TCW DW GLOBAL CONVERTIBLE TRUST, N-30D, 1995-09-12

TCW DW GLOBAL CONVERTIBLE TRUST
N-30D, 1995-09-12

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<PAGE>

TCW/DW GLOBAL CONVERTIBLE TRUST
Two World Trade Center
New York, New York 10048

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

Since inception (October 31, 1994), through June 30, 1995, TCW/DW Global
Convertible Trust, which consists of domestic and foreign convertible
securities, posted a total return of 7.99 percent. For the same period, the
Goldman Sachs Convertible 100 Index and the Morgan Stanley Capital
International World Index returned 13.12 and 4.16 percent, respectively.

Approximately 51 percent of the Fund's assets was invested in
international convertible securities, while the remaining 49 percent was
invested in U.S. convertibles. Given the allocation between the U.S. and
international markets, and the performance of each area respectively, the
Fund performed well over the first eight months of its existence. The Fund's
net asset value stood at $10.56 per share on June 30, 1995 after paying
dividends totaling approximately $0.24 per share since inception. The
accompanying chart illustrates the growth of a $10,000 investment in the Fund
from inception through June 30, 1995, versus the performance of similar
hypothetical investments in the issues that comprise the Goldman Sachs
Convertible 100 Index and the Morgan Stanley Capital International World
Index (unlike the Fund, indexes are unmanaged and not subject to fees and
expenses).

GROWTH OF $10,000
<TABLE>
<CAPTION>
DATE TOTAL MSCI WORLD IX GOLDMAN SACHS
<S> <C> <C> <C>
-------------------------------------------------------------------------------
October 31, 1994 $10000 $10000 $10000
-------------------------------------------------------------------------------
November 30, 1994 $ 9900 $ 9550 $ 9649
-------------------------------------------------------------------------------
December 31, 1994 $ 9817 $ 9627 $ 9579
-------------------------------------------------------------------------------
January 31, 1995 $ 9777 $ 9466 $ 9768
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February 28, 1995 $ 9978 $ 9588 $10092
-------------------------------------------------------------------------------
March 31, 1995 $10180 $10033 $10389
-------------------------------------------------------------------------------
April 30, 1995 $10363 $10365 $10640
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May 31, 1995 $10586 $10437 $10945
-------------------------------------------------------------------------------
June 30, 1995 $10299(3) $10416 $11312
-------------------------------------------------------------------------------
</TABLE>
CUMULATIVE TOTAL RETURNS
LIFE OF FUND

-------------------------------------------------------------------------------
7.99 (1)
2.99 (2)
-------------------------------------------------------------------------------

_______Fund______MSCI WORLD IX (4)______GOLDMAN SACHS CONVERTIBLE IX(5)

Past performance is not predictive of future returns.
________________________________________
(1) Figure shown does not reflect the deduction of any sales charges.
(2) Figure shown assumes the deduction of the maximum applicable contingent
deferred sales charge(CDSC) (Since inception 5%). See the Fund's
current prospectus for complete details on fees andsales charges.
(3) Closing value after the deduction of a 5% CDSC, assuming a complete
redemption on June 30, 1995.
(4) The Morgan Stanley Capital International World Index (MSCI) measures
performance for a diverse range of global stock markets including the
U.S., Canada, Europe, Australia, New Zealand and the Far East. The index
does not include any expenses, fees or charges or reinvestment of
dividends.
(5) The Goldman Sachs Convertible 100 Index tracks the performance of 100
equally weighted convertible issues with market capitalizations of at
least $100 million. The index does not include any expenses, fees or
charges.

<PAGE>

DOMESTIC CONVERTIBLE SECURITIES

U.S. convertible securities represent roughly half of the portfolio, and
have performed admirably since the Fund's inception, returning approximately
15 percent. Convertible securities participated in much of the U.S. market
strength over the last few months, while insulating investors from some of
the market weakness experienced at the end of 1994.

U.S. interest rates started a meaningful decline in February of this year,
as the U.S. economy began to show indications of slowing; long bond yields
fell from 8.00 percent on November 30, 1994 to 6.62 percent on June 30, 1995.
These moves clearly underpinned and increased convertible prices as the value
of their embedded fixed-income components rose.

Overall, the first half of 1995 was characterized by lower interest rates,
good corporate earnings, and higher stock and bond prices. This created an
ideal environment for convertible securities, which enjoyed a sixth straight
monthly gain in June. In fact, the first half of 1995 was the best six-month
period for convertible performance in four years.

The robust increase in the prices of many convertible securities has not
diminished the attractiveness of the market.

<PAGE>

While the degree to which the U.S. convertible market is undervalued has
diminished somewhat since the Fund's inception, the market remains very
attractive. The Fund's investment adviser, TCW Funds Management, Inc.,
continues to find good value and has been active in the new-issue market
where, according to TCW, the terms have generally been the most attractive.

INTERNATIONAL CONVERTIBLE SECURITIES

Since inception through June 30, 1995, the international portion of the
Fund returned approximately 2 percent.

As illustrated below, the U.S. market led the global equity market rally.
In the rest of the world the rally was slower to materialize, and in Japan
still shows little sign of arriving. On the bright side, the market declines
of late 1994 and early 1995 seem to have reversed.

EQUITY MARKET TOTAL RETURNS FOR SELECTED COUNTRIES (%)(US$)

<TABLE>
<CAPTION>
US UK FRANCE HONG KONG THAILAND MALAYSIA JAPAN
------ ------ -------- ----------- ---------- ---------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Nov 1994 .......... -3.6 -5.8 -0.9 -13.7 -11.8 -8.2 -5.7
Dec 1994 .......... 1.5 -0.5 -3.3 -3.4 -1.7 -3.8 1.4
Q1 1995 ........... 9.7 6.3 11.0 6.4 -10.6 1.8 -3.0
Q2 1995 ........... 9.5 2.4 0.8 3.7 20.5 8.6 -6.9
10/31/94 - 6/30/95 17.6 2.1 7.2 -8.0 -6.5 -2.3 -13.7
</TABLE>
---------------
Source: Goldman Sachs

European markets trailed the U.S. because of four developments: (1)
currency appreciation; (2) stagnating growth forecasts; (3) political
uncertainty in France, Spain and the UK; and (4) timid monetary policy.
However, since early March, improved sentiment has driven European market
rallies. As a result, convertible prices have risen as some of the
undervaluation in the markets has been reversed.

Performance in Southeast Asia and Europe has been similar since the Fund
commenced operations in October. During the last part of 1994, these regions
declined significantly before beginning a general recovery in 1995. This
boosted convertible valuations, particularly in the Pacific Rim countries.

The weak economic recovery in Japan has been distinguished by the yen's
strength, as well as several failed attempts to stimulate growth. The strong
currency may have stifled economic growth, but ongoing interest rate cuts led
to a bond market rally. Consumer confidence remains weak in Japan and a
number of bad bank debts hang over the market. The result has been terrible
performance by equities.

Although not directly impacting convertible valuations, fluctuations in
global currencies have had a dramatic influence on overall market movements.
In particular, February, March and April saw a period of sustained U.S.
dollar weakness versus the deutschemark and the yen as the combination of
lower interest rates and the Mexican financial crisis pushed the dollar into
steep declines.

THE PORTFOLIO

On June 30, 1995, the Fund had net assets in excess of $18 million.
Portfolio holdings in both the domestic and international markets are well
diversified by sector, industry and company. In addition, the international
portion is well diversified by country. Since inception, TCW's strategy and
market allocation has enabled the Fund to achieve an attractive level of
total return relative to the global markets. This has been accomplished
through a combination of capital appreciation and current income, which is
unique to convertible securities.

<PAGE>

LOOKING AHEAD

According to TCW, both the domestic and international convertible markets
remain attractive and offer investors a lower-volatility alternative to pure
global equities. While convertible securities are less undervalued than they
were eight months ago, they remain attractive and offer good investment
opportunities.

We appreciate your support of TCW/DW Global Convertible Trust and look
forward to continuing to serve your investment needs.

Very truly yours,

/s/ Charles A. Fiumefreddo
---------------------------------
Charles A. Fiumefreddo
Chairman of the Board

<PAGE>

TCW/DW GLOBAL CONVERTIBLE TRUST
PORTFOLIO OF INVESTMENTS June 30, 1995
-----------------------------------------------------------------------------

<TABLE>
<CAPTION>
Shares/Principal Coupon Maturity
Amount Rate Dates VALUE
-------------- --------- ---------- -------------
<C> <S> <C> <C> <C>
CONVERTIBLE BONDS AND PREFERRED STOCKS (90.8%)
ARGENTINA (1.2%)
BANKING
US$ 340,000 Banco de Galicia y Buenos Aires S.A. ....... 7.00% 08/01/02 $ 233,556
-------------
AUSTRALIA (1.2%)
FINANCIAL SERVICES
US$ 200,000 Lend Lease Finance International Ltd. ...... 4.75 06/01/03 222,000
-------------
BERMUDA (0.5%)
FINANCIAL SERVICES
US$ 105,000 SwissRe Finance - 144A** .................... 2.00 07/06/00 94,566
-------------
CANADA (2.5%)
POLLUTION CONTROL ...........................
US$ 200,000 Laidlaw Inc. - 144A** ....................... 6.00 01/15/99 225,000
BASIC CYCLICALS
CAD 350,000 Magna International, Inc.* .................. 7.25 07/05/05 255,120
-------------
TOTAL CANADA ............................................... 480,120
-------------
CAYMAN ISLANDS (3.0%)
FINANCIAL SERVICES
US$ 175,000 HSH Overseas Finance Ltd. ................... 5.00 01/06/01 155,969
-------------
OIL & GAS
2,100 Parker & Parsley Capital LLC - 144A** $3.12 92,663
REAL ESTATE
US$ 310,000 HD Finance Cayman Ltd. - 144A** ............. 6.75 06/01/00 308,063
-------------
TOTAL CAYMAN ISLANDS ....................................... 556,695
-------------
FINLAND (0.5%)
LEISURE
US$ 100,000 Amer Group Ltd. - 144A** .................... 6.25 06/15/03 92,000
-------------
FRANCE (7.1%)
AUTOMOTIVE
FRF 1,089,000 Peugeot S.A. ................................ 2.00 01/01/01 211,726
-------------
BANKING
ECU 125,000 BCP Bank & Trust ............................ 8.75 05/21/02 173,108
-------------
FINANCIAL SERVICES
FRF 321,250 AXA Midi Assurances S.A. .................... 6.00 01/01/01 77,229
FRF 548,000 Finaxa ...................................... 3.00 01/01/01 113,152
FRF 791,940 Unibail ..................................... 3.75 01/01/04 151,063
-------------
341,444
-------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
FRF 157,500 Saint Louis ................................. 7.00 01/01/00 37,100
-------------
INDUSTRIALS
FRF 289,800 Danone ...................................... 6.60 01/01/00 69,496
-------------
MEDIA GROUP
FRF 373,800 Euro Rscg Worldwide ......................... 2.75 01/01/01 75,419
FRF 475,000 Havas S.A. .................................. 3.00 12/31/97 113,148
-------------
188,567
-------------
</TABLE>

<PAGE>

REAL ESTATE
US$ 80,000 Guangzhou Investment Co. .................... 4.50 10/08/98 69,000
US$ 160,000 Hong Kong Land Co. .......................... 4.00 02/23/01 130,600
US$ 290,000 New World Development ....................... 4.375 12/11/00 258,463
-------------
458,063
-------------
TOTAL HONG KONG ............................................ 847,838
-------------
INDONESIA (0.3%)
PAPER & FOREST PRODUCTS
US$ 50,000 PT International Indorayon Utama ............ 5.50 10/01/02 58,875
-------------
ITALY (0.3%)
COMPUTER SERVICES
ITL 100,000,000 Olivetti International N.V. ................. 3.75 12/31/99 48,466
-------------
JAPAN (5.7%)
AUTOMOTIVE
yen 11,000,000 Toyota Motor Corp. .......................... 1.20 01/28/98 131,323
-------------
BANKING
US$ 125,000 Yasuda Trust & Banking ...................... 2.875 09/30/03 95,000
-------------
COMPUTERS
yen 4,000,000 NEC Corporation ............................. 1.70 03/31/99 49,882
yen 5,000,000 NEC Corporation ............................. 1.90 03/30/01 61,643
-------------
111,525
-------------
CONSUMER PRODUCTS
yen 10,000,000 Sekisui House ............................... 0.80 07/31/01 107,565
-------------
HEALTHCARE
yen 2,000,000 Eisai Co., Ltd. ............................. 4.20 03/31/98 25,531
-------------
INDUSTRIALS
yen 6,000,000 Fujitsu Ltd. ................................ 1.90 03/29/02 71,418
yen 10,000,000 Kawasaki Heavy Industries Ltd. .............. 0.80 09/28/01 107,683
yen 12,000,000 Matsushita Electric Industries .............. 1.40 03/31/04 136,454
yen 5,000,000 Shin-Etsu Chemical Co. ...................... 1.30 03/31/99 59,043
-------------
374,598
-------------
</TABLE>

<PAGE>

TCW/DW GLOBAL CONVERTIBLE TRUST
PORTFOLIO OF INVESTMENTS June 30, 1995 (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/Principal Coupon Maturity
Amount Rate Dates VALUE
-------------- --------- ---------- -------------
<C> <S> <C> <C> <C>
OIL RELATED
yen 10,000,000 Mitsubishi Oil Co., Ltd. .................... 2.00 % 09/29/00 $ 117,021
-------------
TRANSPORTATION
yen 10,000,000 Keihin Electric Express Railway ............. 1.50 03/29/02 113,593
-------------
TOTAL JAPAN ................................................ 1,076,156
-------------
LUXEMBOURG (0.4%)
METALS
ECU 70,000 Arbed S.A. .................................. 5.50 07/07/99 84,822
-------------
MALAYSIA (0.7%)
CONGLOMERATES
US$ 90,000 Renong Berhad - 144A** ...................... 2.00 07/15/05 89,550
-------------
ENTERTAINMENT & LEISURE TIME
US$ 50,000 Technology Resources Industries Berhad ..... 2.75 11/28/04 51,500
-------------
TOTAL MALAYSIA ............................................. 141,050
-------------
MEXICO (0.9%)
BUILDING MATERIALS
US$ 220,000 Cemex S.A. .................................. 4.25 11/01/97 166,650
-------------
NETHERLANDS (0.5%)
INSURANCE
US$ 75,000 Aegon N.V. - 144A** ......................... 4.75 11/01/04 93,892
-------------
TAIWAN (3.3%)
CHEMICALS
US$ 125,000 Formosa Chem & Fibre Corp. .................. 1.75 07/19/01 117,500
-------------
CONSUMER PRODUCTS
US$ 150,000 President Enterprises Corp. ................. 0.00 07/22/01 181,313
-------------
INDUSTRIALS
US$ 100,000 Sampo Corp. ................................. 2.625 11/23/01 108,250
-------------
TEXTILES
US$ 200,000 Far Eastern Textile ......................... 4.00 10/07/06 224,000
-------------
TOTAL TAIWAN ............................................... 631,063
-------------
THAILAND (1.5%)
BANKING
US$ 130,000 Bangkok Bank Public Co. ..................... 3.25 03/03/04 131,950
-------------
INDUSTRIALS
US$ 120,000 Banpu Public Company Ltd. ................... 3.50 08/25/04 146,100
-------------
TOTAL THAILAND ............................................. 278,050
-------------
UNITED KINGDOM (7.6%)
AUTOMOTIVE
ECU 130,000 Investor International PLC .................. 7.25 06/21/01 181,547
-------------
CHEMICALS
pounds
sterling150,000 Cookson Group ............................... 7.00 11/02/04 230,433
-------------
FINANCIAL SERVICES
pounds
sterling100,000 Lonhro Finance Public ....................... 6.00 02/27/04 140,073
-------------
</TABLE>

<PAGE>

<PAGE>
TCW/DW GLOBAL CONVERTIBLE TRUST
PORTFOLIO OF INVESTMENTS June 30, 1995 (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/Principal Coupon Maturity
Amount Rate Dates VALUE
-------------- --------- ---------- -------------
<C> <S> <C> <C> <C>
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
pounds
sterling 70,000 Allied Domecq PLC ........................... 6.75% 07/07/08 $ 109,488
US$ 250,000 Burns, Philp Treasury ....................... 5.50 04/30/04 214,375
US$ 60,000 Grand Metropolitan PLC ...................... 6.50 01/31/00 63,900
pounds
sterling100,000 Tate & Lyle International Finance PLC ...... 5.75 03/21/01 133,298
-------------
521,061
-------------
INDUSTRIALS
pounds
sterling 80,000 Coats Viyella PLC ........................... 6.25 08/09/03 111,102
-------------
MULTI-INDUSTRY
pounds
sterling150,000 Hanson PLC .................................. 9.50 01/31/06 243,284
-------------
TOTAL UNITED KINGDOM ....................................... 1,427,500
-------------
UNITED STATES (49.1%)
BUILDING MATERIALS
1,800 Owens-Corning Capital LLC - 144A** $3.25 ... 92,250
-------------
BUSINESS SERVICES
US$ 145,000 Danka Business Systems - 144A** ............. 6.75 04/01/02 147,552
US$ 190,000 Omnicom Group, Inc. - 144A** ................ 4.50 09/01/00 217,550
-------------
365,102
-------------
COMPUTER EQUIPMENT
US$ 105,000 3Com Corp. - 144A** ......................... 10.25 11/01/01 134,007
US$ 145,000 EMC Corp. ................................... 4.25 01/01/01 195,750
US$ 150,000 Storage Technology Corp. .................... 8.00 05/31/15 146,250
US$ 160,000 Unisys Corp. ................................ 8.25 08/01/00 177,600
-------------
653,607
-------------
COMPUTER SERVICES
US$ 350,000 Automatic Data Processing, Inc. ............. 0.00 02/20/12 154,875
US$ 285,000 First Financial Management Corp. ............ 5.00 12/15/99 386,175
4,300 General Motors Corp. $3.25 (Series C) (1) .. 270,900
-------------
811,950
-------------
ELECTRONICS - SEMICONDUCTORS
US$ 90,000 Integrated Device Technology ................ 5.50 06/01/02 93,833
-------------
FINANCIAL SERVICES
1,200 Allstate Corp. (The) $2.30 (2) .............. 48,900
US$ 160,000 Merrill Lynch & Co., Inc. - 144A** (3) ..... 0.00 06/30/99 201,600
2,700 St. Paul Capital LLC $3.00 .................. 141,075
-------------
391,575
-------------
FUNERAL SERVICES
3,300 SCI Finance LLC $3.125 (Series A) ........... 200,475
-------------
HEALTHCARE
US$ 215,000 Elan International Finance Ltd. ............. 0.00 10/16/12 99,975
US$ 130,000 Healthsouth Rehabilitation Corp. ............ 5.00 04/01/01 141,288
US$ 90,000 Multicare Companies, Inc. ................... 7.00 03/15/03 86,850
US$ 105,000 Quantum Health Resources Inc. ............... 4.75 10/01/00 90,300
US$ 130,000 Theratx Inc. - 144A** ....................... 8.00 02/01/02 116,288
-------------
534,701
-------------
HOUSEHOLD PRODUCTS ..........................
US$ 110,000 McKesson Corp. .............................. 4.50 03/01/04 99,000
-------------
</TABLE>

<PAGE>

TCW/DW GLOBAL CONVERTIBLE TRUST
PORTFOLIO OF INVESTMENTS June 30, 1995 (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/Principal Coupon Maturity
Amount Rate Dates VALUE
-------------- --------- ---------- -------------
<C> <S> <C> <C> <C>
HOTELS/MOTELS
US$ 150,000 Hospitality Franchise Systems, Inc. ........ 4.50 % 10/01/99 $ 169,550
-------------
INDUSTRIALS
2,900 Westinghouse Electric Corp. - 144A** $1.30
(Series C) ................................. 43,138
-------------
INSURANCE
1,800 American General Delaware $3.00 (Series A) . 93,375
US$ 90,000 Chubb Capital Corp. ......................... 6.00 05/15/98 92,813
US$ 120,000 Fremont General Corp. ....................... 0.00 10/12/13 45,300
US$ 240,000 USF&G Corp. ................................. 0.00 03/03/09 132,000
-------------
363,488
-------------
LEISURE
US$ 600,000 Coleman Worldwide Corp. ..................... 0.00 05/27/13 174,000
-------------
MACHINERY - DIVERSIFIED
US$ 199,000 Cooper Industries, Inc. ..................... 7.05 01/01/15 205,965
-------------
MEDIA GROUP
US$ 210,000 Comcast Corp. ............................... 3.375 09/09/05 193,200
US$ 655,000 News America Holdings, Inc. ................. 0.00 03/11/13 311,125
US$ 265,000 Time Warner, Inc. ........................... 8.75 01/10/15 275,931
-------------
780,256
-------------
MEDICAL SERVICES
4,000 FHP International Corp. $1.25 (Series A) ... 94,000
US$ 170,000 Integrated Health Services, Inc. ............ 5.75 01/01/01 183,175
-------------
277,175
-------------
METALS
US$ 155,000 Allegheny Ludlum Corp. ...................... 5.875 03/15/02 165,416
-------------
OIL & GAS
US$ 145,000 Apache Corp. ................................ 6.00 01/15/02 161,494
3,000 Occidental Petroleum Corp. $3.00 (Series A) 177,750
2,800 Occidental Petroleum Corp. - 144A** $3.875 . 159,600
US$ 235,000 Pennzoil Co. (4) ............................ 4.75 10/01/03 221,206
US$ 70,000 SFP Pipeline Holdings, Inc. ................. 11.16 08/15/10 89,600
-------------
809,650
-------------
PAPER & FOREST PRODUCTS
US$ 120,000 Riverwood International Corp. ............... 6.75 09/15/03 160,279
-------------
POLLUTION CONTROL
US$ 295,000 Thermo Electron Corp. ....................... 5.00 04/15/01 400,463
US$ 165,000 U.S. Filter Corp. ........................... 5.00 10/15/00 173,250
US$ 213,000 WMX Technologies, Inc. ...................... 2.00 01/24/05 179,186
-------------
752,899
-------------
PUBLISHING
US$ 90,000 Nelson (Thomas), Inc. - 144A** .............. 5.75 11/30/99 103,536
-------------
RESTAURANTS
US$ 430,000 Boston Chicken Inc. ......................... 0.00 06/01/15 97,825
-------------
</TABLE>

<PAGE>

</TABLE>
---------------
* Security was purchased on a when issued basis.
** Resale is restricted to qualified institutional investors.
(1) Exchangeable into General Motors Corp. Class E Common Stock.
(2) Exchangeable into PMI Group Inc. Common Stock.
(3) Exchangeable into Microsoft Corp. Common Stock.
(4) Exchangeable into Chevron Corp. Common Stock.
(a) The aggregate cost for federal income tax purposes is $15,845,477;
the aggregate gross unrealized appreciation is $1,389,124 and the
aggregate gross unrealized depreciation is $101,856, resulting in net
unrealized appreciation of $1,287,268.

See Notes to Financial Statements

<PAGE>

<TABLE>
<CAPTION>
Unrealized
Contracts Delivery Appreciation/
To Receive In Exchange For Date (Depreciation)
------------------ -- ------------------- ---------- ---------------
<S> <C> <C> <C> <C> <C>
CAD 200,000 US$ 145,751 07/05/95 $ 32
CAD 150,000 US$ 109,067 07/05/95 270
US$ 147,992 ECU 112,192 07/18/95 (1,388)
pounds
US$ 1,053,807 sterling 650,097 07/18/95 17,964
US$ 51,627 ITL 83,333,333 07/18/95 (2,429)
US$ 125,043 yen 10,634,907 07/18/95 (1,022)
US$ 107,789 yen 8,920,600 07/18/95 2,045
US$ 300,720 ECU 224,142 08/18/95 2,365
US$ 1,149,893 FRF 5,526,730 10/18/95 10,827
US$ 783,929 yen 62,777,032 10/18/95 30,516
---------------
Net unrealized appreciation $59,180
===============
</TABLE>

See Notes to Financial Statements

<PAGE>

TCW/DW GLOBAL CONVERTIBLE TRUST
SUMMARY OF INVESTMENTS BY INDUSTRY CLASSIFICATION June 30, 1995
-----------------------------------------------------------------------------

<TABLE>
<CAPTION>
Percent Of
Industry Value Net Assets
--------------------------------------------- ------------- ------------
<S> <C> <C>
Automotive ................................... $ 524,596 2.78%
Banking ...................................... 633,614 3.36
Basic Cyclicals .............................. 255,120 1.35
Building Materials ........................... 258,900 1.37
Business Services ............................ 365,102 1.94
Chemicals .................................... 347,933 1.84
Computers .................................... 111,525 0.59
Computer Equipment ........................... 653,607 3.46
Computer Services ............................ 860,416 4.56
Conglomerates ................................ 89,550 0.47
Consumer Products ............................ 288,878 1.53
Construction Plant & Equipment ............... 108,750 0.58
Electronics-Semiconductors ................... 93,833 0.50
Electrical Equipment ......................... 104,400 0.55
Entertainment & Leisure Time ................. 51,500 0.27
Financial Services ........................... 1,345,627 7.13
Food, Beverage, Tobacco & Household Products 558,161 2.96
Funeral Services ............................. 200,475 1.06
Healthcare ................................... 560,232 2.97
Hotels/Motels ................................ 346,175 1.83
Household Products ........................... 99,000 0.52
Industrials .................................. 852,684 4.52
Insurance .................................... 457,380 2.42
Leisure ...................................... 266,000 1.41
Machinery-Diversified ........................ 205,965 1.09
Media Group .................................. 968,823 5.13
Medical Services ............................. 277,175 1.47
Metals ....................................... 250,238 1.33
Multi-Industry ............................... 381,154 2.02
Oil & Gas .................................... 902,313 4.78
Oil Related .................................. 117,021 0.62
Paper & Forest Products ...................... 219,154 1.16
Pollution Control ............................ 977,899 5.18
Publishing ................................... 103,536 0.55
Real Estate .................................. 766,126 4.06
Restaurants .................................. 97,825 0.52
Retail ....................................... 274,882 1.46
Scientific Instruments ....................... 188,248 1.00
Telecommunications ........................... 621,038 3.29
Tire & Rubber Goods .......................... 172,859 0.92
Textiles ..................................... 224,000 1.19
Transportation ............................... 724,731 3.84
Waste Management ............................. 226,300 1.20
------------- ------------
$17,132,745 90.78%
============= ============
</TABLE>

SUMMARY OF INVESTMENTS BY TYPE
-----------------------------------------------------------------------------

<TABLE>
<CAPTION>
Percent Of
Industry Value Net Assets
---------------------------- ------------- ------------
<S> <C> <C>
Convertible Bonds ........... $15,327,844 81.22%
Convertible Preferred Stocks 1,804,901 9.56
------------- ------------
$17,132,745 90.78%
============= ============
</TABLE>

<PAGE>

TCW/DW GLOBAL CONVERTIBLE TRUST
FINANCIAL STATEMENTS
-----------------------------------------------------------------------------

STATEMENT OF ASSETS AND LIABILITIES
June 30, 1995
-----------------------------------------------------------------------------

<TABLE>
<CAPTION>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $15,844,627) ............. $17,132,745
Unrealized appreciation on foreign currency
contracts ................................. 64,019
Cash (including $12,550 in foreign
currency) ................................. 2,186,598
Receivable for:
Interest .................................. 188,547
Investments sold .......................... 20,799
Shares of beneficial interest sold ....... 10,409
Dividends ................................. 8,845
Deferred organizational expenses ........... 156,132
Receivable from investment manager ........ 110,941
Prepaid expenses and other assets .......... 31,583
-------------
TOTAL ASSETS ............................ 19,910,618
-------------
LIABILITIES:
Unrealized depreciation on foreign currency
contracts ................................. 4,839
Payable for:
Investments purchased ..................... 718,992
Plan of distribution fee .................. 14,880
Accrued expenses and other payables ....... 142,399
Organizational expenses .................... 156,132
-------------
TOTAL LIABILITIES ....................... 1,037,242
-------------
NET ASSETS:
Paid-in-capital ............................ 17,938,587
Net unrealized appreciation ................ 1,346,040
Undistributed net investment income ....... 47,052
Net realized loss .......................... (458,303)
-------------
NET ASSETS .............................. $18,873,376
=============
NET ASSET VALUE PER SHARE, 1,787,684 shares
outstanding (unlimited shares authorized
of $.01 par value) ........................ $10.56
=============

</TABLE>

<PAGE>

STATEMENT OF OPERATIONS
For the period October 31, 1994* through June 30, 1995
-----------------------------------------------------------------------------

<TABLE>
<CAPTION>
<S> <C>
NET INVESTMENT INCOME:
INCOME
Interest (net of $398 foreign
withholding tax) ...................... $ 523,560
Dividends .............................. 41,940
-----------
TOTAL INCOME .......................... 565,500
-----------
EXPENSES
Plan of distribution fee ............... 111,428
Transfer agent fees and expenses ...... 64,014
Management fee ......................... 56,828
Professional fees ...................... 47,665
Investment advisory fee ................ 37,886
Organizational expenses ................ 23,868
Trustees' fees and expenses ............ 21,786
Custodian fees ......................... 20,536
Shareholder reports and notices ....... 7,957
Registration fees ...................... 6,079
Other .................................. 1,993
-----------
Total Expenses Before Amounts
Waived/Assumed ....................... 400,040
Less: Amounts Waived/Assumed .......... (288,612)
-----------
Total Expenses After Amounts
Waived/Assumed ....................... 111,428
-----------
NET INVESTMENT INCOME ................. 454,072
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss on:
Investments ............................ (2,922)
Foreign exchange transactions .......... (455,381)
-----------
TOTAL LOSS ............................ (458,303)
-----------
Net unrealized appreciation on:
Investments ............................ 1,288,118
Translation of foreign exchange forward
contracts, other assets and
liabilities denominated in foreign
currencies .............................. 57,922
-----------
TOTAL APPRECIATION .................... 1,346,040
-----------
NET GAIN .............................. 887,737
-----------
NET INCREASE .......................... $1,341,809
===========
</TABLE>

STATEMENT OF CHANGES IN NET ASSETS
-----------------------------------------------------------------------------

<TABLE>
<CAPTION>
For The Period
October 31, 1994*
Through June 30, 1995
-------------------------------
<S> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income ............................................... $ 454,072
Net realized loss ................................................... (458,303)
Net unrealized appreciation ......................................... 1,346,040
------------
Net increase ....................................................... 1,341,809
------------
Dividends to shareholders from net investment income ................... (407,020)
Net increase from transactions in shares of beneficial interest ....... 17,838,587
------------
Total increase ...................................................... 18,773,376
NET ASSETS:
Beginning of period ................................................... 100,000
------------
END OF PERIOD (including undistributed net investment income of
$47,052) ............................................................ $18,873,376
============
</TABLE>
---------------
* Commencement of operations.

See Notes to Financial Statements

<PAGE>

TCW/DW GLOBAL CONVERTIBLE TRUST
NOTES TO FINANCIAL STATEMENTS
-----------------------------------------------------------------------------

1. ORGANIZATION AND ACCOUNTING POLICIES -- TCW/DW Global Convertible Trust
(the "Fund") is registered under the Investment Company Act of 1940, as
amended (the "Act"), as a non-diversified, open-end management investment
company. The Fund was organized as a Massachusetts business trust on June 29,
1994 and on July 21, 1994 issued 10,000 shares of beneficial interest for
$100,000 to Dean Witter InterCapital Inc. ("InterCapital"), an affiliate of
Dean Witter Services Company Inc. (the "Manager"), to effect the Fund's
initial capitalization. The Fund commenced operations on October 31, 1994.

The following is a summary of significant accounting policies:

A. Valuation of Investments -- (1) an equity security listed or traded on
the New York or American Stock Exchange or other domestic or foreign stock
exchange is valued at its latest sale price on that exchange prior to the
time when assets are valued; if there were no sales that day, the security
is valued at the latest bid price; (2) all other portfolio securities for
which over-the-counter market quotations are readily available are valued
at the latest available bid price prior to the time of valuation; (3) when
market quotations are not readily available, including circumstances under
which it is determined by the Adviser that sale or bid prices are not
reflective of a security's market value, portfolio securities are valued
at their fair value as determined in good faith under procedures
established by and under the general supervision of the Trustees; (4)
portfolio securities may be valued by an outside pricing service approved
by the Trustees. The pricing service utilizes a matrix system
incorporating security quality, maturity and coupon as the evaluation
model parameters, and/or research and evaluation by its staff, including
review of broker-dealer market price quotations, if available, in
determining what it believes is the fair valuation of the portfolio
securities valued by such pricing service; and (5) short-term debt
securities having a maturity date of more than sixty days at time of
purchase are valued on a mark-to-market basis until sixty days prior to
maturity and thereafter at amortized cost based on their value on the 61st
day. Short-term debt securities having a maturity date of sixty days or
less at the time of purchase are valued at amortized cost.

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

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

D. Forward Foreign Currency Contracts -- The Fund may enter into forward
foreign currency contracts which are valued daily at the appropriate
exchange rates. The resultant exchange gains and losses are

<PAGE>

TCW/DW GLOBAL CONVERTIBLE TRUST
NOTES TO FINANCIAL STATEMENTS (continued)
--------------------------------------------------------------------------

included in the Statement of Operations as unrealized gain/loss on foreign
exchange transactions. The Fund records realized gains or losses on
delivery of the currency or at the time the forward contract is
extinguished (compensated) by entering into a closing transaction prior to
delivery.

E. Federal Income Tax Status -- It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute all of its taxable income to its
shareholders. Accordingly, no federal income tax provision is required.

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

G. Organizational Expenses -- InterCapital paid the organizational
expenses of the Fund in the amount of approximately $180,000 which will be
reimbursed for the full amount thereof, exclusive of amounts assumed. Such
costs have been deferred and are being amortized on the straight line
method over a period not to exceed five years from the commencement of
operations.

2. MANAGEMENT AGREEMENT -- Pursuant to a Management Agreement, the Fund pays
its Manager a management fee, accrued daily and payable monthly, by applying
the annual rate of 0.51% to the net assets of the Fund determined as of the
close of each business day.

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

3. INVESTMENT ADVISORY AGREEMENT -- Pursuant to an Investment Advisory
Agreement with TCW Funds Management, Inc. (the "Adviser"), the Fund pays the
Adviser an advisory fee, accrued daily and payable monthly, by applying the
annual rate of 0.34% to the net assets of the Fund determined as of the close
of each business day.

Under the terms of the Investment Advisory Agreement, the Fund has
retained the Adviser to invest the Fund's assets, including placing orders
for the purchase and sale of portfolio securities. The Adviser obtains and
evaluates such information and advice relating to the economy, securities
markets, and specific securities as it considers necessary or useful to
continuously manage the assets of the Fund in a manner consistent with its
investment objective. In addition, the Adviser pays the salaries of all
personnel, including officers of the Fund, who are employees of the Adviser.

<PAGE>

TCW/DW GLOBAL CONVERTIBLE TRUST
NOTES TO FINANCIAL STATEMENTS (continued)
-----------------------------------------------------------------------------

InterCapital had undertaken to assume all operating expenses (except for
any 12b-1 and/or brokerage fees) and the Manager had agreed to waive the
compensation provided for in its Management Agreement and the Adviser had
undertaken to waive the compensation provided for in its Advisory Agreement,
until such time as the Fund had $50 million of net assets or until six months
from the date of commencement of the Fund's operations, whichever occurred
first. InterCapital will continue to assume all operating expenses (except
for 12b-1 and/or brokerage fees) and the Manager and the Adviser will
continue to waive their respective compensation until such time as the Fund
has $50 million of net assets or until August 23, 1995, whichever occurs
first.

4. PLAN OF DISTRIBUTION -- Shares of the Fund are distributed by Dean Witter
Distributors Inc. (the "Distributor"), an affiliate of the Manager. The Fund
has adopted a Plan of Distribution (the "Plan") pursuant to Rule 12b-1 under
the Act pursuant to which the Fund pays the Distributor compensation, accrued
daily and payable monthly, at an annual rate of 1.0% of the lesser of: (a)
the average daily aggregate gross sales of the Fund's shares since the Fund's
inception (not including reinvestment of dividend or capital gains
distributions) less the average daily aggregate net asset value of the Fund's
shares redeemed since the Fund's inception upon which a contingent deferred
sales charge has been imposed or upon which such charge has been waived; or
(b) the Fund's average daily net assets. Amounts paid under the Plan are paid
to the Distributor to compensate it for the services provided and the
expenses borne by it and others in the distribution of the Fund's shares,
including the payment of commissions for sales of the Fund's shares and
incentive compensation to, and expenses of, account executives of Dean Witter
Reynolds Inc., an affiliate of the Manager and Distributor, and other
employees and selected broker-dealers who engage in or support distribution
of the Fund's shares or who service shareholder accounts, including overhead
and telephone expenses, printing and distribution of prospectuses and reports
used in connection with the offering of the Fund's shares to other than
current shareholders and preparation, printing and distribution of sales
literature and advertising materials. In addition, the Distributor may be
compensated under the Plan for its opportunity costs in advancing such
amounts, which compensation would be in the form of a carrying charge on any
unreimbursed expenses by the Distributor.

Provided that the Plan continues in effect, any cumulative expenses
incurred but not yet recovered may be recovered through future distribution
fees from the Fund and contingent deferred sales charges from the Fund's
shareholders.

The Distributor has informed the Fund that for the period ended June 30,
1995, it received approximately $38,000 in contingent deferred sales charges
from certain redemptions of the Fund's shares. The Fund's shareholders pay
such charges which are not an expense of the Fund.

5. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES -- The cost of
purchases and proceeds from sales of portfolio securities, excluding
short-term investments, for the period ended June 30, 1995 aggregated
$24,687,787 and $8,880,708, respectively.

Dean Witter Trust Company, an affiliate of the Manager and Distributor, is
the Fund's transfer agent.

<PAGE>

TCW/DW GLOBAL CONVERTIBLE TRUST
NOTES TO FINANCIAL STATEMENTS (continued)
-----------------------------------------------------------------------------

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

<TABLE>
<CAPTION>
For The Period
October 31, 1994*
Through June 30, 1995
--------------------------
shares amount
----------- -------------
<S> <C> <C>
Sold ...................... 1,939,734 $19,459,412
Reinvestment of dividends 30,636 310,550
----------- -------------
1,970,370 19,769,962
Repurchased ............... (192,686) (1,931,375)
----------- -------------
Net increase .............. 1,777,684 $17,838,587
=========== =============
<FN>
---------------
* Commencement of operations.
</TABLE>

7. PURPOSES OF AND RISKS RELATING TO CERTAIN FINANCIAL INSTRUMENTS -- The
Fund may enter into forward foreign currency contracts ("forward contracts")
to facilitate settlement of foreign currency denominated portfolio
transactions or to manage foreign currency exposure associated with foreign
currency denominated securities. Additionally, as a hedge against adverse
foreign currency and market risk, the Fund may purchase and write options on
foreign currency ("derivative instruments").

At June 30, 1995, there were open forward contracts used to facilitate
settlement of foreign currency denominated portfolio transactions and manage
foreign currency exposure.

Derivative instruments involve elements of market risk in excess of the
amounts reflected in the Statement of Assets and Liabilities. The Fund bears
the risk of an unfavorable change in the 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.

8. FEDERAL INCOME TAX STATUS -- 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 $182,000 and $214,000, respectively, during fiscal 1995. As of
June 30, 1995, the Fund had temporary book/tax differences primarily
attributable to post-October losses and the mark-to-market of open forward
foreign currency exchange contracts.

<PAGE>

TCW/DW GLOBAL CONVERTIBLE TRUST
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------------------

Selected ratios and per share data for a share of beneficial interest
outstanding throughout the period:

<TABLE>
<CAPTION>
FOR THE PERIOD
OCTOBER 31, 1994*
THROUGH
JUNE 30, 1995
-----------------
<S> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period .... $ 10.00
-----------------
Net investment income .................... 0.27
Net realized and unrealized gain ........ 0.53
-----------------
Total from investment operations ........ 0.80
-----------------
Less dividends from net investment income (0.24)
-----------------
Net asset value, end of period ........... $ 10.56
=================
TOTAL INVESTMENT RETURN+ ................. 7.99%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses ................................. 1.00%(2)(3)
Net investment income .................... 4.07%(2)(3)
SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $18,873
Portfolio turnover rate .................. 61%(1)
</TABLE>

---------------
* Commencement of operations.
+ Does not reflect the deduction of sales charge.
(1) Not annualized.
(2) Annualized.
(3) InterCapital had undertaken to assume all operating expenses (except
for any 12b-1 and/or brokerage fees) and the Manager had agreed to
waive the compensation provided for in its Management Agreement and
the Adviser had undertaken to waive the compensation provided for in
its Advisory Agreement, until such time as the Fund had $50 million
of net assets or until six months from the date of commencement of
the Fund's operations, whichever occurred first. InterCapital will
continue to assume all operating expenses (except for 12b-1 and/or
brokerage fees) and the Manager and the Adviser will continue to
waive their respective compensation until such time as the Fund has
$50 million of net assets or until August 23, 1995, whichever occurs
first. If the Fund had borne all expenses, after application of the
expense limitation, the above annualized expense and net investment
income ratios would have been 3.50% and 1.48%, respectively.

See Notes to Financial Statements

<PAGE>

TCW/DW GLOBAL CONVERTIBLE TRUST
REPORT OF INDEPENDENT ACCOUNTANTS
-----------------------------------------------------------------------------

To the Shareholders and Trustees of TCW/DW Global Convertible 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 Global
Convertible Trust (the "Fund") at June 30, 1995, and the results of its
operations, the changes in its net assets and the financial highlights for
the period October 31, 1994 (commencement of operations) through June 30,
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 Fund's management; our
responsibility is to express an opinion on these financial statements based
on our audit. We conducted our audit 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 audit, which included
confirmation of securities owned at June 30, 1995 by correspondence with the
custodian and brokers, provides a reasonable basis for the opinion expressed
above.

PRICE WATERHOUSE LLP
New York, New York
August 14, 1995

<PAGE>

TRUSTEES
John C. Argue
Richard M. DeMartini
Charles A. Fiumefreddo
John R. Haire
Dr. Manuel H. Johnson
Paul Kolton
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

Sheldon Curtis
Vice President, Secretary and
General Counsel

Robert M. Hanisee
Vice President

Kevin A. Hunter
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.

This report is submitted for the general information of shareholders of the
Trust. For more detailed information about the Trust, its officers and
trustees, fees, expenses and other pertinent information, please see the
prospectus of the Trust.

This report is not authorized for distribution to prospective investors in
the Trust unless preceded or accompanied by an effective prospectus.

TCW/DW
GLOBAL
CONVERTIBLE
TRUST
ANNUAL REPORT
JUNE 30, 1995