<PAGE>
Summary of Essential Information
as of August 31, 1998
SIZE OF OFFERING
- -------------------------------------------
<TABLE>
<S> <C>
Aggregate Value of Securities...... $232,975.59
Number of Units.................... 25,000
</TABLE>
PRICE
- -------------------------------------------
<TABLE>
<S> <C>
Public Offering Price Per Unit
(including sales charge)..... $9.3914
Minimum Purchase: $1,000
Public Offering Price Per 100
Units (including sales
charge)...................... $939.14
</TABLE>
RECORD DATES
- -------------------------------------------
January 1, 1999, April 1, 1999, July 1, 1999
and November 1, 1999
DISTRIBUTION DATES
- -------------------------------------------
January 15, 1999, April 15, 1999, July 15,
1999 and on or about November 8, 1999
TERMINATION DATE
- ------------------------------------------------
November 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 November 30, 1998 ($2.50 per 100 Units
per month for 8 months). Volume discounts begin on orders of $25,000 or more.
- ------------------------------------------------
<TABLE>
<S> <C>
TRUSTEE SPONSOR
The Bank of New York Dean Witter Reynolds Inc.
101 Barclay Street 2 World Trade Center
New York, New York 10286 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) the S&P
500-Registered Trademark- Index and (ii) a hypothetical investment in the Select
Global 30 strategy (the average of the total return in U.S. dollars of the 10
highest yielding stocks in each of the DJIA, FT Index and H.S. Index) (but not
any trust) for each year indicated.
<TABLE>
<CAPTION>
S&P
YEAR 500-REGISTERED TRADEMARK- SELECT GLOBAL 30
ENDED INDEX STRATEGY
12/31 TOTAL RETURN TOTAL RETURN
- -------------------------- -------------------- ----------------
<S> <C> <C>
1983 22.31% 18.68%
1984 5.97% 18.93%
1985 31.06% 48.85%
1986 18.54% 39.19%
1987 5.67% 17.55%
1988 16.34% 20.67%
1989 31.23% 17.14%
1990 -3.14% 0.46%
1991 30.00% 31.55%
1992 7.43% 15.87%
1993 9.94% 59.75%
1994 1.29% -10.44%
1995 37.11% 17.45%
1996 22.70% 24.41%
1997 33.10% 3.35%
1/1/98 through 8/31/98 -0.45% -11.47%
- -------------------------- -------- --------
Average Annual Return, 17.30% 20.34%
1983-1997
</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 Global 30 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 Global 30 strategy underperformed the S&P 500
Index in certain years and there can be no assurance that the Trust will
outperform a hypothetical investment in the S&P 500 Index 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.
- -Registered Trademark-S&P 500-Registered Trademark- is a registered trademark of
the McGraw-Hill Companies, Inc.
#37615
<PAGE>
SCHEDULE OF PORTFOLIO SECURITIES
MORGAN STANLEY DEAN WITTER SELECT EQUITY TRUST
SELECT GLOBAL 30 PORTFOLIO 98-5
ON DATE OF DEPOSIT, AUGUST 31, 1998
<TABLE>
<CAPTION>
PERCENTAGE
OF
CURRENT PROPORTIONATE AGGREGATE
ANNUAL RELATIONSHIP MARKET PRICE PER
PORTFOLIO DIVIDEND NUMBER OF BETWEEN NO. VALUE OF SHARE TO
NO. NAME OF ISSUER PER SHARE SHARES OF SHARES TRUST TRUST
- --------- ---------------------------------------- --------- --------- ----------- ----------- -----------
<C> <S> <C> <C> <C> <C> <C>
DJIA STOCKS
1. AT&T Corp. $ 1.32 146 0.13% 3.14% $50.1250
2. Caterpillar 1.20 183 0.16 3.31 $42.1875
3. Chevron 2.44 105 0.09 3.34 $74.0625
4. Exxon Corp. 1.64 117 0.10 3.29 $65.4375
5. General Motors Corp. 2.00 135 0.12 3.35 $57.7500
6. Goodyear Tire and Rubber Co. 1.20 163 0.14 3.43 $49.0000
7. International Paper 1.00 211 0.18 3.35 $37.0000
8. Minnesota Mining and Manufacturing Co. 2.20 114 0.10 3.35 $68.5000
9. Morgan (J.P.) & Co. Incorporated 3.80 81 0.07 3.23 $93.0000
10. Philip Morris Cos., Inc. 1.76 189 0.16 3.37 $41.5625
FT INDEX STOCKS
11. Allied-Domecq PLC 0.414 938 0.81 3.41 $ 8.4801
12. Blue Circle Industries PLC 0.243 1,861 1.60 3.79 $ 4.7428
13. BOC Group PLC 0.518 608 0.52 3.53 $13.5413
14. British Airways PLC 0.278 1,056 0.91 3.41 $ 7.5248
15. BTR PLC 0.198 3,545 3.06 3.30 $ 2.1661
16. EMI Group 0.268 1,130 0.97 3.40 $ 7.0053
17. Imperial Chemical Industries PLC 0.536 714 0.62 3.35 $10.9436
18. Pennisular & Oriental Steam Navigation
Company 0.511 672 0.58 3.33 $11.5470
19. Royal & Sun Alliance Insurance Group PLC 0.362 934 0.81 3.37 $ 8.4130
20. Tate & Lyle PLC 0.284 1,088 0.94 3.41 $ 7.3069
HS INDEX STOCK
21. Amoy Properties Ltd. 0.062 16,000 13.79 3.30 $ 0.4808
22. Great Eagle Holdings Limited 0.075 9,000 7.76 3.12 $ 0.8067
23. Hang Lung Development Co. Ltd. 0.096 9,000 7.76 2.99 $ 0.7744
24. Henderson Investment Ltd. 0.054 14,000 12.07 2.95 $ 0.8804
25. Henderson Land Development Co. Ltd. 0.320 3,000 2.59 3.84 $ 2.9814
26. Hysan Development Co. Ltd. 0.126 11,000 9.48 3.17 $ 0.6711
27. New World Development Co., Ltd. 0.155 7,000 6.04 3.24 $ 1.0777
28. Sino Land Co. Ltd. 0.034 22,000 18.97 2.68 $ 0.2839
29. Sun Hung Kai Properties Ltd. 0.290 3,000 2.59 3.96 $ 3.0718
30. Wharf (Holdings) Ltd. 0.101 8,000 6.90 3.28 $ 0.9551
---------
115,990
---------
---------
</TABLE>
<PAGE>
INVEST IN THE 10 HIGHEST YIELDING STOCKS IN EACH OF THE
DOW JONES INDUSTRIAL AVERAGE-TM-*, FINANCIAL TIMES INDEX AND HANG SENG INDEX 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, Morgan
Stanley Dean Witter has developed the SELECT GLOBAL SERIES 98-5, SELECT GLOBAL
30 PORTFOLIO 98-5. It is specifically designed for investors seeking income and
above-average growth potential.
PORTFOLIO SELECTION
The portfolio of the Trust consists of the 10 common stocks in each of the Dow
Jones Industrial Average, Financial Times Index and Hang Seng Index having the
highest dividend yield (on or shortly prior to the business day prior to the
date of the prospectus).
RISKS
The Trust is an unmanaged, fixed portfolio, and changes in relative dividend
yields will not cause changes to the Trust's portfolio. There are certain risks
associated with investment in common stocks, particularly foreign securities,
including price volatility resulting from factors affecting particular common
stock and the equity markets in general. Foreign securities also present
currency exchange and additional political and economic risks. The Trust helps
reduce risk because an investment is divided among 30 stocks from various
industry groups. It would be difficult for the average investor to achieve a
comparable level of diversification, without making a substantial capital
commitment or incurring odd lot charges. There is increased risk associated with
an investment in Hang Seng Index securities. Such securities may be considered
speculative. See the Prospectus for more complete information concerning risks.
SHORT-TERM LIFE
The Trust will terminate in approximately one year. The portfolio will then 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 Trust leaves "emotional trading" behind by focusing and buying a portfolio
of 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.
- ------------------------------
*Dow Jones Industrial Average 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. The publishers of the Financial
Times Index and Hang Seng Index have not participated in any way in the creation
of the Trust or in the selection of stocks included in the Trust.
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]
SELECT GLOBAL 30
PORTFOLIO 98-5
(A UNIT INVESTMENT TRUST)
- -INCOME AND ABOVE-AVERAGE
GROWTH POTENTIAL
- - GLOBAL DIVERSIFICATION
- - EASY LIQUIDITY
- - REINVESTMENT
- - ROLLOVER OPTION
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
