<PAGE>
Long Term Portfolio Series 107
File No. 33-38573
Investment Company Act No. 811-3676
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
POST-EFFECTIVE AMENDMENT NO. 6
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 107
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>
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>
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 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 Termina-
change in: tion of the Indenture
1) Assets of Trust Administration of the
Trust-Reports to Unit
Holders; The
Trust-Summary Description
of the Portfolios
2) Terms and Conditions Amendment and Termination
of 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
2) Terms and conditions Amendment and Termination
of Trust's Securities of the Indenture
____________________
*30 Not applicable, answer negative or not required.
<PAGE>
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, 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
by depositor, principal the Sponsors of Units
underwriters, trustee or Tendered for Redemption
affiliated persons
____________________
*30 Not applicable, answer negative or not required.
<PAGE>
g) Ratio of annual charges *30
to income
14. Issuance of trust's securities Introduction; Rights of
Unit Holders -
Certificates
15. Receipt and handling of Public Offering of Units-
payments from purchasers Profit of Sponsor
16. Acquisition and disposition Introduction; Amendment
of underlying securities and Termination of the
Indenture; Objectives and
Securities Selection; The
Trust-Summary Description
of the Portfolio;
Sponsor-Responsibility
17. Withdrawal or redemption Redemption; Public Offer-
by Security Holders ing of Units-Secondary
Market;
18. a) Receipt and disposition Administration of the
of 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 Termination
provisions of the Indenture 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.
<PAGE>
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
34. Remuneration of other *30
persons for certain services
rendered to trust
____________________
*30 Not applicable, answer negative or not required.
<PAGE>
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 *30
trust's 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 officers 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
44. a) Method of valuation Public Offering of Units
b) Schedule as to offering *30
price
c) Variation in offering Public Offering of Units-
price to certain persons -Volume Discount;
Exchange option
45. Suspension of redemption rights *30
____________________
*30 Not applicable, answer negative or not required.
<PAGE>
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 Trustee
of Trustee
49. Fees and expenses of Trustee Expenses and Charges
50. Trustee's lien Expenses and Charges
VI. Information concerning Insurance
of Holders of Securities
51. a) Name and address of *30
Insurance Company
b) Type of policies *30
c) Type of risks insured and *30
excluded
d) Coverage of policies *30
e) Beneficiaries of policies *30
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
____________________
*30 Not applicable, answer negative or not required.
<PAGE>
of the Trust relating to
insurance
VII. Policy of Registrant
52. a) Method of selecting and Introduction; Objectives
eliminating securities and Securities Selection;
from the Trust The Trust - Summary
Description of the
Portfolio; Sponsor -
Responsibility
b) Elimination of securities *30
from the Trust
c) Policy of Trust regarding Introduction; Objectives
substitution and and Securities Selection;
elimination of securities Sponsor - Responsibility
d) Description of any *30
fundamental policy of the
Trust
53. Taxable status of the Cover of Prospectus; Tax
Trust 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
____________________
*30 Not applicable, answer negative or not required.
<PAGE>
59. Financial statements Statement of Financial
(Instruction 1(c) to Form S-6) Condition
____________________
*30 Not applicable, answer negative or not required.
<PAGE>
LOGO
DEAN WITTER SELECT
MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 107
(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) 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. 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 February 20, 1997
<PAGE>
THIS PROSPECTUS DOES NOT CONTAIN ALL OF THE INFORMATION WITH
RESPECT TO THE INVESTMENT COMPANY SET FORTH IN ITS REGISTRATION
STATEMENT AND EXHIBITS RELATING THERETO WHICH HAVE BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION, WASHINGTON, D.C.,
UNDER THE SECURITIES ACT OF 1933 AND THE INVESTMENT COMPANY ACT
OF 1940, AND TO WHICH REFERENCE IS HEREBY MADE.
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 107
TABLE OF CONTENTS
PART A Page
Table of Contents................................. A-1
Summary of Essential Information.................. A-3
Independent Auditor's Report...................... F-1
PART B
Introduction...................................... 1
The Trust......................................... 2
Special Considerations...................... 2
Summary Description of the Portfolios....... 3
Insurance on the Securities in an Insured Trust... 21
Objectives and Securities Selection............... 25
The Units......................................... 26
Tax Status........................................ 27
Public Offering of Units.......................... 32
Public Offering Price....................... 32
Public Distribution......................... 33
Secondary Market............................ 34
Profit of Sponsor........................... 35
Volume Discount............................. 35
Exchange Option................................... 36
Reinvestment Programs............................. 37
Redemption........................................ 38
Tender of Units............................. 38
Computation of Redemption Price per Unit.... 39
Purchase by the Sponsor of Units
Tendered for Redemption................... 39
Rights of Unit Holders............................ 40
Certificates................................ 40
Certain Limitations......................... 40
Expenses and Charges.............................. 40
Initial Expenses............................ 40
Fees........................................ 40
Other Charges............................... 41
A-1
<PAGE>
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>
<TABLE>
<CAPTION>
SUMMARY OF ESSENTIAL INFORMATION
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 107
As of December 31, 1996
<S> <C> <S> <C>
FACE AMOUNT OF SECURITIES $4,955,000.00 DAILY RATE AT WHICH ESTIMATED NET
INTEREST ACCRUES PER UNIT .0152%
NUMBER OF UNITS 6,297
ESTIMATED CURRENT RETURN (based on
FRACTIONAL UNDIVIDED INTEREST IN THE Public Offering Price)<F2> 6.509%
TRUST REPRESENTED BY EACH UNIT 1/6,297th
ESTIMATED LONG TERM RETURN (based on
PUBLIC OFFERING PRICE Public Offering Price)<F2> 5.175%
Aggregate bid side evaluation MONTHLY INTEREST DISTRIBUTIONS
of Securities in the Trust $5,179,066.00
Estimated net annual interest rate
Divided by 6,297 Units $ 822.47 per Unit times $1,000 $54.88
Divided by 12 $ 4.57
Plus sales charge of 2.451% of
Public Offering Price (2.513% RECORD DATE: The ninth day of each month
of net amount invested in
Securities) 20.67 DISTRIBUTION DATE: The fifteenth
day of each month
Public Offering Price per Unit 843.14
MINIMUM PRINCIPAL DISTRIBUTION: No
Plus undistributed principal and distribution need be made from the
net investment income and Principal Account if balance therein
accrued interest 19.58<F1> is less than $5 per Unit outstanding
Adjusted Public Offering Price $ 862.72 TRUSTEE'S ANNUAL FEE AND EXPENSES (includ-
ing estimated expenses and Evaluator's
fee) $1.42 per $1,000 face amount
of underlying Securities $ 1.42
SPONSOR'S REPURCHASE PRICE AND
REDEMPTION PRICE PER UNIT SPONSOR'S ANNUAL PORTFOLIO SUPERVISION
(based on bid side evaluation of FEE: Maximum of $.10 per $1,000
underlying Securities, $20.67 face amount of underlying Securities .10
less than Adjusted Public Offering
Price per Unit) $ 842.05 TOTAL ESTIMATED ANNUAL EXPENSES PER UNIT $ 1.52
CALCULATION OF ESTIMATED NET EVALUATOR'S FEE FOR EACH EVALUATION: Minimum of
ANNUAL INTEREST RATE PER UNIT $8.00 plus $.25 for each issue of underlying
(based on face amount of $1,000 Securities in excess of 50 issues (treating
per Unit) separate maturities as separate issues)
Annual interest rate per Unit 5.640% EVALUATION TIME: 4:00 P.M. New York Time
Less estimated annual expenses per MANDATORY TERMINATION DATE: February 1, 2041
Unit ($1.52) expressed as a
percentage .152% DISCRETIONARY LIQUIDATION AMOUNT: The Trust
may be terminated by the Sponsor if the
Estimated net annual interest rate value of the portfolio of the Trust at any
per Unit 5.488% time is less than $2,800,000.
<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 December 31, 1996.
<F2>The estimated current return and estimated long term return are increased for transactions entitled to a
reduced sales charge. (See "The Units - Estimated Annual Income and Current Return" and "Public Offering of
Units - Volume Discount" in Part B of this Prospectus.)
A-3
</TABLE>
<PAGE>
SUMMARY OF ESSENTIAL INFORMATION
(Continued)
THE TRUST -- The Dean Witter Select Municipal Trust,
Long Term Portfolio Series 107 (the "Trust") is a unit
investment trust which was created on January 30, 1991 (the
"Date of Deposit"), and 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 in the Trust is dependent on
the continuing ability of the respective Issuers of the
Securities to meet their obligations to pay principal and
interest. Therefore, there is no guarantee that the objectives
of the Trust will be achieved. All of the Securities are
obligations of states, or of the counties, municipalities or
public 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
THIS TRUST HAVE BEEN REGISTERED. INVESTORS SHOULD CONTACT
ACCOUNT EXECUTIVES OF THE SPONSOR TO DETERMINE WHETHER THE
UNITS OF THIS TRUST HAVE BEEN REGISTERED FOR SALE IN THE STATE
IN WHICH THEY RESIDE.
MONTHLY DISTRIBUTIONS -- Monthly distributions of
principal, premium, if any, and interest received by the Trust
will be made on or shortly after the fifteenth day of each
month to Unit Holders of record on the ninth day of such month.
Alternatively, Unit Holders may elect to have their monthly
distributions reinvested in either of the Reinvestment Programs
of the Sponsor. (See: "Reinvestment Programs", in Part B.)
PUBLIC OFFERING PRICE -- The Public Offering Price
per Unit of the Trust is calculated daily, and is equal to the
aggregate bid side evaluation of the underlying Securities,
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.)
A-4
<PAGE>
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 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 Trust is
considered to be concentrated in Prerefunded/Escrowed to
Maturity Securities (46.12% of the aggregate market value of
the Portfolio). (See: "The Trust -- Special Considerations"
and "The Trust -- Summary Description of the Portfolios", in
Part B. See also: "Special Characteristics of the Trust",
herein, for a discussion of additional risks relating to Units
of the Trust.)
SPECIAL CHARACTERISTICS OF THE TRUST -- The Portfolio
of the Trust consists of thirteen issues of Securities, which
were issued by Issuers located in ten states. One of the
issues of Securities is a general obligation of an Issuer.
Twelve 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
Trust contains the following categories of Securities:
A-5
<PAGE>
Percentage of Aggregate
Market Value of Trust Portfolio
Category of Security (as of February 7, 1997)
Electric and Power .......... 15.53%
Health Care and Hospital .... 8.53%
Housing ..................... 12.77%
State Appropriation ......... 17.04%
Prerefunded/Escrowed to
Maturity .................. 46.12%
Original Issue Discount ..... 65.61%
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 Trust.
See: "Tax Status", in Part B, for a discussion of certain tax
considerations with regard to Original Issue Discount.
Securities representing approximately 12.56% of the
aggregate market value of the Portfolio are currently subject
to redemption from mandatory sinking fund payments. Securities
representing approximately 0%, 23.79%, 2.93% and 40.87% of the
aggregate market value of the Portfolio are subject to
redemption at the option of the Issuer thereof beginning in
1997, 1998, 1999 and 2000, respectively. (See: "Schedule of
Portfolio Securities," herein, and "The Trust -- Summary
Description of the Portfolio -- Additional Securities
Considerations -- Redemption of Securities," in Part B.)
On February 7, 1997, based on the bid side of the
market, the aggregate market value of Securities in the
Portfolio was $5,169,278.10.
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 February 1, 2041; the latest maturity of a Security therein
is November 15, 2022; and the average life to maturity (or date
of pre-refunding of a bond) of the Portfolio of Securities
therein is 13.5 years. The actual maturity dates of each of
the Securities contained in the Portfolio are shown on the
"Schedule of Portfolio Securities", herein.
The Trustee shall receive annually 72 cents per
$1,000 principal amount of Securities in the Portfolio for its
services as Trustee. See: "Expenses and Charges", in Part B,
for a description of other fees and charges which may be
incurred by the Trust.
On February 7, 1997, Standard & Poor's Corporation
rated seven of the Securities in the Portfolio as follows:
A-6
<PAGE>
30.28%-AAA, 2.93%-AA, 15.53%-A and 5.17%-BBB; and Moody's
Investors Service rated three of the Securities as follows:
13.72%-Aaa and 17.68%-Baa. 14.68% of the Securities are not
rated; however, in the opinion of the Sponsor, these Securities
have credit characteristics comparable to investment grade
securities. (See: "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 Trust for the
acquisition of Securities. While such events may be considered
by the Sponsor in determining whether to direct the Trustee to
dispose of the Security (see: "Sponsor -- Responsibility", in
Part B), such events do not automatically require the
elimination of such Security from the Portfolio.
SALES CHARGE/VOLUME DISCOUNT -- The Public Offering
Price per Unit will be computed by dividing the aggregate of
the bid prices of the Securities in a Trust by the number of
Units outstanding and then adding the appropriate sales charge
described below.
The sales charge will reflect different rates
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%
A-7
<PAGE>
The Effective Sales Charge per Unit for a sale in the
secondary market, as determined above, will be reduced on a
graduated scale for sales to any single purchaser on a single
day of the specified number of Units of a Trust set forth
below.
Dealer Concession
% of Effective as % of Effective
Number of Units Sales Charge Sales Charge
1-99....................... 100% 65%
100-249.................... 95% 62%
250-499.................... 85% 55%
500-999.................... 70% 45%
1,000 or more.............. 55% 35%
To qualify for the reduced sales charge and
concession applicable to quantity purchases, the selling dealer
must confirm that the sale is to a single purchaser, as
described in "Volume Discount" in Part B of the Prospectus.
Units purchased at an Effective Sales Charge (before
volume purchase discount) of less than 2.285% of the Public
Offering Price (2.388% 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
A-8
<PAGE>
and Principal" in Part B is amended to read third and three,
respectively.
A-9
<PAGE>
<AUDIT-REPORT>
INDEPENDENT AUDITORS' REPORT
THE UNIT HOLDERS, SPONSOR AND TRUSTEE
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 107
We have audited the statement of financial condition and schedule of
portfolio securities of the Dean Witter Select Municipal Trust Long Term
Portfolio Series 107 as of December 31, 1996, 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
December 31, 1996 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 107 as of December 31, 1996, 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
February 3, 1997
New York, New York
F-1
</AUDIT-REPORT>
<PAGE>
STATEMENT OF FINANCIAL CONDITION
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 107
December 31, 1996
TRUST PROPERTY
Investments in municipal bonds at market value (cost
$4,676,607) (Note (a) and Schedule of Portfolio
Securities Notes (4) and (5)) $5,179,066
Accrued interest receivable 150,640
Total 5,329,706
LIABILITIES AND NET ASSETS
Less Liabilities:
Cash overdraft 27,939
Accrued Sponsor's fees 2,263
Total liabilities 30,202
Net Assets:
Balance applicable to 6,297 Units of fractional
undivided interest outstanding (Note (c)):
Capital, plus unrealized market
appreciation of $502,459 $5,179,066
Undistributed principal and net
investment income (Note (b)) 120,438
Net assets $5,299,504
Net asset value per Unit ($5,299,504 divided by 6,297 Units) $ 841.59
See notes to financial statements
F-2
<PAGE>
STATEMENTS OF OPERATIONS
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 107
For the years ended December 31,
1996 1995 1994
Investment income - interest $389,718 $449,026 $ 451,099
Less Expenses:
Trustee's fees and expenses 10,701 8,744 8,776
Sponsor's fees 545 616 618
Total expenses 11,246 9,360 9,394
Investment income - net 378,472 439,666 441,705
Net gain (loss) on investments:
Realized gain (loss) on securities
sold or redeemed 12,779 (552) (392)
Unrealized market appreciation
(depreciation) (140,500) 368,814 (575,636)
Net gain (loss) on investments (127,721) 368,262 (576,028)
Net increase (decrease) in net assets
resulting from operations $250,751 $807,928 $(134,323)
See notes to financial statements
F-3
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 107
For the years ended December 31,
1996 1995 1994
Operations:
Investment income - net $ 378,472 $ 439,666 $ 441,705
Realized gain (loss) on securities
sold or redeemed 12,779 (552) (392)
Unrealized market appreciation
(depreciation) (140,500) 368,814 (575,636)
Net increase (decrease) in
net assets resulting from
operations 250,751 807,928 (134,323)
Less Distributions to Unit Holders:
Principal (830,719) (20,001) (25,001)
Investment income - net (401,112) (438,867) (440,894)
Total distributions (1,231,831) (458,868) (465,895)
Less Capital Share Transactions
Redemption of 460 Units (406,688) - -
Accrued interest on redemption (8,669) - -
Total capital share transactions (415,357) - -
Net increase (decrease) in net assets (1,396,437) 349,060 (600,218)
Net assets:
Beginning of year 6,695,941 6,346,881 6,947,099
End of year (including undistributed
principal and net investment in-
come of $120,438, $151,750 and
$150,953, respectively) $5,299,504 $6,695,941 $6,346,881
See notes to financial statements
F-4
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 107
December 31, 1996
(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
(January 30, 1991) represents the cost of investments to the Trust
based on the offering side evaluations as of the day prior to the
date of deposit.
(3) Income Taxes
The Trust is not an association taxable as a corporation for Federal
income tax purposes; accordingly, no provision is required for such
taxes.
(4) Expenses
The Trust pays annual Trustee's fees, including estimated expenses
and Evaluator's fees, and annual Sponsor's portfolio supervision
fees and may incur additional charges as explained under "Expenses
and Charges - Fees" and "- Other Charges" in Part B of this
Prospectus.
(b) DISTRIBUTIONS
Interest received by the Trust is distributed to the Unit Holders on or
shortly after the fifteenth day of each month after deducting applicable
expenses. Receipts other than interest are distributed as explained in
"Administration of the Trust - Distribution of Interest and Principal"
in Part B of this Prospectus.
F-5
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 107
December 31, 1996
(c) ORIGINAL COST TO INVESTORS
The original cost to investors represents the aggregate initial public
offering price as of the date of deposit (January 31, 1991) 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 December 31, 1996 follows:
Original cost to investors $7,110,333
Less: Gross underwriting commissions (sales charge) (348,390)
Net cost to investors 6,761,943
Cost of securities sold or redeemed (2,085,336)
Unrealized market appreciation 502,459
Net amount applicable to investors $5,179,066
(d) OTHER INFORMATION
Selected data for a Unit of the Trust during each year:
For the years ended December 31,
1996 1995 1994
Principal distributions during
year $126.76 $ 2.96 $ 3.70
Net investment income distribu-
tions during year $ 61.00 $ 64.95 $ 65.25
Net asset value at end of year $841.59 $990.96 $939.30
Trust Units outstanding at end
of year 6,297 6,757 6,757
F-6
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO SECURITIES
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 107
December 31, 1996
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. Southern California Public
Power Authority, Multiple
Project Revenue Bonds, 1989
Series (Refunded) <F9> AAA $ 370,000 6.000% 07/01/18 NONE 07/01/00@100 $ 391,963
2. Southern California Public
Power Authority, Multiple
Project Revenue Bonds, 1989
Series A 280,000 6.000 07/01/18 07/01/14@100 07/01/00@100 282,456
3. Dover, Delaware, Electric
Revenue Bonds, Series 1990
(Refunded) <F9> <F10> 100,000 7.000 07/01/15 NONE 07/01/00@102 110,032
4. Layton, Florida, Hospital
Facilities Revenue Bonds,
Series 1990 (Mariners Hos-
pital Project) <F10> 135,000 9.000 06/01/10 Currently@102 06/01/00@102 141,095
5. Maine State Housing
Authority, Mortgage Purchase
Bonds, 1989 Series B-2
<F11> Aa<F8> 145,000 7.600 11/15/22 11/15/16@100 11/15/99@102 151,982
6. Flint Hospital Building
Authority, Michigan, Build-
ing Authority Revenue Rental
Bonds, Series 1989 (Hurley
Medical Center) Baa<F8> 300,000 6.500 07/01/20 07/01/15@100 07/01/00@102 300,618
7. Massachusetts Bay Trans-
portation Authority, General
Transportation System Bonds,
1990 Series B (Refunded) <F9> AAA 670,000 7.875 03/01/21 NONE 03/01/01@102 768,738
8. New York State Dormitory
Authority, City University
System, Consolidated Second
General Resolution Revenue
Bonds, Series 1990C Baa1<F8> 700,000 5.000 07/01/17 NONE 07/01/00@100 610,603
9. New York State Medical
Care Facilities Finance
Agency, Mental Health Serv-
ices Facilities Improvement
Revenue Bonds, 1990 Series B
(Refunded) <F9> Aaa<F8> 360,000 7.875 08/15/20 NONE 08/15/00@102 408,694
10. New York State Medical
Care Facilities Finance
Agency, Mental Health Serv-
ices Facilities Improvement
Revenue Bonds, 1990 Series B BBB+ 240,000 7.875 08/15/20 02/15/09@100 08/15/00@102 268,207
11. Matagorda County Naviga-
tion District Number One
(Texas), Collateralized Pol-
lution Control Revenue
Bonds, (Houston Lighting &
Power Company Project),
Series 1989B A2<F8> 500,000 7.700 02/01/19 NONE 02/01/98@102 522,590
12. Northern Virginia Health
Center Commission, Nursing
Home Revenue Bonds, Series
1990 <F10> 480,000 9.000 07/01/20 Currently@103 07/01/00@103 509,808
F-8
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO SECURITIES
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 107
(CONTINUED)
December 31, 1996
Port- Optional
folio Rating Face Coupon Maturity Sinking Fund Refunding Market
No. Title of Securities <F3> Amount Rate Date Redemptions<F5> Redemptions<F4> Value<F6><F7>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
13. Municipality of Metropol-
itan Seattle, Washington,
Sewer Revenue Bonds, Series
S (Refunded) <F9> Aaa<F8> $ 675,000 7.375% 01/01/30 NONE 01/01/98@102 $ 712,280
$4,955,000 $5,179,066
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 107
December 31, 1996
[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, at a
redemption price of par.
<F6> The market value of the Securities as of December 31, 1996 was
determined by the Evaluator on the basis of bid side evaluations
for the Securities at such date.
<F7> At December 31, 1996, the unrealized market appreciation of all
Securities was comprised of the following:
Gross unrealized market appreciation $502,459
Gross unrealized market depreciation -
Unrealized market appreciation $502,459
The aggregate cost of the Securities for Federal income tax
purposes was $4,676,607 at December 31, 1996.
<F8> Moody's Investors Service, Inc. rating.
<F9> The Issuer has indicated that it will refund this Security on its
optional redemption date.
<F10>This Security, although unrated, has, in the opinion of the
Sponsor, credit characteristics comparable to an investment grade
Security.
<F11>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.
F-9
<PAGE>
(MODULE)
(NAME) DWSMTPARTB941
(CIK) 0000840581
(CCC) uit*59fl
(/MODULE)
<PAGE>
CONTENTS OF REGISTRATION STATEMENT
This registration statement comprises the following
documents:
The facing sheet.
The Cross-reference Sheet.
The Prospectus.
The signatures.
Consents of the Evaluator and Independent Auditors;
all other consents were previously filed.
The following exhibits:
23. 1a. Consent of Kenny S&P Evaluation Services,
a division of J.J. Kenny Co., Inc.
1b. Consent of Independent Auditors.
27 Financial Data Schedule.
<PAGE>
CONSENT OF COUNSEL
The consent of counsel to the use of its name in the
Prospectus included in this Registration Statement is contained
in its opinion filed as Exhibit 3. to this Registration
Statement.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of
1933, the registrant, Dean Witter Select Municipal Trust, Long
Term Portfolio Series 107, 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. 6 to the
Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, all in The City of New
York and State of New York on the 20th day of February, 1997.
DEAN WITTER SELECT MUNICIPAL TRUST,
LONG TERM PORTFOLIO SERIES 107
(Registrant)
By: DEAN WITTER REYNOLDS INC.
(Depositor)
Thomas Hines
Thomas Hines
Authorized Signatory
Pursuant to the requirements of the Securities Act of
1933, this Post-Effective Amendment No. 6 to the Registration
Statement has been signed on behalf of Dean Witter Reynolds
Inc., the Depositor, by the following persons 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 20th day of February,
1997.
DEAN WITTER REYNOLDS INC.
Name Office
Philip J. Purcell Chairman and Chief )
Executive Officer )
and Director* )
By: Thomas Hines
Thomas Hines
Attorney-in-fact*
_________________________
* Executed copies of the Powers of Attorney filed by a
majority of the Board of Directors of Dean Witter Reynolds
Inc. have been previously filed.
<PAGE>
Name Office
Richard M. DeMartini Director***
Robert J. Dwyer Director***
Christine A. Edwards Director***
James F. Higgins Director***
Charles A. Fiumefreddo Director**
Mitchell M. Merin Director*
Stephen R. Miller Director***
Richard F. Powers III Director*
Philip J. Purcell Director***
Thomas C. Schneider Director**
William B. Smith Director**
____________________
* Executed copies of the Powers of Attorney have been filed
with the Securities and Exchange Commission in connection
with Amendment No. 1 to the Registration Statement on Form
S-6 for Dean Witter Select Equity Trust, Select 10
Industrial Portfolio 97-1, File No. 333-16839.
** Executed copies of Powers of Attorney have been filed with
the Securities and Exchange Commission in connection with
Amendment No. 1 to the Registration Statement on Form S-6
for Dean Witter Select Equity Trust, Select 10 Industrial
Portfolio 96-4, File No. 333-10499.
*** Executed copies of Powers of Attorney have been filed with
the Securities and Exchange Commission in connection with
the Registration Statement on Form S-6 for Dean Witter
Select Equity Trust, Select 10 International Series 95-1,
File No. 33-56389.
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. TITLE OF DOCUMENT
23. 1a. Consent of Kenny S&P Evaluation
Services, a division of J.J. Kenny
Co., Inc.
1b. Consent of Deloitte & Touche LLP
27 Financial Data Schedule
February 20, 1997
(212) 701-3000
Re: Dean Witter Select Municipal Trust,
Long Term Portfolio Series 107
Post-Effective Amendment No. 6
(Registration No. 33-38573)
Dear Sirs:
Dean Witter Reynolds Inc., the Sponsor of the
above-captioned Trust, is filing with the Securities and
Exchange Commission (the "Commission") the above-referenced
Post-Effective Amendment to the Registration Statement on Form
S-6 for the indicated Series. We act as special counsel to the
Sponsor of the above-referenced Trust and, at their request,
have reviewed said Amendment solely for the purpose of enabling
us to make the representation set forth in the final paragraph
hereof.
Rule 485(b)(2) under the Securities Act of 1933, as
amended (the "Act"), requires, as a condition of effectiveness
upon filing with the Commission (or upon such later date
designated by the registrant, which date shall not be later
than twenty days after the date of filing), that the prospectus
filed as a part of the post-effective amendment not include
<PAGE>
disclosure relating to any of the events specified in said
subsection. Rule 485(e) under the Act requires that counsel
make a written representation to the effect that such amendment
does not contain disclosures of the type set forth in Rule
485(b)(2) such as would render the amendment ineligible to
become effective immediately upon filing (or upon such later
date designated by the registrant, which date shall not be
later than twenty days after the date of filing) pursuant to
Rule 485(b).
Pursuant to said Rule 485(e), and solely on the basis
of the foregoing, we hereby represent that the above-captioned
Post-Effective Amendment does not contain any of the specified
disclosures which would render it ineligible to become
effective pursuant to paragraph (b) of said Rule 485.
Very truly yours,
CAHILL GORDON & REINDEL
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
<PAGE>
Exhibit 23.1a.
Letterhead of KENNY S&P EVALUATION SERVICES
A Division of J.J. Kenny Co., Inc.
February 20, 1997
Dean Witter Reynolds Inc.
Two World Trade Center
New York, New York 10048
Re: Dean Witter Select Municipal Trust,
Long Term Portfolio Series 107
Gentlemen:
We have examined the post-effective Amendment to the
Registration Statement File No. 33-38573 for the
above-captioned trust. We hereby acknowledge that Kenny S&P
Evaluation Services, a division of J.J. Kenny Co., Inc. is
currently acting as the evaluator for the trust. We hereby
consent to the use in the Amendment of the reference to Kenny
S&P Evaluation Services, a division of J.J. Kenny Co., Inc. as
evaluator.
In addition, we hereby confirm that the ratings
indicated in the above-referenced Amendment to the Registration
Statement for the respective bonds comprising the trust
portfolio are the ratings currently indicated in our KENNYBASE
database.
You are hereby authorized to file a copy of this
letter with the Securities and Exchange Commission.
Sincerely,
Frank A. Ciccotto
Frank A. Ciccotto
Vice President
<PAGE>
Exhibit 23.1b.
CONSENT OF INDEPENDENT AUDITORS
We consent to the use of our report dated February 3, 1997, accompanying
the financial statements of the Dean Witter Select Municipal Trust Long
Term Portfolio Series 107 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
February 20, 1997
New York, New York
<PAGE>
Letterhead of Cahill Gordon & Reindel
February 20, 1997
(212) 701-3000
Re: Dean Witter Select Municipal Trust,
Long Term Portfolio Series 107
Post-Effective Amendment No. 6
(Registration No. 33-38573)
Dear Sirs:
Dean Witter Reynolds Inc., the Sponsor of the
above-captioned Trust, is filing with the Securities and
Exchange Commission (the "Commission") the above-referenced
Post-Effective Amendment to the Registration Statement on Form
S-6 for the indicated Series. We act as special counsel to the
Sponsor of the above-referenced Trust and, at their request,
have reviewed said Amendment solely for the purpose of enabling
us to make the representation set forth in the final paragraph
hereof.
Rule 485(b)(2) under the Securities Act of 1933, as
amended (the "Act"), requires, as a condition of effectiveness
upon filing with the Commission (or upon such later date
designated by the registrant, which date shall not be later
than twenty days after the date of filing), that the prospectus
filed as a part of the post-effective amendment not include
<PAGE>
disclosure relating to any of the events specified in said
subsection. Rule 485(e) under the Act requires that counsel
make a written representation to the effect that such amendment
does not contain disclosures of the type set forth in Rule
485(b)(2) such as would render the amendment ineligible to
become effective immediately upon filing (or upon such later
date designated by the registrant, which date shall not be
later than twenty days after the date of filing) pursuant to
Rule 485(b).
Pursuant to said Rule 485(e), and solely on the basis
of the foregoing, we hereby represent that the above-captioned
Post-Effective Amendment does not contain any of the specified
disclosures which would render it ineligible to become
effective pursuant to paragraph (b) of said Rule 485.
Very truly yours,
CAHILL GORDON & REINDEL
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
<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 107 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> 107
<MULTIPLIER> 1
<FISCAL-YEAR-END> Dec-31-1996
<PERIOD-START> Jan-1-1996
<PERIOD-END> Dec-31-1996
<PERIOD-TYPE> YEAR
<INVESTMENTS-AT-COST> 4,676,607
<INVESTMENTS-AT-VALUE> 5,179,066
<RECEIVABLES> 150,640
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,329,706
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30,202
<TOTAL-LIABILITIES> 30,202
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,676,612
<SHARES-COMMON-STOCK> 6,297
<SHARES-COMMON-PRIOR> 6,757
<ACCUMULATED-NII-CURRENT> 120,432
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 502,459
<NET-ASSETS> 5,299,504
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 389,718
<OTHER-INCOME> 0
<EXPENSES-NET> 11,246
<NET-INVESTMENT-INCOME> 378,472
<REALIZED-GAINS-CURRENT> 12,779
<APPREC-INCREASE-CURRENT> (140,500)
<NET-CHANGE-FROM-OPS> 250,751
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 401,112
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 830,719
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 460
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,396,437)
<ACCUMULATED-NII-PRIOR> 151,750
<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>
