DEAN WITTER PACIFIC GROWTH FUND INC, N-30D, 1995-06-21

DEAN WITTER PACIFIC GROWTH FUND INC
N-30D, 1995-06-21

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<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC. TWO WORLD TRADE CENTER, NEW YORK, NEW YORK
10048
LETTER TO THE SHAREHOLDERS

DEAR SHAREHOLDER:

The six-month period ended April 30, 1995, was challenging for investing in the
markets of the Pacific Basin.

As the reporting period began on November 1, 1994, most markets of the Pacific
Basin, excluding Japan, were completing a year of marked weakness. Having
rallied somewhat in the third quarter of the year, markets fell away again in
November and December. The influences behind this weakness were exactly the same
as those which had impacted the markets all year, specifically the steady upward
movement in U.S. interest rates and the overheating of the mainland Chinese
economy. Hong Kong was also impacted by concerns over the local real estate
market (both residential and commercial).

Toward the end of December and into January 1995, these difficulties were
compounded by the crisis resulting from the ill-executed currency devaluation in
Mexico. The devaluation of the Mexican peso severely impacted sentiment towards
all the world's "emerging markets", which came under scrutiny as investors tried
to evaluate whether these markets shared any of the characteristics which had
led to the Mexican debacle.

In fundamental terms, the economies of the Pacific Basin have historically been
run much better and in a much less risky fashion than that of Mexico. Many
countries in the region run current account surpluses and, even those which are
in deficit on the current account, have tended to finance this through long-term
capital inflows in the form of foreign direct investment in plant and equipment,
rather than the short term capital market flows which typified the Mexican
experience. Despite these superior characteristics, a number of currencies in
the region (the Hong Kong dollar, the Thai Baht and the Indonesian Ruppiah) came
under severe pressure in the early weeks of 1995, with the result that the local
authorities had to respond with significantly higher interest rates, which had a
predictably negative impact on the stock markets.
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
LETTER TO THE SHAREHOLDERS, CONTINUED

By late January, the bearish sentiment in the region reached a crescendo and the
valuation of regional stock markets had fallen back to levels last seen before
the 1993 bull market took off, and similar to those levels seen in the middle of
the Gulf Crisis 1990-1991 (when this fund was initially launched) and again in
1989, following the Tiananmen Square incident.

Since then, the markets have begun a slow but rather volatile recovery, assisted
by improved news flow regarding US interest rates. The second half of the period
under review was typified by somewhat positive returns at least from the major
markets of the region. However, the hangover from the Mexican crisis continued
to impact some of the smaller markets, with the result that Indonesia,
Philippines and Thailand were the worst performing regional markets during the
period. Sentiment was also dampened by concerns regarding the health of Deng
Xiao Ping (China's paramount leader) and about the succession uncertainties
which will flow from his ultimate death.

Below are the returns of the various regional markets during the period.

<TABLE>
<CAPTION>
Regional Stock Market Returns 6 Months to end-April 1995 (US$, %)
- ----------------------------------------------------------------------------------------------------
<S> <C>
Hong Kong................................................................................ -13.60
Indonesia................................................................................ -23.60
Japan.................................................................................... -1.30
Malaysia................................................................................. -11.60
Philippines Free......................................................................... -20.10
Taiwan................................................................................... -8.70
Thailand................................................................................. -18.60
Singapore Free........................................................................... -4.80
Korea.................................................................................... -13.00
</TABLE>

It will be noted that Japan continued to move in a very different fashion to the
other Pacific Basin markets. This was, however, wholly due to the exceptional
strength of the Japanese Yen during the period, rising 15.4% against the US
dollar, mainly during the first quarter of 1995. The underlying Japanese stock
market was weak (-14.5% in Yen terms). The Fund's portfolio manager believes
that the Japanese Yen is significantly overvalued against the U.S. dollar, and
that economic recovery in Japan will bring with it a decisive turn in the trade
surplus resulting in a reversal of recent currency movements. With this scenario
in mind, the Fund retains the currency hedging strategy out of Yen into U.S.
dollars for assets invested in Japan.

PERFORMANCE AND PORTFOLIO HOLDINGS

Against this difficult investment climate, Dean Witter Pacific Growth Fund
declined 14.54 percent for the six-month period ended April 30, 1995. This
compares to a return of 3.65 percent for the Morgan
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
LETTER TO THE SHAREHOLDERS, CONTINUED

Stanley Capital International World Index (MSCI World Index). However, unlike
the Fund which invests primarily in securities in the markets of the Pacific
Rim, the MSCI World Index measures the performance of the European, Asian and
American markets. As of April 30, 1995, the Fund's net assets totaled $1.3
billion.

As of the end of the reporting period, the Fund remains overweighted in Taiwan,
Korea and Indonesia, with exposure to Malaysia and Thailand relatively low. Over
the first three months of 1995, the Fund reallocated assets into Hong Kong,
neutralizing the underweighted position that prevailed throughout much of 1994.
The Fund's position in Japan remains low in absolute terms, reflecting the
superior growth potential of the Tiger economies.

LOOKING AHEAD

Looking to the future, the Fund's portfolio manager believes that the Tiger
stock markets of the Pacific Basin presently offer excellent value for long-term
investors. This is particularly the case for the smaller markets of the region,
which have been unjustifiably tarnished by comparisons made with Mexico. A
recovery is expected in these markets as the year unfolds, aided by the expected
peaking out of the U.S. interest rate cycle. Economic performance within the
region remains extremely robust and healthy, maintaining similar levels to those
which have typified recent years. Inflation is on a gradual uptrend in the
region and this may maintain some pressure on regional interest rates, but is
not expected to be serious. Nonetheless it is unlikely that 1995 will see any
great willingness on the part of the investors to "pay up" for equities and,
hence, market returns will be mainly generated by corporate earnings growth,
which also remains robust. Investors may see some expansion in regional
price/earnings ratios and more bullish stock market conditions in 1996. Overall,
we remain positive about the outlook for Pacific Basin investment.

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

Very truly yours,

[SIG]
CHARLES A. FIUMEFREDDO
CHAIRMAN OF THE BOARD
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS APRIL 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>

COMMON STOCKS, PREFERRED STOCKS, WARRANTS,
RIGHTS AND BONDS (98.7%)
AUSTRALIA (1.4%)
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
2,500,000 Fosters Brewing Group Ltd.... $ 2,364,375
-----------------
GOLD
909,562 Western Mining Corp. Holdings
Ltd.......................... 5,148,075
-----------------
LEISURE
1,500,000 Burnswood Property Trust..... 1,625,962
-----------------
METALS & MINING
200,000 CRA Ltd...................... 2,872,170
666,250 Odin Mining & Investment Co.,
Ltd.......................... 266,583
-----------------
3,138,753
-----------------
MULTI - INDUSTRY
800,000 Pacific Dunlop, Ltd.......... 1,967,160
-----------------
OIL RELATED
1,000,000 Santos, Ltd.................. 2,749,950
-----------------
TRANSPORTATION
237,250 Brambles Industries, Ltd..... 2,340,447
-----------------
TOTAL AUSTRALIA.............. 19,334,722
-----------------

CHINA (0.8%)
BUILDING MATERIALS
230,000 Shanghai Yaohua Pilkington
Glass Co., Ltd. (B Shares)... 203,780
-----------------
CHEMICALS
15,650,000 Yizheng Chemical Fibre Co.
Ltd.......................... 5,205,884
-----------------
MISCELLANEOUS
250,000 Shanghai Lujiazui (Class
B)........................... 168,000
-----------------
TRANSPORTATION
2,040,000 Jinhui Shipping and
Transportation Ltd........... 2,631,600
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
UTILITIES
322,000 Shandong Huaneng Power Co.,
Ltd. (ADR)................... $ 2,656,500
-----------------

TOTAL CHINA.................. 10,865,764
-----------------

HONG KONG (23.4%)
BANKING
1,283,838 Dao Heng Bank Group Ltd...... 3,283,812
2,750,000 Guoco Group Ltd.............. 10,444,387
2,500,000 Hang Seng Bank............... 16,470,740
1,002,800 HSBC Holdings PLC............ 11,626,573
5,828,000 International Bank of Asia... 2,653,882
-----------------
44,479,394
-----------------
BUILDING & CONSTRUCTION
2,009,000 Kumagai Gumi, Ltd............ 1,492,280
US$ 3,000K Paul Y-ITC Construction 5.0%
due 02/03/01 (Conv.)......... 2,062,500
-----------------
3,554,780
-----------------
BUSINESS SERVICES
3,000,000 First Pacific Co. Ltd........ 2,460,922
-----------------
COMPUTER SERVICES
5,702,000 Hanny Magnetics Holding,
Ltd.......................... 276,224
-----------------
CONGLOMERATES
2,706,000 Citic Pacific, Ltd........... 6,624,299
7,000,000 Hutchison Whampoa, Ltd....... 30,383,671
1,676,200 Jardine Matheson Holdings
Ltd.......................... 13,325,790
2,400,000 Swire Pacific, Ltd. (Class
A)........................... 16,044,439
2,000,000 Wheelock & Company, Ltd...... 3,126,211
-----------------
69,504,410
-----------------
FINANCE
1,830,000 Dah Sing Financial Holdings
Ltd.......................... 3,309,650
-----------------
FINANCIAL SERVICES
1,828,000 Manhattan Card Co Ltd........ 761,379
-----------------
INVESTMENT COMPANIES
100,000 Investment Co. of China*..... 675,000
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS APRIL 30, 1995 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
LEISURE
22,112,000 CDL Hotels International,
Ltd.......................... $ 10,140,499
4,000,000 Hong Kong & Shanghai
Hotels....................... 4,857,254
15,000,000 Regal Hotels International... 2,809,715
1,594,000 Television Broadcasts,
Ltd.......................... 5,930,397
-----------------
23,737,865
-----------------
MANUFACTURING
US$ 2,000K Johnson Electric Holdings,
Ltd. 4.5% due 11/05/00
(Conv.)...................... 1,740,000
400,000 Wo Kee Hong Holdings Ltd..... 82,677
-----------------
1,822,677
-----------------
MULTI - INDUSTRY
892,000 Jardine Strategic Holdings
Ltd.......................... 3,229,040
892,000 Jardine Strategic Holdings
Ltd. (Warrants due
05/02/98)*................... 89,200
-----------------
3,318,240
-----------------
REAL ESTATE
2,000,000 Amoy Properties, Ltd......... 1,666,451
US$ 2,000K Amoy Properties, Ltd. 5.5%
due 12/29/49 (Conv.)......... 1,320,000
7,370,000 Cheung Kong (Holdings)
Ltd.......................... 31,037,592
1,850,000 Great Eagle Holding Co....... 3,321,922
4,000,000 Hang Lung Development Co..... 5,890,711
250,000 Hang Lung Development Co.
(Warrants due 10/31/97)*..... 32,942
278,000 Henderson Investment, Ltd.... 197,520
442,000 Henderson Investment, Ltd.
(Warrants due 03/31/96)*..... 25,123
1,000,000 Henderson Land Development
Co. Ltd...................... 5,154,373
4,000,000 HKR International Ltd........ 3,126,211
3,000,000 Hong Kong Land Holdings...... 5,640,000

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
US$ 2,000K Hong Kong Resorts 4.75% due
10/18/00 (Conv.)............. $ 1,940,000
9,748,000 Hopewell Holdings............ 6,925,979
2,008,000 Hysan Development Co. Ltd.... 4,280,067
1,000,000 Ryoden Development Ltd....... 191,190
4,753,500 Sun Hung Kai Properties,
Ltd.......................... 30,334,957
5,940,000 Tai Cheung Holdings.......... 5,064,462
1,500,000 Wharf (Holdings) Ltd......... 4,495,543
-----------------
110,645,043
-----------------
RETAIL STORES
8,230,000 Dickson Concepts
International Ltd............ 4,252,681
-----------------
TELECOMMUNICATIONS
7,600,000 Champion Technology
Holdings..................... 579,253
5,450,000 Hong Kong Telecommunications
Ltd.......................... 10,666,258
8,300,000 S. Megga International
Holdings, Ltd................ 461,052
-----------------
11,706,563
-----------------
TRANSPORTATION
2,900,000 Cathay Pacific Airways....... 4,064,720
-----------------
UTILITIES
1,523,000 China Light & Power Co.
Ltd.......................... 7,181,178
4,000,000 Hong Kong Electric Holdings
Ltd.......................... 12,272,316
-----------------
19,453,494
-----------------
WAREHOUSE
4,012,631 Consolidated Electric Power
Asia Ltd..................... 8,786,216
-----------------

TOTAL HONG KONG.............. 312,809,258
-----------------

INDONESIA (6.7%)
AUTO RELATED
2,500,000 PT Astra International....... 3,192,204
-----------------
AUTOMOTIVE FINANCE
4,000,000 PT Gadjah Tunggal............ 3,494,624
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS APRIL 30, 1995 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
BANKING
1,700,000 PT Bank Dagang Nasional
Indonesia.................... $ 2,113,575
1,400,000 PT Bank International
Indonesia.................... 2,885,304
2,000,000 PT Panin Bank................ 1,971,326
-----------------
6,970,205
-----------------
BUILDING & CONSTRUCTION
363,000 PT Semen Gresik.............. 1,658,871
-----------------
BUILDING MATERIALS
2,409,030 PT Mulia Industrindo......... 4,155,361
-----------------
CONSTRUCTION PLANT & EQUIPMENT
4,877,000 PT Citra Marga Nusaphala
Persada...................... 4,533,949
-----------------
FINANCIAL SERVICES
5 Peregrine Indonesia
(Units)+..................... 1,175,000
-----------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
3,047,500 PT Hanjaya Mandala
Sampoerna.................... 17,886,313
1,072,225 PT Indofood Sukses Makmur.... 3,795,062
500 PT Mayora Indah.............. 1,792
-----------------
21,683,167
-----------------
FOREST PRODUCTS, PAPER & PACKAGING
7,120,000 PT Indah Kiat Pulp Paper
Corp......................... 8,054,660
2,000,000 PT Inti Indorayon Utama...... 4,032,258
3,000,000 PT Pabrikkertas Tjiwi
Kimia........................ 4,233,871
-----------------
16,320,789
-----------------
MISCELLANEOUS
586,500 PT Indocement................ 1,944,489
1,890,000 PT SMART Corp................ 1,566,532
1,612,000 PT United Tractors........... 2,816,667
-----------------
6,327,688
-----------------
PHOTOGRAPHY
1,480,000 PT Modern Photo & Film Co.... 6,199,821
-----------------
REAL ESTATE
1,104,000 PT Lippo Land Development.... 741,935
810,400 PT Modernland Realty, Ltd.... 1,307,097
-----------------
2,049,032
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS
2,650,000 PT Indosat................... $ 9,557,572
-----------------
TEXTILES
750,000 PT Indorama Synthetics....... 2,301,748
-----------------
WIRE & CABLE
335,500 PT Kabelmetal Indonesia...... 526,098
-----------------

TOTAL INDONESIA.............. 90,146,129
-----------------

JAPAN (15.5%)
APPAREL
500 Goldwin, Inc................. 4,400
-----------------
AUTO RELATED
70,000 Mitsuba Electric Mfg Co...... 832,342
-----------------
AUTOMOTIVE
18,500 Autobacs Seven Co............ 1,929,191
Y 235,000K Toyota Motor Corp. 1.2% due
01/28/98 (Conv.)............. 2,777,527
-----------------
4,706,718
-----------------
BANKING
217,000 Asahi Bank, Ltd.............. 2,786,683
148,000 Bank of Tokyo................ 2,674,911
92,000 Dai-Ichi Kangyo Bank......... 1,881,570
189,000 Mitsui Trust & Banking....... 2,116,980
30,000 Sanshin Corp................. 417,360
120,000 Sanwa Bank, Ltd.............. 2,596,908
163,000 Shizuoka Bank................ 2,248,276
120,000 Sumitomo Bank................ 2,596,908
142,000 Sumitomo Trust & Banking..... 2,144,352
-----------------
19,463,948
-----------------
BUILDING & CONSTRUCTION
55,000 Higashi Nihon House.......... 1,098,692
30,000 Hosoda Corp.................. 381,688
55,000 Kaneshita Construction....... 797,860
90,000 Maeda Road Construction...... 1,851,367
15,000 Maezawa Kaisei Industries.... 727,705
86,900 Raito Kogyo Co............... 2,169,917
30,000 Sankyo Frontier Co., Ltd..... 923,900
111,000 Sumitomo Forestry Co.,
Ltd.......................... 1,953,389
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS APRIL 30, 1995 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
70,000 Takada Kiko.................. $ 840,666
-----------------
10,745,184
-----------------
BUILDING MATERIALS
50,000 Oriental Construction Co..... 1,034,483
-----------------
BUSINESS SERVICES
31,500 Catena....................... 471,938
65,000 Ichiken Co., Ltd............. 730,380
30,000 Nippon Kanzai................ 1,209,275
15,000 Nissin Co., Ltd.............. 980,975
45,000 Secom........................ 2,932,224
60,000 Tanseisha.................... 777,646
-----------------
7,102,438
-----------------
CHEMICALS
386,000 Mitsubishi Chemical Corp..... 2,262,759
88,000 Shin-Etsu Chemical Co........ 1,705,589
20,500 SK Kaken Co., Ltd............ 794,649
280,000 Ube Industries Ltd........... 1,151,962
-----------------
5,914,959
-----------------
COMPUTER SERVICES
35,000 Enix Corp.................... 1,115,339
50,000 Meitec Corp.................. 636,147
30,000 Nintendo Co., Ltd............ 1,922,711
57,750 Sumiya Co., Ltd.............. 872,087
-----------------
4,546,284
-----------------
COMPUTERS
230,000 Fujitsu, Ltd................. 2,349,227
18,000 I-O Data Device, Inc......... 862,544
30,000 Japan Digital Laboratory..... 677,765
45,000 Nippon Computer System Co.... 446,790
27,000 TKC Corp..................... 728,775
-----------------
5,065,101
-----------------
COMPUTERS - SYSTEMS
40,000 Daiwabo Information Systems
Co........................... 832,342
-----------------
CONGLOMERATES
160,000 Mitsubishi Corp.............. 2,016,647
-----------------
ELECTRONIC & ELECTRICAL EQUIPMENT
70,000 Aiwa Co...................... 1,956,005
Y 100,000K Canon, Inc. 1.2% due 12/20/05
(Conv.)...................... 1,181,926
Y 95,000K Canon, Inc. 1.3% due 12/19/08
(Conv.)...................... 1,127,348
264,000 Hitachi, Ltd................. 2,683,948

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
20,000 Katsuragawa Electric Co...... $ 273,484
41,000 Kyocera Corp................. 3,168,847
32,000 Mabuchi Motor Co............. 2,111,772
45,000 Mitsui High-Tec.............. 957,788
70,000 Mitsumi Electric Co. Ltd..... 1,165,279
49,000 Murata Manufacturing Co.,
Ltd.......................... 1,969,322
35,000 Nihon Dempa Kogyo............ 994,649
5,000 Nitto Electric Works......... 63,615
110,000 Omron Corp................... 2,158,145
140,000 Sharp Corp................... 2,297,265
40,000 Sony Corp.................... 2,016,647
41,000 Tokyo Electron Ltd........... 1,277,289
-----------------
25,403,329
-----------------
ENGINEERING & CONSTRUCTION
48,400 Meiden Engineering Co........ 661,831
-----------------
ENTERTAINMENT
15,000 H.I.S. Co. Ltd............... 750,892
-----------------
FINANCIAL SERVICES
143,000 Daiwa Securities Co., Ltd.... 1,802,378
48,000 Nichiei Co., Ltd. (Kyoto).... 3,093,460
120,000 Nomura Securities Co.,
Ltd.......................... 2,425,684
49,200 Promise Co., Ltd............. 2,147,015
10,000 Sanyo Shinpan Finance Co.,
Ltd.......................... 816,885
-----------------
10,285,422
-----------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
55,000 Amway Japan, Ltd............. 2,046,968
101,000 Nippon Meat Packers, Inc..... 1,453,151
19,500 Plenus Co., Ltd.............. 927,467
51,000 Sanyo Coca Cola Bottling..... 848,989
55,000 Stamina Foods................ 621,284
33,000 Steak Miya Co., Ltd.......... 400,238
65 Yoshinoya D & C Co., Ltd..... 888,823
-----------------
7,186,920
-----------------
HEALTH & PERSONAL CARE
50,000 Kawasumi Laboratories,
Inc.......................... 903,686
56,000 Uni-Charm Corp............... 1,331,748
-----------------
2,235,434
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS APRIL 30, 1995 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
HOUSEHOLD FURNISHINGS & APPLIANCES
27,000 Beltecno Corp................ $ 577,883
40,000 Noritz Corp.................. 813,317
-----------------
1,391,200
-----------------
INSURANCE
180,000 Tokio Marine & Fire Insurance
Co........................... 2,140,309
273,000 Yasuda Fire & Marine
Insurance.................... 1,941,189
-----------------
4,081,498
-----------------
MACHINERY
48,300 Aichi Corp................... 539,857
80,000 Comson Corp.................. 856,124
1,400 DMW Corp..................... 119,857
53,000 Fanuc, Ltd................... 2,394,768
35,000 Fuji Machine Manufacturing
Co........................... 853,151
24,000 Keyence Corp................. 2,556,956
50,000 Makita Corp.................. 772,889
334,000 Minebea Co., Ltd............. 2,474,221
325,000 Mitsubishi Heavy Industries,
Ltd.......................... 2,357,313
25,000 Sankyo Engineering........... 606,421
55,000 Sansei Yusoki Co., Ltd....... 568,966
100,000 Sintokogio................... 852,556
83,000 THK Co. Ltd.................. 1,993,579
-----------------
16,946,658
-----------------
MANUFACTURING
25,000 Arcland Sakamoto............. 448,870
45,000 Bridgestone Metalpha Corp.... 695,600
80,000 Dai Nippon Printing Co.
Ltd.......................... 1,341,260
165,000 Daiwa House Industry......... 2,746,730
80,000 Itoki Crebio Corp............ 813,317
15,000 KDD.......................... 1,346,611
46,000 Nichiha Corp................. 869,679
104,500 Nippon Electric Glass Co.,
Ltd.......................... 1,851,427
143,000 Takara Standard Co........... 1,688,454
-----------------
11,801,948
-----------------
METALS & MINING
570,000 Kawasaki Steel Corp.......... 2,304,400
286,000 Nippon Light Metal Co........ 1,666,350
560,000 Nippon Steel Co.............. 2,224,019
-----------------
6,194,769
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
MISCELLANEOUS
19,000 Maruco Co., Ltd.............. $ 1,278,716
33,000 Misumi Corp.................. 1,016,290
140,000 Nippon Thompson Co........... 1,013,793
11,000 Y.A.C. Company, Ltd.......... 307,372
23,000 Yagi Corp.................... 410,226
40,000 Yukiguni Maitake Co., Ltd.... 908,442
-----------------
4,934,839
-----------------
MULTI - INDUSTRY
50,000 Trusco Nakayama Corp......... 1,177,170
-----------------
NATURAL GAS
365,000 Tokyo Gas Co., Ltd........... 1,666,587
-----------------
OIL RELATED
147,000 General Sekiyu............... 1,695,482
-----------------
PHARMACEUTICALS
122,000 Eisai Co. Ltd................ 2,175,981
45,000 Hitachi Medical Corp......... 679,548
SFr 900K Kuraya Corp. 0.5% due
03/31/98 (Conv.)............. 685,039
28,000 Ono Pharmaceutical Co........ 1,391,677
60,500 Santen Pharmaceutical Co..... 1,532,283
30,000 Seikagaku Corp............... 1,373,365
13,200 Towa Pharmaceutical Co.,
Ltd.......................... 765,945
-----------------
8,603,838
-----------------
REAL ESTATE
60,000 Chubu Sekiwa Real Estate,
Ltd.......................... 577,883
60,000 Fuso Lexel, Inc.............. 713,436
55,000 Kansai Sekiwa Real Estate.... 824,019
247,000 Mitsui Fudosan Co............ 2,872,366
88,000 Sekiwa Real Estate........... 936,504
-----------------
5,924,208
-----------------
RETAIL
26,000 Belluna Co., Ltd............. 633,769
8,000 Fast Retailing Co., Ltd...... 685,850
51,700 Home Wide Corp............... 555,729
Y 159,000K Izumi Co., Ltd. 1.7% due
08/30/02 (Conv.)............. 2,015,386
95,000 Juntendo..................... 779,429
32,100 Kahma Co., Ltd............... 664,138
50,000 Kuroganeya Co................ 868,014
50,500 Ministop Co., Ltd............ 1,080,856
30,840 Nissen Co., Ltd.............. 975,439
55,000 Shimachu Co., Ltd............ 1,602,259
70,000 Shimano, Inc................. 1,356,718
</TABLE>

MALAYSIA (15.2%)
AUTOMOTIVE
529,000 Cycle & Carriage Bintang
Berhad....................... 2,120,283
1,200,000 Edaran Otomobil Nasional
Berhad....................... 8,550,607
-----------------
10,670,890
-----------------
BANKING
1,375,000 Hong Leong Bank Berhad....... 3,701,923
1,750,000 Malayan Banking Berhad....... 11,973,684
5,873,000 Public Bank Berhad........... 10,155,650
-----------------
25,831,257
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
BUILDING & CONSTRUCTION
2,280,000 Hume Industries (Malaysia)
Berhad....................... $ 9,092,308
1,158,000 Kedah Cement Berhad.......... 1,453,360
2,000,000 Metacorp Berhad.............. 5,951,417
1,120,000 Nam Fatt Berhad.............. 3,219,433
1,200,000 Sungei Way Holdings Berhad... 4,761,134
250,000 Sungei Way Holdings Berhad
(Warrants due 06/29/99)*..... 334,008
2,000,000 United Engineers Ltd......... 11,497,976
1,250,000 United Engineers Ltd. 4.0%
ICUL STK 05/22/99............ 602,227
-----------------
36,911,863
-----------------
CHEMICALS
750,000 Malaysian Oxygen Berhad...... 2,368,421
-----------------
CONGLOMERATES
4,735,000 Renong Berhad................ 7,246,275
-----------------
CONSTRUCTION PLANT & EQUIPMENT
1,200,000 YTL Corp. Berhad............. 5,441,296
-----------------
ELECTRONIC & ELECTRICAL EQUIPMENT
1,250,000 Leader Universal Holdings
Berhad....................... 4,073,887
500,000 Leader Universal Holdings
Berhad (New)................. 1,568,826
-----------------
5,642,713
-----------------
ENTERTAINMENT
1,800,000 Genting Berhad............... 16,396,761
-----------------
FINANCIAL SERVICES
1,539,000 Arab Malaysian Corp.
Berhad....................... 4,236,923
2,308,500 Arab Malaysian Corp. Berhad
(New)........................ 934,615
1,266,666 Arab Malaysian Finance
Berhad....................... 3,435,896
1,266,666 Arab Malaysian Finance Berhad
7.5% ICUL STK 11/20/99....... 538,461
2,069,500 Hong Leong Credit Berhad..... 7,540,688
3,113,000 Public Finance Berhad........ 5,747,077
2,000,000 Rashid Hussain Berhad........ 4,696,356
-----------------
27,130,016
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS APRIL 30, 1995 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
FOREST PRODUCTS, PAPER & PACKAGING
160,000 Aokam Perdana Berhad......... $ 719,029
700,000 Kian Joo Can Factory
Berhad....................... 2,423,077
-----------------
3,142,106
-----------------
LEISURE
2,000,000 Tanjong PLC.................. 5,708,502
-----------------
MANUFACTURING
703,000 O.Y.L. Industries Berhad..... 4,041,538
175,750 O.Y.L. Industries Berhad (A
Shares)...................... 917,885
-----------------
4,959,423
-----------------
MISCELLANEOUS
1,831,000 Taiping Consolidated
Berhad....................... 3,350,656
-----------------
MULTI - INDUSTRY
1,000,000 Nylex Berhad................. 2,429,150
-----------------
PLANTATION
1,500,000 Kuala Lumpur Kepong Berhad... 4,311,741
-----------------
REAL ESTATE
3,239,500 Land & General Berhad........ 9,377,500
US$ 1,000K Land & General Berhad 4.5%
due 07/26/04 (Conv.)......... 1,200,000
1,694,000 Pelangi Berhad............... 2,050,632
1,781,000 Sime UEP Properties Berhad... 3,158,211
-----------------
15,786,343
-----------------
TELECOMMUNICATIONS
2,000,000 Telekom Malaysia Berhad...... 13,765,182
-----------------
UTILITIES
2,845,000 Tenaga Nasional Berhad....... 12,670,040
-----------------
TOTAL MALAYSIA............... 203,762,635
-----------------

PAKISTAN (0.1%)
TELECOMMUNICATIONS
14,700 Pakistan Telecommunications
Corp.*....................... 1,499,400
-----------------

PHILIPPINES (3.2%)
BANKING
5,530 Philippine National Bank..... 52,636
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
BUILDING & CONSTRUCTION
599,850 Bacnotan Consolidated
Industries................... $ 3,814,075
-----------------
CONGLOMERATES
2,680,000 First Philippine Holdings
Corp. (B Shares)............. 6,712,909
644,490 Metro Pacific Corp. (Class
A)........................... 61,593
-----------------
6,774,502
-----------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
1,495,000 San Miguel Corp. (B
Shares)...................... 5,357,803
-----------------
FOREST PRODUCTS, PAPER & PACKAGING
12,840,000 Paper Industries Corp........ 4,453,179
-----------------
MULTI - INDUSTRY
3,728,460 Ayala Corp. (B Shares)....... 5,028,751
-----------------
REAL ESTATE
15,000,000 Belle Corp................... 2,398,846
14,500,000 Filinvest Land, Inc.......... 4,078,998
US$ 2,000K Filinvest Land, Inc. 3.75%
due 02/28/04 (Conv.)......... 1,680,000
-----------------
8,157,844
-----------------
UTILITIES
196,830 Manila Electric Co. (B
Shares)...................... 2,047,942
18,000 Philippine Long Distance
Telephone Co................. 1,130,636
102,000 Philippine Long Distance
Telephone Co. (ADR).......... 6,502,500
-----------------
9,681,078
-----------------

TOTAL PHILIPPINES............ 43,319,868
-----------------

SINGAPORE (12.5%)
AUTOMOTIVE
568,000 Cycle and Carriage Ltd....... 4,646,050
-----------------
BANKING
1,135,250 Development Bank of
Singapore, Ltd............... 12,136,920
1,085,000 Overseas Chinese Banking
Corp., Ltd................... 11,833,250
804,000 Overseas Union Bank, Ltd..... 4,643,898
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS APRIL 30, 1995 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
1,500,000 United Overseas Bank, Ltd.... $ 15,605,941
-----------------
44,220,009
-----------------
CONGLOMERATES
1,429,000 Keppel Corp., Ltd............ 11,586,209
-----------------
ELECTRONIC & ELECTRICAL EQUIPMENT
159,500 Creative Technology (ADR).... 1,614,938
1,300,000 Venture Manufacturing,
Ltd.......................... 3,096,793
-----------------
4,711,731
-----------------
FINANCE
1,237,000 Hong Leong Finance Ltd....... 3,923,039
250,000 Hong Leong Finance Ltd.
(Warrants due 09/15/98)*..... 233,192
-----------------
4,156,231
-----------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
700,000 Fraser & Neave Ltd........... 7,684,581
52,000 Fraser & Neave Ltd. (Warrants
due 05/27/98)*............... 229,461
-----------------
7,914,042
-----------------
HOTELS
181,000 Marco Polo Developments,
Ltd.......................... 210,390
800,000 Overseas Union Enterprise
Ltd.......................... 4,649,494
1,822,000 Republic Hotels & Resorts
Ltd.......................... 2,496,965
-----------------
7,356,849
-----------------
MACHINERY
1,871,000 Van Der Horst Ltd............ 6,094,812
-----------------
METALS & MINING
2,000,000 Amtek Engineering, Ltd....... 2,941,810
-----------------
PUBLISHING
300,000 Singapore Press Holdings..... 5,129,533
-----------------
REAL ESTATE
148,000 Bukit Sembawang Estates
Ltd.......................... 2,569,850
3,244,400 City Developments, Ltd....... 19,088,814
2,000,000 DBS Land Ltd................. 5,510,512
1,000,000 Singapore Land Ltd........... 6,457,631

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
3,000,000 United Overseas Land, Ltd.... $ 5,768,817
-----------------
39,395,624
-----------------
SHIPBUILDING
1,632,000 Far East Levingston
Shipbuilding Ltd............. 7,143,001
500,000 Jurong Shipyard, Ltd......... 3,838,703
1,132,000 Sembawang Maritime........... 4,751,525
-----------------
15,733,229
-----------------
TRANSPORTATION
1,400,000 Singapore Airlines Ltd....... 13,460,573
-----------------

TOTAL SINGAPORE.............. 167,346,702
-----------------

SOUTH KOREA (5.6%)
AUTOMOTIVE
72,000 Hyundai Motor Co., Ltd.
(GDR)........................ 1,548,000
-----------------
BANKING
149,690 Cho Hung Bank................ 1,816,388
64,001 Hana Bank.................... 1,150,221
156,522 Kangwon Bank................. 1,511,219
86,598 Shinhan Bank................. 1,760,815
16,305 Shinhan Bank (New)........... 303,727
-----------------
6,542,370
-----------------
BUILDING & CONSTRUCTION
92,201 Dong-Ah Construction
Industrial Co................ 2,443,212
140,000 Dongbu Steel Co.............. 5,325,987
106,449 Dongkuk Steel Mill Co........ 2,695,088
461 Sam Whan Camus Co............ 5,630
-----------------
10,469,917
-----------------
BUILDING MATERIALS
80,000 Tong Yang Cement Co.......... 2,361,275
-----------------
CHEMICALS
150,000 Lucky Co Ltd................. 4,210,941
70,000 Pacific Chemical............. 1,891,644
-----------------
6,102,585
-----------------
ELECTRONIC & ELECTRICAL EQUIPMENT
24,600 Samsung Electronics Co....... 3,953,168
12,397 Samsung Electronics Co.
(GDR)........................ 867,790
83,853 Samsung Electronics Co. (GDS)
- 144A**..................... 4,161,205
-----------------
8,982,163
-----------------
</TABLE>

TOTAL SOUTH KOREA............ 74,525,125
-----------------
TAIWAN (3.4%)
BUILDING & CONSTRUCTION
SFr 3,000K Pacific Construction Co.
2.125% due 10/01/98
(Conv.)...................... 2,808,398
-----------------
ELECTRONIC & ELECTRICAL EQUIPMENT
US$ 4,868K United Micro Electronics
1.25% due 06/08/04 (Conv.)... 7,594,080
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
INVESTMENT COMPANIES
75 Taipei Fund.................. $ 6,300,000
360,000 Taiwan Capital Fund.......... 3,780,000
-----------------
10,080,000
-----------------
MISCELLANEOUS
US$ 250K Acer Inc. 4.0% due 06/10/01
(Conv.)...................... 667,500
302,000 GVC Corp. (GDR) - 144A**..... 4,718,750
142 President Enterprise Corp.
(GDS)........................ 2,556
-----------------
5,388,806
-----------------
RETAIL
US$ 800K Far Eastern Dept Stores 3.0%
due 07/06/01 (Conv.) -
144A**....................... 642,000
-----------------
STEEL & IRON
90,800 China Steel Corp. (GDS)...... 1,770,600
-----------------
TEXTILES
US$ 5,150K Far Eastern Textile 4.0% due
10/07/06 (Conv.)............. 5,780,875
19,685 Tuntex Distinct (GDS)........ 231,299
-----------------
6,012,174
-----------------
TRANSPORTATION
US$ 6,000K U-Ming Marine Transport 1.5%
due 02/07/01 (Conv.)......... 6,090,000
US$ 4,550K Yang Ming Marine
Transportation 2.0% due
10/06/01 (Conv.)............. 4,652,375
-----------------
10,742,375
-----------------

TOTAL TAIWAN................. 45,038,433
-----------------

THAILAND (10.9%)
AUTOMOTIVE
615,000 Swedish Motor Corp., Ltd..... 1,613,484
-----------------
BANKING
3,000,000 Krung Thai Bank Public Co.
Ltd.......................... 9,090,909
1,500,000 Krung Thai Bank Public Co.,
Ltd. (Local)................. 4,545,455
4,371,300 Siam City Bank Ltd........... 4,489,539
281,600 Siam Commercial Bank Co.,
Ltd.......................... 2,382,461
1,600,000 Thai Farmers Bank, Ltd....... 14,057,352
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS APRIL 30, 1995 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
1,793,400 Thai Military Bank, Ltd...... $ 5,762,807
358,680 Thai Military Bank, Ltd.
(Rights)*.................... 714,880
-----------------
41,043,403
-----------------
BUILDING & CONSTRUCTION
219,300 Siam Cement Co., Ltd......... 12,612,984
396,000 Siam City Cement Co., Ltd.... 6,088,591
757,000 Thai-German Ceramic Industry
Co., Ltd..................... 1,924,446
1,360,000 Tipco Asphalt Co., Ltd....... 5,144,600
-----------------
25,770,621
-----------------
BUILDING MATERIALS
1,000,000 TPI Polene Co., Ltd.......... 5,653,854
-----------------
FINANCIAL SERVICES
1,430,000 General Finance and
Securities Co., Ltd.......... 5,700,224
US$ 1,900K Phatra Thanakit Co., Ltd.
3.5% due 12/13/03 (Conv.).... 1,942,750
600,000 Securities One, Ltd.......... 3,685,174
50,000 Securities One, Ltd.
(Rights)*.................... 20,338
-----------------
11,348,486
-----------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
516,000 Charoen Pokphand Feedmill Co.
Ltd.......................... 3,326,663
-----------------
FOREST PRODUCTS, PAPER & PACKAGING
1,410,000 Siam Pulp & Paper Co.,
Ltd.......................... 4,158,023
-----------------
INVESTMENT COMPANIES
9,840,300 Ruang Khao 2 Fund............ 4,703,011
-----------------
LEISURE
3,100,570 Dusit Thani Corp., Ltd....... 3,310,554
-----------------
METALS & MINING
116,000 Ban Pu Coal Co, Ltd.......... 2,264,796
1,500,000 Sahaviriya Steel Industry.... 3,874,314
-----------------
6,139,110
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- -------------------------------------------------------------------
<C> <S> <C>
REAL ESTATE
365,700 Land & House Co. Ltd......... $ 6,455,717
US$ 1,000K Land & House Co. Ltd. 5.0%
due 04/29/03 (Conv.)......... 1,320,000
-----------------
7,775,717
-----------------
TELECOMMUNICATIONS
195,300 Advanced Information
Services..................... 2,875,680
128,200 Advanced Information Services
(Local)...................... 1,887,671
1,175,000 Jasmine International Public
Co., Ltd..................... 7,025,625
1,750,000 TelecomAsia Corp.*........... 6,513,118
672,000 United Communication
Industry..................... 9,840,146
-----------------
28,142,240
-----------------
TRANSPORTATION
104,000 Regional Container Line Co.,
Ltd.......................... 1,472,117
33,300 Thai Airways International
Ltd.......................... 76,528
686,000 Thai Airways International
Ltd. (Local)................. 1,576,530
-----------------
3,125,175
-----------------

TOTAL THAILAND............... 146,110,341
-----------------

TOTAL COMMON STOCKS,
PREFERRED STOCKS, WARRANTS,
RIGHTS AND BONDS
(IDENTIFIED COST
$1,322,284,242).............. 1,321,699,091
-----------------
</TABLE>

<TABLE>
<S> <S> <C>
SEE NOTES TO FINANCIAL STATEMENTS
</TABLE>
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS APRIL 30, 1995 (UNAUDITED) CONTINUED

<TABLE>
<CAPTION>
CURRENCY
AMOUNT IN
THOUSANDS VALUE
- -------------------------------------------------------------------
<S> <S> <C>

PURCHASED PUT OPTIONS ON FOREIGN CURRENCY (0.4%)
Y 4,203,500 October 5, 1995/Y84.07....... $ 1,370,000
Y 10,518,750 October 5, 1995/Y84.15....... 3,412,500
-----------------

TOTAL PURCHASED PUT OPTIONS
ON FOREIGN CURRENCY
(IDENTIFIED COST
$4,712,500).................. 4,782,500
-----------------

TOTAL INVESTMENTS
(IDENTIFIED COST
$1,326,996,742) (A)........ 99.1 % 1,326,481,591

CASH AND OTHER ASSETS IN
EXCESS OF LIABILITIES...... 0.9 11,767,583
----- -------------

NET ASSETS................. 100.0 % $1,338,249,174
----- -------------
----- -------------

<FN>
- ---------------------
ADR American Depository Receipt.
GDR Global Depository Receipt.
GDS Global Depository Share.
* Non-income producing security.
** Resale is restricted to qualified institutional investors.
+ Consist of more than one class of securities traded together as a unit;
generally stocks with attached warrants.
(a) The aggregate cost for federal income tax purposes is $1,349,262,934; the
aggregate gross unrealized appreciation is $116,553,278 and the aggregate
gross unrealized depreciation is $139,334,621, resulting in net unrealized
depreciation of $22,781,343.
</TABLE>

FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT APRIL 30, 1995:

<TABLE>
<CAPTION>
UNREALIZED
CONTRACTS IN EXCHANGE DELIVERY APPRECIATION/
TO DELIVER FOR DATE (DEPRECIATION)
- --------------------------------------------------------
<S> <C> <C> <C>
Y 6,375,602 US$ 76,538 05/01/95 728
HKD 72,594,562 US$ 9,380,354 05/02/95 2,424
SGD 4,031,375 US$ 2,899,227 05/02/95 6,657
US$ 32,521 Y 2,731,793 05/02/95 (39)
US$ 1,465,145 THB 36,013,275 05/02/95 (298)
SGD 8,284,531 US$ 5,948,540 05/04/95 4,268
US$ 438,663 THB 10,760,400 05/09/95 (981)
-------
Net unrealized appreciation....... $12,759
-------
-------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
SUMMARY OF INVESTMENTS BY INDUSTRY CLASSIFICATION APRIL 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- -------------------------------------------------------------------------------
<S> <C> <C>
Apparel................................ $ 4,400 0.0%
Auto Related........................... 4,024,546 0.3
Automotive............................. 23,185,142 1.7
Automotive Finance..................... 3,494,624 0.3
Banking................................ 188,603,222 14.1
Building & Construction................ 95,733,709 7.2
Building Materials..................... 13,408,753 1.0
Business Services...................... 9,563,360 0.7
Chemicals.............................. 19,591,849 1.4
Computer Services...................... 4,822,508 0.4
Computers.............................. 5,065,101 0.4
Computers - Systems.................... 832,342 0.1
Conglomerates.......................... 97,128,043 7.3
Construction Plant & Equipment......... 9,975,245 0.7
Electronic & Electrical Equipment...... 52,334,016 3.9
Engineering & Construction............. 661,831 0.0
Entertainment.......................... 17,147,653 1.3
Finance................................ 7,465,881 0.6
Financial Services..................... 55,947,622 4.2
Food, Beverage, Tobacco & Household
Products............................. 47,832,970 3.6
Foreign Currency Put Options........... 4,782,500 0.4
Forest Products, Paper & Packaging..... 28,074,097 2.1
Gold................................... 5,148,075 0.4
Health & Personal Care................. 2,235,434 0.2
Hotels................................. 7,356,849 0.5
Household Furnishings & Appliances..... 1,391,200 0.1
Insurance.............................. 4,081,498 0.3
Investment Companies................... 17,273,011 1.3
Leisure................................ 34,382,883 2.6
Machinery.............................. 23,041,470 1.7

<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- -------------------------------------------------------------------------------
<S> <C> <C>
Manufacturing.......................... $ 19,530,657 1.5%
Metals & Mining........................ 24,842,358 1.9
Miscellaneous.......................... 20,169,989 1.5
Multi - Industry....................... 16,878,271 1.2
Natural Gas............................ 1,666,587 0.1
Oil Related............................ 16,593,430 1.2
Pharmaceuticals........................ 8,603,838 0.6
Photography............................ 6,199,821 0.5
Plantation............................. 4,311,741 0.3
Publishing............................. 5,129,533 0.4
Real Estate............................ 189,733,811 14.2
Retail................................. 15,586,103 1.2
Retail Stores.......................... 4,252,681 0.3
Shipbuilding........................... 15,733,229 1.2
Steel & Iron........................... 7,510,857 0.5
Telecommunications..................... 70,038,995 5.2
Textiles............................... 11,230,807 0.8
Transportation......................... 45,539,867 3.4
Utilities.............................. 44,461,112 3.3
Utilities - Electric................... 3,691,796 0.3
Warehouse.............................. 8,786,216 0.6
Wholesale Distributor.................. 873,960 0.1
Wire & Cable........................... 526,098 0.0
--------------------- ---
$ 1,326,481,591 99.1%
--------------------- ---
--------------------- ---
</TABLE>

<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
- -------------------------------------------------------------------------------
<S> <C> <C>
Bonds.................................. $ 60,375,124 4.5%
Common and Preferred Stocks............ 1,259,644,823 94.1
Put Options............................ 4,782,500 0.4
Rights................................. 735,218 0.0
Warrants............................... 943,926 0.1
--------------------- ---
$ 1,326,481,591 99.1%
--------------------- ---
--------------------- ---
</TABLE>

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

STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1995 (UNAUDITED)

<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $1,326,996,742).......................... $1,326,481,591
Cash (including $1,911,142 in foreign currency)............. 4,240,911
Receivable for:
Investments sold........................................ 32,555,003
Dividends............................................... 4,062,386
Capital stock sold...................................... 3,406,865
Interest................................................ 585,254
Deferred organizational expenses............................ 16,662
Other assets................................................ 12,759
--------------

TOTAL ASSETS........................................... 1,371,361,431
--------------

LIABILITIES:
Payable for:
Investments purchased................................... 27,470,889
Capital stock repurchased............................... 1,835,565
Plan of distribution fee................................ 1,102,621
Investment management fee............................... 1,088,586
Accrued expenses and other payables......................... 1,614,596
--------------

TOTAL LIABILITIES...................................... 33,112,257
--------------

NET ASSETS:
Paid-in-capital............................................. 1,377,859,966
Net unrealized depreciation................................. (444,606)
Accumulated net investment loss............................. (20,394,229)
Accumulated net realized loss............................... (18,771,957)
--------------

NET ASSETS............................................. $1,338,249,174
--------------
--------------

NET ASSET VALUE PER SHARE,
76,230,716 SHARES OUTSTANDING (500,000,000 SHARES
AUTHORIZED OF $.01 PAR VALUE).............................
$17.56
--------------
--------------
</TABLE>

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

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 1995 (UNAUDITED)

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

INCOME
Dividends (net of $1,040,565 foreign withholding tax)....... $ 16,721,691
Interest (net of $11,449 foreign withholding tax)........... 1,532,572
-------------

TOTAL INCOME........................................... 18,254,263
-------------

EXPENSES
Plan of distribution fee.................................... 6,773,977
Investment management fee................................... 6,683,223
Custodian fees.............................................. 1,851,364
Transfer agent fees and expenses............................ 1,218,330
Shareholder reports and notices............................. 106,408
Professional fees........................................... 57,777
Registration fees........................................... 29,908
Directors' fees and expenses................................ 16,622
Organizational expenses..................................... 14,093
Other....................................................... 21,612
-------------

TOTAL EXPENSES......................................... 16,773,314
-------------

NET INVESTMENT INCOME.................................. 1,480,949
-------------

NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized loss on:
Investments............................................. (18,357,700)
Foreign exchange transactions........................... (52,821)
-------------

TOTAL LOSS............................................. (18,410,521)
-------------
Net change in unrealized appreciation/depreciation on:
Investments............................................. (212,561,392)
Translation of foreign exchange forward contracts, other
assets and liabilities denominated in foreign
currencies............................................ 52,532
-------------

TOTAL DEPRECIATION..................................... (212,508,860)
-------------

NET LOSS............................................... (230,919,381)
-------------

NET DECREASE................................................ $(229,438,432)
-------------
-------------
</TABLE>

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

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
FOR THE SIX MONTHS
ENDED FOR THE YEAR
APRIL 30, 1995 ENDED
(UNAUDITED) OCTOBER 31, 1994
- ---------------------------------------------------------------------------------------------------
<S> <C> <C>

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)................................ $ 1,480,949 $ (8,562,249)
Net realized gain (loss).................................... (18,410,521) 63,639,554
Net change in unrealized appreciation (depreciation)........ (212,508,860) 31,399,834
------------------ ----------------

NET INCREASE (DECREASE)................................ (229,438,432) 86,477,139

Distributions to shareholders from net realized gain........ (71,035,563) (13,872,858)
Net increase from capital stock transactions................ 68,135,432 803,593,702
------------------ ----------------

TOTAL INCREASE (DECREASE).............................. (232,338,563) 876,197,983

NET ASSETS:
Beginning of period......................................... 1,570,587,737 694,389,754
------------------ ----------------

END OF PERIOD
(INCLUDING ACCUMULATED NET INVESTMENT LOSS OF
$20,394,229 AND $21,875,178, RESPECTIVELY).............. $1,338,249,174 $ 1,570,587,737
------------------ ----------------
------------------ ----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
NOTES TO FINANCIAL STATEMENTS APRIL 30, 1995 (UNAUDITED)

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, American Stock Exchange or other domestic or foreign stock exchanges
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); and (5) short-term debt
securities having a maturity date of more than sixty days at the time of
purchase are valued on a mark-to-market basis until sixty days prior to maturity
and thereafter at amortized cost based on their value on the 61st day.
Short-term debt securities having a maturity date of sixty days or less at the
time of purchase are valued at amortized cost

B. ACCOUNTING FOR INVESTMENTS -- Security transactions are accounted for on the
trade date (date the order to buy or sell is executed). Realized gains and
losses on security transactions are determined by the identified cost method.
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 on certain short-term securities.
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
NOTES TO FINANCIAL STATEMENTS APRIL 30, 1995 (UNAUDITED) CONTINUED

C. OPTION ACCOUNTING PRINCIPLES -- When the Fund writes a call option, an amount
equal to the premium received is included in the Fund's 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.

When the Fund purchases a call or put option, the premium paid is recorded as an
investment which 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 and
unrealized gain/loss on foreign exchange transactions. Pursuant to U.S. Federal
income tax regulations, certain foreign exchange gains/losses included in
realized and unrealized gain/loss are included in or are a reduction of ordinary
income for federal income tax purposes. The Fund does not isolate that portion
of the results of operations arising as a result of changes in the foreign
exchange rates from the changes in the market prices of the securities.

E. FORWARD FOREIGN CURRENCY CONTRACTS -- The Fund may enter into forward foreign
currency contracts which are valued daily at the appropriate exchange rates. The
resultant unrealized 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
forward contract is extinguished (compensated) by entering into a closing
transaction prior to delivery.
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
NOTES TO FINANCIAL STATEMENTS APRIL 30, 1995 (UNAUDITED) CONTINUED

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 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
following annual rates to the net assets of the Fund determined as of the close
of each business day: 1.0% to the portion of daily net assets not exceeding $1
billion and 0.95% to 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.
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
NOTES TO FINANCIAL STATEMENTS APRIL 30, 1995 (UNAUDITED) CONTINUED

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. ("DWR"), 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 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.

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 six months ended April 30,
1995, it received approximately $2,020,000 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.
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
NOTES TO FINANCIAL STATEMENTS APRIL 30, 1995 (UNAUDITED) CONTINUED

4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES

The cost of purchases and proceeds from sales of portfolio securities, excluding
short-term investments, for the six months ended April 30, 1995 aggregated
$349,379,878 and $350,232,687, respectively.

For the six months ended April 30, 1995, the Fund incurred $324,840 in brokerage
commissions with affiliates of Morgan Grenfell for portfolio transactions
executed on behalf of the Fund. At April 30, 1995, the Fund's receivable for
investments sold included unsettled trades with Morgan Grenfell of $2,368,327.

Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At April 30, 1995, the Fund had
transfer agent fees and expenses payable of approximately $248,000.

The Fund adopted an unfunded noncontributory defined benefit pension plan
covering all independent Directors of the Fund who will have served as
independent Directors/Trustees 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 six months ended April 30, 1995, included in Directors' fees and expenses in
the Statement of Operations amounted to $5,973. At April 30, 1995, the Fund had
an accrued pension liability of $18,921 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 SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 1995 OCTOBER 31, 1994
---------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT
----------- -------------- ----------- ------------
<S> <C> <C> <C> <C>
Sold............................................................. 12,647,672 $ 229,731,074 54,026,401 $1,146,362,977
Reinvestment of distributions.................................... 3,643,200 67,435,626 577,238 12,878,176
----------- -------------- ----------- ------------
16,290,872 297,166,700 54,603,639 1,159,241,153
Repurchased...................................................... (12,762,455) (229,031,268) (16,968,849) (355,647,451)
----------- -------------- ----------- ------------
Net increase..................................................... 3,528,417 $ 68,135,432 37,634,790 $803,593,702
----------- -------------- ----------- ------------
----------- -------------- ----------- ------------
</TABLE>

<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
NOTES TO FINANCIAL STATEMENTS APRIL 30, 1995 (UNAUDITED) CONTINUED

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.

7. PURPOSES OF AND RISKS RELATING TO CERTAIN FINANCIAL INSTRUMENTS

The Fund may enter into forward foreign currency contracts ("forward contracts")
to facilitate settlement of foreign currency denominated portfolio transactions
or to manage foreign currency exposure associated with foreign currency
denominated securities.

At April 30, 1995, there were no outstanding forward contracts other than those
used to facilitate settlement of foreign currency denominated portfolio
transactions.

Forward contracts involve elements of market risk in excess of the amounts
reflected in the Statement of Assets and Liabilities. The Fund bears the risk of
an unfavorable change in the foreign exchange rates underlying the forward
contracts. Risks may also arise upon entering into these contracts from the
potential inability of the counterparties to meet the terms of their contracts.
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
FINANCIAL HIGHLIGHTS

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

<TABLE>
<CAPTION>
FOR THE
FOR THE PERIOD
SIX MONTHS NOVEMBER
ENDED 30, 1990*
APRIL 30, FOR THE YEAR ENDED OCTOBER 31 THROUGH
1995 ------------------------------- OCTOBER
(UNAUDITED) 1994 1993 1992** 31, 1991
- ------------------------------------------------------------------------------------------

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

Net asset value,
beginning of period............... $ 21.60 $ 19.80 $ 12.69 $ 11.72 $ 10.00
---------- --------- --------- --------- ---------

Net investment income (loss)....... 0.03 (0.10) (0.04) (0.01) 0.06
Net realized and unrealized gain
(loss)............................ (3.10) 2.22 7.15 1.14 1.69
---------- --------- --------- --------- ---------

Total from investment operations... (3.07) 2.12 7.11 1.13 1.75
---------- --------- --------- --------- ---------

Less dividends and distributions
from:
Net investment income........... -- -- -- (0.01) (0.03)
Net realized gain............... (0.97) (0.32) -- (0.15) --
---------- --------- --------- --------- ---------

Total dividends and
distributions..................... (0.97) (0.32) -- (0.16) (0.03)
---------- --------- --------- --------- ---------

Net asset value, end of period..... $ 17.56 $ 21.60 $ 19.80 $ 12.69 $ 11.72
---------- --------- --------- --------- ---------
---------- --------- --------- --------- ---------

TOTAL INVESTMENT RETURN+........... (14.54)%(1) 10.69% 56.13% 9.86% 17.54%(1)

RATIOS TO AVERAGE NET ASSETS:
Expenses........................... 2.48%(2) 2.41% 2.38% 2.77% 2.43%(2)(3)

Net investment income (loss)....... 0.22%(2) (0.70)% (0.46)% (0.30)% 0.61%(2)(3)

SUPPLEMENTAL DATA:
Net assets, end of period, in
thousands......................... $1,338,249 $1,570,588 $694,390 $196,791 $85,701

Portfolio turnover rate............ 26%(1) 35% 30% 73% 70%(1)
<FN>

- ---------------------
* Commencement of operations.
** Net investment loss was computed based upon the monthly average shares
outstanding.
+ Does not reflect the deduction of sales charge.
(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 expenses and net investment income
ratios would have been 2.83% and 0.22%, respectively.
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
(This page has been left blank intentionally.)
<PAGE>
(This page has been left blank intentionally.)
<PAGE>
- ---------------------------------------
DEAN WITTER
PACIFIC
GROWTH FUND

[PHOTO]

SEMIANNUAL REPORT
APRIL 30, 1995

BOARD OF DIRECTORS
Jack F. Bennett
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
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

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

This report is submitted for the general information of shareholders of the
Fund. For more detailed 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.