Insured National Portfolio Series 41
File No. 33-27810
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 Trust Registered on Form N-8B-2
A. Exact name of Trust:
DEAN WITTER SELECT MUNICIPAL TRUST
INSURED NATIONAL PORTFOLIO SERIES 41
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
Check box if it is proposed that this filing should
/x/ become effective immediately upon filing pursuant to
paragraph(b) of Rule 485.
<PAGE>
Pursuant to Rule 429(b) under the Securities Act of
1933, the Registration Statement and prospectus
contained herein relates to Registration Statement No.:
33-27810
<PAGE>
-5-
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)
_________________
*30 Not applicable, answer negative or not required.
<PAGE>
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Form N-8B-2 Form S-6
Item Number Heading in Prospectus
b) Type of Securities Administration of the
(Cumulative or Trust-Distribution
Distributive)
c) Rights of Holders as to Redemption; Public Offering
Withdrawal or Redemption of Units-Secondary Market
d) Rights of Holders as to Public Offering of Units-
conversion, transfer, etc. Secondary Market; Exchange
Option; Redemption; Rights
of Unit Holders-
Certificates
e) Lapses or defaults with *30
respect to periodic payment
plan certificates
f) Voting rights as to Rights of Unit Holder -
Securities under the Certain Limitations
Indenture
g) Notice to Holders as to Amendment and Termination
change in: 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 Termination
Trust's Securities of the Indenture
3) Provisions of Trust Amendment and Termination
of the Indenture
4) Identity of Depositor Sponsor; Trustee
and Trustee
h) Security Holders Consent
required to change:
1) Composition of assets Amendment and Termination
of Trust of the Indenture
_________________
*30 Not applicable, answer negative or not required.
<PAGE>
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Form N-8B-2 Form S-6
Item Number Heading in Prospectus
2) Terms and conditions of Amendment and Termination
Trust's Securities of the Indenture
3) Provisions of Indenture Amendment and 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
periodic payment certificates
13. a) Load, fees, expenses, Summary of Essential
etc. 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 loads, fees, Rights of Unit Holders-
etc. payable by holders Certificates
_________________
*30 Not applicable, answer negative or not required.
<PAGE>
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Form N-8B-2 Form S-6
Item Number Heading in Prospectus
f) Certain profits receivable Redemption-Purchase by the
by depositor, principal Sponsors of Units Tendered
underwriters, trustee or for Redemption
affiliated persons
g) Ratio of annual charges to *30
income
14. Issuance of trust's securities Introduction; Rights of
Unit Holders-Certificates
15. Receipt and handling of payments Public Offering of Units-
from purchasers Profit of Sponsor
16. Acquisition and disposition of Introduction; Amendment and
underlying securities Termination of the Indenture;
Objectives and Securities
Selection; The Trust-Summary
Description of the Portfolio;
Sponsor-Responsibility
17. Withdrawal or redemption by Redemption; Public Offering
Security Holders of Units-Secondary Market
18. a) Receipt and disposition of Administration of the
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
_________________
*30 Not applicable, answer negative or not required.
<PAGE>
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Form N-8B-2 Form S-6
Item Number Heading in Prospectus
20. Certain miscellaneous provisions Amendment and Termination
of the Indenture of the Indenture; Sponsor-
Limitation on Liability-
Resignation; Trustee-
Limitation on Liability-
Resignation
21. Loans to security holders *30
22. Limitations on liability Sponsor, Trustee;
Evaluator-Limitation on
Liability
23. Bonding arrangements Included in 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 *30
certain other services
32. Payments by Depositor for *30
certain other services rendered
to trust
_________________
*30 Not applicable, answer negative or not required.
<PAGE> -10-
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 *30
for certain services rendered to
trust
IV. Distribution and Redemption of Securities
35. Distribution of trust's Public Offering of Units-
securities by states Public Distribution
36. Suspension of sales of trust's *30
securities
37. Revocation of authority to *30
distribute
38. a) Method of distribution Public Offering of Units
b) Underwriting agreements
c) Selling agreements
39. a) Organization of principal Sponsor
underwriter
b) N.A.S.D. membership of
principal underwriter
40. Certain fees received by Public Offering of Units-
principal underwriter Profit of Sponsor
41. a) Business of principal Sponsor
underwriter
b) Branch offices of principal *30
underwriter
c) Salesman of principal *30
underwriter
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>
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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 Units-
to certain persons 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 46
underlying securities
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
_________________
*30 Not applicable, answer negative or not required.
<PAGE>
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Form N-8B-2 Form S-6
Item Number Heading in Prospectus
e) Beneficiaries of policies *30
f) Terms and manner of
cancellation *30
g) Method of determining *30
premiums
h) Amount of aggregate premiums *30
paid
i) Who receives any part of *30
premiums
j) Other material provisions of *30
the Trust relating to
insurance
VII. Policy of Registrant
52. a) Method of selecting and Introduction Objectives and
eliminating securities from Securities Selection; The
the Trust Trust-Summary Description
of the Portfolio Sponsor-
Responsibility
b) Elimination of securities *30
from the Trust
c) Policy of Trust regarding Introduction Objectives and
substitution and Securities Selection;
elimination of securities 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
_________________
*30 Not applicable, answer negative or not required.
<PAGE>
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Form N-8B-2 Form S-6
Item Number Heading in Prospectus
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
INSURED NATIONAL PORTFOLIO SERIES 41
Standard & Poor's Corporation Rating: AAA
(A 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) and,
through investment in a fixed portfolio consisting primarily 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 underlying
Securities. The Units of the Insured National Trust are rated
AAA by Standard & Poor's Corporation because all of the
<PAGE>
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Securities have been irrevocably insured by insurance provided by
the respective Issuers thereof or obtained by third parties.
Minimum Purchase: 1 Unit.
_______________________________________________________________
This Prospectus consists of two parts. Part A contains a Summary
of Essential Information and descriptive material relating to the
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 June 26, 1997
A-2
<PAGE>
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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
INSURED NATIONAL PORTFOLIO SERIES 41
TABLE OF CONTENTS
PART A Page
Table of Contents...................................... A-1
Summary of Essential Information....................... A-3
The Insured National Trust. ....................... A-10
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
A-1
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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
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
SUMMARY OF ESSENTIAL INFORMATION
DEAN WITTER SELECT MUNICIPAL TRUST
INSURED NATIONAL PORTFOLIO SERIES 41
AS OF APRIL 30, 1997
<S> <C> <S> <C>
FACE AMOUNT OF SECURITIES $3,825,000.00 DAILY RATE AT WHICH ESTIMATED NET
INTEREST ACCRUES PER UNIT .0153%
NUMBER OF UNITS 3,816
ESTIMATED CURRENT RETURN (based on
FRACTIONAL UNDIVIDED INTEREST IN THE Public Offering Price)<F2> 5.372%
TRUST REPRESENTED BY EACH UNIT 1/3,816th
ESTIMATED LONG TERM RETURN (based on
PUBLIC OFFERING PRICE Public Offering Price)<F2> 5.334%
Aggregate bid side evaluation MONTHLY INTEREST DISTRIBUTIONS
of Securities in the Trust $3,702,661.00
Estimated net annual interest rate
Divided by 3,816 Units $ 970.30 per Unit times $1,000 $55.16
Divided by 12 $ 4.59
Plus sales charge of 5.500% of
Public Offering Price (5.820% RECORD DATE: The ninth day of each month
of net amount invested in
Securities) 56.47 DISTRIBUTION DATE: The fifteenth
day of each month
Public Offering Price per Unit 1,026.77
Plus undistributed principal and MINIMUM PRINCIPAL DISTRIBUTION: No
net investment income and accrued distribution need be made from the
interest 19.02<F1> Principal Account if balance therein
is less than $1 per Unit outstanding
Adjusted Public Offering Price $ 1,045.79
TRUSTEE'S ANNUAL FEE AND EXPENSES
(including estimated expenses and
SPONSOR'S REPURCHASE PRICE AND Evaluator's fee) $1.83 per $1,000
REDEMPTION PRICE PER UNIT face amount of underlying Securities $ 1.83
(based on bid side evaluation of
underlying Securities, $56.47 SPONSOR'S ANNUAL PORTFOLIO SUPERVISION
less than Adjusted Public Offering FEE: Maximum of $.25 per $1,000
Price per Unit) $ 989.32 face amount of underlying Securities .25
TOTAL ESTIMATED ANNUAL EXPENSES PER
CALCULATION OF ESTIMATED NET UNIT $ 2.08
ANNUAL INTEREST RATE PER UNIT
(based on face amount of $1,000 EVALUATOR'S FEE FOR EACH EVALUATION:
per Unit) $.40 per issue of Security.
Annual interest rate per Unit 5.724% EVALUATION TIME: 4:00 P.M. New York Time
Less estimated annual expenses per MANDATORY TERMINATION DATE: January 1, 2042
Unit ($2.08) expressed as a
percentage .208% DISCRETIONARY LIQUIDATION AMOUNT: The Trust
may be terminated by the Sponsor if the value
Estimated net annual interest rate of the portfolio of Trust at any time is less
per Unit 5.516% than $1,600,000.
<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 April 30, 1997.
<F2>The estimated current return and estimated long term return are increased for transactions entitled to a
reduced sales charge. (See "The Units - Estimated Annual Income and Current Return" and "Public Offering of
Units - Volume Discount" in Part B of this Prospectus.)
A-3
</TABLE>
<PAGE>
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SUMMARY OF ESSENTIAL INFORMATION
(Continued)
THE TRUST -- The Dean Witter Select Municipal Trust,
Insured National Portfolio Series 41 (the "Trust") is a unit
investment trust which was created on May 25, 1993 (the "Date
of Deposit"), under the laws of the State of New York pursuant
to an Indenture as defined in Part B. The Trust is composed
of "investment grade" long-term, interest-bearing municipal
bonds (the "Securities"). (For a description of the meaning
of "investment grade" securities, see: "Bond Ratings", in
Part B.) The objectives of the 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
or the bond insurers thereof to meet their obligations to pay
principal and interest on the Securities. Therefore, there is
no guarantee that the objectives of the Trust will be
achieved. All of the Securities in the Portfolio 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
THE TRUST HAS 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.
INSURANCE -- A policy of insurance guaranteeing the
scheduled payment of principal and interest ("Bond Insurance")
has been obtained from the bond insurers indicated on the
respective "Schedule of Portfolio Securities", herein, and
paid for by the Issuers of the Securities, or by third
parties, for all the Securities in the Insured National Trust.
The policies of Bond Insurance are non-cancelable and cover
default in the payment of principal and interest on the
Securities so insured so long as such Securities remain
outstanding. Bond Insurance on all Securities in the Insured
National Trust relates only to the Securities in such Insured
National Trust and not to the
A-4
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-5-
Units offered hereby. No representation is made herein as to
any bond insurer's ability to meet its obligations under a
policy of Bond Insurance relating to a Security in the Insured
National Trust. However, as a result of such Bond Insurance,
the Securities, as well as the Units of the Insured National
Trust, are rated "AAA" by Standard & Poor's Corporation.
There can be no assurance that such "AAA" ratings will be
retained. (See: "Insurance on the Securities in an Insured
Trust", in Part B.)
MONTHLY DISTRIBUTIONS -- Monthly distributions of
principal, premium, if any, and interest received by 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, neither of which are insured. (See:
"Reinvestment Programs", in Part B.)
PUBLIC OFFERING PRICE -- The Public Offering Price
per Unit of each Trust is calculated daily, and is equal to the
aggregate bid side evaluation of the underlying Securities,
divided by the number of Units outstanding, plus a sales charge
calculated by reference to "Sales Charge/Volume Discount",
below, plus the per Unit balance in the Interest and Principal
Accounts. Units are offered at the Public Offering Price, plus
accrued interest. (See: "Public Offering of Units", in Part
B.)
ESTIMATED CURRENT RETURN -- The Estimated Current
Return shows the return based on the Public Offering Price and
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,
A-5
<PAGE>
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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 or intermediate
term debt obligations may entail, including the risk that the
value of the Units will decline with increases in interest
rates. The Insured National Trust is considered to be
concentrated in Electric and Power Securities and Health Care
and Hospital Securities 39.85% and 29.47%, respectively, of the
aggregate market value of the Insured National Trust
Portfolio). (See: "The Trust -- Special Considerations" and
"The Trust -- Summary Description of the Portfolios", in
Part B. See also: "The Insured National 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, 2042.
The latest maturity of a Security in the Insured National Trust
is January 2033; and the average life to maturity (or date of
pre-refunding of a bond) of the Portfolio of Securities therein
is 25.971 years. The actual maturity dates of the Securities
contained in the Trust 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 Trust for its
services as Trustee. See: "Expenses and Charges", in Part B,
for a description of other fees and charges which may be
incurred by a Trust.
SALES CHARGE/VOLUME DISCOUNT -- The Public Offering
Price per Unit will be computed by dividing the aggregate of
the bid prices of the Securities in a Trust by the number of
Units outstanding and then adding the appropriate sales charge
described below. The sales charge will reflect different rates
depending upon the maturities of the various underlying
A-6
<PAGE>
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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
side evaluation) Offering Price
Time to Maturity
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
below.
Insured National Dealer Concession as
Trust Number % of Effective % of Effective Sales
of Units Sales Charge Charge
1-99............... 100% 65%
100-249............ 95% 62%
250-499............ 85% 55%
500-999............ 70% 45%
1,000 or more...... 55% 35%
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To qualify for the reduced sales charge and
concession applicable to quantity purchases, the selling dealer
must confirm that the sale is to a single purchaser, as
described in "Volume Discount" in Part B of the Prospectus.
Units purchased at an Effective Sales Charge (before
volume purchase discount) of less than 3.00% of the Public
Offering Price (3.093% of the bid side evaluation of the
Securities) will not be eligible for exchange at a reduced
sales charge described under the Exchange Option.
Dealers purchasing certain dollar amounts of Units
during the life of the Trusts may be entitled to additional
concessions. The Sponsor reserves the right, at any time and
from time to time, to change the level of dealer concessions.
For further information regarding the volume
discount, see: "Public Offering of Units -- Volume Discount",
in Part B.
Note: "Auditors" in Part B is amended so that
"Deloitte & Touche" is replaced with "Deloitte & Touche LLP";
"Evaluator" in Part B is amended so that "Kenny S&P Evaluation
Services, a division of Kenny Information Systems, Inc." is
replaced with "Kenny S&P Evaluation Services, a Division of
J.J. Kenny Co., Inc."; and "Trustee" in Part B is amended so
that "United States Trust Company of New York, with its
principal place of business at 114 West 47th Street, New York,
New York 10036, and its unit investment trust office at 770
Broadway, New York, New York 10003" is replaced with "The Chase
Manhattan Bank, a New York Bank with its principal executive
office located at 270 Park Avenue, New York, New York 10017 and
its unit investment trust office at 4 New York Plaza, New York,
New York 10004". The reference to the fifth and five business
day in "Redemption -- Computation of Redemption Price per Unit"
and "Administration of the Trust -- Distribution of Interest
and Principal" in Part B is amended to read third and three,
respectively. "Insurance on the Securities in an Insured
Trust" in Part B is amended to add the following paragraph
before "Ambac Indemnity":
On December 20, 1995, Capital Guaranty Corporation
merged with a subsidiary of Financial Security Assurance
Holdings Ltd. In connection with such merger, (i) CGIC, the
principal operating subsidiary of Capital Guaranty Corporation,
became a wholly-owned subsidiary of FSA, the principal
operating subsidiary of Financial Security Assurance Holdings
A-8
<PAGE>
-9-
Ltd., and (ii) the corporate name of CGIC was changed to
Financial Security Assurance of Maryland Inc.
On May 31, 1997, Dean Witter, Discover & Co., Dean
Witter's former parent company, and Morgan Stanley Group Inc.
merged to form MSDWD. In connection with such merger, the
corporation name of DWDC was changed to Morgan Stanley, Dean
Witter, Discover & Co. ("MSDWD").
A-9
<PAGE>
-10-
THE INSURED NATIONAL TRUST
The Portfolio of the Insured National Trust consists
of eight issues of Securities, seven of which were issued by
Issuers located in six states and one of which (approximately
13.11% of the aggregate market value of the Insured National
Trust Portfolio) was issued by an Issuer located in the
District of Columbia. Two issues of Securities are each a
general obligation of an Issuer. 86.89% issues of Securities,
while not backed by the taxing power of the Issuer, are payable
from revenues or receipts derived from specific projects or
other available sources. The Insured National Trust contains
the following categories of Securities:
Percentage of Aggregate
Market Value of Trust Portfolio
(as of June 6, 1997)
Category of Security
Electric and Power............... 39.85%
General Obligation............... 14.08%
Health Care and Hospital......... 29.47%
Water and Sewer.................. 16.60%
Original Issue Discount.......... 83.40%
See: "The Trust -- Summary Description of the
Portfolios", in Part B, for a summary of the investment risks
associated with the type of Securities contained in the Insured
National Trust. See: "Tax Status", in Part B, for a
discussion of certain tax considerations with regard to
Original Issue Discount.
Of the Original Issue Discount bonds in the Insured
National Trust, approximately 3.27% of the aggregate principal
amount of the Securities in the Insured National Trust (or .97%
of the market value of all Securities in the Insured National
Trust on June 6, 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).
A-10
<PAGE>
-11-
The Securities in the Insured National Trust are
insured to maturity by the insurance obtained by the Issuers or
by third parties from the following insurance companies:
AMBAC: 15.85%; FGIC: .97% and MBIA: 83.18%.a
On June 6, based on the bid side of the market, the
aggregate market value of the Securities in the Insured
National Trust was $3,786,154.35.
On June 6, 1997, eight of the Securities in the Insured
National Trust were rated "AAA" by Standard & Poor's
Corporation because of the Bond Insurance policies issued in
respect of such Securities. (See: the respective "Schedule of
Portfolio Securities", herein, and "Bond Ratings", in Part B.)
A Security in the Portfolio may subsequently cease to be rated
or the rating assigned may be reduced below the minimum
requirements of the Insured National Trust for the acquisition
of Securities. While such events may be considered by the
Sponsor in determining whether to direct the Trustee to dispose
of the Security (see: "Sponsor -- Responsibility", in Part B),
such events do not automatically require the elimination of
such Security from the Portfolio.
a Percentages computed on the basis of the aggregate bid
side evaluation of the Securities in the Insured National
Trust on June 6, 1997.
A-11
<PAGE>
<AUDIT-REPORT>
INDEPENDENT AUDITORS' REPORT
THE UNIT HOLDERS, SPONSOR AND TRUSTEE
DEAN WITTER SELECT MUNICIPAL TRUST
INSURED NATIONAL PORTFOLIO SERIES 41
We have audited the statement of financial condition and schedule of
portfolio securities of the Dean Witter Select Municipal Trust Insured
National Portfolio Series 41 as of April 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 April 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 Insured National Portfolio Series 41 as of April 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
June 2, 1997
New York, New York
F-1
</AUDIT-REPORT>
<PAGE>
STATEMENT OF FINANCIAL CONDITION
DEAN WITTER SELECT MUNICIPAL TRUST
INSURED NATIONAL PORTFOLIO SERIES 41
APRIL 30, 1997
TRUST PROPERTY
Investments in municipal bonds at market value (amortized
cost $3,700,855) (Note (a) and Schedule of Portfolio
Securities Notes (4) and (5)) $3,702,661
Accrued interest receivable 62,809
Cash 16,526
Total 3,781,996
LIABILITIES AND NET ASSETS
Less Liabilities:
Accrued Trustee's fees and expenses 6,624
Accrued Sponsor's fees 1,880
Total liabilities 8,504
Net Assets:
Balance applicable to 3,816 Units of fractional
undivided interest outstanding (Note (c)):
Capital, plus net unrealized market
appreciation of $1,806 $3,702,661
Undistributed principal and net investment
income (Note (b)) 70,831
Net assets $3,773,492
Net asset value per Unit ($3,773,492 divided by 3,816 Units) $ 988.86
See notes to financial statements
F-2
<PAGE>
STATEMENTS OF OPERATIONS
DEAN WITTER SELECT MUNICIPAL TRUST
INSURED NATIONAL PORTFOLIO SERIES 41
For the years ended April 30,
1997 1996 1995
Investment income - interest $230,070 $231,279 $231,178
Less Expenses:
Trustee's fees and expenses 7,280 7,319 7,320
Sponsor's fees 995 1,000 1,000
Total expenses 8,275 8,319 8,320
Investment income - net 221,795 222,960 222,858
Net gain on investments:
Realized loss on securities sold
or redeemed (1,232) - -
Unrealized market appreciation 61,354 100,601 50,894
Net gain on investments 60,122 100,601 50,894
Net increase in net assets resulting from
operations $281,917 $323,561 $273,752
See notes to financial statements
F-3
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
DEAN WITTER SELECT MUNICIPAL TRUST
INSURED NATIONAL PORTFOLIO SERIES 41
For the years ended April 30,
1997 1996 1995
Operations:
Investment income - net $ 221,795 $ 222,960 $ 222,858
Realized loss on securities sold
or redeemed (1,232) - -
Unrealized market appreciation 61,354 100,601 50,894
Net increase in net assets
resulting from operations 281,917 323,561 273,752
Less Distributions to Unit Holders:
Investment income - net (219,937) (220,922) (220,800)
Total distributions (219,937) (220,922) (220,800)
Less Capital Share Transactions:
Redemption of 175 Units and
9 Units, respectively (171,043) (8,668) -
Accrued interest on redemption (3,053) (172) -
Total capital share
transactions (174,096) (8,840) -
Net (decrease) increase in net assets (112,116) 93,799 52,952
Net assets:
Beginning of year 3,885,608 3,791,809 3,738,857
End of year (including undistributed
principal and net investment income
of $70,831, and undistributed net
investment income of $65,406 and
$74,012, respectively) $3,773,492 $3,885,608 $3,791,809
See notes to financial statements
F-4
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DEAN WITTER SELECT MUNICIPAL TRUST
INSURED NATIONAL PORTFOLIO SERIES 41
APRIL 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
(May 25, 1993) represents the cost of investments to the Trust
based on the offering side evaluations as of the date 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.
F-5
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DEAN WITTER SELECT MUNICIPAL TRUST
INSURED NATIONAL PORTFOLIO SERIES 41
APRIL 30, 1997
(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 (May 25, 1993) exclusive of
accrued interest, computed on the basis set forth under "Public Offering
of Units - Public Offering Price" in Part B of this Prospectus.
A reconciliation of the original cost of Units to investors to the net
amount applicable to investors as of April 30, 1997 follows:
Original cost to investors $4,074,276
Less: Gross underwriting commissions (sales charge) (199,640)
Net cost to investors 3,874,636
Cost of Securities sold or redeemed (180,807)
Net unrealized market appreciation 1,806
Accumulated interest accretion 7,026
Net amount applicable to investors $3,702,661
(d) OTHER INFORMATION
Selected data for a Unit of the Trust during each year:
For the years ended April 30,
1997 1996 1995
Net investment income distributions
during year $ 55.31 $ 55.31 $ 55.20
Net asset value at end of year $988.86 $973.59 $947.95
Trust Units outstanding at end
of year 3,816 3,991 4,000
F-6
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO SECURITIES
DEAN WITTER SELECT MUNICIPAL TRUST
INSURED NATIONAL PORTFOLIO SERIES 41
APRIL 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. District of Columbia
(Washington, D.C.) General
Obligation Refunding Bonds,
Series 1993B (MBIA Insured)
<F8> AAA $ 500,000 5.500% 06/01/12 06/01/10@100 NONE $ 483,075
2. Illinois Health Facilities
Authority Revenue Bonds,
Series 1992 B (Franciscan
Sisters Health Care Corpora-
tion Project) (MBIA Insured)
<F8> AAA 500,000 6.250 09/01/21 09/01/14@100 09/01/02@102 509,060
3. Illinois Municipal Elec-
tric Agency, Power Supply
System Revenue Bonds, Series
1991A (AMBAC Insured) <F9> AAA 600,000 5.750 02/01/21 02/01/08@100 02/01/01/102 587,016
4. Indiana Municipal Power
Agency Power Supply System
Revenue Bonds, 1993 Series A
(MBIA Insured) <F8> AAA 475,000 5.500 01/01/23 01/01/20@100 01/01/03@100 448,201
5. Romulus Community Schools,
Michigan, 1993 Refunding
Bonds (General Obligation -
Unlimited Tax) (FGIC
Insured) <F10> AAA 125,000 0.000 05/01/19 NONE NONE 34,332
6. Piedmont Municipal Power
Agency, South Carolina,
Electric Revenue Bonds, 1992
Refunding Series (MBIA
Insured) <F8> AAA 425,000 6.300 01/01/22 01/01/15@100 01/01/03@102 440,623
7. Municipality of Metropoli-
tan Seattle Sewer Revenue
Bonds, Series W (MBIA
Insured) <F8> AAA 600,000 6.300 01/01/33 01/01/24@100 01/01/03@102 616,770
8. Wisconsin Health and Edu-
cational Facilities Author-
ity, Wheaton Franciscan
Services Inc. System Revenue
Bonds, Series 1993 (MBIA
Insured) <F8> AAA 600,000 5.750 08/15/22 08/15/14@100 08/15/03@102 583,584
$3,825,000 $3,702,661
See notes to schedule of portfolio securities
F-7
</TABLE>
<PAGE>
NOTES TO SCHEDULE OF PORTFOLIO SECURITIES
DEAN WITTER SELECT MUNICIPAL TRUST
INSURED NATIONAL PORTFOLIO SERIES 41
APRIL 30, 1997
[FN]
<F3> All ratings are provided by Standard & Poor's Corporation. A brief
description of applicable Security ratings is given under "Bond
Ratings" in Part B of this Prospectus.
<F4> There is shown under this heading the date on which each issue of
Securities is redeemable by the operation of optional call
provisions and the redemption price for that date; unless otherwise
indicated, each issue continues to be redeemable at declining
prices thereafter but not below par. Securities listed as non-
callable, as well as Securities listed as callable, may also be
redeemable at par under certain circumstances from special
redemption payments.
<F5> There is shown under this heading the date on which an issue of
Securities is subject to scheduled sinking fund redemption and the
redemption price of par.
<F6> The market value of the Securities as of April 30, 1997 was
determined by the Evaluator on the basis of bid side evaluations
for the Securities at such date.
<F7> At April, 30, 1997, the net unrealized market appreciation of all
Securities was comprised of the following:
Gross unrealized market appreciation $ 9,057
Gross unrealized market depreciation (7,251)
Net unrealized market appreciation $ 1,806
The amortized cost of the Securities for Federal income tax purposes
was $3,700,855 at April 30, 1997.
<F8> Insured by Municipal Bond Insurance Association ("MBIA").
<F9> Insured by American Municipal Bond Assurance Corporation ("AMBAC").
<F10> Insured by Financial Guaranty Insurance Company ("FGIC").
F-8
<PAGE>
-13-
(MODULE)
(NAME) DWSMTPARTB941
(CIK) 0000840581
(CCC) uit*59fl
(/MODULE)
<PAGE>
-14-
CONTENTS OF REGISTRATION STATEMENT
This registration statement comprises the following
documents:
The facing sheet.
The Cross Reference Sheet.
The Prospectus.
The signatures.
Consents of the Evaluator, Independent Auditors and
Standard & Poor's; all other consents were previously
filed.
The following exhibits:
23. 1a. Consents of Kenny S&P Evaluation Services,
a division of J.J. Kenny Co., Inc.
1b. Consent of Independent Auditors.
1d. Consents of Standard & Poor's.
27. 1. Financial Data Schedule of Dean Witter
Select Municipal Trust, Insured National
Portfolio Series 41.
FINANCIAL STATEMENTS
1. Statement of Financial Condition, Statement of Operations
and Statement of Changes in Net Assets of the Trust, as
shown in the Prospectus.
<PAGE>
-15-
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 Exhibit EX-5 to this
Registration Statement.
<PAGE>
-16-
SIGNATURES
Pursuant to the requirements of the Securities Act of
1933, each of the registrants, Dean Witter Select Municipal
Trust, Insured National Portfolio Series 41, 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 26th day
of June, 1997.
DEAN WITTER SELECT MUNICIPAL TRUST,
INSURED NATIONAL PORTFOLIO SERIES 41
(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 26th day of June, 1997.
<PAGE>
-17-
DEAN WITTER REYNOLDS INC.
Name Office
Philip J. Purcell Chairman & Chief )
Executive Officer )
and Director )
Richard M. DeMartini Director
Robert J. Dwyer Director
Christine A. Edwards Director
Charles A. Fiumefreddo Director
James F. Higgins Director
Mitchell M. Merin Director
Stephen R. Miller Director
Richard F. Powers III Director
Thomas C. Schneider Director
William B. Smith Director
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 Registration Statement on Form S-6 for Dean Witter
Select Equity Trust, Select 10 International Series 95-1,
File No. 33-56389.
<PAGE>
-18-
<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
1d. Consent of Standard & Poor's
27. 1. Financial Data Schedule of Dean Witter
Select Municipal Trust, Insured National
Portfolio Series 41
-20-
<PAGE>
<PAGE>
Exhibit 23.1a.
<PAGE>
Letterhead of KENNY S&P EVALUATION SERVICES
A division of J.J. Kenny Co., Inc.
June 26, 1997
Dean Witter Reynolds Inc.
Two World Trade Center
New York, NY 10048
Re: Dean Witter Select Municipal Trust,
Insured National Portfolio Series 41
Gentlemen:
We have examined the post-effective Amendment to the
Registration Statement File No. 33-27810 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
Registration Statement of the references 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 indicated in our
KENNYBASE database as of the evaluation report.
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
<PAGE>
Exhibit 23.1b.
CONSENT OF INDEPENDENT AUDITORS
We consent to the use of our report dated June 2, 1997, accompanying the
financial statements of the Dean Witter Select Municipal Trust Insured
National Portfolio Series 41 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
June 26, 1997
New York, New York
<PAGE>
Exhibit 23.1d.
Letterhead of Standard & Poor's Ratings Services
A Division of The McGraw-Hill Companies, Inc.
June 26, 1997
Dean Witter Reynolds Inc.
Two World Trade Center
New York, New York 10048
Re: Dean Witter Select Municipal Trust,
Insured National Portfolio Series 41
Gentlemen:
It is our understanding that you are filing with the
Securities and Exchange Commission a Post Effective Amendment to
the above captioned trust, SEC file number 33-27810.
Since the portfolio is composed solely of securities
covered by bond insurance policies that insure against default in
the payment of principal and interest on the securities for so
long as they remain outstanding and such policies have been
issued by one or more insurance companies which have been
assigned "AAA" claims paying ability ratings by Standard &
Poor's, we reaffirm the assignment of a "AAA" rating to the units
of the trust and a "AAA" rating to the securities contained in
the trust.
You have permission to use the name of Standard &
Poor's Ratings Services, a division of The McGraw-Hill Companies,
Inc. and the above-assigned ratings in connection with your
dissemination of information relating to these units, provided
that it is understood that the ratings are not "market" ratings
nor recommendations to buy, hold, or sell the units of the trust
or the securities in the trust. Further, it should be understood
that the rating on the units does not take into account the
extent to which fund expenses or portfolio asset sales for less
than the fund's purchase price will reduce payment to the unit
holders of the interest and principal required to be paid on the
portfolio assets. Standard & Poor's reserves the right to advise
its own clients, subscribers, and the public of the ratings.
<PAGE>
-2-
Standard & Poor's relies on the sponsor and its counsel,
accountants, and other experts for the accuracy and completeness
of the information submitted in connection with the ratings.
Standard & Poor's does not independently verify the truth or
accuracy of any such information.
This letter evidences our consent to the use of the
name of Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc. in connection with the rating
assigned to the units in the amendment referred to above.
However, this letter should not be construed as a consent by us,
within the meaning of Section 7 of the Securities Act of 1933, to
the use of the name of Standard & Poor's Ratings Services, a
division of The McGraw-Hill Companies, Inc. in connection with
the ratings assigned to the securities contained in the trust.
You are hereby authorized to file a copy of this letter with the
Securities and Exchange Commission.
Please be certain to send a copy of your final
prospectus as soon as it becomes available. Should we not
receive it within a reasonable time after the closing or should
it not conform to the representations made to us, we reserve the
right to withdraw the rating.
We are pleased to have had the opportunity to be of
service to you. If we can be of further help, please do not
hesitate to call upon us.
Sincerely,
Sanford B. Bragg
Sanford B. Bragg
Managing Director
<PAGE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND> THE SCHEDULE CONTAINS SUMMARY FINANCIAL
INFORMATION EXTRACTED FROM THE FINANCIAL
STATEMENTS FOR DEAN WITTER SELECT
MUNICIPAL TRUST INSURED NATIONAL
PORTFOLIO SERIES 41 AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS
<RESTATED>
<SERIES>
<NAME> DEAN WITTER SELECT MUNICIPAL TRUST
INSURED NATIONAL PORTFOLIO SERIES
<NUMBER> 41
<MULTIPLIER> 1
<FISCAL-YEAR-END> Apr-30-1997
<PERIOD-START> May-1-1996
<PERIOD-END> Apr-30-1997
<PERIOD-TYPE> YEAR
<INVESTMENTS-AT-COST> 3,700,855
<INVESTMENTS-AT-VALUE> 3,702,661
<RECEIVABLES> 62,809
<ASSETS-OTHER> 16,526
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,781,996
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,504
<TOTAL-LIABILITIES> 8,504
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,700,719
<SHARES-COMMON-STOCK> 3,816
<SHARES-COMMON-PRIOR> 3,991
<ACCUMULATED-NII-CURRENT> 70,967
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,806
<NET-ASSETS> 3,773,492
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 228,159
<OTHER-INCOME> 1,911
<EXPENSES-NET> 8,275
<NET-INVESTMENT-INCOME> 221,795
<REALIZED-GAINS-CURRENT> (1,232)
<APPREC-INCREASE-CURRENT> 61,354
<NET-CHANGE-FROM-OPS> 281,917
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 219,937
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 175
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (112,116)
<ACCUMULATED-NII-PRIOR> 74,073
<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>
