<PAGE> PAGE 1
000 B000000 12/31/95
000 C000000 0000314366
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000 F000000 Y
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000 H000000 N
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000 J000000 A
001 A000000 DEAN WITTER AMERICAN VALUE FUND
001 B000000 811-2978
001 C000000 2123922550
002 A000000 TWO WORLD TRADE CENTER
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10048
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004 000000 N
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007 C010300 3
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007 C010600 6
007 C010700 7
007 C010800 8
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007 C011000 10
008 A000001 DEAN WITTER INTERCAPITAL INC.
008 B000001 A
008 C000001 801-42061
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10048
011 A000001 DEAN WITTER DISTRIBUTORS INC.
011 B000001 8-45262
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10048
012 A000001 DEAN WITTER TRUST COMPANY
012 B000001 84-1785
012 C010001 JERSEY CITY
012 C020001 NJ
012 C030001 07311
013 A000001 PRICE WATERHOUSE LLP
013 B010001 NEW YORK
013 B020001 NY
<PAGE> PAGE 2
013 B030001 10036
014 A000001 DEAN WITTER REYNOLDS INC.
014 B000001 8-14172
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
015 E010001 X
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019 C000000 DEANWITTER
020 A000001 *DEAN WITTER REYNOLDS INC.
020 B000001 94-1671384
020 C000001 989
020 A000002 *BERNSTEIN S.C. & CO. INC.
020 B000002 13-2625874
020 C000002 465
020 A000003 *GOLDMAN SACHS & CO.
020 B000003 13-5108880
020 C000003 425
020 A000004 *LAWRENCE (C.J) MORRGAN GRENFELL
020 B000004 13-2730828
020 C000004 360
020 A000005 *MORGAN STANLEY & CO. INC.
020 B000005 13-2565598
020 C000005 316
020 A000006 *SALOMON BROTHERS INC.
020 B000006 13-3082694
020 C000006 292
020 A000007 *MERRILL LYNCH PIERCE FENNER & SMITH INC.
020 B000007 13-5674085
020 C000007 273
020 A000008 *BEAR STEARNS & CO. INC.
020 B000008 13-3299429
020 C000008 253
020 A000009 *OPPENHEIMER & CO.
020 B000009 13-2798343
020 C000009 239
020 A000010 *MONTEGOMERY SECURITIES
020 B000010 94-1701676
020 C000010 210
021 000000 6912
022 A000001 *BA SECURITIES INC.
022 B000001 95-4035346
022 C000001 3674966
022 D000001 0
022 A000002 *BANK OF AMERICA NT & SA
022 B000002 94-1687665
022 C000002 2767768
<PAGE> PAGE 3
022 D000002 0
022 A000003 *BANK OF NEW YORK
022 B000003 13-5160382
022 C000003 2160986
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022 A000004 *MORGAN STANLEY & CO.INC.
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022 B000005 38-1612444
022 C000005 479681
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022 C000006 284005
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022 C000007 256498
022 D000007 206312
022 A000008 *UBS SECURITIES INC.
022 B000008 13-2932996
022 C000008 264756
022 D000008 71385
022 A000009 *CS FIRST BOSTON CORP.
022 B000009 13-5659485
022 C000009 227431
022 D000009 62915
022 A000010 *PAINE WEBBER INC.
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022 C000010 134920
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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<PAGE> PAGE 10
SIGNATURE SHELDON CURTIS
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
DEAN WITTER AMERICAN VALUE FUND
ANNUAL FINANCIAL REPORT FOR YEAR ENDED 12-31-95
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 2,135,788,128
<INVESTMENTS-AT-VALUE> 2,392,265,444
<RECEIVABLES> 40,581,955
<ASSETS-OTHER> 65,674
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,432,913,073
<PAYABLE-FOR-SECURITIES> 37,554,057
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,471,637
<TOTAL-LIABILITIES> 44,025,694
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,981,034,438
<SHARES-COMMON-STOCK> 87,963,108
<SHARES-COMMON-PRIOR> 70,253,058
<ACCUMULATED-NII-CURRENT> 1,103,834
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 150,271,791
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 256,477,316
<NET-ASSETS> 2,388,887,379
<DIVIDEND-INCOME> 17,672,185
<INTEREST-INCOME> 13,839,031
<OTHER-INCOME> 0
<EXPENSES-NET> 30,395,956
<NET-INVESTMENT-INCOME> 1,115,260
<REALIZED-GAINS-CURRENT> 449,119,481
<APPREC-INCREASE-CURRENT> 204,343,705
<NET-CHANGE-FROM-OPS> 654,578,446
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 193,886
<DISTRIBUTIONS-OF-GAINS> 231,910,868
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 27,784,767
<NUMBER-OF-SHARES-REDEEMED> 18,333,417
<SHARES-REINVESTED> 8,258,700
<NET-CHANGE-IN-ASSETS> 898,933,315
<ACCUMULATED-NII-PRIOR> 182,460
<ACCUMULATED-GAINS-PRIOR> (66,936,822)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9,736,912
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 30,395,956
<AVERAGE-NET-ASSETS> 1,884,882,477
<PER-SHARE-NAV-BEGIN> 21.21
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 8.87
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 2.93
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 27.16
<EXPENSE-RATIO> 1.61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
