<PAGE>
Long Term Portfolio Series 124
File No. 33-24778
Investment Company Act No. 811-3676
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
POST-EFFECTIVE AMENDMENT NO. 5
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
LONG TERM PORTFOLIO SERIES 124
B. Name of Depositor:
DEAN WITTER REYNOLDS INC.
C. Complete address of Depositor's principal execu-
tive 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.
<PAGE>
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
Indenture and Termination of the
Indenture
7. Changes of name *30
8. Fiscal Year Included in Form N-8B-2
9. Litigation *30
II. General Description of the Trust and
Securities of the Trust
10. General Information regarding
Trust's Securities and Rights of
Holders
a) Type of Securities Rights of Unit Holders
(Registered or Bearer)
b) Type of Securities Administration of the
(Cumulative or Distributive) Trust-Distribution
________________
*30 Not applicable, answer negative or not required.
<PAGE>
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
c) Rights of Holders as to Redemption; Public Of-
Withdrawal or Redemption fering of Units
-Secondary Market
d) Rights of Holders as to con- Public Offering of
version, transfer, etc. Units-Secondary Market;
Exchange Option; Re-
demption; Rights of
Unit Holders
-Certificates
e) Lapses or defaults with re- *30
spect to periodic payment
plan certificates
f) Voting rights as to Securi- Rights of Unit Holders-
ties under the Indenture Certain Limitations
g) Notice to Holders as to Amendment and Termina-
change in: tion of 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 of Amendment and Termina-
Trust's Securities tion of the Indenture
3) Provisions of Trust Amendment and Termina-
tion of the Indenture
4) Identity of Depositor Sponsor; Trustee
and Trustee
h) Security Holders consent re-
quired to change:
1) Composition of assets Amendment and Termina-
of Trust tion of the Indenture
2) Terms and conditions of Amendment and Termina-
Trust's Securities tion of the Indenture
________________
*30 Not applicable, answer negative or not required.
<PAGE>
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
3) Provisions of Indenture Amendment and Termina-
tion of the Indenture
4) Identity of Depositor *30
and Trustee
i) Other Provisions Cover of Prospectus;
Tax Status
11. Type of securities comprising The Trust-Summary De-
units scription of the Port-
folios; Objectives and
Securities Selection;
The Trust-Special Con-
siderations
12. Type of securities comprising *30
periodic payment certificates
13. a) Load, fees, expenses, etc. Summary of Essential
Information; Public Of-
fering of Units-Public
Offering Price;-Profit
of Sponsor;-Volume Dis-
count; Expenses and
Charges
b) Certain information regard- *30
ing periodic payment cer-
tificates
c) Certain percentages Summary of Essential
Information; Public Of-
fering of Units-Public
Offering Price;-Profit
of Sponsor;-Volume Dis-
count
d) Price differentials Public Offering of
Units - Public Offering
Price
e) Certain other fees, etc. Rights of Unit Holders
payable by holders - Certificates
________________
*30 Not applicable, answer negative or not required.
<PAGE>
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
f) Certain profits receivable Redemption -- Purchase
by depositor, principal un- by the Sponsors of
derwriters, trustee or af- Units Tendered for Re-
filiated persons demption
g) Ratio of annual charges to *30
income
14. Issuance of trust's securities Introduction; Rights of
Unit Holders - Certifi-
cates
15. Receipt and handling of payments Public Offering of
from purchasers Units-Profit of Sponsor
16. Acquisition and disposition of Introduction; Amendment
underlying securities and Termination of the
Indenture; Objectives
and Securities Selec-
tion; The Trust-Summary
Description of the
Portfolio; Spon-
sor-Responsibility
17. Withdrawal or redemption by Redemption; Public Of-
Security Holders fering of Units - Sec-
ondary Market
18. a) Receipt and disposition of Administration of the
income Trust; Reinvestment
Programs
b) Reinvestment of distribu- Reinvestment Programs
tions
c) Reserves or special fund Administration of the
Trust-Distribution
d) Schedule of distribution *30
19. Records, accounts and report Administration of the
Trust-Records and Ac-
counts;-Reports to Unit
Holders
________________
*30 Not applicable, answer negative or not required.
<PAGE>
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
20. Certain miscellaneous provisions Amendment and Termina-
of the Indenture tion of the Indenture;
Sponsor - Limitation on
Liability - Resigna-
tion; Trustee -- Limi-
tation on Liability-
Resignation
21. Loans to security holders *30
22. Limitations on liability Sponsor, Trustee;
Evaluator - Limitation
on Liability
23. Bonding arrangements Included on Form N-8B-2
24. Other material provisions of the *30
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
30. Persons controlling Depositor *30
31. Payments by Depositor for certain *30
other services
32. Payments by Depositor for certain *30
other services rendered to trust
________________
*30 Not applicable, answer negative or not required.
<PAGE>
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
33. Remuneration of employees of *30
Depositor for certain services
rendered to trust
34. Remuneration of other persons for *30
certain services rendered to
trust
IV. Distribution and Redemption of Securities
35. Distribution of trust's Public Offering of
securities by states Units-Public Distribu-
tion
36. Suspension of sales of trust's *30
securities
37. Revocation of authority to *30
distribute
38. a) Method of distribution Public Offering of
b) Underwriting agreements Units
c) Selling agreements
39. a) Organization of principal
underwriter
b) N.A.S.D. membership of Sponsor
principal underwriter
40. Certain fees received by Public Offering of
principal underwriter Units-Profit of Sponsor
41. a) Business of principal Sponsor
underwriter
b) Branch officers of principal *30
underwriter
c) Salesman of principal under- *30
writer
42. Ownership of trust's securities *30
by certain persons
43. Certain brokerage commissions *30
received by principal underwriter
________________
*30 Not applicable, answer negative or not required.
<PAGE>
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
44. a) Method of valuation Public Offering of
Units
b) Schedule as to offering *30
price
c) Variation in offering price Public Offering of
to certain persons Units--Volume Discount;
Exchange Option
45. Suspension of redemption rights *30
46. a) Redemption valuation Public Offering of
Units-Secondary Market;
Redemption
b) Schedule as to redemption *30
price
47. Maintenance of position in See items 10(d), 44 and
underlying securities 46
V. Information concerning the
Trustee or Custodian
48. Organization and regulation of Trustee
Trustee
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 *30
Insurance Company
b) Type of policies *30
c) Type of risks insured and *30
excluded
d) Coverage of policies *30
e) Beneficiaries of policies *30
________________
*30 Not applicable, answer negative or not required.
<PAGE>
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
f) Terms and manner of cancel- *30
lation
g) Method of determining premi- *30
ums
h) Amount of aggregate premiums *30
paid
i) Who receives any part of
premIums *30
j) Other material provisions of *30
the Trust relating to insur-
ance
VII. Policy of Registrant
52. (a) Method of selecting and Introduction; Objec-
eliminating securities from tives and Securities
the Trust Selection; The Trust -
Summary Description of
the Portfolio; Sponsor
- Responsibility
b) Elimination of securities *30
from the Trust
c) Policy of Trust regarding Introduction; Objec-
substitution and elimination tives and Securities
of securities Selection; Sponsor -
Responsibility
d) Description of any fundamen- *30
tal policy of the Trust
53. Taxable status of the Trust Cover of Prospectus;
Tax Status
VIII. Financial and Statistical Information
54. Information regarding the Trust's *30
past ten fiscal years
________________
*30 Not applicable, answer negative or not required.
<PAGE>
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
55. Certain information regarding *30
periodic payment plan
certificates
56. Certain information regarding *30
periodic payment plan
certificates
57. Certain information regarding *30
periodic payment plan
certificates
58. Certain information regarding *30
periodic payment plan
certificates
59. Financial statements (Instruction Statement of Financial
1(c) to Form S-6) Condition
________________
*30 Not applicable, answer negative or not required.
<PAGE>
LOGO
DEAN WITTER SELECT
MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 124
(A Unit Investment Trust)
_______________________________________________________________
This Trust was formed for the purpose of providing interest in-
come which in the opinion of bond counsel is, under existing
law, excludable from gross income for Federal income tax pur-
poses (except in certain instances depending on the Unit Hold-
ers) through investment in a fixed portfolio consisting primar-
ily of investment grade long-term state, municipal and public
authority debt obligations. The value of the Units of the
Trust will fluctuate with the value of the portfolio of under-
lying Securities. Dean Witter Select Municipal Trust, Long
Term Portfolio Series 124 is one in a series of unit investment
trusts. Minimum Purchase: 1 Unit.
_____________________________________________________________
This Prospectus consists of two parts. Part A contains a Sum-
mary of Essential Information and descriptive material relating
to the Trust, and the portfolio and financial statements of the
Trust. Part B contains a general description of the Trust.
Part A may not be distributed unless accompanied by Part B.
______________________________________________________________
The Initial Public Offering of Units in the Trust has been com-
pleted. The Units offered hereby are issued and outstanding
Units which have been acquired by the Sponsor either by pur-
chase 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 refer-
ence.
Units of the Trust are not deposits or obligations of, or guar-
anteed or endorsed by, any bank, and the Units are not feder-
ally insured by the Federal Deposit Insurance Corporation, Fed-
eral Reserve Board, or any other agency.
Prospectus Part A dated January 29, 1998
<PAGE>
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.
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 124
TABLE OF CONTENTS
Page
PART A
Table of Contents................................... A-1
Summary of Essential Information.................... A-3
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 Trust..... 21
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
Redemption.......................................... 38
Tender of Units................................ 38
Computation of Redemption Price per Unit....... 39
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
A-1
<PAGE>
Page
Distribution................................... 42
Distribution of Interest and Principal......... 42
Reports to Unit Holders........................ 42
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
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-2
<PAGE>
<TABLE>
<CAPTION>
SUMMARY OF ESSENTIAL INFORMATION
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 124
As of November 30, 1997
<S> <C> <S> <C>
FACE AMOUNT OF SECURITIES $2,760,000.00 DAILY RATE AT WHICH ESTIMATED NET
INTEREST ACCRUES PER UNIT .0169%
NUMBER OF UNITS 2,763
ESTIMATED CURRENT RETURN (based on
FRACTIONAL UNDIVIDED INTEREST IN THE Public Offering Price)<F2> 5.697%
TRUST REPRESENTED BY EACH UNIT 1/2,763th
ESTIMATED LONG TERM RETURN (based on
PUBLIC OFFERING PRICE Public Offering Price)<F2> 4.650%
Aggregate bid side evaluation MONTHLY INTEREST DISTRIBUTIONS
of Securities in the Trust $2,867,743.00
Estimated net annual interest rate
Divided by 2,763 Units $ 1,037.91 per Unit times $1,000 $60.82
Divided by 12 $ 5.07
Plus sales charge of 2.778% of
Public Offering Price (2.857% RECORD DATE: The ninth day of each month
of net amount invested in
Securities) 29.65 DISTRIBUTION DATE: The fifteenth
day of each month
Public Offering Price per Unit 1,067.56
Plus Undistributed Principal and MINIMUM PRINCIPAL DISTRIBUTION: No
Net Investment Income and distribution need be made from the
Accrued Interest 20.58<F1> Principal Account if balance therein
is less than $1 per Unit outstanding
Adjusted Public Offering Price $ 1,088.14
TRUSTEE'S ANNUAL FEE AND EXPENSES
(including estimated expenses and
SPONSOR'S REPURCHASE PRICE AND Evaluator's fee) $1.97 per $1,000
REDEMPTION PRICE PER UNIT face amount of underlying Securities $ 1.97
(based on bid side evaluation of
underlying Securities, $29.65 less SPONSOR'S ANNUAL PORTFOLIO SUPERVISION
than Adjusted Public Offering Price FEE: Maximum of $.25 per $1,000
per Unit) plus accrued interest $ 1,058.49 face amount of underlying Securities .25
TOTAL ESTIMATED ANNUAL EXPENSES
CALCULATION OF ESTIMATED NET PER UNIT $ 2.22
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 6.304% EVALUATION TIME: 4:00 P.M. New York Time
Less estimated annual expenses per MANDATORY TERMINATION DATE: January 1, 2041
Unit ($2.22) expressed as a
percentage .222% DISCRETIONARY LIQUIDATION AMOUNT: The Trust
may be terminated by the Sponsor if the
Estimated net annual interest rate value of the portfolio of the Trust at any
per Unit 6.082% time is less than $1,390,000.
<F1>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 November 28, 1997,
the last trading date during the year.
<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>
SUMMARY OF ESSENTIAL INFORMATION
(Continued)
THE TRUST -- The Dean Witter Select Municipal Trust,
Long Term Portfolio Series 124 (the "Trust") is a unit invest-
ment trust which was created on December 3, 1992 (the "Date of
Deposit"), and is composed of "investment grade" long-term in-
terest-bearing municipal bonds (the "Securities"). (For a de-
scription of the meaning of "investment grade" securities, see:
"Bond Ratings", in Part B.) The objectives of the Trust are:
(1) the receipt of income which, under existing law, is exclud-
able from gross income for Federal income tax purposes (except
in certain instances depending on the Unit Holders); and
(2) the conservation of capital. The payment of interest and
the preservation of principal in the Trust is dependent on the
continuing ability of the respective Issuers of the Securities
to meet their obligations to pay principal and interest.
Therefore, there is no guarantee that the objectives of the
Trust will be achieved. All of the Securities are obligations
of states or of the counties, municipalities or public authori-
ties thereof. Interest on the Securities, in the opinion of
bond counsel or special tax counsel to the Issuers thereof, un-
der existing law, is excludable from gross income for Federal
income tax purposes (except in certain instances depending on
the Unit Holders). (For a discussion of certain tax aspects of
the Trust, see: "Tax Status", in Part B.)
OFFERS TO SELL OR THE SOLICITATION OF ORDERS TO BUY
MAY ONLY BE MADE IN THOSE JURISDICTIONS IN WHICH THE UNITS OF
THIS TRUST HAVE BEEN REGISTERED. INVESTORS SHOULD CONTACT
ACCOUNT EXECUTIVES OF THE SPONSOR TO DETERMINE WHETHER THE
UNITS OF THIS TRUST HAVE BEEN REGISTERED FOR SALE IN THE STATE
IN WHICH THEY RESIDE.
MONTHLY DISTRIBUTIONS -- Monthly distributions of
principal, premium, if any, and interest received by the 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. (See: "Reinvestment Programs", in Part B.)
PUBLIC OFFERING PRICE -- The Public Offering Price
per Unit of the Trust is calculated daily, and is equal to the
aggregate bid side evaluation of the underlying Securities, di-
vided by the number of Units outstanding, plus a sales charge
calculated by reference to "Sales Charge/Volume Discount", be-
low, 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.)
A-4
<PAGE>
ESTIMATED CURRENT RETURN -- The Estimated Current Re-
turn shows the return based on the Public Offering Price and 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 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 re-
demption 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 Trust should be made with an understanding of the risks
which an investment in fixed rate long term debt obligations
may entail, including the risk that the value of the Units will
decline with increases in interest rates. (See: "The Trust --
Special Considerations" and "The Trust -- Summary Description
of the Portfolios", in Part B. See also: Special Characteris-
tics of the Trust", herein, for a discussion of additional
risks relating to Units of the Trust.)
SPECIAL CHARACTERISTICS OF THE TRUST -- The Portfolio
of the Trust consists of eleven issues of Securities, which
were issued by Issuers located in ten states. None of the is-
sues of Securities is a general obligation of an Issuer. All
eleven issues of Securities, while not backed by the taxing
power of the Issuer, are payable from revenues or receipts de-
rived from specific projects or other available sources. The
Trust contains the following categories of Securities:
A-5
<PAGE>
Percentage of Aggregate
Market Value of Trust Portfolio
Category of Security (as of January 20, 1998)
Electric and Power................ 13.15%
Health Care and Hospital.......... 24.70%
Housing........................... 22.34%
Sales Tax......................... 0.00%
Special Tax....................... 13.48%
Water and Sewer................... 8.50%
Prerefunded/Escrowed to Maturity.. 17.84%
Original Issue Discount........... 64.18%
See: "The Trust -- Summary Description of the Port-
folios", in Part B, for a summary of the investment risks asso-
ciated with the type of Securities contained in the 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 Trust,
approximately 2.74% of the aggregate principal amount of the
Securities in the Trust (or 1.03% of the market value of all
Securities in the Trust on January 20, 1998) are zero coupon
bonds (including bonds known as multiplier bonds, money multi-
plier bonds, capital accumulator bonds, compound interest bonds
and discount maturity payment bonds).
On January 20, 1998, based on the bid side of the
market, the aggregate market value of the Securities in the
Portfolio was $2,882,387.20.
The Securities in the Portfolio of the 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. The maturity date of the Trust
is January 1, 2041; the latest maturity of a Security therein
is July 2024; and the average life to maturity (or date of pre-
refunding of a bond) of the Portfolio of Securities therein is
18.893 years. The actual maturity dates of each of the Securi-
ties contained in the Portfolio are shown on the "Schedule of
Portfolio Securities", herein.
The Trustee shall receive annually 75 cents per
$1,000 principal amount of Securities in the Portfolio for its
services as Trustee. See: "Expenses and Charges", in Part B,
for a description of other fees and charges which may be in-
curred by the Trust.
On January 20, 1998, Standard & Poor's Corporation
rated eight of the Securities in the Portfolio as follows:
15.87%-AAA, 23.49%-AA and 34.74%-A; and Moody's Investors Serv-
ice rated two of the Securities as follows: 1.03%-Aaa and
11.40%-Baa. 13.48% of the Securities are not rated; however,
in the opinion of the Sponsor, these Securities have credit
A-6
<PAGE>
characteristics comparable to investment grade securities.
(See: "Bond Ratings", in Part B, and "Schedule of Portfolio
Securities", herein.) A Security in the Portfolio may subse-
quently cease to be rated or the rating assigned may be reduced
below the minimum requirements of the 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.
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 depend-
ing 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 cal-
culations, 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 un-
less: (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 Security is
subject to a mandatory tender, in which case the mandatory ten-
der date will be deemed the date on which such Security ma-
tures.
(as % of (as % of
bid side Public Offering
Time to Maturity evaluation) 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 years 4.712% 4.50%
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 be-
low.
A-7
<PAGE>
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 conces-
sion 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 Of-
fering Price (3.093% of the bid side evaluation of the Securi-
ties) 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.
For further information regarding the volume dis-
count, 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 re-
placed 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 lo-
cated 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, re-
spectively.
Tax Status Revisions to Part B
Please note the following revisions to the Part B Tax
Status disclosure. On page 28 after the 3rd sentence of the 4th
paragraph, add the following sentence: "If the market discount
A-8
<PAGE>
is less than .25% of the stated redemption price of the Secu-
rity at maturity multiplied by the number of complete years to
maturity, the market discount shall be considered to be zero."
The second to last sentence of the same paragraph has been
replaced by the following sentence: "Under the Code, capital
gain of individuals, estates and trusts from the disposition of
a Unit Holder's pro rata interest in a Security when the Unit
Holder has held his or her Units, and the Trust has held the
Security, for more than 1 year, but not more than 18 months,
will be subject to a maximum nominal rate of 28%. When the
Unit Holder has held his or her Units and the Trust has held
the Security for more than 18 months, the maximum nominal rate
is 20%."
The last sentence in paragraph 4 has been revised to delete the
word 'net'.
In the first sentence of the third paragraph on page 29,
before "Messrs. Cahill Gordon & Reindel..." the following has
been inserted: "and provided that, at the time such policies
are purchased, the amounts paid for such policies are reason-
able, customary and consistent with the reasonable expectation
that the issuer of the Securities, rather than the insurer,
will pay debt service on the Securities, "
The last paragraph on page 29 should be deleted and re-
placed with:
"Persons in receipt of Social Security benefits should be
aware that a portion of such Social Security benefits may be
includible in gross income. For a taxpayer whose modified ad-
justed gross income plus one-half of his or her Social Security
benefits does not exceed $34,000 ($44,000 for married taxpayers
filing a joint return), the includible amount is the lesser of
(i) one-half of the Social Security benefits or (ii) one-half
of the amount by which the sum of "modified adjusted gross in-
come" plus one-half of the Social Security benefits exceeds
$25,000 in the case of unmarried taxpayers and $32,000 in the
case of married taxpayers filing a joint return. All other
taxpayers receiving Social Security benefits are required to
include up to 85% of their Social Security benefits in income."
On page 30, after the second sentence of the second to
last paragraph, the following has been inserted: "If the origi-
nal issue discount is less than .25% of the stated redemption
price of the Security at maturity multiplied by the number of
complete years to maturity, the original issue discount shall
be considered to be zero. "
On page 31, the first sentence of the third paragraph, the
word "imposes" is revised to read "imposed". The last sen-
tence of this paragraph should be replaced with: "In a budget
proposal released on February 6, 1997, the Clinton administra-
A-9
<PAGE>
tion proposed to reinstate this environmental tax effective for
taxable years beginning after December 31, 1996 and before
January 1, 2008. The Trust and the Sponsor cannot predict
whether this proposal to reinstate the environmental tax will
be enacted into law.
A-10
<PAGE>
<AUDIT-REPORT>
INDEPENDENT AUDITORS' REPORT
THE UNIT HOLDERS, SPONSOR AND TRUSTEE
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 124
We have audited the statement of financial condition and schedule of
portfolio securities of the Dean Witter Select Municipal Trust Long Term
Portfolio Series 124 as of November 30, 1997, and the related statements of
operations and changes in net assets for each of the three years in the
period then ended. 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
November 30, 1997 as shown in the statement of financial condition and
schedule 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 Long Term Portfolio Series 124 as of November 30, 1997, and
the results of its operations and the changes in its net assets for each of
the three years in the period then ended in conformity with generally
accepted accounting principles.
DELOITTE & TOUCHE LLP
January 8, 1998
New York, New York
F-1
</AUDIT-REPORT>
<PAGE>
STATEMENT OF FINANCIAL CONDITION
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 124
November 30, 1997
TRUST PROPERTY
Investments in municipal bonds at market value (amortized
cost $2,665,924) (Note (a) and Schedule of Portfolio
Securities Notes (4) and (5)) $2,867,743
Accrued interest receivable 55,503
Cash 4,962
Total 2,928,208
LIABILITIES AND NET ASSETS
Less Liabilities:
Accrued Trust fees and expenses 1,998
Accrued Sponsor's fees 2,999
Total liabilities 4,997
Net Assets:
Balance applicable to 2,763 Units of fractional
undivided interest outstanding (Note (c)):
Capital, plus unrealized market appreciation
of $201,819 $2,867,743
Undistributed principal and net investment
income (Note (b)) 55,468
Net assets $2,923,211
Net asset value per Unit ($2,923,211 divided by 2,763 Units) $ 1,057.98
See notes to financial statements
F-3
<PAGE>
STATEMENT OF OPERATIONS
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 124
For the years ended November 30,
1997 1996 1995
Investment income - interest $183,113 $192,928 $192,843
Less Expenses:
Trustee's fees and expenses 5,652 5,949 5,949
Sponsor's fees 717 755 755
Total expenses 6,369 6,704 6,704
Investment income - net 176,744 186,224 186,139
Net gain on investments:
Realized gain on securities sold or
redeemed 11,665 - -
Net unrealized market appreciation 27,924 10,682 379,786
Net gain on investments 39,589 10,682 379,786
Net increase in net assets resulting from
operations $216,333 $196,906 $565,925
See notes to financial statements
F-4
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 124
For the years ended November 30,
1997 1996 1995
Operations:
Investment income - net $ 176,744 $ 186,224 $ 186,139
Realized gain on securities sold or
redeemed 11,665 - -
Net unrealized market appreciation 27,924 10,682 379,786
Net increase in net assets
resulting from operations 216,333 196,906 565,925
Less Distributions to Unit Holders:
Principal (53,123) - -
Investment income - net (176,197) (184,722) (184,791)
Total distributions (229,320) (184,722) (184,791)
Less Capital Share Transactions:
Redemption of 203 Units and 14
Units, respectively (208,718) - (14,070)
Accrued interest on redemption (3,988) - (318)
Total capital share
transactions (212,706) - (14,388)
Net (decrease) increase in net assets (225,693) 12,184 366,746
Net assets:
Beginning of year 3,148,904 3,136,720 2,769,974
End of year (including undistributed
principal and net investment income
of $55,468, $47,475 and $47,294,
respectively) $2,923,211 $3,148,904 $3,136,720
See notes to financial statements
F-5
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 124
November 30, 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
(December 3, 1992) represents the cost of investments to the Trust
based on the offering side evaluations as of the day prior to 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 annual Trustee's fees, estimated expenses,
Evaluator's fees, and annual Sponsor's portfolio supervision fees
and may incur additional charges as explained under "Expenses and
Charges - Fees" and "- Other Charges" in Part B of this Prospectus.
(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.
F-6
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 124
November 30, 1997
(c) ORIGINAL COST TO INVESTORS
The original cost to investors represents the aggregate initial public
offering price as of the date of deposit (December 3, 1992) 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 November 30, 1997 follows:
Original cost to investors $3,556,708
Less: Gross underwriting commissions (sales charge) (174,264)
Net cost to investors 3,382,444
Cost of securities sold or redeemed (722,726)
Unrealized market appreciation 201,819
Accumulated interest accretion 6,206
Net amount applicable to investors $2,867,743
(d) OTHER INFORMATION
Selected data for a Unit of the Trust during each year:
For the years ended November 30,
1997 1996 1995
Principal distributions during year $ 18.80 $ - $ -
Net investment income distribu-
tions during year $ 61.65 $ 62.28 $ 62.08
Net asset value at end of year $1,057.98 $1,061.67 $1,057.56
Trust Units outstanding at end
of year 2,763 2,966 2,966
F-7
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO SECURITIES
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 124
November 30, 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 State Public
Works Board Lease Revenue
Bonds, (The Regents of the
University of California),
1992 Series A (Various Uni-
versity of California Proj-
ects) (Refunded) <F8> AAA $ 65,000 6.600% 12/01/22 NONE 12/01/02@102 $ 73,067
2. Connecticut Housing
Finance Authority, Home
Mortgage Finance Program
Bonds, 1992 Series B <F10> AA 290,000 6.750 11/15/23 11/15/13@100 11/15/02@102 309,201
3. Municipal Electric Author-
ity of Georgia, General
Power Revenue Bonds, 1992B
Series A 350,000 6.375 01/01/16 01/01/15@100 01/01/03@102 371,133
4. Illinois Health Facilities
Authority Revenue Bonds,
Series 1992 (Mercy Center
for Health Care Services) Baa1<F12> 305,000 6.650 10/01/22 10/01/13@100 10/01/02@102 324,798
5. West Chicago, Illinois,
Tax Increment Revenue Bonds,
Series 1992 <F9> 350,000 7.375 12/01/12 12/01/08@100 12/01/02@103 384,605
6. St. Joseph County Hospital
Authority, Indiana Hospital
Revenue Bonds, Series 1992
(Memorial Hospital of South
Bend Project) (MBIA Insured)
<F11> AAA 350,000 6.250 08/15/22 08/15/13@100 02/15/03@102 372,579
7. Missouri Housing Develop-
ment Commission Housing
Development Refunding Bonds,
(Federally Insured Mortgage
Loans), Series November 15,
1992 <F10> AA+ 345,000 6.600 07/01/24 01/01/17@100 01/01/03@100 357,147
8. New York Local Government
Assistance Corporation,
Series 1991C Bonds (Refunded)
<F8> A+ 350,000 6.500 04/01/15 NONE 04/01/01@100 374,829
9. Tulsa County Industrial
Authority, Oklahoma Health
Care Revenue Bonds, Series
1991 (Saint Francis Hospi-
tal, Inc., Tulsa, Oklahoma)
(Refunded) <F8> AA 30,000 6.750 12/15/18 NONE 06/15/01@102 32,909
10. Knox County Industrial
Development Board, Tennessee
Industrial Development
Refunding Revenue Bonds,
(Station Eighty-Two #4, Ltd.
Project), Series 1991B
(Escrowed to Maturity) Aaa<F12> 75,000 0.000 02/01/16 NONE NONE 27,828
11. Houston, Texas, Water and
Sewer System Prior Lien Rev-
enue Refunding Bonds, Series
1992B A 250,000 5.000 12/01/18 12/01/15@100 12/01/02@100 239,647
$2,760,000 $2,867,743
See notes to schedule of portfolio securities
F-8
</TABLE>
<PAGE>
NOTES TO SCHEDULE OF PORTFOLIO SECURITIES
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 124
November 30, 1997
<F3> 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.
<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 November 30, 1997 was
determined by the Evaluator on the basis of bid side evaluations
for the Securities on the last trading date during the period
(November 28, 1997).
<F7> At November 30, 1997, the unrealized market appreciation of all
Securities was comprised of the following:
Gross unrealized market appreciation $201,819
Gross unrealized market depreciation -
Unrealized market appreciation $201,819
The amortized cost of the Securities for Federal income tax
purposes was $2,665,924 at November 30, 1997.
<F8> The Issuer has indicated that it will refund this Security on its
optional redemption date.
<F9> This Security, although unrated, has, in the opinion of the
Sponsor, credit characteristics comparable to an investment grade
Security.
<F10> See "The Trust - Summary Description of the Portfolios - Revenue
Securities - Housing Securities" in Part B of this Prospectus for
the discussion relating to Housing Securities.
<F11> Insured by Municipal Bond Insurance Association ("MBIA").
<F12> Moody's Investors Service, Inc. rating.
F-9
<PAGE>
(MODULE)
(NAME) DWSMTPARTB941
(CIK) 0000840581
(CCC) uit*59fl
(/MODULE)
<PAGE>
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 and Independent Auditors;
all other consents were previously filed.
The following exhibits:
23. 1a. Consent of Kenny S&P Evaluation Services, a
division of J.J. Kenny Co., Inc.
1b. Consent of Independent Auditors.
27. Financial Data Schedule.
<PAGE>
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 Exhibit EX-5 to this Registration
Statement.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of
1933, the registrant, Dean Witter Select Municipal Trust, Long
Term Portfolio Series 124, 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. 5 to the Reg-
istration Statement to be signed on its behalf by the under-
signed, thereunto duly authorized, all in The City of New York
and State of New York on the 29th day of January, 1998.
DEAN WITTER SELECT MUNICIPAL
TRUST, LONG TERM PORTFOLIO SERIES
124
(Registrant)
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. 5 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 major-
ity of the Depositor's Board of Directors in The City of New
York and State of New York on this 29th day of January, 1998.
DEAN WITTER REYNOLDS INC.
Name Office
Philip J. Purcell Chairman and Chief )
Executive Officer )
and Directora )
By: Thomas Hines_____
Thomas Hines
Attorney-in-fact*
a Executed copies of the Powers of Attorney filed by a ma-
jority of the Board of Directors of Dean Witter Reynolds
Inc. have been previously filed.
<PAGE>
Name Office
Richard M. DeMartini Director***
Robert J. Dwyer Director***
Christine A. Edwards Director***
James F. Higgins Director***
Charles A. Fiume- Director**
freddo
Mitchell M. Merin Director*
Stephen R. Miller Director***
Richard F. Powers III Director*
Philip J. Purcell Director***
Thomas C. Schneider Director**
William B. Smith Director**
__________________
* Executed copies of the Powers of Attorney 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
Trust, Select 10 Industrial Portfolio 97-1, File No.
333-16839.
** Executed copies of Powers of Attorney 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
Trust, Select 10 Industrial Portfolio 96-4, File No.
333-10499.
*** Executed copies of Powers of Attorney have been filed
with the Securities and Exchange Commission in
connection with the Registration Statement on Form S-6
for Dean Witter Select Equity Trust, Select 10
International Series 95-1, File No. 33-56389.
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. TITLE OF DOCUMENT
23. 1a. Consent of Kenny S&P Evaluation Services, a
division of J.J. Kenny Co., Inc.
1b. Consent of Deloitte & Touche LLP
27. Financial Data Schedule
<PAGE>
Exhibit 23.1a.
Letterhead of KENNY S&P EVALUATION SERVICES
A Division of J.J. Kenny Co., Inc.
January 29, 1998
Dean Witter Reynolds Inc.
Two World Trade Center
New York, NY 10048
Re: Dean Witter Select Municipal Trust,
Long Term Portfolio Series 124
Gentlemen:
We have examined the post-effective Amendment to the
Registration Statement File No. 33-24778 for the
above-captioned trust. We hereby acknowledge that Kenny S&P
Evaluation Services, a division of J.J. Kenny Co., Inc. is cur-
rently acting as the evaluator for the trust. We hereby con-
sent 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 indi-
cated in the above-referenced Amendment to the Registration
Statement for the respective bonds comprising the trust portfo-
lio are the ratings currently indicated in our KENNYBASE data-
base.
You are hereby authorized to file a copy of this let-
ter with the Securities and Exchange Commission.
Sincerely,
Frank A. Ciccotto
Frank A. Ciccotto
Vice President
<PAGE>
Exhibit 23.1b.
CONSENT OF INDEPENDENT AUDITORS
We consent to the use of our report, dated January 8, 1998, accompanying the
financial statements of the Dean Witter Select Municipal Trust Long Term
Portfolio Series 124 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
January 29, 1998
New York, New York
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND> THE SCHEDULE CONTAINS SUMMARY FINANCIAL
INFORMATION EXTRACTED FROM THE FINANCIAL
STATEMENTS FOR DEAN WITTER SELECT
MUNICIPAL TRUST LONG TERM PORTFOLIO
SERIES 124 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATMENTS
<RESTATED>
<SERIES>
<NAME> DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES
<NUMBER> 1
<MULTIPLIER> 1
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-START> Dec-1-1996
<PERIOD-END> Nov-30-1997
<PERIOD-TYPE> YEAR
<INVESTMENTS-AT-COST> 2,665,924
<INVESTMENTS-AT-VALUE> 2,867,743
<RECEIVABLES> 55,503
<ASSETS-OTHER> 4,962
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,928,208
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,997
<TOTAL-LIABILITIES> 4,997
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,664,702
<SHARES-COMMON-STOCK> 2,763
<SHARES-COMMON-PRIOR> 2,966
<ACCUMULATED-NII-CURRENT> 56,690
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 201,819
<NET-ASSETS> 2,923,211
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 181,702
<OTHER-INCOME> 1,411
<EXPENSES-NET> 6,369
<NET-INVESTMENT-INCOME> 176,744
<REALIZED-GAINS-CURRENT> 11,665
<APPREC-INCREASE-CURRENT> 27,924
<NET-CHANGE-FROM-OPS> 216,333
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 176,197
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 53,123
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 203
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (225,693)
<ACCUMULATED-NII-PRIOR> 61,542
<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>
