DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES, N-30D, 1996-05-30

DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
N-30D, 1996-05-30

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<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES TWO WORLD TRADE CENTER, NEW YORK,
NEW YORK 10048
LETTER TO THE SHAREHOLDERS MARCH 31, 1996

DEAR SHAREHOLDER:

The most recent twelve-month period has been very rewarding to investors in the
global markets. Most every major world market has enjoyed a stimulative monetary
environment in order to promote economic growth, which should translate into
potentially higher earnings for companies operating in those markets. Current
low inflation and interest rates should continue to contribute to the
improvement in economic and corporate profit growth potential. Overall, we
continue to believe that large capitalization stocks around the world will
perform well over the long term.

PERFORMANCE AND PORTFOLIO

Against this favorable backdrop, Dean Witter Global Dividend Growth Securities
provided a total return of 18.77 percent for the twelve-month period ended March
31, 1996, compared with a return of 18.07 percent for the Morgan Stanley Capital
International World Index (MSCI Index). The accompanying chart illustrates the
growth of a $10,000 investment in the Fund at inception (June 30, 1993) through
the fiscal year ended March 31, 1996, versus a similar investment in the issues
that comprise the MSCI World Index.

On March 31, 1996, the Fund's net assets exceeded $2.4 billion. The portfolio
was well diversified with investments spread among 12 countries. The United
States, as the world's largest economy, continues to be the Fund's largest
country weighting, with roughly 30 percent of total net assets spread among 20
stocks. Recent additions to the Fund include International Business Machines
Corp., Goodyear Tire & Rubber Co., International Paper Co. and Dayton-Hudson
Corp. We believe the outlook for the U.S. economy continues to be favorable and
remain optimistic about the long-term growth potential of high-quality U.S.
common stocks.

The second largest market in the world is Japan, where the Fund currently
targets 26 percent of the total net assets. This target weighting was increased
by 2 percent recently and represents an
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
LETTER TO THE SHAREHOLDERS MARCH 31, 1996, CONTINUED

overweighted stance versus the MSCI World Index weighting of 22.6 percent.
Following a prolonged period of drastic underperformance, we believe Japanese
stocks are poised for recovery against a backdrop of historically low interest
rates, benign inflationary pressures and rapid earnings growth. The strong yen,
which contributed to Japan's severe recession, forced many large Japanese
exporters to streamline operations, cut costs and, in some cases, shift
production facilities overseas to cheaper sources of labor and capital. Your
Fund owns many of these exporters which are now reaping the benefits of this
restructuring through dramatic earnings growth. As the yen continues to weaken,
and Japan's economic recovery persists, this earnings growth should be even more
dramatic. Among the Fund's Japanese holdings are Sony Corp., Honda Motor Co.,
Sharp Corp., TDK Corp. and Mitsubishi Electric Corp.
[GRAPHIC]
In Europe, several country allocation
targets were recently revised in
response to changing economic,
political and market conditions.
Switzerland was the best performing
European market in U.S. dollar terms
over the last twelve months due to its
responsive fiscal and monetary
policies, strong currency and
attractive valuations. Following this
significant outperformance and the
subsequent lack of attractive
valuations, assets dedicated to Swiss
equities were reduced by 2 percent,
bringing the Fund's weighting to 2
percent, compared to the 3.5 percent
MSCI World Index. Among the Fund's
Swiss holdings are Nestle AG,
Ciba-Geigy Ltd. and Swiss Bank Corp.
[GRAPHIC]
Similarly, assets committed to the
United Kingdom were also reduced by 2
percent to 10 percent, versus a 9.2
percent weighting for the Index. The
increasingly likely prospect of a
change in government leadership,
unattractive valuations relative to
historical averages and the diminished
hope for further interest rate
reductions by the Bank of England
necessitated the Fund's move toward a
more neutral stance in the U.K. Key
British holdings
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
LETTER TO THE SHAREHOLDERS MARCH 31, 1996, CONTINUED

include British Steel PLC, National Westminster Bank PLC and Hanson PLC.

In Italy, a weak currency, political uncertainty and persistently high inflation
and interest rates have created extremely attractive valuations and prices of
common stocks have fallen to levels where further downside appears limited.
Inflation rates have just recently started to edge lower, paving the way for
lower interest rates and ultimately higher stock prices. Although near-term
market movements will continue to be dominated by political developments, the
Fund's weighting was increased from 2 percent to 4 percent, reflecting the
positive longer term prospects for Italian equities. Among the Fund's holdings
in Italy are Benetton Group SpA, Italgas SpA and Telecom Italia SpA.

These allocation changes have, thus far, proven fruitful and helped the Fund
outperform the MSCI World Index. Elsewhere in Europe, the Fund remains very
positive on the markets of France (7.5 percent), Germany (6.5 percent), and the
Netherlands (3.0 percent).

In the Pacific Rim, the Fund has exposure to Hong Kong (4.0 percent) and
Malaysia (2.0 percent). These markets continue to offer excellent corporate
profit growth potential coupled with attractive valuations. Economic growth
rates remain among the highest in the world and the Fund is invested to
participate in the tremendous infrastructure development occurring in these
markets. Exposure to the more resource-oriented markets of Australia (1.5
percent) and Canada (3.0 percent) offers the added benefits of risk reduction
through diversification, as well as growth potential in economically stable
countries.

LOOKING AHEAD

The Fund's management remains committed to using its stringent screening
processes to help search out attractive opportunities in high quality common
stocks in the largest and most developed markets in the world.

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

Very truly yours,

[SIGNATURE]
CHARLES A. FIUMEFREDDO
CHAIRMAN OF THE BOARD
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
PORTFOLIO OF INVESTMENTS MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -----------------------------------------------------------------
<C> <S> <C>
COMMON AND PREFERRED STOCKS (99.0%)
AUSTRALIA (1.5%)
BUILDING & CONSTRUCTION
4,050,000 Pioneer International Ltd..... $ 12,096,775
-----------------
MULTI-INDUSTRY
4,800,000 Southcorp Holdings Ltd........ 12,535,421
-----------------
PAPER & FOREST PRODUCTS
1,825,000 Amcor Ltd..................... 11,872,369
-----------------
TOTAL AUSTRALIA............... 36,504,565
-----------------

CANADA (2.9%)
NATURAL GAS
1,250,000 TransCanada Pipelines Ltd..... 17,477,371
-----------------
OIL RELATED
476,000 Imperial Oil Ltd.............. 18,783,943
640,000 IPL Energy, Inc............... 15,541,983
-----------------
34,325,926
-----------------
TELECOMMUNICATIONS
513,000 BCE, Inc...................... 18,214,916
-----------------
TOTAL CANADA.................. 70,018,213
-----------------
FRANCE (7.5%)
BANKING
138,200 Societe Generale de Paris..... 15,379,968
-----------------
FINANCIAL SERVICES
40,885 Societe Eurafrance S.A........ 16,217,501
-----------------
FOODS & BEVERAGES
90,000 Eridania Beghin-Say S.A....... 15,292,130
-----------------
HOUSEHOLD PRODUCTS
140,000 BIC........................... 15,441,176
-----------------
MULTI-INDUSTRY
61,000 Compagnie Generale d'Industrie
et de Participations.......... 14,607,512
34,414 Financiere et Industrielle Gaz
et Eaux....................... 14,943,281
53,500 Saint-Louis................... 15,033,585
270,000 Worms et Compagnie............ 14,428,259
-----------------
59,012,637
-----------------
OIL INTEGRATED - INTERNATIONAL
216,000 Societe National Elf
Aquitaine..................... 14,658,983
230,000 Total S.A. (B Shares)......... 15,540,541
-----------------
30,199,524
-----------------
TELECOMMUNICATIONS
175,000 Alcatel Alsthom............... 16,237,579
-----------------

<CAPTION>
NUMBER OF
SHARES VALUE
- -----------------------------------------------------------------
<C> <S> <C>
TELEVISION
149,000 Societe Television
Francaise..................... $ 15,249,404
-----------------

TOTAL FRANCE.................. 183,029,919
-----------------

GERMANY (6.4%)
BANKING
245,000 Deutsche Bank
Aktiengesellschaft............ 12,337,974
-----------------
BUILDING & CONSTRUCTION
31,950 Bilfinger & Berger Bau AG..... 12,544,055
-----------------
CHEMICALS
45,500 BASF AG....................... 12,284,384
36,300 Bayer AG...................... 12,368,069
-----------------
24,652,453
-----------------
MACHINERY - DIVERSIFIED
50,000 IWKA AG....................... 8,739,837
-----------------
MULTI-INDUSTRY
43,500 Preussag AG................... 12,098,069
300,000 RWE AG........................ 12,046,748
28,000 Viag AG....................... 11,410,569
-----------------
35,555,386
-----------------
RETAIL - DEPARTMENT STORES
32,800 Karstadt AG................... 12,388,889
-----------------
RETAIL - SPECIALTY
354,000 Douglas Holding AG............ 12,111,789
-----------------
STEEL & IRON
67,500 Thyssen AG.................... 12,242,378
-----------------
TEXTILES - APPAREL
12,000 Hugo Boss AG (Pref.).......... 12,886,179
-----------------
UTILITIES - ELECTRIC
268,000 Veba AG....................... 13,027,778
-----------------

TOTAL GERMANY................. 156,486,718
-----------------

HONG KONG (3.9%)
BANKING
1,185,000 HSBC Holdings PLC............. 17,773,008
-----------------
CONGLOMERATES
2,050,000 Swire Pacific Ltd. (Class
A)............................ 18,023,842
-----------------
REAL ESTATE
2,600,000 Cheung Kong (Holdings) Ltd.... 18,321,222
1,227,000 Realty Development Corp.
(Class A)..................... 4,267,578
-----------------
22,588,800
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
PORTFOLIO OF INVESTMENTS MARCH 31, 1996, CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -----------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS
9,152,000 Hong Kong Telecommunications,
Ltd........................... $ 18,282,227
-----------------
UTILITIES - ELECTRIC
5,550,000 Hong Kong Electric Holdings
Ltd........................... 18,047,439
-----------------
TOTAL HONG KONG............... 94,715,316
-----------------
ITALY (4.1%)
FINANCIAL SERVICES
2,444,000 Istituto Mobiliare Italiano
SpA........................... 16,786,187
-----------------
NATURAL GAS
5,700,000 Italgas SpA................... 16,585,662
-----------------
OIL INTEGRATED - INTERNATIONAL
4,360,000 Ente Nazionale Idrocarburi
SpA........................... 15,879,133
-----------------
TELECOMMUNICATIONS
2,740,000 Sirti SpA..................... 15,682,676
12,000,000 Telecom Italia SpA............ 16,998,145
-----------------
32,680,821
-----------------
TEXTILES - APPAREL
1,500,000 Benetton Group SpA............ 17,218,776
-----------------
TOTAL ITALY................... 99,150,579
-----------------
JAPAN (25.8%)
AUTOMOTIVE
1,259,000 Honda Motor Co................ 27,372,119
1,252,000 Toyota Motor Corp............. 27,570,402
-----------------
54,942,521
-----------------
BREWERS
2,285,000 Kirin Brewery Co., Ltd........ 27,504,432
-----------------
BUILDING MATERIALS
2,066,000 Sankyo Aluminium Industrial... 11,932,948
2,200,000 Sekisui House Ltd............. 27,507,698
-----------------
39,440,646
-----------------
COMPUTER SERVICES
2,650,000 AT&T Global Info Solutions.... 22,402,725
-----------------
ELECTRICAL & ELECTRONICS
2,850,000 Hitachi, Ltd.................. 27,656,993
417,000 Kyocera Corp.................. 28,248,764
1,700,000 Matsushita Electric Industrial
Co. Ltd....................... 27,601,008
2,530,000 Matsushita Electric Works..... 27,148,456
2,450,000 NEC Corp...................... 28,347,485
1,738,000 Sharp Corp.................... 27,731,455

<CAPTION>
NUMBER OF
SHARES VALUE
- -----------------------------------------------------------------
<C> <S> <C>
454,000 Sony Corp..................... $ 27,069,702
545,000 TDK Corp...................... 28,020,435
-----------------
221,824,298
-----------------
ENTERTAINMENT & LEISURE TIME
2,500,000 Mizuno Corp................... 22,184,380
430,000 Nintendo Co., Ltd............. 27,444,247
-----------------
49,628,627
-----------------
FOODS & BEVERAGES
1,475,000 House Food Industry........... 26,700,569
3,773,000 Snow Brand Milk Products...... 26,826,780
-----------------
53,527,349
-----------------
MACHINERY
3,650,000 Mitsubishi Electric Corp...... 27,110,199
3,300,000 Mitsubishi Heavy Industries,
Ltd........................... 28,451,992
-----------------
55,562,191
-----------------
METALS & MINING
4,009,000 Furukawa Co., Ltd............. 20,948,400
-----------------
PHARMACEUTICALS
1,376,000 Taisho Pharmaceutical Co.,
Ltd........................... 28,246,711
1,725,000 Takeda Chemical Industries.... 26,880,190
-----------------
55,126,901
-----------------
TRANSPORTATION
2,400,000 Yamato Transport Co. Ltd...... 28,440,795
-----------------

TOTAL JAPAN................... 629,348,885
-----------------
MALAYSIA (2.0%)
BANKING
920,000 AMMB Holdings Berhad.......... 12,164,989
-----------------
BUILDING & CONSTRUCTION
852,000 Cement Industries of
Malaysia...................... 2,841,682
1,480,000 Malayan Cement Berhad......... 3,475,824
1,840,000 United Engineers Malaysia
Berhad........................ 12,709,690
-----------------
19,027,196
-----------------
CONGLOMERATES
4,470,000 Sime Darby Berhad............. 12,350,503
-----------------
FOODS & BEVERAGES
390,000 Nestle (Malaysia) Berhad...... 3,463,588
-----------------
OIL RELATED
820,000 Esso Malaysia Berhad.......... 2,281,824
-----------------

TOTAL MALAYSIA................ 49,288,100
-----------------
</TABLE>

SWITZERLAND (2.0%)
BANKING
43,300 Swiss Bank Corp............... 15,892,911
-----------------
CHEMICALS
13,400 Ciba-Geigy Ltd................ 16,600,874
-----------------
FOODS & BEVERAGES
14,200 Nestle AG..................... 16,005,711
-----------------
TOTAL SWITZERLAND............. 48,499,496
-----------------

UNITED KINGDOM (9.8%)
BANKING
3,900,000 Hambros PLC................... 14,185,715
3,290,000 Lloyds TSB Group PLC.......... 15,771,727
1,580,000 National Westminster Bank
PLC........................... 15,365,625
-----------------
45,323,067
-----------------

<CAPTION>
NUMBER OF
SHARES VALUE
- -----------------------------------------------------------------
<C> <S> <C>
BREWERS
1,330,000 Bass PLC...................... $ 15,107,002
1,520,000 Scottish & Newcastle Breweries
PLC........................... 14,828,532
-----------------
29,935,534
-----------------
FOODS & BEVERAGES
5,050,000 Hazlewood Food PLC............ 8,018,228
5,650,000 Hillsdown Holdings PLC........ 16,044,090
-----------------
24,062,318
-----------------
MULTI-INDUSTRY
5,212,000 Hanson PLC.................... 15,237,962
-----------------
NATURAL GAS
4,400,000 British Gas PLC............... 15,315,854
-----------------
RETAIL - MERCHANDISING
3,730,000 Tesco PLC..................... 15,204,558
-----------------
STEEL & IRON
5,200,000 British Steel PLC............. 15,083,796
-----------------
TELECOMMUNICATIONS
2,970,000 British Telecommunications
PLC........................... 16,763,303
-----------------
TOBACCO
2,000,000 B.A.T. Industries PLC......... 14,778,456
-----------------
UTILITIES - ELECTRIC
3,090,000 Scottish Hydro-Electric PLC... 15,143,185
-----------------
UTILITIES - WATER
1,300,000 Hyder PLC..................... 15,024,255
1,350,000 Hyder PLC (Pref.)............. 2,081,655
1,690,000 Severn Trent PLC.............. 15,222,726
-----------------
32,328,636
-----------------

TOTAL UNITED KINGDOM.......... 239,176,669
-----------------

UNITED STATES (30.1%)
AEROSPACE & DEFENSE
570,000 Northrop Grumman Corp......... 36,266,250
-----------------
AUTOMOTIVE
1,168,000 Ford Motor Co................. 40,150,000
-----------------
BANKING
512,000 BankAmerica Corp.............. 39,680,000
1,022,000 KeyCorp....................... 39,474,750
-----------------
79,154,750
-----------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
PORTFOLIO OF INVESTMENTS MARCH 31, 1996, CONTINUED

<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- -----------------------------------------------------------------
<C> <S> <C>
CHEMICALS
249,000 Monsanto Co................... $ 38,221,500
-----------------
COMPUTERS
347,000 International Business
Machines Corp................. 38,560,375
-----------------
CONGLOMERATES
583,400 Minnesota Mining &
Manufacturing Co.............. 37,848,075
682,000 Tenneco Inc................... 38,106,750
-----------------
75,954,825
-----------------
HEALTH & PERSONAL CARE
453,000 Bristol-Myers Squibb Co....... 38,788,125
-----------------
MACHINERY - DIVERSIFIED
912,000 Deere & Co.................... 38,076,000
-----------------
METALS & MINING
566,000 Phelps Dodge Corp............. 38,841,750
-----------------
OIL INTEGRATED - INTERNATIONAL
688,000 Chevron Corp.................. 38,614,000
-----------------
PAPER & FOREST PRODUCTS
990,500 International Paper Co........ 39,000,937
-----------------
RETAIL - MERCHANDISING
460,000 Dayton-Hudson Corp............ 39,042,500
-----------------
TELECOMMUNICATIONS
289,666 360 Communications Co.*....... 6,915,792
880,000 Sprint Corp................... 33,440,000
-----------------
40,355,792
-----------------
TIRE & RUBBER GOODS
752,000 Goodyear Tire & Rubber Co..... 38,352,000
-----------------
TOBACCO
440,000 Philip Morris Companies,
Inc........................... 38,610,000
-----------------
TRANSPORTATION
535,000 Conrail, Inc.................. 38,319,375
-----------------
UTILITIES - ELECTRIC
1,590,000 Pacific Gas & Electric Co..... 35,973,750
-----------------

TOTAL UNITED STATES........... 732,281,929
-----------------

TOTAL COMMON AND PREFERRED
STOCKS
(IDENTIFIED COST
$2,122,312,593)............... 2,410,356,106
-----------------
</TABLE>

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

SHORT-TERM INVESTMENT (a) (0.8%)
U.S. GOVERNMENT AGENCY
$ 20,000 Federal Home Loan Mortgage
Corp. 5.30% due 04/01/96
(Amortized Cost
$20,000,000).................. $ 20,000,000
-----------------

TOTAL INVESTMENTS
(IDENTIFIED COST
$2,142,312,593) (B)........ 99.8% 2,430,356,106

CASH AND OTHER ASSETS IN
EXCESS OF LIABILITIES...... 0.2 3,644,708
----- -------------

NET ASSETS................. 100.0% $2,434,000,814
----- -------------
----- -------------

<FN>
- ---------------------
* Non-income producing security.
(a) Security was purchased on a discount basis. The interest rate shown has
been adjusted to reflect a money market equivalent yield.
(b) The aggregate cost for federal income tax purposes approximates identified
cost. The aggregate gross unrealized appreciation was $351,570,395 and the
aggregate gross unrealized depreciation was $63,526,882 resulting in net
unrealized appreciation of $288,043,513.
</TABLE>

FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT MARCH 31, 1996:

<TABLE>
<CAPTION>
UNREALIZED
CONTRACTS TO IN DELIVERY APPRECIATION
DELIVER EXCHANGE FOR DATE (DEPRECIATION)
- --------------------------------------------------------------
<S> <C> <C> <C>
HKD 215,362 $ 27,846 04/01/96 $ 1
Y 301,694,584 $ 2,831,484 04/01/96 16,381
Y 202,649,922 $ 1,898,182 04/01/96 7,262
CHF 743,464 $ 623,084 04/01/96 (1,361)
HKD 293,938 $ 38,000 04/02/96 (5)
Y 223,603,476 $ 2,094,646 04/02/96 8,209
$ 430,920 L 283,537 04/02/96 1,957
$ 138,776 ITL 218,981,058 04/02/96 1,265
Y 91,199,534 $ 849,553 04/03/96 (1,427)
$ 445,416 FRF 2,241,023 04/03/96 (62)
$ 1,161,759 DEM 1,714,524 04/03/96 (157)
$ 1,467,127 L 962,366 04/03/96 2,117
$ 3,251,554 ITL 5,105,914,829 04/03/96 13,724
$ 196,221 NLG 324,000 04/03/96 (214)
$ 1,251,513 L 818,999 04/04/96 (1,147)
$ 495,956 AUD 633,446 04/09/96 (665)
$ 278,558 DEM 410,970 04/09/96 (123)
$ 1,091,471 L 714,547 04/09/96 (572)
$ 370,480 CHF 440,334 04/09/96 (638)
FRF 2,940,142 $ 584,370 04/30/96 81
-------
Net unrealized appreciation........... $44,626
-------
-------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
SUMMARY OF INVESTMENTS MARCH 31, 1996

<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Aerospace & Defense............................................................... $ 36,266,250 1.5%
Automotive........................................................................ 95,092,521 3.9
Banking........................................................................... 206,579,843 8.5
Brewers........................................................................... 57,439,966 2.4
Building & Construction........................................................... 50,566,756 2.1
Building Materials................................................................ 39,440,646 1.6
Chemicals......................................................................... 88,012,032 3.6
Computer Services................................................................. 22,402,725 0.9
Computers......................................................................... 38,560,375 1.6
Conglomerates..................................................................... 106,329,170 4.4
Electrical Equipment.............................................................. 8,180,581 0.3
Electrical & Electronics.......................................................... 221,824,298 9.1
Entertainment & Leisure Time...................................................... 49,628,627 2.1
Financial Services................................................................ 41,678,824 1.7
Foods & Beverages................................................................. 112,351,096 4.6
Health & Personal Care............................................................ 38,788,125 1.6
Household Products................................................................ 15,441,176 0.6
Insurance......................................................................... 8,739,262 0.4
Machinery......................................................................... 55,562,191 2.3
Machinery - Diversified........................................................... 46,815,837 1.9
Metals & Mining................................................................... 59,790,150 2.5
Multi-Industry.................................................................... 122,341,406 5.0
Natural Gas....................................................................... 49,378,887 2.0
Oil Integrated - International.................................................... 93,044,744 3.8
Oil Related....................................................................... 36,607,750 1.5
Paper & Forest Products........................................................... 50,873,306 2.1
Pharmaceuticals................................................................... 55,126,901 2.3
Real Estate....................................................................... 22,588,800 0.9
Retail - Department Stores........................................................ 12,388,889 0.5
Retail - Merchandising............................................................ 54,247,058 2.3
Retail - Specialty................................................................ 12,111,789 0.5
Steel & Iron...................................................................... 27,326,174 1.1
Telecommunications................................................................ 150,517,094 6.2
Television........................................................................ 15,249,404 0.6
Textiles.......................................................................... 5,937,084 0.2
Textiles - Apparel................................................................ 30,104,955 1.2
Tire & Rubber Goods............................................................... 38,352,000 1.6
Tobacco........................................................................... 53,388,456 2.2
Transportation.................................................................... 66,760,170 2.7
U.S. Government Agency............................................................ 20,000,000 0.8
Utilities - Electric.............................................................. 82,192,152 3.4
Utilities - Water................................................................. 32,328,636 1.3
-------------- -----
$2,430,356,106 99.8%
-------------- -----
-------------- -----
</TABLE>

<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks..................................................................... $2,395,388,272 98.4%
Preferred Stocks.................................................................. 14,967,834 0.6
Short-Term Investment............................................................. 20,000,000 0.8
-------------- -----
$2,430,356,106 99.8%
-------------- -----
-------------- -----
</TABLE>

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

STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1996

<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $2,142,312,593).......................... $2,430,356,106
Cash........................................................ 796,220
Receivable for:
Investments sold........................................ 11,179,232
Dividends............................................... 7,061,733
Shares of beneficial interest sold...................... 5,809,650
Foreign withholding taxes reclaimed..................... 2,871,277
Interest................................................ 22,748
Deferred organizational expenses............................ 81,112
Prepaid expenses and other assets........................... 92,997
--------------

TOTAL ASSETS........................................... 2,458,271,075
--------------

LIABILITIES:
Payable for:
Investments purchased................................... 19,250,360
Plan of distribution fee................................ 1,737,639
Investment management fee............................... 1,464,775
Shares of beneficial interest repurchased............... 928,620
Accrued expenses and other payables......................... 888,867
--------------

TOTAL LIABILITIES...................................... 24,270,261
--------------

NET ASSETS:
Paid-in-capital............................................. 2,062,892,978
Net unrealized appreciation................................. 287,869,584
Distributions in excess of net investment income............ (2,223,051)
Accumulated undistributed net realized gain................. 85,461,303
--------------

NET ASSETS............................................. $2,434,000,814
--------------
--------------

NET ASSET VALUE PER SHARE,
189,217,911 SHARES OUTSTANDING (UNLIMITED SHARES
AUTHORIZED OF $.01 PAR VALUE).............................
$12.86
--------------
--------------
</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, 1996

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

INCOME
Dividends (net of $6,129,271 foreign withholding tax)....... $ 60,471,146
Interest.................................................... 1,183,810
------------

TOTAL INCOME........................................... 61,654,956
------------

EXPENSES
Plan of distribution fee.................................... 18,919,175
Investment management fee................................... 15,506,578
Transfer agent fees and expenses............................ 2,633,577
Custodian fees.............................................. 1,558,514
Registration fees........................................... 233,208
Shareholder reports and notices............................. 196,828
Professional fees........................................... 70,392
Organizational expenses..................................... 35,525
Trustees' fees and expenses................................. 31,492
Other....................................................... 155,615
------------

TOTAL EXPENSES......................................... 39,340,904
------------

NET INVESTMENT INCOME.................................. 22,314,052
------------

NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain on:
Investments............................................. 127,010,147
Foreign exchange transactions........................... 31,166
------------

TOTAL GAIN............................................. 127,041,313
------------
Net change in unrealized appreciation on:
Investments............................................. 215,785,858
Translation of other assets and liabilities denominated
in foreign currencies................................. (573,475)
------------

TOTAL APPRECIATION..................................... 215,212,383
------------

NET GAIN............................................... 342,253,696
------------

NET INCREASE................................................ $364,567,748
------------
------------
</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 YEAR
ENDED ENDED
MARCH 31, 1996 MARCH 31, 1995
- --------------------------------------------------------------------------------------------
<S> <C> <C>

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income....................................... $ 22,314,052 $ 18,696,831
Net realized gain........................................... 127,041,313 74,942,236
Net change in unrealized appreciation....................... 215,212,383 37,046,383
-------------- --------------

NET INCREASE........................................... 364,567,748 130,685,450
-------------- --------------

DIVIDENDS AND DISTRIBUTIONS FROM:
Net investment income....................................... (25,446,868) (18,860,127)
Net realized gain........................................... (83,961,762) (40,561,883)
-------------- --------------

TOTAL.................................................. (109,408,630) (59,422,010)
-------------- --------------
Net increase from transactions in shares of beneficial
interest.................................................. 324,894,923 661,443,032
-------------- --------------

TOTAL INCREASE......................................... 580,054,041 732,706,472

NET ASSETS:
Beginning of period......................................... 1,853,946,773 1,121,240,301
-------------- --------------

END OF PERIOD
(INCLUDING DISTRIBUTIONS IN EXCESS OF NET INVESTMENT
INCOME OF $2,223,051 AND $0, RESPECTIVELY).............. $2,434,000,814 $1,853,946,773
-------------- --------------
-------------- --------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1996

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's investment objective is to
provide reasonable current income and long-term growth of income and capital.
The Fund seeks to achieve its objective by investing primarily in common stock
of issuers worldwide, with a record of paying dividends and the potential for
increasing dividends. The Fund was organized as a Massachusetts business trust
on January 12, 1993 and commenced operations on June 30, 1993.

The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures. Actual results could differ from
those estimates. The following is a summary of significant accounting policies:

A. VALUATION OF INVESTMENTS -- (1) an equity security listed or traded on the
New York, American, or other domestic or foreign stock exchange is valued at its
latest sale price on that exchange prior to the time when assets are valued; if
there were no sales that day, the security is valued at the latest bid price (in
cases where securities are traded on more than one exchange, the securities are
valued on the exchange designated as the primary market by the 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.
Dividend income and other distributions are recorded on the ex-
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1996, CONTINUED

dividend date except for certain dividends from foreign securities which are
recorded as soon as the Fund is informed after the ex-dividend date. Discounts
are accreted over the life of the respective securities. Interest income is
accrued daily.

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 and forward foreign currency
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
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1996, CONTINUED

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 -- Dean Witter InterCapital Inc. (the "Investment
Manager") paid the organizational expenses of approximately $180,000 which have
been reimbursed for the full amount thereof. Such expenses have been deferred
and are being amortized 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 a management fee,
accrued daily and payable monthly. Prior to April 30, 1995, the Fund paid an
annual rate of 0.75% of daily net assets determined at the close of each
business day. Effective May 1, 1995, the fee changed to the following annual
rates which are also applied to the net assets of the Fund as of the close of
each business day: 0.75% of daily net assets up to $1 billion; 0.725% of the
next $500 million; and 0.70% of daily net assets over $1.5 billion. Effective
May 1, 1996, the annual rate will be reduced to 0.675% of net assets in excess
of $2.5 billion.

Under the terms of the Agreement, in addition to managing the Fund's
investments, the Investment Manager maintains certain of the Fund's books and
records and furnishes, at its own expense, office space, facilities, equipment,
clerical, bookkeeping and certain legal services and pays the salaries of all
personnel, including officers of the Fund who are employees of the Investment
Manager. The Investment Manager also bears the cost of telephone services, heat,
light, power and other utilities provided to the Fund.

3. PLAN OF DISTRIBUTION

Shares of the Fund are distributed by Dean Witter Distributors Inc. (the
"Distributor"), an affiliate of the Investment Manager. The Fund has adopted a
Plan of Distribution (the "Plan") pursuant to Rule 12b-1 under the Act pursuant
to which the Fund pays the Distributor compensation, accrued daily and payable
monthly, at an annual rate of 1.0% of the lesser of: (a) the average daily
aggregate gross sales of the Fund's shares since the Fund's inception (not
including reinvestment of dividend or capital gain distributions) less the
average daily aggregate net asset value of the Fund's shares redeemed since the
Fund's inception upon which a contingent deferred sales charge has been imposed
or upon which such charge has been waived; or (b) the Fund's average daily net
assets. Amounts paid under the Plan are paid to the Distributor to compensate it
for the services provided
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1996, CONTINUED

and the expenses borne by it and others in the distribution of the Fund's
shares, including the payment of commissions for sales of the Fund's shares and
incentive compensation to, and expenses of, the account executives of Dean
Witter Reynolds Inc. ("DWR"), an affiliate of the Investment Manager and
Distributor, and other employees or selected broker-dealers who engage in or
support distribution of the Fund's shares or who service shareholder accounts,
including overhead and telephone expenses, printing and distribution of
prospectuses and reports used in connection with the offering of the Fund's
shares to other than current shareholders and preparation, printing and
distribution of sales literature and advertising materials. In addition, the
Distributor may be compensated under the Plan for its opportunity costs in
advancing such amounts, which compensation would be in the form of a carrying
charge on any unreimbursed expenses incurred by the Distributor.

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

The Distributor has informed the Fund that for the year ended March 31, 1996, it
received approximately $4,167,000 in contingent deferred sales charges from
certain redemptions of the Fund's shares.

4. SECURITY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES

The cost of purchases and proceeds from sales of portfolio securities, excluding
short-term investments, for the year ended March 31, 1996 aggregated
$1,059,232,985 and $830,392,189, respectively.

For the year ended March 31, 1996, the Fund incurred brokerage commissions of
$193,780 with DWR for portfolio transactions executed on behalf of the Fund. At
March 31, 1996, included in the Fund's payable for investments purchased for
unsettled trades with DWR was $1,706,150.

Dean Witter Trust Company, an affiliate of the Investment Manager and
Distributor, is the Fund's transfer agent. At March 31, 1996, the Fund had
transfer agent fees and expenses payable of approximately $248,000.

The Fund has 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, 1996 included
in
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
NOTES TO FINANCIAL STATEMENTS MARCH 31, 1996, CONTINUED

Trustees' fees and expenses in the Statement of Operations amounted to $10,044.
At March 31, 1996, the Fund had an accrued pension liability of $26,511 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 YEAR ENDED FOR THE YEAR ENDED
MARCH 31, 1996 MARCH 31, 1995
---------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT
----------- -------------- ----------- ------------
<S> <C> <C> <C> <C>
Sold............................................................. 46,573,003 $ 566,276,970 74,392,250 $835,025,001
Reinvestment of dividends and distributions...................... 8,465,778 101,615,413 5,026,624 54,808,636
----------- -------------- ----------- ------------
55,038,781 667,892,383 79,418,874 889,833,637
Repurchased...................................................... (28,302,433) (342,997,460) (20,654,535) (228,390,605)
----------- -------------- ----------- ------------
Net increase..................................................... 26,736,348 $ 324,894,923 58,764,339 $661,443,032
----------- -------------- ----------- ------------
----------- -------------- ----------- ------------
</TABLE>

6. FEDERAL INCOME TAX STATUS

Currency losses incurred after October 31 ("post-October losses") within the
taxable year are deemed to arise on the first business day of the Fund's next
taxable year. The Fund incurred and will elect to defer net currency losses of
approximately $76,000 during fiscal 1996.

As of March 31, 1996, 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 ("PFICs") and permanent
book/tax differences primarily attributable to tax adjustments on PFICs sold by
the Fund. To reflect reclassifications arising from permanent book/tax
differences for the year ended March 31, 1996, accumulated net realized gains
was charged $768,700, paid-in-capital was charged $141,065 and distributions in
excess of net investment income was credited $909,765.

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, 1996, there were outstanding forward contracts used to facilitate
settlement of foreign currency denominated portfolio transactions.

Forward contracts involve elements of market risk in excess of the amounts
reflected in the Statement of Assets and Liabilities. The Fund bears the risk of
an unfavorable change in the foreign exchange rates underlying the forward
contracts. Risks may also arise upon entering into these contracts from the
potential inability of the counterparties to meet the terms of their contracts.
<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 FOR THE JUNE 30, 1993*
YEAR ENDED YEAR ENDED THROUGH
MARCH 31, 1996 MARCH 31, 1995 MARCH 31, 1994
- ----------------------------------------------------------------------------------------

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

Net asset value, beginning of
period............................ $ 11.41 $ 10.81 $ 10.00
------ ------ ------

Net investment income.............. 0.13 0.14 0.05
Net realized and unrealized gain... 1.96 0.88 0.84
------ ------ ------

Total from investment operations... 2.09 1.02 0.89
------ ------ ------

Less dividends and distributions
from:
Net investment income........... (0.15) (0.14) (0.05)
Net realized gain............... (0.49) (0.28) (0.03)
------ ------ ------

Total dividends and
distributions..................... (0.64) (0.42) (0.08)
------ ------ ------

Net asset value, end of period..... $ 12.86 $ 11.41 $ 10.81
------ ------ ------
------ ------ ------

TOTAL INVESTMENT RETURN+........... 18.77% 9.60% 8.89%(1)

RATIOS TO AVERAGE NET ASSETS:
Expenses........................... 1.85% 1.97% 2.03%(2)

Net investment income.............. 1.05% 1.22% 0.66%(2)

SUPPLEMENTAL DATA:
Net assets, end of period, in
millions.......................... $2,434 $1,854 $1,121

Portfolio turnover rate............ 40% 32% 21%(1)

Average commission rate paid....... $0.0311 -- --
<FN>

- ---------------------
* Commencement of operations.
+ Does not reflect the deduction of sales charge. Calculated as of the last
business day of the period.
(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, 1996, the results of its operations for the
year then ended, the changes in its net assets for each of the two years in the
period then ended and the financial highlights for each of the two years in the
period 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 at March 31, 1996 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, 1996

- --------------------------------------------------------------------------------
1996 FEDERAL TAX NOTICE (UNAUDITED)
During the year ended March 31, 1996, the Fund paid to
shareholders $0.34 per share from long-term capital gains. For
such period, 35.45% of the ordinary dividends qualified for the
dividends received deduction available to corporations. For the
year ended March 31, 1996, the Fund has elected, pursuant to
Section 853 of the Internal Revenue Code, to pass-through foreign
taxes of $0.01 per share to its shareholders. The Fund generated
net foreign source income of $0.06 per share with respect to this
election.
<PAGE>

TRUSTEES

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

[Logo]

ANNUAL REPORT
MARCH 31, 1996

<PAGE>

DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
GROWTH OF $10,000

DATE TOTAL MSCI
- --------------------------------------------------------------------------------
June 30, 1993 $10000 $10000

March 31, 1994 $10889 $10572

March 31, 1995 $11935 $11364

March 31, 1996 $13875(3) $13418
- --------------------------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURNS
1 year LIFE OF FUND
- --------------------------------------------------------------------------------
18.77 (1) 13.52 (1)

13.77 (2) 12.64 (2)
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
_____Fund _____MSCI WORLD IX (4)
- --------------------------------------------------------------------------------

Past performance is not predictive of future returns.
________________________________________
(1) Figure shown assumes reinvestment of all distributions and does not reflect
the deduction of any sales charges.

(2) Figure shown assumes the deduction of the maximum applicable contingent
deferred sales charge (CDSC) (One year-5%, since inception 3%). See the
Fund's current prospectus for complete details on fees and sales charges.

(3) Closing value after the deduction of a 3% CDSC, assuming a complete
redemption on March 31, 1996.

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