DEAN WITTER PACIFIC GROWTH FUND INC, N-30D, 1996-07-03

DEAN WITTER PACIFIC GROWTH FUND INC
N-30D, 1996-07-03

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<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC. TWO WORLD TRADE CENTER, NEW YORK, NEW YORK
10048
LETTER TO THE SHAREHOLDERS APRIL 30, 1996

DEAR SHAREHOLDER:

As the current fiscal year began on November 1, 1995, investment sentiment in
the Pacific Rim remained depressed. Concern over emerging equity markets
remained high following the Mexican peso devaluation debacle in December 1994
and investors continued to focus negatively on any market which showed any sign
of economic overheating. A number of regional economies, particularly in South
East Asia, ran current account deficits in 1995, while inflationary pressures
were exacerbated by harsh weather conditions which severely damaged food crops.
Nonetheless, by year end, sentiment was beginning to improve, aided by further
cuts in short-term interest rates in the United States.

Calendar year 1996 started with significantly increased levels of investment
interest in the region, particularly from the United States. Investors were
attracted by continuing high levels of economic and corporate earnings growth
exhibited by Pacific Basin countries (excluding Japan). Valuations in the region
were also attractive relative to historical levels. Leading the way initially
were Hong Kong and Malaysia. Hong Kong, which has the most direct link to U.S.
interest rates through the pegged exchange rate, benefited from lower rates,
while Malaysia bounced back sharply as concerns about economic overheating,
which had plagued it last year, began to dissipate.

North East Asian markets, however, did not immediately follow suit, with both
Korea and Taiwan remaining weak. Korea continued to be weighed down by political
concerns, with former Presidents Roh and Chun on trial for corruption and
treason, as well as worries about an economic hard landing. Taiwan was deeply
embroiled in heated cross-straights diplomatic exchanges with China, stemming
from President Lee Teng Hui's visit to the U.S. in 1995 and the desire of the
Chinese to influence the outcome of the Taiwanese elections. In the run up to
Taiwan's first Presidential election in February, China undertook missile tests
and military exercises in the vicinity of Taiwan, causing concern about a
possible military confrontation. President Lee was re-elected
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
LETTER TO THE SHAREHOLDERS APRIL 30, 1996, CONTINUED

with a handsome majority and candidates espousing Taiwanese independence did
poorly. Tensions have gradually subsided since the election and the market has
rallied sharply, ending, somewhat incongruously, as the strongest in the region
for the period under review. Similarly, a better showing by Korea's ruling party
in the April elections, together with looser monetary conditions, triggered a
sharp rebound in that stock market, although it remained the only market in
negative territory for the period as a whole.

Indonesia performed consistently well during the six-month period ended April
30, 1996. The market had been held back earlier in 1995 by overheating concerns
and a large number of new equity issues.

Over the longer term, however, the impact of the latter has been to deepen the
variety of opportunities available in the market and recent performance has been
driven by continuing good corporate results.

The Japanese market has been volatile, with better economic news alternating
with concerns about bad debt and politics. After five difficult years, it
appears that the economy has now turned the corner and corporate earnings are
set to improve. This earnings recovery will be aided by the yen, which has
weakened significantly from its highs last April.

PERFORMANCE AND PORTFOLIO

Against this backdrop, Dean Witter Pacific Growth Fund produced a total return
of 11.67 percent for the six-month period ended April 30, 1996, compared to a
return of 12.48 percent for the Morgan 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.

The Fund's present strategy outside Japan, favors the emerging markets of the
region at the expense of the more mature ones (Hong Kong, Singapore and
Malaysia). The de-rating process which impacted all regional markets during 1994
and 1995 hit the "Tiger cubs" harder than the Tigers, yet their growth prospects
remain strong. The Fund maintains overweight positions in South Korea, Indonesia
and Taiwan and is moving toward an overweight position in Thailand. The Fund has
some exposure to Australia, reflecting expectations of growing demand for
natural resources as the world economy gradually recovers.

At the sector and stock level, the Fund favors residential real estate and bank
shares in Hong Kong (Cheung Kong (Holdings) Ltd. and Dao Heng Bank Group Ltd.);
constructions companies in Korea (Hyundai Engineering & Construction Co.);
building materials stocks in Indonesia (PT Mulia
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
LETTER TO THE SHAREHOLDERS APRIL 30, 1996, CONTINUED

Industrindo) and gaming companies in Malaysia (Genting Berhad and Magnum
Corporation Berhad). In Japan, the Fund retains its overweighting in small cap
stocks which are heavily undervalued relative to the rest of the market.

LOOKING AHEAD

Morgan Grenfell, the Fund's sub-adviser, remains positive about the investment
outlook for the Pacific Basin. Economic growth in the region, currently at
approximately 6.5 percent, is unrivaled by any other part of the globe and is
leading to sustainable earnings growth in the mid-teens percent. They believe
this growth is secular in nature and is sustainable well into the next century.
The current average regional P/E ratio is around 16.5 times 12-month prospective
earnings, which continues to compare favorably with historical averages and
represents only a small premium to P/Es in the U.S. and Europe. Given the high
level and superior quality of Asian growth, they believe that this premium is
well deserved and shall expand over time.

According to Morgan Grenfell, news flow from China, once the present trade
dispute with the U.S. is resolved, should be favorable for the markets, with
further relaxation in the austerity program likely over the balance of the year
and into 1997. They also believe China's resumption of sovereignty over Hong
Kong in July, 1997 will go smoothly and anticipate a gradual reduction in
tension between the mainland and Taiwan. Short-term uncertainties related to the
renewal process for China's most favored nation trading status with the United
States and the discussions regarding Super 301 trade penalties related to
alleged intellectual property rights abuse by China continue to impact the
market. While over the long term, the current interest rate climate in the U.S.
may result in some upward pressure on regional interest rates, Morgan Grenfell
does not anticipate a sharp increase in world economic growth rates, and they
expect global liquidity levels to remain supportive of markets.

We appreciate your continued support of Dean Witter Pacific Growth Fund and look
forward to serving your investment needs and objectives.

Very truly yours,

[SIGNATURE]
CHARLES A. FIUMEFREDDO
CHAIRMAN OF THE BOARD
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS APRIL 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
COMMON AND PREFERRED STOCKS, WARRANTS, RIGHTS
AND BONDS (97.8%)
AUSTRALIA (1.6%)
COMMERCIAL SERVICES
1,000,000 Mayne Nickless Ltd.......... $ 6,004,810
-----------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
1,200,000 Foster's Brewing Group
Ltd......................... 2,200,452
-----------------
LEISURE
1,500,000 Burnswood Property Trust
(Units)++................... 2,030,460
-----------------
METALS & MINING
215,000 CRA Ltd..................... 3,492,391
2,000,000 North Ltd................... 6,028,420
666,250 Odin Mining & Investment
Co., Ltd.................... 170,410
-----------------
9,691,221
-----------------
OIL RELATED
1,800,000 Santos, Ltd................. 6,431,364
-----------------
TRANSPORTATION
237,250 Brambles Industries, Ltd.... 3,258,190
-----------------

TOTAL AUSTRALIA............. 29,616,497
-----------------
CHINA (0.9%)
CHEMICALS
143,400 Jilin Chemical Industrial
Co., Ltd. (ADR)............. 2,796,300
7,500,000 Shanghai Petrochemical Co.
Ltd......................... 2,230,065
11,650,000 Yizheng Chemical Fibre Co.
Ltd......................... 3,125,162
-----------------
8,151,527
-----------------
TRANSPORTATION
2,040,000 Jinhui Shipping and
Transportation Ltd.......... 1,802,614
-----------------
UTILITIES
275,000 Huaneng Power International,
Inc. (ADR)*................. 4,296,875
322,000 Shandong Huaneng Power Co.,
Ltd. (ADR).................. 2,978,500
-----------------
7,275,375
-----------------
TOTAL CHINA................. 17,229,516
-----------------

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

HONG KONG (26.7%)
BANKING
1,500,000 Bank of East Asia, Ltd...... $ 5,041,886
933,838 Dao Heng Bank Group Ltd..... 3,573,483
2,050,000 Guoco Group Ltd............. 10,203,356
2,752,000 Hang Seng Bank Ltd.......... 27,928,431
752,800 HSBC Holdings PLC........... 11,240,614
6,000,000 International Bank of
Asia........................ 3,781,415
-----------------
61,769,185
-----------------
BUILDING & CONSTRUCTION
5,109,000 Kumagai Gumi, Ltd........... 4,722,483
-----------------
CONGLOMERATES
2,159,000 Citic Pacific, Ltd.......... 8,485,055
5,250,000 First Pacific Co. Ltd....... 6,990,769
126,260 Henderson China Holding
Ltd.*....................... 350,124
6,300,000 Hutchison Whampoa, Ltd...... 39,094,012
1,331,000 Jardine Matheson Holdings
Ltd......................... 10,648,000
1,499,413 New World Infrastructure
Ltd.*....................... 3,334,097
1,947,000 Swire Pacific Ltd. (Class
A).......................... 16,612,628
-----------------
85,514,685
-----------------
ELECTRONIC & ELECTRICAL EQUIPMENT
3,000,000 ASM Pacific Technology...... 2,947,564
-----------------
FINANCIAL SERVICES
$ 8,300K Henderson Capital
International 4.50% due
10/27/96 (Conv.)............ 8,217,000
11,000,000 Manhattan Card Co. Ltd...... 6,541,524
$ 1,880K Paliburg International
Finance - 144A** 3.50% due
02/06/01 (Conv.)............ 1,786,000
-----------------
16,544,524
-----------------
HOTELS/MOTELS
26,462,000 CDL Hotels International,
Ltd......................... 15,052,332
2,000,000 Hong Kong & Shanghai
Hotels...................... 3,451,753
8,000,000 Regal Hotels
International............... 2,027,097
2,374,000 Shangri-La Asia Ltd......... 3,268,577
-----------------
23,799,759
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS APRIL 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
INVESTMENT COMPANIES
10,000,000 Guangdong Investments....... $ 6,173,079
100,000 Investment Co. of China***
*........................... 718,000
-----------------
6,891,079
-----------------
LIFE INSURANCE
4,503,000 National Mutual Asia Ltd.... 3,813,043
-----------------
REAL ESTATE
7,000,000 Amoy Properties, Ltd........ 7,873,100
$ 2,000K Amoy Properties, Ltd. 5.50%
due 12/29/49 (Conv.)........ 1,740,000
7,143,000 Cheung Kong (Holdings)
Ltd......................... 51,020,109
3,000,000 Great Eagle Holding Co...... 8,609,991
250,000 Hang Lung Development Co.
(Warrants due 10/31/97)*.... 61,408
3,200,000 Henderson Investment,
Ltd......................... 2,792,429
1,740,000 Henderson Land Development
Co. Ltd..................... 12,484,487
1,600,800 HKR International Ltd....... 1,821,160
800 HKR International Ltd.
(Warrants due 06/23/00)*.... 253
HKD 10,500K HKR International Ltd. 6.00%
due 06/26/00................ 1,152,120
5,478,000 Hon Kwok Land Investment
Ltd......................... 1,912,116
4,000,000 Hong Kong Land Holdings
Ltd......................... 8,560,000
1,600,000 Hysan Development Co.
Ltd......................... 5,140,139
80,000 Hysan Development Co. Ltd.
(Warrants due 04/30/98)*.... --
990,000 New Asia Realty & Trust Co.
(Class A)................... 3,314,846
2,048,000 New World Development....... 9,187,300
740,000 Realty Development Corp.
(Class A)................... 2,578,214
4,991,500 Sun Hung Kai Properties
Ltd......................... 47,590,641
1,940,000 Tai Cheung Holdings......... 1,717,990
4,158,000 Wharf (Holdings) Ltd........ 15,400,597
-----------------
182,956,900
-----------------
RETAIL - SPECIALTY APPAREL
7,641,000 Giordano International
Ltd......................... 7,062,927
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS
24,320,000 Hong Kong Telecommunications
Ltd......................... $ 46,375,013
-----------------
TRANSPORTATION
2,500,000 Cathay Pacific Airways...... 4,363,171
6,000,000 Cosco Pacific Ltd........... 4,227,428
-----------------
8,590,599
-----------------
UTILITIES
1,400,000 China Light & Power Co.
Ltd......................... 6,606,164
3,000,631 Consolidated Electric Power
Asia Ltd.................... 4,965,363
6,090,000 Hong Kong & China Gas Co.... 9,998,837
700,000 Hong Kong & China Gas Co.
(Warrants due 09/30/97)*.... --
3,500,000 Hong Kong Electric Holdings
Ltd......................... 11,130,934
-----------------
32,701,298
-----------------

TOTAL HONG KONG............. 483,689,059
-----------------

INDONESIA (8.5%)
AUTO
5,690,000 PT Astra International...... 8,432,345
9,000,000 PT Gadjah Tunggal........... 5,315,722
-----------------
13,748,067
-----------------
BANKING
6,241,000 PT Bank Bira................ 6,501,042
2,000,000 PT Bank Dagang Nasional
Indonesia................... 1,997,423
1,764,000 PT Bank Internasional
Indonesia................... 8,694,974
3,332,500 PT Panin Bank............... 3,399,780
-----------------
20,593,219
-----------------
BUILDING MATERIALS
9,258,963 PT Mulia Industrindo........ 17,897,480
2,080,000 PT Semen Gresik............. 7,214,777
-----------------
25,112,257
-----------------
CEMENT
2,320,500 PT Indocement............... 8,971,005
-----------------
CONSTRUCTION EQUIPMENT
3,012,000 PT United Tractors.......... 5,854,510
-----------------
</TABLE>

TOTAL INDONESIA............. 154,771,458
-----------------
JAPAN (13.1%)
AGRICULTURE
27,000 Yukiguni Maitake Co.,
Ltd......................... 257,094
-----------------
APPLIANCES & HOUSEHOLD DURABLES
65,000 Juken Sangyo................ 755,094
-----------------
AUTO PARTS
90,000 Bridgestone Metalpha
Corp........................ 1,156,922
-----------------
AUTOMOTIVE
13,500 Autobacs Seven Co........... 1,279,042
145,000 Honda Motor Co.............. 3,299,848
518,000 Isuzu Motors Ltd............ 2,954,504
-----------------
7,533,394
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
BANKING
208,000 Asahi Bank, Ltd............. $ 2,673,776
154,400 Bank of Tokyo - Mitsubishi
Ltd.*....................... 3,543,173
131,000 Dai-Ichi Kangyo Bank........ 2,656,923
208,000 Long Term Credit Bank of
Japan....................... 1,796,382
47,250 Mitsubishi Bank............. 1,084,293
189,000 Mitsui Trust & Banking...... 2,267,568
150,000 Sanwa Bank, Ltd............. 3,027,995
213,000 Shizuoka Bank............... 2,880,023
145,000 Sumitomo Bank............... 3,092,744
142,000 Sumitomo Trust & Banking.... 2,068,749
-----------------
25,091,626
-----------------
BUILDING & CONSTRUCTION
40,000 Higashi Nihon House......... 647,496
55,000 Kaneshita Construction...... 707,008
90,000 Maeda Road Construction..... 1,645,401
-----------------
2,999,905
-----------------
BUILDING MATERIALS
44,000 Oriental Construction Co.... 754,142
200,000 Sanwa Shutter............... 1,881,546
63,000 Shin Nikkei Co., Ltd........ 500,905
90,000 Toyo Shutter................ 951,247
-----------------
4,087,840
-----------------
BUSINESS SERVICES
65,000 Ichiken Co., Ltd............ 748,905
29,400 Nippon Kanzai............... 879,033
26,000 Nissin Co. Ltd.............. 1,260,141
41,000 Secom Co.................... 2,888,974
60,000 Tanseisha................... 828,414
-----------------
6,605,467
-----------------
CHEMICALS
25,000 Maezawa Kasei Industries.... 995,049
520,000 Mitsubishi Chemical Corp.... 2,842,125
349,000 Nippon Zeon Co. Ltd......... 2,219,882
150,000 Sakai Chemical Industry
Co.......................... 1,089,792
92,400 Shin-Etsu Chemical Co....... 2,014,816
-----------------
9,161,664
-----------------
COMMERCIAL SERVICES
22,000 Nichii Gakkan Co............ 1,179,394
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS APRIL 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
COMPUTER SOFTWARE & SERVICES
10,000 Mars Engineering Corp....... $ 727,480
Y 70,000K Meitec Corp. 3.20% due
03/31/04 (Conv.)............ 1,106,456
30,000 Nintendo Co., Ltd........... 2,308,132
30 NTT Data Communications
Systems Corp................ 1,045,515
70,000 Ricoh Elemex................ 1,099,791
33,300 TKC Corp.................... 1,027,347
-----------------
7,314,721
-----------------
COMPUTERS
20,000 Enix Corp................... 578,937
230,000 Fujitsu, Ltd................ 2,365,264
36,000 Japan Digital Laboratory.... 870,691
-----------------
3,814,892
-----------------
COMPUTERS - SYSTEMS
33,000 Daiwabo Information Systems
Co.......................... 738,431
-----------------
CONSTRUCTION & HOUSING
126,000 Daiwa House Industry........ 2,003,618
60,000 Mitsui Home Co., Ltd........ 999,810
-----------------
3,003,428
-----------------
ELECTRICAL EQUIPMENT
50,000 Alpine Electronics Inc...... 980,766
-----------------
ELECTRONIC & ELECTRICAL EQUIPMENT
70,000 Aiwa Co..................... 1,613,026
Y 100,000K Canon, Inc. 1.20% due
12/20/05 (Conv.)............ 1,352,123
Y 95,000K Canon, Inc. 1.30% due
12/19/08 (Conv.)............ 1,261,903
264,000 Hitachi, Ltd................ 2,840,602
41,000 Kyocera Corp................ 3,076,366
20,000 Mabuchi Motor Co............ 1,226,433
37,000 Mitsui High-Tec............. 944,201
35,000 Mitsumi Electric Co. Ltd.... 636,545
49,000 Murata Manufacturing Co.,
Ltd......................... 1,894,306
72,000 Nitto Electric Works........ 1,144,925
110,000 Omron Corp.................. 2,471,910
140,000 Sharp Corp.................. 2,426,205
45,000 Sony Corp................... 2,913,731
-----------------
23,802,276
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
ELECTRONICS
33,000 Apic Yamada Corp............ $ 1,024,376
29,000 Maspro Denkoh Corp.......... 792,516
130,000 Nissin Electric............. 1,047,229
47,000 Rohm Co., Ltd............... 2,980,575
35,000 Ryoyo Electro Corp.......... 896,496
-----------------
6,741,192
-----------------
ENGINEERING & CONSTRUCTION
27,500 Japan Industrial Land
Development................. 971,482
234,000 Kajima Corp................. 2,629,213
27,500 Nitto Kohki Co. Ltd......... 1,112,883
-----------------
4,713,578
-----------------
ENTERTAINMENT
22,000 H.I.S. Company Ltd.......... 1,290,421
-----------------
FINANCIAL SERVICES
170,000 Daiwa Securities Co.,
Ltd......................... 2,606,170
Y 21,000K Minebea Co. Ltd. 0.80% due
03/31/03 (Conv.)............ 230,756
24,000 Nichiei Co., Ltd. (Kyoto)... 1,599,695
120,000 Nomura Securities Co.
Ltd......................... 2,605,218
37,200 Promise Co., Ltd............ 1,576,271
11,000 Sanyo Shinpan Finance Co.,
Ltd......................... 764,616
36,000 Shinki Co. Ltd.............. 1,336,888
-----------------
10,719,614
-----------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
50,000 Amway Japan, Ltd............ 2,566,178
101,000 Nippon Meat Packers, Inc.... 1,596,458
15,500 Plenus Company, Ltd......... 646,448
55,000 Stamina Foods............... 555,132
55 Yoshinoya D & C Company
Ltd......................... 780,328
-----------------
6,144,544
-----------------
FOREST PRODUCTS, PAPER & PACKAGING
85,000 Daishowa Paper Manufacturing
Co. Ltd.*................... 785,089
231,000 Nippon Paper Industries
Co.......................... 1,684,879
-----------------
2,469,968
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS APRIL 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
HEALTH & PERSONAL CARE
50,000 Kawasumi Laboratories,
Inc......................... $ 690,345
-----------------
HOUSEHOLD FURNISHINGS & APPLIANCES
45,000 Beltecno Corp............... 531,327
-----------------
INDUSTRIALS
130,000 Nippon Thompson Co.......... 1,287,374
-----------------
INSURANCE
180,000 Tokio Marine & Fire
Insurance Co.*.............. 2,468,101
228,000 Yasuda Fire & Marine
Insurance................... 1,791,087
-----------------
4,259,188
-----------------
MACHINERY
85,000 Aichi Corp.................. 963,150
75,000 CKD Corp.................... 856,980
150,000 Daifuku Co. Ltd............. 2,356,694
53,000 Fanuc, Ltd.................. 2,296,229
25,000 Fuji Machine Manufacturing
Co.......................... 818,892
22,000 Keyence Corp................ 2,890,878
309,000 Minebea Co., Ltd............ 2,827,547
325,000 Mitsubishi Heavy Industries,
Ltd......................... 2,890,402
120,000 OSG Corp.................... 990,668
50,000 Sansei Yusoki Co., Ltd...... 652,257
85,000 Sintokogio.................. 768,901
65,000 Takuma Co., Ltd............. 996,477
130,000 Tsudakoma................... 1,015,045
-----------------
20,324,120
-----------------
MANUFACTURING
54,000 Arcland Sakamoto............ 647,877
90,000 Itoki Crebio Corp........... 747,286
49,500 Nichiha Corp................ 904,970
104,000 Nippon Electric Glass Co.,
Ltd......................... 1,931,061
52,700 Sony Music Entertainment
Inc......................... 2,845,258
131,000 Tokyo Steel Manufacturing... 2,631,975
-----------------
9,708,427
-----------------
MEDICAL SUPPLIES
13,200 Paramount Bed Co............ 898,686
150,000 Shimadzu Corp............... 1,021,234
-----------------
1,919,920
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
MERCHANDISING
28,600 Misumi Corp................. $ 977,661
-----------------
METALS & MINING
330,000 Nippon Light Metal Co....... 2,136,736
667,000 Nippon Steel Co............. 2,400,743
-----------------
4,537,479
-----------------
METALS - STEEL
60,000 Takada Kiko................. 674,157
-----------------
METALS NON-FERROUS
324,000 Fujikura Ltd................ 2,520,548
-----------------
MISCELLANEOUS
30,000 Noritsu Koki Co. Ltd........ 1,216,911
-----------------
MULTI-INDUSTRY
244,000 Mitsui & Co................. 2,316,397
42,000 Trusco Nakayama Corp........ 1,079,794
55,000 Yamae Hisano................ 503,285
-----------------
3,899,476
-----------------
NATURAL GAS
365,000 Tokyo Gas Co., Ltd.......... 1,428,442
-----------------
OIL RELATED
187,000 General Sekiyu.............. 1,773,491
-----------------
PHARMACEUTICALS
128,100 Eisai Co. Ltd............... 2,524,919
100,000 Terumo...................... 1,266,425
11,000 Towa Pharmaceutical Co.,
Ltd......................... 292,230
-----------------
4,083,574
-----------------
REAL ESTATE
75,000 Cesar Co.................... 742,716
60,000 Chubu Sekiwa Real Estate,
Ltd......................... 994,096
60,000 Fuso Lexel, Inc............. 702,723
55,000 Kansai Sekiwa Real Estate... 963,626
247,000 Mitsui Fudosan Co........... 3,245,668
85,000 Sekiwa Real Estate.......... 963,150
-----------------
7,611,979
-----------------
RETAIL
14,000 Fast Retailing Co., Ltd..... 559,893
38,500 Ministop Co., Ltd........... 1,033,803
55,000 Shimachu Co., Ltd........... 1,859,170
24,000 Sundrug Co., Ltd............ 966,673
154,000 Tokyo Style................. 2,727,480
26,000 Xebio Co. Ltd............... 965,530
-----------------
8,112,549
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS APRIL 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
RETAIL - GENERAL MERCHANDISE
27,000 Circle K Japan Co. Ltd...... $ 1,182,632
10,600 Ryohin Keikaku Co. Ltd...... 943,725
-----------------
2,126,357
-----------------
RETAIL - SPECIALTY
25,000 Paris Miki Inc.............. 1,054,561
-----------------
TELECOMMUNICATIONS
330 DDI Corp.................... 2,824,891
15,000 KDD......................... 1,471,148
194,000 Nippon Comsys Co............ 2,493,811
-----------------
6,789,850
-----------------
TEXTILES
50,000 Chuo Warehouse Co........... 666,540
228,000 Kuraray Co. Ltd............. 2,626,928
20,000 Maruco Co., Ltd............. 1,782,518
-----------------
5,075,986
-----------------
TRANSPORTATION
470 East Japan Railway Co....... 2,501,714
180,000 Fukuyama Transporting Co.... 1,936,774
325,000 Ishikawajima-Harima Heavy
Industry.................... 1,609,217
217,000 Kamigumi Co. Ltd............ 2,231,575
35,000 Kanto Seino
Transportation.............. 1,096,458
205,000 Tokyu Corp.................. 1,665,064
-----------------
11,040,802
-----------------
UTILITIES - ELECTRIC
69,300 Hokkaido Electric Power..... 1,656,285
67,600 Kyushu Electric Power....... 1,673,586
-----------------
3,329,871
-----------------
WHOLESALE & INTERNATIONAL TRADE
25,000 Satori Electric Co. Ltd..... 1,142,640
-----------------
WHOLESALE DISTRIBUTOR
50,000 Wakita & Co................. 895,068
-----------------
TOTAL JAPAN................. 237,574,334
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
MALAYSIA (14.9%)
AGRICULTURE
3,202,000 Highlands & Lowlands
Berhad...................... $ 6,036,663
2,000,000 Lingui Developments
Berhad...................... 4,853,590
-----------------
10,890,253
-----------------
AUTOMOTIVE
779,000 Cycle & Carriage Bintang
Berhad...................... 4,905,856
1,550,000 Diversified Resources
Berhad...................... 5,067,188
1,213,000 Perusahaan Otomobil Nasional
Berhad...................... 5,984,717
3,500,000 Tan Chong Motor Holdings
Berhad...................... 5,643,803
-----------------
21,601,564
-----------------
BANKING
1,250,000 Kwong Yik Bank.............. 3,008,424
1,350,000 Malayan Banking Berhad...... 13,158,845
3,625,000 Public Bank Berhad.......... 10,316,613
-----------------
26,483,882
-----------------
BUILDING & CONSTRUCTION
340,000 Gamuda Berhad............... 2,154,834
733,000 Hume Industries (Malaysia)
Berhad...................... 4,175,130
2,000,000 Kedah Cement Berhad......... 3,979,142
2,666,666 Metacorp Berhad............. 7,594,596
1,537,000 Sungei Way Holdings
Berhad...................... 7,090,052
250,000 Sungei Way Holdings Berhad
(Warrants due 06/29/99)*.... 511,432
2,000,000 United Engineers Malaysia
Berhad...................... 13,718,412
-----------------
39,223,598
-----------------
BUSINESS SERVICES
518,000 Dunlop Estates Berhad....... 1,142,800
-----------------
CONSTRUCTION PLANT & EQUIPMENT
900,000 YTL Corp. Berhad............ 4,512,635
-----------------
ELECTRONIC & ELECTRICAL EQUIPMENT
574,000 Leader Universal Holdings
Berhad...................... 1,692,298
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS APRIL 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
ENTERTAINMENT
1,175,000 Genting Berhad.............. $ 10,557,561
4,120,800 Magnum Corporation Berhad... 7,140,736
525,000 Resorts World Berhad........ 3,179,904
-----------------
20,878,201
-----------------
FINANCIAL SERVICES
2,997,000 Affin Holdings Berhad....... 7,393,321
43,000 Arab Malaysian Corp.
Berhad...................... 174,208
3,500,500 Arab Malaysian Corp. Berhad
(New)....................... 1,979,826
866,666 Arab Malaysian Finance
Berhad...................... 3,997,858
1,200,000 Gadek Capital Berhad........ 3,537,906
196,500 Hong Leong Credit Berhad.... 977,377
2,583,000 Public Finance Berhad....... 6,216,606
1,000,000 Rashid Hussain Berhad....... 3,529,884
-----------------
27,806,986
-----------------
FOREST PRODUCTS, PAPER & PACKAGING
700,000 Kian Joo Can Factory
Berhad...................... 4,043,321
-----------------
MANUFACTURING
850,000 Malaysian Pacific Industries
Berhad...................... 3,392,499
478,750 O.Y.L. Industries Berhad.... 4,340,052
-----------------
7,732,551
-----------------
MULTI-INDUSTRY
2,000,000 Multi-Purpose Holdings
Berhad...................... 3,481,749
1,000,000 Nylex Berhad................ 4,091,456
-----------------
7,573,205
-----------------
MULTI-LINE INSURANCE
700,000 Pacific & Orient Berhad..... 2,316,486
-----------------
OIL & GAS PRODUCTS
1,250,000 Petronas Dagangan Berhad.... 3,309,266
-----------------
PLANTATION
1,500,000 Kuala Lumpur Kepong
Berhad...................... 3,850,782
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
REAL ESTATE
3,239,500 Land & General Berhad....... $ 8,641,266
2,750,000 Malaysian Resources Corp.
Berhad...................... 7,059,767
2,507,000 Pelangi Berhad.............. 2,644,769
1,781,000 Sime UEP Properties
Berhad...................... 3,750,602
31,000 Taiping Consolidated
Berhad...................... 69,013
-----------------
22,165,417
-----------------
TELECOMMUNICATIONS
2,700,000 Technology Resources
Industries Berhad*.......... 9,205,776
3,500,000 Telekom Malaysia Berhad..... 32,992,379
-----------------
42,198,155
-----------------
TRANSPORTATION
1,832,000 Malaysian Airline System
Berhad...................... 6,062,575
-----------------
UTILITIES
500,000 Malakoff Berhad............. 2,366,627
400,000 Prime Utilities Berhad...... 4,011,231
155,000 Prime Utilities Berhad
(Warrants due 03/11/01)*.... 360,610
MYR 310,000 Prime Utilities Berhad 1.00%
due 03/01/01 (Loan Stock)... 84,557
2,200,000 Tenaga Nasional Berhad...... 9,354,192
-----------------
16,177,217
-----------------

TOTAL MALAYSIA.............. 269,661,192
-----------------

PAKISTAN (0.1%)
TELECOMMUNICATIONS
14,700 Pakistan Telecommunications
Corp.*...................... 1,477,350
-----------------

PHILIPPINES (2.9%)
BANKING
230,530 Philippine National Bank.... 3,442,064
1,000,000 Security Bank Corp.......... 2,526,799
-----------------
5,968,863
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS APRIL 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
BUILDING & CONSTRUCTION
822,794 Bacnotan Consolidated
Industries*................. $ 4,284,073
60,206 Bacnotan Consolidated
Industries (Fully Paid)*.... 313,477
-----------------
4,597,550
-----------------
CONGLOMERATES
10,000,000 Aboitiz Equity Ventures
Inc.*....................... 1,952,527
3,019,844 Ayala Corp. (B Shares)...... 4,277,727
3,534,000 First Philippine Holdings
Corp. (B Shares)............ 8,050,268
644,490 Metro Pacific Corp. (Class
A).......................... 152,980
-----------------
14,433,502
-----------------
ENGINEERING & CONSTRUCTION
6,167,000 DMCI Holdings Inc........... 4,131,796
-----------------
FOREST PRODUCTS, PAPER & PACKAGING
12,840,000 Paper Industries Corp....... 3,244,410
-----------------
REAL ESTATE
15,000,000 Belle Corp.*................ 2,210,949
208,000 Filinvest Land, Inc.*....... 107,504
-----------------
2,318,453
-----------------
TELECOMMUNICATIONS
6,447,000 Pilipino Telephone Corp..... 9,502,661
-----------------
UTILITIES
495,245 Manila Electric Co. (B
Shares)..................... 4,626,332
18,000 Philippine Long Distance
Telephone Co................ 916,539
56,950 Philippine Long Distance
Telephone Co. (ADR)......... 2,861,737
-----------------
8,404,608
-----------------
TOTAL PHILIPPINES........... 52,601,843
-----------------
SINGAPORE (12.5%)
APPLIANCES & HOUSEHOLD DURABLES
1,500,000 Courts (Singapore) Ltd...... 2,465,315
-----------------
AUTOMOTIVE
400,000 Cycle and Carriage Ltd...... 4,838,136
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
BANKING
1,535,250 Development Bank of
Singapore, Ltd.............. $ 19,443,223
1,250,000 Keppel Bank................. 3,930,985
1,500,000 Overseas Chinese Banking
Corp., Ltd.................. 20,597,652
1,029,000 Overseas Union Bank, Ltd.... 7,980,149
1,700,000 United Overseas Bank,
Ltd......................... 16,570,616
-----------------
68,522,625
-----------------
CONGLOMERATES
600,000 Keppel Corp., Ltd........... 5,421,558
-----------------
ELECTRONIC & ELECTRICAL EQUIPMENT
1,300,000 Venture Manufacturing
Ltd......................... 4,439,701
-----------------
FINANCE
1,600,000 Hong Leong Finance Ltd...... 6,545,713
250,000 Hong Leong Finance Ltd.
(Warrants due 09/15/98)*.... 224,120
-----------------
6,769,833
-----------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
660,000 Fraser & Neave Ltd.......... 7,325,507
62,400 Fraser & Neave Ltd.
(Warrants due 05/27/98)*.... 359,616
-----------------
7,685,123
-----------------
HOTELS
800,000 Overseas Union Enterprise
Ltd......................... 4,581,999
1,322,000 Republic Hotels & Resorts
Ltd......................... 1,815,340
364,400 Republic Hotels & Resorts
Ltd. (Warrants due
07/12/00)*.................. 224,266
-----------------
6,621,605
-----------------
MACHINERY
700,000 Van Der Horst Ltd........... 3,461,402
-----------------
METALS - MISCELLANEOUS
3,484,500 Amtek Engineering Ltd....... 5,850,886
-----------------
</TABLE>

TOTAL SINGAPORE............. 226,063,012
-----------------

SOUTH KOREA (6.1%)
AUTOMOTIVE
111,250 Hyundai Motor Co., Ltd...... 5,546,775
42,000 Hyundai Motor Co., Ltd.
(GDR)....................... 640,500
-----------------
6,187,275
-----------------
BANKING
600,000 Cho Hung Bank............... 8,326,908
66,561 Hana Bank................... 1,402,725
206,522 Kangwon Bank................ 2,295,573
1,290 Korea Housing Bank.......... 36,469
321,093 Shinhan Bank................ 7,096,890
-----------------
19,158,565
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
BREWERY
50,841 Chosun Brewery Co........... $ 1,750,885
-----------------
BUILDING MATERIALS
162,710 Tong Yang Cement Co......... 5,373,486
-----------------
CHEMICALS
150,000 Hanwha Chemical Corp........ 2,255,204
-----------------
ELECTRONIC & ELECTRICAL EQUIPMENT
1,488 Samsung Electronics Co...... 202,683
15,728 Samsung Electronics Co.
(Bonus Issue)............... 2,091,812
100 Samsung Electronics Co.
(GDR) - 144A**.............. 7,700
30 Samsung Electronics Co.
(GDR) - 144A** (Bonus
Issue)...................... 2,306
8,935 Samsung Electronics Co.
(GDS) - 144A**
(Non-Voting)................ 366,335
4,174 Samsung Electronics Co. -
144A** (Non-Voting)......... 170,591
631 Samsung Electronics Co. -
144A** (Voting)............. 48,587
190 Samsung Electronics Co. -
144A** (Voting)............. 14,605
-----------------
2,904,619
-----------------
ENGINEERING & CONSTRUCTION
116,706 Dong-Ah Construction
Industrial Co............... 4,574,059
73,000 Dong-Ah Construction
Industrial Co. (EDR)........ 1,551,250
274,340 Hyundai Engineering &
Construction Co............. 13,854,487
150,000 Sam Whan Corp............... 4,510,409
-----------------
24,490,205
-----------------
FOREST PRODUCTS, PAPER & PACKAGING
120,000 Han Kuk Paper Manufacturing
Co.......................... 3,484,965
-----------------
INSURANCE
1,440 Samsung Fire & Marine
Insurance................... 945,567
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS APRIL 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
INVESTMENT COMPANIES
55,000 Atlantis Korean Smaller
Co's*....................... $ 2,708,750
165,000 Clemente Korea Emerging
Growth Fund*................ 1,485,000
-----------------
4,193,750
-----------------
OIL RELATED
140,000 Yukong, Ltd. (GDS).......... 5,217,168
-----------------
PHARMACEUTICALS
187,040 Dong-A Pharmaceutical Co.,
Ltd......................... 5,407,864
-----------------
STEEL & IRON
6,449 Dongkuk Steel Mill Co....... 152,482
1,440 Pohang Iron & Steel, Ltd.... 113,801
427,700 Pohang Iron & Steel, Ltd.
(ADR)....................... 11,761,750
-----------------
12,028,033
-----------------
TELECOMMUNICATIONS
480 Korea Mobile
Telecommunications Corp..... 463,840
-----------------
TRANSPORTATION
3,462 Han Jin Transportation
Co.......................... 109,884
-----------------
UTILITIES
158,838 Seoul City Gas Go Ltd....... 13,063,007
-----------------
WHOLESALE DISTRIBUTOR
300,000 Daewoo Corp................. 3,893,601
-----------------
TOTAL SOUTH KOREA........... 110,927,918
-----------------
TAIWAN (0.8%)
INVESTMENT COMPANIES
430,000 Taiwan American Fund
(Pref.)*.................... 4,515,000
-----------------
TRANSPORTATION
$ 6,000K U-Ming Marine Transport
1.50% due 02/07/01
(Conv.)..................... 5,445,000
$ 4,000K Yang Ming Marine
Transportation - 144A**
2.00% due 10/06/01
(Conv.)..................... 4,710,000
-----------------
10,155,000
-----------------
TOTAL TAIWAN................ 14,670,000
-----------------
THAILAND (9.7%)
AUTOMOTIVE
184,000 Swedish Motor Corp., Ltd.... 673,979
-----------------

<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
BANKING
3,950,000 Krung Thai Bank PCL......... $ 19,395,715
8,371,300 Siam City Bank Ltd.......... 10,027,792
881,600 Siam Commercial Bank Co.,
Ltd......................... 12,986,782
2,652,080 Thai Military Bank, Ltd..... 12,812,488
-----------------
55,222,777
-----------------
BUILDING MATERIALS
209,300 Siam Cement Co., Ltd........ 10,774,561
396,000 Siam City Cement Co.,
Ltd......................... 5,394,369
964,100 Thai-German Ceramic Industry
Co., Ltd.................... 2,347,925
1,080,000 Tipco Asphalt Co., Ltd...... 6,030,175
1,260,000 TPI Polene Co., Ltd......... 6,985,309
-----------------
31,532,339
-----------------
COAL
416,000 Ban Pu Coal Co., Ltd........ 11,070,051
119,000 Lanna Lignite PCL (Local
Market)..................... 904,764
451,400 Lanna Lignite Public Co.
(Alien Market).............. 3,432,020
-----------------
15,406,835
-----------------
FINANCIAL SERVICES
1,500,000 Dhana Siam Finance and
Securities PCL.............. 10,573,001
780,000 Krungthai Thanakit PLC...... 3,984,477
54,602 SCF Finance & Securities
Co., Ltd.................... 144,867
200,000 Securities One, Ltd......... 1,837,405
43,360 Siam City Finance &
Securities Co. PLC.......... 166,551
-----------------
16,706,301
-----------------
FOOD, BEVERAGE, TOBACCO & HOUSEHOLD PRODUCTS
516,000 Charoen Pokphand Feedmill
Co. Ltd..................... 3,003,683
-----------------
INVESTMENT COMPANIES
11,840,300 Ruang Khao 2 Fund........... 5,860,838
-----------------
OIL RELATED
777,200 PTT Exploration & Production
PCL (Alien Market).......... 10,833,343
172,800 PTT Exploration & Production
PCL (Local Market).......... 2,408,648
-----------------
13,241,991
-----------------
REAL ESTATE
700 Land & House PCL............ 10,811
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
PORTFOLIO OF INVESTMENTS APRIL 30, 1996 (UNAUDITED) CONTINUED

<TABLE>
<CAPTION>
SHARES/PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS
423,500 Advanced Information Service
PCL (ADR)................... $ 7,311,844
900,000 Jasmine International PCL... 3,100,622
1,038,400 Total Access Communication
PCL......................... 9,137,920
522,000 United Communication
Industry.................... 7,152,101
-----------------
26,702,487
-----------------
TEXTILES
363,200 Saha-Union PCL.............. 489,003
-----------------
TRANSPORTATION
1,500,000 Bangkok Expressway Public
Co. (Alien Market).......... 2,465,054
1,500,000 Bangkok Expressway Public
Co. (Local Market).......... 2,465,054
104,000 Regional Container Line Co.,
Ltd......................... 1,251,970
719,300 Thai Airways International
Ltd......................... 1,595,090
-----------------
7,777,168
-----------------
TOTAL THAILAND.............. 176,628,212
-----------------
TOTAL COMMON AND PREFERRED
STOCKS, WARRANTS, RIGHTS AND
BONDS (IDENTIFIED COST
$1,533,243,215)............. 1,744,910,391
-----------------
</TABLE>

<TABLE>
<CAPTION>
NUMBER OF
CONTRACTS VALUE
- ------------------------------------------------------------------
<C> <S> <C>
PURCHASED PUT OPTION ON FOREIGN CURRENCY (0.1%)
1,600,000 July 10, 1996/Y106.56
(Identified Cost
$3,860,800)................. 1,520,000
-----------------
</TABLE>

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN
THOUSANDS VALUE
- ------------------------------------------------------------------
<C> <S> <C>
SHORT-TERM INVESTMENTS (a) (2.5%)
COMMERCIAL PAPER
AUTOMOTIVE - FINANCE
$ 45,000 Ford Motor Credit Co. 5.27%
- 5.33% due 05/01/96 -
05/15/96 (Amortized Cost
$45,698,463)................ $ 45,698,463
-----------------

TOTAL INVESTMENTS
(IDENTIFIED COST
$1,582,802,478)
(B)................. 100.4% 1,822,128,854

LIABILITIES IN
EXCESS OF CASH AND
OTHER ASSETS........ (0.4) (8,046,312)
------ ----------------
NET ASSETS.......... 100.0% $ 1,814,082,542
------ ----------------
------ ----------------
<FN>
- ---------------------
ADR American Depository Receipt.
EDR European 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) Securities were purchased on a discount basis. The interest rates shown
have been adjusted to reflect a money market equivalent yield.
(b) The aggregate cost for federal income tax purposes approximates identified
cost. The aggregate gross unrealized appreciation was $300,663,047 and the
aggregate gross unrealized depreciation was $61,342,645, resulting in net
unrealized appreciation of $239,320,402.
</TABLE>

FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT APRIL 30, 1996:

<TABLE>
<CAPTION>
UNREALIZED
CONTRACTS IN DELIVERY APPRECIATION
TO DELIVER EXCHANGE FOR DATE (DEPRECIATION)
- -------------------------------------------------------------------
<S> <C> <C> <C>
$ 673,366 Y 71,639,439 05/01/96 $ 8,784
$ 947,906 Y 98,790,812 05/01/96 (7,221)
$ 2,870,344 IDR 6,674,985,447 05/02/96 (3,082)
Y 49,209,011 $ 469,910 05/02/96 1,342
SGD 436,353 $ 310,351 05/02/96 (110)
$ 3,124,872 THB 78,848,326 05/02/96 (2,537)
$ 1,402,125 AU$ 1,781,608 05/03/96 --
$ 3,720,952 AU$ 4,730,123 05/03/96 1,656
$ 541,392 THB 13,670,152 05/03/96 (64)
MYR5,039,642 $ 2,020,059 05/06/96 (1,459)
-------
Net unrealized depreciation.................. $ (2,691)
-------
-------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
SUMMARY OF INVESTMENTS APRIL 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------------------------------------------------------------
<S> <C> <C>
Agriculture............................ $ 11,147,347 0.6%
Appliances & Household Durables........ 3,220,409 0.2
Auto................................... 13,748,067 0.8
Auto Parts............................. 1,156,922 0.1
Automotive............................. 40,834,348 2.3
Automotive - Finance................... 45,698,463 2.5
Banking................................ 282,810,742 15.5
Brewery................................ 1,750,885 0.1
Building & Construction................ 51,543,536 2.8
Building Materials..................... 66,105,922 3.6
Business Services...................... 7,748,267 0.4
Cement................................. 8,971,005 0.5
Chemicals.............................. 19,568,395 1.1
Coal................................... 15,406,835 0.8
Commercial Services.................... 7,184,204 0.4
Computer Software & Services........... 7,314,721 0.4
Computers.............................. 3,814,892 0.2
Computers - Systems.................... 738,431 0.0
Conglomerates.......................... 105,369,745 5.8
Construction & Housing................. 3,003,428 0.2
Construction Equipment................. 5,854,510 0.3
Construction Plant & Equipment......... 4,512,635 0.2
Electrical Equipment................... 980,766 0.1
Electronic & Electrical Equipment...... 35,786,458 2.0
Electronics............................ 6,741,192 0.4
Engineering & Construction............. 33,335,579 1.8
Entertainment.......................... 22,168,622 1.2
Finance................................ 6,769,833 0.4
Financial Services..................... 77,895,425 4.3
Food, Beverage, Tobacco & Household
Products............................. 46,757,808 2.6
Foreign Currency Put Option............ 1,520,000 0.1
Forest Products, Paper & Packaging..... 14,322,221 0.8
Health & Personal Care................. 690,345 0.0
Hotels................................. 6,621,605 0.4
Hotels/Motels.......................... 23,799,759 1.3
Household Furnishings & Appliances..... 531,327 0.0
Industrials............................ 4,723,800 0.3
Insurance.............................. 5,204,755 0.3
Investment Companies................... 21,460,667 1.2
Leisure................................ 2,030,460 0.1
Life Insurance......................... 3,813,043 0.2

<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------------------------------------------------------------
<S> <C> <C>
Machinery.............................. $ 23,785,522 1.3%
Manufacturing.......................... 17,440,978 1.0
Medical Supplies....................... 1,919,920 0.1
Merchandising.......................... 977,661 0.1
Metals................................. 13,597,040 0.7
Metals & Mining........................ 14,228,700 0.8
Metals - Miscellaneous................. 5,850,886 0.3
Metals - Steel......................... 674,157 0.0
Metals Non-Ferrous..................... 2,520,548 0.1
Miscellaneous.......................... 1,216,911 0.1
Multi-Industry......................... 11,472,681 0.6
Multi-Line Insurance................... 2,316,486 0.1
Natural Gas............................ 1,428,442 0.1
Oil & Gas Products..................... 3,309,266 0.2
Oil Related............................ 26,664,014 1.5
Pharmaceuticals........................ 9,491,438 0.5
Photography............................ 6,076,031 0.3
Plantation............................. 3,850,782 0.2
Publishing............................. 12,774,813 0.7
Real Estate............................ 267,745,538 14.8
Retail................................. 11,088,549 0.6
Retail - General Merchandise........... 2,126,357 0.1
Retail - Specialty..................... 1,054,561 0.1
Retail - Specialty Apparel............. 7,062,927 0.4
Shipbuilding........................... 13,555,460 0.7
Steel & Iron........................... 16,040,840 0.9
Telecommunications..................... 155,970,696 8.6
Textiles............................... 5,564,989 0.3
Transportation......................... 72,782,602 4.0
Utilities.............................. 77,621,505 4.3
Utilities - Electric................... 3,329,871 0.2
Wholesale & International Trade........ 1,142,640 0.1
Wholesale Distributor.................. 4,788,669 0.3
--------------------- -----
$ 1,822,128,854 100.4%
--------------------- -----
--------------------- -----
</TABLE>

<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
- ------------------------------------------------------------------------------
<S> <C> <C>
Bonds.................................. $ 31,244,480 1.7%
Common and Preferred Stocks............ 1,741,924,207 96.0
Foreign Currency
Put Option........................... 1,520,000 0.1
Short-Term Investments................. 45,698,463 2.5
Warrants............................... 1,741,704 0.1
--------------------- -----
$ 1,822,128,854 100.4%
--------------------- -----
--------------------- -----
</TABLE>

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

STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1996 (UNAUDITED)

<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $1,582,802,478).......................... $1,822,128,854
Cash........................................................ 5,404,598
Receivable for:
Capital stock sold...................................... 5,987,169
Dividends............................................... 4,606,735
Investments sold........................................ 3,336,312
Interest................................................ 382,543
Prepaid expenses and other assets........................... 129,237
--------------

TOTAL ASSETS........................................... 1,841,975,448
--------------

LIABILITIES:
Payable for:
Investments purchased................................... 21,838,506
Plan of distribution fee................................ 1,552,000
Investment management fee............................... 1,518,116
Capital stock repurchased............................... 1,290,874
Accrued expenses and other payables......................... 1,693,410
Commitments (Note 8)........................................ --
--------------

TOTAL LIABILITIES...................................... 27,892,906
--------------

NET ASSETS:
Paid-in-capital............................................. 1,620,014,347
Net unrealized appreciation................................. 239,320,402
Distributions in excess of net investment income............ (19,968,861)
Accumulated net realized loss............................... (25,283,346)
--------------

NET ASSETS............................................. $1,814,082,542
--------------
--------------

NET ASSET VALUE PER SHARE,
88,573,701 SHARES OUTSTANDING (200,000,000 SHARES
AUTHORIZED OF
$.01 PAR VALUE)...........................................
$20.48
--------------
--------------
</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, 1996 (UNAUDITED)

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

INCOME
Dividends (net of $1,049,906 foreign withholding tax)....... $ 17,005,241
Interest (net of $7,959 foreign withholding tax)............ 1,263,873
------------

TOTAL INCOME........................................... 18,269,114
------------

EXPENSES
Plan of distribution fee.................................... 7,936,930
Investment management fee................................... 7,788,717
Custodian fees.............................................. 1,679,897
Transfer agent fees and expenses............................ 1,323,000
Registration fees........................................... 174,848
Shareholder reports and notices............................. 131,783
Professional fees........................................... 46,277
Directors' fees and expenses................................ 25,424
Organizational expenses..................................... 2,336
Other....................................................... 14,969
------------

TOTAL EXPENSES......................................... 19,124,181
------------

NET INVESTMENT LOSS.................................... (855,067)
------------

NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments............................................. (18,953,932)
Foreign exchange transactions........................... 5,047,209
------------

TOTAL LOSS............................................. (13,906,723)
------------
Net change in unrealized appreciation on:
Investments............................................. 189,460,464
Translation of forward foreign currency contracts, other
assets and liabilities denominated in foreign
currencies............................................ 12,069
------------

TOTAL APPRECIATION..................................... 189,472,533
------------

NET GAIN............................................... 175,565,810
------------

NET INCREASE................................................ $174,710,743
------------
------------
</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, 1996 ENDED
(UNAUDITED) OCTOBER 31, 1995
- ---------------------------------------------------------------------------------------------------
<S> <C> <C>

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income (loss)................................ $ (855,067) $ 4,954,471
Net realized gain (loss).................................... (13,906,723) 20,313,294
Net change in unrealized appreciation....................... 189,472,533 (162,216,385)
------------------ ----------------

NET INCREASE (DECREASE)................................ 174,710,743 (136,948,620)
------------------ ----------------

DIVIDENDS AND DISTRIBUTIONS FROM:
Net investment income....................................... (33,521,568) (225,409)
Net realized gain........................................... -- (70,810,154)
------------------ ----------------

TOTAL.................................................. (33,521,568) (71,035,563)
------------------ ----------------
Net increase from capital stock transactions................ 231,344,556 78,945,257
------------------ ----------------

TOTAL INCREASE (DECREASE).............................. 372,533,731 (129,038,926)

NET ASSETS:
Beginning of period......................................... 1,441,548,811 1,570,587,737
------------------ ----------------

END OF PERIOD
(INCLUDING DISTRIBUTIONS IN EXCESS OF NET INVESTMENT
INCOME OF $19,968,861 AND UNDISTRIBUTED NET INVESTMENT
INCOME OF $14,407,774).................................. $1,814,082,542 $ 1,441,548,811
------------------ ----------------
------------------ ----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
NOTES TO FINANCIAL STATEMENTS APRIL 30, 1996 (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 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 APRIL 30, 1996 (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, 1996 (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 reimbursed for the full amount thereof.
Such expenses were fully amortized as of November 30, 1995.

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 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, 1996 (UNAUDITED) CONTINUED

Under a Sub-Advisory Agreement between Morgan Grenfell Investment Services
Limited ("Morgan Grenfell" or 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
broker-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 APRIL 30, 1996 (UNAUDITED) CONTINUED

The Distributor has informed the Fund that for the six months ended April 30,
1996, it received approximately $1,675,000 in contingent deferred sales charges
from certain redemptions of the Fund's shares.

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, 1996 aggregated
$545,933,360 and $369,844,247, respectively.

For the six months ended April 30, 1996, the Fund incurred $214,095 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 April 30, 1996, the Fund had
transfer agent fees and expenses payable of approximately $291,000.

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 six months ended April
30, 1996 included in Directors' fees and expenses in the Statement of Operations
amounted to $14,793. At April 30, 1996, the Fund had an accrued pension
liability of $43,416 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
APRIL 30, 1996
---------------------------- FOR THE YEAR ENDED
OCTOBER 31, 1995
(UNAUDITED) ----------------------------
SHARES AMOUNT SHARES AMOUNT
----------- -------------- ----------- --------------

<S> <C> <C> <C> <C>
Sold..................................................... 23,926,756 $ 468,645,897 26,287,993 $ 491,348,677
Reinvestment of dividends and distributions.............. 1,685,191 31,243,453 3,643,200 67,435,626
----------- -------------- ----------- --------------
25,611,947 499,889,350 29,931,193 558,784,303
Repurchased.............................................. (13,842,102) (268,544,794) (25,829,636) (479,839,046)
----------- -------------- ----------- --------------
Net increase............................................. 11,769,845 $ 231,344,556 4,101,557 $ 78,945,257
----------- -------------- ----------- --------------
----------- -------------- ----------- --------------
</TABLE>

<PAGE>
DEAN WITTER PACIFIC GROWTH FUND INC.
NOTES TO FINANCIAL STATEMENTS APRIL 30, 1996 (UNAUDITED) 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.

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, 1996, there were outstanding forward contracts 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 April 30, 1996, 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 April 30, 1996, the Fund had purchased shares or units which are subject
to installment payments. At April 30, 1996, the Fund had outstanding commitments
as follows:

<TABLE>
<CAPTION>
TOTAL
OUTSTANDING
ISSUER COMMITMENT INSTALLMENT PAYMENT TERMS
- --------------------------- ----------- ------------------------------------------------------------------------------------------
<S> <C> <C>
Peregrine Indonesia (Units) $ 350,000 Balance payable 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 SIX
MONTHS
ENDED FOR THE PERIOD
APRIL 30, FOR THE YEAR ENDED OCTOBER 31 NOVEMBER 30, 1990*
1996 -------------------------------------------- THROUGH
(UNAUDITED) 1995 1994 1993 1992** OCTOBER 31, 1991
- ---------------------------------------------------------------------------------------------------------------------

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

Net asset value, beginning of
period....................... $ 18.77 $ 21.60 $ 19.80 $ 12.69 $ 11.72 $ 10.00
----------- -------- -------- -------- -------- ------

Net investment income
(loss)....................... 0.42 0.08 (0.10) (0.04) (0.01) 0.06
Net realized and unrealized
gain (loss).................. 1.72 (1.94) 2.22 7.15 1.14 1.69
----------- -------- -------- -------- -------- ------

Total from investment
operations................... 2.14 (1.86) 2.12 7.11 1.13 1.75
----------- -------- -------- -------- -------- ------

Less dividends and
distributions from:
Net investment income...... (0.43) -- -- -- (0.01) (0.03)
Net realized gain.......... -- (0.97) (0.32) -- (0.15) --
----------- -------- -------- -------- -------- ------

Total dividends and
distributions................ (0.43) (0.97) (0.32) -- (0.16) (0.03)
----------- -------- -------- -------- -------- ------

Net asset value, end of
period....................... $ 20.48 $ 18.77 $ 21.60 $ 19.80 $ 12.69 $ 11.72
----------- -------- -------- -------- -------- ------
----------- -------- -------- -------- -------- ------

TOTAL INVESTMENT RETURN+...... 11.67%(1) (8.56)% 10.59% 56.13% 9.86% 17.54%(1)

RATIOS TO AVERAGE NET ASSETS:
Expenses...................... 2.40%(2) 2.45% 2.41% 2.38% 2.77% 2.43%(2)(3)

Net investment income
(loss)....................... (0.11)%(2) 0.35% (0.70)% (0.46)% (0.30)% 0.61%(2)(3)

SUPPLEMENTAL DATA:
Net assets, end of period, in
millions..................... $1,814 $1,442 $1,571 $694 $177 $86

Portfolio turnover rate....... 24%(1) 50% 35% 30% 73% 70%(1)

Average commission rate
paid......................... $0.0076 -- -- -- -- --
<FN>

- ---------------------
* Commencement of operations.
** Net investment loss was computed based upon the monthly average shares
outstanding.
+ Does not reflect the deduction of sales charge. Calculated based on the net
asset value as of the last business day of the period.
(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>

BOARD OF DIRECTORS

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
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 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.

DEAN WITTER PACIFIC GROWTH FUND

[Graphic]

SEMIANNUAL REPORT
APRIL 30, 1996