<PAGE>
Long Term Portfolio Series 122
File No. 33-47083
Investment Company Act No. 811-3676
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
POST-EFFECTIVE AMENDMENT NO. 5
TO FORM S-6
For Registration Under the Securities Act of 1933 of Securities
of Unit Investment Trusts Registered on Form N-8B-2
A. Exact name of Trust:
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 122
B. Name of Depositor:
DEAN WITTER REYNOLDS INC.
C. Complete address of Depositor's principal executive
office:
DEAN WITTER REYNOLDS INC.
Two World Trade Center
New York, New York 10048
D. Name and complete address of agent for service:
Mr. Michael D. Browne
Dean Witter Reynolds Inc.
Unit Trust Department
Two World Trade Center, 59th Floor
New York, New York 10048
Copy to:
Kenneth W. Orce, Esq.
Cahill Gordon & Reindel
80 Pine Street
New York, New York 10005
/x/ Check box if it is proposed that this filing should
become effective immediately upon filing pursuant to
paragraph(b) of Rule 485.
<PAGE>
Cross Reference Sheet
Pursuant to Rule 404(c) of Regulation C
under the Securities Act of 1933
(Form N-8B-2 Items required by Instruction 1
as to Prospectus on Form S-6)
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
I. Organization and General Information
1. (a) Name of Trust Front Cover
(b) Title of securities issued
2. Name and address of Depositor Table of Contents
3. Name and address of Trustee Table of Contents
4. Name and address of principal Table of Contents
Underwriter
5. Organization of Trust Introduction
6. Execution and termination of Introduction; Amendment
Indenture and Termination of the
Indenture
7. Changes of name *30
8. Fiscal Year Included in Form N-8B-2
9. Litigation *30
II. General Description of the Trust
and Securities of the Trust
10. General Information regarding
Trust's Securities and Rights
of Holders
(a) Type of Securities Rights of Unit Holders
(Registered or Bearer)
(b) Type of Securities Administration of the
(Cumulative or Trust-Distribution
Distributive)
__________________
*30 Not applicable, answer negative or not required.
<PAGE>
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
(c) Rights of Holders as to Redemption; Public
Withdrawal or Redemption Offering of Units-
Secondary Market
(d) Rights of Holders as to Public Offering of
conversion, transfer, etc. Units-Secondary Market;
Exchange Option;
Redemption; Rights of
Unit Holders-
Certificates
(e) Lapses or defaults with *30
respect to periodic
payment plan certificates
(f) Voting rights as to Rights of Unit Holders-
Securities under the Certain Limitations
Indenture
(g) Notice to Holders as to Amendment and
change in: Termination of the
Indenture
1) Assets of Trust Administration of the
Trust-Reports to Unit
Holders; The Trust-
Summary Description of
the Portfolios
2) Terms and Conditions Amendment and
of Trust's Securities Termination of the
Indenture
3) Provisions of Trust Amendment and
Termination of the
Indenture
4) Identity of Depositor Sponsor; Trustee
and Trustee
(h) Security Holders' consent
required to change:
1) Composition of assets Amendment and
of Trust Termination of the
Indenture
__________________
*30 Not applicable, answer negative or not required.
<PAGE>
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
2) Terms and conditions Amendment and
of Trust's Securities Termination of the
Indenture
3) Provisions of Amendment and
Indenture Termination of the
Indenture
4) Identity of Depositor *30
and Trustee
(i) Other Provisions Cover of Prospectus;
Tax Status
11. Type of securities comprising The Trust-Summary
units Description of the
Portfolios; Objectives
and Securities
Selection; The Trust-
Special Considerations
12. Type of securities comprising *30
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
__________________
*30 Not applicable, answer negative or not required.
<PAGE>
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
(e) Certain other fees, etc. Rights of Unit Holders
payable by holders - Certificates
(f) Certain profits receivable Redemption -- Purchase
by depositor, principal by the Sponsors of
underwriters, trustee or Units Tendered for
affiliated persons Redemption
(g) Ratio of annual charges to *30
income
14. Issuance of trust's securities Introduction; Rights of
Unit Holders -
Certificates
15. Receipt and handling of Public Offering of
payments from purchasers Units-Profit of Sponsor
16. Acquisition and disposition of Introduction; Amendment
underlying securities and Termination of the
Indenture; Objectives
and Securities
Selection; The Trust-
Summary Description of
the Portfolio; Sponsor-
Responsibility
17. Withdrawal or redemption by Redemption; Public
Security Holders Offering of
Units-Secondary Market
18. (a) Receipt and disposition of Administration of the
income Trust; Reinvestment
Programs
(b) Reinvestment of Reinvestment Programs
distributions
(c) Reserves or special fund Administration of the
Trust-Distribution
(d) Schedule of distribution *30
__________________
*30 Not applicable, answer negative or not required.
<PAGE>
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
19. Records, accounts and report Administration of the
Trust-Records and
Accounts;-Reports to
Unit Holders
20. Certain miscellaneous Amendment and
provisions of the Indenture Termination of the
Indenture; Sponsor -
Limitation on Liability
- Resignation; Trustee
-- Limitation on
Liability - Resignation
21. Loans to security holders *30
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
__________________
*30 Not applicable, answer negative or not required.
<PAGE>
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
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 persons *30
for certain services rendered
to trust
IV. Distribution and Redemption of Securities
35. Distribution of trust's Public Offering of
securities by states Units-Public
Distribution
36. Suspension of sales of trust's *30
securities
37. Revocation of authority to *30
distribute
38. (a) Method of distribution Public Offering of
(b) Underwriting agreements Units
(c) Selling agreements
39. (a) Organization of principal Sponsor
underwriter
(b) N.A.S.D. membership of
principal underwriter
40. Certain fees received by Public Offering of
principal underwriter Units-Profit of Sponsor
41. (a) Business of principal Sponsor
underwriter
(b) Branch officers of *30
principal underwriter
__________________
*30 Not applicable, answer negative or not required.
<PAGE>
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
(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
price to certain persons Units--Volume Discount;
Exchange Option
45. Suspension of redemption rights *30
46. (a) Redemption valuation Public Offering of
Units-Secondary Market;
Redemption
(b) Schedule as to redemption *30
price
47. Maintenance of position in See items 10(d), 44 and
underlying securities 46
V. Information concerning the Trustee or Custodian
48. Organization and regulation of Trustee
Trustee
49. Fees and expenses of Trustee Expenses and Charges
50. Trustee's lien Expenses and Charges
VI. Information concerning Insurance
of Holders of Securities
51. (a) Name and address of *30
Insurance Company
__________________
*30 Not applicable, answer negative or not required.
<PAGE>
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
(b) Type of policies *30
(c) Type of risks insured and *30
excluded
(d) Coverage of policies *30
(e) Beneficiaries of policies *30
(f) Terms and manner of *30
cancellation
(g) Method of determining *30
premiums
(h) Amount of aggregate *30
premiums paid
(i) Who receives any part of *30
premiums
(j) Other material provisions *30
of the Trust relating to
insurance
VII. Policy of Registrant
52. (a) Method of selecting and Introduction;
eliminating securities Objectives and
from the Trust Securities Selection;
The Trust - Summary
Description of the
Portfolio; Sponsor -
Responsibility
(b) Elimination of securities *30
from the Trust
(c) Policy of Trust regarding Introduction;
substitution and Objectives and
elimination of securities Securities Selection;
Sponsor -
Responsibility
__________________
*30 Not applicable, answer negative or not required.
<PAGE>
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
(d) Description of any *30
fundamental policy of the
Trust
53. Taxable status of the Trust Cover of Prospectus;
Tax Status
VIII. Financial and Statistical Information
54. Information regarding the *30
Trust's past ten fiscal years
55. Certain information regarding *30
periodic payment plan
certificates
56. Certain information regarding *30
periodic payment plan
certificates
57. Certain information regarding *30
periodic payment plan
certificates
58. Certain information regarding *30
periodic payment plan
certificates
59. Financial statements Statement of Financial
(Instruction 1(c) to Form S-6) Condition
__________________
*30 Not applicable, answer negative or not required.
<PAGE>
LOGO
DEAN WITTER SELECT
MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 122
(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 each 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.
<PAGE>
Units of the Trusts 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 September 25, 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 122
TABLE OF CONTENTS
Page
PART A
Table of Contents................................ A-1
Summary of Essential Information................. A-3
Independent Auditor's Report..................... F-1
PART B
Introduction..................................... 1
The Trust........................................ 2
Special Considerations...................... 2
Summary Description of the Portfolios....... 3
Insurance on the Securities in an Insured Trust.. 21
Objectives and Securities Selection.............. 25
The Units........................................ 26
Tax Status....................................... 27
Public Offering of Units.................... 32
Public Offering Price....................... 32
Public Distribution......................... 33
Secondary Market............................ 34
Profit of Sponsor........................... 35
Volume Discount............................. 35
Exchange Option.................................. 36
Reinvestment Programs............................ 37
Redemption....................................... 38
Tender of Units............................. 38
Computation of Redemption Price per Unit.... 39
Purchase by the Sponsor of Units Tendered 39
for Redemption ............................
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>
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 122
As of July 31, 1997
<S> <C> <S> <C>
FACE AMOUNT OF SECURITIES $2,875,000.00 DAILY RATE AT WHICH ESTIMATED NET
INTEREST ACCRUES PER UNIT .0161%
NUMBER OF UNITS 2,859
ESTIMATED CURRENT RETURN (based on
FRACTIONAL UNDIVIDED INTEREST Public Offering Price)<F2> 5.408%
IN THE TRUST REPRESENTED BY
EACH UNIT 1/2,859th ESTIMATED LONG TERM RETURN (based on
Public Offering Price)<F2> 4.553%
PUBLIC OFFERING PRICE
Aggregate bid side evaluation MONTHLY INTEREST DISTRIBUTIONS
of Securities in the Trust $2,963,632.00
Estimated net annual interest rate
Divided by 2,859 Units $ 1,036.60 per 1,000 Units times $1,000 $58.10
Divided by 12 $ 4.84
Plus sales charge of 3.518
of Public Offering Price RECORD DATE: The ninth day of each month
(3.646% of net amount in-
vested in Securities) 37.79 DISTRIBUTION DATE: The fifteenth
day of each month
Public Offering Price per 1,000
Units 1,074.39 MINIMUM PRINCIPAL DISTRIBUTION: No
distribution need be made from the
Plus undistributed principal and Principal Account if balance therein
net investment income and accrued is less than $1 per Unit outstanding
interest 19.72<F1>
TRUSTEE'S ANNUAL FEE AND EXPENSES (includ-
Adjusted Public Offering Price $ 1,094.11 ing estimated expenses and Evaluator's
fee) $2.02 per $1,000 face amount of
underlying Securities $ 2.02
SPONSOR'S REPURCHASE PRICE AND
REDEMPTION PRICE PER UNIT SPONSOR'S ANNUAL PORTFOLIO SUPERVISION
(based on bid side evaluation FEE: Maximum of $.25 per 1,000 face
of underlying Securities, amount of underlying Securities .25
$37.79 less than Adjusted Public
Offering Price per 1,000 Units) $ 1,056.32 TOTAL ESTIMATED ANNUAL EXPENSES
PER UNIT $ 2.27
CALCULATION OF ESTIMATED NET
ANNUAL INTEREST RATE PER UNIT EVALUATOR'S FEE FOR EACH EVALUATION:
(based on face amount of $1,000 per $.40 per bond issue per evaluation
Unit)
Annual interest rate per Unit 6.037% EVALUATION TIME: 4:00 P.M. New York Time
Less estimated annual expenses MANDATORY TERMINATION DATE: January 1, 2041
per Unit ($2.27)
expressed as a percentage .227% DISCRETIONARY LIQUIDATION AMOUNT: The Trust
may be terminated by the Sponsor if the value
Estimated net annual interest rate of the portfolio of the Trust at any time is
per Unit 5.810% less than $1,206,000.
<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 July 31, 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.)
</TABLE>
<PAGE>
SUMMARY OF ESSENTIAL INFORMATION
(Continued)
THE TRUST -- The Dean Witter Select Municipal Trust,
Long Term Portfolio Series 122 (the "Trust") is a unit
investment trust which was created on August 13, 1992 (the
"Date of Deposit"), under the laws of the State of New York
pursuant to an Indenture as defined in Part B, 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
A-4
<PAGE>
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 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. (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 twelve issues of Securities, which
were issued by Issuers located in seven states. One issue of
Securities is a general obligation of an Issuer. Eleven 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 September 8, 1997)
Bond Bank..................... 12.52%
Electric and Power............ 9.14%
General Obligation............ 17.64
Health Care and Hospital...... 21.32
Water and Sewer............... 15.96
Prerefunded/Escrowed to
Maturity.................... 23.43
Original Issue Discount....... 78.79
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.
Of the Original Issue Discount bonds in the Long Term
Uninsured Trust, approximately 4.00% of the aggregate principal
amount of the Securities in the Long Term Uninsured Trust (or
1.12% of the market value of all Securities in the Long Term
Uninsured Trust on September 8, 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).
On September 8, 1997 based on the bid side of the
market, the aggregate market value of the Securities in the
Portfolio was $2,935,165.00
The Securities in the Portfolio of the Trust were
chosen in part on the basis of their respective maturity dates.
A long term Trust contains obligations maturing in 15 years or
more from the Date of Deposit. The maturity date of the Trust
is January 1, 2041; the latest maturity of a Security therein
is January 2032; and the average life to maturity (or date of
pre-refunding of a bond) of the Portfolio of Securities therein
is 19.978 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 75 cents per
$1,000 principal amount of Securities in the Portfolio for its
services as Trustee. See: "Expenses and Charges", in Part B,
for a description of other fees and charges which may be
incurred by the Trust.
On September 8, 1997, Standard & Poor's Corporation
rated nine of the Securities in the Portfolio as follows:
A-6
<PAGE>
44.61%-AAA, 21.03%-AA and 10.75%-A; and Moody's Investors
Service rated three of the Securities as follows: 5.59%-AAA
and 18.02%-A. (See: "Bond Ratings", in Part B, and "Schedule
of Portfolio Securities", herein.) A Security in the Portfolio
may subsequently cease to be rated or the rating assigned may
be reduced below the minimum requirements of the 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 one year.......... 0% 0%
1 year to less than 2 years. 0.756% 0.75%
2 years to less than 4 years 1.523% 1.50%
4 years to less than 7 years 2.564% 2.50%
7 years to less than 11 years 3.627% 3.50%
11 years to less than 15 years 4.712% 4.50%
15 years and greater 5.820% 5.50%
The Effective Sales Charge per Unit for a sale in the
secondary market, as determined above, will be reduced on a
A-7
<PAGE>
graduated scale for sales to any single purchaser on a single
day of the specified number of Units of a Trust set forth
below.
Dealer Concession
% of Effective as % of Effective
Number of Units Sales Charge Sales Charge
1-99...................... 100% 65%
100-249................... 95% 62%
250-499................... 85% 55%
500-999................... 70% 45%
1,000 or more............. 55% 35%
To qualify for the reduced sales charge and
concession applicable to quantity purchases, the selling dealer
must confirm that the sale is to a single purchaser, as
described in "Volume Discount" in Part B of the Prospectus.
Units purchased at an Effective Sales Charge (before
volume purchase discount) of less than 3.00% of the Public
Offering Price (3.093% of the bid side evaluation of the
Securities) will not be eligible for exchange at a reduced
sales charge described under the Exchange Option.
Dealers purchasing certain dollar amounts of Units
during the life of the Trusts may be entitled to additional
concessions. The Sponsor reserves the right, at any time and
from time to time, to change the level of dealer concessions.
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.
On May 31, 1997, Dean Witter, Discover & Co., Dean
Witter's former parent company, and Morgan Stanley Group Inc.
merger to form MCDWD. In connection with such merger, the
corporate name or DWDC was cha+nged to Morgan Stanley, Dean
Witter, Discover & Co. ("MCDWD").
On December 20, 1995, Capital Guaranty Corporation
merged with a subsidiary of Financial Security Assurance
Holdings Ltd. In connection with such merger, (i) CGIC, the
principal operating subsidiary of Capital Guaranty Corporation,
became a wholly-owned subsidiary of FSA, the principal
operating subsidiary of Financial Security Assurance Holdings
Ltd., and (ii) the corporate name of CGIC was changed to
Financial Security Assurance of Maryland Inc.
A-9
<PAGE>
<AUDIT-REPORT>
INDEPENDENT AUDITORS' REPORT
THE UNIT HOLDERS, SPONSOR AND TRUSTEE
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM SERIES 122
We have audited the statement of financial condition and schedule of
portfolio securities of the Dean Witter Select Municipal Trust Long Term
Series 122 as of July 31, 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 July 31,
1997 as shown in the statement of financial condition and schedule of
portfolio securities by correspondence with The Chase Manhattan Bank, the
Trustee. An audit also includes assessing the accounting principles used
and the significant estimates made by the Trustee, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of the Dean Witter Select
Municipal Trust Long Term Series 122 as of July 31, 1997, and the results
of their operations and the changes in their net assets for each of the three
years in the period then ended in conformity with generally accepted
accounting principles.
DELOITTE & TOUCHE LLP
September 8, 1997
New York, New York
F-1
</AUDIT-REPORT>
<PAGE>
STATEMENT OF FINANCIAL CONDITION
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 122
July 31, 1997
TRUST PROPERTY
Investments in municipal bonds at market value
(amortized cost $2,798,109) (Note (a) and
Schedule of Portfolio Securities Notes (4) and (5)) $2,963,632
Accrued interest receivable 26,691
Cash 34,854
Total 3,025,177
LIABILITIES AND NET ASSETS
Less Liabilities:
Accrued Trustee's fees and expenses 5,020
Accrued Sponsor's fees 1,528
Total liabilities 6,548
Net Assets:
Balance applicable to 2,859 Units of fractional
undivided interest outstanding (Note (c)):
Capital, plus unrealized market
appreciation of $165,523 $2,963,632
Undistributed principal and net investment
income (Note (b)) 54,997
Net assets $3,018,629
Net asset value per Unit ($3,018,629 divided by 2,859 Units) $ 1,055.83
See notes to financial statements
F-2
<PAGE>
STATEMENTS OF OPERATIONS
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 122
For the years ended July 31,
1997 1996 1995
Investment income - interest $174,546 $179,811 $183,771
Less Expenses:
Trustee's fees and expenses 5,807 5,961 6,091
Sponsor's fees and expenses 719 738 754
Total expenses 6,526 6,699 6,845
Investment income - net 168,020 173,112 176,926
Net gain on investments:
Realized gain on securities sold or
redeemed - 12,130 -
Net unrealized market appreciation 118,331 49,137 39,622
Net gain on investments 118,331 61,267 39,622
Net increase in net assets resulting
from operations $286,351 $234,379 $216,548
See notes to financial statements
F-3
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 122
For the years ended July 31,
1997 1996 1995
Operations:
Investment income - net $ 168,020 $ 173,112 $ 176,926
Realized gain on securities sold
or redeemed - 12,130 -
Net unrealized market appreciation 118,331 49,137 39,622
Net increase in net assets
resulting from operations 286,351 234,379 216,548
Less Distributions to Unit Holders:
Investment income - net (166,052) (171,336) (175,111)
Total distributions (166,052) (171,336) (175,111)
Less Capital Share Transactions:
Redemption of 156 Units - (159,309) -
Accrued interest on redemption - (3,123) -
Total capital share
transactions - (162,432) -
Net increase (decrease) in net assets 120,299 (99,389) 41,437
Net assets:
Beginning of year 2,898,330 2,997,719 2,956,282
End of year (including undistributed
principal and net investment income
of $54,997 and $54,974, and net
investment income of $59,104,
respectively) $3,018,629 $2,898,330 $2,997,719
See notes to financial statements
F-4
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 122
July 31, 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
(August 13, 1992) represents the cost of investments to the Trust
based on the offering side evaluations as of the day prior to the
date of deposit.
(3) Income Taxes
The Trust is not an association taxable as a corporation for Federal
income tax purposes; accordingly, no provision is required for such
taxes.
(4) Expenses
The Trust pays annual Trustee's fees, estimated expenses,
Evaluator's fees, and annual Sponsor's portfolio supervision fees
and may incur additional charges as explained under "Expenses and
Charges - Fees" and "- Other Charges" in Part B of this Prospectus.
(b) DISTRIBUTIONS
Interest received by the Trust is distributed to the Unit Holders on or
shortly after the fifteenth day of each month after deducting applicable
expenses. Receipts other than interest are distributed as explained in
"Administration of the Trust - Distribution of Interest and Principal"
in Part B of this Prospectus.
F-5
<PAGE>
NOTES TO FINANCIAL STATEMENTS
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 122
July 31, 1997
(c) ORIGINAL COST TO INVESTORS
The original cost to investors represents the aggregate initial public
offering price as of the date of deposit (August 13, 1992) exclusive of
accrued interest, computed on the basis set forth under "Public Offering
of Units - Public Offering Price" in Part B of this Prospectus.
A reconciliation of the original cost of Units to investors to the net
amount applicable to investors as of July 31, 1997 follows:
Original cost to investors $3,086,946
Less: Gross underwriting commissions (sales charge) (151,247)
Net cost to investors 2,935,699
Cost of securities sold or redeemed (146,226)
Net unrealized market appreciation 165,523
Accumulated interest accretion 8,636
Net amount applicable to investors $2,963,632
(d) OTHER INFORMATION
Selected data for a Unit of the Trust during each year:
For the years ended July 31,
1997 1996 1995
Net investment income distribu-
tions during year $ 58.08 $ 58.08 $ 58.08
Net asset value at end of year $1,055.83 $1,013.76 $994.27
Trust Units outstanding at
end of year 2,859 2,859 3,015
F-6
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO SECURITIES
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 122
July 31, 1997
Port- Optional
folio Rating Face Coupon Maturit 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. Regional Transportation
Authority, Illinois General
Obligation Bonds, Series
1992B (AMBAC Insured) <F10> AAA $ 500,000 6.125% 06/01/22 06/01/16@100 06/01/02@100 $ 522,540
2. Cook County, Illinois,
General Obligation Bonds,
Series 1991 (Refunded)
(AMBAC Insured)<F9><F10> AAA 250,000 6.250 11/01/21 NONE 11/01/01@102 274,752
3. Hospital Authority of the
City of Fort Wayne, Indiana,
Revenue Bonds, Series 1992
(Parkview Memorial Hospital,
Inc. Project) A+ 300,000 6.400 11/15/22 11/15/14@100 11/15/02@102 319,281
4. Highland, Indiana, School
Building Corporation First
Mortgage Bonds, Series 1992A
(Refunded) <F9> AAA 160,000 6.750 01/15/20 NONE 01/15/02@102 179,008
5. Hospital Authority No. 2
of Douglas County, Nebraska,
Health Facilities Revenue
Bonds, Catholic Health Cor-
poration (The Archbishop
Bergan Mercy Medical Center
Project), Series 1992 AA- 300,000 6.250 11/15/22 11/15/10@100 11/15/02@102 310,965
6. New York City Municipal
Water Finance Authority,
Water and Sewer System Reve-
nue Bonds, Series 1992 A
(Refunded) <F9> Aaa<F8> 150,000 6.750 06/15/17 NONE 06/15/01@101 165,484
7. New York City Municipal
Water Finance Authority,
Water and Sewer System Reve-
nue Bonds, Series 1992 A A2<F8> 150,000 6.750 06/15/17 NONE 06/15/01@101 162,512
8. Southeast Texas Housing
Finance Corporation, Single-
Family Mortgage Revenue
Bonds, 1984 Series A (MBIA
Insured) (Escrowed to Matur-
ity) <F11> AAA 115,000 0.000 09/01/17 NONE NONE 38,830
9. Lower Colorado River
Authority, Texas, Junior
Lien Refunding Revenue Bonds,
Fourth Supplemental Series
(Refunded) (FSA Insured) <F9>
<F12> AAA 35,000 5.625 01/01/17 NONE 01/01/15@100 37,522
10. Lower Colorado River
Authority, Texas, Junior
Lien Refunding Revenue
Bonds, Fourth Supplemental
Series (FSA Insured) <F12> AAA 265,000 5.625 01/01/17 01/01/15@100 01/01/02@102 271,355
11. Vermont Municipal Bond
Bank, 1992 Series A A2<F8> 350,000 6.250 12/01/15 12/01/06@100 12/01/02@102 371,483
12. Municipality of Metropol-
itan Seattle, Washington,
Sewer Refunding Revenue
Bonds, Series V AA- 300,000 6.200 01/01/32 01/01/17@100 01/01/02@102 309,900
$2,875,000 $2,963,632
See notes to schedule of portfolio securities
F-14
</TABLE>
<PAGE>
NOTES TO SCHEDULE OF PORTFOLIO SECURITIES
DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 122
July 31, 1997
<F3> All ratings are provided by Standard & Poor's Corporation, unless
otherwise indicated. A brief description of applicable Security
ratings is given under "Bond Ratings" in Part B of this
Prospectus.
<F4> There is shown under this heading the date on which each issue of
Securities is redeemable by the operation of optional call
provisions and the redemption price for that date; unless
otherwise indicated, each issue continues to be redeemable at
declining prices thereafter but not below par. Securities listed
as non-callable, as well as Securities listed as callable, may
also be redeemable at par under certain circumstances from special
redemption payments.
<F5> There is shown under this heading the date on which an issue of
Securities is subject to scheduled sinking fund redemption and the
redemption price on such date.
<F6> The market value of the Securities as of July 31, 1997 was
determined by the Evaluator on the basis of bid side evaluations
for the Securities at such date.
<F7> At July 31, 1997, the unrealized market appreciation of all
Securities was comprised of the following:
Gross unrealized market appreciation $165,523
Gross unrealized market depreciation -
Unrealized market appreciation $165,523
The amortized cost of the Securities for Federal income tax
purposes was $2,798,109 at July 31, 1997.
<F8> Moody's Investors Service, Inc. rating.
<F9> The issuer has indicated that it will refund this Security on its
optional redemption date.
<F10> Insured by American Municipal Bond Assurance Corporation ("AMBAC").
<F11> Insured by Municipal Bond Insurance Association ("MBIA").
<F12> Insured by Financial Security Assurance ("FSA").
F-15
<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. Consents 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 their names in
the Prospectus included in this Registration Statement is
contained in its opinion filed as Exhibit 5 to this
Registration Statement.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of
1933, the registrant, Dean Witter Select Municipal Trust, Long
Term Portfolio Series 122, certifies that it meets all of the
requirements for effectiveness of this Registration Statement
pursuant to Rule 485(b) under the Securities Act of 1933 and
has duly caused this Post-Effective Amendment No. 5 to the
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 25th day of September, 1997.
DEAN WITTER SELECT MUNICIPAL TRUST,
LONG TERM PORTFOLIO SERIES 122
(Registrant)
By: DEAN WITTER REYNOLDS INC.
(Depositor)
Thomas Hines
Thomas Hines
Authorized Signatory
Pursuant to the requirements of the Securities Act of
1933, this Post-Effective Amendment No. 5 to the Registration
Statement has been signed on behalf of Dean Witter Reynolds
Inc., the Depositor, by the following person in the following
capacities and by the following persons who constitute a
majority of the Depositor's Board of Directors in The City of
New York and State of New York on this 25th day of September,
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>
<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 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 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 96-4, File No. 333-10499.
*** Executed copies of the 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. Consents of Kenny S&P Evaluation Services,
a division of J.J. Kenny Co., Inc.
1b. Consent of Deloitte & Touche LLP
27. Financial Data Schedule
<PAGE>
Exhibit 23.1a.
Letterhead of KENNY S&P EVALUATION SERVICES
A division of J.J. Kenny Co., Inc.
September 25, 1997
Dean Witter Reynolds Inc.
Two World Trade Center
New York, NY 10048
Re: Dean Witter Select Municipal Trust,
Post-Effective Amendment No. 5
Long Term Portfolio Series 122
Gentlemen:
We have examined the post-effective Amendment to the
Registration Statement File No. 33-47083 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
<PAGE>
Exhibit 23.1b.
CONSENT OF INDEPENDENT AUDITORS
We consent to the use of our report, dated September 8, 1997, accompanying
the financial statements of the Dean Witter Select Municipal Trust Long Term
Portfolio Series 122 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
September 25, 1997
New York, New York
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND> THE SCHEDULE CONTAINS SUMMARY FINANCIAL
INFORMATION EXTRACTED FROM THE FINANCIAL
STATEMENTS FOR DEAN WITTER SELECT
MUNICIPAL TRUST LONG TERM PORTFOLIO
SERIES 122 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS
<RESTATED>
<SERIES>
<NAME> DEAN WITTER SELECT MUNICIPAL TRUST
LONG TERM PORTFOLIO SERIES 122
<NUMBER> 122
<MULTIPLIER> 1
<FISCAL-YEAR-END> Jul-31-1997
<PERIOD-START> Aug-1-1996
<PERIOD-END> Jul-31-1997
<PERIOD-TYPE> YEAR
<INVESTMENTS-AT-COST> 2,798,109
<INVESTMENTS-AT-VALUE> 2,963,632
<RECEIVABLES> 26,691
<ASSETS-OTHER> 34,854
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,025,177
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,548
<TOTAL-LIABILITIES> 6,548
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,797,156
<SHARES-COMMON-STOCK> 2,859
<SHARES-COMMON-PRIOR> 2,859
<ACCUMULATED-NII-CURRENT> 55,950
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 165,523
<NET-ASSETS> 3,018,629
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 172,600
<OTHER-INCOME> 1,946
<EXPENSES-NET> 6,526
<NET-INVESTMENT-INCOME> 168,019
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 118,331
<NET-CHANGE-FROM-OPS> 286,350
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 166,051
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 120,299
<ACCUMULATED-NII-PRIOR> 55,928
<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>
