<PAGE>
Summary of Essential Information
as of June 22, 1998
SIZE OF OFFERING
- -------------------------------------------
<TABLE>
<S> <C>
Aggregate Value of Securities.... $242,706.06
Number of Units.................. 25,000
</TABLE>
PRICE
- -------------------------------------------
<TABLE>
<S> <C>
Public Offering Price Per Unit
(including sales charge)..... $9.7923
Minimum Purchase: $1,000 ($250
for IRA's)
Public Offering Price Per 100
Units (including sales
charge)...................... $979.23
</TABLE>
RECORD DATES
- -------------------------------------------
<TABLE>
<S> <C>
December 1, 1998 and September 24, 1999
</TABLE>
DISTRIBUTION DATES
- -------------------------------------------
<TABLE>
<S> <C>
December 15, 1998 and on or about October 1, 1999
</TABLE>
TERMINATION DATE
- ------------------------------------------------
September 24, 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 September 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>
- --------------------------
MORGAN STANLEY DEAN WITTER IS A SERVICE MARK OF MORGAN STANLEY DEAN WITTER &
CO.
<PAGE>
HISTORICAL PERFORMANCE
The following table shows the actual performance of (i) hypothetical one-year
fixed portfolios of approximately equal values of strategy stocks (but not any
actual trust) chosen as of the beginning of each year using the S&P Platinum
Portfolio, Select Strategy Stocks Trust selection process and (ii) the actual
annual returns of the S&P 500 Index for each year indicated.
<TABLE>
<CAPTION>
PLATINUM
PORTFOLIO,
SELECT
YEAR STRATEGY
ENDED 12/31 S&P 500 INDEX STOCKS
- --------------------- --------------- ------------
<S> <C> <C>
1988 16.34% 30.36%
1989 31.23% 27.56%
1990 -3.14% -17.14%
1991 30.00% 51.68%
1992 7.43% 16.89%
1993 9.94% 2.93%
1994 1.29% 7.40%
1995 37.11% 44.25%
1996 22.70% 23.55%
1997 33.10% 12.59%
1/1/98-5/29/98 12.79% 8.59%
- --------------------- ------ ------------
Average annual return
1988-1997: 17.81% 18.41%
</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 Platinum Portfolio, Select Strategy Stocks figures reflect Trust sales
charges (the full sales charge in the first year; reduced rollover sales charges
thereafter), estimated expenses and semi-annual 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 strategy underperformed the Index in certain
years and there can be no assurance that the Trust will outperform the Index
over the life of the Trust.
The number of Select Strategy Stocks in the table above ranged from a low of 9
as of January 1, 1988, to a high of 36 stocks as of January 1, 1996 and January
1, 1998. It is estimated that the number of Select Strategy Stocks will likely
range from 25 to 40 for a given portfolio, although no representation can be
given as to the exact number of stocks that will qualify for a particular Trust.
As the number of stocks that are in a given portfolio decreases, performance
return fluctuation and risk are likely to increase. For the performance period
shown above, the hypothetical strategy stocks portfolio had an average turnover
of stocks year to year of approximately 67%.
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>
SCHEDULE OF PORTFOLIO SECURITIES
STANDARD & POOR'S PLATINUM PORTFOLIO,
SELECT STRATEGY STOCKS -- JUNE 1998
ON DATE OF DEPOSIT, JUNE 22, 1998
<TABLE>
<CAPTION>
PROPORTIONATE PERCENTAGE
RELATIONSHIP OF AGGREGATE PRICE PER
NUMBER OF BETWEEN NO. MARKET VALUE SHARE TO
NO. NAME OF ISSUER SHARES OF SHARES OF TRUST TRUST
- --------- -------------------------------------- --------- ------------- ------------ ------------
<C> <S> <C> <C> <C> <C>
1 AES Corp. 154 1.93% 3.03% $ 47.6875
2 AccuStaff Inc. 247 3.10 3.02 29.6875
3 Adaptec, Inc. 469 5.89 3.02 15.625
4 Alaska Air Group 142 1.78 3.04 51.875
5 Analog Devices, Inc. 312 3.92 3.05 23.6875
6 Applied Materials, Inc. 258 3.24 3.04 28.5625
7 Boston Scientific Corp. 108 1.36 3.03 68.125
8 Cadence Design Systems, Inc. 227 2.85 3.00 32.0625
9 Cisco Systems, Inc. 87 1.09 3.04 84.6875
10 Consolidated Stores Corp. 197 2.47 3.02 37.1875
11 Corrections Corp. of America 310 3.89 3.07 24.00
12 EMC Corp. 169 2.12 3.10 44.50
13 Express Scripts, Inc. 100 1.26 3.04 73.75
14 Global Marine Inc. 376 4.72 3.03 19.5625
15 HEALTHSOUTH Corp. 270 3.39 2.98 26.8125
16 Health Management Associates, Inc. 223 2.80 3.01 32.8125
17 Hyperion Software Corp. 249 3.13 3.05 29.6875
18 KLA-Tencor Corp. 271 3.40 3.03 27.125
19 MBNA Corp. 235 2.95 3.00 31.00
20 Network Associates 169 2.12 3.04 43.6875
21 News Corp. Ltd. 266 3.34 3.03 27.6875
22 OfficeMax, Inc. 466 5.85 2.99 15.5625
23 Oracle Corporation 300 3.77 3.00 24.25
24 Parametric Technology Corp. 234 2.94 3.08 31.9375
25 Photronics, Inc. 363 4.56 3.01 20.125
26 Pride International 425 5.33 3.01 17.1875
27 Proffitts, Inc. 175 2.20 3.06 42.375
28 QUALCOMM Inc. 145 1.82 3.01 50.375
29 Quorum Health Group Inc. 256 3.21 3.05 28.875
30 Staples, Inc. 253 3.18 3.06 29.375
31 Symantec Corp. 295 3.70 3.04 25.00
32 Transatlantic Holdings, Inc. 97 1.22 3.01 75.3125
33 Tyco International Ltd. 120 1.51 3.04 61.5625
---------
7,968
---------
---------
</TABLE>
<PAGE>
INVEST IN A FIXED PORTFOLIO OF STOCKS BASED UPON STANDARD & POOR'S* RESEARCH FOR
AS LITTLE AS $1,000 ($250 FOR IRA'S)
PORTFOLIO SELECTION
The Platinum Portfolio, Select Strategy Stocks unit trust seeks capital
appreciation by investing for one year in a pre-determined group of stocks
selected from the Standard & Poor's "Platinum Portfolio" through an exclusive
two-part selection process. First, companies are identified that satisfy, as of
the Trust's formation, appreciation potential and value criteria for Standard &
Poor's prestigious "Platinum Portfolio" on-going research model. At such time,
further selection screens concerning Standard & Poor's rankings, and market
capitalizations, of stocks are applied to arrive at the portfolio of the Trust.
The foundation of this Trust is based upon Standard & Poor's stock rankings
(from a low of "1" to a high of "5") under its two analytical systems for its
"Platinum Portfolio": (1) the fundamental STock Appreciation Ranking System
(STARS); and (2) the quantitative Fair Value Model (FVM). The prospectus sets
forth the specific selection criteria.
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 (if available), for
example, for at least three to five years, to take advantage of the long term
strategy.
NO TURNOVER
As an unmanaged investment, the Trust typically has no turnover of stocks 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 a diversified
growth-oriented investment it may be a suitable complement to help achieve
overall portfolio diversification.
NO MARKET TIMING
The Trust leaves "emotional trading" behind by focusing and buying a portfolio
of stocks researched by Standard & Poor's. 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.
RISKS
Investors should note that the Trust is not S&P's Platinum Portfolio, which S&P
actively reviews and is expected to continually change, based upon its changes
to STARS and FVM stock rankings. Thus, S&P's Platinum Portfolio is intended more
for traders than long term investors due to the frequent changes that S&P is
likely to make to its STARS and FVM rankings.**
The portfolio of the Trust is an unmanaged fixed portfolio. It is based on a
longer term strategy, applying the additional Trust ranking and market
capitalization criteria to S&P's Platinum Portfolio, at the time of the Trust's
formation (June 22, 1998), to select and hold stocks for the life of the Trust.
Therefore, regardless of any changes to S&P's Platinum Portfolio (or S&P stock
ranking or in market capitalization), the identity and proportionate
relationship of the Portfolio's Securities generally will remain the same as
shown in "Portfolio of Securities."
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. See the prospectus for more complete information
concerning risks.
- ------------------------------
*Standard & Poor's, S&P and the S&P 500 are registered trademarks of The
McGraw-Hill Companies, Inc. and have been licensed for use by the Sponsor.
Platinum Portfolio, Select Strategy Stocks unit trusts are not sponsored,
managed, sold or promoted by Standard & Poor's. Standard & Poor's is not
affiliated with the Sponsor.
**Standard & Poor's Platinum Portfolio is not an actual investment offered by
Standard & Poor's, and Standard & Poor's does not currently manage any actual
investments based upon its Platinum Portfolio.
FOR A COPY OF THE PROSPECTUS CONTAINING MORE COMPLETE INFORMATION INCLUDING
CHARGES, EXPENSES AND RISKS, CONTACT YOUR FINANCIAL ADVISOR. READ THE PROSPECTUS
CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
[LOGO] MORGAN STANLEY DEAN WITTER SELECT EQUITY TRUST
STANDARD & POOR'S
PLATINUM PORTFOLIO,
SELECT STRATEGY STOCKS-
JUNE 1998
- -FIXED UNIT INVESTMENT TRUST STRUCTURE
- - CAPITAL APPRECIATION POTENTIAL
- - DIVERSIFICATION
- - EASY LIQUIDITY
- - ROLLOVER OPTION
UNITS OF A TRUST ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORP. (FDIC)
AND ARE NOT OBLIGATIONS OF, ENDORSED BY, DEPOSITS IN, OR GUARANTEED BY ANY BANK.
INVESTMENTS IN UNIT INVESTMENT TRUSTS AND OTHER PRODUCTS ARE SUBJECT TO
INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED.
MORGAN STANLEY DEAN WITTER
CLF: 37716
