PRUDENTIAL PACIFIC GROWTH FUND INC, N-30D, 1999-07-07

PRUDENTIAL PACIFIC GROWTH FUND INC
N-30D, 1999-07-07

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<PAGE>
(ICON)
Prudential
Pacific
Growth
Fund, Inc.

SEMI
ANNUAL
REPORT
April 30, 1999
(LOGO)

<PAGE>
Prudential Pacific Growth Fund, Inc.

Performance At A Glance
Early in March 1999, investors appeared to have decided that the Pacific
region had seen the worst: the MSCI Asia Pacific Index rose by about a quarter
of its value in just March and April. Prudential Pacific Growth Fund had an
excellent six-month return, but trailed the Lipper Average because our
portfolio had been defensive, holding large cash positions, currency hedges,
and less volatile stocks. This helped us over the past 12 months and through
most of our six-month reporting period, but kept us from fully participating
in the exuberant bull market in the Pacific region. We became less defensively
positioned toward the end of our reporting period.

<TABLE>
<CAPTION>
Cumulative Total Returns1 As of 4/30/99
Six One Five Since
Months Year Years Inception2
<S> <C> <C> <C> <C>
Class A 25.77% 15.85% -19.36% 37.46%
Class B 25.60 15.09 -22.04 31.02
Class C 25.60 15.09 N/A -22.69
Class Z 26.43 16.62 N/A -18.94
Lipper Pacific
Region Fund Avg.3 31.39 15.14 -16.36 ***
</TABLE>

<TABLE>
<CAPTION>
Average Annual Total Returns1 As of 3/31/99
One Five Since
Year Years Inception2
<S> <C> <C> <C>
Class A -4.62% -6.89% 2.33%
Class B -5.37 -6.84 2.39
Class C -2.36 N/A -7.83
Class Z 0.96 N/A -9.98
</TABLE>

Past performance is not indicative of future results. Principal and investment
return will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than their original cost.

1 Source: Prudential Investments Fund Management LLC and Lipper, Inc. The
cumulative total returns do not take into account sales charges. The average
annual total returns do take into account applicable sales charges. The Fund
charges a maximum front-end sales charge of 5% for Class A shares. Class B
shares are subject to a declining contingent deferred sales charge (CDSC) of
5%, 4%, 3%, 2%, 1%, and 1% for six years. Class B shares will automatically
convert to Class A shares, on a quarterly basis, approximately seven years
after purchase. Class C shares are subject to a front-end sales charge of 1%
and a CDSC of 1% for 18 months. Class C shares bought before November 2, 1998,
have a 1% CDSC if sold within one year. Class Z shares are not subject to a
sales charge or distribution fee.

2 Inception dates: Class A and Class B, 7/24/92; Class C, 8/1/94; Class Z,
3/1/96.

3 Lipper average returns are for all funds in each share class for the six-
month, one-, and five-year periods in the Pacific Region Fund category.

*** Lipper Since Inception returns are 46.53% for Class A and Class B, -18.72%
for Class C, and -17.71% for Class Z, based on all funds in each share class.

How Investments Compared.
(As of 4/30/99)
(GRAPH)

Source: Lipper, Inc. Financial markets change, so a mutual fund's past
performance should never be used to predict future results. The risks to each
of the investments listed above are different--we provide 12-month total
returns for several Lipper mutual fund categories to show you that reaching
for higher returns means tolerating more risk. The greater the risk, the
larger the potential reward or loss. In addition, we've included historical
20-year average annual returns. These returns assume the reinvestment of
dividends.

U.S. Growth Funds will fluctuate a great deal. Investors have received higher
historical total returns from stocks than from most other investments. Smaller
capitalization stocks offer greater potential for long-term growth, but may be
more volatile than larger capitalization stocks.

General Bond Funds provide more income than stock funds, which can help smooth
out their total returns year by year. But their prices still fluctuate
(sometimes significantly), and their returns have been historically lower
than those of stock funds.

General Municipal Debt Funds invest in bonds issued by state governments,
state agencies and/or municipalities. This investment provides income that
is usually exempt from federal and state income taxes.

U.S. Taxable Money Funds attempt to preserve a constant share value; they
don't fluctuate much in price but, historically, their returns have been
generally among the lowest of the major investment categories.

<PAGE>
Portfolio Managers' Report
(PHOTOS)
Steve Auth, Toru Komatsu, and
Dave Descalzi--Fund Managers

Investment Goals and Style
Prudential Pacific Growth Fund invests primarily in stocks of companies in
the Pacific Basin, selecting a diversified portfolio aimed at long-term growth
of capital. Steve Auth, head of Prudential's global equity group, and Dave
Descalzi design overall strategy and set country allocations. Dave also
manages our Hong Kong-based team. Toru Komatsu heads our Japan-based team.
The Fund is subject to all of the risks associated with foreign investing,
including currency, political and social risks, and potential illiquidity.
There can be no assurance that the Fund will achieve its investment objective.

Performance Review
"Be not the first by whom the new are tried, nor yet the last to lay the old
aside."--Alexander Pope

That was us. We were cautious: we had a large cash position, hedges against
currency movements, a focus in economically sound Australia, and an emphasis
on companies with strong balance sheets in industries with deeply established
growth trends, such as telecommunications. It served us well through the Asian
financial crisis and through the early stages of the bounce back, but then
investors returned to the Pacific markets almost as rapidly and uncritically
as they had left it. Although we trailed during the first weeks of the renewed
bull market, we do not regret our prudence. Only when we were convinced the
recovery was real did we begin to reposition our portfolio.

But we did move then. By April 30, our cash was down to 3% of assets (from 33%
at the beginning of our reporting period) and our Japanese holdings were up to
35% (from 24%). In Japan, we are focused on restructuring stories because we
believe they will be the source of most of Japan's earnings growth. Two
companies whose outsourcing services facilitate the restructuring process are
among the largest contributors to our six-month return: Nichii Gakkan and
Bellsystem24. The former is a hospital management company; the latter a
telemarketing concern.

Other Japanese companies that led our returns over our reporting period
include Avex (a music production company targeted at the high-spending teen
and young adult market), Union Tool (a company with a unique drill for the
plastic material on which computer chips are fastened), and NTT Mobile
Communications.

We do not expect a dramatic recovery in Japan, but we have focused on younger
companies that have room to grow. We expect them to blaze a pattern for a
new-style Japanese economy: more entrepreneurial and more focused on its
customers' needs and shareholders' profits. We believe these firms will
outpace the slow economic recovery in Japan.

Refocusing on Australia
Our large focus on Australia was primarily defensive--our concern was to
constrain losses in an uncertain Pacific market. However, Publishing and
Broadcasting and Howard Smith Limited, which were among our largest holdings
through our reporting period, were also among the largest contributors to our
return. When we decided to move to a more aggressive overall strategy, we
planned to substantially reduce our holdings in Australia, so we took some
profits on these.

<PAGE>
Our two largest holdings at the beginning of this period also were Australian
firms: Woolworth's and Goodman Fielder, two food-related businesses. We had
larger investments in these firms than we would have had if prospects
elsewhere had not been so risky. As it turned out, the shares of both
companies declined. Goodman Fielder reported earnings problems and had a
substantial drop in its share price. We thought its problems would not be
resolved quickly, so we sold our position. Woolworth's had a management
problem that we expect to be resolved--its negative return was much smaller.
We reduced our position as part of our portfolio reorientation.

Hong Kong is a resting place for funds
Global investors moving funds into the Pacific often buy Hong Kong stocks
first until they have had time to look around. Banks, telecommunications
companies, and utilities are defensive stocks that can provide exposure to
the region without much company risk. Although we aren't enthusiastic about
Hong Kong's economy, we believe its blue-chip stocks provide diversity and
liquidity--investments that fairly dependably can be sold when better
opportunities arise.

We did have a loss on Hong Kong Electric, a defensive stock that fell in the
rising market.

Korea is progressing fastest
More than any other country, Korea has taken the lessons of the financial
crisis of 1997-1998 and is restructuring its economy to become more profit
oriented and competitive. Companies are reducing debt, closing unprofitable
factories, firing unnecessary workers, and selling off unproductive units.
Interest rates are falling rapidly, and earnings are moving up. Its pace of
economic growth is also picking up, including the critical domestic market.
We have increased our holdings there to 10% of our assets on April 30.
Samsung is now among our five largest holdings.

India is growing
We have increased our holdings in India, which is enjoying better economic
growth than the rest of the region, despite unstable governments.

Looking Ahead
Rising from the bottom
We are buying stocks in rising markets throughout the Pacific region. We
think that, by and large, these countries are coming out of their financial
crises with less debt, less nepotism, and a greater focus on profits. We
would prefer to see more restructuring and closing of excess capacity, but
there has been movement in the right direction. Together with the region's
natural advantage--its large, hard-working, ambitious, and growing
population--this should mean rapid earnings growth.

Portfolio Composition
Expressed as a percentage of net assets
as of 4/30/99
Japan 35%
Asia 34
Pacific Basin (excl. Japan) 28
Cash & Equivalents 3

Five Largest Holdings
Expressed as a percentage of net assets
as of 4/30/99
Smith (Howard), Ltd. 2.8%
Diversified Operations
Southcorp, Ltd. 2.0
Diversified Consumer Products
NTT Mobile Communications 2.0
Telecommunications
Terumo Corp. 1.9
Medical Products
Samsung Electronics Co. 1.9
Electronics
- -------------------------------------------------------------------------------
1
<PAGE>
A Message to Our Shareholders June 18, 1999
(PHOTO)
Dear Shareholder:

In the last couple of years, the recurring possibility of a global economic
crisis caused investors to focus on securities they perceived to be safe. In
the equity market, they focused on the stocks of a handful of very large
companies that were perceived to be well-buffeted from an economic slowdown.
These stocks became very expensive--out of proportion to their earnings
expectations. As a result, there was a substantial disparity in value between
large and small companies and between growth and value stocks.

Since earlier this year, however, that gap has narrowed significantly amid
news of strong U.S. economic growth and faster-than-expected global stability.
While the long-term prospects of U.S. growth stocks are still very good, many
of the smaller and economically sensitive companies favored by our value
managers now are posting very attractive returns.

In the bond market, U.S. Treasuries and select European government bonds were
the major beneficiaries of the flight to quality that occurred in recent years.
When this trend reversed itself toward the end of 1998, other sectors of the
bond market rebounded. However, with a strong U.S. economy comes the threat of
higher inflation, which erodes the value of bonds' fixed interest payments.
The recent inflation concerns jolted the bond market and helped send long-term
interest rates to a 19-month high.

The winds of change in the equity market and the recent turbulence in the bond
market not only highlight the value of professional portfolio management, but
they illustrate why investors should have a well-diversified asset allocation
strategy. It is also a good practice to rebalance your holdings, when
necessary, to keep your asset allocation consistent with your long-term
objectives and risk tolerance. A properly diversified portfolio of value- and
growth-oriented equity funds, international bond funds, and money market funds
could help you weather inevitable market turbulence and achieve more
consistent returns over time. Prudential offers a wide range of mutual funds
to help our shareholders diversify, as well as several balanced and
diversified funds to allow one-decision diversification.

Thank you for your continued confidence in Prudential mutual funds.

Sincerely,

John R. Strangfeld
President
Prudential Pacific Growth Fund, Inc.
- -------------------------------------------------------------------------------
2

<PAGE>
Portfolio of Investments as of April 30, 1999 (Unaudited)
PRUDENTIAL PACIFIC GROWTH FUND, INC.
- ------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value (Note 1)
<C> <S> <C>
- ------------------------------------------------------------
LONG-TERM INVESTMENTS--97.5%
COMMON STOCKS
- ------------------------------------------------------------
Australia--17.7%
602,500 AAPT, Ltd.(a) (Telecommunications) $ 2,151,702
127,000 AMP, Ltd. (Insurance) 1,482,449
51,491 Brambles Industries, Ltd.
(Business & Public Services) 1,512,149
42,600 Broken Hill Proprietary Co., Ltd.
(Resources & Mining) 481,316
159,000 Coles Myer Ltd. (Retail) 844,286
289,000 Fosters Brewing Group, Ltd.
(Diversified Industries) 842,501
1,572,600 FXF Trust(a) (Financial Services) 462,817
169,310 Leighton Holdings, Ltd.
(Building & Construction) 638,247
76,457 National Australia Bank, Ltd.
(Commercial Banking) 1,487,617
423,400 Pasminco, Ltd. (Metals) 467,777
384,785 Publishing & Broadcasting, Ltd.
(Broadcasting & Publishing) 2,584,728
25,500 Rio Tinto, Ltd. (Resources & Mining) 429,200
288,413 Sea World Property Trust, Ltd.
(Leisure & Tourism) 165,945
450,642 Smith (Howard), Ltd.
(Diversified Operations) 3,831,500
678,700 Southcorp, Ltd.
(Diversfied Consumer Products) 2,782,920
62,200 St. George Bank, Ltd.
(Commercial Banking) 458,666
1,191,498 Star City Holdings, Ltd.(a) (Gaming) 1,339,595
200,600 Westpac Banking Corp.
(Commercial Banking) 1,530,444
283,557 Woolworths, Ltd. (Retail) 900,146
-------------
24,394,005
- ------------------------------------------------------------
Hong Kong--13.3%
94,000 Amoy Properties, Ltd.
(Property Investment) 85,501
350,400 Bank of East Asia, Ltd.
(Commercial Banking) $ 852,175
257,000 Cheung Kong Holdings, Ltd.
(Real Estate) 2,337,630
174,000 Citic Pacific, Ltd.
(Diversified Operations) 471,435
273,000 CLP Holdings, Ltd. (Utilities -
Electric) 1,465,242
39,000 Henderson Land Development, Ltd.
(Property Investment) 235,988
205,700 Hong Kong and China Gas (Utilities) 289,277
41,000 Hong Kong Electric Holdings, Ltd.(a)
(Utilities - Electric) 130,657
757,400 Hong Kong Telecommunications, Ltd.
(Telecommunications) 2,037,440
22,004 HSBC Holdings Public Co., Ltd.
(Banking) 817,613
1,670,700 Hung Hing Printing Group, Ltd.
(Forest Products & Paper) 700,544
260,600 Hutchison Whampoa, Ltd.
(Multi-Industry) 2,336,752
973,000 Kingboard Chemical Holdings, Ltd.
(Electronic Components) 171,983
89,000 Liu Chong Hing Bank, Ltd.
(Commercial Banking) 110,234
86,000 New World Development Co., Ltd.
(Property Development) 213,036
200,000 Shanghai Industrial Holdings, Ltd.
(Miscellaneous) 443,825
207,000 Sun Hung Kai Properties, Ltd.
(Real Estate) 1,816,071
249,400 Swire-Pacific, Ltd. 'A'
(Diversified Industries) 1,399,714
295,300 Television Broadcasts, Ltd.
(Broadcasting & Publishing) 1,200,128
580,000 Varitronix International, Ltd.
(Miscellaneous) 995,252
16,000 Wharf Holdings, Ltd.
(Multi-Industry) 39,222
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements. 3

<PAGE>
Portfolio of Investments as of April 30, 1999 (Unaudited)
PRUDENTIAL PACIFIC GROWTH FUND, INC.
- ------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value (Note 1)
<C> <S> <C>
- ------------------------------------------------------------
Hong Kong (cont'd.)
16,500 Wing Lung Bank (Commercial Banking) $ 65,142
138,000 Wong's International Holdings, Ltd.
(Electronic Components) 25,995
-------------
18,240,856
- ------------------------------------------------------------
India--5.2%
32,000 Bajaj Auto, Ltd. (GDR)
(Automobiles & Auto Parts) 520,000
39,000 Glaxo India, Ltd.
(Medical Products) 593,973
23,500 Hindustan Lever, Ltd.
(Diversified Operations) 1,126,419
2,100 Infosys Technologies, Ltd.(ADR)
(Computer Software & Services) 86,756
4,000 Infosys Technologies, Ltd.
(Computer Software & Services) 245,293
19,700 ITC, Ltd. (GDR) (Multi-Industry) 558,988
32,000 Larsen & Toubro, Ltd. (GDR)
(Diversified Operations) 296,000
113,000 Mahanagar Telephone Nigam, Ltd.(a)
(GDR) (Telecommunications) 1,178,025
27,300 Mahindra & Mahindra, Ltd. (GDR)
(Auto & Truck) 147,420
16,500 NIIT, Ltd.
(Computer Software & Services) 621,304
40,000 Ranbaxy Laboratories, Ltd. (GDR)
(Medical Products) 610,000
44,450 State Bank of India (GDR)
(Commercial Banking) 396,716
61,400 Videsh Sanchar Nigam, Ltd. (GDR)
(Telecommunications) 735,265
-------------
7,116,159
- ------------------------------------------------------------
Japan--35.2%
25,600 Avex Inc. (Audio/Visual) 2,360,931
3,850 Bellsystem 24, Inc. (Commercial
Services) 1,520,310
100,000 Canon, Inc.
(Office Equipment & Supplies) 2,448,124
340,000 Daifuku Co., Ltd.
(Machinery & Equipment) 2,294,697
153,000 Daikin Industries, Ltd.
(Multi-Industry) $ 1,598,306
17,800 Fancl Corp. (Cosmetics/Toiletries) 2,536,994
65,500 FP Corp. (Containers) 2,141,689
13,700 Hirose Electric Co., Ltd.
(Electronic Components) 1,274,953
76,500 Meitec Corp.
(Computer Software & Services) 2,488,535
54,500 Ministop Co., Ltd. (Retail) 1,507,860
453,000 Mitsubishi Chemical Corp.
(Chemicals) 1,401,442
469,000 Mitsui Marine & Fire Insurance Co.,
Ltd. (Insurance) 2,603,043
23,835 Nichii Gakkan Co.
(Health Care Services) 1,858,441
47 NTT Mobile Communications
(Telecommunications) 2,758,332
39,700 Oiles Corp. (Miscellaneous) 1,048,459
194,000 Olympus Optical Co., Ltd.
(Business & Public Services) 2,387,692
27,100 Riso Kagaku Corp.
(Office Equipment & Supplies) 1,295,074
8,000 Ryohin Keikaku Co., Ltd. (Retail) 1,458,814
28,400 Shimamura Co. (Retail) 1,761,979
12,000 TDK Corp. (Electronic Components) 908,489
121,000 Terumo Corp.
(Medical Products) 2,637,602
43,000 Tokyo Electron, Ltd.
(Electronic Components) 2,451,478
112,000 Tostem Corp. (Building &
Construction) 2,079,899
58,000 Toyo Seikan Kaisha, Ltd.
(Containers) 1,181,639
5,800 Union Tool Co.
(Machinery & Equipment) 427,919
34,100 World Co., Ltd. (Apparel) 1,889,759
-------------
48,322,460
- ------------------------------------------------------------
Korea--9.7%
71,500 Housing & Commercial Bank
(Commercial Banking) 1,684,476
29,200 Kookmin Bank (Commercial Banking) 398,014
29,500 Korea Electric Power Corp.
(Utilities - Electric) 848,885
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements. 4

<PAGE>
Portfolio of Investments as of April 30, 1999 (Unaudited)
PRUDENTIAL PACIFIC GROWTH FUND, INC.
- ------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value (Note 1)
<C> <S> <C>
- ------------------------------------------------------------
Korea (cont'd.)
85,540 L.G. Chemical, Ltd. (Chemicals) $ 1,475,448
85,606 L.G. Securities Co., Ltd.
(Financial Services) 2,160,858
74,400 Medison Co., Ltd.
(Medical Products) 832,579
30,000 Pusan City Gas Co., Ltd.
(Gas Distribution) 908,709
49,800 Samsung Electro-Mechanics Co.
(Electronic Components) 1,173,244
33,906 Samsung Electronics Co.
(Electronics) 2,607,495
35,600 Shinhan Bank (Commercial Banking) 392,394
19,860 Sindo Ricoh
(Office Equipment & Supplies) 818,797
-------------
13,300,899
- ------------------------------------------------------------
Malaysia--0.4%
50,000 Berjaya Sports Toto Berhad (Gaming) 72,707
146,000 Malayan Banking Berhad
(Commercial Banking) 329,888
68,000 Malaysian Pacific Industries Berhad
(Electronic Components) 148,322
-------------
550,917
- ------------------------------------------------------------
The Philippines--1.9%
310,000 Ayala Land, Inc.
(Property Development) 114,135
224,000 Manila Electric Co. 'B' (Utilities) 854,175
30,500 Metropolitan Bank & Trust Co.
(Commercial Banking) 304,800
41,600 Philippine Long Distance Telephone
Co. (ADR) (Telecommunications) 1,341,600
-------------
2,614,710
- ------------------------------------------------------------
Singapore--5.3%
196,000 City Developments, Ltd.
(Property Development) 1,307,438
34,000 Cycle & Carriage, Ltd.
(Automobiles & Auto Parts) $ 202,715
121,000 DBS Land, Ltd. (Real Estate) 224,286
31,000 Development Bank of Singapore, Ltd.
(Commercial Banking) 329,398
179,800 Elec & Eltek International Co., Ltd.
(Electronics) 683,240
148,000 Natsteel Electronics, Ltd.
(Electronic Components) 497,993
50,000 Oversea-Chinese Banking Corp., Ltd.
(Banking) 469,303
94,000 Overseas Union Bank, Ltd.
(Commercial Banking) 482,763
347,000 Sembcorp Industries, Ltd.
(Engineering & Construction) 432,214
8,000 Singapore Airlines, Ltd. (Airlines) 73,672
45,900 Singapore Press Holdings, Ltd.
(Broadcasting & Publishing) 677,391
490,000 Singapore Technologies Engineering,
Ltd. (Engineering & Equipment) 526,446
457,000 Singapore Telecommunications, Ltd.
(Telecommunications) 847,095
38,000 United Overseas Bank, Ltd.
(Commercial Banking) 293,861
35,000 Venture Manufacturing Ltd.
(Electronic Components) 192,149
-------------
7,239,964
- ------------------------------------------------------------
Taiwan--5.3%
136,000 Asustek Computer, Inc.(a)
(Computers) 1,422,385
626,000 Bank Sinopac (Commercial Banking) 440,306
218,800 Cathay Life Insurance Co., Ltd.
(Insurance) 782,862
391,180 Compal Electronics, Inc.(a)
(Computers) 1,351,784
341,000 D-Link Corp. (Network Systems) 703,899
140,000 Hon Hai Precision Industry(a)
(Electronic Components) 762,080
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements. 5

<PAGE>
Portfolio of Investments as of April 30, 1999 (Unaudited)
PRUDENTIAL PACIFIC GROWTH FUND, INC.
- ------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value (Note 1)
<C> <S> <C>
- ------------------------------------------------------------
Taiwan (cont'd.)
568,600 Phoenixtec Power Co., Ltd.(a)
(Electronic Components) $ 1,017,220
521,000 Taishin International Bank
(Commercial Banking) 398,318
124,100 Taiwan Semiconductor Manufacturing
Co.(a) (Electronic Components) 419,359
-------------
7,298,213
- ------------------------------------------------------------
Thailand--3.5%
50,500 Advanced Info Service Public Co.,
Ltd. (Telecommunications) 536,307
148,700 Bangkok Bank Public Co., Ltd.
(Commercial Banking) 444,898
264,000 Bank of Ayudhya Public Co., Ltd.
(Commercial Banking) 147,637
20,000 Banpu Public Co., Ltd.
(Resources & Mining) 32,884
151,300 BEC World Public Co., Ltd.
(Television) 799,321
352,800 Electricity Generating Public Co.,
Ltd.
(Utilities - Electric) 784,528
78,000 PTT Exploration & Production Public
Co., Ltd.
(Oil & Gas
Exploration/Production) 719,030
19,900 Siam Cement Co., Ltd.(a)
(Building Materials & Components) $ 587,881
205,500 Thai Farmers Bank Public Co., Ltd.
(Commercial Banking) 570,526
363,300 Thai Military Bank Public Co., Ltd.
(Commercial Banking) 193,406
-------------
4,816,418
-------------
Total common stocks
(cost $110,696,489) 133,894,601
-------------
Units
WARRANTS(a)--0.0%
- ------------------------------------------------------------
Hong Kong--0.0%
16,830 Wharf Holdings, Ltd.
expiring Dec. '99 @ HKD17.50
(Multi-Industry) 8,523
-------------
- ------------------------------------------------------------
Total Investments--97.5%
(cost $110,696,489; Note 4) 133,903,124
Other assets in excess of
liabilities--2.5% 3,450,407
-------------
Net Assets--100% $ 137,353,531
-------------
-------------
</TABLE>
- ---------------
(a) Non-income producing security.
ADR--American Depository Receipt.
GDR--Global Depository Receipt.
- --------------------------------------------------------------------------------
See Notes to Financial Statements. 6

<PAGE>
Portfolio of Investments as of April 30, 1999 (Unaudited)
PRUDENTIAL PACIFIC GROWTH FUND, INC.
- ------------------------------------------------------------
<TABLE>
<S> <C>
- ------------------------------------------------------------
The industry classification of portfolio holdings and other
net assets in excess of liabilities shown as a percentage of
net assets as of April 30, 1999 was as follows:
Telecommunications.................................... 8.4%
Commercial Banking.................................... 8.3
Electronic Components................................. 6.6
Retail................................................ 4.7
Diversified Operations................................ 4.2
Insurance............................................. 3.6
Medical Products...................................... 3.4
Office Equipment & Supplies........................... 3.3
Multi-Industry........................................ 3.3
Broadcasting & Publishing............................. 3.3
Real Estate........................................... 3.2
Utilities-Electric.................................... 3.0
Business & Public Services............................ 2.8
Computer Software & Services.......................... 2.5
Containers............................................ 2.4
Electronics........................................... 2.4
Chemicals............................................. 2.1
Diversified Consumer Products......................... 2.0
Computers............................................. 2.0
Building & Construction............................... 2.0
Machinery & Equipment................................. 2.0
Financial Services.................................... 1.9
Cosmetics/Toiletries.................................. 1.9
Miscellaneous......................................... 1.8
Audio/Visual.......................................... 1.7%
Diversified Industries................................ 1.6
Apparel............................................... 1.4
Health Care Services.................................. 1.4
Property Development.................................. 1.2
Commercial Services................................... 1.1
Gaming................................................ 1.0
Banking............................................... 0.9
Resources & Mining.................................... 0.7
Gas Distribution...................................... 0.7
Television............................................ 0.6
Automobiles & Auto Parts.............................. 0.5
Oil & Gas Exploration/Production...................... 0.5
Forest Products & Paper............................... 0.5
Network Systems....................................... 0.5
Building Materials & Components....................... 0.4
Engineering & Equipment............................... 0.4
Metals................................................ 0.3
Engineering & Construction............................ 0.3
Property Investment................................... 0.2
Utilities............................................. 0.2
Leisure & Tourism..................................... 0.1
Auto & Truck.......................................... 0.1
Airlines.............................................. 0.1
Other assets in excess of liabilities................. 2.5
-----
100.0%
-----
-----
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements. 7

<PAGE>
Statement of Assets and Liabilities (Unaudited)
PRUDENTIAL PACIFIC GROWTH FUND, INC.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Assets April 30, 1999
<S> <C>
Investments, at value (cost $110,696,489)................................................................... $133,903,124
Foreign currency, at value (cost $6,902,259)................................................................ 7,034,598
Forward currency contracts - amount receivable from counterparties.......................................... 1,165,088
Receivable for Fund shares sold............................................................................. 691,929
Receivable for investments sold............................................................................. 466,242
Dividends and interest receivable........................................................................... 343,031
Due from broker - variation margin.......................................................................... 807
Deferred expenses and other assets.......................................................................... 6,779
--------------
Total assets............................................................................................. 143,611,598
--------------
Liabilities
Bank overdraft.............................................................................................. 388,342
Forward currency contracts - amount payable to counterparties............................................... 2,446,096
Payable for investments purchased........................................................................... 1,666,973
Payable for Fund shares reacquired.......................................................................... 1,245,066
Withholding taxes payable................................................................................... 199,684
Accrued expenses and other liabilities...................................................................... 159,925
Management fee payable...................................................................................... 79,540
Distribution fee payable.................................................................................... 72,441
--------------
Total liabilities........................................................................................ 6,258,067
--------------
Net Assets.................................................................................................. $137,353,531
--------------
--------------
Net assets were comprised of:
Common stock, at par..................................................................................... $ 12,334
Paid-in capital in excess of par......................................................................... 160,172,298
--------------
160,184,632
Undistributed net investment income...................................................................... 4,198,359
Accumulated net realized loss on investments, foreign currency transactions and futures.................. (48,927,557)
Net unrealized appreciation on investments, foreign currencies and futures............................... 21,898,097
--------------
Net assets, April 30, 1999.................................................................................. $137,353,531
--------------
--------------
Class A:
Net asset value and redemption price per share
($29,849,710 / 2,627,541 shares of common stock issued and outstanding)............................... $11.36
Maximum sales charge (5% of offering price).............................................................. .60
-----
Maximum offering price to public......................................................................... $11.96
--------------
--------------
Class B:
Net asset value, offering price and redemption price per share
($83,532,257 / 7,601,062 shares of common stock issued and outstanding)............................... $10.99
--------------
--------------
Class C:
Net asset value and redemption price per share
($2,520,297 / 229,341 shares of common stock issued and outstanding).................................. $10.99
Sales charge (1% of offering price)...................................................................... .11
--------------
Offering price to public................................................................................. $11.10
--------------
--------------
Class Z:
Net asset value, offering price and redemption price per share
($21,451,267 / 1,875,707 shares of common stock issued and outstanding)............................... $11.44
--------------
--------------
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements. 8

<PAGE>
PRUDENTIAL PACIFIC GROWTH FUND, INC.
Statement of Operations (Unaudited)
- ------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended
Net Investment Income April 30, 1999
<S> <C>
Income
Dividends (net of foreign withholding
taxes
of $48,429)............................ $ 690,515
Interest (net of foreign witholding taxes
of $3,626)............................. 194,686
--------------
Total income........................... 885,201
--------------
Expenses
Management fee............................ 429,286
Distribution fee--Class A................. 30,123
Distribution fee--Class B................. 367,998
Distribution fee--Class C................. 10,272
Transfer agent's fees and expenses........ 242,000
Custodian's fees and expenses............. 150,000
Reports to shareholders................... 36,000
Registration fees......................... 30,000
Audit fees and expenses................... 19,000
Directors' fees........................... 12,000
Legal fees and expenses................... 12,000
Miscellaneous............................. 2,860
--------------
Total expenses......................... 1,341,539
--------------
Net investment income........................ (456,338)
--------------
Realized and Unrealized Gain (Loss) on
Investments, Foreign Currency and
Futures Transactions
Net realized gain (loss) on:
Investment transactions................... 1,629,314
Foreign currency transactions............. (1,276,811)
Futures transactions...................... (637,691)
--------------
(285,188)
--------------
Net change in unrealized appreciation/depreciation on:
Investments............................... 28,530,993
Foreign currencies........................ 111,459
Futures................................... 163,126
--------------
28,805,578
--------------
Net gain on investments, foreign currencies
and futures............................... 28,520,390
--------------
Net Increase in Net Assets
Resulting from Operations.................... $ 28,064,052
--------------
--------------
</TABLE>

PRUDENTIAL PACIFIC GROWTH FUND, INC.
Statement of Changes in Net Assets (Unaudited)
- ------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
Increase (Decrease) April 30, October 31,
in Net Assets 1999 1998
<S> <C> <C>
Operations
Net investment income
(loss).................... $ (456,338) $ 183,911
Net realized loss on
investment and foreign
currency transactions..... (285,188) (43,735,875)
Net change in unrealized
appreciation on
investments, futures and
foreign currencies........ 28,805,578 17,748,671
------------- -------------
Net increase (decrease) in
net assets resulting from
operations ............... 28,064,052 (25,803,293)
------------- -------------
Distributions in excess of
net investment income
Class A................... (200,274) (1,079,173)
Class B................... (82,000) (2,945,918)
Class C................... (1,966) (50,643)
Class Z................... (143,977) (685,936)
------------- -------------
(428,217) (4,761,670)
------------- -------------
Distributions from net
realized gains
Class A................... -- (2,309,696)
Class B................... -- (8,685,264)
Class C................... -- (149,828)
Class Z................... -- (1,332,334)
------------- -------------
-- (12,477,122)
------------- -------------
Fund share transactions (net of
share conversions) (Note 5)
Net proceeds from shares
sold...................... 124,098,309 141,655,986
Net asset value of shares
issued in reinvestment of
distributions............. 412,010 16,174,424
Cost of shares reacquired.... (125,956,913) (190,629,423)
------------- -------------
Net decrease in net assets
from Fund share
transactions.............. (1,446,594) (32,799,013)
------------- -------------
Total increase (decrease)....... 26,189,241 (75,841,098)
Net Assets
Beginning of period............. 111,164,290 187,005,388
------------- -------------
End of period(a)................ $ 137,353,531 $ 111,164,290
------------- -------------
------------- -------------
(a) Includes undistributed net
investment income of........ $ 4,198,359 $ 5,082,914
------------- -------------
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements. 9

<PAGE>
Notes to Financial Statements (Unaudited) PRUDENTIAL PACIFIC GROWTH FUND, INC.
- --------------------------------------------------------------------------------
Prudential Pacific Growth Fund, Inc. (the 'Fund') is registered under the
Investment Company Act of 1940 as a diversified, open-end management investment
company. The Fund was incorporated in Maryland on August 14, 1991 and had no
operations other than the issuance of 5,000 shares each of Class A and Class B
common stock for $100,000 on May 6, 1992 to Prudential Investments Fund
Management LLC ('PIFM'). The Fund commenced investment operations on July 24,
1992. The investment objective of the Fund is to seek long-term capital growth
by investing primarily in common stocks, common stock equivalents and other
securities of companies doing business in or domiciled in the Pacific Basin
region.
- ------------------------------------------------------------
Note 1. Accounting Policies

The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements.

Securities Valuation: Securities traded on an exchange (whether domestic or
foreign) are valued at the last reported sales price on the primary exchange on
which they are traded. Securities traded in the over-the-counter market
(including securities listed on exchanges for which a last sales price is not
available) are valued at the average of the last reported bid and asked prices.
Any securities or other assets for which current market quotations are not
readily available are valued at fair value as determined in good faith under
procedures established by and under the general supervision and responsibility
of the Fund's Board of Directors.

Short-term securities which mature in more than 60 days are valued at current
market quotations. Short-term securities which mature in 60 days or less are
valued at amortized cost.

Repurchase Agreements: In connection with transactions in repurchase agreements
with U.S. financial institutions, it is the Fund's policy that its custodian or
designated subcustodians, as the case may be under triparty repurchase
agreements, take possession of the underlying collateral securities, the value
of which exceeds the principal amount of the repurchase transaction including
accrued interest. If the seller defaults and the value of the collateral
declines or if bankruptcy proceedings are commenced with respect to the seller
of the security, realization of the collateral by the Fund may be delayed or
limited.

Foreign Currency Translation: The books and records of the Fund are maintained
in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on
the following basis:

(i) market value of investment securities, other assets and liabilities--at the
closing rates of exchange;

(ii) purchases and sales of investment securities, income and expenses--at the
rate of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates
and market values at the close of the period, 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 fluctuations arising from changes in the market
prices of securities held at the end of the period. Similarly, the Fund does not
isolate the effect of changes in foreign exchange rates from the fluctuations
arising from changes in the market prices of long-term debt securities sold
during the period. Accordingly, realized foreign currency gains (losses) are
included in the reported net realized loss on investment transactions.

Net realized gains or losses on foreign currency transactions represent net
foreign exchange gains or losses from forward currency contracts, disposition of
foreign currencies, currency gains or losses realized between the trade and
settlement dates on security transactions, and the difference between the
amounts of interest, dividends and foreign taxes recorded on the Fund's books
and the U.S. dollar equivalent amounts actually received or paid. Net currency
gains and losses from valuing foreign currency denominated assets and
liabilities at period end exchange rates are reflected as a component of
unrealized depreciation on investments and foreign currencies.

Foreign security and currency transactions may involve certain considerations
and risks not typically associated with those of domestic origin as a result of,
among other factors, the possibility of political and economic instability and
the level of governmental supervision and regulation of foreign securities
markets.

Forward Currency Contracts: A forward currency contract is a commitment to
purchase or sell a foreign currency at a future date at a negotiated forward
rate. The Fund enters into forward currency contracts in order to hedge its
exposure to changes in foreign currency exchange rates on its foreign portfolio
holdings or on specific receivables and payables denominated in a foreign
currency. The contracts are valued daily at current exchange rates and any
unrealized gain or loss is included in net unrealized appreciation or
depreciation on investments. Gain or loss is realized on the settlement date of
the contract equal to the difference between the settlement value of the
original and renegotiated forward contracts. This gain or loss, if any, is
included in net realized gain (loss) on foreign currency transactions. Risks may
arise upon entering into these contracts
- --------------------------------------------------------------------------------
10

Financial Futures Contracts: A financial futures contract is an agreement to
purchase (long) or sell (short) an agreed amount of securities at a set price
for delivery on a future date. Upon entering into a financial futures contract,
the Fund is required to pledge to the broker an amount of cash and/or other
assets equal to a certain percentage of the contract amount. This amount is
known as the 'initial margin.' Subsequent payments, known as 'variation margin,'
are made or received by the Fund each day, depending on the daily fluctuations
in the value of the underlying security. Such variation margin is recorded for
financial statement purposes on a daily basis as unrealized gain or loss. When
the contract expires or is closed, the gain or loss is realized and is presented
in the statement of operations as net realized gain (loss) on financial futures
contracts.

The Fund invests in financial futures contracts in order to hedge existing
portfolio securities, or securities the Fund intends to purchase, against
fluctuations in value. Under a variety of circumstances, the Fund may not
achieve the anticipated benefits of the financial futures contracts and may
realize a loss. The use of futures transactions involves the risk of imperfect
correlation in movements in the price of futures contracts and the underlying
assets.

Securities Transactions and Net Investment Income: Securities transactions are
recorded on the trade date. Realized gains and losses from investment and
foreign currency transactions are calculated on the identified cost basis.
Dividend income is recorded on the ex-dividend date and interest income is
recorded on an accrual basis. Expenses are recorded on the accrual basis which
may require the use of certain estimates by management.

Net investment income or loss, other than distribution fees, and unrealized and
realized gains or losses are allocated daily to each class of shares of the Fund
based upon the relative proportion of net assets of each class at the beginning
of the day.

Dividends and Distributions: The Fund expects to pay dividends of net investment
income and distributions of net realized capital and currency gains, if any,
annually. Dividends and distributions are recorded on the ex-dividend date.

Income distributions and capital gain distributions are determined in accordance
with income tax regulations which may differ from generally accepted accounting
principles due to timing differences concerning recognition of income.
Taxes: It is the Fund's policy to meet the requirements of the Internal Revenue
Code applicable to regulated investment companies and to distribute all of its
taxable income to shareholders. Therefore, no federal income tax provision is
required.

Withholding taxes on foreign dividends, interest and capital gains have been
provided for in accordance with the Fund's understanding of the applicable
country's tax rules and rates.
- ------------------------------------------------------------
Note 2. Agreements

The Fund has a management agreement with PIFM. Pursuant to this agreement, PIFM
has responsibility for all investment advisory services and supervises the
subadviser's performance of such services. PIFM has entered into a subadvisory
agreement with The Prudential Investment Corporation ('PIC'); PIC furnishes
investment advisory services in connection with the management of the Fund. PIFM
pays for the cost of the subadviser's services, the compensation of officers of
the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The
Fund bears all other costs and expenses.

The management fee paid PIFM is computed daily and payable monthly at an annual
rate of .75 of 1% of the average daily net assets of the Fund.

The Fund has a distribution agreement with Prudential Investment Management
Services LLC ('PIMS'), which acts as the distributor of the Class A, Class B,
Class C and Class Z shares of the Fund. The Fund compensates PIMS for
distributing and servicing the Fund's Class A, Class B and Class C shares,
pursuant to plans of distribution, (the 'Class A, Class B and Class C Plans'),
regardless of expenses actually incurred by them. The distribution fees are
accrued daily and payable monthly. No distribution or service fees are paid to
PIMS as distributor of the Class Z shares of the Fund.

Pursuant to the Class A, B and C Plans, the Fund compensates PIMS for
distribution-related activities at an annual rate of up to .30 of 1%, 1% and 1%
of the average daily net assets of the Class A, B and C shares, respectively.
Such expenses under the Class A, Class B and Class C Plans were .25%, 1% and 1%,
respectively, of the average daily net assets of the Class A, Class B and Class
C shares for the six months ended April 30, 1999.

PIMS has advised the Fund that it received approximately $29,100 and $5,200 in
front-end sales charges resulting from sales of Class A and Class C shares,
respectively, during the six months ended April 30, 1999. From these fees, PIMS
paid such sales charges to affiliated broker-dealers, which
- --------------------------------------------------------------------------------
11

PIMS has advised the Fund that for the six months ended April 30, 1999, it
received approximately $102,700 and $3,900 in contingent deferred sales charges
imposed upon certain redemptions by Class B and Class C shareholders,
respectively.

PIMS, PIFM and PIC are (indirect) wholly owned subsidiaries of The Prudential
Insurance Company of America ('Prudential').

As of March 11, 1999, the Fund, along with other affiliated registered
investment companies (the 'Funds'), entered into a syndicated agreement ('SCA')
with an unaffiliated lender. The maximum commitment under the SCA is $1 billion.
The Funds pay a commitment fee at an annual rate of .065 of 1% on the unused
portion of the credit facility, which is accrued and paid quarterly on a pro
rata basis by the Funds. The SCA expires on March 9, 2000. Prior to March 11,
1999, the Funds had a credit agreement with a maximum commitment of
$200,000,000. The commitment fee was .055 of 1% on the unused portion of the
credit facility. The Fund did not borrow any amounts pursuant to either
agreement during the six months ended April 30, 1999. The purpose of the
agreements is to serve as an alternative source of funding for capital share
redemptions.
- ------------------------------------------------------------
Note 3. Other Transactions With Affiliates

Prudential Mutual Fund Services LLC ('PMFS'), a wholly owned subsidiary of PIFM,
serves as the Fund's transfer agent. During the six months ended April 30, 1999,
the Fund incurred fees of approximately $199,000 for the services of PMFS. As of
April 30, 1999, approximately $32,800 of such fees were due to PMFS. Transfer
agent fees and expenses in the statement of operations include certain
out-of-pocket expenses paid to nonaffiliates.
- ------------------------------------------------------------
Note 4. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments,
for the six months ended April 30, 1999 were $78,169,022 and $30,498,740,
respectively.

At April 30, 1999, the Fund had outstanding forward currency contracts, both to
purchase and sell foreign currencies, as follows:
<TABLE>
<CAPTION>
Value at
Forward Currency Settlement Date Current Appreciation
Purchase Contracts Payable Value (Depreciation)
<S> <C> <C> <C>
- -------------------- --------------- ----------- --------------
Australian Dollars,
expiring 6/15/99 -
6/21/99........... $ 3,182,351 $ 3,215,555 $ 33,204
Japanese Yen,
expiring 5/3/99 -
9/2/99............ 38,877,678 36,638,618 (2,239,060)
--------------- ----------- --------------
$42,060,029 $39,854,173 $ (2,205,856)
--------------- ----------- --------------
--------------- ----------- --------------
</TABLE>

<TABLE>
<CAPTION>
Value at
Forward Currency Settlement Date Current Appreciation
Sale Contracts Receivable Value (Depreciation)
- -------------------- --------------- ----------- --------------
<S> <C> <C> <C>
Australian Dollars,
expiring 6/15/99 -
6/21/99........... $ 3,013,521 $ 3,215,567 $ (202,046)
Hong Kong Dollars,
expiring
4/26/00........... 7,663,569 7,668,559 (4,990)
Japanese Yen,
expiring 5/3/99 -
11/8/99........... 53,588,182 52,456,298 1,131,884
--------------- ----------- --------------
$64,265,272 $63,340,424 $ 924,848
--------------- ----------- --------------
--------------- ----------- --------------
</TABLE>

The United States federal income tax basis of the Fund's investments is
substantially the same as for financial reporting purposes and accordingly, as
of April 30, 1999, net unrealized appreciation for federal income tax purposes
was $22,581,941 (gross unrealized appreciation--$26,694,101; gross unrealized
depreciation--$4,112,160).

For federal income tax purposes, the Fund had a capital loss carryforward as of
October 31, 1998 of approximately $48,453,985 which expires in 2006.
Accordingly, no capital gains distributions are expected to be paid to
shareholders until future net gains have been realized in excess of such
carryforward.

During the six months ended April 30, 1999, the Fund entered into financial
futures contracts. Details of open contracts at April 30, 1999 are as follows:
<TABLE>
<CAPTION>
Value at Value at
Number of Expiration April 30, Trade Unrealized
Contracts Type Date 1999 Date Appreciation
- ----------- ---------- ------------ --------- -------- ------------
<S> <C> <C> <C> <C> <C>
Long Position:
1 Hang Seng May 99 $86,388 $85,581 $807
---
---
</TABLE>
- --------------------------------------------------------------------------------
12

<PAGE>
Notes to Financial Statements (Unaudited) PRUDENTIAL PACIFIC GROWTH FUND, INC.
- --------------------------------------------------------------------------------
Note 5. Capital
The Fund offers Class A, Class B, Class C and Class Z shares. Class A shares are
sold with an initial sales charge of up to 5%. Class B shares are sold with a
contingent deferred sales charge which declines from 5% to zero depending upon
the period of time the shares are held. Prior to November 2, 1998 Class C shares
were sold with a contingent deferred sales charge of 1% during the first year.
Effective November 2, 1998, Class C shares are sold with a front-end sales
charge of 1% and a contigent deferred sales charge of 1% during the first 18
months. Class B shares will automatically convert to Class A shares on a
quarterly basis approximately seven years after purchase. A special exchange
privilege is also available for shareholders who qualify to purchase Class A
shares at net asset value. Class Z shares are not subject to any sales or
redemption charge and are offered exclusively for sale to a limited group of
investors.

The Fund has authorized 2 billion shares of common stock at $.001 par value per
share divided into four classes, designated Class A, Class B, Class C and Class
Z common stock each consisting of 500 million authorized shares.

Transactions in shares of common stock for the six months ended April 30, 1999
and fiscal year ended October 31, 1998 were as follows:
<TABLE>
<CAPTION>
Class A Shares Amount
- --------------------------------- ----------- ---------------
<S> <C> <C>
Six months ended April 30, 1999:
Shares sold...................... 4,087,949 $ 39,927,380
Shares issued in reinvestment of
distributions.................. 20,322 188,589
Shares reacquired................ (4,021,668) (39,456,810)
----------- ---------------
Net increase in shares
outstanding before
conversion..................... 86,603 659,159
Shares issued upon conversion
from Class B................... 64,768 618,729
----------- ---------------
Net increase in shares
outstanding.................... 151,371 $ 1,277,888
----------- ---------------
----------- ---------------
Year ended October 31, 1998:
Shares sold...................... 4,437,257 $ 42,845,381
Shares issued in reinvestment of
distributions.................. 329,658 3,143,003
Shares reacquired................ (5,369,479) (52,502,540)
----------- ---------------
Net decrease in shares
outstanding before
conversion..................... (602,564) (6,514,156)
Shares issued upon conversion
from Class B................... 143,203 1,354,722
----------- ---------------
Net decrease in shares
outstanding.................... (459,361) $ (5,159,434)
----------- ---------------
----------- ---------------
<CAPTION>
Class B Shares Amount
- --------------------------------- ----------- ---------------
<S> <C> <C>
Six months ended April 30, 1999:
Shares sold...................... 2,052,255 $ 19,601,668
Shares issued in reinvestment of
distributions.................. 8,624 77,617
Shares reacquired................ (2,867,113) (26,978,502)
----------- ---------------
Net decrease in shares
outstanding before
conversion..................... (806,234) (7,299,217)
Shares reacquired upon conversion
into Class A................... (67,080) (618,729)
----------- ---------------
Net decrease in shares
outstanding.................... (873,314) $ (7,917,946)
----------- ---------------
----------- ---------------
Year ended October 31, 1998:
Shares sold...................... 3,108,133 $ 29,692,991
Shares issued in reinvestment of
distributions.................. 1,170,551 10,820,405
Shares reacquired................ (6,591,555) (63,034,383)
----------- ---------------
Net decrease in shares
outstanding before
conversion..................... (2,312,871) (22,520,987)
Shares reacquired upon conversion
into Class A................... (148,409) (1,354,722)
----------- ---------------
Net decrease in shares
outstanding.................... (2,461,280) $ (23,875,709)
----------- ---------------
----------- ---------------
<CAPTION>
Class C
- ---------------------------------
Six months ended April 30, 1999:
Shares sold...................... 1,480,080 $ 14,040,547
Shares issued in reinvestment of
distributions.................. 215 1,933
Shares reacquired................ (1,439,231) (13,797,061)
----------- ---------------
Net increase in shares
outstanding.................... 41,064 $ 245,419
----------- ---------------
----------- ---------------
Year ended October 31, 1999:
Shares sold...................... 1,915,959 $ 17,541,510
Shares issued in reinvestment of
distributions.................. 21,081 194,900
Shares reacquired................ (1,997,866) (18,435,258)
----------- ---------------
Net decrease in shares
outstanding.................... (60,826) $ (698,848)
----------- ---------------
----------- ---------------
<CAPTION>
Class Z
- ---------------------------------
Six months ended April 30, 1999:
Shares sold...................... 5,101,692 $ 50,528,714
Shares issued in reinvestment of
distributions.................. 15,420 143,871
Shares reacquired................ (4,596,827) (45,724,540)
----------- ---------------
Net increase in shares
outstanding.................... 520,285 $ 4,948,045
----------- ---------------
----------- ---------------
Year ended October 31, 1998:
Shares sold...................... 5,371,303 $ 51,576,104
Shares issued in reinvestment of
distributions.................. 211,034 2,016,116
Shares reacquired................ (5,816,918) (56,657,242)
----------- ---------------
Net decrease in shares
outstanding.................... (234,581) $ (3,065,022)
----------- ---------------
----------- ---------------
</TABLE>
- --------------------------------------------------------------------------------
13

<PAGE>
Financial Highlights (Unaudited) PRUDENTIAL PACIFIC GROWTH FUND, INC.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class A(a)
-------------------------------------------------------------------------
Six Months
Ended Year Ended October 31,
April 30, ---------------------------------------------------------
1999 1998 1997 1996 1995 1994
----------- ------- ------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period.......... $ 9.14 $ 12.22 $ 15.86 $ 15.75 $ 16.90 $ 16.10
----------- ------- ------- -------- -------- -------
Income from investment operations
Net investment income (loss).................. (.02) .06 .02 .07 .04 (.08)
Net realized and unrealized gain (loss) on
investment and foreign currency
transactions............................... 2.32 (1.88) (3.31) .23 (1.09) 1.15
----------- ------- ------- -------- -------- -------
Total from investment operations........... 2.30 (1.82) (3.29) .30 (1.05) 1.07
----------- ------- ------- -------- -------- -------
Less distributions
Distributions in excess of net investment
income..................................... (.08) (.40) -- (.19) -- (.06)
Distributions from net realized gains......... -- (.86) (.35) -- (.10) (.21)
----------- ------- ------- -------- -------- -------
Total distributions........................ (.08) (1.26) (.35) (.19) (.10) (.27)
----------- ------- ------- -------- -------- -------
Net asset value, end of period................ $ 11.36 $ 9.14 $ 12.22 $ 15.86 $ 15.75 $ 16.90
----------- ------- ------- -------- -------- -------
----------- ------- ------- -------- -------- -------
TOTAL RETURN(b)............................... 25.77% (15.53)% (21.32)% 1.97% (6.23)% 6.67%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)............... $29,850 $22,624 $35,860 $113,585 $ 98,998 $98,921
Average net assets (000)...................... $24,298 $26,845 $73,942 $106,148 $101,920 $92,233
Ratios to average net assets:
Total expenses............................. 1.88%(c) 1.70% 1.48% 1.37% 1.46% 1.57%
Operating expenses, including distribution
fees.................................... 1.88%(c) 1.70% 1.42% 1.37% 1.46% 1.57%
Operating expenses, excluding distribution
fees.................................... 1.63%(c) 1.45% 1.17% 1.12% 1.21% 1.33%
Net investment income (loss)............... (.33)%(c) .63% .14% .44% .26% (.50)%
For Class A, B, C and Z shares:
Portfolio turnover rate.................... 30% 94% 81% 91% 54% 56%
</TABLE>
- ---------------
(a) Calculated based upon weighted average shares outstanding during the period.
(b) Total return does not consider the effects of sales loads. Total return is
calculated assuming a purchase of shares on the first day and a sale on the
last day of each period reported and includes reinvestment of dividends and
distributions. Total returns for periods less than a full year are not
annualized.
(c) Annualized.
- --------------------------------------------------------------------------------
See Notes to Financial Statements. 14

<PAGE>
Financial Highlights (Unaudited) PRUDENTIAL PACIFIC GROWTH FUND, INC.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class B(a)
---------------------------------------------------------------------------
Six Months
Ended Year Ended October 31,
April 30, -----------------------------------------------------------
1999 1998 1997 1996 1995 1994
----------- ------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period.......... $ 8.79 $ 11.77 $ 15.40 $ 15.38 $ 16.62 $ 15.94
----------- ------- -------- -------- -------- --------
Income from investment operations
Net investment loss........................... (.05) (.01) (.09) (.04) (.08) (.21)
Net realized and unrealized gain (loss) on
investment and foreign currency
transactions............................... 2.26 (1.82) (3.19) .25 (1.06) 1.13
----------- ------- -------- -------- -------- --------
Total from investment operations........... 2.21 (1.83) (3.28) .21 (1.14) .92
----------- ------- -------- -------- -------- --------
Less distributions
Distributions in excess of net investment
income..................................... (.01) (.29) -- (.19) -- (.03)
Distributions from net realized gains......... -- (.86) (.35) -- (.10) (.21)
----------- ------- -------- -------- -------- --------
Total distributions........................ (.01) (1.15) (.35) (.19) (.10) (.24)
----------- ------- -------- -------- -------- --------
Net asset value, end of period................ $ 10.99 $ 8.79 $ 11.77 $ 15.40 $ 15.38 $ 16.62
----------- ------- -------- -------- -------- --------
----------- ------- -------- -------- -------- --------
TOTAL RETURN(b)............................... 25.60% (16.32)% (21.84)% 1.36% (6.82)% 5.79%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)............... $83,532 $74,457 $128,694 $327,315 $344,313 $459,949
Average net assets (000)...................... $74,210 $91,983 $244,462 $357,548 $368,771 $404,506
Ratios to average net assets:
Total expenses............................. 2.63%(c) 2.45% 2.23% 2.12% 2.21% 2.33%
Operating expenses, including distribution
fees.................................... 2.63%(c) 2.45% 2.17% 2.12% 2.21% 2.33%
Operating expenses, excluding distribution
fees.................................... 1.63%(c) 1.45% 1.17% 1.12% 1.21% 1.33%
Net investment loss........................ (1.08)%(c) (.12)% (.61)% (.25)% (.55)% (1.27)%
</TABLE>
- ---------------
(a) Calculated based upon weighted average shares outstanding during the period.
(b) Total return does not consider the effects of sales loads. Total return is
calculated assuming a purchase of shares on the first day and a sale on the
last day of each period reported and includes reinvestment of dividends and
distributions. Total returns for periods less than a full year are not
annualized.
(c) Annualized.
- --------------------------------------------------------------------------------
See Notes to Financial Statements. 15

<PAGE>
Financial Highlights (Unaudited) PRUDENTIAL PACIFIC GROWTH FUND, INC.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class C(a)
------------------------------------------------------------------------------
August 1,
Six Months 1994(d)
Ended Year Ended October 31, Through
April 30, ---------------------------------------------- October 31,
1999 1998 1997 1996 1995 1994
----------- ------ ------ -------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period.......... $ 8.79 $11.77 $15.40 $ 15.38 $ 16.62 $ 16.68
----- ------ ------ -------- ----- -----
Income from investment operations
Net investment loss........................... (.05) (.01) (.09) (.04) (.08) (.06)
Net realized and unrealized gain (loss) on
investment and foreign currency
transactions............................... 2.26 (1.82) (3.19) .25 (1.06) --
----- ------ ------ -------- ----- -----
Total from investment operations........... 2.21 (1.83) (3.28) .21 (1.14) (.06)
----- ------ ------ -------- ----- -----
Less distributions
Distributions in excess of net investment
income..................................... (.01) (.29) -- (.19) -- --
Distributions from net realized gains......... -- (.86) (.35) -- (.10) --
----- ------ ------ -------- ----- -----
Total distributions........................ (.01) (1.15) (.35) (.19) (.10) --
----- ------ ------ -------- ----- -----
Net asset value, end of period................ $ 10.99 $ 8.79 $11.77 $ 15.40 $ 15.38 $ 16.62
----- ------ ------ -------- ----- -----
----- ------ ------ -------- ----- -----
TOTAL RETURN(b)............................... 25.60% (16.32)% (21.84)% 1.36% (6.82)% (.36)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)............... $ 2,520 $1,654 $2,932 $ 12,360 $ 2,443 $ 718
Average net assets (000)...................... $ 2,071 $2,276 $6,557 $ 6,402 $ 1,624 $ 458
Ratios to average net assets:
Total expenses............................. 2.63%(c) 2.45% 2.23% 2.12% 2.21% 3.00%(c)
Operating expenses, including distribution
fees.................................... 2.63%(c) 2.45% 2.17% 2.12% 2.21% 3.00%(c)
Operating expenses, excluding distribution
fees.................................... 1.63%(c) 1.45% 1.17% 1.12% 1.21% 2.00%(c)
Net investment loss........................ (1.08)%(c) (.12)% (.61)% (.25)% (.43)% (1.64)%(c)
</TABLE>
- ---------------
(a) Calculated based upon weighted average shares outstanding during the period.
(b) Total return does not consider the effects of sales loads. Total return is
calculated assuming a purchase of shares on the first day and a sale on the
last day of each period reported and includes reinvestment of dividends and
distributions. Total returns for periods of less than a full year are not
annualized.
(c) Annualized.
(d) Commencement of offering of Class C shares.
- --------------------------------------------------------------------------------
See Notes to Financial Statements. 16

<PAGE>
Financial Highlights (Unaudited) PRUDENTIAL PACIFIC GROWTH FUND, INC.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class Z(a)
---------------------------------------------------
March 1,
Six Months Year Ended October 1996(d)
Ended 31, Through
April 30, ------------------- October 31,
1999 1998 1997 1996
----------- ------- ------- -----------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period.......... $ 9.17 $ 12.28 $ 15.89 $ 16.57
----------- ------- ------- -----------
Income from investment operations
Net investment income......................... .01 .08 .06 .11
Net realized and unrealized gain (loss) on
investment and foreign currency
transactions............................... 2.37 (1.89) (3.32) (.79)
----------- ------- ------- -----------
Total from investment operations........... 2.38 (1.81) (3.26) (.68)
----------- ------- ------- -----------
Less distributions
Distributions in excess of net investment
income..................................... (.11) (.44) -- --
Distributions from net realized gains......... -- (.86) (.35) --
----------- ------- ------- -----------
Total distributions........................ (.11) (1.30) (.35) --
----------- ------- ------- -----------
Net asset value, end of period................ $ 11.44 $ 9.17 $ 12.28 $ 15.89
----------- ------- ------- -----------
----------- ------- ------- -----------
TOTAL RETURN(b)............................... 26.43% (15.36)% (21.02)% (4.09)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)............... $21,451 $12,429 $19,520 $37,288
Average net assets (000)...................... $14,846 $15,099 $31,945 $33,868
Ratios to average net assets:
Total expenses............................. 1.63%(c) 1.45% 1.23% 1.12%(c)
Operating expenses, including distribution
fees.................................... 1.63%(c) 1.45% 1.17% 1.12%(c)
Operating expenses, excluding distribution
fees.................................... 1.63%(c) 1.45% 1.17% 1.12%(c)
Net investment income (loss)............... (.08)%(c) .82% .39% .68%(c)
</TABLE>
- ---------------
(a) Calculated based upon weighted average shares outstanding during the period.
(b) Total return does not consider the effects of sales loads. Total return is
calculated assuming a purchase of shares on the first day and a sale on the
last day of each period reported and includes reinvestment of dividends and
distributions. Total returns for periods of less than a full year are not
annualized.
(c) Annualized.
(d) Commencement of offering of Class Z shares.
- --------------------------------------------------------------------------------
See Notes to Financial Statements. 17

<PAGE>

Getting The Most From Your Prudential Mutual Fund.

Some mutual fund shareholders won't ever read this--they don't read annual
and semi-annual reports. It's quite understandable. These annual and semi-
annual reports are prepared to comply with Federal regulations. They are often
written in language that is difficult to understand. So, when most people run
into those particularly daunting sections of these reports, they don't read
them.

We think that's a mistake.

At Prudential Mutual Funds, we've made some changes to our report to make it
easier to understand and more pleasant to read, in hopes you'll find it
profitable to spend a few minutes familiarizing yourself with your investment.
Here's what you'll find in the report:

At A Glance
Since an investment's performance is often a shareholder's primary concern,
we present performance information in two different formats. You'll find it
first on the "At A Glance" page where we compare the Fund and the comparable
average calculated by Lipper Analytical Services, a nationally recognized
mutual fund rating agency. We report both the cumulative total returns and
the average annual total returns. The cumulative total return is the total
amount of income and appreciation the Fund has achieved in various time
periods. The average annual total return is an annualized representation
of the Fund's performance--it generally smoothes out returns and gives you
an idea how much the Fund has earned in an average year, for a given time
period. Under the performance box, you'll see legends that explain the
performance information, whether fees and sales charges have been included
in returns, and the inception dates for the Fund's share classes.

See the performance comparison charts at the back of the report for more
performance information. And keep in mind that past perfor-mance is not
indicative of future results.

Portfolio Manager's Report
The portfolio manager who invests your money for you reports on successful--
and not-so-successful--strategies in this section of your report. Look for
recent purchases and sales here, as well as information about the sectors
the portfolio manager favors and any changes that are on the drawing board.

Portfolio Of Investments
This is where the report begins to look technical, but it's really just a
listing of each security held at the end of the reporting period, along with
valuations and other information. Please note that sometimes we discuss a
security in the Portfolio Manager's Report that doesn't appear in this
listing because it was sold before the close of the reporting period.

<PAGE>
Statement Of Assets And Liabilities
The balance sheet shows the assets (the value of the Fund's holdings),
liabilities (how much the Fund owes) and net assets (the Fund's equity, or
holdings after the Fund pays its debts) as of the end of the reporting period.
It also shows how we calculate the net asset value per share for each class of
shares. The net asset value is reduced by payment of your dividend, capital
gain, or other distribution, but remember that the money or new shares are
being paid or issued to you. The net asset value fluctuates daily along with
the value of every security in the portfolio.

Statement Of Operations
This is the income statement, which details income (mostly interest and
dividends earned) and expenses (including what you pay us to manage your
money). You'll also see capital gains here -- both realized and unrealized.

Statement Of Changes In Net Assets
This schedule shows how income and expenses translate into changes in net
assets. The Fund is required to pay out the bulk of its income to shareholders
every year, and this statement shows you how we do it--through dividends and
distributions--and how that affects the net assets. This statement also shows
how money from investors flowed into and out of the Fund.

Notes To Financial Statements
This is the kind of technical material that can intimidate readers, but it
does contain useful information. The Notes provide a brief history and
explanation of your Fund's objectives. In addition, they also outline how
Prudential Mutual Funds prices securities. The Notes also explain who manages
and distributes the Fund's shares and, more importantly, how much they are
paid for doing so. Finally, the Notes explain how many shares are outstanding,
and the number issued and redeemed over the period.

Financial Highlights
This information contains many elements from prior pages, but on a per share
basis. It is designed to help you understand how the Fund performed, and to
compare this year's performance and expenses to those of prior years.

Independent Auditor's Report
Once a year, an outside auditor looks over our books and certifies that the
information is fairly presented and complies with generally accepted
accounting principles.

Tax Information
This is information which we report annually about how much of your total
return is taxable. Should you have any questions, you may want to consult a
tax advisor.

Performance Comparison
These charts are included in the annual report and are required by the
Securities Exchange Commission. Performance is presented here as a
hypothetical $10,000 investment in the Fund since its inception or for
10 years (whichever is shorter). To help you put that return in context,
we are required to include the performance of an unmanaged, broad-based
securities index, as well. The index does not reflect the cost of buying
the securities it contains or the cost of managing a mutual fund. Of course,
the index holdings do not mirror those of the fund --the index is a broadly
based reference point commonly used by investors to measure how well they
are doing. A definition of the selected index is also provided. Investors
generally cannot invest directly in an index.

<PAGE>
Getting The Most From Your Prudential Mutual Fund.
How many times have you read these letters -- or other financial materials --
and stumbled across a word that you don't understand?

Many shareholders have run into the same problem. We'd like to help. So we'll
use this space from time to time to explain some of the words you might have
read, but not understood. And if you have a favorite word that no one can
explain to your satisfaction, please write to us.

Basis Point: 1/100th of 1%. For example, one-half of one percent is 50 basis
points.

Collateralized Mortgage Obligations (CMOs): Mortgage-backed bonds that
separate mortgage pools into different maturity classes, called tranches.
These instruments are sensitive to changes in interest rates and homeowner
refinancing activity. They are subject to prepayment and maturity extension
risk.

Derivatives: Securities that derive their value from other securities. The
rate of return of these financial products rises and falls -- sometimes very
suddenly -- in response to changes in some specific interest rate, currency,
stock, or other variable.

Discount Rate: The interest rate charged by the Federal Reserve on loans to
member banks.

Federal Funds Rate: The interest rate charged by one bank to another on
overnight loans.

Futures Contract: An agreement to purchase or sell a specific amount of a
commodity or financial instrument at a set price at a specified date in the
future.

Leverage: The use of borrowed assets to enhance return on equity. The
expectation is that the interest rate charged on borrowed funds will be lower
than the return on the investment. While leverage can increase profits, it can
also magnify losses.

Liquidity: The ease with which a financial instrument (or mutual fund) can be
bought or sold (converted into cash) in the financial markets.

Price/Earnings Ratio: The price of a share of stock divided by the earnings
per share for a 12-month period.

Option: An agreement to purchase or sell something, such as shares of stock,
by a certain time for a specified price. An option need not be exercised.

Spread: The difference between two values; often used to describe the
difference between "bid" and "asked for" prices of a security.

Yankee Bond: A bond sold by a foreign company or government in the U.S. market
and denominated in U.S. dollars.

<PAGE>
Prudential Mutual Funds
Gateway Center Three
100 Mulberry Street
Newark, NJ 07102-4077

(800) 225-1852
http://www.prudential.com

Directors
Edward D. Beach
Delayne Dedrick Gold
Robert F. Gunia
Don G. Hoff
Robert E. LaBlanc
Robin B. Smith
Stephen Stoneburn
John R. Strangfeld
Nancy H. Teeters

Officers
John R. Strangfeld, President
Robert F. Gunia, Vice President
Grace C. Torres, Treasurer
Stephen M. Ungerman, Assistant Treasurer
Robert C. Rosselot, Secretary

Manager
Prudential Investments Fund Management LLC
Gateway Center Three
100 Mulberry Street
Newark, NJ 07102-4077

Investment Adviser
The Prudential Investment Corporation
Prudential Plaza
Newark, NJ 07102-3777

Distributor
Prudential Investment Management Services LLC
Gateway Center Three
100 Mulberry Street
Newark, NJ 07102-4077

Custodian
State Street Bank and Trust Company
One Heritage Drive
North Quincy, MA 02171

Transfer Agent
Prudential Mutual Fund Services LLC
P.O. Box 15005
New Brunswick, NJ 08906

Independent Accountants
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, NY 10036

Legal Counsel
Sullivan & Cromwell
125 Broad Street
New York, NY 10004

The views expressed in this report and information about the Fund's portfolio
holdings are for the period covered by this report, and are subject to change
thereafter.

The accompanying financial statements as of April 30, 1999, were not audited
and, accordingly, no opinion is expressed on them.

This report is not authorized for distribution to prospective investors unless
preceded or accompanied by a current prospectus.

<PAGE>

Prudential Mutual Funds
Gateway Center Three
100 Mulberry Street
Newark, NJ 07102-4077
(800) 225-1852

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