DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES, N-30D, 1995-06-01

DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
N-30D, 1995-06-01

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<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES TWO WORLD TRADE CENTER, NEW YORK,
NEW YORK 10048
LETTER TO THE SHAREHOLDERS

DEAR SHAREHOLDER:

The 12-month period ended March 31, 1995 was challenging for global investors.
Several factors influenced the financial markets, most notably the outlooks for
interest rates, economic growth and inflation, and currency exchange rate
volatility.

Despite a difficult environment in many world markets, investors committed to a
quality, longer-term strategy such as Dean Witter Global Dividend Growth
pursues, were well rewarded. For the fiscal year ended March 31, 1995, the Fund
provided a total return of 9.60 percent, outperforming the Morgan Stanley
Capital International World Index, which returned 7.49 percent. We attribute
this outperformance of the World Index to the Fund's emphasis on mature global
markets and its adherence to a proprietary, disciplined stock selection process.
This strong fiscal-year performance comes on the heels of an impressive
calendar-year 1994, for which the Fund ranked #1 out of 91 global funds, based
on total return, according to Lipper Analytical Services, Inc. Since its
inception on June 30, 1993, Lipper ranked the Fund #23 out of 71 global funds.
Of course, past results should not be considered indicative of the Fund's future
performance.

The accompanying chart illustrates the growth of a $10,000 investment in the
Fund from inception through March 31, 1995, versus a similar hypothetical
investment in the securities that comprise the broad-based Morgan Stanley
Capital International World Index.

U.S. equity assets performed relatively well over the Fund's fiscal year,
reflecting confidence in the Federal Reserve Board's ability to engineer a "soft
landing," under which slow economic growth is sustained, without the threat of
excessive inflation, following a period of very strong growth. In Europe and
Japan, markets continued to reflect disappointment in the pace of economic
recovery. Major central banks in Europe and Japan have further reduced
short-term interest rates in an
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
LETTER TO THE SHAREHOLDERS, CONTINUED

effort to both stimulate economic growth and halt the precipitous decline of the
U.S. dollar. The unprecedented volatility of currency markets threatens to
undermine these efforts, however.

Looking out 12 to 18 months, we see a modest recovery in the value of the U.S.
dollar and have increased commitments to dollar-sensitive markets to reflect
this opinion. Sensitivity to factors such as those mentioned earlier, which
would dictate further country allocation changes, continues to be a major focus
of our analysis. At the end of the fiscal year, the Fund's five largest country
allocations were the United States (29.3 percent of net assets), Japan (24.4
percent), the UK (12 percent), France (7.7 percent) and Germany (6.2 percent).
[GRAPHIC]
As of March 31, 1995, the Fund's
portfolio was comprised of 106 equity
issues, representing 12 countries. The
Fund's straightforward approach of
seeking out undervalued stocks of
high-quality, blue-chip companies
throughout the world's largest
developed markets continues to be a
strategy well suited for the
conservative, long-term investor.

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

Very truly yours,

[SIG]
CHARLES A. FIUMEFREDDO
CHAIRMAN OF THE BOARD
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
PORTFOLIO OF INVESTMENTS MARCH 31, 1995
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -----------------------------------------------------------------
<C> <S> <C>

COMMON AND PREFERRED STOCKS (99.2%)
AUSTRALIA (1.5%)
BUILDING & CONSTRUCTION
3,850,000 Pioneer International Ltd........ $ 8,972,748
-----------------
MULTI - INDUSTRY
4,450,000 Southcorp Holdings Ltd........... 9,193,308
-----------------
PAPER & FOREST PRODUCTS
1,320,000 Amcor Ltd........................ 9,083,543
-----------------
TOTAL AUSTRALIA.................. 27,249,599
-----------------

CANADA (3.0%)
NATURAL GAS
1,044,000 TransCanada Pipelines Ltd........ 13,343,940
-----------------
OIL RELATED
395,400 Imperial Oil Ltd................. 14,065,892
660,000 IPL Energy, Inc.................. 14,276,010
-----------------
28,341,902
-----------------
TELECOMMUNICATIONS
440,000 BCE Inc.......................... 13,607,437
-----------------

TOTAL CANADA..................... 55,293,279
-----------------
FRANCE (7.7%)
ELECTRIC EQUIPMENT
146,000 Alcatel Alsthom.................. 13,197,877
-----------------
FINANCIAL SERVICES
43,556 Societe Eurafrance S.A........... 12,870,569
-----------------
FOODS & BEVERAGES
81,000 Eridania Beghin-Say S.A.......... 13,130,580
-----------------
HOUSEHOLD PRODUCTS
82,950 BIC.............................. 13,412,163
-----------------
MULTI - INDUSTRY
58,275 Compagnie Generale d'Industrie et
de Participations................ 13,133,248
32,776 Financiere et Industrielle Gaz et
Eaux............................. 12,038,215
42,000 Saint-Louis...................... 13,171,158
262,535 Worms et Compagnie............... 13,275,623
-----------------
51,618,244
-----------------

<CAPTION>
NUMBER OF
SHARES VALUE
- -----------------------------------------------------------------
<C> <S> <C>
OIL INTEGRATED - INTERNATIONAL
164,200 Societe National Elf Aquitaine... $ 12,854,446
215,000 Total S.A. (B Shares)............ 12,831,547
-----------------
25,685,993
-----------------
OIL RELATED
98,800 Esso Ste Anonyme Francaise....... 12,048,028
-----------------

TOTAL FRANCE..................... 141,963,454
-----------------

GERMANY (6.2%)
BANKING
22,900 Deutsche Bank
Aktiengesellschaft............... 10,809,266
-----------------
CHEMICALS
44,650 Bayer AG......................... 10,961,315
-----------------
MACHINERY - DIVERSIFIED
45,500 IWKA AG.......................... 9,414,135
-----------------
MULTI - INDUSTRY
37,200 Preussag AG...................... 10,476,017
33,250 RWE AG........................... 10,885,992
30,100 Viag AG.......................... 10,784,375
-----------------
32,146,384
-----------------
OFFICE EQUIPMENT
48,100 Herlitz AG....................... 9,228,488
-----------------
RETAIL - DEPARTMENT STORES
25,600 Karstadt AG...................... 10,400,000
-----------------
RETAIL - SPECIALTY
32,200 Douglas Holding AG............... 10,741,134
-----------------
TEXTILES - APPAREL
13,000 Hugo Boss AG (Preferred)......... 9,872,820
-----------------
UTILITIES - ELECTRIC
29,400 Veba AG.......................... 10,629,724
-----------------

TOTAL GERMANY.................... 114,203,266
-----------------

HONG KONG (3.9%)
BANKING
1,229,000 HSBC Holdings PLC................ 13,869,269
-----------------
CONGLOMERATES
1,980,000 Swire Pacific, Ltd............... 13,509,021
-----------------
</TABLE>

TOTAL HONG KONG.................. 73,217,997
-----------------
ITALY (2.4%)
BANKING
2,903,000 Banco Ambrosiano Veneto SpA...... 9,051,230
-----------------
NATURAL GAS
4,117,000 Italgas SpA...................... 9,294,037
-----------------
TELECOMMUNICATIONS
1,398,000 Sirti SpA........................ 8,993,117
4,955,000 Telecom Italia SpA............... 9,154,399
-----------------
18,147,516
-----------------
TEXTILES - APPAREL
1,063,000 Benetton Group SpA............... 8,989,676
-----------------

TOTAL ITALY...................... 45,482,459
-----------------
JAPAN (24.4%)
AUTOMOTIVE
1,655,000 Honda Motor Co................... 28,284,064
1,370,000 Toyota Motor Corp................ 28,001,154
-----------------
56,285,218
-----------------
BUILDING MATERIALS
3,900,000 Sankyo Aluminium Industrial...... 21,931,870
2,298,000 Sekisui Chemical Co.............. 27,331,871
-----------------
49,263,741
-----------------
COMPUTER SERVICES
2,615,000 AT&T Global Info Solutions....... 25,757,448
-----------------
ELECTRICAL & ELECTRONICS
2,732,000 Hitachi, Ltd..................... 28,392,610
363,000 Kyocera Corp..................... 27,078,291
2,356,000 Matsushita Electric Works........ 27,749,653

<CAPTION>
NUMBER OF
SHARES VALUE
- -----------------------------------------------------------------
<C> <S> <C>
548,000 Sony Corp........................ $ 27,526,559
577,000 TDK Corp......................... 26,984,411
-----------------
137,731,524
-----------------
ENTERTAINMENT & LEISURE TIME
2,500,000 Mizuno Corp...................... 23,527,714
-----------------
FOODS & BEVERAGES
1,313,000 House Food Industry.............. 26,684,527
3,720,000 Snow Brand Milk Products......... 28,136,259
-----------------
54,820,786
-----------------
METALS & MINING
4,000,000 Furukawa Co., Ltd................ 21,801,386
-----------------
PHARMACEUTICALS
1,470,000 Taisho Pharmaceutical Co.,
Ltd.............................. 26,480,370
2,200,000 Takeda Chemical Industries....... 28,960,739
-----------------
55,441,109
-----------------
TRANSPORTATION
2,541,000 Yamato Transport Co., Ltd........ 27,581,293
-----------------

TOTAL JAPAN...................... 452,210,219
-----------------

MALAYSIA (2.1%)
BANKING
950,000 AMMB Holdings Berhad............. 9,768,638
-----------------
BUILDING & CONSTRUCTION
786,000 Cement Industries of Malaysia.... 2,331,422
1,452,000 Malayan Cement Berhad............ 2,239,589
1,700,000 United Engineers Berhad.......... 9,950,563
-----------------
14,521,574
-----------------
CONGLOMERATES
3,814,800 Sime Darby Berhad................ 9,504,940
-----------------
FOODS & BEVERAGES
343,000 Nestle (Malaysia) Berhad......... 2,265,414
-----------------
OIL RELATED
761,000 Esso Malaysia Berhad............. 2,151,928
-----------------

TOTAL MALAYSIA................... 38,212,494
-----------------

NETHERLANDS (3.0%)
BANKING
223,400 ABN-AMRO Holdings................ 8,211,742
-----------------
BUILDING & CONSTRUCTION
102,000 Koninklijke Volker Stevin NV..... 6,014,807
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
PORTFOLIO OF INVESTMENTS MARCH 31, 1995, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -----------------------------------------------------------------
<C> <S> <C>
FINANCIAL SERVICES
162,600 International Nederlande Groep
NV............................... $ 8,036,018
-----------------
INSURANCE
119,100 Aegon NV......................... 8,492,778
181,500 Fortis Amev NV................... 8,734,349
-----------------
17,227,127
-----------------
OIL INTEGRATED - INTERNATIONAL
67,900 Royal Dutch Petroleum Co......... 8,149,058
-----------------
TEXTILES
140,000 Gamma Holding NV................. 7,328,224
-----------------
TOTAL NETHERLANDS................ 54,966,976
-----------------
SWITZERLAND (4.0%)
BANKING
58,800 Swiss Bank Corp.................. 19,392,042
-----------------
CHEMICALS
28,550 Ciba-Geigy Ltd................... 19,083,820
-----------------
FOODS & BEVERAGES
18,850 Nestle AG........................ 18,416,667
-----------------
MULTI - INDUSTRY
19,250 BBC Brown Boveri AG.............. 18,313,881
-----------------
TOTAL SWITZERLAND................ 75,206,410
-----------------
UNITED KINGDOM (12.0%)
BANKING
4,000,000 Hambros PLC...................... 13,722,120
1,590,000 Lloyds Bank PLC.................. 15,931,649
1,863,000 National Westminster Bank PLC.... 16,075,901
-----------------
45,729,670
-----------------
BREWERS
1,834,000 Bass PLC......................... 16,349,959
1,833,000 Scottish & Newcastle Breweries
PLC.............................. 15,787,299
-----------------
32,137,258
-----------------
FOODS & BEVERAGES
5,050,000 Hazlewood Food PLC............... 7,453,901
5,244,000 Hillsdown Holdings PLC........... 15,565,555
-----------------
23,019,456
-----------------
METALS & MINING
1,200,000 Charter PLC...................... 15,279,240
-----------------
MULTI - INDUSTRY
3,884,000 Hanson PLC....................... 14,678,646
-----------------

<CAPTION>
NUMBER OF
SHARES VALUE
- -----------------------------------------------------------------
<C> <S> <C>
NATURAL GAS
3,159,000 British Gas PLC.................. $ 14,673,563
-----------------
RETAIL - MERCHANDISING
3,550,000 Tesco PLC........................ 15,316,546
-----------------
TELECOMMUNICATIONS
2,457,500 British Telecommunication PLC.... 15,615,410
-----------------
UTILITIES - ELECTRIC
1,450,000 South Wales Electricity PLC...... 14,816,970
-----------------
UTILITIES - WATER
1,845,000 Severn Trent PLC................. 15,337,024
1,575,000 Welsh Water PLC.................. 15,532,272
-----------------
30,869,296
-----------------

TOTAL UNITED KINGDOM............. 222,136,055
-----------------

UNITED STATES (29.0%)
AEROSPACE & DEFENSE
708,700 Northrop Grumman Corp............ 34,637,712
-----------------
AUTOMOTIVE
1,100,000 Ford Motor Co.................... 29,700,000
-----------------
BANK HOLDING COMPANIES
640,000 Bankers Trust New York Corp...... 33,440,000
-----------------
BANKING
712,000 BankAmerica Corp................. 34,354,000
-----------------
CHEMICALS
437,500 Monsanto Co...................... 35,109,375
-----------------
CONGLOMERATES
599,800 Minnesota Mining & Manufacturing
Co............................... 34,863,375
747,500 Tenneco Inc...................... 35,225,938
-----------------
70,089,313
-----------------
HEALTH & PERSONAL CARE
531,000 Bristol-Myers Squibb Co.......... 33,453,000
-----------------
MACHINERY - DIVERSIFIED
435,000 Deere & Co....................... 35,343,750
-----------------
METALS & MINING
600,000 Phelps Dodge Corp................ 34,125,000
-----------------
OIL INTEGRATED - INTERNATIONAL
713,000 Chevron Corp..................... 34,224,000
-----------------
RETAIL - MERCHANDISING
2,300,000 Kmart Corp....................... 31,625,000
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
PORTFOLIO OF INVESTMENTS MARCH 31, 1995, CONTINUED

<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -----------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS
975,000 Sprint Corporation............... $ 29,493,750
-----------------
TOBACCO
521,500 Philip Morris Companies, Inc..... 34,027,875
-----------------
TRANSPORTATION
625,600 Conrail, Inc..................... 35,111,800
-----------------
UTILITIES - ELECTRIC
1,360,500 Pacific Gas & Electric Co........ 33,842,438
-----------------

TOTAL UNITED STATES.............. 538,577,013
-----------------

TOTAL COMMON AND PREFERRED STOCKS
(IDENTIFIED COST
$1,766,461,566).................. 1,838,719,221
-----------------
</TABLE>

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN
THOUSANDS VALUE
- -----------------------------------------------------------------
<C> <S> <C>
SHORT-TERM INVESTMENT (a) (0.3%)
U.S. GOVERNMENT AGENCY
$ 6,000 Federal Home Loan Bank 6.25% due
04/03/95 (Amortized Cost
$5,997,917)...................... 5,997,917
-----------------

TOTAL INVESTMENTS
(IDENTIFIED COST $1,772,459,483)
(b)................................... 99.5% 1,844,717,138

CASH AND OTHER ASSETS IN EXCESS OF
LIABILITIES........................... 0.5 9,229,635
------ ----------------

NET ASSETS............................ 100.0% $ 1,853,946,773
------ ----------------
------ ----------------

<FN>
- ---------------------
(a) U.S. Government agency was purchased on a discount basis. The interest
rate shown has been adjusted to reflect a money market equivalent yield.
(b) The aggregate cost for federal income tax purposes is $1,779,616,938; the
aggregate gross unrealized appreciation is $141,643,101 and the aggregate
gross unrealized depreciation is $76,542,901, resulting in net unrealized
appreciation of $65,100,200.
</TABLE>

<TABLE>
<CAPTION>
FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT MARCH 31, 1995:

<S> <C> <C> <C> <C> <C>
GROSS UNREALIZED
CONTRACTS TO DELIVERY APPRECIATION/
RECEIVE IN EXCHANGE FOR DATE (DEPRECIATION)
- ----------------------------------------------------------------
AUD 424,388 US$ 308,191 04/03/95 $ 3,820
Y 12,940,161 US$ 146,930 04/03/95 2,494
US$ 1,028,983 Y 92,248,364 04/03/95 (36,240)
US$ 152,745 CAD 214,668 04/04/95 (754)
AUD 223,115 US$ 162,651 04/05/95 1,383
US$ 1,136,062 L 713,226 04/05/95 (20,790)
Y 18,936,617 US$ 218,541 04/05/95 126
US$ 633,295 MYR 1,603,820 04/05/95 (1,002)
AUD 276,414 US$ 202,797 04/06/95 423
DEM 553,855 US$ 405,354 04/06/95 (2,843)
US$ 434,581 L 273,950 04/06/95 (9,766)
AUD 172,185 US$ 126,814 04/07/95 (224)
US$ 17,875 FRF 88,195 04/28/95 (478)
US$ 723,366 FRF 3,538,057 04/28/95 (12,885)
US$ 498,096 FRF 2,405,454 04/28/95 (2,467)
ITL 3,537,378,865 US$ 2,074,709 04/28/95 --
ITL 287,646,000 US$ 167,460 04/28/95 1,247
ITL 484,800,886 US$ 284,327 04/28/95 13
--------
Net Unrealized Depreciation............... $ (77,943)
--------
--------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
SUMMARY OF INVESTMENTS BY INDUSTRY CLASSIFICATION MARCH 31, 1995

<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
<S> <C> <C>
- ---------------------------------------------------------------------
Aerospace & Defense..................... $ 34,637,712 1.9%
Automotive.............................. 85,985,218 4.6
Bank Holding Companies.................. 33,440,000 1.8
Banking................................. 151,185,857 8.2
Brewers................................. 32,137,258 1.7
Building & Construction................. 29,509,129 1.6
Building Materials...................... 49,263,741 2.7
Chemicals............................... 65,154,510 3.5
Computer Services....................... 25,757,448 1.4
Conglomerates........................... 93,103,274 5.0
Electric Equipment...................... 13,197,877 0.7
Electrical & Electronics................ 137,731,524 7.4
Entertainment & Leisure Time............ 23,527,714 1.3
Financial Services...................... 20,906,587 1.1
Foods & Beverages....................... 111,652,903 6.0
Health & Personal Care.................. 33,453,000 1.8
Household Products...................... 13,412,163 0.7
Insurance............................... 17,227,127 0.9
Machinery - Diversified................. 44,757,885 2.4
Metals & Mining......................... 71,205,626 3.9
Multi - Industry........................ 125,950,463 6.8
Natural Gas............................. 37,311,540 2.0
Office Equipment........................ 9,228,488 0.5
Oil Integrated - International.......... 68,059,051 3.7
Oil Related............................. 42,541,858 2.3
Paper & Forest Products................. 9,083,543 0.5
Pharmaceuticals......................... 55,441,109 3.0
Real Estate............................. 18,732,038 1.0
Retail - Department Stores.............. 10,400,000 0.6
Retail - Merchandising.................. 46,941,546 2.5
Retail - Specialty...................... 10,741,134 0.6
Telecommunications...................... 90,526,784 4.9
Textiles................................ 7,328,224 0.4
Textiles - Apparel...................... 18,862,496 1.0
Tobacco................................. 34,027,875 1.8
Transportation.......................... 62,693,093 3.4
U.S. Government Agency.................. 5,997,917 0.3
Utilities - Electric.................... 72,734,130 3.9
Utilities - Water....................... 30,869,296 1.7
-------------- ---
$1,844,717,138 99.5%
-------------- ---
-------------- ---
</TABLE>

<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
- ---------------------------------------------------------------------
<S> <C> <C>
Common Stock............................ $1,828,846,401 98.7%
Preferred Stock......................... 9,872,820 0.5
Short-Term Investment................... 5,997,917 0.3
-------------- ---
$1,844,717,138 99.5%
-------------- ---
-------------- ---
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995

<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $1,772,459,483).......................... $1,844,717,138
Cash........................................................ 1,297,258
Receivable for:
Investments sold........................................ 7,326,093
Dividends............................................... 6,803,750
Shares of beneficial interest sold...................... 6,382,015
Foreign withholding taxes reclaimed..................... 2,412,650
Interest................................................ 28,310
Deferred organizational expenses............................ 116,637
Prepaid expenses and other assets........................... 16,673
--------------

TOTAL ASSETS........................................... 1,869,100,524
--------------

LIABILITIES:
Payable for:
Investments purchased................................... 10,683,102
Plan of distribution fee................................ 1,471,256
Investment management fee............................... 1,136,802
Shares of beneficial interest repurchased............... 895,609
Accrued expenses and other payables......................... 966,982
--------------

TOTAL LIABILITIES...................................... 15,153,751
--------------

NET ASSETS:
Paid-in-capital............................................. 1,738,139,120
Net unrealized appreciation................................. 72,657,201
Accumulated undistributed net realized gain................. 43,150,452
--------------

NET ASSETS............................................. $1,853,946,773
--------------
--------------

NET ASSET VALUE PER SHARE,
162,481,563 SHARES OUTSTANDING (UNLIMITED SHARES
AUTHORIZED OF $.01 PAR VALUE).............................
$11.41
--------------
--------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
FINANCIAL STATEMENTS, CONTINUED

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 1995

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

INCOME
Dividends (net of $2,948,010 foreign withholding tax)....... $ 48,441,970
Interest.................................................... 567,060
------------

TOTAL INCOME........................................... 49,009,030
------------

EXPENSES
Plan of distribution fee.................................... 14,728,849
Investment management fee................................... 11,531,133
Transfer agent fees and expenses............................ 2,104,340
Custodian fees.............................................. 1,297,681
Registration fees........................................... 300,024
Shareholder reports and notices............................. 155,902
Professional fees........................................... 79,471
Organizational expenses..................................... 36,586
Trustees' fees and expenses................................. 33,755
Other....................................................... 44,458
------------

TOTAL EXPENSES......................................... 30,312,199
------------

NET INVESTMENT INCOME.................................. 18,696,831
------------

NET REALIZED AND UNREALIZED GAIN:
Net realized gain on:
Investments............................................. 74,852,449
Foreign exchange transactions........................... 89,787
------------

TOTAL GAIN............................................. 74,942,236
------------
Net change in unrealized appreciation on:
Investments............................................. 36,671,515
Translation of other assets and liabilities denominated
in foreign currencies................................. 374,868
------------

TOTAL APPRECIATION..................................... 37,046,383
------------

NET GAIN............................................... 111,988,619
------------

NET INCREASE................................................ $130,685,450
------------
------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
FINANCIAL STATEMENTS, CONTINUED

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
FOR THE YEAR FOR THE PERIOD
ENDED JUNE 30, 1993* THROUGH
MARCH 31, 1995 MARCH 31, 1994
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income....................................... $ 18,696,831 $ 3,904,853
Net realized gain........................................... 74,942,236 11,293,715
Net change in unrealized appreciation....................... 37,046,383 35,610,818
-------------- ----------------------

NET INCREASE........................................... 130,685,450 50,809,386
-------------- ----------------------

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income....................................... (18,860,127) (3,730,225)
Net realized gain........................................... (40,561,883) (2,556,049)
-------------- ----------------------

TOTAL.................................................. (59,422,010) (6,286,274)
-------------- ----------------------
Net increase from transactions in shares of beneficial
interest.................................................. 661,443,032 1,076,617,189
-------------- ----------------------

TOTAL INCREASE......................................... 732,706,472 1,121,140,301

NET ASSETS:
Beginning of period......................................... 1,121,240,301 100,000
-------------- ----------------------

END OF PERIOD.......................................... $1,853,946,773 $1,121,240,301
-------------- ----------------------
-------------- ----------------------

<FN>
- ---------------------
* Commencement of operations.
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
NOTES TO FINANCIAL STATEMENTS, MARCH 31, 1995

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. The Fund was organized as a
Massachusetts business trust on January 12, 1993 and commenced operations on
June 30, 1993.

The following is a summary of significant accounting policies:

A. VALUATION OF INVESTMENTS -- (1) an equity 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, including circumstances under which it is
determined by the Investment Manager that sale and bid prices are not reflective
of a security's market value, portfolio securities are valued at their fair
value as determined in good faith under procedures established by and under the
general supervision of the 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) short-term debt
securities having a maturity date of more than sixty days at time of purchase
are valued on a mark-to-market basis until sixty days prior to maturity and
thereafter at amortized cost based on their value on the 61st day. Short-term
debt securities having a maturity date of sixty days or less at the time of
purchase are valued at amortized cost.

B. ACCOUNTING FOR INVESTMENTS -- Security transactions are accounted for on the
trade date (date the order to buy or sell is executed). Realized gains and
losses on security transactions are determined by the identified cost method.
Discounts on securities purchased are amortized over the life of the respective
securities. Dividend income is recorded on the ex-dividend date except with
respect to certain dividends from foreign securities which are recorded as soon
as the Fund is informed after the ex-dividend date. Interest income is accrued
daily and includes amortization of discounts on certain short-term securities.

C. FOREIGN CURRENCY TRANSLATION -- The books and records of the Fund are
maintained in U.S. dollars as follows: (1) the foreign currency market value of
investment securities, other assets and liabilities
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
NOTES TO FINANCIAL STATEMENTS, MARCH 31, 1995, CONTINUED

and forward contracts are translated at the exchange rates prevailing at the end
of the period; and (2) purchases, sales, income and expenses are translated at
the exchange rates prevailing on the respective dates of such transactions. The
resultant exchange gains and losses are included in the Statement of Operations
as realized and unrealized gain/loss on foreign exchange transactions. Pursuant
to U.S. Federal income tax regulations, certain foreign exchange gains/losses
included in realized and unrealized gain/loss are included in or are a reduction
of ordinary income for federal income tax purposes. The Fund does not isolate
that portion of the results of operations arising as a result of changes in the
foreign exchange rates from the changes in the market prices of the securities.

D. FORWARD FOREIGN CURRENCY CONTRACTS -- The Fund may enter into forward foreign
currency contracts which are valued daily at the appropriate exchange rates. The
resultant unrealized exchange gains and losses are included in the Statement of
Operations as unrealized gain/loss on foreign exchange transactions. The Fund
records realized gains or losses on delivery of the currency or at the time the
forward contract is extinguished (compensated) by entering into a closing
transaction prior to delivery.

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 reclassification. Dividends and distributions which
exceed net investment income and net realized capital gains for financial
reporting purposes but not for tax purposes are reported as dividends in excess
of net investment income or distributions in excess of net realized capital
gains. To the extent they exceed net investment income and net realized capital
gains for tax purposes, they are reported as distributions of paid-in-capital.
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
NOTES TO FINANCIAL STATEMENTS, MARCH 31, 1995, CONTINUED

G. ORGANIZATIONAL EXPENSES -- Dean Witter InterCapital Inc. (the "Investment
Manager") paid the organizational expenses of approximately $180,000 which have
been reimbursed by the Fund for the full amount thereof. Such expenses have been
deferred and are being amortized by the Fund on the straight line method over a
period not to exceed five years from the commencement of operations.

2. INVESTMENT MANAGEMENT AGREEMENT

Pursuant to an Investment Management Agreement, 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, at its own expense, office space, facilities, equipment,
clerical, bookkeeping and certain legal services and pays the salaries of all
personnel, including officers of the Fund who are employees of the Investment
Manager. The Investment Manager also bears the cost of telephone services, heat,
light, power and other utilities provided to the Fund.

3. PLAN OF DISTRIBUTION

Shares of the Fund are distributed by Dean Witter Distributors Inc. (the
"Distributor"), an affiliate of the Investment Manager. The Fund has adopted a
Plan of Distribution (the "Plan") pursuant to Rule 12b-1 under the Act pursuant
to which the Fund pays the Distributor, compensation, accrued daily and payable
monthly, at an annual rate of 1.0% of the lesser of: (a) the average daily
aggregate gross sales of the Fund's shares since the Fund's inception (not
including reinvestment of dividends or capital gain distributions) less the
average daily aggregate net asset value of the Fund's shares redeemed since the
Fund's inception upon which a contingent deferred sales charge has been imposed
or upon which such charge has been waived; or (b) the Fund's average daily net
assets. Amounts paid under the Plan are paid to the Distributor to compensate it
for the services provided and the expenses borne by it and others in the
distribution of the Fund's shares, including the payment of commissions for
sales of the Fund's shares and incentive compensation to, and expenses of, the
account executives of Dean Witter Reynolds Inc. ("DWR"), an affiliate of the
Investment Manager and Distributor, and other employees or selected dealers who
engage in or support distribution of the Fund's shares or who service
shareholder accounts, including overhead and telephone expenses, printing and
distribution of prospectuses and reports used in connection with the offering of
the Fund's shares to other than current shareholders and preparation, printing
and distribution of sales literature and advertising materials. In addition, the
Distributor may be
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
NOTES TO FINANCIAL STATEMENTS, MARCH 31, 1995, CONTINUED

compensated under the Plan for its opportunity costs in advancing such amounts,
which compensation would be in the form of a carrying charge on any unreimbursed
expenses incurred by the Distributor.

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

The Distributor has informed the Fund that for the year ended March 31, 1995, it
received approximately $3,427,000 in contingent deferred sales charges from
certain redemptions of the Fund's shares. The Fund's shareholders pay such
charges which are not an expense of the Fund.

4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES

The cost of purchases and proceeds from sales of portfolio securities, excluding
short-term investments, for the year ended March 31, 1995 aggregated
$1,090,723,866 and $482,786,972, respectively.

For the year ended March 31, 1995, the Fund incurred brokerage commission of
$211,050 with DWR for portfolio transactions executed on behalf of the Fund. At
March 31, 1995, included in the Fund's payable and receivable for investments
purchased and sold for unsettled trades with DWR were $2,245,775 and $1,755,436,
respectively.

Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At March 31, 1995, the Fund had
transfer agent fees and expenses payable of approximately $237,000.

The Fund adopted an unfunded noncontributory defined benefit pension plan
covering all independent Trustees of the Fund who will have served as
independent Trustees for at least five years at the time of retirement. Benefits
under this plan are based on years of service and compensation during the last
five years of service. Aggregate pension costs for the year ended March 31, 1995
included in Trustees' fees and expenses in the Statement of Operations amounted
to $11,974. At March 31, 1995, the Fund had an accrued pension liability of
$14,825 which is included in accrued expenses in the Statement of Assets and
Liabilities.
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
NOTES TO FINANCIAL STATEMENTS, MARCH 31, 1995, CONTINUED

5. SHARES OF BENEFICIAL INTEREST

Transactions in shares of beneficial interest were as follows:

<TABLE>
<CAPTION>
FOR THE YEAR ENDED FOR THE PERIOD JUNE 30, 1993*
MARCH 31, 1995 THROUGH MARCH 31, 1994
----------------------------- ------------------------------
SHARES AMOUNT SHARES AMOUNT
------------ -------------- ------------ ---------------
<S> <C> <C> <C> <C>
Sold............................................................. 74,392,250 $ 835,025,001 110,736,170 $ 1,151,760,086
Reinvestment of dividends and distributions...................... 5,026,624 54,808,636 537,619 5,736,639
------------ -------------- ------------ ---------------
79,418,874 889,833,637 111,273,789 1,157,496,725
Repurchased...................................................... (20,654,535) (228,390,605) (7,566,565) (80,879,536)
------------ -------------- ------------ ---------------
Net increase..................................................... 58,764,339 $ 661,443,032 103,707,224 $ 1,076,617,189
------------ -------------- ------------ ---------------
------------ -------------- ------------ ---------------
<FN>

- ---------------------
* Commencement of operations.
</TABLE>

6. FEDERAL INCOME TAX STATUS

As of March 31, 1995, the Fund had temporary book/tax differences primarily
attributable to capital loss deferrals on wash sales and income from the
mark-to-market of passive foreign investment companies. To reflect
reclassifications arising from permanent book/tax differences for the year ended
March 31, 1995, accumulated net realized gains was charged $159,850,
paid-in-capital was charged $3,446 and undistributed net investment income was
credited $163,296.

7. PURPOSES OF AND RISKS RELATING TO CERTAIN FINANCIAL INSTRUMENTS

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

At March 31, 1995, there were no outstanding forward contracts other than those
used to facilitate settlement of foreign currency denominated portfolio
transactions.

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

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

<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE YEAR JUNE 30, 1993*
ENDED THROUGH
MARCH 31, 1995 MARCH 31, 1994
- ------------------------------------------------------------------------

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

Net asset value, beginning of
period............................ $ 10.81 $ 10.00
-------- --------

Net investment income.............. 0.14 0.05
Net realized and unrealized gain... 0.88 0.84
-------- --------

Total from investment operations... 1.02 0.89
-------- --------

Less dividends and distributions
from:
Net investment income........... (0.14) (0.05)
Net realized gain............... (0.28) (0.03)
-------- --------

Total dividends and
distributions..................... (0.42) (0.08)
-------- --------

Net asset value, end of period..... $ 11.41 $ 10.81
-------- --------
-------- --------

TOTAL INVESTMENT RETURN+........... 9.60% 8.89%(1)

RATIOS TO AVERAGE NET ASSETS:
Expenses........................... 1.97% 2.03%(2)
Net investment income.............. 1.22% 0.66%(2)

SUPPLEMENTAL DATA:
Net assets, end of period, in
thousands......................... $1,853,947 $1,121,240

Portfolio turnover rate............ 32% 21%
<FN>

- ---------------------
* Commencement of operations.
+ Does not reflect the deduction of sales charge.
(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, 1995, the results of its operations for the
year then ended and the changes in its net assets and the financial highlights
for the year then ended and 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 audits. We conducted our audits of these
financial statements in accordance with generally accepted auditing standards
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities owned at March 31, 1995 by correspondence with the
custodian and brokers and the application of alternative auditing procedures
where confirmations from brokers were not received, provide a reasonable basis
for the opinion expressed above.

PRICE WATERHOUSE LLP
1177 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10036
MAY 10, 1995

- --------------------------------------------------------------------------------
1995 FEDERAL TAX NOTICE (UNAUDITED)
During the year ended March 31, 1995, the Fund paid to
shareholders $0.11 per share from long-term capital gains. For
such period, 36.81% of the ordinary dividend qualified for the
dividends received deduction available to corporations.
<PAGE>

TRUSTEES

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

OFFICERS

Charles A. Fiumefreddo
Chairman and Chief Executive Officer

Sheldon Curtis
Vice President, Secretary and General Counsel

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

INDEPENDENT ACCOUNTANTS

Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036

INVESTMENT MANAGER

Dean Witter InterCapital Inc.
Two World Trade Center
New York, New York 10048

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.

DEAN WITTER
GLOBAL DIVIDEND
GROWTH SECURITIES

[PHOTO]

ANNUAL REPORT
MARCH 31, 1995

<PAGE>

DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
GROWTH OF $10,000
<TABLE>
<CAPTION>

DATE TOTAL MSCI
<S> <C> <C>
- ------------------------------------------------------------
June 30, 1993 $10000 $10000
- ------------------------------------------------------------
September 30, 1993 $10560 $10426
- ------------------------------------------------------------
December 31, 1993 $10588 $10550
- ------------------------------------------------------------
March 31, 1994 $10889 $10572
- ------------------------------------------------------------
June 30, 1994 $11145 $10844
- ------------------------------------------------------------
September 30, 1994 $11664 $11031
- ------------------------------------------------------------
December 31, 1994 $11339 $10904
- ------------------------------------------------------------
March 31, 1995 $11535(3) $11364
- ------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURNS
1 year LIFE OF FUND
<S> <C>
-----------------------------
9.60 (1) 10.64 (1)
-----------------------------
4.60 (2) 8.50 (2)
-----------------------------

<S> <C>
---------------------------------------
____Fund ____MSCI WORLD IX (4)
---------------------------------------

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) (One year-5%, since inception 4%). See the
Fund's current prospectus for complete details on fees and sales charges.

(3) Closing value after the deduction of a 4% CDSC, assuming a complete
redemption on March 31, 1995.

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