Document:

Exhibit 4(b)

                                                             Executed in 6 Parts
                                                             Counterpart No. |_|

                              NATIONAL EQUITY TRUST

                           LOW FIVE PORTFOLIO SERIES 45

                            REFERENCE TRUST AGREEMENT

      This Reference Trust Agreement dated April 24, 2002 among Prudential
Investment Management Services LLC, as Depositor, Prudential Securities
Incorporated, as Portfolio Supervisor, and The Bank of New York, as Trustee,
sets forth certain provisions in full and incorporates other provisions by
reference to the document entitled "National Equity Trust, Trust Indenture and
Agreement" (the "Basic Agreement") dated February 2, 2000. Such provisions as
are set forth in full herein and 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:

                                     Part 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.

A.    Article I, entitled "Definitions," shall be amended as follows:

(i)   Section 1.01-Definitions shall be amended to add the following definition
      at the end thereof:

<PAGE>
                                      -2-

      "Portfolio Supervisor" of the Trust shall have the meaning assigned to it
in Part II of the Reference Trust Agreement.

      B. Article III, entitled "Administration of Trust," shall be amended as
follows:

      (i) The third paragraph of Section 3.05-Distribution shall be amended by
deleting any reference to Depositor and replacing it with Portfolio Supervisor.

      (ii) Section 3.14-Deferred Sales Charge shall be amended to add the
following sentences at the end thereof:

      "References to Deferred Sales Charge in this Trust Indenture and Agreement
      shall include any Creation and Development Fee indicated in the prospectus
      for a Trust. The Creation and Development Fee shall be payable on each
      date so designated and in an amount determined as specified in the
      prospectus for a Trust."

      C. Article VIII, entitled "Depositor," shall be amended as follows:

      (i) Section 8.07-Compensation shall be amended by deleting any reference
to Depositor and replacing it with Portfolio Supervisor.

      D. Article IX, entitled "Additional Covenants; Miscellaneous Provisions,"
shall be amended as follows:

      (i) The first sentence of Section 9.05 - Written Notice shall be amended
by deleting the language "Prudential Securities Incorporated at One Seaport
Plaza, New York, New York 10292" and replacing it with "Prudential Investment
Management LLC at 100 Mulberry Street, Gateway Center Three, Newark, New Jersey
07102".

                                    Part II.

                      SPECIAL TERMS AND CONDITIONS OF TRUST

      The following special terms and conditions are hereby agreed to:

<PAGE>
                                      -3-

      A. The Trust is denominated National Equity Trust, Low Five Portfolio
Series 45.

      B. The Units of the Trust shall be subject to a deferred sales charge.

      C. 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 as of the date hereof.

      D. The term "Depositor" shall mean Prudential Investment Management
Services LLC.

      E. The term "Portfolio Supervisor" shall mean Prudential Securities
Incorporated.

      F. The aggregate number of Units referred to in Sections 2.03 and 9.01 of
the Basic Agreement is 125,000 as of the date hereof.

      G. A Unit of the Trust is hereby declared initially equal to 1/125,000th
of the Trust.

      H. The term "First Settlement Date" shall mean April 30, 2002.

      I. The terms "Computation Day" and "Record Date" shall mean on the tenth
day of July 2002, October 2002, January 2003 and April 2003.

      J. The term "Distribution Date" shall mean on the twenty-fifth day of
July 2002, October 2002, January 2003 and April 2003.

      K. The term "Termination Date" shall mean May 28, 2003.

      L. The Trustee's Annual Fee shall be $.90 (per 1,000 Units) for 49,999,999
and below units outstanding $.84 (per 1,000 Units) on the next 50,000,000 Units,
$.78 (per 1,000 Units) on the next 100,000,000 Units, and $.66 (per 1,000 Units)
on Units in excess of 200,000,000 Units. In calculating the Trustee's annual
fee, the fee applicable to the number of units outstanding shall apply to all
units outstanding.

      M. The Portfolio Supervisor's portfolio supervisory service fee shall be
$.25 per 1,000 Units.

      [Signatures and acknowledgments on separate pages]

<PAGE>
                                      -4-

The Schedule of Portfolio Securities in Part A of the prospectus included in
this Registration Statement for National Equity Trust, Low Five Portfolio Series
45 is hereby incorporated by reference herein as Schedule A hereto.EXHIBIT 4(a)

        PRESS FIRMLY ON APPLICATION TO ENSURE LEGIBILITY OF ALL COPIES

                                    FORM OF
                SBM Certificate Company Certificate Application

[Logo SBM Certificate Company]

Sales Representative -----------------

Date ---------------------------------  Application Type  [ ] New  [ ] Amended

 -----------------------------------------------------------------------------
Personal Profile

                                   APPLICANT

 Name ------------------------------------------------------------------------

 Address ---------------------------------------------------------------------

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

 E-Mail Address --------------------------------------------------------------

 Marital Status ------------------- Tax ID # ---------------------------------

 Date of Birth (m/d/y) -------------------------------------------------------

 Citizenship   [ ] U.S. Citizen     [ ] Non-U.S. Citizen

 Telephone         Home      (-----)------------------------------------------

 Numbers           Business  (-----)------------------------------------------

                   Fax       (-----)------------------------------------------

 Occupation ------------------------------------------------------------------

 Employer --------------------------------------------------------------------

 Employer Address ------------------------------------------------------------

 Spouse's Name ---------------------------------------------------------------

 Spouse's Employer
 (if client unemployeed) -----------------------------------------------------

 Primary Bank Address --------------------------------------------------------

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

                                JOINT APPLICANT

 Name ------------------------------------------------------------------------

 Address ---------------------------------------------------------------------
 -----------------------------------------------------------------------------

                                        1

<PAGE>

 E-Mail Address --------------------------------------------------------------

 Marital Status ------------------- Tax ID #----------------------------------

 Date of Birth (m/d/y)--------------------------------------------------------

 Relationship to Applicant ---------------------------------------------------

 Citizenship   [ ] U.S. Citizen     [ ] Non-U.S. Citizen

 Telephone         Home      (-----)------------------------------------------

 Numbers           Business  (-----)------------------------------------------

                   Fax       (-----)------------------------------------------

 Occupation ------------------------------------------------------------------

 Employer --------------------------------------------------------------------

 Employer Address ------------------------------------------------------------

 Spouse's Name ---------------------------------------------------------------

 Spouse's Employer
 (if client unemployeed)------------------------------------------------------

 Primary Bank Address --------------------------------------------------------

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

Ownership

 Type of ownership (check one).

 [ ] Individual

 [ ] Joint Tenants with right of survivorship

 [ ] Tenants by the entirety
     (Available only in AR, DE, DC, FL, HI, MD, MA, MI, MO, PA, TN, VT, WY)

 [ ] Other -------------------------------------------------------------------
           (Trust Corporate, UGMA, UTMA)

 [ ] Tenants in common.  Complete the following for each participant:

 NAME OF                                                           INTEREST IN
 PARTICIPANT                                                       THE ACCOUNT
 ----------------------------------------------------------------  ----------%

 ----------------------------------------------------------------  ----------%

 ----------------------------------------------------------------  ----------%

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

 DEPENDENT(S):

                                        2

<PAGE>

 FIRST NAME
---------------------------------------------------------------------------(1)

---------------------------------------------------------------------------(2)

---------------------------------------------------------------------------(3)

---------------------------------------------------------------------------(4)

 DATE OF BIRTH (m/d/y)
----------------------------------------------------------------------------(1)

---------------------------------------------------------------------------(2)

---------------------------------------------------------------------------(3)

---------------------------------------------------------------------------(4)

 Name of CPA ------------------------------------------------------------------

 Name of Attorney -------------------------------------------------------------

 Do You Have A Will?   [ ] yes     [ ] no

 CURRENT ASSETS

 Savings                  $------------------------------------------------

 Certificates of Deposit  $------------------------------------------------

 Money Market Funds       $------------------------------------------------

 Municipal Bonds          $------------------------------------------------

 Mutual Funds             $------------------------------------------------

 Stocks                   $------------------------------------------------

 Real Estate              $------------------------------------------------

 Annuities                $------------------------------------------------

 Options                  $------------------------------------------------

 Collectables             $------------------------------------------------

 Life Ins. (cash value)   $------------------------------------------------

 Qualified Retire. Plans  $------------------------------------------------

 RETIREMENT/OTHER PLAN

 [ ] IRA                    [ ] 403(b)

 [ ] Educational Plan       [ ] 529 Plan

 [ ] SEP/SARSEP             [ ] -----------------------------------------

 [ ] 401(k)                 [ ] -----------------------------------------

 [ ] Profit Sharing         [ ] -----------------------------------------

 [ ] Qualified Pension Plan

 [ ] Money Purchase Plan

                                        3

<PAGE>

Objective

 Investment Objective (Please select one):

 [ ] Preservation of capital   [ ] Income   [ ] Income & Growth

 [ ] Long-Term Growth

 -----------------------------------------------------------------------------
Financial Profile

 Approx. annual earnings

 [ ]
 -----------------------------------------------------------------------------
 Total annual income (all sources)

 [ ]
 -----------------------------------------------------------------------------
 Approx. liquid net worth (,000)

 [ ]<$100  [ ]$101-$499  [ ]$500-$999  [ ]$1,000-$5,000  [ ]$5,000-$9,999
 [ ]>$10,000
 -----------------------------------------------------------------------------
 Approx. total net worth (,000)

 [ ]<$100  [ ]$101-$499  [ ]$500-$999  [ ]$1,000-$5,000  [ ]$5,000-$9,999
 [ ]>$10,000
 -----------------------------------------------------------------------------
Certificates

Series 703 Certificate [  ]
Series 705 Certificate [  ]
Series 707 Certificate [  ]
Series 710 Certificate [  ]

Principal Investment  $--------------------------------------------------------
                        (Minimum $1,000; Minimum $5,000 for quarterly interest)

Please indicate how interest income is to be disbursed:
 [ ]Compound [ ]Paid Annually [ ]Paid Quarterly
 [ ]Paid Monthly

-----------------------------------------------------------------------------
RECEIPT OF PROSPECTUS; SUITABILITY
      I have received,  read, and agree to the terms of the current prospectus
      for each  Certificate for which I am applying.  I have the authority and
      legal  capacity to purchase  the  Certificate(s),  am of legal age in my
      state, and believe each investment is suitable for me.

                                        4

<PAGE>

CANCELING MY ORDER
      I understand  that I may cancel,  without  penalty,  my  investment in a
      Certificate within 10 days after the date of purchase. I understand that
      I will  not  earn  any  interest  on any  canceled  Certificate.  I also
      understand  that  it is the  Company's  policy  to  return  my  canceled
      investment within 30 days of my cancellation request.

ACCEPTANCE OF APPLICATION
      I understand that acceptance of my application is at the sole discretion
      of SBM  Certificate  Company and that you may reject my application  for
      any reason.

TELEPHONE INSTRUCTIONS
      I do __ do not ___ authorize SBM Certificate Company, its affiliates and
      agents to act on any telephone  instructions  believed to be genuine.  I
      understand   that  SBM  Certificate   Company  will  employ   reasonable
      procedures to confirm that  instructions  communicated  by telephone are
      genuine,  and agree that if it does,  neither it nor its  affiliates and
      agents shall be liable for any claims,  losses,  or expenses  (including
      legal  fees)  for  acting  on  any  instructions   believed  genuine.  I
      acknowledge  that all  telephone  instructions  given  pursuant  to this
      authorization  are subject to the conditions set forth in the prospectus
      for each Certificate.

 ---------------------------                      ---------------------------
 Applicant's Signature                            Joint Applicant's Signature

 -----------------------------------------------------------------------------
W-9 Certification

 Substitute W-9 Certification
 Under penalties of perjury, I certify by signing below that:

 (i)  On this application, I provided you with my correct Taxpayer
      Identification Number; and
 (ii) I am not  subject to backup  withholding  - because

      (a) I have not been
      notified by the IRS that I am subject to backup withholding due to under
      reporting of interest or dividents; or

      (b) the IRS has notified me that I am no longer subject to backup
      withholding

 I certify that the information on this page is accurate and complete. I agree
 to be bound by the terms and conditions on the reverse side of this page.

                                       5

<PAGE>

RETURN TO SBM Certificate Company

REPRESENTATIVE CERTIFICATION
      By signing below, the Registered Rep/ Agent certifies that:

      (a)   The  questions  contained  in this  application  were asked of the
            applicant and the answers duly recorded:  that this application is
            complete and true to the best of my knowledge and belief;
      (b)   and I am NASD registered and state licensed for Investment Company
            Products where this application is written and delivered;
      (c)   Clients  provided  $--------------------  as the initial  purchase
            payment.

 ---------------------------                      ---------------------------
 Representatives Name (Please Print)              Name of Broker/ Dealer

 ---------------------------                      ---------------------------
 Representative's Signature                       Representative's Phone #

Application accepted by SBM Certificate Company:  ----yes  ---- no

By:-----------------------------------
   Authorized Officer

                            SBM Certificate Company
                       CERTIFICATE TERMS AND CONDITIONS

      If we accept your  application,  the following terms and conditions will
      govern the face-amount certificate ("Certificate") that we issue to you.

1.    DEFINITIONS

      As used  herein,  the terms  "you" and "your"  refer to the owner of the
      Certificate;  the terms "we," "us",  our" and the "Company" refer to SBM
      Certificate Company.

                                        6

<PAGE>

2.    FACE-AMOUNT

      The face-amount of your Certificate  equals the amount of your principal
      Investment  at the  Effective  Date or at the  time  of a new  Guarantee
      Period.

3.    EFFECTIVE DATE

      We  will  credit  your  initial  principal  investment  and  issue  your
      Certificate on the date we accept your application.

4.    ADDITIONAL PRINCIPAL INVESTMENTS

      We  do  not  accept   additional   principal   investments   under  your
      Certificate.

5.    MATURITY DATE

      Series 703,  Series 705, Series 707 and Series 710  Certificates  mature
      30, 30, 28 and 30 years after their  respective  Effective Dates. On the
      Maturity  Date, we will pay you the account value  ("Account  Value") of
      your Certificate.  At any time, your Account Value equals your principal
      investments,  plus all accrued interest, less any withdrawals previously
      taken  and  less  applicable  fees,  charges  and  penalties  previously
      assessed.

6.    GUARANTEE PERIODS

      The  Guarantee  Periods for a Series 703,  Series 705,  Series 707,  and
      Series  710  Certificates   are  three,   five,  seven  and  ten  years,
      respectively.  The interest rate on a  Certificate  is locked in for the
      Guarantee  Period.  You can surrender your Certificate at the end of its
      Guarantee Period and incur no deferred sales or surrender charges and no
      reduced interest rate.

7.    INTEREST

      We will credit  interest  monthly on the amount of interest that accrues
      on your Account Value.  Accrued interest will compound annually based on
      a 30-day month and a 360-day year.  The minimum  interest rate ("Minimum
      Interest  Rate")  that we will  credit to your  Certificate  is 2.5% per
      year. The interest rate  applicable to your  Certificate  will vary from
      Guarantee Period to Guarantee Period.  The applicable  interest rate for
      your initial  Guarantee Period will be the rate in effect on the date we
      accept your  application  and receive your  principal  investment at our
      offices.  For any subsequent  principal  investments made, we will apply
      the interest  rate in effect for the current  Guarantee  Period in which
      you are invested.  You will begin earning interest on the Effective Date
      of your Certificate.

                                        7

<PAGE>

      We will establish the interest rates applicable to your Certificate from
      time  to  time in our  sole  discretion,  provided,  however,  that  the
      interest  rate for each  Guarantee  Period  will  never be less than the
      minimum interest rate of 2.5%.

8.    WITHDRAWALS AND SURRENDER

      You may withdraw  all or a portion of your  original  investment  at any
      time.  Any  amounts  you  withdraw  before the end of the  Certificate's
      Guarantee  Period will earn a reduced rate of interest  that the Company
      predeclares.

      The Company assesses a deferred sales charge if you withdraw some or all
      of your account value prior to the end of your  Certificate's  Guarantee
      Period.  A  withdrawal  charge  will be  assessed  and  charged  to your
      remaining  account  value or, in the case of a complete  surrender,  the
      amount withdrawn, according to the following schedule:

     SALES CHARGE APPLIED TO AMOUNT WITHDRAWN
      YEAR OF GUARANTEE
      PERIOD        1     2    3    4    5    6    7    8    9    10
      Series 703    6%    6%   5%
      Series 705    8%    8%   7%   6%   5%
      Series 707    9%    9%   9%   8%   7%   6%   5%
      Series 710   10%   10%  10%  10%  10%   9%   8%   7%   6%    5%

        The  minimum  amount you may  withdraw is $1,000.  The minimum  amount
        remaining  must be at least  $1,000,  if you  chose  to have  interest
        compounded  to maturity or paid  annually,  and at least $5,000 if you
        chose to have interest paid quarterly.  If the amount  remaining would
        be less than these  minimums,  you will  receive  your entire  account
        value, less the deferred sales charge.

9.    SURRENDER VALUE

      Upon surrender of your  Certificate  prior to its maturity,  we will pay
      you your Certificate's  surrender value ("Surrender  Value"),  which, at
      any time, equals your Account Value immediately prior to surrender, less
      any applicable fees and charges assessable at the time of surrender.  In
      no event  will  your  Surrender  Value be less than the  minimum  amount
      prescribed  by  Section 28 of the  Investment  Company  Act of 1940,  as
      amended (the "Act").

10.   LOANS

      You may  borrow  up to 50% of your  Account  Value for a term of up to 5
      years or the Maturity  Date of your  Certificate,  whichever is earlier.
      Loans are subject to an annual interest charge of up to 6% of the amount

                                        8
<PAGE>

      withdrawn,  but are not subject to the withdrawal  charge.  You will not
      earn interest on the amount  borrowed.  We will treat a loan that you do
      not repay as a  permanent  withdrawal.  We will  assess the  penalty for
      early withdrawal that would have applied at the time of withdrawal.

11.   DEFERRED PAYMENT

      We may, at our option, defer any payment to you for a period of not more
      than 30 days and, in that event, interest shall accrue on any payment or
      payments  due to you for the  period of such  deferment  at the  Minimum
      Interest Rate.

12.   MAINTENANCE OF RESERVES

      Your  Certificate is not secured by any particular asset of the Company.
      However, to support our obligations under your Certificate and all other
      Certificates  that we issue,  we maintain  reserves in the amount and in
      assets of the type  prescribed by the Act. For purposes of computing the
      reserves under your  Certificate,  the minimum  maturity  amount of your
      Certificate equals the face-amount of your Certificate,  and no interest
      is payable or deemed payable until actually earned and credited.

13.   EXCHANGING CERTIFICATES

      You may not exchange your Certificate for any other Certificate.

14.   TRANSFERRING OWNERSHIP

      To transfer ownership of your Certificate, you must submit a completed a
      transfer request form to us.

15.   MISCELLANEOUS

      Your  Certificate  carries  no  voting  rights  and is not  entitled  to
      participate  in any  dividends  that our Board of Directors may declare.
      The  minimum  and  maximum   amounts   applicable   to  your   principal
      investment(s)  and withdrawals  appear on your Certificate  application.
      The minimum  maturity or face-amount of your  Certificate,  your Account
      Value,  your Surrender  Value and other relevant data will appear on the
      periodic  account  statements  that we will send to you.  These  account
      statements  are  incorporated  herein to the extent  necessary to comply
      with applicable law.

                                        9

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