TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST, N-30D, 1995-09-29

TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
N-30D, 1995-09-29

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<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
Two World Trade Center
New York, New York 10048

DEAR SHAREHOLDER:
- --------------------------------------------------------------------------------

During the first half of 1995, most emerging markets demonstrated resilience
in the face of various crises and are again beginning to attract the interest of
investors. In this environment, TCW/DW Emerging Markets Opportunities Trust
produced a total return of 12.08 percent for the six months ended July 31, 1995,
based on a change in net asset value from $11.18 per share to $12.53 per share,
exceeding the 10.40 percent total return posted by the International Finance
Corporation's Emerging Markets Investable Total Return Index. Based on a change
in market price on the New York Stock Exchange from $9.875 per share to $10.25
per share, the Trust's total return was 3.80 percent.

As of July 31, 1995, the Trust had net assets in excess of $275 million,
with approximately 98 percent of net assets invested in emerging-market
securities and the remainder in cash. Approximately one-half of the Trust was
invested in Asian equities, up from approximately 33 percent six months ago.
Latin American assets represented approximately 34 percent of the portfolio,
down from approximately 38 percent on January 31, 1995. Other emerging market
assets, including those in South Africa and emerging European countries,
represented 14 percent of net assets, up slightly from approximately 13 percent
six months ago. On July 31, 1995, the largest individual country allocations in
the Fund were: Malaysia (23 percent of net assets), Brazil (12 percent), Mexico
(11 percent), South Africa (8 percent) and Thailand (7 percent). As confidence
in the emerging markets returned, the Fund's cash position declined from more
than 10 percent on January 31, 1995 to less than 3 percent on July 31, 1995.

ASIAN PACIFIC EMERGING MARKETS

The Asian Pacific markets experienced a volatile first half of 1995 with
external events -- primarily the Mexican financial collapse -- providing the
primary market stimulus. Investor confidence in the Asian markets has since
recovered and the Asian Pacific markets as a whole have appreciated since the
start of the year. Yield spreads -- the difference between interest rates across
the maturity spectrum -- versus U.S. Treasury securities for countries such as
Thailand, the Philippines and Indonesia rose to record levels during the past
six months.

As of July 31, 1995, the portfolio's two largest Asian Pacific markets were
Malaysia and Thailand. In Malaysia, it appears that the Mahathir administration
has successfully contained inflation and a current account deficit without
raising interest rates significantly. Indications that first quarter gross
domestic product (GDP) was nearly 10 percent has further stimulated the market.
In Thailand, greater liquidity came in the form of increased capital inflows,
the result of lower interest rates and robust earnings growth in both the
banking and telecommunications sectors.

Elsewhere in Asia, the simultaneous preoccupation with deflation and
inflation left investors puzzled. Deflationary fears emerged as a result of
capital outflows from emerging markets following the Mexican crisis, the rise of
indebtedness following the yen's appreciation and the potential withdrawal of
Japanese investment capital should the economic situation there worsen.
Meanwhile, inflation returned in the second quarter of 1995 as economic growth
in Asia strengthened, monetary policy was eased and high levels of capital were
committed to infrastructure improvements. Further, several Asian countries ran
higher risks of imported inflation in the wake of the yen's appreciation.
However, the Trust's investment adviser, TCW Funds Manage-
<PAGE>
ment, Inc. (TCW), is confident that infrastructure investment (which contributes
to current inflation) will ultimately moderate inflationary pressures. With
increased liquidity in the global marketplace, as well as expected improvement
in earnings growth in 1996, TCW believes that the Asian markets are positioned
for increased stability over the next six months.

In terms of individual performance, as illustrated below, all of the markets
in which the Trust invests had positive returns over the last 6 months, with the
exception of India and Pakistan, which, combined, represent only 4 percent of
the Trust's net assets.

<TABLE>
<S> <C>
- - Hong Kong 29 percent
- - Malaysia 25 percent
- - Indonesia 17 percent
- - Thailand 15 percent
- - Philippines 15 percent
- - Singapore 8 percent
- - Korea 5 percent
- - China 3 percent
- - Pakistan -3 percent
- - India -7 percent
</TABLE>

LATIN AMERICAN EMERGING MARKETS

The ability of the Latin American countries to weather the crisis of
confidence generated by the sudden devaluation of the Mexican peso last December
has begun to renew domestic and foreign investor interest and confidence in
their equity markets. Despite losses in all of the major Latin American equity
markets during the first quarter of 1995 as a result of continuing uncertainties
in Mexico and fears that similar pressures could surface throughout the region,
all of the markets posted second quarter gains. These gains were stimulated by
local events such as the reelections of Presidents Menem (Argentina) and
Fujimori (Peru), increasing foreign direct investment, improved trade balances
throughout much of the region and renewed privatization efforts in Brazil,
Mexico and Peru.

The Brazilian equity market declined more than 10 percent in U.S. dollar
terms during the past six months. An upward revision of first quarter 1995 real
(adjusted for inflation) gross domestic product (GDP) growth to nearly 11
percent versus the same period last year was Brazil's strongest in 15 years,
causing concern among monetary authorities that such strong growth would lead to
renewed inflation and a prolonged trade deficit. Therefore, credit has been very
tight in Brazil, resulting in declining industrial production. On the positive
side, tight credit has also led to strong capital inflows and an increase in
international reserves. In light of the tight credit environment, TCW does not
expect economic activity to continue at its current pace for the entire year and
expects that GDP growth for the year is likely to be closer to 5.50 percent.

The Trust's Brazilian exposure was reduced from approximately 19 percent of
net assets on January 31, 1995 to approximately 12 percent on July 31, 1995.
Real interest rates in Brazil are very high (25 to 30 percent) and a loosening
of monetary policy is expected to occur once the economy is deindexed (that is,
no longer formally tied to movements in the rate of inflation). As of July 31,
1995, state-owned companies, such as Telebras, Electrobras, Telesp, Petrobras
and CVRD accounted for approximately 40 percent of the Trust's Brazilian
investments.

The Mexican equity market rose nearly 8 percent, in U.S. dollar terms,
between January 31, 1995 and July 31, 1995. Investor confidence has gradually
increased as the country's economic stabilization program -- which has included
a gradual reduction in monthly inflation and a sharp improvement in the trade
balance --
<PAGE>
has progressed. The trade surplus during the first six months of 1995 was $3.1
billion, compared to an $8.8 billion deficit during the first half of 1994.
Stabilization has allowed Mexico to return to the international capital markets
through several successful government bond placements. Overall, however, Mexico
is still struggling with declining industrial production and rising
unemployment, which reached a record level of nearly 7 percent in May.

In response to these developments, the Trust's weighting in Mexico was
increased modestly from approximately 10 percent of net assets on January 31,
1995 to approximately 11 percent as of July 31, 1995. The Fund's primary focus
in Mexico has been on the exporters, such as Alfa, Tamsa and San Luis, which
have been beneficiaries of the peso devaluation. The Fund has also maintained
significant exposure in "blue-chip" companies, such as Grupo Carso and Kimberly
Clark, which have consistently demonstrated their ability to gain market share
through aggressive cost cutting and competitive pricing.

In Argentina, export growth remained very strong during the first half of
1995. However, exports represent only about 5 percent of Argentina's GDP and,
according to TCW, are unlikely to revitalize Argentina's economy alone. The
reelection of President Menem may create the political environment necessary to
reform outdated labor laws, which have contributed to an uncompetitive economy
and record unemployment. At approximately 4 percent of net assets, the Trust's
exposure in Argentina remained virtually unchanged over the last six months. The
Trust's Argentine investments focused on companies with strong growth potential,
such as those in the oil, gas and agricultural industries, and in recently
privatized companies, which continue to make productivity gains. Representative
companies include Perez Companc, YPF, Telefonica Argentina, Telecomm Argentina
and Molinos.

The rest of the region, in which the Trust holds only 6 percent of net
assets combined, posted mixed results with gains in Chile (16 percent) and Peru
(38 percent) and a 20 percent decline in Colombia.

OTHER EMERGING MARKETS

Emerging markets in Europe and South Africa were not immune to the effects
of the Mexican crisis, but generally performed very well. The South African
market's nearly 22 percent increase (in U.S. dollar terms) is attributable to
strong corporate earnings and a currency appreciation following the decision to
adopt a unified exchange rate. Despite uncertainty regarding the prospects for
the October elections, the Greek market rose more than 25 percent, in U.S.
dollar terms, during the first half of 1995, also attributable mainly to an
appreciating currency. In Turkey, despite tension within Prime Minister Ciller's
coalition government, the market rose more than 88 percent. This impressive
performance is attributable to optimism over falling interest rates, continued
progress on meeting International Monetary Fund (IMF) obligations and the
lengthening of government bond maturities.

LOOKING AHEAD

While further short-term volatility can not be discounted, TCW believes that
the emerging markets remain an attractive longer term investment opportunity. In
that connection, TCW believes that continued economic growth and a more benign
global interest rate environment should provide favorable conditions for
emerging-market equities and that attention is again focused on the strong
economic fundamentals and growth opportunities that characterize the bulk of the
emerging markets. As always, TCW will continue to monitor events carefully, and
will adjust the Trust's portfolio as developments warrant.

We would like to remind you that the Trustees have approved a procedure
whereby the Trust, when appropriate, may repurchase shares in the open market or
in privately negotiated transactions at a price not above market value or net
asset value, whichever is lower at the time of purchase.
<PAGE>
We appreciate your support of TCW/DW Emerging Markets Opportunities Trust
and look forward to continuing to serve your financial needs.

Very truly yours,

[SIGNATURE]
Charles A. Fiumefreddo
CHAIRMAN OF THE BOARD
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
PORTFOLIO OF INVESTMENTS JULY 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------- -------------
<C> <S> <C>
COMMON AND PREFERRED STOCKS, BONDS, RIGHTS AND
WARRANTS (97.5%)
ARGENTINA (3.9%)
AUTOMOTIVE
39,800 Ciadea S.A....................... $ 149,265
-------------
BANKS
7,100 Banco de Galicia y Buenos Aires
S.A. (ADR)..................... 126,913
30,000 Banco de Galicia y Buenos Aires
S.A............................ 136,514
11,900 Banco Frances del Rio de la Plata
S.A. (ADR)..................... 249,900
-------------
513,327
-------------
BUILDING & CONSTRUCTION
76,020 Juan Minetti S.A................. 243,288
-------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
22,900 Buenos Aires Embotelladera S.A.
(ADR).......................... 569,637
41,286 Molinos Rio de la Plata S.A.*.... 297,289
29,000 Nobleza Piccardo S.A............. 127,613
-------------
994,539
-------------
MULTI-INDUSTRY
512,564 Compania Naviera Perez Compac
S.A.C.F.I.M.F.A................ 2,481,058
-------------
OIL & GAS
194,190 Astra Cia Argentina de Petro..... 345,693
49,940 Transportadora de Gas del Sur
S.A. (ADR)..................... 561,825
-------------
907,518
-------------
OIL RELATED
136,000 Commercial del Plata............. 361,796
122,900 Yacimentos Petroliferos Fiscales
S.A. (ADR)..................... 2,135,388
-------------
2,497,184
-------------
PAPER & FOREST PRODUCTS
1 Fiplasto S.A.*................... 2
-------------
REAL ESTATE
42,700 Inversiones y Representacion S.A.
(Class B)...................... 101,636
-------------
TELECOMMUNICATIONS
64,900 Telecom Argentina S.A............ 321,287
20,600 Telecom Argentina S.A. (ADR)..... 1,022,275
54,200 Telefonica de Argentina S.A.
(ADR).......................... 1,463,400
-------------
2,806,962
-------------
TOTAL ARGENTINA.................. 10,694,779
-------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------- -------------
<C> <S> <C>
BELIZE (0.1%)
BANKING
9,650 BHI Corporation.................. $ 151,987
-------------
BRAZIL (11.8%)
AUTOMOTIVE
30,100 Capco Automotive Products
Corp.*......................... 229,513
3,930,900 Iochpe Maxion S.A. (Pref.)....... 1,261,251
-------------
1,490,764
-------------
BANKING
176,951,400 Banco Bradesco S.A. (Pref.)...... 1,570,798
3,566,500 Banco Itau S.A. (Pref.).......... 1,079,486
-------------
2,650,284
-------------
BREWERY
4,020,400 Companhia Cervejaria Brahma
(Pref.)........................ 1,350,166
70,802 Companhia Cervejaria Brahma (New
Shares)(Pref.)................. 21,203
-------------
1,371,369
-------------
ELECTRONIC & ELECTRICAL EQUIPMENT
370,000 Brasmotor S.A. (Pref.)........... 75,187
-------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
60,154,663 Refrigeracao Parana S.A.......... 124,813
-------------
MACHINERY-DIVERSIFIED
2,130 Bardella S.A. Industrias
Mecanicas (Pref.).............. 307,540
-------------
METALS & MINING
8,698,000 Caemi Mineracao e Metalurgra S.A.
(Pref.)........................ 725,609
34,450,000 Companhia Siderurgica Nacional... 732,477
15,335,000 Companhia Vale do Rio Doce S.A.
(Pref.)........................ 2,435,559
1,188,000 Confab Industrial S.A. (Pref.)... 673,412
-------------
4,567,057
-------------
MULTI-INDUSTRY
1,145,000 Itausa Investimentos Itau S.A.
(Pref.)........................ 731,098
-------------
OIL REFINERIES
14,225,000 Petroleo Brasileiro S.A.
(Pref.)........................ 1,323,610
-------------
OIL RELATED
91,691,000 Companhia Brasileira de Petrobras
Ipiranga (Pref.)............... 1,010,072
338,500 Copene-Petroquimica do Nordeste
S.A. (Pref.)................... 225,184
-------------
1,235,256
-------------
</TABLE>

<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
PORTFOLIO OF INVESTMENTS JULY 31, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------- -------------
<C> <S> <C>
PAPER & FOREST PRODUCTS
69,000 Aracruz Celulose S.A. (ADR)...... $ 845,250
568,300 Industria Klabin de Papel e
Celulose (Pref.)............... 826,618
-------------
1,671,868
-------------
RETAIL
9,550,000 Lojas Americanas S.A. (Pref.).... 224,195
-------------
STEEL & IRON
512,700,000 Usinas Siderurgicas de Minas
Gerais S.A. (Pref.)............ 520,925
-------------
TELECOMMUNICATIONS
7,050,000 Telecomunicacoes Brasileiras
S.A............................ 217,909
136,547,155 Telecomunicacoes Brasileiras S.A.
(Pref.).......................... 4,914,237
27,307,300 Telecomunicacoes de Sao Paulo
S.A. (Pref.)................... 3,943,057
-------------
9,075,203
-------------
TEXTILES
2,912,800 Companhia de Tecidos Norte de
Minas.......................... 919,012
80,500,000 Teka-Tecelagem Kuehnrich S.A.
(Pref.)........................ 114,508
-------------
1,033,520
-------------
UTILITIES-ELECTRIC
8,210,677 Centrais Electricas Brasileiras
(Pref.)........................ 2,212,931
8,360,483 Centrais Electricas Brasileiras,
S.A............................ 2,253,307
40,991 Companhia Energetica de Minas
Gerais (ADR) - 144A**.......... 860,811
2,343,000 Light Servicos de Electricidade
S.A............................ 852,000
-------------
6,179,049
-------------
TOTAL BRAZIL..................... 32,581,738
-------------
CHILE (2.3%)
BUILDING & CONSTRUCTION
18,300 Madeco S.A. (ADR)................ 473,513
-------------
FINANCIAL SERVICES
26,200 A.F.P. Provida S.A. (ADR)........ 727,050
-------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
6,600 Compania Cervecerias Unidas S.A.
(ADR).......................... 163,350
3,500 Embotelladora Andina S.A. (ADR).. 119,000
5,400 Santa Isabel S.A. (ADR).......... 99,900
-------------
382,250
-------------
INVESTMENT COMPANIES
18,400 Genesis Chile Fund............... 724,500
-------------
PAPER & FOREST PRODUCTS
44,000 Maderas y Sinteticos Sociedad
Anonima Masisa (ADR)........... 748,000
-------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------- -------------
<C> <S> <C>
TELECOMMUNICATIONS
15,300 Compania Telecomunicacion Chile
(ADR).......................... $ 1,197,225
-------------
UTILITIES-ELECTRIC
41,600 Chilgener S.A. (ADR)............. 1,180,400
36,200 Enersis S.A. (ADR)............... 927,625
-------------
2,108,025
-------------
TOTAL CHILE...................... 6,360,563
-------------
CHINA (1.2%)
GLASS
1,955,700 Shanghai Yaohua Pilkington Glass
Co., Ltd. (B Shares)........... 2,073,042
-------------
UTILITIES-ELECTRIC
140,000 Shandong Huaneng Power
Development Co., Ltd. (ADR).... 1,172,500
-------------
TOTAL CHINA...................... 3,245,542
-------------
COLOMBIA (2.2%)
BANKING
131,756 Banco de Bogota.................. 790,536
20,360 Banco Industrial Colombiano
(ADR).......................... 287,585
-------------
1,078,121
-------------
BUILDING & CONSTRUCTION
201,238 Cementos Argos S.A............... 1,699,343
35,500 Cementos Diamante S.A. (ADR) -
144A**......................... 758,812
17,800 Cementos Paz Del Rio S.A. (ADR) -
144A**......................... 264,775
-------------
2,722,930
-------------
FINANCIAL SERVICES
47,847 Suramericana de Seguros S.A...... 1,047,318
-------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
103,931 Compania Nacional de Chocolates.. 1,025,453
-------------
RETAIL
45,000 Almacenes Exito.................. 210,000
-------------
TOTAL COLOMBIA................... 6,083,822
-------------
GREECE (1.4%)
BANKING
22,600 Ergo Bank S.A.................... 1,106,807
-------------
BUILDING & CONSTRUCTION
55,570 Aegek............................ 1,360,736
-------------
TELECOMMUNICATIONS
43,650 Intracom S.A..................... 1,253,473
-------------
TOTAL GREECE..................... 3,721,016
-------------
</TABLE>

<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
PORTFOLIO OF INVESTMENTS JULY 31, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------- -------------
<C> <S> <C>
HONG KONG (3.0%)
CONGLOMERATES
570,000 Hutchison Whampoa Limited........ $ 2,872,947
-------------
REAL ESTATE
356,000 Sun Hung Kai Properties Ltd...... 2,679,995
-------------
UTILITIES-ELECTRIC
1,210,400 Consolidated Electric Power Asia
Ltd............................ 2,823,542
-------------
TOTAL HONG KONG.................. 8,376,484
-------------
INDIA (2.9%)
BUILDING & CONSTRUCTION
176,000 Larsen & Toubro Ltd. (GDR)....... 3,740,000
-------------
FINANCIAL SERVICES
61,900 Hindalco Industries Ltd. (GDR)... 2,042,700
-------------
INDUSTRIALS
$ 2,000,000 Reliance Industries, Ltd. 3.50%
due 11/03/99 (Conv.)........... 2,240,000
-------------
TOTAL INDIA...................... 8,022,700
-------------
INDONESIA (3.1%)
AUTOMOTIVE
625,000 PT Astra International........... 1,384,848
-------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
559,785 PT Indofood Sukses Makmur........ 2,505,752
162,500 PT Mayora Indah.................. 789,223
-------------
3,294,975
-------------
REAL ESTATE
1,000,000 PT International Indorayon
Utama.......................... 2,159,803
-------------
TELECOMMUNICATIONS
47,300 PT Indonesia Satellite Corp.
(ADS).......................... 1,773,750
-------------
TOTAL INDONESIA.................. 8,613,376
-------------
IRELAND (0.3%)
INVESTMENT COMPANIES
80,000 Central Asia Investments......... 780,000
-------------
MALAYSIA (23.4%)
AGRICULTURE
2,186,000 Industrial Oxygen Inc. Berhad.... 3,006,951
-------------
BANKING
1,123,000 Commerce Asset Holdings.......... 6,718,257
2,289,000 DCB Holdings Berhad.............. 7,405,807
-------------
14,124,064
-------------
CONGLOMERATES
3,755,000 Renong Berhad.................... 7,457,431
2,468,600 Sime Darby Berhad................ 6,731,084
-------------
14,188,515
-------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------- -------------
<C> <S> <C>
ENTERTAINMENT/GAMING & LODGING
496,000 Genting Berhad................... $ 4,925,281
-------------
FINANCIAL SERVICES
2,800,000 MBF Holdings Berhad.............. 3,669,217
-------------
INVESTMENT COMPANIES
3,821,625 Lion Land Berhad................. 4,370,326
1,177,000 Technology Resource Industries
Berhad......................... 3,209,303
-------------
7,579,629
-------------
PAPER & FOREST PRODUCTS
1,070,000 Land & General Berhad............ 3,679,595
-------------
PUBLISHING
1,010,000 New Straits Times Press Berhad... 3,164,985
-------------
REAL ESTATE
1,264,000 Malaysian Resource Corp. Berhad.. 2,314,830
-------------
RETAIL
476,000 Prime Utilities Berhad........... 5,133,485
-------------
TELECOMMUNICATIONS
380,000 Telekom Malaysia Berhad.......... 2,814,586
-------------
TOTAL MALAYSIA................... 64,601,138
-------------
MEXICO (11.1%)
AUTOMOTIVE
20,699 Grupo Corporacion Industrial San
Luis (Units)++................. 458,093
2,393,600 Industria Automotriz S.A. (B
Shares)*....................... 1,059,462
-------------
1,517,555
-------------
BANKING
320,700 Grupo Financiero Inbursa S.A. (C
Shares)*....................... 1,025,188
-------------
BUILDING & CONSTRUCTION
549,000 Grupo Cementos de Chihuahua S.A.
de C.V......................... 459,000
-------------
BUILDING MATERIALS
526,000 Cemex S.A. de C.V. (B Shares).... 2,164,361
-------------
CONGLOMERATES
511,000 Grupo Carso S.A. de C.V.*........ 3,225,164
264,200 Grupo Industria Alfa (A Shares).. 3,538,548
-------------
6,763,712
-------------
FOOD PROCESSING
199,100 Grupo Industrial Bimbo S.A. de
C.V. (Series A)................ 887,790
-------------
</TABLE>

<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
PORTFOLIO OF INVESTMENTS JULY 31, 1995 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------- -------------
<C> <S> <C>
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
354,300 Fomento Economico Mexicano S.A.
de C.V......................... $ 952,544
79,560 Gruma S.A. (B Shares)............ 241,028
797,500 Grupo Industrial Maseca S.A. de
C.V. (B2 Shares)............... 594,857
293,300 Jugos de Valle S.A. (B Shares)... 673,147
63,500 Panamerican Beverages, Inc....... 1,944,687
-------------
4,406,263
-------------
MEDIA GROUP
52,030 Grupo Televisa S.A. (GDS)........ 1,183,683
-------------
MULTI-INDUSTRY
44,300 Desc S.A. (Series B)............. 170,664
-------------
PAPER & FOREST PRODUCTS
91,550 Kimberly-Clark de Mexico S.A. de
C.V. (A Shares)................ 1,193,152
-------------
RETAIL
1,371,200 Cifra S.A. de C.V. (C Shares).... 1,685,902
-------------
STEEL & IRON
50,000 Hylsamex S.A. de C.V. (ADR) -
144A**......................... 875,000
125,600 Tubos de Acero de Mexico S.A.
(ADR).......................... 808,550
-------------
1,683,550
-------------
TELECOMMUNICATIONS
211,370 Telefonos de Mexico S.A. de C.V.
(Series L) (ADR)............... 6,975,210
-------------
TRANSPORTATION
74,000 Transportacion Maritima Mexicana
S.A. de C.V. (Series A)
(ADR).......................... 508,750
-------------
TOTAL MEXICO..................... 30,624,780
-------------
PAKISTAN (1.0%)
BANKING
277,172 Muslim Commercial Bank........... 435,878
-------------
TELECOMMUNICATIONS
20,680 Pakistan Telecommunications Corp.
(GDR)*......................... 2,212,760
-------------
TOTAL PAKISTAN................... 2,648,638
-------------
PANAMA (0.5%)
BANKING
31,000 Banco Latinoamericano de
Exportaciones S.A. (ADR)....... 1,243,875
-------------
PERU (1.8%)
BREWERY
331,089 Cerveceria Backus & Johnston..... 655,032
-------------
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------- -------------
<C> <S> <C>
DISTRIBUTION
84,500 Enrique Ferreyros S.A............ $ 130,701
-------------
EXPLOSIVES
107,600 Explosivos S.A................... 517,680
-------------
FINANCIAL SERVICES
737,100 Banco de Credito del Peru........ 1,408,577
-------------
METALS & MINING
36,260 Companhia de Minas Buenaventura
(C Shares)..................... 212,114
-------------
TELECOMMUNICATIONS
1,150,324 CPT-Telefonica de Peru S.A. (B
Shares)........................ 2,146,513
-------------
TOTAL PERU....................... 5,070,617
-------------
PHILIPPINES (2.7%)
BUILDING & CONSTRUCTION
$ 3,500,000 Bacnotan Consolidated Industries
5.50% due 06/21/04 (Conv.)..... 3,360,000
-------------
UTILITIES-ELECTRIC
475,500 Manila Electric Co. (B Shares)... 4,013,599
-------------
TOTAL PHILIPPINES................ 7,373,599
-------------
PORTUGAL (2.8%)
BANKING
129,740 Espirito Santo Financial Holdings
S.A. (ADR)..................... 1,670,403
-------------
BUILDING & CONSTRUCTION
92,000 Sociedade de Construcoes Soares
de Costa S.A................... 1,450,422
-------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
107,300 Corticeira Amorim S.A............ 1,500,212
-------------
INVESTMENT COMPANIES
66,390 Sonae Investimentos Sociedade
Gestora de Participacoes
Sociais S.A.................... 1,570,921
-------------
TELECOMMUNICATIONS
76,350 Portugal Telecom S.A............. 1,531,012
-------------
TOTAL PORTUGAL................... 7,722,970
-------------
SINGAPORE (1.8%)
BUILDING & CONSTRUCTION
398,000 Van Der Horst Ltd................ 2,142,088
-------------
BUSINESS SERVICES
65,000 Republic Hotels & Resorts Ltd.... 92,357
13,000 Republic Hotels & Resorts Ltd.
(Rights)*...................... 3,172
-------------
95,529
-------------
</TABLE>

ELECTRONIC & ELECTRICAL EQUIPMENT
50 Daewoo Corp. (Warrants due
11/08/96)*..................... $ 12,500
740 Samsung Electronics (GDR)........ 104,525
146 Samsung Electronics (GDS)........ 20,255
7,322 Samsung Electronics (GDS) -
144A** (New Shares)............ 464,068
37,000 Samsung Electronics (GDS) -
144A**......................... 2,460,500
SFr 650,000 Yukong, Ltd. 1.00% due 12/31/98
(Conv.)........................ 620,929
-------------
3,682,777
-------------
INDUSTRIALS
$ 1,100,000 Goldstar Co., Ltd. 3.25% due
12/31/06 (Conv.)............... 1,331,000
-------------
INVESTMENT COMPANIES
127 Dongyang Dragon Trust............ 1,587,500
-------------
STEEL & IRON
51,980 Pohang Iron & Steel Co., Ltd.
(ADR).......................... 1,741,330
-------------
TOTAL SOUTH KOREA................ 9,762,663
-------------
THAILAND (7.2%)
BANKING
$ 3,240,000 Siam Commercial Bank Co. 3.25%
due 01/24/04 (Conv.)........... 2,883,600
456,800 Thai Farmers Bank, Ltd........... 4,392,663
-------------
7,276,263
-------------
BUILDING & CONSTRUCTION
76,300 Siam Cement Co., Ltd............. 5,172,986
-------------
METALS & MINING
505,000 Sahaviriya Steel Industry........ 1,203,838
-------------
OIL RELATED
252,000 PTT Exploration & Production..... 2,688,000
-------------
REAL ESTATE
$ 1,000,000 Land & House Public Co. 5.00% due
04/29/03 (Conv.)............... 1,520,000
-------------
TELECOMMUNICATIONS
139,000 United Communication Industry.... 2,033,051
-------------
TOTAL THAILAND................... 19,894,138
-------------
TURKEY (1.6%)
BANKING
12,000,000 Turkiye Garanti Bankasi AS....... 1,675,903
-------------
</TABLE>

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

TELECOMMUNICATIONS
4,000,000 Netas Telekomunik............ $ 1,662,603
-----------
TOTAL TURKEY................. 4,497,761
-----------
TOTAL INVESTMENTS (IDENTIFIED COST
$268,798,836)(A)................. 97.5% 268,890,741
CASH AND OTHER ASSETS IN EXCESS OF
LIABILITIES...................... 2.5 6,840,750
----- -----------
NET ASSETS......................... 100.0% $275,731,491
----- -----------
----- -----------

<FN>
- ------------------
ADR AMERICAN DEPOSITORY RECEIPT.
ADS AMERICAN DEPOSITORY SHARES.
GDR GLOBAL DEPOSITORY RECEIPT.
GDS GLOBAL DEPOSITORY SHARES.
* NON-INCOME PRODUCING SECURITY.
** RESALE IS RESTRICTED TO QUALIFIED INSTITUTIONAL INVESTORS.
++ CONSISTS OF MORE THAN ONE CLASS OF SECURITIES TRADED TOGETHER AS A UNIT;
GENERALLY STOCKS WITH ATTACHED WARRANTS.
(A) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $270,657,968; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $25,927,367 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $27,694,594, RESULTING IN NET UNREALIZED
DEPRECIATION OF $1,767,227.
</TABLE>

FORWARD FOREIGN CURRENCY CONTRACT OPEN AT JULY 31, 1995:

<TABLE>
<CAPTION>
CONTRACTS IN EXCHANGE DELIVERY UNREALIZED
TO RECEIVE FOR DATE DEPRECIATION
- ------------------- ------------------- --------- -------------
<S> <C> <C> <C>
$ 132,844 PTE 19,261,011 08/01/95 $ (340)
-----
-----
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
SUMMARY OF INVESTMENTS JULY 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------------ ----------- -----------
<S> <C> <C>
Agriculture................... $ 3,006,951 1.1%
Automotive.................... 4,542,431 1.7
Banking....................... 34,795,680 13.0
Banks......................... 513,327 0.2
Brewery....................... 7,603,734 2.6
Building & Construction....... 26,859,618 9.6
Building Materials............ 4,593,928 1.7
Business Services............. 95,529 0.0
Conglomerates................. 24,526,049 8.9
Distribution.................. 130,701 0.1
Electronic & Electrical
Equipment................... 3,757,964 1.3
Engineering & Construction.... 769,787 0.3
Entertainment/Gaming &
Lodging..................... 4,925,281 1.8
Explosives.................... 517,680 0.2
Financial Services............ 8,894,862 3.1
Food Processing............... 887,790 0.3
Food, Beverage, Tobacco &
Household Products.......... 11,728,504 4.1
Glass......................... 2,073,042 0.8
Industrials................... 3,571,000 1.3
Investment Companies.......... 12,242,551 4.4
Machinery - Diversified....... 307,540 0.1
Media Group................... 1,183,683 0.4
Metals & Mining............... 8,657,283 3.1

<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------------ ----------- -----------
<S> <C> <C>
Multi-Industry................ $ 7,068,475 2.6%
Oil & Gas..................... 907,518 0.3
Oil Refineries................ 3,682,413 1.3
Oil Related................... 6,420,440 2.2
Paper & Forest Products....... 7,292,617 2.7
Publishing.................... 3,164,985 1.2
Real Estate................... 8,776,264 3.3
Retail........................ 8,125,977 2.9
Steel & Iron.................. 3,945,805 1.4
Telecommunications............ 35,482,347 12.9
Textiles...................... 1,033,520 0.4
Transportation................ 508,750 0.2
Utilities-Electric............ 16,296,715 6.0
----------- -----
$268,890,741 97.5%
----------- -----
----------- -----
</TABLE>

<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
- ------------------------------ ----------- -----------
<S> <C> <C>
Common Stocks................. $230,129,175 83.5%
Convertible Bonds............. 11,955,529 4.3
Preferred Stocks.............. 26,332,272 9.5
Rights........................ 3,172 0.0
Units......................... 458,093 0.2
Warrants...................... 12,500 0.0
----------- -----
$268,890,741 97.5%
----------- -----
----------- -----
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITY TRUST
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities
JULY 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------

<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $268,798,836)........... $268,890,741
Cash....................................... 7,375,850
Receivable for:
Investments sold......................... 1,089,155
Dividends................................ 303,496
Interest................................. 187,365
Deferred organizational expenses........... 36,579
Prepaid expenses........................... 20,751
-----------
TOTAL ASSETS....................... 277,903,937
-----------
LIABILITIES:
Payable for:
Investments purchased.................... 1,095,414
Shares of beneficial interest
repurchased............................ 176,260
Management fee........................... 175,909
Investment advisory fee.................. 117,273
Accrued expenses and other payables........ 607,590
-----------
TOTAL LIABILITIES.................. 2,172,446
-----------
NET ASSETS:
Paid-in-capital............................ 312,607,168
Net unrealized appreciation................ 86,479
Accumulated undistributed net investment
income................................... 1,008,678
Accumulated net realized loss.............. (37,970,834)
-----------
NET ASSETS......................... $275,731,491
-----------
-----------
NET ASSET VALUE PER SHARE, 22,008,733
shares outstanding (unlimited shares
authorized of $.01 par value)............
$12.53
-----------
-----------
</TABLE>

Statement of Operations
FOR THE SIX MONTHS ENDED JULY 31, 1995 (UNAUDITED)

<TABLE>
<S> <C>
NET INVESTMENT INCOME:
INCOME
Dividends (net of $384,105 foreign
withholding tax)..................... $ 2,842,627
Interest............................... 630,755
-----------
TOTAL INCOME....................... 3,473,382
-----------
EXPENSES
Management fee......................... 970,243
Investment advisory fee................ 646,829
Custodian fees......................... 451,053
Transfer agent fees and expenses....... 171,474
Professional fees...................... 70,764
Shareholder reports and notices........ 49,065
Trustees' fees and expenses............ 27,444
Registration fees...................... 18,402
Organizational expenses................ 4,977
Other.................................. 16,349
-----------
TOTAL EXPENSES..................... 2,426,600
-----------
NET INVESTMENT INCOME............ 1,046,782
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS):
NET REALIZED LOSS ON:
Investments.......................... (19,870,334)
Foreign exchange transactions........ (183,093)
-----------
TOTAL LOSS......................... (20,053,427)
-----------
NET CHANGE IN UNREALIZED DEPRECIATION
ON:
Investments.......................... 47,612,382
Net translation of forward foreign
currency contracts, other assets
and liabilities denominated in
foreign currencies................. (17,109)
-----------
TOTAL APPRECIATION................. 47,595,273
-----------
NET GAIN........................... 27,541,846
-----------
NET INCREASE..................... $28,588,628
-----------
-----------
</TABLE>

Statement of Changes in Net Assets
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
FOR THE SIX MONTHS FOR THE PERIOD
ENDED MARCH 31, 1994*
JULY 31, 1995 THROUGH
(UNAUDITED) JANUARY 31, 1995
------------------- ---------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income............................................. $ 1,046,782 $ 2,589,151
Net realized loss................................................. (20,053,427) (18,286,504)
Net change in unrealized appreciation/depreciation................ 47,595,273 (47,508,794)
------------------- ---------------------
Net increase (decrease)......................................... 28,588,628 (63,206,147)
------------------- ---------------------
Dividends and distributions to shareholders from:
Net investment income............................................. -- (1,976,199)
Net realized gain................................................. -- (314,919)
------------------- ---------------------
Total........................................................... -- (2,291,118)
------------------- ---------------------
Net increase (decrease) from transactions in shares of beneficial
interest........................................................... (7,215,385) 319,755,508
------------------- ---------------------
Total increase.................................................. 21,373,243 254,258,243
NET ASSETS:
Beginning of period................................................. 254,358,248 100,005
------------------- ---------------------
END OF PERIOD (including undistributed net investment income of
$1,008,678 and $0, respectively)................................... $ 275,731,491 $ 254,358,248
------------------- ---------------------
------------------- ---------------------
<FN>
- ------------------
* COMMENCEMENT OF OPERATIONS.
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------

1. ORGANIZATION AND ACCOUNTING POLICIES--TCW/DW Emerging Markets Opportunities
Trust (the "Trust") is registered under the Investment Company Act of 1940, as
amended, as a non-diversified, closed-end management investment company. The
Trust was organized as a Massachusetts business trust on December 22, 1993 and
had no operations other than those relating to organizational matters and the
issuance of 7,133 shares of beneficial interest for $100,005 to Dean Witter
InterCapital Inc., an affiliate of Dean Witter Services Company Inc. (the
"Manager"). The Trust commenced operations on March 30, 1994.

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 Stock Exchange or other domestic or foreign stock
exchange is valued at its latest sale price on that exchange prior to the
time when assets are valued; if there were no sales that day, the security
is valued at the latest bid price (in cases where securities are traded on
more than one exchange; the securities are valued on the exchange designated
as the primary market by the Adviser); (2) all other portfolio securities
for which over-the-counter market quotations are readily available are
valued at the latest available bid price prior to the time of valuation; (3)
when market quotations are not readily available, including circumstances
under which it is determined by 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); (4) portfolio securities may be valued by an outside pricing
service approved by the Trustees. The pricing service utilizes a matrix
system incorporating security quality, maturity and coupon as the evaluation
model parameters, and/or research and evaluation by its staff, including
review of broker-dealer market price quotations, if available, in
determining what it believes is the fair valuation of the portfolio
securities valued by such pricing service; and (5) short-term debt
securities having a maturity date of more than sixty days at time of
purchase are valued on a mark-to-market basis until sixty days prior to
maturity and thereafter at amortized cost based on their value on the 61st
day. Short-term debt securities having a maturity date of sixty days or less
at the time of purchase are valued at amortized cost.

B. ACCOUNTING FOR INVESTMENTS--Security transactions are accounted for on
the trade date (date the order to buy or sell is executed). Realized gains
and losses on security transactions are determined by the identified cost
method. Discounts on securities purchased are accreted over the life of the
respective securities. Dividend income is recorded on the ex-dividend date
except with respect for certain dividends on foreign securities which are
recorded as soon as the Trust is informed after the ex-dividend date.
Interest income is accrued daily.

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

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------

D. FORWARD FOREIGN CURRENCY CONTRACTS--The Trust may enter into forward
foreign currency contracts as a hedge against fluctuations in foreign
exchange rates. Forward contracts are valued daily at the appropriate
exchange rates. The resultant exchange gains and losses are included in the
Statement of Operations as unrealized gain/loss on foreign exchange
transactions. The Trust 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 Trust's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of its taxable income to its shareholders.
Accordingly, no federal income tax provision is required.

F. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS--The Trust 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 AND OFFERING COSTS--Dean Witter InterCapital Inc.
paid the organizational expenses and offering costs of the Trust in the
amounts of approximately $50,000 and $560,000, respectively, which have been
reimbursed for the full amount thereof. The organizational expenses have
been deferred and are being amortized by the Trust on the straight line
method over a period not to exceed five years from the commencement of
operations. Offering costs were charged to capital at the time of issuance
of the Trust's shares.

2. MANAGEMENT AGREEMENT--Pursuant to a Management Agreement, the Trust pays its
Manager a management fee, calculated weekly and payable monthly, by applying the
annual rate of 0.75% to the Trust's average weekly net assets.

Under the terms of the Management Agreement, the Manager maintains certain
of the Trust's books and records and furnishes, at its own expense, office
space, facilities, equipment, clerical, bookkeeping and certain legal services
and pays the salaries of all personnel, including officers of the Trust who are
employees of the Manager. The Manager also bears the cost of telephone services,
heat, light, power and other utilities provided to the Trust.

3. INVESTMENT ADVISORY AGREEMENT--Pursuant to an Investment Advisory Agreement
with TCW Funds Management, Inc. (the "Adviser"), the Trust pays the Adviser an
advisory fee, calculated weekly and payable monthly, by applying the annual rate
of 0.50% to the Trust's average weekly net assets.

Under the terms of the Investment Advisory Agreement, the Trust has retained
the Adviser to invest the Trust'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 Trust in a manner consistent with its investment objective. In
addition, the Adviser pays the salaries of all personnel, including officers of
the Trust, who are employees of the Adviser.
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------

4. 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, 1995 aggregated $105,168,007 and
$90,743,507, respectively.

Dean Witter Trust Company, an affiliate of the Manager, is the Trust's
transfer agent. At July 31, 1995, the Trust had transfer agent fees and expenses
payable of approximately $16,000.

5. SHARES OF BENEFICIAL INTEREST--Transactions in shares of beneficial interest
were as follows:

<TABLE>
<CAPTION>
CAPITAL PAID
PAR VALUE IN EXCESS OF
SHARES OF SHARES PAR VALUE
------------ ---------- --------------
<S> <C> <C> <C>
Balance, March 30, 1994 (Note 1)........................................ 7,133 $ 71 $ 99,934
Shares issued at close of public offering*.............................. 22,000,000 220,000 307,660,000
Shares issued pursuant to an over-allotment option on the public
offering on May 1, 1994................................................ 1,500,000 15,000 21,015,000
Treasury shares purchased and retired (weighted average discount
14.01%)**.............................................................. (749,600) (7,496) (9,247,001)
------------ ---------- --------------
Balance, January 31, 1995............................................... 22,757,533 227,575 319,527,933
Treasury shares purchased and retired (weighted average discount
16.50%)**.............................................................. (748,800) (7,488) (6,920,765)
------------ ---------- --------------
Balance, July 31, 1995.................................................. 22,008,733 $ 220,087 $ 312,607,168
------------ ---------- --------------
------------ ---------- --------------
<FN>
- --------------
* NET OF OFFERING COSTS OF APPROXIMATELY $560,000.
** THE TRUSTEES HAVE VOTED TO RETIRE THE SHARES PURCHASED.
</TABLE>

6. SELECTED QUARTERLY FINANCIAL DATA--(unaudited)
<TABLE>
<CAPTION>
QUARTERS ENDED
----------------------------------------------
07/31/95 04/30/95
---------------------- ----------------------
TOTAL* PER SHARE TOTAL* PER SHARE
--------- ----------- --------- -----------
<S> <C> <C> <C> <C>
Total investment income............................................... $ 1,257 $ 0.05 $ 2,216 $ 0.10
Net investment income (loss).......................................... (2) -- 1,049 0.05
Net realized and unrealized gain (loss)............................... 71,682 3.26 (44,140) (1.94)

QUARTERS ENDED
----------------------------------------------
1/31/95 10/31/94
---------------------- ----------------------
TOTAL* PER SHARE TOTAL* PER SHARE
--------- ----------- --------- -----------
<S> <C> <C> <C> <C>
Total investment income............................................... $ 942 $ 0.04 $ 1,847 $ 0.08
Net investment income (loss).......................................... (459) (0.02) 286 0.01
Net realized and unrealized gain (loss)............................... (95,869) (4.09) 26,244 1.10
<CAPTION>

QUARTERS ENDED
----------------------------------------------
7/31/94 4/30/94+
---------------------- ----------------------
TOTAL* PER SHARE TOTAL* PER SHARE
--------- ----------- --------- -----------
<S> <C> <C> <C> <C>
Total investment income............................................... $ 3,535 $ 0.15 $ 1,082 $ 0.05
Net investment income................................................. 2,098 0.09 664 0.03
Net realized and unrealized gain (loss)............................... 4,078 0.17 (248) (0.01)
<FN>
- --------------
* AMOUNTS IN THOUSANDS.
+ FOR THE PERIOD MARCH 30, 1994 (COMMENCEMENT OF OPERATIONS) THROUGH APRIL 30,
1994.
</TABLE>

<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------

7. FEDERAL INCOME TAX STATUS--Capital or foreign currency losses incurred after
October 31 within the taxable year ("post-October losses") are deemed to arise
on the first business day of the Trust's next taxable year. The Fund incurred
and will elect to defer net capital and foreign currency losses of approximately
$15,762,000 and $335,000, respectively, during fiscal 1995.

At January 31, 1995, the Trust had temporary book/tax differences primarily
attributable to post-October losses and capital loss deferrals on wash sales and
permanent book/tax differences primarily attributable to foreign currency
losses.

8. PURPOSES OF AND RISKS RELATING TO CERTAIN FINANCIAL INSTRUMENTS--The Trust
may enter into forward 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.

At July 31, 1995, there were no outstanding forward contracts other than
those to facilitate settlement of foreign currency denominated portfolio
transactions.

Forward contracts involve elements of market risk in excess of the amounts
reflected in the Statement of Assets and Liabilities. The Trust 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, 1995, the Trust's cash balance consisted principally of interest
bearing deposits with Chase Manhattan N.A., the Fund's custodian.
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Selected ratios and per share data for a share of beneficial interest
outstanding throughout each period:

<TABLE>
<CAPTION>
FOR THE PERIOD
MARCH 30,
FOR THE 1994*
SIX MONTHS ENDED THROUGH
JULY 31, 1995 JANUARY 31,
(UNAUDITED) 1995
------------------ --------------
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period......................................... $ 11.18 $ 14.02
-------- --------------
Net investment income........................................................ 0.05 0.11
Net realized and unrealized gain (loss)...................................... 1.30 (2.83)
-------- --------------
Total from investment operations............................................. 1.37 (2.72)
-------- --------------
Offering costs charged against capital....................................... -- (0.02)
-------- --------------
Less dividends and distributions from:
Net investment income...................................................... -- (0.09)
Net realized gain.......................................................... -- (0.01)
-------- --------------
Total dividends and distributions............................................ -- (0.10)
-------- --------------
Net asset value, end of period............................................... $ 12.53 $ 11.18
-------- --------------
-------- --------------
Market value, end of period.................................................. $ 10.25 $ 9.875
-------- --------------
-------- --------------

TOTAL INVESTMENT RETURN+..................................................... 3.80%(1) (33.52)%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses..................................................................... 1.88%(2) 1.73%(2)
Net investment income........................................................ 0.81%(2) 0.94%(2)
SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)..................................... $ 275,731 $ 254,358
Portfolio turnover rate...................................................... 37%(1) 66%(1)
<FN>
- --------------
* COMMENCEMENT OF OPERATIONS.
+ TOTAL INVESTMENT RETURN IS BASED UPON THE CURRENT MARKET VALUE ON THE LAST
DAY OF EACH PERIOD REPORTED. DIVIDENDS AND DISTRIBUTIONS ARE ASSUMED TO BE
REINVESTED AT THE PRICES OBTAINED UNDER THE TRUST'S DIVIDEND REINVESTMENT
PLAN. TOTAL INVESTMENT RETURN DOES NOT REFLECT SALES CHARGES OF BROKERAGE
COMMISSIONS.
(1) NOT ANNUALIZED.
(2) ANNUALIZED.
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS

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

The financial statements included herein have been taken from the records of
the Trust without examination by the independent auditors and accordingly, they
do not express the opinion thereon.
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST

RESULTS OF ANNUAL SHAREHOLDERS MEETING (UNAUDITED)
- --------------------------------------------------------------------------------
On June 22, 1995, an annual meeting of the Fund's shareholders was held for the
purpose of voting on three separate matters, the results of which were as
follows:

<TABLE>
<S> <C>
(1) ELECTION OF TRUSTEES:

John C. Argue

For....................................................................... 12,266,888

Withheld.................................................................. 710,712

Richard M. DeMartini

For....................................................................... 12,263,367

Withheld.................................................................. 714,233

Charles A. Fiumefreddo

For....................................................................... 12,260,330

Withheld.................................................................. 717,270

John R. Haire

For....................................................................... 12,246,381

Withheld.................................................................. 731,219

Manuel H. Johnson

For....................................................................... 12,266,772

Withheld.................................................................. 710,828

Paul Kolton

For....................................................................... 12,262,231

Withheld.................................................................. 715,369

Thomas E. Larkin, Jr.

For....................................................................... 12,265,712

Withheld.................................................................. 711,888

Michael E. Nugent

For....................................................................... 12,266,367

Withheld.................................................................. 711,233
</TABLE>
<PAGE>

TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST

RESULTS OF ANNUAL SHAREHOLDERS MEETING (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
John L. Schroeder

For....................................................................... 12,265,696

Withheld.................................................................. 711,904

Marc I. Stern

For....................................................................... 12,251,200

Withheld.................................................................. 726,400

(2) CONTINUANCE OF CURRENTLY EFFECTIVE INVESTMENT ADVISORY AGREEMENT:

For....................................................................... 11,722,511

Against................................................................... 612,678

Abstain................................................................... 642,411

(3) RATIFICATION OF PRICE WATERHOUSE LLP AS INDEPENDENT ACCOUNTANTS:

For....................................................................... 12,180,977

Against................................................................... 336,268

Abstain................................................................... 460,355
</TABLE>
<PAGE>

TRUSTEES TCW/DW
John C. Argue
Richard M. DeMartini
Charles A. Fiumefreddo EMERGING
John R. Haire MARKETS
Dr. Manuel H. Johnson OPPORTUNITIES
Paul Kolton TRUST
Thomas E. Larkin, Jr.
Michael E. Nugent [GRAPHIC]
John L. Schroeder
Marc I. Stern

SEMIANNUAL REPORT
OFFICERS JULY 31, 1995
Charles A. Fiumefreddo
Chairman and Chief Executive Officer

Thomas E. Larkin, Jr.
President

Sheldon Curtis
Vice President, Secretary and
General Counsel

Shaun C.K. Chan
Vice President

Michael P. Reilly
Vice President

Thomas F. Caloia
Treasurer

TRANSFER AGENT
Dean Witter Trust Company
Harborside Financial Center - Plaza Two
Jersey City, New Jersey 07311

INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036

MANAGER
Dean Witter Services Company Inc.

ADVISER
TCW Funds Management, Inc.