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MORGAN STANLEY
DEAN WITTER
COMPETITIVE EDGE
"BEST IDEAS" PORTFOLIO
APRIL 1998
(A Unit Investment Trust)
- - FIXED PORTFOLIO
- - CAPITAL APPRECIATION POTENTIAL
- - GLOBAL DIVERSIFICATION
- - EASY LIQUIDITY
UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK, AND THE UNITS ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION, FEDERAL RESERVE BOARD OR ANY OTHER AGENCY. INVESTMENT IN UNITS OF
THE TRUST IS SUBJECT TO INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF THE
PRINCIPAL AMOUNT INVESTED.
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2 World Trade Center - New York NY 10048
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Summary of Essential Information
as of April 3, 1998
SIZE OF OFFERING
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Aggregate Value of Securities.... $242,835.19
Number of Units.................. 25,000
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PRICE
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Public Offering Price Per Unit
(including sales charge)..... $9.7976
Minimum Purchase: $1,000
Public Offering Price Per 100
Units (including sales
charge)...................... $979.76
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RECORD DATES
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September 1, 1998, March 1, 1999 and December 31, 1999
DISTRIBUTION DATES
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September 15, 1998, March 15, 1999 and on or about January 7, 2000
TERMINATION DATE
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December 31, 1999
SALES CHARGE
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The one-year sales charge is 2.90% of the Public Offering Price of which $20 per
100 Units is deferred. The one-year deferred sales charge generally is paid from
the proceeds of securities sold each month commencing June 30, 1998 ($2.00 per
100 Units per month for 10 months). The additional six-month deferred sales
charge of $10 per 100 units applies to any unitholder holding units on June 30,
1999. In such case, the total sales charge would be 3.9% (assuming a $10 per
unit offering price). Volume discounts begin on orders of $25,000 or more.
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TRUSTEE SPONSOR
The Bank of New York Dean Witter Reynolds
101 Barclay Street Inc.
New York, NY 10286 2 World Trade Center
New York, NY 10048
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YOUR EDGE FOR GLOBAL INVESTING
The Morgan Stanley Dean Witter Competitive Edge "Best Ideas" Portfolio brings
together the research, the expertise and the diversification needed to invest in
today's global market place. This unit investment trust features a fixed
Portfolio of professionally selected stocks, representing Morgan Stanley Dean
Witter (MSDW) Global Equity Research group's April, 1998 Competitive Edge "Best
Ideas" list of common stocks. With the purchase of the Competitive Edge unit
trust, the investor has access to a portfolio that encompasses a world-class
collection of companies--each of which is considered by MSDW to be a global
leader within its industry.
FULLY LIQUID INVESTMENT
All or a portion of your units may be sold at any time. The price received will
be based upon the then current market value of the securities in the portfolio
(including deductions for any remaining deferred sales charge), which may be
more or less than the original price paid.
AUTOMATIC DIVIDEND REINVESTMENT
Investors may elect to have distributions automatically reinvested in additional
units of the portfolio, subject to any remaining deferred sales charge.
GLOBAL DIVERSIFICATION
The Competitive Edge "Best Ideas" Trust helps reduce risk by investing in a 40
stock portfolio. Although there are certain risks associated with investment in
common stocks, the Trust helps reduce risk because an investment is divided
among 40 stocks from various global industry groups. It would be difficult for
the average
investor in individual stocks to achieve a comparable level of diversification,
without making a substantial capital commitment or incurring odd lot charges.
SUITABLE FOR RETIREMENT ACCOUNTS
This Trust may be an attractive investment vehicle for a self-directed IRA or
self-employed retirement plan ("Keogh plan"). Unless held in an IRA or other
tax-deferred vehicle, there may be current tax consequences associated with an
investment in this type of unit investment trust. As a capital
appreciation-oriented investment it may be a suitable complement to help
increase the growth potential of an investor's overall portfolio.
SHORT-TERM LIFE
Unitholders may choose to hold their units for approximately one year. They may
also choose to hold their units for approximately 18 months for an additional
deferred sales charge of approximately 1.00% (total sales charge of
approximately 3.90%). The portfolio will then either be liquidated or
distributed to unitholders in-kind at their election. Investors may, of course,
sell or redeem their units at any time prior to the Trust's termination.
Although the Trust is an approximately one and one half-year investment, and
many investors may choose to hold units for less time, the strategy is
long-term. Investors should consider reinvesting in successive trusts--for
example, for at least three to five years--to take advantage of the long-term
strategy.
RISKS
Investors should note that MSDW Global Equity Research currently reviews and
updates its
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Competitive Edge Best Ideas list on a quarterly basis. The list is expected to
change, and may substantially change, over the life of the Trust.
The portfolio of the Trust is an unmanaged, fixed portfolio. It is based on a
longer term strategy, taking the April 1998 Competitive Edge Best Ideas list and
holding these stocks for the life of the Trust. Regardless of any changes to the
list, the identity and proportionate relationship of the Trust's securities is
expected to remain the same as shown in "Schedule of Portfolio Securities".
Therefore, the performance of the Trust will vary from the list, which is
continually updated.
The Trust is not an appropriate investment for those seeking high current income
or capital preservation. Investors must be able and willing to assume the risks
associated with equity investing in a fixed portfolio of common stocks. Risks of
investing in common stocks such as the Trust's securities include price
volatility resulting from factors affecting particular common stock and the
equity markets in general. Equity markets have been at historically high levels
and no assurance can be given that these levels will continue.
In addition, the Portfolio will contain securities of non-U.S. issuers, which
may involve risks that are different from those involved in holding securities
of domestic issuers. These include currency risk, the risk of future political
and economic developments, as well as price volatility. Read the prospectus for
more complete risk information.
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SCHEDULE OF PORTFOLIO SECURITIES
MORGAN STANLEY DEAN WITTER COMPETITIVE EDGE "BEST IDEAS" PORTFOLIO APRIL 1998
ON DATE OF DEPOSIT, APRIL 3, 1998
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PROPORTIONATE PERCENTAGE
COST OF RELATIONSHIP OF AGGREGATE PRICE PER
PORTFOLIO SECURITIES NUMBER OF BETWEEN NO. MARKET VALUE SHARE TO
NO. NAME OF COMMON STOCK ISSUER TO TRUST SHARES OF SHARES OF TRUST TRUST
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1. AES Corp. $ 6,984.38 125 2.066% 2.88% $ 55.875
2. AT&T Corp. 6,697.56 101 1.669 2.76 66.3125
3. AXA-UAP 6,708.05 64 1.058 2.76 104.8134
4. American Express Co. 7,245.25 73 1.206 2.98 99.25
5. Asia Pulp & Paper 1,975.13 138 2.281 0.81 14.3125
6. Bayerische Motorenwerke AG (BMW) 7,189.24 6 0.099 2.96 1,198.2065
7. The Boeing Co. 6,992.94 127 2.099 2.88 55.0625
8. Chevron Corp. 6,636.94 81 1.339 2.73 81.9375
9. Cisco Systems Inc. 6,856.69 97 1.603 2.82 70.6875
10. Citicorp 6,715.13 47 0.777 2.77 142.875
11. Coca-Cola Enterprises Inc. 6,633.75 183 3.024 2.73 36.25
12. Diageo PLC 6,766.94 543 8.974 2.79 12.4621
13. Dresser Industries Inc. 6,616.75 133 2.198 2.72 49.75
14. E.I. DuPont de Nemours & Co. 6,831.00 99 1.636 2.81 69.00
15. Emerson Electric Co. 6,831.56 105 1.735 2.81 65.0625
16. FDX Corp. 6,684.38 93 1.537 2.75 71.8750
17. Fuji Photo Film Co. Ltd. 6,895.33 179 2.958 2.84 38.5214
18. General Electric Co. 6,800.63 78 1.289 2.80 87.1875
19. HSBC Holdings 6,621.06 225 3.718 2.73 29.4269
20. Holderbank Financiere Glaris AG 6,276.56 6 0.099 2.58 1,046.0935
21. Intel Corp. 6,677.25 87 1.438 2.75 76.75
22. Eli Lilly and Company 6,617.56 113 1.867 2.73 58.5625
23. MAN AG 2,161.96 6 0.099 0.89 360.3263
24. Manpower Inc. 1,956.00 48 0.793 0.81 40.75
25. Medtronic, Inc. 6,882.75 126 2.082 2.83 54.625
26. Michelin 6,669.23 114 1.884 2.75 58.5020
27. Microsoft Corp. 6,882.00 74 1.223 2.83 93.00
28. News Corp. Ltd. 7,059.77 1,181 19.517 2.91 5.9778
29. Proctor & Gamble Co. 6,771.19 77 1.273 2.79 87.9375
30. Quintiles Transnational Corp. 1,968.75 42 0.694 0.81 46.8750
31. SGS-Thomson Microelectronics N.V. 6,317.44 84 1.388 2.60 75.2076
32. Sandvik AB 1,979.55 70 1.157 0.82 28.2793
33. Schlumberger Ltd. 6,509.13 86 1.421 2.68 75.6875
34. Sealed Air Corp. 2,020.81 31 0.512 0.83 65.1875
35. Siebe PLC 6,416.51 310 5.123 2.64 20.6984
36. Time Warner Inc. 6,921.69 91 1.504 2.85 76.0625
37. TOTAL S.A. 6,948.64 57 0.942 2.86 121.9060
38. UBS 6,820.53 4 0.066 2.81 1,705.1324
39. UPM-Kymmene OY 7,145.40 260 4.297 2.94 27.4823
40. Unilever PLC 7,149.76 687 11.353 2.94 10.4072
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$ 242,835.19 6,051
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#37702
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INVEST IN THE 40 "BEST IDEAS" STOCKS IN TODAY'S GLOBAL
MARKET PLACE FOR AS LITTLE AS $1,000 ($250 FOR IRAS)
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FOR A COPY OF THE PROSPECTUS CONTAINING MORE COMPLETE INFORMATION INCLUDING
CHARGES, EXPENSES AND RISKS, CONTACT YOUR ACCOUNT EXECUTIVE. READ THE PROSPECTUS
CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
