Schedule 14A Information required in proxy statement.
Schedule 14A Information
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No. )

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[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Section 240.149-11(c) or Section 240.14a-12

TCW/DW Term Trust 2003
---------------------------------------
(Name of Registrant as Specified in its Charter)

LouAnne McInnis
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PRELIMINARY COPY
FOR THE INFORMATION OF THE SECURITIES AND EXCHANGE COMMISSION ONLY

TCW/DW TERM TRUST 2003

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD OCTOBER 29, 1996

The Annual Meeting of Shareholders of TCW/DW TERM TRUST 2003 (the
"Trust"), an unincorporated business trust organized under the laws of the
Commonwealth of Massachusetts, will be held in the Conference Center,
Forty-Fourth Floor, 2 World Trade Center, New York, New York 10048, on
October 29, 1996 at 9:00 A.M., New York City time, for the following
purposes:

1. To elect two (2) Trustees to serve until the 1999 annual meeting, or
until their successors shall have been elected and qualified;

2. To approve or disapprove the continuance of the currently effective
Investment Advisory Agreement between the Trust and TCW Funds Management,
Inc.;

3. To ratify or reject the selection of Price Waterhouse LLP as the
Trust's independent accountants for the fiscal year ending March 31,
1997;

4. Shareholder proposal to amend the Trust's Declaration of Trust to
require each Trustee, within thirty days of election, to become a
Shareholder of the Trust (Note: The Trustees unanimously recommend a vote
AGAINST this proposal); and

5. To transact such other business as may properly come before the
Meeting or any adjournment thereof.

Shareholders of record as of the close of business on July 23, 1996 are
entitled to notice of and to vote at the Meeting. If you cannot be present in
person, your management would greatly appreciate your filling in, signing and
returning the enclosed proxy promptly in the envelope provided for that
purpose.

In the event that the necessary quorum to transact business or the vote
required to approve or reject any proposal is not obtained at the Meeting,
the persons named as proxies may propose one or more adjournments of the
meeting for a total of not more than 60 days in the aggregate to permit
further solicitation of proxies. Any such adjournment will require the
affirmative vote of the holders of a majority of the Trust's shares present
in person or by proxy at the Meeting. The persons named as proxies will vote
in favor of such adjournment those proxies which they are entitled to vote in
favor of the proposal to approve continuance of the Investment Advisory
Agreement and will vote against any such adjournment those proxies required
to be voted against that proposal.

SHELDON CURTIS,
Secretary

August 26, 1996
New York, New York

- -------------------------------------------------------------------------------
IMPORTANT

YOU CAN HELP THE TRUST AVOID THE NECESSITY AND EXPENSE OF SENDING
FOLLOW-UP LETTERS TO ENSURE A QUORUM BY PROMPTLY RETURNING THE ENCLOSED
PROXY. IF YOU ARE UNABLE TO BE PRESENT IN PERSON, PLEASE FILL IN, SIGN AND
RETURN THE ENCLOSED PROXY IN ORDER THAT THE NECESSARY QUORUM MAY BE
REPRESENTED AT THE MEETING. THE ENCLOSED ENVELOPE REQUIRES NO POSTAGE IF
MAILED IN THE UNITED STATES.
- -------------------------------------------------------------------------------

TCW/DW TERM TRUST 2003
TWO WORLD TRADE CENTER, NEW YORK, NEW YORK 10048

---------------
PROXY STATEMENT
---------------

ANNUAL MEETING OF SHAREHOLDERS
OCTOBER 29, 1996

This statement is furnished in connection with the solicitation of proxies
by the Trustees of TCW/DW TERM TRUST 2003 (the "Trust") for use at the Annual
Meeting of Shareholders of the Trust to be held on October 29, 1996, and at
any adjournments thereof.

If the enclosed form of proxy is properly executed and returned in time to
be voted at the meeting, the proxies named therein will vote the shares
represented by the proxy in accordance with the instructions marked thereon.
Unmarked proxies will be voted for each of the nominees for election as
Trustee and in favor of Proposals 2 and 3 and against Proposal 4. A proxy may
be revoked at any time prior to its exercise by any of the following: written
notice of revocation, execution and delivery of a later dated proxy to the
Secretary of the Trust (if returned and received in time to be voted), or
attendance and voting at the Annual Meeting of Shareholders. Attendance at
the Meeting will not in and of itself revoke a proxy.

Shareholders as of the close of business on July 23, 1996, the record date
for the determination of shareholders entitled to notice of and to vote at
the Meeting, are entitled to one vote for each share held and a fractional
vote for a fractional share. On July 23, 1996 there were 102,971,340 shares
of beneficial interest of the Trust outstanding, all with $0.01 par value. No
person was known to own as much as 5% of the outstanding shares of the Trust
on that date. The Trustees and Officers of the Trust, together, owned less
than 1% of the Trust's outstanding shares on that date. The percentage
ownership of shares of the Trust changes from time to time depending on
purchases and sales by shareholders and the total number of shares
outstanding.

The cost of soliciting proxies for this Annual Meeting of Shareholders,
consisting principally of printing and mailing expenses, will be borne by the
Trust. The solicitation of proxies will be by mail, which may be supplemented
by solicitation by mail, telephone or otherwise through Trustees, officers
and regular employees of the Trust, Dean Witter Services Company Inc. ("DWSC"
or the "Manager") or its parent company Dean Witter InterCapital Inc.
("InterCapital") and employees of broker-dealers, including Dean Witter
Reynolds Inc. ("DWR") without special compensation therefor. In addition, the
Trust may employ William F. Doring and Co. as proxy solicitor, the cost of
which is not expected to exceed $3,000 and will be borne by the Trust. The
first mailing of this proxy statement is expected to be made on or about
August 26, 1996.

(1) ELECTION OF TRUSTEES

The number of Trustees has been fixed by the Trustees, pursuant to the
Trust's Declaration of Trust, at nine. There are currently nine Trustees, two
of whom (Richard M. DeMartini and Thomas E. Larkin, Jr.) are standing for
election at this Meeting in accordance with the Trust's Declaration of Trust.

Five of the current nine Trustees (John C. Argue, John R. Haire, Manuel H.
Johnson, Michael E. Nugent and John L. Schroeder) are Independent Trustees,
that is, Trustees who are not "interested persons" of the Trust, as that term
is defined in the Investment Company Act of 1940, as amended (the "Act"). The
nominees for election as Trustees of the Trust have been proposed by the
Trustees now serving or, in the case of the nominees for positions as
Independent Trustees, by the Independent Trustees now serving. All of the
Trustees have been elected by the Shareholders of the Trust.

The nominees of the Board of Trustees for election as Trustees are listed
below. It is the intention of the persons named in the enclosed form of proxy
to vote the shares represented by them for the election of these nominees:
Richard M. DeMartini and Thomas E. Larkin, Jr. Should any of the nominees
become unable or unwilling to accept nomination or election, the persons
named in the proxy will exercise their voting power in favor of such person
or persons as the Board of Trustees may recommend. All of the nominees have
consented to being named in this proxy statement and to serve if elected. The
Trust knows no reason why said nominees would be unable or unwilling to
accept nomination or election. Trustees will be elected by a plurality of the
votes cast at the Meeting.

Pursuant to the provisions of the Trust's Declaration of Trust, the
nominees for election as Trustees are divided into three separate classes,
each class having a term of three years. The term of office of one of each of
the three classes will expire each year.

The Board of Trustees has determined that the nominees for election as
Trustee shall be standing for election as Trustee in each of the three
classes of Trustee as follows: Class I--Messrs. Haire, Johnson, Schroeder and
Stern; Class II--Messrs. DeMartini and Larkin; and Class III--Messrs. Argue,
Fiumefreddo and Nugent. Each nominee will, if elected, serve a term of up to
approximately three years running for the period assigned to that class and
terminating at the date of the Annual Meeting of Shareholders so designated
by the Board of Trustees, or any adjournment thereof. As a consequence of
this method of election, the replacement of a majority of the Board could be
delayed for up to two years. In accordance with the above, the Class II
Trustees are standing for election and will serve until the 1999 Annual
Meeting or until their successors shall have been elected and qualified.

The following information regarding each of the nominees for election as
Trustee and each of the other members of the Board includes his principal
occupations and employment for at least the last five years, his age, shares
of the Trust owned, if any, as of July 23, 1996 (shown in parentheses),
positions with the Trust, and directorships (or trusteeships) in other
companies which file periodic reports with the Securities and Exchange
Commission, including the 13 investment companies, including the Trust, for
which TCW Funds Management, Inc. serves as investment adviser (the
"Investment Adviser" or the "Adviser"), and InterCapital's wholly-owned
subsidiary Dean Witter Services Company Inc. ("DWSC") serves as manager
(referred to herein as the "TCW/DW Funds"), and the 81 investment companies
for which InterCapital serves as investment manager or investment adviser
(referred to herein as the "Dean Witter Funds").

The nominees for Trustee to be elected at this Meeting are:

RICHARD M. DeMARTINI,* Trustee since February, 1993; age 43; President and
Chief Operating Officer of Dean Witter Capital, a division of Dean Witter
Reynolds Inc. ("DWR"); Executive Vice President of Dean Witter, Discover &
Co. ("DWDC") and member of the DWDC Management Committee; Director of Dean
Witter Services Company Inc. ("DWSC"), Dean Witter Distributors Inc.
("Distributors"), InterCapital and DWR; Trustee of the TCW/DW Funds; Member
(since January, 1993) and Chairman (since January, 1995) of the Board of
Directors of NASDAQ.

THOMAS E. LARKIN, Jr.,* Trustee since February, 1993; age 56; Executive
Vice President and Director, The TCW Group, Inc.; President and Director of
Trust Company of the West; Vice Chairman and Director of

TCW Asset Management Company; Chairman of the Adviser; Member of the Board of
Trustees of the University of Notre Dame; Director of Orthopaedic Hospital of
Los Angeles; President and Director of TCW Galileo Funds, Inc.; Senior Vice
President of TCW Convertible Securities Fund, Inc.; President and Trustee of
the TCW/DW Funds.

The Trustees who are not standing for reelection at the Meeting are:

JOHN C. ARGUE, Trustee since February, 1993; age 64; Of Counsel, Argue
Pearson Harbison & Myers (law firm); Director, Avery Dennison Corporation
(manufacturer of self-adhesive products and office supplies) and CalMat
Company (producer of aggregates, asphalt and ready mixed concrete); Chairman,
Rose Hills Memorial Park (cemetery); advisory director, LAACO Ltd. (owner and
operator of private clubs and real estate); director or trustee of various
business and not-for-profit corporations; Director, Coast Savings Financial
Inc. and Coast Federal Bank (a subsidiary of Coast Savings Financial Inc.);
Director, TCW Galileo Funds, Inc.; Trustee, University of Southern
California, Occidental College and Pomona College; Trustee of the TCW/DW
Funds.

CHARLES A. FIUMEFREDDO,* Trustee since February, 1993; age 63; Chairman,
Chief Executive Officer and Director of InterCapital, DWSC and Distributors;
Executive Vice President and Director of DWR; Chairman, Director or Trustee,
President and Chief Executive Officer of the investment companies of which
InterCapital serves as investment manager (or as adviser and administrator)
(the "Dean Witter Funds"); Chairman, Chief Executive Officer and Trustee of
the TCW/DW Funds; Chairman and Director of Dean Witter Trust Company ("DWTC")
(since October, 1989); formerly Executive Vice President and Director of DWDC
(until February, 1993); Director and/or officer of various DWDC subsidiaries.

JOHN R. HAIRE, Trustee since February, 1993; age 71; Chairman of the Audit
Committee and Chairman of the Committee of the Independent Directors or
Trustees and Director or Trustee of the Dean Witter Funds; Trustee and
Chairman of the Audit Committee and Chairman of the Committee of Independent
Trustees of the TCW/DW Funds; formerly President, Council for Aid to
Education (1978-1989) and Chairman and Chief Executive Officer of Anchor
Corporation, an investment adviser (1964-1978); Director of Washington
National Corporation (insurance).

DR. MANUEL H. JOHNSON, Trustee since February, 1993; age 47; Senior
Partner, Johnson Smick International, Inc., a consulting firm; Koch Professor
of International Economics and Director of the Center for Global Market
Studies at George Mason University (since September, 1990); Co-Chairman and a
founder of the Group of Seven Council (G7C), an international economic
commission (since September, 1990); Director or Trustee of the Dean Witter
Funds; Trustee of the TCW/DW Funds; Director of NASDAQ (since June, 1995);
Director of Greenwich Capital Markets, Inc. (broker-dealer); formerly Vice
Chairman of the Board of Governors of the Federal Reserve System (February,
1986-August, 1990) and Assistant Secretary of the U.S. Treasury (1982-1986).

JOHN L. SCHROEDER, Trustee since April 1995; age 66; Director or Trustee
of the Dean Witter Funds; Trustee of the TCW/DW Funds; Director of Citizens
Utilities Company; formerly Executive Vice President and Chief Investment
Officer of The Home Insurance Company (August, 1991-September, 1995);
formerly Chairman and Chief Investment Officer of Axe-Houghton Management and
the Axe-Houghton Funds (April, 1983-June, 1991) and President of USF&G
Financial Services, Inc. (June, 1990-June, 1991.)

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

* Messrs. DeMartini, Fiumefreddo, Larkin and Stern may be deemed
"interested persons" of the Trust and/or its Investment Adviser as defined in
Section 2(a)(19) of the Act, due to their affiliation with the Investment of
Adviser or Manager and/or their affiliated companies.

MARC I. STERN,* Trustee since April, 1995; age 52; Vice President of the
Trust; President, The TCW Group Inc. (since May 1992); President and Director
of the Adviser (since May, 1992); Vice Chairman and Director of TCW Asset
Management Company (since May, 1992); Executive Vice President and Director of
Trust Company of the West; Chairman and Director of the TCW Galileo Funds,
Inc.; Trustee of the TCW/DW Funds; Chairman of TCW Americas Development, Inc.
(since November, 1990). Chairman of TCW Asia, Limited (since January, 1993);
Chairman of TCW Americas Development, Inc.; Chairman of TCW London
International, Limited (since March, 1993); formerly President of SunAmerica,
Inc. (financial services company) (December, 1988 to June, 1990); Director of
Qualcomm, Incorporated (wireless communications); Director or Trustee of
various not-for-profit organizations.

MICHAEL E. NUGENT, Trustee since February, 1993; age 60; General Partner,
Triumph Capital, L.P., a private investment partnership (since April, 1988);
Director or Trustee of the Dean Witter Funds; Trustee of the TCW/DW Funds;
formerly Vice President, Bankers Trust Company and BT Capital Corporation
(1984-1988); Director of various business organizations.

The executive officers of the Trust are: Sheldon Curtis, Vice President,
Secretary and General Counsel; Robert M. Scanlan, Vice President; Robert S.
Giambrone, Vice President; Philip A. Barach, Vice President, Jeffrey E.
Gundlach, Vice President; Frederick H. Horton, Vice President; and Thomas F.
Caloia, Treasurer. In addition, Marilyn K. Cranney, Barry Fink, Lou Anne D.
McInnis, Carsten Otto and Ruth Rossi serve as Assistant Secretaries. Mr.
Curtis is 64 years old and is currently Senior Vice President, Secretary and
General Counsel of InterCapital and DWSC and Assistant Secretary of DWR and
DWDC; he is also Senior Vice President, Assistant Secretary and Assistant
General Counsel of Distributors and Senior Vice President and Secretary of
DWTC. He has been an employee of InterCapital or DWR, a broker-dealer
affiliate of InterCapital, for over five years. Mr. Scanlan is 60 years old
and is currently President and Chief Operating Officer of InterCapital (since
March, 1993) and DWSC; he is also Executive Vice President of Distributors
and Executive Vice President and Director of DWTC. He was previously
Executive Vice President of InterCapital (November, 1990-March, 1993) and
prior thereto was Chairman of Harborview Group, Inc. Mr. Giambrone is 41
years old and is currently Senior Vice President of InterCapital, DWSC,
Distributors and DWTC (since August, 1995) and a Director of DWTC (since
April, 1996). He was formerly a partner of KPMG Peat Marwick, LLP. Mr. Barach
is 43 years old and is currently a Managing Director of Trust Company of the
West, TCW Asset Management Company and TCW Funds Management, Inc. Mr.
Gundlach is 36 years old and is currently a Managing Director of Trust
Company of the West, TCW Asset Management Company and TCW Funds Management,
Inc. Both Messrs. Barach and Gundlach have been associated with The TCW
Group, Inc. and/or its subsidiaries for over five years. Mr. Horton is 38
years old and is currently a Managing Director of Trust Company of the West,
TCW Asset Management Company and TCW Funds Management, Inc. He was previously
a senior portfolio manager for Dewey Square Investors (June 1991-September
1993). Mr. Caloia is 50 years old and is currently First Vice President and
Assistant Treasurer of InterCapital and DWSC. He has been an employee of
InterCapital or DWR for over five years.

THE BOARD OF TRUSTEES, THE INDEPENDENT TRUSTEES, AND THE COMMITTEES

The Board of Trustees consists of nine (9) trustees. These same
individuals also serve as trustees for all of the TCW/DW Funds. As of the
date of this Proxy Statement, there are a total of 13 TCW/DW Funds. As of
June 30, 1996, the TCW/DW Funds had total net assets of approximately $4.2
billion and approximately a quarter of a million shareholders.

Five Trustees (56% of the total number) have no affiliation or business
connection with TCW Funds Management, Inc. or Dean Witter Services Company
Inc. or any of their affiliated persons and do not own any stock or other
securities issued by DWDC or TCW, the parent companies of Dean Witter
Services Company

Inc. and TCW Funds Management, Inc., respectively. These are the
"disinterested" or "independent" Trustees. The other four Trustees (the
"management Trustees") are affiliated with either Dean Witter Services
Company Inc. or TCW. Four of the five independent Trustees are also
Independent Trustees of the Dean Witter Funds.

Law and regulation establish both general guidelines and specific duties
for the Independent Trustees. The TCW/DW Funds seek as Independent Trustees
individuals of distinction and experience in business and finance, government
service or academia; these are people whose advice and counsel are in demand
by others and for whom there is often competition. To accept a position on
the Funds' Boards, such individuals may reject other attractive assignments
because the Funds make substantial demands on their time. Indeed, by serving
on the Funds' Boards, certain Trustees who would otherwise be qualified and
in demand to serve on bank boards would be prohibited by law from doing so.

All of the Independent Trustees serve as members of the Audit Committee
and the Committee of the Independent Trustees. Three of them also serve as
members of the Derivatives Committee. The Committees hold some meetings at
the offices of the Manager or Adviser and some outside those offices.
Management Trustees or officers do not attend these meetings unless they are
invited for purposes of furnishing information or making a report. There are
no nominating or compensation committees of the Trustees.

The Committee of the Independent Trustees is charged with recommending to
the full Board approval of management, advisory and administration contracts,
Rule 12b-1 plans and distribution and underwriting agreements; continually
reviewing Fund performance; checking on the pricing of portfolio securities,
brokerage commissions, transfer agent costs and performance, and trading
among Funds in the same complex; and approving fidelity bond and related
insurance coverage and allocations, as well as other matters that arise from
time to time. The Independent Trustees are required to select and nominate
individuals to fill any Independent Trustee vacancy on the Board of any Fund
that has a Rule 12b-1 plan of distribution. Each of the open-end TCW/DW Funds
has such a plan.

The Audit Committee is charged with recommending to the full Board the
engagement or discharge of the Fund's independent accountants; directing
investigations into matters within the scope of the independent accountants'
duties, including the power to retain outside specialists; reviewing with the
independent accountants the audit plan and results of the auditing
engagement; approving professional services provided by the independent
accountants and other accounting firms prior to the performance of such
services; reviewing the independence of the independent accountants;
considering the range of audit and non-audit fees; reviewing the adequacy of
the Fund's system of internal controls; and preparing and submitting
Committee meeting minutes to the full Board.

Finally, the Board of each Fund has formed a Derivatives Committee to
establish parameters for and oversee the activities of the Fund with respect
to derivative investments, if any, made by the Fund.

For the fiscal year ended March 31, 1996, the Board of Trustees of the
Trust held seven meetings, and the Audit Committee, the Committee of the
Independent Trustees and the Derivatives Committee of the Trust held three,
nine and five meetings, respectively. No Trustee attended fewer than 75% of
the meetings of the Board of Trustees, the Audit Committee, the Committee of
the Independent Trustees or the Derivatives Committee held while he served in
such positions.

DUTIES OF CHAIRMAN OF COMMITTEE OF INDEPENDENT TRUSTEES AND AUDIT COMMITTEE

On July 1, 1996, Mr. Haire became Chairman of the Committee of the
Independent Trustees and the Audit Committee of the TCW/DW Funds. The
Chairman of the Committees maintains an office in the Funds' headquarters in
New York. He is responsible for keeping abreast of regulatory and industry
developments and the Funds' operations and management. He screens and/or
prepares written materials and identifies critical

issues for the Independent Trustees to consider, develops agendas for
Committee meetings, determines the type and amount of information that the
Committees will need to form a judgment on various issues, and arranges to
have that information furnished to Committee members. He also arranges for
the services of independent experts and consults with them in advance of
meetings to help refine reports and to focus on critical issues. Members of
the Committees believe that the person who serves as Chairman of both
Committees and guides their efforts is pivotal to the effective functioning
of the Committees.

The Chairman of the Committees also maintains continuous contact with the
Funds' management, with independent counsel to the Independent Trustees and
with the Funds' independent auditors. He arranges for a series of special
meetings involving the annual review of investment advisory, management and
other operating contracts of the Funds and, on behalf of the Committees,
conducts negotiations with the Investment Adviser and the Manager and other
service providers. In effect, the Chairman of the Committees serves as a
combination of chief executive and support staff of the Independent Trustees.

The Chairman of the Committee of the Independent Trustees and the Audit
Committee is not employed by any other organization and devotes his time
primarily to the services he performs as Committee Chairman and Independent
Trustee of the TCW/DW Funds and as Chairman of the Committee of the
Independent Trustees and the Audit Committee and Independent Director or
Trustee of the Dean Witter Funds. The current Committee Chairman has had more
than 35 years experience as a senior executive in the investment company
industry.

ADVANTAGES OF HAVING SAME INDIVIDUALS AS INDEPENDENT TRUSTEES FOR ALL TCW/DW
FUNDS

The Independent Trustees and the Funds' management believe that having the
same Independent Trustees for each of the TCW/DW Funds avoids the duplication
of effort that would arise from having different groups of individuals
serving as Independent Trustees for each of the Funds or even of sub-groups
of Funds. They believe that having the same individuals serve as Independent
Trustees of all the Funds tends to increase their knowledge and expertise
regarding matters which affect the Fund complex generally and enhances their
ability to negotiate on behalf of each Fund with the Fund's service
providers. This arrangement also precludes the possibility of separate groups
of Independent Trustees arriving at conflicting decisions regarding
operations and management of the Funds and avoids the cost and confusion that
would likely ensue. Finally, having the same Independent Trustees serve on
all Fund Boards enhances the ability of each Fund to obtain, at modest cost
to each separate Fund, the services of Independent Trustees, and a Chairman
of their Committees, of the caliber, experience and business acumen of the
individuals who serve as Independent Trustees of the TCW/DW Funds.

SHARE OWNERSHIP BY TRUSTEES

The Trustees have adopted a policy pursuant to which each Trustee and/or
his or her spouse is required to invest at least $25,000 in any of the Funds
in the TCW/DW Funds complex (and, if applicable, in the Dean Witter Funds
complex) on whose boards the Trustee serves. In addition, the policy
contemplates that the Trustees will, over time, increase their aggregate
investment in the Funds above the $25,000 minimum requirement. The Trustees
may allocate their investments among specific Funds in any manner they
determine is appropriate based on their individual investment objectives. As
of the date of this proxy statement, each Trustee is in compliance with the
policy. Any future Trustee will be given a one year period following his or
her election within which to comply with the foregoing. As of June 30, 1996,
the total value of shares of the TCW/DW Funds (and, if applicable, the Dean
Witter Funds) owned by the Trustees and/or their spouses was approximately
$2.9 million.

As of July 23, 1996, the aggregate number of shares of beneficial interest
of the Trust owned by the Trust's officers and Trustees as a group was less
than 1 percent of the Trust's shares of beneficial interest outstanding.

COMPENSATION OF INDEPENDENT TRUSTEES

The Trust pays each Independent Trustee an annual fee of $2,225 plus a per
meeting fee of $200 for meetings of the Board of Trustees or committees of
the Board of Trustees attended by the Trustee (the Trust pays the Chairman of
the Audit Committee an annual fee of $750 and pays the Chairman of the
Committee of the Independent Trustees an additional annual fee of $1,200).
The Trust also reimburses such Trustees for travel and other out-of-pocket
expenses incurred by them in connection with attending such meetings.
Trustees and officers of the Trust who are or have been employed by the
Manager or the Adviser or an affiliated company of either receive no
compensation or expense reimbursement from the Trust. The Trustees of the
TCW/DW Funds do not have retirement or deferred compensation plans.

The following table illustrates the compensation paid to the Trust's
Independent Trustees by the Trust for the fiscal year ended March 31, 1996.

TRUST COMPENSATION

AGGREGATE
COMPENSATION
NAME OF INDEPENDENT TRUSTEE FROM THE TRUST
- --------------------------- --------------

John C. Argue ............................................. $4,775
John R. Haire ............................................. 5,475
Dr. Manuel H. Johnson .................................... 5,492
Michael E. Nugent ......................................... 5,075
John L. Schroeder ......................................... 2,325

The following table illustrates the compensation paid to the Trust's
Independent Trustees for the calendar year ended December 31, 1995 for
services to the 11 TCW/DW Funds and, in the case of Messrs. Haire, Johnson,
Nugent and Schroeder, the 79 Dean Witter Funds that were in operation at
December 31, 1995, and, in the case of Mr. Argue, TCW Galileo Funds, Inc.
With respect to Messrs. Haire, Johnson, Nugent and Schroeder, the Dean Witter
Funds are included solely because of a limited exchange privilege between
various TCW/DW Funds and five Dean Witter Money Market Funds. With respect to
Mr. Argue, TCW Galileo Funds, Inc. is included solely because the Trust's
Adviser, TCW Funds Management, Inc., also serves as Adviser to that
investment company. Mr. Schroeder was elected as a Trustee of each TCW/DW
Fund then in existence on April 20, 1995.

COMPENSATION FROM FUND GROUPS

TOTAL
FOR SERVICE AS COMPENSATION PAID
FOR SERVICE CHAIRMAN OF FOR SERVICES TO
FOR SERVICE AS AS DIRECTOR OR COMMITTEE OF 79 DEAN WITTER
TRUSTEE AND TRUSTEE AND FOR SERVICE AS INDEPENDENT FUNDS, 11
COMMITTEE MEMBER COMMITTEE MEMBER DIRECTOR OF DIRECTORS/ TCW/DW FUNDS
OF 11 TCW/DW OF 79 DEAN WITTER TCW GALILEO TRUSTEES AND AND TCW
NAME OF INDEPENDENT TRUSTEE FUNDS FUNDS FUNDS, INC. AUDIT COMMITTEE GALILEO FUNDS, INC.
- --------------------------- ---------------- ----------------- -------------- --------------- -------------------

John C. Argue ............. $68,038 -- $37,500 -- $105,538
John R. Haire ............. 82,038 $ 98,450 -- $217,350(1) 397,838
Dr. Manuel H. Johnson .... 82,038 136,450 -- -- 218,488
Michael E. Nugent ......... 75,038 124,200 -- -- 199,238
John L. Schroeder ......... 46,964 136,450 -- -- 183,414

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

(1) For the 79 Dean Witter Funds in operation at December 31, 1995. As
noted above, on July 1, 1996, Mr. Haire became Chairman of the Committee of
the Independent Trustees and the Audit Committee of the TCW/DW Funds in
addition to continuing to serve in such positions for the Dean Witter Funds.

As of the date of this Proxy Statement, 57 of the Dean Witter Funds have
adopted a retirement program under which an Independent Trustee who retires
after serving for at least five years (or such lesser period as may be
determined by the Board) as an Independent Director or Trustee of any Dean
Witter Fund that has adopted the retirement program (each such Fund referred
to as an "Adopting Fund" and each such Trustee referred to as an "Eligible
Trustee") is entitled to retirement payments upon reaching the eligible
retirement age (normally, after attaining age 72). Annual payments are based
upon length of service. Currently, upon retirement, each Eligible Trustee is
entitled to receive from the Adopting Fund, commencing as of his or her
retirement date and continuing for the remainder of his or her life, an
annual retirement benefit (the "Regular Benefit") equal to 25.0% of his or
her Eligible Compensation plus 0.4166666% of such Eligible Compensation for
each full month of service as an Independent Director or Trustee of any
Adopting Fund in excess of five years up to a maximum of 50.0% after ten
years of service. The foregoing percentages may be changed by the Board.(2)
"Eligible Compensation" is one-fifth of the total compensation earned by such
Eligible Trustee for service to the Adopting Fund in the five year period
prior to the date of the Eligible Trustee's retirement. Benefits under the
retirement program are not secured or funded by the Adopting Funds.

The following table illustrates the retirement benefits accrued to Messrs.
Haire, Johnson, Nugent and Schroeder by the 57 Dean Witter Funds as of
December 31, 1995, and the estimated retirement benefits for Messrs. Haire,
Johnson, Nugent and Schroeder from the 57 Dean Witter Funds as of December
31, 1995.

RETIREMENT BENEFITS FROM ALL DEAN WITTER FUNDS

RETIREMENT ESTIMATED
ESTIMATED ESTIMATED BENEFITS ACCRUED ANNUAL BENEFITS
CREDITED YEARS OF PERCENTAGE OF AS EXPENSES UPON RETIREMENT
SERVICE AT RETIREMENT ELIGIBLE BY ALL FROM ALL
NAME OF INDEPENDENT TRUSTEE (MAXIMUM 10) COMPENSATION ADOPTING FUNDS ADOPTING FUNDS(3)
- --------------------------- --------------------- --------------- ---------------- -----------------

John R. Haire .............. 10 50.0% $261,763 $130,404
Dr. Manuel H. Johnson ..... 10 50.0 16,748 51,550
Michael E. Nugent .......... 10 50.0 30,370 51,550
John L. Schroeder .......... 8 41.7 51,812 42,958

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

(2) An Eligible Trustee may elect alternate payments of his or her
retirement benefits based upon the combined life expectancy of such Eligible
Trustee and his or her spouse on the date of such Eligible Trustee's
retirement. The amount estimated to be payable under this method, through the
remainder of the later of the lives of such Eligible Trustee and spouse, will
be the actuarial equivalent of the Regular Benefit. In addition, the Eligible
Trustee may elect that the surviving spouse's periodic payment of benefits
will be equal to either 50% or 100% of the previous periodic amount, an
election that, respectively, increases or decreases the previous periodic
amount so that the resulting payments will be the actuarial equivalent of the
Regular Benefit.

(3) Based on current levels of compensation. Amount of annual benefits
also varies depending on the Trustee's elections described in Footnote (2)
above.

As of the date of this proxy, the aggregate number of shares of beneficial
interest of the Trust owned by the Trust's officers and Trustees as a group
was less than 1 percent of the Trust's shares of beneficial interest
outstanding.

(2) APPROVAL OR DISAPPROVAL OF CURRENTLY EFFECTIVE
INVESTMENT ADVISORY AGREEMENT

The Trust's investments are managed by TCW Funds Management, Inc.
(referred to herein as the "Investment Adviser"), pursuant to an Investment
Advisory Agreement dated April 22, 1993 (referred to herein as the "Advisory
Agreement").

THE ADVISORY AGREEMENT

The Advisory Agreement was initially approved by the Board of Trustees of
the Trust, including all of the Independent Trustees, at a meeting held on
February 24, 1993, and was approved by InterCapital, the then sole

shareholder of the Trust, on April 21, 1993. The Trust's Shareholders last
approved the continuance of the Advisory Agreement at their Annual Meeting of
Shareholders held on October 31, 1995. In the event shareholders do not
approve continuance of the Advisory Agreement by the required majority vote
at the forthcoming meeting or an adjournment thereof, the Board of Trustees
of the Trust will take such action as it deems to be in the best interest of
the Trust and its shareholders, which may include calling a special meeting
of shareholders to vote on a new investment advisory agreement or continuance
of the present Advisory Agreement until the next Annual Meeting of
Shareholders.

In considering whether or not to approve the Advisory Agreement, the Board
of Trustees reviewed the terms of the agreement and considered all materials
and information deemed relevant to its determination. Among other things, the
Board considered the nature and scope of services to be rendered, the quality
of the Adviser's services and personnel, and the appropriateness of the fees
that are paid under the Advisory Agreement. Based upon its review, the Board
of Trustees, including all of the Independent Trustees, determined that the
approval of the Advisory Agreement was in the best interests of the Trust and
its shareholders.

The favorable vote of a majority of the outstanding voting securities of
the Trust is required for the approval of the Advisory Agreement. Such a
majority is defined in the Act as the lesser of (a) 67% or more of the shares
present at the Meeting, if the holders of more than 50% of the outstanding
shares of the Trust are present or represented by proxy, or (b) more than 50%
of the outstanding shares.

THE INDEPENDENT TRUSTEES UNANIMOUSLY RECOMMEND THAT THE SHAREHOLDERS
APPROVE THE ADVISORY AGREEMENT.

The Advisory Agreement provides that the Investment Adviser shall
continously invest the assets of the Trust in a manner consistent with the
Trust's investment objectives. The Investment 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
objectives and policies. In addition, the Investment Adviser pays the
compensation of all personnel, including officers of the Trust, who are its
employees. The Investment Adviser has authority to place orders for the
purchase and sale of portfolio securities on behalf of the Trust without
prior approval of its Trustees. The Trustees review the investment portfolio
at their regular meetings.

Under the Advisory Agreement, the Trust is obligated to bear all of the
costs and expenses of its operation, except those specifically assumed by the
Investment Adviser or the Manager, including, without limitation: charges and
expenses of any registrar, custodian or depository appointed by the Trust for
the safekeeping of its cash, portfolio securities or commodities and other
property, and any stock transfer or dividend agent or agents appointed by the
Trust; brokers' commissions chargeable to the Trust in connection with
portfolio securities transactions to which the Trust is a party; all taxes,
including securities or commodities issuance and transfer taxes, and fees
payable by the Trust to Federal, state or other governmental agencies; costs
and expenses of engraving or printing of certificates representing shares of
the Trust; all costs and expenses in connection with registration and
maintenance of registration of the Trust and of its shares with the
Securities and Exchange Commission and various states and other jurisdictions
(including filing fees and legal fees and disbursements of counsel); the
costs and expense of preparation, printing, including typesetting, and
distributing prospectuses for such purposes; all expenses of shareholders'
and Trustees' meetings and of preparing, printing and mailing proxy
statements and reports to shareholders; fees and travel expenses of Trustees
or members of any advisory board or committee who are not employees of the
Trust's Manager or Investment Adviser or any of their corporate affiliates;
all expenses incident to the payment of any dividend or distribution program;
charges and expenses of any outside pricing services; charges and expenses of
legal counsel, including counsel to the

Independent Trustees of the Trust, and independent accountants in connection
with any matter relating to the Trust (not including compensation or expenses
of attorneys employed by the Trust's Manager or Investment Adviser);
membership dues of industry associations; interest payable on Trust
borrowings; fees and expenses incident to the listing of the Trust's shares
on any stock exchange; postage; insurance premiums on property or personnel
(including officers and Trustees) of the Trust which inure to its benefit;
extraordinary expenses (including, but not limited to, legal claims,
liabilities, litigation costs and any indemnification related thereto); and
all other charges and costs of the Trust's operations unless otherwise
explicitly provided in the Advisory Agreement.

The Advisory Agreement has an initial term ending April 30, 1995 and
provides that, after this period, it will continue in effect from year to
year thereafter provided such continuance is approved at least annually by
vote of a majority, as defined in the Act, of the outstanding voting
securities of the Trust or by the Trustees of the Trust, and, in either
event, by the vote cast in person by a majority of the Trustees who are not
parties to the Advisory Agreement or "interested persons" of any such party
(as defined in the Act) at a meeting called for the purpose of voting on such
approval. The Advisory Agreement's most recent continuation until April 30,
1997 was approved by the Trustees, including a majority of Independent
Trustees, at a meeting held on April 17, 1996, called for the purpose of
approving the Advisory Agreement.

The Advisory Agreement also provides that it may be terminated at any time
by the Investment Adviser, the Trustees of the Trust or by a vote of a
majority of the outstanding voting securities of the Trust, in each instance
without the payment of any penalty, on thirty days' notice and will
automatically terminate upon any assignment (as defined in the Act).

In return for its investment services and the expenses which the
Investment Adviser assumes under the Advisory Agreement, the Trust pays the
Investment Adviser compensation which is computed weekly and payable monthly
and which is determined by applying the annual rate of 0.26% to the Trust's
average weekly net assets. Pursuant to the Advisory Agreement, the Trust
accrued to the Investment Adviser total compensation of $2,494,242 during the
fiscal year ended March 31, 1996. The net assets of the Trust totalled
$933,698,468 at March 31, 1996.

INVESTMENT ADVISER

TCW Funds Management, Inc. (the "Investment Adviser") is the Trust's
investment adviser. The Investment Adviser, a California corporation, is a
wholly-owned subsidiary of The TCW Group, Inc. (formerly TCW Management
Company) ("The TCW Group"), a Nevada corporation, whose direct and indirect
subsidiaries, including Trust Company of the West and TCW Asset Management
Company, provide a variety of trust, investment management and investment
advisory services. As of June 30, 1996, the Investment Adviser and its
affiliates had approximately $54 billion under management or committed to
management. The Investment Adviser is headquartered at 865 South Figueroa
Street, Suite 1800, Los Angeles, California 90017.

The Principal Executive Officers and Directors of the Investment Adviser,
and their principal occupations, are:

Thomas E. Larkin, Jr., Chairman, Marc I. Stern, President and Alvin R.
Albe, Jr., Executive Vice President. Mr. Robert Day may be deemed to be a
control person of the Adviser by virtue of the aggregate ownership of Mr.
Robert Day and his family of more than 25% of the outstanding voting stock of
The TCW Group, Inc. The principal occupations of Messrs. Larkin and Stern are
described in the preceding tables. Mr. Albe is an Executive Vice President of
The TCW Group, Inc.

The business address of the foregoing Directors and Executive Officers is
865 South Figueroa Street, Suite 1800, Los Angeles, California 90017.

The Appendix lists the investment companies for which the Adviser provides
investment advisory or sub-advisory services and which have similiar
investment objectives to that of the Trust, and sets forth the fees payable
to the Adviser by such investment companies, including the Trust, and their
net assets as of July 23, 1996.

MANAGER

Dean Witter Services Company Inc. ("DWSC") is the Trust's Manager. DWSC,
which maintains its offices at Two World Trade Center, New York, New York
10048, is a wholly-owned subsidiary of Dean Witter InterCapital Inc.
("InterCapital"). InterCapital maintains its offices at Two World Trade
Center, New York, New York 10048. InterCapital, which was incorporated in
July, 1992, is a wholly-owned subsidiary of Dean Witter, Discover & Co.
("DWDC"), a balanced financial services organization providing a broad range
of nationally marketed credit and investment products. In an internal
reorganization which took place in January, 1993, InterCapital assumed the
investment advisory, management and administrative activities previously
performed by the InterCapital Division of DWR.

As the Trust's Manager, DWSC receives from the Trust compensation which is
computed weekly and payable monthly and which is determined by applying the
annual rate of 0.39% to the Trust's weekly net assets. For the fiscal year
ended March 31, 1996, the Trust accrued to DWSC, pursuant to a Management
Agreement, total compensation of $3,741,363.

The Principal Executive Officer and Directors of InterCapital, and their
principal occupations, are:

Philip J. Purcell, Chairman of the Board of Directors and Chief Executive
Officer of DWDC and DWR and Director of InterCapital, DWSC and Distributors;
Richard M. DeMartini, President and Chief Operating Officer of Dean Witter
Capital, Executive Vice President of DWDC and Director of DWR, Distributors,
InterCapital, DWSC and DWTC; James F. Higgins, President and Chief Operating
Officer of Dean Witter Financial, Executive Vice President of DWDC and
Director of DWR, Distributors, InterCapital, DWSC and DWTC; Charles A.
Fiumefreddo, Executive Vice President and Director of DWR and Chairman of the
Board of Directors and Chief Executive Officer of InterCapital, DWSC and
Distributors and Chairman of the Board of Directors and Director of DWTC;
Christine A. Edwards, Executive Vice President, Secretary and General Counsel
of DWDC; Executive Vice President, Secretary, General Counsel and Director of
DWR, Executive Vice President, Secretary, Chief Legal Officer and Director of
Distributors, and Director of InterCapital and DWSC; and Thomas C. Schneider,
Executive Vice President and Chief Financial Officer of DWDC and Executive
Vice President, Chief Financial Officer and Director of DWR, Distributors,
InterCapital and DWSC.

The business address of the foregoing Directors and Executive Officers is
Two World Trade Center, New York, New York 10048.

InterCapital and DWSC serve in various investment management, advisory,
management and administrative capacities to investment companies and pension
plans and other institutional and individual investors.

DWDC has its offices at Two World Trade Center, New York, New York 10048.
There are various lawsuits pending against DWDC involving material amounts
which, in the opinion of its management, will be resolved with no material
effect on the consolidated financial position of the company.

During the fiscal year ended March 31, 1996, the Trust accrued to Dean
Witter Trust Company, the Trust's Transfer Agent and an affiliate of the
Manager, transfer agency fees of $409,908.

(3) RATIFICATION OR REJECTION OF SELECTION OF INDEPENDENT ACCOUNTANTS

The Trustees have unanimously selected the firm of Price Waterhouse LLP as
the Trust's independent accountants for the fiscal year ending March 31,
1997. Price Waterhouse LLP has been the independent accountants for the Trust
since its inception, and has no direct or indirect financial interest in the
Trust.

A representative of Price Waterhouse LLP is expected to be present at the
Annual Meeting of Shareholders and will be available to make a statement, if
he or she so desires, and to respond to appropriate questions of
shareholders.

The affirmative vote of the holders of a majority of the shares
represented and entitled to vote at the Annual Meeting is required for
ratification of the selection of Price Waterhouse LLP as the independent
accountants for the Trust.

THE TRUSTEES UNANIMOUSLY RECOMMEND THAT THE SHAREHOLDERS RATIFY THE
SELECTION OF PRICE WATERHOUSE LLP AS THE INDEPENDENT ACCOUNTANTS FOR THE TRUST.

(4) SHAREHOLDER PROPOSAL TO AMEND THE DECLARATION OF TRUST OF
TCW/DW TERM TRUST 2003 TO REQUIRE THAT EACH TRUSTEE, WITHIN THIRTY DAYS
OF ELECTION, BECOME A SHAREHOLDER IN THE TRUST

The Trust has been informed by Edwin S. Mullett, 1420 Fern Court, Vero
Beach, Florida 32963-4009, a shareholder of record who owned 2,012 shares at
July 23, 1996 and Carol W. Mullett, a shareholder of record residing at the
same address who owned 700 shares at July 23, 1996 (the "Proponents"), that
they intend to submit the following proposal at the meeting:

RESOLVED, that the Declaration of Trust be amended to require that each
Trustee, within thirty days of election, become a shareholder of the Trust.

The Proponents have requested that the following statement be included in
support of their proposal:

It seems obvious that the Trustees could best understand and represent the
interests of the shareholders if they were shareholders themselves. Yet,
according to the last proxy, not one of our Trustees owned a single share of
our Trust. You can read below a litany of excuses and explanations seeking to
convince you that we are better off because our Trustees are not
shareholders. Aw, come on guys! We urge you to support this proposal and
encourage the Trustees to join us as shareholders. It is important that you
vote: shareholders of TCW/DW 2000 and TCW/DW 2002 favored similar proposals
by margins of over 8 to 1 and 6 to 1 respectively but narrowly failed to
achieve quorums.

THE BOARD OF TRUSTEES UNANIMOUSLY RECOMMENDS THAT YOU VOTE AGAINST THE
SHAREHOLDER PROPOSAL.

RECOMMENDATION OF THE BOARD OF TRUSTEES

The Trustees have considered whether a share ownership requirement for
Trustees such as that proposed by the Proponents for this Trust is in the
best interests of the Trust and its shareholders and have concluded that, for
several reasons outlined below, it is not. However, to address any
expectation of shareholders that the Trustees own shares of Funds in the
TCW/DW complex, the Trustees have adopted a share ownership policy as
described below.

THE SHARE OWNERSHIP POLICY

The Trustees are aware that there may be an expectation among shareholders
that the Trustees own shares of the Funds in the TCW/DW complex. To address
shareholder concerns in this regard, the Trustees, on July 23, 1996, adopted
a policy pursuant to which each Trustee, and/or his or her spouse, is
required to invest at least $25,000 in any of the Funds in the TCW/DW complex
(and, if applicable, in the Dean Witter Funds) on whose boards the Trustee
serves. In addition, the policy contemplates that the Trustees will, over
time, increase their aggregate investment in the Funds above the $25,000
minimum requirement. The Trustees may allocate their

investments among specific Funds in any manner they determine is appropriate
based on their individual investment objectives. Any future Trustee will be
given a one year period within which to comply with the foregoing policy. As
of the date of this proxy statement, each Trustee is in compliance with the
policy. As of June 30, 1996, the total value of shares of the TCW/DW Funds
(and, if applicable, the Dean Witter Funds) owned by the Trustees and/or
their spouses was approximately $2.9 million.

REASONS FOR OPPOSING SHAREHOLDER PROPOSAL

The Trustees believe it is not necessary to own shares of the Trust to act
in the best interests of shareholders and that they can carry out their
duties and functions diligently and effectively without owning shares of the
Trust. In addition, the Trust's objectives and policies may not be
appropriate for a Trustee's individual financial circumstances and the Trust
could be inhibited in its ability to attract Trustees if the available pool
is limited to those whose personal financial needs are met by the Trust's
objectives and policies.

The Trustees believe that any policy requiring the Trustees to own shares
of a specific Fund for which they serve as Trustees, without regard to their
own respective investment objectives, could logically be extended to all the
Funds in the TCW/DW complex. The Trustees believe that such a complex-wide
share ownership requirement would be impractical and undesirable because it
could make it more difficult to maintain the same board of directors for all
the Funds in the complex. The Trustees believe that having the same Trustees
for each of the TCW/DW Funds is in the best interests of all the Funds'
shareholders for several reasons. First, a common board enhances the ability
of each Fund to obtain, at modest cost to each separate Fund, the services of
high caliber Trustees. In addition, having a common board avoids the
duplication of effort that would arise from having different groups of
individuals serving as Trustees for each of the Funds and avoids the cost and
confusion that may arise from different conclusions being reached by
different boards on the same operations and management issues. Finally,
serving as Trustees of all Funds tends to increase a Trustee's knowledge and
expertise regarding matters which affect all the Funds in the complex and
enhances the ability to negotiate on behalf of each Fund with the Funds'
service providers.

For the reasons stated above and in light of the fact that they have
adopted the share ownership policy described above, the Trustees unanimously
recommend that shareholders vote AGAINST the shareholder proposal.

The affirmative vote of the holders of a majority of the shares
outstanding and entitled to vote at the Annual Meeting is required for the
approval of the shareholder proposal.

ADDITIONAL INFORMATION

In the event that the necessary quorum to transact business or the vote
required to approve or reject any proposal is not obtained at the Meeting,
the persons named as proxies may propose one or more adjournments of the
Meeting for a total of not more than 60 days in the aggregate to permit
further solicitation of proxies. Any such adjournment will require the
affirmative vote of the holders of a majority of the Trust's shares present
in person or by proxy at the Meeting. The persons named as proxies will vote
in favor of such adjournment those proxies which they are entitled to vote in
favor of Prosposal Two and will vote against any such adjournment those
proxies required to be voted against that proposal.

Abstentions and, if applicable, broker "non-votes" will not count as votes
in favor of any of the proposals, and broker "non-votes" will not be deemed
to be present at the meeting for purposes of determining whether a particular
proposal to be voted upon has been approved. Broker "non-votes" are shares
held in street name for which the broker indicates that instructions have not
been received from the beneficial owners or other persons entitled to vote
and for which the broker does not have discretionary voting authority.

Two purported class action lawsuits, which have been consolidated for
pretrial purposes, were instituted during 1994 in the United States District
Court, Southern District of New York, against the Trust, some of its Trustees
and officers, one of its underwriters, the lead representative of its
underwriters, the Adviser, the Manager, and other defendants, by certain
shareholders of the Trust and another trust for which the defendants act in
similar capacities. The plaintiffs in these actions generally allege that the
defendants made inadequate and misleading disclosures in the prospectus for
the Trust, in particular, as such disclosure relates to the nature and risks
of "inverse floaters," the Trust's investments in those securities, and the
weighted average maturity of the Trust's portfolio. Damages, including
punitive damages, are sought in an unspecified amount. The defendants have
moved to dismiss both complaints for failure to state a cause of action.

In addition, four purported class actions have been filed in the Superior
Court for the State of California, County of Orange, against some of the
Trust's Trustees and officers, one of its underwriters, the lead
representative of its underwriters, the Adviser, the Manager and other
defendants --but not against the Trust --by certain shareholders of the Trust
and other trusts for which the defendants act in similar capacities. These
plaintiffs generally allege violations of state statutory and common law in
connection with the marketing of the Trust to customers of one of the
underwriters. Damages, including punitive damages, are sought in an
unspecified amount. On or about October 20, 1995, the plaintiffs filed an
amended complaint consolidating these four actions. All defendants except two
of the Trustees have filed answers and affirmative defenses to the
consolidated amended complaint. The two Trustees have an indefinite extension
in which to respond to the complaint.

Certain of the defendants in these suits have asserted their right to
indemnification from the Trust.

The ultimate outcome of these matters is not presently determinable, and
no provision has been made in the Trust's financial statements for the
effect, if any, of such matters.

SHAREHOLDER PROPOSALS

Proposals of security holders intended to be presented at the next Annual
Meeting of Shareholders must be received no later than April 30, 1997 for
inclusion in the proxy statement and proxy for that meeting. The mere
submission of a proposal does not guarantee its inclusion in the proxy
materials or its presentation at the meeting. Certain rules under the federal
securities laws must be met.

REPORTS TO SHAREHOLDERS

The Trust's most recent Annual Report, for the fiscal year ended March 31,
1996, is available without charge upon request from Adrienne Ryan-Pinto at
Dean Witter Trust Company, Harborside Financial Center, Plaza Two, Jersey
City, New Jersey 07311 (telephone 1-800-869-NEWS (toll free)).

OTHER BUSINESS

The management knows of no other matters which may be presented at the
Meeting. However, if any matters not now known properly come before the
Meeting, it is intended that the persons named in the attached form of proxy,
or their substitutes, will vote such proxy in accordance with their judgment
on such matters.

By Order of the Trustees
SHELDON CURTIS
Secretary

APPENDIX

TCW Funds Management Inc. serves as investment adviser to the Trust as
well as investment adviser or sub-adviser to the other investment companies
listed below which have similar investment objectives to that of the Trust,
with net assets shown as of July 23, 1996.

ANNUAL
ADVISORY
FEE AS PERCENT
NET ASSETS ON OF AVERAGE
NAME JULY 23, 1996 NET ASSETS
- ---- ------------- -------------

TCW/DW Term Trust 2003 ..................... $893,274,825 (1)
TCW/DW Term Trust 2002 ..................... 420,897,098 (1)
TCW/DW Term Trust 2000 ..................... 456,833,789 (2)
<FN>
- ------------

1. 0.26% of the Trust's weekly net assets.

2. 0.24% of the Trust's weekly net assets.

I-1

TCW/DW TERM TRUST 2003

ANNUAL MEETING OF SHAREHOLDERS - OCTOBER 29, 1996

PROXY

The undersigned hereby appoints SHELDON CURTIS, ROBERT M. SCANLAN, ROBERT
S. GIAMBRONE, or any of them, proxies, each with the power of substitution,
to vote on behalf of the undersigned at the Annual Meeting of Shareholders of
TCW/DW Term Trust 2003 on October 29, 1996 at 9:00 A.M., New York City time,
and at any adjournment thereof, on the proposals set forth in the Notice of
Meeting dated August 26, 1996 as follows:

THIS PROXY IS SOLICITED BY THE TRUSTEES. IF NO SPECIFICATION IS MADE ON
REVERSE SIDE, THIS PROXY WILL BE VOTED FOR ALL NOMINEES FOR TRUSTEE AND FOR
PROPOSALS 2 AND 3 AND AGAINST PROPOSAL 4.

IMPORTANT: PLEASE MARK, SIGN, DATE AND RETURN THE PROXY CARD IN THE ENCLOSED
ENVELOPE SO THAT YOUR VOTE ON ALL MATTERS MAY BE COUNTED.

(Continued, and to be dated and signed on reverse side.)

1. ELECTION OF TRUSTEES: [ ] FOR ALL NOMINEES [ ] WITHHOLD AUTHORITY
(except as marked to (to vote for all
the contrary below) nominees listed
below)

Richard M. DeMartini, Thomas E. Larkin, Jr.
(INSTRUCTION: To withhold authority to vote for any individual nominee write
that nominee's name on the space provided below.)
- -----------------------------------------------------------------------------
2. APPROVAL OF INVESTMENT ADVISORY AGREEMENT:

FOR [ ] AGAINST [ ] ABSTAIN [ ]

3. RATIFICATION OF APPOINTMENT OF PRICE WATERHOUSE LLP AS INDEPENDENT
ACCOUNTANTS:

FOR [ ] AGAINST [ ] ABSTAIN [ ]
090
4. SHAREHOLDER PROPOSAL:

FOR [ ] AGAINST [ ] ABSTAIN [ ]

(NOTE: THE TRUSTEES RECOMMEND A VOTE AGAINST THIS PROPOSAL)
-------
and in their discretion in the transaction of any other business which may
properly come before the meeting.

Please sign personally. If the shares
are registered in more than one name,
each joint owner or each fiduciary
should sign personally. Only authorized
officers should sign for corporations.

Dated
---------------------------------

--------------------------------------
Signature