<PAGE>
DEFINED ASSET FUNDSSM
- --------------------------------------------------------------------------------
EQUITY INVESTOR FUND The objective of this Defined Fund is total return
PREMIER WORLD PORTFOLIO through a combination of capital appreciation and,
(A UNIT INVESTMENT to a lesser extent, dividend income. It will hold
TRUST) for about three years a diversified portfolio of
- ------------------------------common stocks issued primarily by some of the
- -- PROFESSIONAL SELECTION largest non-U.S. companies with records of
- -- DIVERSIFICATION uninterrupted dividends over at least ten years.
- -- REINVESTMENT OPTION There is no assurance that the Fund's objective
will be achieved.
The value of units will fluctuate with the value
of the common stocks in the Portfolio and with the
value of the U.S. dollar relative to the various
foreign currencies in which the stocks in the
Portfolio pay dividends. No assurance can be given
that the underlying stocks will maintain or
continue to pay dividends or that these stocks or
Fund units will appreciate or not depreciate in
value.
Unless otherwise indicated, all amounts are stated
in U.S. dollars computed on the basis of the
exchange rates for the relevant currencies on the
evaluation date.
Minimum purchase: $250.
-------------------------------------------------
THESE SECURITIES HAVE NOT BEEN APPROVED OR
DISAPPROVED BY THE SECURITIES AND EXCHANGE
COMMISSION OR ANY STATE SECURITIES COMMISSION NOR
HAS THE COMMISSION OR ANY STATE SECURITIES
COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY
OF THIS DOCUMENT. ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE.
SPONSORS: -------------------------------------------------
Merrill Lynch, NOTE: PART A OF THIS PROSPECTUS MAY NOT BE
Pierce, Fenner & Smith DISTRIBUTED
Incorporated UNLESS ACCOMPANIED BY EQUITY INVESTOR FUND
Salomon Smith Barney Inc. PROSPECTUS, PART B. Inquiries should be directed
PaineWebber Incorporated to the Trustee at 1-800-221-7771.
Prudential Securities Prospectus dated November 27, 1998.
Incorporated INVESTORS SHOULD READ THIS PROSPECTUS CAREFULLY
Dean Witter Reynolds Inc. AND RETAIN IT FOR FUTURE REFERENCE.
<PAGE>
- --------------------------------------------------------------------------------
Defined Asset FundsSM
Defined Asset Funds is America's oldest and largest family of unit investment
trusts, with over $115 billion sponsored in the last 25 years. Each Defined
Asset Fund is a portfolio of preselected securities. The portfolio is divided
into 'units' representing equal shares of the underlying assets. Each unit
receives an equal share of income and principal distributions.
Defined Asset Funds offer several defined 'distinctives'. You know in advance
what you are investing in and that changes in the portfolio are limited - a
defined portfolio. Most defined bond funds pay interest monthly - defined
income. The portfolio offers a convenient and simple way to invest - simplicity
defined.
Your financial professional can help you select a Defined Asset Fund to meet
your personal investment objectives. Our size and market presence enable us to
offer a wide variety of investments. The Defined Asset Funds family offers:
o Municipal bond portfolios
o Corporate bond portfolios
o Government bond portfolios
o Equity portfolios
o International bond and equity portfolios
The terms of Defined Funds are as short as one year or as long as 30 years.
Special defined bond funds are available including: insured funds, double and
triple tax-free funds and funds with 'laddered maturities' to help protect
against changing interest rates. Defined Asset Funds are offered by prospectus
only.
- ----------------------------------------------------------------
Defining Your Portfolio
- ----------------------------------------------------------------
The 45 stocks represented in the Fund are issued primarily by companies that are
among the largest non-U.S. companies in annual revenue, with established records
of earnings and uninterrupted dividend payments over at least 10 years as of the
initial deposit--what are generally considered to be 'blue chip' stocks.
Investing in the Portfolio, rather than in only a few of the underlying stocks
diversifies your investment.
Based upon current market values, the following countries are represented in the
Portfolio:
APPROXIMATE
PORTFOLIO
PERCENTAGE
/ / France 18%
/ / United Kingdom 15
/ / Germany 14
/ / Netherlands 12
/ / Japan 11
/ / Switzerland 9
/ / Finland 7
/ / Spain 5
/ / Australia 3
/ / Canada 3
/ / Sweden 2
/ / Hong Kong 1
Based upon the principal business of each issuer and current market values, the
following industries are represented in the Portfolio:
APPROXIMATE
PORTFOLIO
PERCENTAGE
/ / Financial Services/Insurance/Banking 27%
/ / Utilities/Telecommunications 20
/ / Food/Beverage 10
/ / Machinery/Automotive/Aerospace 8
/ / Manufacturing 8
/ / Retail 8
/ / Chemical/Pharmaceutical 6
/ / Building Materials 3
/ / Natural Resources 3
/ / Oil 3
/ / Other 4
- ----------------------------------------------------------------
Defining Your Risks
- ----------------------------------------------------------------
The Portfolio is concentrated in financial services/insurance/banking stocks.
Each issuer is a foreign issuer. Investing in securities of foreign issuers
involves risks that are different from investing in securities of domestic
issuers. (See Risk Factors in Part B.)
The Portfolio may not be appropriate for investors who are unable or unwilling
to assume the increased risks involved generally with an international equity
investment. The Portfolio should be considered a vehicle for investing a portion
of your assets in foreign securities and not as a complete equity investment
program.
Unit price fluctuates with the value of the Portfolio, which could be affected
by changes in the financial condition of the issuers, changes in the economies
of the various countries represented in the Portfolio,
A-2
<PAGE>
currency exchange rate fluctuations, movements in stock prices generally, the
impact of the Sponsor's
purchase and sale of securities for the Portfolio and other factors. Therefore,
there is no guarantee that the objective of the Portfolio will be achieved.
Unlike a mutual fund, the Portfolio is not actively managed and the Sponsors
receive no management fee. Therefore, the adverse financial condition of an
issuer or any market movement in the price of a security will not necessarily
require the sale of securities from the Portfolio or mean that the Sponsors will
not continue to purchase the security in order to create additional Units.
Although the Portfolio is regularly reviewed and evaluated and Sponsors may
instruct the Trustee to sell securities under certain limited circumstances,
securities will not be sold to take advantage of market fluctuations or changes
in anticipated rates of appreciation.
- ----------------------------------------------------------------
Defining Your Investment
- ----------------------------------------------------------------
PUBLIC OFFERING PRICE PER 1,000 UNITS $1,243.68
The Public Offering Price as of July 31, 1998, the evaluation date, is based on
the aggregate value of the underlying securities ($66,570,097) and cash held to
purchase securities, divided by the number of units outstanding (55,040,361)
times 1,000, plus the initial sales charge. The Public Offering Price on any
subsequent date will vary. The underlying securities are valued by the Trustee
on the basis of their closing sale prices at 4:00 p.m. Eastern time on every
business day.
SALES CHARGES
The total sales charge for this investment combines an initial up-front sales
charge and a deferred sales charge that will be deducted from the net asset
value of the Portfolio quarterly on the 10th of each February, May, August and
November.
SEMI-ANNUAL INCOME DISTRIBUTIONS
You will receive distributions of dividend income on the 25th day of June and
December each year if you own Units on the 10th of those months. In order to
meet certain tax requirements, a special distribution of income, including
capital gains, may be declared for holders of record as of a date in December,
which special distribution will generally be paid after the end of the year.
A-3
<PAGE>
REINVESTMENT OPTION
You can elect to automatically reinvest your distributions into additional units
of the Portfolio subject only to the deferred sales charge remaining at the time
of reinvestment. Reinvesting helps to compound your income for a greater total
return.
TAXES
Distributions which are taxable as ordinary income to investors will constitute
dividends for Federal income tax purposes but will not be eligible for the
dividends-received deduction for certain corporations.
Noncorporate investors who have held their Units for more than one year may be
entitled to a 20% maximum federal tax rate for capital gains from the Fund. (As
a result of recent changes in law, the 18 months holding period discussed in
Part B no longer applies). Dividends received by the Fund will in most cases be
subject to foreign withholding taxes, which investors may be able to credit
against their Federal income tax liability. (See Taxes in Part B.) Foreign
holders should be aware that distributions from the Fund will generally be
subject to information reporting and withholding taxes.
TERMINATION DATE
The Portfolio will terminate by August 31, 2001. The final distribution will be
made within a reasonable time afterward. The Portfolio may be terminated earlier
if its value is less than 40% of the value of the securities when deposited.
A-4
<PAGE>
- ----------------------------------------------------------------
Defining Your Costs
- ----------------------------------------------------------------
SALES CHARGE
First-time investors pay a 2.75% sales charge when they buy. In addition, a
deferred sales charge of $1.625 per 1,000 units will be deducted from the
Portfolio's net asset value each quarter ($26.00 total). This deferred method of
payment keeps more of your money invested over a longer period of time. Although
this is a unit investment trust rather than a mutual fund, the following
information is presented to permit a comparison of fees and an understanding of
the direct or indirect costs and expenses that you pay.
As a %
of Initial Public Amount per
Offering Price 1,000 Units
----------------- ---------------
Maximum Initial Sales Charge 2.75% $ 34.20
Maximum Deferred Sales Charge 1.70% 21.13
----------------- ---------------
4.45% $ 55.33
----------------- ---------------
----------------- ---------------
Maximum Sales Charge Imposed on
Reinvested Dividends 1.44% $ 17.88
ESTIMATED ANNUAL FUND OPERATING EXPENSES
Amount per
1,000 Units
---------------
Trustee's Fee $ 0.84
Portfolio Supervision, Bookkeeping and
Administrative Fees $ 0.45
Organizational Expenses $ 0.58
Other Operating Expenses $ 2.53
---------------
TOTAL $ 4.40
This Portfolio (and therefore the investors) will bear all or a portion of its
organizational costs--including costs of preparing the registration statement,
the trust indenture and other closing documents, registering units with the SEC
and the states and the initial audit of the Portfolio--as is common for mutual
funds.
REDEEMING OR SELLING YOUR INVESTMENT
You may redeem or sell your units at any time prior to the termination of the
Portfolio. Your price will be based on the then current net asset value. The
redemption and secondary market repurchase price as of July 31, 1998 was
$1,209.48 per 1,000 units.
If you sell your units before the termination of the Portfolio, no further
deferred sales charges will be deducted.
A-4
EQUITY INVESTOR FUND,
PREMIER WORLD PORTFOLIO
DEFINED ASSET FUNDS
REPORT OF INDEPENDENT ACCOUNTANTS
The Sponsors, Trustee and Holders
of Equity Investor Fund,
Premier World Portfolio
Defined Asset Funds:
We have audited the accompanying statement of condition of Equity
Investor Fund, Premier World Portfolio Defined Asset Funds, including
the portfolio, as of July 31, 1998 and the related statements of
operations and of changes in net assets for the period August 8, 1997
to July 31, 1998. 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. Securities
owned at July 31, 1998, as shown in such portfolio, were
confirmed to us by 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 financial statements referred to above present
fairly, in all material respects, the financial position of Equity
Investor Fund, Premier World Portfolio, Defined Asset Funds at
July 31, 1998 and the results of its operations and changes in
its net assets for the above-stated period in conformity with generally
accepted accounting principles.
DELOITTE & TOUCHE LLP
New York, NY
November 10, 1998
D - 1
<PAGE>
EQUITY INVESTOR FUND,
PREMIER WORLD PORTFOLIO
DEFINED ASSET FUNDS
STATEMENT OF CONDITION
AS OF JULY 31, 1998
<TABLE>
<S> <C> <C>
TRUST PROPERTY:
Investment in marketable securities - at value
(cost $51,994,305) (Note 1)................... $66,570,097
Dividends receivable............................ 117,981
Deferred organization cost (Note 5)............. 98,200
Cash............................................ 848,664
_____________
Total trust property.................. 67,634,942
Less Liabilities:
Accrued expenses payable........................ $ 72,927
Other liabilities (Note 5)...................... 26,001 98,928
____________ _____________
NET ASSETS, REPRESENTED BY:
55,040,361 units of fractional undivided
interest outstanding (Note 3)................. 67,447,146
Undistributed net investment income............. 88,868
____________
$67,536,014
==============
UNIT VALUE ($67,536,014/55,040,361 units)......... $1.22703
==============
</TABLE>
See Notes to Financial Statements.
D - 2
<PAGE>
EQUITY INVESTOR FUND,
PREMIER WORLD PORTFOLIO
DEFINED ASSET FUNDS
STATEMENT OF OPERATIONS
<TABLE><CAPTION>
August 8,
1997
to
July 31,
1998
<S> <C>
INVESTMENT INCOME:
Dividend income................................. $ 1,125,075
Trustee's fees and expenses..................... (173,618)
Sponsors' fees ................................. (20,495)
______________
Net investment income........................... 930,962
______________
REALIZED AND UNREALIZED GAIN ON
INVESTMENTS:
Realized gain on securities sold ............... 700,388
Unrealized appreciation of investments.......... 14,575,792
______________
Net realized and unrealized gain on
investments................................... 15,276,180
______________
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS................................. $16,207,142
==============
</TABLE>
See Notes to Financial Statements.
D - 3
<PAGE>
EQUITY INVESTOR FUND,
PREMIER WORLD PORTFOLIO
DEFINED ASSET FUNDS
STATEMENT OF CHANGES IN NET ASSETS
<TABLE><CAPTION>
August 8,
1997
to
July 31,
1998
<S> <C>
OPERATIONS:
Net investment income........................... $ 930,962
Realized gain on securities sold
or redeemed.................................. 700,388
Unrealized appreciation of investments.......... 14,575,792
_____________
Net increase in net assets resulting
from operations.............................. 16,207,142
_____________
INCOME DISTRIBUTIONS TO HOLDERS (Note 2)......... (867,207)
_____________
CAPITAL SHARE TRANSACTIONS:
Issuance of 56,436,764 additional units
(Note 1)....................................... 54,263,317
Redemptions of 2,460,909 units................. (2,793,592)
Deferred sales charge.(Note 7)................. (264,206)
Organization costs............................. (32,733)
_____________
NET CAPITAL SHARE TRANSACTIONS.................... 51,172,786
_____________
NET INCREASE IN NET ASSETS........................ 66,512,721
NET ASSETS AT BEGINNING OF PERIOD................. 1,023,293
_____________
NET ASSETS AT END OF PERIOD....................... $67,536,014
=============
PER UNIT:
Income distributions during period.............. $.01627
=============
Net asset value at end of period................ $1.22703
=============
TRUST UNITS OUTSTANDING AT END OF PERIOD.......... 55,040,361
=============
</TABLE>
See Notes to Financial Statements.
D - 4
<PAGE>
EQUITY INVESTOR FUND,
PREMIER WORLD PORTFOLIO
DEFINED ASSET FUNDS
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
The Fund is registered under the Investment Company Act of 1940 as a Unit
Investment Trust. The following is a summary of significant accounting
policies consistently followed by the Fund in the preparation of its
financial statements. The policies are in conformity with generally
accepted accounting principles.
(a) Securities are stated at value: for securities listed on a national
securities exchange, value is based on the closing sale price on such
exchange and, for securities not so listed, value is based on current
bid price on the over-the-counter market. Realized gains or losses on
sales of securities are determined using the first-in, first-out cost
method. See "How to Sell Units - Trustee's Redemption of Units" in
this Prospectus, Part B.
(b) The Fund is not subject to income taxes. Accordingly, no provision for
such taxes is required.
(c) Dividend income is recorded on the ex-dividend dates.
2. DISTRIBUTIONS
A distribution of net investment income is made to Holders on the
twenty-fifth day of each month. Receipts other than dividends, after
deductions for redemptions and applicable expenses, are distributed
as explained in "Income, Distribution and Reinvestment - Distribution"
in this Prospectus, Part B.
3. NET CAPITAL
<TABLE>
<S> <C>
Cost of 55,040,361 units at Date of Deposit...................................... $52,914,952
Less sales charge including deferred sales charge................................ 293,141
____________
52,621,811
Redemptions of units - net cost of 2,460,909 units redeemed less redemption
amounts........................................................................ (418,112)
Realized gain on securities sold or redeemed..................................... 700,388
Net unrealized appreciation of investments....................................... 14,575,792
Organization expense............................................................. (32,733)
_______________
Net capital applicable to Holders.................................................. $67,447,146
===============
</TABLE>
D - 5
<PAGE>
EQUITY INVESTOR FUND,
PREMIER WORLD PORTFOLIO
DEFINED ASSET FUNDS
NOTES TO FINANCIAL STATEMENTS
4. INCOME TAX
As of July 31, 1998, net unrealized appreciation of investments, based
on cost for Federal income tax purposes, aggregated $14,575,792, of which
$3,237,938 related to depreciated securities and $17,813,730 related to
appreciated securities. The aggregate cost of investment securities for
Federal income tax purposes was $51,994,305 at July 31, 1998.
5. ORGANIZATION COSTS
Deferred organization costs are being amortized over the life of the Fund.
Included in "Other liabilities" in the accompanying Statement of Condition
is $26,001 payable to the Trustee for reimbursement of costs related to the
organization of the Trust.
6. REINVESTMENT PLAN
Holders may participate in the Fund's Reinvestment Plan, subject to its
terms, by filing an appropriate notice of election. See "Income,
Distribution and Reinvestment - Reinvestment" in this Prospectus, Part B.
7. DEFERRED SALES CHARGE
The deferred portion of the sales charge is $1.625 per 1,000 units payable
by the Fund on behalf of the investors out of net asset value of the Fund
quarterly on the 10th of each February, May, August and November, until
the Fund terminates.
D - 6
<PAGE>
EQUITY INVESTOR FUND
PREMIER WORLD PORTFOLIO
DEFINED ASSET FUNDS
PORTFOLIO
AS OF JULY 31, 1998
<TABLE><CAPTION>
Portfolio No. and Title of Number of
Securities Shares Cost Market Value(1)
<S> <C> <C> <C>
United Kingdom
1 Barclays PLC 50,000 $ 1,189,156 $ 1,428,700
2 Bass PLC (6) 75,711 1,155,751 1,227,551
3 British Aerospace PLC (2) 100,000 621,918 762,518
4 Diageo PLC (5) (7) 100,128 1,120,920 1,190,200
5 Imperial Chemicals Industries PLC 60,000 997,611 773,947
6 Inchcape PLC 225,000 1,031,850 648,426
7 Legal & General Group PLC 80,000 600,729 975,108
8 Lloyds TSB Group PLC 45,000 552,190 612,790
9 P & O Steam Navigation 100,000 1,066,552 1,560,957
10 Tesco PLC (8) 240,000 565,478 734,760
11 Wolseley PLC 80,000 628,028 457,184
Japan
12 Aisin Seiki Co., Ltd. 49,000 676,449 452,047
13 The Bank of Tokyo - Mitsubishi, Ltd. 49,000 913,570 488,983
14 Bridgestone Corporation 49,000 1,157,471 1,186,030
15 Honda Motor Co., Ltd. 49,000 1,592,384 1,826,487
16 Mitsubishi Corporation 49,000 500,168 304,979
17 Mitsui & Company 49,000 426,135 275,159
18 Takeda Chemical Industries 49,000 1,449,002 1,257,192
19 Toyota Motor Corporation 49,000 1,377,095 1,202,974
Netherlands
20 ABN Amro Holding N.V. 76,500 1,700,463 2,007,934
21 Aegon NV (1) 20,000 801,495 1,842,315
22 Buhrmann 30,600 736,632 745,150
23 Royal Dutch Petroleum Company 40,800 2,223,395 2,084,790
24 Unilever NV (2) 19,800 1,114,237 1,417,814
</TABLE>
D - 7
<PAGE>
EQUITY INVESTOR FUND
PREMIER WORLD PORTFOLIO
DEFINED ASSET FUNDS
PORTFOLIO
AS OF JULY 31, 1998
<TABLE><CAPTION>
Portfolio No. and Title of Number of
Securities Shares Cost Market Value(1)
<S> <C> <C> <C>
France
25 Compagnie de Saint Gobain 10,000 $ 1,500,887 $ 1,750,943
26 Credit Commercial de France 15,000 858,850 1,328,302
27 Pinault-Printemps-Redoute SA (3) 25,000 2,377,514 3,815,514
28 Societe Generale 20,000 2,831,548 4,816,772
Germany
29 Deutsche Telekom 90,000 1,964,241 2,622,047
30 Dresdner Bank AG 15,000 664,372 915,354
31 Mannesmann AG (4) 48,200 2,310,019 5,137,177
32 VEBA AG 10,000 582,464 590,551
Australia
33 Broken Hill Proprietary Company limited 58,800 729,590 476,269
34 Coles Myer Ltd. 98,000 483,060 365,538
35 Rio Tinto Limited 98,000 1,495,591 1,071,055
Switzerland
36 Nestle SA 1,000 1,318,574 2,076,459
37 Novartis AG 1,000 1,529,736 1,686,117
38 Zurich Versicherungs - Gesellschaft 2,500 1,031,052 1,985,245
Spain
39 Banco Santander SA (1) 50,000 720,788 1,414,376
40 Banco Santander SA Rights 50,000 0 1,987
41 Telefonica S.A. 45,000 1,205,314 2,197,085
Canada
42 Northern Telecom Limited (1) 40,000 2,046,650 2,350,000
Finland
43 Nokia AB- ADR (1) 50,000 2,141,094 4,356,250
</TABLE>
D - 8
<PAGE>
EQUITY INVESTOR FUND
PREMIER WORLD PORTFOLIO
DEFINED ASSET FUNDS
PORTFOLIO
AS OF JULY 31, 1998
<TABLE><CAPTION>
Portfolio No. and Title of Number of
Securities Shares Cost Market Value(1)
<S> <C> <C> <C>
Sweden
44 Telefonaktiebolage LM Ericcson 60,000 $ 1,351,538 $ 1,661,250
Hong Kong
45 HSBC Holdings PLC 20,000 652,744 487,811
___________ ___________
$51,994,305 $66,570,097
=========== ===========
(1) Adjusted for a 2 for 1 Stock split.
(2) Adjusted for a 4 for 1 Stock split.
(3) Adjusted for a 5 for 1 Stock split.
(4) Adjusted for a 10 for 1 Stock split.
(5) Adjusted for a .864 for 1 Consolidation.
(6) Adjusted for a 25 for 28 Consolidation.
(7) Name changed from Grand Metropolitan
(8) Received 2 shares for each 1 share held (200% issue)
</TABLE>
D - 9
<PAGE>
Defined
Asset FundsSM
SPONSORS: EQUITY INVESTOR FUND
Merrill Lynch, PREMIER WORLD PORTFOLIO
Pierce, Fenner & Smith Incorporated
Defined Asset Funds
P.O. Box 9051 This Prospectus does not contain all of the
Princeton, NJ 08543-9051 information with respect to the investment
(609) 282-8500 company set forth in its registration
Salomon Smith Barney Inc. statement and exhibits relating thereto which
Unit Trust Department have been filed with the Securities and
388 Greenwich Street--23rd Floor Exchange Commission, Washington, D.C. under
New York, NY 10013 the Securities Act of 1933 and the Investment
(212) 816-4000 Company Act of 1940, and to which reference
PaineWebber Incorporated is hereby made. Copies of filed material can
1200 Harbor Boulevard be obtained from the Public Reference Section
Weehawken, NJ 07087 of the Commission, 450 Fifth Street, N.W.,
(201) 902-3000 Washington, D.C. 20549 at prescribed rates.
Prudential Securities Incorporated The Commission also maintains a Web site that
One New York Plaza contains information statements and other
New York, NY 10292 information regarding registrants such as
(212) 778-6164 Defined Asset Funds that file electronically
Dean Witter Reynolds Inc. with the Commission at http://www.sec.gov.
Two World Trade Center--59th Floor ------------------------------
New York, NY 10048 No person is authorized to give any
(212) 392-2222 information or to make any representations
TRUSTEE: with respect to this investment company not
The Bank of New York contained in its registration statement and
Unit Investment Trust Department exhibits relating thereto; and any
P.O. Box 974 information or representation not contained
Wall Street Division therein must not be relied upon as having
New York, NY 10268-0974 been authorized.
1-800-221-7771 ------------------------------
When Units of this Fund are no longer
available this Prospectus may be used as a
preliminary prospectus for a future series,
in which case investors should note the
following:
Information contained herein is subject to
amendment. A registration statement relating
to securities of a future series 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 Prospectus 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 any such State.
11311--11/98
