TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST, N-30D, 1997-10-15

TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
N-30D, 1997-10-15

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

DEAR SHAREHOLDER:

In the Latin American equity markets, Brazil and Mexico had a strong influence
on the Fund's performance. Within the Asian countries, Thailand and Korea's
depressed stock markets caused some uncertainty. In the European equity markets,
Russia continued to have the strongest gains.

PERFORMANCE

For the six-month period ended July 31, 1997, TCW/DW Emerging Markets
Opportunities Trust registered a total return of 19.05 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 20.62 percent. By comparison, the International
Finance Corporation's Investable (IFCI) Emerging Markets Total Return Fund Index
posted a total return of 9.53 percent. The Lipper Analytical Services Inc.
Emerging Markets Fund's Average total return for the same time period was 12.76
percent.

SECTORS
LATIN AMERICA

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

<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
LETTER TO THE SHAREHOLDERS JULY 31, 1997, CONTINUED

ASIA

The Asian equity markets posted mixed results as capital inflows tapered off
from the high levels experienced at the end of 1996. There was sluggish growth
in earnings and a decline in exports within the region. The devaluation of
Thailand's currency, the baht, put pressure on other currencies in Southeast
Asia, particularly in Malaysia, Indonesia and the Philippines. The depressed
Thai and Korean stock markets created expectations of future asset deflation
within other countries in the Asian region. The Trust exited the Thai equity
market early in the year as overlending in the property sector put downward
pressure on weaker banks and financial institutions. Although the Thai
government was able to defend its currency for some time by significantly
raising interest rates, it ultimately chose to permit a devaluation on July 2.
The Trust's Adviser, TCW Funds Management, Inc. (TCW), has also reduced the
portfolio's Philippine exposure, because of cyclical concerns.

EUROPE AND AFRICA

TCW's investment outlook in emerging Europe remains positive. The EMEA (Europe,
Middle East, Africa) region of the IFC Composite Index rose on average 9.8
percent during the period under review. TCW has increased the Trust's exposure
to Russian equities while maintaining an overweighted position in Poland. With
the exception of Russia, the stock markets of Eastern Europe were constrained by
poor sentiment following the Czech currency crisis. Russian equities continued
to post the region's strongest gains, surging 94 percent in U.S. dollar terms
during the period against a backdrop of lower perceived risk and strong
international liquidity flows. The market continued to benefit from positive
fundamental developments, including the International Monetary Fund's release of
$647 million in previously withheld installments from its three-year loan
program.

THE PORTFOLIO

In terms of country allocation, the Fund's investments during the period were
spread among Latin America (50 percent), Asia (32 percent) and Europe/Africa (18
percent). Emerging markets performed well during the period, with strong gains
witnessed in Latin America and emerging Europe able to offset lackluster returns
in the equity markets of Asia.

TCW maintains an overweighted position in the Latin American equity markets, on
expectations of further gains in the region as economic and political
fundamentals continue to improve. The Trust remains focused on state-owned
companies in Brazil because of anticipated efficiency resulting from
privatization and interest rate sensitive sectors in Mexico, which should
benefit from the continued recovery of that country's economy.
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
LETTER TO THE SHAREHOLDERS JULY 31, 1997, CONTINUED

With respect to the Asian equity markets, TCW has increased the Trust's position
in Hong Kong on the belief that strong capital inflows from mainland China and
the other Southeast Asian markets should continue to bolster Hong Kong's
performance. Exposure has been increased to the electronic, property and
construction sectors in Taiwan because of their improved outlook for earnings
growth in 1997. TCW has also overweighted Indian equities, given attractive
valuation levels, favorable liquidity environment and expectations for a rebound
in corporate earnings. TCW has started to gradually increase the Trust's
position in South Korea, because of prospects there for an export-led economic
recovery. Also, the Trust shifted to an underweighted position in Malaysian
equities as more cautious lending policies are expected to generate a slowdown
in economic activity.

In Europe and Africa, TCW has increased exposure to Russian equities, because of
strong gains that are expected to continue. The Trust entered the Egyptian
equity market and is gradually building its position in South African equities,
but eliminated exposure to the Czech Republic and Turkey, because of political
and economic uncertainties.

On July 22, 1997, the shareholders of the Trust approved the conversion of the
Trust from a closed-end investment company to an open-end investment company. It
is anticipated that this conversion will take place by the end of the Trust's
fiscal year in January 1998.

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. During the period ended July
31, 1997, the Trust did not repurchase any shares.

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
RESULTS OF SPECIAL MEETING (UNAUDITED)

On June 24 and July 22, 1997, a special meeting of the Fund's shareholders was
held for the purpose of voting on ten separate matters, the results of which
were as follows:

(1)ELECTION OF TRUSTEES:

<TABLE>
<S> <C> <C>
RICHARD M. DEMARTINI
For.................................. 14,078,724
Withheld............................. 479,171
THOMAS E. LARKIN, JR.
For.................................. 14,082,942
Withheld............................. 474,953
</TABLE>

(2)
APPROVAL OF CONTINUANCE OF THE CURRENTLY EFFECTIVE INVESTMENT ADVISORY
AGREEMENT BETWEEN THE TRUST AND TCW FUNDS MANAGEMENT, INC.:

<TABLE>
<S> <C>
For............................................................................ 14,028,200
Against........................................................................ 178,487
Abstain........................................................................ 351,208
</TABLE>

(3)
RATIFICATION OF THE SELECTION OF PRICE WATERHOUSE LLP AS THE TRUST'S
INDEPENDENT ACCOUNTANTS:

<TABLE>
<S> <C>
For............................................................................ 14,210,115
Against........................................................................ 91,074
Abstain........................................................................ 256,706
</TABLE>

(4)
SHAREHOLDER PROPOSAL RECOMMENDING THE BOARD TAKE ACTION TO CONVERT THE TRUST
FROM CLOSED-END TO OPEN-END STATUS:

<TABLE>
<S> <C>
For............................................................................ 8,466,865
Against........................................................................ 557,921
Abstain........................................................................ 2,998,477
</TABLE>

(5)
APPROVAL OF THE CONVERSION OF THE TRUST FROM A CLOSED-END INVESTMENT COMPANY
TO AN OPEN-END INVESTMENT COMPANY AND AMENDMENT OF THE TRUST'S DECLARATION OF
TRUST:

<TABLE>
<S> <C>
For............................................................................ 11,035,883
Against........................................................................ 377,636
Abstain........................................................................ 609,744
</TABLE>

<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
RESULTS OF SPECIAL MEETING (UNAUDITED) CONTINUED

The following proposals (6-10) relate to the Trust once it has been converted to
an open-end investment company:

(6)ELECTION OF TRUSTEES:

<TABLE>
<S> <C> <C>
RICHARD M. DEMARTINI
For............................ 11,257,833
Withheld....................... 765,430
THOMAS E. LARKIN, JR.
For............................ 11,297,338
Withheld....................... 725,925
JOHN C. ARGUE
For............................ 11,292,703
Withheld....................... 730,560
CHARLES A. FIUMEFREDDO
For............................ 11,294,698
Withheld....................... 728,565
JOHN R. HAIRE
For............................ 11,288,865
Withheld....................... 734,398
DR. MANUEL H. JOHNSON
For............................ 11,296,562
Withheld....................... 726,701
MICHAEL E. NUGENT
For............................ 11,296,644
Withheld....................... 726,619
JOHN L. SCHROEDER
For............................ 11,292,977
Withheld....................... 730,286
MARC I. STERN
For............................ 11,297,679
Withheld....................... 725,584
</TABLE>

(7)
APPROVAL OF A NEW INVESTMENT ADVISORY AGREEMENT BETWEEN THE TRUST AND TCW
FUNDS MANAGEMENT, INC.:

<TABLE>
<S> <C>
For............................................................................ 10,985,793
Against........................................................................ 343,703
Abstain........................................................................ 693,767
</TABLE>

(8)
APPROVAL OF A NEW SUB-ADVISORY AGREEMENT BETWEEN TCW FUNDS MANAGEMENT, INC.
AND TCW LONDON INTERNATIONAL, LIMITED:

<TABLE>
<S> <C>
For............................................................................ 11,003,483
Against........................................................................ 309,645
Abstain........................................................................ 710,135
</TABLE>

(9)
APPROVAL OF A NEW SUB-ADVISORY AGREEMENT BETWEEN TCW FUNDS MANAGEMENT, INC.
AND TCW ASIA LIMITED:

<TABLE>
<S> <C>
For............................................................................ 10,993,587
Against........................................................................ 314,836
Abstain........................................................................ 714,840
</TABLE>

(10)
APPROVAL OF A PLAN OF DISTRIBUTION PURSUANT TO RULE 12B-1 UNDER THE INVESTMENT
COMPANY ACT OF 1940, AS AMENDED:

<TABLE>
<S> <C>
For............................................................................ 10,531,695
Against........................................................................ 775,964
Abstain........................................................................ 715,604
</TABLE>
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
PORTFOLIO OF INVESTMENTS JULY 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
COMMON AND PREFERRED STOCKS, CONVERTIBLE BONDS
AND WARRANTS (95.5%)
ARGENTINA (5.2%)
BANKS
44,219 Banco de Galicia y Buenos Aires
S.A. de C.V. (ADR)........... $ 1,387,371
46,656 Banco Frances del Rio de la
Plata S.A. (ADR)............. 1,656,288
---------------
3,043,659
---------------
ELECTRIC
41,709 Capex S.A...................... 358,766
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
121,387 Molinos Rio de la Plata S.A.
(Class B)*................... 449,217
---------------
INVESTMENT COMPANIES
158,900 CEI Citicorp Holdings S.A...... 1,188,798
---------------
MULTI-INDUSTRY
593,856 Perez Companc S.A. (Class B)... 4,876,484
---------------
OIL & GAS
113,890 Yacimentos Petroliferos
Fiscales S.A. (ADR).......... 3,687,189
---------------
REAL ESTATE
185,098 Inversiones y Representaciones
S.A. (Class B)............... 809,032
---------------
STEEL
507,401 Siderca S.A. (Class A)......... 1,375,318
---------------
TELECOMMUNICATIONS
64,900 Telecom Argentina Stet - France
Telecom S.A.................. 374,544
12,910 Telecom Argentina Stet - France
Telecom S.A. (ADR)........... 746,359
53,070 Telefonica de Argentina S.A.
(ADR)........................ 2,106,216
---------------
3,227,119
---------------

TOTAL ARGENTINA................ 19,015,582
---------------

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

BRAZIL (18.7%)
BANKING
89,187,804 Banco Bradesco S.A. (Pref.).... $ 967,732
1,855,940 Banco Itau S.A. (Pref.)........ 1,098,585
---------------
2,066,317
---------------
BREWERY
3,287,202 Companhia Cervejaria Brahma
(Pref.)...................... 2,489,124
---------------
BUILDING MATERIALS
184,000 Companhia Cimento Portland Itau
(Pref.)...................... 60,319
---------------
ELECTRIC
25,000,000 Companhia Paranaense de
Energia-Copel................ 474,421
51,530 Compania Paranaense de
Energia-Copel (ADR).......... 991,952
---------------
1,466,373
---------------
GAS
43,020,000 Petrobras Distribuidora
(Pref.)...................... 1,418,242
---------------
METALS & MINING
148,140 Companhia Vale do Rio Doce S.A.
(Pref.)...................... 3,885,101
---------------
MISCELLANEOUS
1,458,000 Encorpar S.A................... --
---------------
MULTI-INDUSTRY
2,633,000 Itausa Investimentos Itau S.A.
(Pref.)...................... 2,553,006
---------------
OIL & GAS
32,551,000 Petroleo Brasileiro S.A.
(Pref.)...................... 9,889,444
---------------
STEEL & IRON
48,650 Usinas Siderurgicas de Minas
Gerais S.A. (Pref.).......... 567,860
---------------
TELECOMMUNICATIONS
924,806 Cia Riograndense
Telecomunicacoes S.A......... 1,537,643
9,820,000 Telecomunicacoes Brasileiras
S.A.......................... 1,346,543
67,100 Telecomunicacoes Brasileiras
S.A. (ADR)................... 9,955,962
85,765,125 Telecomunicacoes Brasileiras
S.A. (Pref.)................. 12,751,118
611,870 Telecomunicacoes de Sao Paulo
S.A.*........................ 188,155
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
PORTFOLIO OF INVESTMENTS JULY 31, 1997 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
369,589 Telecomunicacoes de Sao Paulo
S.A. (Pref.) (RCP)........... $ 123,208
7,869,300 Telecomunicacoes de Sao Paulo
S.A. (Pref.)................. 2,688,744
---------------
28,591,373
---------------
TEXTILES
1,458,000 Companhia de Tecidos Norte de
Minas (Pref.)................ 549,325
---------------
UTILITIES - ELECTRIC
2,268,483 Centrais Electricas Brasileiras
S.A.......................... 1,235,924
7,084,677 Centrais Electricas Brasileiras
S.A. (Pref.)................. 4,187,084
50,584,000 Companhia Energetica de Minas
Gerais S.A. (Pref.).......... 2,849,408
63,700 Companhia Energetica de Minas
Gerais S.A. (ADR)............ 3,583,125
16,191 Companhia Energetica de Minas
Gerais S.A. (Pref.) (ADR) -
144A**....................... 910,744
3,840,800 Light Participacoes, S.A....... 1,737,919
---------------
14,504,204
---------------

TOTAL BRAZIL................... 68,040,688
---------------

CHILE (5.3%)
BANKS
52,100 Banco BHIF (ADR)*.............. 1,107,125
86,700 Banco Santander Chile (ADR).... 1,365,525
---------------
2,472,650
---------------
ELECTRIC
19,500 Chilectra S.A. (ADR) -
144A**....................... 591,094
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
81,820 Embotelladora Andina S.A.
(Series A) (ADR)............. 1,738,675
49,320 Embotelladora Andina S.A.
(Series B) (ADR)............. 1,017,225
32,400 Vina Concha Y Toro (ADR)....... 984,150
---------------
3,740,050
---------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
INVESTMENT COMPANIES
48,715 Genesis Chile Fund Ltd......... $ 2,484,465
826,500 The Five Arrows Chile
Investment Trust Fund Ltd.... 2,756,377
---------------
5,240,842
---------------
MULTI-INDUSTRY
48,050 Madeco S.A. (ADR).............. 1,159,206
---------------
RETAIL
27,315 Supermercados Unimarc S.A.
(ADR)*....................... 472,891
---------------
SUPERMARKETS
15,720 Santa Isabel S.A. (ADR)........ 432,300
---------------
TELECOMMUNICATIONS
95,604 Compania de Telecomunicaciones
de Chile S.A. (ADR).......... 3,148,957
---------------
UTILITIES - ELECTRIC
27,595 Chilgener S.A. (ADR)........... 820,951
32,560 Enersis S.A. (ADR)............. 1,210,825
---------------
2,031,776
---------------

TOTAL CHILE.................... 19,289,766
---------------

CHINA (0.1%)
MACHINERY
596,000 First Tractor Co. (H
Shares)*..................... 419,610
---------------

COLOMBIA (1.9%)
BANKING
203,774 Banco de Bogota................ 1,216,643
41,665 Banco Industrial Colombiano
S.A. (ADR)................... 708,305
---------------
1,924,948
---------------
BUILDING & CONSTRUCTION
48,265 Cementos Diamante S.A. (ADR) -
144A**....................... 687,776
156,108 Compania de Cementos Argos
S.A.......................... 1,177,327
---------------
1,865,103
---------------
FINANCIAL SERVICES
72,114 Compania Suramericana de
Seguros S.A.................. 1,814,181
---------------
</TABLE>

TOTAL COLOMBIA................. 6,665,714
---------------

EGYPT (0.9%)
BANKS
85,000 Commercial International Bank
(GDR) -144A**................ 1,921,000
36,000 MISR International Bank, S.A.E
(GDR) - 144A**............... 540,000
---------------
2,461,000
---------------
BUILDING MATERIALS
45,000 Suez Cement Co. (GDR) -
144A**....................... 882,000
---------------

TOTAL EGYPT.................... 3,343,000
---------------

HONG KONG (6.0%)
CHEMICALS
4,412,000 China Merchants Holdings
International Co., Ltd....... 12,681,437
---------------
ELECTRIC
3,189,000 Beijing Datang Power Generation
Co., Ltd.*................... 1,616,952
---------------
RETAIL - DEPARTMENT STORES
2,556,000 China Everbright-IHD Pacific
Ltd.......................... 7,412,763
---------------

TOTAL HONG KONG................ 21,711,152
---------------

HUNGARY (1.4%)
CHEMICALS
21,800 BorsodChem RT (GDR) - 144A**... 806,600
---------------
HOTELS
30,633 Pannonia Hotels................ 516,055
---------------
PHARMACEUTICALS
14,997 EGIS RT........................ 992,045
19,689 Gedeon Richter RT (GDR) -144A**
*............................ 1,904,911
---------------
2,896,956
---------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
PUBLISHING
2,550 Matav RT*...................... $ 778,230
400 Matav RT (Series A)............ 122,075
---------------
900,305
---------------

TOTAL HUNGARY.................. 5,119,916
---------------

INDIA (4.8%)
AUTO TRUCKS & PARTS
97,000 Tata Engineering & Locomotive
Co. Ltd. (GDR) -144A**....... 1,193,100
---------------
BANKS
201,200 State Bank of India (GDR)*..... 5,281,500
---------------
FINANCIAL SERVICES
64,950 Hindalco Industries Ltd.
(GDR)*....................... 2,354,437
---------------
INDUSTRIALS
130,000 Mahindra & Mahindra Ltd.
(GDR)*....................... 1,865,500
---------------
PHARMACEUTICALS
64,000 Ranbaxy Laboratories Ltd.
(GDR)........................ 1,552,000
---------------
TELECOMMUNICATIONS
109,500 Videsh Sanchar Nigam Ltd.
(GDR)*....................... 1,861,500
---------------
UTILITIES - ELECTRIC
139,600 BSES Ltd. (GDR)................ 3,315,500
---------------

TOTAL INDIA.................... 17,423,537
---------------

INDONESIA (3.4%)
BANKING
4,986,939 PT Bank Internasional
Indonesia.................... 3,487,036
615,194 PT Bank Internasional Indonesia
(Warrants due 01/17/00)*..... 192,101
---------------
3,679,137
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
533,000 PT Gudang Garam................ 2,016,619
1,389,600 PT London Sumatra Indonesia*... 1,770,276
---------------
3,786,895
---------------
</TABLE>

TOTAL INDONESIA................ 12,246,453
---------------

IRELAND (0.2%)
INVESTMENT COMPANIES
80,000 Central Asian Investment
Company Ltd.................. 600,000
---------------
KAZAKHSTAN (0.3%)
BANKS
42,400 Kazkommertsbank Co. (GDR) -
144A **...................... 1,060,000
---------------

MALAYSIA (5.8%)
AGRICULTURE
151,000 IOI Corporated Berhad.......... 160,004
644,000 Kulim (Malaysia) Berhad........ 1,071,295
---------------
1,231,299
---------------
CONGLOMERATES
636,000 Gadek Berhad................... 2,874,440
305,000 Gadek Berhad (Warrants due
12/19/00)*................... 509,685
173,250 Hicom Holdings Berhad (Warrants
due 12/18/00)*............... 123,703
621,000 United Engineers (Malaysia)
Berhad Ltd................... 4,339,688
---------------
7,847,516
---------------
FINANCIAL SERVICES
1,232,000 Commerce Asset Holdings
Berhad....................... 3,088,188
1,218,000 DCB Holdings Berhad............ 3,307,520
---------------
6,395,708
---------------
LEISURE
372,000 Magnum Corporation Berhad...... 477,539
---------------
RETAIL
1,807,000 Larut Consolidated Berhad...... 1,763,764
---------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS
863,000 Tenaga Nasional Berhad......... $ 3,474,288
---------------

TOTAL MALAYSIA................. 21,190,114
---------------

MEXICO (13.2%)
BUILDING & CONSTRUCTION
56,500 Empresas ICA Sociedad
Controladora S.A. de C.V.
(ADR)*....................... 1,059,375
---------------
BUILDING MATERIALS
187,500 Apasco S.A. de C.V............. 1,438,987
767,600 Cemex S.A. de C.V. (B
Shares)...................... 4,329,900
---------------
5,768,887
---------------
CONGLOMERATES
432,200 Grupo Carso S.A. de C.V.
(Series A1)*................. 3,449,639
593,575 Grupo Industria Alfa S.A. de
C.V. (A Shares).............. 4,859,146
---------------
8,308,785
---------------
CONSUMER PRODUCTS
905,250 Kimberly-Clark de Mexico, S.A.
de C.V. (A Shares)........... 4,284,248
---------------
FINANCIAL SERVICES
414,618 Grupo Financiero Inbursa, S.A.
de C.V. (B Shares)........... 1,994,070
---------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
55,300 Empresas la Moderna S.A. de
C.V. (ADR)................... 1,220,056
260,200 Fomento Economico Mexicano,
S.A. de C.V. (B Shares)...... 2,083,464
200,800 Grupo Industrial Bimbo S.A. de
C.V. (Series A).............. 1,605,270
156,900 Grupo Modelo S.A. de C.V.
(Series C)................... 1,455,008
273,300 Jugos de Valle S.A. de C.V.
(Series B)................... 531,358
40,420 Panamerican Beverages, Inc.
(Class A).................... 1,354,070
---------------
8,249,226
---------------
MEDIA GROUP
61,590 Grupo Televisa S.A. (GDR)*..... 1,890,043
---------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
PORTFOLIO OF INVESTMENTS JULY 31, 1997 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
METALS & MINING
94,850 Tubos de Acero de Mexico S.A.
de C.V. (ADR)*............... $ 1,784,366
---------------
MULTI-INDUSTRY
211,580 DESC S.A. de C.V. (Series B)... 1,943,137
---------------
RETAIL
229,106 Cifra S.A. de C.V. (Series
A)........................... 431,369
1,873,200 Cifra S.A. de C.V. (Series
C)*.......................... 3,234,612
---------------
3,665,981
---------------
TELECOMMUNICATIONS
162,035 Telefonos de Mexico S.A. de
C.V. (Series L) (ADR)........ 8,992,942
---------------
TOTAL MEXICO................... 47,941,060
---------------
PAKISTAN (0.0%)
BANKING
11 Muslim Commercial Bank Ltd..... 12
---------------

PERU (2.8%)
BREWERS
1,410,440 Union De Cervecerias Peruanas
Backus & Johnson S.A. (T
Shares)...................... 1,207,732
---------------
BUILDING MATERIALS
889,558 Cementos Lima, S.A............. 1,879,112
---------------
FINANCIAL SERVICES
84,106 Credicorp Ltd. (ADR)........... 1,619,040
---------------
METALS & MINING
86,801 Compania de Minas Buenaventura
S.A. (A Shares).............. 710,517
37,000 Compania de Minas Buenaventura
S.A. (ADR)................... 670,625
20,125 Compania de Minas Buenaventura
S.A. (B Shares).............. 181,133
---------------
1,562,275
---------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS
43,050 Telefonica del Peru S.A.
(ADR)........................ $ 1,062,797
1,126,424 Telefonica del Peru S.A. (B
Shares)...................... 2,766,134
---------------
3,828,931
---------------

TOTAL PERU..................... 10,097,090
---------------

PHILIPPINES (2.2%)
BANKS
622,200 Bank of the Philippine
Islands...................... 3,250,941
---------------
BUILDING & CONSTRUCTION
$2,150K Bacnotan Consolidated
Industries 5.50% due 06/21/04
(Conv.)...................... 1,408,250
---------------
DIVERSIFIED MANUFACTURING
7,044,000 Solid Group, Inc............... 1,023,696
---------------
TELECOMMUNICATIONS
57,450 Philippine Long Distance
Telephone Co................. 1,928,253
---------------
UTILITIES - ELECTRIC
103,038 Manila Electric Co. (B
Shares)...................... 449,231
---------------

TOTAL PHILIPPINES.............. 8,060,371
---------------

POLAND (1.9%)
BREWERY
12,800 Zaklady Piwowarskie w Zywcu
S.A. (Zywiec)................ 864,915
---------------
GLASS
71,000 Krosno S.A..................... 850,852
---------------
INVESTMENT COMPANIES
52,193 Polish National Investment
Fund*........................ 1,846,272
---------------
MEDIA
83,750 @Entertainment, Inc............ 1,758,750
---------------
PUBLISHING
7,892 International Trading &
Investment Co................ 1,736,240
---------------

TOTAL POLAND................... 7,057,029
---------------
</TABLE>

TOTAL PORTUGAL................. 1,111,137
---------------

RUSSIA (4.6%)
BANKS
28,000 Bank Vozrozhdenie (ADR)........ 504,000
---------------
METALS
266 Norilsk Nickel (RDC) -
144A**....................... 4,029,900
---------------
OIL & GAS
27,832 Lukoil Holding Co. (ADR) -
144A**....................... 2,513,591
40,000 Surgutneftegaz (ADR) -
144A**....................... 2,430,000
---------------
4,943,591
---------------
TELECOMMUNICATIONS
129 Nizhny Novogrod Svyazinform
(BRIDGE) Certificate -
144A**....................... 651,450
448 Samara Svyazinform (BRIDGE)
Certificate - 144A**......... 627,200
195 Ural Telecom (BRIDGE)
Certificate -144A**.......... 957,450
---------------
2,236,100
---------------
UTILITIES - ELECTRIC
110,594 Mosenergo (ADR) - 144A**....... 5,094,292
---------------
TOTAL RUSSIA................... 16,807,883
---------------

SOUTH AFRICA (2.8%)
BANKS
139,370 Amalgamated Banks of South
Africa....................... 2,055,707
---------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
FINANCE - DIVERSIFIED
25,030 Anglo American Corp. of South
Africa Ltd................... $ 1,423,578
115,000 Johnnies Industrial Corp.,
Ltd.......................... 1,652,299
---------------
3,075,877
---------------
METALS & MINING
36,575 Billiton (Letter of
Entitlement)................. 131,673
109,725 Billiton PLC................... 399,779
29,260 Gencor Ltd..................... 69,803
---------------
601,255
---------------
MULTI-INDUSTRY
147,781 Rembrandt Group Ltd............ 1,490,309
---------------
OIL & GAS
117,700 Sasol Ltd...................... 1,410,307
---------------
RETAIL
218,100 JD Group Ltd................... 1,608,198
---------------

TOTAL SOUTH AFRICA............. 10,241,653
---------------

SOUTH KOREA (3.8%)
BANKS - COMMERCIAL
28,497 Housing & Commercial Bank,
Korea (GDR).................. 598,437
---------------
BUILDING & CONSTRUCTION
45,910 L.G. Construction Ltd.......... 697,956
---------------
ELECTRONIC & ELECTRICAL EQUIPMENT
22,873 Samsung Electronics............ 2,396,084
---------------
ELECTRONICS - SEMICONDUCTORS/COMPONENTS
23,520 L.G. Semiconductor Co.*........ 1,154,811
---------------
STEEL & IRON
170,200 Pohang Iron & Steel Co., Ltd.
(ADR)........................ 4,850,700
---------------
UTILITIES - ELECTRIC
214,000 Korea Electric Power Corp.
(ADR)........................ 3,959,000
---------------

TOTAL SOUTH KOREA.............. 13,656,988
---------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
PORTFOLIO OF INVESTMENTS JULY 31, 1997 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
TAIWAN (6.2%)
COMPUTERS
225,750 Acer Inc. (GDR)................ $ 3,864,840
212,000 Acer Inc. (GDR) - 144A**....... 3,657,000
---------------
7,521,840
---------------
ELECTRONIC & ELECTRICAL EQUIPMENT
$1,310K United Microelectronics Corp.,
Ltd. 1.25% due 06/08/04
(Conv.) - 144A**............. 6,157,000
---------------
INDUSTRIALS
$640 K Far Eastern Department Stores
3.00% due 07/06/01 (Conv.)... 673,600
---------------
INVESTMENT COMPANIES
491,200 ROC Taiwan Fund................ 6,201,400
---------------
STEEL & IRON
82,000 China Steel Corp. (GDS)........ 1,824,500
---------------

TOTAL TAIWAN................... 22,378,340
---------------

VENEZUELA (3.7%)
TELECOMMUNICATIONS
187,900 Compania Anonima Nacional
Telefonos de Venezuela
(ADR)*....................... 8,197,137
---------------
UTILITIES - ELECTRIC
3,151,300 C.A. la Electridad de Caracas
S.A.C.A...................... 5,144,850
---------------

TOTAL VENEZUELA................ 13,341,987
---------------

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

TOTAL COMMON AND PREFERRED
STOCKS,
CONVERTIBLE BONDS AND
WARRANTS
(IDENTIFIED COST
$257,926,795)............... 95.5% $346,819,082

CASH AND OTHER ASSETS IN
EXCESS OF LIABILITIES....... 4.5 16,238,926
----- ------------

NET ASSETS.................. 100.0% $363,058,008
----- ------------
----- ------------

<FN>
- ---------------------
ADR American Depository Receipt.
GDR Global Depository Receipt.
GDS Global Depository Shares.
RCP Receipt Shares.
RDC Russian Depository Certificate.
K In thousands.
* 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 $100,640,036 and the
aggregate gross unrealized depreciation is $11,747,749, resulting in net
unrealized appreciation of $88,892,287.
</TABLE>

FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT JULY 31, 1997:

<TABLE>
<CAPTION>
UNREALIZED
CONTRACTS TO IN DELIVERY APPRECIATION
RECEIVE EXCHANGE FOR DATE (DEPRECIATION)
- ----------------------------------------------------
<S> <C> <C> <C>
HKD 4,856 $ 627 8/04/97 --
ZAR 7,456,188 $ 1,167,043 8/05/97 --
-----
Net unrealized appreciation......... --
-----
-----
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
SUMMARY OF INVESTMENTS JULY 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- -------------------------------------------------------------------------------
<S> <C> <C>
Agriculture............................... $ 1,231,299 0.3%
Auto Trucks & Parts....................... 1,193,100 0.3
Banking................................... 7,670,414 2.1
Banks..................................... 20,129,457 5.6
Banks - Commercial........................ 598,437 0.2
Brewers................................... 1,207,732 0.3
Brewery................................... 3,354,039 0.9
Building & Construction................... 5,030,684 1.4
Building Materials........................ 9,445,155 2.6
Chemicals................................. 13,488,037 3.7
Computers................................. 7,521,840 2.1
Conglomerates............................. 16,156,301 4.5
Consumer Products......................... 4,284,248 1.2
Diversified Manufacturing................. 1,023,696 0.3
Electric.................................. 4,033,185 1.1
Electronic & Electrical Equipment......... 8,553,084 2.4
Electronics - Semiconductors/
Components.............................. 1,154,811 0.3
Finance - Diversified..................... 3,075,877 0.8
Financial Services........................ 14,177,436 3.9
Food, Beverage, Tobacco & Household
Products................................ 17,131,321 4.7
Forest Products, Paper & Packing.......... 256,300 0.1
Gas....................................... 1,418,242 0.4
Glass..................................... 850,852 0.2
Hotels.................................... 516,055 0.1
Industrials............................... 2,539,100 0.7
Investment Companies...................... 15,077,312 4.2

<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- -------------------------------------------------------------------------------
<S> <C> <C>
Leisure................................... $ 477,539 0.1%
Machinery................................. 419,610 0.1
Media..................................... 1,758,750 0.5
Media Group............................... 1,890,043 0.5
Metals.................................... 4,029,900 1.1
Metals & Mining........................... 7,832,997 2.2
Multi-Industry............................ 12,022,142 3.3
Oil & Gas................................. 19,930,531 5.5
Pharmaceuticals........................... 4,448,956 1.2
Publishing................................ 2,636,545 0.7
Real Estate............................... 809,032 0.2
Retail.................................... 10,097,379 2.8
Retail - Department Stores................ 7,412,763 2.0
Steel..................................... 1,375,318 0.4
Steel & Iron.............................. 7,243,060 2.0
Supermarkets.............................. 432,300 0.1
Telecommunications........................ 67,836,025 18.7
Textiles.................................. 549,325 0.2
Utilities - Electric...................... 34,498,853 9.5
------------------ ---
$ 346,819,082 95.5%
------------------ ---
------------------ ---
</TABLE>

<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
- -------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks............................. $ 290,765,699 80.1%
Convertible Bonds......................... 8,238,850 2.3
Preferred Stocks.......................... 46,989,044 12.9
Warrants.................................. 825,489 0.2
------------------ ---
$ 346,819,082 95.5%
------------------ ---
------------------ ---
</TABLE>

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

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

<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $257,926,795)............................ $346,819,082
Cash........................................................ 20,207,251
Receivable for:
Investments sold........................................ 3,514,049
Dividends............................................... 1,091,022
Interest................................................ 86,400
Foreign withholding taxes reclaimed..................... 24,108
Deferred organizational expenses............................ 16,476
Prepaid expenses and other assets........................... 53,800
------------

TOTAL ASSETS........................................... 371,812,188
------------

LIABILITIES:
Payable for:
Investments purchased................................... 8,028,120
Administration fee...................................... 249,827
Investment advisory fee................................. 166,551
Accrued expenses and other payables......................... 309,682
------------

TOTAL LIABILITIES...................................... 8,754,180
------------

NET ASSETS............................................. $363,058,008
------------
------------

COMPOSITION OF NET ASSETS:
Paid-in-capital............................................. $300,121,378
Net unrealized appreciation................................. 88,896,777
Accumulated undistributed net investment income............. 459,256
Accumulated net realized loss............................... (26,419,403)
------------

NET ASSETS............................................. $363,058,008
------------
------------

NET ASSET VALUE PER SHARE,
20,763,733 SHARES OUTSTANDING (UNLIMITED SHARES AUTHORIZED
OF $.01
PAR VALUE)................................................
$17.49
------------
------------
</TABLE>

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

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JULY 31, 1997

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

INCOME
Dividends (net of $299,786 foreign withholding tax)......... $ 4,026,347
Interest.................................................... 283,027
-----------

TOTAL INCOME........................................... 4,309,374
-----------

EXPENSES
Management fee.............................................. 1,211,207
Investment advisory fee..................................... 807,471
Custodian fees.............................................. 357,041
Shareholder servicing expenses.............................. 135,060
Professional fees........................................... 55,699
Shareholder reports and notices............................. 39,828
Registration fees........................................... 16,136
Trustees' fees and expenses................................. 16,047
Organizational expenses..................................... 4,978
Other....................................................... 34,590
-----------

TOTAL EXPENSES......................................... 2,678,057
-----------

NET INVESTMENT INCOME.................................. 1,631,317
-----------

NET REALIZED AND UNREALIZED GAIN:
Net realized gain on:
Investments............................................. 23,464,956
Foreign exchange transactions........................... 16,129
-----------

NET GAIN............................................... 23,481,085
-----------
Net change in unrealized appreciation/depreciation on:
Investments............................................. 32,995,450
Translation of foreign currency contracts, other assets
and liabilities denominated in foreign currencies..... 3,913
-----------

NET APPRECIATION....................................... 32,999,363
-----------

NET GAIN............................................... 56,480,448
-----------

NET INCREASE................................................ $58,111,765
-----------
-----------
</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 SIX
MONTHS ENDED FOR THE YEAR
JULY 31, 1997 ENDED
(UNAUDITED) JANUARY 31, 1997
- --------------------------------------------------------------------------------------------------
<S> <C> <C>

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income....................................... $ 1,631,317 $ 331,538
Net realized gain (loss).................................... 23,481,085 (1,662,158)
Net change in unrealized appreciation....................... 32,999,363 35,901,840
----------------- ----------------

NET INCREASE........................................... 58,111,765 34,571,220

Dividends from net investment income........................ (361,291) (963,188)
Net decrease from transactions in shares of beneficial
interest.................................................. -- (1,472,887)
----------------- ----------------

NET INCREASE........................................... 57,750,474 32,135,145

NET ASSETS:
Beginning of period......................................... 305,307,534 273,172,389
----------------- ----------------

END OF PERIOD
(INCLUDING UNDISTRIBUTED NET INVESTMENT INCOME OF
$459,256 AND DIVIDENDS IN EXCESS OF NET INVESTMENT
INCOME OF $810,770, RESPECTIVELY)....................... $363,058,008 $ 305,307,534
----------------- ----------------
----------------- ----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
NOTES TO FINANCIAL STATEMENTS JULY 31, 1997 (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'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 JULY 31, 1997 (UNAUDITED) 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 JULY 31, 1997 (UNAUDITED) 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 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 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 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 JULY 31, 1997 (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, 1997 aggregated
$121,048,620 and $131,463,707, respectively.

For the period May 31, 1997 through July 31, 1997, the Trust incurred brokerage
commissions with Morgan Stanley & Co., Inc., an affiliate of the Investment
Manager since May 31, 1997, in the amount of $12,810.

Dean Witter Trust Company, an affiliate of the Manager, is the Trust's transfer
agent. At July 31, 1997, the Trust had transfer agent fees and expenses payable
of approximately $76,000.

5. SHARES OF BENEFICIAL INTEREST

Transactions in shares of beneficial interest were as follows:

<TABLE>
<CAPTION>
CAPITAL
PAID IN
PAR EXCESS OF
SHARES VALUE PAR VALUE
----------- -------------- -----------
<S> <C> <C> <C>
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 and July 31, 1997...................... 20,763,733 $ 207,637 $299,847,045
----------- -------------- -----------
----------- -------------- -----------
</TABLE>

- ---------------------
* The Trustees have voted to retire the shares purchased.
</TABLE>

6. FEDERAL INCOME TAX STATUS

At January 31, 1997, the Trust 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 Trust's next taxable year. The Trust 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 Trust 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.
<PAGE>
TCW/DW EMERGING MARKETS OPPORTUNITIES TRUST
NOTES TO FINANCIAL STATEMENTS JULY 31, 1997 (UNAUDITED) 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 July 31, 1997, the Trust had outstanding forward contracts to facilitate
settlements of foreign currency denominated portfolio transactions.

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

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

Net asset value, beginning of
period............................ $ 14.70 $ 13.07 $ 11.18 $ 14.02
---------- --------- --------- ---------
Net investment income.............. 0.08 0.02 0.04 0.11
Net realized and unrealized gain
(loss)............................ 2.73 1.65 1.73 (2.89)
---------- --------- --------- ---------
Total from investment operations... 2.81 1.67 1.77 (2.78)
---------- --------- --------- ---------
Offering costs charged against
capital........................... - - - (0.02)
---------- --------- --------- ---------
Less dividends and distributions
from:
Net investment income........... (0.02) (0.05) (0.02) (0.09)
Net realized gain............... - - - (0.01)
---------- --------- --------- ---------
Total dividends and
distributions..................... (0.02) (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..... $ 17.49 $ 14.70 $ 13.07 $ 11.18
---------- --------- --------- ---------
---------- --------- --------- ---------
Market value, end of period........ $ 15.813 $ 13.125 $ 12.25 $ 9.875
---------- --------- --------- ---------
---------- --------- --------- ---------
TOTAL INVESTMENT RETURN+........... 20.62%(1) 7.59% 24.28% (33.52)%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses........................... 1.66%(2) 1.72% 1.69% 1.73%(2)
Net investment income.............. 1.01%(2) 0.12% 0.28% 0.94%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in
thousands......................... $363,058 $305,308 $273,172 $254,358
Portfolio turnover rate............ 38%(1) 66% 66% 61%(1)
Average commission rate paid....... $0.0008 $0.0012 - -
<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 brokerage commissions.
(1) Not annualized.
(2) Annualized.
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>

TRUSTEES
John C. Argue
Richard M. DeMartini
Charles A. Fiumefreddo
John R. Haire
Dr. Manuel H. Johnson
Thomas E. Larkin, Jr.
Michael E. Nugent
John L. Schroeder
Marc I. Stern

OFFICERS
Charles A. Fiumefreddo
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 FSB
Harborside Financial Center - Plaza Two
Jersey City, New Jersey 07311

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

MANAGER
Dean Witter Services Company Inc.

ADVISER
TCW Funds Management, Inc.

The financial statements included herein have been taken from
the records of the Fund without examination by the independent
accountants and accordingly they do not express an opinion thereon.

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SEMIANNUAL REPORT
JULY 31, 1997