TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST, N-30D, 1997-04-14

TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
N-30D, 1997-04-14

Previous: ELECTRIC FUEL CORP, 10-K/A, 1997-04-14

Next: AES CHINA GENERATING CO LTD, 10-Q, 1997-04-14

<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST TWO WORLD TRADE CENTER, NEW YORK,
NEW YORK 10048
LETTER TO SHAREHOLDERS JANUARY 31, 1997

DEAR SHAREHOLDER:

For the fiscal year ended January 31, 1997, TCW/DW Emerging Markets
Opportunities Trust produced a total return of 13.03 percent based on net asset
value. Based on the Trust's market price on the New York Stock Exchange, the
Trust's total return was 7.59 percent. By comparison, the International Finance
Corporation's Investable (IFCI) Emerging Markets Total Return Index posted a
total return of 8.05 percent while the Lipper Emerging Market Funds Average
registered a total return of 16.37 percent.

REGIONAL OVERVIEW

As of January 31, 1997, the Trust's net assets were allocated on a regional
basis approximately as follows: 45 percent in the Asian-Pacific region; 37
percent in Latin America and 16 percent in Europe. The largest specific
allocations were Malaysia (17 percent of net assets), Brazil (14 percent) and
Mexico (10 percent). Smaller positions were held in Hong Kong, Taiwan, the
Philippines, Chile, Turkey and Indonesia (five percent each); India (four
percent); Argentina, Poland, South Korea, Russia and Peru (three percent each);
Portugal and Thailand (two percent each); and Hungary, Venezuela, the Czech
Republic and Colombia (one percent each). The Trust's cash position totaled 1.4
percent of net assets.

A judicious asset allocation strategy enabled the Trust to capitalize on the
robust stock market performance of three of its most prominent areas of
investment: Malaysia, Brazil, and Hong Kong. The Trust's performance was also
bolstered by some of its smaller allocations such as Taiwan, Indonesia,
Argentina and Portugal, as well as by its avoidance of the South African market.

ASIAN PACIFIC

The Asian emerging equity markets posted mixed results during the fiscal year
ended January 31, 1997, rising just 1.5 percent in U.S. dollar terms, as a sharp
slowdown in export growth raised questions about the region's overall economic
resilience. The Trust benefited from
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
LETTER TO SHAREHOLDERS JANUARY 31, 1997, CONTINUED

the strong performance of its two largest Asian holdings, Malaysia and Hong
Kong. Thailand, which was the region's worst-performing market, was
significantly underweighted.

The equity market in Hong Kong rose nearly 17 percent during the fiscal year, as
investors reacted favorably to improving domestic economic conditions and the
relatively benign interest rate environment in the U.S. The Trust benefited from
its focus on "red-chip" stocks (Hong Kong-listed companies controlled by
government entities in mainland China), which performed particularly well.
Optimism regarding Hong Kong's return to China in July continues to provide
support for the equity market. The Trust's investment adviser, TCW Funds
Management, Inc. (TCW), believes that positive earnings growth momentum,
improved domestic economic growth and the effect of China's strengthening
economy, could bode well for Hong Kong equities in the near term.

Malaysian equities rallied 18 percent during the fiscal year as investors were
encouraged by better-than-expected corporate earnings and takeover activities in
the banking sector. The market also rallied on indications that a soft landing
of the economy was being achieved.

Taiwanese equities outperformed the entire region during the fiscal year,
surging 53 percent in U.S. dollar terms. The rally was fueled by increased
liquidity (a result of the central bank's expansion of the money supply), the
repatriation of capital which had left the country following political tensions
early in 1996 over Chinese military exercises in the Taiwan Strait, and the
increased weighting of Taiwan in the Morgan Stanley Capital International (MSCI)
indices. Furthermore, the economic outlook remains positive, with the leading
indicators rising at an annual rate of just over one percent in December, the
first increase in 14 months.

Philippine equities rose 18 percent in U.S. dollar terms despite recent concerns
about oversupply in the property sector. Strong gains were posted early in the
year on improved international investor confidence and an upgrade in Philippine
peso-denominated long-term bonds from BB to BBB- by the Japan Credit Rating
Agency. In India, equities rose by a sharp 17 percent during the fiscal year, as
strong rallies at the beginning of 1996 and 1997 were able to offset sharp
declines in the second half of last year. TCW increased the Trust's exposure to
Indian equities on expectations that a looser monetary policy may stimulate the
economy in 1997. Indonesian equities rose 15 percent as the market continued to
rally on the strength of continued favorable macroeconomic fundamentals,
including subdued inflation and 10 percent export growth.

The two Asian markets showing the poorest performance during the period were
South Korea and Thailand. South Korean equities declined by nearly 30 percent
over concerns regarding a deteriorating current account deficit. The rising
trade deficit -- $20.4 billion at the end of 1996 --
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
LETTER TO SHAREHOLDERS JANUARY 31, 1997, CONTINUED

put downward pressure on the currency, which fell nine percent against the U.S.
dollar during the year. South Korea was also negatively impacted by the price
decline in semiconductors, which account for 14 percent of total exports. In
Thailand, stocks fell even further, declining 45 percent as investors shifted
their focus to rising political fractures and slowing economic growth.
Fundamentals remain extremely weak, with slowing economic growth and sharply
declining exports. Finally, the underlying financial problems in the banking and
real estate sectors continue, adding further risk to the Thai market.

LATIN AMERICA

Following strong gains in the first half of 1996, Latin American stocks traded
in a narrow range during most of the second half before adding to their gains in
a late-December, early-January rally. The region's strong performance was
primarily attributable to improved macroeconomic fundamentals, culminating in
economic growth that averaged about 3.4 percent in 1996, compared to virtually
no growth in 1995. This economic rebound translated into increased corporate
earnings, which on average exceeded 30 percent in U.S. dollar terms. Capital
inflows into the region also improved as foreign direct investment increased
nearly 40 percent in 1996 to more than $28 billion. At the same time, exports
rose by an additional 12 percent during the year, bolstering regional foreign
exchange reserves 20 percent to more than $150 billion.

The 44 percent gain posted by Brazilian equities during the fiscal year ended
January 31, 1997 was an important contributor to the Fund's overall performance.
Moreover, the Fund's Brazilian holdings outperformed the International Finance
Corporation (IFC) Brazil Index. Roughly three-quarters of the Fund's Brazilian
investments was concentrated in state-owned companies, which responded with
strong performance to tariff restructurings and privatizations within the
electricity and telecommunications sectors. The Brazilian market continued to
rally in January as it became evident that a constitutional amendment would be
passed allowing President Cardoso to run for reelection in 1998. On the economic
front, Brazil closed the year with its lowest inflation rate in 46 years. Going
forward, concerns regarding a growing current account deficit could lead to a
reduction in economic growth forecasts if monetary and fiscal policies are
tightened in an attempt to quell demand.

Mexican equities rose, surged by more than 13 percent during the 12 months ended
January 31, 1997. The peso's steady appreciation during much of the fiscal year
raised concerns about diminishing export competitiveness and led TCW to reduce
the Trust's exposure in Mexico from 14 percent to 10 percent of net assets in
early September 1996. In mid-October, the value of the peso declined nearly six
percent versus the U.S. dollar, prompting investors to shun Mexican stocks for
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
LETTER TO SHAREHOLDERS JANUARY 31, 1997, CONTINUED

fear that renewed peso volatility might be imminent. However, Mexico rebounded
in November and December, as the peso stabilized. The market rallied in January
as the Mexican government announced plans to prepay the remaining $3.5 billion
owed to the United States Treasury.

Argentine stocks rose 23 percent during the period. Equity prices there were
buoyed by signs of a stronger-than-expected economic recovery and a favorable
earnings growth outlook of about 20 percent in 1997. In Chile, equities
underperformed the rest of the region, declining four percent in U.S. dollar
terms. The poor performance there is attributable in large part to tight
monetary policy. Peruvian equities rose nine percent in the 12 months ended
January 31, 1997, primarily on the strength of a January rally, which helped to
offset sharp losses posted in the fourth quarter of 1996. Both the Peruvian
central bank and the Fujimori administration seem to agree that the engineered
slowdown of the economy has been overdone. As such, measures now have been taken
to stimulate economic growth.

OTHER EMERGING MARKETS

The Trust increased its exposure to emerging European markets in the second half
of 1996, as political and macroeconomic fundamentals continued to improve.

In Russia, the equity market surged by an impressive 214 percent in U.S. dollar
terms, as investors were encouraged by the reelection of President Yeltsin and
were confident that economic reforms would continue. The Russian central bank
made the ruble fully convertible for current-account transactions, and exports
for the first nine months of 1996 increased at a rate of nearly nine percent,
bringing the cumulative year-to-date trade surplus to $28 billion.

The Turkish equity market rose by a strong 55 percent during the fiscal year,
despite volatile monthly performance. The leader of the Islamic Fundamentalist
Party formed a new coalition government and announced several ambitious economic
packages, which included plans to raise $10 billion in revenues via
privatizations in the coming year. A sharp decline in interest rates also
stimulated the market. TCW increased the Trust's exposure in Turkish equities to
roughly five percent of net assets as of January 31, 1997.

In Poland, the stock market rose 31 percent during the fiscal year, as political
and macroeconomic fundamentals improved. Investors reacted favorably to the
swearing in of a new 20-member cabinet, and the approval of a privatization bill
which will enable state-run companies to be transformed into joint-stock
companies, with up to 15 percent the stock going to employees. In addition,
Standard &
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
LETTER TO SHAREHOLDERS JANUARY 31, 1997, CONTINUED

Poor's commended the Polish government for its ongoing reform of the banking
sector, citing its strengthening capital adequacy. Also, Poland officially
joined the Organization for Economic Cooperation and Development (OECD) in
November.

Portuguese equities posted a strong gain of 30 percent for the fiscal year. This
performance is attributable in large part to lower interest rates and an
aggressive privatization schedule.

OUTLOOK

As economic fundamentals continue to improve throughout much of Asia and Latin
America, TCW remains optimistic regarding the potential for further gains by the
countries in these regions. Economic growth is accelerating in Latin America,
where valuations remain attractive. TCW also expects the emerging markets in
Europe, especially Poland and Russia, to post further gains as economic reforms
are only beginning to transform those economies.

We would like to remind you that the Trustees have approved a procedure whereby
the Trust, when appropriate, may purchase 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. During the fiscal year ended
January 31, 1997, the Trust purchased and retired 136,500 shares of common stock
at a weighted average market discount of 18.33 percent.

In conclusion, we would like to take this opportunity to again notify
shareholders that in July 1996, Terence F. Mahony joined TCW to lead its
emerging markets equity strategies group. He is also a member of the Trust's
management team. Before TCW, Mr. Mahony was Chief Investment Officer for Global
Emerging Markets at HSBC Asset Management. He has also served as a Director at
Baring Asset Management, where he was responsible for Latin American equities.

We appreciate your support of TCW/DW Emerging Markets Opportunities Trust and
look forward to continuing to serve your investment needs and objectives.

Very truly yours,

[SIGNATURE]
CHARLES A. FIUMEFREDDO
CHAIRMAN OF THE BOARD
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
PORTFOLIO OF INVESTMENTS JANUARY 31, 1997
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
COMMON AND PREFERRED STOCKS, CONVERTIBLE BONDS,
RIGHTS AND WARRANTS (98.5%)
ARGENTINA (3.4%)
BANKS
21,869 Banco de Galicia y Buenos
Aires S.A. de C.V. (ADR).... $ 533,057
27,122 Banco Frances del Rio de la
Plata S.A. (ADR)............ 813,660
---------------
1,346,717
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
88,917 Molinos Rio de la Plata S.A.
(Class B)*.................. 320,213
---------------
MULTI-INDUSTRY
463,997 Perez Companc S.A. (Class
B).......................... 3,467,271
---------------
OIL & GAS
23,840 Transportadora de Gas del Sur
S.A. (ADR).................. 312,900
---------------
OIL RELATED
79,650 Yacimentos Petroliferos
Fiscales S.A. (ADR)......... 2,220,244
---------------
REAL ESTATE
125,798 Inversiones y Representaciones
S.A. (Class B).............. 460,582
---------------
STEEL
443,000 Siderca S.A. (Class A)........ 833,132
---------------
TELECOMMUNICATIONS
64,900 Telecom Argentina Stet -
France Telecom S.A.......... 305,786
10,110 Telecom Argentina Stet -
France Telecom S.A. (ADR)... 477,697
23,300 Telefonica de Argentina S.A.
(ADR)....................... 710,650
---------------
1,494,133
---------------

TOTAL ARGENTINA............... 10,455,192
---------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
BRAZIL (14.4%)
BANKING
257,997,804 Banco Bradesco S.A. (Pref.)... $ 2,072,668
1,855,940 Banco Itau S.A. (Pref.)....... 860,875
---------------
2,933,543
---------------
BREWERY
3,287,202 Companhia Cervejaria Brahma
(Pref.)*.................... 1,999,484
---------------
ELECTRIC
46,400,000 Companhia Paranaense de
Energia-Copel............... 625,708
---------------
FINANCIAL SERVICES
1,090,000 Itausa Investimentos Itau S.A.
(Pref.)..................... 833,971
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
1,343,000 Brasmotor S.A. (Pref.)........ 346,796
---------------
METALS & MINING
25,542,000 Companhia Siderurgica
Nacional.................... 831,776
128,340 Companhia Vale do Rio Doce
S.A. (Pref.)................ 2,896,733
---------------
3,728,509
---------------
OIL & GAS
30,161,000 Petroleo Brasileiro S.A.
(Pref.)..................... 5,797,973
---------------
STEEL & IRON
490,000,000 Usinas Siderurgicas de Minas
Gerais S.A. (Pref.)......... 557,670
---------------
TELECOMMUNICATIONS
893,000 Cia Riograndense
Telecomunicacoes S.A........ 819,893
7,050,000 Telecomunicacoes Brasileiras
S.A......................... 569,070
61,800 Telecomunicacoes Brasileiras
S.A. (ADR).................. 5,392,050
99,482,155 Telecomunicacoes Brasileiras
S.A. (Pref.)................ 8,667,583
611,870 Telecomunicacoes de Sao Paulo
S.A......................... 141,030
7,869,300 Telecomunicacoes de Sao Paulo
S.A. (Pref.)*............... 1,843,897
---------------
17,433,523
---------------
</TABLE>

TOTAL BRAZIL.................. 43,863,601
---------------
CHILE (4.6%)
BANKS
52,100 Banco BHIF (ADR)*............. 1,002,925
---------------
BUILDING & CONSTRUCTION
41,450 Madeco S.A. (ADR)............. 1,191,687
---------------
CHEMICALS
23,960 Sociedad Quimica y Minera de
Chile S.A. (ADR)............ 1,395,670
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
49,320 Embotelladora Andina S.A.
(ADR)....................... 1,553,580
---------------
INVESTMENT COMPANIES
36,300 Genesis Chile Fund Ltd........ 1,399,910
695,600 The Five Arrows Chile
Investment Trust Ltd........ 1,999,850
---------------
3,399,760
---------------
SUPERMARKETS
43,120 Santa Isabel S.A. (ADR)....... 1,158,850
---------------
TELECOMMUNICATIONS
95,604 Compania de Telecomunicaciones
de Chile S.A. (ADR)......... 2,378,156
---------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
UTILITIES - ELECTRIC
20,750 Chilgener S.A. (ADR).......... $ 531,719
48,560 Enersis S.A. (ADR)............ 1,499,290
---------------
2,031,009
---------------

TOTAL CHILE................... 14,111,637
---------------

COLOMBIA (0.8%)
BANKING
102,487 Banco de Bogota............... 571,471
24,265 Banco Industrial Colombiano
S.A. (ADR).................. 421,604
---------------
993,075
---------------
BUILDING & CONSTRUCTION
33,765 Cementos Diamante S.A. (ADR) -
144A**...................... 464,269
44,138 Compania de Cementos Argos
S.A......................... 271,144
---------------
735,413
---------------
FINANCIAL SERVICES
20,020 Compania Suramericana de
Seguros S.A................. 359,493
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
42,290 Compania Nacional de
Chocolates S.A.............. 339,767
---------------
RETAIL
45,000 Almacenes Exito S.A........... 127,587
---------------

TOTAL COLOMBIA................ 2,555,335
---------------

CZECH REPUBLIC (0.9%)
BANKING
19,900 Komercni Banka AS (GDR) -
144A** *.................... 619,885
---------------
TELECOMMUNICATIONS
4,649 SPT Telekom AS*............... 569,036
---------------
TOBACCO
5,400 Tabak AS...................... 1,547,752
---------------

TOTAL CZECH REPUBLIC.......... 2,736,673
---------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
PORTFOLIO OF INVESTMENTS JANUARY 31, 1997, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
HONG KONG (5.1%)
CONGLOMERATES
4,828,000 Guangzhou Investments Co.,
Ltd......................... $ 2,289,791
10,000 GZI Transport, Ltd. (Warrants
due 01/29/99)*.............. 2,807
570,000 Hutchison Whampoa, Ltd.*...... 4,303,303
---------------
6,595,901
---------------
FINANCIAL SERVICES
1,468,000 Cosco Pacific Ltd............. 1,638,752
---------------
MANUFACTURING
602,000 Shanghai Industrial Holdings,
Ltd.*....................... 2,144,256
---------------
REAL ESTATE
384,000 Cheung Kong (Holdings) Ltd.... 3,580,472
259,700 New World Development......... 1,602,031
---------------
5,182,503
---------------
TOTAL HONG KONG............... 15,561,412
---------------
HUNGARY (1.3%)
CHEMICALS
21,800 BorsodChem RT (GDR)........... 746,650
---------------
PHARMACEUTICALS
14,997 EGIS RT....................... 997,975
19,689 Gedeon Richter RT (GDR)....... 1,240,407
---------------
2,238,382
---------------
PUBLISHING
2,950 Matav RT...................... 903,362
---------------

TOTAL HUNGARY................. 3,888,394
---------------
INDIA (3.6%)
BANKS
182,000 State Bank of India (GDR)*.... 3,503,500
---------------
BUILDING & CONSTRUCTION
102,000 Larsen & Toubro Ltd. (GDR).... 1,326,000
---------------
INDUSTRIALS
127,000 Mahindra & Mahindra Ltd.
(GDR)....................... 1,397,000
---------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
METALS
75,950 Hindalco Industries Ltd.
(GDR)*...................... $ 1,670,900
---------------
UTILITIES - ELECTRIC
157,500 BSES Ltd. (GDR)............... 2,992,500
---------------

TOTAL INDIA................... 10,889,900
---------------

INDONESIA (4.5%)
BANKING
4,152,566 PT Bank Internasional
Indonesia................... 3,190,919
2,768,377 PT Bank Internasional
Indonesia (Rights)*......... 1,253,055
---------------
4,443,974
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
804,000 PT Gudang Garam............... 3,926,905
478,570 PT Indofood Sukses Makmur..... 1,057,892
579,000 PT London Sumatra
Indonesia*.................. 1,529,779
---------------
6,514,576
---------------
TELECOMMUNICATIONS
1,533,000 PT Telekomunikasi (ADR)....... 2,743,263
---------------

TOTAL INDONESIA............... 13,701,813
---------------

IRELAND (0.2%)
INVESTMENT COMPANIES
80,000 Central Asian Investment
Company Ltd................. 740,000
---------------

MALAYSIA (17.0%)
AGRICULTURE
1,775,000 IOI Corporation Berhad........ 3,142,478
---------------
AUTOMOTIVE
173,000 Edaran Otomobil Nasional
Berhad...................... 1,712,389
---------------
CONGLOMERATES
688,000 Gadek Berhad.................. 5,259,727
344,000 Gadek Berhad (Warrants due
12/19/00)*.................. 1,204,201
2,213,000 Hicom Holdings Berhad......... 5,520,702
371,250 Hicom Holdings Berhad
(Warrants due 12/18/00)*.... 433,197
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
PORTFOLIO OF INVESTMENTS JANUARY 31, 1997, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
671,000 United Engineers (Malaysia)
Berhad Ltd.................. $ 6,020,722
---------------
18,438,549
---------------
ENTERTAINMENT/GAMING & LODGING
345,000 Genting Berhad................ 2,345,994
---------------
FINANCIAL SERVICES
841,000 Commerce Asset Holdings
Berhad...................... 6,767,795
1,422,000 DCB Holdings Berhad........... 5,378,345
---------------
12,146,140
---------------
PUBLISHING
1,100,000 New Straits Times Press
Berhad...................... 7,170,160
---------------
REAL ESTATE
1,807,000 Larut Consolidated Berhad..... 2,966,467
---------------
TELECOMMUNICATIONS
490,000 Telekom Malaysia Berhad....... 3,844,606
---------------
UTILITIES
19,000 Prime Utilities Berhad
(Warrants due 03/11/01)*.... 42,429
---------------
TOTAL MALAYSIA................ 51,809,212
---------------

MEXICO (10.4%)
BANKING
356,218 Grupo Financiero Inbursa, S.A.
de C.V. (B Shares).......... 1,276,277
---------------
BUILDING & CONSTRUCTION
56,500 Empresas ICA Sociedad
Controladora S.A. de C.V.
(ADR)*...................... 854,562
---------------
BUILDING MATERIALS
136,600 Apasco S.A. de C.V. (Series
A).......................... 984,079
680,200 Cemex S.A. de C.V. (B
Shares)..................... 2,785,208
268,300 Grupo Cementos de Chihuahua
S.A. de C.V. (B Shares)*.... 302,116
---------------
4,071,403
---------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
CONGLOMERATES
371,600 Grupo Carso S.A. de C.V.
(Series A1)*................ $ 2,265,738
532,375 Grupo Industria Alfa S.A. de
C.V. (A Shares)............. 2,775,980
---------------
5,041,718
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
55,300 Empresas la Moderna S.A. de
C.V. (ADR).................. 1,251,162
204,300 Fomento Economico Mexicano
S.A. de C.V. (B Shares)..... 714,985
200,800 Grupo Industrial Bimbo S.A. de
C.V. (Series A)............. 1,210,196
134,900 Grupo Modelo S.A. de C.V.
(Series C).................. 809,573
273,300 Jugos de Valle S.A. de C.V. (B
Shares)..................... 414,759
20,210 Panamerican Beverages, Inc.
(Class A)................... 1,058,499
---------------
5,459,174
---------------
MEDIA GROUP
61,590 Grupo Televisa S.A. (GDR)*.... 1,593,641
---------------
METALS & MINING
94,850 Tubos de Acero de Mexico S.A.
de C.V. (ADR)*.............. 1,659,875
---------------
MULTI-INDUSTRY
184,880 DESC S.A. de C.V. (Series
B).......................... 1,052,740
---------------
PAPER & FOREST PRODUCTS
139,850 Kimberly-Clark de Mexico S.A.
de C.V. (A Shares).......... 2,899,002
---------------
RETAIL
1,873,200 Cifra S.A. de C.V. (C
Shares)*.................... 2,488,012
---------------
TELECOMMUNICATIONS
145,485 Telefonos de Mexico S.A. de
C.V. (Series L) (ADR)....... 5,473,873
---------------

TOTAL MEXICO.................. 31,870,277
---------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
PORTFOLIO OF INVESTMENTS JANUARY 31, 1997, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
PAKISTAN (0.0%)
BANKING
19,583 Muslim Commercial Bank........ $ 17,345
---------------
PERU (2.5%)
BREWERY
822,797 Cerveceria Backus & Johnston
S.A......................... 684,886
---------------
BUILDING MATERIALS
651,205 Cementos Lima, S.A............ 1,096,429
---------------
FINANCIAL SERVICES
65,922 Credicorp Ltd. (ADR).......... 1,384,362
---------------
METALS & MINING
86,801 Companhia de Minas
Buenaventura S.A. (A
Shares)..................... 710,205
20,125 Companhia de Minas
Buenaventura S.A. (B
Shares)..................... 157,619
37,000 Companhia de Minas
Buenaventura S.A. (ADR)*.... 587,375
---------------
1,455,199
---------------
TELECOMMUNICATIONS
31,150 CPT Telefonica del Peru S.A.
(ADR)....................... 673,619
1,126,424 CPT Telefonica del Peru S.A.
(B Shares).................. 2,442,077
---------------
3,115,696
---------------

TOTAL PERU.................... 7,736,572
---------------

PHILIPPINES (4.8%)
BANKS
569,900 Bank of the Philippine
Islands..................... 3,940,798
---------------
BUILDING & CONSTRUCTION
$ 2,150,000 Bacnotan Consolidated
Industries 5.50% due
06/21/04 (Conv.)............ 1,795,250
4,596,600 HI Cement Corporation......... 1,921,071
---------------
3,716,321
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
673,020 San Miguel Corp. (Class B).... 2,710,491
---------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
UTILITIES - ELECTRIC
513,580 Manila Electric Co. (B
Shares)..................... $ 4,312,355
---------------

TOTAL PHILIPPINES............. 14,679,965
---------------

POLAND (3.4%)
BANKS
53,334 Bank Rozwoju Exsportu S.A..... 1,688,910
---------------
BUILDING & CONSTRUCTION
474,000 Mostostal Export S.A.......... 1,200,800
---------------
CONGLOMERATES
216,355 Electrim Spolka Akcyjna
S.A......................... 2,278,939
78,748 Powszechne Swiadectwo
Udzialowe................... 3,753,655
---------------
6,032,594
---------------
PUBLISHING
7,892 International Trading &
Investment Co............... 1,499,480
---------------

TOTAL POLAND.................. 10,421,784
---------------

PORTUGAL (2.3%)
BUILDING & CONSTRUCTION
92,000 Sociedade de Construcoes
Soares de Costa S.A......... 937,908
---------------
BUILDING MATERIALS
33,200 Cimentos de Portugal S.A...... 761,136
---------------
FINANCIAL SERVICES
77,400 Espirito Santo Financial
Holdings S.A. (ADR)......... 1,141,650
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
100,687 Corticeira Amorim S.A......... 1,198,567
---------------
FOREST PRODUCTS, PAPER & PACKAGING
29,950 Portucel Industrial Empresa
S.A......................... 176,348
---------------
TELECOMMUNICATIONS
41,000 Portugal Telecom S.A.......... 1,416,545
---------------
</TABLE>

TOTAL PORTUGAL................ 6,855,493
---------------

RUSSIA (3.1%)
GAS
48,000 Gazprom (ADR) - 144A**........ 966,000
---------------
OIL & GAS
36,632 Lukoil Holding Co. (ADR) -
144A**...................... 2,069,708
36 Megionnefte Gai (RDC) -
144A**...................... 1,926,000
---------------
3,995,708
---------------
TELECOMMUNICATIONS
57 Rostelecom (RDC) - 144A**..... 1,969,350
---------------
UTILITIES - ELECTRIC
61,594 Mosenergo (ADR) - 144A**...... 2,563,850
---------------

TOTAL RUSSIA.................. 9,494,908
---------------
SOUTH KOREA (3.4%)
ELECTRONIC & ELECTRICAL EQUIPMENT
22,500 Samsung Electronics (GDR)..... 1,547,260
---------------
METALS & MINING
170,200 Pohang Iron & Steel Co., Ltd.
(ADR)....................... 3,893,325
---------------
UTILITIES - ELECTRIC
214,000 Korea Electric Power Corp.
(ADR)....................... 4,789,320
---------------
TOTAL SOUTH KOREA............. 10,229,905
---------------
TAIWAN (4.9%)
COMPUTERS
180,600 Acer Inc. (GDR)............... 1,697,640
---------------
ELECTRONIC & ELECTRICAL EQUIPMENT
$ 1,310,000 United Microelectronics Corp.
- 144A** 1.25% due 06/08/04
(Conv.)..................... 1,837,275
---------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
INVESTMENT COMPANIES
491,200 ROC Taiwan Fund............... $ 5,341,800
295,466 The Taiwan Index Fund Ltd..... 3,841,058
---------------
9,182,858
---------------
MERCHANDISING
$ 640,000 Far Eastern Department Stores
3.00% due 07/06/01
(Conv.)..................... 683,200
---------------
STEEL & IRON
82,000 China Steel Corp. (GDS)....... 1,496,500
---------------

TOTAL TAIWAN.................. 14,897,473
---------------

THAILAND (2.1%)
BANKING
252,000 Bangkok Bank PCL.............. 2,179,460
---------------
OIL RELATED
304,000 PTT Exploration & Production
PCL......................... 4,366,332
---------------

TOTAL THAILAND................ 6,545,792
---------------

TURKEY (4.5%)
BANKS - COMMERCIAL
11,725,000 Turkiye Is Bankasi (C
Shares)..................... 2,977,938
---------------
BUILDING & CONSTRUCTION
6,837,000 Akcansa Cimento A.S........... 1,000,680
---------------
FINANCIAL SERVICES
42,222,000 Aksigorta..................... 2,253,779
---------------
HOUSEHOLD APPLIANCES
12,898,000 Arcelik AS.................... 2,554,059
---------------
INDUSTRIALS
3,959,000 Kordsa Kord Bezi Sanayi Ve
Ticaret A.S................. 2,215,540
---------------
RETAIL
1,520,000 Migros Turk TAS............... 1,995,695
---------------
TEXTILES
9,545,455 Sasa Sun I Ve Senetik Ejyaf... 862,913
---------------
TOTAL TURKEY.................. 13,860,604
---------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
PORTFOLIO OF INVESTMENTS JANUARY 31, 1997, CONTINUED

<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
VENEZUELA (1.3%)
TELECOMMUNICATIONS
136,300 Compania Anonima Nacional
Telefonos de Venezuela
(Class D) (ADR)*............ $ 3,850,475
---------------

TOTAL COMMON AND PREFERRED
STOCKS, CONVERTIBLE BONDS,
RIGHTS AND WARRANTS
(IDENTIFIED COST
$244,876,925) (A)........... 98.5% 300,773,762

CASH AND OTHER ASSETS IN
EXCESS OF LIABILITIES....... 1.5 4,533,772
----- ------------
NET ASSETS.................. 100.0% $305,307,534
----- ------------
----- ------------

<FN>
- ---------------------
ADR American Depository Receipt.
GDR Global Depository Receipt.
GDS Global Depository Shares.
RDC Russian Depository Certificate.
* Non-income producing security.
** Resale is restricted to qualified institutional investors.
(a) The aggregate cost for federal income tax purposes approximates identified
cost. The aggregate gross unrealized appreciation is $65,606,851 and the
aggregate gross unrealized depreciation is $9,710,014, resulting in net
unrealized appreciation of $55,896,837.
</TABLE>

FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT JANUARY 31, 1997:

<TABLE>
<CAPTION>
CONTRACTS IN EXCHANGE DELIVERY UNREALIZED
TO RECEIVE FOR DATE APPRECIATION
- -------------------------------------------------------------------
<S> <C> <C> <C>
MYR 1,064,317 $427,643 02/03/97 $ 602
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
SUMMARY OF INVESTMENTS JANUARY 31, 1997
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------------------------------------------------
<S> <C> <C>
Agriculture............................. $ 3,142,478 1.0%
Automotive.............................. 1,712,389 0.6
Banking................................. 12,463,559 4.1
Banks................................... 11,482,850 3.8
Banks - Commercial...................... 2,977,938 1.0
Brewery................................. 2,684,370 0.9
Building & Construction................. 10,963,371 3.6
Building Materials...................... 5,928,968 1.9
Chemicals............................... 2,142,320 0.7
Computers............................... 1,697,640 0.6
Conglomerates........................... 36,108,762 11.8
Electric................................ 625,708 0.2
Electronic & Electrical Equipment....... 3,384,535 1.1
Entertainment/Gaming & Lodging.......... 2,345,994 0.8
Financial Services...................... 19,758,147 6.5
Food, Beverage, Tobacco & Household
Products.............................. 18,443,164 6.0
Forest Products, Paper & Packaging...... 176,348 0.1
Gas..................................... 966,000 0.3
Household Appliances.................... 2,554,059 0.8
Industrials............................. 3,612,540 1.2
Investment Companies.................... 13,322,618 4.4
Manufacturing........................... 2,144,256 0.7
Media Group............................. 1,593,641 0.5
Merchandising........................... 683,200 0.2
Metals.................................. 1,670,900 0.5

<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------------------------------------------------
<S> <C> <C>
Metals & Mining......................... $ 10,736,908 3.5%
Multi-Industry.......................... 4,520,011 1.5
Oil & Gas............................... 10,106,581 3.3
Oil Related............................. 6,586,576 2.2
Paper & Forest Products................. 2,899,002 0.9
Pharmaceuticals......................... 2,238,382 0.7
Publishing.............................. 9,573,002 3.1
Real Estate............................. 8,609,552 2.8
Retail.................................. 4,611,294 1.5
Steel................................... 833,132 0.3
Steel & Iron............................ 2,054,170 0.7
Supermarkets............................ 1,158,850 0.4
Telecommunications...................... 44,288,656 14.5
Textiles................................ 2,603,580 0.9
Tobacco................................. 1,547,752 0.5
Utilities............................... 42,429 0.0
Utilities - Electric.................... 25,778,130 8.4
------------ ---
$300,773,762 98.5%
------------ ---
------------ ---
</TABLE>

<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
- ------------------------------------------------------------------
<S> <C> <C>
Common Stocks........................... $261,854,708 85.8%
Convertible Bonds....................... 4,315,725 1.4
Preferred Stocks........................ 31,667,640 10.3
Rights.................................. 1,253,055 0.4
Warrants................................ 1,682,634 0.6
------------ ---
$300,773,762 98.5%
------------ ---
------------ ---
</TABLE>

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

STATEMENT OF ASSETS AND LIABILITIES
JANUARY 31, 1997

<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $244,876,925)............................ $ 300,773,762
Cash........................................................ 4,280,738
Receivable for:
Investments sold........................................ 1,456,180
Dividends............................................... 204,857
Interest................................................ 119,966
Deferred organizational expenses............................ 21,454
Prepaid expenses and other assets........................... 7,537
-------------

TOTAL ASSETS........................................... 306,864,494
-------------

LIABILITIES:
Payable for:
Investments purchased................................... 1,004,725
Management fee.......................................... 213,606
Investment advisory fee................................. 142,404
Accrued expenses and other payables......................... 196,225
-------------

TOTAL LIABILITIES...................................... 1,556,960
-------------

NET ASSETS:
Paid-in-capital............................................. 300,121,378
Net unrealized appreciation................................. 55,897,414
Dividends in excess of net investment income................ (810,770)
Accumulated net realized loss............................... (49,900,488)
-------------

NET ASSETS............................................. $ 305,307,534
-------------
-------------

NET ASSET VALUE PER SHARE,
20,763,733 SHARES OUTSTANDING (UNLIMITED SHARES AUTHORIZED
OF $.01 PAR VALUE)........................................
$14.70
----------------------------
----------------------------
</TABLE>

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

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED JANUARY 31, 1997

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

INCOME
Dividends (net of $553,516 foreign withholding tax)......... $ 4,459,344
Interest.................................................... 639,964
-----------

TOTAL INCOME........................................... 5,099,308
-----------

EXPENSES
Management fee.............................................. 2,091,746
Investment advisory fee..................................... 1,394,498
Custodian fees.............................................. 751,360
Transfer agent fees and expenses............................ 284,526
Professional fees........................................... 98,445
Shareholder reports and notices............................. 45,152
Trustees' fees and expenses................................. 35,290
Registration fees........................................... 28,602
Organizational expenses..................................... 10,065
Other....................................................... 28,086
-----------

TOTAL EXPENSES......................................... 4,767,770
-----------

NET INVESTMENT INCOME.................................. 331,538
-----------

NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss on:
Investments............................................. (1,565,236)
Foreign exchange transactions........................... (96,922)
-----------

NET LOSS............................................... (1,662,158)
-----------
Net change in unrealized appreciation/depreciation on:
Investments............................................. 35,900,467
Translation of forward foreign currency contracts, other
assets and liabilities denominated in foreign
currencies............................................ 1,373
-----------

NET APPRECIATION....................................... 35,901,840
-----------

NET GAIN............................................... 34,239,682
-----------

NET INCREASE........................................... $34,571,220
-----------
-----------
</TABLE>

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

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
FOR THE YEAR
ENDED FOR THE YEAR
JANUARY 31, ENDED
1997 JANUARY 31, 1996
- ------------------------------------------------------------------------------------------------
<S> <C> <C>

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income....................................... $ 331,538 $ 731,242
Net realized loss........................................... (1,662,158) (30,710,157)
Net change in unrealized appreciation/depreciation.......... 35,901,840 67,504,368
--------------- ----------------

NET INCREASE........................................... 34,571,220 37,525,453

Dividends from net investment income........................ (963,188) (483,373)
Net decrease from transactions in shares of beneficial
interest.................................................. (1,472,887) (18,227,939)
--------------- ----------------

NET INCREASE........................................... 32,135,145 18,814,141

NET ASSETS:
Beginning of period......................................... 273,172,389 254,358,248
--------------- ----------------

END OF PERIOD
(INCLUDING DIVIDENDS IN EXCESS OF NET INVESTMENT INCOME
OF $810,770 AND UNDISTRIBUTED NET INVESTMENT INCOME OF
$544,780, RESPECTIVELY)................................. $ 305,307,534 $ 273,172,389
--------------- ----------------
--------------- ----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1997

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's investment objective is to seek
capital appreciation through investment in equity securities of emerging market
countries. The Trust was organized as a Massachusetts business trust on December
22, 1993 and commenced operations on March 30, 1994.

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); (4) certain of the Trust's
portfolio securities may be valued by an outside pricing service approved by the
Trustees. The pricing service may utilize a matrix system incorporating security
quality, maturity and coupon as the evaluation model parameters, and/or research
and 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.
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1997, CONTINUED

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 are accreted over the life of the respective securities. 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 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 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 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.

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
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1997, CONTINUED

federal tax-basis treatment; temporary differences do not require
reclassification. Dividends and distributions which exceed net investment income
and net realized capital gains for financial reporting purposes but not for tax
purposes are reported as dividends in excess of net investment income or
distributions in excess of net realized capital gains. To the extent they exceed
net investment income and net realized capital gains for tax purposes, they are
reported as distributions of paid-in-capital.

G. ORGANIZATIONAL EXPENSES -- Dean Witter InterCapital Inc., an affiliate of
Dean Witter Services Company Inc. (the "Manager"), paid the organizational
expenses of the Trust in the amount of approximately $50,000 which have been
reimbursed by the Trust for the full amount thereof. Such expenses have been
deferred and are being amortized on the straight-line method over a period not
to exceed five years from the commencement of operations.

2. MANAGEMENT AGREEMENT

Pursuant to a Management Agreement, the Trust pays the 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 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 JANUARY 31, 1997, 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 year ended January 31, 1997 aggregated
$179,494,367 and $177,488,161, respectively.

Dean Witter Trust Company, an affiliate of the Manager, is the Trust's transfer
agent. At January 31, 1997, the Trust had transfer agent fees and expenses
payable of approximately $51,000.

5. SHARES OF BENEFICIAL INTEREST

Transactions in shares of beneficial interest were as follows:

<TABLE>
<CAPTION>
CAPITAL
PAID IN
EXCESS OF
SHARES PAR VALUE PAR VALUE
----------- -------------- -----------
<S> <C> <C> <C>
Balance, January 31, 1995........................................ 22,757,533 $ 227,575 $319,527,933
Treasury shares purchased and retired (weighted average discount
15.96%)*........................................................ (1,857,300) (18,573) (18,209,366)
----------- -------------- -----------
Balance, January 31, 1996........................................ 20,900,233 209,002 301,318,567
Treasury shares purchased and retired (weighted average discount
18.33%)*........................................................ (136,500) (1,365) (1,471,522)
----------- -------------- -----------
Balance, January 31, 1997........................................ 20,763,733 $ 207,637 $299,847,045
----------- -------------- -----------
----------- -------------- -----------
</TABLE>

- ---------------
* The Trustees have voted to retire the shares purchased.

6. FEDERAL INCOME TAX STATUS

At January 31, 1997, the Fund had a net capital loss carryover of approximately
$48,382,000 of which $40,283,000 will be available through January 31, 2004 and
$8,099,000 will be available through January 31, 2005 to offset future capital
gains to the extent provided by regulations.

Capital and 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
capital and foreign currency losses of approximately $1,107,000
and $17,000, respectively, during fiscal 1997.

As of January 31, 1997, the Fund had temporary book/tax differences primarily
attributable to post-October losses, capital loss deferrals on wash sales and
income from the mark-to-market of passive foreign investment companies
("PFICs"). The Fund had permanent book/tax differences primarily attributable to
foreign currency losses and tax adjustments on PFICs sold by the Fund. To
reflect reclassifications arising from the permanent differences, dividends in
excess of net investment income was charged and accumulated net realized loss
was credited $723,900.
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
NOTES TO FINANCIAL STATEMENTS JANUARY 31, 1997, CONTINUED

7. PURPOSES OF AND RISKS RELATING TO CERTAIN FINANCIAL INSTRUMENTS

The Trust 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 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 January 31, 1997, the Trust had an outstanding forward contract to facilitate
settlement of a foreign currency denominated portfolio transaction.

At January 31, 1997, the Trust's cash balance consisted principally of interest
bearing deposits with Chase Manhattan N.A., the Trust'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, 1994*
FOR THE FOR THE THROUGH
YEAR ENDED YEAR ENDED JANUARY 31,
JANUARY 31, 1997 JANUARY 31, 1996 1995++
- -------------------------------------------------------------------------------------------

<S> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:

Net asset value, beginning of
period............................ $ 13.07 $ 11.18 $ 14.02
------- ------ ------

Net investment income.............. 0.02 0.04 0.11
Net realized and unrealized gain
(loss)............................ 1.65 1.73 (2.89)
------- ------ ------

Total from investment operations... 1.67 1.77 (2.78)
------- ------ ------

Offering costs charged against
capital........................... -- -- (0.02)
------- ------ ------

Less dividends and distributions
from:
Net investment income........... (0.05) (0.02) (0.09)
Net realized gain............... -- -- (0.01)
------- ------ ------

Total dividends and
distributions..................... (0.05) (0.02) (0.10)
------- ------ ------

Anti-dilutive effect of acquiring
treasury shares................... 0.01 0.14 0.06
------- ------ ------

Net asset value, end of period..... $ 14.70 $ 13.07 $ 11.18
------- ------ ------
------- ------ ------

Market value, end of period........ $13.125 $ 12.25 $ 9.875
------- ------ ------
------- ------ ------

TOTAL INVESTMENT RETURN+........... 7.59% 24.28% (33.52)%(1)

RATIOS TO AVERAGE NET ASSETS:
Expenses........................... 1.72% 1.69% 1.73%(2)

Net investment income.............. 0.12% 0.28% 0.94%(2)

SUPPLEMENTAL DATA:
Net assets, end of period, in
thousands......................... $305,308 $273,172 $254,358

Portfolio turnover rate............ 66% 66% 61%(1)

Average commission rate paid....... $0.0012 -- --
<FN>

- ---------------------
* Commencement of operations.
(1) Not annualized.
(2) Annualized.
++ Restated for comparative purposes.
+ 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 brokerage commissions.
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
REPORT OF INDEPENDENT ACCOUNTANTS

TO THE SHAREHOLDERS AND TRUSTEES
OF TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST

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 Emerging Markets
Opportunities Trust (the "Trust") at January 31, 1997, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended and the financial highlights for each of
the two years in the period then ended and for the period March 30, 1994
(commencement of operations) through January 31, 1995, in conformity with
generally accepted accounting principles. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Trust's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at January 31, 1997 by
correspondence with the custodian and brokers 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, 1997

1997 FEDERAL TAX NOTICE (UNAUDITED)

For the year ended January 31, 1997, the Trust has elected,
pursuant to Section 853 of the Internal Revenue Code, to pass
through foreign taxes of $0.03 per share to its shareholders. The
Trust generated foreign source income of $0.03 per share with
respect to this election.
<PAGE>

TRUSTEES

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

OFFICERS ANNUAL REPORT

Charles A. Fiumefreddo JANUARY 31, 1997
Chairman and Chief Executive Officer

Thomas E. Larkin, Jr.
President

Barry Fink
Vice President, Secretary and General Counsel

Shaun C.K. Chan
Vice President

Michael P. Reilly
Vice President

Terence F. Mahony
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.