Long Term Portfolio Series 118
File No. 33-28328
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
LONG TERM PORTFOLIO SERIES 118
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.
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
__________________
*30 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
(Cumulative or Trust-Distribution
Distributive)
(c) Rights of Holders as to Redemption; Public
Withdrawal or Redemption Offering of Units-
Secondary Market
(d) Rights of Holders as to Public Offering of
conversion, transfer, etc. Units-Secondary Market;
Exchange Option;
Redemption; Rights of
Unit Holders-
Certificates
(e) Lapses or defaults with *30
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
change in: Termination 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 Amendment and
of Trust's Securities Termination of the
Indenture
3) Provisions of Trust Amendment and
Termination of the
__________________
*30 Not applicable, answer negative or not required.
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
Indenture
4) Identity of Depositor Sponsor; Trustee
and Trustee
(h) Security Holders' consent
required to change:
1) Composition of assets Amendment and
of Trust Termination of the
Indenture
2) Terms and conditions Amendment and
of Trust's Securities Termination of the
Indenture
3) Provisions of Amendment and
Indenture Termination 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
units Description of the
Portfolios; Objectives
and Securities
Selection; The Trust-
Special Considerations
12. Type of securities comprising *30
units periodic payment
certificates
__________________
*30 Not applicable, answer negative or not required.
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
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 *30
regarding periodic payment
certificates
(c) Certain percentages Summary of Essential
Information; Public
Offering of Units-
Public Offering Price;-
Profit of Sponsor;-
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 depositor, principal by the Sponsors of
underwriters, trustee or Units Tendered for
affiliated persons Redemption
(g) Ratio of annual charges to *30
income
14. Issuance of trust's securities Introduction; Rights of
Unit Holders -
Certificates
15. Receipt and handling of Public Offering of
payments from purchasers Units-Profit of Sponsor
__________________
*30 Not applicable, answer negative or not required.
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
16. Acquisition and disposition of Introduction; Amendment
underlying securities and Termination of the
Indenture; Objectives
and Securities
Selection; The Trust-
Summary Description of
the Portfolio; Sponsor-
Responsibility
17. Withdrawal or redemption by Redemption; Public
Security Holders Offering of
Units-Secondary Market
18. (a) Receipt and disposition of Administration of the
income Trust; Reinvestment
Programs
(b) Reinvestment of Reinvestment Programs
distributions
(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
Accounts;-Reports to
Unit Holders
20. Certain miscellaneous Amendment and
provisions of the Indenture Termination of the
Indenture; Sponsor -
Limitation on Liability
- Resignation; Trustee
-- Limitation on
Liability - Resignation
21. Loans to security holders *30
__________________
*30 Not applicable, answer negative or not required.
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
22. Limitations on liability Sponsor, Trustee;
Evaluator - Limitation
on Liability
23. Bonding arrangements Included on Form N-8B-2
24. Other material provisions of *30
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
30. Persons controlling Depositor *30
31. Payments by Depositor for *30
certain other services
32. Payments by Depositor for *30
certain other services rendered
to trust
33. Remuneration of employees of *30
Depositor for certain services
rendered to trust
__________________
*30 Not applicable, answer negative or not required.
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
34. Remuneration of other persons *30
for certain services rendered
to trust
IV. Distribution and Redemption of Securities
35. Distribution of trust's Public Offering of
securities by states Units-Public
Distribution
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 Sponsor
underwriter
(b) N.A.S.D. membership of
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 *30
principal underwriter
(c) Salesman of principal *30
underwriter
42. Ownership of trust's securities *30
by certain persons
__________________
*30 Not applicable, answer negative or not required.
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
43. Certain brokerage commissions *30
received by principal
underwriter
44. (a) Method of valuation Public Offering of
Units
(b) Schedule as to offering *30
Price
(c) Variation in offering Public Offering of
price 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
__________________
*30 Not applicable, answer negative or not required.
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
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
(f) Terms and manner of *30
cancellation
(g) Method of determining *30
premiums
(h) Amount of aggregate *30
premiums paid
(i) Who receives any part of *30
premiums
(j) Other material provisions *30
of the Trust relating to
insurance
VII. Policy of Registrant
52. (a) Method of selecting and Introduction;
eliminating securities Objectives and
from the Trust Securities Selection;
The Trust - Summary
Description of the
Portfolio; Sponsor -
Responsibility
(b) Elimination of securities *30
from the Trust
(c) Policy of Trust regarding Introduction;
__________________
*30 Not applicable, answer negative or not required.
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
substitution and Objectives and
elimination of securities Securities Selection;
Sponsor -
Responsibility
(d) Description of any *30
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 *30
Trust's past ten fiscal years
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 Statement of Financial
(Instruction 1(c) to Form S-6) Condition
__________________
*30 Not applicable, answer negative or not required.
LOGO
DEAN WITTER SELECT
MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 118
(Unit Investment Trust)
This Trust was 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). The
value of the Units of the Trust will fluctuate with the value of
the portfolio of underlying Securities. Minimum Purchase: 1 Unit.
This Prospectus consists of two parts. Part A contains a Summary
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
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.
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 118
TABLE OF CONTENTS
PART A Page
Table of Contents.................................. A-1
Summary of Essential Information................... A-3
The Long Term Trust......................... .. A-9
Independent Auditor's Report....................... F-1
PART B
Introduction....................................... 1
The Trust.......................................... 2
Special Considerations............................. 2
Summary Description of the Portfolio............... 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
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
A-1
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
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
<TABLE>
<CAPTION>
SUMMARY OF ESSENTIAL INFORMATION
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 118
As of February 28, 1997
<S> <C> <S> <C>
FACE AMOUNT OF SECURITIES $4,780,000.00 DAILY RATE AT WHICH ESTIMATED NET
INTEREST ACCRUES PER UNIT .0180%
NUMBER OF UNITS 4,800 ESTIMATED CURRENT RETURN (based on
Public Offering Price)<F2> 6.042%
FRACTIONAL UNDIVIDED INTEREST IN THE ESTIMATED LONG TERM RETURN (based on
TRUST REPRESENTED BY EACH UNIT 1/4,800th Public Offering Price)<F2> 5.130%
MONTHLY INTEREST DISTRIBUTIONS
PUBLIC OFFERING PRICE Estimated net annual interest rate
per Unit times $1,000 $64.92
Aggregate bid side evaluation Divided by 12 $ 5.41
of Securities in the Trust $4,985,071.00
RECORD DATE: The ninth day of each month
Divided by 4,800 Units $ 1,038.56
DISTRIBUTION DATE: The fifteenth
Plus sales charge of 3.338% of day of each month
Public Offering Price (3.453%
of net amount invested in MINIMUM PRINCIPAL DISTRIBUTION: No
Securities) 35.86 distribution need be made from the
Principal Account if balance therein
Public Offering Price per Unit 1,074.42 is less than $1 per Unit outstanding
Plus undistributed principal
and net investment income TRUSTEE'S ANNUAL FEE AND EXPENSES
and accrued interest 22.75<F1> (including estimated expenses and
Evaluator's fee) $2.00 per $1,000
Adjusted Public Offering Price $ 1,097.17 face amount of underlying Securities $ 2.00
SPONSOR'S ANNUAL PORTFOLIO SUPERVISION
SPONSOR'S REPURCHASE PRICE AND FEE: Maximum of $.25 per $1,000
REDEMPTION PRICE PER UNIT face amount of underlying Securities .25
(based on bid side evaluation of
underlying Securities, $35.86 TOTAL ESTIMATED ANNUAL EXPENSES
less than Adjusted Public Offering PER UNIT $ 2.25
Price per Unit) $ 1,061.31
EVALUATOR'S FEE FOR EACH EVALUATION:
Minimum of $8.00 plus .25 for each
CALCULATION OF ESTIMATED NET issue of underlying securities in
ANNUAL INTEREST RATE PER UNIT excess of 50 issues (treating separate
(based on face amount of $1,000 maturities as separate issues).
per Unit)
EVALUATION TIME: 4:00 P.M. New York Time
Annual interest rate per Unit 6.717%
MANDATORY TERMINATION DATE: January 1, 2041
Less estimated annual expenses per
Unit ($2.25) expressed as a
percentage .225% DISCRETIONARY LIQUIDATION AMOUNT: The In-
denture may be terminated by the Sponsor if
Estimated net annual interest rate the value of the Trust at any time is less
per Unit 6.492% than $2,000,000.
<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 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>
A-3
SUMMARY OF ESSENTIAL INFORMATION
(Continued)
THE TRUST -- The Dean Witter Select Municipal Trust, Long
Term Portfolio Series 118 (the "Long Term Trust") is a separate
unit investment trust which was created on March 18, 1992 (the
"Date of Deposit"), under the laws of the State of New York under a
single Trust Indenture and Agreement (as defined in Part B). The
Trust is composed of "investment grade" 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 Trust 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 (2) the conservation of capital. The payment of
interest and the preservation of principal of 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 in the Trust 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). (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 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.
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, divided
by the number of Units outstanding, plus a sales charge calculated
by reference to "Sales Charge/Volume Discount", below, plus the per
A-4
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 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
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. The Long Term Trust is considered to
be concentrated in Housing Securities and Prerefunded/Escrowed to
Maturity Securities (32.46 and 28.67, respectively of the aggregate market
value of the Long Term Trust Portfolio). (See: "The Trust --
Special Considerations" and "The Trust -- Summary Description of
the Portfolios", in Part B. See also: "The Long Term Trust",
herein, for a discussion of additional risks relating to Units of
the Trust.)
OTHER INFORMATION -- 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 in
the Long Term Trust is May 2024; and the average life to maturity
(or date of pre-refunding of a bond) of the Portfolio of Securities
A-5
therein is 17.759 years. The actual maturity dates of each of the
Securities contained in the Trust are shown on the respective
"Schedule of Portfolio Securities", herein.
The Trustee shall receive annually 72 cents per $1,000
principal amount of Securities in the 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 the
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
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 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
A-6
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 Trust 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 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
A-7
Interest and Principal" in Part B is amended to read third and
three, respectively.
A-8
THE LONG TERM TRUST
The Portfolio of the Long Term Trust consists of ten
issues of Securities, which were issued by Issuers located in ten
states. One of the issues of Securities is a general obligation of
the Issuer. Nine issues of Securities, while not backed by the
taxing power of the Issuer, are payable from revenues or receipts
derived from specific projects or from other available sources.
The 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)
Electric and Power........... 11.78%
General Obligation........... 15.89%
Health Care and Hospital..... 11.20%
Housing...................... 32.46%
Prerefunded/Escrowed to
Maturity................... 28.67%
Original Issue Discount...... 55.76%
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 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 Long Term
Trust, approximately 1.73% of the aggregate principal amount of the
Securities in the Long Term Trust (or .51% of the market value of
all Securities in the 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 representing approximately 6.24% of the
aggregate market value of the Portfolio are currently subject to
redemption from mandatory sinking fund payments. Securities
representing approximately 7.63% and 6.24% of the aggregate market
value of the Portfolio are subject to redemption at the option of
the Issuer thereof beginning in 1999 and 2000, respectively. (See:
"Schedule of Portfolio Securities," herein, and "The Trust _
Summary Description of the Portfolios _ Additional Securities
Considerations _ Redemption of Securities," in Part B.)
A-9
On April 1, 1997, based on the bid side of the market,
the aggregate market value of Securities in the Long Term Trust was
$4,742,595.90.
On April 1, 1997, Standard & Poor's Corporation rated
seven of the Securities in the Long Term Trust as follows: 11.56%-
AAA, 38.15%-AA and 29.50%-A; and Moody's Investors Service rated
two of the Securities as follows: 16.55%-Aaa. 6.24% of the
Securities are not rated; however, in the opinion of the Sponsor,
these Securities have credit characteristics comparable to
investment grade securities. (See: "Bond Ratings", in Part B, and
the respective "Schedule of Portfolio Securities", herein.) A
Security in the Portfolio may subsequently cease to be rated or the
rating assigned may be reduced below the minimum requirements of
the 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-10
<AUDIT-REPORT>
INDEPENDENT AUDITORS' REPORT
THE UNIT HOLDERS, SPONSOR AND TRUSTEE
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SE
SERIES 118
We have audited the statement of financial condition and schedule of
portfolio securities of the Dean Witter Select Municipal Trust Long Term
Portfolio Series 118 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 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 118 as of
February 28, 1997, and the results of its operations and the changes in
its 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
LONG TERM PORTFOLIO SERIES 118
February 28, 1997
TRUST PROPERTY
Investments in municipal bonds at market value (amortized
cost $4,609,390) (Note (a) and Schedule of Portfolio
Securities Notes (4) and (5)) $4,985,071
Accrued interest receivable 51,160
Cash 65,748
Total 5,101,979
LIABILITIES AND NET ASSETS
Less Liabilities:
Accrued Trustee's fees and expenses 8,173
Accrued Sponsor's fees 2,137
Total liabilities 10,310
Net Assets:
Balance applicable to 4,800 Units of fractional
undivided interest outstanding (Note (c)):
Capital, plus unrealized market
appreciation of $375,681 $4,985,071
Undistributed principal and net investment
income (Note (b)) 106,598
Net assets $5,091,669
Net asset value per Unit ($5,091,669 divided by 4,800 Units) $ 1,060.76
See notes to financial statements
F-2
<PAGE>
STATEMENTS OF OPERATIONS
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 118
For the years ended
February 28, February 29, February 28,
1997 1996 1995
Investment income -
interest $323,843 $324,063 $325,820
Less Expenses:
Trustee's fees and
expenses 9,563 9,572 9,603
Sponsor's fees 1,195 1,197 1,201
Total
expenses 10,758 10,769 10,804
Investment
income -
net 313,085 313,294 315,016
Net gain (loss) on
investments:
Realized (loss) gain
on securities sold
or redeemed (300) - 7,942
Net unrealized market
appreciation (depre-
ciation) 29,014 174,707 (211,382)
Net gain
(loss) on
investments 28,714 174,707 (203,440)
Net increase in net
assets resulting from
operations $341,799 $488,001 $111,576
See notes to financial statements
F-3
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 118
For the years ended
February 28, February 29, February 28,
1997 1996 1995
Operations:
Investment income -
net $313,085 $ 313,294 $ 315,016
Realized (loss) gain
on securities sold
or redeemed (300) - 7,942
Net unrealized market
appreciation
(depreciation) 29,014 174,707 (211,382)
Net increase
in net
assets
resulting
from
operations 341,799 488,001 111,576
Less Distributions to
Unit Holders:
Principal (4,992) - (14,640)
Investment income -
net (311,423) (311,616) (313,854)
Total dis-
tribu-
tions (316,415) (311,616) (328,494)
Less Capital Share
Transactions:
Redemption of 200
Units - - (204,440)
Accrued interest on
redemption - - (4,522)
Total capital
share
transac-
tions - - (208,962)
Net increase (decrease)
in net assets 25,384 176,385 (425,880)
Net assets:
Beginning of year 5,066,285 4,889,900 5,315,780
End of year (includ-
ing undistributed
principal and net
investment income
of $106,598,
$106,222 and
$105,756, respec-
tively) $5,091,669 $5,066,285 $4,889,900
See notes to financial statements
F-4
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 118
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, 1992) 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 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.
F-5
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 118
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, 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 February 28, 1997 follows:
Original cost to investors $5,074,024
Less: Gross underwriting commissions (sales charge) (248,606)
Net cost to investors 4,825,418
Cost of securities sold or redeemed (221,740)
Unrealized market appreciation 375,681
Accumulated interest accretion 5,712
Net amount applicable to investors $4,985,071
F-6
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 118
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 $ 1.04 $ - $ 3.05
Net investment
income dis-
tributions
during year $ 64.88 $ 64.92 $ 65.16
Net asset value
at end of year $1,060.76 $1,055.48 $1,018.73
Trust Units
outstanding
at end of year 4,800 4,800 4,800
F-7
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO SECURITIES
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 118
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. Illinois Health Facilities
Authority Revenue Bonds,
Series 1992 (South Suburban
Hospital) (Refunded) <F10> A $ 500,000 7.000% 02/15/18 NONE 02/15/02@102 $ 569,585
2. Tipton Area School Build-
ing Corporation, Indiana,
First Mortgage Refunding
Bonds, Series 1992 A 700,000 6.850 01/01/08 01/01/05@100 01/01/02@102 761,306
3. Maine State Housing
Authority, Mortgage Purchase
Bonds, 1992 Series A <F8> AA 695,000 7.000 11/15/23 11/15/13@100 05/15/02@102 723,585
4. The Commonwealth of Massa-
chusetts General Obligation
Bonds, Consolidated Loan of
1989, Series A (Refunded)
<F10> Aaa<9> 500,000 7.500 02/01/07 NONE 02/01/99@101 537,515
5. North Carolina Eastern
Municipal Power Agency,
Power System Revenue Bonds,
Refunding Series 1987 A
(Refunded) <F10> Aaa<9> 500,000 4.500 01/01/24 NONE 01/01/22@100 444,190
6. Mercer County, North
Dakota, Pollution Control
Refunding Revenue Bonds
(Otter Tail Power Company
Project), Collateralized
Series 1991 AA- 525,000 6.900 02/01/19 02/01/06@100 02/01/01@102 561,530
7. The Southeast Texas Hous-
ing Finance Corporation,
Single-Family Mortgage Reve-
nue Bonds, 1984 Series A
(MBIA Insured) (Escrowed to
Maturity) <F8><F12> AAA 80,000 0.000 09/01/17 NONE NONE 24,422
8. Northern Virginia Health
Center Commission, Nursing
Home Revenue Bonds, Series
1990 <F8> <F11> 280,000 9.000 07/01/20 Currently@100 07/01/00@103 296,963
9. Washington Health Care
Facilities Authority Reve-
nue Bonds, Series 1992
(Sacred Heart Medical Cen-
ter, Spokane) AA- 500,000 6.875 02/15/12 02/15/07@100 02/15/02@102 538,720
10. West Virginia Housing
Development Fund, Housing
Finance Bonds, 1992 Series
A <F8> AA+ 500,000 7.000 05/01/24 05/01/17@100 05/01/02@103 527,255
$4,780,000 $4,985,071
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 118
February 28, 1997
[FN]
<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 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 $375,681
Gross unrealized market depreciation -
Unrealized market appreciation $375,681
The amortized cost of the Securities for Federal income tax purposes
was $4,609,390 at February 28, 1997.
<F8> 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.
<F9> Moody's Investors Service, Inc. rating.
<F10> The Issuer has indicated that it will refund this Security on its
optional redemption date.
<F11> This Security, although unrated, has, in the opinion of the Sponsor,
credit characteristics comparable to investment grade Securities.
<F12> Insured by Municipal Bond Insurance Association ("MBIA").
F-9
(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 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. 1. Financial Data Schedule of Dean Witter Select
Municipal Trust, Long Term Portfolio Series
118.
CONSENT OF COUNSEL
The consent of Counsel to the use of its name in the
Prospectus included in this Registration Statement are contained in
its opinion filed as Exhibits 3. and 23.4. to this Registration
Statement.
SIGNATURES
Pursuant to the requirements of the Securities Act of
1933, the registrant, Dean Witter Select Municipal Trust, Long Term
Portfolio Series 118, 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,
LONG TERM PORTFOLIO SERIES 118
(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 and 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 below 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.
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. 1. Financial Data Schedule of Dean Witter
Select Municipal Trust, Long Term
Portfolio Series 118
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,
Long Term Portfolio Series 118
Gentlemen:
We have examined the post-effective Amendment to the
Registration Statement File No. 33-28328 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 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 Long Term
Portfolio Series 118 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
<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 118 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS
<RESTATED>
<SERIES>
<NAME> DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES
<NUMBER> 118
<MULTIPLIER> 1
<FISCAL-YEAR-END> Feb-28-1997
<PERIOD-START> Mar-1-1996
<PERIOD-END> Feb-28-1997
<PERIOD-TYPE> YEAR
<INVESTMENTS-AT-COST> 4,609,390
<INVESTMENTS-AT-VALUE> 4,985,071
<RECEIVABLES> 51,160
<ASSETS-OTHER> 65,748
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,101,979
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,310
<TOTAL-LIABILITIES> 10,310
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,609,400
<SHARES-COMMON-STOCK> 4,800
<SHARES-COMMON-PRIOR> 4,800
<ACCUMULATED-NII-CURRENT> 106,588
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 375,681
<NET-ASSETS> 5,091,669
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 322,550
<OTHER-INCOME> 1,293
<EXPENSES-NET> 10,758
<NET-INVESTMENT-INCOME> 313,085
<REALIZED-GAINS-CURRENT> (300)
<APPREC-INCREASE-CURRENT> 29,014
<NET-CHANGE-FROM-OPS> 341,799
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 311,423
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 4,992
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 25,384
<ACCUMULATED-NII-PRIOR> 106,221
<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>
