AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON DECEMBER 20, 1995
REGISTRATION NO. 2-94667
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- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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POST-EFFECTIVE AMENDMENT NO. 10
TO
FORM S-6
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FOR REGISTRATION UNDER THE SECURITIES ACT
OF 1933 OF SECURITIES OF UNIT INVESTMENT
TRUSTS REGISTERED ON FORM N-8B-2
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A. EXACT NAME OF TRUST:
DEFINED ASSET FUNDS--
CORPORATE INCOME FUND
PREFERRED STOCK PUT SERIES--4
(A UNIT INVESTMENT TRUST)
B. NAMES OF DEPOSITORS:
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
SMITH BARNEY INC.
PRUDENTIAL SECURITIES INCORPORATED
DEAN WITTER REYNOLDS INC.
PAINEWEBBER INCORPORATED
C. COMPLETE ADDRESSES OF DEPOSITORS' PRINCIPAL EXECUTIVE OFFICES:
MERRILL LYNCH, PIERCE,
FENNER & SMITH
INCORPORATED
DEFINED ASSET FUNDS
POST OFFICE BOX 9051
PRINCETON, N.J.
08543-9051 SMITH BARNEY INC.
388 GREENWICH
STREET--23RD FLOOR
NEW YORK, NY 10013
PRUDENTIAL SECURITIES PAINEWEBBER INCORPORATED DEAN WITTER REYNOLDS INC.
INCORPORATED 1285 AVENUE OF THE TWO WORLD TRADE
ONE SEAPORT PLAZA AMERICAS CENTER--59TH FLOOR
199 WATER STREET NEW YORK, N.Y. 10019 NEW YORK, N.Y. 10048
NEW YORK, N.Y. 10292
D. NAMES AND COMPLETE ADDRESSES OF AGENTS FOR SERVICE:
TERESA KONCICK, ESQ. LAURIE A. HESSLEIN DOUGLAS LOWE, ESQ
P.O. BOX 9051 388 GREENWICH ST. 130 LIBERTY STREET--29TH
PRINCETON, N.J. NEW YORK, N.Y. 10013 FLOOR
08543-9051 NEW YORK, N.Y. 10006
COPIES TO:
LEE B. SPENCER, JR. ROBERT E. HOLLEY PIERRE DE SAINT PHALLE,
ONE SEAPORT PLAZA 1200 HARBOR BLVD. ESQ.
199 WATER STREET WEEHAWKEN, N.J. 07087 450 LEXINGTON AVENUE
NEW YORK, N.Y. 10292 . NEW YORK, N.Y. 10017
The issuer has registered an indefinite number of Units under the Securities Act
of 1933 pursuant to Rule 24f-2 and filed the Rule 24f-2 Notice for the most
recent fiscal year on February 17, 1995.
Check box if it is proposed that this filing will become effective on December
29, 1995 pursuant to paragraph (b) of Rule 485. / x /
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<PAGE>
DEFINED ASSET FUNDSSM
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CORPORATE INCOME FUND The objective of this Defined Fund is to provide
PREFERRED STOCK dividend income and minimize loss of capital by
PUT SERIES--4 investing in a portfolio of Preferred Stocks
(A UNIT INVESTMENT issued primarily by domestic public utility
TRUST) companies including telecommunications issuers.
- ------------------------------In the opinion of counsel, substantially all of
- -- MONTHLY INCOME the dividend income on the Preferred Stocks, when
- -- COLLATERALIZED PURCHASE received by the Fund and distributed to Holders,
COMMITMENTS will constitute dividends for Federal income tax
purposes which are eligible for the
dividends-received deduction for corporations. See
Taxes. The Preferred Stocks are supported by
collateralized non-recourse purchase commitments
of the Seller, which should significantly reduce
fluctuations in the value of the Units. There is
no assurance that these objectives can be met
because they are subject to the financial
condition of the issuers of the Preferred Stocks
and upon the Seller's continuing ability to meet
its obligations under its purchase commitments.
Furthermore, the market value of the underlying
Securities, and therefore the value of the Units,
will fluctuate with changes in interest rates and
other factors.
Minimum purchase in individual transactions: One
Unit
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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: PART A OF THIS PROSPECTUS MAY NOT BE DISTRIBUTED
Merrill Lynch, UNLESS ACCOMPANIED BY CORPORATE INCOME FUND
Pierce, Fenner & Smith PROSPECTUS PART B.
Incorporated INVESTORS SHOULD READ BOTH PARTS OF THIS
Smith Barney Inc. PROSPECTUS CAREFULLY AND RETAIN THEM FOR FUTURE
Prudential Securities REFERENCE.
Incorporated INQUIRIES SHOULD BE DIRECTED TO THE TRUSTEE AT
Dean Witter Reynolds Inc. 1-800-221-7771.
PaineWebber Incorporated PROSPECTUS DATED DECEMBER 29, 1995.
<PAGE>
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Def ined Asset FundsSM
Defined Asset Funds is America's oldest and largest family of unit investment
trusts, with over $100 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 portfolios
o Corporate portfolios
o Government portfolios
o Equity portfolios
o International 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.
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Defining Your Portfolio
- ----------------------------------------------------------------
The Portfolio contains 27 preferred stocks primarily issued by public utility
companies including telecommunications companies. The stocks included in the
Portfolio were acquired from The Dime Savings Bank of New York, FSB (the
'Seller'), a federally chartered savings bank. All of the Preferred Stocks were
originally acquired by the Seller in the ordinary course of its business and
held in its investment portfolio prior to sale to Sponsors. The Sponsors believe
that the Securities together with the purchase commitments will be readily
marketable to institutions and other investors should it be necessary for the
Trustee to sell Securities to meet redemption of Units. Investment in the Fund
should be made with an understanding of the nature of preferred stocks (see Risk
Factors--Preferred Stock Put Series in Part B). Investing in the Portfolio,
rather than in only one or two of the underlying stocks, is a way to diversify
your investment, even though the Portfolio is concentrated in a single industry.
The Fund was created on April 25, 1985. The information in this prospectus is as
of September 30, 1995, the evaluation date.
PURCHASE COMMITMENTS
To provide liquidity, the Seller has committed to purchase on each Semi-Annual
Purchase Date, any Preferred Stocks if required to satisfy redemption of Units
(a 'Liquidity Purchase'). This purchase commitment is designed to minimize, in
comparison with other preferred stock, the risk of capital depreciation while
maintaining the potential for capital appreciation. The Preferred Stocks are
also supported by Default Purchase, Insolvency Purchase and Disposition Purchase
commitments designed to stabilize your capital investment (see Risk Factors--
Preferred Stock Put Series in Part B).
COLLATERAL
The collateral securing the Purchase Commitments may consist of mortgage backed
securities issued by GNMA (Ginnie Maes), FNMA (Fannie Maes) or FHLMC (Freddie
Macs); mortgages; municipal obligations; corporate obligations; U.S. government
securities; and cash.
MONTHLY INCOME DISTRIBUTIONS
Monthly distributions of dividends are payable on the 25th of the month to
holders of record on the 10th day of the month. In order to meet certain tax
requirements, a special distribution of income including capital gains, may be
paid to holders of record as of a date in December. Any capital gain net income
will generally be distributed after the end of the year.
It is expected that the proceeds of the sale or redemption of securities will
not be distributed but will be reinvested in additional securities. To the
extent these proceeds are available for distribution, they will be distributed
on the next distribution day.
TAXES
Distributions which are taxable as ordinary income to Holders will constitute
dividends for Federal income tax purposes and may, subject to certain
limitations, be eligible for the dividends-received deduction for certain
corporations (see Taxes).
SEMI-ANNUAL PURCHASE DATES
June 17 and December 17 of each year.
FINAL DISPOSITION DATE
June 17, 2005.
MANDATORY TERMINATION DATE
The Portfolio will terminate by June 17, 2005. 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 face amount or stated value of the
Securities. On the evaluation date, the value of the Portfolio was 22% of the
face amount or stated value of the Securities.
A-2
<PAGE>
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Defining Your Risks
- ----------------------------------------------------------------
The Portfolio is considered to be 'concentrated' in Preferred Stocks of public
utility companies and is therefore dependent on revenues from those particular
activities. (See Risk Factors in Part B.)
Unit price fluctuates with the value of the Portfolio, and the value of the
Portfolio will be affected by changes in the financial condition of the issuers,
changes in the public utility industry, general economic conditions, movements
in interest rates generally, the impact of the Sponsors' purchase and sale of
the securities and other factors. Further distributions of income on the
underlying securities will generally depend upon the payment of dividends by the
issuers, and there can be no assurance that the issuers of securities will pay
dividends. Therefore, there is no guarantee that the objective of the Portfolio
will be achieved. Also, the value of equity securities issued by utilities,
because of their higher yields, might be more adversely affected by a reduction
in the dividends-received deduction than equity securities generally.
The amount realized by investors upon sale or redemption of Units may be less
than the price paid for the Units. However, because of the Seller's Liquidity
Purchase commitment on each Semi-Annual Purchase Date at a predetermined price
(the 'Put Price'), the Sponsors anticipate that the bid side evaluation of a
Security on each Semi-Annual Purchase Date will at least equal the Put Price of
that Security but will not necessarily equal the offering side evaluation of
that Security on the Date of Deposit. During the six-month period prior to each
Semi-Annual Purchase Date, the bid side evaluation of each Security may
fluctuate but should approach the Put Price of that Security as each Semi-Annual
Purchase Date approaches.
It is anticipated that the perpetual Preferred Stocks and certain of the sinking
fund Preferred Stocks will be sold by the Trustee on various disposition dates
ending June 17, 2005 if they can be sold for prices in excess of their Put
Prices on such dates. Otherwise these Preferred Stocks will be purchased on the
Final Disposition Date at their Put Prices in accordance with the Seller's
Disposition Purchase commitments. The perpetual Preferred Stocks, which have no
sinking fund provisions, will be sold from the Fund in a series of dispositions
until the Final Disposition Date. The Trustee will sell from the Fund, subject
to the right of first refusal of the Seller, perpetual Preferred Stocks whose
market values, without related Liquidity Purchase commitments and Disposition
Purchase commitments, exceed their Put Prices at the time set for disposition.
The maximum amount of perpetual Preferred Stocks to be disposed of in this way
will be 10% of the original face amount of these Preferred Stocks in each year.
The actual volume of dispositions in any period is unpredictable, since it
depends on the market values of these Preferred Stocks. There is a substantial
possibility that the market values of Preferred Stocks exclusive of the value of
the related Liquidity Purchase commitments and Disposition Purchase commitments
will never exceed their Put Prices, and there will be no such disposition.
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. 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.
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Defining Your Investment
- ----------------------------------------------------------------
PUBLIC OFFERING PRICE PER UNIT $238.58
The Public Offering Price as of September 30, 1995, the evaluation date, is
based on the aggregate bid side value of the underlying securities ($11,454,535)
and any cash held to purchase securities, divided by the number of units
outstanding (48,252). The Public Offering Price on any subsequent date will
vary. The underlying securities are valued by an independent evaluator at 3:30
p.m. Eastern time on every business day.
PLACEMENT FEE
In addition to the portfolio supervision, administrative and bookkeeping fees
shown below under Defining Your Costs, the Sponsors also receive a quarterly
placement fee from the Seller in an amount equal to .250% of the Put Price (see
Underwriters' and Sponsors' Profits in Part B).
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Defining Your Costs
- ----------------------------------------------------------------
ESTIMATED ANNUAL FUND OPERATING EXPENSES
Amount per
Unit
---------------
Trustee's Fee $ 0.01
Maximum Portfolio Supervision, Bookkeeping and
Administrative Fees $ 0.06
---------------
TOTAL $ 0.07
SELLING YOUR INVESTMENT
You may sell or redeem your units at any time prior to the termination of the
Portfolio. Your price will be based on the then current net asset value (based
on the lower, bid side value of the securities, as determined by an independent
evaluator), plus principal cash if any. The redemption and secondary market
repurchase price as of the evaluation date was $237.39 per unit ($1.19 per unit
less than the Public Offering Price).
A-3
<PAGE>
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Taxes
- ----------------------------------------------------------------
The following replaces 'Taxes' in Part B
TAXATION OF THE FUND
The Fund intends to qualify for and elect the special tax treatment applicable
to 'regulated investment companies' under Sections 851-855 of the Internal
Revenue Code of 1986, as amended (the 'Code'). Qualification and election as a
'regulated investment company' involve no supervision of investment policy or
management by any government agency. If the Fund qualifies as a 'regulated
investment company' and distributes to investors 90% or more of its taxable
income without regard to its net capital gain (net capital gain is defined as
the excess of net long-term capital gain over short-term capital loss), it will
not be subject to Federal income tax on the portion of its taxable income
(including any net capital gain) it distributes to investors in a timely manner.
In addition, the Fund will not be subject to the 4% excise tax on certain
undistributed income of 'regulated investment companies' to the extent it
distributes to investors in a timely manner at least 98% of its taxable income
(including any net capital gain). It is anticipated that the Fund will not be
subject to Federal income tax or the excise tax because the Indenture requires
the distribution of the Fund's taxable income (including any net capital gain)
in a timely manner. Although all or a portion of the Fund's taxable income
(including any net capital gain) for a calendar year may be distributed shortly
after the end of the calendar year, such a distribution will be treated for
Federal income tax purposes as having been received by investors during the
calendar year.
DISTRIBUTIONS
Distributions to investors of the Fund's interest income and any net short-term
capital gain in any year will be taxable as ordinary income to investors to the
extent of the Fund's taxable income (without regard to any net capital gain) for
that year. Any excess will be treated as a return of capital and will reduce the
investor's basis in his Units and, to the extent that they exceed his basis,
will be treated as a gain from the sale of his Units as discussed below. It is
anticipated that substantially all of the distributions of the Fund's interest
income and any net short-term capital gain will be taxable as ordinary income to
investors.
Distributions that are taxable as ordinary income to investors will constitute
dividends for Federal income tax purposes. To the extent that distributions are
appropriately designated by the Fund and are attributable to dividends received
by the Fund from domestic issuers with respect to whose securities the Fund
satisfied the requirements for the dividends-received deduction, such
distributions will be eligible for the dividends-received deduction for
corporations (other than corporations such as 'S' corporations which are not
eligible for such deduction because of their special characteristics and other
than for purposes of special taxes such as the accumulated earnings tax and the
personal holding company tax).
The dividends-received deduction generally is 70%. However, Congress from time
to time considers proposals to reduce the rate, and enactment of such a proposal
would adversely affect the after-tax return to investors who can take advantage
of the deduction. Further, on December 7, 1995, the Clinton Administration
proposed reducing the dividends received deduction to 50% for dividends paid or
accrued after January 31, 1996. Investors are urged to consult their own tax
advisers.
Sections 246 and 246A of the Code contain additional limitations on the
eligibility of dividends for the corporate dividends-received deduction.
Depending upon the corporate investor's circumstances (including whether it has
a 45-day holding period for his Units and whether its Units are debt financed),
these limitations may be applicable to dividends received by an investor from
the Fund which would otherwise qualify for the dividends-received deduction
under the principles discussed above. Accordingly, investors should consult
their own tax advisers in this regard. A corporate investor should be aware that
the receipt of dividend income for which the dividends-received deduction is
available may give rise to an alternative minimum tax liability (or increase an
existing liability) because the dividend income will be included in the
corporation's 'adjusted current earnings' for purposes of the adjustment to
alternative minimum taxable income required by Section 56(g) of the Code.
Distributions of the Fund's net capital gain (designated as capital gain
dividends by the Fund) will be taxable to investors as long-term capital gain,
regardless of the time the Units have been held by an investor. An investor will
recognize taxable gain or loss if the investor sells or redeems his Units. Any
gain or loss arising from (or treated as arising from) the sale or redemption of
Units will be capital gain or loss, except in the case of a dealer. Capital
gains are currently taxed at the same rate as ordinary income. However, the
excess of net long-term capital gains over net short-term capital losses may be
taxed at a lower rate than ordinary income for certain noncorporate taxpayers. A
capital gain or loss is long-term if the asset is held for more than one year
and short-term if held for one year or less. However, any capital loss on the
sale or redemption of a Unit that an investor has held for six months or less
will be a long-term capital loss to the extent of any capital gain dividends
previously distributed to the investor by the Fund. The deduction of capital
losses is subject to limitations.
The Federal tax status of each year's distributions will be reported to
investors and to the Internal Revenue
A-4
<PAGE>
Service. The foregoing discussion relates only to the Federal income tax status
of the Fund and to the tax treatment of distributions by the Fund to U.S.
investors. Investors who are not U.S. citizens or residents should be aware that
distributions from the Fund generally will be subject to a withholding tax of
30%, or a lower treaty rate, and should consult their own tax advisers to
determine whether investment in the Fund is appropriate. Distributions may also
be subject to state and local taxation and investors should consult their own
tax advisers in this regard.
* * *
There are no regulations, published rulings or judicial decisions involving the
characterization for Federal income tax purposes of arrangements involving the
purchase of preferred stocks with purchase commitments that are substantially
the same as the Seller's purchase commitments with respect to the Securities.
However, Davis Polk & Wardwell, special counsel for the Sponsors, are of the
opinion that, under applicable law, the Fund will be treated as the owner of the
Securities for Federal income tax purposes, notwithstanding the existence of the
Seller's purchase commitments. (Neither the Fund nor the Sponsors have applied
for a ruling from the Internal Revenue Service regarding the ownership of the
Securities; the Internal Revenue Service has announced in Rev. Proc. 83-55, as
restated as part of Rev. Proc. 95-3, that it will not ordinarily issue advance
rulings or determination letters on the question of who is the true owner of
securities or participation interests therein where the purchaser has the
contractual right to cause the security or participation interest therein to be
purchased by either the seller or a third party; accordingly, there can be no
assurance that the Internal Revenue Service will agree with the conclusion
expressed herein or that it will not take actions which, if sustained, would
result in the Fund not being treated as the owner of the Securities for Federal
income tax purposes.)
The Fund may recognize capital gain upon the sinking fund or optional redemption
of Securities in an amount equal to the excess of the redemption price of the
Securities redeemed over the Fund's cost therefor (including any portion of such
cost allocable to the Seller's purchase commitment). The Fund may also recognize
capital gain if it sells a Security (pursuant to the Seller's purchase
commitment or otherwise). The existence of the Seller's purchase commitments
causes any capital gain realized by the Fund to constitute short-term capital
gain regardless of whether the Security redeemed or sold was held in excess of
the long-term capital gain holding period. Therefore, distributions of the
Fund's capital gain will constitute ordinary income dividends (not capital gain
dividends) to the extent of the Fund's taxable income for that year but will not
qualify for the dividends-received deduction for corporations.
Only the amount of the Fund's dividend distributions (exclusive of capital gain
dividends) which does not exceed the aggregate amount of dividends received by
the Fund from domestic corporations will qualify for the 70% dividends-received
deduction for corporations. Dividends received by the Fund will be considered
dividends for this purpose only if such dividends would qualify for the
dividends-received deduction for corporations pursuant to the rules generally
applicable to corporations under Section 246(c) of the Code. Although there are
no regulations, published rulings or judicial decisions involving the
eligibility for the dividends-received deduction in circumstances substantially
similar to those present here, it is the opinion of Davis Polk & Wardwell,
special counsel for the Sponsors, that the Fund will be considered to have a
holding period for the Securities of at least 45 days for purposes of Section
246(c) of the Code and that accordingly all dividends received by the Fund on
the Securities will qualify for the dividends-received deduction and thus will
be considered to be dividends for purposes of determining the amount of the
Fund's dividend distributions which will qualify for the dividends-received
deduction. Opinions of counsel, however, are not binding on the Internal Revenue
Service. The Internal Revenue Service could assert that because of the existence
of the Seller's purchase commitments, none of the dividends received by the Fund
will qualify for the dividends-received deductions under the rules generally
applicable to corporations and therefore that none of the dividends distributed
by the Fund will qualify for the dividends-received deduction. Although there
can be no assurance as to the outcome, it is the opinion of Davis Polk &
Wardwell that the Internal Revenue Service would not prevail if this issue were
properly presented to a court.
On December 7, 1995, the Clinton Administration proposed an amendment to the
Internal Revenue Code that effectively would deny the dividends received
deduction to taxpayers such as the Fund that have entered into arrangements that
would protect them from the risk of loss with respect to shares of stock. The
proposal would be effective for dividends paid or accrued after January 31,
1996.
It is likely that less than 100% of the Fund's dividend distributions will
qualify for the dividends-received deduction. The exact percentage of the Fund's
dividend distributions in a given year that will qualify for the
dividends-received deduction will depend on the expenses of the Fund for such
year and the amount of Securities redeemed or sold in the year and whether any
short-term capital gain results therefrom.
A-5
<PAGE>
DEFINED ASSET FUNDS - CORPORATE INCOME FUND,
PREFERRED STOCK PUT SERIES - 4
REPORT OF INDEPENDENT ACCOUNTANTS
The Sponsors, Trustee and Holders
of Defined Asset Funds - Corporate Income Fund,
Preferred Stock Put Series - 4:
We have audited the accompanying statement of condition of
Defined Asset Funds - Corporate Income Fund, Preferred Stock
Put Series - 4, including the portfolio, as of September 30,
1995 and the related statements of operations and of changes in
net assets for the years ended September 30, 1995, 1994 and
1993. These financial statements are the responsibility of the
Trustee. (See Note 5.) Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits 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 September 30, 1995, 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 audits provide 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 Defined Asset Funds - Corporate Income Fund,
Preferred Stock Put Series - 4 at September 30, 1995 and the
results of its operations and changes in its net assets for the
above-stated years in conformity with generally accepted
accounting principles.
DELOITTE & TOUCHE LLP
New York, N.Y.
December 4, 1995
D - 1
<PAGE>
DEFINED ASSET FUNDS - CORPORATE INCOME FUND,
PREFERRED STOCK PUT SERIES - 4
STATEMENT OF CONDITION
AS OF SEPTEMBER 30, 1995
TRUST PROPERTY:
Investment in marketable securities - at value
(cost $10,932,013)(Note 1)..................... $11,369,963
Dividend receivable.............................. 68,388
Cash............................................. 23,562
______________
Total trust property................. 11,461,913
LESS LIABILITY - Accrued expenses.................. 6,416
______________
NET ASSETS, REPRESENTED BY:
48,252 units of fractional undivided
interest outstanding (Note 3).................. $11,370,151
Undistributed net investment income.............. 85,346
_____________ $11,455,497
==============
UNIT VALUE ($11,455,497/48,252 units).............. $237.41
==============
See Notes to Financial Statements.
D - 2
<PAGE>
DEFINED ASSET FUNDS - CORPORATE INCOME FUND,
PREFERRED STOCK PUT SERIES - 4
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
..........Years Ended September 30,........
1995 1994 1993
__________________________________________
<S> <C> <C> <C>
INCOME:
Interest income.................................. $1,110,196 $1,558,716 $2,006,842
Trustee's fees and expenses...................... (2,107) (205) (258)
Sponsors' fees................................... (3,856) (2,738) (3,920)
__________________________________________
Net investment income............................ 1,104,233 1,555,773 2,002,664
__________________________________________
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Realized gain on securities sold
or redeemed.................................... 109,638 71,015
Unrealized appreciation (depreciation)
of investments................................. (90,745) (465,271) 185,231
__________________________________________
Net realized and unrealized gain (loss)
on investments................................. 18,893 (394,256) 185,231
__________________________________________
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS.................................. $1,123,126 $1,161,517 $2,187,895
==========================================
</TABLE>
See Notes to Financial Statements.
D - 3
<PAGE>
DEFINED ASSET FUNDS - CORPORATE INCOME FUND,
PREFERRED STOCK PUT SERIES - 4
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
...........Years Ended September 30,........
1995 1994 1993
__________________________________________
<S> <C> <C> <C>
OPERATIONS:
Net investment income............................ $ 1,104,233 $ 1,555,773 $ 2,002,664
Realized gain on securities sold
or redeemed.................................... 109,638 71,015
Unrealized appreciation (depreciation)
of investments................................. (90,745) (465,271) 185,231
__________________________________________
Net increase in net assets resulting
from operations................................ 1,123,126 1,161,517 2,187,895
__________________________________________
DISTRIBUTIONS TO HOLDERS (Note 2):
Income........................................... (1,122,825) (1,531,143) (1,984,274)
Principal........................................ (5,981,318) (7,321,459) (1,391,691)
__________________________________________
Total distributions.............................. (7,104,143) (8,852,602) (3,375,965)
__________________________________________
CAPITAL SHARE TRANSACTIONS - Redemptions of 803
units............................................ (290,453)
__________________________________________
NET DECREASE IN NET ASSETS......................... (5,981,017) (7,981,538) (1,188,070)
NET ASSETS AT BEGINNING OF YEAR.................... 17,436,514 25,418,052 26,606,122
__________________________________________
NET ASSETS AT END OF YEAR.......................... $11,455,497 $17,436,514 $25,418,052
==========================================
PER UNIT:
Income distributions during year................. $23.27 $31.32 $40.45
==========================================
Principal distributions during year.............. $123.96 $149.25 $28.37
==========================================
Net asset value at end of year................... $237.41 $361.36 $518.15
==========================================
TRUST UNITS OUTSTANDING AT END OF YEAR............. 48,252 48,252 49,055
==========================================
</TABLE>
See Notes to Financial Statements.
D - 4
<PAGE>
DEFINED ASSET FUNDS - CORPORATE INCOME FUND,
PREFERRED STOCK PUT SERIES - 4
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 as determined by the Evaluator
based on bid side evaluations for the securities. 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 date.
2. DISTRIBUTIONS
A distribution of net investment income is made to Holders each
month. Receipts other than interest, after deductions for
redemptions and applicable expenses, are distributed as explained
in "Income, Distributions and Reinvestment - Distributions" in
this Prospectus, Part B.
3. NET CAPITAL
<TABLE>
<S> <C>
Cost of 48,252 units at Date of Deposit................................... $47,627,675
_______________
Net amount applicable to Holders.......................................... 47,627,675
Redemptions of units - net cost of 4,906 units redeemed
less redemption amounts................................................. 2,196,988
Realized gain on securities sold or redeemed.............................. 1,213,010
Principal distributions................................................... (40,105,472)
Unrealized appreciation of investments.................................... 437,950
_______________
Net capital applicable to Holders......................................... $11,370,151
===============
</TABLE>
4. INCOME TAXES
As of September 30, 1995, unrealized appreciation of investments,
based on cost for Federal income tax purposes, aggregated
$437,950, all of which related to appreciated securities. The cost
of investment securities for Federal income tax purposes was
$10,932,013 at September 30, 1995.
D - 5
<PAGE>
DEFINED ASSET FUNDS - CORPORATE INCOME FUND,
PREFERRED STOCK PUT SERIES - 4
NOTES TO FINANCIAL STATEMENTS
5. CHANGE OF TRUSTEE
On March 1, 1995, The Bank of New York assumed all of the Trustee
responsibilities from Investors Bank & Trust Company.
D - 6
<PAGE>
DEFINED ASSET FUNDS - CORPORATE INCOME FUND,
PREFERRED STOCK PUT SERIES - 4
PORTFOLIO
AS OF SEPTEMBER 30, 1995
<TABLE>
<CAPTION>
Indicated Optional
Portfolio No. and Title of Number of Par(P) or Stated(S) Dividend Rate Redemption
Securities(3) Shares Value Per Share Total Per Annum Provisions(2)(4) Cost Value(1)
_____________ _____________ ___________________ ________ ____________ _________________ ______ ________
<S> <C> <C> <C> <C> <C> <C> <C>
1 Baltimore Gas & Electric Co., 5,846 $100.000(P) $ 584,600 5.400% Currently $ 417,527 $ 470,111
5.40% Pfd. Stk., Ser. D
2 Baltimore Gas & Electric Co., 2,923 100.000(P) 292,300 7.780 Currently 295,223 305,675
7.78% Cumulative Preferred
Stock, 1973 Ser.
3 Carolina Power & Light 1,850 100.000(S) 185,000 5.440 Currently 133,109 135,278
Company, $5.44 Ser. Cumulative
Preferred Stock
4 Central Power & Light Co., 7.12% 5,000 100.000(P) 500,000 7.120 Currently 470,995 505,000
Pfd. Stk.
5 Commonwealth Edison Company, 585 100.000(S) 58,500 8.400 Currently 59,085 61,419
$8.40 Cumulative Preference Stock
6 Commonwealth Edison, $7.24 7,000 100.000(S) 700,000 7.240 Currently 670,516 693,608
Cumulative Preferred Stock Ser. E
7 Consumer Power Company, $7.76 5,000 100.000(P) 500,000 7.760 Currently 511,050 519,455
Cumulative Preferred Stock, Ser. G
8 Duke Power Co, 6.72% Cum. Pfd. 1,000 100.000(P) 100,000 6.720 Currently 88,902 101,491
Stk., Ser. E
9 GTE California, Inc. 5% Cum. Pfd. 7,308 20.000(P) 146,160 5.000 Currently 96,647 104,139
Stk.
10 GTE California, Inc. 7.48% Cum. 16,000 100.000(P) 1,600,000 7.480 Currently 1,583,472 1,647,200
Pfd. Stk.
</TABLE>
D - 7
<PAGE>
DEFINED ASSET FUNDS - CORPORATE INCOME FUND,
PREFERRED STOCK PUT SERIES - 4
PORTFOLIO
AS OF SEPTEMBER 30, 1995
<TABLE>
<CAPTION>
Indicated Optional
Portfolio No. and Title of Number of Par(P) or Stated(S) Dividend Rate Redemption
Securities(3) Shares Value Per Share Total Per Annum Provisions(2)(4) Cost Value(1)
_____________ _____________ ___________________ ________ ____________ _________________ ______ ________
<S> <C> <C> <C> <C> <C> <C> <C>
11 Gulf Power Co., 7.52% Pfd. Stk. 6,000 100.000(P) $ 600,000 7.520% Currently $ 596,976 $ 606,706
12 Illinois Power Co., 8.24% Cum. 877 50.000(P) 43,850 8.240 Currently 45,516 47,199
Pfd. Stk.
13 Indianapolis Power & Light Co., 351 100.000(P) 35,100 8.200 Currently 35,451 36,804
8.20% Cum. Pfd. Stk.
14 Iowa Electric Light & Power, 6.10% 2,500 50.000(S) 125,000 6.100 Currently 100,864 105,000
Cum. Pfd. Stk.
15 Massachusetts Electric Co., Cum. 2,923 100.000(P) 292,300 4.440 Currently 171,601 191,336
Pfd. Stk., 4.44% Ser.
16 J Ray Mcdermott & Co., Inc., Ser. B 2,817 31.250(S) 88,031 2.600 Currently 88,031 90,271
$2.60 Cum. Pfd. Stk.
17 Mississippi Power & Light Co., 7.44% 5,000 100.000(P) 500,000 7.440 Currently 492,185 509,133
Pfd. Stk.
18 New York State Electric & Gas 1,100 100.000(P) 110,000 6.480 Currently 94,296 97,647
Corporation, 6.48% Serial Preferred
Stock
19 Northern Indiana Public Svc. Co., 5,000 100.000(P) 500,000 7.500 Currently 496,160 505,000
7.50% Cum. Pfd. Stk.
20 Ohio Edison Company, 7.24% 4,500 100.000(P) 450,000 7.240 Currently 431,046 438,072
Cumulative Preferred Stock
21 Ohio Edison Company, 7.36% 10,000 100.000(P) 1,000,000 7.360 Currently 973,780 1,007,314
Preferred Stock
</TABLE>
D - 8
<PAGE>
DEFINED ASSET FUNDS - CORPORATE INCOME FUND,
PREFERRED STOCK PUT SERIES - 4
PORTFOLIO
AS OF SEPTEMBER 30, 1995
<TABLE>
<CAPTION>
Indicated Optional
Portfolio No. and Title of Number of Par(P) or Stated(S) Dividend Rate Redemption
Securities(3) Shares Value Per Share Total Per Annum Provisions(2)(4) Cost Value(1)
_____________ _____________ ___________________ ________ ____________ _________________ ______ ________
<S> <C> <C> <C> <C> <C> <C> <C>
22 Ohio Power Co., 4.40% Pfd. Stk. 500 100.000(P) $ 50,000 4.400% Currently $ 29,089 $ 30,959
23 Public Service Elec. & Gas Co., 2,700 100.000(P) 270,000 4.080 Currently 145,638 150,659
4.08% Cum. Pfd. Stk.
24 Public Service Elec. & Gas Co., 512 100.000(P) 51,200 5.050 Currently 34,195 35,372
5.05% Cum. Pfd. Stk.
25 Public Service Electric & Gas 10,000 100.000(P) 1,000,000 7.700 Currently 1,007,900 1,043,159
Company, 7.70% Cumulative Preferred
Stock
26 Southwestern Public Service Co., 17,500 100.000(P) 1,750,000 8.000 Currently 1,767,500 1,832,669
8.00% Cum. Pfd. Stk.
27 Texas Util. Elec. Co., $7.20 Cum. 1,000 100.000(S) 100,000 7.200 Currently 95,259 99,287
Pfd. Stk.
____________ ___________
TOTAL $10,932,013 $11,369,963
=========== ===========
</TABLE>
See Notes to Portfolio.
D - 9
<PAGE>
DEFINED ASSET FUNDS - CORPORATE INCOME FUND,
PREFERRED STOCK PUT SERIES - 4
NOTES TO PORTFOLIO
AS OF SEPTEMBER 30, 1995
(1) See Notes to Financial Statements.
(2) Optional redemption provisions, which may be exercised in whole
or in part, are initially at prices of par plus a premium, then
subsequently at prices declining to par. Certain securities may
provide for redemption at par prior or in addition to any
optional or mandatory redemption dates or maturity, for example,
through the operation of a maintenance and replacement fund, if
proceeds are not able to be used as contemplated, the project is
condemned or sold or the project is destroyed and insurance
proceeds are used to redeem the securities. Many of the
securities are also subject to mandatory sinking fund redemption
commencing on dates which may be prior to the date on which
securities may be optionally redeemed. Sinking fund redemptions
are at par and redeem only part of the issue. Some of the
securities have mandatory sinking funds which contain optional
provisions permitting the issuer to increase the principal amount
of securities called on a mandatory redemption date. The sinking
fund redemptions with optional provisions may, and optional
refunding redemptions generally will, occur at times when the
redeemed securities have an offering side evaluation which
represents a premium over par. To the extent that the securities
were acquired at a price higher than the redemption price, this
will represent a loss of capital when compared with the Public
Offering Price of the Units when acquired. Distributions will
generally be reduced by the amount of the income which would
otherwise have been paid with respect to redeemed securities and
there will be distributed to Holders any principal amount and
premium received on such redemption after satisfying any redemption
requests for Units received by the Fund. The estimated current
return may be affected by redemptions. The tax effect on Holders of
redemptions and related distributions is described under "Taxes" in
this Prospectus, Part B.
(3) All preferred stocks in the Fund were acquired from The Dime Savings
Bank of New York (the Seller), a Federally chartered savings bank.
The Seller has agreed to repurchase any securities sold by it to the
Fund under specified circumstances. For additional information about
such arrangements, see "Investment Summary - Risk Factors" and "Risk
Factors - Preferred Stock Put Series" in Parts A and B, respectively,
of this Prospectus.
D - 10
<PAGE>
DEFINED ASSET FUNDS - CORPORATE INCOME FUND,
PREFERRED STOCK PUT SERIES - 4
NOTES TO PORTFOLIO
AS OF SEPTEMBER 30, 1995
(4) It is anticipated that the perpetual Preferred Stocks and certain
of the sinking fund Preferred Stocks will be sold by the Trustee
on various disposition dates beginning June 17, 1995 and ending
June 17, 2005 if they can be sold for prices in excess of their
Put Prices on such dates. Otherwise these Preferred Stocks will
be sold on the Final Disposition Date (June 17, 2005 for all
Preferred Stocks) at their Put Prices in accordance with the
Seller's Disposition Purchase commitments. (See "Investment
Summary - Risk Factor" in this Prospectus, Part A.)
D - 11
<PAGE>
Defined
Asset FundsSM
SPONSORS: CORPORATE INCOME FUND
Merrill Lynch, PREFERRED STOCK PUT SERIES--4
Pierce, Fenner & Smith IncorporatedPROSPECTUS PART A
Defined Asset Funds This Prospectus does not contain all of the
P.O. Box 9051 information with respect to the investment
Princeton, N.J. 08543-9051 company set forth in its registration
(609) 282-8500 statement and exhibits relating thereto which
Smith Barney Inc. have been filed with the Securities and
Unit Trust Department Exchange Commission, Washington, D.C. under
388 Greenwich Street--23rd Floor the Securities Act of 1933 and the Investment
New York, NY 10013 Company Act of 1940, and to which reference
1-800-223-2532 is hereby made.
Prudential Securities Incorporated ------------------------------
One Seaport Plaza No person is authorized to give any
199 Water Street information or to make any representations
New York, N.Y. 10292 with respect to this investment company not
(212) 776-1000 contained in its registration statement and
Dean Witter Reynolds Inc. exhibits relating thereto; and any
Two World Trade Center--59th Floor information or representation not contained
New York, N.Y. 10048 therein must not be relied upon as having
(212) 392-2222 been authorized. This Prospectus shall not
PaineWebber Incorporated constitute an offer to sell or the
1200 Harbor Blvd. solicitation of an offer to buy nor shall
Weehawken, N.J. 07087 there be any sale of these securities in any
(201) 902-3000 State in which such offer solicitation or
EVALUATOR: sale would be unlawful prior to registration
Kenny S&P Evaluation Services, or qualification under the securities laws of
65 Broadway any such State.
New York, N.Y. 10006
TRUSTEE:
The Bank of New York
(a New York Banking Corporation)
Box 974--Wall Street Station
New York, N.Y. 10268-0974
1-800-221-7771
13780--12/95
<PAGE>
CORPORATE INCOME FUND
DEFINED ASSET FUNDS
CONTENTS OF REGISTRATION STATEMENT
This Post-Effective Amendment to the Registration Statement on Form S-6
comprises the following papers and documents:
The facing sheet of Form S-6.
The cross-reference sheet (incorporated by reference to the Cross-Reference
Sheet to the Cross-Reference Sheet to the Registration Statement on Form S-6 of
Defined Asset Funds Municipal Insured Series, 1933 Act File No. 33-54565).
The Prospectus.
The Signatures.
The following exhibits:
1.1.1--Form of Standard Terms and Conditions of Trust Effective as of
October 21, 1993 (incorporated by reference to Exhibit 1.1.1 to the
Registration Statement of Municipal Investment Trust Fund,
Multi-state Series--48, 1933 Act File No. 33-50247).
4.1 --Consent of the Evaluator.
5.1 --Consent of independent accountants.
9.1 --Information Supplement (incorporated by reference to Exhibit 9.1 to
the Registration Statement of Corporate Income Fund, Intermediate
Term Series 54, 1933 Act File No. 33-57973).
R-1
<PAGE>
DEFINED ASSET FUNDS--CORPORATE INCOME FUND
PREFERRED STOCK PUT SERIES--4
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THE REGISTRANT,
DEFINED ASSET FUNDS--CORPORATE INCOME FUND, PREFERRED STOCK PUT SERIES--4 (A
UNIT INVESTMENT TRUST), CERTIFIES THAT IT MEETS ALL OF THE REQUIREMENTS FOR
EFFECTIVENESS OF THIS REGISTRATION STATEMENT PURSUANT TO RULE 485(B) UNDER THE
SECURITIES ACT OF 1933 AND HAS DULY CAUSED THIS REGISTRATION STATEMENT OR
AMENDMENT TO THE REGISTRATION STATEMENT TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED THEREUNTO DULY AUTHORIZED IN THE CITY OF NEW YORK AND STATE OF NEW
YORK ON THE 20TH DAY OF DECEMBER, 1995.
SIGNATURES APPEAR ON PAGES R-3, R-4, R-5, R-6 AND R-7.
A majority of the members of the Board of Directors of Merrill Lynch,
Pierce, Fenner & Smith Incorporated has signed this Registration Statement or
Amendment to the Registration Statement pursuant to Powers of Attorney
authorizing the person signing this Registration Statement or Amendment to the
Registration Statement to do so on behalf of such members.
A majority of the members of the Board of Directors of Smith Barney Inc.
has signed this Registration Statement or Amendment to the Registration
Statement pursuant to Powers of Attorney authorizing the person signing this
Registration Statement or Amendment to the Registration Statement to do so on
behalf of such members.
A majority of the members of the Board of Directors of Prudential
Securities Incorporated has signed this Registration Statement or Amendment to
the Registration Statement pursuant to Powers of Attorney authorizing the person
signing this Registration Statement or Amendment to the Registration Statement
to do so on behalf of such members.
A majority of the members of the Board of Directors of Dean Witter Reynolds
Inc. has signed this Registration Statement or Amendment to the Registration
Statement pursuant to Powers of Attorney authorizing the person signing this
Registration Statement or Amendment to the Registration Statement to do so on
behalf of such members.
A majority of the members of the Executive Committee of the Board of
Directors of PaineWebber Incorporated has signed this Registration Statement or
Amendment to the Registration Statement pursuant to Powers of Attorney
authorizing the person signing this Registration Statement or Amendment to the
Registration Statement to do so on behalf of such members.
R-2
<PAGE>
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
DEPOSITOR
By the following persons, who constitute a majority of Powers of Attorney
the Board of Directors of Merrill Lynch, Pierce, have been filed
Fenner & Smith Incorporated: under
Form SE and the
following 1933 Act
File
Number: 33-43466
and 33-51607
HERBERT M. ALLISON, JR.
BARRY S. FREIDBERG
EDWARD L. GOLDBERG
STEPHEN L. HAMMERMAN
JEROME P. KENNEY
DAVID H. KOMANSKY
DANIEL T. NAPOLI
THOMAS H. PATRICK
JOHN L. STEFFENS
DANIEL P. TULLY
ROGER M. VASEY
ARTHUR H. ZEIKEL
By
ERNEST V. FABIO
(As authorized signatory for Merrill Lynch, Pierce,
Fenner & Smith Incorporated and
Attorney-in-fact for the persons listed above)
R-3
<PAGE>
PRUDENTIAL SECURITIES INCORPORATED
DEPOSITOR
By the following persons, who constitute a majority of Powers of Attorney
the Board of Directors of Prudential Securities have been filed
Incorporated: under Form SE and
the following 1933
Act File Number:
33-41631
ALAN D. HOGAN
GEORGE A. MURRAY
LELAND B. PATON
HARDWICK SIMMONS
By
WILLIAM W. HUESTIS
(As authorized signatory for Prudential Securities
Incorporated and Attorney-in-fact for the persons
listed above)
R-4
<PAGE>
SMITH BARNEY INC.
DEPOSITOR
By the following persons, who constitute a majority of Powers of Attorney
the Board of Directors of Smith Barney Inc.: have been filed
under the 1933 Act
File Number:
33-49753 and
33-51607
STEVEN D. BLACK
JAMES BOSHART III
ROBERT A. CASE
JAMES DIMON
ROBERT DRUSKIN
ROBERT F. GREENHILL
JEFFREY LANE
JACK L. RIVKIN
By GINA LEMON
(As authorized signatory for
Smith Barney Inc. and
Attorney-in-fact for the persons listed above)
R-5
<PAGE>
DEAN WITTER REYNOLDS INC.
DEPOSITOR
By the following persons, who constitute Powers of Attorney have been filed
a majority of under Form SE and the following 1933
the Board of Directors of Dean Witter Act File Number: 33-17085
Reynolds Inc.:
NANCY DONOVAN
CHARLES A. FIUMEFREDDO
JAMES F. HIGGINS
STEPHEN R. MILLER
PHILIP J. PURCELL
THOMAS C. SCHNEIDER
WILLIAM B. SMITH
By
MICHAEL D. BROWNE
(As authorized signatory for
Dean Witter Reynolds Inc.
and Attorney-in-fact for the persons listed above)
R-6
<PAGE>
PAINEWEBBER INCORPORATED
DEPOSITOR
By the following persons, who constitute Powers of Attorney have been filed
a majority of under
the Executive Committee of the Board the following 1933 Act File
of Directors of PaineWebber Number: 33-55073
Incorporated:
JOSEPH J. GRANO, JR.
DONALD B. MARRON
By
ROBERT E. HOLLEY
(As authorized signatory for
PaineWebber Incorporated
and Attorney-in-fact for the persons listed above)
R-7
EXHIBIT 4.1
KENNY S&P EVALUATION SERVICES
A Division of J.J. Kenny Co., Inc.
65 BROADWAY
NEW YORK, N.Y. 10006
TELEPHONE (212) 770-4422
FAX 212/797-8681
December 20, 1995
Frank A. Ciccotto
Vice President
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
Unit Investment Trust Division
P.O. Box 9051
Princeton, New Jersey 08543-9051
The Bank of New York
101 Barclay Street
New York, New York 10286
RE: DEFINED ASSET FUNDS--CORPORATE INCOME FUND,
PREFERRED STOCK PUT SERIES--4
Gentlemen:
We have examined the post-effective Amendment to the Registration Statement
File No. 2-94667 for the above-captioned trust. We hereby acknowledge that Kenny
S&P Evaluation Services, a division of J.J. Kenny Co., Inc. is currently acting
as the evaluator for the trust. We hereby consent to the use in the Amendment of
the reference to Kenny S&P Evaluation Services, a division of J.J. Kenny Co.,
Inc., as evaluator.
In addition, we hereby confirm that the ratings indicated in the
above-referenced Amendment to the Registration Statement for the respective
bonds comprising the trust portfolio are the ratings currently indicated in our
KENNYBASE database.
You are hereby authorized to file copies of this letter with the Securities
and Exchange Commission.
Sincerely,
FRANK A. CICCOTTO
Vice President
Exhibit 5.1
CONSENT OF INDEPENDENT ACCOUNTANTS
The Sponsors and Trustee of
Defined Asset Funds--Corporate Income Fund--Preferred Stock Put Series--4
We consent to the use in this Post-Effective Amendment No. 10 to Registration
Statement No. 2-94667 of our opinion dated December 4, 1995 appearing in the
Prospectus, which is part of such Registration Statement, and to the reference
to us under the heading 'Auditors' in such Prospectus.
DELOITTE & TOUCHE LLP
New York, N.Y.
December 20, 1995
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 10,932,013
<INVESTMENTS-AT-VALUE> 11,369,963
<RECEIVABLES> 68,388
<ASSETS-OTHER> 23,562
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,461,913
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,416
<TOTAL-LIABILITIES> 6,416
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,932,201
<SHARES-COMMON-STOCK> 48,252
<SHARES-COMMON-PRIOR> 48,252
<ACCUMULATED-NII-CURRENT> 85,346
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 437,950
<NET-ASSETS> 11,455,497
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,110,196
<OTHER-INCOME> 0
<EXPENSES-NET> 5,963
<NET-INVESTMENT-INCOME> 1,104,233
<REALIZED-GAINS-CURRENT> 109,638
<APPREC-INCREASE-CURRENT> (90,745)
<NET-CHANGE-FROM-OPS> 1,123,126
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,122,825
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 5,981,318
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (5,981,017)
<ACCUMULATED-NII-PRIOR> 103,938
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<PAGE>
DAVIS POLK & WARDWELL
450 LEXINGTON AVENUE
NEW YORK, NEW YORK 10017
(212) 450-4000
December 20, 1995
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Dear Sirs:
We hereby represent that the Post-Effective Amendments to the registered
unit investment trusts described in Exhibit A attached hereto do not contain
disclosures which would render them ineligible to become effective pursuant to
Rule 485(b) under the Securities Act of 1933.
Very truly yours,
Davis Polk & Wardwell
Attachment
<PAGE>
EXHIBIT A
<TABLE>
<CAPTION>
1933 ACT 1940 ACT
FUND NAME CIK FILE NO. FILE NO.
- --------- --- -------- --------
<S> <C> <C> <C>
DEFINED ASSET FUNDS-CS TELE-GLOBAL TRUST DAF 891837 33-49831 811-3044
DEFINED ASSET FUNDS-MITF IS-172 803829 33-42311 811-1777
DEFINED ASSET FUNDS-MITF IS-182 803854 33-48877 811-1777
DEFINED ASSET FUNDS-MITF IS-183 803856 33-48961 811-1777
DEFINED ASSET FUNDS- IS-195 DAF 803878 33-50003 811-1777
DEFINED ASSET FUNDS-MITF IS-212 804007 33-55463 811-1777
DEFINED ASSET FUNDS-CIF MPS-309 891282 33-48997 811-2295
DEFINED ASSET FUNDS-MITF MPS-501 803708 33-35912 811-1777
DEFINED ASSET FUNDS-MITF MPS-502 803709 33-36732 811-1777
DEFINED ASSET FUNDS- MPS-548 DAF 892772 33-55319 811-1777
DEFINED ASSET FUNDS-MITF MSS-16 891630 33-49033 811-1777
DEFINED ASSET FUNDS- MSS-47 DAF 895635 33-50067 811-1777
DEFINED ASSET FUNDS- MSS 48 DAF 895636 33-50247 811-1777
DEFINED ASSET FUNDS-MITF MSS 7T 847226 33-37210 811-1777
DEFINED ASSET FUNDS-CIF PSPS-4 758345 2-94667 811-2295
TOTAL: 15 FUNDS
</TABLE>
