<PAGE>
[LOGO]
REIT PORTFOLIO
SERIES 98
(A UNIT INVESTMENT TRUST)
- - MONTHLY INCOME
- - DIVERSIFICATION
- - AUTOMATIC REINVESTMENT
- - PROFESSIONAL SELECTION
- - 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.
MORGAN STANLEY DEAN WITTER
<PAGE>
INVEST IN THE POWER OF REAL ESTATE-RELATED SECURITIES
The Morgan Stanley Dean Witter REIT Portfolio Series 98 is a two-year unit
investment trust diversified among the common shares of publicly-traded Real
Estate Investment Trusts (REITs). The REIT Portfolio offers you current income
and capital appreciation potential through a fixed portfolio of companies owning
various properties, including offices, apartments, hotels and regional malls.
The Sponsor's Unit Trust Department has selected common shares of Equity REITs
from among those which, as of October 20, 1998, were rated Strong Buy,
Outperform and Neutral by the Morgan Stanley Dean Witter Global Equity Research
Department ("MSDW Research").
STOCK SELECTION
The securities of the Portfolio were selected by the Sponsor's Unit Trust
Department, from equity REIT stocks currently followed by MSDW Research,
according to a formula reflecting, among other things, the following criteria as
of October 20, 1998: (a) Eliminate stocks not paying dividends; (b) Select
stocks having a positive trend for FFO (Funds From Operations); (c) Diversify
stocks among at least five REIT categories; (d) Rank remaining group by (highest
to lowest) dividend yield; and (e) Generally equally-weight final portfolio.
LIQUIDITY
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.
MONTHLY INCOME OR REINVESTMENT OPTION
You may elect to take monthly income distributions or to reinvest into
additional units of the Trust. Upon maturity, you may either: (1) rollover your
position into a subsequent REIT unit trust or other UIT concept trust, if
available; (2) receive cash; or (3) receive distribution of underlying shares
"in-kind."
DIVERSIFICATION WITHIN THE REAL ESTATE INDUSTRY
The Morgan Stanley Dean Witter REIT Portfolio's 30 real estate companies are
diversified among 7 REIT industry sectors.
RISKS AND OTHER CONSIDERATIONS
Risks include unit price volatility arising from a fixed portfolio of equity
securities concentrated exclusively in the real estate industry, chosen as of
the Trust's formation by the Sponsor's Unit Trust Department. MSDW Research had
no role in the selection of the Trust's portfolio.
REIT equity securities' market values can be affected by a number of factors,
including cash flow, credit quality, local economic conditions and land
development, real estate values, tenants' quality, and interest rates. The
identity and proportionate relationship of the Trust's REIT shares is expected
to remain the same throughout the Trust's life, regardless of any changes in,
reductions or elimination of research ratings, dividends or any other events.
These events may have a negative effect on the Trust's securities and the value
of your units. The investment return and principal value of an investment will
fluctuate, so that an investor's units, when redeemed or sold, may be worth more
or less than their original cost. There can be no assurance that the Trust will
achieve its objectives.
For more complete information about this Trust, including sales charges,
expenses and risks, call your Morgan Stanley Dean Witter Financial Advisor to
obtain a prospectus. Please read it carefully before you invest.
<PAGE>
SUMMARY OF ESSENTIAL INFORMATION
AS OF OCTOBER 21, 1998
SIZE OF OFFERING
- -------------------------------------------
<TABLE>
<S> <C>
Aggregate Value of Securities...... $241,188.80
Number of Units.................... 25,000
PRICE
- -------------------------------------------
Public Offering Price Per Unit
(including sales charge)........... $9.7269
Public Offering Price Per 100 Units
(including sales charge)........... $972.69
</TABLE>
RECORD DATES
- -------------------------------------------
Monthly on the first day of each month beginning
December, 1998
DISTRIBUTION DATES
- -------------------------------------------
Monthly on the fifteenth day of each month
beginning December, 1998
TERMINATION DATE
- ------------------------------------------------
November 30, 2000
SALES CHARGE
- ------------------------------------------------
Part of your sales charge is deferred so that more of your money is immediately
invested. The initial up-front sales charge is approximately .90%; the deferred
sales charge is $30 per 100 units (paid over 12 months through deductions from
the Trust's asset value). Volume discounts are available.
- ------------------------------------------------
<TABLE>
<S> <C>
SPONSOR TRUSTEE
Dean Witter Reynolds Inc. The Chase Manhattan Bank
2 World Trade Center 270 Park Avenue
New York, NY 10048 New York, NY 10017
</TABLE>
- --------------------------
MORGAN STANLEY DEAN WITTER IS A SERVICE MARK OF MORGAN STANLEY DEAN WITTER &
CO. SERVICES ARE OFFERED THROUGH DEAN WITTER REYNOLDS INC., MEMBER SIPC.
<PAGE>
SCHEDULE OF PORTFOLIO SECURITIES
MORGAN STANLEY DEAN WITTER SELECT EQUITY TRUST REIT PORTFOLIO SERIES 98
ON DATE OF DEPOSIT, OCTOBER 21, 1998
<TABLE>
<CAPTION>
CURRENT PROPORTIONATE PERCENTAGE OF
ANNUAL RELATIONSHIP AGGREGATE PRICE
PORTFOLIO DIVIDEND PER DIVIDEND NUMBER OF BETWEEN NO. MARKET VALUE PER SHARE
NO. NAME OF ISSUER SHARE(1) YIELD(2) SHARES OF SHARES OF TRUST TO TRUST
- ---------- ----------------------------------- ------------ -------- ---------- ------------ ------------- ----------
<C> <S> <C> <C> <C> <C> <C> <C>
1. Amli Residential Properties Trust $ 1.76 8.46% 391 3.16% 3.37% $ 20.8125
2. Arden Realty, Inc. 1.68 7.75 373 3.01 3.35 21.6875
3. Berkshire Realty Company, Inc. 0.97 10.70 896 7.24 3.37 9.0625
4. Boykin Lodging Company 1.88 13.99 598 4.83 3.33 13.4375
5. Burnham Pacific Properties, Inc. 1.05 8.36 645 5.21 3.36 12.5625
6. CarrAmerica Realty Corporation 1.85 8.81 378 3.06 3.29 21.0000
7. Colonial Properties Trust 2.20 7.98 284 2.30 3.25 27.5625
8. Crescent Real Estate Equities, Inc. 2.20 9.34 334 2.70 3.26 23.5625
9. Developers Diversified Realty
Corporation 1.31 7.33 445 3.60 3.30 17.8750
10. Federal Realty Investment Trust 1.76 7.98 368 2.97 3.37 22.0625
11. FelCor Lodging Trust Inc. 2.20 9.94 363 2.93 3.33 22.1250
12. Gables Residential Trust 2.04 8.02 313 2.53 3.30 25.4375
13. Highwoods Properties, Inc. 2.16 7.91 293 2.37 3.32 27.3125
14. Hospitality Properties Trust 2.64 9.89 302 2.44 3.34 26.6875
15. JDN Realty Corporation 1.44 6.96 391 3.16 3.35 20.6875
16. JP Realty, Inc. 1.80 8.78 389 3.14 3.31 20.5000
17. Kilroy Realty Corporation 1.62 7.88 392 3.17 3.34 20.5625
18. LaSalle Hotel Properties 1.50 13.11 698 5.64 3.31 11.4375
19. Liberty Property Trust 1.80 8.00 362 2.93 3.38 22.5000
20. Macerich Company 1.84 6.83 295 2.38 3.29 26.9375
21. Mid-America Apartment Communities,
Inc. 2.20 9.05 331 2.68 3.34 24.3125
22. RFS Hotel Investors, Inc. 1.50 13.64 733 5.92 3.34 11.0000
23. Shurgard Storage Centers, Inc. 1.96 7.92 323 2.61 3.31 24.7500
24. Simon Property Group, Inc. 2.02 6.89 272 2.20 3.31 29.3125
25. Spieker Properties, Inc. 2.28 6.67 236 1.91 3.35 34.1875
26. Storage USA, Inc. 2.56 8.57 275 2.22 3.41 29.8750
27. Summit Properties, Inc. 1.63 8.64 433 3.50 3.39 18.8750
28. Taubman Centers, Inc. 0.94 7.06 606 4.90 3.34 13.3125
29. Tower Realty Trust, Inc. 1.69 8.45 403 3.26 3.34 20.0000
30. Urban Shopping Centers, Inc. 2.10 6.50 250 2.02 3.35 32.3125
----------
12,372
----------
----------
</TABLE>
Footnotes
- --------------------------
(1) Based on the latest quarterly or semiannual declaration. There can be no
assurance that future dividend payments, if any, will be maintained in an
amount equal to the dividend listed above.
(2) Each dividend yield represents annual dividend per share divided by price
per share as of October 21, 1998, and is subject to change based on changes
in share price as well as changes in dividend.
<PAGE>
#37727
