AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MARCH 31, 2000
REGISTRATION NO. 2-94964
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- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------------------------------
POST-EFFECTIVE AMENDMENT NO. 16
TO
FORM S-6
-------------------------------------
FOR REGISTRATION UNDER THE SECURITIES ACT
OF 1933 OF SECURITIES OF UNIT INVESTMENT
TRUSTS REGISTERED ON FORM N-8B-2
-------------------------------------
A. EXACT NAME OF TRUST:
DEFINED ASSET FUNDS--
MUNICIPAL INVESTMENT TRUST FUND
NEW YORK PUT SERIES 4
B. NAMES OF DEPOSITORS:
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
SALOMON SMITH BARNEY INC.
PRUDENTIAL SECURITIES INCORPORATED
DEAN WITTER REYNOLDS INC.
C. COMPLETE ADDRESSES OF DEPOSITORS' PRINCIPAL EXECUTIVE OFFICES:
<TABLE>
<S> <C> <C>
MERRILL LYNCH, PIERCE,
FENNER & SMITH
INCORPORATED
DEFINED ASSET FUNDS
POST OFFICE BOX 9051
PRINCETON, NJ 08543-9051 SALOMON SMITH BARNEY INC.
388 GREENWICH
STREET--23RD FLOOR
NEW YORK, NY 10013
</TABLE>
<TABLE>
<S> <C> <C>
PRUDENTIAL SECURITIES
INCORPORATED
ONE NEW YORK PLAZA
NEW YORK, NY 10292 DEAN WITTER REYNOLDS INC.
TWO WORLD TRADE
CENTER--59TH FLOOR
NEW YORK, NY 10048
</TABLE>
D. NAMES AND COMPLETE ADDRESSES OF AGENTS FOR SERVICE:
<TABLE>
<S> <C> <C>
TERESA KONCICK, ESQ.
P.O. BOX 9051
PRINCETON, NJ 08543-9051 MICHAEL KOCHMANN
388 GREENWICH ST.
NEW YORK, NY 10013
LEE B. SPENCER, JR. COPIES TO: DOUGLAS LOWE, EQ.
ONE NEW YORK PLAZA PIERRE DE SAINT PHALLE, DEAN WITTER REYNOLDS INC.
NEW YORK, NY 10292 ESQ. TWO WORLD TRADE
450 LEXINGTON AVENUE CENTER--59TH FLOOR
NEW YORK, NY 10017 NEW YORK, NY 10048
</TABLE>
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 March 11, 1999.
Check box if it is proposed that this filing will become effective on March 31,
2000 pursuant to paragraph (b) of Rule 485. /X/
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<PAGE>
DEFINED ASSET FUNDS--REGISTERED TRADEMARK--
------------------------------
----------------------
MUNICIPAL INVESTMENT TRUST FUND
NEW YORK PUT SERIES 4
(CAPITAL APPRECIATION)
(A UNIT INVESTMENT TRUST)
- PRIMARILY LONG TERM MUNICIPAL BONDS
- DESIGNED TO BE FREE OF REGULAR FEDERAL INCOME TAX
- MONTHLY INCOME DISTRIBUTIONS
SPONSORS:
MERRILL LYNCH,
PIERCE, FENNER & SMITH -----------------------------------------------------
INCORPORATED The Securities and Exchange Commission has not
SALOMON SMITH BARNEY INC. approved or disapproved these Securities or passed
DEAN WITTER REYNOLDS INC. upon the adequacy of this prospectus. Any
PRUDENTIAL SECURITIES representation to the contrary is a criminal offense.
INC. Prospectus dated March 31, 2000.
<PAGE>
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Defined Asset Funds--Registered Trademark--
Defined Asset Funds-Registered Trademark- is America's oldest and largest family
of unit investment trusts, with over $160 billion sponsored over the last 28
years. Defined Asset Funds has been a leader in unit investment trust research
and product innovation. Our family of Funds helps investors work toward their
financial goals with a full range of quality investments, including municipal,
corporate and government bond portfolios, as well as domestic and international
equity portfolios.
Defined Asset Funds offer a number of advantages:
- A disciplined strategy of buying and holding with a long-term view is the
cornerstone of Defined Asset Funds.
- Fixed portfolio: Defined Funds follow a buy and hold investment strategy;
funds are not managed and portfolio changes are limited.
- Defined Portfolios: We choose the stocks and bonds in advance, so you know
what you're investing in.
- Professional research: Our dedicated research team seeks out stocks or bonds
appropriate for a particular fund's objectives.
- Ongoing supervision: We monitor each portfolio on an ongoing basis.
No matter what your investment goals, tolerance for risk or time horizon,
there's probably a Defined Asset Fund that suits your investment style. Your
financial professional can help you select a Defined Asset Fund that works best
for your investment portfolio.
THE FINANCIAL INFORMATION IN THIS PROSPECTUS IS AS OF THE EVALUATION DATE,
NOVEMBER 30, 1999.
<TABLE>
<S> <C>
CONTENTS
PAGE
----
Risk/Return Summary.................. 3
What You Can Expect From Your
Investment......................... 6
Monthly Income..................... 6
Return Figures..................... 6
Records and Reports................ 6
The Risks You Face................... 6
Interest Rate Risk................. 6
Call Risk.......................... 6
Reduced Diversification Risk....... 7
Liquidity Risk..................... 7
Collateral Related Risk............ 7
Concentration Risk................. 7
State Concentration Risk............. 8
Litigation and Legislation Risks... 8
Selling or Exchanging Units.......... 8
Sponsors' Secondary Market......... 9
Selling Units to the Trustee....... 9
Exchange Option.................... 9
How The Fund Works................... 9
Pricing............................ 9
Evaluations........................ 9
Income............................. 10
Placement Fee...................... 10
Expenses........................... 10
Portfolio Changes.................. 11
Fund Termination................... 11
Certificates....................... 12
Trust Indenture.................... 12
Legal Opinion...................... 12
Auditors........................... 13
Sponsors........................... 13
Trustee............................ 13
Underwriters' and Sponsors'
Profits.......................... 13
Public Distribution................ 13
Code of Ethics..................... 13
Year 2000 Issues................... 14
Taxes................................ 14
Supplemental Information............. 15
Financial Statements................. D-1
</TABLE>
2
<PAGE>
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RISK/RETURN SUMMARY
<TABLE>
<C> <S>
1. WHAT ARE THE FUND'S OBJECTIVES?
- The Fund seeks interest income that is
exempt from regular federal income taxes
by investing in a fixed portfolio
consisting primarily of long term
municipal bonds with an estimated
average life of about 18 years, issued
by or on behalf of the State of New York
or its local governments and
authorities.
- The Fund seeks to reduce fluctuations in
the value of the bonds (and minimize the
risk of losing money) through the
repurchase commitments described below.
2. WHAT ARE MUNICIPAL REVENUE BONDS?
Municipal revenue bonds are bonds issued
by states, municipalities and public
authorities to finance the cost of
buying, building or improving various
projects intended to generate revenue,
such as airport, healthcare, housing and
municipal utilities. Generally, payments
on these bonds depend solely on the
revenues generated by the project,
excise taxes or state appropriations,
and are not backed by the government's
taxing power.
3. WHAT IS THE FUND'S INVESTMENT STRATEGY?
- The Fund plans to hold to maturity 19
collateralized tax-exempt municipal
bonds with an aggregate face amount of
$13,160,291.
- The Fund is a unit investment trust
which means that, unlike a mutual fund,
the Portfolio is not managed.
The Portfolio consists of municipal
bonds of the following types:
</TABLE>
<TABLE>
- General Obligation 2%
<C> <S>
- Housing 87%
- Municipal Water/Sewer Utilities 4%
- Refunded Bonds 7%
</TABLE>
<TABLE>
<C> <S>
- The approximate percentage of the Portfolio
backed by each Seller's repurchase
commitments is:
Dime Savings Bank 5%
Ridgewood Savings Bank
(New York, NY) 91%
First Union National Bank
(Rockland, NY) 4%
- The bonds were initially acquired from the
banks (the Sellers), which had held the
bonds in their own portfolios.
- Each Seller has agreed to repurchase from
time to time on annual Repurchase Dates
(January 29) any bonds sold by it to the
Fund if the Fund needs to sell bonds to meet
redemptions of units.
- Each Seller has agreed to repurchase on 14
days' notice any bonds sold by it to the
Fund if
-- the issuer of a bond fails to make
payments when due; or
-- the interest on a bond becomes taxable.
- Each Seller has committed to repurchase
immediately any bonds sold by it to the Fund
if insolvency proceedings are commenced by
or against the Seller, or if it fails to
meet its collateral requirements.
- Each Seller has also agreed to repurchase
its bonds on scheduled disposition dates.
- The collateral securing the Sellers'
repurchase commitments may include:
-- Ginnie Maes, Fannie Maes and Freddie
Macs;
-- mortgages;
-- municipal obligations;
-- corporate obligations;
-- U.S. government securities; and
-- cash.
- You should rely on the collateral for the
performance of the repurchase commitments
rather than on the financial position of the
Sellers.
</TABLE>
<TABLE>
<C> <S>
4. WHAT ARE THE SIGNIFICANT RISKS?
YOU CAN LOSE MONEY BY INVESTING IN THE
FUND. THIS CAN HAPPEN FOR VARIOUS
REASONS, INCLUDING:
- Rising interest rates, an issuer's
worsening financial condition or a
Seller's failure to meet its repurchase
commitments can reduce the price of your
units.
- Since the Fund is concentrated in housing
bonds adverse developments in this sector
may affect the value of your units.
- Assuming no changes in interest rates,
when you sell your units, they will
generally be worth less than your cost
because your cost included a sales fee.
- 100% of the bonds are currently callable.
</TABLE>
3
<PAGE>
<TABLE>
<C> <S>
ALSO, THE PORTFOLIO IS CONCENTRATED IN
NEW YORK BONDS SO IT IS LESS DIVERSIFIED
THAN A NATIONAL FUND AND IS SUBJECT TO
RISKS PARTICULAR TO NEW YORK, WHICH ARE
BRIEFLY DESCRIBED UNDER STATE
CONCENTRATION RISKS LATER IN THIS
PROSPECTUS.
5. IS THIS FUND APPROPRIATE FOR YOU?
Yes, if you want federally tax-free
income. You will benefit from a
professionally selected and supervised
portfolio whose risk is reduced by
investing in bonds backed by
collateralized repurchase commitments.
The Fund is NOT appropriate for you if
you want a speculative investment that
changes to take advantage of market
movements, if you do not want a
tax-advantaged investment or if you
cannot tolerate any risk.
</TABLE>
<TABLE>
<C> <S>
DEFINING YOUR INCOME
</TABLE>
<TABLE>
<C> <S> <C>
WHAT YOU MAY EXPECT (Payable on the 25th day
of the month to holders of record on the
10th day of the month):
Regular Monthly Income per 1,000 units $ 3.74
Annual Income per 1,000 units: $44.91
THESE FIGURES ARE ESTIMATES DETERMINED ON THE
EVALUATION DAY; ACTUAL PAYMENTS MAY VARY.
</TABLE>
<TABLE>
<C> <S>
6. WHAT ARE THE FUND'S FEES AND EXPENSES?
This table shows the costs and expenses you may pay,
directly or indirectly, when you invest in the Fund.
INVESTOR FEES
Maximum Sales Fee (Load) on
new purchases none
ESTIMATED ANNUAL FUND OPERATING EXPENSES
</TABLE>
<TABLE>
<CAPTION>
AMOUNT
PER 1,000 UNITS
---------------
<C> <S> <C>
$0.46
Trustee's Fee
$0.43
Portfolio Supervision
Bookeeping and Administrative
Fees (including updating
expenses)
$0.26
Evaluator's Fee
$0.36
Other Operating Expenses
-----
$1.51
TOTAL
</TABLE>
The Sponsor historically paid updating expenses.
<TABLE>
<C> <S>
7. IS THE FUND MANAGED?
Unlike a mutual fund, the Fund is not
managed and bonds are not sold because of
market changes. Rather, experienced
Defined Asset Funds financial analysts
regularly review the bonds in the Fund.
The Fund may sell a bond if certain
adverse credit or other conditions exist.
8. HOW DO I BUY UNITS?
The minimum investment is $250.
You can buy units from any of the
Sponsors and other broker-dealers. The
Sponsors are listed later in this
prospectus. Some banks may offer units
for sale through special arrangements
with the Sponsors, although certain legal
restrictions may apply.
UNIT PRICE PER 1,000 UNITS $630.05
(as of November 30, 1999)
Unit price is based on the net asset
value of the Fund. An amount equal to any
principal cash, as well as net accrued
but undistributed interest on the unit,
is added to the unit price. An
independent evaluator prices the bonds at
3:30 p.m. Eastern time every business
day. Unit price changes every day with
changes in the prices of the bonds in the
Fund.
9. HOW DO I SELL UNITS?
You may sell your units at any time to
any Sponsor or the Trustee for the net
asset value determined at the close of
business on the date of sale. You will
not pay any other fee when you sell your
units.
10. HOW ARE DISTRIBUTIONS MADE AND TAXED?
The Fund pays income monthly.
In the opinion of bond counsel when each
bond was issued, interest on the bonds in
this Fund is generally 100% exempt from
regular federal income tax.
You will also receive principal payments
if bonds are sold or called or mature,
when the cash available is more than
$5.00 per 1,000 units. You will be
subject to tax on any gain realized by
the Fund on the disposition of bonds.
11. WHAT IS THE CAPITAL APPRECIATION FEATURE
OF THIS FUND?
On each Annual Repurchase Date (January
29) you will receive additional units of
the Fund, reflecting your pro rata share
of the scheduled appreciation in the
value of the bonds resulting from
automatic increases in the prices at
which the puts will be exercised. These
additional units are distributed to you
each year at the rate of one unit per
dollar increase in the put price.
You will not realize gain or loss for tax
purposes until these additional units are
sold, and your tax cost and any gain must
be spread over your entire number of
units (the original units you bought and
the additional units distributed). When
your original units are eventually sold,
capital gains taxes must be paid on the
gain resulting from the reduction of the
per unit tax basis.
</TABLE>
4
<PAGE>
<TABLE>
<C> <S>
You may choose to sell or redeem some or
all of the additional units you receive
by notifying the Trustee IN WRITINGat
least 15 days prior to the Annual
Repurchase Date.
You may elect to have a percentage of the
units representing your expected federal
income tax bracket added to your account
each year, ready to pay approximately the
federal tax incurred when your remaining
units are sold. If you choose this
option, your remaining units would then
be sold on the Annual Repurchase Day.
Alternatively, you may choose to have all
of your additional units sold, in which
case the cash you receive would exceed
the amount of the increase in the value
of your units (net of taxes) because most
of the gain is allocated to the remaining
units.
12. WHAT OTHER SERVICES ARE AVAILABLE?
REINVESTMENT
You will receive your income in cash
unless you choose to compound your income
by reinvesting at no sales fee in the
Municipal Fund Investment Accumulation
Program, Inc. This Program is an open-end
mutual fund with a comparable investment
objective. Income from this Program will
generally be subject to state and local
income taxes. FOR MORE COMPLETE
INFORMATION ABOUT THE PROGRAM, INCLUDING
CHARGES AND FEES, ASK THE TRUSTEE FOR THE
PROGRAM'S PROSPECTUS. READ IT CAREFULLY
BEFORE YOU INVEST. THE TRUSTEE MUST
RECEIVE YOUR WRITTEN ELECTION TO REINVEST
AT LEAST 10 DAYS BEFORE THE RECORD DAY OF
AN INCOME PAYMENT.
</TABLE>
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TAX-FREE VS. TAXABLE INCOME: A COMPARISON OF TAXABLE AND TAX-FREE YIELDS
FOR NEW YORK CITY RESIDENTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COMBINED
EFFECTIVE
TAXABLE INCOME 2000* TAX RATE TAX-FREE YIELD OF
SINGLE RETURN JOINT RETURN % 4% 4.5% 5% 5.5% 6% 6.5%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IS EQUIVALENT TO A TAXABLE YIELD OF
<CAPTION>
TAXABLE INCOME 2000* TAX-FREE YIELD OF
SINGLE RETURN 7% 8%
<S> <C> <C> <C>
IS EQUIVALENT TO A
TAXABLE YIELD OF
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 0- 43,850 23.94 5.26 5.92 6.57 7.23 7.89 8.55 9.20
$ 0- 26,250 23.99 5.26 5.92 6.58 7.24 7.89 8.55 9.21
$ 26,251- 63,550 $ 43,851-105,950 35.65 6.22 6.99 7.77 8.55 9.32 10.10 10.88
$ 63,551-132,600 $105,951-161,450 38.33 6.49 7.30 8.11 8.92 9.73 10.54 11.35
$132,601-288,350 $161,451-288,350 42.80 6.99 7.87 8.74 9.62 10.49 11.36 12.24
OVER $288,350 OVER $288,350 46.02 7.41 8.34 9.26 10.19 11.12 12.04 12.97
<S> <C> <C>
9.86 10.52
$ 0- 26,250 9.87 10.52
$ 26,251- 63,550 11.66 12.43
$ 63,551-132,600 12.16 12.97
$132,601-288,350 13.11 13.99
OVER $288,350 13.89 14.82
</TABLE>
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FOR NEW YORK STATE RESIDENTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COMBINED
EFFECTIVE
TAXABLE INCOME 2000* TAX RATE TAX-FREE YIELD OF
SINGLE RETURN JOINT RETURN % 4% 4.5% 5% 5.5% 6% 6.5%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IS EQUIVALENT TO A TAXABLE YIELD OF
<CAPTION>
TAXABLE INCOME 2000* TAX-FREE YIELD OF
SINGLE RETURN 7% 8%
<S> <C> <C> <C>
IS EQUIVALENT TO A
TAXABLE YIELD OF
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 0- 26,250 $ $0- 43,850 20.82 5.05 5.68 6.31 6.95 7.58 8.21 8.84
$ 26,251- 63,550 $ 43,851-105,950 32.93 5.96 6.71 7.46 8.20 8.95 9.69 10.44
$ 63,551-132,600 $105,951-161,450 35.73 6.22 7.00 7.78 8.56 9.34 10.11 10.89
$132,601-288,350 $161,451-288,350 40.38 6.71 7.55 8.39 9.23 10.06 10.90 11.74
OVER $288,350 OVER $288,350 43.74 7.11 8.00 8.89 9.78 10.66 11.55 12.44
<S> <C> <C>
$ 0- 26,250 9.47 10.10
$ 26,251- 63,550 11.18 11.93
$ 63,551-132,600 11.67 12.45
$132,601-288,350 12.58 13.42
OVER $288,350 13.33 14.22
</TABLE>
To compare the yield of a taxable security with the yield of a tax-free
security, find your taxable income and read across. The table incorporates 2000
federal and applicable State (and City) income tax rates and assumes that all
income would otherwise be taxed at the investor's highest tax rate. Yield
figures are for example only.
*Based upon net amount subject to federal income tax after deductions and
exemptions. This table does not reflect the possible effect of other tax
factors, such as alternative minimum tax, personal exemptions, the phase out of
exemptions, itemized deductions or the possible partial disallowance of
deductions. Consequently, investors are urged to consult their own tax advisers
in this regard.
5
<PAGE>
WHAT YOU CAN EXPECT FROM YOUR INVESTMENT
MONTHLY INCOME
The Fund will pay you regular monthly income. Your monthly income may vary
because of:
- elimination of one or more bonds from the Fund's portfolio because of calls,
redemptions or sales;
- a change in the Fund's expenses; or
- the failure by a bond's issuer to pay interest.
Changes in interest rates generally will not affect your income because the
portfolio is fixed.
Along with your income, you will receive your share of any available bond
principal.
RETURN FIGURES
We cannot predict your actual return, which will vary with unit price, how long
you hold your investment and changes in the portfolio, interest income and
expenses.
ESTIMATED RETURN TO ANNUAL REPURCHASE DATE equals the percentage return to you
based on the Unit Price, the payments of income on the bonds and the expected
accretion of value related to the repurchase commitments. The return figure will
vary with changes in Fund expenses, in the value of the bonds and with the sale,
redemption and maturity of the bonds.
RECORDS AND REPORTS
You will receive:
- - a monthly statement of income payments and any principal payments;
- - a notice from the Trustee when new bonds are deposited in exchange or
substitution for bonds originally deposited;
- - an annual report on Fund activity; and
- - annual tax information. THIS WILL ALSO BE SENT TO THE IRS. YOU MUST REPORT THE
AMOUNT OF TAX-EXEMPT INTEREST RECEIVED DURING THE YEAR.
You may request:
- - copies of bond evaluations to enable you to comply with federal and state tax
reporting requirements; and
- - audited financial statements of the Fund.
You may inspect records of Fund transactions at the Trustee's office during
regular business hours.
THE RISKS YOU FACE
INTEREST RATE RISK
Investing involves risks, including the risk that your investment will decline
in value if interest rates rise. Generally, bonds with longer maturities will
change in value more than bonds with shorter maturities. Bonds in the Fund are
more likely to be called when interest rates decline. This would result in early
returns of principal to you and may result in early termination of the Fund. Of
course, we cannot predict how interest rates may change.
CALL RISK
All of the bonds in this Fund are currently callable by the issuer.
If the bonds are called, your income will decline and you may not be able to
reinvest the money you receive at as high a yield or as long a maturity. An
early call at par of a premium bond will reduce your return.
6
<PAGE>
REDUCED DIVERSIFICATION RISK
If many investors sell their units, the Fund will have to sell bonds. This could
reduce the diversification of your investment and increase your share of Fund
expenses.
LIQUIDITY RISK
You can always sell back your units, but we cannot assure you that a liquid
trading market will always exist for the bonds in the portfolio, especially
since current law may restrict the Fund from selling bonds to any Sponsor. The
bonds will generally trade in the over-the-counter market. The value of the
bonds, and of your investment, may be reduced if trading in bonds is limited or
absent.
COLLATERAL RELATED RISK
The Sponsors believe that the collateral is reasonably adequate to support the
repurchase commitments without regard to the ability of the Sellers to meet
these commitments.
You could have all or part of the principal amount of your investment returned
early if insolvency proceedings are commenced by or against a Seller. In that
case, the collateral agent will automatically foreclose on the collateral and,
if necessary, liquidate it and use the proceeds to purchase bonds from the Fund.
You would then receive your share of the proceeds.
The Sponsors have agreed that their sole recourse in the event a Seller fails to
repurchase the bonds as agreed, including as a result of the Seller's
insolvency, will be to exercise available remedies with respect to the
collateral on deposit with the Fund. If the collateral is not enough to cover
the costs resulting from the Seller's default, the Sponsors will be unable to
pursue any deficiency judgment against the Seller.
CONCENTRATION RISK
When a certain type of bond makes up 25% or more of the portfolio, it is said to
be "concentrated" in that bond type, which makes the Portfolio less diversified.
Here is what you should know about the Fund's concentration in housing bonds.
Multi-family housing revenue bonds and single family mortgage revenue bonds are
issued to provide financing for various housing projects. These bonds are
payable primarily from the revenue derived from mortgage loans to housing
projects for low to moderate income families or notes secured by mortgages on
residences. Repayment of these bonds is dependent upon, among other things:
- occupancy levels;
- rental income;
- the default rate on the underlying mortgage loans;
- the ability of mortgage insurers to pay claims;
- the continued availability of federal, state or local housing subsidiary
programs;
- economic conditions in local markets;
- construction costs;
- taxes;
- utility costs;
7
<PAGE>
- the level of operating expenses; and
- the managerial ability of project managers.
Housing bonds generally may be prepaid at any time. Therefore, their average
life will ordinarily be less then their stated maturity.
STATE CONCENTRATION RISK
NEW YORK RISKS
GENERALLY
For decades, New York's economy has trailed the rest of the nation. Both the
state and New York City have experienced long-term structural imbalances between
revenues and expenses, and have repeatedly relied substantially on non-recurring
measures to achieve budget balance. The pressures that contribute to budgetary
problems at both the state and local level include:
- the high combined state and local tax burden;
- a decline in manufacturing jobs, leading to above-average unemployment;
- sensitivity to the financial services industry; and
- dependence on federal aid.
STATE GOVERNMENT
The State government frequently has difficulty approving budgets on time. Budget
gaps of $3 billion and $5 billion are projected for the next two years. The
State's general obligation bonds are rated A by Standard & Poor's and A2 by
Moody's. There is $37 billion of state-related debt outstanding.
NEW YORK CITY GOVERNMENT
Even though the City had budget surpluses each year from 1981, budget gaps of
about $2 billion are projected for the 2001 and 2002 fiscal years. New York City
faces fiscal pressures from:
- aging public facilities that need repair or replacement;
- welfare and medical costs;
- expiring labor contracts; and
- a high and increasing debt burden.
The City requires substantial state aid, and its fiscal strength depends heavily
on the securities industry. Its general obligation bonds are rated A- by
Standard & Poor's and A3 by Moody's. $30.7 billion of combined City, MAC and PBC
debt is outstanding, and the City proposes $23 billion of financing over fiscal
1999-2003.
LITIGATION AND LEGISLATION RISKS
We do not know of any pending litigation that might have a material adverse
effect upon the Fund.
Future tax legislation could affect the value of the portfolio by:
- limiting real property taxes,
- reducing tax rates,
- imposing a flat or other form of tax, or
- exempting investment income from tax.
SELLING OR EXCHANGING UNITS
You can sell your units at any time for a price based on net asset value. Your
net
8
<PAGE>
asset value is calculated each business day by:
- ADDING the value of the bonds, net accrued interest, cash and any other Fund
assets;
- SUBTRACTING accrued but unpaid Fund expenses, unreimbursed Trustee advances,
cash held to buy back units or for distribution to investors and any other
Fund liabilities; and
- DIVIDING the result by the number of outstanding units.
Your net asset value when you sell may be more or less than your cost because of
sales fees, market movements and changes in the portfolio.
SPONSORS' SECONDARY MARKET
While we are not obligated to do so, we will buy back units at net asset value
without any other fee or charge. We may resell the units to other buyers or to
the Trustee. You should consult your financial professional for current market
prices to determine if other broker-dealers or banks are offering higher prices.
We have maintained the secondary market continuously for over 28 years, but we
could discontinue it without prior notice for any business reason.
SELLING UNITS TO THE TRUSTEE
Regardless of whether we maintain a secondary market, you can sell your units to
the Trustee at any time by sending the Trustee a letter (with any outstanding
certificates if you hold Unit certificates). You must properly endorse your
certificates (or execute a written transfer instrument with signatures
guaranteed by an eligible institution). Sometimes, additional documents are
needed such as a trust document, certificate of corporate authority, certificate
of death or appointment as executor, administrator or guardian.
Within seven days after your request and the necessary documents are received,
the Trustee will mail a check to you. Contact the Trustee for additional
information.
As long as we are maintaining a secondary market, the Trustee will sell your
units to us at a price based on net asset value. If there is no secondary
market, the Trustee may sell your units in the over-the-counter market for a
higher price, but it is not obligated to do so. In that case, you will receive
the net proceeds of the sale.
If the Fund does not have cash available to pay you for units you are selling,
the agent for the Sponsors will select bonds to be sold. Bonds will be selected
based on market and credit factors. These sales could be made at times when the
bonds would not otherwise be sold and may result in your receiving less than the
unit par value and also reduce the size and diversity of the Fund.
There could be a delay in paying you for your units:
- if the New York Stock Exchange is closed (other than customary weekend and
holiday closings);
- if the SEC determines that trading on the New York Stock Exchange is
restricted or that an emergency exists making sale or evaluation of the
bonds not reasonably practicable; and
- for any other period permitted by SEC order.
9
<PAGE>
HOW THE FUND WORKS
PRICING
The price of a unit includes interest accrued on the bonds, less expenses, from
the initial most recent Record Day up to, but not including, the settlement
date, which is usually three business days after the purchase date of the unit.
A portion of the price of a unit consists of cash so that the Trustee can
provide you with regular monthly income. When you sell your units you will
receive your share of this cash.
EVALUATIONS
An independent Evaluator values the bonds on each business day (excluding
Saturdays, Sundays and the following holidays as observed by the New York Stock
Exchange: New Year's Day, Presidents' Day, Martin Luther King, Jr. Day, Good
Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving and Christmas).
Bond values are based on current bid or offer prices for the bonds or comparable
bonds. In the past, the difference between bid and offer prices of publicly
offered tax-exempt bonds has ranged from 0.5% of face amount on actively traded
issues to 3.5% on inactively traded issues; the difference has averaged between
1 and 2%.
INCOME
The Trustee credits interest to an Income Account and other receipts to a
Capital Account. The Trustee may establish a Reserve Account by withdrawing from
these accounts amounts it considers appropriate to pay any material liability.
These accounts do not bear interest.
PLACEMENT FEE
The Sponsors receive a quarterly placement fee from each Seller equal to an
annual percentage ranging of .125% of the aggregate principal amount of bonds
sold by that Seller and held by the Fund.
EXPENSES
The Trustee is paid monthly. It also benefits when it holds cash for the Fund in
non-interest bearing accounts. The Trustee may also receive additional amounts:
- to reimburse the Trustee for the Fund's operating expenses;
- for extraordinary services and costs of indemnifying the Trustee and the
Sponsors;
- costs of actions taken to protect the Fund and other legal fees and
expenses;
- expenses for keeping the Fund's registration statement current; and
- Fund termination expenses and any governmental charges.
The Sponsors are currently reimbursed up to 55 CENTS per $1,000 face amount
annually for providing portfolio supervisory, bookkeeping and administrative
services and for any other expenses properly chargeable to the Fund. Legal,
typsesetting, electronic filing and regulatory filing fees and expenses
associated with updating the Fund's registration statement yearly are also now
chargeable to the Fund. While this fee may exceed the amount of these costs and
expenses attributable to this Fund, the total of these fees for all Series of
Defined Asset Funds will not exceed the aggregate amount
10
<PAGE>
attributable to all of these Series for any calendar year. The Fund also pays
the Evaluator's fees.
The Trustee's, Sponsors' and Evaluator's fees may be adjusted for inflation
without investors' approval.
The Sponsors will pay advertising and selling expenses at no charge to the Fund.
If Fund expenses exceed initial estimates, the Fund will owe the excess. The
Trustee has a lien on Fund assets to secure reimbursement of Fund expenses and
may sell bonds if cash is not available.
PORTFOLIO CHANGES
The Sponsors and Trustee are not liable for any default or defect in a bond; if
a contract to buy any bond.
Unlike a mutual fund, the portfolio is designed to remain intact and we may keep
bonds in the portfolio even if their credit quality declines or other adverse
financial circumstances occur. However, we may sell a bond in certain cases if
we believe that certain adverse credit conditions exist or if a bond becomes
taxable.
If we maintain a secondary market in units but are unable to sell the units that
we buy in the secondary market, we will redeem units, which will affect the size
and composition of the portfolio. Units offered in the secondary market may not
represent the same face amount of bonds that they did originally.
We decide whether or not to offer units for sale that we acquire in the
secondary market after reviewing:
- diversity of the portfolio;
- size of the Fund relative to its original size;
- ratio of Fund expenses to income;
- current and long-term returns;
- degree to which units may be selling at a premium over par; and
- cost of maintaining a current prospectus.
FUND TERMINATION
The Fund will terminate following the stated maturity or sale of the last bond
in the portfolio. The Fund may also terminate earlier with the consent of
investors holding 51% of the units or if total assets of the Fund have fallen
below 40% of the face amount of bonds deposited. We will decide whether to
terminate the Fund early based on the same factors used in deciding whether or
not to offer units in the secondary market.
When the Fund is about to terminate you will receive a notice, and you will be
unable to sell your units after that time. On or shortly before termination, we
will sell any remaining bonds, and you will receive your final distribution. Any
bond that cannot be sold at a reasonable price may continue to be held by the
Trustee in a liquidating trust pending its final sale.
You will pay your share of the expenses associated with termination, including
brokerage costs in selling bonds. This may reduce the amount you receive as your
final distribution.
CERTIFICATES
Certificates for units are issued on request. You may transfer certificates by
complying
11
<PAGE>
with the requirements for redeeming certificates, described above. You can
replace lost or mutilated certificates by delivering satisfactory indemnity and
paying the associated costs.
TRUST INDENTURE
The Fund is a "unit investment trust" governed by a Trust Indenture, a contract
among the Sponsors, the Trustee and the Evaluator, which sets forth their duties
and obligations and your rights. A copy of the Indenture is available to you on
request to the Trustee. The following summarizes certain provisions of the
Indenture.
The Sponsors and the Trustee may amend the Indenture without your consent:
- to cure ambiguities;
- to correct or supplement any defective or inconsistent provision;
- to make any amendment required by any governmental agency; or
- to make other changes determined not to be materially adverse to your best
interest (as determined by the Sponsors).
Investors holding 51% of the units may amend the Indenture. Every investor must
consent to any amendment that changes the 51% requirement. No amendment may
reduce your interest in the Fund without your written consent.
The Trustee may resign by notifying the Sponsors. The Sponsors may remove the
Trustee without your consent if:
- it fails to perform its duties and the Sponsors determine that its
replacement is in your best interest; or
- it becomes incapable of acting or bankrupt or its affairs are taken over by
public authorities.
Investors holding 51% of the units may remove the Trustee. The Evaluator may
resign or be removed by the Sponsors and the Trustee without the consent of
investors. The resignation or removal of either becomes effective when a
successor accepts appointment. The Sponsors will try to appoint a successor
promptly; however, if no successor has accepted within 30 days after notice of
resignation, the resigning Trustee or Evaluator may petition a court to appoint
a successor.
Any Sponsor may resign as long as one Sponsor with a net worth of $2 million
remains and agrees to the resignation. The remaining Sponsors and the Trustee
may appoint a replacement. If there is only one Sponsor and it fails to perform
its duties or becomes bankrupt the Trustee may:
- remove it and appoint a replacement Sponsor;
- liquidate the Fund; or
- continue to act as Trustee without a Sponsor.
Merrill Lynch, Pierce, Fenner & Smith Incorporated acts as agent for the
Sponsors.
The Trust Indenture contains customary provisions limiting the liability of the
Trustee, the Sponsors and the Evaluator.
LEGAL OPINION
Davis Polk & Wardwell, 450 Lexington Avenue, New York, New York 10017, as
counsel for the Sponsors, has given an opinion that the units are validly
issued.
12
<PAGE>
Special counsel located in the relevant states have given state and local tax
opinions.
AUDITORS
Deloitte & Touche LLP, 2 World Financial Center, New York, New York 10281,
independent accountants, audited the Statement of Condition included in this
prospectus.
SPONSORS
The Sponsors are:
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (a wholly-owned subsidiary of
Merrill Lynch & Co., Inc.)
P.O. Box 9051,
Princeton, NJ 08543-9051
DEAN WITTER REYNOLDS INC. (a principal operating subsidiary of Morgan Stanley
Dean Witter & Co.)
Two World Trade Center--59th Floor,
New York, NY 10048
SALOMON SMITH BARNEY INC. (an indirectly wholly-owned subsidiary of Citigroup
Inc.)
388 Greenwich Street--23rd Floor,
New York, NY 10013
PRUDENTIAL SECURITIES INCORPORATED (an
indirect wholly-owned subsidiary of the
Prudential Insurance Company of America)
One New York Plaza
New York, NY 10292
Each Sponsor is a Delaware corporation and it, or its predecessor, has acted as
sponsor to many unit investment trusts. As a registered broker-dealer each
Sponsor buys and sells securities (including investment company shares) for
others (including investment companies) and participates as an underwriter in
various selling groups.
TRUSTEE
The Chase Manhattan Bank, Unit Investment Trust Department, 4 New York
Plaza--6th Floor, New York, New York 10004.
UNDERWRITERS' AND SPONSORS' PROFITS
Underwriters receive sales charges when they sell units. The Sponsors also
realized a profit or loss on the initial date of deposit of the bonds. Any cash
made available by you to the Sponsors before the settlement date for those units
may be used in the Sponsors' businesses to the extent permitted by federal law
and may benefit the Sponsors.
A Sponsor or Underwriter may realize profits or sustain losses on bonds in the
Fund which were acquired from underwriting syndicates of which it was a member.
In maintaining a secondary market, the Sponsors will also realize profits or
sustain losses in the amount of any difference between the prices at which they
buy units and the prices at which they resell or redeem them.
PUBLIC DISTRIBUTION
The Sponsors do not intend to qualify units for sale in any foreign countries.
This prospectus does not constitute an offer to sell units in any country where
units cannot lawfully be sold.
CODE OF ETHICS
The Fund and the Agent for the Sponsors have each adopted a code of ethics
requiring reporting of personal securities
13
<PAGE>
transactions by its employees with access to information on Fund transactions.
Subject to certain conditions, the codes permit employees to invest in Fund
securities for their own accounts. The codes are designed to prevent fraud,
deception and misconduct against the Fund and to provide reasonable standards of
conduct. These codes are on file with the Commission and you may obtain a copy
by contacting the Commission at the address listed on the back cover of this
prospectus.
YEAR 2000 ISSUES
Many computer systems were designed in such a way that they may be unable to
distinguish between the year 2000 and the year 1900 (commonly known as the "Year
2000 Problem"). To date we are not aware of any major operational difficulties
resulting from the computer system changes necessary to prepare for the Year
2000. However, there can be no assurance that the Year 2000 Problem will not
adversely affect the issuers of the bonds contained in the Portfolio. We cannot
predict whether any impact will be material to the Fund as a whole.
TAXES
The following summary describes some of the important income tax consequences of
holding units. It assumes that you are not a dealer, financial institution,
insurance company or other investor with special circumstances. You should
consult your own tax adviser about your particular circumstances.
At the date of issue of each bond, counsel for the issuer delivered an opinion
to the effect that interest on the bond is exempt from regular federal income
tax. However, interest may be subject to state and local taxes and federal
alternative minimum tax. Neither we nor our counsel have reviewed the issuance
of the bonds, related proceedings or the basis for the opinions of counsel for
the issuers. We cannot assure you that the issuer (or other users) have complied
or will comply with any requirements necessary for a bond to be tax-exempt. If
any of the bonds were determined not to be tax-exempt, you could be required to
pay income tax for current and prior years, and if the Fund were to sell the
bond, it might have to sell it at a substantial discount.
In the opinion of our counsel, under existing law:
GENERAL TREATMENT OF THE FUND AND YOUR INVESTMENT
The Fund will not be taxed as a corporation for federal income tax purposes, and
you will be considered to own directly your share of each bond in the Fund.
Our counsel is of the opinion that the Fund (and therefore the investors, as
discussed below) will be treated as owning the bonds, notwithstanding the
Sellers' repurchase commitments. However, because there are no regulations,
published rulings or judicial decisions that characterize for federal income tax
purposes repurchase commitments like the Sellers' with respect to the bonds, it
is not certain that the IRS will agree with the conclusions of our
14
<PAGE>
counsel. Therefore, it is possible that the IRS may take actions that might
result in the Fund (and therefore the investors) not being treated as owning the
bonds for federal income tax purposes.
GAIN OR LOSS UPON DISPOSITION
When all or part of your share of a bond is disposed of (for example, when the
Fund sells, exchanges or redeems a bond or when you sell or exchange your
units), you will generally recognize capital gain or loss. While not free from
doubt, the opinion of our counsel is that any capital gain or loss derived from
the Fund will be short-term capital gain or loss regardless of the time that you
have held your Units.
YOUR BASIS IN THE BONDS
You may be required to allocate a portion of your cost for your Units to the
Sellers' repurchase commitment with respect to the bonds. When all or part of
your pro rata portion of a bond is disposed of (and the commitment with respect
to that bond simultaneously is disposed of, lapses or is exercised), both your
basis in your pro rata portion of the bond and your basis in your pro rata
portion of the commitment will be taken into account in determining your overall
net income or loss from the disposition. In some cases, this overall net income
or loss may consist of ordinary income attributable to market discount on the
pro rata portion of the bond and of capital loss attributable to the commitment.
The deductibility of capital losses is subject to limitations. You should
consult your tax adviser in this regard.
If your basis for your pro rata portion of a bond (after giving effect to any
required allocation to the commitment) exceeds the redemption price at maturity
of that bond, you may be considered to have purchased your pro rata portion of
the bond at a "bond premium," which must be amortized.
EXPENSES
If you are not a corporate investor, you will not be entitled to a deduction for
your share of fees and expenses of the Fund. Also, if you borrowed money in
order to purchase or carry your units, you will not be able to deduct the
interest on this borrowing for federal income tax purposes. The IRS may treat
your purchase of units as made with borrowed money even if the money is not
directly traceable to the purchase of units.
NEW YORK TAXES
Under the income tax laws of the State and City of New York, the Fund will not
be taxed as a corporation. If you are a New York taxpayer, your income from the
Fund will not be tax-exempt in New York except to the extent that the income is
earned on bonds that are tax-exempt for New York purposes. Depending on where
you live, your income from the Fund may be subject to state and local taxation.
You should consult your tax adviser in this regard.
15
<PAGE>
SUPPLEMENTAL INFORMATION
You can receive at no cost supplemental information about the Fund by calling
the Trustee. The supplemental information includes more detailed risk disclosure
about the types of bonds that may be in the Fund's portfolios, general risk
disclosure concerning any insurance securing certain bonds, and general
information about the structure and operation of the Fund. The supplemental
information is also available from the SEC.
16
<PAGE>
DEFINED ASSET FUNDS - MUNICIPAL INVESTMENT TRUST FUND,
NEW YORK PUT SERIES - 4
REPORT OF INDEPENDENT ACCOUNTANTS
The Sponsors, Trustee and Holders
of Defined Asset Funds - Municipal Investment Trust Fund,
New York Put Series - 4:
We have audited the accompanying statement of condition of Defined
Asset Funds - Municipal Investment Trust Fund, New York Put Series -
4, including the portfolio, as of November 30, 1999 and the related
statements of operations and of changes in net assets for the period
June 1, 1999 to November 30, 1999 and the years ended May 31, 1999,
1998 and 1997. These financial statements are the responsibility of
the Trustee. 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 November 30, 1999, as shown
in such portfolio, were confirmed to us by The Chase Manhattan Bank,
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 - Municipal Investment Trust Fund, New York Put Series - 4
at November 30, 1999 and the results of its operations and changes in
its net assets for the above-stated periods in conformity with
generally accepted accounting principles.
DELOITTE & TOUCHE LLP
New York, N.Y.
March 29, 2000
D - 1.
<PAGE>
DEFINED ASSET FUNDS - MUNICIPAL INVESTMENT TRUST FUND,
NEW YORK PUT SERIES - 4
STATEMENT OF CONDITION
As of November 30, 1999
<TABLE>
<S> <C> <C>
TRUST PROPERTY:
Investment in marketable securities -
at value (cost $ 12,630,720 )(Note 1)........ $13,160,291
Accrued interest ............................... 61,035
Proceeds receivable from sale of securities .... 6,368
Cash - income .................................. 479,615
Cash - principal ............................... 61,263
Income payments receivable ..................... 22,252
-----------
Total trust property ......................... 13,790,824
LESS LIABILITIES:
Income advance from Trustee .................... $418,911
Accrued Sponsors' fees ......................... 5,008 423,919
-------- -----------
NET ASSETS, REPRESENTED BY:
20,887,722 units of fractional undivided
interest outstanding (Note 3)................ 13,227,922
Undistributed net investment income ............ 138,983 $13,366,905
----------- ===========
UNIT VALUE ($ 13,366,905 / 20,887,722 units )..... $ .63994
===========
</TABLE>
See Notes to Financial Statements.
D - 2.
<PAGE>
DEFINED ASSET FUNDS - MUNICIPAL INVESTMENT TRUST FUND,
NEW YORK PUT SERIES - 4
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
June 1, 1999
to
November 30, Years Ended May 31,
1999 1999 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income ........................ $ 490,097 $ 989,610 $ 1,008,490 $ 1,025,973
Trustee's fees and expenses ............ (11,302) (21,461) (23,054) (22,936)
Sponsors' fees ......................... (2,959) (6,180) (7,045) (8,517)
------------------------------------------------------------------
Net investment income .................. 475,836 961,969 978,391 994,520
------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Realized gain on
securities sold or redeemed .......... 10,690 20,606 18,942 17,722
Unrealized appreciation (depreciation)
of investments ....................... (50,044) (4,243) 38,141 15,652
------------------------------------------------------------------
Net realized and unrealized
gain (loss) on investments ........... (39,354) 16,363 57,083 33,374
------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS .............. $ 436,482 $ 978,332 $ 1,035,474 $ 1,027,894
==================================================================
</TABLE>
See Notes to Financial Statements.
D - 3.
<PAGE>
DEFINED ASSET FUNDS - MUNICIPAL INVESTMENT TRUST FUND,
NEW YORK PUT SERIES - 4
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
June 1, 1999
to
November 30, Years Ended May 31,
1999 1999 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income .................. $ 475,836 $ 961,969 $ 978,391 $ 994,520
Realized gain on
securities sold or redeemed .......... 10,690 20,606 18,942 17,722
Unrealized appreciation (depreciation)
of investments ....................... (50,044) (4,243) 38,141 15,652
-------------------------------------------------------------------
Net increase in net assets
resulting from operations ............ 436,482 978,332 1,035,474 1,027,894
-------------------------------------------------------------------
DISTRIBUTIONS TO HOLDERS (Note 2):
Income ................................ (472,271) (961,545) (979,568) (998,076)
Principal .............................. (109,660) (254,219) (252,106) (234,460)
-------------------------------------------------------------------
Total distributions .................... (581,931) (1,215,764) (1,231,674) (1,232,536)
-------------------------------------------------------------------
NET DECREASE IN NET ASSETS ............... (145,449) (237,432) (196,200) (204,642)
NET ASSETS AT BEGINNING OF PERIOD ........ 13,512,354 13,749,786 13,945,986 14,150,628
-------------------------------------------------------------------
NET ASSETS AT END OF PERIOD .............. $13,366,905 $13,512,354 $13,749,786 $13,945,986
===================================================================
PER UNIT:
Income distributions during
period ............................... $ .02261 $ .04612 $ .04711 $ .04812
===================================================================
Principal distributions during
period ............................... $ .00525 $ .01220 $ .01212 $ .01130
===================================================================
Net asset value at end of
period ............................... $ .63994 $ .64690 $ .66011 $ .67128
===================================================================
TRUST UNITS:
Issued during period ................... 0 58,187 54,270 50,598
Outstanding at end of period ........... 20,887,722 20,887,722 20,829,535 20,775,265
===================================================================
</TABLE>
See Notes to Financial Statements.
D - 4.
<PAGE>
DEFINED ASSET FUNDS - MUNICIPAL INVESTMENT TRUST FUND,
NEW YORK 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.
(B) The Fund is not subject to income taxes. Accordingly, no
provision for such taxes is required.
(C) Interest income is recorded as earned.
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 also distributed periodically.
3. NET CAPITAL
<TABLE>
<S> <C>
Cost of 20,261,215 units at Date of Deposit ................ $20,261,216
Realized gain on securities sold or redeemed ............... 547,608
Principal distributions .................................... (8,110,473)
Unrealized appreciation of investments (626,507 additional
units issued in recognition thereof - see below) .......... 529,571
-----------
Net capital applicable to Holders .......................... $13,227,922
===========
</TABLE>
In each January, units were issued ratably to holders in recognition
of the scheduled annual increases in prices at which the sellers of
the portfolio securities have agreed to repurchase such securities.
4. INCOME TAXES
As of November 30, 1999, unrealized appreciation of investments, based
on cost for Federal income tax purposes, aggregated $529,571, all of
which related to appreciated securities. The cost of investment
securities for Federal income tax purposes was $12,630,720 at November
30, 1999.
D - 5.
<PAGE>
DEFINED ASSET FUNDS - MUNICIPAL INVESTMENT TRUST FUND,
NEW YORK PUT SERIES - 4
PORTFOLIO
As of November 30, 1999
<TABLE>
<CAPTION>
Optional
Portfolio No. and Title Face Disposition Redemption
Securities Amount Coupon Maturities(2) Dates (3)(4) Provisions(3) Cost Value(1)
---------- ---------- ----------- ----------- ------------ ------------ ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
NYC Hsg. Dev. Corp. Multifamily
Hsg. Ltd. Oblig. Bonds,
relating to the following
projects (5):
1 Atlantic Plaza Project $ 95,932 7.034 % 2019 2018 Currently $ 87,412 $ 89,558
2 Woodstock Terrace Project 39,452 7.034 2019 2018 Currently 35,949 36,831
3 Rosalie Manning Apartments 16,059 7.034 2018 2017 Currently 14,636 15,000
Project
4 Scott Tower Projects 598,221 7.000 2018 2017 Currently 542,981 557,039
5 Strycker's Bay Apartments 31,807 7.034 2018 2017 Currently 28,990 29,710
Project
6 Tri-Faith House Project 325,952 7.000 2019 2018 Currently 295,831 303,448
}
7 Washington Square Southeast 415,497 7.000 2019 2018 Currently 377,101 386,812
Projects
8 RNA House Projects 400,794 7.000 2018 2017 Currently 363,784 373,199
9 Riverside Park Community 5,920,313 7.250 2018 2017 Currently 5,528,210 5,628,264
Project
</TABLE>
D - 6.
<PAGE>
DEFINED ASSET FUNDS - MUNICIPAL INVESTMENT TRUST FUND,
NEW YORK PUT SERIES - 4
PORTFOLIO
As of November 30, 1999
<TABLE>
<CAPTION>
Optional
Portfolio No. and Title of Face Disposition Redemption
Securities Amount Coupon Maturities(2) Dates (3)(4) Provisions(3) Cost Value(1)
---------- ---------- ----------- ------------- ------------ ------------ ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
10 Lincoln-Amsterdam Project $ 111,990 7.250 % 2018 2017 Currently $ 104,575 $ 106,466
11 Gouverneur Gardens Project 106,905 7.034 2019 2018 Currently 97,414 99,804
12 Crown Gardens Project 109,588 7.250 2019 2018 Currently 102,316 104,151
13 Esplanade Gardens Project 3,148,683 7.000 2019 2018 Currently 2,857,714 2,931,299
14 Contello 111 Project 278,075 7.000 2018 2017 Currently 252,398 258,929
15 Cadman Plaza North Project 453,004 7.000 2018 2017 Currently 411,174 421,815
16 New York State Hsg. Fin. Agy., Mental 600,000 6.400 2007 2006 Currently 515,856 626,982
Hygene Imp. Bonds, 1977 Ser. A (6)
17 Power Authority of The State of New 405,000 7.500 2010 2009 Currently 397,941 446,176
York 1970 Proj. Rev. Bonds Ser. H (5)
</TABLE>
D - 7.
<PAGE>
DEFINED ASSET FUNDS - MUNICIPAL INVESTMENT TRUST FUND,
NEW YORK PUT SERIES - 4
PORTFOLIO
As of November 30, 1999
<TABLE>
<CAPTION>
Optional
Portfolio No. and Title of Face Disposition Redemption
Securities Amount Coupon Maturities(2) Dates (3)(4) Provisions(3) Cost Value(1)
---------- ---------- ----------- ----------- ------------ ------------ ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
18 Village of Suffern, New York, G.O. $ 100,000 5.750 % 2002 2001 Currently $ 83,143 $ 103,704
Bonds Var. Purposes (MBIA Ins.)
(7) (8)
55,000 5.750 2005 2004 Currently 45,729 55,743
75,000 5.750 2006 2005 Currently 62,357 76,150
19 Town of Ulster, NY, Ulster Swr. 175,000 5.750 2000 1999 Currently 148,823 176,093
Imp. Area G.O. Bonds, (MBIA Ins)
(7) (8)
175,000 5.750 2001 2000 Currently 148,823 178,477
150,000 5.750 2002 2001 Currently 127,563 154,641
----------- ----------- -----------
TOTAL $13,787,272 $12,630,720 $13,160,291
=========== =========== ===========
</TABLE>
See Notes to Portfolio.
D - 8.
<PAGE>
DEFINED ASSET FUNDS - MUNICIPAL INVESTMENT TRUST FUND,
NEW YORK PUT SERIES - 4
NOTES TO PORTFOLIO
As of November 30, 1999
(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.
(3) All the securities in the fund are backed by repurchase commitments by
a seller. Each seller has committed, in order to provide liquidity, to
repurchase upon the expiration of approximately one year from the Date
of Deposit and annually thereafter, any security sold by the seller to
the Fund at its Put Price plus accrued interest in the event that it
is necessary to sell any securities to meet redemptions of Units
(should redemptions be made despite the market making activity of the
Sponsors). In addition, each seller has committed to repurchase
securities sold by the seller to the Fund on scheduled Disposition
Dates. The securities are backed by collateral which value is in
excess of the scheduled Put Prices.
(4) The Trustee will cause the sellers to purchase each security at its
Put Price on the Disposition Date specified unless, on or before such
date, it can be sold, in the opinion of the Sponsors, for a net amount
in excess of its Put Price.
(5) The seller committed to repurchasing these securities, as set forth in
notes 3 and 4 above, is the Ridgewood Savings Bank.
(6) The seller committed to repurchasing these securities, as set forth in
notes 3 and 4 above, is the First Union National Bank.
(7) The seller committed to repurchasing these securities, as set forth in
notes 3 and 4 above, is the Dime Savings Bank.
(8) Insured by the indicated municipal bond insurance company.
D - 9.
<PAGE>
DEFINED ASSET FUNDS--REGISTERED TRADEMARK--
<TABLE>
<S> <C>
HAVE QUESTIONS ? MUNICIPAL INVESTMENT TRUST FUND
Request the most NEW YORK PUT SERIES 4
recent free Information (A Unit Investment Trust)
Supplement that gives more ---------------------------------------
details about the Fund, This Prospectus does not contain
by calling: complete information about the
The Chase Manhattan Bank investment company filed with the
1-800-323-1508 Securities and Exchange Commission in
Washington, D.C. under the:
- Securities Act of 1933 (file no.
2-94964) and
- Investment Company Act of 1940 (file
no. 811-1777).
TO OBTAIN COPIES AT PRESCRIBED RATES--
WRITE: Public Reference Section of the
Commission
450 Fifth Street, N.W., Washington,
D.C. 20549-6009
CALL: 1-800-SEC-0330.
VISIT: http://www.sec.gov.
---------------------------------------
No person is authorized to give any
information or representations about
this Fund not contained in this
Prospectus or the Information
Supplement, and you should not rely on
any other information.
---------------------------------------
When units of this Fund are no longer
available, this Prospectus may be used
as a preliminary prospectus for a
future series, but some of the
information in this Prospectus will be
changed for that series.
UNITS OF ANY FUTURE SERIES MAY NOT BE
SOLD NOR MAY OFFERS TO BUY BE ACCEPTED
UNTIL THAT SERIES HAS BECOME EFFECTIVE
WITH THE SECURITIES AND EXCHANGE
COMMISSION. NO UNITS CAN BE SOLD IN ANY
STATE WHERE A SALE WOULD BE ILLEGAL.
12979--3/00
</TABLE>
<PAGE>
DEFINED ASSET FUNDS--
MUNICIPAL INVESTMENT TRUST FUND
NEW YORK SERIES
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 Registration Statement 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,
Multistate Series--48, 1933 Act File No. 33-50247).
1.11.1-- Merrill Lynch Code of Ethics (incorporated by reference to Exhibit
1.11.1 to the Post Effective Amendment No. 8 to the Registration
Statement of Municipal Investment Trust Fund, Insured Series 186,
1933 Act File No. 33-49159).
1.11.2-- Municipal Investment Trust Fund Code of Ethics (incorporated by
reference to Exhibit 1.11.2 to the Post Effective Amendment No. 8 to
the Registration Statement of Municipal Investment Trust Fund,
Insured Series 186, 1933 Act File No. 33-49159).
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 Municipal Investment Trust Fund,
Multistate Series--409, 1933 Act File No. 333-81777).
R-1
<PAGE>
DEFINED ASSET FUNDS--
MUNICIPAL INVESTMENT TRUST FUND
NEW YORK PUT SERIES 4
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THE REGISTRANT,
DEFINED ASSET FUNDS--MUNICIPAL INVESTMENT TRUST FUND, NEW YORK PUT SERIES 4,
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 31ST DAY OF
MARCH, 2000.
SIGNATURES APPEAR ON PAGES R-3, R-4, R-5 AND R6.
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 Salomon 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.
R-2
<PAGE>
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
DEPOSITOR
<TABLE>
<S> <C>
By the following persons, who constitute Powers of Attorney have been filed
a majority of under
the Board of Directors of Merrill Form SE and the following 1933 Act
Lynch, Pierce, File
Fenner & Smith Incorporated: Number: 333-70593
</TABLE>
GEORGE A. SCHIERIN
JOHN L. STEFFENS
By JAY M. FIFE
(As authorized signatory for Merrill Lynch, Pierce,
Fenner & Smith Incorporated and
Attorney-in-fact for the persons listed above)
R-3
<PAGE>
SALOMON SMITH BARNEY INC.
DEPOSITOR
<TABLE>
<S> <C>
By the following persons, who constitute a majority of Powers of Attorney
the Board of Directors of Salomon Smith Barney Inc.: have been filed
under the 1933 Act
File Numbers:
333-63417 and
333-63033
</TABLE>
MICHAEL A. CARPENTER
DERYCK C. MAUGHAN
By GINA LEMON
(As authorized signatory for
Salomon Smith Barney Inc. and
Attorney-in-fact for the persons listed above)
R-4
<PAGE>
PRUDENTIAL SECURITIES INCORPORATED
DEPOSITOR
<TABLE>
<S> <C>
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 Numbers:
33-41631 and
333-15919
</TABLE>
ROBERT C. GOLDEN
ALAN D. HOGAN
A. LAURENCE NORTON, JR.
LELAND B. PATON
VINCENT T. PICA II
MARTIN PFINSGRAFF
HARDWICK SIMMONS
LEE B. SPENCER, JR.
BRIAN M. STORMS
By RICHARD R. HOFFMANN
(As authorized signatory for Prudential Securities
Incorporated and Attorney-in-fact for the persons
listed above)
R-5
<PAGE>
DEAN WITTER REYNOLDS INC.
DEPOSITOR
<TABLE>
<S> <C>
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 Numbers: 33-17085,
Reynolds Inc.: 333-13039 and 333-47553
</TABLE>
RICHARD M. DeMARTINI
RAYMOND J. DROP
JAMES F. HIGGINS
MITCHELL M. MERIN
STEPHEN R. MILLER
PHILIP J. PURCELL
THOMAS C. SCHNEIDER
By MICHAEL D. BROWNE
(As authorized signatory for
Dean Witter Reynolds Inc.
and Attorney-in-fact for the persons listed above)
R-6
EXHIBIT 4.1
STANDARD & POOR'S
A DIVISION OF THE McGRAW-HILL COMPANIES
J. J. KENNY
65 BROADWAY
NEW YORK, N.Y. 10006-2551
TELEPHONE (212) 770-4422
FAX 212/797-8681
March 31, 2000
Frank A. Ciccotto, Jr
Vice President
Tax-Exempt Evaluations
<TABLE>
<S> <C>
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
Defined Asset Funds
P.O. Box 9051
Princeton, New Jersey 08543-9051
The Chase Manhattan Bank
4 New York Plaza, 6th Floor
New York, New York 10004
</TABLE>
RE: DEFINED ASSET FUNDS--MUNICIPAL INVESTMENT TRUST FUND,
NEW YORK PUT--4
Gentlemen:
We have examined the post-effective Amendment to the Registration Statement
File No. 2-94964 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--Municipal Investment Trust Fund, New York Put Series--4
We consent to the use in this Post-Effective Amendment No. 16 to Registration
Statement No. 2-94964 of our opinion dated March 29, 2000 appearing in the
Prospectus, which is part of such Registration Statement, and to the reference
to us under the heading "Miscellaneous--Auditors" in such Prospectus.
DELOITTE & TOUCHE LLP
New York, N.Y.
March 31, 2000
