California Intermediate Long Term
Portfolio Series 28 (Insured)
File No. 33-27907
Insured California Portfolio Series 62
File No. 33-49017
National Portfolio Series 125
File No. 33-49219
Investment Company Act No. 811-3676
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
POST-EFFECTIVE AMENDMENT NO. 4
TO FORM S-6
For Registration Under the Securities Act of 1933 of Securities
of Unit Investment Trusts Registered on Form N-8B-2
A. Exact name of Trust:
DEAN WITTER SELECT MUNICIPAL TRUST
CALIFORNIA INTERMEDIATE LONG TERM PORTFOLIO
SERIES 28 (INSURED)
INSURED CALIFORNIA PORTFOLIO SERIES 62
NATIONAL PORTFOLIO SERIES 125
B. Name of Depositor:
DEAN WITTER REYNOLDS INC.
C. Complete address of Depositor's principal executive
office:
DEAN WITTER REYNOLDS INC.
Two World Trade Center
New York, New York 10048
D. Name and complete address of agent for service:
Mr. Michael D. Browne
Dean Witter Reynolds Inc.
Unit Trust Department
Two World Trade Center, 59th Floor
New York, New York 10048
Copy to:
Kenneth W. Orce, Esq.
Cahill Gordon & Reindel
80 Pine Street
New York, New York 10005
/x/ Check box if it is proposed that this filing should
become effective immediately upon filing pursuant to
paragraph (b) of Rule 485.
Pursuant to Rule 429(b) under the Securities Act of
1933, the Registration Statement and prospectus
contained herein relates to Registration Statements
Nos.:
33-27907
33-49017
33-49219
Cross Reference Sheet
Pursuant to Rule 404(c) of Regulation C
under the Securities Act of 1933
(Form N-8B-2 Items required by Instruction 1
as to Prospectus on Form S-6)
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
I. Organization and General Information
1. (a) Name of Trust Front Cover
(b) Title of securities issued
2. Name and address of Depositor Table of Contents
3. Name and address of Trustee Table of Contents
4. Name and address of principal Table of Contents
Underwriter
5. Organization of Trust Introduction
6. Execution and termination of Introduction; Amendment and
Indenture Termination of the Indenture
7. Changes of name *50
8. Fiscal Year Included in Form N-8B-2
9. Litigation *50
II. General Description of the Trust
and Securities of the Trust
10. General Information regarding
Trust's Securities and Rights
of Holders
__________________
*50 Not applicable, answer negative or not required.
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
(a) Type of Securities Rights of Unit Holders
(Registered or Bearer)
(b) Type of Securities Administration of the Trust-
(Cumulative or Distribution
Distributive)
(c) Rights of Holders as to Redemption; Public Offering
Withdrawal or Redemption of Units-Secondary Market
(d) Rights of Holders as to Public Offering of Units-
conversion, transfer, etc. Secondary Market; Exchange
Option; Redemption; Rights of
Unit Holders-Certificates
(e) Lapses or defaults with *50
respect to periodic
payment plan certificates
(f) Voting rights as to Rights of Unit Holders-
Securities under the Certain Limitations
Indenture
(g) Notice to Holders as to Amendment and Termination of
change in: the Indenture
1) Assets of Trust Administration of the Trust-
Reports to Unit Holders; The
Trust-Summary Description of
the Portfolios
2) Terms and Conditions Amendment and Termination of
of Trust's Securities the Indenture
3) Provisions of Trust Amendment and Termination of
the Indenture
4) Identity of Depositor Sponsor; Trustee
and Trustee
(h) Security Holders' consent
__________________
*50 Not applicable, answer negative or not required.
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
required to change:
1) Composition of assets Amendment and Termination of
of Trust the Indenture
2) Terms and conditions Amendment and Termination of
of Trust's Securities the Indenture
3) Provisions of Amendment and Termination of
Indenture the Indenture
4) Identity of Depositor *50
and Trustee
(i) Other Provisions Cover of Prospectus; Tax
Status
11. Type of securities comprising The Trust-Summary Description
units of the Portfolios; Objectives
and Securities Selection;
The Trust-Special
Considerations
12. Type of securities comprising *50
periodic payment certificates
13. (a) Load, fees, expenses, etc. Summary of Essential
Information; Public Offering
of Units-Public Offering
Price;-Profit of Sponsor;-
Volume Discount; Expenses and
Charges
(b) Certain information *50
regarding periodic payment
certificates
(c) Certain percentages Summary of Essential
Information; Public Offering
of Units-Public Offering
Price;-Profit of Sponsor;-
__________________
*50 Not applicable, answer negative or not required.
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
Volume Discount
(d) Price differentials Public Offering of Units -
Public Offering Price
(e) Certain other fees, etc. Rights of Unit Holders-
payable by holders Certificates
(f) Certain profits receivable Redemption - Purchase by the
by depositor, principal Sponsors of Units Tendered
underwriters, trustee or for Redemption
affiliated persons
(g) Ratio of annual charges to *50
income
14. Issuance of trust's securities Introduction; Rights of Unit
Holders - Certificates
15. Receipt and handling of Public Offering of Units-
payments from purchasers Profit of Sponsor
16. Acquisition and disposition of Introduction; Amendment and
underlying securities Termination of the Indenture;
Objectives and Securities
Selection; The Trust-Summary
Description of the
Portfolios; Sponsor-
Responsibility
17. Withdrawal or redemption by Redemption; Public Offering
Security Holders of Units-Secondary Market
18. (a) Receipt and disposition of Administration of the Trust;
income Reinvestment Programs
(b) Reinvestment of Reinvestment Programs
distributions
(c) Reserves or special fund Administration of the Trust-
Distribution
__________________
*50 Not applicable, answer negative or not required.
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
(d) Schedule of distribution *50
19. Records, accounts and report Administration of the Trust-
Records and Accounts;-Reports
to Unit Holders
20. Certain miscellaneous Amendment and Termination of
provisions of the Indenture the Indenture; Sponsor -
Limitation on Liability -
Resignation; Trustee --
Limitation on Liability -
Resignation
21. Loans to security holders *50
22. Limitations on liability Sponsor, Trustee; Evaluator -
Limitation on Liability
23. Bonding arrangements Included on Form N-8B-2
24. Other material provisions of *50
the Indenture
III. Organization Personnel and
Affiliated Persons of Depositor
25. Organization of Depositor Sponsor
26. Fees received by Depositor Expenses and Charges - Fees;
Public Offering of Units-
Profit of Sponsor
27. Business of Depositor Sponsor and Included in Form
N-8B-2
28. Certain information as to Included in Form N-8B-2
officials and affiliated
persons of Depositor
29. Voting securities of Depositor Included in Form N-8B-2
__________________
*50 Not applicable, answer negative or not required.
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
30. Persons controlling Depositor *50
31. Payments by Depositor for
certain other services *50
32. Payments by Depositor for *50
certain other services rendered
to trust
33. Remuneration of employees of *50
Depositor for certain services
rendered to trust
34. Remuneration of other persons
for certain services rendered *50
to trust
IV. Distribution and Redemption of Securities
35. Distribution of trust's Public Offering of Units-
securities by states Public Distribution
36. Suspension of sales of trust's *50
securities
37. Revocation of authority to *50
distribute
38. (a) Method of distribution Public Offering of Units
(b) Underwriting agreements
(c) Selling agreements
39. (a) Organization of principal Sponsor
underwriter
(b) N.A.S.D. membership of
principal underwriter
40. Certain fees received by Public Offering of Units-
principal underwriter Profit of Sponsor
__________________
*50 Not applicable, answer negative or not required.
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
41. (a) Business of principal Sponsor
underwriter
(b) Branch officers of *50
principal underwriter
(c) Salesman of principal *50
underwriter
42. Ownership of trust's securities *50
by certain persons
43. Certain brokerage commissions *50
received by principal
underwriter
44. (a) Method of valuation Public Offering of Units
(b) Schedule as to offering *50
price
(c) Variation in offering Public Offering of Units-
price to certain persons Volume Discount; Exchange
Option
45. Suspension of redemption rights *50
46. (a) Redemption valuation Public Offering of Units-
Secondary Market; Redemption
(b) Schedule as to redemption *50
price
47. Maintenance of position in See items 10(d), 44 and 46
underlying securities
V. Information concerning the Trustee or Custodian
48. Organization and regulation of Trustee
Trustee
__________________
*50 Not applicable, answer negative or not required.
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
49. Fees and expenses of Trustee Expenses and Charges
50. Trustee's lien Expenses and Charges
VI. Information concerning Insurance
of Holders of Securities
51. (a) Name and address of
Insurance Company *50
(b) Type of policies *50
(c) Type of risks insured and *50
excluded
(d) Coverage of policies *50
(e) Beneficiaries of policies *50
(f) Terms and manner of *50
cancellation
(g) Method of determining *50
premiums
(h) Amount of aggregate *50
premiums paid
(i) Who receives any part of
premiums *50
(j) Other material provisions *50
of the Trust relating to
insurance
VII. Policy of Registrant
52. (a) Method of selecting and Introduction; Objectives and
eliminating securities Securities Selection; The
Trust - Summary Description
__________________
*50 Not applicable, answer negative or not required.
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
from the Trust of the Portfolio; Sponsor -
Responsibility
(b) Elimination of securities *50
from the Trust
(c) Policy of Trust regarding Introduction; Objectives and
substitution and Securities Selection; Sponsor
elimination of securities - Responsibility
(d) Description of any *50
fundamental policy of the
Trust
53. Taxable status of the Trust Cover of Prospectus; Tax
Status
VIII. Financial and Statistical Information
54. Information regarding the *50
Trust's past ten fiscal years
55. Certain information regarding *50
periodic payment plan
certificates
56. Certain information regarding
periodic payment plan
certificates *50
57. Certain information regarding *50
periodic payment plan
certificates
58. Certain information regarding *50
periodic payment plan
certificates
59. Financial statements Statement of Financial
(Instruction 1(c) to Form S-6) Condition
__________________
*50 Not applicable, answer negative or not required.
__________________
*50 Not applicable, answer negative or not required.
LOGO
DEAN WITTER SELECT
MUNICIPAL TRUST
CALIFORNIA INTERMEDIATE LONG TERM PORTFOLIO SERIES 28 (INSURED)
INSURED CALIFORNIA PORTFOLIO SERIES 62
Standard & Poor's Corporation Rating: AAA
NATIONAL PORTFOLIO SERIES 125
(Unit Investment Trusts)
These Trusts were formed for the purpose of providing interest
income which in the opinion of bond counsel is, under existing
law, excludable from gross income for Federal income tax
purposes (except in certain instances depending on the Unit
Holders) and, in the case of a State Trust, is exempt from
state income taxes to individual Unit Holders resident in the
state for which the State Trust is named, through investment in
a fixed portfolio consisting primarily of investment grade
long-term (in the case of the Insured California Trust and the
National Uninsured Trust) or intermediate long-term (in the
case of the Insured California Intermediate Long Term Trust)
state, municipal and public authority debt obligations. The
value of the Units of each Trust will fluctuate with the value
of the portfolio of underlying Securities. The Units of the
Insured California Intermediate Long Term Trust and the Insured
California Trust only are rated AAA by Standard & Poor's
Corporation because each of the Securities in such Trusts have
been irrevocably insured by insurance either provided by the
respective Issuers thereof or obtained by third parties.
Minimum Purchase: 1 Unit.
This Prospectus consists of two parts. Part A contains a
Summary of Essential Information and descriptive material
relating to the Trusts, and the portfolio and financial
statements of the Trusts. Part B contains a general
description of the Trusts. Part A may not be distributed
unless accompanied by Part B.
The Initial Public Offering of Units in the Trusts has been
completed. The Units offered hereby are issued and outstanding
Units which have been acquired by the Sponsor either by
purchase from the Trustee of Units tendered for redemption or
in the Secondary Market
Sponsor: LOGO DEAN WITTER REYNOLDS INC.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR
ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR
ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE.
Read and retain both parts of this Prospectus for future
reference.
Units of the Trust are not deposits or obligations of, or
guaranteed or endorsed by, any bank, and the Units are not
federally insured by the Federal Deposit Insurance Corporation,
Federal Reserve Board, or any other agency.
Prospectus Part A dated April 17, 1997
THIS PROSPECTUS DOES NOT CONTAIN ALL OF THE INFORMATION WITH
RESPECT TO THE INVESTMENT COMPANY SET FORTH IN ITS REGISTRATION
STATEMENT AND EXHIBITS RELATING THERETO WHICH HAVE BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION, WASHINGTON, D.C.,
UNDER THE SECURITIES ACT OF 1933 AND THE INVESTMENT COMPANY ACT
OF 1940, AND TO WHICH REFERENCE IS HEREBY MADE.
THE USE OF THE TERM "INSURED" IN THE NAME OF A TRUST DOES NOT
MEAN THAT THE TRUST UNITS ARE INSURED BY ANY GOVERNMENTAL OR
PRIVATE ORGANIZATION. THE TRUST UNITS ARE NOT INSURED.
DEAN WITTER SELECT MUNICIPAL TRUST
CALIFORNIA INTERMEDIATE LONG TERM PORTFOLIO SERIES 28 (INSURED)
INSURED CALIFORNIA PORTFOLIO SERIES 62
NATIONAL PORTFOLIO SERIES 125
TABLE OF CONTENTS
PART A Page
Table of Contents.................................. A-1
Summary of Essential Information................... A-4
The Insured California Intermediate A-11
Long Term Trust ............................
The Insured California Trust.................. A-13
The National Uninsured Trust.................. A-23
Independent Auditor's Report....................... F-1
PART B
Introduction....................................... 1
The Trust.......................................... 2
Special Considerations........................ 2
Summary Description of the Portfolios......... 3
Insurance on the Securities in an Insured 21
Trust..............................................
Objectives and Securities Selection................ 25
The Units.......................................... 26
Tax Status......................................... 27
Public Offering of Units...................... 32
Public Offering Price......................... 32
Public Distribution........................... 33
Secondary Market.............................. 34
Profit of Sponsor............................. 35
Volume Discount............................... 35
Exchange Option.................................... 36
Reinvestment Programs.............................. 37
A-1
PART A Page
Redemption......................................... 38
Tender of Units............................... 38
Computation of Redemption Price per 39
Unit .......................................
Purchase by the Sponsor of Units
Tendered for Redemption .................... 39
Rights of Unit Holders............................. 40
Certificates.................................. 40
Certain Limitations........................... 40
Expenses and Charges............................... 40
Initial Expenses.............................. 40
Fees.......................................... 40
Other Charges................................. 41
Administration of the Trust........................ 42
Records and Accounts.......................... 42
Distribution.................................. 42
Distribution of Interest and Principal........ 42
Reports to Unit Holders....................... 44
Sponsor............................................ 45
Trustee............................................ 47
Evaluator.......................................... 48
Amendment and Termination of the Indenture......... 49
Legal Opinions..................................... 50
Auditors........................................... 50
Bond Ratings....................................... 50
Federal Tax Free vs. Taxable Income................ 54
Sponsor:
Dean Witter Reynolds Inc.
Two World Trade Center
New York, New York 10048
Evaluator:
Kenny S&P Evaluation Services
A Division of J.J. Kenny Co., Inc.
65 Broadway
New York, New York 10006
Trustee:
The Chase Manhattan Bank
270 Park Avenue
New York, New York 10017
A-2
NO PERSON IS AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY
REPRESENTATIONS WITH RESPECT TO THIS INVESTMENT COMPANY NOT
CONTAINED IN THIS PROSPECTUS; AND ANY INFORMATION OR
REPRESENTATION NOT CONTAINED HEREIN MUST NOT BE RELIED UPON AS
HAVING BEEN AUTHORIZED. THIS PROSPECTUS DOES NOT CONSTITUTE AN
OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO BUY, SECURITIES
IN ANY STATE TO ANY PERSON TO WHOM IT IS NOT LAWFUL TO MAKE
SUCH OFFER IN SUCH STATE.
A-3<TABLE>
<CAPTION>
SUMMARY OF ESSENTIAL INFORMATION
DEAN WITTER SELECT MUNICIPAL TRUST
CALIFORNIA INTERMEDIATE LONG TERM PORTFOLIO SERIES 28
(INSURED)
As of February 28, 1997
<S> <C> <S> <C>
FACE AMOUNT OF SECURITIES $3,105,000.00 DAILY RATE AT WHICH ESTIMATED NET
INTEREST ACCRUES PER UNIT .0124%
NUMBER OF UNITS 3,100 ESTIMATED CURRENT RETURN (based on
Public Offering Price)<F2> 4.361%
FRACTIONAL UNDIVIDED INTEREST IN THE
TRUST REPRESENTED BY EACH UNIT 1/3,100th ESTIMATED LONG TERM RETURN (based on
Public Offering Price)<F2> 4.029%
PUBLIC OFFERING PRICE
MONTHLY INTEREST DISTRIBUTIONS
Aggregate bid side evaluation
of Securities in the Trust $3,094,188.00 Estimated net annual interest rate
per Unit times $1,000 $44.94
Divided by 3,100 Units $ 998.13 Divided by 12 $ 3.74
Plus sales charge of 3.134% of RECORD DATE: The ninth day of each month
Public Offering Price (3.235%
of net amount invested in DISTRIBUTION DATE: The fifteenth
Securities) 32.29 day of each month
Public Offering Price per Unit 1,030.42 MINIMUM PRINCIPAL DISTRIBUTION: No
Plus undistributed principal and distribution need be made from the
net investment income and Principal Account if balance therein
accrued interest 15.33<F1> is less than $1 per Unit outstanding
Adjusted Public Offering Price $ 1,045.75 TRUSTEE'S ANNUAL FEE AND EXPENSES
(including estimated expenses and
SPONSOR'S REPURCHASE PRICE AND Evaluator's fee) $2.05 per $1,000
REDEMPTION PRICE PER UNIT face amount of underlying Securities $ 2.05
(based on bid side evaluation of
underlying Securities, $32.29 SPONSOR'S ANNUAL PORTFOLIO SUPERVISION
less than Adjusted Public Offering FEE: Maximum of $.25 per $1,000
Price per Unit) $ 1,013.46 face amount of underlying Securities .25
CALCULATION OF ESTIMATED NET TOTAL ESTIMATED ANNUAL EXPENSES
ANNUAL INTEREST RATE PER UNIT PER UNIT $ 2.30
(based on face amount of $1,000
per Unit) EVALUATOR'S FEE FOR EACH EVALUATION:
Minimum of $.40 per issue of Security
Annual interest rate per Unit 4.724%
EVALUATION TIME: 4:00 P.M. New York Time
Less estimated annual expenses per
Unit ($2.30) expressed as a MANDATORY TERMINATION DATE: January 1, 2042
percentage .230%
DISCRETIONARY LIQUIDATION AMOUNT: The Trust
may be terminated by the Sponsor if the value
Estimated net annual interest rate of the portfolio of the Trust at any time is
per Unit 4.494% less than $1,348,000.
<F1>Figure shown includes interest accrued (net of expenses) on the underlying Securities to the expected
date of settlement (normally 3 business days after purchase) for Units purchased on February 28, 1997.
<F2>The estimated current return and estimated long term return are increased for transactions entitled to
a reduced sales charge. (See "The Units - Estimated Annual Income and Current Return" and "Public
Offering of Units - Volume Discount" in Part B of this Prospectus.)
A-3
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SUMMARY OF ESSENTIAL INFORMATION
DEAN WITTER SELECT MUNICIPAL TRUST
INSURED CALIFORNIA PORTFOLIO SERIES 62
As of February 28, 1997
<S> <C> <S> <C>
FACE AMOUNT OF SECURITIES $3,820,000.00 DAILY RATE AT WHICH ESTIMATED NET
INTEREST ACCRUES PER UNIT .0144%
NUMBER OF UNITS 3,810 ESTIMATED CURRENT RETURN (based on
Public Offering Price)<F11> 5.091%
FRACTIONAL UNDIVIDED INTEREST IN THE
TRUST REPRESENTED BY EACH UNIT 1/3,810th ESTIMATED LONG TERM RETURN (based on
Public Offering Price)<F11> 5.168%
PUBLIC OFFERING PRICE
MONTHLY INTEREST DISTRIBUTIONS
Aggregate bid side evaluation
of Securities in the Trust $3,676,298.00 Estimated net annual interest rate
per Unit times $1,000 $51.96
Divided by 3,810 Units $ 964.91 Divided by 12 $ 4.33
Plus sales charge of 5.469% of RECORD DATE: The ninth day of each month
Public Offering Price (5.785%
of net amount invested in
Securities) 55.82 DISTRIBUTION DATE: The fifteenth
day of each month
Public Offering Price per Unit 1,020.73
Plus undistributed principal and MINIMUM PRINCIPAL DISTRIBUTION: No distri-
net investment income and accrued bution need be made from the Principal
interest 18.24<F10> Account if balance therein is less than
$1 per Unit outstanding
Adjusted Public Offering Price $ 1,038.97
TRUSTEE'S ANNUAL FEE AND EXPENSES (includ-
SPONSOR'S REPURCHASE PRICE AND ing estimated expenses and Evaluator's
REDEMPTION PRICE PER UNIT fee) $1.83 per $1,000 face amount of
(based on bid side evaluation of underlying Securities $ 1.83
underlying Securities, $55.82
less than Adjusted Public Offering SPONSOR'S ANNUAL PORTFOLIO SUPERVISION
Price per Unit) $ 983.15 FEE: Maximum of $.25 per $1,000 face
amount of underlying Securities .25
CALCULATION OF ESTIMATED NET ANNUAL TOTAL ESTIMATED ANNUAL EXPENSES PER UNIT $ 2.08
INTEREST RATE PER UNIT
(based on face amount of $1,000
per Unit) EVALUATOR'S FEE FOR EACH EVALUATION:
Minimum of $.40 per issue of Security
Annual interest rate per Unit 5.404%
EVALUATION TIME: 4:00 P.M. New York Time
Less estimated annual expenses per
Unit ($2.08) expressed as MANDATORY TERMINATION DATE: January 1, 2042
a percentage .208%
DISCRETIONARY LIQUIDATION AMOUNT: The Trust
may be terminated by the Sponsor if the value
Estimated net annual interest rate of the portfolio of the Trust at any time is
per Unit 5.196% less than $1,720,000.
<F10>Figure shown includes interest accrued (net of expenses) on the underlying Securities to the expected
date of settlement (normally three business days after purchase) for Units purchased on February 28, 1997.
<F11>The estimated current return and estimated long term return are increased for transactions entitled to
reduced sales charge. (See "The Units - Estimated Annual Income and Current Return" and "Public Offering of
Units - Volume Discount" in Part B of this Prospectus.)
A-4
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SUMMARY OF ESSENTIAL INFORMATION
DEAN WITTER SELECT MUNICIPAL TRUST
NATIONAL PORTFOLIO SERIES 125
As of February 28, 1997
<S> <C> <S> <C>
FACE AMOUNT OF SECURITIES $4,335,000.00 DAILY RATE AT WHICH ESTIMATED NET
INTEREST ACCRUES PER UNIT .0156%
NUMBER OF UNITS 4,320 ESTIMATED CURRENT RETURN (based on
Public Offering Price)<F20> 5.460%
FRACTIONAL UNDIVIDED INTEREST IN THE
TRUST REPRESENTED BY EACH UNIT 1/4,320th ESTIMATED LONG TERM RETURN (based on
Public Offering Price)<F20> 5.405%
PUBLIC OFFERING PRICE
MONTHLY INTEREST DISTRIBUTIONS
Aggregate bid side evaluation
of Securities in the Trust $4,236,715.00 Estimated net annual interest rate
per Unit times $1,000 $56.37
Divided by 4,320 Units $ 980.72 Divided by 12 $ 4.69
Plus sales charge of 5.010% of RECORD DATE: The ninth day of each month
Public Offering Price (5.274%
of net amount invested in DISTRIBUTION DATE: The fifteenth
Securities) 51.72 day of each month
Public Offering Price per Unit 1,032.44 MINIMUM PRINCIPAL DISTRIBUTION: No
plus undistributed principal and distribution need be made from the
net investment income and accrued Principal Account if balance therein
interest 16.44<F19> is less than $1 per Unit outstanding
Adjusted Public Offering Price $ 1,048.88 TRUSTEE'S ANNUAL FEE AND EXPENSES
(including estimated expenses and
SPONSOR'S REPURCHASE PRICE AND Evaluator's fee) $1.87 per $1,000
REDEMPTION PRICE PER UNIT face amount of underlying Securities $ 1.87
(based on bid side evaluation of
underlying Securities, $51.72 SPONSOR'S ANNUAL PORTFOLIO SUPERVISION
less than Adjusted Public Offering FEE: Maximum of $.25 per $1,000
Price per Unit) plus $ 997.16 face amount of underlying Securities .25
TOTAL ESTIMATED ANNUAL EXPENSES
CALCULATION OF ESTIMATED NET PER UNIT $ 2.12
ANNUAL INTEREST RATE PER UNIT
(based on face amount of $1,000 EVALUATOR'S FEE FOR EACH EVALUATION:
per Unit) Minimum of $.40 per issue of Security
Annual interest rate per Unit 5.849% EVALUATION TIME: 4:00 P.M. New York Time
Less estimated annual expenses per MANDATORY TERMINATION DATE: January 1, 2042
Unit ($2.12) expressed as a
percentage .212% DISCRETIONARY LIQUIDATION AMOUNT: The Trust
may be terminated by the Sponsor if the value
Estimated net annual interest rate of the portfolio of the Trust at any time is
per Unit 5.637% less than $1,734,000.
<F19>Figure shown includes interest accrued (net of expenses) on the underlying Securities to the expected
date of settlement (normally three business days after purchase) for Units purchased on February 28, 1997.
<F20>The estimated current return and estimated long term return are increased for transactions entitled to
a reduced sales charge. (See "The Units - Estimated Annual Income and Current Return" and "Public Offering
of Units - Volume Discount" in Part B of this Prospectus.)
A-5
</TABLE>
A-4
SUMMARY OF ESSENTIAL INFORMATION
(Continued)
THE TRUSTS -- The Dean Witter Select Municipal Trust,
California Intermediate Long Term Portfolio Series 28 (Insured)
(the "Insured California Intermediate Long Term Trust"),
Insured California Portfolio Series 62 (the "Insured California
Trust") and National Portfolio Series 125 (the "National
Uninsured Trust") are three separate unit investment trusts
(collectively, the "Trusts") created on March 18, 1993 (the
"Date of Deposit"), under the laws of the State of New York
pursuant to an Indenture as defined in Part B. The Insured
California Intermediate Long Term Trust and the Insured
California Trust are sometimes referred to herein as the "State
Trusts" or the "Insured Trusts". Each of the Trusts is
composed of "investment grade" long term, or in the case of the
Insured California Intermediate Long Term Trust, intermediate
long-term, interest-bearing municipal bonds (the "Securities").
(For a description of the meaning of "investment grade"
securities, see: "Bond Ratings", in Part B.) The objectives
of the Trusts are: (1) the receipt of income which, under
existing law, is excludable from gross income for Federal
income tax purposes (except in certain instances depending on
the Unit Holders) and, in the case of a State Trust, is exempt
from state income taxation to individual Unit Holders resident
in the state for which the State Trust is named; and (2) the
conservation of capital. The payment of interest and the
preservation of principal of each of the Trusts is dependent on
the continuing ability of the respective Issuers of the
Securities or the bond insurers thereof to meet their
obligations to pay principal and interest on the Securities.
Therefore, there is no guarantee that the objectives of the
Trusts will be achieved. All of the Securities in each of the
Portfolios are obligations of states, or of the counties,
municipalities or public authorities thereof. Interest on the
Securities, in the opinion of bond counsel or special tax
counsel to the Issuers thereof, under existing law, is
excludable from gross income for Federal income tax purposes
(except in certain instances depending on the Unit Holders)
and, in the case of a State Trust, is exempt from state income
taxes when owned by individual Unit Holders resident in the
state for which the State Trust is named. (For a discussion of
certain tax aspects of the Trusts, see: "Tax Status", in
Part B. For a discussion of certain state tax aspects of the
Insured California Intermediate Long Term Trust and the Insured
California Trust, see: "Special Considerations Regarding
California Securities -- California Tax Status", herein.)
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OFFERS TO SELL OR THE SOLICITATION OF ORDERS TO BUY
MAY ONLY BE MADE IN THOSE JURISDICTIONS IN WHICH THE UNITS OF
EACH TRUST HAVE BEEN REGISTERED. INVESTORS SHOULD CONTACT
ACCOUNT EXECUTIVES OF THE SPONSOR TO DETERMINE WHETHER THE
UNITS OF A PARTICULAR TRUST HAVE BEEN REGISTERED FOR SALE IN
THE STATE IN WHICH THEY RESIDE.
INSURANCE -- A policy of insurance guaranteeing the
scheduled payment of principal and interest ("Bond Insurance")
has been obtained from the bond insurers indicated on the
respective "Schedule of Portfolio Securities", herein, and paid
for by the Issuers of the Securities, or by third parties, for
all the Securities in the Insured Trusts. The policies of Bond
Insurance are non-cancellable and cover default in the payment
of principal and interest on the Securities so insured so long
as such Securities remain outstanding, whether they are held in
the Insured Trusts or not. Bond Insurance on all Securities in
the Insured Trusts relates only to the Securities in such
Insured Trusts and not to the Units offered hereby. No
representation is made herein as to any bond insurer's ability
to meet its obligations under a policy of Bond Insurance
relating to a Security in the Insured Trusts. However, as a
result of such Bond Insurance, the Securities, as well as the
Units of the Insured Trusts only, are rated "AAA" by Standard &
Poor's Corporation. There can be no assurance that such "AAA"
ratings will be retained. (See: "Insurance on the Securities
in an Insured Trust", in Part B.)
MONTHLY DISTRIBUTIONS -- Monthly distributions of
principal, premium, if any, and interest received by each Trust
will be made on or shortly after the fifteenth day of each
month to Unit Holders of record on the ninth day of such month.
Alternatively, Unit Holders may elect to have their monthly
distributions reinvested in either of the Reinvestment Programs
of the Sponsor, neither of which are insured. (See:
"Reinvestment Programs", in Part B.)
PUBLIC OFFERING PRICE -- The Public Offering Price
per Unit of each Trust is calculated daily, and is equal to the
aggregate bid side evaluation of the underlying Securities,
divided by the number of Units outstanding, plus a sales charge
calculated by reference to "Sales Charge/Volume Discount",
below, plus the per Unit balance in the Interest and Principal
Accounts. Units are offered at the Public Offering Price, plus
accrued interest. (See: "Public Offering of Units", in Part
B.)
ESTIMATED CURRENT RETURN -- The Estimated Current
Return shows the return based on the Public Offering Price and
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is computed by multiplying the estimated net annual interest
rate per Unit (which shows the return based on a $1,000 face
amount) by $1,000 and dividing the result by the Public
Offering Price (not including accrued interest). The net
annual interest rate per Unit will vary with changes in the
fees and expenses of the Trustee, the Sponsor and the Evaluator
and with the exchange, redemption, sale or maturity of the
underlying Securities. In addition, the Public Offering Price
will also vary with fluctuations in the bid side evaluation of
the underlying Securities. Therefore, it can be expected that
the Estimated Current Return will fluctuate in the future.
(See: "The Units -- Estimated Annual Income and Current
Return", in Part B.)
MARKET FOR UNITS -- The Sponsor, though not obligated
to do so, intends to maintain a market for the Units based on
the aggregate bid side evaluation of the underlying Securities,
as more fully described in Part B -- "Public Offering of Units
- -- Secondary Market". If such market is not maintained, a Unit
Holder will be able to dispose of its Units through redemption
at prices based on the aggregate bid side evaluation of the
underlying Securities. (See: "Redemption", in Part B.)
Market conditions may cause such prices to be greater or less
than the amount paid for Units.
SPECIAL CONSIDERATIONS -- An investment in Units of
the Trusts should be made with an understanding of the risks
which an investment in fixed rate long-term or intermediate
long-term debt obligations may entail, including the risk that
the value of the Units will decline with increases in interest
rates. The Insured California Intermediate Long Term Trust is
considered to be concentrated in Water and Sewer Securities and
Tax Allocation Securities (39.98% and 26.26% respectively, of
the aggregate market value of the Insured California
Intermediate Long Term Trust Portfolio). The Insured
California Trust is considered to be concentrated in Electric
and Power Securities and General Revenue Lease Payment
Securities (35.47% and 42.44% respectively, of the aggregate
market value of the Insured California Trust Portfolio). The
National Uninsured Trust is considered to be concentrated in
Electric and Power Securities (37.79% of the aggregate market
value of the National Uninsured Trust Portfolio). (See: "The
Trust -- Special Considerations" and "The Trust -- Summary
Description of the Portfolios", in Part B. See also: "The
Insured California Intermediate Long Term Trust", "The Insured
California Trust" or "The National Uninsured Trust", herein,
for a discussion of additional risks relating to Units of such
Trust.)
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OTHER INFORMATION -- The Securities in the Portfolio
of each Trust were chosen in part on the basis of their
respective maturity dates. A long-term Trust contains
obligations maturing in 15 years or more from the Date of
Deposit and an intermediate long-term Trust contains
obligations maturing to 10 to 15 years from the Date of
Deposit. The maturity date of each of the Trusts is January 1,
2042. The latest maturity of a Security in the Insured
California Intermediate Long Term Trust is October 2006; and
the average life to maturity (or date of pre-refunding of a
bond) of the Portfolio of Securities therein is 7.398 years.
The latest maturity of a Security in the Insured California
Trust is October 2023; and the average life to maturity (or
date of pre-refunding of a bond) of the Portfolio of Securities
therein is 22.05 years. The latest maturity of a Security in
the National Uninsured Trust is July 2031; and the average life
to maturity (or date of pre-refunding of a bond) of the
Portfolio of Securities therein is 23.584 years. The actual
maturity dates of each of the Securities contained in each
Trust are shown on the respective "Schedule of Portfolio
Securities", herein.
The Trustee shall receive annually 75 cents per
$1,000 principal amount of Securities in each Trust for its
services as Trustee. See: "Expenses and Charges", in Part B,
for a description of other fees and charges which may be
incurred by a Trust.
SALES CHARGE/VOLUME DISCOUNT -- The Public Offering
Price per Unit will be computed by dividing the aggregate of
the bid prices of the Securities in a Trust by the number of
Units outstanding and then adding the appropriate sales charge
described below.
The sales charge will reflect different rates
depending upon the maturities of the various underlying
Securities. The sales charge per Unit in the secondary market
(the "Effective Sales Charge") will be computed by multiplying
the Evaluator's determination of the bid side evaluation of
each Security by a sales charge determined in accordance with
the table set forth below based upon the number of years
remaining to the maturity of each such Security, totalling all
such calculations, and dividing this total by the number of
Units then outstanding. In calculating the date of maturity, a
Security will be considered to mature on its stated maturity
date unless: (a) the Security has been called for redemption
or funds or securities have been placed in escrow to redeem it
on an earlier call date, in which case the call date will be
deemed the date on which such Security matures; or (b) the
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Security is subject to a mandatory tender, in which case the
mandatory tender date will be deemed the date on which such
Security matures.
(as % of bid (as % of Public
Time to Maturity side evaluation) Offering Price)
Less than 1 year 0% 0%
1 year to less than 2 years 0.756% 0.75%
2 years to less than 4 years 1.523% 1.50%
4 years to less than 7 years 2.564% 2.50%
7 years to less than 11 years 3.627% 3.50%
11 years to less than 15 4.712% 4.50%
years
15 years and greater 5.820% 5.50%
The Effective Sales Charge per Unit for a sale in the
secondary market, as determined above, will be reduced on a
graduated scale for sales to any single purchaser on a single
day of the specified number of Units of a Trust set forth
below.
Dealer Concession
% of Effective as % of Effective
Number of Units Sales Charge Sales Charge
1-99..................... 100% 65%
100-249.................. 95% 62%
250-499.................. 85% 55%
500-999.................. 70% 45%
1,000 or more............ 55% 35%
To qualify for the reduced sales charge and
concession applicable to quantity purchases, the selling dealer
must confirm that the sale is to a single purchaser, as
described in "Volume Discount" in Part B of the Prospectus.
Units purchased at an Effective Sales Charge (before
volume purchase discount) of less than 3.00% of the Public
Offering Price (3.093% of the bid side evaluation of the
Securities) will not be eligible for exchange at a reduced
sales charge described under the Exchange Option.
Dealers purchasing certain dollar amounts of Units
during the life of the Trusts may be entitled to additional
concessions. The Sponsor reserves the right, at any time and
from time to time, to change the level of dealer concessions.
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For further information regarding the volume
discount, see: "Public Offering of Units -- Volume Discount",
in Part B.
Note: "Auditors" in Part B is amended so that
"Deloitte & Touche" is replaced with "Deloitte & Touche LLP";
"Evaluator" in Part B is amended so that "Kenny S&P Evaluation
Services, a division of Kenny Information Systems, Inc." is
replaced with "Kenny S&P Evaluation Services, a Division of
J.J. Kenny Co., Inc."; and "Trustee" in Part B is amended so
that "United States Trust Company of New York, with its
principal place of business at 114 West 47th Street, New York,
New York 10036, and its unit investment trust office at 770
Broadway, New York, New York 10003" is replaced with "The Chase
Manhattan Bank, a New York Bank with its principal executive
office located at 270 Park Avenue, New York, New York 10017 and
its unit investment trust office at 4 New York Plaza, New York,
New York 10004". The reference to the fifth and five business
day in "Redemption -- Computation of Redemption Price per Unit"
and "Administration of the Trust -- Distribution of Interest
and Principal" in Part B is amended to read third and three,
respectively. "Insurance on the Securities in an Insured
Trust" in Part B is amended to add the following paragraph
before "Ambac Indemnity":
On December 20, 1995, Capital Guaranty Corporation
merged with a subsidiary of Financial Security Assurance
Holdings Ltd. In connection with such merger, (i) CGIC, the
principal operating subsidiary of Capital Guaranty Corporation,
became a wholly-owned subsidiary of FSA, the principal
operating subsidiary of Financial Security Assurance Holdings
Ltd., and (ii) the corporate name of CGIC was changed to
Financial Security Assurance of Maryland Inc.
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THE INSURED CALIFORNIA INTERMEDIATE LONG TERM TRUST
The Portfolio of the Insured California Intermediate
Long Term Trust consists of thirteen issues of Securities, all
of which were issued by Issuers located in California. None of
the issues of Securities is a general obligation of an Issuer.
All thirteen issues of Securities, while not backed by the
taxing power of the Issuer, are payable from revenues or
receipts derived from specific projects or other available
sources. The Insured California Intermediate Long Term Trust
contains the following categories of Securities:
Percentage of Aggregate
Market Value of Trust Portfolio
Category of Security (as of April 1, 1997)
General Revenue Lease Payment. 20.30%
Health Care and Hospital...... 13.42%
Tax Allocation................ 26.29%
Water and Sewer............... 39.98%
Original Issue Discount....... 20.30%
See: "The Trust -- Summary Description of the
Portfolios", in Part B, for a summary of the investment risks
associated with the type of Securities contained in the Insured
California Intermediate Long Term Trust. See: "Tax Status",
in Part B, for a discussion of certain tax considerations with
regard to Original Issue Discount.
Of the Original Issue Discount bonds in the Insured
California Intermediate Long Term Trust, approximately 6.1% of
the aggregate principal amount of the Securities in the Insured
California Intermediate Long Term Trust (or 4.09% of the market
value of all Securities in the Insured California Intermediate
Long Term Trust on April 1, 1997) are zero coupon bonds,
(including bonds known as multiplier bonds, money multiplier
bonds, capital accumulator bonds, compound interest bonds and
discount maturity payment bonds).
Securities in the Insured California Intermediate
Long Term Trust representing approximately 9.21% of the
aggregate market value of the Insured California Intermediate
Long Term Trust Portfolio are subject to redemption at the
option of the Issuer thereof beginning in 1999. (See: the
respective "Schedule of Portfolio Securities", herein, and "The
Trust -- Summary Description of the Portfolios -- Additional
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Securities Considerations -- Redemption of Securities", in
Part B.)
The Securities in the Insured California Intermediate
Long Term Trust are insured to maturity by the insurance
obtained by the Issuers or by third parties from the following
insurance companies: AMBAC: 11.22%; and MBIA: 88.77.a
On April 1, 1997, based on the bid side of the
market, the aggregate market value of Securities in the Insured
California Intermediate Long Term Trust was $3,059,613.25.
The range of maturities of Securities in the Insured
California Intermediate Long Term Trust is from August 1, 2001
to October 1, 2006.
On April 1, 1997, all of the Securities in the
Insured California Intermediate Long Term Trust were rated
"AAA" by Standard & Poor's Corporation because of the Bond
Insurance policies issued in respect of such Securities. (See:
the respective "Schedule of Portfolio Securities", herein, and
"Bond Ratings", in Part B.) A Security in the Portfolio may
subsequently cease to be rated or the rating assigned may be
reduced below the minimum requirements of the Insured
California Intermediate Long Term Trust for the acquisition of
Securities. While such events may be considered by the Sponsor
in determining whether to direct the Trustee to dispose of the
Security (see: "Sponsor -- Responsibility", in Part B), such
events do not automatically require the elimination of such
Security from the Portfolio.
a Percentages computed on the basis of the aggregate bid
side evaluation of the Securities in the Insured
California Intermediate Long Term Trust on April 1, 1997.
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THE INSURED CALIFORNIA TRUST
The Portfolio of the Insured California Trust
consists of nine issues of Securities, all of which were issued
by Issuers located in California. One of the issues of
Securities is a general obligation of an Issuer. Eight issues
of Securities, while not backed by the taxing power of the
Issuer, are payable from revenues or receipts derived from
specific projects or other available sources. The Insured
California Trust contains the following categories of
Securities:
Percentage of Aggregate
Market Value of Trust Portfolio
Category of Security (as of April 1, 1997)
Electric and Power............ 35.47%
General Obligation............ 1.62%
General Revenue Lease Payment. 42.44%
Health Care and Hospital...... 7.00%
Water and Sewer............... 13.47%
Original Issue Discount....... 72.29%
See: "The Trust -- Summary Description of the
Portfolios", in Part B, for a summary of the investment risks
associated with the type of Securities contained in the Insured
California Trust. See: "Tax Status", in Part B, for a
discussion of certain tax considerations with regard to
Original Issue Discount.
Of the Original Issue Discount bonds in the Insured
California Trust, approximately 2.62% of the aggregate
principal amount of the Securities in the Insured California
Trust (or 1.62% of the market value of all Securities in the
Insured California Trust on April 1, 1997) are zero coupon
bonds (including bonds known as multiplier bonds, money
multiplier bonds, capital accumulator bonds, compound interest
bonds and discount maturity payment bonds).
The Securities in the Insured California Trust are
insured to maturity by the insurance obtained by the Issuers or
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by third parties from the following insurance companies:
AMBAC: 42.44%; and MBIA: 57.56%.a
On April 1, 1997, based on the bid side of the
market, the aggregate market value of the Securities in the
Insured California Trust was $3,599,061.00.
On April 1, 1997, all of the Securities in the
Insured California Trust were rated "AAA" by Standard & Poor's
Corporation because of the Bond Insurance policies issued in
respect of such Securities. (See: the respective "Schedule of
Portfolio Securities", herein, and "Bond Ratings", in Part B.)
A Security in the Portfolio may subsequently cease to be rated
or the rating assigned may be reduced below the minimum
requirements of the Insured California Trust for the
acquisition of Securities. While such events may be considered
by the Sponsor in determining whether to direct the Trustee to
dispose of the Security (see: "Sponsor -- Responsibility", in
Part B), such events do not automatically require the
elimination of such Security from the Portfolio.
SPECIAL CONSIDERATIONS REGARDING CALIFORNIA SECURITIES
Potential purchasers of the Units of a State Trust
should consider the fact that the Trust's Portfolio consists
primarily of Securities issued by the state for which such
State Trust is named or its municipalities or authorities and
realize the substantial risks associated with an investment in
such Securities. Each State Trust is subject to certain
additional risk factors:
a Percentages computed on the basis of the aggregate bid
side evaluation of the Securities in the Insured
California Trust on April 1, 1997.
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California Trust
Since the start of the 1990-91 fiscal year,
California (the "State") has faced the worst economic, fiscal
and budget conditions since the 1930s. Construction,
manufacturing (especially aerospace), exports and financial
services, among others, have all been severely affected. Job
losses have been the worst of any post-war recession and have
been estimated to exceed 800,000. While the most severe point
of the recession has been estimated to have occurred in late
1993, pre-recession job levels are not expected to be reached
for several more years.
The recession has affected State tax revenues, which
mirror economic conditions. It has also caused increased
expenditures for health and welfare programs. The State has
also been facing a structural imbalance in its budget with the
largest programs supported by the General Fund (K-12 schools
and community colleges, health, welfare and corrections)
growing at rates higher than the growth rates for the principal
revenue sources of the General Fund. (The General Fund, the
State's main operating fund, consists of revenues which are not
required to be credited to any other fund.) As a result, the
State has experienced recurring budget deficits.
Employment, income, and retail sales in the State
have shown modest increases over the past two years, indicating
some recovery from recessionary conditions. These increases
notwithstanding, pre-recession job levels are not expected to
be reached until 1997.
Together with the federal government, which is
providing over $9.5 billion in aid, the State is committed to
assisting local governments, individuals and businesses
suffering damage caused by the Northridge earthquake, as well
as to assisting in the repair and replacement of State-owned
facilities.
On December 6, 1994, Orange County, California (the
"County"), together with its pooled investment funds (the
"Pools"), filed for protection under Chapter 9 of the federal
Bankruptcy Code.
On May 2, 1995, the Bankruptcy Court approved a
settlement agreement covering claims of the other participating
entities against the County and the Pools. Most participants
have received in cash 80% (90% for school districts) of their
Pools' investments with the balance to be paid in the future.
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The State bears no existing obligation in connection
with any of the outstanding obligations or securities of the
County or any of the other participating entities. It may,
however, be necessary for the State to intervene if the County
lacks sufficient resources to maintain County administered
State programs. In this regard, the State cannot predict what,
if any, action may occur. The Legislature is considering the
County's new financial plan and other proposals relating to the
County bankruptcy, including possible State oversight of County
finances. None of the proposals, however, presently involve
any direct State financial support of the County.
1995-96 Budget
The State began the 1995-96 fiscal year with
strengthening revenues based on an improving economy and the
smallest nominal "budget gap" to be closed in many years
The 1995-96 Budget Act, signed by the Governor, on
August 3, 1995, projects General Fund revenues and transfers of
$44.1 billion. about $2.2 billion higher than projected
revenues in 1994-95. The Budget Act projects Special Fund
revenues of $12.7 billion, an increase from $12.1 billion
projected in 1994-95.
The 1995-96 Budget Act projects General Fund
expenditures and transfers of $43.4 billion, an increase of
$168 million over 1994-95. The Budget Act also projects
Special Fund expenditures of $13.4 billion, a decrease of $700
million from 1994-95 projected expenditures. The principal
features of the Budget Act were the following:
1. Proposition 98 funding for schools and community
colleges will increase by about $1 billion (General Fund) and
$1.2 billion total above revised 1994-95 levels. Because of
higher than projected revenues in 1994-95, an additional $543
million is appropriated to the 1994-95 Proposition 98
entitlement. A significant component of this amount is a block
grant of about $54 per pupil for any one-time purpose. Per-
pupil expenditures are projected to increase by another $126 in
1995-96 to $4,435. A full 2.7% cost of living allowance is
funded for the first time in several years. The budget
compromise anticipates a settlement of the CTA v. Gould
litigation.
2. Cuts in health and welfare costs totaling about $900
million, some of which would require federal legislative
approval.
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3. A 3.5% increase in funding for the University of
California ($90 million General Fund) and the California State
University system ($24 million General Fund).
4. The Budget assumes receipt of $473 million in new
federal aid for costs of illegal immigrants, in excess of
federal government commitments. This amount is considerably
less than the summer 1994 two-year budget proposal estimate,
and is somewhat lower than the estimate in the January 1995
Governor's Budget.
5. General Fund support for the Department of
Corrections is increased by about 8 percent over 1994-95,
reflecting estimates of increased prison population. This
amount is less than was proposed in the Governor's Budget.
THE FOREGOING DISCUSSION OF THE 1995-96 FISCAL YEAR
BUDGET IS BASED IN LARGE PART ON STATEMENTS MADE IN A RECENT
"PRELIMINARY OFFICIAL STATEMENT" DISTRIBUTED BY THE STATE OF
CALIFORNIA. IN THAT DOCUMENT, THE STATE INDICATED THAT ITS
DISCUSSION OF THE FISCAL YEAR BUDGET IS BASED ON ESTIMATES AND
PROJECTIONS OF REVENUES AND EXPENDITURES FOR THE CURRENT FISCAL
YEAR AND MUST NOT BE CONSTRUED AS STATEMENTS OF FACT. THE
STATE NOTED FURTHER THAT THE ESTIMATES AND PROJECTIONS ARE
BASED UPON VARIOUS ASSUMPTIONS WHICH MAY BE AFFECTED BY
NUMEROUS FACTORS, INCLUDING FUTURE ECONOMIC CONDITIONS IN THE
STATE AND THE NATION, AND THAT THERE CAN BE NO ASSURANCE THAT
THE ESTIMATES WILL BE ACHIEVED.
State Appropriations Limit
The State is subject to an annual appropriations
limit imposed by Article XIIIB of the State Constitution (the
"Appropriations Limit"), and is prohibited from spending
"appropriations subject to limitation" in excess of the
Appropriations Limit. Article XIIIB, originally adopted in
1979. was modified substantially by Propositions 98 and 111 in
1988 and 1990, respectively. "Appropriations subject to
limitation" are authorizations to spend "proceeds of taxes,"
which consist of tax revenues and certain other funds,
including proceeds from regulatory licenses, user charges or
other fees to the extent that such proceeds exceed the
reasonable cost of providing the regulation, product or
service. The Appropriations Limit is based on the limit for
the prior year, adjusted annually for certain changes, and is
tested over consecutive two-year periods. Any excess of the
aggregate proceeds of taxes received over such two-year period
above the combined Appropriation Limits for those two years is
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divided equally between transfers to K-14 districts and refunds
to taxpayers.
Exempted from the Appropriations Limit are debt
service costs of certain bonds, court or federally mandated
costs, and, pursuant to Proposition 111, qualified capital
outlay projects and appropriations or revenues derived from any
increase in gasoline taxes and motor vehicle weight fees above
January 1, 1990 levels. Some recent initiatives were
structured to create new tax revenues dedicated to specific
uses and expressly exempted from the Article XIIIB limits. The
Appropriations Limit may also be exceeded in cases of emergency
arising from civil disturbance or natural disaster declared by
the Governor and approved by two-thirds of the Legislature. If
not so declared and approved, the Appropriations Limit for the
next three years must be reduced by the amount of the excess.
Because of the complexities of Article XIIIB, the
ambiguities and possible inconsistencies in its terms, the
applicability of its exceptions and exemptions and the
impossibility of predicting future appropriations, the Sponsor
cannot predict the impact of this or related legislation on the
bonds in the California Trust Portfolio. Other Constitutional
amendments affecting state and local taxes and appropriations
have been proposed from time to time. If any such initiatives
are adopted, the State could be pressured to provide additional
financial assistance to local governments or appropriate
revenues as mandated by such initiatives. Propositions such as
Proposition 98 and others that may be adopted in the future,
may place increasing pressure on the State's budget over future
years, potentially reducing resources available for other State
programs, especially to the extent that the Article XIIIB
spending limit would restrain the State's ability to fund such
other programs by raising taxes.
State Indebtedness
As of August 1, 1995, the State had over $18.93
billion aggregate amount of its general obligation bonds
outstanding. General obligation bond authorizations in an
aggregate amount of approximately $2.81 billion remained
unissued as of August 1, 1995. The State also builds and
acquires capital facilities through the use of lease purchase
borrowing. As of August 1, 1995, the State had approximately
$5.56 billion of outstanding Lease-Purchase Debt.
In addition to the general obligation bonds, State
agencies and authorities had approximately $18.98 billion
aggregate principal amount of revenue bonds and notes
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outstanding as of June 30, 1995. Revenue bonds represent both
obligations payable from State revenue-producing enterprises
and projects, which are not payable from the General Fund, and
conduit obligations payable only from revenues paid by private
users of facilities financed by such revenue bonds. Such
enterprises and projects include transportation projects,
various public works and exposition projects, educational
facilities (including the California State University and
University of California systems), housing, health facilities
and pollution control facilities.
Litigation
The State is a party to numerous legal proceedings,
many of which normally occur in governmental operations. In
addition, the State is involved in certain other legal
proceedings that, if decided against the State, might require
the State to make significant future expenditures or impair
future revenue sources.
Ratings
On July 15, 1994, Standard & Poor's Corporation
("Standard & Poor's"), Moody's Investors Service, Inc.
("Moody's"), and Fitch Investors Service, Inc. ("Fitch") all
downgraded their ratings of California's general obligation
bonds. These bonds are usually sold in 20- to 30-year
increments and used to finance the construction of schools,
prisons, water systems and other projects. The ratings were
reduced by Standard & Poor's from "A+" to "A," by Moody's from
"Aa" to "Al," and by Fitch from "AA" to "A." Since 1991, when
it had a "AAA" rating, the State's rating has been downgraded
three times by all three ratings agencies. All three agencies
cite the 1994-95 Budget Act's dependence on a "questionable"
federal bailout to pay for the cost of illegal immigrants, the
Proposition 98 guaranty of a minimum portion of State revenues
for kindergarten through community college, and the persistent
deficit requiring more borrowing as reasons for the reduced
rating. Another concern was the State's reliance on a standby
mechanism which could trigger across-the-board reductions in
all State programs, and which could disrupt State operations,
particularly in fiscal year 1995-96. However, a Standard &
Poor's spokesman stated that, although the lowered ratings
means California is a riskier borrower, Standard & Poor's
anticipates that the State will pay off its debts and not
default. There can be no assurance that such ratings will
continue for any given period of time or that they will not in
the future be further revised.
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Fitch upgraded its rating of California general
obligation bonds from "A" to "A+" on February 26, 1996. No
rating change was made, however, by either Moody's or Standard
& Poor's as of that date.
As a result of Orange County's Chapter 9 bankruptcy
filing on December 6, 1994, Moody's suspended the County's bond
ratings until January 6, 1995, when it reinstated them at a
rating of "Caa." On December 6, 1994, Standard & Poor's cut its
rating of all Orange County debt from "AA-" to "CCC," a level
below investment grade and an indication of high risk and
uncertainty, and on December 8. 1994, Standard & Poor's further
reduced its rating to "D" indicating default status. Fitch
does not rate Orange County bonds. It is anticipated that as
Orange County's credit and bond ratings fall, it will have
difficulty in getting loans or selling its bonds to raise
money. Additionally, the County's bankruptcy filing could
affect about 180 municipalities, school districts, and other
municipal entities which entrusted billions of dollars to
Orange County to invest. Standard & Poor's has informed such
entities that they have been placed on negative credit watch,
the usual step prior to a downgrade of credit rating.
The Sponsor believes the information summarized above
describes some of the more significant aspects relating to the
California Trust. The sources of such information are
Preliminary Official Statements and Official Statements
relating to the State's general obligation bonds and the
State's revenue anticipation notes, or obligations of other
issuers located in the State of California, or other publicly
available documents. Although the Sponsor has not
independently verified this information, it has no reason to
believe that such information is not correct in all material
respects.
A-20
SUPPLEMENT TO PART B - TAX STATUS
California Trust
On the Date of Deposit, special California counsel
for the Sponsor rendered an opinion under the then existing
California state income tax law which read as follows:
The Insured Trust is not an association taxable as a
corporation under the income tax laws of the State of
California;
The income, deductions and credits against tax of the
Insured Trust will be treated as the income, deductions and
credits against tax of the holders of Units in the Insured
Trust under the income tax laws of the State of California;
Interest on the bonds held by the Insured Trust to
the extent that such interest is exempt from taxation under
California law will not lose its character as tax-exempt income
merely because that income is passed through to the holders of
Units; however, a corporation subject to the California
franchise tax is required to include that interest income in
its gross income for purposes of determining its franchise tax
liability;
Each holder of a Unit in the Insured Trust will have
a taxable event when the Insured Trust disposes of a bond
(whether by sale, exchange, redemption, or payment at maturity)
or when the Unit holder redeems or sells his Units. The total
tax cost of each Unit to a holder of a Unit in the Insured
Trust is allocated among each of the bond issues held in the
Insured Trust (in accordance with the proportion of the Insured
Trust comprised by each bond issue) in order to determine the
holder's per Unit tax cost for each bond issue, and the tax
cost reduction requirements relating to amortization of bond
premium will apply separately to the per Unit tax cost of each
bond issue. Therefore, under some circumstances, a holder of a
Unit may realize taxable gain when the Insured Trust disposes
of a bond or the holder's Units are sold or redeemed for an
amount equal to or less than his original cost of the bond or
Unit;
Each holder of a Unit in the Insured Trust is deemed
to be the owner of a pro rata portion of the Insured Trust
under the personal property tax laws of the State of
California;
A-21
Each Unit holder's pro rata ownership of the bonds
held by the Insured Trust, as well as the interest income
therefrom, is exempt from California personal property taxes;
and
Amounts paid in lieu of interest on defaulted bonds
held by the Trustee under policies of insurance issued with
respect to such bonds will be excludable from gross income for
California income tax purposes if, and to the same extent as,
those amounts would have been so excludable if paid as interest
by the respective issuer.
In the opinion of Messrs. Kopesky & Welke, LLP,
special California counsel to the Sponsor, no change in law has
occurred since the Date of Deposit which would require a change
in the above opinion.
A-22
THE NATIONAL UNINSURED TRUST
The Portfolio of the National Uninsured Trust
consists of eleven issues of Securities, which were issued by
Issuers located in nine states. One of the issues of
Securities is a general obligation of an Issuer. Ten issues of
Securities, while not backed by the taxing power of the Issuer,
are payable from revenues or receipts derived from specific
projects or other available sources. The National Uninsured
Trust contains the following categories of Securities:
Percentage of Aggregate
Market Value of Trust Portfolio
Category of Security (as of April 1, 1997)
Electric and Power............ 37.79%
General Obligation............ 16.99%
General Revenue Lease Payment. 8.91%
Health Care and Hospital...... 23.56%
Housing....................... 12.21%
Special Tax................... 3.88%
Prerefunded/Escrowed to
Maturity.................... .67%
Original Issue Discount....... 58.87%
See: "The Trust -- Summary Description of the
Portfolios", in Part B, for a summary of the investment risks
associated with the type of Securities contained in the
National Uninsured Trust. See: "Tax Status", in Part B, for a
discussion of certain tax considerations with regard to
Original Issue Discount.
Of the Original Issue Discount bonds in the National
Uninsured Trust, approximately 3.46% of the aggregate principal
amount of the Securities in the National Uninsured Trust (or
.67% of the market value of all Securities in the National
Uninsured Trust on April 1, 1997) are zero coupon bonds
(including bonds known as multiplier bonds, money multiplier
bonds, capital accumulator bonds, compound interest bonds and
discount maturity payment bonds).
Securities in the National Uninsured Trust
representing approximately 11.98% of the aggregate market value
of the National Uninsured Trust Portfolio are subject to
redemption at the option of the Issuer thereof beginning in
1999. (See: the respective "Schedule of Portfolio
Securities", herein, and "The Trust -- Summary Description of
A-23
the Portfolios -- Additional Securities Considerations --
Redemption of Securities", in Part B.)
On April 1, 1997, based on the bid side of the
market, the aggregate market value of Securities in the
National Uninsured Trust was $4,168,929.00.
On April 1, 1997, Standard & Poor's Corporation rated
five of the Securities in the National Uninsured Trust as
follows: 8.91%-AAA, 12.21%-AA and 27.49%-A; and Moody's
Investors Service rated five of the Securities as follows:
.67%-Aaa, 23.55%-Aa, 11.58%-A and 11.72%-Baa. 3.88% of the
Securities are not rated; however, in the opinion of the
Sponsor, these Securities have credit characteristics
comparable to investment grade securities. (See: the
respective "Schedule of Portfolio Securities", herein, and
"Bond Ratings", in Part B.) A Security in the Portfolio may
subsequently cease to be rated or the rating assigned may be
reduced below the minimum requirements of the National
Uninsured Trust for the acquisition of Securities. While such
events may be considered by the Sponsor in determining whether
to direct the Trustee to dispose of the Security (see:
"Sponsor -- Responsibility", in Part B), such events do not
automatically require the elimination of such Security from the
Portfolio.
A-24
<AUDIT-REPORT>
INDEPENDENT AUDITORS' REPORT
THE UNIT HOLDERS, SPONSOR AND TRUSTEE
DEAN WITTER SELECT MUNICIPAL TRUST
CALIFORNIA INTERMEDIATE LONG TERM PORTFOLIO SERIES 28 (INSURED)
INSURED CALIFORNIA PORTFOLIO SERIES 62
NATIONAL PORTFOLIO SERIES 125
We have audited the statements of financial condition and schedules of
portfolio securities of the Dean Witter Select Municipal Trust California
Intermediate Long Term Portfolio Series 28 (Insured), Insured California
Portfolio Series 62 and National Portfolio Series 125 as of February 28,
1997, and the related statements of operations and changes in net assets for
the years ended February 28, 1997, February 29, 1996 and February 28, 1995.
These financial statements are the responsibility of the Trustee (see
Footnote (a)(1)). Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
Our procedures included confirmation of the securities owned as of
February 28, 1997 as shown in the statements of financial condition and
schedules of portfolio securities by correspondence with The Chase Manhattan
Bank, the Trustee. An audit also includes assessing the accounting
principles used and the significant estimates made by the Trustee, as well
as evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of the Dean Witter Select
Municipal Trust California Intermediate Long Term Portfolio Series 28
(Insured), Insured California Portfolio Series 62 and National Portfolio
Series 125 as of February 28, 1997, and the results of their operations and
the changes in their net assets for the years ended February 28, 1997,
February 29, 1996 and February 28, 1995 in conformity with generally
accepted accounting principles.
DELOITTE & TOUCHE LLP
April 4, 1997
New York, New York
F-1
</AUDIT-REPORT>
<PAGE>
STATEMENT OF FINANCIAL CONDITION
DEAN WITTER SELECT MUNICIPAL TRUST
CALIFORNIA INTERMEDIATE LONG TERM PORTFOLIO SERIES 28
(INSURED)
February 28, 1997
TRUST PROPERTY
Investments in municipal bonds at market value
(amortized cost $3,037,242) (Note (a) and Schedule
of Portfolio Securities Notes (4) and (5)) $3,094,188
Accrued interest receivable 43,311
Cash 8,898
Total 3,146,397
LIABILITIES AND NET ASSETS
Less Liabilities:
Accrued Trustee's fees and expenses 4,485
Accrued Sponsor's fees 1,361
Total liabilities 5,846
Net Assets:
Balance applicable to 3,100 Units of fractional
undivided interest outstanding (Note (c)):
Capital, plus unrealized market
appreciation of $56,946 $3,094,188
Undistributed principal and net investment
income (Note (b)) 46,363
Net assets $3,140,551
Net asset value per Unit ($3,140,551 divided by 3,100 Units) $ 1,013.08
See notes to financial statements
F-2
<PAGE>
STATEMENTS OF OPERATIONS
DEAN WITTER SELECT MUNICIPAL TRUST
CALIFORNIA INTERMEDIATE LONG TERM PORTFOLIO SERIES 28
(INSURED)
For the years ended
February 28, February 29, February 28,
1997 1996 1995
Investment income -
interest $152,642 $160,062 $164,878
Less Expenses:
Trustee's fees and
expenses 6,367 6,684 6,888
Sponsor fees 776 814 840
Total
expenses 7,143 7,498 7,728
Investment
income -
net 145,499 152,564 157,150
Net (loss) gain on
investments:
Realized gain (loss)
on securities sold
or redeemed - 906 (5,027)
Net unrealized market
(depreciation)
appreciation (16,327) 206,286 (117,267)
Net (loss)
gain on
investments (16,327) 207,192 (122,294)
Net increase in net
assets resulting from
operations $129,172 $359,756 $ 34,856
See notes to financial statements
F-3
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
DEAN WITTER SELECT MUNICIPAL TRUST
CALIFORNIA INTERMEDIATE LONG TERM PORTFOLIO SERIES 28
(INSURED)
For the years ended
February 28, February 29, February 28,
1997 1996 1995
Operations:
Investment income -
net $ 145,499 $ 152,564 $ 157,150
Realized gain (loss)
on securities sold
or redeemed - 906 (5,027)
Net unrealized market
(depreciation)
appreciation (16,327) 206,286 (117,267)
Net increase
in net
assets
resulting
from
operations 129,172 359,756 34,856
Less Distributions to
Unit Holders:
Investment income -
net (139,128) (146,967) (151,305)
Total distri-
butions (139,128) (146,967) (151,305)
Less Capital Share
Transactions:
Redemption of 224
Units and 46
Units, respec-
tively
- (222,555) (40,588)
Accrued interest on
redemption - (3,349) (693)
Total capi-
tal share
transac-
tions - (225,904) (41,281)
Net decrease in net
assets (9,956) (13,115) (157,730)
Net assets:
Beginning of year 3,150,507 3,163,622 3,321,352
End of year (includ-
ing undistributed
principal and net
investment income
of $46,363, $46,164
and $51,427,
respectively) $3,140,551 $3,150,507 $3,163,622
See notes to financial statements
F-4
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DEAN WITTER SELECT MUNICIPAL TRUST
CALIFORNIA INTERMEDIATE LONG TERM PORTFOLIO SERIES 28
(INSURED)
February 28, 1997
(a) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Trust is registered under the Investment Company Act of 1940 as a
Unit Investment Trust. The following is a summary of the significant
accounting policies of the Trust:
(1) Basis of Presentation
The Trustee has custody of and responsibility for all accounting and
financial books, records, financial statements and related data of
the Trust and is responsible for establishing and maintaining a
system of internal controls directly related to, and designed to
provide reasonable assurance as to the integrity and reliability
of, financial reporting of the Trust. The Trustee is also
responsible for all estimates and accruals reflected in the Trust's
financial statements. The Evaluator determines the price for each
underlying Security included in the Trust's Portfolio of Securities
on the basis set forth in Part B of this Prospectus, "Public
Offering of Units - Public Offering Price". Under the Securities
Act of 1933 ("the Act"), as amended, the Sponsor is deemed to be an
issuer of the Trust Units. As such, the Sponsor has the
responsibility of an issuer under the Act with respect to financial
statements of the Trust included in the Trust's Registration
Statement under the Act and amendments thereto.
(2) Investments
Investments are stated at market value as determined by the
Evaluator based on the bid side evaluations on the last day of
trading during the period, except that value on the date of deposit
(March 18, 1993) represents the cost of investments to the Trust
based on the offering side evaluations as of the
date of deposit.
(3) Income Taxes
The Trust is not an association taxable as a corporation for Federal
income tax purposes; accordingly, no provision is required for such
taxes.
(4) Expenses
The Trust pays an annual Trustee's fee, estimated expenses,
Evaluator's fees, and an annual Sponsor's portfolio supervision
fee, and may incur additional charges as explained under "Expenses
and Charges - Fees" and "- Other Charges" in Part B of this
Prospectus.
F-5
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DEAN WITTER SELECT MUNICIPAL TRUST
CALIFORNIA INTERMEDIATE LONG TERM PORTFOLIO SERIES 28
(INSURED)
February 28, 1997
(5) Reclassifications
Certain reclassifications were made in the prior year financial
statements to reflect current year presentation.
(b) DISTRIBUTIONS
Interest received by the Trust is distributed to the Unit Holders on or
shortly after the fifteenth day of each month after deducting applicable
expenses. Receipts other than interest are distributed as explained in
"Administration of the Trust - Distribution of Interest and Principal"
in Part B of this Prospectus.
(c) ORIGINAL COST TO INVESTORS
The original cost to investors represents the aggregate initial public
offering price as of the date of deposit (March 18, 1993) exclusive of
accrued interest, computed on the basis set forth under "Public Offering
of Units - Public Offering Price" in Part B of this Prospectus.
A reconciliation of the original cost of Units to investors to the net
amount applicable to investors as of February 28, 1997 follows:
Original cost to investors $3,412,439
Less: Gross underwriting commissions (sales charge) (133,081)
Net cost to investors 3,279,358
Cost of securities sold or redeemed (265,000)
Unrealized market appreciation 56,946
Accumulated interest accretion 22,884
Net amount applicable to investors $3,094,188
F-6
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DEAN WITTER SELECT MUNICIPAL TRUST
CALIFORNIA INTERMEDIATE LONG TERM PORTFOLIO SERIES 28
(INSURED)
February 28, 1997
(d) OTHER INFORMATION
Selected data for a Unit of the Trust during each year:
For the years ended
February 28, February 29, February 28,
1997 1996 1995
Net investment
income dis-
tributions
during year $ 44.88 $ 44.97 $ 45.00
Net asset value
at end of
year $1,013.08 $1,016.29 $951.75
Trust Units out-
standing at
end of year 3,100 3,100 3,324
F-7
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO SECURITIES
DEAN WITTER SELECT MUNICIPAL TRUST
CALIFORNIA INTERMEDIATE LONG TERM PORTFOLIO SERIES 28
(INSURED)
February 28, 1997
Port- Optional
folio Rating Face Coupon Maturity Sinking Fund Refunding Market
No. Title of Securities <F3> Amount Rate Date Redemptions<F5> Redemptions<F4> Value<F6><F7>
<S><C> <C> <C> <C> <C> <C> <C> <C>
1. California Health Facili-
ties Financing Authority,
Insured Hospital Revenue
Bonds, (Children's Hospital
- San Diego), Series 1993
(MBIA Insured) <F8> AAA $ 90,000 5.100% 07/01/03 NONE NONE $ 92,445
2. California Health Facili-
ties Financing Authority,
Insured Hospital Revenue
Bonds, (Children's Hospital
- San Diego), Series 1993
(MBIA Insured) <F8> AAA 315,000 5.200 07/01/04 NONE 07/01/03@102 323,089
3. Delta Diablo Sanitation
District, 1993 Refunding
Subordinated Certificates
of Participation (Waste
Water Facilities Project)
(MBIA Insured) <F8> AAA 280,000 5.000 12/01/03 NONE 12/01/99@101 283,805
4. Escondido Joint Powers
Financing Authority Revenue
Bonds, Series 1993 A (AMBAC
Insured) <F9> AAA 345,000 5.000 09/01/06 NONE 09/01/02@102 348,440
5. Mountain View Capital Im-
provements Financing Author-
ity Revenue Bonds (City
Hall/Community Theatre),
Series 1992 (MBIA Insured)
<F8> AAA 190,000 0.000 08/01/05 NONE NONE 125,639
6. Palmdale Water District
Certificates of Participa-
tion (Littlerock Dam Proj-
ect), Series 1993 A (MBIA
Insured) <F8> AAA 430,000 5.250 10/01/06 NONE 10/01/02@102 441,068
7. Riverside Redevelopment
Agency, Tax Allocation Bonds
(Casa Blanca Redevelopment
Project), Series 1993 A
(MBIA Insured) <F8> AAA 280,000 4.700 08/01/01 NONE NONE 283,335
8. Riverside Redevelopment
Agency, Tax Allocation Bonds
(Merged Redevelopment Proj-
ect A), Series 1993 A (MBIA
Insured) <F8> AAA 180,000 4.700 08/01/01 NONE NONE 182,144
9. San Diego County Certifi-
cates of Participation
(Vista Detention Facility
Refunding), Series 1993
(MBIA Insured) <F8> AAA 155,000 4.700 04/01/02 NONE NONE 156,862
10. San Diego County Certifi-
cates of Participation
(Vista Detention Facility
Refunding), Series 1993
(MBIA Insured) <F8> AAA 140,000 4.800 04/01/03 NONE NONE 141,987
11. San Diego County Certifi-
cates of Participation
(Vista Detention Facility
Refunding), Series 1993
(MBIA Insured) <F8> AAA 200,000 4.900 04/01/04 NONE 04/01/03@102 203,104
12. San Luis Obispo 1993
Water Revenue Bonds (Water
Treatment Plant Modification
Project), Series 1993 (MBIA
Insured) <F8> AAA 250,000 5.200 06/01/05 NONE 06/01/03@100 256,145
F-8
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO SECURITIES
DEAN WITTER SELECT MUNICIPAL TRUST
CALIFORNIA INTERMEDIATE LONG TERM PORTFOLIO SERIES 28
(INSURED)
(CONTINUED)
February 28, 1997
Port- Optional
folio Rating Face Coupon Maturity Sinking Fund Refunding Market
No. Title of Securities <F3> Amount Rate Date Redemptions<F5> Redemptions<F4> Value<F6><F7>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
13. San Luis Obispo 1993
Water Revenue Bonds (Water
Treatment Plant Modification
Project), Series 1993 (MBIA
Insured) <F8> AAA $ 250,000 5.300% 06/01/06 NONE 06/01/03@100 $ 256,125
$3,105,000 $3,094,188
See notes to schedule of portfolio securities
F-9
</TABLE>
<PAGE>
NOTES TO SCHEDULE OF PORTFOLIO SECURITIES
DEAN WITTER SELECT MUNICIPAL TRUST
CALIFORNIA INTERMEDIATE LONG TERM PORTFOLIO SERIES 28
(INSURED)
February 28, 1997
[FN]
<F3> All ratings are provided by Standard & Poor's Corporation. A brief
description of applicable Security ratings is given under "Bond
Ratings" in Part B of this Prospectus.
<F4> There is shown under this heading the date on which each issue of
Securities is redeemable by the operation of optional call
provisions and the redemption price for that date; unless otherwise
indicated, each issue continues to be redeemable at declining
prices thereafter but not below par. Securities listed as non-
callable, as well as Securities listed as callable, may also be
redeemable at par under certain circumstances from special
redemption payments.
<F5> There is shown under this heading the date on which an issue of
Securities is subject to scheduled sinking fund redemption and the
redemption price on such date.
<F6> The market value of the Securities as of February 28, 1997 was
determined by the Evaluator on the basis of bid side evaluations
for the Securities at such date.
<F7> At February 28, 1997, the unrealized market appreciation of all
Securities was comprised of the following:
Gross unrealized market appreciation $56,946
Gross unrealized market depreciation -
Unrealized market appreciation $56,946
The amortized cost of the Securities for Federal income tax purposes
was $3,037,242 at February 28, 1997.
<F8> Insured by Municipal Bond Insurance Association ("MBIA").
<F9> Insured by American Municipal Bond Assurance Corporation ("AMBAC").
F-10
<PAGE>
STATEMENT OF FINANCIAL CONDITION
DEAN WITTER SELECT MUNICIPAL TRUST
INSURED CALIFORNIA PORTFOLIO SERIES 62
February 28, 1997
TRUST PROPERTY
Investments in municipal bonds at market value
(amortized cost $3,715,265) (Note (a) and
Schedule of Portfolio Securities Notes (4) and (5)) $3,676,298
Accrued interest receivable 61,470
Cash 13,717
Total 3,751,485
LIABILITIES AND NET ASSETS
Less Liabilities:
Accrued Trustee's fees and expenses 5,729
Accrued Sponsor's fees 1,618
Total liabilities 7,347
Net Assets:
Balance applicable to 3,810 Units of fractional
undivided interest outstanding (Note (c)):
Capital, less net unrealized market
depreciation of $38,967 $3,676,298
Undistributed principal and net investment
income (Note (b)) 67,840
Net assets $3,744,138
Net asset value per Unit ($3,744,138 divided by 3,810 Units) $ 982.71
See notes to financial statements
F-11
<PAGE>
STATEMENTS OF OPERATIONS
DEAN WITTER SELECT MUNICIPAL TRUST
INSURED CALIFORNIA PORTFOLIO SERIES 62
For the years ended
February 28, February 29, February 28,
1997 1996 1995
Investment income -
interest $208,875 $208,719 $218,156
Less Expenses:
Trustee's fees and
expenses 6,990 6,991 7,247
Sponsor fees 955 956 990
Total
expenses 7,945 7,947 8,237
Investment
income -
net 200,930 200,772 209,919
Net (loss) gain on
investments:
Realized loss on
securities sold
or redeemed - - (43,879)
Unrealized market
(depreciation)
appreciation (18,693) 200,135 (171,493)
Net (loss)
gain on
investments (18,693) 200,135 (215,372)
Net increase (decrease)
in net assets result-
ing from operations $182,237 $400,907 $ (5,453)
See notes to financial statements
F-12
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
DEAN WITTER SELECT MUNICIPAL TRUST
INSURED CALIFORNIA PORTFOLIO SERIES 62
For the years ended
February 28, February 29, February 28,
1997 1996 1995
Operations:
Investment income -
net $ 200,930 $ 200,772 $ 209,919
Realized loss on
securities sold or
redeemed - - (43,879)
Unrealized market
(depreciation)
appreciation (18,693) 200,135 (171,493)
Net increase
(decrease)
in net
assets
resulting
from opera-
tions 182,237 400,907 (5,453)
Less Distributions to
Unit Holders:
Principal - - (7,125)
Investment income -
net (197,510) (197,510) (206,570)
Total dis-
tributions (197,510) (197,510) (213,695)
Less Capital Share
Transactions:
Redemption of 490
Units - - (433,650)
Accrued interest on
redemption - - (9,437)
Total capital
share
transac-
tions - - (443,087)
Net (decrease) increase
in net assets (15,273) 203,397 (662,235)
Net assets:
Beginning of year 3,759,411 3,556,014 4,218,249
End of year (includ-
ing undistributed
principal and net
investment income
of $67,840, $67,395
and $66,952,
respectively) $3,744,138 $3,759,411 $3,556,014
See notes to financial statements
F-13
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DEAN WITTER SELECT MUNICIPAL TRUST
INSURED CALIFORNIA PORTFOLIO SERIES 62
February 28, 1997
(a) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Trust is registered under the Investment Company Act of 1940 as a
Unit Investment Trust. The following is a summary of the significant
accounting policies of the Trust:
(1) Basis of Presentation
The Trustee has custody of and responsibility for all accounting and
financial books, records, financial statements and related data of
the Trust and is responsible for establishing and maintaining a
system of internal controls directly related to, and designed to
provide reasonable assurance as to the integrity and reliability
of, financial reporting of the Trust. The Trustee is also
responsible for all estimates and accruals reflected in the Trust's
financial statements. The Evaluator determines the price for each
underlying Security included in the Trust's Portfolio of Securities
on the basis set forth in Part B of this Prospectus, "Public
Offering of Units - Public Offering Price". Under the Securities
Act of 1933 ("the Act"), as amended, the Sponsor is deemed to be an
issuer of the Trust Units. As such, the Sponsor has the
responsibility of an issuer under the Act with respect to financial
statements of the Trust included in the Trust's Registration
Statement under the Act and amendments thereto.
(2) Investments
Investments are stated at market value as determined by the
Evaluator based on the bid side evaluations on the last day of
trading during the period, except that value on the date of deposit
(March 18, 1993) represents the cost of investments to the Trust
based on the offering side evaluations as of the
date of deposit.
(3) Income Taxes
The Trust is not an association taxable as a corporation for Federal
income tax purposes; accordingly, no provision is required for such
taxes.
(4) Expenses
The Trust pays an annual Trustee's fee, estimated expenses,
Evaluator's fees, and an annual Sponsor's portfolio supervision
fee, and may incur additional charges as explained under "Expenses
and Charges - Fees" and "- Other Charges" in Part B of this
Prospectus.
F-14
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DEAN WITTER SELECT MUNICIPAL TRUST
INSURED CALIFORNIA PORTFOLIO SERIES 62
February 28, 1997
(5) Reclassifications
Certain reclassifications were made in the prior year financial
statements to reflect current year presentation.
(b) DISTRIBUTIONS
Interest received by the Trust is distributed to the Unit Holders on or
shortly after the fifteenth day of each month after deducting applicable
expenses. Receipts other than interest are distributed as explained in
"Administration of the Trust - Distribution of Interest and Principal"
in Part B of this Prospectus.
(c) ORIGINAL COST TO INVESTORS
The original cost to investors represents the aggregate initial public
offering price as of the date of deposit (March 18, 1993) exclusive of
accrued interest, computed on the basis set forth under "Public Offering
of Units - Public Offering Price" in Part B of this Prospectus.
A reconciliation of the original cost of Units to investors to the net
amount applicable to investors as of February 28, 1997 follows:
Original cost to investors $4,404,749
Less: Gross underwriting commissions (sales charge) (215,817)
Net cost to investors 4,188,932
Cost of securities sold or redeemed (484,666)
Net unrealized market depreciation (38,967)
Accumulated interest accretion 10,999
Net amount applicable to investors $3,676,298
F-15
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DEAN WITTER SELECT MUNICIPAL TRUST
INSURED CALIFORNIA PORTFOLIO SERIES 62
February 28, 1997
(d) OTHER INFORMATION
Selected data for a Unit of the Trust during each year:
For the years ended
February 28, February 29, February 28,
1997 1996 1995
Principal dis-
tributions
during year $ - $ - $ 1.87
Net investment
income distri-
butions during
year $ 51.84 $ 51.84 $ 51.98
Net asset value
at end of year $982.71 $986.72 $933.34
Trust Units out-
standing at
end of year 3,810 3,810 3,810
F-16
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO SECURITIES
DEAN WITTER SELECT MUNICIPAL TRUST
INSURED CALIFORNIA PORTFOLIO SERIES 62
February 28, 1997
Port- Optional
folio Rating Face Coupon Maturity Sinking Fund Refunding Market
No. Title of Securities <F12> Amount Rate Date Redemptions<F14> Redemptions<F13> Value<F15><F16>
<S><C> <C> <C> <C> <C> <C> <C> <C>
1. California Health Facili-
ties Financing Authority,
Insured Hospital Revenue
Bonds (Children's Hospital
- San Diego) (MBIA Insured)
<F17> AAA $ 260,000 5.750% 07/01/23 07/01/05@100 07/01/03@102 $ 257,195
2. California Statewide Com-
munity Development Corpora-
tion Lease Revenue Bonds
(Oakland Convention Center
Project), Series 1992 (AMBAC
Insured) <F18> AAA 600,000 5.500 10/01/14 10/01/11@100 10/01/02@100 597,288
3. Los Angeles County Certi-
ficates of Participation
(Children's Court and
Museum), Series 1992 (AMBAC
Insured) <F18> AAA 500,000 5.500 04/01/17 04/01/13@100 04/01/02@102 484,615
4. Northern California Power
Agency, Hydroelectric Proj-
ect No. 1, Public Power Rev-
enue Refunding Bonds, Series
1992A (MBIA Insured) <F17> AAA 600,000 5.500 07/01/23 07/01/19@100 07/01/02@100 575,796
5. Orange County Certificates
of Participation (Juvenile
Justice Center Facility),
Refunding Series 1992 (AMBAC
Insured) <F18> AAA 500,000 5.500 06/01/19 06/01/18@100 06/01/02@100 480,125
6. Palmdale Water District
Certificates of Participa-
tion (Littlerock Dam Proj-
ect), Series 1993A (MBIA
Insured) <F17> AAA 500,000 5.750 10/01/23 10/01/18@100 10/01/02@102 495,265
7. Roseville Joint Union High
School District General
Obligation Bonds, Series
1992-A (MBIA Insured) <F17> AAA 100,000 0.000 08/01/07 NONE NONE 58,676
8. Sacramento Municipal Util-
ity District Electric Reve-
nue Refunding Bonds, Series
1992-A (MBIA Insured) <F17> AAA 260,000 5.750 08/15/13 08/15/11@100 08/15/02@100 263,393
9. Transmission Agency of
Northern California, Cali-
fornia-Oregon Transmission
Project Revenue Refunding
Bonds, 1993 Series A (MBIA
Insured) <F17> AAA 500,000 5.250 05/01/20 05/01/15@100 05/01/03@102 463,945
$3,820,000 $3,676,298
See notes to schedule of portfolio securities
F-17
</TABLE>
<PAGE>
NOTES TO SCHEDULE OF PORTFOLIO SECURITIES
DEAN WITTER SELECT MUNICIPAL TRUST
INSURED CALIFORNIA PORTFOLIO SERIES 62
February 28, 1997
[FN]
<F12> All ratings are provided by Standard & Poor's Corporation. A brief
description of applicable Security ratings is given under "Bond
Ratings" in Part B of this Prospectus.
<F13> There is shown under this heading the date on which each issue of
Securities is redeemable by the operation of optional call
provisions and the redemption price for that date; unless otherwise
indicated, each issue continues to be redeemable at declining
prices thereafter but not below par. Securities listed as non-
callable, as well as Securities listed as callable, may also be
redeemable at par under certain circumstances from special
redemption payments.
<F14> There is shown under this heading the date on which an issue of
Securities is subject to scheduled sinking fund redemption and the
redemption price on such date.
<F15> The market value of the Securities as of February 28, 1997 was
determined by the Evaluator on the basis of bid side evaluations
for the Securities at such date.
<F16> At February 28, 1997, the net unrealized market depreciation of all
Securities was comprised of the following:
Gross unrealized market appreciation $ 9,332
Gross unrealized market depreciation (48,299)
Net unrealized market depreciation $(38,967)
The amortized cost of the Securities for Federal income tax purposes
was $3,715,265 at February 28, 1997.
<F17> Insured by Municipal Bond Insurance Association ("MBIA").
<F18> Insured by American Municipal Bond Assurance Corporation ("AMBAC").
F-18
<PAGE>
STATEMENT OF FINANCIAL CONDITION
DEAN WITTER SELECT MUNICIPAL TRUST
NATIONAL PORTFOLIO SERIES 125
February 28, 1997
TRUST PROPERTY
Investments in municipal bonds at market value
(amortized cost $4,223,772) (Note (a) and Schedule
of Portfolio Securities Notes (4) and (5)) $4,236,715
Accrued interest receivable 54,203
Cash 23,571
Total 4,314,489
LIABILITIES AND NET ASSETS
Less Liabilities:
Accrued Trustee's fees and expenses 6,938
Accrued Sponsor's fees 1,862
Total liabilities 8,800
Net Assets:
Balance applicable to 4,320 Units of fractional
undivided interest outstanding (Note (c)):
Capital, plus net unrealized market
appreciation of $12,943 $4,236,715
Undistributed principal and net investment
income (Note (b)) 68,974
Net assets $4,305,689
Net asset value per Unit ($4,305,689 divided by 4,320 Units) $ 996.69
See notes to financial statements
F-19
<PAGE>
STATEMENTS OF OPERATIONS
DEAN WITTER SELECT MUNICIPAL TRUST
NATIONAL PORTFOLIO SERIES 125
For the years ended
February 28, February 29, February 28,
1997 1996 1995
Investment income -
interest $254,518 $254,401 $254,291
Less Expenses:
Trustee's fees and
expenses 8,106 8,107 8,106
Sponsor fees 1,084 1,084 1,084
Total
expenses 9,190 9,191 9,190
Investment
income -
net 245,328 245,210 245,101
Net unrealized mar-
ket (depreciation)
appreciation (13,550) 230,074 (252,112)
Net increase (decrease)
in net assets
resulting from opera-
tions $231,778 $475,284 $ (7,011)
See notes to financial statements
F-20
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
DEAN WITTER SELECT MUNICIPAL TRUST
NATIONAL PORTFOLIO SERIES 125
For the years ended
February 28, February 29, February 28,
1997 1996 1995
Operations:
Investment income -
net $ 245,328 $ 245,210 $ 245,101
Net unrealized mar-
ket (depreciation)
appreciation
(13,550) 230,074 (252,112)
Net increase
(decrease)
in net
assets
resulting
from opera-
tions 231,778 475,284 (7,011)
Less Distributions to
Unit Holders:
Investment income -
net (243,130) (243,275) (243,454)
Total distri-
butions (243,130) (243,275) (243,454)
Less Capital Share
Transactions:
Redemption of 15
Units - (14,283) -
Accrued interest on
redemptions - (313) -
Total capi-
tal share
transac-
tions - (14,596) -
Net (decrease) increase
in net assets (11,352) 217,413 (250,465)
Net assets:
Beginning of year 4,317,041 4,099,628 4,350,093
End of year (includ-
ing undistributed
principal and net
investment income
of $68,974, $68,632
and $83,031,
respectively) $4,305,689 $4,317,041 $4,099,628
See notes to financial statements
F-21
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DEAN WITTER SELECT MUNICIPAL TRUST
NATIONAL PORTFOLIO SERIES 125
February 28, 1997
(a) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Trust is registered under the Investment Company Act of 1940 as a
Unit Investment Trust. The following is a summary of the significant
accounting policies of the Trust:
(1) Basis of Presentation
The Trustee has custody of and responsibility for all accounting and
financial books, records, financial statements and related data of
the Trust and is responsible for establishing and maintaining a
system of internal controls directly related to, and designed to
provide reasonable assurance as to the integrity and reliability
of, financial reporting of the Trust. The Trustee is also
responsible for all estimates and accruals reflected in the Trust's
financial statements. The Evaluator determines the price for each
underlying Security included in the Trust's Portfolio of Securities
on the basis set forth in Part B of this Prospectus, "Public
Offering of Units - Public Offering Price". Under the Securities
Act of 1933 ("the Act"), as amended, the Sponsor is deemed to be an
issuer of the Trust Units. As such, the Sponsor has the
responsibility of an issuer under the Act with respect to financial
statements of the Trust included in the Trust's Registration
Statement under the Act and amendments thereto.
(2) Investments
Investments are stated at market value as determined by the
Evaluator based on the bid side evaluations on the last day of
trading during the period, except that value on the date of deposit
(March 18, 1993) represents the cost of investments to the Trust
based on the offering side evaluations as of the
date of deposit.
(3) Income Taxes
The Trust is not an association taxable as a corporation for Federal
income tax purposes; accordingly, no provision is required for such
taxes.
(4) Expenses
The Trust pays an annual Trustee's fee, estimated expenses,
Evaluator's fees, and an annual Sponsor's portfolio supervision
fee, and may incur additional charges as explained under "Expenses
and Charges - Fees" and "- Other Charges" in Part B of this
Prospectus.
F-22
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DEAN WITTER SELECT MUNICIPAL TRUST
NATIONAL PORTFOLIO SERIES 125
February 28, 1997
(5) Reclassifications
Certain reclassifications were made in the prior year financial
statements to reflect current year presentation.
(b) DISTRIBUTIONS
Interest received by the Trust is distributed to the Unit Holders on or
shortly after the fifteenth day of each month after deducting applicable
expenses. Receipts other than interest are distributed as explained in
"Administration of the Trust - Distribution of Interest and Principal"
in Part B of this Prospectus.
(c) ORIGINAL COST TO INVESTORS
The original cost to investors represents the aggregate initial public
offering price as of the date of deposit (March 18, 1993) exclusive of
accrued interest, computed on the basis set forth under "Public Offering
of Units - Public Offering Price" in Part B of this Prospectus.
A reconciliation of the original cost of Units to investors to the net
amount applicable to investors as of February 28, 1997 follows:
Original cost to investors $4,434,294
Less: Gross underwriting commissions (sales charge) (217,270)
Net cost to investors 4,217,024
Net unrealized market appreciation 12,943
Accumulated interest accretion 6,748
Net amount applicable to investors $4,236,715
F-23
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DEAN WITTER SELECT MUNICIPAL TRUST
NATIONAL PORTFOLIO SERIES 125
February 28, 1997
(d) OTHER INFORMATION
Selected data for a Unit of the Trust during each year:
For the years ended
February 28, February 29, February 28,
1997 1996 1995
Net investment
income dis-
tribution
during year $ 56.28 $ 56.20 $ 56.16
Net asset value
at end of year $996.69 $999.32 $945.70
Trust Units out-
standing at
end of year 4,320 4,320 4,335
F-24
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO SECURITIES
DEAN WITTER SELECT MUNICIPAL TRUST
NATIONAL PORTFOLIO SERIES 125
February 28, 1997
Port- Optional
folio Rating Face Coupon Maturity Sinking Fund Refunding Market
No. Title of Securities <F21> Amount Rate Date Redemptions<F23> Redemptions<F22> Value<F24><F25>
<S><C> <C> <C> <C> <C> <C> <C> <C>
1. California State General
Obligation Bonds, Series
1992 A+ $ 500,000 6.250% 10/01/19 10/01/16@100 10/01/02@102 $ 546,960
2. Connecticut Housing
Finance Authority Housing
Mortgage Finance Program
Bonds, Series 1993 B <F26> AA 500,000 6.300 05/15/24 05/15/13@100 05/15/03@102 512,165
3. Washington Wilkes Payroll
Development Authority,
Georgia, Subordinated Zero
Coupon Revenue Bonds (South-
ern Care Corp.), Series 1991
C (Escrowed to Maturity) Aaa<F27> 150,000 0.000 12/01/21 NONE NONE 28,647
4. West Chicago, Illinois,
Tax Increment Revenue Bonds,
Series 1992 <F28> 150,000 7.375 12/01/12 12/01/08@100 12/01/02@103 163,638
5. Indiana Health Facilities
Financing Authority, Hospi-
tal Revenue Bonds (Lafayette
Home Hospital), Series 1993 A1(7) 500,000 6.000 08/01/23 08/01/14@100 02/01/03@102 488,325
6. Marion County Convention
and Recreational Facilities
Authority, Indiana, Excise
Taxes Lease Rental Revenue
Refunding Bonds, Series 1993
A (AMBAC Insured) <F29> AAA 400,000 5.500 06/01/21 06/01/14@100 06/01/03@100 377,004
7. North Carolina Eastern
Municipal Power Agency,
Power System Revenue Refund-
ing Bonds, Series 1993B Baa1<F27> 500,000 6.000 01/01/13 07/01/12@100 01/01/03@102 495,920
8. North Carolina Municipal
Power Agency No. 1, Catawba
Electric Revenue Bonds,
Series 1992 A<F27> 500,000 5.750 01/01/15 01/01/13@100 01/01/03@100 486,375
9. Pennsylvania Higher Educa-
tional Facilities Authority
Revenue Bonds (Thomas Jef-
ferson University), Series
1989A Aa<F27> 500,000 6.000 07/01/19 07/01/04@100 07/01/99@102 504,125
10. South Carolina Public
Service Authority, Various
Revenue Bonds (Santee Coo-
per), Series B Aa<F27> 500,000 6.000 07/01/31 07/01/27@100 07/01/01@100 498,510
11. Intermountain Power
Agency, Utah, Power Supply
Revenue Refunding Bonds,
Series B Aa<F27> 135,000 6.000 07/01/23 07/01/22@100 07/01/99@100 135,046
$4,335,000 $4,236,715
See notes to schedule of portfolio securities
F-25
</TABLE>
<PAGE>
NOTES TO SCHEDULE OF PORTFOLIO SECURITIES
DEAN WITTER SELECT MUNICIPAL TRUST
NATIONAL PORTFOLIO SERIES 125
February 28, 1997
[FN]
<F21> All ratings are provided by Standard & Poor's Corporation, unless
otherwise indicated. A brief description of applicable Security
ratings is given under "Bond Ratings" in Part B of this Prospectus.
<F22> There is shown under this heading the date on which each issue of
Securities is redeemable by the operation of optional call
provisions and the redemption price for that date; unless otherwise
indicated, each issue continues to be redeemable at declining
prices thereafter but not below par. Securities listed as non-
callable, as well as Securities listed as callable, may also be
redeemable at par under certain circumstances from special
redemption payments.
<F23> There is shown under this heading the date on which an issue of
Securities is subject to scheduled sinking fund redemption and the
redemption price on such date.
<F24> The market value of the Securities as of February 28, 1997 was
determined by the Evaluator on the basis of bid side evaluations
for the Securities at such date.
<F25> At February 28, 1997, the net unrealized market appreciation of all
Securities was comprised of the following:
Gross unrealized market appreciation $ 40,483
Gross unrealized market depreciation (27,540)
Net unrealized market appreciation $ 12,943
The amortized cost of the Securities for Federal income tax purposes
was $4,223,772 at February 28, 1997.
<F26> See "The Trust - Summary Description of the Portfolios - Revenue
Securities - Housing Securities" in Part B of this Prospectus for a
discussion relating to Housing Securities therein.
<F27> Moody's Investors Service, Inc. rating.
<F28> This Security, although unrated, has, in the opinion of the Sponsor,
credit characteristics comparable to an investment grade Security.
<F29> Insured by American Municipal Bond Assurance Corporation ("AMBAC").
F-26
(MODULE)
(NAME) DWSMTPARTB941
(CIK) 0000840581
(CCC) uit*59fl
(/MODULE)
CONTENTS OF REGISTRATION STATEMENT
This registration statement comprises the following
documents:
The facing sheet.
The Cross Reference Sheet.
The Prospectus.
The signatures.
Consents of the Evaluator, Independent Auditors and
Standard & Poor's Ratings Group; all other consents
were previously filed.
The following exhibits:
23. 1a. Consents of Kenny S&P Evaluation Services,
a division of J.J. Kenny Co., Inc.
1b. Consent of Independent Auditors.
1d. Consents of Standard & Poor's Ratings
Group, a division of The McGraw-Hill
Companies, Inc.
27. 1. Financial Data Schedule of
Dean Witter Select Municipal Trust,
California Intermediate Long Term Portfolio
Series 28 (Insured).
2. Financial Data Schedule of
Dean Witter Select Municipal Trust,
Insured California Portfolio Series 62.
3. Financial Data Schedule of
Dean Witter Select Municipal Trust,
National Portfolio Series 125.
CONSENT OF COUNSEL
The consent of Counsel to the use of its name in the
Prospectus included in this Registration Statement is contained
in its opinion filed as Exhibits EX-5 and EX-8 to this
Registration Statement.
SIGNATURES
Pursuant to the requirements of the Securities Act of
1933, each of the registrants, Dean Witter Select Municipal
Trust, California Intermediate Long Term Portfolio Series 28
(Insured), Insured California Portfolio Series 62 and National
Portfolio Series 125, certifies that it meets all of the
requirements for effectiveness of this Registration Statement
pursuant to Rule 485(b) under the Securities Act of 1933 and
has duly caused this Post-Effective Amendment No. 4 to the
Registration Statement to be signed on their behalf by the
undersigned, thereunto duly authorized, all in The City of New
York and State of New York on the 17th day of April, 1997.
DEAN WITTER SELECT MUNICIPAL TRUST,
CALIFORNIA INTERMEDIATE LONG TERM
PORTFOLIO SERIES 28 (Insured)
INSURED CALIFORNIA PORTFOLIO SERIES 62
NATIONAL PORTFOLIO SERIES 125
(Registrants)
By: DEAN WITTER REYNOLDS INC.
(Depositor)
Thomas Hines
Thomas Hines
Authorized Signatory
Pursuant to the requirements of the Securities Act of
1933, this Post-Effective Amendment No. 4 to the Registration
Statement has been signed on behalf of Dean Witter Reynolds
Inc., the Depositor, by the following person in the following
capacities and by the following persons who constitute a
majority of the Depositor's Board of Directors in The City of
New York and State of New York on this 17th day of April, 1997.
Name Office
_____ _______
Philip J. Purcell Chairman & Chief )
Executive Officer )
and Director )
Richard M. DeMartini Director
Robert J. Dwyer Director
Christine A. Edwards Director
Charles A. Fiumefreddo Director
James F. Higgins Director
Mitchell M. Merin Director
Stephen R. Miller Director
Richard F. Powers III Director
Thomas C. Schneider Director
William B. Smith Director
By: Thomas Hines
Thomas Hines
Attorney-in-facta
a Executed copies of the Powers of Attorney of the Board
Members listed above have been filed with the Securities
and Exchange Commission in connection with Amendment No. 1
to the Registration Statement on Form S-6 for Dean Witter
Select Equity, Select 10 Industrial Portfolio 97-1, File
No. 333-16839, Amendment No. 1 to the Registration
Statement on Form S-6 for Dean Witter Select Equity Trust,
Select 10 Industrial Portfolio 96-4, File No. 333-10499
and the Registration Statement on Form S-6 for Dean Witter
Select Equity Trust, Select 10 International Series 95-1,
File No. 33-56389.
A-30
EXHIBIT INDEX
EXHIBIT NO. TITLE OF DOCUMENT
23. 1a. Consents of Kenny S&P Evaluation
Services, a division of J.J. Kenny
Co., Inc.
1b. Consent of Deloitte & Touche LLP
1d. Consents of Standard & Poor's
Ratings Group, a division of The
McGraw-Hill Companies, Inc.
27. 1. Financial Data Schedule of
Dean Witter Select Municipal Trust,
California Intermediate Long Term
Portfolio Series 28 (Insured)
2. Financial Data Schedule of
Dean Witter Select Municipal Trust,
Insured California Portfolio
Series 62
3. Financial Data Schedule of
Dean Witter Select Municipal Trust,
National Portfolio Series 125
A-31
Exhibit 23.1a.
Letterhead of KENNY S&P EVALUATION SERVICES,
A Division of J.J. Kenny Co., Inc.
April 17, 1997
Dean Witter Reynolds Inc.
Two World Trade Center
New York, NY 10048
Re: Dean Witter Select Municipal Trust,
California Intermediate Long Term
Portfolio Series 28 (Insured)
Gentlemen:
We have examined the post-effective Amendment to the
Registration Statement File No. 33-27907 for the
above-captioned trust. We hereby acknowledge that Kenny S&P
Evaluation Services, a division of J.J. Kenny Co., Inc. is
currently acting as the evaluator for the trust. We hereby
consent to the use in the Amendment of the reference to Kenny
S&P Evaluation Services, a division of J.J. Kenny Co., Inc. as
evaluator.
In addition, we hereby confirm that the ratings
indicated in the above-referenced Amendment to the Registration
Statement for the respective bonds comprising the trust
portfolio are the ratings currently indicated in our KENNYBASE
database.
You are hereby authorized to file a copy of this
letter with the Securities and Exchange Commission.
Sincerely,
Frank A. Ciccotto
Frank A. Ciccotto
Vice President
Letterhead of KENNY S&P EVALUATION SERVICES,
A Division of J.J. Kenny Co., Inc.
April 17, 1997
Dean Witter Reynolds Inc.
Two World Trade Center
New York, NY 10048
Re: Dean Witter Select Municipal Trust,
Insured California Portfolio Series 62
Gentlemen:
We have examined the post-effective Amendment to the
Registration Statement File No. 33-49017 for the
above-captioned trust. We hereby acknowledge that Kenny S&P
Evaluation Services, a division of J.J. Kenny Co., Inc. is
currently acting as the evaluator for the trust. We hereby
consent to the use in the Amendment of the reference to Kenny
S&P Evaluation Services, a division of J.J. Kenny Co., Inc. as
evaluator.
In addition, we hereby confirm that the ratings
indicated in the above-referenced Amendment to the Registration
Statement for the respective bonds comprising the trust
portfolio are the ratings currently indicated in our KENNYBASE
database.
You are hereby authorized to file a copy of this
letter with the Securities and Exchange Commission.
Sincerely,
Frank A. Ciccotto
Frank A. Ciccotto
Vice President
Letterhead of KENNY S&P EVALUATION SERVICES,
A Division of J.J. Kenny Co., Inc.
April 17, 1997
Dean Witter Reynolds Inc.
Two World Trade Center
New York, NY 10048
Re: Dean Witter Select Municipal Trust,
National Portfolio Series 125
Gentlemen:
We have examined the post-effective Amendment to the
Registration Statement File No. 33-49219 for the
above-captioned trust. We hereby acknowledge that Kenny S&P
Evaluation Services, a division of J.J. Kenny Co., Inc. is
currently acting as the evaluator for the trust. We hereby
consent to the use in the Amendment of the reference to Kenny
S&P Evaluation Services, a division of J.J. Kenny Co., Inc. as
evaluator.
In addition, we hereby confirm that the ratings
indicated in the above-referenced Amendment to the Registration
Statement for the respective bonds comprising the trust
portfolio are the ratings currently indicated in our KENNYBASE
database.
You are hereby authorized to file a copy of this
letter with the Securities and Exchange Commission.
Sincerely,
Frank A. Ciccotto
Frank A. Ciccotto
Vice President
Exhibit 23.1b.
CONSENT OF INDEPENDENT AUDITORS
We consent to the use of our report dated April 4, 1997, accompanying the
financial statements of the Dean Witter Select Municipal Trust California
Intermediate Long Term Portfolio Series 28 (Insured), Insured California
Portfolio Series 62 and National Portfolio Series 125 included herein and to
the reference to our Firm as experts under the heading "Auditors" in the
prospectus which is a part of this registration statement.
DELOITTE & TOUCHE LLP
April 17, 1997
New York, New York
Exhibit 23.1d.
Letterhead of Standard & Poor's Ratings Group,
A Division of The McGraw-Hill Companies, Inc.
April 17, 1997
Dean Witter Reynolds Inc.
Two World Trade Center
New York, New York 10048
Re: Dean Witter Select Municipal Trust,
California Intermediate Long Term
Portfolio Series 28 (Insured)
It is our understanding that you are filing with the
Securities and Exchange Commission a post-effective amendment
to the above-captioned trust, SEC file number 33-27907.
Since the portfolio is composed solely of securities
covered by bond insurance policies that insure against default
in the payment of principal and interest on the securities for
so long as they remain outstanding and such policies have been
issued by one or more insurance companies which have been
assigned "AAA" claims paying ability ratings by Standard &
Poor's, we reaffirm the assignment of a "AAA" rating to the
units of the trust and a "AAA" rating to the securities
contained in the trust.
You have permission to use the name of Standard &
Poor's Ratings Group, a division of The McGraw-Hill Companies,
Inc. and the above-assigned ratings in connection with your
dissemination of information relating to these units, provided
that it is understood that the ratings are not "market" ratings
nor recommendations to buy, hold, or sell the units of the
trust or the securities in the trust. Further, it should be
understood that the rating on the units does not take into
account the extent to which fund expenses or portfolio asset
sales for less than the fund's purchase price will reduce
payment to the unit holders of the interest and principal
required to be paid on the portfolio assets. Standard & Poor's
-2-
reserves the right to advise its own clients, subscribers, and
the public of the ratings. Standard & Poor's relies on the
sponsor and its counsel, accountants, and other experts for the
accuracy and completeness of the information submitted in
connection with the ratings. Standard & Poor's does not
independently verify the truth or accuracy of any such
information.
This letter evidences our consent to the use of the
name of Standard & Poor's Ratings Group, a division of The
McGraw-Hill Companies, Inc. in connection with the rating
assigned to the units in the amendment referred to above.
However, this letter should not be construed as a consent by
us, within the meaning of Section 7 of the Securities Act of
1933, to the use of the name of Standard & Poor's Ratings
Group, a division of The McGraw-Hill Companies, Inc. in
connection with the ratings assigned to the securities
contained in the trust. You are hereby authorized to file a
copy of this letter with the Securities and Exchange
Commission.
Please be certain to send us three copies of your
final prospectus as soon as it becomes available. Should we
not receive them within a reasonable time after the closing or
should they not conform to the representations made to us, we
reserve the right to withdraw the rating.
We are pleased to have had the opportunity to be of
service to you. If we can be of further help, please do not
hesitate to call upon us.
Sincerely,
Sanford B. Bragg
Sanford B. Bragg
Letterhead of Standard & Poor's Ratings Group,
A Division of The McGraw-Hill Companies, Inc.
April 17, 1997
Dean Witter Reynolds Inc.
Two World Trade Center
New York, New York 10048
Re: Dean Witter Select Municipal Trust,
Insured California Portfolio Series 62
It is our understanding that you are filing with the
Securities and Exchange Commission a post-effective amendment
to the above-captioned trust, SEC file number 33-49017.
Since the portfolio is composed solely of securities
covered by bond insurance policies that insure against default
in the payment of principal and interest on the securities for
so long as they remain outstanding and such policies have been
issued by one or more insurance companies which have been
assigned "AAA" claims paying ability ratings by Standard &
Poor's, we reaffirm the assignment of a "AAA" rating to the
units of the trust and a "AAA" rating to the securities
contained in the trust.
You have permission to use the name of Standard &
Poor's Ratings Group, a division of The McGraw-Hill Companies,
Inc. and the above-assigned ratings in connection with your
dissemination of information relating to these units, provided
that it is understood that the ratings are not "market" ratings
nor recommendations to buy, hold, or sell the units of the
trust or the securities in the trust. Further, it should be
understood that the rating on the units does not take into
account the extent to which fund expenses or portfolio asset
sales for less than the fund's purchase price will reduce
payment to the unit holders of the interest and principal
required to be paid on the portfolio assets. Standard & Poor's
reserves the right to advise its own clients, subscribers, and
the public of the ratings. Standard & Poor's relies on the
sponsor and its counsel, accountants, and other experts for the
accuracy and completeness of the information submitted in
connection with the ratings. Standard & Poor's does not
-2-
independently verify the truth or accuracy of any such
information.
This letter evidences our consent to the use of the
name of Standard & Poor's Ratings Group, a division of The
McGraw-Hill Companies, Inc. in connection with the rating
assigned to the units in the amendment referred to above.
However, this letter should not be construed as a consent by
us, within the meaning of Section 7 of the Securities Act of
1933, to the use of the name of Standard & Poor's Ratings
Group, a division of The McGraw-Hill Companies, Inc. in
connection with the ratings assigned to the securities
contained in the trust. You are hereby authorized to file a
copy of this letter with the Securities and Exchange
Commission.
Please be certain to send us three copies of your
final prospectus as soon as it becomes available. Should we
not receive them within a reasonable time after the closing or
should they not conform to the representations made to us, we
reserve the right to withdraw the rating.
We are pleased to have had the opportunity to be of
service to you. If we can be of further help, please do not
hesitate to call upon us.
Sincerely,
Sanford B. Bragg
Sanford B. Bragg
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND> THE SCHEDULE CONTAINS SUMMARY FINANCIAL
INFORMATION EXTRACTED FROM THE FINANCIAL
STATEMENTS FOR DEAN WITTER SELECT
MUNICIPAL TRUST CALIFORNIA INTERMEDIATE
LONG TERM SERIES 28 (INSURED) AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS
<RESTATED>
<CIK> 0000832286
<NAME> DEAN WITTER SELECT MUNICIPAL TRUST
CALIFORNIA INTERMEDIATE LONG TERM SERIES
28 (INSURED)
<SERIES>
<NAME> DEAN WITTER SELECT MUNICIPAL TRUST
CALIFORNIA INTERMEDIATE LONG TERM SERIES
<NUMBER> 28
<MULTIPLIER> 1
<FISCAL-YEAR-END> Feb-28-1997
<PERIOD-START> Mar-1-1996
<PERIOD-END> Feb-28-1997
<PERIOD-TYPE> YEAR
<INVESTMENTS-AT-COST> 3,037,242
<INVESTMENTS-AT-VALUE> 3,094,188
<RECEIVABLES> 43,311
<ASSETS-OTHER> 8,898
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,146,397
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,846
<TOTAL-LIABILITIES> 5,846
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,034,978
<SHARES-COMMON-STOCK> 3,100
<SHARES-COMMON-PRIOR> 3,100
<ACCUMULATED-NII-CURRENT> 48,627
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 56,946
<NET-ASSETS> 3,140,551
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 146,470
<OTHER-INCOME> 6,172
<EXPENSES-NET> 7,143
<NET-INVESTMENT-INCOME> 145,499
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (16,327)
<NET-CHANGE-FROM-OPS> 129,172
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 139,128
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (9,956)
<ACCUMULATED-NII-PRIOR> 48,427
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND> THE SCHEDULE CONTAINS SUMMARY FINANCIAL
INFORMATION EXTRACTED FROM THE FINANCIAL
STATEMENTS FOR DEAN WITTER SELECT
MUNICIPAL TRUST INSURED CALIFORNIA
SERIES 62 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS
<RESTATED>
<CIK> 0000891097
<NAME> DEAN WITTER SELECT MUNICIPAL TRUST
INSURED CALIFORNIA SERIES 62
<SERIES>
<NAME> DEAN WITTER SELECT MUNICIPAL TRUST
INSURED CALIFORNIA
<NUMBER> 62
<MULTIPLIER> 1
<FISCAL-YEAR-END> Feb-28-1997
<PERIOD-START> Mar-1-1996
<PERIOD-END> Feb-28-1997
<PERIOD-TYPE> YEAR
<INVESTMENTS-AT-COST> 3,715,265
<INVESTMENTS-AT-VALUE> 3,676,298
<RECEIVABLES> 61,470
<ASSETS-OTHER> 13,717
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,751,485
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,347
<TOTAL-LIABILITIES> 7,347
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,715,277
<SHARES-COMMON-STOCK> 3,810
<SHARES-COMMON-PRIOR> 3,810
<ACCUMULATED-NII-CURRENT> 67,828
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (38,967)
<NET-ASSETS> 3,744,138
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 205,900
<OTHER-INCOME> 2,975
<EXPENSES-NET> 7,945
<NET-INVESTMENT-INCOME> 200,930
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (18,693)
<NET-CHANGE-FROM-OPS> 182,237
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 197,510
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (15,273)
<ACCUMULATED-NII-PRIOR> 67,384
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND> THE SCHEDULE CONTAINS SUMMARY FINANCIAL
INFORMATION EXTRACTED FROM THE FINANCIAL
STATEMENTS FOR DEAN WITTER SELECT
MUNICIPAL TRUST NATIONAL SERIES 125 AND
IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS
<RESTATED>
<CIK> 0000894414
<NAME> DEAN WITTER SELECT MUNICIPAL TRUST
NATIONAL SERIES 125
<SERIES>
<NAME> DEAN WITTER SELECT MUNICIPAL TRUST
NATIONAL
<NUMBER> 125
<MULTIPLIER> 1
<FISCAL-YEAR-END> Feb-28-1997
<PERIOD-START> Mar-1-1996
<PERIOD-END> Feb-28-1997
<PERIOD-TYPE> YEAR
<INVESTMENTS-AT-COST> 4,223,772
<INVESTMENTS-AT-VALUE> 4,236,715
<RECEIVABLES> 54,203
<ASSETS-OTHER> 23,571
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,314,489
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,800
<TOTAL-LIABILITIES> 8,800
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,209,489
<SHARES-COMMON-STOCK> 4,320
<SHARES-COMMON-PRIOR> 4,320
<ACCUMULATED-NII-CURRENT> 83,257
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,943
<NET-ASSETS> 4,305,689
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 252,663
<OTHER-INCOME> 1,855
<EXPENSES-NET> 9,190
<NET-INVESTMENT-INCOME> 245,328
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (13,550)
<NET-CHANGE-FROM-OPS> 231,778
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 243,130
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (11,352)
<ACCUMULATED-NII-PRIOR> 82,914
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
