<PAGE>
[DAF LOGO]
- ---------------------------------------------------
MUNICIPAL INVESTMENT
TRUST FUND
- ---------------------------------------------
Insured Series--200
A Unit Investment Trust
10,000 Units
/ / Insured
/ / Tax-Free
/ / AAA-Rated
5.10%
ESTIMATED CURRENT RETURN
AS OF FEBRUARY 15, 1994
5.08%
ESTIMATED LONG TERM RETURN
AS OF FEBRUARY 15, 1994
14697--2/94
EFGH(LOGO)
Merrill Lynch,
Pierce, Fenner & Smith Inc.
Unit Investment Trusts
P.O. Box 9051
Princeton, N.J. 08543-9051
(609) 282-8500
<PAGE>
INVESTMENT SUMMARY AS OF FEBRUARY 15, 1994
ESTIMATED CURRENT RETURN*
(based on Public Offering Price) 5.10%
ESTIMATED LONG TERM RETURN*
(based on Public Offering Price) 5.08%
PUBLIC OFFERING PRICE PER UNIT
(including 4.50% sales charge) $ 1,036.14**
FACE AMOUNT OF SECURITIES-- $ 10,000,000
NUMBER OF UNITS-- 10,000
SPONSORS' REPURCHASE PRICE
AND REDEMPTION PRICE PER
UNIT***
(based on bid side evaluation) $ 985.51**
DAILY RATE AT WHICH ESTIMATED NET INTEREST ACCRUES PER
UNIT-- .0146%
MONTHLY INCOME DISTRIBUTIONS
First distribution to be paid on the 25th day of May, 1994
to Holders of record on the 10th day of May, 1994.........$ 2.53
Calculation of second and following distributions, to be
paid on the 25th day of each month:
Estimated net annual interest rate per Unit times
$1,000..................................................$ 52.80
Divided by 12...........................................$ 4.40
REDEMPTION PRICE PER UNIT LESS THAN:
Public Offering Price by..................................$ 50.63
Sponsors' Initial Repurchase Price by $ 4.00
PORTFOLIO AT A GLANCE--
DIVERSIFICATION--The Portfolio contains 10 issues. Because of possible
maturity, sale or other disposition of Securities, the size, composition, and
return of the Portfolio may change at any time.
INVESTMENT QUALITY--The Fund is rated AAA by Standard & Poor's Corporation
('Standard & Poor's').
LONG-TERM MATURITIES--The issues have maturity dates ranging from 2017 to
2023.
CALL PROTECTION--Issuers are usually able to redeem bonds under optional
refunding and sinking fund provisions. Optional refunding redemptions, which may
redeem all or part of an issue, are in most cases initially at a premium, and
then in subsequent years at declining prices, but typically not below par value.
100% of the aggregate face amount of the Debt Obligations are subject to
optional refunding redemptions, but not before 2002, and then at prices
initially not less than 100% of par. Bonds are also generally subject to
mandatory sinking fund redemptions at par over the life of the issue and may
also provide for redemption at par prior to optional or mandatory redemption
dates or maturity, for example, if proceeds are not able to be used as
contemplated, the project is condemned or sold, the project is destroyed and
insurance proceeds are used to redeem the bonds or in other special
circumstances.
- ------------------
* Estimated Current Return represents annual interest income after estimated
annual expenses divided by the maximum public offering price including a 4.50%
sales charge. Estimated Long Term Return is the net annual percentage return
based on the yield on each underlying Debt Obligation weighted to reflect market
value and time to maturity or earlier call date. Estimated Long Term Return is
adjusted for estimated expenses and the maximum offering price but not for
delays in the Fund's distribution of income. Estimated Current Return shows
current annual cash return to investors while Estimated Long Term Return shows
the return on Units held to maturity, reflecting maturities, discounts and
premiums on underlying Debt Obligations. Each figure will vary with purchase
price including sales charge, changes in the net interest income and the
redemption, sale or other disposition of Debt Obligations in the Portfolio.
** Plus accrued interest.
*** During the initial offering period, the Fund's Sponsors intend to offer to
purchase Units at prices based on the offer side value of the underlying
Securities. Thereafter, the Sponsors intend to maintain such a market based on
the bid side value of the underlying Securities, which will be equal to the
Redemption Price.
VOLUME PURCHASE DISCOUNT
- --------------------------------------------------------------------------------
Initial Offering Period
Sales Charge as
a percentage of the offer side
Number of Units Public Offering Price
- --------------- -------------------------------
Less than 250 4.5%
250 - 499 3.5
500 - 749 3.0
750 - 999 2.5
1,000 or more 2.0
Secondary Market
The sales charge in the secondary market will
be a percentage of the bid side evaluation of
the underlying Securities, and will vary
depending on the maturity of each Security
and the number of Units purchased.
<PAGE>
<TABLE>
<S> <C>
DEFINED MUNICIPAL INVESTMENT TRUST FUNDS
Our defined portfolios of municipal bonds offer investors a simple and
convenient way to earn monthly income. And by purchasing municipal Defined
Funds, investors not only avoid the problem of selecting municipal bonds by
themselves, but also gain the advantage of diversification by investing in
bonds of several different issuers. Spreading your investment among
different securities and issuers reduces your risk, but does not eliminate
it.
MONTHLY TAX-FREE INTEREST INCOME
The Fund pays monthly income, even though the underlying bonds pay interest
semi-annually. This income is generally 100% exempt under existing laws
from regular federal income tax. Depending on where you live, some of the
income may also be exempt from certain state and local personal income
taxes. Any gain on disposition of the underlying bonds will be subject to
tax.
ENHANCED PROTECTION
To further protect your investment, all of the bonds in the Fund have been
unconditionally and irrevocably insured as to payment of interest and
principal. As a result, the units of the Fund have received Standard &
Poor's highest rating, AAA. Of course, the market value of the underlying
bonds and the value of the units, will fluctuate with changes in interest
rates and other factors.
PROFESSIONAL SELECTION AND SUPERVISION
The Fund contains a variety of securities selected by experienced buyers
and market analysts. The Fund is not actively managed. However, the
portfolio is regularly reviewed and a security can be sold if retaining it
could be detrimental to investors' interests.
A LIQUID INVESTMENT
Although not legally required to do so, the Sponsors have maintained a
secondary market for Defined Funds for over 20 years. You can cash in your
units at any time. Your price is based on the market value of the Fund's
securities at that time as determined by an independent evaluator. Or, you
can exchange your investment for another Defined Fund at a reduced sales
charge. There is never a fee for cashing in your investment.
REINVESTMENT OPTION
You can elect to automatically reinvest your distributions into a separate
portfolio of tax-exempt bonds. Reinvesting helps to compound your income
federally tax-free.
RISK FACTORS
Unit price fluctuates and is affected by interest rates as well as the
financial condition of the insurers of the bonds.
---------------------------------------------------------------------------
Information contained herein is subject to completion or amendment. A
registration statement relating to the securities of the next Trust in this
series of Municipal Investment Trust Fund has been filed with the
Securities and Exchange
Commission. The securities of that Trust may not be sold nor may offers to
buy be accepted prior to the time that registration statement becomes
effective. This
brochure shall not constitute an offer to sell or the solicitation of an
offer to buy
nor shall there be any sale of these securities in any State in which such
offer,
solicitation or sale would be unlawful prior to registration or
qualification under
the securities laws of any such State.
</TABLE>
<PAGE>
PORTFOLIO OF MUNICIPAL INVESTMENT TRUST FUND,
INSURED SERIES--200
ON THE INITIAL DATE OF DEPOSIT,
FEBRUARY 16, 1994
DEFINED ASSET FUNDS
<TABLE>
<CAPTION>
PORTFOLIO NO. AND TITLE OF RATINGS OF FACE
DEBT OBLIGATIONS CONTRACTED FOR ISSUES (1) AMOUNT COUPON MATURITIES
-------------------------------------------------------- ----------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
1) Northern California Pwr. Agy., Rev. Bonds (Hydroelectric AAA $ 1,000,000 5.50% 7/1/23
Proj. Number One), Rfdg. Ser. 1992 A (MBIA Ins.)
2) The Illinois St. Toll Hgwy. Auth. Toll Hgwy. Priority AAA 1,000,000 5.75 1/1/17
Rev. Bonds, Ser. 1992 A (Financial Guaranty Ins.)
3) City of Indianapolis, IN, Gas Util. Sys. Rev. Rfdg. AAA 1,000,000 5.375 6/1/21
Bonds, Ser. 1993 A (Financial Guaranty Ins.)
4) North Carolina Muni. Pwr. Agy. Number One (Catawba Elec. AAA 1,000,000 5.75 1/1/20
Rev. Bonds), Ser. 1992 (MBIA Ins.)
5) Delaware Cnty. Auth., PA, Hlth. Fac. Rev. Bonds (Mercy AAA 1,000,000 5.375 11/15/23
Hlth. Corp. of Southeastern PA Oblig. Group), Ser.
1993 A (Connie Lee Ins.)
6) Pennsylvania Intergovernmental Coop. Auth., Spec. Tax AAA 1,000,000 5.625 6/15/23
Rev. Bonds (City of Philadelphia Funding Prog.),
Ser. 1993 (MBIA Ins.)
7) Rhode Island Conv. Ctr. Auth., Rfdg. Rev. Bonds, Ser. AAA 1,000,000 5.00 5/15/23
1993 C (MBIA Ins.)
8) Harris Cnty., TX, Toll Road Senior Lien Rev. Rfdg. AAA 1,000,000 5.50 8/15/21
Bonds, Ser. 1994 (Financial Guaranty Ins.)
9) Wisconsin Hlth. and Educl. Fac. Auth., Rev. Bonds AAA 1,000,000 5.25 8/15/23
(Aurora Hlth. Care Oblig. Group), Ser. 1993 (MBIA
Ins.)
10) Wisconsin Hlth. and Educl. Fac. Auth., Rev. Bonds AAA 1,000,000 5.50 8/15/19
(Sisters of the Sorrowful Mother Ministry Corp.),
Ser. 1993 D (MBIA Ins.)
------------
$ 10,000,000
------------
------------
</TABLE>
OPTIONAL
REFUNDING
REDEMPTIONS(2)
---------------
1) 7/1/02 @ 100
2) 1/1/03 @ 102
3) 6/1/03 @ 102
4) 1/1/03 @ 100
5) 11/15/03 @ 102
6) 6/15/03 @ 100
7) 5/15/04 @ 102
8) 8/15/04 @ 102
9) 8/15/03 @ 102
10) 8/15/03 @ 102
- ------------
NOTES
(1) All ratings are by Standard & Poor's Corporation. Any rating followed by '*'
is subject to submission and review of final documentation. Any rating
followed by 'p' is provisional and assumes the successful completion of the
project being financed.
(2) Debt Obligations are first subject to optional redemption (which may be
exercised in whole or in part) on the dates and at the prices indicated
under the Optional Refunding Redemptions column in the table. In subsequent
years Debt Obligations are redeemable at declining prices, but typically not
below par value. Some issues may be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
TAX-FREE VS. TAXABLE INCOME
A COMPARISON OF TAXABLE AND TAX-FREE YIELDS
<TABLE>
<CAPTION>
TAXABLE INCOME 1994* % TAX TAX-FREE YIELD OF
SINGLE RETURN JOINT RETURN BRACKET 3% 3.5% 4% 4.5% 5% 5.5%
IS EQUIVALENT TO A TAXABLE YIELD OF
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$0-36,900 15.00 3.53 4.12 4.71 5.29 5.88 6.47
- ---------------------------------------------------------------------------------------------------------------------------
$0-22,100 15.00 3.53 4.12 4.71 5.29 5.88 6.47
- ---------------------------------------------------------------------------------------------------------------------------
$36,900-89,150 28.00 4.17 4.86 5.56 6.25 6.94 7.64
- ---------------------------------------------------------------------------------------------------------------------------
$22,100-53,500 28.00 4.17 4.86 5.56 6.25 6.94 7.64
- ---------------------------------------------------------------------------------------------------------------------------
$89,150-140,000 31.00 4.35 5.07 5.80 6.52 7.25 7.97
- ---------------------------------------------------------------------------------------------------------------------------
$53,500-115,000 31.00 4.35 5.07 5.80 6.52 7.25 7.97
- ---------------------------------------------------------------------------------------------------------------------------
$140,000-250,000 36.00 4.69 5.47 6.25 7.03 7.81 8.59
- ---------------------------------------------------------------------------------------------------------------------------
$115,000-250,000 36.00 4.69 5.47 6.25 7.03 7.81 8.59
- ---------------------------------------------------------------------------------------------------------------------------
OVER $250,000 39.60 4.97 5.79 6.62 7.45 8.28 9.11
- ---------------------------------------------------------------------------------------------------------------------------
OVER $250,000 39.60 4.97 5.79 6.62 7.45 8.28 9.11
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
TAXABLE INCOME 1994*
SINGLE RETURN 6% 6.5% 7%
- ------------------
7.06 7.65 8.24
- ------------------
$0-22,100 7.06 7.65 8.24
- ------------------
8.33 9.03 9.72
- ------------------
$22,100-53,500 8.33 9.03 9.72
- ------------------
8.70 9.42 10.14
- ------------------
$53,500-115,000 8.70 9.42 10.14
- ------------------
9.38 10.16 10.94
- ------------------
$115,000-250,000 9.38 10.16 10.94
- ------------------
9.93 10.76 11.59
- ------------------
OVER $250,000 9.93 10.76 11.59
- ------------------
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 current Federal 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 the alternative
minimum tax, personal exemptions, the phase out of the tax benefit
of exemptions, itemized deductions or the possible partial
disallowance of deductions. Consequently, holders are urged to
consult their own tax advisers in this regard.
14697--2/94
