DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES, N-30D, 1994-05-27

DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
N-30D, 1994-05-27

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<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
Two World Trade Center
New York, New York 10048

DEAR SHAREHOLDER:
- - --------------------------------------------------------------------------------

This is the first annual report to shareholders of Dean Witter Global
Dividend Growth Securities. The Fund commenced operations on June 30, 1993 with
$398 million in sales of Fund shares. Nine months later, at the end of the
Fund's fiscal year on March 31, 1994, net assets exceeded $1.1 billion.

A MOVING TARGET

A proprietary screening process was established to assist the Fund's manager
in selecting, from the world's dozen or so largest markets, equity issues with
the greatest potential to achieve the Fund's investment objectives. The
geographic allocation of assets is based on economic and market projections for
each area and changes as conditions dictate. During the Fund's short life, the
target allocation
of assets has shifted, increasing in Japan (in
two steps as that market declined) and
decreasing in Australia, Canada, Germany and
the U.S. Additionally, assets originally
committed to Spain were withdrawn and
redeployed to Malaysia, as Spain was overtaken
by Malaysia as the twelfth largest market in
the world. As of March 31, 1994, 99.8 percent
of the Fund's net assets was committed to 99
equity issues in 12 countries.

Over much of the past nine months,
relatively benign inflation rates, sluggish
economic activity and generally lower interest
rates throughout much of the world provided
the backdrop for an increase in worldwide
common stock prices. For the period, the
Standard & Poor's 500 (S&P 500) produced a
total return of 0.97 percent, while the Morgan
Stanley Capital International World Index
(World Index) recorded a total return of 5.71
percent. Following the trend of this broad
global index, but exceeding its performance
results, the Fund's total return since
inception was 8.89 percent. We believe the
Fund's outperformance of the World Index is
largely attributable to the consistent use of
our stringent stock-screening process. In
addition, we are convinced that the geographic
allocation of assets, and the willingness to
execute changes (for example, increasing the
Fund's commitment to Japan as other investors
became pessimistic), is also responsible for
the outperformance. The accompanying chart
illustrates the growth of a $10,000 investment
in the Fund since inception through the fiscal
period ended March 31, 1994, versus the
performance of similar hypothetical
investments in the issues that comprise the
S&P 500 and the World Index.
<PAGE>
Issues that were purchased and subsequently sold during the Fund's first
nine months of existence include Man AG (Germany), Fisons (U.K.), Sip ITL 1000
(Italy), Cathay Pacific Airways (Hong Kong), VMF Stork (Netherlands), Thomson
(Canada), Thames Water (U.K.), Varta and Bayer Motoren Werke (Germany), VF Corp.
(U.S.) and Banco de Santander, Banco Popular, Banco Central (Spain). Except for
the three Spanish banks, all of these issues were sold because they no longer
appeared attractive under the screening process. In the case of Spain, the
holdings were liquidated because of the decision to shift assets to Malaysia.

LOOKING AHEAD

We believe the outlook for the global economy and the securities markets in
most of the world's major countries is favorable over the long term. We also
remain strongly convinced that the stocks of well-established international
companies will perform relatively well over the months ahead. Consequently, we
are confident, patient and nearly fully invested.

We appreciate your support of Dean Witter Global Dividend Growth Securities
and look forward to continuing to serve your investment needs in the future.

Very Truly Yours,

Charles A. Fiumefreddo
CHAIRMAN OF THE BOARD
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
PORTFOLIO OF INVESTMENTS MARCH 31, 1994
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- - ---------------- ---------------
<C> <S> <C>
COMMON AND PREFERRED
STOCKS (99.8%)
AUSTRALIA (1.4%)
BUILDING &
CONSTRUCTION
2,557,000 Pioneer International,
Ltd................... $ 5,250,400
---------------
MULTI-INDUSTRY
2,276,000 Southcorp Holdings,
Ltd................... 5,231,668
---------------
PAPER & FOREST
PRODUCTS
804,600 Amcor, Ltd.............. 5,351,067
---------------
TOTAL AUSTRALIA......... 15,833,135
---------------
CANADA (2.9%)
OIL RELATED
250,800 Imperial Oil, Ltd....... 8,139,029
368,700 Interprovincial
Pipelines, Inc........ 8,332,279
617,800 Transcanada Pipelines,
Ltd................... 8,265,332
---------------
24,736,640
---------------
TELECOMMUNICATIONS
226,500 BCE, Inc................ 8,169,429
---------------
TOTAL CANADA............ 32,906,069
---------------
FRANCE (8.0%)
FINANCIAL SERVICES
25,002 Societe Eurafrance...... 9,194,809
---------------
FOODS & BEVERAGES
56,300 Eridania Beghin-Say..... 9,218,678
30,100 Saint-Louis............. 8,966,428
---------------
18,185,106
---------------
HOUSEHOLD PRODUCTS
37,800 BIC..................... 8,969,738
---------------
INTERNATIONAL OIL --
INTEGRATED
168,000 Compagnie Francaise de
Petroleum Total (B
Shares)............... 8,899,864
133,500 Societe National Elf
Aquitaine............. 8,650,310
---------------
17,550,174
---------------

<CAPTION>
NUMBER OF
SHARES VALUE
- - ---------------- ---------------
<C> <S> <C>
MULTI-INDUSTRY
42,300 Compagnie Generalo
D'Industrie et de
Participations........ $ 8,815,278
24,560 Financiere et
Industrielle Gaz et
Eaux.................. 9,118,280
162,100 Worms et Compagnie...... 8,828,605
---------------
26,762,163
---------------
OIL RELATED
48,600 Esso Ste Anonyme
Francaise............. 8,860,040
---------------
TOTAL FRANCE............ 89,522,030
---------------
GERMANY (7.0%)
CHEMICALS
36,100 Bayer AG................ 8,057,245
---------------
HEALTH & PERSONAL CARE
23,350 Douglas Holding AG...... 7,834,070
---------------
MACHINERY -- DIVERSIFIED
33,500 IWKA AG................. 7,853,597
---------------
MULTI-INDUSTRY
27,900 Preussag AG............. 7,697,069
28,600 Viag AG................. 7,619,939
---------------
15,317,008
---------------
OFFICE EQUIPMENT
32,000 Herlitz AG.............. 7,655,045
---------------
OIL RELATED
29,900 RWE AG.................. 7,832,188
---------------
RETAIL -- DEPARTMENT
STORES
23,100 Karstadt AG............. 7,777,826
---------------
TEXTILES -- APPAREL
13,000 Hugo Boss AG
(Preferred)........... 7,782,429
---------------
UTILITIES -- ELECTRIC
27,800 Veba AG................. 8,071,825
---------------
TOTAL GERMANY........... 78,181,233
---------------
HONG KONG (2.9%)
BANKING
663,800 HSBC Holdings........... 7,473,387
---------------
</TABLE>

<CAPTION>
NUMBER OF
SHARES VALUE
- - ---------------- ---------------
<C> <S> <C>
BUILDING & CONSTRUCTION
2,876,000 Fujita Corp............. $ 16,117,933
---------------
BUILDING MATERIALS
2,532,000 Sankyo Aluminium
Industrial............ 17,200,819
---------------
CHEMICALS
1,638,000 Sekisui Chemical Co..... 16,603,508
---------------
COMPUTER SERVICES
1,262,000 NCR Japan, Ltd.......... 16,359,259
---------------
ELECTRONICS
1,832,000 Hitachi, Ltd............ 16,605,847
264,000 Kyocera Corp............ 16,930,994
283,000 Sony Corp............... 16,135,965
395,000 TDK Corp................ 16,554,581
---------------
66,227,387
---------------
ENTERTAINMENT &
LEISURE TIME
1,727,000 Mizuno Corp............. 16,748,197
---------------
FOODS & BEVERAGES
741,700 House Food Industrial... 16,120,770
2,306,000 Snow Brand Milk
Products.............. 16,542,067
---------------
32,662,837
---------------
MULTI-INDUSTRY
2,955,000 Furukawa Co., Ltd....... 15,840,644
---------------
PHARMACEUTICAL
819,000 Taisho Pharmaceutical
Co., Ltd.............. 16,284,211
1,368,000 Takeda Chemical
Industries............ 16,266,667
---------------
32,550,878
---------------
TRANSPORTATION
1,344,000 Yamato Transport Co.,
Ltd................... 16,243,276
---------------
TOTAL JAPAN............. 278,620,039
---------------
MALAYSIA (2.1%)
BANKING
824,000 AMMB Holdings Berhad.... 6,631,296
---------------
</TABLE>

<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
PORTFOLIO OF INVESTMENTS MARCH 31, 1994 (CONTINUED)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- - ---------------- ---------------
<C> <S> <C>
BUILDING & CONSTRUCTION
486,000 Cement Industries of
Malaysia.............. $ 1,394,263
864,000 Malayan Cement Berhad... 1,384,202
1,439,000 United Engineers,
Ltd................... 5,629,470
---------------
8,407,935
---------------
CONGLOMERATES
2,481,000 Sime Darby Berhad....... 5,638,637
---------------
FOODS & BEVERAGES
268,000 Nestle (Malaysia)
Berhad................ 1,467,810
---------------
OIL RELATED
499,000 Esso Malaysia Berhad.... 1,310,712
---------------
TOTAL MALAYSIA.......... 23,456,390
---------------
NETHERLANDS (2.9%)
BANKING
163,000 ABN-AMRO Holdings....... 5,623,383
---------------
BUILDING & CONSTRUCTION
102,000 Volker Stevin........... 4,724,484
---------------
INSURANCE
116,600 Aegon NV................ 5,872,523
140,200 Amev NV................. 5,702,646
---------------
11,575,169
---------------
INTERNATIONAL OIL --
INTEGRATED
54,100 Royal Dutch Petroleum
Co.................... 5,466,742
---------------
TEXTILES
106,200 Gamma Holding........... 5,682,320
---------------
TOTAL NETHERLANDS....... 33,072,098
---------------
SWITZERLAND (4.1%)
BANKING
39,300 Schweizerische
Bankverein (B
Shares)............... 11,318,579
---------------
CHEMICALS
18,200 Ciba-Geigy AG........... 11,748,599
---------------
FOODS & BEVERAGES
13,300 Nestle AG............... 11,189,473
---------------
MULTI-INDUSTRY
14,000 Brown Boveri & Compagnie
AG.................... 11,639,356
---------------
TOTAL SWITZERLAND....... 45,896,007
---------------
<CAPTION>
NUMBER OF
SHARES VALUE
- - ---------------- ---------------
<C> <S> <C>
UNITED KINGDOM (12.0%)
BANKING
1,940,000 Hambros PLC............. $ 10,792,462
---------------
BREWERS
1,306,000 Bass PLC (Ord.)......... 10,268,490
1,329,000 Scottish & Newcastle
Breweries PLC......... 10,232,456
---------------
20,500,946
---------------
FOODS & BEVERAGES
4,700,000 Hazlewood Food PLC...... 9,970,604
4,157,000 Hillsdown Holdings
PLC................... 10,360,407
---------------
20,331,011
---------------
METALS & MINING
951,500 Charter PLC............. 10,304,317
---------------
MULTI-INDUSTRY
2,600,000 Hanson Trust PLC........ 10,404,528
---------------
NATURAL GAS
2,285,000 British Gas PLC......... 10,203,291
---------------
RETAIL -- MERCHANDISING
3,304,000 Tesco................... 10,440,160
---------------
TELECOMMUNICATIONS
1,762,500 British Telecom PLC..... 10,249,502
---------------
UTILITIES -- ELECTRIC
1,013,000 South Wales Electricity
PLC................... 10,429,332
---------------
UTILITIES -- WATER
1,234,000 Severn Trent Water...... 10,443,795
1,066,000 Welsh Water............. 10,279,172
---------------
20,722,967
---------------
TOTAL UNITED KINGDOM.... 134,378,516
---------------
UNITED STATES (28.4%)
AEROSPACE & DEFENSE
597,000 Northrop Corp........... 23,805,375
---------------
BANK HOLDING COMPANIES
355,500 Bankers Trust New York
Corp.................. 25,196,063
---------------
BANKING
598,000 BankAmerica Corp........ 23,546,250
---------------
CHEMICALS
543,500 American Cyanamid Co.... 25,272,750
319,500 Monsanto Co............. 24,841,125
---------------
50,113,875
---------------
</TABLE>

<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
PORTFOLIO OF INVESTMENTS MARCH 31, 1994 (CONTINUED)
- - --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- - ---------------- ---------------
<C> <S> <C>
CONGLOMERATES
250,600 Minnesota Mining &
Manufacturing Co...... $ 24,840,725
---------------
HEALTH & PERSONAL CARE
467,000 Bristol Myers Squibb
Co.................... 24,108,875
---------------
INTERNATIONAL OIL --
INTEGRATED
279,500 Chevron Corp............ 23,547,875
---------------
METALS & BASIC MATERIALS
460,000 Phelps Dodge Corp....... 24,035,000
---------------
RETAIL
1,385,000 K-Mart Corp............. 25,103,125
---------------
RETAIL -- DRUG STORES
1,333,000 Rite Aid Corp........... 25,327,000
---------------
TOBACCO
488,000 Philip Morris Cos.,
Inc................... 24,766,000
---------------
UTILITIES -- ELECTRIC
829,500 Pacific Gas & Electric
Co.................... 24,159,187
---------------
TOTAL UNITED STATES..... 318,549,350
---------------
TOTAL COMMON AND
PREFERRED STOCKS
(IDENTIFIED COST
$1,083,672,224)....... 1,119,258,364
---------------
</TABLE>

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT (IN
THOUSANDS) VALUE
- - ---------- ---------------
<C> <S> <C>
COMMERCIAL PAPER (A) (0.1%)
UNITED STATES (0.1%)
AUTOMOTIVE FINANCE
$1,000 Ford Motor Credit Corp. 3.40%
due 4/4/94 (Amortized Cost
$999,717).................. $ 999,717
---------------
</TABLE>

<TABLE>
<S> <C> <C> <C>
TOTAL INVESTMENTS
(IDENTIFIED COST
$1,084,671,941)(B)............. 99.9% 1,120,258,081
CASH AND OTHER ASSETS
IN EXCESS OF LIABILITIES...... 0.1 982,220
--------- ---------------
NET ASSETS ..................... 100.0% $ 1,121,240,301
---------
--------- ---------------
---------------
<FN>
</TABLE>

- - ---------------

<TABLE>
<C> <S>
(A) COMMERCIAL PAPER WAS PURCHASED ON A DISCOUNT BASIS. THE INTEREST RATE SHOWN HAS BEEN ADJUSTED TO REFLECT A
BOND EQUIVALENT YIELD.
(B) THE AGGREGATE COST FOR FEDERAL INCOME TAX PURPOSES IS $1,085,586,733; THE AGGREGATE GROSS UNREALIZED
APPRECIATION IS $72,592,674 AND THE AGGREGATE GROSS UNREALIZED DEPRECIATION IS $37,921,326, RESULTING IN NET
UNREALIZED APPRECIATION OF $34,671,348.
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS

1994 FEDERAL TAX NOTICE (UNAUDITED)
During the year ended March 31, 1994, 44.65% of the income dividend qualified
for the dividends received deduction available to corporations.

<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
PORTFOLIO OF INVESTMENTS MARCH 31, 1994 (CONTINUED)
- - --------------------------------------------------------------------------------

FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT MARCH 31, 1994:

<TABLE>
<CAPTION>
IN UNREALIZED
CONTRACTS EXCHANGE DELIVERY APPRECIATION/
TO RECEIVE FOR DATE (DEPRECIATION)
- - ---------------- ----------------- --------- ---------------
<S> <C> <C> <C>
Y 147,588,722 US$ 1,428,739 4/ 1/94 $ 9,748
MYR 313,880 US$ 115,397 4/ 1/94 1,548
US$ 14,800 Y 1,521,480 4/ 1/94 (29)
CAD 780,574 US$ 567,897 4/ 5/94 (3,409)
NLG 1,331,230 US$ 710,747 4/ 5/94 (2,006)
L 1,763,846 US$ 2,637,302 4/ 5/94 (20,637)
L 149,839 US$ 224,459 4/ 5/94 (2,173)
L 151,927 US$ 226,250 4/ 5/94 (866)
L 74,440 US$ 110,857 4/ 5/94 (424)
L 458,368 US$ 681,501 4/ 5/94 (1,513)
L 229,349 US$ 342,900 4/ 5/94 (2,660)
L 515,068 US$ 773,684 4/ 5/94 (9,580)
L 1,248,911 US$ 1,872,118 4/ 5/94 (19,358)
US$ 662,546 CHF 944,128 4/ 5/94 (7,191)
US$ 291,141 Y 29,923,433 4/ 5/94 (511)
NLG 190,480 US$ 101,752 4/ 6/94 (341)
US$ 582,598 DEM 974,686 4/ 6/94 (314)
US$ 75,617 HKD 584,520 4/ 6/94 (24)
HKD 229,061 US$ 29,683 4/ 7/94 (40)
US$ 332,535 CHF 469,540 4/ 7/94 (543)
US$ 318,697 CHF 450,510 4/ 7/94 (882)
US$ 88,707 NLG 166,743 4/ 7/94 (66)
MYR 620,426 US$ 233,559 4/ 8/94 (2,402)
AUD 334,344 US$ 234,743 4/11/94 (435)
L 154,597 US$ 231,277 4/18/94 (1,932)
L 59,532 US$ 88,512 4/18/94 (196)
US$ 2,234 L 1,504 4/18/94 3
FRF 3,028,658 US$ 530,227 4/29/94 167
FRF 2,589,906 US$ 453,233 4/29/94 325
FRF 3,400,359 US$ 596,387 4/29/94 (898)
US$ 34,982 FRF 200,212 4/29/94 (80)
US$ 634,162 ITL 1,041,801,359 4/29/94 (11,116)
US$ 1,799,042 ITL 2,941,254,532 4/29/94 (22,732)
---------------
Net Unrealized
Depreciation*............... $ (100,567)
---------------
---------------
<FN>
* Includes aggregate gross unrealized appreciation of $11,791
and aggregate gross depreciation of $112,358, resulting in
net unrealized depreciation of $100,567.
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS

<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
SUMMARY OF INVESTMENTS BY INDUSTRY CLASSIFICATION MARCH 31, 1994
- - --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- - -------------------------------------------------- ------------ -----------
<S> <C> <C>
Aerospace & Defense............................... $ 23,805,375 2.1%
Automotive........................................ 32,065,301 2.9
Automotive Finance................................ 999,717 0.1
Bank Holding Companies............................ 25,196,063 2.3
Banking........................................... 71,505,639 6.4
Brewers........................................... 20,500,946 1.8
Building & Construction........................... 34,500,752 3.1
Building Materials................................ 17,200,819 1.5
Chemicals......................................... 86,523,227 7.7
Computer Services................................. 16,359,259 1.5
Conglomerates..................................... 38,101,943 3.4
Electronics....................................... 67,866,034 6.1
Entertainment & Leisure Time...................... 16,748,197 1.5
Financial Services................................ 9,194,809 0.8
Foods & Beverages................................. 83,836,237 7.5
Health & Personal Care............................ 31,942,945 2.9
Household Products................................ 8,969,738 0.8
Insurance......................................... 11,575,169 1.0
International Oil - Integrated.................... 46,564,791 4.2
Machinery - Diversified........................... 7,853,597 0.7
Metals & Basic Materials.......................... 24,035,000 2.1
Metals & Mining................................... 10,304,317 0.9
Multi-Industry.................................... 91,159,878 8.1
Natural Gas....................................... 16,182,458 1.4
Office Equipment.................................. 7,655,045 0.7
Oil Related....................................... 42,739,580 3.8
Paper & Forest Products........................... 5,351,067 0.5
Pharmaceutical.................................... 32,550,878 2.9
Real Estate....................................... 7,314,979 0.7
Retail............................................ 25,103,125 2.2
Retail - Department Stores........................ 7,777,826 0.7
Retail - Drug Stores.............................. 25,327,000 2.3
Retail - Merchandising............................ 10,440,160 0.9
Telecommunications................................ 36,281,199 3.2
Textiles.......................................... 5,682,320 0.5
Textiles - Apparel................................ 9,017,661 0.8
Tobacco........................................... 24,766,000 2.2
Transportation.................................... 16,243,276 1.4
Utilities - Electric.............................. 50,292,787 4.5
Utilities - Water................................. 20,722,967 1.8
------------ ---
$1,120,258,081 99.9%
------------ ---
------------ ---
</TABLE>

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

<TABLE>
<CAPTION>
TYPE OF INVESTMENT
- - --------------------------------------------------
<S> <C> <C>
Common Stocks..................................... $1,111,475,935 99.1%
Preferred Stocks.................................. 7,782,429 0.7
Short-Term Investment............................. 999,717 0.1
------------ ---
$1,120,258,081 99.9%
------------ ---
------------ ---
</TABLE>
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
FINANCIAL STATEMENTS
- - --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1994

<TABLE>
<CAPTION>
ASSETS:
<S> <C>
Investments in securities, at value
(identified cost $1,084,671,941)(Note
1).................................... $ 1,120,258,081
Cash (including $5,246 in foreign
currency)............................. 1,787,464
Receivable for:
Investments sold...................... 9,338,984
Shares of beneficial sold............. 9,278,865
Dividends............................. 3,287,615
Foreign withholding tax reclaimed..... 355,336
Deferred organizational expenses (Note
1).................................... 153,223
Prepaid expenses and other assets....... 42,736
---------------
TOTAL ASSETS...................... 1,144,502,304
---------------
LIABILITIES:
Payable for:
Investments purchased................. 18,177,834
Shares of beneficial interest
repurchased.......................... 2,682,556
Plan of distribution fee (Note 3)..... 951,250
Investment management fee (Note 2).... 711,848
Accrued expenses (Note 4)............... 738,515
---------------
TOTAL LIABILITIES................. 23,262,003
---------------
NET ASSETS:
Paid-in-capital......................... 1,076,699,534
Net realized gain....................... 8,929,949
Net unrealized appreciation............. 35,610,818
---------------
NET ASSETS...................... $ 1,121,240,301
---------------
---------------
NET ASSET VALUE PER SHARE, 103,717,224
shares outstanding (unlimited shares
authorized of $.01 par value)......... $10.81
---------------
---------------
</TABLE>

STATEMENT OF OPERATIONS FOR THE PERIOD
JUNE 30, 1993 THROUGH MARCH 31, 1994 (NOTE 1)

<TABLE>
<S> <C>
INVESTMENT INCOME:
INCOME
Dividends (net of $914,652 foreign
withholding tax)...................... $ 14,800,026
Interest............................... 1,107,365
------------
TOTAL INCOME......................... 15,907,391
------------
EXPENSES
Plan of distribution fee (Note 3)...... 5,714,305
Investment management fee (Note 2)..... 4,443,141
Transfer agent fees and expenses (Note
4).................................... 858,500
Registration fees...................... 500,080
Custodian fees......................... 306,034
Professional fees...................... 80,103
Shareholder reports and notices........ 32,351
Organizational expenses (Note 1)....... 27,173
Trustees' fees and expenses (Note 4)... 15,226
Other.................................. 25,625
------------
TOTAL EXPENSES....................... 12,002,538
------------
NET INVESTMENT INCOME.............. 3,904,853
------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) (Note 1):
Net realized gain (loss) on:
Investments............................ 11,485,998
Foreign exchange transactions.......... (192,283)
------------
11,293,715
------------
Net unrealized appreciation on:
Investments............................ 35,586,140
Translation of other assets and
liabilities denominated in foreign
currencies............................ 24,678
------------
35,610,818
------------
NET GAIN............................. 46,904,533
------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS......... $ 50,809,386
------------
------------
</TABLE>

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

<TABLE>
<CAPTION>
FOR THE PERIOD
JUNE 30, 1993
THROUGH
MARCH 31, 1994
(NOTE 1)
-------------------
<S> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income............... $ 3,904,853
Net realized gain................... 11,293,715
Net unrealized appreciation......... 35,610,818
-------------------
Net increase in net assets
resulting from operations......... 50,809,386
-------------------
Dividends and distributions to
shareholders from:
Net investment income............... (3,730,225)
Net realized gain on investments and
foreign exchange transactions...... (2,556,049)
-------------------
Total dividends and
distributions..................... (6,286,274)
-------------------
Net increase from transactions in
shares of beneficial interest (Note
5)................................... 1,076,617,189
-------------------
Total increase.................... 1,121,140,301
NET ASSETS:
Beginning of period................... 100,000
-------------------
END OF PERIOD......................... $ 1,121,240,301
-------------------
-------------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
NOTES TO FINANCIAL STATEMENTS
- - --------------------------------------------------------------------------------
1. ORGANIZATION AND ACCOUNTING POLICIES -- Dean Witter Global Dividend Growth
Securities (the "Fund") is registered under the Investment Company Act of 1940,
as amended (the "Act"), as a diversified, open-end management investment
company. It was organized on January 12, 1993, as a Massachusetts business trust
and on April 22, 1993, issued 10,000 shares of beneficial interest for $100,000
to Dean Witter InterCapital Inc. to effect the Fund's initial capitalization.
The Fund commenced operations on June 30, 1993.

The following is a summary of significant accounting policies:

A. VALUATION OF INVESTMENTS -- (1) an equity portfolio security listed or
traded on the New York or American Stock Exchange or other domestic or
foreign stock exchange is valued at its latest sale price on that exchange
prior to the time when assets are valued; if there were no sales that day,
the security is valued at the latest bid price (in cases where securities
are traded on more than one exchange, the securities are valued on the
exchange designated as the primary market by the Trustees); (2) 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; (3) when market quotations are not readily available,
portfolio securities are valued at their fair value as determined in good
faith under procedures established by and under the general supervision of
the Trustees (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 (4) the fair value of short-term debt
securities which mature at a date less than sixty days subsequent to the
valuation date are determined on an amortized cost basis.

B. ACCOUNTING FOR INVESTMENTS -- Security transactions are accounted for on
the trade date. Realized gains and losses on security transactions are
determined on the identified cost method. Dividend income and other
distributions are recorded on the ex-dividend date, except for certain
dividends from foreign securities which are recorded as soon as the Fund is
informed after the ex-dividend date. Interest income is accrued daily.

C. FOREIGN CURRENCY TRANSLATION -- The books and records of the Fund are
maintained in U.S. dollars as follows: (1) the foreign currency market
values of investment securities, other assets and liabilities and forward
contracts stated in foreign currencies are translated at the exchange rates
at the end of the period; and (2) purchases, sales, income and expenses are
translated at the rate of exchange 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 net foreign exchange gains/losses included in realized and
unrealized gain/loss in the Statement of Operations for the period June 30,
1993 (commencement of operations) through March 31, 1994 are included in or
are a reduction of ordinary income for federal income tax purposes.

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 changes in the market prices
of the securities.

D. FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS -- The Fund may enter into
forward foreign currency contracts as a hedge against fluctuations in future
foreign exchange rates. All forward contracts are valued daily at the
appropriate exchange rates and any resulting unrealized currency gains or
losses are reflected in the Fund's accounts. 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 GLOBAL DIVIDEND GROWTH SECURITIES
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- - --------------------------------------------------------------------------------

E. 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.

F. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- The Fund records dividends
and distributions to its shareholders on the record 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 reclassifications.
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.

G. ORGANIZATIONAL EXPENSES -- The Fund's Investment Manager paid the
organizational expenses of the Fund in the amount of approximately $180,000.
The Fund has reimbursed the Investment Manager for these costs which have
been deferred and are being amortized by the straight-line method over a
period not to exceed five years from the commencement of operations.

2. INVESTMENT MANAGEMENT AGREEMENT -- Pursuant to an Investment Management
Agreement (the "Agreement") with Dean Witter InterCapital Inc. (the "Investment
Manager"), the Fund pays its Investment Manager a management fee, accrued daily
and payable monthly, by applying the annual rate of 0.75% to the net assets of
the Fund determined as of the close of each business day.

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 office space and 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.

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 the annual rate of 1.0% of the lesser of:
(a) the average daily aggregate gross sales of the Fund's shares since the
inception of the Fund (not including reinvestments of dividends or capital gains
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 it provided and the expenses borne
by it and others in the distribution of the Fund's shares, including the payment
of commissions for sales of the Fund's shares and incentive compensation to and
expenses of the account executives of Dean Witter Reynolds Inc., an affiliate of
the Investment Manager, and other employees or selected dealers who engage in or
support distribution of the Fund's shares or who service shareholders' accounts,
including overhead and telephone expenses, printing and distribution of
prospectuses and reports used in connection with the offering of the Fund's
shares, and preparation, printing and distribution of sales literature and
advertising materials. In addition, the Distributor may be compensated under the
Plan for its opportunity costs in advancing such amounts, which compensation
would be in the form of a carrying charge on any unreimbursed expenses incurred
by the Distributor.
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- - --------------------------------------------------------------------------------

Provided that the Plan continues in effect, any cumulative expenses incurred
by the Distributor, but not yet recovered, may be recovered through future
distribution fees from the Fund and contingent deferred sales charges from the
Fund's shareholders.

The Distributor has informed the Fund that for the period June 30, 1993
(commencement of operations) through March 31, 1994, it received approximately
$826,000 in contingent deferred sales charges from redemptions of the Fund's
shares. The Fund's shareholders pay such charges which are not an expense of the
Fund.

4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES -- The cost of
purchases and the proceeds from sales of portfolio securities, excluding
short-term investments, for the period June 30, 1993 (commencement of
operations) through March 31, 1994, aggregated $1,223,508,462 and $151,306,803,
respectively. For the same period, the Fund incurred brokerage commissions of
$109,025 with Dean Witter Reynolds Inc. for 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 March 31, 1994, the Fund had
transfer agent fees and expenses payable of approximately $146,000.

Effective January 1, 1994, the Fund adopted an unfunded noncontributory
defined pension plan covering all independent Trustees of the Fund who will have
served as an independent Trustee 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 fiscal period ended March 31, 1994, included in Trustees' fees and expenses
in the Statement of Operations, amounted to $3,000. At March 31, 1994, the Fund
had an accrued pension liability of $3,000 which is included in accrued expenses
in the Statement of Assets and Liabilities.

5. SHARES OF BENEFICIAL INTEREST -- Transactions in shares of beneficial
interest were as follows:

<TABLE>
<CAPTION>
FOR THE PERIOD JUNE 30, 1993
THROUGH MARCH 31, 1994 (NOTE 1)
----------------------------------
SHARES AMOUNT
-------------- ------------------
<S> <C> <C>
Sold......................................................... 110,736,170 $ 1,151,760,086
Reinvestment of dividends and distributions.................. 537,619 5,736,639
-------------- ------------------
111,273,789 1,157,496,725
Repurchased.................................................. (7,566,565) (80,879,536)
-------------- ------------------
Net increase................................................. 103,707,224 $ 1,076,617,189
-------------- ------------------
-------------- ------------------
</TABLE>

6. FEDERAL INCOME TAX STATUS -- Foreign currency losses incurred after October
31 within the taxable year are deemed to arise on the first business day of the
Fund's next taxable year. The Fund incurred and elected to defer a foreign
currency loss of approximately $207,000 during fiscal 1994. The Fund had
temporary book/tax differences primarily attributable to capital loss deferrals
on wash sales and post-October currency loss deferrals and permanent book/tax
differences primarily attributable to foreign currency losses. To reflect
reclassifications arising from permanent book/tax differences for the year ended
March 31, 1994, undistributed net investment income was charged $174,628, net
realized gain was credited $192,283, and paid-in-capital was charged $17,655.

7. FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK -- As of March 31, 1994,
the Fund had outstanding forward foreign currency exchange contracts ("forward
contracts") as a hedge against changes in future foreign exchange rates. Forward
contracts involve elements of market risk in excess of the amount reflected in
the Statement of Assets and Liabilities. The Fund bears the risk of an
unfavorable change in the foreign exchange rate underlying the forward contract.
Risks may also arise upon entering into these contracts from the potential
inability of the counterparties to meet the terms of their contracts.
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
FINANCIAL HIGHLIGHTS
- - --------------------------------------------------------------------------------

Selected ratios and per share data for a share of beneficial interest
outstanding throughout the period:

<TABLE>
<CAPTION>
FOR THE PERIOD
JUNE 30, 1993*
THROUGH
MARCH 31, 1994
---------------------
<S> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period....... $ 10.00
-----------
Net investment income.................... 0.05
Net realized and unrealized gain......... 0.84
-----------
Total from investment operations........... 0.89
-----------
Less dividends and distributions:
Dividends from net investment income..... (0.05)
Distributions from net realized capital
gains................................... (0.03)
-----------
Total dividends and distributions.......... (0.08)
-----------
Net asset value, end of period............. $ 10.81
-----------
-----------
TOTAL INVESTMENT RETURN +.................... 8.89%(1)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)... $ 1,121,240
Ratio of expenses to average net assets.... 2.03%(2)
Ratio of net investment income to average
net assets................................ 0.66%(2)
Portfolio turnover rate.................... 21%
<FN>
- - ------------
* Commencement of operations.
+ Does not reflect the deduction of sales load.
(1) Not annualized.
(2) Annualized.
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
REPORT OF INDEPENDENT ACCOUNTANTS
- - --------------------------------------------------------------------------------

To the Shareholders and Trustees of Dean Witter Global Dividend Growth
Securities

In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Dean Witter Global Dividend Growth
Securities (the "Fund") at March 31, 1994, and the results of its operations,
the changes in its net assets and the financial highlights for the period June
30, 1993 (commencement of operations) through March 31, 1994, in conformity with
generally accepted accounting principles. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audit. We conducted our audit
of these financial statements in accordance with generally accepted auditing
standards which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audit, which included confirmation of securities owned at March 31, 1994 by
correspondence with the custodian and brokers, provides a reasonable basis for
the opinion expressed above.

PRICE WATERHOUSE
New York, New York
May 12, 1994
<PAGE>

DEAN WITTER
GLOBAL DIVIDEND
GROWTH SECURITIES

ANNUAL REPORT
MARCH 31, 1994

TRUSTEES

Jack F. Bennett
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Dr. John E. Jeuck
Dr. Manuel H. Johnson
Paul Kolton
Michael E. Nugent
Philip J. Purcell
John L. Schroeder
Edward R. Telling

OFFICERS

Charles A. Fiumefreddo
Chairman and Chief Executive Officer

Sheldon Curtis
Vice President, Secretary and General Counsel

Paul D. Vance
Vice President

Thomas F. Caloia
Treasurer

TRANSFER AGENT

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

LEGAL COUNSEL

Sheldon Curtis
Two World Trade Center
New York, New York 10048

INDEPENDENT ACCOUNTANTS

Price Waterhouse
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

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

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

<PAGE>

DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
GROWTH OF $10,000
($ IN THOUSANDS)

DATE TOTAL S&P MSCI
<S> <C> <C> <C>

June 30, 1993 $10000 $10000 $10000
July 31, 1993 $10070 $ 9970 $10189
August 31, 1993 $10630 $10337 $10639
September 30, 1993 $10560 $10258 $10426
October 31, 1993 $10811 $10480 $10696
November 30, 1993 $10159 $10367 $10074
December 31, 1993 $10588 $10495 $10550
January 31, 1994 $11312 $10859 $11229
February 28, 1994 $11211 $10557 $11066
March 31, 1994 $10389(3) $10097 $10572

AVERAGE ANNUAL TOTAL RETURNS
LIFE OF FUND

Non-Standard 12.03 (1)
Standard (-CDSC) 7.03 (2)

Fund S&P 500(4) MSCI WORLD IX (5)
------- --------- ---------

Past performance is not predictive of future returns.

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

(1) Figure shown does not reflect the deduction of any sales charges.

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

(3) Closing value after the deduction of a 5% CDSC, assuming a complete
redemption on March 31, 1994.

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

(5) The Morgan Stanley Capital International World Index (MSCI) measures the
performance for a diverse range of global stock markets including the U.S.,
Canada, Europe, Australia, New Zealand and the Far East. The index does
not include any expenses, fees or charges.

</TABLE>