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DEFINED ASSET FUNDSSM
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GOVERNMENT The objective of this Defined Fund is safety of
SECURITIES capital and current monthly income by investing in
INCOME FUND a portfolio of interest-bearing U.S. Treasury
MONTHLY PAYMENT securities with laddered maturities. These
U.S. TREASURY SERIES--22 securities are backed by the full faith and credit
(LADDERED MATURITIES) of the United States government. Laddered
(A UNIT INVESTMENT TRUST) maturities will periodically return to investors
- ------------------------------approximately equal portions of principal invested
/ / U.S. GOVERNMENT SECURITIESas each security matures, ending in 2005. Interest
/ / MONTHLY INCOME income is exempt from U.S. federal income taxes,
/ / U.S. TAX-EXEMPT TO MANY including withholding taxes, for many foreign
FOREIGN INVESTORS investors. Interest income is subject to U.S.
federal income taxes for U.S. investors, but is
exempt from state and local personal income taxes
in all states. There can be no assurance that the
Fund will achieve its objective.
The value of units will fluctuate with the value
of the Portfolio, which will change with changes
in interest rates.
Minimum purchase: $250
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THESE SECURITIES HAVE NOT BEEN APPROVED OR
DISAPPROVED
BY THE SECURITIES AND EXCHANGE COMMISSION OR ANY
STATE
SECURITIES COMMISSION NOR HAS THE COMMISSION OR
ANY
STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY
OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.
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SPONSORS: PART A OF THIS PROSPECTUS MAY NOT BE DISTRIBUTED
Merrill Lynch, UNLESS ACCOMPANIED BY GOVERNMENT SECURITIES INCOME
Pierce, Fenner & Smith FUND PART B
Incorporated INVESTORS SHOULD READ BOTH PARTS OF THIS
Smith Barney Inc. PROSPECTUS CAREFULLY AND RETAIN THEM FOR FUTURE
PaineWebber Incorporated REFERENCE.
Prudential Securities INQUIRIES SHOULD BE DIRECTED TO THE TRUSTEE AT
Incorporated 1-800-323-1508.
Dean Witter Reynolds Inc. PROSPECTUS PART A DATED AUGUST 21, 1998.
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Def ined Asset FundsSM
Defined Asset Funds is America's oldest and largest family of unit investment
trusts, with over $115 billion sponsored over the last 25 years. Each Defined
Asset Fund is a portfolio of preselected securities. The portfolio is divided
into 'units' representing equal shares of the underlying assets. Each unit
receives an equal share of income and principal distributions.
Defined Asset Funds offer several defined 'distinctives'. You know in advance
what you are investing in and that changes in the portfolio are limited - a
defined portfolio. Most defined bond funds pay interest monthly - defined
income. The portfolio offers a convenient and simple way to invest - simplicity
defined.
Your financial professional can help you select a Defined Asset Fund to meet
your personal investment objectives. Our size and market presence enable us to
offer a wide variety of investments. The Defined Asset Funds family offers:
o Municipal portfolios
o Corporate portfolios
o Government portfolios
o Equity portfolios
o International portfolios
The terms of Defined Funds are as short as one year or as long as 30 years.
Special defined funds are available including: insured funds, double and triple
tax-free funds and funds with 'laddered maturities' to help protect against
changing interest rates. Defined Asset Funds are offered by prospectus only.
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Defined U.S. Treasury Portfolio
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Our defined portfolio of U.S. Treasury securities offers you a simple and
convenient way to participate in the U.S. Treasury market and obtain monthly
income while earning an attractive return.
INVESTMENT OBJECTIVES
To obtain safety of capital as well as current monthly income through investment
in a fixed portfolio of U.S. Treasury securities with laddered maturities of
approximately 6 to 11 years. The Fund seeks to protect against declining
interest rates by investing a portion of the Portfolio in longer-term
securities, while if interest rates rise you will be able to reinvest the
proceeds of maturing securities into higher-yielding securities.
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Defining Your Portfolio
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PROFESSIONAL SELECTION AND SUPERVISION
The Portfolio of Securities is selected by experienced buyers. The Fund is not
actively managed; however, it is regularly reviewed and a Security can be sold
if retaining it is considered detrimental to investors' interest.
PORTFOLIO COMPOSITION
The Fund was created May 31, 1995.
The information in this prospectus is as of May 31, 1998, the evaluation date.
The Portfolio contains 5 different issues of U.S. Treasury securities with fixed
final maturity dates ranging from 2001 to 2005. The percentage relationships are
as follows: 7.50% coupons maturing 11/15/01, 20%; 6.375% coupons maturing
8/15/02, 20%; 5.75% coupons maturing 8/15/03, 20%; 5.875% coupons maturing
2/15/04, 20%; 6.50% coupons maturing 5/15/05, 20%. As each U.S. Treasury
security matures, the proceeds of the maturing Security will be distributed to
investors, returning approximately equal portions of principal invested each
year. The U.S. Treasury securities in the Portfolio are backed by the full faith
and credit of the United States.
CALL PROTECTION
100% of the aggregate face amount of the Portfolio is not subject to redemption
prior to maturity but is payable in full at the stated maturity amounts.
TAX INFORMATION
Interest on the Securities is subject to U.S. federal income taxes for U.S.
investors but exempt from state and local personal income taxes in all states.
For many foreign investors, income from the Fund will be exempt from federal
income taxes as well as state and local personal income taxes. A noncorporate
investor may be entitled to a 20% maximum federal tax rate for capital gains
derived from the Fund if he has held his units for more than one year. (The
18-month holding period described in Part B no longer applies.)
In the opinion of special counsel to the Sponsors, each investor will be
considered to have received the interest on his pro rata portion of each
Security when interest on the Security is received by the Fund even though a
portion of the interest payments may be used to pay the Fund expenses.
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Defining Your Risks
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U.S. Government securities are not affected by credit risk but are subject to
changes in market value resulting from changes in interest rates. Unit price
fluctuates and the value of units will decline if interest rates increase.
Because of the possible maturity, sale or other disposition of Securities, the
size, composition and return of the Portfolio may change at any time. Because of
the sales charges, returns of principal and fluctuations in unit price, among
other reasons, the sale price will generally be less than the cost of your
units.
There is no guarantee that the Fund will achieve its investment objective. The
Fund itself and the units are not backed by the full faith and credit of the
U.S. Government.
A-2
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Defining Your Income
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MONTHLY INCOME DISTRIBUTIONS
The Fund pays monthly income, even though the securities generally pay interest
semi-annually.
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: $ 5.23
Annual Income per 1,000 units: $ 62.76
These figures are estimates determined as of the Evaluation Date and actual
payments may vary.
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Defining Your Investment
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PUBLIC OFFERING PRICE PER 1,000 UNITS $1,055.50
The Public Offering Price as of May 31, 1998, the evaluation date, is based on
the aggregate bid side evaluation of the underlying securities ($44,107,330)
divided by the number of units outstanding (42,750,000) times 1,000, plus a
sales charge of 2.25% of the Public Offering Price (2.302% of the value of the
underlying securities). The Public Offering Price on any subsequent date will
vary. An amount equal to principal cash, if any, as well as net accrued but
undistributed interest on the unit is added to the Public Offering Price. The
underlying securities are valued by the Trustee on the basis of their closing
sale prices at 3:30 p.m. Eastern time on every business day.
PREMIUM AND DISCOUNT ISSUES
On the evaluation date, all of the securities were valued at a premium over par
(see Risk Factors in Part B).
LOW MINIMUM INVESTMENT
You can get started with a minimum purchase of $250. There is no minimum
purchase for payroll deduction plans.
PRINCIPAL DISTRIBUTIONS
Principal from sales, redemptions and maturities of securities in the Fund will
be distributed to investors periodically when the amount to be distributed is
more than $5.00 per 1,000 units. As each Treasury note matures, the proceeds
will be distributed to investors.
TERMINATION DATE
The Fund will generally terminate following the maturity date of the last
maturing security listed in the Portfolio. The Fund may be terminated earlier if
the value is less than 40% of the face amount of securities deposited. On the
evaluation date the value of the Fund was 81% of the face amount of securities
deposited.
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Defining Your Costs
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SALES CHARGES
Although the Fund is a unit investment trust rather than a mutual fund, the
following information is presented to permit a comparison of fees and an
understanding of the direct or indirect costs and expenses that you pay.
As a %
of Secondary
Market
Public Offering
Price
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Maximum Sales Charges 2.25%
The Fund (and therefore the investors) bear all or a portion of its
organizational costs--including costs of preparing registration statements, the
trust indenture and other closing documents, registering units with the SEC and
the states and the initial audit of the Portfolio--as is common for mutual
funds.
ESTIMATED ANNUAL FUND OPERATING EXPENSES
Amount per
1,000 Units
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Trustee's Fee $ 0.48
Portfolio Supervision, Bookkeeping and
Administrative Fees $ 0.35
Evaluator's Fee $ 0.03
Organizational Expenses $ 0.20
Other Operating Expenses $ 0.18
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TOTAL $ 1.24
REDEEMING OR SELLING YOUR INVESTMENT
You may redeem or sell your units at any time. Your price will be based on the
then current net asset value (based on the lower, bid side evaluation of the
securities, as determined by an independent evaluation), plus principal cash, if
any, as well as accrued interest. The redemption and secondary market repurchase
price as of the evaluation date was $1,031.75 per 1,000 units ($23.75 per 1,000
units less than the Public Offering Price). There is no fee for selling Units.
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DEFINED
ASSET FUNDSSM
SPONSORS: GOVERNMENT SECURITIES
Merrill Lynch, INCOME FUND
Pierce, Fenner & Smith Incorporated Monthly Payment U.S. Treasury Series--22
Defined Asset Funds (Laddered Maturities)
P.O. Box 9051 A Unit Investment Trust
Princeton, NJ 08543-9051 This Prospectus consists of a Part A and
(609) 282-8500 a Part B. This Prospectus does not
Smith Barney Inc. contain all of the information with
Unit Trust Department respect to the investment company set
388 Greenwich Street--23rd Floor forth in its registration statement and
New York, NY 10013 exhibits relating thereto which have
(212) 816-4000 been filed with the Securities and
PaineWebber Incorporated Exchange Commission, Washington, D.C.
1200 Harbor Boulevard under the Securities Act of 1933 and the
Weehawken, NJ 07087 Investment Company Act of 1940, and to
(201) 902-3000 which reference is hereby made. Copies
Prudential Securities Incorporated of filed material can be obtained from
One New York Plaza the Public Reference Section of the
New York, NY 10292 Commission, 450 Fifth Street, N.W.,
(212) 778-6164 Washington, D.C. 20549 at prescribed
Dean Witter Reynolds Inc. rates. The Commission also maintains a
Two World Trade Center--59th Floor Web site that contains information
New York, NY 10048 statements and other information
(212) 392-2222 regarding registrants such as Defined
EVALUATOR: Asset Funds that file electronically
Interactive Data Services, Inc. with the Commission at
14 Wall Street http://www.sec.gov.
New York, NY 10005 ------------------------------
TRUSTEE: No person is authorized to give any
The Chase Manhattan Bank information or to make any
Customer Service Retail Department representations with respect to this
Bowling Green Station investment company not contained in its
P.O. Box 5187 registration statement and exhibits
New York, NY 10274-5187 related thereto; and any information or
1-800-323-1508 representation not contained therein
must not be relied upon as having been
authorized.
This Prospectus 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.
15106--8/98
