<PAGE>
SCHEDULE OF PORTFOLIO SECURITIES
DEAN WITTER SELECT EQUITY TRUST SELECT 5 INDUSTRIAL PORTFOLIO 98-3
ON DATE OF DEPOSIT, APRIL 30, 1998
<TABLE>
<CAPTION>
CURRENT PROPORTIONATE PERCENTAGE OF
ANNUAL RELATIONSHIP AGGREGATE PRICE PER
PORTFOLIO DIVIDEND PER NUMBER OF BETWEEN NO. MARKET VALUE SHARE TO
NO. NAME OF ISSUER SHARE SHARES OF SHARES OF TRUST TRUST
- ----------- ---------------------------------------- ------------- ----------- ------------- ------------- -----------
<C> <S> <C> <C> <C> <C> <C>
1. AT&T Corp. $ 1.32 793 18.00% 19.75% $ 60.0625
2. Eastman Kodak Co. 1.76 671 15.23 20.09 72.1875
3. General Motors Corp. 2.00 713 16.19 19.92 67.3750
4. International Paper 1.00 933 21.18 20.19 52.1875
5. Philip Morris Cos., Inc. 1.60 1,295 29.40 20.04 37.3125
-----
4,405
-----
-----
</TABLE>
<PAGE>
HISTORICAL PERFORMANCE
The following table shows the actual performance of (i) all of the stocks in the
Dow Jones Industrial Average-TM- (DJIA) and (ii) a hypothetical investment in
approximately equal values of the five stocks comprising the Select 5 strategy
(but not any trust) for each year indicated
<TABLE>
<CAPTION>
SELECT 5
YEAR DJIA STRATEGY
ENDED 12/31 TOTAL RETURN TOTAL RETURN
- ------------------------- ---------------- ----------------
<S> <C> <C>
1973 -13.12% 16.47%
1974 -23.14% -7.53%
1975 44.40% 67.11%
1976 22.72% 39.20%
1977 -12.71% 3.37%
1978 2.69% -1.17%
1979 10.52% 7.67%
1980 21.41% 39.11%
1981 -3.40% 1.25%
1982 25.79% 40.33%
1983 25.68% 34.59%
1984 1.06% 8.68%
1985 32.78% 36.24%
1986 26.91% 28.42%
1987 6.02% 8.85%
1988 15.95% 19.71%
1989 31.71% 15.67%
1990 -0.57% -17.79%
1991 23.93% 60.21%
1992 7.35% 20.73%
1993 16.74% 31.70%
1994 4.95% 6.35%
1995 36.49% 28.18%
1996 28.57% 23.87%
1997 24.75% 17.53%
1/1/1998 through
4/30/1998 15.07% 10.00%
----- -------- --------
Average annual return,
1973-1997 13.01 % 19.58 %
</TABLE>
Returns shown represent price changes plus dividend returns and do not reflect
commissions incurred in buying and selling portfolio securities or taxes. Only
the Select 5 Strategy figures reflect Trust sales charges (the full sales charge
in the first year; reduced rollover sales charges thereafter), estimated
expenses and quarterly reinvestment of dividends. These returns are not
guarantees of future performance and should not be used as a predictor of
returns to be expected in connection with the Trust. The actual returns of a
particular trust or purchase of units of a trust will vary from hypothetical
strategy returns due to, among other things, timing differences and the fact
that an actual trust has sales charges, expenses and commissions. As indicated
in the above table, the Select 5 strategy underperformed a hypothetical
investment in all of the stocks in the DJIA in certain years and there can be no
assurance that the Trust will outperform a hypothetical investment in all of the
stocks in the DJIA over the life of the Trust.
Performance data quoted represents past performance and 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.
<PAGE>
Summary of Essential Information
as of April 30, 1998
SIZE OF OFFERING
- -------------------------------------------
<TABLE>
<S> <C>
Aggregate Value of Securities.... $241,116.38
Number of Units.................. 25,000
</TABLE>
PRICE
- -------------------------------------------
<TABLE>
<S> <C>
Public Offering Price Per Unit
(including sales charge)..... $9.7268
Minimum Purchase: $1,000
Public Offering Price Per 100
Units (including sales
charge)...................... $972.68
</TABLE>
RECORD DATES
- -------------------------------------------
<TABLE>
<S> <C>
October 1, 1998, January 1, 1999, April 1, 1999
and July 1, 1999
</TABLE>
DISTRIBUTION DATES
- -------------------------------------------
<TABLE>
<S> <C>
October 15, 1998, January 1, 1999, April 15, 1999
and on or about July 8, 1999
</TABLE>
TERMINATION DATE
- ------------------------------------------------
July 1, 1999
SALES CHARGE
- ------------------------------------------------
The sales charge is 2.90% of the Public Offering Price of which $20 per 100
Units is deferred. The 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). Volume discounts begin on orders of $25,000 or more.
- ------------------------------------------------
<TABLE>
<S> <C>
TRUSTEE SPONSOR
The Chase Manhattan Bank Dean Witter Reynolds Inc.
270 Park Avenue 2 World Trade Center
New York, New York 10017 New York, New York 10048
</TABLE>
<PAGE>
INVEST IN THE 5 LOWEST DOLLAR PRICE PER SHARE
STOCKS OF THE 10 HIGHEST YIELDING STOCKS
IN THE DOW JONES INDUSTRIAL AVERAGE-TM-* FOR
AS LITTLE AS $1,000.
SELECT EQUITY TRUSTS
Achieving financial success in today's dynamic markets depends on SELECTING the
right investment strategy. As new opportunities emerge, sparked by changing
business trends, market strategies must be geared to capitalize on them. Because
such opportunities may not be easily identified by individual investors, Dean
Witter has developed the SELECT 5 INDUSTRIAL PORTFOLIO 98-3. It is specifically
designed for investors seeking income and above-average growth potential.
PORTFOLIO SELECTION
The Select 5 Industrial Portfolio consists of the 5 lowest dollar price per
share stocks of the 10 common stocks in the Dow Jones Industrial Average having
the highest dividend yield (as of April 30, 1998).
RISKS
The Trust is an unmanaged, fixed portfolio, and changes in relative dividend
yields will not cause changes to the Trust's portfolio. 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. The Trust helps reduce risks because an investment is divided among 5
stocks from various industry groups. See the Prospectus for more complete
information about risks.
SHORT-TERM LIFE
The Trust will terminate in approximately one year. The portfolio will then
either be liquidated or distributed to unitholders in-kind at their election.
You may, of course, sell or redeem your Units prior to the Trust's termination.
Although the Trust is a one year investment, 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.
REINVESTMENT OPTION
Investors may elect to have distributions automatically reinvested in additional
units of the Trust subject to the then remaining deferred sales charge.
NO TURNOVER
The Trust typically has no turnover during its life. Unitholders know exactly
where their money is invested. Managed investment portfolios may have very high
turnover rates over a one-year period.
EASY LIQUIDITY
All or a portion of your Units may be liquidated at any time, based on net asset
value (including deduction for any unpaid deferred sales charge). The price you
receive will reflect market conditions and could be more or less than the price
originally paid. Investors may at termination choose to receive their share of
the Trust's actual underlying securities.
SUITED 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 an income- and
growth-oriented investment it may be a suitable complement to help achieve
overall portfolio diversification.
NO MARKET TIMING
The Select 5 Industrial Portfolio leaves "emotional trading" behind by focusing
and buying a quality portfolio of blue-chip stocks with high dividend yields.
Due to the Trust's "buy and hold" strategy, an investor's money is generally
invested at all times. Managed investment vehicles buy and sell securities and
may have a sizable percentage of assets in cash.
ROLLOVER OPTION
Investors, in connection with the Trust's termination, may elect to roll over
their investment into units of a new series, if offered, subject only to the
deferred sales charge.
DEAN WITTER DIRECT INVEST-SM-
DIRECT INVEST is an automatic investment program that can help individuals
invest for their future, now. Dean Witter created DIRECT INVEST because
preparing for the future, such as financing a college education, a down payment
on a new house, or retirement, can be difficult. Through DIRECT INVEST, regular
deductions from a checking or savings account or Dean Witter Active
Assets-Registered Trademark- Accounts are used to purchase units of the DEAN
WITTER SELECT 5 INDUSTRIAL PORTFOLIO without writing any checks! The program has
the additional benefits of allowing investors to choose their own investment
schedule, either once a month, twice a month or quarterly, and also to create a
purchase rate that fits into their budget. Direct Invest does not assure a
profit and does not protect against loss in declining markets.
- --------------------------
*Dow Jones Industrial Average-TM- is the property of Dow Jones & Company, Inc.,
which has not participated in any way in the creation of the Trust or in the
selection of the stocks in the portfolio and has not approved any information
included in this brochure or in the Trust's prospectus.
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.
<PAGE>
[LOGO]
SELECT 5
INDUSTRIAL PORTFOLIO
98-3
(A UNIT INVESTMENT TRUST)
- -INCOME AND ABOVE-AVERAGE
GROWTH POTENTIAL
- - EASY LIQUIDITY
- - REINVESTMENT
- - ROLLOVER OPTION
- - DEAN WITTER DIRECT INVEST-SM-
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.
defg
2 World Trade Center - New York NY 10048
