DEAN WITTER PACIFIC GROWTH FUND INC, N-30D, 1994-12-29

DEAN WITTER PACIFIC GROWTH FUND INC
N-30D, 1994-12-29

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<PAGE>
Dean Witter Pacific Growth Fund Inc.
Two World Trade Center
New York, New York 10048

Dear Shareholder:
- --------------------------------------------------------------------------------

Despite a somewhat volatile investing environment, Dean Witter Pacific
Growth Fund Inc. registered a total return of 10.69 percent for the fiscal year
ended October 31, 1994, outperforming both the Standard & Poor's Index and the
Morgan Stanley Capital International World Index, which recorded total returns
of 3.85 percent and 5.90 percent, respectively.

The fiscal year started with a sharp decline in the Japanese market and
continued rapid appreciation of the share prices in the "TIGER" markets through
the end of 1993, which began 1994 at all-time
highs and on valuation levels well above
historical mid-points, fueled by heavy
institutional buying from the U.S. and
Japan, in particular. A mirror image of
late-1993's performance soon took shape,
however, with Japan recovering strongly
and the TIGER markets experiencing a very
sharp correction. This left the region
particularly exposed to negative shocks.
With interest rates generally tied to
those in the U.S. through the mechanism of
managed currency links and the influence
of international fund flows, the sharp
rise in U.S. rates and the resultant
uncertainty and bond-market weakness,
adversely impacted sentiment in the
region.

The TIGER markets moved into the
second half of 1994 in a considerably
better mood. Having consolidated in April,
markets moved steadily ahead over the next
six months. Returns varied considerably
between April 30 and October 31, 1994,
with Taiwan recording an impressive total
return of 76 percent, while Hong Kong
returned just 5 percent.

The Markets

Early in 1994, the Hong Kong market
was particularly hard hit by developments
in the U.S., falling by some 30 percent
from its peak. However, a recovery in the
property market, together with most
favored nation renewal and Sino-British
reconciliation over financing for the new
airport, helped carry the Hong Kong stock
market higher. The Thai market experienced
a similar severe correction in the first
calendar quarter of 1994. However,
following a notable improvement in the
current account deficit, which took
pressure off interest rates, and with
corporate results exceeding most
forecasts, the market rebounded
<PAGE>
sharply. Banking stocks, in particular, performed well, with loan demand buoyant
and interest rate spreads expanding. The portfolio continues to overweight this
sector.

Singapore has held up relatively well, supported by a string of good
economic and corporate data. Regulatory changes aimed at liberalizing
investments by the Central Provident Fund and Statutory Boards, potentially
releasing billions of Singapore dollars into the equity market, further aided
sentiment. Particularly strong was the property sector, led initially by the
residential market and later by a recovery in the office property sector. The
Fund has significant exposure to these sectors, with holdings of City
Developments and DBS Land, both of which recorded substantial gains during the
fiscal year.

The best performance during the fiscal year came from the Northeast Asian
markets of Korea and Taiwan, where cyclical recovery is well underway. The
Korean market soared to record highs during the period, despite a somewhat
volatile first half dominated by the North Korean nuclear situation. Economic
recovery is increasingly broad based and the recent policy shift from
money-supply control to keeping interest rates down in order to sustain
manufacturing growth is supporting overall growth levels of 8 percent this year.
Moreover, as in Singapore, appreciation of the currency at an opportune time
significantly reduces inflationary pressures. Corporate earnings rebounded by
more than 70 percent in the first half of 1994, lead by manufacturing earnings
which rose 130 percent. Exporters such as Samsung Electronics, a significant
portfolio position, recorded particularly strong growth.

Japan recorded only a small rise for the fiscal year despite its significant
outperformance against almost all world equity markets in early 1994. The
strength of the yen remains a concern, although recent results have been
encouraging, with cost-cutting measures already exhibiting a positive impact on
the earnings posted by manufacturing companies.

The accompanying chart illustrates the performance of a $10,000 investment
in the Fund from inception (November 30, 1990) through the fiscal year ended
October 31, 1994, versus the performance of similar hypothetical investments in
the issues that comprise both the Standard & Poor's 500 and Morgan Stanley
Capital International World Indexes.

Market Outlook

We expect Korea and Taiwan to record further strong gains in 1995. Despite
currency appreciation against the dollar, the Korean won remains extremely
competitive versus the yen. Further strong performance by exporters, in
particular, is likely next year. Another factor underpinning the market as we
look toward 1995 is increasing pressure on the Korean authorities to liberalize
their financial markets. With entry to the Organization for Economic Cooperation
and Development the ultimate goal, increased access to Korean equities for
foreign investors looks to be inevitable. Speculation as to the timing and scope
of any liberalization measures is likely to keep investor attention firmly
focused on Korea over the coming months.

Taiwan offers similar attractions to international investors. Political
uncertainty prior to the December 3, 1994 election is likely to subdue the
market in the short-term. However, the economic recovery is now accelerating,
fueled by both a pick up in exports and rebounding private consumption.
Corporate earnings grew 52 percent during the first half of 1994 and are likely
to continue to exceed most forecasts over the coming months. Furthermore, with
entry to the General Agreement on Tariffs and Trade (GATT) ahead of China a high
political priority for Taiwan, the process of liberalizing market access there,
as in Korea, should accelerate next year.
<PAGE>
The Singapore market should remain well supported by strong economic
fundamentals, with export-driven manufacturing taking the lead from the
financial sector as the engine for growth. Concerns regarding inflationary
pressures in such a high-growth environment have been eased by the 8 percent
appreciation of the Singapore dollar so far this year. What's more, further
interest rate hikes are likely to be minimal. Such a positive economic
foundation should enable Singapore to achieve earnings growth of close to 20
percent in 1995.

Looking Ahead

The general fundamentals for investing in Asia over the years ahead remain
positive, with valuations well within historical ranges and underpinned by good
economic statistics and upward revisions to already strong earnings forecasts.
Given this, it is quite possible to forsee average percentage corporate earnings
growth throughout the region in the high teens, with growth coming for the most
part from higher sales volumes, rather than cost cutting and restructuring as in
the West. In the short term, with interest rates trending up, price/earnings
(P/E) multiples are likely to come under some pressure. However, over the longer
term, as investors become more comfortable with investment in the region in
general -- and with the smaller markets, in particular -- P/E multiples appear
to have room for expansion. The correction experienced in 1994 must be seen in
the context of the exceptionally strong finish to 1993, and we feel that with
most markets still below the levels reached at the beginning of 1994, the region
continues to offer the potential for attractive long-term investment returns.

We appreciate your support of Dean Witter Pacific Growth Fund Inc. and look
forward to continuing to serve your investment needs and objectives.

Very truly yours,
Charles A. Fiumefreddo
CHAIRMAN OF THE BOARD
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS OCTOBER 31, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- ----------------- -----------------
<C> <S> <C>
COMMON STOCKS, PREFERRED STOCKS, WARRANTS,
RIGHTS AND BONDS (98.3%)
AUSTRALIA (2.1%)
BANKING
1,500,000 Australia & New Zealand
Banking Group, Ltd...... $ 4,343,040
-----------------
BUILDING & CONSTRUCTION
825,000 Boral, Ltd................ 2,076,307
-----------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
2,500,000 Fosters Brewing Group..... 2,208,640
-----------------
LEISURE
1,500,000 Burnswood Property Trust.. 1,425,408
-----------------
METALS & MINING
200,000 Broken Hill Proprietary... 3,073,536
200,000 CRA, Ltd.................. 2,844,877
909,562 Western Mining Corp.
Holdings, Ltd........... 5,665,422
-----------------
11,583,835
-----------------
MULTI - INDUSTRY
800,000 Pacific Dunlop, Ltd....... 2,429,133
-----------------
OIL & RELATED
1,000,000 Santos, Ltd............... 2,939,904
1,000,000 Woodside Petroleum, Ltd... 3,726,848
-----------------
6,666,752
-----------------
TRANSPORTATION
237,250 Brambles Industries,
Ltd..................... 2,374,291
-----------------
TOTAL AUSTRALIA........... 33,107,406
-----------------
CHINA (0.6%)
BUILDING MATERIALS
230,000 Shanghai Yaohua Pilk (B
Shares)................. 287,500
-----------------
CHEMICALS
3,900,000 Yizheng Chemical Fibre
Co...................... 1,552,066
-----------------
ELECTRIC UTILITIES
322,000 Shandong Huaneng (ADR).... 3,461,500
-----------------
TRANSPORTATION
2,040,000 Jinhui Shipping........... 3,692,400
-----------------
TOTAL CHINA............... 8,993,466
-----------------
HONG KONG (23.1%)
BANKING
1,283,838 Dao Heng Bank............. 4,261,848
2,250,000 Guoco Group............... 10,628,591
1,340,000 Hang Seng Bank, Ltd....... 9,711,653
1,092,800 Hong Kong & Shanghai
Banking Corp.
Holdings................ 12,940,829
4,790,000 International Bank of
Asia.................... 1,999,243
-----------------
39,542,164
-----------------
BUILDING & CONSTRUCTION
4,009,000 Kumagai Gumi, Ltd......... 4,487,996
US$ 3,000M Paul Y-ITC Construction
5.0% due 2/3/01
(Conv.)................. 2,347,500
-----------------
6,835,496
-----------------

<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- ----------------- -----------------
<C> <S> <C>
COMPUTER SERVICES
5,702,000 Hanny Magnetics Holdings,
Ltd..................... $ 782,228
-----------------
CONGLOMERATES
15,369,000 China Merchants Hai Hong
Holding Co., Ltd........ 3,600,182
2,706,000 Citic Pacific, Ltd........ 8,142,375
5,500,000 Hutchison Whampoa, Ltd.... 25,411,555
1,700,200 Jardine Matheson Holdings,
Ltd..................... 14,137,528
1,100,000 Swire Pacific, Ltd. (A
Shares)................. 8,399,337
2,500,000 Wheelock & Co............. 5,403,272
-----------------
65,094,249
-----------------
FINANCE
1,830,000 Dah Sing Financial
Holdings................ 4,665,709
-----------------
INVESTMENT COMPANIES
1,204,000 Guangdong Investments..... 763,524
100,000 Investment Co. of China*.. 675,000
-----------------
1,438,524
-----------------
LEISURE
22,112,000 CDL Hotels International,
Ltd..................... 10,159,134
3,000,000 Hong Kong & Shanghai
Hotels, Ltd............. 4,232,024
6,422,000 Regal Hotels
International........... 1,562,530
-----------------
15,953,688
-----------------
LEISURE BROADCASTING
1,594,000 Television Broadcasts..... 7,364,731
-----------------
MANUFACTURING
1,250,000 Johnson Electric Holdings,
Ltd..................... 3,478,154
US$ 2,000M Johnson Electric Holdings,
Ltd. 4.5% due 11/5/00
(Conv.)................. 1,995,000
400,000 Wo Kee Hong Holdings...... 144,950
-----------------
5,618,104
-----------------
REAL ESTATE
4,000,000 Amoy Properties, Ltd...... 4,969,716
US$ 2,000M Amoy Properties, Ltd.
(Preferred)............. 1,950,000
5,966,000 Cheung Kong Holdings...... 28,722,783
9,250,000 Great Eagle Holdings Co... 5,267,381
2,500,000 Hang Lung Development
Co...................... 4,513,511
4,420,000 Henderson Investment,
Ltd..................... 4,061,448
1,500,000 Henderson Land
Development............. 9,803,541
3,000,000 Hong Kong Land Holdings,
Ltd..................... 7,687,529
US$ 2,500M Hong Kong Resorts 4.75%
due 10/18/00 (Conv.).... 2,825,000
7,096,000 Hopewell Holdings, Ltd.... 7,300,978
3,008,000 Hysan Development......... 8,019,465
2,000,000 New World Development Co.,
Ltd..................... 6,380,390
1,000,000 Ryoden Development Co..... 275,017
</TABLE>
<PAGE>

DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS OCTOBER 31, 1994 (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- ----------------- -----------------
<C> <S> <C>
4,003,500 Sun Hung Kai Properties,
Ltd..................... $ 30,569,770
5,940,000 Tai Cheung Holdings,
Ltd..................... 7,995,030
1,400,000 Wharf Holdings............ 5,526,220
-----------------
135,867,779
-----------------
RETAIL STORES
10,000,000 Dickson Concepts
International........... 7,765,181
-----------------
TELECOMMUNICATIONS
7,600,000 Champion Technology
Holdings................ 2,458,974
14,450,000 Hong Kong
Telecommunications,
Ltd..................... 30,950,393
8,300,000 S. Megga International
Holdings, Ltd........... 1,278,278
-----------------
34,687,645
-----------------
TRANSPORTATION
3,650,000 Cathay Pacific Airlines... 5,408,772
-----------------
UTILITIES
3,123,000 China Light & Power....... 16,247,942
4,012,631 Consolidated Electric
Power................... 9,373,607
103,771 Hong Kong & China Gas
Co...................... 196,750
466,000 Hong Kong & China Gas Co.
(Warrants due
12/31/95)*.............. 168,867
1,940,000 Hong Kong Electric
Holdings................ 6,101,103
-----------------
32,088,269
-----------------
TOTAL HONG KONG........... 363,112,539
-----------------
INDONESIA (6.8%)
AUTOMOTIVE
4,000,000 PT Gadjah Tunggal......... 6,817,920
-----------------
BANKING
1,533,500 PT Bank Indonesia Dagang
Nasional................ 2,967,039
2,400,000 PT Bank International
Indonesia............... 8,126,223
2,000,000 PT Panin Bank............. 3,501,094
-----------------
14,594,356
-----------------
BUILDING & CONSTRUCTION
US$ 3,770M PT Eka Gunatama Mandiri
4.0% due 10/4/97
(Conv.)................. 3,732,300
702,000 PT Semen Gresik........... 3,783,669
-----------------
7,515,969
-----------------
FINANCIAL SERVICES
5 Peregrine Indonesia
(Units)++............... 825,000
-----------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
US$ 3,850M Global Mark International
3.5% due 4/6/97
(Conv.)................. 4,196,500
3,932,500 PT Hanjaya Mandala
Sampoerna............... 19,021,652
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- ----------------- -----------------
<C> <S> <C>
650,000 PT Mayora Indah........... $ 3,593,228
1,890,000 PT Sinar Mas Agro Research
& Technology Corp....... 3,047,334
-----------------
29,858,714
-----------------
FOREST PRODUCTS, PAPER & PACKAGING
3,000,000 Pab K Tjiwi Kimia......... 7,739,261
31,000 PT Barito Pacific Timber.. 52,838
6,930,000 PT Indah Kiat Paper Co.... 8,220,546
2,000,000 PT Inti Indorayon Utama... 5,435,909
-----------------
21,448,554
-----------------
MISCELLANEOUS
1,112,000 PT United Tractors........ 2,868,686
-----------------
PHOTOGRAPHY
750,000 PT Modern Photography &
Film.................... 4,111,482
-----------------
REAL ESTATE
694,000 Modernland Realty, Ltd.... 2,429,759
4,905,500 PT Dharmala
International........... 6,722,959
954,000 PT Lippo Land
Development............. 1,626,074
1,104,000 PT Lippo Land (Rights)*... 457,722
-----------------
11,236,514
-----------------
TELECOMMUNICATIONS
1,250,000 Indosat................... 4,980,997
-----------------
TEXTILES
500,000 PT Indorama Synthetic..... 2,003,916
-----------------
WIRE & CABLE
335,500 PT Kabelmetal Indonesia... 482,984
-----------------
TOTAL INDONESIA........... 106,745,092
-----------------
JAPAN (14.2%)
AGRICULTURE
30,000 Yukiguni Maitake Co.,
Ltd..................... 1,018,519
-----------------
APPAREL
82,500 Goldwin, Inc.............. 882,716
-----------------
AUTOMOTIVE
18,500 Autobacs Seven Co......... 2,322,016
Y 255,000M Toyota Motor Corp. 1.2%
due 1/28/98 (Conv.)..... 2,912,037
-----------------
5,234,053
-----------------
BANKING
204,000 Asahi Bank, Ltd........... 2,245,679
148,000 Bank of Tokyo............. 2,268,724
92,000 Dai-Ichi Kangyo Bank...... 1,675,309
189,000 Mitsui Trust & Banking.... 2,177,778
60,000 Sanwa Bank, Ltd........... 1,253,086
163,000 Shizuoka Bank, Ltd........ 2,213,580
90,000 Sumitomo Bank, Ltd........ 1,685,185
142,000 Sumitomo Trust & Banking.. 2,059,877
-----------------
15,579,218
-----------------
BUILDING & CONSTRUCTION
60,000 Higashi Nihon House....... 1,617,284
30,000 Hosoda Corp............... 521,605
60,000 Kaneshita Construction.... 975,309
76,000 Maeda Road Construction... 1,462,140
20,000 Maezawa Kaisei
Industries.............. 1,296,296
</TABLE>
<PAGE>

DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS OCTOBER 31, 1994 (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- ----------------- -----------------
<C> <S> <C>
79,000 Raito Kogyo Co............ $ 1,739,300
40,000 Sankyo Frontier Co.,
Ltd..................... 1,436,214
111,000 Sumitomo Forestry......... 1,861,420
100,000 Takada Kiko Steel......... 1,023,663
20,000 Tone Geo Technology Co.,
Ltd..................... 808,642
35,000 Yokogawa Construction
Co...................... 770,576
-----------------
13,512,449
-----------------
BUSINESS SERVICES
30,000 Catena Corp............... 737,654
80,000 Dai Nippon Printing Co.... 1,481,481
80,000 Ichiken Co., Ltd.......... 1,193,416
27,000 Nippon Kanzai Co.......... 1,527,778
24,000 Nissin Co................. 1,918,519
45,000 Secom Co.................. 2,995,370
70,000 Tanseisha Co.............. 1,145,062
-----------------
10,999,280
-----------------
CHEMICALS
386,600 Mitsubishi Chemical
Corp.................... 2,275,054
73,000 Shin-Etsu Chemical Co..... 1,547,119
52,000 Shinto Paint Co........... 962,963
-----------------
4,785,136
-----------------
COMPUTER SERVICES
40,000 Enix Corp................. 1,514,403
60,000 Meitec Corp............... 1,234,568
20,000 Nintendo Co............... 1,119,342
55,000 Sumiya Co................. 1,001,543
-----------------
4,869,856
-----------------
COMPUTERS
230,000 Fujitsu, Ltd.............. 2,626,543
6,000 I-O Data Device, Inc...... 253,704
30,000 Japan Digital Laboratory
Co., Ltd................ 870,370
70,000 Nippon Computer System
Co...................... 993,827
44,000 Tecmo..................... 796,708
27,500 TKC Corp.................. 848,765
-----------------
6,389,917
-----------------
COMPUTERS - SYSTEMS
38,000 Daiwabo Information
Systems Co.............. 1,122,016
-----------------
CONGLOMERATES
122,000 Mitsubishi Corp........... 1,656,790
-----------------
ELECTRIC UTILITIES
68,000 Hokkaido Electric Power... 1,693,004
67,000 Kyushu Electric Power..... 1,681,893
-----------------
3,374,897
-----------------
ELECTRONICS
70,000 Aiwa Co................... 1,901,235
Y 100,000M Canon, Inc. 1.2% due
12/20/05 (Conv.)........ 1,224,280
Y 95,000M Canon, Inc. 1.3% due
12/19/08 (Conv.)........ 1,163,066
264,000 Hitachi, Ltd.............. 2,743,210
20,000 Katsuragawa Electric Co... 448,560
41,000 Kyocera Corp.............. 3,112,963
32,000 Mabuchi Motor Co.......... 2,442,798
55,000 Murata Manufacturing Co.,
Ltd..................... 2,240,741
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- ----------------- -----------------
<C> <S> <C>
35,000 Nihon Dempa Kogyo......... $ 1,260,288
77,000 Omron Corp................ 1,386,317
150,000 Sharp Corp................ 2,793,210
40,000 Sony Corp................. 2,432,099
41,000 Tokyo Electron............ 1,366,667
-----------------
24,515,434
-----------------
ENGINEERING & CONSTRUCTION
44,000 Meiden Engineering Co..... 769,547
30,000 Sanshin Corp.............. 527,778
-----------------
1,297,325
-----------------
ENVIRONMENTAL CONTROL
75,000 Suido Kiko Kaisha......... 1,087,963
-----------------
FINANCIAL SERVICES
143,000 Daiwa Securities.......... 2,074,383
48,400 Nichiei Co., Ltd.
(Kyoto)................. 3,112,140
102,000 Nomura Securities, Ltd.... 2,130,247
41,000 Promise Co., Ltd.......... 2,277,778
-----------------
9,594,548
-----------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
30,000 Aiya Co., Ltd............. 833,333
59,000 Amway Japan............... 1,905,967
101,000 Nippon Meat Packers....... 1,475,514
15,000 Plenus Co., Ltd........... 1,095,679
52,000 Sanyo Coca Cola Bottling.. 748,971
60,000 Stamina Foods, Inc........ 956,790
70,000 Steak Miya Co............. 1,065,844
55 Yoshinoya D & C Co.,
Ltd..................... 679,012
-----------------
8,761,110
-----------------
HEALTH & PERSONAL CARE
45,000 Hitachi Medical Corp...... 865,741
50,000 Kawasumi Laboratories,
Inc..................... 1,213,992
56,000 Uni-Charm Corp............ 1,463,374
-----------------
3,543,107
-----------------
HOUSEHOLD FURNISHINGS & APPLIANCES
27,600 Beltecno Corp............. 908,642
45,000 Noritz Corp............... 958,333
Y 120,000M Rinnai Corp. 1.8% due
9/30/98 (Conv.)......... 1,283,951
-----------------
3,150,926
-----------------
INSURANCE
168,000 Tokio Marine & Fire
Insurance............... 1,987,654
273,000 Yasuda Fire & Marine
Insurance............... 1,999,753
-----------------
3,987,407
-----------------
MACHINERY
60,000 Comson Corp............... 1,141,975
5,000 DMW Corp.................. 720,165
53,000 Fanuc, Ltd................ 2,562,757
50,000 Fuji Machine
Manufacturing........... 1,635,802
21,000 Keyence Corp.............. 2,527,778
72,000 Makita Corp............... 1,355,556
383,000 Minebea Co................ 3,313,817
270,000 Mitsubishi Heavy
Industries, Ltd......... 2,191,667
30,000 Sankyo Engineering........ 1,009,259
</TABLE>
<PAGE>

DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS OCTOBER 31, 1994 (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- ----------------- -----------------
<C> <S> <C>
60,000 Sansei Yusoki Co., Ltd.... $ 1,117,284
83,000 THK Co.................... 2,476,337
-----------------
20,052,397
-----------------
MANUFACTURED HOUSING
165,000 Daiwa House Industry...... 2,274,691
50,000 Nissei Building Kogyo..... 653,292
-----------------
2,927,983
-----------------
MANUFACTURING
45,000 Bridgestone Metalpha
Corp.................... 870,370
15,000 Kokusai Den............... 1,535,494
46,000 Nichiha Corp.............. 918,107
95,000 Nippon Electric Glass
Co...................... 2,052,469
143,000 Takara Standard Co........ 1,588,889
-----------------
6,965,329
-----------------
METALS & MINING
490,000 Kawasaki Steel Corp....... 2,288,683
286,000 Nippon Light Metal Co..... 2,089,095
560,000 Nippon Steel Corp......... 2,304,527
-----------------
6,682,305
-----------------
MISCELLANEOUS
19,500 Maruco Co., Ltd........... 1,368,210
4,000 Misumi Corp............... 173,663
116,000 Nippon Thompson Co........ 912,963
23,000 Yagi Corp................. 629,424
-----------------
3,084,260
-----------------
MULTI - INDUSTRY
55,000 Trusco Nakayama Corp...... 1,329,733
-----------------
NATURAL GAS
365,000 Tokyo Gas Co., Ltd........ 1,716,101
-----------------
OIL & RELATED
227,500 General Sekiyu............ 2,363,940
-----------------
PHARMACEUTICALS
102,000 Eisai Co., Ltd............ 1,741,975
SFr 900M Kuraya Corp. 0.5% due
3/31/98 (Conv.)......... 596,665
28,000 Ono Pharmaceutical Co..... 1,307,819
55,000 Santen Pharmaceutical
Co...................... 1,454,218
38,000 Seikagaku Corp............ 1,622,428
13,000 Towa Pharmaceutical Co.,
Ltd..................... 1,086,008
-----------------
7,809,113
-----------------
REAL ESTATE
60,000 Chubu Sekiwa Real Estate.. 858,025
60,000 Fuso Lexel, Inc........... 604,938
60,000 Kansai Sekiwa Real
Estate.................. 1,141,975
247,000 Mitsui Fudosan Co......... 2,769,856
88,000 Sekiwa Real Estate........ 1,032,099
-----------------
6,406,893
-----------------
RETAIL
20,000 Belluna Co., Ltd.......... 882,716
7,500 Fast Retailing Co.,
Ltd..................... 833,333
43,000 Ministop Co., Ltd......... 1,358,128
34,000 Mr. Max Corp.............. 902,469
25,700 Nissen Co................. 1,047,037
25,000 Nitori Co................. 990,226
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- ----------------- -----------------
<C> <S> <C>
40,000 Senshukai Co.............. $ 1,172,840
96,000 Shimano, Inc.............. 1,906,173
-----------------
9,092,922
-----------------
RETAIL STORES
50,000 Aoyama Trading Co......... 1,532,922
47,000 Home Wide Corp............ 1,015,432
Y 159,000M Izumi Co., Ltd. 1.7% due
8/30/02 (Conv.)......... 2,077,469
27,000 Kahma Co., Ltd............ 827,778
50,000 Kojitu Co., Ltd........... 709,877
40,000 Kuroganeya Co............. 823,045
50,000 Olympic Sports Co., Ltd... 792,181
55,000 Shimachu Co., Ltd......... 1,867,284
90,000 Tasaki Shinju Co.......... 1,231,481
15,000 Tsutsumi Jewelry.......... 1,413,580
50,000 Xebio Co.................. 2,057,613
-----------------
14,348,662
-----------------
TELECOMMUNICATIONS
66,000 C Cube Corp............... 767,284
330 DDI Corp.................. 2,980,864
158,000 Nippon Comsys Co.......... 2,308,230
75,000 Takamisawa Electric Co.... 771,605
40,000 Uniden Corp............... 1,164,609
-----------------
7,992,592
-----------------
TEXTILES
190,000 Kuraray Co................ 2,404,321
-----------------
TRANSPORTATION
470 East Japan Railway........ 2,335,494
256,000 Kamigumi Co............... 2,791,770
-----------------
5,127,264
-----------------
TOTAL JAPAN............... 223,666,482
-----------------
MALAYSIA (14.9%)
AIR TRANSPORT
1,200 Malaysian Helicopter
Services................ 2,957
-----------------
AUTOMOTIVE
1,200,000 Edaran Otomobil Nasional.. 8,541,259
-----------------
BANKING
US$ 2,700M Commerce Asset Holding
1.75% due 9/26/04
(Conv.) 144A**.......... 2,619,000
1,875,000 Hong Leong Bank Berhad.... 5,902,914
2,750,000 Malayan Banking Berhad.... 18,713,336
8,873,000 Public Bank Berhad........ 19,917,625
-----------------
47,152,875
-----------------
BUILDING & CONSTRUCTION
2,280,000 Hume Industries - Malayan
Berhad.................. 9,540,868
1,658,000 Kedah Cement Holdings
Berhad.................. 2,489,918
1,175,000 Metacorp Berhad........... 4,549,276
1,120,000 Nam Fatt Berhad........... 3,920,219
1,500,000 Sungei Way Holdings
Berhad.................. 5,924,912
250,000 Sungei Way Holdings Berhad
(Warrants due
6/29/99)*............... 408,682
</TABLE>
<PAGE>

DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS OCTOBER 31, 1994 (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- ----------------- -----------------
<C> <S> <C>
2,000,000 United Engineers Berhad... $ 10,793,899
1,250,000 United Engineers Berhad 4%
ICUL STK 5/22/99........ 596,402
-----------------
38,224,176
-----------------
CHEMICALS
750,000 Malaysian Oxygen.......... 2,082,519
-----------------
CONGLOMERATES
4,735,000 Renong Berhad............. 7,407,118
962,500 Sime Darby Berhad......... 2,653,745
-----------------
10,060,863
-----------------
CONSTRUCTION PLANT & EQUIPMENT
1,200,000 YTL Corp.................. 6,804,849
-----------------
ELECTRIC EQUIPMENT
750,000 Leader Universal
Holdings................ 4,165,037
-----------------
ELECTRIC UTILITIES
1,200,000 Tenaga Nasional Berhad.... 6,382,479
-----------------
ENTERTAINMENT
2,010,000 Genting Berhad............ 18,472,820
240,000 Genting Berhad (CLOB)..... 2,138,630
-----------------
20,611,450
-----------------
FINANCIAL SERVICES
1,539,000 Arab Malaysian Corp.
Berhad.................. 5,055,768
1,266,666 Arab Malaysian Finance
Berhad.................. 4,309,736
1,266,666 Arab Malaysian Finance
Berhad (Rights)*........ 178,334
2,069,500 Hong Leong Credit Berhad.. 12,302,073
3,113,000 Public Finance Berhad..... 6,452,444
3,500,000 Rashid Hussain Berhad..... 10,813,453
-----------------
39,111,808
-----------------
FOREST PRODUCTS, PAPER & PACKAGING
360,000 Aokam Perdana Berhad...... 2,970,669
US$ 1,780M Aokam Perdana Berhad 3.5%
due 6/13/04 (Conv.)..... 1,922,400
-----------------
4,893,069
-----------------
MANUFACTURING
703,000 O.Y.L. Industries Berhad.. 4,976,261
-----------------
MISCELLANEOUS
1,831,000 Taiping Consolidated
Berhad.................. 4,117,423
-----------------
MULTI - INDUSTRY
600,000 Time Engineering Berhad... 1,783,340
-----------------
PLANTATION
1,500,000 Kuala Lumpur Kepong
Berhad.................. 3,637,075
-----------------
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- ----------------- -----------------
<C> <S> <C>
REAL ESTATE
2,665,000 Land & General Berhad..... $ 13,132,186
US$ 1,000M Land & General Berhad 4.5%
due 7/26/04 (Conv.)..... 1,235,000
681,000 Sime Uep Properties
Berhad.................. 1,571,334
-----------------
15,938,520
-----------------
TELECOMMUNICATIONS
2,000,000 Telekom Malaysia.......... 16,190,849
-----------------
TOTAL MALAYSIA............ 234,676,809
-----------------
PAKISTAN (0.2%)
TELECOMMUNICATIONS
14,700 Pakistan Telecom*......... 2,396,100
-----------------
PHILIPPINES (2.8%)
BANKS - COMMERCIAL
145,530 Philippine National Bank.. 2,285,812
-----------------
BUILDING & CONSTRUCTION
399,900 Bacnotan Consolidated
Inc..................... 4,791,391
-----------------
CONGLOMERATES
1,800,000 First Philippine Holdings
(B Shares).............. 9,061,619
600,000 First Philippine Holdings
(Rights)*............... 1,105,518
1,490,940 Metro Pacific Corp. (Class
A)...................... 282,216
993,960 Metro Pacific Corp.
(Rights)*............... 96,073
-----------------
10,545,426
-----------------
ELECTRIC UTILITIES
196,830 Manila Electric Co. (B
Shares)................. 2,774,487
-----------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
1,420,000 San Miguel Corp. (B
Shares)................. 7,720,499
-----------------
PROPERTY
10,000,000 Belle Resources Corp. (B
Shares)................. 2,295,610
-----------------
REAL ESTATE
US$ 2,000M Filinvest Development
3.75% due 2/28/04
(Conv.)................. 1,760,000
15,000,000 Filinvest Land, Inc....... 6,796,214
-----------------
8,556,214
-----------------
TELECOMMUNICATIONS
82,000 Philippine Long Distance
Telephone............... 4,879,000
-----------------
TOTAL PHILIPPINES......... 43,848,439
-----------------
SINGAPORE (13.2%)
AUTOMOTIVE
918,000 Cycle and Carriage........ 8,430,039
-----------------
</TABLE>
<PAGE>

DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS OCTOBER 31, 1994 (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- ----------------- -----------------
<C> <S> <C>
BANKING
872,250 Development Bank of
Singapore, Ltd.......... $ 9,255,901
950,000 Overseas Chinese Banking
Corp., Ltd.............. 10,210,190
1,804,000 Overseas Union Bank....... 10,307,870
1,346,000 United Overseas Bank
Corp., Ltd.............. 14,740,902
-----------------
44,514,863
-----------------
CONGLOMERATES
1,529,000 Keppel Corp., Ltd......... 14,040,882
-----------------
ELECTRONICS
200,000 Creative Technology....... 2,875,000
2,784,000 Datapulse Technology,
Ltd..................... 1,145,718
1,070,000 Eltech Electronic......... 596,830
764,000 Venture Manufacturing,
Ltd..................... 1,850,105
-----------------
6,467,653
-----------------
ENGINEERING & CONSTRUCTION
915,000 Van Der Horst............. 4,107,884
-----------------
FINANCE
1,237,000 Hong Leong Finance, Ltd... 4,712,060
250,000 Hong Leong Finance, Ltd.
(Rights)*............... 319,706
-----------------
5,031,766
-----------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
800,000 Fraser & Neave Ltd........ 9,468,744
52,000 Fraser & Neave, Ltd.
(Warrants due
5/27/98)*............... 300,660
-----------------
9,769,404
-----------------
HOTELS
3,482,000 Marco Polo Developments,
Ltd..................... 6,158,221
1,268,000 Overseas Union
Enterprise.............. 8,107,748
1,822,000 Republic Hotels &
Resorts................. 3,346,303
-----------------
17,612,272
-----------------
METALS & MINING
1,626,000 Amtek Engineering, Ltd.... 3,119,053
-----------------
PUBLISHING
200,000 Singapore Press Holdings.. 3,659,615
-----------------
REAL ESTATE
148,000 Bukit Sembawang Estates... 3,261,819
3,794,400 City Developments, Ltd.... 22,326,073
3,000,000 DBS Land.................. 10,509,489
3,000,000 Liang Court Holdings,
Ltd..................... 3,285,491
1,542,000 Malayan Credit, Ltd....... 4,048,786
1,000,000 Singapore Land............ 6,428,134
3,000,000 United Overseas Land,
Ltd..................... 6,285,287
2,000,000 Wing Tai Holdings, Ltd.... 4,081,355
-----------------
60,226,434
-----------------
RETAIL STORES
750,000 Metro Holdings............ 3,443,643
-----------------
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- ----------------- -----------------
<C> <S> <C>
SHIPBUILDING
1,000,000 Far East Levingston....... $ 4,931,637
850,000 Jurong Shipyard, Ltd...... 7,632,134
1,000,000 Sembawang Maritime........ 4,795,592
-----------------
17,359,363
-----------------
TRANSPORTATION
1,020,000 Singapore International
Airline, Ltd............ 9,783,008
-----------------
TOTAL SINGAPORE........... 207,565,879
-----------------
SOUTH KOREA (5.5%)
AUTOMOTIVE
122,000 Hyundai Motor Co., Ltd.
(GDR)................... 2,623,000
232,000 Kai Motors Corp. (GDS).... 4,350,000
-----------------
6,973,000
-----------------
BANKING
102,670 Kangwon Bank.............. 1,159,385
53,852 Kangwon Bank (Rights)*.... 608,115
-----------------
1,767,500
-----------------
BUILDING & CONSTRUCTION
92,201 Dong-Ah Construction
Industries.............. 3,458,984
140,000 Dongbu Steel Co........... 5,533,250
76,880 Dongkuk Steel Mill Co..... 3,598,023
2,382 Sam Whan Camus Co......... 34,071
-----------------
12,624,328
-----------------
CHEMICALS
70,000 Pacific Chemical.......... 3,293,601
-----------------
ELECTRONICS
US$ 4,000M Daewoo Electronics 3.5%
due 12/31/07 (Conv.).... 5,680,000
5,562 Samsung Electronics
(GDR)................... 329,549
114,787 Samsung Electronics
(GDS)................... 6,801,130
-----------------
12,810,679
-----------------
FINANCIAL SERVICES
205,658 Sang Up Securities Co..... 4,670,527
-----------------
INVESTMENT COMPANIES
165,000 Clemente Korea Emerging
Growth Fund *........... 2,103,750
-----------------
MANUFACTURING
88,000 Kumho & Co., Inc.......... 1,413,300
-----------------
METALS & MINING
350,000 Poongsan Corp............. 8,212,045
-----------------
MULTI - INDUSTRY
SFr 2,750M Daewoo Corp. 3.25% due
12/31/97 (Conv.)........ 2,429,039
US$ 2,300M Daewoo Corp. 0.25% due
12/31/08 (Conv.)........ 2,472,500
US$ 3,215M Kolon International Corp.
1.0% due 12/31/08
(Conv.)................. 2,604,150
-----------------
7,505,689
-----------------
</TABLE>
<PAGE>

DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS OCTOBER 31, 1994 (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- ----------------- -----------------
<C> <S> <C>
OIL & RELATED
US$ 6,500M Sangyong Oil 3.75% due
12/31/08 (Conv.)........ $ 8,417,500
240,000 Yukong, Ltd. (GDS)........ 5,940,000
SFr 3,000M Yukong, Ltd. 1.0% due
12/31/98 (Conv.)........ 4,168,321
-----------------
18,525,821
-----------------
STEEL & IRON
112,700 Pohang Iron & Steel, Ltd.. 3,606,400
-----------------
TRANSPORTATION
84,460 Han Jin Transportation.... 3,709,034
-----------------
TOTAL SOUTH KOREA......... 87,215,674
-----------------
TAIWAN (4.0%)
BUILDING & CONSTRUCTION
220,179 Asia Cement (GDS)......... 3,934,599
SFr 3,000M Pacific Construction
2.125% due 10/1/98
(Conv.)................. 2,643,906
-----------------
6,578,505
-----------------
ELECTRONICS
208,220 Microelectronics
Technology.............. 2,498,640
US$ 3,900M United Micro Electronic
1.25% due 6/8/04
(Conv.)................. 5,460,000
-----------------
7,958,640
-----------------
FOOD MANUFACTURER
867 President Enterprise Corp.
(GDR)................... 16,040
-----------------
INVESTMENT COMPANIES
105,000 Formosa Growth Fund....... 1,548,750
515 Formosa Growth Fund
(Units)++............... 4,738,000
738,000 Invesco International
Taiwan Growth Fund...... 5,535,000
120 Taipei Fund............... 9,840,000
360,000 Taiwan Capital Fund....... 3,690,000
-----------------
25,351,750
-----------------
RETAIL
US$ 2,800M Far Eastern Dept Store
3.0% due 7/6/01 (Conv.)
- 144A**................ 2,737,000
-----------------
TEXTILES
US$ 5,150M Far Eastern Textile 4.0%
due 10/7/06 (Conv.)..... 5,536,250
261,836 Tuntex Distinct (GDS)..... 2,880,196
-----------------
8,416,446
-----------------
TRANSPORTATION
US$ 6,000M U-Ming Marine Holdings
1.5% due 2/7/01
(Conv.)................. 6,315,000
US$ 4,550M Yang Ming Marine 2.0% due
10/6/01 (Conv.)......... 4,914,000
-----------------
11,229,000
-----------------
TOTAL TAIWAN.............. 62,287,381
-----------------
<CAPTION>
SHARES/
PRINCIPAL
AMOUNT VALUE
- ----------------- -----------------
<C> <S> <C>
THAILAND (10.9%)
AUTOMOTIVE
615,000 Swedish Motor Corp........ $ 4,591,579
-----------------
BANKING
486,200 Bangkok Bank.............. 5,269,297
3,000,000 Krung Thai Bank, Ltd...... 10,175,410
3,371,300 Siam City Bank............ 4,770,133
600,000 Siam Commercial Bank,
Ltd..................... 6,213,623
1,400,000 Thai Farmers Bank......... 12,363,023
2,793,400 Thai Military Bank,
Ltd..................... 13,006,639
-----------------
51,798,125
-----------------
BUILDING & CONSTRUCTION
1,805,000 NTS Steel Group Co.,
Ltd..................... 4,455,807
129,300 Siam Cement Co............ 7,463,308
396,000 Siam City Cement Co.,
Ltd..................... 8,519,890
757,000 Thai - German Ceramics
Industry Co............. 3,190,503
THB 3,523M Thai - German Ceramics
Industry Co. 3.0% due
7/8/99 (Units)++........ 938,694
317,070 Thai - German Ceramics
(Warrants due
7/8/99)*................ 594,991
880,000 Tipco Asphalt Co., Ltd.... 7,241,199
THB 5,900M Tipco Asphalt Co. 3.875%
due 2/28/99............. 167,529
47,200 Tipco Asphalt Co (Warrants
due 12/31/98)*.......... 270,927
-----------------
32,842,848
-----------------
FINANCIAL SERVICES
715,000 General Finance
Securities.............. 7,921,166
54,600 Phatra Thanakit Co.,
Ltd..................... 561,056
US$ 1,900M Phatra Thanakit Co., Ltd.
3.5% due 12/13/03
(Conv.)................. 2,603,000
218,400 Phatra Thanakit
(Rights)*............... 2,156,561
300,000 Securities One, Ltd....... 9,392,687
-----------------
22,634,470
-----------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
516,000 CP Feedmill Co............ 3,748,886
-----------------
FOREST PRODUCTS, PAPER & PACKAGING
1,110,000 Siam Pulp & Paper Co...... 3,920,845
-----------------
FURNITURE
747,000 Modernform Group Co.,
Ltd..................... 1,559,185
-----------------
INVESTMENT COMPANIES
9,840,300 Ruang Khao Fund 2......... 5,529,812
-----------------
LEISURE
3,100,570 Dusit Thani Corp.......... 4,604,869
-----------------
METALS & MINING
146,000 Ban Pu Coal Co., Ltd...... 3,703,769
1,250,000 Sahaviriya Steel
Industries.............. 3,135,913
-----------------
6,839,682
-----------------
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
CURRENCY EXPIRATION
AMOUNT DATE/EXERCISE
(IN THOUSANDS) PRICE VALUE
- -------------- ----------------------------- -----------------
<C> <S> <C>
PURCHASED PUT OPTIONS ON FOREIGN CURRENCY (0.1%)
Y 1,001,300 November 4, 1994/Y 100.13.... $ 1,000
Y 6,616,920 December 28, 1994/Y 98.76.... 549,400
Y 6,026,800 December 28, 1994/Y 98.80.... 347,700
Y 6,619,600 December 28, 1994/Y 98.80.... 314,900
-----------------
TOTAL PURCHASED PUT OPTIONS
ON FOREIGN CURRENCY
(IDENTIFIED COST
$4,026,000)................ 1,213,000
-----------------
TOTAL INVESTMENTS (IDENTIFIED
COST $1,356,551,567) (B).... 99.8% $ 1,568,597,809
CASH AND OTHER ASSETS IN
EXCESS OF LIABILITIES....... 0.2 1,989,928
---------- ---------------
NET ASSETS.................... 100.0% $ 1,570,587,737
---------- ---------------
---------- ---------------
<FN>
- ------------------
++ CONSISTS OF ONE OR MORE CLASS OF SECURITIES TRADED TOGETHER AS A UNIT;
GENERALLY BONDS WITH ATTACHED STOCKS/WARRANTS.
* NON-INCOME PRODUCING SECURITY.
** RESALE IS RESTRICTED TO QUALIFIED INSTITUTIONAL INVESTORS.
ADR AMERICAN DEPOSITORY RECEIPT.
GDR GLOBAL DEPOSITORY RECEIPT.
GDS GLOBAL DEPOSITORY SHARE.
(A) COMMERCIAL PAPER WAS PURCHASED ON A DISCOUNT BASIS. THE INTEREST RATE
SHOWN HAS BEEN ADJUSTED TO REFLECT A BOND EQUIVALENT YIELD.
(B) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $1,378,817,759; THE
AGGREGATE GROSS UNREALIZED APPRECIATION IS $255,072,245 AND THE AGGREGATE
GROSS UNREALIZED DEPRECIATION IS $65,292,195, RESULTING IN NET UNREALIZED
DEPRECIATION OF $189,780,050.
</TABLE>

FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT OCTOBER 31, 1994:

<TABLE>
<CAPTION>
UNREALIZED
CONTRACTS DELIVERY APPRECIATION/
TO DELIVER IN EXCHANGE FOR DATE (DEPRECIATION)
- ---------------- ------------------- --------- -------------
<S> <C> <C> <C>
Y 12,910,934 US$ 133,144 11/ 1/94 $ 315
US$ 94,629 Y 9,176,190 11/ 1/94 (224)
US$ 3,032,132 THB 75,409,126 11/ 1/94 (5,234)
US$ 6,262,185 IDR 13,593,637,025 11/ 3/94 --
US$ 371,532 MYR 950,007 11/ 3/94 --
US$ 87,304 THB 2,184,000 11/ 4/94 361
US$ 494,598 MYR 1,266,666 11/ 8/94 774
US$ 1,421,895 IDR 3,091,200,000 11/18/94 2,129
-------------
Net Unrealized Depreciation... $ (1,879)
-------------
-------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
SUMMARY OF INVESTMENTS BY INDUSTRY CLASSIFICATION OCTOBER 31, 1994
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ---------------------------------------------------------------- -------------- -------------
<S> <C> <C>
Agriculture..................................................... $ 1,018,519 0.1%
Air Transport................................................... 2,957 0.0
Apparel......................................................... 882,716 0.1
Automotive...................................................... 40,587,850 2.6
Automotive Finance.............................................. 21,900,000 1.4
Banking......................................................... 219,292,141 14.0
Banks - Commercial.............................................. 2,285,812 0.1
Building & Construction......................................... 125,001,469 8.0
Building Materials.............................................. 287,500 0.0
Business Services............................................... 10,999,280 0.7
Chemicals....................................................... 11,713,322 0.7
Computer Services............................................... 5,652,084 0.4
Computers....................................................... 6,389,917 0.4
Computers - Systems............................................. 1,122,016 0.1
Conglomerates................................................... 101,398,210 6.5
Construction Plant & Equipment.................................. 6,804,849 0.4
Electric Equipment.............................................. 4,165,037 0.3
Electric Utilities.............................................. 15,993,363 1.0
Electronics..................................................... 51,752,406 3.3
Engineering & Construction...................................... 5,405,209 0.3
Entertainment................................................... 20,611,450 1.3
Environmental Control........................................... 1,087,963 0.1
Finance......................................................... 9,697,475 0.6
Financial Services.............................................. 76,836,353 4.9
Food, Beverage, Tobacco & Household Products.................... 62,067,253 3.9
Food Manufacturer............................................... 16,040 0.0
Foreign Currency Put Options.................................... 1,213,000 0.1
Forest Products, Paper & Packaging.............................. 30,262,468 1.9
Furniture....................................................... 1,559,185 0.1
Health & Personal Care.......................................... 3,543,107 0.2
Hotels.......................................................... 17,612,272 1.1
Household Furnishings & Appliances.............................. 3,150,926 0.2
Insurance....................................................... 3,987,407 0.3
Investment Companies............................................ 34,423,836 2.2
Leisure......................................................... 21,983,965 1.4
Leisure Broadcasting............................................ 7,364,731 0.5
Machinery....................................................... 20,052,397 1.3
Manufactured Housing............................................ 2,927,983 0.2
Manufacturing................................................... 18,972,994 1.2
</TABLE>
<PAGE>

Dean Witter Pacific Growth Fund Inc.
SUMMARY OF INVESTMENTS BY INDUSTRY CLASSIFICATION OCTOBER 31, 1994 (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ---------------------------------------------------------------- -------------- -------------
<S> <C> <C>
Metals & Mining................................................. $ 36,436,920 2.3%
Miscellaneous................................................... 10,070,369 0.6
Multi-Industry.................................................. 13,047,895 0.8
Natural Gas..................................................... 1,716,101 0.1
Oil & Related................................................... 27,556,513 1.8
Pharmaceuticals................................................. 7,809,113 0.5
Photography..................................................... 4,111,482 0.3
Plantation...................................................... 3,637,075 0.2
Property........................................................ 2,295,610 0.1
Publishing...................................................... 3,659,615 0.2
Real Estate..................................................... 255,719,428 16.3
Retail.......................................................... 11,829,922 0.8
Retail Stores................................................... 25,557,486 1.6
Shipbuilding.................................................... 17,359,363 1.1
Steel & Iron.................................................... 3,606,400 0.2
Telecommunications.............................................. 85,377,133 5.4
Textiles........................................................ 12,824,683 0.8
Transportation.................................................. 43,385,986 2.8
Utilities....................................................... 32,088,269 2.0
Wire & Cable.................................................... 482,984 0.0
-------------- -----
$1,568,597,809 99.8%
-------------- -----
-------------- -----
</TABLE>

SUMMARY OF INVESTMENTS BY TYPE OCTOBER 31, 1994
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
TYPE OF INVESTMENT
- ----------------------------------------------------------------
<S> <C> <C>
Bonds........................................................... $ 90,537,057 5.7%
Commercial Paper................................................ 21,900,000 1.4
Common and Preferred Stocks..................................... 1,448,281,596 92.2
Put Options..................................................... 1,213,000 0.1
Rights.......................................................... 4,922,029 0.3
Warrants........................................................ 1,744,127 0.1
-------------- -----
$1,568,597,809 99.8%
-------------- -----
-------------- -----
</TABLE>
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1994
- --------------------------------------------------------------------------------

<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $1,356,551,567) (Note
1).................................... $ 1,568,597,809
Cash (including $6,346,843 in foreign
currency)............................. 6,615,555
Receivable for:
Capital stock sold.................... 7,694,151
Investments sold (Note 4)............. 6,287,994
Dividends............................. 1,649,380
Interest.............................. 944,688
Deferred organizational expenses (Note
1).................................... 30,755
Prepaid expenses and other assets....... 28,414
---------------
TOTAL ASSETS.................... 1,591,848,746
---------------
LIABILITIES:
Payable for:
Investments purchased (Note 4)........ 15,464,829
Investment management fee (Note 2).... 1,277,179
Capital stock repurchased............. 1,274,680
Plan of distribution fee (Note 3)..... 1,215,823
Accrued expenses and other payables
(Note 4).............................. 2,028,498
---------------
TOTAL LIABILITIES............... 21,261,009
---------------
NET ASSETS:
Paid-in-capital......................... 1,309,724,534
Net unrealized appreciation............. 212,064,254
Accumulated net investment loss......... (21,875,178)
Accumulated undistributed net realized
gains................................. 70,674,127
---------------
NET ASSETS...................... $ 1,570,587,737
---------------
---------------
NET ASSET VALUE PER SHARE, 72,702,299
shares outstanding (200,000,000 shares
authorized of $.01 par value).........
$21.60
---------------
---------------
</TABLE>

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 1994

<TABLE>
<S> <C>
INVESTMENT INCOME:
INCOME
Dividends (net of $2,456,421 foreign
withholding tax)..................... $ 19,349,457
Interest (net of $13,801 foreign
withholding tax)..................... 1,697,795
------------
TOTAL INCOME....................... 21,047,252
------------
EXPENSES
Investment management fee (Note 2)..... 12,209,230
Plan of distribution fee (Note 3)...... 11,170,369
Custodian fees......................... 3,597,030
Transfer agent fees and expenses (Note
4)................................... 1,887,640
Registration fees...................... 475,593
Shareholder reports and notices........ 129,309
Professional fees...................... 67,835
Directors' fees and expenses (Note
4)................................... 33,989
Organizational expenses (Note 1)....... 28,419
Other.................................. 10,087
------------
TOTAL EXPENSES..................... 29,609,501
------------
NET INVESTMENT LOSS.............. (8,562,249)
------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
(Note 1):
Net realized gain (loss) on:
Investments.......................... 64,027,772
Foreign exchange transactions........ (388,218)
------------
63,639,554
------------
Net change in unrealized appreciation
on:
Investments.......................... 31,369,967
Translation of other assets and
liabilities denominated in foreign
currencies......................... 29,867
------------
31,399,834
------------
NET GAIN ON INVESTMENTS............ 95,039,388
------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS...... $ 86,477,139
------------
------------
</TABLE>

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

<TABLE>
<CAPTION>
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31,1994 OCTOBER 31, 1993
------------------ ------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment loss................................................... $ (8,562,249) $ (1,430,412)
Net realized gain..................................................... 63,639,554 9,710,201
Net change in unrealized appreciation................................. 31,399,834 165,227,866
------------------ ------------------
Net increase in net assets resulting from operations.............. 86,477,139 173,507,655
Distributions to shareholders from net realized gain.................... (13,872,858) (29,883)
Net increase from capital stock transactions (Note 5)................... 803,593,702 344,121,450
------------------ ------------------
Total increase.................................................... 876,197,983 517,599,222
NET ASSETS:
Beginning of period..................................................... 694,389,754 176,790,532
------------------ ------------------
END OF PERIOD (including accumulated net investment loss of $21,875,178
and $2,810,484, respectively).......................................... $ 1,570,587,737 $ 694,389,754
------------------ ------------------
------------------ ------------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------

1. ORGANIZATION AND ACCOUNTING POLICIES -- Dean Witter Pacific Growth Fund Inc.
(the "Fund") is registered under the Investment Company Act of 1940, as amended
(the "Act"), as a diversified, open-end management investment company. The Fund
was incorporated in Maryland on June 13, 1990 and commenced operations on
November 30, 1990.

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 (in cases where securities are traded on
more than one exchange, the securities are valued on the exchange designated
as the primary market by the Directors); (2) listed options are valued at
the latest sale price on the exchange on which they are listed unless no
sales of such options have taken place that day, in which case they will be
valued at the mean between their latest bid and asked price; (3) 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; (4) when market quotations are not readily available,
including circumstances under which it is determined by the Investment
Manager that sale and 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 Directors (valuation of debt securities for which market quotations
are not readily available may be based upon current market prices of
securities which are comparable in coupon, rating and maturity or an
appropriate matrix utilizing similar factors); (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 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; and (6) the value of other assets will be determined in good
faith at their fair value under procedures established by and under the
general supervision of the Directors.

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 on the identified cost
method. Dividend income and other distributions are 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 and includes amortization of discounts of
certain short-term securities.

C. OPTION ACCOUNTING PRINCIPLES -- When the Fund writes a call option, an
amount equal to the premium received is included in the Statement of Assets
and Liabilities as a liability which is subsequently marked-to-market to
reflect the current market value of the option written. If a written option
either expires or the Fund enters into a closing purchase transaction, the
Fund realizes a gain or loss without regard to any unrealized gain or loss
on the underlying security or currency and the liability related to such
option is extinguished. If a written call option is exercised, the Fund
realizes a gain or loss from the sale of the underlying security or currency
and the proceeds from such sale are increased by the premium originally
received.
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------

When the Fund purchases a call or put option, the premium paid is
recorded as an investment and is subsequently marked-to-market to reflect
the current market value. If a purchased option expires, the Fund will
realize a loss to the extent of the premium paid. If the Fund enters into a
closing sale transaction, a gain or loss is realized for the difference
between the proceeds from the sale and the cost of the option. If a put
option is exercised, the cost of the security or currency sold upon exercise
will be increased by the premium originally paid. If a call option is
exercised, the cost of the security purchased upon exercise will be
increased by the premium originally paid.

D. 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 or 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 in the statement of
operations 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.

E. FORWARD FOREIGN CURRENCY CONTRACTS -- The Fund may enter into forward
foreign currency contracts as a hedge against fluctuations in foreign
exchange rates. Forward contracts are valued daily at the appropriate
exchange rates. The resultant exchange gains and losses are included in the
Statement of Operations as unrealized gain/loss on foreign exchange
transactions. The Fund records realized gains or losses on delivery of the
currency or at the time the contract is extinguished (compensated) by
entering into a closing transaction prior to delivery.

F. 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.

G. 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.

H. ORGANIZATIONAL EXPENSES -- Dean Witter InterCapital Inc. (the
"Investment Manager") paid the organizational expenses of the Fund in the
amount of approximately $142,000 which have been fully
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
reimbursed by the Fund. Such expenses have been deferred and are being
amortized by the Fund on the straight-line method over a period not to
exceed five years from the commencement of operations.

2. INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS -- Pursuant to an
Investment Management Agreement, the Fund pays its Investment Manager a
management fee, accrued daily and payable monthly, by applying the annual rate
of 1.0% to the net assets of the Fund determined as of the close of each
business day. Effective May 1, 1994, the Agreement was amended to reduce the
annual fee to 0.95% of the portion of daily net assets in excess of $1 billion.

Under the terms of the Agreement, in addition to managing the Fund's
investments, the Investment 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 Investment
Manager. The Investment Manager also bears the cost of telephone services, heat,
light, power and other utilities provided to the Fund.

Under a Sub-Advisory Agreement between Morgan Grenfell Investment Services
Limited (the "Sub-Advisor") and the Investment Manager, the Sub-Advisor provides
the Fund with investment advice and portfolio management relating to the Fund's
investments in securities, subject to the overall supervision of the Investment
Manager. As compensation for its services provided pursuant to the Sub-Advisory
Agreement, the Investment Manager pays the Sub-Advisor monthly compensation
equal to 40% of its monthly compensation.

3. PLAN OF DISTRIBUTION -- Shares of the Fund are distributed by Dean Witter
Distributors Inc. (the "Distributor"), an affiliate of the Investment 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 gain
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 the account executives of Dean Witter Reynolds Inc., an affiliate of
the Investment Manager and Distributor, and other employees or selected dealers
who engage in or support distribution of the Fund's shares or who service
shareholder's 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 incurred by the Distributor.
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------

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 year ended October 31,
1994, it received approximately $2,068,000 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.

4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES -- The cost of
purchases and proceeds from sales of portfolio securities, excluding short-term
investments, for the year ended October 31, 1994 aggregated $1,188,085,486 and
$428,343,185, respectively.

For the year ended October 31, 1994, the Fund incurred $1,715,713 in
brokerage commissions with affiliates of Morgan Grenfell for portfolio
transactions executed on behalf of the Fund. At October 31, 1994, the Fund's
receivable for investments sold and payable for investments purchased included
unsettled trades with Morgan Grenfell of $305,425 and $7,838,162, respectively.

Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At October 31, 1994, the Fund had
transfer agent fees and expenses payable of approximately $367,000.

On January 1, 1994, the Fund adopted an unfunded noncontributory defined
benefit pension plan covering all independent Directors of the Fund who will
have served as independent Directors for at least five years at the time of
retirement. Benefits under this plan are based on years of service and
compensation during the last five years of service. Aggregate pension costs for
the year ended October 31, 1994, included in Directors' fees and expenses in the
Statement of Operations, amounted to $10,032. At October 31, 1994, the Fund had
an accrued pension liability of $13,080 which is included in accrued expenses in
the Statement of Assets and Liabilities.

5. CAPITAL STOCK -- Transactions in capital stock were as follows:

<TABLE>
<CAPTION>
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 1994 OCTOBER 31, 1993
---------------------------------- -------------------------------
SHARES AMOUNT SHARES AMOUNT
-------------- ------------------ ------------- ----------------
<S> <C> <C> <C> <C>
Sold......................................... 54,026,401 $ 1,146,362,977 25,051,232 $ 403,642,713
Reinvestment of distributions................ 577,238 12,878,176 2,334 28,148
-------------- ------------------ ------------- ----------------
54,603,639 1,159,241,153 25,053,566 403,670,861
Repurchased.................................. (16,968,849) (355,647,451) (3,920,342) (59,549,411)
-------------- ------------------ ------------- ----------------
Net increase................................. 37,634,790 $ 803,593,702 21,133,224 $ 344,121,450
-------------- ------------------ ------------- ----------------
-------------- ------------------ ------------- ----------------
</TABLE>

6. FEDERAL INCOME TAX STATUS -- As of October 31, 1994, the Fund had temporary
book/tax differences primarily attributable to the mark-to-market of passive
foreign investment companies and permanent book/tax differences primarily
attributable to foreign currency losses, dividend redesignations and offsetting
of net realized capital gains with a net operating loss. To reflect cumulative
reclassifications arising from permanent book/tax differences as of October 31,
1993, accumulated net investment loss was charged $1,472,266, paid-in-capital
was charged $121 and accumulated undistributed net realized gains was credited
$1,472,387. To reflect reclassifications arising from permanent book/tax
differences
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
for the year ended October 31, 1994, accumulated net investment loss was charged
and accumulated undistributed net realized gains was credited $10,502,445.

7. FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK -- As of October 31, 1994,
the Fund had outstanding forward foreign currency contracts ("forward
contracts") as a hedge against changes in foreign exchange rates. Forward
contracts involve elements of market risk in excess of the amount 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.
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------

Selected ratios and data for a share of capital stock outstanding through each
period:

<TABLE>
<CAPTION>
FOR THE
PERIOD
FOR THE YEAR ENDED OCTOBER NOVEMBER 30,
31, 1990* THROUGH
---------------------------- OCTOBER 31,
1994 1993 1992** 1991
-------- -------- -------- -------------
<S> <C> <C> <C> <C>
Per Share Operating
Performance:
Net asset value, beginning
of period................ $19.80 $12.69 $11.72 $10.00
-------- -------- -------- -------------
Net investment income
(loss)................... (0.10) (0.04) (0.01) 0.06
Net realized and
unrealized gain.......... 2.22 7.15 1.14 1.69
-------- -------- -------- -------------
Total from investment
operations............... 2.12 7.11 1.13 1.75
-------- -------- -------- -------------
Less dividends and
distributions from:
Net investment income... -- -- (0.01) (0.03)
Capital gains........... (0.32) -- (0.15) --
-------- -------- -------- -------------
Total dividends and
distributions............ (0.32) -- (0.16) (0.03)
-------- -------- -------- -------------
Net asset value, end of
period................... $21.60 $19.80 $12.69 $11.72
-------- -------- -------- -------------
-------- -------- -------- -------------
Total Investment
Return+.................. 10.69% 56.13% 9.86% 17.54%(1)
Ratios/Supplemental Data:
Net assets, end of period
(in thousands)........... $1,570,588 $694,390 $176,791 $ 85,701
Ratios to average net
assets:
Expenses................ 2.41% 2.38% 2.77% 2.43%(2)(3)
Net investment income
(loss)................. (0.70)% (0.46)% (0.30)% 0.61%(2)(3)
Portfolio turnover rate... 35% 30% 73% 70%(1)
<FN>
- --------------
* COMMENCEMENT OF OPERATIONS.
** NET INVESTMENT LOSS WAS COMPUTED BASED UPON MONTHLY AVERAGE SHARES
OUTSTANDING.
+ DOES NOT REFLECT THE DEDUCTION OF SALES LOAD.
(1) NOT ANNUALIZED.
(2) ANNUALIZED.
(3) IF THE FUND HAD BORNE ALL EXPENSES THAT WERE ASSUMED OR WAIVED BY THE
INVESTMENT MANAGER, THE ABOVE ANNUALIZED EXPENSE RATIO WOULD HAVE BEEN
2.83% AND THE ABOVE ANNUALIZED NET INVESTMENT INCOME RATIO WOULD HAVE BEEN
0.22%.
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
Dean Witter Pacific Growth Fund Inc.
Report of Independent Accountants
- --------------------------------------------------------------------------------

To the Shareholders and Board of Directors of Dean Witter Pacific Growth Fund
Inc.

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 Dean Witter Pacific Growth Fund
Inc. (the "Fund") at October 31, 1994, the results of its operations for the
year then ended, the changes in its net assets for each of the two years in the
period then ended and the financial highlights for each of the three years in
the period then ended and for the period November 30, 1990 (commencement of
operations) through October 31, 1991, 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 audits. We conducted our audits of these
financial statements in accordance with generally accepted auditing standards
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities owned at October 31, 1994 by correspondence with the
custodian and brokers and the application of alternative auditing procedures
where confirmations from brokers were not received, provide a reasonable basis
for the opinion expressed above.

PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, New York
December 22, 1994

1994 FEDERAL TAX NOTICE (UNAUDITED)

During the year ended October 31, 1994, the Fund paid to
shareholders $0.081481 per share from long-term capital gains.
<PAGE>

BOARD OF DIRECTORS

Jack F. Bennett
Michael Bozic
Charles A. Fiumefreddo DEAN WITTER
Edwin J. Garn PACIFIC
John R. Haire GROWTH FUND
Dr. Manuel H. Johnson
Paul Kolton
Michael E. Nugent
Philip J. Purcell
John L. Schroeder

OFFICERS

Charles A. Fiumefreddo
Chairman and Chief Executive Officer

Sheldon Curtis
Vice President, Secretary and General Counsel

Thomas H. Connelly
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

INVESTMENT MANAGER

Dean Witter InterCapital Inc.
Two World Trade Center
New York, New York 10048

SUB-ADVISOR

Morgan Grenfell Investment Services Limited

This report is submitted for the general information ANNUAL REPORT
of shareholders of the Fund. For more detailed OCTOBER 31, 1994
information about the Fund, its officers and
trustees, fees, expenses and other pertinent
information, please see the prospectus of the Fund.

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

<PAGE>

DEAN WITTER PACIFIC GROWTH FUND
GROWTH OF $10,000
($ IN THOUSANDS)
<TABLE>
<CAPTION>

DATE TOTAL MSCI S&P
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
November 30, 1990 $10,000 $10,000 $10,000
- -------------------------------------------------------------------------------
October 31, 1991 $11,754 $11,561 $12,551
- -------------------------------------------------------------------------------
October 31, 1992 $12,913 $10,735 $13,799
- -------------------------------------------------------------------------------
October 31, 1993 $20,162 $13,392 $15,855
- -------------------------------------------------------------------------------
October 31, 1994 $22,117 (3) $14,182 $16,466
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
----------------------------
----------------------------
<C> <C>
10.69 (1) 22.74 (1)
----------------------------
5.69 (2) 22.46 (2)
----------------------------
----------------------------

----------------------------------------
----------------------------------------
<C> <C> <C>
____Fund ____S&P 500 (4)____MSCI (5)
----------------------------------------
----------------------------------------

Past performance is not predictive of future returns.

- --------------------------------------------
<FN>

(1) Figure shown assumes reinvestment of all distributions and does not
reflect the deduction of any sales charges.

(2) Figure shown assumes the deduction of the maximum applicable contingent
deferred sales charge (CDSC) (1 year-5%, since inception - 2%). See
the Fund's current prospectus for complete details on fees and sales
charges.

(3) Closing value after the deduction of a 2% CDSC, assuming a complete
redemption on October 31, 1994.

(4) The S&P 500 is a broad-based index, the performance of which is based
on the average performance of 500 widely held common stocks. The index
does not include any expenses, fees or charges.

(5) 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.

</TABLE>