DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES, N-30D, 1997-12-11

DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
N-30D, 1997-12-11

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<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES TWO WORLD TRADE CENTER, NEW YORK,
NEW YORK 10048
LETTER TO THE SHAREHOLDERS SEPTEMBER 30, 1997

DEAR SHAREHOLDER:

The six-month period ended September 30, 1997, was rewarding for global equity
investors. Overall, the global markets strengthened as most of the developed
countries continued their ongoing economic expansion. In the near term, we
expect this pattern to continue albeit with some volatility, providing a
favorable environment for global equities.

PERFORMANCE AND PORTFOLIO

For the six-month period under review Dean Witter Global Dividend Growth
Securities Class B shares provided a total return of 16.83 percent. This
compares with a total return of 17.54 percent for the Morgan Stanley Capital
International World Index (MSCI World Index) and 18.06 percent for the Lipper
Analytical Services Inc. Global Funds Index. Since its inception on June 30,
1993, through September 30, 1997, the Fund's average total return has been 15.78
percent versus 13.27 percent for the MSCI World Index and 15.91 percent for the
Lipper Global Funds Index.

During the period under review several changes to the Fund's country allocation
targets were implemented. In late June, the Fund initiated exposure to two
additional developed markets, Spain and Sweden. The stocks purchased in Spain
were an electric company, Endesa S.A., an oil and gas company, Repsol S.A. and a
banking company, Banco Popular Espanol S.A. Those purchased in Sweden were
Sandvik AB, a machinery manufacturer, Nordbanken AB, a banking company, and
Volvo AB, an automobile manufacturer. Also during the period, the Fund's target
exposure to Germany increased to 6 percent. Two additional country allocation
changes occurred during the period under review. The Fund purchased two new
positions in Australia, Santos Ltd., an oil-related company, and Normandy Mining
Ltd., a gold mining company, increasing the assets invested in that country to
2.0 percent. Exposure to Canada was reduced to 2.6 percent of net assets.
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
LETTER TO THE SHAREHOLDERS SEPTEMBER 30, 1997, CONTINUED

The current portfolio allocations are as follows: the United States (30.7
percent of net assets), Japan (23.5 percent), United Kingdom (10.1 percent),
Germany (6.8 percent), France (6.6 percent), Italy (4.1 percent), Hong Kong (4.0
percent), the Netherlands (3.0 percent), Canada (2.6 percent), Switzerland (2.1
percent), Australia (2.0 percent), Sweden (1.6 percent), Spain (1.5 percent) and
Malaysia (1.4 percent).

The Fund remains nearly fully invested and well diversified, with 124 equity
issues spread across the world's 14 largest markets, as defined by market
capitalization. The United States, the world's largest capital market, continues
to be the Fund's heaviest target weighting. Japan is the Fund's second largest
target weighting, followed by the United Kingdom.

On July 28, 1997, the Fund began offering four classes of shares: A, B, C and D,
each with its own sales charge and distribution fee structure. A revised
prospectus, which includes complete details regarding the Fund's conversion to
multiple classes of shares, was mailed to shareholders in mid-summer.

LOOKING AHEAD

As always, we will remain sensitive to any factors that might necessitate
changes to the Fund's country allocations. We believe that the long-term outlook
for the economies and securities markets in most of the world's major countries
is favorable and that the stocks of well-established international companies
should perform well over the long term. Consequently, we remain confident,
patient and nearly fully invested.

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

Very truly yours,

[SIGNATURE]
CHARLES A. FIUMEFREDDO
CHAIRMAN OF THE BOARD
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
RESULTS OF SPECIAL MEETING (UNAUDITED)

On May 21, 1997, a special meeting of the Fund's shareholders was held for the
purpose of voting on four separate matters, the results of which were as
follows:

(1) APPROVAL OF A NEW INVESTMENT MANAGEMENT AGREEMENT BETWEEN THE FUND AND DEAN
WITTER INTERCAPITAL INC, IN CONNECTION WITH THE MERGER OF MORGAN STANLEY
GROUP INC. WITH DEAN WITTER, DISCOVER & CO.:

<TABLE>
<S> <C>
For........................................................................ 113,008,257
Against.................................................................... 2,670,674
Abstain.................................................................... 9,817,819
</TABLE>

(2) ELECTION OF TRUSTEES:

<TABLE>
<S> <C>
Michael Bozic
For............... 118,709,014
Withheld.......... 6,787,736
Charles A. Fiumefreddo
For............... 118,916,143
Withheld.......... 6,580,607
Edwin J. Garn
For............... 118,947,913
Withheld.......... 6,548,837
John R. Haire
For............... 118,600,913
Withheld.......... 6,895,837
Wayne E. Hedien
For............... 118,864,536
Withheld.......... 6,632,214
Dr. Manuel H. Johnson
For............... 118,956,079
Withheld.......... 6,540,671
Michael E. Nugent
For............... 119,056,968
Withheld.......... 6,439,782
Philip J. Purcell
For............... 119,018,371
Withheld.......... 6,478,379
John L. Schroeder
For............... 118,849,826
Withheld.......... 6,646,924
</TABLE>

(3) APPROVAL OF A NEW INVESTMENT POLICY WITH RESPECT TO INVESTMENTS IN CERTAIN
OTHER INVESTMENT COMPANIES:

<TABLE>
<S> <C>
For........................................................................ 108,656,982
Against.................................................................... 5,111,251
Abstain.................................................................... 11,728,517
</TABLE>

(4) RATIFICATION OF THE SELECTION OF PRICE WATERHOUSE LLP AS THE FUND'S
INDEPENDENT ACCOUNTANTS:

<TABLE>
<S> <C>
For........................................................................ 115,802,139
Against.................................................................... 1,637,557
Abstain.................................................................... 8,057,054
</TABLE>
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
COMMON AND PREFERRED STOCKS (98.9%)
AUSTRALIA (2.0%)
BANKING
1,980,000 Australia & New Zealand Banking Group, Ltd......................................... $ 16,205,841
--------------
BUILDING & CONSTRUCTION
4,475,000 Pioneer International Ltd.......................................................... 15,241,700
--------------
GOLD
11,915,000 Normandy Mining Ltd................................................................ 15,129,667
--------------
OIL RELATED
2,920,000 Santos Ltd......................................................................... 15,043,139
--------------
PAPER & FOREST PRODUCTS
2,540,000 Amcor Ltd.......................................................................... 16,014,035
--------------

TOTAL AUSTRALIA.................................................................... 77,634,382
--------------

CANADA (2.6%)
BANKING
708,000 Toronto Dominion Bank.............................................................. 24,071,692
--------------
NATURAL GAS
1,150,000 TransCanada Pipelines Ltd.......................................................... 22,277,138
--------------
OIL RELATED
418,000 Imperial Oil Ltd................................................................... 24,095,011
620,000 IPL Energy, Inc.................................................................... 24,379,752
--------------
48,474,763
--------------
TELECOMMUNICATIONS
141,000 BCE, Inc........................................................................... 4,222,138
--------------

TOTAL CANADA....................................................................... 99,045,731
--------------

FRANCE (6.6%)
BANKING
163,000 Societe Generale................................................................... 23,661,513
--------------
BUILDING MATERIALS
146,000 Compagnie de Saint-Gobain.......................................................... 22,575,412
307,000 Lafarge S.A........................................................................ 22,557,431
--------------
45,132,843
--------------
FINANCIAL SERVICES
51,675 Societe Eurafrance S.A............................................................. 21,831,432
--------------
FOODS & BEVERAGES
155,950 Eridania Beghin-Say S.A............................................................ 24,245,712
--------------

<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
MULTI-INDUSTRY
74,000 Compagnie Generale d'Industrie et de Participations................................ $ 22,509,506
340,000 Worms et Compagnie................................................................. 24,505,281
--------------
47,014,787
--------------
OIL INTEGRATED - INTERNATIONAL
170,700 Elf Aquitaine S.A.................................................................. 22,846,540
195,000 Total S.A. (B Shares).............................................................. 22,375,158
--------------
45,221,698
--------------
TELECOMMUNICATIONS
166,000 Alcatel Alsthom.................................................................... 22,133,333
--------------
TELEVISION
255,633 Societe Television Francaise 1..................................................... 22,161,340
--------------

TOTAL FRANCE....................................................................... 251,402,658
--------------

GERMANY (6.8%)
BANKING
288,000 Deutsche Bank Aktiengesellschaft................................................... 20,334,412
--------------
BUILDING & CONSTRUCTION
448,500 Bilfinger & Berger Bau AG.......................................................... 18,277,030
--------------
CHEMICALS
520,000 BASF AG............................................................................ 18,829,672
493,000 Bayer AG........................................................................... 19,684,744
--------------
38,514,416
--------------
ELECTRICAL EQUIPMENT
285,000 Siemens AG......................................................................... 19,305,721
--------------
MACHINERY - DIVERSIFIED
64,500 MAN AG............................................................................. 20,416,397
--------------
MULTI-INDUSTRY
63,200 Preussag AG........................................................................ 17,755,832
415,000 RWE AG............................................................................. 20,150,548
44,400 Viag AG............................................................................ 19,928,214
--------------
57,834,594
--------------
RETAIL - DEPARTMENT STORES
54,000 Karstadt AG........................................................................ 18,757,023
--------------
RETAIL - SPECIALTY
317,000 Douglas Holding AG................................................................. 12,468,415
--------------
STEEL & IRON
81,000 Thyssen AG......................................................................... 18,940,916
--------------
</TABLE>

ITALY (4.1%)
FINANCIAL SERVICES
2,750,000 Istituto Mobiliare Italiano SpA.................................................... 29,579,510
--------------
OIL INTEGRATED - INTERNATIONAL
4,950,000 Ente Nazionale Idrocarburi SpA..................................................... 31,250,145
--------------
TELECOMMUNICATIONS
5,095,000 Sirti SpA.......................................................................... 32,032,393
7,886,025 Telecom Italia SpA................................................................. 30,755,406
--------------
62,787,799
--------------
TEXTILES - APPAREL
1,884,000 Benetton Group SpA................................................................. 31,567,778
--------------
TOTAL ITALY........................................................................ 155,185,232
--------------

<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>

JAPAN (23.5%)
AUTOMOTIVE
1,300,000 Honda Motor Co..................................................................... $ 45,426,627
1,510,000 Toyota Motor Corp.................................................................. 46,372,842
--------------
91,799,469
--------------
BREWERS
5,526,000 Kirin Brewery Co., Ltd............................................................. 45,591,335
--------------
BUILDING MATERIALS
4,845,000 Sekisui House Ltd.................................................................. 46,246,265
--------------
COMPUTER SERVICES
2,572,000 NCR Japan Ltd...................................................................... 13,449,203
--------------
ELECTRONICS & ELECTRICAL
5,382,000 Hitachi, Ltd....................................................................... 46,904,881
719,000 Kyocera Corp....................................................................... 47,085,906
2,640,000 Matsushita Electric Industrial Co., Ltd............................................ 47,768,924
4,630,000 Matsushita Electric Works.......................................................... 48,421,315
3,861,000 NEC Corp........................................................................... 47,108,815
4,800,000 Sharp Corp......................................................................... 43,824,701
495,000 Sony Corp.......................................................................... 46,837,649
516,000 TDK Corp........................................................................... 46,254,980
--------------
374,207,171
--------------
ENTERTAINMENT & LEISURE TIME
497,000 Nintendo Co., Ltd.................................................................. 46,614,376
--------------
MACHINERY
11,800,000 Mitsubishi Electric Corp........................................................... 46,522,244
8,315,000 Mitsubishi Heavy Industries, Ltd................................................... 45,619,315
--------------
92,141,559
--------------
PHARMACEUTICALS
1,801,000 Taisho Pharmaceutical Co., Ltd..................................................... 47,685,840
1,579,000 Takeda Chemical Industries......................................................... 47,443,393
--------------
95,129,233
--------------
TOBACCO
6,000 Japan Tobacco, Inc................................................................. 46,762,948
--------------
TRANSPORTATION
3,725,000 Yamato Transport Co., Ltd.......................................................... 45,758,632
--------------

TOTAL JAPAN........................................................................ 897,700,191
--------------
</TABLE>

NETHERLANDS (3.0%)
BANKING
700,000 ABN-AMRO Holding NV................................................................ 14,214,451
--------------
CHEMICALS
140,000 DSM NV............................................................................. 13,713,595
--------------
ELECTRICAL EQUIPMENT
188,100 Philips Electronics NV............................................................. 15,960,919
--------------
INSURANCE
335,000 Fortis Amev NV..................................................................... 14,027,260
--------------
OIL INTEGRATED - INTERNATIONAL
252,000 Royal Dutch Petroleum Co........................................................... 14,145,319
--------------
STEEL
230,000 Koninklijke Hoogovens NV........................................................... 14,938,527
--------------
TELECOMMUNICATIONS
365,000 Koninklijke PTT Nederland NV....................................................... 14,382,243
--------------
TRANSPORTATION
394,000 KLM Royal Dutch Air Lines NV....................................................... 13,797,742
--------------
TOTAL NETHERLANDS.................................................................. 115,180,056
--------------
SPAIN (1.5%)
BANKING
312,000 Banco Popular Espanol S.A.......................................................... 20,135,799
--------------
ELECTRIC
900,000 Endesa S.A......................................................................... 19,270,588
--------------
OIL RELATED
447,000 Repsol S.A......................................................................... 19,382,521
--------------
TOTAL SPAIN........................................................................ 58,788,908
--------------

<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>

SWEDEN (1.6%)
AUTOMOBILES
670,000 Volvo AB (B Shares)................................................................ $ 19,237,624
--------------
BANKING
572,300 Nordbanken AB...................................................................... 19,567,749
--------------
MACHINERY - DIVERSIFIED
588,000 Sandvik AB (B Shares).............................................................. 20,453,861
--------------

TOTAL SWEDEN....................................................................... 59,259,234
--------------

SWITZERLAND (2.1%)
BANKING
97,100 Swiss Bank Corp.................................................................... 26,315,633
--------------
FOODS & BEVERAGES
18,800 Nestle AG.......................................................................... 26,266,327
--------------
HEALTH & PERSONAL CARE
16,500 Novartis AG-Bearer................................................................. 25,487,897
--------------

TOTAL SWITZERLAND.................................................................. 78,069,857
--------------

UNITED KINGDOM (10.1%)
BANKING
1,640,000 National Westminster Bank PLC...................................................... 24,827,177
2,190,000 Royal Bank of Scotland Group PLC................................................... 24,426,932
--------------
49,254,109
--------------
BREWERS
1,705,000 Bass PLC........................................................................... 23,041,268
--------------
ENERGY
1,090,000 Energy Group PLC................................................................... 11,470,522
--------------
FOODS & BEVERAGES
8,780,000 Hillsdown Holdings PLC............................................................. 23,985,950
--------------
LEISURE
4,100,000 Rank Group PLC..................................................................... 24,124,646
--------------
MULTI-INDUSTRY
2,600,000 Hanson PLC......................................................................... 12,314,497
--------------
NATURAL GAS
5,450,000 BG PLC............................................................................. 23,698,698
--------------
RETAIL - MERCHANDISING
3,210,000 Tesco PLC.......................................................................... 24,284,356
--------------
STEEL & IRON
8,150,000 British Steel PLC.................................................................. 23,779,927
--------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS
3,450,000 British Telecommunications PLC..................................................... $ 22,809,623
--------------
TOBACCO
2,825,000 B.A.T. Industries PLC.............................................................. 24,796,706
--------------
UTILITIES - ELECTRIC
5,350,000 National Grid Group PLC............................................................ 24,561,101
2,595,000 National Power PLC................................................................. 23,826,564
3,225,000 Scottish Hydro-Electric PLC........................................................ 24,502,099
--------------
72,889,764
--------------
UTILITIES - WATER
1,520,000 Hyder PLC.......................................................................... 22,547,886
1,350,000 Hyder PLC (Pref.).................................................................. 2,455,059
1,642,350 Severn Trent PLC................................................................... 24,411,427
--------------
49,414,372
--------------
TOTAL UNITED KINGDOM............................................................... 385,864,438
--------------
UNITED STATES (29.6%)
AEROSPACE & DEFENSE
437,000 Northrop Grumman Corp.............................................................. 53,040,875
--------------
AUTOMOTIVE
1,215,000 Ford Motor Co...................................................................... 54,978,750
--------------
BANKING
735,000 BankAmerica Corp................................................................... 53,884,687
838,000 KeyCorp............................................................................ 53,317,750
--------------
107,202,437
--------------
CHEMICALS
596,000 Dow Chemical Co.................................................................... 54,049,750
--------------
COMPUTERS
522,000 International Business Machines Corp............................................... 55,299,375
--------------
CONGLOMERATES
604,000 Minnesota Mining & Manufacturing Co................................................ 55,870,000
1,125,000 Tenneco, Inc....................................................................... 53,859,375
--------------
109,729,375
--------------

<CAPTION>
NUMBER OF
SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
CONTAINERS - METAL & GLASS
1,000,000 Crown Cork & Seal Co., Inc......................................................... $ 46,125,000
--------------
HEALTH & PERSONAL CARE
661,000 Bristol-Myers Squibb Co............................................................ 54,697,750
--------------
MACHINERY - DIVERSIFIED
1,007,000 Deere & Co......................................................................... 54,126,250
--------------
METALS & MINING
695,000 Phelps Dodge Corp.................................................................. 53,949,375
--------------
OIL - DOMESTIC
1,014,300 Ashland, Inc....................................................................... 55,152,562
--------------
OIL INTEGRATED - INTERNATIONAL
645,000 Chevron Corp....................................................................... 53,655,937
--------------
PAPER & FOREST PRODUCTS
995,000 International Paper Co............................................................. 54,787,188
--------------
RETAIL - MERCHANDISING
903,000 Dayton-Hudson Corp................................................................. 54,123,563
--------------
TELECOMMUNICATIONS
1,094,000 Sprint Corp........................................................................ 54,700,000
--------------
TELEPHONES
1,195,000 AT&T Corp.......................................................................... 52,953,438
--------------
TIRE & RUBBER GOODS
804,000 Goodyear Tire & Rubber Co.......................................................... 55,275,000
--------------
TOBACCO
1,287,000 Philip Morris Companies, Inc....................................................... 53,490,938
--------------
UTILITIES - ELECTRIC
1,510,000 GPU, Inc........................................................................... 54,171,250
--------------

TOTAL UNITED STATES................................................................ 1,131,508,813
--------------

TOTAL COMMON AND PREFERRED STOCKS
(IDENTIFIED COST $3,160,474,184)................................................... 3,775,552,345
--------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED

<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT IN
THOUSANDS VALUE
- ----------------------------------------------------------------------------------------------------------------
<C> <S> <C>
SHORT-TERM INVESTMENT (a) (1.1%)
U.S. GOVERNMENT AGENCY
$ 43,000 Federal Home Loan Mortgage Corp. 6.05% due 10/01/97
(AMORTIZED COST $43,000,000)..................................................... $ 43,000,000
--------------
</TABLE>

<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS
(IDENTIFIED COST $3,203,474,184) (B).................................................... 100.0 % 3,818,552,345

CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES.......................................... 0.0 1,168,408
------ ---------------

NET ASSETS.............................................................................. 100.0 % $ 3,819,720,753
------ ---------------
------ ---------------
</TABLE>

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

(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 is $742,606,634 and the
aggregate gross unrealized depreciation is $127,528,473 resulting in net
unrealized appreciation of $615,078,161.

FORWARD FOREIGN CURRENCY CONTRACTS OPEN AT SEPTEMBER 30, 1997:

<TABLE>
<CAPTION>
UNREALIZED
IN DELIVERY APPRECIATION
CONTRACTS TO DELIVER EXCHANGE FOR DATE (DEPRECIATION)
--------------------------------------------------------------------
<S> <C> <C> <C>
$ 640,950 MYR 2,008,673 10/01/97 $ (21,563)
$ 3,603,905 Y 435,820,181 10/01/97 13,461
Y 636,686,298 $ 5,261,653 10/01/97 (22,928)
ITL 1,538,559,329 $ 891,274 10/01/97 (2,302)
ITL 2,907,210,335 $ 1,686,222 10/02/97 (2,249)
L 587,423 $ 942,796 10/02/97 (6,773)
$ 1,734,311 Y 208,464,240 10/02/97 (4,031)
$ 541,233 MYR 1,696,116 10/02/97 (18,225)
$ 1,757,658 MYR 5,588,826 10/03/97 (34,308)
$ 600,129 Y 72,204,562 10/03/97 (822)
HKD 8,166,147 $ 1,055,194 10/03/97 (205)
L 430,937 $ 694,468 10/06/97 (2,142)
$ 1,652,176 DEM 2,904,558 10/06/97 (3,638)
$ 533,842 MYR 1,730,502 10/06/97 (230)
FRF 3,469,560 $ 586,743 10/31/97 421
FRF 16,994,064 $ 2,879,355 10/31/97 7,523
FRF 12,680,345 $ 2,140,870 10/31/97 (1,985)
--------------
Net unrealized depreciation.................. $ (99,996)
--------------
--------------
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
SUMMARY OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------------
Aerospace & Defense............................................................. $ 53,040,875 1.4 %
Automobiles..................................................................... 19,237,624 0.5
Automotive...................................................................... 146,778,219 3.8
Banking......................................................................... 369,778,060 9.7
Brewers......................................................................... 68,632,603 1.8
Building & Construction......................................................... 51,195,202 1.3
Building Materials.............................................................. 91,379,108 2.4
Chemicals....................................................................... 106,277,761 2.8
Computer Services............................................................... 13,449,203 0.4
Computers....................................................................... 55,299,375 1.4
Conglomerates................................................................... 157,487,778 4.1
Containers - Metal & Glass...................................................... 46,125,000 1.2
Electric........................................................................ 19,270,588 0.5
Electrical Equipment............................................................ 35,266,640 0.9
Electronics & Electrical........................................................ 374,207,171 9.8
Energy.......................................................................... 11,470,522 0.3
Entertainment & Leisure Time.................................................... 46,614,376 1.2
Financial Services.............................................................. 51,410,942 1.3
Foods & Beverages............................................................... 74,497,989 2.0
Gold............................................................................ 15,129,667 0.4
Health & Personal Care.......................................................... 80,185,647 2.1
Insurance....................................................................... 14,027,260 0.4
Leisure......................................................................... 24,124,646 0.6
Machinery....................................................................... 92,141,559 2.4
Machinery - Diversified......................................................... 94,996,508 2.5
Metals & Mining................................................................. 53,949,375 1.4
Multi-Industry.................................................................. 117,163,878 3.1
Natural Gas..................................................................... 45,975,836 1.2
Oil - Domestic.................................................................. 55,152,562 1.4

<CAPTION>
PERCENT OF
INDUSTRY VALUE NET ASSETS
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Oil Integrated - International.................................................. $ 144,273,099 3.8 %
Oil Related..................................................................... 82,900,423 2.2
Paper & Forest Products......................................................... 70,801,223 1.9
Pharmaceuticals................................................................. 95,129,233 2.5
Real Estate..................................................................... 30,167,496 0.8
Retail - Department Stores...................................................... 18,757,023 0.5
Retail - Merchandising.......................................................... 78,407,919 2.1
Retail - Specialty.............................................................. 12,468,415 0.3
Steel........................................................................... 14,938,527 0.4
Steel & Iron.................................................................... 42,720,843 1.1
Telecommunications.............................................................. 212,020,596 5.6
Telephones...................................................................... 52,953,438 1.4
Television...................................................................... 22,161,340 0.6
Textiles - Apparel.............................................................. 47,549,162 1.2
Tire & Rubber Goods............................................................. 55,275,000 1.4
Tobacco......................................................................... 125,050,592 3.3
Transportation.................................................................. 59,556,374 1.6
U.S. Government Agency.......................................................... 43,000,000 1.1
Utilities - Electric............................................................ 176,741,296 4.6
Utilities - Water............................................................... 49,414,372 1.3
-------------- -----
$3,818,552,345 100.0 %
-------------- -----
-------------- -----
</TABLE>

<TABLE>
<CAPTION>
PERCENT OF
TYPE OF INVESTMENT VALUE NET ASSETS
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------------
Common Stocks................................................................... $3,757,115,902 98.4 %
Preferred Stocks................................................................ 18,436,443 0.5
Short-Term Investment........................................................... 43,000,000 1.1
-------------- -----
$3,818,552,345 100.0 %
-------------- -----
-------------- -----
</TABLE>

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

STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1997 (UNAUDITED)

<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value
(identified cost $3,203,474,184)............................................................. $3,818,552,345
Cash........................................................................................... 783,561
Receivable for:
Investments sold........................................................................... 23,885,330
Dividends.................................................................................. 10,285,958
Shares of beneficial interest sold......................................................... 6,999,884
Foreign withholding taxes reclaimed........................................................ 4,091,813
Deferred organizational expenses............................................................... 26,975
Prepaid expenses and other assets.............................................................. 188,003
--------------
TOTAL ASSETS.............................................................................. 3,864,813,869
--------------
LIABILITIES:
Payable for:
Investments purchased...................................................................... 36,576,212
Shares of beneficial interest repurchased.................................................. 3,088,694
Plan of distribution fee................................................................... 2,574,404
Investment management fee.................................................................. 2,290,619
Accrued expenses and other payables............................................................ 563,187
--------------
TOTAL LIABILITIES......................................................................... 45,093,116
--------------
NET ASSETS................................................................................ $3,819,720,753
--------------
--------------
COMPOSITION OF NET ASSETS:
Paid-in-capital................................................................................ $2,991,542,317
Net unrealized appreciation.................................................................... 614,900,016
Accumulated undistributed net investment income................................................ 12,383,576
Accumulated undistributed net realized gain.................................................... 200,894,844
--------------
NET ASSETS................................................................................ $3,819,720,753
--------------
--------------
CLASS A SHARES:
Net Assets..................................................................................... $4,460,415
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)...................................... 300,475
NET ASSET VALUE PER SHARE.................................................................
$14.84
--------------
--------------

MAXIMUM OFFERING PRICE PER SHARE
(NET ASSET VALUE PLUS 5.54% OF NET ASSET VALUE)......................................... $15.66
--------------
--------------
CLASS B SHARES:
Net Assets..................................................................................... $3,801,864,216
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)...................................... 256,018,914
NET ASSET VALUE PER SHARE.................................................................
$14.85
--------------
--------------
CLASS C SHARES:
Net Assets..................................................................................... $4,639,332
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)...................................... 312,689
NET ASSET VALUE PER SHARE.................................................................
$14.84
--------------
--------------
CLASS D SHARES:
Net Assets..................................................................................... $8,756,790
Shares Outstanding (UNLIMITED AUTHORIZED, $.01 PAR VALUE)...................................... 589,739
NET ASSET VALUE PER SHARE.................................................................
$14.85
--------------
--------------
</TABLE>

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

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1997* (UNAUDITED)

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

INCOME
Dividends (net of $5,922,089 foreign withholding tax)......................................... $ 51,541,675
Interest...................................................................................... 2,527,990
------------

TOTAL INCOME............................................................................. 54,069,665
------------

EXPENSES
Plan of distribution fee (Class B shares)..................................................... 13,843,591
Investment management fee..................................................................... 12,446,437
Transfer agent fees and expenses.............................................................. 1,845,250
Custodian fees................................................................................ 869,644
Registration fees............................................................................. 169,795
Shareholder reports and notices............................................................... 93,262
Professional fees............................................................................. 36,945
Organizational expenses....................................................................... 18,079
Trustees' fees and expenses................................................................... 11,841
Other......................................................................................... 21,993
------------

TOTAL EXPENSES........................................................................... 29,356,837
------------

NET INVESTMENT INCOME.................................................................... 24,712,828
------------

NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments............................................................................... 211,708,853
Foreign exchange transactions............................................................. (192,309)
------------

NET GAIN................................................................................. 211,516,544
------------
Net change in unrealized appreciation/depreciation on:
Investments............................................................................... 287,808,241
Translation of forward foreign currency contracts, other assets and liabilities
denominated in foreign currencies....................................................... 35,833
------------

NET APPRECIATION......................................................................... 287,844,074
------------

NET GAIN................................................................................. 499,360,618
------------
------------

NET INCREASE.................................................................................. $524,073,446
------------
------------

<FN>
- ---------------------
* Class A, Class C and Class D shares were issued July 28, 1997.
</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 SIX
MONTHS ENDED FOR THE YEAR
SEPTEMBER 30, ENDED
1997* MARCH 31, 1997
- -----------------------------------------------------------------------------------------------------------
(UNAUDITED)
<S> <C> <C>

INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income.................................................. $ 24,712,828 $ 25,266,634
Net realized gain...................................................... 211,516,544 255,587,707
Net change in unrealized appreciation.................................. 287,844,074 39,186,358
----------------- --------------

NET INCREASE...................................................... 524,073,446 320,040,699
----------------- --------------

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Class A shares..................................................... (12,171) --
Class B shares..................................................... (12,297,906) (27,883,886)
Class C shares..................................................... (8,510) --
Class D shares..................................................... (26,122) --
Net realized gain
Class B shares..................................................... (145,589,171) (201,225,779)
----------------- --------------

TOTAL DIVIDENDS AND DISTRIBUTIONS................................. (157,933,880) (229,109,665)
----------------- --------------
Net increase from transactions in shares of beneficial interest........ 415,090,099 513,559,240
----------------- --------------

NET INCREASE...................................................... 781,229,665 604,490,274

NET ASSETS:
Beginning of period.................................................... 3,038,491,088 2,434,000,814
----------------- --------------

END OF PERIOD
(INCLUDING UNDISTRIBUTED NET INVESTMENT INCOME OF $12,383,576 AND
$15,457, RESPECTIVELY)............................................. $ 3,819,720,753 $3,038,491,088
----------------- --------------
----------------- --------------

<FN>
- ---------------------
* Class A, Class C and Class D shares were issued July 28, 1997.
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1997 (UNAUDITED)

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. On July 28, 1997,
the Fund commenced offering three additional classes of shares, with the then
current shares designated as Class B shares.

The Fund offers Class A shares, Class B shares, Class C shares and Class D
shares. The four classes are substantially the same except that most Class A
shares are subject to a sales charge imposed at the time of purchase, some Class
A shares, and most Class B shares and Class C shares are subject to a contingent
deferred sales charge imposed on shares redeemed within one year, six years and
one year, respectively. Class D shares are not subject to a sales charge.
Additionally, Class A shares, Class B shares and Class C shares incur
distribution expenses.

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 pursuant to procedures
adopted 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 Dean Witter InterCapital Inc. (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
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED

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-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. MULTIPLE CLASS ALLOCATIONS -- Investment income, expenses (other than
distribution fees), and realized and unrealized gains and losses are allocated
to each class of shares based upon the relative net asset value on the date such
items are recognized. Distribution fees are charged directly to the respective
class.

D. FOREIGN CURRENCY TRANSLATION -- The books and records of the Fund are
maintained in U.S. dollars as follows: (1) the foreign currency market value of
investment securities, other assets and liabilities and forward 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.

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

F. FEDERAL INCOME TAX STATUS -- It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of its taxable income to its shareholders.
Accordingly, no federal income tax provision is required.
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED

G. 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.

H. ORGANIZATIONAL EXPENSES -- 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 the Investment
Manager a management fee, accrued daily and payable monthly, by applying the
following annual rates to the net assets of the Fund determined at the close of
each business day: 0.75% to the portion of daily net assets not exceeding $1
billion; 0.725% to the portion of daily net assets exceeding $1 billion but not
exceeding $1.5 billion; 0.70% to the portion of daily net assets exceeding $1.5
billion but not exceeding $2.5 billion; and 0.675% to the portion of daily net
assets exceeding $2.5 billion. Effective May 1, 1997, the Agreement was amended
to reduce the annual fee to 0.65% to the portion of daily net assets in excess
of $3.5 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.
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED

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. The Plan
provides that the Fund will pay the Distributor a fee which is accrued daily and
paid monthly at the following annual rates: (i) Class A -- 0.25% of the average
daily net assets of Class A; (ii) Class B -- 1.0% of the lesser of: (a) the
average daily aggregate gross sales of the Class B shares since the inception of
the Fund (not including reinvestment of dividend or capital gain distributions)
less the average daily aggregate net asset value of the Class B shares redeemed
since the Fund's inception upon which a contingent deferred sales charge has
been imposed or waived; or (b) the average daily net assets of Class B; and
(iii) Class C -- 1.0% of the average daily net assets of Class C. In the case of
Class A shares, amounts paid under the Plan are paid to the Distributor for
services provided. In the case of Class B and Class C shares, amounts paid under
the Plan are paid to the Distributor for services provided and the expenses
borne by it and others in the distribution of the shares of these Classes,
including the payment of commissions for sales of these Classes 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 others
who engage in or support distribution of the 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 these shares
to other than current shareholders; and preparation, printing and distribution
of sales literature and advertising materials. In addition, the Distributor may
utilize fees paid pursuant to the Plan, in the case of Class B shares, to
compensate DWR and other selected broker-dealers for their opportunity costs in
advancing such amounts, which compensation would be in the form of a carrying
charge on any unreimbursed expenses.

In the case of Class B shares, provided that the Plan continues in effect, any
cumulative expenses incurred by the Distributor but not yet recovered may be
recovered through the payment of future distribution fees from the Fund pursuant
to the Plan and contingent deferred sales charges paid by investors upon
redemption of Class B shares. Although there is no legal obligation for the Fund
to pay expenses incurred in excess of payments made to the Distributor under the
Plan and the proceeds of contingent deferred sales charges paid by investors
upon redemption of shares, if for any reason the Plan is terminated, the
Trustees will consider at that time the manner in which to treat such expenses.
The Distributor has advised the Fund that such excess amounts, including
carrying charges, totaled $76,703,711 at September 30, 1997.

In the case of Class A shares and Class C shares, expenses incurred pursuant to
the Plan in any calendar year in excess of 0.25% or 1.0% of the average daily
net assets of Class A or Class C,
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED

respectively, will not be reimbursed by the Fund through payments in any
subsequent year, except that expenses representing a gross sales credit to
account executives may be reimbursed in the subsequent calendar year. For the
period ended September 30, 1997, the distribution fee was accrued for Class A
shares and Class C shares at the annual rate of 0.25% and 1.00%, respectively.

The Distributor has informed the Fund that for the six months ended September
30, 1997, it received contingent deferred sales charges from certain redemptions
of the Fund's Class B shares of $2,121,150 and received $57,695 in front-end
sales charges from sales of the Fund's Class A shares. The respective
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 six months ended September 30, 1997 aggregated
$1,131,076,001 and $804,156,085, respectively.

For the six months ended September 30, 1997, the Fund incurred $25,010 in
brokerage commissions with DWR for portfolio transactions executed on behalf of
the Fund. At September 30, 1997, included in the Fund's payable for investments
purchased and receivable for investments sold were unsettled trades with DWR of
$2,664,107 and $1,852,414, respectively.

For the period May 31, 1997 through September 30, 1997, the Fund incurred
brokerage commissions of $512,940 with Morgan Stanley & Co., Inc., an affiliate
of the Investment Manager since May 31, 1997, for portfolio transactions
executed on behalf of the Fund. At September 30, 1997, included in the Fund's
payable for investments purchased and receivable for investments sold were
unsettled trades with Morgan Stanley & Co., Inc. of $3,514,789 and $2,990,233,
respectively.

Dean Witter Trust FSB, an affiliate of the Investment Manager and Distributor,
is the Fund's transfer agent.

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 six months ended September 30, 1997
included in Trustees' fees and expenses in the Statement of Operations amounted
to $5,070. At September 30, 1997, the Fund had an accrued pension liability of
$33,684 which is included in accrued expenses in the Statement of Assets and
Liabilities.
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED

5. SHARES OF BENEFICIAL INTEREST

Transactions in shares of beneficial interest were as follows:

<TABLE>
<CAPTION>
FOR THE SIX FOR THE YEAR
MONTHS ENDED ENDED
SEPTEMBER 30, 1997 MARCH 31, 1997
---------------------------- --------------------------
(UNAUDITED)
SHARES AMOUNT SHARES AMOUNT
----------- -------------- ----------- ------------
<S> <C> <C> <C> <C>
CLASS A SHARES*
Sold............................................................. 308,839 $ 4,473,891 -- --
Reinvestment of dividends........................................ 573 8,360 -- --
Redeemed......................................................... (8,937) (131,228) -- --
----------- -------------- ----------- ------------
Net increase - Class A........................................... 300,475 4,351,023 -- --
----------- -------------- ----------- ------------
CLASS B SHARES
Sold............................................................. 37,526,381 540,824,507 51,442,695 $677,741,563
Reinvestment of dividends and distributions...................... 10,250,005 147,380,804 16,426,517 213,686,419
Redeemed......................................................... (20,140,837) (290,440,265) (28,703,758) (377,868,742)
----------- -------------- ----------- ------------
Net increase - Class B........................................... 27,635,549 397,765,046 39,165,454 513,559,240
----------- -------------- ----------- ------------
CLASS C SHARES*
Sold............................................................. 314,674 4,600,905 -- --
Reinvestment of dividends........................................ 523 7,619 -- --
Redeemed......................................................... (2,508) (36,153) -- --
----------- -------------- ----------- ------------
Net increase - Class C........................................... 312,689 4,572,371 -- --
----------- -------------- ----------- ------------
CLASS D SHARES*
Sold............................................................. 587,977 8,375,956 -- --
Reinvestment of dividends........................................ 1,777 25,921 -- --
Redeemed......................................................... (15) (218) -- --
----------- -------------- ----------- ------------
Net increase - Class D........................................... 589,739 8,401,659 -- --
----------- -------------- ----------- ------------
Net increase in Fund............................................. 28,838,452 $ 415,090,099 39,165,454 $513,559,240
----------- -------------- ----------- ------------
----------- -------------- ----------- ------------
</TABLE>

- ---------------------
* For the period July 28, 1997 (issue date) through September 30, 1997.

6. FEDERAL INCOME TAX STATUS

Foreign 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 foreign
currency losses of approximately $1,000 during fiscal 1997.

As of March 31, 1997, 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.
<PAGE>
DEAN WITTER GLOBAL DIVIDEND GROWTH SECURITIES
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1997 (UNAUDITED) CONTINUED

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.

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

At September 30, 1997, there were outstanding forward contracts used to
facilitate settlement of foreign currency denominated portfolio transactions.
<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 FOR THE
SIX PERIOD
MONTHS JUNE 30,
ENDED 1993*
SEPTEMBER FOR THE YEAR ENDED MARCH 31 THROUGH
30, ------------------------------- MARCH 31,
1997**++ 1997 1996 1995 1994
- ------------------------------------------------------------------------------------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>

CLASS B SHARES

PER SHARE OPERATING PERFORMANCE:

Net asset value, beginning of
period............................ $ 13.30 $ 12.86 $ 11.41 $ 10.81 $ 10.00
---------- --------- --------- --------- ---------

Net investment income.............. 0.10 0.12 0.13 0.14 0.05
Net realized and unrealized gain... 2.12 1.44 1.96 0.88 0.84
---------- --------- --------- --------- ---------

Total from investment operations... 2.22 1.56 2.09 1.02 0.89
---------- --------- --------- --------- ---------

Less dividends and distributions
from:
Net investment income........... (0.05) (0.13) (0.15) (0.14) (0.05)
Net realized gain............... (0.62) (0.99) (0.49) (0.28) (0.03)
---------- --------- --------- --------- ---------

Total dividends and
distributions..................... (0.67) (1.12) (0.64) (0.42) (0.08)
---------- --------- --------- --------- ---------

Net asset value, end of period..... $ 14.85 $ 13.30 $ 12.86 $ 11.41 $ 10.81
---------- --------- --------- --------- ---------
---------- --------- --------- --------- ---------

TOTAL INVESTMENT RETURN+........... 16.83%(1) 12.58% 18.77% 9.60% 8.89%(1)

RATIOS TO AVERAGE NET ASSETS:
Expenses........................... 2.01%(2) 1.75% 1.85% 1.97% 2.03%(2)

Net investment income.............. 1.41%(2) 0.93% 1.05% 1.22% 0.66%(2)

SUPPLEMENTAL DATA:
Net assets, end of period, in
millions.......................... $3,802 $3,038 $2,434 $1,854 $1,121

Portfolio turnover rate............ 24%(1) 40% 40% 32% 21%(1)

Average commission rate paid....... $0.0284 $0.0289 $0.0311 -- --
<FN>

- ---------------------
* Commencement of operations.
** Prior to July 28, 1997, the Fund issued one class of shares. All shares of
the Fund held prior to that date have been designated Class B shares.
++ The per share amounts were computed using an average number of shares
outstanding during the period.
+ Does not reflect the deduction of sales charge. Calculated based on the net
asset value as of the last business day of the period.
(1) Not annualized.
(2) Annualized.
</TABLE>

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

<TABLE>
<CAPTION>
FOR THE PERIOD
JULY 28, 1997*
THROUGH
SEPTEMBER 30,
1997++
- ----------------------------------------------------------------------------------------
<S> <C>
CLASS A SHARES
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period.................................. $ 14.91
------
Net investment income................................................. 0.04
Net realized and unrealized loss...................................... (0.07)
------
Total from investment operations...................................... (0.03)
------
Less dividends from net investment income............................. (0.04)
------
Net asset value, end of period........................................ $ 14.84
------
------
TOTAL INVESTMENT RETURN+.............................................. (0.18)%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses.............................................................. 1.52%(2)
Net investment income................................................. 1.83%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands............................... $ 4,460
Portfolio turnover rate............................................... 24%(1)
Average commission rate paid.......................................... $0.0284

CLASS C SHARES
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period.................................. $ 14.91
------
Net investment income................................................. 0.03
Net realized and unrealized loss...................................... (0.07)
------
Total from investment operations...................................... (0.04)
------
Less dividends from net investment income............................. (0.03)
------
Net asset value, end of period........................................ $ 14.84
------
------
TOTAL INVESTMENT RETURN+.............................................. (0.27)%(1)
RATIOS TO AVERAGE NET ASSETS:
Expenses.............................................................. 2.25%(2)
Net investment income................................................. 1.03%(2)
SUPPLEMENTAL DATA:
Net assets, end of period, in thousands............................... $ 4,639
Portfolio turnover rate............................................... 24%(1)
Average commission rate paid.......................................... $0.0284
<FN>

- ---------------------
* The date shares were first issued.
++ The per share amounts were computed using an average number of shares
outstanding during the period.
+ Does not reflect the deduction of sales charge. Calculated based on the net
asset value as of the last business day of the period.
(1) Not annualized.
(2) Annualized.
</TABLE>

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

<TABLE>
<CAPTION>
FOR THE PERIOD
JULY 28, 1997*
THROUGH
SEPTEMBER 30,
1997++
- ----------------------------------------------------------------------------------------

<S> <C>
CLASS D SHARES

PER SHARE OPERATING PERFORMANCE:

Net asset value, beginning of period.................................. $ 14.91
------

Net investment income................................................. 0.05

Net realized and unrealized loss...................................... (0.07)
------

Total from investment operations...................................... (0.02)
------

Less dividends from net investment income............................. (0.04)
------

Net asset value, end of period........................................ $ 14.85
------
------

TOTAL INVESTMENT RETURN+.............................................. (0.10)%(1)

RATIOS TO AVERAGE NET ASSETS:
Expenses.............................................................. 1.28%(2)

Net investment income................................................. 2.08%(2)

SUPPLEMENTAL DATA:
Net assets, end of period, in thousands............................... $ 8,757

Portfolio turnover rate............................................... 24%(1)

Average commission rate paid.......................................... $0.0284
<FN>

- ---------------------
* The date shares were first issued.
++ The per share amounts were computed using an average number of shares
outstanding during the period.
+ Calculated based on the net asset value as of the last business day of the
period.
(1) Not annualized.
(2) Annualized.
</TABLE>

SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
TRUSTEES
Michael Bozic
Charles A. Fiumefreddo
Edwin J. Garn
John R. Haire
Wayne E. Hedien
Dr. Manuel H. Johnson
Michael E. Nugent
Philip J. Purcell
John L Schroeder

OFFICERS
Charles A. Fiumefreddo
Chairman and Chief Executive Officer
Barry Fink
Vice President, Secretary and General Counsel
Paul D. Vance
Vice President
Thomas F. Caloia
Treasurer

TRANSFER AGENT
Dean Witter Trust FSB
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

The financial statements included herein have been taken from the records of
the Fund without examination by the independent accountants and accordingly
they do not express an opinion thereon.

This report is submitted for the general information of shareholders of the
Fund. For more detailed information about the Fund, its officers and
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]

SEMIANNUAL REPORT
SEPTEMBER 30, 1997