Defined Asset Funds [Logo] Merrill Lynch
Select Ten Series Report April 1996
SUMMARY
LAST YEAR, YOU INVESTED IN THE EQUITY INCOME FUND SELECT TEN PORTFOLIO (1995
SPRING SERIES B) AS PART OF A FINANCIAL STRATEGY WITH A FOCUS ON TOTAL
RETURN. NEXT MONTH, THE PORTFOLIO CONCLUDES AND THE NEW 1996 SERIES B
PORTFOLIO BEGINS. THIS REPORT CONTAINS IMPORTANT INFORMATION ABOUT YOUR
INVESTMENT.
ACTION REQUIRED
Please contact your Financial Consultant by May 17, 1996 to discuss your
options below:
o You can reinvest into the new 1996 Series B Fund at a reduced sales
charge.
o You may choose to take the full cash value at the close of the Fund.
Your Financial Consultant can provide you with a free prospectus containing
more complete information, including sales charges and expenses. Please read
it carefully before you invest. If you choose not to contact your Financial
Consultant, your portfolio will be liquidated and you will receive a cash
distribution shortly after the termination of the Fund.
PORTFOLIO STRATEGY
The portfolio strategy for the Select Ten Series is to:
(1) Buy the ten highest dividend-yielding stocks ("Strategy Stocks"),
in the Dow Jones Industrial Average (DJIA).
(2) Hold the Strategy Stocks for approximately one year.
(3) After one year, reposition your portfolio to include the new
Strategy Stocks for the next one-year period.
PORTFOLIO PERFORMANCE
Performance for Select Ten Series B through March 31, 1996 was as follows:
Total return for the 1995 Series B Portfolio since its May 10, 1995 inception
date was 23.33%.
Cumulative total return for Series B since its March 17, 1991 inception,
including all rollovers, was 96.62%.
Average annualized total return for Series B since its March 17, 1991
inception, including all rollovers, was 14.89%.
These returns are as of March 31, 1996 and are after all sales charges and
expenses. Your actual investment performance will vary depending upon the
timing of the purchase and sale and their respective prices. Past performance
is no guarantee of future results.
The name, "Dow Jones Industrial Average," is the property of Dow Jones &
Company, Inc., which has not participated in any way in the creation of the
Fund or the selection of its stocks and is unaffiliated with the Fund.
Information contained herein is subject to completion or amendment. A
registration statement relating to these securities has been filed with the
Securities and Exchange Commission. These securities may not be sold, nor may
offers to buy be accepted, prior to the time the registration statement
becomes effective. This letter shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
such state.
