DEAN WITTER SELECT EQUITY TRUST SEL 10 INDUSTRIAL PORT 94-3
487, 1994-07-01
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<PAGE>
   
                          File No. 33-53845
    
                 Investment Company Act No. 811-5065

                Filer: DEAN WITTER SELECT EQUITY TRUST

                 SELECT 10 INDUSTRIAL PORTFOLIO 94-3

                  SECURITIES AND EXCHANGE COMMISSION
                       WASHINGTON, D.C.  20549

   
                           AMENDMENT NO. 1
                                  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 EQUITY TRUST,
          SELECT 10 INDUSTRIAL PORTFOLIO 94-3

     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 agents 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

<PAGE>

          New York, New York  10005

     E.   Total and amount of securities being registered:

          An indefinite number of Units of Beneficial Interest
          pursuant to Rule 24f-2 promulgated under the Investment
          Company Act of 1940, as amended

     F.   Proposed maximum offering price to the public of the
          securities being registered:

          Indefinite

     G.   Amount of filing fee:

   
          $500.00 (as required by Rule 24f-2)*
    
     H.   Approximate date of proposed sale to public:

          AS SOON AS PRACTICABLE AFTER THE EFFECTIVE DATE OF THE
          REGISTRATION STATEMENT.


   
     /X/  Check box if it is proposed that this filing will become
          effective immediately upon filing on July 1, 1994 pursuant
          to Rule 487.
    
- ---------------------

   
*    This amount was previously paid in connection with the initial
     filing of this Registration Statement.
    
<PAGE>

                   DEAN WITTER SELECT EQUITY TRUST,
                 SELECT 10 INDUSTRIAL PORTFOLIO 94-3

                        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;
     Indenture                        ) Amendment and
                                      ) Termination of
                                      ) the Indenture

7.   Changes of name                  ) Included in Form
                                        N-8B-2

8.   Fiscal Year                      ) Included in Form
                                      ) N-8B-2

9.   Litigation                       ) *

     II.  GENERAL DESCRIPTION OF THE TRUST
          AND SECURITIES OF THE TRUST

10.  General Information regarding    )
     Trust's Securities and Rights    )

- -------------------------
*    Not applicable, answer negative or not required.

<PAGE>

     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)

     (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,       ) Units-Secondary
          partial redemption and      ) Market; Exchange
          similar matters             ) Option; Redemption;
                                      ) Rights of Unit Holders-
                                      ) Certificates

     (e)  Lapses or defaults with     ) *
          respect to periodic payment )
          plan certificates           )

     (f)  Voting rights as to Secu-   ) Rights of Unit Holder
          rities under the Indenture  ) -Certain Limitations;
                                      ) Amendment and Termination
                                      ) of the Indenture

     (g)  Notice to Holders as to     )
          change in                   )

          (1)  Composition of assets  ) Administration of the
               of Trust               ) 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          ) Amendment and Termination
               Indenture              ) of the Indenture
          (4)  Identity of Depositor  ) Sponsor; Trustee
               and Trustee            )




- -------------------------
*    Not applicable, answer negative or not required.

<PAGE>

     (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
          (3)  Provisions of          ) Amendment and Termination
               Indenture              ) of the Indenture
          (4)  Identity of Depositor  ) *
               and Trustee            )

     (i)  Other principal features    ) Cover of Prospectus;
          of the Trust's Securities   ) 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    ) *
     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         ) *
          regarding periodic payment  )
          certificates                )

     (c)  Certain percentages         ) Summary of Essential
                                      ) Information;
                                      ) Public Offering of
                                      ) Units-Public
                                      ) Offering Price;
                                      ) -Profit of Sponsor;
                                      ) -Volume Discount

- -------------------------
*    Not applicable, answer negative or not required.

<PAGE>

     (d)  Price differentials         ) Public Offering of
                                      ) Units - Public
                                      ) Offering Price

     (e)  Certain other loads, fees,  ) Rights of Unit Holders -
          expenses, etc.              ) Certificates
          payable by holders          )

     (f)  Certain profits receivable  ) Redemption - Purchase by
          by depositor, principal     ) the Sponsors of Units
          underwriters, trustee or    ) Tendered for Redemption
          affiliated persons          )

     (g)  Ratio of annual charges to  ) *
          income

14.  Issuance of trust's securities   ) Introduction; Rights of
                                      ) Unit Holders - Certifi-
                                      ) cates

15.  Receipt and handling of          ) Public Offering of Units-
     payments from purchasers         ) Profit of Sponsor

16.  Acquisition and disposition of   ) Introduction;
     underlying securities            ) Amendment and
                                      ) Termination of the
                                      ) Indenture; Objectives
                                      ) and Securities Selection;
                                      ) The Trust-Summary
                                      ) Description of
                                      ) the Portfolio;
                                      ) Sponsor-Responsibility

17.  Withdrawal or redemption         ) Redemption;
                                      ) Public Offering of Units-
                                      ) Secondary Market;
                                      )
                                      )

18.  (a)  Receipt and disposition of  ) Administration of the
          income                      ) Trust; Reinvestment
                                      ) Programs

     (b)  Reinvestment of distribu-   ) Reinvestment
          tions                       ) Programs


- -------------------------
*    Not applicable, answer negative or not required.

<PAGE>

     (c)  Reserves or special fund    ) Administration of the
                                      ) Trust-Distribution

     (d)  Schedule of distribution    ) *

19.  Records, accounts and report     ) Administration of the
                                      ) Trust-Records and
                                      ) Accounts;-Reports to
                                      ) Unit Holders

20.  Certain miscellaneous provi-     ) Amendment and Termination
     sions of trust agreement         ) of the Indenture; Sponsor
                                      ) - Limitation on Liability
                                      ) - Resignation; Trustee -
                                      ) - Limitation on Liability
                                      ) - Resignation

21.  Loans to security holders        ) *

22.  Limitations on liability of      ) Sponsor, Trustee;
     depositor, trustee, custodian,   ) Evaluator - Limitation on
     etc.                             ) Liability

23.  Bonding arrangements             ) Included in Form N-8B-2

24.  Other material provisions of     ) *
     trust agreement                  )

     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    ) *

- -------------------------
*    Not applicable, answer negative or not required.

<PAGE>

31.  Compensation of Officers and     ) *
     Director of Depositor            )

32.  Compensation of Directors of     ) *
     Depositor                        )

33.  Compensation of employees of     ) *
     Depositor                        )

34.  Remuneration of other persons    ) *
     for certain services rendered    )
     to trust                         )

     IV.  DISTRIBUTION AND REDEMPTION OF SECURITIES

35.  Distribution of trust's          ) Public Offering of Units-
     securities by states             ) Public Distribution

36.  Suspension of sales of trust's   ) *
     securities                       )

37.  Revocation of authority to       ) *
     distribute                       )

38.  (a)  Method of distribution      ) Public Offering of Units
     (b)  Underwriting agreements     )
     (c)  Selling agreements          )

39.  (a)  Organization of principal   ) Sponsor
          underwriter                 )
     (b)  N.A.S.D. membership of      )
          principal underwriter       )

40.  Certain fees received by         ) Public Offering of Units-
     principal underwriter            ) Profit of Sponsor

41.  (a)  Business of principal       ) Sponsor
          underwriter                 )
     (b)  Branch offices of           ) *
          principal underwriter       )
     (c)  Salesman of principal       ) *
          underwriter

42.  Ownership of trust's securities  ) *
     by certain persons

43.  Certain brokerage commissions    ) *

- -------------------------
*    Not applicable, answer negative or not required.

<PAGE>

     received by principal            )
     underwriter                      )

44.  (a)  Method of valuation         ) Public Offering of Units
     (b)  Schedule as to offering     ) *
          price                       )
     (c)  Variation in offering       ) Public Offering of Units-
          price to certain persons    ) -Volume Discount; Exchange
                                      ) option

45.  Suspension of redemption rights  ) *

46.  (a)  Redemption valuation        ) Public Offering of Units-
                                      ) Secondary Market; Redemp-
                                      ) tion
     (b)  Schedule as to redemption   ) *
          price                       )

47.  Maintenance of position in       ) See items 10(d), 44
     underlying securities            ) and 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         ) *
          Insurance Company           )
     (b)  Type of policies            ) *
     (c)  Type of risks insured and   ) *
          excluded                    )
     (d)  Coverage of policies        ) *
     (e)  Beneficiaries of policies   ) *
     (f)  Terms and manner of         ) *
          cancellation                )
     (g)  Method of determining       ) *
          premiums                    )

- -------------------------
*    Not applicable, answer negative or not required.

<PAGE>

     (h)  Amount of aggregate         ) *
          premiums paid               )
     (i)  Persons receiving any part  ) *
          of premiums                 )
     (j)  Other material provisions   ) *
          of the Trust relating to    )
          insurance                   )

     VII.  POLICY OF REGISTRANT

52.  (a)  Method of selecting and     ) Introduction
          eliminating securities from ) Objectives and Securities
          the Trust                   ) Selection; The Trust
                                      ) -Summary Description of
                                      ) the Portfolio
                                      ) Sponsor - Responsibility


     (b)  Elimination of securities   ) *
          from the Trust              )
     (c)  Substitution and elimina-   ) Introducton
          tion of securities from     ) Objectives and
          the Trust                   ) Securities Selection;
                                      ) Sponsor - Responsibility;
     (d)  Description of any funda-   ) *
          mental policy of the Trust  )

53.  Taxable status of the Trust      ) Cover of Prospectus;
                                      ) Tax Status

     VIII.  FINANCIAL AND STATISTICAL INFORMATION

54.  Information regarding the        ) *
     Trust's past ten fiscal years    )

55.  Certain information regarding    ) *
     periodic payment plan certifi-   )
     cates                            )

56.  Certain information regarding    ) *
     periodic payment plan certifi-   )
     cates                            )

57.  Certain information regarding    ) *
     periodic payment plan certifi-   )
     cates                            )

- -------------------------
*    Not applicable, answer negative or not required.

<PAGE>

58.  Certain information regarding    ) *
     periodic payment plan certifi-   )
     cates                            )

59.  Financial statements             ) Statement of Financial
     (Instruction 1(c) to Form S-6)   ) Condition



- -------------------------
*    Not applicable, answer negative or not required.

<PAGE>
[LOGO]

   
SELECT 10 INDUSTRIAL PORTFOLIO 94-3
- ------------------------------------------
    

   25,000 Units
    (A Unit Investment Trust)
   ---------------------------------------------------------------------------

   
    This Trust is formed for the purposes of providing income and above-average
    growth potential through an investment for approximately 1 year in a fixed
    portfolio consisting of the ten common stocks in the Dow Jones Industrial
    Average* having the highest dividend yields on the Date of Deposit. DOW
    JONES AND COMPANY INC. HAS NOT PARTICIPATED IN ANY WAY IN THE CREATION OF
    THE TRUST OR IN THE SELECTION OF STOCKS INCLUDED IN THE TRUST AND HAS NOT
    APPROVED ANY INFORMATION INCLUDED HEREIN RELATING THERETO. The value of the
    Units of the Trust will fluctuate with the value of the Portfolio of
    underlying Securities. 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.
    

    ----------------------------------------------------------------------------

    Sponsor:      [LOGO]

    ----------------------------------------------------------------------------

    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 THIS PROSPECTUS FOR FUTURE REFERENCE.

    * Dow Jones Industrial Average is the property of Dow Jones and Company Inc.

   
                         Prospectus dated July 1, 1994
    
<PAGE>
    Parts  A and B of this Prospectus do 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 EQUITY TRUST
                      SELECT 10 INDUSTRIAL PORTFOLIO 94-3
    

                               TABLE OF CONTENTS
   
<TABLE>
<CAPTION>
                                                        PAGE
                                                        -----
<S>                                                     <C>
PART A
Cover
Table of Contents.....................................      i
Summary of Essential Information......................     ii
Independent Auditors' Report..........................     ix
Statement of Financial Condition......................      x
Schedule of Portfolio Securities......................     xi
PART B
Introduction..........................................      1
The Trust.............................................      2
    Risk Factors--Special Considerations..............      2
    Summary Description of the Portfolio..............      2
    Objectives and Securities Selection...............      3
    Distribution......................................      3
Tax Status of the Trust...............................      3
Retirement Plans......................................      4
Public Offering of Units..............................      4
    Public Offering Price.............................      4
    Public Distribution...............................      5
    Secondary Market..................................      5
    Profit of Sponsor.................................      5
    Volume Discount...................................      6
Redemption............................................      6
    Right of Redemption...............................      6
    Computation of Redemption Price...................      7
    Postponement of Redemption........................      7

<CAPTION>
                                                        PAGE
                                                        -----
<S>                                                     <C>
Exchange Option.......................................      8
Reinvestment Program..................................      8
Rights of Unit Holders................................      9
    Unit Holders......................................      9
    Certain Limitations...............................      9
Expenses and Charges..................................      9
    Initial Expenses..................................      9
    Fees..............................................      9
    Other Charges.....................................     10
Administration of the Trust...........................     10
    Records and Accounts..............................     10
    Distribution......................................     10
    Portfolio Supervision.............................     10
    Voting of the Portfolio Securities................     11
    Reports to Unit Holders...........................     11
    Amendment.........................................     11
    Termination.......................................     12
Resignation, Removal and Liability....................     12
    Regarding the Trustee.............................     12
    Regarding the Sponsor.............................     13
Miscellaneous.........................................     13
    Sponsor...........................................     13
    Trustee...........................................     13
    Legal Opinions....................................     13
Auditors..............................................     13
</TABLE>
    

<TABLE>
<CAPTION>
         SPONSOR                     TRUSTEE
- --------------------------  --------------------------
<S>                         <C>
Dean Witter Reynolds Inc.      The Bank of New York
   2 World Trade Center         101 Barclay Street
 New York, New York 10048    New York, New York 10286
</TABLE>

    NO   PERSON  IS  AUTHORIZED   TO  GIVE  ANY  INFORMATION   OR  TO  MAKE  ANY
REPRESENTATIONS WITH RESPECT TO THIS INVESTMENT COMPANY NOT CONTAINED IN PARTS A
AND B OF THIS  PROSPECTUS; AND ANY INFORMATION  OR REPRESENTATION NOT  CONTAINED
HEREIN  MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED. PARTS A AND B OF THIS
PROSPECTUS DO 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.

                                       i
<PAGE>
   
                        SUMMARY OF ESSENTIAL INFORMATION
                        DEAN WITTER SELECT EQUITY TRUST
                      SELECT 10 INDUSTRIAL PORTFOLIO 94-3
                              As of June 30, 1994*
    

   
<TABLE>
<S>                                                                                        <C>
Aggregate Value of Securities in Trust**.................................................  $233,359.51
Number of Units..........................................................................       25,000+
Fractional Undivided Interest in the Trust Represented by Each Unit......................     1/25,000th
Public Offering Price Per Unit:
    Aggregate Value of Securities in the Trust Divided by 25,000 Units...................  $    9.3344
    Plus Sales Charge of 3.90% of Public Offering Price*** (4.058% of net amount invested
     in Securities)......................................................................        .3788
                                                                                           -----------
    Public Offering Price per Unit.......................................................  $    9.7132
                                                                                           -----------
                                                                                           -----------

Minimum Purchase: $1,000
Public Offering Price Per 100 Units......................................................  $    971.32
                                                                                           -----------
                                                                                           -----------
Sponsor's Repurchase Price per 100 Units and Redemption Price per 100 Units (based on the
  value  of the underlying Securities, $37.88 less than the Public Offering Price per 100
  Units).................................................................................  $    933.44
                                                                                           -----------
                                                                                           -----------
</TABLE>
    

   
<TABLE>
<S>                                         <C>
Evaluation Time...........................  4:00 P .M . New York time.
Record Date...............................  December 1, 1994
Distribution Dates........................  December 15, 1994 and on or about August 24, 1995.++
Minimum Principal Distribution............  No distribution need be  made from the Principal  Account
                                            if  the balance therein is less  than $1.00 per 100 Units
                                            outstanding.
In-Kind Distribution Date.................  August 1, 1995.
Liquidation Period........................  Not  to  exceed  10  business  days  after  the   In-kind
                                            Distribution date.++
Mandatory Termination Date................  August 15, 1995.
Discretionary Liquidation Amount..........  The  Indenture may  be terminated  by the  Sponsor if the
                                            value of the Trust  at any time is  less than 40% of  the
                                            market value of the Securities deposited in the Trust.++
Trustee's    Fee    (including   estimated
expenses)****.............................  $1.00 per 100 Units.
Sponsor's Portfolio Supervision Fee****...  Maximum of $0.25 per 100 Units.
<FN>
- ------------------------
   *The Date of  Deposit. The Indenture  was signed and  the initial deposit  of
Securities   with   the   Trustee   was   made   on   the   Date   of   Deposit.
  **Based on the evaluation of the Securities as of 4:00 P.M. on June 30, 1994.
 ***The sales charge will decline over the life of the Trust. (See "Public
Offering of Units--Public Offering Price", in Part B.)
 ****See: "Expenses and Charges" herein. The fee accrues daily and is payable on
each Distribution Date. Estimated  dividends from the  Securities, based on  the
last  dividends actually paid, are  expected by the Sponsor  to be sufficient to
pay the estimated expenses of the Trust.
   +The number of  Units will be  increased as the  Sponsor deposits  additional
Securities    into    the    Trust.    See    "Introduction",    in    Part   B.
  ++The final distribution  will be made  within 5 business  days following  the
receipt   of  proceeds  from  the  sale   of  all  Portfolio  Securities.  (See:
"Administration of the Trust--Termination", in Part B.)
</TABLE>
    

                                       ii
<PAGE>
   
                 SUMMARY OF ESSENTIAL INFORMATION--(continued)
    
   
    THE  TRUST--The  Dean  Witter  Select  Equity  Trust  Select  10  Industrial
Portfolio  94-3  (the  "Trust")   is  a  unit   investment  trust  composed   of
publicly-traded  common  stocks  or  contracts  to  purchase  such  stocks  (the
"Securities").  The  objectives  of  the   Trust  are  to  provide  income   and
above-average  growth potential through  investment in the  ten common stocks in
the Dow Jones Industrial Average having the highest dividend yield (the  "Select
10")  as of the Date of Deposit. The companies represented in the Trust are some
of the most  well-known and highly  capitalized companies in  America. Many  are
household  names. An investment in approximately equal values of the ten highest
yielding stocks in the  Dow Jones Industrial  Average for a  period of one  year
would  have, in most of the last 20 years, yielded a higher total return than an
investment in all  of the  stocks comprising  the Dow  Jones Industrial  Average
itself. The Select 10 Industrial Portfolio seeks to achieve a better performance
than  the  Dow Jones  Industrial Average.  Investment in  a number  of companies
having high  dividends relative  to their  stock prices  (usually because  their
stock  prices are depressed)  is designed to increase  the Trust's potential for
higher returns. The  Securities may appreciate  or depreciate in  value (or  pay
dividends)  depending  on  the  full range  of  economic  and  market influences
affecting corporate profitability,  the financial condition  of issuers and  the
prices  of  equity  securities  in general  and  the  Securities  in particular.
Therefore, there  is no  guarantee that  the  objectives of  the Trust  will  be
achieved.  On the initial Date of Deposit and thereafter, the Sponsor may, under
the Indenture and Agreement, deposit additional Securities which may result in a
corresponding increase in the number of Units outstanding.
    

   
    TERMINATION--The Trust will terminate approximately 1 year after the initial
Date of Deposit regardless of market conditions at that time. After this period,
the Trust  will liquidate.  Unitholders of  2,500  units or  more may  elect  to
receive  shares in-kind.  Prior to  termination of  the Trust,  the Trustee will
begin to sell the Securities  held in the Trust over  a period not to exceed  10
consecutive business days (the "Liquidation Period"). Monies held upon such sale
of  Securities will be held uninvested  in non-interest bearing accounts created
by the Indenture until distributed pro rata  to Unit Holders on or about  August
24,  1995 and will be  of benefit to the Trustee  during such period. During the
life of the  Trust, Securities  will not  be sold  to take  advantage of  market
fluctuations.  Because the Trust is  not managed and the  Securities can only be
sold during the Liquidation Period or under certain other limited  circumstances
described  herein, the proceeds received from the sale of Securities may be less
than could  be  obtained if  the  sale had  taken  place at  a  different  time.
Depending  on the  volume of Securities  sold and  the prices of  and demand for
Securities at the time of such sale, the sales of Securities from the Trust  may
tend  to depress the market prices of such Securities and hence the value of the
Units, thus reducing termination proceeds available to Unit Holders. In order to
mitigate potential adverse  price consequences  of heavy volume  trading in  the
Securities  taking place over a  short period of time  and to provide an average
market price for the Securities, the Trustee will follow procedures set forth in
the Indenture to sell the Securities in an orderly fashion over a period not  to
exceed  the Liquidation Period. The Sponsor can give no assurance, however, that
such procedures will mitigate  negative price consequences  or provide a  better
price for such Securities. The Trust may terminate earlier than on the Mandatory
Termination  Date  if the  value of  the  Trust is  less than  the Discretionary
Liquidation Amount set forth under "Administration of the Trust--Termination."
    

   
    DISTRIBUTION--The Trustee  will distribute  any dividends  and any  proceeds
from  the disposition of Securities not used for redemption of Units received by
the Trust on December  15, 1994 and on  or about August 24,  1995 to holders  of
record  on  December  1,  1994  and  the  Termination  Date,  respectively. Upon
termination of the  Trust, the Trustee  will distribute to  each Unit Holder  of
record  its pro  rata share of  the Trust's  assets, less expenses.  The sale of
Securities in  the  Trust  during  the period  prior  to  termination  and  upon
termination  may result in  a lower amount  than might otherwise  be realized if
such sale were not required at such time due to impending or actual  termination
of  the Trust.  For this  reason, among  others, the  amount realized  by a Unit
Holder upon termination may be  less than the amount  paid by such Unit  Holder.
(See: "Administration of the Trust--Distribution".)
    

    The Sponsor anticipates that, based upon the last dividends actually paid by
the  companies listed in the "Schedule  of Portfolio Securities", dividends from
the Securities will  be sufficient to  (i) pay  expenses of the  Trust and  (ii)
after  such payment, to make distributions  to Unit Holders as described herein.
(See: "Expenses and Charges" and "Administration of the Trust--Distribution".)

   
    PUBLIC OFFERING PRICE--The Public Offering  Price per 100 Units is  computed
on  the basis of the aggregate value  of the underlying Securities next computed
after receipt of a purchase order plus cash on hand in the Trust, divided by the
number of Units outstanding  times 100, plus  a sales charge  of 4.058% of  such
evaluation  per 100  Units (the  net amount invested);  this results  in a sales
charge of 3.90% of  the Public Offering  Price. The sales  charge of 3.90%  will
decline  over the life of the Trust in the manner described below. On October 1,
1994, the  sales  charge  will  decline  to 3.50%  (3.627%  of  the  net  amount
invested). On January 1, 1995, it will decline again to 2.50% (2.564% of the net
amount  invested) and on April 1, 1995, it  will decline to 1.50% (1.523% of the
net amount invested). (See: "Public Offering of Units--Public Offering Price".)
    

    MARKET FOR UNITS--The  Sponsor, though not  obligated to do  so, intends  to
maintain a market for the Units. If such market is not maintained, a Unit Holder
will  be able to dispose of his Units  through redemption at prices based on the
aggregate value  of  the  underlying  Securities.  (See:  "Redemption".)  Market
conditions  may cause such prices to be greater or less than the amount paid for
Units.

   
    RISK FACTORS--SPECIAL CONSIDERATIONS--An  investment in Units  of the  Trust
should  be made with an understanding of  the risks inherent in an investment in
common stocks, including risks associated with the limited rights of holders  of
common  stock to receive  payments from issuers  of such stock;  such rights are
inferior to those  of creditors  and holders  of debt  obligations or  preferred
stock.  Also, holders of common  stock have the right  to receive dividends only
when, as and if such dividends are declared by the issuer's board of  directors.
Investors  should also be aware  that the value of  the underlying Securities in
the Portfolio may fluctuate  in accordance with changes  in the value of  common
stocks  in  general.  Although  there  are  certain  risks  of  price volatility
associated with investment in common stocks,  your risk is reduced because  your
capital is divided among 10 stocks from several different industry groups.
    

                                      iii
<PAGE>
    The portfolio of the Trust is concentrated in Securities issued by companies
deriving  a substantial portion of their income from the sale of oil and related
products. In addition to the general risks associated with investment in  common
stocks,  investment in the oil industry  may pose additional risks including the
impact of the following on the value of Securities of oil companies: changes  in
demand   for  oil  products,  increased   competition  among  oil  companies,  a
substantial increase in the price of oil, a drop in production of oil, a decline
in the supply of oil,  price controls on oil and  oil products, an oil  embargo,
the  political  situation  in  oil-producing  countries,  domestic  and  foreign
government  taxes  or  controls  on  the  oil  industry,  domestic  and  foreign
environmental  regulations  affecting  the oil  industries'  ability  to operate
necessitating substantial expenditures by the oil companies, the cost of cleanup
and litigation  costs relating  to  oil spills  and other  environmental  damage
caused  by  an oil  company, volatility  of  oil prices  and the  development of
alternate sources  of fuel.  Each  of the  above may  affect  the value  of  the
Securities  in  the  portfolio.  The  Sponsor  cannot  predict  the  impact  the
above-stated risks may have on the Securities in the portfolio over the one year
life of the Trust.

    SPECIAL CHARACTERISTICS OF THE TRUST

   
    --SECURITIES SELECTION.  The  Trust Portfolio  consists  of the  ten  common
stocks  in the Dow Jones Industrial Average ("DJIA") having the highest dividend
yield as of the Date  of Deposit. Dow Jones and  Company Inc. ("Dow Jones")  has
not  participated in any way in the creation of the Trust or in the selection of
the stocks included in  the Trust and  has not approved  any of the  information
herein  relating thereto. The yield for each stock was calculated by annualizing
the last  quarterly  ordinary  dividend declared  and  dividing  the  annualized
dividend  by  the  market  value  of  the  stock.  Such  formula  (an  objective
determination) served as the basis for the Sponsor's selection of the ten stocks
in the  Dow Jones  Industrial Average  having the  highest dividend  yield.  The
philosophy  is simple. The  Trust does not require  sophisticated analysis or an
explanation of complex investment strategies,  just the pure and simple  concept
of  buying a quality portfolio of stocks with the highest dividend yields of the
stocks in the  DJIA in  one convenient  purchase. The  Securities were  selected
irrespective of any buy or sell recommendation by the Sponsor. Investing in DJIA
stocks with the highest dividend yields may be effective as well as conservative
because  regular dividends  are common  for established  companies and dividends
have accounted for a substantial portion of the total return on DJIA stocks as a
group.
    

    Investors should note that the above criteria were applied to the Securities
selected for  inclusion  in the  Trust  Portfolio as  of  the Date  of  Deposit.
Subsequent  to the Date of Deposit, the  Securities may no longer rank among the
ten stocks in  the DJIA having  the highest  dividend yield, the  yields on  the
Securities  in  the portfolio  may change  or  the Securities  may no  longer be
included in the DJIA. However, the Sponsor may, on and subsequent to the Date of
Deposit, deposit additional  Securities which  reflect the Portfolio  as of  the
Date  of Deposit,  subject to  permitted adjustments,  and sell  such additional
Units created.  The sale  of  additional Units  and the  sale  of Units  in  the
secondary  market may  continue even  though the  Securities would  no longer be
chosen for deposit into the  Trust if the selection process  were to be made  at
such later time.

    Simple  strategies can  sometimes be the  most effective.  To outperform the
market is more difficult than just outperforming other asset classes. The  Trust
seeks  a higher total return than the DJIA by acquiring the ten common stocks in
the DJIA having the highest dividend yields on the Date of Deposit, and  holding
them  for about  one year.  Purchasing a  portfolio of  these stocks  through an
investment in the Trust as opposed to  one or two individual stocks may  achieve
better  overall performance and will achieve  diversification. There is only one
investment decision instead of ten, and two distributions to the investor during
the one-year life of the Trust instead of 40. An investment in the Trust can  be
cost-efficient,  avoiding  the  odd-lot  costs  of  buying  small  quantities of
securities directly. Investment  in a  number of companies  with high  dividends
relative to their stock prices is designed to increase the Trust's potential for
higher  returns.  The Trust's  return may  consist of  a combination  of capital
appreciation and current dividend income.

                                       iv
<PAGE>
THE DOW, HISTORICALLY SPEAKING

    The first DJIA, consisting  of 12 stocks, was  published in THE WALL  STREET
JOURNAL  in 1896. The list grew to 20 stocks in 1916 and to 30 stocks on October
1, 1928.  Taking into  account a  number of  names changes,  9 of  the  original
companies  are still in the DJIA today.  For two periods of 17 consecutive years
each, there were no changes  to the list: March 14,  1939-July 1956 and June  1,
1959-August 6, 1976.

<TABLE>
<CAPTION>
             LIST AS OF OCTOBER 1, 1928                                   CURRENT LIST
- ----------------------------------------------------  ----------------------------------------------------
<S>                                                   <C>
Allied Chemical                                       Allied Signal
American Can                                          J.P. Morgan & Co. Incorporated
American Smelting                                     Minnesota Mining
American Sugar                                        Du Pont
American Tobacco                                      Eastman Kodak
Atlantic Refining                                     Goodyear
Bethlehem Steel                                       Bethlehem Steel
Chrysler                                              IBM
General Electric                                      General Electric
General Motors                                        General Motors
General Railway Signal                                McDonald's
Goodrich                                              Chevron
International Harvester                               Caterpillar
International Nickle                                  Boeing
Mack Trucks                                           Merck
Nash Motors                                           Procter & Gamble
North American                                        American Express
Paramount Publix                                      International Paper
Postum, Inc.                                          Philip Morris
Radio Corporation of America (RCA)                    United Technologies
Sears Roebuck & Company                               Sears Roebuck & Company
Standard Oil of New Jersey                            Exxon
Texas Corporation                                     Texaco
Texas Gulf Sulphur                                    Coca-Cola
Union Carbide                                         Union Carbide
United States Steel                                   Walt Disney
Victor Talking Machine                                AT&T
Westinghouse Electric                                 Westinghouse Electric
Woolworth                                             Woolworth
Wright Aeronautical                                   Aluminum Co. of America
</TABLE>

    The  Dow Jones Industrial Average is comprised of 30 common stocks chosen by
the editors of The Wall Street Journal as representative of the broad market and
of American industry. The  companies are major factors  in their industries  and
their stocks are widely held by individuals and institutional investors.

    Changes  in the  components are  made entirely  by the  editors of  The Wall
Street Journal without consultation  with the companies,  the stock exchange  or
any  official agency. For the sake of  continuity, such changes are made rarely.
Most substitutions  have been  the result  of  mergers, but  from time  to  time
changes  may be  made to  achieve a  better representation.  Notwithstanding the
foregoing, Dow Jones expressly  reserves the right to  change the components  of
the Dow Jones Industrial Average at any time for any reason.

                                       v
<PAGE>
   
    The following tables show the actual performance of the Dow Jones Industrial
Average  and the ten  stocks in the  index having the  highest dividend yield in
each of the past twenty years as of  the date indicated for each of such  years.
Such  annual  returns  do  not take  into  account  commissions,  sales charges,
expenses or taxes.
    

   
<TABLE>
<CAPTION>
                        DOW JONES INDUSTRIAL AVERAGE(1)
             -----------------------------------------------------
                  % CHANGE
   YEAR           IN DJIA          DIVIDEND
ENDED 6/30/     FOR YEAR(2)        RETURN(3)    TOTAL RETURN(4)(5)
- -----------  ------------------  -------------  ------------------
<S>          <C>                 <C>            <C>
     1975             9.54%            4.82%            14.36%
     1976            14.08%            4.33%            18.41%
     1977            -8.62%            4.37%            -4.25%
     1978           -10.62%            5.10%            -5.52%
     1979             2.81%            6.15%             8.96%
     1980             3.08%            6.27%             9.35%
     1981            12.55%            6.45%            19.00%
     1982           -16.89%            5.72%           -11.17%
     1983            50.50%            6.66%            57.16%
     1984            -7.33%            4.72%            -2.61%
     1985            17.93%            5.43%            23.36%
     1986            41.73%            4.89%            46.62%
     1987            27.78%            3.66%            31.44%
     1988           -11.45%            3.06%            -8.39%
     1989            13.93%            4.30%            18.23%
     1990            18.06%            4.29%            22.35%
     1991             0.90%            3.45%             4.35%
     1992            14.17%            3.29%            17.46%
     1993             5.95%            3.07%             9.02%
     1994             3.10%            2.89%             5.99%
<FN>
- ------------------------
(1) An index of 30 stocks compiled by Dow Jones.

(2) The percentage  change  in  value  represents  the  difference  between  the
    beginning  and ending value of the DJIA divided  by the value of the DJIA at
    the beginning of the year.

(3) The total dividends paid during the year divided by the market value of  the
    stocks at the beginning of the year.

(4) The change in value of the DJIA plus the dividend return for the year.

(5) Does not reflect sales charges, commissions, expenses or taxes.
</TABLE>
    

                                       vi
<PAGE>

   
<TABLE>
<CAPTION>
                                     SELECT 10
                ---------------------------------------------------
                      % CHANGE
    YEAR              IN VALUE           DIVIDEND         TOTAL
 ENDED 6/30/       FOR YEAR(1)(2)      RETURN(3)(6)    RETURN(4)(5)
- -------------   --------------------  ---------------  ------------
<S>             <C>                   <C>              <C>
       1975              25.65%             7.30%            32.95%
       1976              19.53%             5.96%            25.49%
       1977              10.79%             6.20%            16.99%
       1978             -13.22%             6.00%            -7.22%
       1979               8.87%             7.73%            16.60%
       1980               2.36%             8.06%            10.42%
       1981              11.42%             8.18%            19.60%
       1982             -19.83%             7.09%           -12.74%
       1983              40.15%             9.04%            49.19%
       1984              -5.27%            15.47%            10.20%
       1985              20.25%             7.72%            27.97%
       1986              17.58%            13.83%            31.41%
       1987              40.10%             5.71%            45.81%
       1988             -14.80%             4.23%           -10.57%
       1989              16.26%             6.05%            22.31%
       1990               6.58%             5.84%            12.42%
       1991               0.61%             4.86%             5.47%
       1992               7.62%             4.69%            12.31%
       1993              10.34%             7.91%            18.25%
       1994               1.06%             6.42%             7.48%
<FN>
- ------------------------
(1) The  percentage change in value,  over a one year  period, of the 10 highest
    yielding stocks in the DJIA as of the last day of the previous year.

(2) The percentage  change  in  value  represents  the  difference  between  the
    beginning  and ending value of the Select  10 stocks divided by the value of
    such stocks at the beginning of the year.

(3) The total dividends paid on the Select 10 stocks during the year divided  by
    the market value of the Select 10 stocks at the beginning of the year.

(4) The change in value of the Select 10 stocks plus the dividend return for the
    year on such stocks.

(5) Does not reflect sales charges, commissions, expenses or taxes.

(6) Includes stock dividends, spin-offs and other special distributions.
</TABLE>
    

                                      vii
<PAGE>

   
<TABLE>
<CAPTION>
       COMPARISON OF TOTAL RETURN
       LISTED ON THE ABOVE CHARTS
- -----------------------------------------
   YEAR          DJIA         SELECT 10
ENDED 6/30/  TOTAL RETURN   TOTAL RETURN
- -----------  -------------  -------------
<S>          <C>            <C>
     1975         14.36%         32.95%
     1976         18.41%         25.49%
     1977         -4.25%         16.99%
     1978         -5.52%         -7.22%
     1979          8.96%         16.60%
     1980          9.35%         10.42%
     1981         19.00%         19.60%
     1982        -11.17%        -12.74%
     1983         57.16%         49.19%
     1984         -2.61%         10.20%
     1985         23.36%         27.97%
     1986         46.62%         31.41%
     1987         31.44%         45.81%
     1988         -8.39%        -10.57%
     1989         18.23%         22.31%
     1990         22.35%         12.42%
     1991          4.35%          5.47%
     1992         17.46%         12.31%
     1993          9.02%         18.25%
     1994          5.99%          7.48%
</TABLE>
    

   
    The  Select 10  Industrial Portfolio seeks  to achieve  a better performance
than the Dow Jones  Industrial Average (DJIA) through  investment for about  one
year  in the ten common stocks in the  DJIA having the highest dividend yield as
of the Date of Deposit.  In most instances in the  last 20 years, a strategy  of
investing  in approximately  equal values of  these stocks each  year would have
yielded a higher total return than an investment in all the stocks which make up
the DJIA.
    

    The returns shown above are not guarantees of future performance and  should
not  be used  as a predictor  of returns to  be expected in  connection with the
Portfolio. Such returns do not  reflect sales charges, commissions, expenses  or
taxes.  As indicated in the above tables,  the Select 10 underperformed the DJIA
in certain years and there can be  no assurance that the portfolio of the  Trust
will outperform the DJIA over the life of the Trust.

    --PORTFOLIO  CHARACTERISTICS.  The Portfolio  of the  Trust consists  of ten
issues of Securities, all of which are common stocks, issued by companies in the
categories set forth below:

   
<TABLE>
<CAPTION>
                                                                                    PERCENTAGE OF
                                                              PORTFOLIO        AGGREGATE MARKET VALUE
CATEGORIES OF ISSUER                                          NUMBERS            OF TRUST PORTFOLIO
- ------------------------------------------------------------  ---------------  -----------------------
<S>                                                           <C>              <C>
Financial Services                                                 1 & 6                    19.97     %
Integrated Petroleum                                             2, 3 & 9                   30.06
Pharmaceuticals                                                      4                       9.98
Consumer, Chemical, Health Products                                  5                       9.93
Food, Tobacco, Beverage                                              7                       9.97
Merchandising                                                     8 & 10                    20.09
</TABLE>
    

   
    On the Date of Deposit, the aggregate market value of the Securities in  the
Trust was $233,359.51.
    

    MINIMUM PURCHASE--$1,000.

    PERFORMANCE INFORMATION--Information on the performance of the Trust, on the
basis  of changes in Unit price (total return) may be included from time to time
in advertisements, sales literature and  reports to current or prospective  Unit
Holders.

                                      viii
<PAGE>
<AUDIT-REPORT>
                          INDEPENDENT AUDITORS' REPORT

   
THE UNIT HOLDERS, SPONSOR AND TRUSTEE
DEAN WITTER SELECT EQUITY TRUST
SELECT 10 INDUSTRIAL PORTFOLIO 94-3
    

   
    We  have  audited  the  accompanying statement  of  financial  condition and
schedule of portfolio securities of the  Dean Witter Select Equity Trust  Select
10 Industrial Portfolio 94-3 as of June 30, 1994. These financial statements are
the  responsibility of the Trustee. Our  responsibility is to express an opinion
on these financial statements based on our audit.
    

   
    We conducted  our  audit  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 an irrevocable letter of  credit and contracts for the purchase
of securities, as shown in the statement of financial condition and schedule  of
portfolio securities as of June 30, 1994, by correspondence with The Bank of New
York,  the Trustee. An  audit also includes  assessing the accounting principles
used and significant estimates  made by the Trustee,  as well as evaluating  the
overall  financial statement presentation. We believe  that our audit provides a
reasonable basis for our opinion.
    

   
    In our  opinion,  the  statement  of financial  condition  and  schedule  of
portfolio securities referred to above present fairly, in all material respects,
the  financial  position  of  the  Dean Witter  Select  Equity  Trust  Select 10
Industrial Portfolio  94-3 as  of June  30, 1994  in conformity  with  generally
accepted accounting principles.
    

   
DELOITTE & TOUCHE
June 30, 1994
New York, New York
    
</AUDIT-REPORT>

                                       ix
<PAGE>
   
                        STATEMENT OF FINANCIAL CONDITION
                        DEAN WITTER SELECT EQUITY TRUST
                      SELECT 10 INDUSTRIAL PORTFOLIO 94-3
                         DATE OF DEPOSIT, JUNE 30, 1994
    

   
<TABLE>
<S>                                                                                 <C>
TRUST PROPERTY
    Sponsor's Contracts to purchase underlying Securities backed by an irrevocable
     letter of credit (a).........................................................  $233,359.51
                                                                                    ----------
                                                                                    ----------
INTEREST OF UNIT HOLDERS
    Units of fractional undivided interest outstanding:
      Cost to investors (b).......................................................  $242,829.24
      Gross underwriting commissions (c)..........................................   (9,469.73)
                                                                                    ----------
      Total.......................................................................  $233,359.51
                                                                                    ----------
                                                                                    ----------
<FN>

(a) The  aggregate value of the Securities  represented by Contracts to Purchase
    listed under "Schedule of Portfolio Securities" and their cost to the  Trust
    are  the same. The value is determined by the Trustee on the basis set forth
    under "Public Offering of  Units--Public Offering Price" as  of the Date  of
    Deposit.  An irrevocable  letter of  credit drawn  on Morgan  Guaranty Trust
    Company of New York in  the amount of $300,000  has been deposited with  the
    Trustee.
(b) The aggregate Public Offering Price is computed on the basis set forth under
    "Public Offering of Units--Public Offering Price".

(c) The  aggregate sales charge  of 3.90% of  the Public Offering  Price per 100
    Units is  computed  on  the  basis  set  forth  under  "Public  Offering  of
    Units--Public Offering Price".
</TABLE>
    

                                       x
<PAGE>
   
                        SCHEDULE OF PORTFOLIO SECURITIES
                        DEAN WITTER SELECT EQUITY TRUST
                      SELECT 10 INDUSTRIAL PORTFOLIO 94-3
                       ON DATE OF DEPOSIT, JUNE 30, 1994
    

   
<TABLE>
<CAPTION>
                                          CURRENT                 PROPORTIONATE
                                          ANNUAL                  RELATIONSHIP     PERCENTAGE OF      PRICE PER       COST OF
 PORTFOLIO                             DIVIDEND PER   NUMBER OF  BETWEEN NO. OF   AGGREGATE MARKET    SHARE TO       SECURITIES
    NO.      NAME OF ISSUER              SHARE (1)      SHARES       SHARES        VALUE OF TRUST       TRUST      TO TRUST(2)(3)
 ----------  ------------------------- -------------  ---------- ---------------  ----------------  -------------  --------------
 <C>         <S>                       <C>            <C>        <C>              <C>               <C>            <C>
      1.     American Express
               Company................     $   .90          904       14.34%             9.97%         $  25.75     $  23,278.00
      2.     Chevron Corp.............        1.85          560        8.88             10.05             41.875       23,450.00
      3.     Exxon Corp...............        2.88          412        6.53             10.00             56.625       23,329.50
      4.     Merck & Co., Inc.........        1.12          783       12.42              9.98             29.75        23,294.25
      5.     Minnesota    Mining   and
               Manufacturing
               Company................        1.76          468        7.42              9.93             49.50        23,166.00
      6.     J.P. Morgan & Co. Inc....        2.72          377        5.98             10.00             61.875       23,326.88
      7.     Philip Morris Cos.,
               Inc....................        2.76          452        7.17              9.97             51.50        23,278.00
      8.     Sears, Roebuck & Co......        1.60          489        7.75             10.06             48.00        23,472.00
      9.     Texaco Inc...............        3.20          387        6.14             10.01             60.375       23,365.13
     10.     Woolworth Corp...........        1.16        1,474       23.37             10.03             15.875       23,399.75
                                                          -----                                                    --------------
                                                          6,306                                                     $ 233,359.51
                                                          -----                                                    --------------
                                                          -----                                                    --------------
<FN>
- ------------------------
(1) Based on the  latest quarterly or  semiannual declaration. There  can be  no
    assurance  that future dividend  payments, if any, will  be maintained in an
    amount equal to the dividend listed above.
(2) The Securities were acquired by the Sponsor on June 30, 1994. All Securities
    are represented entirely by contracts  to purchase. Valuation of  Securities
    by  the Trustee was made on  the basis of the closing  sale price on the New
    York Stock Exchange on  June 30, 1994. The  aggregate purchase price to  the
    Sponsor for the Securities deposited in the Trust is $233,359.51.
(3) The Sponsor had no profit or loss on the Date of Deposit.
</TABLE>
    

                                       xi
<PAGE>
                                                               OFFERING FEATURES

   
Dean Witter Select Equity Trust
Select 10 Industrial Portfolio 94-3
    
- ----------------------------------------------
    AN OPPORTUNITY TO INVEST FOR INCOME AND ABOVE-AVERAGE GROWTH POTENTIAL
- -------------------------------------------------------------

   
    - PORTFOLIO SELECTION -- Investment in the 10 common stocks in the Dow Jones
      Industrial  Average having the  highest dividend yield (as  of the Date of
      Deposit) offers an  opportunity to earn  income with above-average  growth
      potential in the next year.*
    

    - DIVERSIFICATION -- Risk is reduced because your investment is spread among
      10  common stocks from various industry groups. Individual investors would
      require  a  substantial  capital  commitment  to  achieve  the  level   of
      diversification offered by the Trust without incurring odd-lot charges.

    - REINVESTMENT   OPTION  --  Investors  may   elect  to  have  distributions
      automatically reinvested in additional units of the Trust without a  sales
      charge.

    - LOW  MINIMUM INVESTMENT  -- The Trust  is priced at  approximately $10 per
      unit and the minimum investment is $1,000 although investors may  purchase
      any number of additional units they wish.

    - EASY  LIQUIDITY  WITHOUT  A  FEE  -- The  Sponsor  intends  to  maintain a
      secondary market where you can sell units at the then-current market value
      without a fee or penalty.

* Dow Jones and Company Inc. has not participated in any way in the creation  of
  the  Trust or in the selection of the stocks included in the Trust and has not
  approved any information included in the Prospectus relating thereto.

    The Offering Features are a part of the prospectus and should be read in
                                  conjunction
                          with the entire prospectus.
<PAGE>
INVEST IN THE 10 HIGHEST YIELDING STOCKS
IN THE DOW JONES INDUSTRIAL AVERAGE FOR
AS LITTLE AS $1,000.

- ---------------------------------------------------------
THE SELECT EQUITY TRUSTS

       Achieving  financial  success  in  today's  dynamic  markets  depends  on
       selecting  the right  investment strategy.  As new  opportunities emerge,
       sparked by changing business trends, market strategies must be geared  to
       capitalize  on  them.  Because  such  opportunities  may  not  be  easily
       identified by individual investors, Dean Witter has developed the  Select
       Equity  Trusts  that  offer  investors a  simple  and  convenient  way to
       participate in the equity market.

- --------------------------------------------------------------------------------
PORTFOLIO SELECTION

   
       The Select 10 Industrial  Portfolio consists of the  10 common stocks  in
       the  Dow Jones Industrial Average having the highest dividend yield as of
       the Date of  Deposit. The  Trust is specifically  designed for  investors
       seeking income and above-average growth potential. Because the Trust is a
       fixed  portfolio of  preselected securities,  purchasers know  in advance
       what they are investing in.
    

- --------------------------------------------------------------------------------
SPECIAL CONSIDERATIONS--RISK FACTORS

       The risks of an investment in Units of the Trust include price volatility
       resulting from factors  affecting the  common stock  of the  issuer of  a
       portfolio  security in particular and the  equity markets in general. The
       risks associated with an  investment in common stock  of oil and  related
       products  issuers  is  also present  as  the  portfolio of  the  Trust is
       concentrated in the stock of such issuers.

- --------------------------------------------------------------------------------
DIVERSIFICATION

       Risk is reduced through the Trust because it allows you to participate in
       a diversified  portfolio  of stocks.  Although  there are  certain  risks
       associated with investment in common stocks, your risk is reduced because
       your  capital is divided among 10 stocks from various industry groups. It
       would be difficult for the average investor to achieve a comparable level
       of diversification, without  making a substantial  capital commitment  or
       incurring odd-lot charges.

- --------------------------------------------------------------------------------
REINVESTMENT OPTION

       Investors  may elect  to have  distributions automatically  reinvested in
       additional units of the Trust without a sales charge.

- --------------------------------------------------------------------------------
COST EFFECTIVE

       CONVENIENT PURCHASE PRICE/NO ODD-LOT PENALTIES
       Typically stocks purchased in amounts less than 100 shares are subject to
       odd-lot penalties. If  you were  to purchase 100  shares of  each of  the
       stocks in this portfolio, it would require a large commitment of capital.
       If  you were to purchase  smaller amounts of each  stock, you would incur
       odd-lot penalties  on many  of your  purchases. Our  convenient  purchase
       price  of approximately $10  per unit with a  minimum purchase of $1,000,
       allows you to invest  in all the stocks  in an affordable manner.  Volume
       discounts are available beginning on orders over $25,000.

    The Offering Features are a part of the prospectus and should be read in
                                  conjunction
                          with the entire prospectus.
<PAGE>

- ---------------------------------------------------
FLEXIBILITY THROUGH EXCHANGE PRIVILEGES

       Investors  may elect, at any  time, to exchange these  units for units of
       another Dean Witter Select Trust at a reduced sales charge.

- --------------------------------------------------------------------------------
SHORT-TERM LIFE

       The Trust will terminate  in approximately one  year. After this  period,
       the  Portfolio will liquidate.  Unit Holders owning  at least 2,500 units
       may elect to  receive distributions in  respect of their  Units in  kind.
       Unit  Holders not so electing will receive cash. You may, of course, sell
       or redeem your Units prior to the Trust's termination.

- --------------------------------------------------------------------------------
EASY LIQUIDITY WITHOUT A FEE

       Although not  obligated to  do  so, Dean  Witter  intends to  maintain  a
       secondary  market for the resale of Units. All or a portion of your Units
       may be liquidated at any time, without charge. The price you receive will
       reflect market  conditions and  could  be more  or  less than  the  price
       originally paid.

- --------------------------------------------------------------------------------
RETIREMENT ACCOUNTS

       This  Trust may be  an attractive investment  vehicle for a self-directed
       IRA or self-directed self-employed retirement plan ("Keogh plan"). As  an
       income-and growth-oriented investment, it may be a suitable complement to
       achieve overall portfolio diversification.

- --------------------------------------------------------------------------------
EASE OF OWNERSHIP

       The  usual chores associated with individual ownership of stocks--keeping
       records, safekeeping of certificates, and more--are eliminated through  a
       single  investment in  the Trust.  You will  receive year-end information
       from the Trustee, including Federal income tax information.

    The Offering Features are a part of the prospectus and should be read in
                                  conjunction
                          with the entire prospectus.
<PAGE>
                               PROSPECTUS PART B
                        DEAN WITTER SELECT EQUITY TRUST

                                  INTRODUCTION

    This series of the Dean Witter Select Equity Trust (the "Trust") was created
under  the laws  of the  State of  New York  pursuant to  a Trust  Indenture and
Agreement (the  "Indenture")  and  a  related  Reference  Trust  Agreement  (the
"Agreement") (collectively, the "Indenture and Agreement")*, between Dean Witter
Reynolds  Inc. (the  "Sponsor") and  The Bank of  New York  (the "Trustee"). The
Sponsor is  a principal  operating subsidiary  of Dean  Witter, Discover  &  Co.
("DWDC"),  a publicly-held corporation. (See:  "Sponsor".) The objectives of the
Trust are income  and above  average growth  potential through  investment in  a
fixed portfolio of Securities (the "Portfolio") of publicly-traded common stock.
There is no assurance that this objective will be met because the Securities may
appreciate or depreciate in value (or pay dividends) depending on the full range
of  economic  and  market  influences  affecting  corporate  profitability,  the
financial condition of issuers  and the prices of  equity securities in  general
and the Securities in particular.

    On  the date of creation  of the Trust (the  "Date of Deposit"), the Sponsor
deposited  with  the  Trustee  certain   securities  and  contracts  and   funds
(represented  by  irrevocable letter(s)  of  credit issued  by  major commercial
bank(s)) for the purchase of such securities (collectively, the "Securities") at
prices equal to the market value of such Securities as determined by the Trustee
as of the Date of Deposit. (See: "Schedule of Portfolio Securities".) The  Trust
was  created simultaneously with the deposit  of the Securities with the Trustee
and the  execution  of  the  Indenture  and  the  Agreement.  The  Trustee  then
immediately  delivered to the  Sponsor certificates of  beneficial interest (the
"Certificates") representing  the  units  (the "Units")  comprising  the  entire
ownership  of the Trust. Through this prospectus (the "Prospectus"), the Sponsor
is offering the Units, including Additional Units, as defined below, for sale to
the public. The holders of Certificates (the "Unit Holders") will have the right
to have  their Units  redeemed at  a  price based  on the  market value  of  the
Securities  (the "Redemption  Value") if  they cannot  be sold  in the secondary
market which the Sponsor,  although not obligated to,  proposes to maintain.  In
addition,  the Sponsor may offer for  sale, through this Prospectus, Units which
the Sponsor may have repurchased in the  secondary market or upon the tender  of
such  Units for redemption. The Trustee has not participated in the selection of
Securities for the Trust, and neither the Sponsor nor the Trustee will be liable
in any way for any default, failure or defect in any Securities.

    With the deposit of the Securities in the Trust on the Date of Deposit,  the
Sponsor established a proportionate relationship between the number of shares of
each Security in the Portfolio. The Sponsor is permitted under the Indenture and
Agreement  to  deposit  additional  Securities during  the  life  of  the Trust,
resulting in an  increase in the  number of Units  outstanding (the  "Additional
Units").  Such  Additional Units  may be  continuously offered  for sale  to the
public by means of this Prospectus.  Any additional Securities deposited in  the
Trust  during the 90 day period following the Date of Deposit in connection with
the sale of these Additional Units will substantially maintain the proportionate
relationship between the number of shares  of each Security in the Portfolio  on
the  day of  deposit of  such additional  Securities and  any cash  not held for
distribution to Unit Holders prior  to the deposit. (The original  proportionate
relationships  on the Date  of Deposit are  set forth in  "Schedule of Portfolio
Securities".) The original proportionate relationships are subject to adjustment
under   certain   limited   circumstances.   (See:   "Administration   of    the
Trust--Portfolio  Supervision".) Subsequent to such 90 day period any deposit of
additional Securities and cash must exactly replicate the portfolio  immediately
prior  to  such deposit.  The Sponsor  may acquire  large volumes  of additional
Securities for  deposit  into  the Trust  over  a  short period  of  time.  Such
acquisitions  may  tend to  raise  the market  prices  of these  Securities. The
Sponsor cannot  currently predict  the  actual market  impact of  the  Sponsor's
purchases  of additional Securities, because the  actual volume of Securities to
be purchased and the supply and price of such Securities is not known.

    Units will be sold to investors  at the Public Offering Price next  computed
after  receipt of the investor's order to purchase Units, if Units are available
to fill orders on the day that that price is set. If Units are not available  or
are insufficient to fill the order, the investor's order will be rejected by the
Sponsor.  The  number of  Units  available may  be  insufficient to  meet demand
because of the Sponsor's  inability to or decision  not to purchase and  deposit
underlying  Securities  in  amounts  sufficient  to  maintain  the proportionate
numbers of shares of each Security  as required to create additional Units.  The
Sponsor  may, if unable to accept orders on  any given day, offer to execute the
order as soon as sufficient Units can be created. An investor who agrees to this
will be deemed to place a new order for that number of Units each day until that
order is accepted. The  investor's order will then  be executed, when Units  are
available,  at the Public  Offering Price next  calculated after such continuing
order is accepted. The investor will, of course, be able to revoke his  purchase
offer  at any time prior to acceptance  by the Sponsor. The Sponsor will execute
orders to purchase  in the  order it determines  that they  are received,  i.e.,
orders  received first will be filled first, except that indications of interest
prior to the effectiveness  of the registration of  the offering of Trust  Units
which  become orders upon effectiveness will  be accepted according to the order
in which the indications of interest were received.

    On the  Date of  Deposit,  each Unit  represented the  fractional  undivided
interest  in the Securities and net income of the Trust set forth under "Summary
of Essential Information". Thereafter, if any Units are redeemed, the amount  of
Securities  in the Trust will be  reduced, and the fractional undivided interest
represented by  each  remaining  Unit  in  the balance  of  the  Trust  will  be
increased.  However, if Additional Units are  issued by the Trust, the aggregate
value of the Securities in the Trust  will be increased by amounts allocable  to
such Additional Units and the

- ------------------------
* Reference  is hereby made  to said Indenture and  Agreement and any statements
  contained herein are  qualified in their  entirety by the  provisions of  said
  Indenture and Agreement.
<PAGE>
fractional  undivided interest in the balance  will be decreased. In both cases,
the interest  in the  Trust  Securities represented  by  each Unit  will  remain
unchanged.  Units  will remain  outstanding until  redeemed  upon tender  to the
Trustee by  any  Unit  Holder (which  may  include  the Sponsor)  or  until  the
termination of the Trust pursuant to the Indenture and Agreement.

                                   THE TRUST

SPECIAL CONSIDERATIONS--RISK FACTORS

    An  investment in Units of the Trust should be made with an understanding of
the risks  which  an investment  in  publicly-traded common  stock  may  entail,
including  the risk that the value of the  Portfolio and hence of the Units will
decline with decreases in the market value of the Securities. The Trust will  be
terminated and liquidated no later than the Mandatory Termination Date set forth
in the "Summary of Essential Information".

SUMMARY DESCRIPTION OF THE PORTFOLIO

    As  used herein, the  term "Common Stocks"  refers to the  common stocks (or
contracts to purchase such common stocks) (any such contracts to purchase common
stocks to  be accompanied  by  an irrevocable  letter  of credit  sufficient  to
perform  such contracts), initially  deposited in the  Trust and described under
"Schedule  of  Portfolio  Securities".   The  term  "Securities"  includes   any
additional  common  stock  or  contracts  to  purchase  additional  common stock
together with  the  corresponding  irrevocable letter  of  credit,  subsequently
acquired by the Trust pursuant to the Indenture and Agreement.

    An  investment in Units  of the Trust  should be made  with an understanding
that the value of the underlying  Securities, and therefore the value of  Units,
will  fluctuate, depending upon the full range of economic and market influences
which may affect the market value of such Securities. Certain risks are inherent
in an investment  in equity securities,  including the risk  that the  financial
condition  of one  or more of  the issuers of  the Securities may  worsen or the
general condition of the common stock market may weaken. In such case, the value
of the Portfolio  Securities and hence  the value of  Units may decline.  Common
stocks  are susceptible  to general stock  market movements and  to volatile and
unpredictable increases  and decreases  in  value as  market confidence  in  and
perceptions  of the issuers change from time to time. Such perceptions are based
upon varying reactions to  such factors as  expectations regarding domestic  and
foreign  economic, monetary and  fiscal policies, inflation  and interest rates,
currency exchange  rates,  economic  expansion or  contraction,  and  global  or
regional  political, economic or  banking crises. In  addition, investors should
understand that  there  are certain  payment  risks involved  in  owning  common
stocks,  including  risks  arising from  the  fact  that holders  of  common and
preferred stocks  have rights  to receive  payments from  the issuers  of  those
stocks  that are generally inferior to those of creditors of, or holders of debt
obligations issued  by, such  issuers.  Furthermore, the  rights of  holders  of
common stocks are inferior to the rights of holders of preferred stocks. Holders
of  common stocks  of the  type held in  the Portfolio  have a  right to receive
dividends only when, as  and if, and  in the amounts,  declared by the  issuer's
board  of directors and to participate  in amounts available for distribution by
the issuer only after all other claims on the issuer have been paid or  provided
for.  By  contrast,  holders  of  preferred stocks  have  the  right  to receive
dividends at  a  fixed rate  when  and as  declared  by the  issuer's  board  of
directors,  normally on a cumulative basis, but do not ordinarily participate in
other amounts available for distribution by the issuing corporation.  Cumulative
preferred  stock dividends must  be paid before common  stock dividends, and any
cumulative preferred stock dividend omitted is added to future dividends payable
to the holders  of such cumulative  preferred stock. Preferred  stocks are  also
entitled  to rights on liquidation  which are senior to  those of common stocks.
For these  reasons,  preferred  stocks  entail less  risk  than  common  stocks.
However,  neither  preferred  nor  common  stocks  represent  an  obligation  or
liability of the issuer and  therefore do not offer  any assurance of income  or
provide  the degree of protection of capital of debt securities. The issuance of
debt securities (as compared with both preferred and common stock) and preferred
stock (as compared with  common stock) will create  prior claims for payment  of
principal  and interest (in the  case of debt securities)  and dividends (in the
case of  preferred securities)  which  could adversely  affect the  ability  and
inclination of the issuer to declare or pay dividends on its common stock or the
rights  of holders  of common stock  with respect  to assets of  the issuer upon
liquidation or bankruptcy. Further, unlike debt securities which typically  have
a  stated principal amount payable  at maturity (which value  will be subject to
market fluctuations prior  thereto), or  preferred stocks  which typically  have
liquidation   preference  and  which  may  have  stated  optional  or  mandatory
redemption provisions, common stocks have neither a fixed principal amount nor a
maturity date and have  values which are subject  to market fluctuations for  as
long  as the common  stocks remain outstanding.  Additionally, market timing and
volume trading will also  affect the underlying  value of Securities,  including
the  Sponsor's  buying  of  additional Securities  and  the  Trust's  selling of
Securities during the  Liquidation Period. The  value of the  Securities in  the
Portfolio thus may be expected to fluctuate over the entire life of the Trust to
values higher or lower than those prevailing on the Date of Deposit. The Sponsor
may  direct  the  Trustee  to  dispose  of  Securities  under  certain specified
circumstances  (see  "Administration  of  the  Trust--Portfolio   Supervision").
However,  Securities  will not  be  disposed of  solely  as a  result  of normal
fluctuations in market value.

    There can  be no  assurance  that a  market  will be  made  for any  of  the
Securities,  that any  market for  the Securities will  be maintained  or of the
liquidity of the Securities in any markets  made. In addition, the Trust may  be
restricted  under the Investment Company Act  of 1940 from selling Securities to
the Sponsor. The price at which the  Securities may be sold to meet  redemptions
and the value of the Trust will be adversely affected if trading markets for the
Securities are limited or absent.

                                       2
<PAGE>
OBJECTIVES AND SECURITIES SELECTION

    The  objectives of  the Trust are  (i) to  provide income and  (ii) to offer
above-average growth potential through an investment for approximately one  year
in a fixed diversified portfolio of Securities chosen in the manner described in
the "Summary of Essential Information" in Part A herein. There is, of course, no
guarantee that the Trust's objectives will be achieved.

    The  Trust  consists of  such of  the securities  listed under  "Schedule of
Portfolio Securities" as may continue to be held from time to time in the  Trust
and  any additional Securities and/or contributed  cash acquired and held by the
Trust pursuant to the  provisions of the  Indenture together with  undistributed
income  therefrom  and  undistributed  cash  realized  from  the  disposition of
Securities (See: "Administration  of the  Trust"). Neither the  Sponsor nor  the
Trustee  shall be liable in any way for any default, failure or defect in any of
the Securities. However,  should any  contract deposited hereunder  fail and  no
substitute  Security be  acquired, the  Sponsor shall  cause to  be refunded the
sales charge relating to such security, plus the pro rata portion of the cost of
the failed contract listed under "Schedule of Portfolio Securities".

    Because certain Securities from time to time may be sold or their percentage
reduced under  certain circumstances  described herein,  and because  additional
Securities  may be deposited into the Trust from  time to time, the Trust is not
expected to retain  for any  length of time  its present  size and  composition.
(See: "Administration of the Trust--Portfolio Supervision".)

    The  Trust is organized as  a unit investment trust  and not as a management
investment company.  Therefore, neither  the  Trustee nor  the Sponsor  has  the
authority  to  manage the  Trust's assets  in  an attempt  to take  advantage of
various market conditions to improve the  Trust's net asset value, and  further,
the  Trust's Securities  may be  disposed of  only under  limited circumstances.
(See: "Administration of the Trust-- Portfolio Supervision".)

    There is no assurance  that any dividends  will be declared  or paid in  the
future  on the Securities initially deposited or to be deposited subsequently in
the Trust.

DISTRIBUTION

    The Record Date and the Distribution Dates  are set forth in Part A  hereto.
(See:  "Summary of Essential Information".) The  distributions will be an amount
equal to such Unit Holder's  pro rata portion of  the amount of dividend  income
received  by  the  Trust  and  proceeds of  the  sale  of  Portfolio Securities,
including capital gains, not used for the redemption of Units, if any (less  the
Trustee's   fees,   Sponsor's   portfolio   supervision   fees   and  expenses).
Distributions for  the  account of  beneficial  owners of  Units  registered  in
"street  name" and held by the Sponsor will be made to the investment account of
such beneficial  owners  maintained  with the  Sponsor.  Whenever  required  for
regulatory  or tax purposes or if otherwise directed by the Sponsor, the Trustee
may make special distributions on special distribution dates to Unit Holders  of
record on special record dates declared by the Trustee.

                            TAX STATUS OF THE TRUST

    In  the opinion of Cahill Gordon & Reindel, special counsel for the Sponsor,
under existing Federal income tax law:

        The Trust is  not an association  taxable as a  corporation for  Federal
    income  tax purposes, and  income received by  the Trust will  be treated as
    income of the Unit Holders in the manner set forth below.

        Each Unit Holder will be considered the  owner of a pro rata portion  of
    each asset in the Trust under the grantor trust rules of Sections 671-678 of
    the  Internal Revenue Code of  1986, as amended (the  "Code"). A Unit Holder
    should determine the  tax cost for  each asset represented  by the  Holder's
    Units  by allocating the total  cost for such Units  among the assets in the
    Trust represented by  the Units in  proportion to the  relative fair  market
    values thereof on the date the Unit Holder purchases such Units.

        A  Unit Holder will be considered to  have received all of the dividends
    paid on the Holder's pro rata  portion of each Security when such  dividends
    are  received by  the Trust. In  the case  of a corporate  Unit Holder, such
    dividends  will  qualify  for  the  70%  dividends  received  deduction  for
    corporations  to the  same extent as  though the dividend  paying stock were
    held directly by the  corporate Unit Holder. An  individual Unit Holder  who
    itemizes  deductions  will  be entitled  to  an itemized  deduction  for the
    Holder's pro rata share  of fees and  expenses paid by  the Trust as  though
    such  fees and expenses were  paid directly by the  Unit Holder, but only to
    the  extent  that  this  amount  together  with  the  Unit  Holder's   other
    miscellaneous deductions exceeds 2% of the Holder's adjusted gross income. A
    corporate Unit Holder will not be subject to this 2% floor.

        Under  the position  taken by  the Internal  Revenue Service  in Revenue
    Ruling 90-7, a  distribution by  the Trustee  to a  Unit Holder  (or to  the
    Holder's  agent) of such Holder's  PRO RATA share of  the Securities in kind
    upon redemption or termination of the Trust  will not be a taxable event  to
    the Unit Holder. Such Unit Holder's basis for Securities so distributed will
    be  equal  to  the  Holder's  basis  for  the  same  Securities  (previously
    represented by  the  Holder's Units)  prior  to such  distribution  and  the
    holding  period for such Securities will be the shorter of the period during
    which the Unit Holder held the Units and the period for which the Securities
    were held in  the Trust. A  Unit Holder will  have a taxable  gain or  loss,
    which  will be a capital gain  or loss except in the  case of a dealer, when
    the Unit Holder disposes of such Securities in a taxable transfer.

                                       3
<PAGE>
        Under the income tax laws of the  State and City of New York, the  Trust
    is  not an association taxable as a  corporation and the income of the Trust
    will be treated as the income of the Unit Holders.

    If the proceeds  received by the  Trust upon  the sale or  redemption of  an
underlying  Security exceed a  Unit Holder's adjusted tax  cost allocable to the
Security disposed of, that Unit Holder will realize a taxable gain to the extent
of such excess. Conversely, if the proceeds received by the Trust upon the  sale
or  redemption of an underlying Security are  less than a Unit Holder's adjusted
tax cost allocable to the Security disposed of, that Unit Holder will realize  a
loss  for tax  purposes to the  extent of  such difference. Under  the Code, net
capital gain (i.e., the excess of net long-term capital gain over net short-term
capital loss) of individuals, estates and trusts is subject to a maximum nominal
tax rate of 28%. Such net capital gain may, however, result in a disallowance of
itemized deductions and/or affect a personal exemption phase-out.

    Each Unit Holder should consult his, her or its tax advisor with respect  to
the application of the above general information to his, her or its own personal
situation.

                                RETIREMENT PLANS

    Units  of  the Trust  may be  suited for  purchase by  Individual Retirement
Accounts and  pension plans  or profit  sharing and  other qualified  retirement
plans.  Investors  considering  participation  in any  such  plan  should review
specific tax laws and  pending legislation relating  thereto and should  consult
their   attorneys  or  tax  advisors  with  respect  to  the  establishment  and
maintenance of any such plan.

    A qualified retirement  plan provides  employee retirement  benefits and  is
funded  by  contributions  from  the  employer  (including  contributions  by  a
self-employed individual, in  which case the  plan is sometimes  called a  Keogh
plan).  The  contributions are,  within  limits, deductible  in  determining the
taxable income of  the contributing  employer for Federal  income tax  purposes.
Income  received by  the plan  is not taxed  when received  by it  (nor are plan
losses deductible), but distributions  from the plan  are generally included  in
ordinary income of the distributee upon receipt. A lump sum payout of the entire
amount held in such a plan can, however, be eligible for 5 or 10 year averaging.

    An  individual  retirement  account (an  "IRA")  is similar  to  a qualified
retirement plan but contributions to an IRA up to $2,000 per year ($2,250 if  at
least  $250 is contributed  for the benefit of  the worker's non-earning spouse)
are generally  made by  an individual  from  earned income,  rather than  by  an
employer.  An individual is permitted to contribute  to an IRA even though he or
she is  also  covered by  a  qualified retirement  plan;  but, in  the  case  of
higher-income  individuals who are active participants in a qualified retirement
plan, IRA contributions are neither currently deductible nor taxed when paid out
by the IRA (although income earned in  the IRA is taxed as ordinary income  when
distributed). The IRA beneficiary must not have attained age 70 1/2 by the close
of  the taxable year  for which an IRA  contribution is made; and  5 and 10 year
averaging is not allowable for IRA distributions.

    Distributions from qualified retirement plans must begin in minimum  amounts
no  later than  the April 1  following the  calendar year in  which the employee
attains age 70  1/2 or  within 5 years  after his  or her prior  death if  death
occurs  before  distributions  begin  (with  later  distribution  allowed  for a
surviving spouse  and  with lifetime  annuity-type  payouts to  any  beneficiary
permitted).  Minimum required  distributions from  IRAs are  governed by similar
rules.

    Forms and arrangements for establishing qualified retirement plans and  IRAs
are  available from the  Sponsor, as well  as from other  brokerage firms, other
financial institutions and others. Fees and  charges with respect to such  plans
and  IRAs  are not  uniform and  may  vary from  time to  time  as well  as from
institution to institution.

    Distributions received from a  qualified retirement plan  or IRA before  the
employee  attains age  59 1/2 are  subject to  a 10% additional  tax, unless the
distribution is (i) made on or after the employee's death, (ii) attributable  to
his  disablement,  (iii) in  the  nature of  a life  annuity,  (iv) made  to the
employee after separation from service after  attainment of age 55, or (v)  made
for  other  reasons  specified  in  the  law.  Qualifying  distributions  from a
qualified retirement  plan  or from  an  IRA may,  however,  be rolled  over  or
transferred  to  another  qualified  retirement  plan  or  IRA  under  specified
circumstances.

    The foregoing information  is of a  general nature, does  not purport to  be
complete  and  relates  only  to  the Federal  income  tax  rules  applicable to
qualified retirement plans and IRAs. State  and local tax rules and foreign  tax
regimes  may  treat  qualified  retirement plans  and  IRAs  differently. Anyone
contemplating establishing a qualified retirement plan or IRA or investing funds
of such a plan or IRA in Trust units should consult his, her or its tax  advisor
with  respect to the tax consequences of  any such action and the application of
the foregoing general tax information to his, her or its particular situation.

                            PUBLIC OFFERING OF UNITS

PUBLIC OFFERING PRICE

    The Public Offering Price of the Units is calculated daily, and is  computed
by  adding  to  the  aggregate  market value  of  the  Portfolio  Securities (as
determined by the  Trustee) next  computed after  receipt of  a purchase  order,
divided  by the number of Units outstanding,  the sales charge shown in "Summary
of Essential Information". After  the initial Date  of Deposit, a  proportionate
share  of  amounts  in the  Income  Account  and Principal  Account  and amounts
receivable in respect of stocks  trading ex-dividend (other than money  required
to be distributed to Unit

                                       4
<PAGE>
Holders  on a Distribution Date and money  required to redeem tendered Units) is
added to the Public Offering Price. In the event a stock is trading  ex-dividend
at the time of deposit of additional Securities, an amount equal to the dividend
that would be received if such stock were to receive a dividend will be added to
the  Public Offering Price. The  sales charge will decline  over the life of the
Trust in  the  manner described  in  "Summary of  Essential  Information--Public
Offering  Price".  The Public  Offering  Price per  Unit  is calculated  to five
decimal places  and rounded  up or  down  to three  decimal places.  The  Public
Offering  Price on any particular date will  vary from the Public Offering Price
on the Date of Deposit (set forth in the "Summary of Essential Information")  in
accordance  with fluctuations in  the aggregate market  value of the Securities,
the amount of  available cash on  hand in the  Trust and the  amount of  certain
accrued fees and expenses.

    As  more fully described in the Indenture, the aggregate market value of the
Securities is determined on  each business day by  the Trustee based on  closing
prices  on the  day the  valuation is  made or,  if there  are no  such reported
prices,  by   taking  into   account  the   same  factors   referred  to   under
"Redemption--Computation  of Redemption Price". Determinations are effective for
transactions effected subsequent to the last preceding determination.

PUBLIC DISTRIBUTION

    Units issued on the Date of  Deposit and Additional Units issued in  respect
of  additional deposits of Securities  will be distributed to  the public by the
Sponsor and through dealers at the Public Offering Price determined as  provided
above.  Unsold Units or  Units acquired by  the Sponsor in  the secondary market
referred to below may be  offered to the public by  this Prospectus at the  then
current Public Offering Price determined as provided above.

    The  Sponsor intends to qualify Units in  states selected by the Sponsor for
sale by  the  Sponsor  and through  dealers  who  are members  of  the  National
Association  of Securities  Dealers, Inc.  Sales to  dealers during  the initial
offering period will be made at prices which reflect a concession of 70% of  the
applicable sales charge, subject to change from time to time. In addition, sales
of  Units may be  made pursuant to distribution  arrangements with certain banks
and/or other entities subject to regulation by the Office of the Comptroller  of
the  Currency (including NationsSecurities, a  partnership created pursuant to a
joint venture between NationsBank  of North Carolina, N.A.  and an affiliate  of
the  Sponsor) which are acting as agents for their customers. These banks and/or
entities are making Units of the Trust available to their customers on an agency
basis. A portion of the sales charge  paid by these customers is retained by  or
remitted  to such banks  or entities in  an amount equal  to the fee customarily
received by an agent for acting in such capacity in connection with the purchase
of Units.  The  Glass-Steagall Act  prohibits  banks from  underwriting  certain
securities,  including Units of the Trust; however, this Act does permit certain
agency transactions,  and  banking  regulators have  not  indicated  that  these
particular  agency transactions are  impermissible under this  Act. In Texas, as
well as certain other states, any bank making Units available must be registered
as a broker-dealer in that State. The  Sponsor reserves the right to reject,  in
whole or in part, any order for the purchase of Units.

SECONDARY MARKET

    While  not obligated  to do  so, it  is the  Sponsor's present  intention to
maintain, at its expense,  a secondary market  for Units of  this series of  the
Dean  Witter Select Equity  Trust and to continuously  offer to repurchase Units
from Unit Holders at  the Sponsor's Repurchase  Price. The Sponsor's  Repurchase
Price  is computed  by adding to  the aggregate  value of the  Securities in the
Trust, any cash on  hand in the Trust  including dividends receivable on  stocks
trading ex-dividend (other than money required to redeem tendered Units and cash
deposited  by the  Sponsor to  purchase Securities or  cash held  in the Reserve
Account) and deducting therefrom expenses  of the Trustee, Sponsor, counsel  and
taxes,  if any, and cash held for distribution to Unit Holders of record as of a
date on or prior to the evaluation;  and then dividing the resulting sum by  the
number  of Units outstanding,  as of the  date of such  computation. There is no
sales charge incurred when a  Unit Holder sells Units  back to the Sponsor.  Any
Units  repurchased  by the  Sponsor  at the  Sponsor's  Repurchase Price  may be
reoffered to  the public  by the  Sponsor at  the then  current Public  Offering
Price. Any profit or loss resulting from the resale of such Units will belong to
the Sponsor.

    If  the supply of Units  exceeds demand (or for  any other business reason),
the Sponsor may, at any time,  occasionally, from time to time, or  permanently,
discontinue  the repurchase of Units of  this series at the Sponsor's Repurchase
Price. In such event, although under no obligation to do so, the Sponsor may, as
a service to Unit Holders, offer to repurchase Units at the "Redemption  Price".
Alternatively, Unit Holders may redeem their Units through the Trustee.

PROFIT OF SPONSOR

    The  Sponsor receives  a sales  charge on  Units sold  to the  public and to
dealers. The Sponsor may have  also realized a profit  (or sustained a loss)  on
the  deposit of the Securities in  the Trust representing the difference between
the cost of the Securities to the Sponsor and the cost of the Securities to  the
Trust  (for  a description  of  such profit  (or loss)  and  the amount  of such
difference  on  the  initial  Date  of  Deposit  see:  "Schedule  of   Portfolio
Securities").  The Sponsor may realize a  similar profit (or loss) in connection
with each additional deposit  of Securities. In addition,  the Sponsor may  have
acted  as  broker in  transactions relating  to the  purchase of  Securities for
deposit in the Trust. During the initial public offering period the Sponsor  may
realize  additional profit (or sustain a loss)  due to daily fluctuations in the
prices of the Securities in the Trust  and thus in the Public Offering Price  of
Units  received by the Sponsor.  Cash, if any, received  by the Sponsor from the
Unit Holders prior to the settlement date for purchase of Units or prior to  the
payment for Securities upon their delivery may be used in the Sponsor's business
and may be of benefit to the Sponsor.

                                       5
<PAGE>
    The Sponsor may also realize profits (or sustain losses) while maintaining a
secondary  market in  the Units,  in the  amount of  any difference  between the
prices at which  the Sponsor  buys Units  and the  prices at  which the  Sponsor
resells  such Units (such prices include a  sales charge) or the prices at which
the Sponsor redeems such Units, as the case may be.

VOLUME DISCOUNT

    Although under no obligation to do so, the Sponsor intends to permit  volume
purchasers  of Units  to purchase  Units at a  reduced sales  charge during such
period as the highest sales charge is 3.90%. The Sponsor may at any time  change
the amount by which the sales charge is reduced, or may discontinue the discount
altogether.

    The  sales charge  of 3.90%  of the  Public Offering  Price will  be reduced
pursuant to the following graduated  scale for sales to  any person of at  least
$25,000.

<TABLE>
<CAPTION>
                                                                          SALES CHARGE
                                                           ------------------------------------------
                                                                PERCENT OF            PERCENT OF
                                                           PUBLIC OFFERING PRICE  NET AMOUNT INVESTED
                                                           ---------------------  -------------------
<S>                                                        <C>                    <C>
Less than $25,000........................................            3.90%                4.058%
$25,000 to $49,999.......................................            3.75                 3.896
$50,000 to $99,999.......................................            3.50                 3.627
$100,000 to $249,999.....................................            3.00                 3.093
$250,000 to $499,999.....................................            2.75                 2.828
$500,000 to $999,999.....................................            2.00                 2.041
$1,000,000 or more.......................................            1.50                 1.523
</TABLE>

    The  reduced sales  charges as shown  on the  chart above will  apply to all
purchases of Units of this Trust on any one day by the same person,  partnership
or corporation (other than a dealer), in the amounts stated herein.

    Units  held  in the  name of  the purchaser's  spouse  or in  the name  of a
purchaser's child under  the age 21  are deemed  for the purposes  hereof to  be
registered  in the  name of  the purchaser. The  reduced sales  charges are also
applicable  to  a  trustee  or  other  fiduciary,  including  a  partnership  or
corporation  purchasing  Units for  a single  trust  estate or  single fiduciary
account.

    The dealer concession will be 70% of the sales charge per Unit.

                                   REDEMPTION

RIGHT OF REDEMPTION

    One or  more Units  represented by  a  Certificate may  be redeemed  at  the
Redemption  Price upon  tender of  such Certificate to  the Trustee  at its unit
investment  trust  office  in  the  City  of  New  York,  properly  endorsed  or
accompanied  by a  written instrument  of transfer  in form  satisfactory to the
Trustee (as set forth in  the Certificate), and executed  by the Unit Holder  or
its  authorized attorney. A Unit  Holder may tender its  Units for redemption at
any time after the settlement date for purchase, whether or not it has  received
a  definitive Certificate.  The Redemption Price  per Unit is  calculated as set
forth under "Computation of Redemption Price". There is no sales charge incurred
when a Unit Holder tenders its Units to the Trustee for redemption.

    On the  seventh  calendar  day  following  the  tender  to  the  Trustee  of
Certificates  representing Units to be redeemed  (or if the seventh calendar day
is not a Business  Day, on the  first Business Day day  prior thereto) the  Unit
Holder will be entitled to receive monies per Unit equal to the Redemption Price
per  Unit as determined by the Trustee as  of the Evaluation Time on the date of
tender.

    During the period  in which  the Sponsor  maintains a  secondary market  for
Units,  the Sponsor may repurchase any Unit  presented for tender to the Trustee
for redemption no  later than the  close of  business on the  next Business  Day
following such presentation.

    Units will be redeemed by the Trustee solely in cash for any one Unit Holder
tendering  less than 2,500 Units. With  respect to redemption requests regarding
at least 2,500 Units,  the Sponsor may determine,  in its discretion, to  direct
the  Trustee to redeem  Units "in kind" by  distributing Portfolio Securities to
the redeeming Unit Holder.  The Sponsor may direct  the Trustee to redeem  Units
"in  kind" even  if it is  then maintaining a  secondary market in  Units of the
Trust. Unit Holders  redeeming "in  kind" will receive  an amount  and value  of
Trust  Securities per Unit equal to the  Redemption Price Per Unit as determined
as of the Evaluation Time  next following the tender  as set forth herein  under
"Computation  of  Redemption  Price"  below.  The  distribution  "in  kind"  for
redemption of Units  will be held  by the Trustee  for the account  of, and  for
disposition  in accordance with the instructions  of, the tendering Unit Holder.
The tendering Unit Holder will  be entitled to receive  whole shares of each  of
the  underlying Portfolio Securities,  plus cash equal to  the Unit Holder's pro
rata share of the  cash balance of  the Income and  Principal Accounts and  cash
from  the  Principal  Account  equal  to the  fractional  shares  to  which such
tendering Unit Holder is entitled. The Trustee, in connection with  implementing
the  redemption "in  kind" procedures outlined  above, may  make any adjustments
necessary to reflect differences between the  Redemption Price of Units and  the
value  of the Securities distributed "in kind" as  of the date of tender. If the
Principal Account does not contain amounts sufficient to cover the required cash
distribution  to  the  tendering  Unit  Holder,  the  Trustee  is  empowered  to

                                       6
<PAGE>
sell  Securities in the  Trust Portfolio in  the manner discussed  below. A Unit
Holder receiving  redemption distributions  of Securities  "in kind"  may  incur
brokerage  costs and odd-lot  charges in converting  Securities so received into
cash. The Trustee will assess transfer charges to Unit Holders taking Securities
"in kind" according to its usual practice.

    The portion  of the  Redemption  Price which  represents the  Unit  Holder's
interest in the Income Account shall be withdrawn from the Income Account to the
extent  available.  The  balance  paid on  any  redemption,  including dividends
receivable on  stocks trading  ex-dividend,  if any,  shall  be drawn  from  the
Principal  Account to the extent that funds  are available for such purpose. The
Trustee is authorized by  the Agreement to sell  Securities in order to  provide
funds  for redemption. To the extent Securities are sold, the size and diversity
of the  Trust will  be reduced.  Such sales  may be  required at  the time  when
Securities  would not otherwise  be sold and  might result in  lower prices than
might otherwise be realized. The Redemption  Price received by a tendering  Unit
Holder  may be more or less than the purchase price originally paid by such Unit
Holder, depending on the value of the Securities in the Portfolio at the time of
redemption. Moreover, due  to the minimum  lot size in  which Securities may  be
required  to be sold, the proceeds of such sales may exceed the amount necessary
for payment of Units redeemed. Such excess proceeds will be distributed pro rata
to all remaining Unit Holders of record on the Distribution Date.

    Securities to be sold for purposes of redeeming Units will be selected  from
a list supplied by the Sponsor. If not so instructed by the Sponsor, the Trustee
will  select  the  Securities  to be  sold  so  as to  maintain,  as  closely as
practicable, the  original  proportionate  relationship between  the  number  of
shares of each Security in the Trust.

COMPUTATION OF REDEMPTION PRICE

    The Trust Evaluation per Unit is determined as of the Evaluation Time stated
under "Summary of Essential Information" above and (a) semiannually, on the last
Business Day of each of the months of June and December, (b) on the day on which
any  Unit of the Trust  is tendered for redemption  (unless tender is made after
the Evaluation Time on such  day, in which case Tender  shall be deemed to  have
been  made  on the  next  day subsequent  thereto on  which  the New  York Stock
Exchange is open for trading) and (c)  on any other Business Day desired by  the
Sponsor or the Trustee, (1) by adding:

        a.  The aggregate value of Securities in the Trust, as determined by the
    Trustee;

        b.   Cash on hand in the Trust, including dividends receivable on stocks
    trading ex-dividend, other  than money deposited  to purchase Securities  or
    money credited to the Reserve Account;

        c.  All other assets of the Trust.

    (2)  and then, by deducting from  the resulting figure: amounts representing
any applicable  taxes or  governmental  charges payable  by  the Trust  for  the
purpose  of  making  an addition  to  the  reserve account  (as  defined  in the
Agreement, the "Reserve Account"),  amounts representing estimated accrued  fees
and  expenses  of the  Trust (including  legal  and auditing  expenses), amounts
representing unpaid fees of the Trustee, the Sponsor and counsel and monies held
to redeem tendered Units and  for distribution to Unit  Holders of record as  of
the  Business Day prior  to the Evaluation being  made on the  days or dates set
forth above and then;

    (3) by dividing the result of the  above computation by the total number  of
Units  outstanding on the  date of such Evaluation.  The resulting figure equals
the Redemption Price for each Unit.

    The aggregate value of the Securities shall be determined by the Trustee  in
good  faith in the following manner: If the Securities are listed on one or more
national securities  exchanges, such  valuation shall  be based  on the  closing
price  on such Exchange which  is the principal market  thereof deemed to be the
New York Stock Exchange if the Securities are listed thereon (unless the Trustee
deems such price inappropriate as a basis for valuation). If the Securities  are
not  so listed, or, if so listed and the principal market therefor is other than
such exchange or  there is  no closing price  on such  exchange, such  valuation
shall  be based on the closing price  in the over-the-counter market (unless the
Trustee deems such price inappropriate as a basis for valuation) or if there  is
no  such closing price, by any of  the following methods which the Trustee deems
appropriate: (i)  on the  basis of  current  bid prices  of such  Securities  as
obtained  from  investment  dealers  or brokers  (including  the  Depositor) who
customarily deal in securities comparable to those held by the Trust, or (ii) if
bid prices are not  available for any  of such Securities, on  the basis of  bid
prices  for comparable  securities, or  (iii) by appraisal  of the  value of the
Securities on the bid side of the market or by such other appraisal as is deemed
appropriate, or (iv) by any combination of the above.

POSTPONEMENT OF REDEMPTION

    The right of redemption may be suspended and payment of the Redemption Price
per Unit postponed for more than seven calendar days following a tender of Units
for redemption (i) for any period during which the New York Stock Exchange, Inc.
is closed, other than  for customary weekend and  holiday closings, or (ii)  for
any   period  during  which,  as  determined  by  the  Securities  and  Exchange
Commission, either trading on the New York Stock Exchange, Inc. is restricted or
an emergency  exists  as  a  result  of which  disposal  or  evaluation  of  the
Securities is not reasonably practicable, or (iii) for such other periods as the
Securities  and  Exchange Commission  may by  order permit.  The Trustee  is not
liable to any person or in any way  for any loss or damage that may result  from
any such suspension or postponement.

                                       7
<PAGE>
                                EXCHANGE OPTION

    Unit  Holders of any Dean Witter Select Trust or any holders of units of any
other unit investment trust (collectively, "Holders") may elect to exchange  any
or  all of their units for units of one or more of any series of the Dean Witter
Select Equity Trust or for  units of any other  Dean Witter Select Trusts,  that
may  from time to time  be made available for such  exchange by the Sponsor (the
"Exchange Trusts"). Such units may be acquired at prices based on reduced  sales
charges  per unit.  The purpose of  such reduced  sales charge is  to permit the
Sponsor to pass on to the Holder  who wishes to exchange units the cost  savings
resulting  from such exchange.  The cost savings result  from reductions in time
and expense  related  to  advice, financial  planning  and  operational  expense
required  for the Exchange  Option. The following  Exchange Trusts are currently
available: the  Dean  Witter Select  Municipal  Trust, the  Dean  Witter  Select
Government  Trust, the Dean  Witter Select Equity Trust,  the Dean Witter Select
Investment Trust and the Dean Witter Select Corporate Trust.

    Each Exchange Trust  has different  investment objectives:  a Holder  should
read the Prospectus for the applicable Exchange Trust carefully to determine the
investment objective prior to exercise of this option.

    This  option will  be available provided  the Sponsor  maintains a secondary
market in units of the applicable Exchange Trust and provided that units of  the
applicable  Exchange Trust are available for sale and are lawfully qualified for
sale in the state in which the Holder  is a resident. While it is the  Sponsor's
present  intention  to maintain  a secondary  market for  the units  of Exchange
Trusts, there is  no obligation on  its part to  do so. Therefore,  there is  no
assurance  that a market for units will in fact exist on any given date in which
a Holder wishes to sell or exchange Units; thus, there is no assurance that  the
Exchange  Option will be available to any  Unit Holder. The Sponsor reserves the
right to modify, suspend  or terminate this option  at any time without  further
notice  to Unit Holders. In the event the  Exchange Option is not available to a
Unit Holder at the  time such Unit  Holder wishes to  exercise such option,  the
Unit  Holder  will be  immediately notified  and  no action  will be  taken with
respect to such tendered Units without further instruction from the Unit Holder.

    Exchanges will be affected in whole units only. Any excess proceeds from the
surrender of a Unit Holder's Units will be returned. Alternatively, Unit Holders
will be permitted to make up any difference between the amount representing  the
Units  being submitted for exchange and  the amount representing the units being
acquired up to the next highest number  of whole units. Unit Holders in a  trust
which  utilizes the Select 10 Strategy will be permitted to add an amount not to
exceed the amount of the first semiannual distribution distributed to such  Unit
Holders in connection with an exchange of their Units for Units of another trust
which utilizes the Select 10 Strategy.

    An  exchange  of  Units  pursuant  to  the  Exchange  Option  will generally
constitute a "taxable  event" under the  Code, i.e., a  Holder will recognize  a
gain or loss at the time of exchange. However, an exchange of Units for Units of
any  series of  the Exchange  Trusts which are  grantor trusts  for U.S. federal
income tax purposes will not constitute a  taxable event to the extent that  the
underlying  securities in each Trust do not  differ materially either in kind or
in extent. A Unit Holder who exchanges  Units of one Trust for Units of  another
Trust  should consult his or her tax  advisor regarding the extent to which such
exchange results in the recognition of a  gain or loss for Federal and/or  state
or local income tax purposes.

    To  exercise the Exchange Option, a Unit Holder should notify the Sponsor of
the desire to acquire units of one or  more of the Exchange Trusts. If units  of
the  applicable  outstanding  series of  the  Exchange  Trust are  at  that time
available for sale, the Unit Holder may select the series or group of series for
which the Units are  to be exchanged.  The Unit Holder will  be provided with  a
current  prospectus or prospectuses relating to each series in which interest is
indicated.

    The exchange transaction will operate  in a manner essentially identical  to
any  secondary market  transaction, i.e., Units  will be repurchased  at a price
based upon the aggregate bid side evaluation  per Unit of the Securities in  the
Portfolio.  Units of  the Exchange Trust  will be sold  to the Unit  Holder at a
price equal to the net asset value based on the offering or bid side  evaluation
(as  applicable) per unit  of the securities in  the Exchange Trust's Portfolio,
plus accrued interest, if any,  and the applicable sales  charge of 2.0% of  the
Public Offering Price per Unit.

                              REINVESTMENT PROGRAM

    Unit Holders may elect to have the distributions with respect to their Units
automatically  reinvested  in  additional Units  of  the Trust  without  a sales
charge. The Unit Holder may participate in the Trust's reinvestment program (the
"Program") by filing  with the Trustee  a written notice  of election. The  Unit
Holder's  completed notice  of election  to participate  in the  Program must be
received by the Trustee at least ten days prior to the Record Date applicable to
any distribution  in  order  for  the  Program  to  be  in  effect  as  to  such
distribution. Elections may be modified or revoked on similar notice.

    Such  distributions, to the extent reinvested in  the Trust, will be used by
the Trustee at  the direction of  the Sponsor in  one or both  of the  following
manners.  (i) The distributions may be used  by the Trustee to purchase Units of
this Series of  the Trust held  in the Sponsor's  inventory. The purchase  price
payable  by the Trustee for  each of such Units will  be equal to the applicable
Trust evaluation  per Unit  on  (or as  soon as  possible  after) the  close  of
business on the Distribution Date. The Units so purchased by the Trustee will be
issued or credited to the accounts of Unit Holders participating in the Program.
(ii)  If there are no Units in the Sponsor's inventory, the Sponsor may purchase
additional Securities for deposit  into the Trust  (as described in  "Prospectus
Part  B--Introduction.") The additional Securities  with any necessary cash will
be deposited by  the Sponsor with  the Trustee  in exchange for  new Units.  The
distributions may then be used by the Trustee to purchase the new Units from the
Sponsor.  The price for such  new Units will be  the applicable Trust evaluation
per   Unit    on    (or    as    soon   as    possible    after)    the    close

                                       8
<PAGE>
of  business on  the Distribution Date.  (See "Public  Offering of Units--Public
Offering Price.")  The Units  so purchased  by  the Trustee  will be  issued  or
credited  to  the accounts  of Unit  Holders participating  in the  Program. The
Sponsor may terminate the Program  if it does not  have sufficient Units in  its
inventory or it is no longer deemed practical to create additional Units.

    No  fractional Units will  be issued under any  circumstances. If, after the
maximum number  of full  Units has  been issued  or credited  at the  applicable
price,  there remains a portion  of the distribution which  is not sufficient to
purchase a full Unit  at such price,  the Trustee will  distribute such cash  to
Unit  Holders. The cost of administering  the reinvestment program will be borne
by the Trust and thus will be borne indirectly by all Unit Holders.

                             RIGHTS OF UNIT HOLDERS

UNIT HOLDERS

    A Unit Holder  is deemed to  be a beneficiary  of the Trust  created by  the
Indenture  and Agreement and  vested with all  right, title and  interest in the
Trust created therein. A Unit Holder may  at any time tender its Certificate  to
the Trustee for redemption.

    Ownership  of Units  is evidenced  by registered  Certificates of Beneficial
Interest issued  in denominations  of one  or  more Units  and executed  by  the
Trustee  and the Sponsor. These Certificates are transferable or interchangeable
upon presentation at the unit investment  trust office of the Trustee,  properly
endorsed or accompanied by an instrument of transfer satisfactory to the Trustee
and  executed by the Unit  Holder or its authorized  attorney, together with the
payment of $2.00, if  required by the  Trustee, or such other  amount as may  be
determined  by the  Trustee and approved  by the  Sponsor, and any  other tax or
governmental charge imposed upon the transfer of Certificates. The Trustee  will
replace  any  mutilated,  lost,  stolen  or  destroyed  Certificate  upon proper
identification, satisfactory  indemnity and  payment  of charges  incurred.  Any
mutilated  Certificate must  be presented to  the Trustee  before any substitute
Certificate will be issued.

    Under the terms and  conditions and at  such times as  are permitted by  the
Trustee, Units may also be held in uncertificated form. The rights of any holder
of  Units held in  uncertificated form shall be  the same as  those of any other
Unit Holder.

CERTAIN LIMITATIONS

    The death  or incapacity  of any  Unit  Holder (or  the dissolution  of  the
Sponsor)  will  not  operate  to  terminate  the  Trust  nor  entitle  the legal
representatives or heirs of such Unit Holder  to claim an accounting or to  take
any other action or proceeding in any court for a partition or winding up of the
Trust.

    No  Unit Holder shall have the right  to vote except with respect to removal
of the Trustee or amendment and termination of the Trust. (See:  "Administration
of  the Trust--Amendment" and "Administration  of the Trust--Termination".) Unit
Holders shall have no  right to control the  operation or administration of  the
Trust in any manner, except upon the vote of 51% of the Unit Holders outstanding
at  any time for purposes of amendment, or termination of the Trust or discharge
of the Trustee, all as provided in the Agreement; however, no Unit Holder  shall
ever  be under  any liability  to any third  party for  any action  taken by the
Trustee or  Sponsor. Unit  Holders  will be  unable to  dispose  of any  of  the
Securities  in  the  Portfolio,  as such,  and  will  not be  able  to  vote the
Securities. The Trustee,  as holder of  the Securities, will  have the right  to
vote  all  of  the voting  Securities  held in  the  Trust, and  will  vote such
Securities in  accordance  with  the  instructions of  the  Sponsor,  if  given,
otherwise the Trustee shall vote as it, in its sole discretion, shall determine.

                              EXPENSES AND CHARGES

INITIAL EXPENSES

    All  expenses and charges incurred  prior to or in  the establishment of the
Trust including the cost of the  initial preparation, printing and execution  of
the  Indenture and  Agreement and the  Certificates, initial  legal and auditing
expenses,  brokerage  charges  and   commissions  incurred  in  purchasing   the
Securities,  the cost of the preparation and printing of this Prospectus and all
other advertising and selling expenses, have, or will be paid by the Sponsor and
not by the Trust.

FEES

    The Sponsor's fee, earned for portfolio supervisory services, is based  upon
the  largest  number  of  Units outstanding  during  the  semiannual computation
period. The Sponsor's fee is as set forth in "Summary of Essential  Information"
may exceed the actual costs of providing portfolio supervisory services for this
Trust,  but at no time will the  total amount the Sponsor receives for portfolio
supervisory services rendered  to all series  of the Dean  Witter Select  Equity
Trust  in any calendar  year exceed the  aggregate cost to  it of supplying such
services in such year.

    Under the Indenture and Agreement for its services as Trustee and evaluator,
the Trustee receives the  fee set forth in  "Summary of Essential  Information".
Certain  regular expenses of  the Trust, including  certain mailing and printing
expenses, are borne by the Trust.

                                       9
<PAGE>
    The Sponsor's fee and the Trustee's  fees accrue daily but are payable  only
on or before each Distribution Date from the Income Account, to the extent funds
are available and thereafter from the Principal Account. Any of such fees may be
increased  without approval of the Unit Holders in proportion to increases under
the classification  "All  Services  Less  Rent"  in  the  Consumer  Price  Index
published by the United States Department of Labor or, if no longer published, a
similar index. The Trustee, pursuant to normal banking procedures, also receives
benefits  to the extent that  it holds funds on  deposit in various non-interest
bearing accounts created under the Indenture and Agreement.

OTHER CHARGES

    The following additional charges are or may be incurred by the Trust as more
fully described in  the Indenture  and Agreement: (a)  fees of  the Trustee  for
extraordinary  services,  (b)  expenses  of  the  Trustee  (including  legal and
auditing expenses)  and  of  counsel  designated by  the  Sponsor,  (c)  various
governmental  charges, (d) expenses and costs of any action taken by the Trustee
to protect the  Trust and  the rights  and interests  of the  Unit Holders,  (e)
indemnification  of the Trustee for any  loss, liability or expenses incurred by
it in  the administration  of the  Trust without  gross negligence,  bad  faith,
wilful malfeasance or wilful misconduct on its part or reckless disregard of its
obligations  and  duties, (f)  indemnification of  the  Sponsor for  any losses,
liabilities and expenses incurred  in acting as Sponsor  or Depositor under  the
Agreement  without  gross negligence,  bad faith,  wilful malfeasance  or wilful
misconduct or reckless disregard of its obligations and duties, (g) expenditures
incurred in  contacting Unit  Holders upon  termination of  the Trust,  and  (h)
brokerage  commissions or  charges incurred in  connection with  the purchase or
sale of Securities.

    The fees and expenses set forth herein are payable out of the Trust and when
so paid by or owing to the Trustee are secured by a lien on the Trust. Dividends
on the Securities are expected to be sufficient to pay the estimated expenses of
the Trust. If the balances in the Income and Principal Account are  insufficient
to  provide for amounts payable by the Trust,  the Trustee has the power to sell
Securities to pay such amounts. To the  extent Securities are sold, the size  of
the  Trust will be  reduced and the  proportions of the  types of Securities may
change. Such  sales  might be  required  at a  time  when Securities  would  not
otherwise  be sold  and might  result in  lower prices  than might  otherwise be
realized. Moreover,  due to  the minimum  lot size  in which  Securities may  be
required  to be sold, the proceeds of such sales may exceed the amount necessary
for the payment of such fees and expenses.

                          ADMINISTRATION OF THE TRUST

RECORDS AND ACCOUNTS

    The Trustee will keep records and accounts of all transactions of the  Trust
at  its unit investment trust  office at 101 Barclay  Street, New York, New York
10286. These  records and  accounts will  be available  for inspection  by  Unit
Holders  at  reasonable times  during normal  business  hours. The  Trustee will
additionally keep on file for inspection by Unit Holders an executed copy of the
Indenture and Agreement together with a current list of the Securities then held
in the Trust. In connection with the storage and handling of certain  Securities
deposited  in  the Trust,  the  Trustee is  authorized  to use  the  services of
Depository Trust  Company.  These  services would  include  safekeeping  of  the
Securities,  coupon-clipping,  computer  book-entry  transfer  and institutional
delivery services.  The Depository  Trust  Company is  a limited  purpose  trust
company  organized under the Banking  Law of the State of  New York, a member of
the Federal Reserve System and a clearing agency registered under the Securities
Exchange Act of 1934.

DISTRIBUTION

    Dividends payable to the Trust as a  holder of record of its Securities  are
credited  by the Trustee to an Income Account, as of the date on which the Trust
is entitled  to receive  such  dividends. Other  receipts, including  return  of
investment  and  gain  and  amounts  received upon  the  sale,  pursuant  to the
Indenture and Agreement, of rights  to purchase other Securities distributed  in
respect of the Securities in the Portfolio, are credited to a Principal Account.
Any  distribution for each Unit Holder as of the Record Date will be made on the
Distribution  Date  or  shortly  thereafter  and  shall  consist  of  an  amount
approximately  equal to the dividend income  per Unit, after deducting estimated
expenses, if any, plus  such Holder's pro rata  share of the distributable  cash
balance  of the Principal Account. Proceeds received from the disposition of any
of the Securities which are not used for redemption of Units will be held in the
Principal Account to be distributed  on the Distribution Date following  receipt
of such proceeds. No distribution need be made from the Principal Account if the
balance  therein is less than $1.00 per 100 Units outstanding. A Reserve Account
may be  created by  the Trustee  by  withdrawing from  the Income  or  Principal
Accounts,  from time to time, such amounts  as it deems requisite to establish a
reserve for any taxes or other governmental  charges that may be payable out  of
the  Trust. Funds held by the Trustee  in the various accounts created under the
Indenture are non-interest bearing to Unit Holders.

PORTFOLIO SUPERVISION

   
    The original proportionate relationship between the number of shares of each
Security in the  Trust will be  adjusted to  reflect the occurrence  of a  stock
dividend, a stock split, merger, reorganization or a similar event which affects
the  capital structure of the  issuer of a Security in  the Trust but which does
not affect the Trust's percentage ownership  of the common stock equity of  such
issuer  at  the time  of such  event. If  the Trust  receives the  securities of
another issuer as the result  of a merger or  reorganization of, or a  spin-off,
split-off  or split-up  by the  issuer of  a Security  included in  the original
portfolio, the  Trust may  hold those  securities as  if they  were one  of  the
Securities initially deposited
    

                                       10
<PAGE>
   
and  adjust the proportionate relationship accordingly for all future subsequent
deposits. The Portfolio  of the Trust  is not  "managed" by the  Sponsor or  the
Trustee;  their activities described below are governed solely by the provisions
of the Indenture and Agreement. The Sponsor may direct the Trustee to dispose of
Securities upon failure of the issuer of  a Security in the Trust to declare  or
pay  anticipated cash dividends, institution of certain materially adverse legal
proceedings, default under certain documents materially and adversely  affecting
future declaration or payment of dividends, or the occurrence of other market or
credit  factors that in the  opinion of the Sponsor  would make the retention of
such Securities in the Trust detrimental  to the interests of the Unit  Holders.
Except  as otherwise discussed herein, the acquisition of any Securities for the
Trust other than  those initially  deposited and  deposited in  order to  create
additional Units, is prohibited.
    

    During  the life of  the Trust, the  Sponsor, as part  of its administrative
responsibilities, shall conduct reviews to determine whether or not to recommend
the disposition  of Securities.  In  addition, the  Sponsor shall  undertake  to
perform  such other reviews and procedures as it may deem necessary in order for
it to give the consents and directions, including directions as to voting on the
underlying  Securities,  required  by  the  Indenture  and  Agreement.  For  the
administrative services performed in making such recommendations and giving such
consents  and directions,  and in  making the  reviews called  for in connection
therewith the Sponsor shall  receive the portfolio  supervisory fee referred  to
under "Summary of Essential Information".

VOTING OF THE PORTFOLIO SECURITIES

   
    Pursuant  to the Indenture and Agreement,  voting rights with respect to the
Portfolio Securities and Replacement  Securities, if any,  will be exercised  by
the  Trustee in  accordance with  the Indenture or  the directions  given by the
Sponsor.
    

REPORTS TO UNIT HOLDERS

    With each distribution, the Trustee will furnish to Unit Holders a statement
of the amount of income and  other receipts distributed, including the  proceeds
of  the sale of  the Securities, expressed in  each case as  a dollar amount per
Unit.

    Within a  reasonable period  of time  after the  last Business  Day in  each
calendar  year, but not later than February 15, the Trustee will furnish to each
person who at any time during such calendar  year was a Unit Holder of record  a
statement setting forth:

        1.  As to the Income and Principal Account:

           (a) the amount of income received on the Securities;

           (b) the amount paid for redemption of Units;

           (c)  the  deductions  for  applicable  taxes  or  other  governmental
       charges, if any, and  fees and expenses of  the Sponsor, the Trustee  and
       counsel;

           (d) the amounts distributed from the Income Account;

           (e)  any other amount  credited or deducted  from the Income Account;
       and

           (f)   the net  amount remaining  after such  payments and  deductions
       expressed  both as a total dollar amount  and as a dollar amount per Unit
       outstanding on the last business day of such calendar year.

        2.  The following information:

           (a) a list  of the Securities  as of  the last business  day of  such
       calendar year;

           (b)  the number of Units  outstanding as of the  last business day of
       such calendar year;

           (c) the Unit Value  (as defined in the  Agreement) based on the  last
       Evaluation made during such calendar year; and

           (d)  the amounts actually distributed  during such calendar year from
       the Income and Principal Accounts,  separately stated, expressed both  as
       total  dollar amounts and  as dollar amounts per  Unit outstanding on the
       Record Dates for such distributions.

AMENDMENT

    The Indenture and Agreement may be amended from time to time by the  Trustee
and  the Sponsor or their  respective successors, without the  consent of any of
the Unit Holders  (a) to  cure any  ambiguity or  to correct  or supplement  any
provision  contained therein  which may  be defective  or inconsistent  with any
other provision contained therein; (b) to change any provision thereof as may be
required by the Securities and Exchange Commission or any successor governmental
agency exercising similar  authority; or  (c) to  make such  other provision  in
regard  to matters or questions arising thereunder as shall not adversely affect
the interest of the Unit Holders; provided, that the Indenture and Agreement may
also be amended from time to time by the parties thereto (or the performance  of
any  of the provisions of  this Indenture and Agreement  may be waived) with the
expressed written consent  of Unit Holders  evidencing 51% of  the Units at  the
time outstanding under the Indenture and Agreement for the purpose of adding any
provisions  to or changing in any manner or eliminating any of the provisions of
the Indenture and Agreement or of modifying in any manner the rights of the Unit
Holders; provided, further however, that the Indenture and Agreement may not  be
amended  (nor may  any provision thereof  be waived)  so as to  (1) increase the
number   of   Units   issuable   in    respect   of   the   Trust   above    the

                                       11
<PAGE>
aggregate  number specified in Part II of the Agreement or such lesser amount as
may be outstanding at any  time during the term of  the Indenture except as  the
result  of the deposit of Additional  Securities, as therein provided, or reduce
the relative interest in the Trust of  any Unit Holder without his consent,  (2)
permit  the deposit  or acquisition thereunder  of securities  or other property
either in addition to or in substitution for any of the Securities except in the
manner permitted by the Trust  Indenture as in effect on  the date of the  first
deposit  of Securities or permit the Trustee to engage in business or investment
activities not  specifically  authorized  in  the  Indenture  and  Agreement  as
originally  adopted or (3) adversely affect the characterization of the Trust as
a grantor trust for federal income tax purposes.

TERMINATION

    The Indenture  and Agreement  provides  that the  Trust will  be  liquidated
during  the  Liquidation  Period  as  set  forth  under  "Summary  of  Essential
Information" and terminated  at the  end of  such period.  Additionally, if  the
value  of the Trust as shown by any  Evaluation is less than forty percent (40%)
of the value of the Securities deposited in the Trust on the Date of Deposit and
thereafter, the Trustee will, if directed  by the Sponsor in writing,  terminate
the  Trust. The Trust may also be terminated  at any time by the written consent
of Unit Holders owning 51% or more  of the Units then outstanding. Unit  Holders
will  receive their final  distributions (that is,  their pro rata distributions
realized from the sale of Portfolio Securities plus any other Trust assets, less
Trust  expenses)  according  to   their  Election  Instructions.  The   Election
Instructions  will  provide for  the  following distribution  options:  (1) cash
distributions; or (2) distributions "in kind" available only to any Unit  Holder
owning  at least 2,500 Units. Unit Holders  who do not tender properly completed
Election Instructions  to the  Trustee will  be deemed  to have  elected a  cash
distribution.

    CASH  OR "IN KIND" DISTRIBUTIONS. Unit Holders holding less than 2,500 Units
will receive distributions in  respect of their Units  at termination solely  in
cash. Unit Holders holding at least 2,500 Units may indicate to the Trustee that
they  wish to receive  termination distributions "in kind",  by returning to the
Trustee properly completed Election Instructions  distributed by the Trustee  to
such  Unit Holders of record 45 days  prior to the Termination Date. The Trustee
will duly honor such election instructions  received on or before the  Mandatory
Termination  Date. Such Unit Holder will be  entitled to receive whole shares of
each of the underlying Portfolio Securities and cash from the Principal  Account
equal  to the fractional shares to which such tendering Unit Holder is entitled.
A Unit  Holder  receiving  distributions  of  Securities  "in  kind"  may  incur
brokerage  and odd-lot costs in converting Securities so received into cash. The
Trustee will transfer the Securities to be delivered in kind to the account  of,
and for disposition in accordance with the instructions of, the Unit Holder.

    METHOD  OF SECURITIES DISPOSAL. The Trustee will begin to sell the remaining
Securities held in  the Trust  on the next  business day  following the  In-Kind
Date.  Since the Trust is not managed,  Securities in the Portfolio must be sold
in accordance with the Indenture, which provides for sales over a period of days
or on any one  day during the  Liquidation Period set forth  in the "Summary  of
Essential  Information". Daily proceeds of such sales will be deposited into the
Trust, will be held in a non-interest bearing account until distributed and will
be of benefit  to the Trustee.  The sales  of Portfolio Securities  may tend  to
depress  the  market prices  for such  Securities and  thus reduce  the proceeds
available to  Unit Holders.  The Sponsor  believes that  gradual liquidation  of
Securities  during  the Liquidation  Period may  mitigate negative  market price
consequences stemming from  the trading of  large volumes of  Securities over  a
short  period of time. There can be  no assurance, however, that such procedures
will effectively mitigate any adverse price consequences of heavy volume trading
or that such procedures will produce a better price for Unit Holders than  might
have been obtained had all the Securities been sold on one particular day during
the Liquidation Period.

    The Trustee will, after deduction of brokerage charges and costs incurred in
connection  with the sale of Securities, any  fees and expenses of the Trust and
payment into  the Reserve  Account of  any amount  required for  taxes or  other
governmental  charges that may be payable by  the Trust, distribute to each Unit
Holder, upon surrender for cancellation of  its Certificate after due notice  of
such  termination, such Unit Holder's pro rata share in the Income and Principal
Accounts. The sale of Securities in the  Trust upon termination may result in  a
lower  amount than might otherwise be realized if such sale were not required at
such time. For this reason, among others,  the amount realized by a Unit  Holder
upon termination may be less than the amount paid by such Unit Holder for Units.

                       RESIGNATION, REMOVAL AND LIABILITY

REGARDING THE TRUSTEE

    The  Trustee shall be under no liability  for any action taken in good faith
in reliance on prima facie properly executed documents or for the disposition of
monies or  Securities  in  the  Trust,  nor  shall  the  Trustee  be  liable  or
responsible  in  any way  for depreciation  or  loss incurred  by reason  of the
disposition of any  Securities by  the Trustee.  However, the  Trustee shall  be
liable  for wilful misfeasance, bad faith or gross negligence in the performance
of its duties  or by reason  of its  reckless disregard of  its obligations  and
duties  under the  Indenture and  Agreement. In  the event  of a  failure of the
Sponsor to act, the Trustee may act under the Indenture and Agreement and  shall
not  be liable for any such action taken  by it in good faith. The Trustee shall
not be personally  liable for any  taxes or other  governmental charges  imposed
upon  the Trust  or in respect  of the  Securities or the  interest thereon. The
Agreement also contains other customary provisions limiting the liability of the
Trustee and providing  for the indemnification  of the Trustee  for any loss  or
claim  accruing to  it without gross  negligence, bad  faith, wilful misconduct,
wilful misfeasance or reckless disregard of its duties and obligations under the
Agreement on its part.

                                       12
<PAGE>
    The Trustee  or any  successor  may resign  by  executing an  instrument  in
writing,  filing the same with the Sponsor and  mailing a copy of such notice of
resignation to all Unit Holders then  of record. Upon receiving such notice  the
Sponsor  will use its best  efforts to appoint a  successor Trustee promptly. If
the Trustee becomes incapable of acting  or becomes bankrupt or its affairs  are
taken  over by public authorities,  or upon the determination  of the Sponsor to
remove the Trustee for any reason, either with or without cause, the Sponsor may
remove the Trustee  and appoint  a successor as  provided in  the Agreement.  If
within  30 days of the resignation of  a Trustee no successor has been appointed
or, if appointed,  has not accepted  the appointment, the  retiring Trustee  may
apply  to a court of competent jurisdiction  for the appointment of a successor.
The resignation  or  removal  of  a Trustee  becomes  effective  only  when  the
successor  Trustee accepts its appointment as such  or when a court of competent
jurisdiction appoints a successor Trustee.

REGARDING THE SPONSOR

    The Sponsor shall be under no liability to the Trust or to Unit Holders  for
taking  any action or for refraining from any action in good faith or for errors
in judgment. Nor  shall the  Sponsor be  liable or  responsible in  any way  for
depreciation  or loss incurred by reason of the disposition of any Security. The
Sponsor will,  however,  be  liable  for  its  own  wilful  misfeasance,  wilful
misconduct,  bad faith, gross negligence or reckless disregard of its duties and
obligations under the Agreement.

    If at any time the Sponsor shall resign under the Agreement or shall fail or
be incapable of performing its duties thereunder or shall become bankrupt or its
affairs are taken over by public authorities, the Agreement directs the  Trustee
to  either (1) appoint a successor Sponsor  or Sponsors at rates of compensation
deemed reasonable  by  the  Trustee  not exceeding  amounts  prescribed  by  the
Securities  and Exchange  Commission, or (2)  terminate the  Trust Indenture and
Agreement and the Trust and liquidate the Trust.The Trustee will promptly notify
Unit Holders of any such action.

                                 MISCELLANEOUS

SPONSOR

    Dean Witter Reynolds Inc. ("Dean  Witter") is a corporation organized  under
the  laws of the  State of Delaware  and is a  principal operating subsidiary of
Dean Witter, Discover & Co.  ("DWDC"), a publicly-held corporation. Dean  Witter
is  a financial services company that provides to its individual, corporate, and
institutional clients  services as  a broker  in securities  and commodities,  a
dealer in corporate, municipal, and government securities, an investment banker,
an  investment adviser, and an  agent in the sale  of life insurance and various
other products and services. Dean Witter is a member firm of the New York  Stock
Exchange, the American Stock Exchange, the Chicago Board Options Exchange, other
major  securities exchanges and the  National Association of Securities Dealers,
and is a clearing member of the  Chicago Board of Trade, the Chicago  Mercantile
Exchange,  the Commodity Exchange  Inc., and other  major commodities exchanges.
Dean  Witter  is  currently   servicing  its  clients   through  a  network   of
approximately  375 domestic  and international offices  with approximately 7,500
account executives servicing individual and institutional client accounts.

TRUSTEE

    The Trustee is The Bank of New York. The Trustee is organized under the laws
of the State of New York, is a member of the New York Clearing House Association
and is subject to supervision and examination by the Superintendent of Banks  of
the  State of New York, the Federal  Deposit Insurance Corporation and the Board
of Governors of the Federal Reserve System. Unit Holders should direct inquiries
regarding distributions,  address  changes and  other  matters relating  to  the
administration  of the Trust  to the Trustee at  Unit Investment Trust Division,
P.O. Box 974, Wall Street Station, New York, New York 10268-0974.

LEGAL OPINIONS

    The legality of  the Units  offered hereby has  been passed  upon by  Cahill
Gordon  & Reindel, a  partnership including a  professional corporation, 80 Pine
Street, New York, New York 10005, as special counsel for the Sponsor.

                                    AUDITORS

    The Statement of Financial Condition and Schedule of Portfolio Securities of
this series of the Dean Witter  Select Equity Trust included in this  Prospectus
have  been audited by Deloitte & Touche, certified public accountants, as stated
in their report as set forth in Part  A of this Prospectus, and are included  in
reliance  upon such report given  upon the authority of  that firm as experts in
accounting and auditing.

                                       13
<PAGE>
- ----------------------------------- Sponsor: -----------------------------------
                    (DEAN WITTER REYNOLDS INC. LOGO)
               Two World Trade Center - New York, New York 10048

- --------------------------------------------------------------------------------
                                                                           37272
<PAGE>

   PART II.  ADDITIONAL INFORMATION NOT REQUIRED IN PROSPECTUS

               CONTENTS OF REGISTRATION STATEMENT

          This registration statement on Form S-6 comprises the
following documents:

          The facing sheet.

          The Cross Reference Sheet.

          The Prospectus.

          The signatures.

          Written consents of the following persons:

               - Cahill Gordon & Reindel (included in Exhibit 5)

               - Deloitte & Touche

The following Exhibits:

    ***EX-3(i)      Certificate of Incorporation of Dean Witter
                    Reynolds Inc.

    ***EX-3(ii)     By-Laws of Dean Witter Reynolds Inc.

      *EX-4.1       Trust Indenture and Agreement, dated
                    September 30, 1993.
   
     **EX-4.2       Reference Trust Agreement dated June 30,
                    1994.
    
     **EX-5         Opinion of counsel as to the legality of the
                    securities being registered.

<PAGE>

    **EX-23.1       Consent of Independent Auditors.

      EX-23.2       Consent of Cahill Gordon & Reindel (included
                    in Exhibit 5).

      Ex-99         Information as to Officers and Directors of
                    Dean Witter Reynolds Inc. is incorporated by
                    reference to Schedules A and D of Form BD
                    filed by Dean Witter Reynolds Inc. pursuant
                    to Rule 15b3-1 under the Securities Exchange
                    Act of 1934 (1934 Act File No. 8-14172).

- -------------

*    Incorporated by reference to exhibit of same designation
     filed with the Securities and Exchange Commission as an
     exhibit to the Registration Statement of Dean Witter Select
     Equity Trust, Selected Opportunities Series 18, Registration
     No. 33-50105.

**   Filed herewith.

***  Incorporated by reference to exhibit of same designation
     filed with the Securities and Exchange Commission as an
     exhibit to the Registration Statement of Sears Tax-Exempt
     Investment Trust, Insured Long Term Series 33 and Long Term
     Municipal Portfolio Series 106, Registration Nos. 33-38086
     and 33-37629.
<PAGE>

                                  SIGNATURES

   
          The Registrant, Dean Witter Select Equity Trust, Select 10
Industrial Portfolio 94-3 hereby identifies the Sears Equity Investment
Trust, Selected Opportunities Series 4 for purposes of the representations
required by Rule 487 and represents the following:

     1)   That the portfolio securities deposited in the series as to the
          securities of which this registration statement is being filed do
          not differ materially in type or quality from those deposited in
          such previous series;

     2)   That, except to the extent necessary to identify the specific
          portfolio securities deposited in, and to provide essential
          financial information for, the series with respect to the
          securities of which this registration statement is being filed,
          this registration statement does not contain disclosures that
          differ in any material respect from those contained in the
          registration statement for such previous series as to which the
          effective date was determined by the Commission or the staff; and

     3)   That it has complied with Rule 460 under the Securities Act of
          1933.
    

   
          Pursuant to the requirements of the Securities Act of 1933, the
registrant, Dean Witter Select Equity Trust, Select 10 Industrial Portfolio
94-3 has duly caused this Amendment No. 1 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 30th day of June, 1994.
    
                                   DEAN WITTER SELECT EQUITY TRUST,
                                   SELECT 10 INDUSTRIAL PORTFOLIO 94-3
                                   (Registrant)


                                   By: Dean Witter Reynolds Inc.
                                       (Depositor)




                                   Michael D. Browne
                                   Michael D. Browne
                                   Authorized Signatory

<PAGE>
   
          Pursuant to the requirements of the Securities Act of 1933, this
Amendment No. 1 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 30th day of June, 1994.
    

DEAN WITTER REYNOLDS INC.

       Name                Office
     --------            ----------

Philip J. Purcell     Chairman & Chief       )
                      Executive Officer      )
                      and Director*          )

Thomas C. Schneider   Executive Vice         )
                      President and Chief    )
                      Financial Officer*     )

                                             By



                                             Michael D. Browne
                                             Michael D. Browne
                                             Attorney-in-fact*

- ----------------------

*    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 Sears Tax-Exempt Investment Trust, Long Term
     Municipal Portfolio Series 96, File No. 33-32860.

<PAGE>

 Name                               Office
- ------                             --------

Richard M. DeMartini               Director*
Nancy S. Donovan                   Director*
Charles A. Fiumefreddo             Director*
James S. Higgins                   Director*
Stephen R. Miller                  Director*
Richard F. Powers                  Director*
Philip S. Purcell                  Director*
Thomas S. Schneider                Director*
William B. Smith                   Director*
Robert E. Wood, II                 Director*




- ---------------------

*    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 Sears Tax-Exempt Investment Trust, Long Term
     Municipal Portfolio Series 96, File No. 33-32860.

<PAGE>

                                 Exhibit Index
                                      To
                                   Form S-6
                            Registration Statement
                       Under the Securities Act of 1933


EXHIBIT NO.                TITLE OF DOCUMENT
- -----------                -----------------

 ***EX-3(i)                Certificate of Incorporation
                           of Dean Witter Reynolds Inc.

 ***EX-3(ii)               By-Laws of Dean Witter
                           Reynolds Inc.

   *EX-4.1                 Trust Indenture and Agreement,
                           dated September 30, 1993.

  **EX-4.2                 Reference Trust Agreement
                           dated June 30, 1994.

  **EX-5                   Opinion of counsel as to the
                           legality of the securities
                           being registered.

  **EX-23.1                Consent of Independent
                           Auditors.

    EX-23.2                Consent of Cahill Gordon &
                           Reindel (included in
                           Exhibit 5).





- -------------------------------

*    Incorporated by reference to exhibit of same designation filed with the
     Securities and Exchange Commission as an exhibit to the Registration
     Statement of Dean Witter Select Equity Trust, Selected Opportunities
     Series 18, Registration No. 33-50105.

**   Filed herewith.

***  Incorporated by reference to exhibit of same designation filed with the
     Securities and Exchange Commission as an exhibit to the Registration
     Statement of Sears Tax-Exempt Investment Trust, Insured Long Term Series
     33 and Long Term

<PAGE>

     Municipal Portfolio Series 106, Registration Nos. 33-38086 and 33-37629.

    EX-99                  Information as to Officers and
                           Directors of Dean Witter
                           Reynolds Inc. is incorporated
                           by reference to Schedules A
                           and D of Form BD filed by Dean
                           Witter Reynolds Inc. pursuant
                           to Rule 15b1-1 and 15b3-1
                           under the Securities Exchange
                           Act of 1934 (1934 Act File No.
                           8-14172).


<PAGE>

                                                                     EXHIBIT 4.2

                         DEAN WITTER SELECT EQUITY TRUST
                       SELECT 10 INDUSTRIAL PORTFOLIO 94-3
                            REFERENCE TRUST AGREEMENT


          This Reference Trust Agreement dated June 30, 1994 between DEAN WITTER
REYNOLDS INC., as Depositor, and The Bank of New York, as Trustee, sets forth
certain provisions in full and incorporates other provisions by reference to the
document entitled "Dean Witter Select Equity Trust, Trust Indenture and
Agreement" (the "Basic Agreement") dated September 30, 1993. Such provisions as
are incorporated by reference constitute a single instrument (the "Indenture").


                                WITNESSETH THAT:

          In consideration of the premises and of the mutual agreements herein
contained, the Depositor and the Trustee agree as follows:

                                       I.

                     STANDARD TERMS AND CONDITIONS OF TRUST


          Subject to the provisions of Part II hereof, all the provisions
contained in the Basic Agreement are herein incorporated by reference in their
entirety and shall be deemed to be a part of this instrument as fully and to the
same extent as though said provisions had been set forth in full in this
instrument except that the Basic Agreement is hereby amended as follows:

          A.   The first sentence of each of Sections 3.10, 3.11 and 3.12 is
     amended to insert the following language at the beginning of such sentence,
     "Except as otherwise provided in Section 3.13,".

          B.   The following new Section 3.13 is added

          Section 3.13.  Extraordinary Event - Security Retention and Voting. In
     the event the Trustee is notified of any action to be taken or proposed to
     be taken by holders of the securities held by the Trust in connection with
     any proposed merger, reorganization, spin-off, split-off or split-up by the
     issuer of stock or securities held in the Trust, the Trustee shall take
     such action or refrain from taking any action, as appropriate, so as to
     insure that the securities are voted as closely as possible in the same
     manner and in the same general proportion as are the securities held by
     owners other than the Trust. If stock or securities are received by the
     Trustee, with or without cash, as a result of any merger, reorganization,
     spin-off, split-off or split-up by the issuer of stock or securities held
     in the Trust, the Trustee at the direction of the Depositor may retain such
     stock or securities in the

<PAGE>

     Trust. Neither the Depositor nor the Trustee shall be liable to any person
     for any action or failure to take action with respect to this section.

                                       II.

                      SPECIAL TERMS AND CONDITIONS OF TRUST

          The following special terms and conditions are hereby agreed to:

          A.   The Trust is denominated Dean Witter Select Equity Trust, Select
10 Industrial Portfolio 94-3 (the "Select 10 Trust").

          B.   The publicly traded stocks listed in Schedule A hereto are those
which, subject to the terms of this Indenture, have been or are to be deposited
in trust under this Indenture.

          C.   The term, "Depositor" shall mean Dean Witter Reynolds Inc.

          D.   The aggregate number of Units referred to in Sections 2.03 and
9.01 of the Basic Agreement is 25,000 for the Select 10 Trust.

          E.   A Unit is hereby declared initially equal to 1/25,000th for the
Select 10 Trust.

          F.   The term "In-Kind Distribution Date" shall mean August 1, 1995.

          G.   The term "Record Date" shall mean December 1, 1994 and such
other date as the Depositor may direct.

          H.   The term "Distribution Date shall mean December 15, 1994 and
on or about August 24, 1995 and such other date as the Depositor may direct.

          I.   The term "Termination Date" shall mean August 15, 1995.

<PAGE>

          J.   For purposes of this Series -- Dean Witter Select Equity Trust,
Select 10 Industrial Portfolio 94-3 -- the form of Certificate set forth in this
Indenture shall be appropriately modified to reflect the title of this Series
and such of the Special Terms and Conditions of Trust set forth herein as may be
appropriate.

          K.   The Depositor's Annual Portfolio Supervision Fee shall be a
maximum of $0.25 per 100 Units.

          L.   The Trustee's Annual Fee as defined in Section 6.04 of the
Indenture shall be $.72 per 100 Units.

          M.   For a Unit Holder to receive "in-kind" distribution, such Unit
Holder must tender at least 2,500 Units for redemption, either during the life
of the Trust, or at its termination.

          (Signatures and acknowledgments on separate pages)

<PAGE>

                                       -4-




          The Schedule of Portfolio Securities in the prospectus included in
this Registration Statement is hereby incorporated by reference herein as
Schedule A hereto.

<PAGE>

                                                                       EXHIBIT 5

                     (Letterhead of Cahill Gordon & Reindel)



                                  June 30, 1994



Dean Witter Reynolds Inc.
Two World Trade Center
New York, New York 10048


          Re:  Dean Witter Select Equity Trust,
               Select 10 Industrial Portfolio 94-3
               -----------------------------------


Gentlemen:

          We have acted as special counsel for you as Depositor of the Dean
Witter Select Equity Trust, Select 10 Industrial Portfolio 94-3 (the "Trust"),
in connection with the issuance under the Trust Indenture and Agreement,
September 30, 1993, and the related Reference Trust Agreement, dated June 30,
1994 (such Trust Indenture and Agreement and Reference Trust Agreement
collectively referred to as the "Indenture"), between you, as Depositor, and The
Bank of New York, as Trustee, of units of fractional undivided interest in said
Trust (the "Units") comprising the Units of Dean Witter Select Equity Trust,
Select 10 Industrial Portfolio 94-3. In rendering our opinion expressed below,
we have relied in part upon the opinions and representations of your officers
and upon opinions of counsel to Dean Witter Reynolds Inc.

          Based upon the foregoing, we advise you that, in our opinion, when the
Indenture has been duly executed and delivered on behalf of the Depositor and
the Trustee and when the certificate evidencing the Units has been duly executed
and delivered by the Depositor and the Trustee in accordance with the Indenture,
the Units will be legally issued, fully paid and nonassessable by the Trust, and
will constitute valid and binding obligations of the Trust and the Depositor in
accordance with their terms, except that enforceability of certain provisions
thereof may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors generally and by general
equitable principles.

          We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement (File No. 33-53845) relating to the Units referred to
above and to the use of our

<PAGE>

                                       -2-


name and to the reference to our firm in said Registration Statement and the
related Prospectus.

                                             Very truly yours,


                                             Cahill Gordon & Reindel


<PAGE>

                                                                    EXHIBIT 23.1

                         CONSENT OF INDEPENDENT AUDITORS


          We consent to the use of our report dated June 30, 1994, accompanying
the financial statements of the Dean Witter Select Equity Trust Select 10
Industrial Portfolio 94-3, 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
                                             Deloitte & Touche
June 30, 1994
New York, New York



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