810
------------

BRAZIL (34.6%)
BANKING
2,495,156 Banco Itau S.A. (Pref.)+.......................................... 1,362,004
------------
BREWERY
5,817,564 Companhia Cervejaria Brahma (Pref.)+*............................. 3,988,891
------------
BUILDING MATERIALS
3,469,000 Companhia Cimento Portland Itau (Pref.)+.......................... 586,919
------------

<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
ELECTRIC
56,500 Companhia Paranaense de Energia - Copel (ADR)+.................... $ 678,000
152,900,000 Companhia Paranaense de Energia - Copel (Pref.)+.................. 1,850,321
------------
2,528,321
------------
FINANCIAL SERVICES
5,008,300 Itausa Investimentos Itau S.A. (Pref.)+........................... 3,121,825
------------
METALS & MINING
266,358 Companhia Vale do Rio Doce S.A. 12/31/99 (Debentures)*............ --
269,258 Companhia Vale do Rio Doce S.A. (Pref.)+.......................... 5,202,937
------------
5,202,937
------------
OIL & GAS
49,900,000 Petrobras Distribuidora S.A. (Pref.)+............................. 844,256
39,073,000 Petroleo Brasileiro S.A. (Pref.)+................................. 8,350,419
------------
9,194,675
------------
TELECOMMUNICATIONS
63,300 Telecomunicacoes Brasileiras S.A. (ADR)+.......................... 7,026,300
239,383,140 Telecomunicacoes Brasileiras S.A. (Pref.)+........................ 26,219,169
49,422,000 Telecomunicacoes Brasileiras S.A.+................................ 4,532,917
17,663,300 Telecomunicacoes de Sao Paulo S.A. (Pref.)+*...................... 5,111,976
------------
42,890,362
------------
TEXTILES
3,026,600 Empresa Nacional de Comercio Redito e Participacoes S.A.
(Pref.)*........................................................ 9,837
------------
UTILITIES - ELECTRIC
72,754,030 Centrais Electricas Brasileiras S.A. (Class B) (Pref.)+........... 3,271,664
102,223,380 Centrais Electricas Brasileiras S.A.+............................. 4,414,812
33,656 Companhia Energetica de Minas Gerais S.A. (ADR) - 144A**+......... 1,312,584
</TABLE>

CHILE (4.9%)
BANKS
76,350 Banco Santander Chile (ADR)....................................... 916,200
------------
FOOD, BEVERAGE, TOBACCO, & HOUSEHOLD PRODUCTS
112,340 Embotelladora Andina S.A. (Series A) (ADR)........................ 2,246,800
73,140 Embotelladora Andina S.A. (Series B) (ADR)........................ 1,289,092
58,400 Vina Concha Y Toro (ADR).......................................... 1,693,600
------------
5,229,492
------------
INVESTMENT COMPANIES
37,953 Genesis Chile Fund Ltd............................................ 1,238,217
550,809 The Five Arrows Chile Investment Trust Ltd........................ 1,184,239
------------
2,422,456
------------
TELECOMMUNICATIONS
88,145 Compania de Telecommunicaciones de Chile S.A. (ADR)............... 2,120,989
------------
UTILITIES - ELECTRIC
49,500 Chilectra S.A. (ADR) - 144A**..................................... 1,194,188
54,723 Enersis S.A. (ADR)................................................ 1,446,739
------------
2,640,927
------------

TOTAL CHILE....................................................... 13,330,064
------------

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

COLOMBIA (3.2%)
BANKING
319,623 Banco de Bogota................................................... $ 1,475,531
59,000 Banco Industrial Colombiano S.A. (ADR)............................ 704,313
------------
2,179,844
------------
BUILDING & CONSTRUCTION
160,529 Compania de Cementos Argos S.A.................................... 765,107
------------
FINANCIAL SERVICES
114,868 Compania Suramericana de Seguros S.A.............................. 1,839,188
220,682 Valores Bavaria S.A.*............................................. 904,060
------------
2,743,248
------------
FOOD, BEVERAGE, TOBACCO, & HOUSEHOLD PRODUCTS
220,682 Bavaria S.A....................................................... 1,495,536
149,299 Compania Nacional de Chocolates S.A............................... 922,835
------------
2,418,371
------------
RETAIL
193,527 Almacenes Exito S.A............................................... 533,252
------------

TOTAL COLOMBIA.................................................... 8,639,822
------------

MEXICO (37.2%)
AUTOMOTIVE
56,440 Sanluis Corporacion S.A. de C.V. (Units)++........................ 360,255
------------
BUILDING & CONSTRUCTION
132,900 Empresas ICA Sociedad Controladora S.A. de C.V. (ADR)*............ 1,810,763
------------
BUILDING MATERIALS
667,400 Apasco S.A. de C.V................................................ 4,338,889
1,893,200 Cemex S.A. de C.V. (B Shares)..................................... 8,145,683
------------
12,484,572
------------
CONGLOMERATES
1,013,899 Grupo Carso S.A. de C.V. (Series A1)*............................. 5,944,372
------------
FINANCIAL SERVICES
1,006,688 Grupo Financiero Inbursa S.A. de C.V. (B Shares).................. 3,200,935
------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 1998, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
FOOD, BEVERAGE, TOBACCO, & HOUSEHOLD PRODUCTS
720,200 Fomento Economico Mexicano S.A. de C.V. (B Shares)................ $ 4,673,638
482,900 Grupo Industrial Bimbo S.A. de C.V. (Series A).................... 4,737,672
636,100 Grupo Modelo S.A. de C.V. (Series C).............................. 5,188,050
107,400 Industrias Bachoco, S.A. (ADR).................................... 1,772,100
91,800 Panamerican Beverages, Inc. (Class A)............................. 2,983,500
------------
19,354,960
------------
MEDIA GROUP
223,500 Grupo Televisa S.A. de C.V. (GDR)*................................ 7,193,906
------------
MULTI-INDUSTRY
498,800 DESC S.A. de C.V. (Series B)...................................... 3,626,028
------------
PAPER & FOREST PRODUCTS
2,436,100 Kimberly-Clark de Mexico S.A. de C.V. (A Shares).................. 10,524,758
------------
RETAIL
5,760,418 Cifra S.A. de C.V. (Series C)..................................... 9,736,877
1,038,417 Cifra S.A. de C.V. (Series V)..................................... 1,887,808
771,800 Organizacion Soriana S.A. de C.V. (Series B)...................... 2,755,125
------------
14,379,810
------------
STEEL & IRON
244,844 Tubos de Acero de Mexico S.A. de C.V. (ADR)*...................... 4,070,532
------------
TELECOMMUNICATIONS
381,173 Telefonos de Mexico S.A. de C.V. (Series L) (ADR)................. 18,772,770
------------

TOTAL MEXICO...................................................... 101,723,661
------------

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

PERU (3.4%)
BREWERY
1,909,060 Union de Cervecerias Peruanas Backus & Johnston S.A. (T Shares)... $ 1,636,730
------------
BUILDING MATERIALS
799,911 Cementos Lima, S.A................................................ 1,579,075
------------
FINANCIAL SERVICES
100,028 Credicorp Ltd. (ADR).............................................. 1,737,986
------------
METALS & MINING
12,800 Compania de Minas Buenaventura S.A. (ADR)*........................ 152,000
228,930 Compania de Minas Buenaventura S.A. (B Shares).................... 1,344,222
------------
1,496,222
------------
TELECOMMUNICATIONS
12,100 CPT Telefonica del Peru S.A. (ADR)................................ 237,463
1,354,220 CPT Telefonica del Peru S.A. (B Shares)........................... 2,658,681
------------
2,896,144
------------

TOTAL PERU........................................................ 9,346,157
------------

VENEZUELA (2.2%)
BANKING
261,280 Banco Provincial, S.A............................................. 440,287
------------
TELECOMMUNICATIONS
93,925 Compania Anonima Nacional Telefonos de Venezuela (ADR)*........... 3,451,744
------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
PORTFOLIO OF INVESTMENTS JANUARY 31, 1998, CONTINUED

<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
UTILITIES - ELECTRIC
2,179,912 C.A. la Electricidad de Caracas S.A.C.A........................... $ 2,092,989
------------
TOTAL VENEZUELA................................................... 5,985,020
------------
</TABLE>

<TABLE>
<S> <C> <C>
TOTAL COMMON AND PREFERRED STOCKS
(IDENTIFIED COST $208,492,116) (A)....................................................... 97.7 % 267,323,070

CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES........................................... 2.3 6,297,097
------ -------------

NET ASSETS............................................................................... 100.0 % $ 273,620,167
------ -------------
------ -------------
</TABLE>

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

ADR American Depository Receipt.
GDR Global Depository Receipt.
* Non-income producing security.
** Resale is restricted to qualified institutional investors.
++ Consists of more than one class of securities traded together as a unit;
common stocks with attached warrants.
+ Some or all of these securities are segregated in connection with open
forward foreign currency contracts.
(a) The aggregate cost for federal income tax purposes approximates identified
cost. The aggregate gross unrealized appreciation is $70,328,914 and the
aggregate gross unrealized depreciation is $11,497,960, resulting in net
unrealized appreciation of $58,830,954.

FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT JANUARY 31, 1998:

<TABLE>
<CAPTION>
CONTRACTS TO IN DELIVERY UNREALIZED
RECEIVE EXCHANGE FOR DATE DEPRECIATION
- ------------------------------------------------------
<S> <C> <C> <C>
$ 2,316,880 MXN 19,670,310 02/02/98 $ (8,216)
$ 21,003,000 BRL 25,203,600 04/29/98 (690,579)
$ 1,400,000 BRL 1,649,900 04/29/98 (20,124)
$ 21,003,000 BRL 25,203,600 04/30/98 (683,112)
----------------
Total unrealized
depreciation.................. $(1,402,031)
----------------
----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
SUMMARY OF INVESTMENTS JANUARY 31, 1998
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------------
Automotive........................................................................ $ 360,255 0.1 %
Banking........................................................................... 3,982,135 1.5
Banks............................................................................. 5,800,787 2.1
Brewery........................................................................... 7,543,915 2.8
Building & Construction........................................................... 2,575,870 0.9
Building Materials................................................................ 14,650,566 5.4
Conglomerates..................................................................... 5,944,372 2.2
Electric.......................................................................... 2,528,321 0.9
Financial Services................................................................ 10,803,994 3.9
Food, Beverage, Tobacco, & Household Products..................................... 27,602,234 10.1
Investment Companies.............................................................. 2,422,456 0.9
Media Group....................................................................... 7,193,906 2.6
Metals & Mining................................................................... 6,699,159 2.4
Multi-Industry.................................................................... 11,803,211 4.3
Oil & Gas......................................................................... 17,210,817 6.3
Paper & Forest Products........................................................... 10,524,758 3.8

<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Retail............................................................................ $ 14,913,062 5.5 %
Steel............................................................................. 3,185,358 1.2
Steel & Iron...................................................................... 4,070,532 1.5
Telecommunications................................................................ 76,847,844 28.1
Textiles.......................................................................... 9,837 0.0
Utilities - Electric.............................................................. 28,757,936 10.5
Water............................................................................. 1,891,745 0.7
------------ ---
$267,323,070 97.7 %
------------ ---
------------ ---
</TABLE>

<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------------
Common Stocks..................................................................... $196,958,230 72.0 %
Preferred Stocks.................................................................. 70,364,840 25.7
------------ ---
$267,323,070 97.7 %
------------ ---
------------ ---
</TABLE>

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

STATEMENT OF ASSETS AND LIABILITIES
JANUARY 31, 1998

<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $208,492,116).............................................................. $267,323,070
Cash.......................................................................................... 5,670,152
Receivable for:
Investments sold.......................................................................... 2,603,586
Shares of beneficial interest sold........................................................ 1,544,231
Dividends................................................................................. 37,361
Interest.................................................................................. 26,245
Prepaid expenses.............................................................................. 67,257
------------
TOTAL ASSETS............................................................................. 277,271,902
------------
LIABILITIES:
Unrealized depreciation on forward foreign currency contracts................................. 1,402,031
Payable for:
Investments purchased..................................................................... 818,422
Shares of beneficial interest repurchased................................................. 619,559
Plan of distribution fee.................................................................. 240,509
Management fee............................................................................ 180,444
Investment advisory fee................................................................... 120,296
Accrued expenses.............................................................................. 270,474
------------
TOTAL LIABILITIES........................................................................ 3,651,735
------------
NET ASSETS............................................................................... $273,620,167
------------
------------
COMPOSITION OF NET ASSETS:
Paid-in-capital............................................................................... $314,309,724
Net unrealized appreciation................................................................... 57,437,096
Accumulated net investment loss............................................................... (733,256)
Accumulated net realized loss................................................................. (97,393,397)
------------
NET ASSETS............................................................................... $273,620,167
------------
------------
CLASS A SHARES:
Net Assets.................................................................................... $110,000
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 9,058
NET ASSET VALUE PER SHARE................................................................ $12.14
------------
------------
MAXIMUM OFFERING PRICE PER SHARE,
(NET ASSET VALUE PLUS 5.54% OF NET
ASSET VALUE)........................................................................... $12.81
------------
------------
CLASS B SHARES:
Net Assets.................................................................................... $272,710,385
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 22,551,545
NET ASSET VALUE PER SHARE................................................................ $12.09
------------
------------
CLASS C SHARES:
Net Assets.................................................................................... $791,780
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 65,457
NET ASSET VALUE PER SHARE................................................................ $12.10
------------
------------
CLASS D SHARES:
Net Assets.................................................................................... $8,002
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)..................................... 658
NET ASSET VALUE PER SHARE................................................................ $12.16
------------
------------
</TABLE>

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED JANUARY 31, 1998*

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

INCOME
Dividends (net of $362,708 foreign withholding tax)............................................ $ 6,545,347
Interest....................................................................................... 381,957
-----------
TOTAL INCOME.............................................................................. 6,927,304
-----------
EXPENSES
Plan of distribution fee (Class A shares)...................................................... 120
Plan of distribution fee (Class B shares)...................................................... 3,189,480
Plan of distribution fee (Class C shares)...................................................... 3,225
Management fee................................................................................. 2,394,923
Investment advisory fee........................................................................ 1,596,615
Custodian fees................................................................................. 766,558
Transfer agent fees and expenses............................................................... 589,387
Foreign exchange provisional tax............................................................... 146,048
Shareholder reports and notices................................................................ 82,959
Professional fees.............................................................................. 69,149
Registration fees.............................................................................. 55,375
Trustees' fees and expenses.................................................................... 37,171
Organizational expenses........................................................................ 35,803
Other.......................................................................................... 19,176
-----------
TOTAL EXPENSES............................................................................ 8,985,989
-----------
NET INVESTMENT LOSS....................................................................... (2,058,685)
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments................................................................................ 26,074,858
Foreign exchange transactions.............................................................. (129,279)
-----------
NET GAIN.................................................................................. 25,945,579
-----------
Net change in unrealized appreciation/ depreciation on:
Investments................................................................................ (7,213,718)
Translation of forward foreign currency contracts, other assets and liabilities denominated
in foreign currencies.................................................................... (1,393,193)
-----------
NET DEPRECIATION.......................................................................... (8,606,911)
-----------
NET GAIN.................................................................................. 17,338,668
-----------
NET INCREASE................................................................................... $15,279,983
-----------
-----------
</TABLE>

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

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

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, 1998* JANUARY 31, 1997
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment loss......................................... $ (2,058,685) $ (744,793)
Net realized gain (loss).................................... 25,945,579 (7,342,055)
Net change in unrealized appreciation/depreciation.......... (8,606,911) 57,021,883
------------------ ------------------

NET INCREASE........................................... 15,279,983 48,935,035
Net decrease from transactions in shares of beneficial
interest.................................................. (12,503,040) (39,157,667)
------------------ ------------------

NET INCREASE........................................... 2,776,943 9,777,368

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

END OF PERIOD
(INCLUDING ACCUMULATED NET INVESTMENT LOSSES OF $733,256
AND $571,980, RESPECTIVELY)............................. $ 273,620,167 $ 270,843,224
------------------ ------------------
------------------ ------------------
</TABLE>

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

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

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1998

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 JANUARY 31, 1998, 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.

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

D. FOREIGN CURRENCY TRANSLATION -- The books and records of the Fund are
maintained in U.S. dollars as follows: (1) the foreign currency market value of
investment securities, other assets and liabilities and forward 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.

E. 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.

F. FEDERAL INCOME TAX STATUS -- It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of its taxable income to its shareholders.
Accordingly, no federal income tax provision is required.
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1998, CONTINUED

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

H. ORGANIZATIONAL EXPENSES -- 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 were fully amortized as of December 30, 1997.

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.
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1998, CONTINUED

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
provides that the Fund will pay the Distributor a fee which is accrued daily and
paid monthly at the following annual rates: (i) Class A -- up to 0.25% of the
average daily net assets of Class A; (ii) Class B -- 1.0% of the lesser of: (a)
the average daily aggregate gross sales of the Class B shares since the
inception of the Fund (not including reinvestment of dividend or capital gain
distributions) less the average daily aggregate net asset value of the Class B
shares redeemed since the Fund's inception upon which a contingent deferred
sales charge has been imposed or waived; or (b) the average daily net assets of
Class B; and (iii) Class C -- up to 1.0% of the average daily net assets of
Class C. In the case of Class A shares, amounts paid under the Plan are paid to
the Distributor for services provided. In the case of Class B and Class C
shares, amounts paid under the Plan are paid to the Distributor for services
provided and the expenses borne by it and others in the distribution of the
shares of these Classes, including the payment of commissions for sales of these
Classes and incentive compensation to, and expenses of, the account executives
of Dean Witter Reynolds Inc. ("DWR"), an affiliate of the 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
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
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1998, CONTINUED

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 $20,353,215 at January 31, 1998.

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 January 31, 1998, 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 year ended January 31, 1998,
it received contingent deferred sales charges from certain redemptions of the
Fund's Class B shares and Class C shares of $1,105,599 and $339, respectively
and received approximately $6,000 in front-end sales charges from sales of the
Fund's Class A shares. The respective shareholders pay such charges which are
not an expense of the Fund.

5. SECURITY TRANSACTIONS 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, 1998 aggregated
$92,188,514 and $107,843,981, respectively.

For the period May 31, 1997 through January 31, 1998, the Fund incurred
brokerage commissions of $3,901 with Morgan Stanley & Co., Inc., an affiliate of
the Manager since May 31, 1997, for portfolio transactions executed on behalf of
the Fund.

Dean Witter Trust FSB, an affiliate of the Manager and Distributor, is the
Fund's transfer agent. At January 31, 1998, the Fund had transfer agent fees and
expenses payable of approximately $6,000.
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1998, CONTINUED

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, 1998 JANUARY 31, 1997
---------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT
----------- -------------- ----------- ------------
<S> <C> <C> <C> <C>
CLASS A SHARES*
Sold............................................................. 10,002 $ 142,946 -- --
Redeemed......................................................... (944) (11,957) -- --
----------- -------------- ----------- ------------
Net increase - Class A........................................... 9,058 130,989 -- --
----------- -------------- ----------- ------------

CLASS B SHARES
Sold............................................................. 5,890,546 80,346,802 2,700,960 $ 27,087,984
Redeemed......................................................... (6,955,022) (93,949,547) (6,631,601) (66,245,651)
----------- -------------- ----------- ------------
Net decrease - Class B........................................... (1,064,476) (13,602,745) (3,930,641) (39,157,667)
----------- -------------- ----------- ------------

CLASS C SHARES*
Sold............................................................. 72,243 1,050,903 -- --
Redeemed......................................................... (6,786) (92,205) -- --
----------- -------------- ----------- ------------
Net increase - Class C........................................... 65,457 958,698 -- --
----------- -------------- ----------- ------------

CLASS D SHARES*
Sold............................................................. 658 10,018 -- --
----------- -------------- ----------- ------------

Net decrease in Fund............................................. (989,303) $ (12,503,040) (3,930,641) $(39,157,667)
----------- -------------- ----------- ------------
----------- -------------- ----------- ------------
</TABLE>

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

* For the period July 28, 1997 (issue date) through January 31, 1998.

7. FEDERAL INCOME TAX STATUS

During the year ended January 31, 1998, the Fund utilized approximately
$24,442,000 of its net capital loss carryover. At January 31, 1998, the Fund had
a net capital loss carryover of approximately $93,089,000 of which $73,250,000
will be available through January 31, 2004 and $19,839,000 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 $2,102,000 during fiscal 1998.

As of January 31, 1998, the Fund had temporary book/tax differences primarily
attributable to capital loss deferrals on wash sales, mark-to-market of open
forward foreign currency exchange contracts and post-October losses. The Fund
had permanent book/tax differences primarily attributable to foreign currency
losses, a net operating loss and tax adjustments on passive foreign investment
<PAGE>
TCW/DW LATIN AMERICAN GROWTH FUND
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1998, CONTINUED

companies sold by the Fund. To reflect reclassifications arising from the
permanent differences, paid-in-capital was charged $1,520,555, accumulated net
realized loss was charged $376,854 and accumulated net investment loss was
credited $1,897,409.

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, 1998, there were outstanding forward contracts used to facilitate
settlement of foreign currency denominated portfolio transactions and forward
contracts used to manage foreign currency exposure.

At January 31, 1998, 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, 1992*
FOR THE YEAR ENDED JANUARY 31, THROUGH
------------------------------------------------------- JANUARY
1998**++ 1997 1996 1995 1994 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
loss............ (0.09) (0.04) (0.06) (0.17) (0.04) (0.01)

Net realized and
unrealized gain
(loss).......... 0.71 2.03 0.19 (6.21) 6.68 (0.43)
---------- --------- --------- ---------- --------- ----------

Total from
investment
operations...... 0.62 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... $ 12.09 $ 11.47 $ 9.48 $ 9.35 $ 16.05 $ 9.56
---------- --------- --------- ---------- --------- ----------
---------- --------- --------- ---------- --------- ----------

TOTAL INVESTMENT
RETURN+.......... 5.41% 20.99% 1.39% (40.12)% 69.49% (4.30)%(1)

RATIOS TO AVERAGE
NET ASSETS:
Expenses......... 2.81% 2.78% 2.98% 2.87% 2.89% 3.08% (2)

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

SUPPLEMENTAL DATA:
Net assets, end
of period, in
thousands....... $272,710 $270,843 $261,066 $294,774 $325,956 $ 69,611

Portfolio
turnover rate... 30% 29% 64% 145% 111% 1%(1)

Average
commission rate
paid............ $ 0.0006 $ 0.0002 -- -- -- --
</TABLE>

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

* 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.
++ The per share amounts were computed using an average number of shares
outstanding during the period.
+ Does not reflect the deduction of sales charge. Calculated based on the net
asset value as of the last business day of the period.
(1) Not annualized.
(2) Annualized.

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

<TABLE>
<CAPTION>
FOR THE PERIOD
JULY 28, 1997*
THROUGH
JANUARY 31,
1998++
- ----------------------------------------------------------------------------------------
<S> <C>
CLASS A SHARES
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period.................................. $ 15.22
------
Net investment loss................................................... (0.07)
Net realized and unrealized loss...................................... (3.01)
------
Total from investment operations...................................... (3.08)
------
Net asset value, end of period........................................ $ 12.14
------
------

TOTAL INVESTMENT RETURN+.............................................. (20.24)%(1)

RATIOS TO AVERAGE NET ASSETS:
Expenses.............................................................. 2.15% (2)
Net investment loss................................................... (1.04)%(2)

SUPPLEMENTAL DATA:
Net assets, end of period, in thousands............................... $110
Portfolio turnover rate............................................... 30%
Average commission rate paid.......................................... $ 0.0006
</TABLE>

<TABLE>
<S> <C>
CLASS C SHARES
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period.................................. $ 15.22
------
Net investment loss................................................... (0.12)
Net realized and unrealized loss...................................... (3.00)
------
Total from investment operations...................................... (3.12)
------
Net asset value, end of period........................................ $ 12.10
------
------

TOTAL INVESTMENT RETURN+.............................................. (20.50)%(1)

RATIOS TO AVERAGE NET ASSETS:
Expenses.............................................................. 2.91% (2)
Net investment loss................................................... (1.76)%(2)

SUPPLEMENTAL DATA:
Net assets, end of period, in thousands............................... $792
Portfolio turnover rate............................................... 30%
Average commission rate paid.......................................... $ 0.0006
</TABLE>

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

* The date shares were first issued.
++ The per share amounts were computed using an average number of shares
outstanding during the period.
+ Does not reflect the deduction of sales charge. Calculated based on the net
asset value as of the last business day of the period.
(1) Not annualized.
(2) Annualized.

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

<TABLE>
<CAPTION>
FOR THE PERIOD
JULY 28, 1997*
THROUGH
JANUARY 31,
1998++
- ----------------------------------------------------------------------------------------

<S> <C>
CLASS D SHARES

PER SHARE OPERATING PERFORMANCE:

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

Net investment loss................................................... (0.04)

Net realized and unrealized loss...................................... (3.02)
------

Total from investment operations...................................... (3.06)
------

Net asset value, end of period........................................ $ 12.16
------
------

TOTAL INVESTMENT RETURN+.............................................. (20.11)%(1)

RATIOS TO AVERAGE NET ASSETS:
Expenses.............................................................. 1.86% (2)

Net investment loss................................................... (0.52)%(2)

SUPPLEMENTAL DATA:
Net assets, end of period, in thousands............................... $8

Portfolio turnover rate............................................... 30%

Average commission rate paid.......................................... $ 0.0006
</TABLE>

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

* The date shares were first issued.
++ The per share amounts were computed using an average number of shares
outstanding during the period.
+ Calculated based on the net asset value as of the last business day of the
period.
(1) Not annualized.
(2) Annualized.

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
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, 1998, 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 periods
presented, 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, 1998 by correspondence with the custodian and brokers and the application of
alternative auditing procedures where confirmations from brokers were not
received, provide a reasonable basis for the opinion expressed above.

PRICE WATERHOUSE LLP
1177 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10036
MARCH 13, 1998
<PAGE>

TRUSTEES [LOGO]
John C. Argue
Richard M. DeMartini
Charles A. Fiumefreddo LATIN AMERICAN
John R. Haire
Dr. Manuel H. Johnson GROWTH FUND
Thomas E. Larkin, Jr.
Michael E. Nugent
John L. Schroeder [GRAPHIC]
Marc I. Stern

OFFICERS ANNUAL REPORT
Charles A. Fiumefreddo
Chairman and Chief Executive Officer JANUARY 31, 1998

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.

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.