Document:

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                             Exhibit 4.2

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           MORGAN STANLEY DEAN WITTER SELECT EQUITY TRUST
                SELECT 10 INDUSTRIAL PORTFOLIO 2001-2
                      REFERENCE TRUST AGREEMENT

             This Reference Trust Agreement dated           , 2001
   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 incorpo-
   rated 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 in-
   strument except that the Basic Agreement is hereby amended as
   follows:

             A.   The first sentence of Section 2.01 is amended to
        add the following language at the end of such sentence:
        "and/or cash (or a letter of credit in lieu of cash) with
        instructions to the Trustee to purchase one or more of
        such Securities which cash (or cash in an amount equal to
        the face amount of the letter of credit), to the extent
        not used by the Trustee to purchase such Securities within
        the 90-day period following the first deposit of Securi-
        ties in the Trust, shall be distributed to Unit Holders on
        the Distribution Date next following such 90-day period or
        such earlier date as the Depositor and the Trustee deter-
        mine".

             B.   The first sentence of Section 2.06 is amended to
        add the following language after "Securities"))": "and/or
        cash (or a letter of credit in lieu of cash) with

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        instructions to the Trustee to purchase one or more Addi-

        tional Securities which cash (or cash in an amount equal
        to the face amount of the letter of credit), to the extent
        not used by the Trustee to purchase such Additional Secu-
        rities within the 90-day period following the first de-
        posit of Securities in the Trust, shall be distributed to
        Unit Holders on the Distribution Date next following such
        90-day period or such earlier date as the Depositor and
        the Trustee determine".

             C.   Article III, entitled "Administration of Trust",
        Section 3.01 Initial Cost shall be amended as follows:

                  (i)  the first part of the first sentence of
             Section 3.01 Initial Cost shall be amended to substi-
             tute the following language before the phrase
             "provided, however":

                       "With respect to the Trust, the cost of the
                  preparation, printing and execution of the Cer-
                  tificates, Indenture, Registration Statement and
                  other documents relating to the Trust, Federal
                  and State registration fees and costs, the ini-
                  tial fees and expenses of the Trustee, legal and
                  auditing expenses and other out-of-pocket organ-
                  izational expenses, to the extent not borne by
                  the Sponsor, shall be paid by the Trust;"

             D.   The third paragraph of Section 3.05 is hereby
        amended to add the following sentence after the first sen-
        tence thereof:  "Depositor may direct the Trustee to in-
        vest the proceeds of any sale of Securities not required
        for the redemption of Units in eligible money market in-
        struments selected by the Depositor which will include
        only negotiable certificates of deposit or time deposits
        of domestic banks which are members of the Federal Deposit
        Insurance Corporation and which have, together with their
        branches or subsidiaries, more than $2 billion in total
        assets, except that certificates of deposit or time depos-
        its of smaller domestic banks may be held provided the de-
        posit does not exceed the insurance coverage on the in-
        strument (which currently is $100,000), and provided fur-
        ther that the Trust's aggregate holding of certificates of
        deposit or time deposits issued by the Trustee may not ex-
        ceed the insurance coverage of such obligations and U.S.
        Treasury notes or bills (which shall be held until the ma-
        turity thereof) each of which matures prior to the earlier
        of the next following Distribution Date or 90 days after

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        receipt, the principal thereof and interest thereon (to
        the extent such interest is not used to pay Trust ex-
        penses) to be distributed on the  earlier of the 90th day
        after receipt or the next following Distribution Date."

             E.   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,".

             F.   The following new Section 3.13 is added:

             Section 3.13.  Extraordinary Event - Security Reten-
        tion 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 De-
        positor may retain such stock or securities in the 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.

             G.   Section 1.01 is amended to add the following
        definition:  (9) "Deferred Sales Charge" shall mean any
        deferred sales charge payable in accordance with the pro-
        visions of Section 3.12 hereof, as set forth in the pro-
        spectus for a Trust.  Definitions following this defini-
        tion (9) shall be renumbered.

             H.   Section 3.05 is hereby amended to add the fol-
        lowing paragraph after the end thereof:  On each Deferred
        Sales Charge payment date set forth in the prospectus for
        a Trust, the Trustee shall pay the account created pursu-
        ant to Section 3.12 the amount of the Deferred Sales
        Charge payable on each such date as stated in the prospec-
        tus for a Trust.  Such amount shall be withdrawn from the
        Principal Account from the amounts therein designated for
        such purpose.

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             I.   Section 3.06B(3) shall be amended by adding the
        following:  "and any Deferred Sales Charge paid".

             J.   Section 3.08 shall be amended by adding the fol-
        lowing at the end thereof:  "In order to pay the Deferred
        Sales Charge, the Trustee shall sell or liquidate an
        amount of Securities at such time and from time to time
        and in such manner as the Depositor shall direct such that
        the proceeds of such sale or liquidation shall equal the
        amount required to be paid to the Depositor pursuant to
        the Deferred Sales Charge program as set forth in the pro-
        spectus for a Trust.

             K.   Section 3.12 shall be added as follows:

             Section 3.12.  Deferred Sales Charge.  If the pro-
        spectus for a Trust specifies a Deferred Sales Charge, the
        Trustee shall, on the dates specified in and as permitted
        by the prospectus, withdraw from the Income Account if
        such account is designated in the prospectus as the source
        of the payments of the Deferred Sales Charge, or to the
        extent funds are not available in that account or if such
        account is not so designated, from the Principal Account,
        an amount per Unit specified in the prospectus and credit
        such amount to a special, non-Trust account maintained at
        the Trustee out of which the Deferred Sales Charge will be
        distributed to the Depositor.  If the Income Account is
        not designated as the source of the Deferred Sales Charge
        payment or if the balances in the Income and Principal Ac-
        counts are insufficient to make any such withdrawal, the
        Trustee shall, as directed by the Depositor, either ad-
        vance funds, if so agreed to by the Trustee, in an amount
        equal to the proposed withdrawal and be entitled to reim-
        bursement of such advance upon the deposit of additional
        monies in the Income Account or the Principal Account,
        sell Securities and credit the proceeds thereof to such
        special Depositor's account or credit Securities in kind
        to such special Depositor's Account.  Such directions
        shall identify the Securities, if any, to be sold or dis-
        tributed in kind and shall contain, if the Trustee is di-
        rected by the Depositor to sell a Security, instructions
        as to execution of such sales.  If a Unit Holder redeems
        Units prior to full payment of the Deferred Sales Charge,
        the Trustee shall, if so provided in the prospectus, on
        the Redemption Date, withhold from the Redemption Price
        payment to such Unit Holder an amount equal to the unpaid
        portion of the Deferred Sales Charge and distribute such
        amount to such special Depositor's account or, if the

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        Depositor shall purchase such Unit pursuant to the terms

        of Section 5.02 hereof, the Depositor shall pay the Re-
        demption Price for such Unit less the unpaid portion of
        the Deferred Sales Charge.  The Depositor may at any time
        instruct the  Trustee to distribute to the Depositor cash
        or Securities previously credited to the special Deposi-
        tor's account.

             L.   Reference to "Dean Witter Select Equity Trust"
        is replaced by "Morgan Stanley Dean Witter Select Equity
        Trust".

                                 II.

                SPECIAL TERMS AND CONDITIONS OF TRUST

             The following special terms and conditions are hereby
   agreed to:

             A.   The Trust is denominated Morgan Stanley Dean
   Witter Select Equity Trust Select 10 Industrial Portfolio
   2001-2 (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        for the
   Select 10 Trust.

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

             F.   The term "In-Kind Distribution Date" shall mean
              , 2002.

             G.   The term "Record Dates" shall mean            ,
   2001,              , 2001,             , 2001 and            ,
   2001 and such other date as the Depositor may direct.

             H.   The term "Distribution Dates shall mean
     , 2001,             , 2001,              , 2001 and
     , 2001 and such other date as the Depositor may direct.

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             I.   The term "Termination Date" shall mean        ,
   2001.

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

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

             L.   For a Unit Holder to receive "in-kind" distribu-
   tion during the life of the Trust other than in connection with
   a rollover, such Unit Holder must tender at least 25,000 Units
   for redemption.  On the In-Kind Date there is no minimum amount
   of Units that a Unit Holder must tender in order to receive an
   "in-kind" distribution.

             M.   The Indenture is amended to provide that the pe-
   riod during which the Trustee shall liquidate the Trust Securi-
   ties shall not exceed 14 business days commencing on the first
   business day following the In-Kind Date.

         (Signatures and acknowledgments on separate pages)<PAGE>

                                   Exhibit 4.2

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                 MORGAN STANLEY DEAN WITTER SELECT EQUITY TRUST
             THE COMPETITIVE EDGE BEST IDEAS PORTFOLIO SERIES 2001-2

                  This Reference Trust Agreement dated     , 2001  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 Section  2.01 is amended to add the
         following  language  at the end of such  sentence:  "and/or  cash (or a
         letter of credit in lieu of cash) with  instructions  to the Trustee to
         purchase  one or more of such  Securities  which  cash  (or  cash in an
         amount equal to the face amount of the letter of credit), to the extent
         not used by the Trustee to purchase such  Securities  within the 90-day
         period following the first deposit of Securities in the Trust, shall be
         distributed  to Unit Holders on the  Distribution  Date next  following
         such  90-day  period  or such  earlier  date as the  Depositor  and the
         Trustee determine".

                  B. The first  sentence  of Section  2.06 is amended to add the
         following language after "Securities"))":  "and/or cash (or a letter of
         credit in lieu of cash) with  instructions  to the  Trustee to purchase
         one or more  Additional  Securities  which  cash (or cash in an  amount

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                                      -2-

         equal to the face  amount of the letter of  credit),  to the extent not
         used by the Trustee to purchase such Additional  Securities  within the
         90-day  period  following the first deposit of Securities in the Trust,
         shall be  distributed  to Unit  Holders on the  Distribution  Date next
         following  such 90-day period or such earlier date as the Depositor and
         the Trustee determine".

                  C. Article III, entitled "Administration of Trust",
         Section 3.01 Initial Cost shall be amended as follows:

                           (i) the first part of the first  sentence  of Section
                  3.01 Initial Cost shall be amended to substitute the following
                  language before the phrase "provided, however":

                                    "With respect to the Trust,  the cost of the
                           preparation,    printing   and   execution   of   the
                           Certificates,  Indenture,  Registration Statement and
                           other  documents  relating to the Trust,  Federal and
                           State  registration  fees and costs, the initial fees
                           and  expenses  of the  Trustee,  legal  and  auditing
                           expenses  and  other   out-of-pocket   organizational
                           expenses,  to the  extent  not borne by the  Sponsor,
                           shall be paid by the Trust;"

                  D. The third  paragraph of Section 3.05 is hereby  amended to
         add the following sentence after the first sentence thereof: "Depositor
         may direct the Trustee to invest the proceeds of any sale of Securities
         not  required  for the  redemption  of Units in eligible  money  market
         instruments   selected  by  the  Depositor   which  will  include  only
         negotiable  certificates  of deposit or time deposits of domestic banks
         which are  members of the Federal  Deposit  Insurance  Corporation  and
         which have, together with their branches or subsidiaries,  more than $2
         billion in total assets,  except that  certificates  of deposit or time
         deposits of smaller  domestic  banks may be held  provided  the deposit
         does  not  exceed  the  insurance  coverage  on the  instrument  (which
         currently is $100,000), and provided further that the Trust's aggregate
         holding  of  certificates  of deposit  or time  deposits  issued by the
         Trustee may not exceed the insurance  coverage of such  obligations and
         U.S.  Treasury  notes or bills  (which shall be held until the maturity
         thereof)  each of  which  matures  prior  to the  earlier  of the  next
         following  Distribution  Date or 90 days after  receipt,  the principal
         thereof and interest  thereon (to the extent such  interest is not used

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                                      -3-

         to pay Trust expenses) to be distributed on the earlier of the 90th day
         after receipt or the next following Distribution Date."

                  E. 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,".

                  F. 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 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.

                  G. Section 1.01 is amended to add the following definition:
         (9) "Deferred Sales Charge" shall mean any deferred sales charge
         payable in accordance with the provisions of Section 3.12 hereof, as
         set forth in the prospectus for a Trust. Definitions following this
         definition (9) shall be renumbered.

                  H. Section  3.05  is  hereby  amended  to add  the  following
         paragraph after the end thereof:  On each Deferred Sales Charge payment
         date set forth in the prospectus for a Trust, the Trustee shall pay the
         account  created  pursuant to Section  3.12 the amount of the  Deferred
         Sales Charge  payable on each such date as stated in the prospectus for
         a Trust. Such amount shall be withdrawn from the Principal Account from
         the amounts therein designated for such purpose.

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                                      -4-

                  I. Section 3.06B(3) shall be amended by adding the following:
         "and any Deferred Sales Charge paid".

                  J. Section  3.08 shall be amended by adding the  following at
         the end  thereof:  "In  order to pay the  Deferred  Sales  Charge,  the
         Trustee  shall sell or liquidate an amount of  Securities  at such time
         and from time to time and in such manner as the Depositor  shall direct
         such that the  proceeds  of such sale or  liquidation  shall  equal the
         amount  required to be paid to the  Depositor  pursuant to the Deferred
         Sales Charge program as set forth in the prospectus for a Trust.

                  K. Section 3.12 shall be added as follows:

                  Section 3.12.  Deferred Sales Charge.  If the prospectus for a
         Trust  specifies a Deferred  Sales Charge,  the Trustee  shall,  on the
         dates  specified in and as permitted by the  prospectus,  withdraw from
         the Income  Account if such account is designated in the  prospectus as
         the source of the  payments of the  Deferred  Sales  Charge,  or to the
         extent  funds are not  available  in that account or if such account is
         not so  designated,  from the  Principal  Account,  an amount  per Unit
         specified  in the  prospectus  and  credit  such  amount to a  special,
         non-Trust  account  maintained at the Trustee out of which the Deferred
         Sales  Charge  will be  distributed  to the  Depositor.  If the  Income
         Account is not  designated  as the source of the Deferred  Sales Charge
         payment or if the  balances in the Income and  Principal  Accounts  are
         insufficient  to make  any  such  withdrawal,  the  Trustee  shall,  as
         directed by the Depositor, either advance funds, if so agreed to by the
         Trustee,  in an amount equal to the proposed withdrawal and be entitled
         to reimbursement of such advance upon the deposit of additional  monies
         in the Income  Account or the Principal  Account,  sell  Securities and
         credit the  proceeds  thereof to such  special  Depositor's  account or
         credit  Securities in kind to such special  Depositor's  Account.  Such
         directions  shall  identify  the  Securities,  if  any,  to be  sold or
         distributed  in kind and shall  contain,  if the Trustee is directed by
         the Depositor to sell a Security,  instructions as to execution of such
         sales.  If a Unit Holder  redeems  Units  prior to full  payment of the
         Deferred  Sales  Charge,  the  Trustee  shall,  if so  provided  in the
         prospectus,  on the Redemption Date, withhold from the Redemption Price
         payment to such Unit  Holder an amount  equal to the unpaid  portion of
         the Deferred  Sales Charge and  distribute  such amount to such special
         Depositor's  account  or, if the  Depositor  shall  purchase  such Unit

<PAGE>
                                      -5-

         pursuant to the terms of Section 5.02 hereof,  the Depositor  shall pay
         the  Redemption  Price  for such Unit less the  unpaid  portion  of the
         Deferred  Sales  Charge.  The  Depositor  may at any time  instruct the
         Trustee to distribute to the  Depositor  cash or Securities  previously
         credited to the special Depositor's account.

                                       II.

                      SPECIAL TERMS AND CONDITIONS OF TRUST

                  The following special terms and conditions are hereby agreed
to:

                  A. The Trust is denominated Morgan Stanley Dean Witter Select
Equity Trust The Competitive Edge Best Ideas Portfolio Series 2001-2 (the
"Competitive Edge 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          for the Competitive Edge Trust.

                  E. A Unit is hereby declared initially equal to 1/      th for
the Competitive Edge Trust.

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

                  G. The term "Record Dates" shall mean                 ,     ,
        ,     ,             ,      and            ,      and such other date as
the Depositor may direct.

                  H. The term "Distribution Dates shall mean            ,     ,
            ,     ,              ,      and             ,      and such other
date as the Depositor may direct.

                  I. The term "Termination Date" shall mean        ,     .

<PAGE>
                                      -6-

                  J. For  purposes of this Series -- Morgan  Stanley Dean Witter
Select Equity Trust The Competitive  Edge Best Ideas Portfolio  Series 2001-2 --
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 $     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)

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