<PAGE>
DEFINED
Asset FundsSM
<TABLE>
<S> <C>
Corporate
Income Fund
- --------------------
INSURED SERIES--22
A UNIT INVESTMENT
TRUST
/ /INSURED
/ /MONTHLY INCOME
/ /AAA-RATED
6.55%
ESTIMATED CURRENT
RETURN AS OF
JANUARY 18, 1994
6.57%
ESTIMATED LONG TERM
RETURN AS OF
JANUARY 18, 1994
U.S. TAX EXEMPT FOR
FOREIGN
INVESTORS 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
</TABLE>
<PAGE>
<PAGE>
INVESTMENT SUMMARY AS OF JANUARY 18, 1994
<TABLE>
<S> <C>
ESTIMATED CURRENT RETURN*
(based on Public Offering Price) 6.55%
ESTIMATED LONG TERM RETURN*
(based on Public Offering Price) 6.57%
PUBLIC OFFERING PRICE PER UNIT
(including 4.50% sales charge) $ 1,009.73**
FACE AMOUNT OF SECURITIES-- $ 8,000,000
INITIAL NUMBER OF UNITS***-- 8,000
SPONSORS' REPURCHASE PRICE AND
REDEMPTION PRICE PER UNIT****
(based on bid side evaluation) $ 959.30**
FRACTIONAL UNDIVIDED INTEREST IN
FUND REPRESENTED BY EACH UNIT-- 1/8,000TH
CALCULATION OF PUBLIC OFFERING
PRICE
Aggregate offering side
evaluation of Securities in
Fund......................... $ 7,714,375.00
---------------
Divided by 8,000 Units.......... $ 964.30
Plus sales charge of 4.50% of
Public Offering Price (4.712%
of net amount invested in
Securities)+................. 45.43
---------------
Public Offering Price per
Unit......................... $ 1,009.73
Plus accrued interest++......... 1.28
---------------
Total........................ $ 1,011.01
---------------
---------------
</TABLE>
<TABLE>
<S> <C>
MONTHLY INCOME DISTRIBUTIONS
First distribution to be paid on the
25th day of April, 1994 to Holders
of record on the 10th day of April,
1994............................... $ 3.71
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........... $ 66.09
Divided by 12................... $ 5.50
REDEMPTION PRICE PER UNIT LESS THAN:
Public Offering Price by........... $ 50.43
Sponsors' Initial Repurchase Price
by................................. $ 5.00
</TABLE>
PORTFOLIO AT A GLANCE--
DIVERSIFICATION--The Portfolio contains obligations of 10 issuers
representing 10 public utility companies. 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--Units of the Fund are rated AAA by Standard & Poor's.
LONG-TERM MATURITIES--The issues have maturity dates ranging from 2023 to
2028.
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.
Approximately 19% of the aggregate face amount of the Debt Obligations are
currently subject to optional refunding redemptions at prices initially not less
than 105.82% of par; approximately 81% of the Debt Obligations are subject to
optional refunding redemptions but not before 1998, at prices initially not less
than 102.19% of par (see Portfolio). 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 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 or the project is destroyed and
insurance proceeds are used to redeem the bonds.
- ------------
* Estimated Current Return represents annual interest income after
estimated annual expenses divided by the maximum public offering price including
a 4.50% 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 Fund income and the
redemption, sale or other disposition of Debt Obligations in the Portfolio.
** Plus accrued interest.
*** The Sponsors may create additional Units during the offering period of
the Fund.
**** 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.
+ 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.
++ 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
- --------------------------------------------------------------------------------
<TABLE>
<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......... 4.50% Less than 250......... 5.50%
250 - 499............. 3.50 250 - 499............. 4.50
500 - 749............. 3.00 500 - 749............. 3.50
750 - 999............. 2.50 750 - 999............. 2.50
1,000 or more......... 2.00 1,000 or more......... 2.00
</TABLE>
<PAGE>
<PAGE>
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.
AAA RATED AND INSURED
Each bond in the Fund is unconditionally and irrevocably insured as to payment
of interest and principal for as long as the bond is retained in the Fund. As a
result the units of the Fund have received Standard & Poor's highest rating of
AAA, which indicates a fund holding securities with an extremely strong capacity
to pay interest and repay principal. Insurance guarantees payment of scheduled
principal and interest but not market value, which fluctuates with changes in
interest rates, changes in the credit quality of the underlying bonds and other
factors.
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 bonds in the portfolio and/or their Insurer are regularly reviewed
and a security can be sold if retaining it would be detrimental to investors'
interests.
A LIQUID INVESTMENT
Although not legally required to do so, we 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 insurer of the bonds.
- --------------------------------------------------------------------------------
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.
<PAGE>
<PAGE>
PORTFOLIO OF CORPORATE INCOME FUND, ON THE INITIAL DATE OF DEPOSIT,
INSURED SERIES--22 January 19, 1994
DEFINED ASSET FUNDS
<TABLE>
<CAPTION>
Ratings of
Issues(1)
Standard Moody's Optional
Portfolio No. and & Poor's Investors Face Refunding
Securities Contracted for Corp. Service Amount Coupon Maturities Redemptions (2)
<C> <S> <C> <C> <C> <C> <C> <C>
--------- ---------- ------------ ------ ----------- ---------------------
1. Arkansas Power and Light Company, First BBB Baa2 $ 500,000 7.000 % 10/01/23 10/01/98@ 104.23
Mortgage Bonds
2. Atlantic City Electric Company, First A- A3 1,000,000 7.000 % 8/01/28 Currently@ 105.82
Mortgage Bonds
3. Carolina Power and Light Company, First A A2 500,000 6.875 % 8/15/23 8/15/03@ 102.84
Mortgage Bonds
4. Georgia Power Company, First Mortgage Bonds A- A3 500,000 7.550 % 8/01/23 Currently@ 106.38
5. Jersey Central Power and Light Company, A- A3 1,000,000 6.750 % 11/01/25 10/27/03@ 102.82
First Mortgage Bonds
6. New York Telephone Company, Debentures A A2 1,000,000 7.000 % 8/15/25 8/15/03@ 102.34
7. Pacific Gas and Electric Company, First and A A1 1,000,000 6.750 % 10/01/23 12/01/03@ 102.74
Refunding Mortgage Bonds, Series 93-F
8. Philadelphia Electric Company, First and BBB+ Baa1 1,000,000 7.250 % 11/01/24 11/01/98@ 104.71
Refunding Mortgage Bonds
9. Southwestern Bell Telephone Company, A+ A1 1,000,000 6.625 % 9/01/24 9/01/03@ 102.19
Debentures
10. Texas Utilities, First Mortgage Bonds BBB Baa2 500,000 7.375 % 10/01/25 10/01/03@ 103.35
------------
$ 8,000,000
------------
------------
</TABLE>
- ---------------
NOTES
(1) These ratings do not reflect the fact that the scheduled principal and
interest payments for all the Debt Obligations, while retained in the Fund,
will be insured by MBIA. The MBIA Insurance is effective only while the
Debt Obligations are retained in the Fund. 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) 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 the table. 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.
Certain Debt Obligations may provide for redemption at par prior or in
addition to any optional or mandatory redemption dates or 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 Debt Obligations 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 offering 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. The tax effect on Holders of redemptions and
related distributions is described under Taxes.
------------------------------------
All Debt Obligations are represented entirely by contracts to purchase such
Debt Obligations, which were entered into by the Sponsors on January 18,
1994. All contracts are expected to be settled by the initial settlement
date for the purchase of Units. All Debt Obligations have been insured by
MBIA for the period that they are retained by the Fund.
14680-1/94
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