<PAGE>
Defined Asset FundsSM
<TABLE>
<CAPTION>
<S> <C>
CORPORATE 7.03% ESTIMATED CURRENT RETURN shows the estimated annual cash to be
INCOME FUND received from interest-bearing bonds in the Portfolio (net of estimated
MONTHLY PAYMENT SERIES--319 annual expenses) divided by the Public Offering Price (including the
(A UNIT INVESTMENT maximum sales charge).
TRUST)
7.05% ESTIMATED LONG TERM RETURN is a measure of the estimated return
over the estimated life of the Fund. This represents an average of the
- ----------------------------------- yields to maturity (or in certain cases, to an earlier call date) of
/ / DESIGNED FOR HIGH the individual bonds in the Portfolio, adjusted to reflect the maximum
CURRENT INCOME sales charge and estimated expenses. The average yield for the
/ / DEFINED PORTFOLIO OF Portfolio is derived by weighting each bond's yield by its market value
CORPORATE BONDS and the time remaining to the call or maturity date, depending on how
/ / MONTHLY INCOME the bond is priced. Unlike Estimated Current Return, Estimated Long
/ / INVESTMENT GRADE Term Return takes into account maturities, discounts and premiums of
the underlying bonds.
7.03% No return estimate can be predictive of your actual return because
ESTIMATED CURRENT RETURN returns will vary with purchase price (including sales charges), how
long units are held, changes in Portfolio composition, changes in
interest income and changes in fees and expenses. Therefore, Estimated
7.05% Current Return and Estimated Long Term Return are designed to be
ESTIMATED LONG TERM RETURN comparative rather than predictive. A yield calculation which is more
comparable to an individual bond may be higher or lower than Estimated
Current Return or Estimated Long Term Return which are more comparable
to return calculations used by other investment products.
AS OF JUNE 26, 1995
------------------------------------------------------------------
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 ADE-
QUACY OF THIS DOCUMENT. ANY REPRESENTATION TO
SPONSORS: THE CONTRARY IS A CRIMINAL OFFENSE.
Merrill Lynch, Inquiries should be directed to the Trustee at 1-800-221-7771.
Pierce, Fenner & Smith Incorporated Prospectus dated June 27, 1995.
Smith Barney Inc.
Prudential Securities Incorporated INVESTORS SHOULD READ THIS PROSPECTUS CAREFULLY AND RETAIN IT FOR
Dean Witter Reynolds Inc. FUTURE REFERENCE.
PaineWebber Incorporated
</TABLE>
<PAGE>
Defined Asset FundsSM
Defined Asset Funds is America's oldest and largest family of unit investment
trusts, with over $95 billion sponsored since 1971. 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:
- Municipal portfolios
- Corporate portfolios
- Government portfolios
- Equity portfolios
- International portfolios
The terms of Defined Funds are as short as one year or as long as 30 years.
Special defined bond 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
- --------------------------------------------------------------------------
Defined Monthly Payment Series
- --------------------------------------------------------------------------
INVESTMENT OBJECTIVE
To provide a high level of current income through investment in a fixed
portfolio consisting primarily of long-term corporate bonds.
DIVERSIFICATION
The Portfolio is diversified among 13 bond issues. Spreading your investment
among different issuers reduces your risk, but does not eliminate it. Because of
deposits of additional bonds during the initial offering period of the Fund and
maturities, sales or other dispositions of bonds, the size, composition and
return of the Portfolio will change over time.
- --------------------------------------------------------------------------
Defining Your Portfolio
- --------------------------------------------------------------------------
PROFESSIONAL SELECTION AND SUPERVISION
The Portfolio contains a variety of bonds selected by experienced buyers and
research analysts. The Fund is not actively managed; however, it is regularly
reviewed and a bond can be sold if retaining it is considered detrimental to
investors' interests.
TYPES OF BONDS
The Portfolio consists of $6,000,000 face amount of long term bonds issued by
different corporate issuers.
<TABLE>
<CAPTION>
APPROXIMATE
PERCENTAGE OF
ISSUERS PORTFOLIO
- ---------------------------------------
<S> <C>
Electric Utilities 46%
Telecommunications 17
Conglomerates 8
Financial 8
Foreign Government 8
Retailing 8
Natural Resources 5
</TABLE>
BOND CALL FEATURES
It is possible that during periods of falling interest rates, a bond with a
coupon higher than current market rates will be prepaid or "called", at the
option of the bond issuer, before its expected maturity. When bonds are
initially callable, the price is usually at a premium to par which then declines
to par over time. Bonds may also be subject to a mandatory sinking fund or have
extraordinary redemption provisions. For example, if the bond's proceeds are not
able to be used as intended the bond may be redeemed. This redemption and the
sinking fund are often at par.
It is possible that during periods of falling interest rates, a bond with a
coupon higher than current market rates will be prepaid or "called", at the
option of the bond issuer, before its expected maturity. When bonds are
initially callable, the price is usually at a premium to par which then declines
to par over time. Bonds may also be subject to a mandatory sinking fund or have
extraordinary redemption provisions. For example, if the bond's proceeds are not
able to be used as intended the bond may be redeemed. This redemption and the
sinking fund are often at par.
TAX INFORMATION
In the opinion of special counsel to the Sponsors, each Holder will be
considered to have received the interest on his pro rata portion of each bond
when interest on the bond is received by the Fund. This interest is taxable for
U.S. investors but exempt from U.S. Federal income taxes, including withholding
taxes, for many foreign investors.)
- --------------------------------------------------------------------------
Defining Your Investment
- --------------------------------------------------------------------------
PUBLIC OFFERING PRICE PER UNIT $1,006.71
The Public Offering Price as of June 26, 1995, the business day prior to the
Initial Date of Deposit, is based on the aggregate offer side value of the
underlying bonds in the Fund ($5,768,437.50), the price at which they can be
directly purchased by the public assuming they were available, divided by the
number of units outstanding (6,000) plus a maximum sales charge of 4.50%. The
Public Offering Price on any subsequent date will vary. An amount equal to net
accrued but undistributed interest on the unit is added to the Public Offering
Price. The underlying bonds are evaluated by an independent evaluator at 3:30
p.m. Eastern time on every business day.
LOW MINIMUM INVESTMENT
You can get started with a minimum purchase of about $1,000.
PRINCIPAL DISTRIBUTIONS
Principal from sales, redemptions and maturities of bonds in the Fund will be
distributed to investors periodically when the amount to be distributed is more
than $5.00 per unit.
TERMINATION DATE
The Fund will generally terminate following the maturity date of the last
maturing bond listed in the Portfolio. The Fund may be terminated earlier if the
value is less than 40% of the face amount of bonds deposited.
SPONSORS' PROFIT OR LOSS
The Sponsors' profit or loss associated with the Fund will include the receipt
of applicable sales charges, any fees for underwriting or placing bonds,
fluctuations in the Public Offering Price or secondary market price of units, a
gain of $7,047.50 on the initial deposit of the bonds and a gain or loss on
subsequent deposits of additional bonds.
SELLING YOUR INVESTMENT
You may sell your units at any time. Your price is based on the Fund's then
current net asset value (based on the offer side evaluation of the bonds during
the initial public offering period and on the lower, bid side evaluation
thereafter, as determined by an independent evaluator), plus accrued interest.
The per unit bid side redemption and secondary market repurchase price as of
June 26, 1995 was $956.41 ($50.30 less than the Public Offering Price). There is
no fee for selling your units.
- --------------------------------------------------------------------------
Defining Your Risks
- --------------------------------------------------------------------------
RISK FACTORS
Unit price fluctuates and could be adversely affected by increasing interest
rates as well as the financial condition of the issuers of the bonds. 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. Unit
prices could also be adversely affected if a limited trading market exists in
any security to be sold. There is no guarantee that the Fund will achieve its
investment objective.
The Fund is concentrated in bonds issued by electric utility companies)
<PAGE>
- --------------------------------------------------------------------------
Defined Portfolio
- --------------------------------------------------------------------------
Corporate Income Fund
Monthly Payment Series--319 June 27, 1995
<TABLE>
<CAPTION>
RATINGS OF ISSUES
-----------------------
OPTIONAL SINKING
STANDARD REFUNDING FUND COST
PORTFOLIO TITLE & POOR'S MOODY'S FITCH REDEMPTIONS (1) REDEMPTIONS (1) TO FUND (2)
- ------------------------------------ --------- ------- ----- ----------------- --------------- --------------
<S> <C> <C> <C> <C> <C> <C>
1. $500,000 Aetna Life & Casualty A+ A2 NR -- -- $465,000.00
Company, Debentures, 7.250%, 8/15/23
2. $500,000 Carolina Power & Light, A A2 NR 8/15/03 @ 102.84 -- 474,375.00
First Mortgage Bonds, 6.875%,
8/15/23
3. $500,000 Consolidated Edison, A+ A1 NR 6/15/03 @ 103.27 -- 496,875.00
Debentures, 7.500%, 6/15/23
4. $500,000 Dayton Hudson Company, A A3 NR 6/15/03 @ 103.55 -- 506,875.00
Debentures, 7.875%, 6/15/23
5. $250,000 International Paper A- A3 NR -- -- 235,625.00
Company, Debentures, 6.875%,
11/01/23
6. $500,000 Loews Corporation, AA- A1 AA 10/15/03 @ 102.39 -- 456,875.00
Senior Notes, 7.000%, 10/15/23
7. $500,000 New York Telephone A A2 NR 2/15/04 @ 103.06 -- 485,625.00
Company, Debentures, 7.250%, 2/15/24
8. $500,000 Pacific Gas Transmission A- Baa1 NR 6/01/05 @ 103.04 -- 501,250.00
Company, Debentures, 7.800%, 6/01/25
9. $500,000 Public Service Electric A- A2 A- 9/01/03 @ 102.74 -- 468,125.00
& Gas Company, First and Refunding
Mortgage Bonds, Series SS, 7.000%,
9/01/24
10. $500,000 Quebec Province A+ A2 NR -- -- 492,500.00
Government, Debentures, 7.500%,
7/15/23
11. $500,000 Southern California A+ A2 NR 3/01/03 @ 102.43 -- 483,125.00
Edison Company, First and Refunding
Mortgage Bonds, Series 93C, 7.250%,
3/01/26
12. $500,000 US West Communications AA- Aa3 NR 9/15/03 @ 101.95 -- 463,125.00
Company, Debentures, 6.875%, 9/15/33
13. $250,000 Virginia Electric & A A2 A+ 1/01/04 @ 102.82 -- 239,062.50
Power Company, First and Refunding
Mortgage Bonds, Series A, 7.000%,
1/01/24
--------------
$5,768,437.50
--------------
</TABLE>
- ---------------------
(1) Bonds are first subject to optional redemptions (which may be exercised in
whole or in part) on the dates and at the prices indicated under the Optional
Refunding Redemptions column. In subsequent years, bonds 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.
(2) Evaluation of the bonds by the Evaluator is made on the basis of current
offer side evaluation. On this basis, 17% of the bonds were deposited at a
premium and 83% at a discount from par. On the business day prior to the Initial
Date of Deposit, the bid side evaluation was .52% lower than the offer side
evaluation.
<PAGE>
- --------------------------------------------------------------------------
Defining Your Costs
- --------------------------------------------------------------------------
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.
<TABLE>
<CAPTION>
As a %
As a % of Secondary
of Initial Offering Market
Period Public Public Offering
Offering Price Price
------------------- ----------------
<S> <C> <C>
Maximum Sales Charges 4.50% 5.50%
</TABLE>
The Fund (and therefore the investors) will bear all or a portion of its
organizational costs--including costs of preparing the registration statement,
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. Historically, the Sponsors of unit investment trusts have paid all the
costs of establishing those trusts.
ESTIMATED ANNUAL FUND OPERATING EXPENSES
<TABLE>
<CAPTION>
As a %
of Average
Net Assets* Per Unit
------------- -----------
<S> <C> <C>
Trustee's Fee .073% $ .70
Maximum Portfolio Supervision,
Bookkeeping and Administrative
Fees .047% $ .45
Organizational Expenses .021% $ .20
Evaluator's Fee .021% $ .20
Other Operating Expenses .024% $ .23
------------ -------
TOTAL .186% $1.78
</TABLE>
- ---------
*Based on the mean of the bid and offer side evaluations.
COSTS OVER TIME
You would pay the following cumulative expenses on a $1,000 investment, assuming
a 5% annual return on the investment throughout the indicated periods:
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years
<S> <C> <C> <C>
$47 $51 $55 $68
</TABLE>
The example assumes reinvestment of all distributions into additional units of
the Fund (a reinvestment option different from that offered by this Fund) and
uses a 5% annual rate of return as mandated by Securities and Exchange
Commission regulations applicable to mutual funds. The Costs Over Time above
reflect both sales charges and operating expenses on an increasing investment
(because the net annual return is reinvested). The example should not be
considered a representation of past or future expenses or annual rate of return;
the actual expenses and annual rate of return may be more or less than the
example.
- --------------------------------------------------------------------------
Defining Your Income
- --------------------------------------------------------------------------
MONTHLY INTEREST INCOME
The Fund pays monthly income, even though the bonds 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):
<TABLE>
<CAPTION>
<S> <C>
First Distribution per unit
(September 25, 1995): $1.12
Regular Monthly Income per unit
(Beginning on October 25, 1995): $5.90
Annual Income per unit: $70.81
</TABLE>
These figures are estimates determined as of the business day prior to the
Initial Date of Deposit and actual payments may vary.
Estimated cash flows are available upon request from the Sponsors.
UNITS OF THIS FUND MAY NO LONGER BE AVAILABLE AND THEREFORE INFORMATION
CONTAINED HEREIN MAY BE SUBJECT TO AMENDMENT. A REGISTRATION STATEMENT RELATING
TO SECURITIES OF A FUTURE SERIES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION. THESE SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY BE ACCEPTED
PRIOR TO THE TIME THE REGISTRATION STATEMENT BECOMES EFFECTIVE. THIS DOCUMENT
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.
15124-6/95
