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Defined Asset Funds [Registered]
Real Estate Income Fund Series 00A [7/20/00 - Current Offering] cusip: 29471Q473
Fund Overview
As of August 21, 2000
Closing NAV: 1.01136 Previous Close: 1.01450 Change -0.00314 % Change: -0.31000%
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The Objective:
The Portfolio seeks total return through capital appreciation and high current
income by investing for about one year in a selection of publicly traded equity
real estate investment trusts (REITs).
The Strategy:
The Portfolio's equity REITs were selected for their current divided yields as
well as their potential for capital appreciation and increasing dividends. The
Portfolio follows a disciplined investment strategy, selecting stocks and
holding them for a one-year period. However, each stock is reviewed regularly
and can be sold in the event of a significant adverse development. At the end
of one year, we intend to reapply the screening process to create a new
Portfolio. At that time, you can choose to roll your proceeds into the new
Portfolio, if available, or redeem your investment.
[A vertical risk bar color-codes various risk levels with blue corresponding to
the lowest risk and red to the highest. It is marked in the green-shaded area,
indicating low risk level].
Offered By:
This portfolio is offered by Merrill Lynch (RET00A), Paine Webber (RET00A),
Morgan Stanley Dean Witter (RET00A), Salomon Smith Barney (EIF00ARET).
Portfolio Holdings
Dividend information for the securities listed below is available in the
prospectus for this Fund. The offering, redemption and repurchase prices for
the Fund take into account expenses and sales charges. Therefore, you will not
be able to calculate these prices (or related performance information) with the
security prices and weightings listed below.
As of August 21, 2000
Security Symbol Price % of Portfolio
Simon Property Group Inc. SPG 24.06 4.26
Health Care Property Investors Inc. HCP 27.75 4.15
Prentiss Properties Trust PP 25.63 4.04
Liberty Property Trust LRY 27.88 4.01
Crescent Real Estate EQT Co. CEI 22.81 3.98
Equity Office Properties Trust EOP 29.94 3.98
First Industrial Realty Trust FR 30.00 3.82
Arden Realty Inc. ARI 26.88 3.79
Host Marriott Corporation HMT 10.88 3.67
Equity Residential Props TR EQR 50.63 3.64
Regency Realty Corporation REG 23.19 3.60
Taubman Centers Inc. TCO 11.13 3.57
Nationwide Health Pptys Inc. NHP 14.88 3.50
Archstone Communities Trust ASN 25.56 3.33
Gables Residential Trust GBP 27.63 3.21
Prologis Trust PLD 23.56 3.13
Duke-Weeks Realty Corporation DRE 24.44 3.11
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Weingarten Realty Investors WRI 41.63 3.11
Apartments Investment & Management AIV 46.06 3.06
Company
Highwoods Properties Inc. HIW 24.94 2.90
Spieker Properties Inc. SPK 55.31 2.76
Boston Properties, Inc. BXP 42.44 2.70
Vornado Realty Trust VNO 39.44 2.62
Reckson Associates Realty RA 25.81 2.57
AvalonBay Communities Inc. AVB 46.06 2.55
General Growth Properties GGP 33.56 2.51
Post Properties Inc. PPS 44.38 2.46
Kimco Realty Corporation KIM 40.63 2.36
AMB Property Corporation AMB 24.31 2.02
Smith Charles E Residential SRW 42.00 1.98
United Dominion Realty Trust UDR 11.13 1.91
Macerich Company MAC 21.75 1.87
Selection Methodology
Working with Portfolio Consultant Cohen & Steers, we select each REIT stock
based on research, including risk- adjusted potential returns, performance
under varying economic conditions, financial strength and flexibility, cash-
flow quality and growth potential. We also considered liquidity, yield and
diversification by category and geographic location.
Fees & Expenses
Defining Your Costs
First-time investors pay an initial sales charge of about 1% when they buy. In
addition, all investors pay a deferred sales charge of $15.00 per 1,000 units,
about 1.50%.
As a % of Amount Per
Public Offering Price 1,000 Units
Initial Sales Charge 1.00% $10.00
Deferred Sales Charge 1.50% $15.00
Maximum Sales Charge 2.50% $25.00
Creation and Development Fee
(as a % of net assets on date of deposit
- 7/20/00) 0.250% $ 2.48
Estimated Annual Expenses
(as a % of net assets on date of deposit) 0.456% $ 4.51
Estimated Organization Costs $ 2.03
If you sell your units before the termination date, the remaining balance of
your deferred sales charge will be deducted, along with the estimated costs of
selling Portfolio securities, from the proceeds you receive. If you roll over
to a successor Portfolio, if available, the initial sales charge on that
Portfolio will be waived. You will only pay the deferred sales charge on that
Portfolio.
Volume Purchase Discounts
For larger purchases, the overall sales charges are reduced to put more of your
investment dollars to work for you.
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If You Your Maximum Sales Charge
Invest: (as a % of your investment) Will Be:
Less than $50,000 2.50%
$50,000 to $99,999 2.25%
$100,000 to $249,000 1.75%
$250,000 to $999,999 1.50%
$1,000,000 or more 0.75%
Is this Fund appropriate for you?
Yes, if you're seeking total return through capital appreciation and high
dividend income. You may benefit from a professionally selected and supervised
portfolio whose risk is reduced by investing in equity securities drawn from
several major real estate sectors.
Risk Considerations
Please keep in mind the following factors when considering this investment.
Your financial professional will be happy to answer any questions you may have.
The Fund is concentrated in the REIT industry. Real estate stocks are subject
to various risks including changes in management, declining property values,
increasing costs, vacancy rates (reflecting both general economic conditions
and competition) and lack of liquidity of their investments. Shopping centers
and, to a lesser extent, regional malls could be adversely affected by
increasing Internet sales. Tenants of health-care REITs have been adversely
affected by legislation reducing Medicare reimbursement levels.
The Fund should not be considered a complete investment plan.
The value of your investment will fluctuate with the prices of the underlying
stocks. There can be no assurance that divided rates will be maintained or that
stock prices will not decrease.
There can be no assurance that the Portfolio will meet its objective.
Distributions and Taxes
Distribution Frequency (if any)
Twelve (12) per year
Reinvestment Options
By selecting the reinvestment option, you're choosing to have your
distributions used to purchase additional units of the fund (reinvestment). As
such, your investment will increase each distribution period, and because
distribution payments are based in part on the size of your investment, these
payments may increase proportionately. Taking part in the cycle of reinvestment
may compound the returns of your Defined Fund investment.
Tax Reporting
Generally, dividends and any net capital gains will be subject to tax each
year, whether or not reinvested. By holding this Fund for more than one year,
investors may be eligible for favorable Federal tax rates on net long-term
capital gains (currently no more than 20%). Please consult your tax advisor
concerning state and local taxation.
Trustee
The Bank of New York
Unit Investment Trust Department
PO Box 974
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Wall Street Division
New York, New York 10268-0974
1-800-221-7771
Defined Assets Funds [Registered] are established as Unit Investment Trusts. By
definition, a trust account requires a trustee. The trustee holds the trust
securities, ensuring their safekeeping until the trust is terminated. The
trustee is also responsible for recordkeeping, for collecting any interest or
dividend income and principal payments, and for distributing this money to
investors.
LINKS TO SPONSOR WEB SITES
Merrill Lynch Salomon Smith Barney PaineWebber Morgan Stanley Dean Witter
Not all strategies are appropriate at all times. The opinions expressed in this
site do not constitute investment advice. Independent advice should be sought
in cases of doubt.
For more complete information about any of the funds, including their risks,
fees, sales charges and other expenses, please download a prospectus for this
side, or obtain one free of charge from your financial professional. The
prospectus should be read carefully before you invest or send money.
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addition, the funds described here are not available to investors outside the
US. Defined Asset Funds are sold by prospectus only. The prospectus is not an
offer to sell or a solicitation of an offer to buy units in the funds, nor
shall any such units be offered or sold to any person in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction.
As a unitholder, you may receive taxable dividends and capital gains. Taxes on
these distributions can affect the returns you realize from your investment.
The Sponsors do not offer tax advice except to suggest that you consider the
impact of taxes and that you may want to consult with your tax advisor before
making any investment.
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