DEAN WITTER PACIFIC GROWTH FUND INC, N-30D, 1996-01-02

DEAN WITTER PACIFIC GROWTH FUND INC
N-30D, 1996-01-02

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<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC. TWO WORLD TRADE CENTER, NEW YORK, NEW YORK
10048
LETTER TO THE SHAREHOLDERS OCTOBER 31, 1995

DEAR SHAREHOLDER:

The last two months of 1994 completed a year of marked weakness for most markets
of the Pacific Basin resulting from the steady upward trend in United States
interest rates and the overheating Chinese economy dominating investor
sentiment. Hong Kong was also impacted by concerns over the local real estate
market. These difficulties were compounded by the crisis which resulted from the
ill-executed currency devaluation in Mexico and the ensuing general reassessment
of currency risk in emerging markets. A number of Asian currencies came under
severe pressure in the early weeks of 1995, forcing local authorities to respond
with significantly higher interest rates. By late January, 1995 the bearish
sentiment in the region reached a crescendo, with valuations falling to levels
similar to those during the Persian Gulf crisis of 1990/1991 and following the
1989 Tiananmen Square incident. During the second quarter, the markets began a
slow, but rather volatile recovery, assisted by improved news flow regarding
U.S. interest rates. However, concerns about the health of Deng Xiao Ping,
China's paramount leader, and the succession uncertainties which may result from
his death kept the region's markets relatively subdued.

By May, increasing indications that the U.S. interest rate environment was
beginning to reverse underpinned a stronger recovery in sentiment across the
region. Notable exceptions to this were the North Asian markets of Japan, South
Korea and Taiwan, all of which remained weak. The Taiwanese market was
particularly weak, hit mainly by increasing cross straits tension with Chinese
missile tests off the coast of Taiwan. The Japanese market remained overshadowed
by a strong yen and policy paralysis on the part of the government.

This situation began to reverse in July with many markets hit by a reallocation
of funds out of South East Asia into Japan, as investors rebuilt Japanese
weightings. The Japanese market rose sharply in yen terms through September,
encouraged by a weaker yen and hopes for a rescue package for the banking
sector. All of the gains were wiped out by currency moves for U.S. dollar-based
investors, as the dollar
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
LETTER TO THE SHAREHOLDERS OCTOBER 31, 1995, CONTINUED

strengthened from a low of 80 yen to over 104 yen in mid-September. However, for
Dean Witter Pacific Growth Fund Inc., the currency hedge out of yen into the
dollar secured the majority of local currency gains. Following the sharp
appreciation of the dollar, the hedge was trimmed back as short-term targets
were approached. Despite this recovery, the dollar is still significantly
undervalued on a purchasing power parity basis and should rally further as the
U.S. is deemed to have firmly regained the interest rate initiative. Moreover,
as the Japanese economic recovery gathers momentum, the trade surplus should
continue to decline, providing further support for the dollar. As of the end of
the fiscal year, the Fund still retains a currency hedge.

The markets of South East Asia have been particularly weak recently, with
concerns over economic overheating exacerbated by a string of poor current
account data. Furthermore, exceptionally bad
[GRAPHIC]
weather conditions (both floods and
droughts) have seriously damaged food
crops across the region, further
aggravating inflationary pressures.
While measures taken to counteract
these pressures, including tighter
domestic liquidity, higher interest
rates and specific credit controls
should eventually contain any
overheating, the immediate impact has
been to further depress market
sentiment.
[GRAPHIC]
PERFORMANCE AND PORTFOLIO
[GRAPHIC]
Against this backdrop, Dean Witter
Pacific Growth Fund Inc. produced a
total return of -8.65 percent, compared
to a return of 7.63 percent for the
Morgan Stanley Capital International
World Index (MSCI World Index) for the
trailing twelve months. 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.
The accompanying chart illustrates the
growth of a $10,000 investment in the
Fund from inception (November 30, 1990)
through the fiscal year ended October
31, 1995 versus a similar investment in
the securities that comprise MSCI World
Index.
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
LETTER TO THE SHAREHOLDERS OCTOBER 31, 1995, CONTINUED

At the end of the fiscal year, the Fund remained overweighted in Indonesia (7.8
percent of the Fund's net assets), South Korea (7.6 percent) and Taiwan (1.9
percent) and neutral in Hong Kong (27.7 percent). Exposure to Malaysia (13.3
percent) and Thailand (9.8 percent) was relatively low. The Fund's position in
Japan (13.1 percent) remained low in absolute terms, reflecting the superior
growth potential of the Tiger economies. Among the Fund's key holdings on
October 31, 1995, were Cheung Kong (a Hong Kong property developer), Hutchison
Whampoa (a Hong Kong based conglomerate with interests in the fast growing
telecommunications and port sectors), Sampoerna (an Indonesian clove cigarette
company and a beneficiary of rising disposable incomes), DBS Bank (Singapore's
largest bank) and Samsung Electronics (South Korea's leading integrated
electronics company and a major beneficiary of the global semi-conductor boom).

LOOKING AHEAD

The past two years have been difficult for Pacific Basin investors. Calendar
year 1994 saw a significant correction in markets from the highs at the
beginning of that year following the very strong markets of 1993. While 1995 has
so far proved volatile, it has shown no overall recovery in the region's
markets, despite robust economies and corporate earnings. As a result, prospects
for regional markets as a whole over the months ahead look increasingly
positive, with continued good earnings growth accompanied by potential multiple
expansion providing for an attractive investment environment.

Current interim results support Morgan Grenfell's, the Fund's Sub-Advisor,
forecasts of earnings growth in the high teens for 1995, with upward revisions
possible for 1996, given a more benign interest rate environment. Moreover,
valuations are now below historic averages at less than 15 times 1995 earnings
for the region as a whole. When the downcycle in U.S. interest rates resumes,
there is scope for P/E multiples to begin to expand in line with improved global
liquidity, after two years of contraction. Of the major markets, Hong Kong
continues to offer the potential for good returns over the next year. Despite
some recovery, the market remains on very attractive multiples and with an
interest rate cycle closely tied to that of the U.S., the market should be a
major beneficiary of a turn in the U.S. cycle. Moreover, more encouraging
property market data and lower inflation numbers from China are likely to
underpin the market.

The outlook for South Korea also looks positive. Strong growth at both the
economic and corporate level, together with low P/E multiples and an
increasingly attractive domestic liquidity environment should help the market
move significantly higher over the course of the year. Moreover, a likely
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
LETTER TO THE SHAREHOLDERS OCTOBER 31, 1995, CONTINUED

further increase in the foreign investment ceiling, given international pressure
for an acceleration of market reforms, together with changes to domestic tax
laws, effectively increasing the relative attraction of equities, should further
support the market.

Within South East Asia, Morgan Grenfell expects a particularly strong
performance from the Indonesian market. Earnings are rising sharply on the back
of strong, investment-driven growth, a cut in corporate tax rates and
accelerating deregulation of a number of industries. Meanwhile, valuations have
fallen to the bottom of historic ranges at just over 12 times 1996 estimated
earnings. In addition, a string of large new issues this year, while depressing
the market over the short term, have significantly improved the overall depth
and breadth of the market.

All of these factors should bode well for the Fund's long-term performance. We
appreciate your support of Dean Witter Pacific Growth Fund Inc. and look forward
to continuing to serve your investment needs.

Very truly yours,

[SIGNATURE]
CHARLES A. FIUMEFREDDO
CHAIRMAN OF THE BOARD
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS OCTOBER 31, 1995
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>

COMMON AND PREFERRED STOCKS, WARRANTS, RIGHTS
AND BONDS (98.5%)
AUSTRALIA (1.3%)
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
2,500,000 Fosters Brewing Group
Ltd......................... $ 2,375,000
-----------------
GOLD
909,562 Western Mining Corp.
Holdings Ltd................ 5,820,469
-----------------
LEISURE
1,500,000 Burswood Property Trust
(Units)+.................... 1,926,600
-----------------
METALS & MINING
200,000 CRA Ltd..................... 3,076,480
666,250 Odin Mining & Investment
Co., Ltd.................... 167,096
-----------------
3,243,576
-----------------
OIL RELATED
1,000,000 Santos, Ltd................. 2,698,000
-----------------
TRANSPORTATION
237,250 Brambles Industries, Ltd.... 2,517,128
-----------------

TOTAL AUSTRALIA............. 18,580,773
-----------------

CHINA (1.1%)
BUILDING MATERIALS
230,000 Shanghai Yaohua Pilkington
Glass Co., Ltd. (B
Shares)..................... 225,400
-----------------
CHEMICALS
278,400 Jilin Chemical Industrial
Co., Ltd. (ADR)............. 5,742,000
15,650,000 Yizheng Chemical Fibre Co.
Ltd......................... 4,554,833
-----------------
10,296,833
-----------------
REAL ESTATE
250,000 Shanghai Lujiazui (Class
B).......................... 177,500
-----------------
TRANSPORTATION
2,040,000 Jinhui Shipping and
Transportation Ltd.......... 2,129,573
-----------------
UTILITIES
322,000 Shandong Huaneng Power Co.,
Ltd. (ADR).................. 2,576,000
-----------------
TOTAL CHINA................. 15,405,306
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>

HONG KONG (27.7%)
BANKING
33,838 Dao Heng Bank Group Ltd..... $ 124,089
2,250,000 Guoco Group Ltd............. 10,419,362
2,250,000 Hang Seng Bank.............. 18,845,074
1,152,800 HSBC Holdings PLC........... 16,775,754
6,000,000 International Bank of
Asia........................ 3,570,135
-----------------
49,734,414
-----------------
BUILDING & CONSTRUCTION
4,509,000 Kumagai Gumi, Ltd........... 3,412,021
-----------------
BUSINESS SERVICES
7,250,000 First Pacific Co. Ltd....... 8,346,484
-----------------
COMPUTER SERVICES
5,702,000 Hanny Magnetics Holding,
Ltd.*....................... 76,707
17,106,000 Hanny Magnetics Holding,
Ltd. (Rights)*.............. 8,851
-----------------
85,558
-----------------
CONGLOMERATES
1,706,000 Citic Pacific, Ltd.......... 5,329,319
8,000,000 Hutchison Whampoa, Ltd...... 44,083,408
1,331,000 Jardine Matheson Holdings
Ltd......................... 8,119,100
199,413 New World Infrastructure
Ltd......................... 350,807
2,522,000 Swire Pacific, Ltd. (Class
A).......................... 18,921,198
-----------------
76,803,832
-----------------
FINANCIAL SERVICES
11,000,000 Manhattan Card Co. Ltd...... 4,695,504
-----------------
INVESTMENT COMPANIES
100,000 Investment Co. of China***
*........................... 675,000
-----------------
LEISURE
26,462,000 CDL Hotels International,
Ltd......................... 11,980,261
2,000,000 Hong Kong & Shanghai
Hotels...................... 2,509,443
15,000,000 Regal Hotels
International............... 2,813,422
1,344,000 Television Broadcasts,
Ltd......................... 5,389,352
-----------------
22,692,478
-----------------
LIFE INSURANCE
3,503,000 National Mutual Asia Ltd.... 2,696,079
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS OCTOBER 31, 1995, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
LODGING
2,000,000 Shangri-La Asia Ltd......... $ 2,211,931
-----------------
MULTI-INDUSTRY
1,200,000 Jardine Strategic Holdings
Ltd......................... 3,228,000
-----------------
OIL RELATED
7,000,000 Hong Kong & China Gas Co.... 11,363,636
-----------------
REAL ESTATE
2,000,000 Amoy Properties, Ltd........ 1,927,355
$ 2,000K Amoy Properties, Ltd. 5.5%
due 12/29/49 (Conv.)........ 1,530,000
7,370,000 Cheung Kong (Holdings)
Ltd......................... 41,565,169
3,000,000 Great Eagle Holding Co...... 8,226,833
3,000,000 Hang Lung Development Co.... 4,986,547
250,000 Hang Lung Development Co.
(Warrants due 10/31/97)*.... 42,363
700,000 Henderson Land Development
Co. Ltd..................... 4,192,322
2,297,600 HKR International Ltd....... 1,991,245
800,000 HKR International Ltd.
(Warrants due 06/23/00)*.... 258,705
HKD 10,500K HKR International Ltd. 6.0%
due 06/26/00................ 1,122,216
5,478,000 Hon Kwok Land Investment.... 1,665,196
4,000,000 Hong Kong Land Holdings..... 7,200,000
1,748,000 Hopewell Holdings........... 1,102,279
1,508,000 Hysan Development Co.
Ltd......................... 3,842,759
783,000 New Asia Realty & Trust Co.
(Class A)................... 1,342,002
2,048,000 New World Development....... 7,973,922
370,000 Realty Development Corp.
(Class A)................... 1,057,717
4,753,500 Sun Hung Kai Properties,
Ltd......................... 37,968,726
5,940,000 Tai Cheung Holdings......... 4,994,308
2,000,000 Wharf (Holdings) Ltd........ 6,752,212
-----------------
139,741,876
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>

RETAIL - SPECIALTY APPAREL
7,641,000 Giordano International
Ltd......................... $ 6,325,658
-----------------
TELECOMMUNICATIONS
7,600,000 Champion Technology
Holdings.................... 973,250
11,000,000 Hong Kong Telecommunications
Ltd......................... 19,208,879
8,300,000 S. Megga International
Holdings, Ltd............... 504,605
-----------------
20,686,734
-----------------
TRANSPORTATION
5,000,000 Cathay Pacific Airways...... 7,373,105
-----------------
UTILITIES
2,400,000 China Light & Power Co.
Ltd......................... 12,790,397
4,012,631 Consolidated Electric Power
Asia Ltd.................... 8,123,050
5,500,000 Hong Kong Electric Holdings
Ltd......................... 18,710,871
-----------------
39,624,318
-----------------

TOTAL HONG KONG............. 399,696,628
-----------------

INDONESIA (7.8%)
AUTO
3,190,000 PT Astra International...... 6,394,053
-----------------
AUTO RELATED
2,000,000 PT Gadjah Tunggal........... 1,277,533
-----------------
BANKING
3,332,500 PT Panin Bank............... 3,670,154
-----------------
BUILDING MATERIALS
4,409,030 PT Mulia Industrindo........ 13,013,437
2,080,000 PT Semen Gresik............. 5,406,167
-----------------
18,419,604
-----------------
CEMENT
1,086,500 PT Indocement............... 4,020,529
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS OCTOBER 31, 1995, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
CONGLOMERATES
4,480,000 PT Citra Marga Nusaphala
Persada..................... $ 3,700,441
-----------------
CONSTRUCTION EQUIPMENT
1,012,000 PT United Tractors.......... 2,006,167
-----------------
FINANCIAL SERVICES
5 Peregrine Indonesia
(Units)+*** *............... 1,525,000
-----------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
2,547,500 PT Hanjaya Mandala
Sampoerna................... 23,567,181
1,222,225 PT Indofood Sukses Makmur... 5,653,464
-----------------
29,220,645
-----------------
FOREST PRODUCTS, PAPER & PACKAGING
184,000 Asia Pacific Resources
International Holdings Ltd.
(Class A) (ADR)*............ 1,334,000
5,048,320 PT Indah Kiat Pulp Paper
Corp........................ 4,948,243
4,000,000 PT Inti Indorayon Utama..... 4,933,921
4,534,350 PT Pabrikkertas Tjiwi
Kimia....................... 8,389,546
-----------------
19,605,710
-----------------
METALS
322,300 PT Tambang Timah (GDR)...... 3,862,766
-----------------
PHOTOGRAPHY
980,000 PT Modern Photo & Film
Co.......................... 5,957,709
-----------------
REAL ESTATE
1,104,000 PT Lippo Land Development... 875,419
400 PT Modernland Realty,
Ltd......................... 564
-----------------
875,983
-----------------
TELECOMMUNICATIONS
2,650,000 PT Indosat.................. 8,988,987
-----------------
TEXTILES
875,000 PT Indorama Synthetics...... 2,900,606
-----------------

TOTAL INDONESIA............. 112,425,887
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>

JAPAN (13.1%)
AGRICULTURE
30,000 Yukiguni Maitake Co.,
Ltd......................... $ 576,188
-----------------
APPAREL
500 Goldwin, Inc................ 3,621
-----------------
APPLIANCES & HOUSEHOLD DURABLES
50,000 Juken Sangyo................ 578,148
-----------------
AUTO RELATED
70,000 Mitsuba Electric Mfg Co..... 713,376
-----------------
AUTOMOTIVE
13,500 Autobacs Seven Co........... 1,276,580
145,000 Honda Motor Co.............. 2,529,152
-----------------
3,805,732
-----------------
BANKING
268,000 Asahi Bank, Ltd............. 2,678,687
193,000 Bank of Tokyo............... 2,817,932
131,000 Dai-Ichi Kangyo Bank........ 2,220,774
189,000 Mitsui Trust & Banking...... 1,514,963
30,000 Sanshin Corp................ 390,985
150,000 Sanwa Bank, Ltd............. 2,557,570
163,000 Shizuoka Bank............... 1,932,680
145,000 Sumitomo Bank............... 2,571,779
142,000 Sumitomo Trust & Banking.... 1,641,940
-----------------
18,327,310
-----------------
BUILDING & CONSTRUCTION
35,000 Higashi Nihon House......... 469,868
30,000 Hosoda Corp................. 202,842
50,000 Kaneshita Construction...... 632,043
90,000 Maeda Road Construction..... 1,613,915
86,000 Raito Kogyo Co.............. 1,769,721
25,000 Sankyo Frontier Co., Ltd.... 396,864
86,000 Sumitomo Forestry Co.,
Ltd......................... 1,213,523
-----------------
6,298,776
-----------------
BUILDING MATERIALS
35,000 Oriental Construction Co.... 740,813
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS OCTOBER 31, 1995, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
BUSINESS SERVICES
65,000 Ichiken Co., Ltd............ $ 582,803
22,000 Nippon Kanzai............... 625,184
15,000 Nissin Co., Ltd............. 734,934
41,000 Secom....................... 2,675,747
60,000 Tanseisha................... 567,369
-----------------
5,186,037
-----------------
CHEMICALS
20,000 Maezawa Kasei Industries.... 783,929
386,000 Mitsubishi Chemical Corp.... 1,755,061
88,000 Shin-Etsu Chemical Co....... 1,802,254
20,000 SK Kaken Co., Ltd........... 450,759
-----------------
4,792,003
-----------------
COMMERCIAL SERVICES
20,000 Nichii Gakkan Co............ 874,081
-----------------
COMPUTER SERVICES
20,000 Enix Corp................... 725,135
30,000 Nintendo Co., Ltd........... 2,210,681
-----------------
2,935,816
-----------------
COMPUTER SOFTWARE & SERVICES
60 NTT Data Communications
Systems Corp................ 1,505,145
-----------------
COMPUTERS
230,000 Fujitsu, Ltd................ 2,749,632
12,000 I-O Data Device, Inc........ 858,403
36,000 Japan Digital Laboratory.... 723,175
10,000 Mars Engineering Corp....... 730,034
33,300 TKC Corp.................... 730,936
-----------------
5,792,180
-----------------
COMPUTERS - SYSTEMS
30,000 Daiwabo Information Systems
Co.......................... 861,342
-----------------
CONSTRUCTION & HOUSING
45,000 Mitsui Home Co., Ltd........ 639,392
-----------------
ELECTRICAL & ELECTRONICS
30,000 Fujitsu Business Systems.... 758,452
-----------------
ELECTRICAL EQUIPMENT
55,000 Alpine Electronics Inc...... 765,311
45,000 Tokin Corp.................. 696,717
-----------------
1,462,028
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>

ELECTRONIC & ELECTRICAL EQUIPMENT
70,000 Aiwa Co..................... $ 1,522,783
Y 100,000K Canon, Inc. 1.2% due
12/20/05 (Conv.)............ 1,166,095
Y 95,000K Canon, Inc. 1.3% due
12/19/08 (Conv.)............ 1,107,790
264,000 Hitachi, Ltd................ 2,716,316
41,000 Kyocera Corp................ 3,366,781
20,000 Mabuchi Motor Co............ 1,213,131
40,000 Mitsui High-Tec............. 1,085,742
60,000 Mitsumi Electric Co. Ltd.... 1,452,229
49,000 Murata Manufacturing Co.,
Ltd......................... 1,723,763
25,000 Nihon Dempa Kogyo........... 641,842
56,000 Nitto Electric Works........ 768,251
110,000 Omron Corp.................. 2,576,188
140,000 Sharp Corp.................. 1,948,065
40,000 Sony Corp................... 1,803,038
50,000 Tokyo Electron Ltd.......... 2,175,404
-----------------
25,267,418
-----------------
ELECTRONICS
28,000 Ryoyo Electro Corp.......... 655,757
20,000 Shinko Electric
Industries.................. 872,122
-----------------
1,527,879
-----------------
ENGINEERING & CONSTRUCTION
4,000 Chudenko Corp............... 146,203
22,000 Japan Industrial Land
Development................. 823,518
250,000 Kajima Corp................. 2,312,592
-----------------
3,282,313
-----------------
ENTERTAINMENT
22,000 H.I.S. Co. Ltd.............. 851,543
-----------------
FINANCIAL SERVICES
143,000 Daiwa Securities Co.,
Ltd......................... 1,681,529
43,000 Nichiei Co., Ltd. (Kyoto)... 2,675,649
120,000 Nomura Securities Co.,
Ltd......................... 2,198,922
62,200 Promise Co., Ltd............ 2,456,306
8,000 Sanyo Shinpan Finance Co.,
Ltd......................... 572,269
12,000 Shinki Co. Ltd.............. 413,915
-----------------
9,998,590
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS OCTOBER 31, 1995, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
41,000 Amway Japan, Ltd............ $ 1,566,879
101,000 Nippon Meat Packers, Inc.... 1,375,698
15,000 Plenus Co., Ltd............. 709,946
50,000 Stamina Foods............... 636,943
65 Yoshinoya D & C Co., Ltd.... 1,031,847
-----------------
5,321,313
-----------------
FOREST PRODUCTS, PAPER & PACKAGING
48,000 Daishowa Paper Manufacturing
Co. Ltd..................... 353,239
148,000 New Oji Paper Co., Ltd...... 1,361,803
335,000 Nippon Paper Industries
Co.......................... 2,307,741
-----------------
4,022,783
-----------------
HEALTH & PERSONAL CARE
40,000 Kawasumi Laboratories,
Inc......................... 544,831
-----------------
HOUSEHOLD FURNISHINGS & APPLIANCES
25,000 Beltecno Corp............... 347,869
-----------------
INDUSTRIALS
130,000 Nippon Thompson Co.......... 1,063,694
-----------------
INSURANCE
180,000 Tokio Marine & Fire
Insurance Co................ 1,852,033
273,000 Yasuda Fire & Marine
Insurance................... 1,658,599
-----------------
3,510,632
-----------------
LEISURE TIME/EQUIPMENT
25,000 Honma Golf Co. Ltd.......... 619,794
-----------------
MACHINE TOOLS
110,000 OSG Corporation............. 776,090
-----------------
MACHINERY
76,000 Aichi Corp.................. 603,234
53,000 Fanuc, Ltd.................. 2,300,734
34,000 Fuji Machine Manufacturing
Co.......................... 1,282,705
22,000 Keyence Corp................ 2,716,316
334,000 Minebea Co., Ltd............ 2,716,512
325,000 Mitsubishi Heavy Industries,
Ltd......................... 2,512,739
50,000 Sansei Yusoki Co., Ltd...... 494,855
100,000 Sintokogio.................. 744,733
-----------------
13,371,828
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>

MANUFACTURING
45,000 Arcland Sakamoto............ $ 582,068
90,000 Bridgestone Metalpha
Corp........................ 978,932
100,000 Daiwa House Industry........ 1,499,265
90,000 Itoki Crebio Corp........... 673,787
15,000 KDD......................... 1,212,641
46,000 Nichiha Corp................ 766,291
104,000 Nippon Electric Glass Co.,
Ltd......................... 1,926,115
143,000 Takara Standard Co.......... 1,471,338
-----------------
9,110,437
-----------------
MEDICAL SUPPLIES
10,000 Paramount Bed Co............ 722,195
-----------------
MERCHANDISING
30,000 Misumi Corp................. 1,052,425
-----------------
METALS & MINING
570,000 Kawasaki Steel Corp......... 1,899,069
286,000 Nippon Light Metal Co....... 1,552,611
560,000 Nippon Steel Co............. 1,860,265
-----------------
5,311,945
-----------------
METALS - STEEL
60,000 Takada Kiko................. 579,128
-----------------
MULTI-INDUSTRY
94,000 Mitsui & Co................. 749,789
42,000 Trusco Nakayama Corp........ 794,317
55,000 Yamae Hisano................ 625,184
-----------------
2,169,290
-----------------
NATURAL GAS
365,000 Tokyo Gas Co., Ltd.......... 1,287,604
-----------------
OIL RELATED
147,000 General Sekiyu.............. 1,330,995
-----------------
PHARMACEUTICALS
122,000 Eisai Co. Ltd............... 2,068,202
50,000 Hitachi Medical Corp........ 636,943
SFr 900K Kuraya Corp. 0.5% due
03/31/98 (Conv.)............ 723,568
28,000 Ono Pharmaceutical Co....... 1,111,220
60,000 Santen Pharmaceutical Co.... 1,422,832
23,000 Seikagaku Corp.............. 592,749
12,000 Towa Pharmaceutical Co.,
Ltd......................... 564,429
-----------------
7,119,943
-----------------
REAL ESTATE
65,000 Cesar Co.................... 464,331
60,000 Chubu Sekiwa Real Estate,
Ltd......................... 793,729
60,000 Fuso Lexel, Inc............. 440,960
50,000 Kansai Sekiwa Real Estate... 832,925
247,000 Mitsui Fudosan Co........... 2,831,847
85,000 Sekiwa Real Estate.......... 624,694
-----------------
5,988,486
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS OCTOBER 31, 1995, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
RETAIL
26,000 Belluna Co., Ltd............ $ 486,624
14,400 Fast Retailing Co., Ltd..... 704,125
Y 159,000K Izumi Co., Ltd. 1.7% due
08/30/02 (Conv.)............ 1,690,495
35,000 Ministop Co., Ltd........... 850,563
55,000 Shimachu Co., Ltd........... 1,455,169
70,000 Shimano, Inc................ 1,303,283
17,000 Sundrug Co., Ltd............ 653,013
26,000 Xebio Co. Ltd............... 968,153
-----------------
8,111,425
-----------------
RETAIL - GENERAL MERCHANDISE
26,000 Circle K Japan Co. Ltd...... 993,630
10,000 Ryohin Keikaku Co. Ltd...... 658,501
-----------------
1,652,131
-----------------
RETAIL - SPECIALTY
30,000 Paris Miki Inc.............. 952,474
-----------------
TELECOMMUNICATIONS
330 DDI Corp.................... 2,680,745
85,000 Nippon Comsys Co............ 899,559
-----------------
3,580,304
-----------------
TEXTILES
50,000 Chuo Warehouse.............. 538,951
190,000 Kuraray Co. Ltd............. 1,880,451
22,100 Maruco Co., Ltd............. 1,269,045
20,000 Yagi Corp................... 235,179
-----------------
3,923,626
-----------------
TRANSPORTATION
470 East Japan Railway Co....... 2,224,498
180,000 Fukuyama Transporting Co.... 1,511,612
175,000 Kamigumi Co. Ltd............ 1,586,232
-----------------
5,322,342
-----------------
UTILITIES - ELECTRIC
69,360 Hokkaido Electric Power..... 1,610,810
67,670 Kyushu Electric Power....... 1,604,717
-----------------
3,215,527
-----------------
WHOLESALE & INTERNATIONAL TRADE
12,000 Satori Electric Co. Ltd..... 558,550
-----------------
WHOLESALE DISTRIBUTOR
50,000 Wakita & Co................. 651,641
-----------------
TOTAL JAPAN................. 188,997,485
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>

MALAYSIA (13.3%)
AGRICULTURE
1,330,000 Highlands & Lowlands
Berhad...................... $ 2,073,135
-----------------
AUTOMOTIVE
529,000 Cycle & Carriage Bintang
Berhad...................... 2,186,381
1,200,000 Edaran Otomobil Nasional
Berhad...................... 9,446,959
-----------------
11,633,340
-----------------
BANKING
1,350,000 Malayan Banking Berhad...... 10,893,525
4,825,000 Public Bank Berhad.......... 8,192,430
-----------------
19,085,955
-----------------
BANKS - COMMERCIAL
1,250,000 Kwong Yik Bank.............. 2,583,153
-----------------
BUILDING & CONSTRUCTION
1,030,000 Hume Industries (Malaysia)
Berhad...................... 5,513,875
1,158,000 Kedah Cement Berhad......... 1,805,031
2,666,666 Metacorp Berhad............. 6,770,319
570,000 Nam Fatt Berhad............. 1,548,120
1,200,000 Sungei Way Holdings
Berhad...................... 4,038,575
250,000 Sungei Way Holdings Berhad
(Warrants due 06/29/99)*.... 295,217
2,000,000 United Engineers Ltd........ 12,438,496
-----------------
32,409,633
-----------------
BUSINESS SERVICES
608,000 Dunlop Estates Berhad....... 1,364,141
-----------------
CONGLOMERATES
4,735,000 Renong Berhad............... 7,231,569
-----------------
CONSTRUCTION PLANT & EQUIPMENT
600,000 YTL Corp. Berhad............ 3,259,201
-----------------
ELECTRONIC & ELECTRICAL EQUIPMENT
574,000 Leader Universal Holdings
Berhad...................... 1,547,687
-----------------
ENTERTAINMENT
1,450,000 Genting Berhad.............. 12,499,508
782,000 Magnum Corporation Berhad... 1,329,754
-----------------
13,829,262
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS OCTOBER 31, 1995, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
FINANCIAL SERVICES
43,000 Arab Malaysian Corp.
Berhad...................... $ 144,716
5,137,500 Arab Malaysian Corp. Berhad
(New)....................... 2,406,465
1,266,666 Arab Malaysian Finance
Berhad...................... 4,437,444
1,469,500 Hong Leong Credit Berhad.... 6,247,038
3,113,000 Public Finance Berhad....... 5,857,170
1,000,000 Rashid Hussain Berhad....... 2,479,827
-----------------
21,572,660
-----------------
FOREST PRODUCTS, PAPER & PACKAGING
700,000 Kian Joo Can Factory
Berhad...................... 2,755,363
-----------------
GAS
614,000 Petronas Gas Berhad......... 2,078,488
-----------------
MANUFACTURING
878,750 O.Y.L. Industries Berhad.... 6,606,623
-----------------
MULTI-INDUSTRY
1,000,000 Nylex Berhad................ 2,932,494
-----------------
MULTI-LINE INSURANCE
700,000 Pacific & Orient Berhad..... 1,914,977
-----------------
PLANTATION
1,500,000 Kuala Lumpur Kepong
Berhad...................... 4,044,479
-----------------
REAL ESTATE
3,239,500 Land & General Berhad....... 7,523,342
2,507,000 Pelangi Berhad.............. 2,447,298
1,781,000 Sime UEP Properties
Berhad...................... 3,112,631
1,831,000 Taiping Consolidated
Berhad...................... 2,753,167
-----------------
15,836,438
-----------------
TELECOMMUNICATIONS
3,200,000 Technology Resource
Industries Berhad*.......... 8,124,385
2,500,000 Telekom Malaysia Berhad..... 17,909,860
-----------------
26,034,245
-----------------
UTILITIES
500,000 Malakoff Berhad............. 1,485,928
56,000 Prime Utilities Berhad...... 518,008
3,100,000 Tenaga Nasional Berhad...... 11,714,229
-----------------
13,718,165
-----------------
TOTAL MALAYSIA.............. 192,511,008
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>

PAKISTAN (0.1%)
TELECOMMUNICATIONS
14,700 Pakistan Telecommunications
Corp.*...................... $ 1,381,800
-----------------

PHILIPPINES (2.7%)
BANKING
5,530 Philippine National Bank.... 46,615
-----------------
BUILDING & CONSTRUCTION
599,850 Bacnotan Consolidated
Industries.................. 3,925,115
-----------------
CONGLOMERATES
10,000,000 Aboitiz Equity Ventures
Inc.*....................... 1,905,312
2,945,000 First Philippine Holdings
Corp. (B Shares)............ 6,234,604
644,490 Metro Pacific Corp. (Class
A).......................... 93,027
-----------------
8,232,943
-----------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
795,000 San Miguel Corp. (B
Shares)..................... 2,631,640
-----------------
FOREST PRODUCTS, PAPER & PACKAGING
12,840,000 Paper Industries Corp....... 4,200,924
-----------------
MULTI-INDUSTRY
2,019,844 Ayala Corp. (B Shares)...... 2,060,272
-----------------
REAL ESTATE
15,000,000 Belle Corp.*................ 2,280,600
11,708,000 Filinvest Land, Inc.*....... 3,154,580
-----------------
5,435,180
-----------------
TELECOMMUNICATIONS
6,447,000 Pilipino Telephone Corp..... 5,707,506
-----------------
UTILITIES
95,245 Manila Electric Co. (B
Shares)..................... 711,221
18,000 Philippine Long
Distance Telephone Co....... 1,004,619
85,950 Philippine Long Distance
Telephone Co. (ADR)......... 4,823,944
-----------------
6,539,784
-----------------

TOTAL PHILIPPINES........... 38,779,979
-----------------
</TABLE>

SINGAPORE (12.1%)
AUTOMOTIVE
400,000 Cycle and Carriage Ltd...... $ 3,565,617
-----------------
BANKING
1,535,250 Development Bank of
Singapore, Ltd.............. 17,595,366
1,500,000 Overseas Chinese Banking
Corp., Ltd.................. 17,615,847
1,029,000 Overseas Union Bank, Ltd.... 6,406,226
2,100,000 United Overseas Bank,
Ltd......................... 18,422,356
-----------------
60,039,795
-----------------
CONGLOMERATES
1,129,000 Keppel Corp., Ltd........... 9,265,228
-----------------
ELECTRONIC & ELECTRICAL EQUIPMENT
59,500 Creative Technology
(ADR)*...................... 691,688
1,300,000 Venture Manufacturing,
Ltd......................... 3,862,752
-----------------
4,554,440
-----------------
FINANCE
1,237,000 Hong Leong Finance Ltd...... 3,745,568
250,000 Hong Leong Finance Ltd.
(Warrants due 09/15/98)*.... 217,545
-----------------
3,963,113
-----------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
550,000 Fraser & Neave Ltd.......... 6,498,054
52,000 Fraser & Neave Ltd.
(Warrants due 05/27/98)*.... 275,911
-----------------
6,773,965
-----------------
HOTELS
800,000 Overseas Union Enterprise
Ltd......................... 4,244,782
1,322,000 Republic Hotels & Resorts
Ltd......................... 1,533,838
364,400 Republic Hotels & Resorts
Ltd. (Warrants due
07/12/00)*.................. 150,813
-----------------
5,929,433
-----------------
MACHINERY
700,000 Van Der Horst Ltd........... 3,590,378
-----------------
METALS - MISCELLANEOUS
2,323,000 Amtek Engineering, Ltd...... 4,765,971
-----------------
PUBLISHING
360,000 Singapore Press Holdings.... 5,628,582
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>

REAL ESTATE
148,000 Bukit Sembawang Estates
Ltd......................... $ 3,162,080
2,394,400 City Developments, Ltd...... 14,822,073
2,000,000 DBS Land Ltd................ 5,914,397
810,000 Singapore Land Ltd.......... 4,527,060
2,500,000 United Overseas Land,
Ltd......................... 4,492,395
-----------------
32,918,005
-----------------
SHIPBUILDING
1,232,000 Far East Levingston
Shipbuilding Ltd............ 5,316,731
500,000 Jurong Shipyard, Ltd........ 3,325,080
750,000 Sembawang Maritime.......... 2,536,258
-----------------
11,178,069
-----------------
STEEL & IRON
2,000,000 Natsteel Ltd................ 4,032,543
-----------------
TRANSPORTATION
2,000,000 Singapore Airlines Ltd...... 18,535,550
-----------------

TOTAL SINGAPORE............. 174,740,689
-----------------

SOUTH KOREA (7.6%)
AUTOMOTIVE
42,000 Hyundai Motor Co., Ltd.
(GDR)....................... 735,000
-----------------
BANKING
300,000 Cho Hung Bank............... 3,960,267
64,001 Hana Bank................... 1,338,408
206,522 Kangwon Bank................ 2,321,382
86,598 Shinhan Bank................ 1,788,326
16,305 Shinhan Bank (New).......... 328,188
-----------------
9,736,571
-----------------
BREWERY
49,361 Chosun Brewery Co........... 1,793,538
-----------------
BROKERAGE
130,000 L.G. Securities............. 2,854,529
-----------------
BUILDING MATERIALS
120,000 Tong Yang Cement Co......... 4,062,214
-----------------
CHEMICALS
150,000 Lucky Co Ltd................ 3,548,556
-----------------
ELECTRONIC & ELECTRICAL EQUIPMENT
24,905 Samsung Electronics Co...... 5,468,619
13,853 Samsung Electronics Co.
(GDR) (Non-Voting).......... 912,566
2,511 Samsung Electronics Co.
(GDR) (Voting).............. 276,210
2,634 Samsung Electronics Co.
(GDR) (Voting) - 144A**..... 289,740
5,000 Samsung Electronics Co.
(GDS) - 144A**.............. 329,375
-----------------
7,276,510
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS OCTOBER 31, 1995, CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
ENGINEERING & CONSTRUCTION
92,201 Dong-Ah Construction
Industrial Co............... $ 3,699,609
12,634 Dong-Ah Construction
Industrial Co. (Rights)*.... 120,544
167,000 Hyundai Engineering &
Construction Co............. 8,818,194
-----------------
12,638,347
-----------------
FINANCIAL SERVICES
150,000 Daewoo Securities Co........ 4,862,109
111,509 KFB Securities.............. 2,186,165
2,740 Ssangyong Investment &
Securities Co., Ltd......... 56,583
-----------------
7,104,857
-----------------
FOREST PRODUCTS, PAPER & PACKAGING
120,000 Han Kuk Paper Manufacturing
Co.......................... 4,266,109
-----------------
INVESTMENT COMPANIES
55,000 Atlantis Korean Smaller
Companies*.................. 2,928,750
165,000 Clemente Korea Emerging
Growth Fund*................ 1,567,500
-----------------
4,496,250
-----------------
MANUFACTURING
88,000 Kum Ho & Co., Inc........... 1,034,009
-----------------
METALS & MINING
350,000 Poongsan Corp............... 7,502,287
-----------------
OIL RELATED
$ 965K Ssangyong Oil Refining Co.,
Ltd. 3.75% due 12/31/08
(Conv.)..................... 1,013,250
180,000 Yukong, Ltd. (GDS).......... 6,775,585
-----------------
7,788,835
-----------------
STEEL & IRON
140,000 Dongbu Steel Co............. 5,013,724
106,449 Dongkuk Steel Mill Co....... 3,102,618
15,000 Korea Iron and Steel
Works....................... 2,803,555
1,440 Pohang Iron & Steel, Ltd.... 125,348
427,700 Pohang Iron & Steel, Ltd.
(ADR)....................... 11,013,275
-----------------
22,058,520
-----------------
TRANSPORTATION
86,857 Han Jin Transportation
Co.......................... 3,155,959
-----------------
UTILITIES - ELECTRIC
120,000 Korea Electric Power
Corp........................ 4,940,531
-----------------
WHOLESALE DISTRIBUTOR
300,000 Daewoo Corporation.......... 4,156,319
-----------------

TOTAL SOUTH KOREA........... 109,148,941
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>

TAIWAN (1.9%)
ELECTRONIC & ELECTRICAL EQUIPMENT
$ 2,868K United Micro Electronics
1.25% due 06/08/04
(Conv.)..................... $ 3,957,840
-----------------
ELECTRONICS
433,619 GVC Corp. (GDR) - 144A**.... 3,685,761
255,364 Yageo Corp. (GDR)........... 2,489,799
-----------------
6,175,560
-----------------
INVESTMENT COMPANIES
430,000 Taiwan American Fund*....... 4,461,250
-----------------
STEEL & IRON
90,800 China Steel Corp. (GDS)..... 1,651,198
-----------------
TEXTILES
$ 5,150K Far Eastern Textile 4.0% due
10/07/06 (Conv.)............ 5,871,000
-----------------
TRANSPORTATION
$ 6,000K U-Ming Marine Transport 1.5%
due 02/07/01 (Conv.)........ 5,925,000
-----------------

TOTAL TAIWAN................ 28,041,848
-----------------

THAILAND (9.8%)
AUTOMOTIVE
615,000 Swedish Motor Corp., Ltd.... 2,737,679
-----------------
BANKING
4,450,000 Krung Thai Bank Public Co.,
Ltd......................... 17,686,804
7,371,300 Siam City Bank Ltd.......... 9,375,262
181,600 Siam Commercial Bank Co.,
Ltd......................... 2,122,035
3,152,080 Thai Military Bank, Ltd..... 12,402,859
-----------------
41,586,960
-----------------
BUILDING MATERIALS
209,300 Siam Cement Co., Ltd........ 11,413,339
396,000 Siam City Cement Co.,
Ltd......................... 6,547,536
1,557,000 Thai-German Ceramic Industry
Co., Ltd.................... 4,393,760
1,280,000 Tipco Asphalt Co., Ltd...... 7,071,542
1,200,000 TPI Polene Co., Ltd......... 8,108,108
-----------------
37,534,285
-----------------
CHEMICALS
2,850,000 National Petrochemical...... 6,739,865
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS OCTOBER 31, 1995, CONTINUED

<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
FINANCIAL SERVICES
200,000 Securities One, Ltd......... $ 1,796,502
33,333 Securities One, Ltd.
(Warrants due 1998)*........ 13,248
-----------------
1,809,750
-----------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
516,000 Charoen Pokphand Feedmill
Co. Ltd..................... 2,625,119
-----------------
FOREST PRODUCTS, PAPER & PACKAGING
1,210,000 Siam Pulp & Paper Co.,
Ltd......................... 3,462,639
-----------------
INVESTMENT COMPANIES
11,840,300 Ruang Khao 2 Fund........... 5,882,502
-----------------
METALS & MINING
166,000 Ban Pu Coal Co., Ltd........ 3,985,056
-----------------
REAL ESTATE
1,200,000 Juldis Development Co.,
Ltd......................... 3,076,311
365,700 Land & House Co. Ltd........ 5,901,200
2,000,000 Tanayong Co. Ltd............ 2,980,922
-----------------
11,958,433
-----------------
TELECOMMUNICATIONS
623,500 Advanced Information
Services.................... 9,912,560
900,000 Jasmine International Public
Co., Ltd.................... 5,151,033
372,000 United Communication
Industry.................... 4,672,178
-----------------
19,735,771
-----------------
TRANSPORTATION
104,000 Regional Container Line Co.,
Ltd......................... 1,297,933
719,300 Thai Airways International
Ltd......................... 1,293,654
-----------------
2,591,587
-----------------

TOTAL THAILAND.............. 140,649,646
-----------------

TOTAL COMMON AND PREFERRED
STOCKS, WARRANTS, RIGHTS AND
BONDS (IDENTIFIED COST
$1,371,211,578)............. 1,420,359,990
-----------------
</TABLE>
<TABLE>
<CAPTION>
CURRENCY
AMOUNT IN
THOUSANDS VALUE
- ------------------------------------------------------------------
<C> <S> <C>

PURCHASED PUT OPTION ON FOREIGN CURRENCY (0.4%)
Y17,587,500 January 10, 1996/
Y100.50 (Identified Cost
$4,637,500)................. 5,355,000
-----------------

<CAPTION>
PRINCIPAL
AMOUNT IN
THOUSANDS VALUE
- ------------------------------------------------------------------
<C> <S> <C>

SHORT-TERM INVESTMENT (a) (1.2%)
COMMERCIAL PAPER
AUTOMOTIVE FINANCE
$ 17,900 Ford Motor Credit Co. 5.70%
due 11/01/95 (Amortized Cost
$17,900,000)................ $ 17,900,000
-----------------

TOTAL INVESTMENTS
(IDENTIFIED COST
$1,393,749,078) (B)........ 100.1% 1,443,614,990

LIABILITIES IN EXCESS OF
CASH AND OTHER ASSETS...... (0.1) (2,066,179)
----- -------------

NET ASSETS................. 100.0% $1,441,548,811
----- -------------
----- -------------

<FN>
- ---------------------
ADR American Depository Receipt.
GDR Global Depository Receipt.
GDS Global Depository Share.
* Non-income producing security.
** Resale is restricted to qualified institutional investors.
*** Partially paid shares. Resale is restricted to qualified institutional
investors.
+ Consists of more than one class of securities traded together as a unit;
generally stocks with attached warrants.
(a) Security was purchased on a discount basis. The interest rate shown has
been adjusted to reflect a money market equivalent yield.
(b) The aggregate cost for federal income tax purposes is $1,420,860,746; the
aggregate gross unrealized appreciation is $142,741,488 and the aggregate
gross unrealized depreciation is $119,987,244, resulting in net unrealized
appreciation of $22,754,244.
</TABLE>

FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT OCTOBER 31, 1995:

<TABLE>
<CAPTION>
UNREALIZED
CONTRACTS IN EXCHANGE DELIVERY APPRECIATION/
TO DELIVER FOR DATE (DEPRECIATION)
- -------------------------------------------------------------------
<S> <C> <C> <C>
$1,473,931 IDR 3,341,771,089 11/01/95 $ (1,785)
$ 46,626 MYR 118,617 11/06/95 64
$1,330,147 SGD 1,879,099 11/13/95 (753)
-------
Net unrealized depreciation.................. $ (2,474)
-------
-------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
SUMMARY OF INVESTMENTS OCTOBER 31, 1995
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------------------------------------------------------------
<S> <C> <C>
Agriculture............................ $ 2,649,323 0.2%
Apparel................................ 3,621 0.0
Appliances & Household Durables........ 578,148 0.0
Auto................................... 6,394,053 0.4
Auto Related........................... 1,990,909 0.1
Automotive............................. 22,477,368 1.6
Automotive Finance..................... 17,900,000 1.2
Banking................................ 202,227,774 14.0
Banks - Commercial..................... 2,583,153 0.2
Brewery................................ 1,793,538 0.1
Brokerage.............................. 2,854,529 0.2
Building & Construction................ 46,045,545 3.2
Building Materials..................... 60,982,316 4.2
Business Services...................... 14,896,662 1.0
Cement................................. 4,020,529 0.3
Chemicals.............................. 25,377,257 1.8
Commercial Services.................... 3,809,897 0.3
Computer Services...................... 85,558 0.0
Computer Software & Services........... 1,505,145 0.1
Computers.............................. 5,792,180 0.4
Computers - Systems.................... 861,342 0.1
Conglomerates.......................... 105,234,013 7.3
Construction & Housing................. 639,392 0.0
Construction Equipment................. 2,006,167 0.1
Construction Plant & Equipment......... 3,259,201 0.2
Electrical & Electronics............... 758,452 0.1
Electrical Equipment................... 1,462,028 0.1
Electronic & Electrical Equipment...... 42,603,895 3.0
Electronics............................ 7,703,439 0.5
Engineering & Construction............. 15,920,660 1.1
Entertainment.......................... 14,680,805 1.0
Finance................................ 3,963,113 0.3
Financial Services..................... 46,706,361 3.2
Food, Beverage, Tobacco & Household
Products............................. 48,947,682 3.4
Foreign Currency Put Option............ 5,355,000 0.4
Forest Products, Paper & Packaging..... 38,313,528 2.7
Gas.................................... 2,078,488 0.1
Gold................................... 5,820,469 0.4
Health & Personal Care................. 544,831 0.0
Hotels................................. 5,929,433 0.4
Household Furnishings & Appliances..... 347,869 0.0
Industrials............................ 1,063,694 0.1
Insurance.............................. 3,510,632 0.2

<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------------------------------------------------------------
<S> <C> <C>
Investment Companies................... $ 15,515,002 1.1%
Leisure................................ 24,619,078 1.7
Leisure Time/Equipment................. 619,794 0.0
Life Insurance......................... 2,696,079 0.2
Lodging................................ 2,211,931 0.2
Machine Tools.......................... 776,090 0.1
Machinery.............................. 16,962,206 1.2
Manufacturing.......................... 16,751,069 1.2
Medical Supplies....................... 722,195 0.1
Merchandising.......................... 1,052,425 0.1
Metals................................. 3,862,766 0.3
Metals & Mining........................ 20,042,864 1.4
Metals - Miscellaneous................. 4,765,971 0.3
Metals - Steel......................... 579,128 0.0
Multi-Industry......................... 10,390,056 0.7
Multi-Line Insurance................... 1,914,977 0.1
Natural Gas............................ 1,287,604 0.1
Oil Related............................ 23,181,466 1.6
Pharmaceuticals........................ 7,119,943 0.5
Photography............................ 5,957,709 0.4
Plantation............................. 4,044,479 0.3
Publishing............................. 5,628,582 0.4
Real Estate............................ 212,931,901 14.8
Retail................................. 8,111,425 0.6
Retail - General Merchandise........... 1,652,131 0.1
Retail - Specialty..................... 952,474 0.1
Retail - Specialty Apparel............. 6,325,658 0.4
Shipbuilding........................... 11,178,069 0.8
Steel & Iron........................... 27,742,261 1.9
Telecommunications..................... 86,115,347 6.0
Textiles............................... 12,695,232 0.9
Transportation......................... 47,550,244 3.3
Utilities.............................. 62,458,267 4.3
Utilities - Electric................... 8,156,058 0.6
Wholesale & International Trade........ 558,550 0.0
Wholesale Distributor.................. 4,807,960 0.3
--------------------- -----
$ 1,443,614,990 100.1%
--------------------- -----
--------------------- -----
</TABLE>

<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
- ------------------------------------------------------------------------------
<S> <C> <C>
Bonds.................................. $ 24,107,254 1.7%
Common and Preferred Stocks............ 1,394,869,541 96.7
Foreign Currency Put
Option............................... 5,355,000 0.4
Rights................................. 129,395 0.0
Short-Term Investment.................. 17,900,000 1.2
Warrants............................... 1,253,800 0.1
--------------------- -----
$ 1,443,614,990 100.1%
--------------------- -----
--------------------- -----
</TABLE>

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

STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1995

<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $1,393,749,078).......................... $1,443,614,990
Cash (including $3,782,058 in foreign currency)............. 5,437,937
Receivable for:
Investments sold........................................ 5,783,295
Capital stock sold...................................... 4,123,395
Dividends............................................... 1,680,404
Interest................................................ 275,459
Foreign withholding taxes reclaimed..................... 8,427
Deferred organizational expenses............................ 2,336
Receivable from affiliate................................... 22,025
Prepaid expenses and other assets........................... 82,864
--------------

TOTAL ASSETS........................................... 1,461,031,132
--------------

LIABILITIES:
Payable for:
Investments purchased................................... 14,865,268
Plan of distribution fee................................ 1,291,894
Investment management fee............................... 1,271,135
Capital stock repurchased............................... 1,261,535
Accrued expenses and other payables......................... 792,489
Commitments (Note 8)
--------------

TOTAL LIABILITIES...................................... 19,482,321
--------------

NET ASSETS:
Paid-in-capital............................................. 1,388,669,791
Net unrealized appreciation................................. 49,847,869
Accumulated undistributed net investment income............. 14,407,774
Accumulated net realized loss............................... (11,376,623)
--------------

NET ASSETS............................................. $1,441,548,811
--------------
--------------

NET ASSET VALUE PER SHARE,
76,803,856 SHARES OUTSTANDING (200,000,000 SHARES
AUTHORIZED OF $.01 PAR VALUE).............................
$18.77
--------------
--------------
</TABLE>

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

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 1995

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

INCOME
Dividends (net of $2,650,313 foreign withholding tax)....... $ 37,437,001
Interest (net of $3,428 foreign withholding tax)............ 2,320,546
-------------

TOTAL INCOME........................................... 39,757,547
-------------

EXPENSES
Plan of distribution fee.................................... 14,219,513
Investment management fee................................... 14,008,538
Custodian fees.............................................. 3,727,087
Transfer agent fees and expenses............................ 2,408,141
Shareholder reports and notices............................. 201,068
Professional fees........................................... 115,887
Registration fees........................................... 33,729
Directors' fees and expenses................................ 33,571
Organizational expenses..................................... 28,419
Other....................................................... 27,123
-------------

TOTAL EXPENSES......................................... 34,803,076
-------------

NET INVESTMENT INCOME.................................. 4,954,471
-------------

NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments............................................. 3,304,814
Foreign exchange transactions........................... 17,008,480
-------------

TOTAL GAIN............................................. 20,313,294
-------------
Net change in unrealized appreciation on:
Investments............................................. (162,180,329)
Translation of forward foreign currency contracts, other
assets and liabilities denominated in foreign
currencies............................................ (36,056)
-------------

TOTAL DEPRECIATION..................................... (162,216,385)
-------------

NET LOSS............................................... (141,903,091)
-------------

NET DECREASE................................................ $(136,948,620)
-------------
-------------
</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 YEAR FOR THE YEAR
ENDED ENDED
OCTOBER 31, 1995 OCTOBER 31, 1994
- -------------------------------------------------------------------------------------------------
<S> <C> <C>

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)................................ $ 4,954,471 $ (8,562,249)
Net realized gain........................................... 20,313,294 63,639,554
Net change in unrealized appreciation....................... (162,216,385) 31,399,834
---------------- ----------------

NET INCREASE (DECREASE)................................ (136,948,620) 86,477,139

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income....................................... (225,409) --
Net realized gain........................................... (70,810,154) (13,872,858)
---------------- ----------------

TOTAL.................................................. (71,035,563) (13,872,858)
---------------- ----------------
Net increase from capital stock transactions................ 78,945,257 803,593,702
---------------- ----------------

TOTAL INCREASE (DECREASE).............................. (129,038,926) 876,197,983

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

END OF PERIOD
(INCLUDING UNDISTRIBUTED NET INVESTMENT INCOME AND
ACCUMULATED NET INVESTMENT LOSS OF $14,407,774 AND
$21,875,178, RESPECTIVELY).............................. $ 1,441,548,811 $ 1,570,587,737
---------------- ----------------
---------------- ----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
NOTES TO FINANCIAL STATEMENTS OCTOBER 31, 1995

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 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); 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. Discounts are accreted over
the life of the respective securities. Interest income is accrued daily.
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
NOTES TO FINANCIAL STATEMENTS OCTOBER 31, 1995, 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 OCTOBER 31, 1995, 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 reimbursed for the full amount thereof.
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 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 average daily net assets not exceeding $1 billion and 0.95% to
the portion of average 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 OCTOBER 31, 1995, 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.
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
NOTES TO FINANCIAL STATEMENTS OCTOBER 31, 1995, CONTINUED

The Distributor has informed the Fund that for the year ended October 31, 1995,
it received approximately $4,235,000 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, 1995 aggregated
$727,319,409 and $704,713,269, respectively.

For the year ended October 31, 1995, the Fund incurred $750,676 in brokerage
commissions with affiliates of Morgan Grenfell for portfolio transactions
executed on behalf of the Fund.

Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At October 31, 1995, the Fund had
transfer agent fees and expenses payable of approximately $256,000.

The Fund has 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 year ended October 31,
1995 included in Directors' fees and expenses in the Statement of Operations
amounted to $12,045. At October 31, 1995, the Fund had an accrued pension
liability of $26,776 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, 1995 OCTOBER 31, 1994
---------------------------- ----------------------------
SHARES AMOUNT SHARES AMOUNT
----------- -------------- ----------- --------------
<S> <C> <C> <C> <C>
Sold..................................................... 26,287,993 $ 491,348,677 54,026,401 $1,146,362,977
Reinvestment of distributions............................ 3,643,200 67,435,626 577,238 12,878,176
----------- -------------- ----------- --------------
29,931,193 558,784,303 54,603,639 1,159,241,153
Repurchased.............................................. (25,829,636) (479,839,046) (16,968,849) (355,647,451)
----------- -------------- ----------- --------------
Net increase............................................. 4,101,557 $ 78,945,257 37,634,790 $ 803,593,702
----------- -------------- ----------- --------------
----------- -------------- ----------- --------------
</TABLE>

<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
NOTES TO FINANCIAL STATEMENTS OCTOBER 31, 1995, CONTINUED

6. FEDERAL INCOME TAX STATUS

At October 31, 1995, the Fund had a net capital loss carryover of approximately
$3,193,000 which will be available through October 31, 2003 to offset future
capital gains to the extent provided by regulations.

As of October 31, 1995, the Fund had temporary book/tax differences primarily
attributable to the mark-to-market of passive foreign investment companies
("PFICs") and capital loss deferrals on wash sales and permanent book/tax
differences primarily attributable to foreign currency gains and tax adjustments
on PFICs sold by the Fund. To reflect reclassifications arising from permanent
book/ tax differences for the year ended October 31, 1995, undistributed net
investment income was credited and accumulated net realized loss was charged
$31,553,890.

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 October 31, 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.

At October 31, 1995, the Fund's cash balance consisted principally of interest
bearing deposits with Chase Manhattan Bank N.A., the Fund's custodian.

8. COMMITMENTS

As of October 31, 1995, the Fund had outstanding commitments resulting from the
purchase of partially paid portfolio securities which are subject to installment
payments as follows:

<TABLE>
<CAPTION>
TOTAL
OUTSTANDING
ISSUER COMMITMENT INSTALLMENT PAYMENT TERMS
- --------------------------- ----------- ------------------------------------------------------------------------------------------
<S> <C> <C>
Peregrine Indonesia (Units) $1,050,000 Balance payable in three equal installments on January 1, 1996, July 1, 1996 and January
1, 1997.
Investment Co. of China $ 308,000 Balance payable in two equal installments upon notification by the issuer.
</TABLE>
<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 PERIOD
FOR THE YEAR ENDED OCTOBER 31 NOVEMBER 30, 1990*
------------------------------------- THROUGH
1995 1994 1993 1992** OCTOBER 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)...................... 0.08 (0.10) (0.04) (0.01) 0.06
Net realized and unrealized gain (loss)........... (1.94) 2.22 7.15 1.14 1.69
------- ------- ------- ------- ------

Total from investment operations.................. (1.86) 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.................... $ 18.77 $ 21.60 $ 19.80 $ 12.69 $ 11.72
------- ------- ------- ------- ------
------- ------- ------- ------- ------

TOTAL INVESTMENT RETURN+.......................... (8.65)% 10.69% 56.13% 9.86% 17.54%(1)

RATIOS TO AVERAGE NET ASSETS:
Expenses.......................................... 2.45% 2.41% 2.38% 2.77% 2.43%(2)(3)

Net investment income (loss)...................... 0.35% (0.70)% (0.46)% (0.30)% 0.61%(2)(3)

SUPPLEMENTAL DATA:
Net assets, end of period, in millions............ $1,442 $1,571 $694 $177 $86

Portfolio turnover rate........................... 50% 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 expense and net investment income
ratios would have been 2.83% and 0.22%, respectively.
</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, 1995, 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 four 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 at October 31, 1995 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 10036
DECEMBER 22, 1995

- --------------------------------------------------------------------------------
1995 FEDERAL TAX NOTICE (UNAUDITED)

During the year ended October 31, 1995, the Fund paid to
shareholders $0.80 per share from long-term capital gains.
<PAGE>
(This page has been left blank intentionally.)
<PAGE>

DEAN WITTER PACIFIC GROWTH FUND

[Photograph]

ANNUAL REPORT
OCTOBER 31, 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 F. Caloia
Treasurer

TRANSFER AGENT

Dean Witter Trust Company
Harborside Financial Center - Plaza Two
Jersey City, New Jersey 07311

INDEPENDENT ACCOUNTANTS

Price Waterhouse LLP
1777 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 of shareholders of the
Fund. For more detailed information about the Fund, its officers and directors,
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
DATE TOTAL MSCI WORLD INDEX
- --------------------------------------------------------------------
- --------------------------------------------------------------------
November 30, 1990 $10,000 $10,000
- --------------------------------------------------------------------
October 31, 1991 $11,754 $11,561
- --------------------------------------------------------------------
October 31, 1992 $12,913 $10,735
- --------------------------------------------------------------------
October 31, 1993 $20,162 $13,392
- --------------------------------------------------------------------
October 31, 1994 $22,317 $14,182
- --------------------------------------------------------------------
October 31, 1995 $20,187 (3) $15,264
- --------------------------------------------------------------------
- --------------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURNS
1 YEAR LIFE OF FUND
------------------------------
------------------------------
-8.56 (1) 15.59 (1)
-12.91 (2) 15.36 (2)
------------------------------
------------------------------

-----------------------------
-----------------------------
Fund MSCI (4)
---- ----
-----------------------------
-----------------------------

Past performance is not predictive of future returns.

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

(2) Figure shown assumes reinvestment of all distributions and 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, 1995.

(4) The Morgan Stanley Capital International World Index (MSCI) measures
performance for a diverse range of global stock markets including the U.S.,
Canada, Europe, Australia, New Zealand and the Far East. The index does
not include any expenses, fees or charges or reinvestment of dividends.
The Index is unmanaged and should not be considered an investment.