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DEFINED
Asset FundsSM
Corporate
Income Fund
- ---------------------------------------------
INTERMEDIATE TERM
SERIES -- 49
A UNIT INVESTMENT TRUST
/ /MONTHLY INCOME
/ /INVESTMENT GRADE
/ /PROFESSIONAL SELECTION
7.13%
ESTIMATED CURRENT RETURN AS OF
MAY 18, 1994
7.41%
ESTIMATED LONG TERM RETURN AS OF
MAY 18, 1994
TAX-EXEMPT TO FOREIGN
HOLDERS WHEN CERTAIN
CONDITIONS ARE MET
Merrill Lynch,
Pierce, Fenner & Smith Inc.
Unit Investment Trusts
P.O. Box 9051
Princeton, N.J. 08543-9051
(609) 282-8500
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INVESTMENT SUMMARY AS OF MAY 18, 1994
<TABLE>
<S> <C>
ESTIMATED CURRENT RETURN( A )
(based on Public Offering Price) 7.13%
ESTIMATED LONG TERM RETURN( A )
(based on Public Offering Price) 7.41%
PUBLIC OFFERING PRICE PER UNIT
(including 4.00% sales charge) $ 983.18( B )
FACE AMOUNT OF SECURITIES-- $ 6,000,000
INITIAL NUMBER OF UNITS( C )-- 6,000
SPONSORS' REPURCHASE PRICE AND
REDEMPTION PRICE PER UNIT( D )
(based on bid side evaluation) $ 938.85( C )
FRACTIONAL UNDIVIDED INTEREST IN
FUND REPRESENTED BY EACH UNIT-- 1/6,000TH
CALCULATION OF PUBLIC OFFERING
PRICE
Aggregate offer side evaluation
of Securities in Fund........ $ 5,663,125.00
---------------
Divided by 6,000 Units.......... $ 943.85
Plus sales charge of 4.00% of
Public Offering Price (4.167%
of net amount invested in
Securities)( E )............. 39.33
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Public Offering Price per
Unit......................... 983.18
Plus accrued interest( F )...... 1.36
---------------
Total........................ $ 984.54
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---------------
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<S> <C>
MONTHLY INCOME DISTRIBUTIONS
First distribution to be paid on the
25th day of August, 1994 to Holders
of record on the 10th day of
August, 1994....................... $ 2.77
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.................. $ 70.12
Divided by 12...................... $ 5.84
REDEMPTION PRICE PER UNIT LESS THAN:
Public Offering Price by........... $ 44.33
Sponsors' Initial Repurchase Price
by................................. $ 5.00
</TABLE>
PORTFOLIO AT A GLANCE--
DIVERSIFICATION--The Portfolio contains obligations of 10 issuers
representing financial institutions, a corporate utility and a consumer goods
company. 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--All 10 issues are rated investment grade. Standard &
Poor's rated 2 issues AA, and 8 issues A. Moody's rated 1 issue Aa, and 9 issues
A. Fitch rated 1 issue AA, and 3 issues A.
INTERMEDIATE-TERM MATURITIES--The issues have maturity dates ranging from
2002 to 2009.
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.
However, none of the bonds in this Portfolio is subject to optional refunding
redemption prior to maturity. Bonds may also provide for redemption at par prior
or in addition to any optional or mandatory redemption dates or maturity, for
example, through operation of a maintenance and replacement fund, 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, in the
event of certain tax events or in other special circumstances.
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(a) Estimated Current Return represents annual interest income after
estimated annual expenses divided by the maximum public offering price including
a 4.00% maximum 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 net interest income and
the redemption, sale or other disposition of Debt Obligations in the Portfolio.
(b) Plus accrued interest.
(c) The Sponsors may create additional Units during the offering period
of the Fund.
(d) 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.
(e) The sales charge during the initial offering period and in the
secondary market will be reduced on a graduated scale in the case of quantity
purchases. The resulting reduction in the Public Offering Price will increase
the effective current and long term returns on a Unit.
( f ) Figure shown represents interest accrued on underlying Securities
from the Initial Date of Deposit to expected date of settlement (normally five
business days after purchase) for Units purchased on the Initial Date of
Deposit.
VOLUME PURCHASE DISCOUNT
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<CAPTION>
INITIAL OFFERING PERIOD SECONDARY MARKET SALES
<S> <C> <C> <C>
SALES CHARGE AS SALES CHARGE AS
A PERCENTAGE OF THE OFFER SIDE A PERCENTAGE OF THE BID SIDE
NUMBER OF UNITS PUBLIC OFFERING PRICE NUMBER OF UNITS PUBLIC OFFERING PRICE
- ---------------------- ------------------------------ ---------------------- ------------------------------
Less than 250......... 4.00% Less than 250......... 4.75%
250 - 499............. 3.00 250 - 499............. 3.75
500 - 749............. 2.50 500 - 749............. 2.75
750 - 999............. 2.00 750 - 999............. 2.00
1,000 or more......... 1.50 1,000 or more......... 1.50
</TABLE>
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DEFINED CORPORATE INCOME FUNDS
Our defined portfolios of corporate bonds offer investors a simple and
convenient way to earn monthly income. And by purchasing corporate Defined
Funds, investors not only avoid the problem of selecting corporate bonds by
themselves, but also gain the advantage of diversification by investing in bonds
of several different issuers.
MONTHLY INCOME
Even though the securities in the portfolio pay interest semi-annually or
annually, the Fund will make monthly distributions of net interest income.
REINVESTMENT OPTION
You can elect to automatically reinvest your distributions into a separate
portfolio of corporate bonds. Reinvesting helps to compound your income and
keeps your capital continuously working for you.
INVESTMENT GRADE QUALITY
Each bond in the Fund has been selected by investment professionals among
available investment grade bonds or those, in the opinion of Defined Asset Funds
research analysts, having comparable credit characteristics. Risk is further
reduced by purchasing bonds of a number of different issuers and types.
PROFESSIONAL SELECTION AND SUPERVISION
Each bond in the Fund has been selected by experienced buyers and market
analysts. Spreading your investment among different securities and issuers
reduces your risk, but does not eliminate it. 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 Asset 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.
PRINCIPAL DISTRIBUTIONS
Principal from sales, redemptions and maturities of bonds in the Fund is
distributed to investors periodically.
RISK FACTORS
Unit price fluctuates and is affected by interest rates as well as the financial
condition of the issuers of the bonds.
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Information contained herein is subject to completion or amendment. A
registration statement relating to the securities of the next Trust in the
series of Corporate Income 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.
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PORTFOLIO OF CORPORATE INCOME FUND,
INTERMEDIATE TERM SERIES -- 49
DEFINED ASSET FUNDS
ON THE INITIAL DATE OF DEPOSIT,
MAY 19, 1994
<TABLE>
<CAPTION>
Ratings of Issues
Standard & Moody's Fitch
Portfolio No. and Poor's Investors Investors
Securities Contracted for Corp. Service Service Face Amount Coupon Maturities
<C> <S> <C> <C> <C> <C> <C> <C>
---------- ---------- ---------- ------------ ------ -----------
1. BankAmerica Corporation, A- A3 A+ $ 500,000 8.375 % 3/15/02
Subordinated Notes
2. Banque Paribas, Subordinated A- A2 NA 1,000,000 6.875 3/01/09
Notes
3. Citicorp, Subordinated Notes A- A3 A- 500,000 7.125 3/15/04
4. First Union Corporation, A- A3 NR 500,000 6.625 7/15/05
Subordinated Notes
5. Ford Motor Credit, Notes A A2 NR 500,000 6.375 11/05/08
6. New York Telephone Company, A A2 A+ 500,000 6.500 3/01/05
Debentures
7. Progressive Corporation, Notes A- A3 NA 500,000 6.600 1/15/04
8. Republic New York Corp., AA- A1 AA- 500,000 7.750 5/15/09
Subordinated Notes
9. Seagram Company Limited, A A2 NA 1,000,000 8.350 11/15/06
Debentures
10. Toronto-Dominion Bank, AA- Aa3 NA 500,000 6.450 1/15/09
Subordinated Notes
------------
$ 6,000,000
------------
------------
<CAPTION>
Optional
Refunding
Redemptions (1)
<C> <S><C>
---------------------
1. --
2. --
3. --
4. --
5. --
6. --
7. --
8. --
9. --
10. --
</TABLE>
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(1) None of the Securities are subject to optional or sinking fund redemption.
Certain Securities may provide for redemption at par prior to 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,
sold or the project is destroyed and insurance proceeds are used to redeem
the Securities, in the event of certain tax events or in other special
circumstances.
Sinking fund redemptions are all at par and generally redeem only part of
an issue. Some of the Securities have mandatory sinking funds which contain
optional provisions permitting the issuer to increase the principal amount
of bonds 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 offer 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 original Public Offering Price of the Units. Monthly 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 received by the Fund. The
estimated current return and estimated long term return in this event may
be affected by redemptions.
14855-5/94
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