DEFINED ASSET FUNDS CORP INC FD CASH OR ACCRETION BD SER 4
485BPOS, 1994-07-27
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<PAGE>
     AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JULY 27, 1994
 
                                                       REGISTRATION NO. 33-00938
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
 
                       SECURITIES AND EXCHANGE COMMISSION
 
                             WASHINGTON, D.C. 20549
 
                   ------------------------------------------
 
                         POST-EFFECTIVE AMENDMENT NO. 8
 
                                       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--
 
                             CORPORATE INCOME FUND
 
                        CASH OR ACCRETION BOND SERIES--4
 
                           (A UNIT INVESTMENT TRUST)
 
B. NAMES OF DEPOSITORS:
 
               MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
 
                               SMITH BARNEY INC.
 
                            PAINEWEBBER INCORPORATED
 
                       PRUDENTIAL SECURITIES INCORPORATED
 
                           DEAN WITTER REYNOLDS INC.
 
C. COMPLETE ADDRESSES OF DEPOSITORS' PRINCIPAL EXECUTIVE OFFICES:
 

 MERRILL LYNCH, PIERCE,
     FENNER & SMITH
      INCORPORATED
 UNIT INVESTMENT TRUSTS
  POST OFFICE BOX 9051
     PRINCETON, N.J.
       08543-9051                                     SMITH BARNEY INC.
                                                   TWO WORLD TRADE CENTER
                                                         101ST FLOOR
                                                    NEW YORK, N.Y. 10048
 
PAINEWEBBER INCORPORATED   PRUDENTIAL SECURITIES  DEAN WITTER REYNOLDS INC.
   1285 AVENUE OF THE          INCORPORATED            TWO WORLD TRADE
        AMERICAS             ONE SEAPORT PLAZA       CENTER--59TH FLOOR
  NEW YORK, N.Y. 10019       199 WATER STREET       NEW YORK, N.Y. 10048
                           NEW YORK, N.Y. 10292

 
D. NAMES AND COMPLETE ADDRESSES OF AGENTS FOR SERVICE:
 

  TERESA KONCICK, ESQ.    THOMAS D. HARMAN, ESQ.      ROBERT E. HOLLEY
      P.O. BOX 9051          388 GREENWICH ST.        1200 HARBOR BLVD.
     PRINCETON, N.J.       NEW YORK, N.Y. 10013     WEEHAWKEN, N.J. 07087
       08543-9051
 
                                                         COPIES TO:
   LEE B. SPENCER, JR.      DOUGLAS LOWE, ESQ.     PIERRE DE SAINT PHALLE,
    ONE SEAPORT PLAZA    130 LIBERTY STREET--29TH           ESQ.
    199 WATER STREET               FLOOR            450 LEXINGTON AVENUE
  NEW YORK, N.Y. 10292     NEW YORK, N.Y. 10006     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 15, 1994.
 
Check box if it is proposed that this filing will become effective on August 5,
1994 pursuant to paragraph (b) of Rule 485.  / x /
 
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
<PAGE>
DEFINED
ASSET FUNDSSM
 
CORPORATE INCOME
FUND
 
- ------------------------------------------------------------
CASH OR ACCRETION BOND
SERIES--4
(A UNIT INVESTMENT TRUST)
 
PROSPECTUS, PART A
DATED AUGUST 5, 1994
 
SPONSORS:
Merrill Lynch,
Pierce, Fenner & Smith Inc.
Smith Barney Inc.
PaineWebber Incorporated
Prudential Securities Incorporated
Dean Witter Reynolds Inc.
 
This Defined Fund's objective is to provide a substantial level of safety
through investment in a portfolio consisting primarily of long-term compound
interest corporate bonds that are collateralized (the 'Compound Interest
Bonds'). There is no assurance that this objective will be met because it is
subject to the continuing ability of issuers of the Debt Obligations to meet
their principal and interest requirements. Furthermore, the market value of the
underlying Securities, and therefore the value of the Units, will flucutate with
changes in interest rates and other factors. The Securities were issued after
July 18, 1984, as a result of which the interest income (including original
issue discount) will be exempt from U.S. Federal income taxes, including
withholding taxes, for many foreign Holders (see Taxes in Part B).
The collateral backing the Compound Interest Bonds is primarily composed of
mortgage-backed Securities of the GNMA modified pass-through type ('GNMA
Certificates' or 'Ginnie Maes'), fully guaranteed as to the payment of principal
and interest by GNMA. The guaranty obligation of GNMA with respect to the GNMA
Certificates will be backed by the full faith and credit of the United States,
but GNMA does not guarantee payment on the Bonds or on the Units of the Fund, as
such. The Fund is also designed for IRA accounts, Keogh plans and other
tax-deferred retirement programs. Units of the Fund are rated AAA by Standard &
Poor's.
                        MINIMUM PURCHASE IN INDIVIDUAL TRANSACTIONS: 1,000 UNITS
                                        (NO MINIMUM FOR PAYROLL DEDUCTION PLANS)
- ------------------------------------------------------------------------
 
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
PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
- ------------------------------------------------------------------------
 
NOTE: PART A OF THIS PROSPECTUS MAY NOT BE DISTRIBUTED
UNLESS ACCOMPANIED BY DEFINED ASSET FUNDS--CORPORATE INCOME FUND PROSPECTUS,
PART B.
 
This Prospectus consists of two parts. The first includes an Investment Summary
and certified financial statements of the Fund, including the related securities
portfolio; the second contains a general summary of the Fund.
- ------------------------------------------------------------------------
Read and retain both parts of this Prospectus for future reference.
<PAGE>
 
DEFINED ASSET FUNDSSM is America's oldest and largest family of unit investment
trusts with over $90 billion sponsored since 1970. Each Defined 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.
 
With Defined Asset Funds you know in advance what you are investing in and that
changes in the portfolio are limited. Most defined bond funds pay interest
monthly and repay principal as bonds are called, redeemed, sold or as they
mature. Defined equity funds offer preselected stock portfolios with defined
termination dates.
 
Your financial advisor can help you select a Defined Fund to meet your personal
investment objectives. Our size and market presence enable us to offer a wide
variety of investments. Defined Funds are available in the following types of
securities: municipal bonds, corporate bonds, government bonds, utility stocks,
growth stocks, even international securities denominated in foreign currencies.
 
Termination dates are as short as one year or as long as 30 years. Special funds
are available for investors seeking extra features: insured funds, double and
triple tax-free funds, and funds with 'laddered maturities' to help protect
against rising interest rates. Defined Funds are offered by prospectus only.
 
- --------------------------------------------------------------------------------
CONTENTS
 

Investment Summary..........................................                 A-3
Accountants' Opinion Relating to the Fund...................                 D-1
Statement of Condition......................................                 D-2
Portfolio...................................................                 D-6

 
                                      A-2
<PAGE>
DEFINED ASSET FUNDS--CORPORATE INCOME FUND, CASH OR ACCRETION BOND SERIES--4
INVESTMENT SUMMARY
AS OF MARCH 31, 1994, THE EVALUATION DATE
 

PRINCIPAL AMOUNT OF SECURITIES+..........................$          3,001,412
NUMBER OF UNITS..........................................           5,549,993
FACE AMOUNT OF SECURITIES PER UNIT (TIMES 1,000).........$             540.79
FRACTIONAL UNDIVIDED INTEREST IN FUND REPRESENTED BY EACH
  UNIT...................................................         1/5,549,993rd
PUBLIC OFFERING PRICE PER 1,000 UNITS*
     Aggregate bid side evaluation of Securities.........$          3,090,230
                                                         --------------------
     Divided by Number of Units (times 1,000)............$             556.80
     Plus sales charge of 3.50% of Public Offering Price
       (3.627% of net amount invested)                                  20.19
                                                         --------------------
     Public Offering Price per 1,000 Units...............$             576.99
                                                                   (plus cash
                                                              adjustments and
                                                          accrued interest)**
SPONSORS' REPURCHASE PRICE AND REDEMPTION PRICE PER 1,000
  UNITS..................................................$             556.80
  (aggregate bid side evaluation of Securities) ($20.19            (plus cash
     less than Public Offering Price per 1,000 Units)         adjustments and
                                                          accrued interest)**
CALCULATION OF ESTIMATED NET ANNUAL INTEREST RATE PER
  1,000 UNITS (BASED ON FACE AMOUNT PER 1,000 UNITS)
     Annual interest rate per 1,000 Units................              10.719%
     Less estimated annual expenses per 1,000 Units
       ($5.34) expressed as a percentage.................                .987%
                                                         --------------------
     Estimated net annual interest rate per 1,000
       Units.............................................               9.732%
                                                         --------------------
                                                         --------------------

 
RECORD DAY FOR PRINCIPAL AND INTEREST
  DISTRIBUTIONS
    The 10th day of each month after the first Payment Commencement Date.
PRINCIPAL AND INTEREST DISTRIBUTIONS
    The 25th of each month after receipt of payments on any Compound Interest
    Bond.
MINIMUM CAPITAL DISTRIBUTION
    No distribution need be made from Capital Account if balance is less than
    $5.00 per 1,000 Units.
TRUSTEE'S ANNUAL FEE AND EXPENSES++
    $5.34 per 1,000 Units (see Expenses and Charges in Part B).
PORTFOLIO SUPERVISION FEE+++
    Maximum of $0.35 per 1,000 original Principal Amount of underlying Compound
    Interest Bonds (see Expenses and Charges in Part B).
EVALUATOR'S FEE FOR EACH EVALUATION
    Maximum of $14 (see Expenses and Charges in Part B).
EVALUATION TIME
    3:30 P.M. New York Time
MINIMUM VALUE OF FUND
    Trust may be terminated if value of Fund is less than 40% of the original
    Principal Amount of Fund Securities on the date of their deposit. As of the
    Evaluation Date, the value of the Fund is 22% of the original Principal
    Amount of Fund Securities on the date of their deposit.
 
- ------------------------------
       *These figures assume a purchase of 1,000 Units. The price of a single
        Unit, or any multiple thereof, is calculated simply by dividing the
        Public Offering Price per 1,000 Units, above, by 1,000, and multiplying
        by the number of Units. The sales charge will be reduced on a graduated
        scale in the case of quantity purchases (see Public Offering Price in
        Part B). The resulting reduction in the Public Offering Price will
        increase the effective return on a Unit.
       **For Units purchased or redeemed on the Evaluation Date, accrued
         interest is approximately equal to the undistributed net investment
         income of the Fund (see Statement of Condition on p. D-2) divided by
         the number of outstanding Units, plus accrued interest per Unit to the
         expected date of settlement (5 business days after purchase or
         redemption). The amount of the cash adjustment which is added is equal
         to the cash per Unit held in the Capital Account not allocated to the
         purchase of specific Securities (see Public Sale of Units--Public
         Offering Price and Redemption in Part B).
        +On the initial date of Deposit (December 17, 1985) the Principal Amount
         of Securities in the Fund was $14,039,839. Cost of Securities is set
         forth under Portfolio.
        ++The Trustee receives annually for its services as Trustee $0.95 per
          $1,000 original Principal Amount of Compound Interest Bonds. The
          Trustee's Annual Fee and Expenses also includes the Portfolio
          Supervision Fee and the Evaluator's Fee set forth herein.
        +++The Sponsors also may be reimbursed for their costs of bookkeeping
           and administrative services to the Fund. Portfolio supervision fees
           deducted in excess of portfolio supervision expenses may be used for
           this reimbursement. Additional deductions for this purpose are
           currently estimated not to exceed an annual rate of $0.10 per 1,000
           Units.
 
                                      A-3
<PAGE>
 
DEFINED ASSET FUNDS--CORPORATE INCOME FUND, CASH OR ACCRETION BOND SERIES--4
INVESTMENT SUMMARY AS OF THE EVALUATION DATE (CONTINUED)
 

NUMBER OF ISSUES IN PORTFOLIO...............................                5
RANGE OF MATURITIES.................................................2014-2016
 
NUMBER OF COMPOUND INTEREST BONDS...........................                4
 
NUMBER OF U.S. TREASURY INTEREST BEARING BONDS..............                1
 
PERCENTAGE OF ACCRETED PRINCIPAL AMOUNT OF PORTFOLIO
  REPRESENTED BY EACH ISSUER+ OF COMPOUND INTEREST BONDS:
  Collateralized Mortgage Securities Corporation............               27%
  Guaranteed Mortgage Corporation II........................                6%
  Nash Phillips/Copus Securities Funding Corporation........               58%
 
STANDARD & POOR'S
  RATING ON UNITS OF THE FUND* .......................................... AAA
PERCENT OF ACCRETED PRINCIPAL AMOUNT OF PORTFOLIO COMPRISED
  OF:**
  GNMA-COLLATERALIZED BONDS:
  10.65% Compound Interest Bonds (stated maturity
     3/1/2016)..............................................               58%
  10.95% Compound Interest Bonds (stated maturity
       2/1/2014)............................................               18%
  11.00% Compound Interest Bonds (stated maturity
       12/1/2015)...........................................                6%
  11.45% Compound Interest Bonds (stated maturity
       9/1/2015)............................................                9%

 
- ------------------------------
       * See Description of Ratings in Part B.
       ** Payments have commenced on all the Compound Interest Bonds. See Risk
Factors--Cash or Accretion Bond Series, Select Series and GNMA-Collateralized
Bond Series in Part B.
        + All of the issuers of the Compound Interest Bonds are limited purpose
corporations organized solely for the purpose of issuing bonds collateralized by
mortgage-backed securities. See Risk Factors--Cash or Accretion Bond Series,
Select Series and GNMA-Collateralized Bond Series--Limited Assets and Limited
Liability in Part B. The collateral security for each issue will serve as
collateral only for that issue.
 
                                      A-4
<PAGE>
DEFINED ASSET FUNDS - CORPORATE INCOME FUND,
CASH OR ACCRETION BOND SERIES - 4

REPORT OF INDEPENDENT ACCOUNTANTS



The Sponsors, Co-Trustees and Holders
  of Defined Asset Funds - Corporate Income Fund,
  Cash or Accretion Bond Series - 4:

We have audited the accompanying statement of condition of Defined Asset Funds -
Corporate Income Fund, Cash or Accretion Bond Series - 4, including the
portfolio, as of March 31, 1994 and the related statements of operations and of
changes in net assets for the years ended March 31, 1994, 1993 and 1992.  These
financial statements are the responsibility of the Co-Trustees.  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
March 31, 1994, as shown in such portfolio, were confirmed to us by Investors
Bank & Trust Company, a Co-Trustee.  An audit also includes assessing the
accounting principles used and significant estimates made by the Co-Trustees, 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, Cash or Accretion Bond Series - 4 at March 31, 1994 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

New York, N.Y.
May 13, 1994
























                                      D-1


<PAGE>
DEFINED ASSET FUNDS - CORPORATE INCOME FUND,
CASH OR ACCRETION BOND SERIES - 4

<TABLE>
STATEMENT OF CONDITION
AS OF MARCH 31, 1994

<S>                                                                       <C>
TRUST PROPERTY:
  Investment in marketable securities - at value
    (adjusted cost $3,086,860) (Note 1)                                   $3,090,230
  Accrued interest receivable                                                 64,766
  Prepaid expense                                                              8,252
  Cash                                                                        36,637

            Total trust property                                           3,199,885

LESS LIABILITY - Due to Trustee                                               36,231

NET ASSETS, REPRESENTED BY:
  5,549,993 units of fractional undivided interest
    outstanding (Note 3)                                     $3,090,279
  Undistributed net investment income                            73,375   $3,163,654

UNIT VALUE ($3,163,654 / 5,549,993 units)                                     $.5700


                              See Notes to Financial Statements.










































</TABLE>

                                             D-2


<PAGE>
DEFINED ASSET FUNDS - CORPORATE INCOME FUND,
CASH OR ACCRETION BOND SERIES - 4

STATEMENTS OF OPERATIONS


<TABLE>
<CAPTION>
                                                                Years Ended March 31,
                                                             1994        1993       1992

<S>                                                                <C> <C>        <C>
INVESTMENT INCOME:
  Interest on collateralized bonds                                     $371,708   $646,354
  Other interest income                                    $487,670     272,837    147,700
  Co-Trustees' fees and expenses                            (22,739)    (26,787)   (19,958)
  Sponsors' fees                                             (5,412)     (5,556)    (3,435)

  Net investment income                                     459,519     612,202    770,661

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
  Realized loss on securities sold or redeemed              (74,360)    (36,316)    (9,713)
  Unrealized appreciation (depreciation) of investments    (113,052)    133,005     11,418

  Net realized and unrealized gain (loss) on
    investments                                            (187,412)     96,689      1,705

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS       $272,107    $708,891   $772,366


                              See Notes to Financial Statements.








































</TABLE>

                                             D-3


<PAGE>
DEFINED ASSET FUNDS - CORPORATE INCOME FUND,
CASH OR ACCRETION BOND SERIES - 4

STATEMENTS OF CHANGES IN NET ASSETS


<TABLE>
<CAPTION>
                                                             Years Ended March 31,
                                                         1994         1993         1992

<S>                                                   <C>          <C>          <C>
OPERATIONS:
  Net investment income                               $  459,519   $  612,202   $  770,661
  Realized loss on securities sold or redeemed           (74,360)     (36,316)      (9,713)
  Unrealized appreciation (depreciation) of
    investments                                         (113,052)     133,005       11,418

  Net increase in net assets resulting from
    operations                                           272,107      708,891      772,366

DISTRIBUTIONS TO HOLDERS (Note 2):
  Income                                                (438,677)    (231,451)     (67,364)
  Principal                                           (1,710,805)    (765,179)    (356,407)

  Total distributions                                 (2,149,482)    (996,630)    (423,771)












CAPITAL SHARE TRANSACTIONS:
  Issuance of 155,301, 469,473 and 619,065 addi-
    tional units, respectively (Note 1)
  Redemptions of 903,000, 1,175,000 and 804,524
    units, respectively                                 (812,403)  (1,151,160)    (846,422)

NET DECREASE IN NET ASSETS                            (2,689,778)  (1,438,899)    (497,827)

NET ASSETS AT BEGINNING OF YEAR                        5,853,432    7,292,331    7,790,158

NET ASSETS AT END OF YEAR                             $3,163,654   $5,853,432   $7,292,331

PER UNIT:
  Income distributions during year                        $.0775       $.0346       $.0094

  Principal distributions during year                     $.3059       $.1136       $.0495

  Net asset value at end of year                          $.5700       $.9295      $1.0413

TRUST UNITS OUTSTANDING AT END OF YEAR                 5,549,993    6,297,692    7,003,219


                              See Notes to Financial Statements.










</TABLE>

                                             D-4


<PAGE>
DEFINED ASSET FUNDS - CORPORATE INCOME FUND,
CASH OR ACCRETION BOND 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 "Redemption - Computation











of Redemption Price Per Unit" in this Prospectus, Part B).

(b) Subsequent to December 18, 1985, accrued interest has been added to the
principal and cost of the collateralized bonds in accordance with
their terms.  On May 1 and November 1 of each year, additional units
are issued ratably to Holders based on one unit per one dollar of
aggregate increase in the accreted principal amount of the compound
interest bonds.

(c) The Fund is not subject to income taxes.  Accordingly, no provision for
such taxes is required.

(d) Interest income is recorded as earned.

2.  DISTRIBUTIONS

    The Fund receives distributions of principal or interest on its holdings of
the collateralized bonds in accordance with the terms of such bonds.
Generally, monthly distributions are made by the Fund to its Holders when
payments of principal and interest are received on such bonds.  Proceeds
from the sale of investment securities in excess of the amount needed for
redemptions of units are distributed periodically.  For additional
information, see "Risk Factors - Cash or Accretion Bond Series, Select
Series and GNMA- Collateralized Bond Series" in this Prospectus, Part B.

3.  NET CAPITAL

Cost of 5,549,993 units at Dates of Deposit                     $5,549,993
Redemptions of units - net cost of 14,592,585 units redeemed
  less redemption amounts                                          679,312
Realized loss on securities sold or redeemed                      (284,124)
Principal distributions                                         (2,858,272)
Net unrealized appreciation of investments                           3,370

Net capital applicable to Holders                               $3,090,279

4.  INCOME TAXES

    All Fund items of income received, accretion of original issue discount on
the Collateralized Bonds, expenses paid and realized gains and losses on
securities sold are attributable to the Holders, on a pro rata basis, for
Federal income tax purposes in accordance with the grantor trust rules of
the United States Internal Revenue Code.

    At March 31, 1994, the cost of the investment securities for Federal income
tax purposes was approximately equivalent to the adjusted cost as shown in
the Fund's portfolio.

                                      D-5


<PAGE>
DEFINED ASSET FUNDS - CORPORATE INCOME FUND,
CASH OR ACCRETION BOND SERIES - 4












PORTFOLIO
AS OF MARCH 31, 1994
<TABLE>
<CAPTION>


                                                                                            Optional
                                              Accreted                          Optional      Call
Portfolio No. and Title of        Rating of   Principal             Interest      Call     Percentage     Adjusted       Value
        Securities                Issues(1)      (2)    Maturities    Rate      Date(3)       (3)          Cost(2)        (2)

<S>                                  <C>     <C>         <C>          <C>          <C>        <C>       <C>            <C>
1 Nash Phillips/Copus Securities     AAA     $1,727,111  03/01/16     10.650%      -          10%       $1,727,111     $1,727,106
   Funding Corporation, Series C,
   Sequence C-4

2 Guaranteed Mortgage Corp. II,      AAA        168,752  12/01/15     11.000    10/01/95       -           180,747        169,252
   GNMA-Collateralized Mortgage
   Bonds, Series R, Class R-4

3 Collateralized Mortgage Securities AAA        534,439  02/01/14     10.950    08/01/00       10          553,201        535,048
   Corporation, Collateralized
   Mortgage Obligations, Series C,
   Class C-4

4 Collateralized Mortgage Securities AAA        271,110  09/01/15     11.450    09/01/00       10          311,457        274,239
   Corporation, Collateralized
   Mortgage Obligations, Series D,
   Class D-4

5 U.S. Treasury Bonds                           300,000  11/15/15      9.875       -           -           314,344        384,585

TOTAL                                        $3,001,412                                                 $3,086,860     $3,090,230



</TABLE>
                                                    See Notes to Portfolio.

                                                               D-6


<PAGE>
DEFINED ASSET FUNDS - CORPORATE INCOME FUND,
CASH OR ACCRETION BOND SERIES - 4

NOTES TO PORTFOLIO
AS OF MARCH 31, 1994


(1) A description of the rating symbols and their meanings appears in this
Prospectus, Part B.  Ratings are by Standard & Poor's.

(2) See Note 1 to Financial Statements.












(3) The Compound Interest Bonds were issued in series and each series is
callable at the option of the Issuer, in whole (but not in part), without
premium, at any time (i) on or after certain predetermined call dates or
(ii) after the aggregate outstanding principal amount of the Compound
Interest Bonds of such series declines to a stated percentage of the
aggregate outstanding principal amount of such Compound Interest Bonds on
their original issue date.  The Compound Interest Bonds in Portfolio Number
2 are callable on the later of the date indicated or the date on which all
other classes of that series of Compound Interest Bonds have been repaid in
full.  Furthermore, principal on the Compound Interest Bonds may be prepaid
to the extent that principal on the mortgages underlying the collateral is
prepaid (see "Risk Factors - Cash or Accretion Bond Series, Select Series
and GNMA - Collateralized Bond Series" in this Prospectus, Part B).













                                      D-7


<PAGE>

                                                  DEFINED
                             ASSET FUNDSSM
 

SPONSORS:                               CORPORATE INCOME FUND
Merrill Lynch,                          Cash or Accretion Bond Series--4
Pierce, Fenner & Smith Inc.             (A Unit Investment Trust)
Unit Investment Trusts                  PROSPECTUS PART A
P.O. Box 9051                           This Prospectus does not contain all of
Princeton, N.J. 08543-9051              the information with respect to the
(609) 282-8500                          investment company set forth in its
Smith Barney Inc.                       registration statement and exhibits
Unit Trust Department                   relating thereto which have been filed
Two World Trade Center--101st Floor     with the Securities and Exchange
New York, N.Y. 10048                    Commission, Washington, D.C. under the
1-800-298-UNIT                          Securities Act of 1933 and the
PaineWebber Incorporated                Investment Company Act of 1940, and to
1200 Harbor Boulevard                   which reference is hereby made.
Weehawken, N.J. 07087                   No person is authorized to give any
(201) 902-3000                          information or to make any
Prudential Securities Incorporated      representations with respect to this
One Seaport Plaza                       investment company not contained in this
199 Water Street                        Prospectus; and any information or
New York, N.Y. 10292                    representation not contained herein must
(212) 776-1000                          not be relied upon as having been
Dean Witter Reynolds Inc.               authorized. This Prospectus does not
Two World Trade Center--59th Floor      constitute an offer to sell, or a
New York, N.Y. 10048                    solicitation of an offer to buy,
(212) 392-2222                          securities in any state to any person to
EVALUATOR:                              whom it is not lawful to make such offer
Kenny S&P Evaluation Services           in such state.
65 Broadway
New York, N.Y. 10006
INDEPENDENT ACCOUNTANTS:
Deloitte & Touche
1633 Broadway
3rd Floor
New York, N.Y. 10019
CO-TRUSTEES:
The First National Bank of Chicago
Investors Bank & Trust Company
P.O. Box 1537
Boston, MA 02205-1537
1-800-338-6019

 
                                                      11703--8/94
<PAGE>
                             DEFINED ASSET FUNDS--
                             CORPORATE INCOME FUND
                       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 Post-Effective Amendment No. 5 to the Registration Statement on Form
S-6 of The Corporate Income Fund, Eighty-First Monthly Payment Series, 1933 Act
File No. 2-63010).
 
     The Prospectus.
 
     The Signatures.
 
The following exhibits:
 
     4.1.1--Consent of the Evaluator.
 
     4.1.2--Consent of Rating Agency.
 
     5.1  --Consent of independent accountants.
 
                                      R-1
<PAGE>
                             DEFINED ASSET FUNDS--
                             CORPORATE INCOME FUND
                        CASH OR ACCRETION BOND SERIES--4
                                   SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THE REGISTRANT,
DEFINED ASSET FUNDS--CORPORATE INCOME FUND, CASH OR ACCRETION BOND 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 27TH DAY OF JULY, 1994.
 
             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 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.
 
     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
 

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

 
      ARTHUR H. BURTON, JR.
      JAMES T. GAHAN
      ALAN D. HOGAN
      HOWARD A. KNIGHT
      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

 
      RONALD A. ARTINIAN
      STEVEN D. BLACK
      JAMES BOSHART III
      ROBERT A. CASE
      ROBERT K. DIFAZIO
      ROBERT DRUSKIN
      HERBERT DUNN
      TONI ELLIOTT
      LEWIS GLUCKSMAN
      ROBERT F. GREENHILT
      THOMAS GUBA
      HENRY U. HARRIS
      JOHN B. HOFFMAN
      A. RICHARD JANIAK, JR.
      ROBERT Q. JONES
      ROBERT B. KANE
      JEFFREY LANE
      JACK H. LEHMAN III
      ROBERT H. LESSIN
      JOEL N. LEVY
      THOMAS A. MAGUIRE, JR.
      JOHN J. MCATEE, JR.
      HOWARD D. MARSH
      JOHN F. MCCANN
      WILLIAM J. MILLS II
      JOHN C. MORRIS
      CHARLES O'CONNOR
      HUGH J. O'HARE
      JOSEPH J. PLUMERI II
      JACK L. RIVKIN
      A. GEORGE SAKS
      BRUCE D. SARGENT
      DON M. SHAGRIN
      DAVID M. STANDRIDGE
      MELVIN B. TAUB
      JACQUES S. THERIOT
      STEPHEN J. TREADWAY
      PAUL UNDERWOOD
      PHILIP M. WATERMAN
 
      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      Form SE and the following 1933 Act
  of Directors of PaineWebber               File
  Incorporated:                             Number: 33-28452

 
      JOHN A. BULT
      PAUL B. GUENTHER
      DONALD B. MARRON
      JAMES C. TREADWAY
      By
       ROBERT E. HOLLEY
       (As authorized signatory for
       PaineWebber Incorporated
       and Attorney-in-fact for the persons listed above)
 
                                      R-7
<PAGE>
                                                                     Exhibit 5.1
                       CONSENT OF INDEPENDENT ACCOUNTANTS
The Sponsors and Co-Trustees of
of Defined Asset Funds--Corporate Income Fund--Cash or Accretion Bond Series--4
 
We consent to the use in this Post-Effective Amendment No. 8 to Registration
Statement No. 33-00938 of our opinion dated May 13, 1994 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
New York, N.Y.
July 27, 1994


<PAGE>
                                                                     EXHIBIT 4.1
 
                                INTERACTIVE DATA
                                 14 WALL STREET
                            NEW YORK, NEW YORK 10005
                                 (212) 306-6596
                                FAX 212-306-6545
 
July 27, 1994
 

Merrill Lynch, Pierce, Fenner & Smith
Incorporated
Unit Investment Trust Division
P.O. Box 9051
Princeton, New Jersey 08543-9051
Investors Bank & Trust Company
The First National Bank of Chicago
c/o One Lincoln Plaza
89 South Street
Boston, Massachusetts 02111

 
Re: Defined Asset Funds--Corporate Income Fund
     Cash or Accretion Bond Series--4
     (A Unit Investment Trust) Units of Fractional Undivided Interest-Registered
    Under the Securities Act of 1933, File No. 33-00938
 
Gentlemen:
 
     We have examined the Registration Statement for the above captioned Fund.
 
     We hereby consent to the reference to Interactive Data Services, Inc. in
the Prospectus contained in the Post-Effective Amendment No. 8 to the
Registration Statement for the above captioned Fund and to the use of the
evaluations of the Obligations prepared by us which are referred to in such
Prospectus and Registration Statement.
 
     You are authorized to file copies of this letter with the Securities and
Exchange Commission.
 
                                          Very truly yours,
                                          JAMES PERRY
                                          Vice President


<PAGE>
                                                                   EXHIBIT 4.1.2
STANDARD & POOR'S RATINGS GROUP
MUNICIPAL FINANCE DEPARTMENT
25 BROADWAY
NEW YORK, NEW YORK 10004-1064
TELEPHONE 212/208-1366
FAX 212-412-0460
Richard P. Larkin
Managing Director
 
                                                   July 27, 1994
 
Mr. Michael Perini
Vice President
 

Merrill Lynch, Pierce, Fenner & Smith
UIT Division
P.O. Box 9051
Princeton, NJ 08543-9051
Investors Bank & Trust Company
The First National Bank of Chicago
c/o One Lincoln Plaza
89 South Street
Boston, Massachusetts 02111

 
RE: DEFINED ASSET FUNDS--CORPORATE INCOME FUND,
     CASH OR ACCRETION BOND SERIES--4 (SEC Reg. Pound33-00938)
 
Dear Mr. Perini:
     It is our understanding that you have filed with the Securities and
Exchange Commission an Eighth Post Effective Amendment on the above captioned
fund, SEC file number 33-00938.
     Because the portfolio is composed solely of United States Treasury
Obligations and collateralized mortgage obligations that are rated 'AAA' by
Standard & Poor's Rating Group and are collateralized by GNMA pass-through
certificates, we reaffirm the assignment of an 'AAA' rating to the units of the
fund.
     You have permission to use the name of Standard & Poor's Corporation and
the above-assigned rating in connection with your dissemination of information
relating to these units, provided that it is understood that the rating is not a
'market' rating nor a recommendation to buy, hold or sell the units of trust.
Further, it should be understood that the rating does not take into account the
extent to which fund expenses or portfolio asset sales for less than the fund's
purchase price will reduce payment to the unit holders of the interest and
principal required to be paid on the portfolio assets. S&P reserves the right to
advise its own clients, subscribers, and the public of the rating. S&P relies on
the sponsor and its counsel, accountants, and other experts for the accuracy and
completeness of the information submitted in connection with the rating. S&P
does not independently verify the truth or accuracy of any such information.
     This letter evidences our consent to the use of the name of Standard &
Poor's Corporation in connection with the rating assigned to the units in the
post-effective amendment referred to above. However, this letter should not be
construed as a consent by us, within the meaning of Section 7 of the Securities
Act of 1933, to the use of the name of Standard & Poor's Corporation in
connection with the ratings assigned to the securities contained in the trust.
You are hereby authorized to file a copy of this letter with the Securities and
Exchange Commission.
     Please be certain to send us three copies of your final prospectus as soon
as it becomes available. Should we not receive them within a reasonable time
after the closing or should they not conform to the representations made to us,
we reserve the right to withdraw the rating.
     We are pleased to have had the opportunity to be of service to you. Our
bill will be sent to you within one month. If we can be of further help, please
do not hesitate to call upon us.
                                                   Sincerely
                                                   Richard P. Larkin



<PAGE>
                             DAVIS POLK & WARDWELL
                              450 LEXINGTON AVENUE
                           NEW YORK, NEW YORK  10017
                                 (212) 450-4000


                                                                July 27, 1994


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-CIF CABS-1                                751575   2-92891    811-2295
DEFINED ASSET FUNDS-CIF CABS-4                                779322   33-00938   811-2295
DEFINED ASSET FUNDS-CIF CABS-9                                782394   33-09483   811-2295
DEFINED ASSET FUNDS-CIF CABS-10                               782395   33-10067   811-2295


DEFINED ASSET FUNDS-MITF CA-43                                747838   33-27522   811-1777

DEFINED ASSET FUNDS-MITF IS-139                               781155   33-26501   811-1777
DEFINED ASSET FUNDS-MITF IS-140                               781158   33-26707   811-1777
DEFINED ASSET FUNDS-MITF IS-178                               803845   33-45958   811-1777

DEFINED ASSET FUNDS-MITF ITS-150                              780797   33-33589   811-1777
DEFINED ASSET FUNDS-MITF ITS-190                              868095   33-46843   811-1777
DEFINED ASSET FUNDS-MITF ITS-205                              868112   33-49425   811-1777

DEFINED ASSET FUNDS-MITF MPS-496                              803703   33-33381   811-1777

DEFINED ASSET FUNDS-MITF MSS-33                               895620   33-49427   811-1777
DEFINED ASSET FUNDS-MITF MSS-4                                881828   33-47649   811-1777
DEFINED ASSET FUNDS-MITF MSS 4A                               780518   33-19683   811-1777
DEFINED ASSET FUNDS-MITF MSS 4B                               780519   33-19690   811-1777
DEFINED ASSET FUNDS-MITF MSS 4C                               780520   33-19798   811-1777
DEFINED ASSET FUNDS-MITF MSS 6Z                               847194   33-34131   811-1777


DEFINED ASSET FUNDS-GSIF USGZCBS 3                            845859   33-26716   811-2810

TOTAL:   19 FUNDS

</TABLE>



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