<PAGE>
[logo]
MORGAN STANLEY
HIGH-TECHNOLOGY
35 INDEX-SM- TRUST,
SERIES 1
(A UNIT INVESTMENT TRUST)
- - CAPITAL APPRECIATION
- - DIVERSIFICATION
- - 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
<PAGE>
SUMMARY OF ESSENTIAL INFORMATION
AS OF JANUARY 21, 1999
SIZE OF OFFERING
- -------------------------------------------
<TABLE>
<S> <C>
Aggregate Value of Securities...... $241,595.43
Number of Units.................... 25,000
</TABLE>
PRICE
- -------------------------------------------
<TABLE>
<S> <C>
Public Offering Price Per Unit
(including sales charge)..... $9.7465
Minimum Purchase: $1,000
($100 for IRAs)
Public Offering Price Per 100
Units (including sales
charge)...................... $974.65
</TABLE>
RECORD DATES
- -------------------------------------------
July 1, 1999 and April 28, 2000
DISTRIBUTION DATES
- -------------------------------------------
July 15, 1999 and on or about May 5, 2000
TERMINATION DATE
- ------------------------------------------------
April 28, 2000
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 April 30, 1999 ($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>
INVEST IN THE GROWTH PROSPECTS OF THE TECHNOLOGY INDUSTRY
SELECT EQUITY TRUSTS
Technology is everywhere--igniting the dynamic growth of industries such as
computer services, media and telecommunications. Corporations continue to invest
in technology to enhance their productivity and to stay ahead of their
competition. As an investor, you have the potential to benefit from the growth
prospects of the technology industry with an investment in the Morgan Stanley
High-Technology 35 Index Trust.
PORTFOLIO
This series of Unit Investment Trusts seeks capital appreciation through a
one-year portfolio based on the benchmark Morgan Stanley High-Technology 35
Index, consisting of the common stocks of 35 companies representing 10 different
technology subsectors.
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.
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.
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.
NO MARKET TIMING
The Morgan Stanley High-Technology 35 Index Trust leaves "emotional trading"
behind by focusing on and buying a defined portfolio of stocks. 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 AND OTHER CONSIDERATIONS
The risks of an investment in units of a Trust include price fluctuations
resulting from a fixed portfolio of equity securities of technology issuers. The
portfolio is not expected to change over the Trust's life, regardless of
subsequent events, including substitution or removal of a stock from the Index.
The portfolio's securities have had, and in the future, are likely to
experience, substantial price volatility and speculative trading. The value of
the units of the Trust will fluctuate with the value of the underlying
securities, so that units, when redeemed or sold, may be worth more or less than
their cost. Unless held in an IRA or other tax-deferred vehicle, there may be
current tax consequences associated with investing in this Trust.
- --------------------------
Companies are included in the Index if they meet the eligibility standards, and
to reflect the technology industry as a whole, without regard to the individual
quality of any specific company. The Index was created by Morgan Stanley & Co.,
Incorporated and is owned by Morgan Stanley Capital International, Inc. (MSCII).
The inclusion of a company in the Index is not, and should not be viewed by an
investor as, a recommendation by Morgan Stanley or MSCII to buy, sell, or hold
securities of such company.
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>
PERFORMANCE
Actual performance of the Morgan Stanley High-Technology 35 Index is detailed
below. The Unit Trust will be structured as an equally-weighted, one-year
portfolio, based on the Index.
<TABLE>
<CAPTION>
ANNUAL % CHANGES IN
THE VALUE OF THE
MORGAN STANLEY
HIGH-TECHNOLOGY 35
INDEX
- ---------------------
<S> <C>
1995 +50.86%
1996 +21.30%
1997 +16.83%
1998 +95.40%
</TABLE>
These Index returns shown reflect actual past performance of the Index (but not
any Trust). They are not guarantees of future performance and should not be used
as a predictor of returns to be expected in connection with a Trust. The actual
returns of a particular Trust or purchase of units of a Trust will vary from the
performance of the Index because after the Trust's formation, the stocks in the
Index may change, or their amounts may be adjusted or rebalanced. The Trust's
portfolio, however, is expected to remain the same, both in terms of identity of
the stocks and proportionate relationship (in terms of number of shares). In
addition, an actual Trust has sales charges, expenses and commissions.
<PAGE>
SCHEDULE OF PORTFOLIO SECURITIES
MORGAN STANLEY DEAN WITTER SELECT EQUITY TRUST MORGAN STANLEY HIGH-TECHNOLOGY 35
INDEX TRUST, SERIES 1
ON DATE OF DEPOSIT, JANUARY 21, 1999
<TABLE>
<CAPTION>
PROPORTIONATE PERCENTAGE OF
RELATIONSHIP AGGREGATE PRICE PER
PORTFOLIO NUMBER OF BETWEEN NO. OF MARKET VALUE OF SHARE TO
NO. NAME OF ISSUER SHARES SHARES TRUST TRUST
- ---- --------------------------------------- --------- --------------- --------------- ---------
<C> <S> <C> <C> <C> <C>
1. 3Com Corporation 146 3.56% 2.86% $47.3125
2. America Online, Inc. 49 1.19 2.88 142.0000
3. Applied Materials, Inc. 124 3.02 2.84 55.3125
4. Ascend Communications, Inc. 84 2.05 2.84 81.7500
5. Automatic Data Processing, Inc. 181 4.41 2.85 38.0625
6. Cisco Systems, Inc. 68 1.66 2.85 101.3125
7. Compaq Computer Corporation 146 3.56 2.88 47.6875
8. Computer Associates International Inc. 142 3.46 2.87 48.8125
9. Computer Sciences Corporation 107 2.61 2.82 63.7500
10. Dell Computer Corporation 82 2.00 2.86 84.1875
11. Electronic Arts Inc. 155 3.78 2.98 46.5000
12. Electronic Data Systems Corp. 132 3.22 2.81 51.3750
13. EMC Corporation 71 1.73 2.84 96.5000
14. First Data Corporation 198 4.82 2.87 35.0625
15. Hewlett-Packard Company 97 2.36 2.82 70.1875
16. Intel Corporation 52 1.27 2.87 133.5000
17. International Business Machines 36 0.88 2.94 197.0625
Corporation
18. Intuit Inc. 79 1.92 2.82 86.3750
19. Lucent Technologies, Inc. 65 1.58 2.88 106.9375
20. Micron Technology 99 2.41 2.86 69.7500
21. Microsoft Corporation 43 1.05 2.82 158.3125
22. Motorola, Inc. 101 2.46 2.88 68.9375
23. Netscape Communications Corp. 113 2.75 2.84 60.6875
24. Northern Telecom 128 3.12 2.86 54.0000
25. Oracle Systems Corporation 138 3.36 2.78 48.6875
26. Parametric Technology Corporation 512 12.47 2.86 13.5000
27. PeopleSoft, Inc. 292 7.11 2.85 23.5625
28. Seagate Technology, Inc. 173 4.21 2.86 39.9375
29. STMicroelectronics 76 1.85 2.90 92.1250
30. Solectron Corporation 81 1.97 2.85 85.0625
31. Sun Microsystems, Inc. 69 1.68 2.82 98.6250
32. Tellabs Inc. 82 2.00 2.86 84.2500
33. Texas Instruments Incorporated 72 1.75 2.87 96.3750
34. Xilinx, Inc. 85 2.07 2.75 78.1250
35. Yahoo! Inc. 27 0.66 2.96 265.0000
---------
4,105
---------
---------
</TABLE>
<PAGE>
#37622
