DEFINED ASSET FUNDS--REGISTERED TRADEMARK--
------------------------------
----------------------
MUNICIPAL INVESTMENT TRUST FUND
MULTISTATE SERIES--58
(A UNIT INVESTMENT TRUST)
- CONNECTICUT, FLORIDA, NEW YORK AND PENNSYLVANIA
PORTFOLIOS
- PORTFOLIOS OF LONG-TERM MUNICIPAL BONDS
- DESIGNED TO BE FREE OF REGULAR FEDERAL INCOME TAX
- EXEMPT FROM SOME STATE TAXES
- MONTHLY DISTRIBUTIONS
SPONSORS:
MERRILL LYNCH,
PIERCE, FENNER & SMITH
INCORPORATED -----------------------------------------------------
SALOMON SMITH BARNEY INC. The Securities and Exchange Commission has not
PRUDENTIAL SECURITIES approved or disapproved these Securities or passed
INC. upon the adequacy of this prospectus. Any
PAINEWEBBER INCORPORATED representation to the contrary is a criminal offense.
DEAN WITTER REYNOLDS INC. Prospectus dated June 23, 2000.
<PAGE>
--------------------------------------------------------------------------------
Defined Asset Funds--Registered Trademark--
Defined Asset Funds-Registered Trademark- is America's oldest and largest family
of unit investment trusts, with over $160 billion sponsored over the last 28
years. Defined Asset Funds has been a leader in unit investment trust research
and product innovation. Our family of Funds helps investors work toward their
financial goals with a full range of quality investments, including municipal,
corporate and government bond portfolios, as well as domestic and international
equity portfolios.
Defined Asset Funds offer a number of advantages:
- A Disciplined strategy of buying and holding with a long-term view is the
cornerstone of Defined Asset Funds.
- Fixed portfolio: Defined Funds follow a buy and hold investment strategy;
funds are not managed and portfolio changes are limited.
- Defined Portfolios: We choose the stocks and bonds in advance, so you know
what you're investing in.
- Professional research: Our dedicated research team seeks out stocks or bonds
appropriate for a particular fund's objectives.
- Ongoing supervision: We monitor each portfolio on an ongoing basis.
No matter what your investment goals, tolerance for risk or time horizon,
there's probably a Defined Asset Fund that suits your investment style. Your
financial professional can help you select a Defined Asset Fund that works best
for your investment portfolio.
THE FINANCIAL INFORMATION IN THIS PROSPECTUS IS AS OF MARCH 31, 2000, THE
EVALUATION DATE.
<TABLE>
<S> <C>
CONTENTS
PAGE
---
Connecticut Portfolio--
Risk/Return Summary............. 3
Florida Insured Portfolio--
Risk/Return Summary............. 6
New York Insured Portfolio--
Risk/Return Summary............. 9
Pennsylvania Insured Portfolio--
Risk/Return Summary............. 12
What You Can Expect From Your
Investment...................... 16
Monthly Income.................. 16
Return Figures.................. 16
Records and Reports............. 16
The Risks You Face................ 17
Interest Rate Risk.............. 17
Call Risk....................... 17
Reduced Diversification Risk.... 17
Liquidity Risk.................. 17
Concentration Risk.............. 17
State Concentration Risk........ 18
Bond Quality Risk............... 21
Insurance Related Risk.......... 21
Litigation and Legislation
Risks......................... 21
Selling or Exchanging Units....... 21
Sponsors' Secondary Market...... 21
Selling Units to the Trustee.... 21
Exchange Option................. 22
How The Fund Works................ 22
Pricing......................... 22
Evaluations..................... 22
Income.......................... 23
Expenses........................ 23
Portfolio Changes............... 23
Fund Termination................ 24
Certificates.................... 24
Trust Indenture................. 24
Legal Opinion................... 25
Auditors........................ 25
Sponsors........................ 25
Trustee......................... 26
Underwriters' and Sponsors'
Profits....................... 26
Public Distribution............. 26
Code of Ethics.................. 26
Year 2000 Issues................ 26
Taxes............................. 27
Supplemental Information.......... 29
Financial Statements.............. D-1
</TABLE>
2
<PAGE>
--------------------------------------------------------------------------------
CONNECTICUT PORTFOLIO--RISK/RETURN SUMMARY
<TABLE>
<C> <S>
1. WHAT IS THE FUND'S OBJECTIVE?
The Fund seeks interest income that is
exempt from regular federal income taxes
and some state and local taxes by
investing in a fixed portfolio
consisting primarily of long term
municipal revenue bonds.
2. WHAT ARE MUNICIPAL REVENUE BONDS?
Municipal revenue bonds are bonds issued
by states, municipalities and public
authorities to finance the cost of
buying, building or improving various
projects intended to generate revenue,
such as airports, health care
facilities, housing and municipal
electric, water and sewer utilities.
Generally, payments on these bonds
depend solely on the revenues generated
by the projects, excise taxes or state
appropriations, and are not backed by
the government's taxing power.
3. WHAT IS THE FUND'S INVESTMENT STRATEGY?
- The Fund plans to hold to maturity 7
long-term tax-exempt municipal bonds
with an aggregate face amount of
$2,720,000.
- The Fund is a unit investment trust
which means that, unlike a mutual fund,
the Portfolio is not managed.
- When the bonds were initially deposited
they were rated A or better by Standard
& Poor's, Moody's or Fitch. THE QUALITY
OF THE BONDS MAY CURRENTLY BE LOWER.
- Many of the bonds can be called at a
premium declining over time to par
value. Some bonds may be called earlier
at par for extraordinary reasons.
- 41% of the bonds are insured by
insurance companies that guarantee
timely payments of principal and
interest on the bonds (but not Fund
units or the market value of the bonds
before they mature).
The Portfolio consists of municipal
bonds of the following types:
</TABLE>
<TABLE>
<CAPTION>
APPROXIMATE
PORTFOLIO
PERCENTAGE
<S> <C>
/ / Hospitals/Health Care 29%
/ / Housing 24%
/ / State/Local Government
Supported 18%
/ / Refunded Bonds 11%
/ / Municipal Electric
Utilities 18%
</TABLE>
<TABLE>
<C> <S>
4. WHAT ARE THE SIGNIFICANT RISKS?
YOU CAN LOSE MONEY BY INVESTING IN THE FUND.
THIS CAN HAPPEN FOR VARIOUS REASONS,
INCLUDING:
- Rising interest rates, an issuer's worsening
financial condition or a drop in bond
ratings can reduce the price of your units.
- Because the Fund is concentrated in
hospital/health care bonds, adverse
developments in this sector may affect the
value of your units.
- Assuming no changes in interest rates, when
you sell your units, they will generally be
worth less than your cost because your cost
included a sales fee.
- The Fund will receive early returns of
principal if bonds are called or sold before
they mature. If this happens your income
will decline and you may not be able to
reinvest the money you receive at as high a
yield or as long a maturity.
ALSO, THE PORTFOLIO IS CONCENTRATED IN BONDS
OF CONNECTICUT SO IT IS LESS DIVERSIFIED
THAN A NATIONAL FUND AND IS SUBJECT TO RISKS
PARTICULAR TO CONNECTICUT WHICH ARE BRIEFLY
DESCRIBED UNDER STATE CONCENTRATION RISKS
LATER IN THIS PROSPECTUS.
</TABLE>
3
<PAGE>
<TABLE>
<C> <S>
5. IS THIS FUND APPROPRIATE FOR YOU?
Yes, if you want federally tax-free income.
You will benefit from a professionally
selected and supervised portfolio whose risk
is reduced by investing in bonds of several
different issuers.
The Fund is NOT appropriate for you if you
want a speculative investment that changes
to take advantage of market movements, if
you do not want a tax-advantaged investment
or if you cannot tolerate any risk.
</TABLE>
<TABLE>
<C> <S>
DEFINING YOUR INCOME
</TABLE>
<TABLE>
<C> <S> <C>
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 unit $ 4.53
Annual Income per unit: $54.39
THESE FIGURES ARE ESTIMATES DETERMINED ON
THE EVALUATION DAY; ACTUAL PAYMENTS MAY
VARY.
</TABLE>
<TABLE>
<C> <S>
6. WHAT ARE THE FUND'S FEES AND EXPENSES?
This table shows the costs and expenses you may pay,
directly or indirectly, when you invest in the Fund.
INVESTOR FEES
Maximum Sales Fee (Load) on new
purchases (as a percentage of
$1,000 invested) 2.90%
Employees of some of the Sponsors and their affiliates
may be charged a reduced sales fee of no less than
$5.00 per unit.
The maximum sales fee is reduced if you invest at
least $100,000, as follows:
</TABLE>
<TABLE>
<CAPTION>
YOUR MAXIMUM
SALES FEE
IF YOU INVEST: WILL BE:
-------------- ------------
<C> <S> <C>
Less than $100,000 2.90%
$100,000 to $249,999 2.65%
$250,000 to $499,999 2.40%
$500,000 to $999,999 2.15%
$1,000,000 and over 1.90%
Maximum Exchange Fee 1.90%
</TABLE>
<TABLE>
<C> <S>
ESTIMATED ANNUAL FUND OPERATING EXPENSES
</TABLE>
<TABLE>
<CAPTION>
AMOUNT
PER UNIT
--------
<C> <S> <C>
$0.69
Trustee's Fee
$0.47
Portfolio Supervision,
Bookkeeping and
Administrative Fees
(including updating
expenses)
$0.32
Evaluator's Fee
$0.58
Other Operating Expenses
-----
$2.06
TOTAL
</TABLE>
<TABLE>
<C> <S>
The Sponsors historically paid updating
expenses.
7. HOW HAVE SIMILAR FUNDS PERFORMED IN THE PAST?
IN THE FOLLOWING CHART WE SHOW PAST PERFORMANCE
OF PRIOR CONNECTICUT PORTFOLIOS, WHICH HAD
INVESTMENT OBJECTIVES, STRATEGIES AND TYPES OF
BONDS SUBSTANTIALLY SIMILAR TO THIS FUND. THESE
PRIOR SERIES DIFFERED IN THAT THEY CHARGED A
HIGHER SALES FEE. These prior Connecticut
Series were offered after 1987 and were
outstanding on March 31, 2000. OF COURSE, PAST
PERFORMANCE OF PRIOR SERIES IS NO GUARANTEE OF
FUTURE RESULTS OF THIS FUND.
AVERAGE ANNUAL COMPOUND TOTAL RETURNS
FOR PRIOR SERIES
REFLECTING ALL EXPENSES. FOR PERIODS ENDED
3/31/00.
</TABLE>
<TABLE>
<CAPTION>
WITH SALES FEE NO SALES FEE
1 YEAR 5 YEARS 1 YEAR 5 YEARS
<S> <C> <C> <C> <C>
-----------------------------------------------------------------
High 1.16% 5.18% 2.64% 6.36%
Average -0.89 4.01 0.97 5.00
Low -5.00 2.89 -2.22 3.86
<C> <S>
<C> <S>
managed and bonds are not sold because of market
changes. Rather, experienced Defined Asset Funds
financial analysts regularly review the bonds in
the Fund. The Fund may sell a bond if certain
adverse credit or other conditions exist.
</TABLE>
4
<PAGE>
<TABLE>
<C> <S>
9. HOW DO I BUY UNITS?
The minimum investment is one unit.
You can buy units from any of the Sponsors and
other broker-dealers. The Sponsors are listed
later in this prospectus. Some banks may offer
units for sale through special arrangements with
the Sponsors, although certain legal restrictions
may apply.
UNIT PRICE PER UNIT $989.43
(as of March 31, 2000)
Unit price is based on the net asset value of the
Fund plus the sales fee. An amount equal to any
principal cash, as well as net accrued but
undistributed interest on the unit, is added to
the unit price. An independent evaluator prices
the bonds at 3:30 p.m. Eastern time every
business day. Unit price changes every day with
changes in the prices of the bonds in the Fund.
10. HOW DO I SELL UNITS?
You may sell your units at any time to any
Sponsor or the Trustee for the net asset value
determined at the close of business on the date
of sale. You will not pay any other fee when you
sell your units.
11. HOW ARE DISTRIBUTIONS MADE AND TAXED?
The Fund pays income monthly.
In the opinion of bond counsel when each bond was
issued, interest on the bonds in this Fund is
generally 100% exempt from regular federal income
tax. Your income may also be exempt from some
Connecticut state and local personal income taxes
if you live in Connecticut.
You will also receive principal payments if bonds
are sold or called or mature, when the cash
available is more than $5.00 per unit. You will
be subject to tax on any gain realized by the
Fund on the disposition of bonds.
12. WHAT OTHER SERVICES ARE AVAILABLE?
REINVESTMENT
You will receive your income in cash unless you
choose to compound your income by reinvesting at
no sales fee in the Municipal Fund Investment
Accumulation Program, Inc. This program is an
open-end mutual fund with a comparable investment
objective. Income from this program will
generally be subject to state and local income
taxes. FOR MORE COMPLETE INFORMATION ABOUT THE
PROGRAM, INCLUDING CHARGES AND FEES, ASK THE
TRUSTEE FOR THE PROGRAM'S PROSPECTUS. READ IT
CAREFULLY BEFORE YOU INVEST. THE TRUSTEE MUST
RECEIVE YOUR WRITTEN ELECTION TO REINVEST AT
LEAST 10 DAYS BEFORE THE RECORD DAY OF AN INCOME
PAYMENT.
EXCHANGE PRIVILEGES
You may exchange units of this Fund for units of
certain other Defined Asset Funds. You may also
exchange into this Fund from certain other funds.
We charge a reduced sales fee on exchanges.
</TABLE>
5
<PAGE>
--------------------------------------------------------------------------------
FLORIDA INSURED PORTFOLIO--RISK/RETURN SUMMARY
<TABLE>
<C> <S>
1. WHAT IS THE FUND'S OBJECTIVE?
The Fund seeks interest income that is
exempt from regular federal income taxes
and some state and local taxes by
investing in a fixed portfolio
consisting primarily of insured, long
term municipal revenue bonds.
2. WHAT ARE MUNICIPAL REVENUE BONDS?
Municipal revenue bonds are bonds issued
by states, municipalities and public
authorities to finance the cost of
buying, building or improving various
projects intended to generate revenue,
such as airports, health care
facilities, housing and municipal
electric, water and sewer utilities.
Generally, payments on these bonds
depend solely on the revenues generated
by the projects, excise taxes or state
appropriations, and are not backed by
the government's taxing power.
3. WHAT IS THE FUND'S INVESTMENT STRATEGY?
- The Fund plans to hold to maturity 6
long-term tax-exempt municipal bonds
with an aggregate face amount of
$2,465,000.
- The Fund is a unit investment trust
which means that, unlike a mutual fund,
the Portfolio is not managed.
- The bonds are rated AAA or Aaa by
Standard & Poor's, Moody's or Fitch.
- Many of the bonds can be called at a
premium declining over time to par
value. Some bonds may be called earlier
at par for extraordinary reasons.
- 100% of the bonds are insured by
insurance companies that guarantee
timely payments of principal and
interest on the bonds (but not Fund
units or the market value of the bonds
before they mature).
The Portfolio consists of municipal
bonds of the following types:
</TABLE>
<TABLE>
/ / Hospitals/Health Care 57%
<S> <C>
/ / Refunded Bonds 23%
/ / Municipal Electric Utilities 20%
</TABLE>
<TABLE>
<C> <S>
4. WHAT ARE THE SIGNIFICANT RISKS?
YOU CAN LOSE MONEY BY INVESTING IN THE FUND.
THIS CAN HAPPEN FOR VARIOUS REASONS,
INCLUDING:
- Rising interest rates, an issuer's worsening
financial condition or a drop in bond
ratings can reduce the price of your units.
- Because the Fund is concentrated in
hospital/health care bonds, adverse
developments in this sector may affect the
value of your units.
- Assuming no changes in interest rates, when
you sell your units, they will generally be
worth less than your cost because your cost
included a sales fee.
- The Fund will receive early returns of
principal if bonds are called or sold before
they mature. If this happens your income
will decline and you may not be able to
reinvest the money you receive at as high a
yield or as long a maturity.
ALSO, THE PORTFOLIO IS CONCENTRATED IN BONDS
OF FLORIDA SO IT IS LESS DIVERSIFIED THAN A
NATIONAL FUND AND IS SUBJECT TO RISKS
PARTICULAR TO FLORIDA WHICH ARE BRIEFLY
DESCRIBED UNDER STATE CONCENTRATION RISKS
LATER IN THIS PROSPECTUS.
</TABLE>
6
<PAGE>
<TABLE>
<C> <S>
5. IS THIS FUND APPROPRIATE FOR YOU?
Yes, if you want federally tax-free income.
You will benefit from a professionally
selected and supervised portfolio whose risk
is reduced by investing in insured bonds of
several different issuers.
The Fund is NOT appropriate for you if you
want a speculative investment that changes
to take advantage of market movements, if
you do not want a tax-advantaged investment
or if you cannot tolerate any risk.
</TABLE>
<TABLE>
<C> <S>
DEFINING YOUR INCOME
</TABLE>
<TABLE>
<C> <S> <C>
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 unit $ 4.48
Annual Income per unit: $53.85
THESE FIGURES ARE ESTIMATES DETERMINED ON
THE EVALUATION DAY; ACTUAL PAYMENTS MAY
VARY.
</TABLE>
<TABLE>
<C> <S>
6. WHAT ARE THE FUND'S FEES AND EXPENSES?
This table shows the costs and expenses you may pay,
directly or indirectly, when you invest in the Fund.
INVESTOR FEES
Maximum Sales Fee (Load) on new
purchases (as a percentage of
$1,000 invested) 2.90%
Employees of some of the Sponsors and their affiliates
may pay a reduced sales fee of no less than $5.00 per
unit.
The maximum sales fee is reduced if you invest at
least $100,000, as follows:
</TABLE>
<TABLE>
<CAPTION>
YOUR MAXIMUM
SALES FEE
IF YOU INVEST: WILL BE:
-------------- ------------
<C> <S> <C>
Less than $100,000 2.90%
$100,000 to $249,999 2.65%
$250,000 to $499,999 2.40%
$500,000 to $999,999 2.15%
$1,000,000 and over 1.90%
Maximum Exchange Fee 1.90%
</TABLE>
<TABLE>
<C> <S>
ESTIMATED ANNUAL FUND OPERATING EXPENSES
</TABLE>
<TABLE>
<CAPTION>
AMOUNT
PER UNIT
--------
<C> <S> <C>
$0.70
Trustee's Fee
$0.48
Portfolio Supervision,
Bookkeeping and
Administrative Fees
(including updating
expenses)
$0.33
Evaluator's Fee
$0.65
Other Operating Expenses
-----
$2.16
TOTAL
</TABLE>
<TABLE>
<C> <S>
The Sponsors historically paid updating
expenses.
7. HOW HAVE SIMILAR FUNDS PERFORMED IN THE PAST?
IN THE FOLLOWING CHART WE SHOW PAST PERFORMANCE
OF PRIOR FLORIDA PORTFOLIOS, WHICH HAD
INVESTMENT OBJECTIVES, STRATEGIES AND TYPES OF
BONDS SUBSTANTIALLY SIMILAR TO THIS FUND. THESE
PRIOR SERIES DIFFERED IN THAT THEY CHARGED A
HIGHER SALES FEE. These prior Florida Series
were offered between after 1987 and were
outstanding on March 31, 2000. OF COURSE, PAST
PERFORMANCE OF PRIOR SERIES IS NO GUARANTEE OF
FUTURE RESULTS OF THIS FUND.
AVERAGE ANNUAL COMPOUND TOTAL RETURNS
FOR PRIOR SERIES
REFLECTING ALL EXPENSES. FOR PERIODS ENDED
3/31/00.
</TABLE>
-------------------------------------------------------------------
<TABLE>
High 4.50% 5.10% 6.05% 4.62% 6.27% 6.54%
<S> <C> <C> <C> <C> <C> <C>
Average -1.38 4.41 5.67 0.54 5.48 6.24
Low -8.28 2.71 5.28 -5.50 3.57 5.87
</TABLE>
-----------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Average
Sales fee 1.99% 5.34% 5.60%
</TABLE>
-----------------------------------------------------------
NOTE: ALL RETURNS REPRESENT CHANGES IN UNIT PRICE WITH DISTRIBUTIONS REINVESTED
INTO THE MUNICIPAL FUND INVESTMENT ACCUMULATION PROGRAM.
<TABLE>
<C> <S>
8. IS THE FUND MANAGED?
Unlike a mutual fund, the Fund is not managed and
bonds are not sold because of market changes.
Rather, experienced Defined Asset Funds financial
analysts regularly review the bonds in the Fund.
The Fund may sell a bond if certain adverse credit
or other conditions exist.
</TABLE>
7
<PAGE>
<TABLE>
<C> <S>
9. HOW DO I BUY UNITS?
The minimum investment is one unit.
You can buy units from any of the Sponsors and
other broker-dealers. The Sponsors are listed later
in this prospectus. Some banks may offer units for
sale through special arrangements with the
Sponsors, although certain legal restrictions may
apply.
UNIT PRICE PER UNIT $1,006.82
(as of March 31, 2000)
Unit price is based on the net asset value of the
Fund plus the sales fee. An amount equal to any
principal cash, as well as net accrued but
undistributed interest on the unit, is added to the
unit price. An independent evaluator prices the
bonds at 3:30 p.m. Eastern time every business day.
Unit price changes every day with changes in the
prices of the bonds in the Fund.
10. HOW DO I SELL UNITS?
You may sell your units at any time to any Sponsor
or the Trustee for the net asset value determined
at the close of business on the date of sale. You
will not pay any other fee when you sell your
units.
11. HOW ARE DISTRIBUTIONS MADE AND TAXED?
The Fund pays income monthly.
In the opinion of bond counsel when each bond was
issued, interest on the bonds in this Fund is
generally 100% exempt from regular federal income
tax. Your income may also be exempt from some
Florida state and local taxes if you live in
Florida.
You will also receive principal payments if bonds
are sold or called or mature, when the cash
available is more than $5.00 per unit. You will be
subject to tax on any gain realized by the Fund on
the disposition of bonds.
12. WHAT OTHER SERVICES ARE AVAILABLE?
REINVESTMENT
You will receive your income in cash unless you
choose to compound your income by reinvesting at no
sales fee in the Municipal Fund Investment
Accumulation Program, Inc. This program is an
open-end mutual fund with a comparable investment
objective, but the bonds generally will not be
insured. Income from this program will generally be
subject to state and local income taxes. FOR MORE
COMPLETE INFORMATION ABOUT THE PROGRAM, INCLUDING
CHARGES AND FEES, ASK THE TRUSTEE FOR THE PROGRAM'S
PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST.
THE TRUSTEE MUST RECEIVE YOUR WRITTEN ELECTION TO
REINVEST AT LEAST 10 DAYS BEFORE THE RECORD DAY OF
AN INCOME PAYMENT.
EXCHANGE PRIVILEGES
You may exchange units of this Fund for units of
certain other Defined Asset Funds. You may also
exchange into this Fund from certain other funds.
We charge a reduced sales fee on exchanges.
</TABLE>
8
<PAGE>
--------------------------------------------------------------------------------
NEW YORK INSURED PORTFOLIO--RISK/RETURN SUMMARY
<TABLE>
<C> <S>
1. WHAT IS THE FUND'S OBJECTIVE?
The Fund seeks interest income that is
exempt from regular federal income taxes
and some state and local taxes by
investing in a fixed portfolio
consisting primarily of insured, long
term municipal revenue bonds.
2. WHAT ARE MUNICIPAL REVENUE BONDS?
Municipal revenue bonds are bonds issued
by states, municipalities and public
authorities to finance the cost of
buying, building or improving various
projects intended to generate revenue,
such as airports, health care
facilities, housing and municipal
electric, water and sewer utilities.
Generally, payments on these bonds
depend solely on the revenues generated
by the projects, excise taxes or state
appropriations, and are not backed by
the government's taxing power.
3. WHAT IS THE FUND'S INVESTMENT STRATEGY?
- The Fund plans to hold to maturity 7
long-term tax-exempt municipal bonds
with an aggregate face amount of
$2,635,000.
- The Fund is a unit investment trust
which means that, unlike a mutual fund,
the Portfolio is not managed.
- The bonds are rated AAA or Aaa by
Standard & Poor's, Moody's or Fitch.
- Many of the bonds can be called at a
premium declining over time to par
value. Some bonds may be called earlier
at par for extraordinary reasons.
- 100% of the bonds are insured by
insurance companies that guarantee
timely payments of principal and
interest on the bonds (but not Fund
units or the market value of the bonds
before they mature).
The Portfolio consists of municipal
bonds of the following types:
</TABLE>
<TABLE>
/ / Airports/Ports/Highways 3%
<S> <C>
/ / General Obligation 19%
/ / Hospitals/Health Care 19%
/ / Industrial Development Revenue 25%
/ / Municipal Water/Sewer Utilities 15%
/ / Refunded Bonds 19%
</TABLE>
<TABLE>
<C> <S>
4. WHAT ARE THE SIGNIFICANT RISKS?
YOU CAN LOSE MONEY BY INVESTING IN THE
FUND. THIS CAN HAPPEN FOR VARIOUS
REASONS, INCLUDING:
- Rising interest rates, an issuer's
worsening financial condition or a drop
in bond ratings can reduce the price of
your units.
- Because the Fund is concentrated in
industrial development revenue bonds,
adverse developments in this sector may
affect the value of your units.
- Assuming no changes in interest rates,
when you sell your units, they will
generally be worth less than your cost
because your cost included a sales fee.
- The Fund will receive early returns of
principal if bonds are called or sold
before they mature. If this happens your
income will decline and you may not be
able to reinvest the money you receive
at as high a yield or as long a
maturity.
ALSO, THE PORTFOLIO IS CONCENTRATED IN
BONDS OF NEW YORK SO IT IS LESS
DIVERSIFIED THAN A NATIONAL FUND AND IS
SUBJECT TO RISKS PARTICULAR TO NEW YORK
WHICH ARE BRIEFLY DESCRIBED UNDER STATE
CONCENTRATION RISKS LATER IN THIS
PROSPECTUS.
</TABLE>
9
<PAGE>
<TABLE>
<C> <S>
5. IS THIS FUND APPROPRIATE FOR YOU?
Yes, if you want federally tax-free
income. You will benefit from a
professionally selected and supervised
portfolio whose risk is reduced by
investing in insured bonds of several
different issuers.
The Fund is NOT appropriate for you if
you want a speculative investment that
changes to take advantage of market
movements, if you do not want a
tax-advantaged investment or if you
cannot tolerate any risk.
</TABLE>
<TABLE>
<C> <S>
DEFINING YOUR INCOME
</TABLE>
<TABLE>
<C> <S> <C>
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 unit $ 4.50
Annual Income per unit: $54.00
THESE FIGURES ARE ESTIMATES DETERMINED ON
THE EVALUATION DAY; ACTUAL PAYMENTS MAY
VARY.
</TABLE>
<TABLE>
<C> <S>
6. WHAT ARE THE FUND'S FEES AND EXPENSES?
This table shows the costs and expenses you may pay,
directly or indirectly, when you invest in the Fund.
INVESTOR FEES
Maximum Sales Fee (Load) on new
purchases (as a percentage of
$1,000 invested) 2.90%
Employees of some of the Sponsors and their affiliates
may pay a reduced sales fee of no less than $5.00 per
unit.
The maximum sales fee is reduced if you invest at
least $100,000, as follows:
</TABLE>
<TABLE>
<CAPTION>
YOUR MAXIMUM
SALES FEE
IF YOU INVEST: WILL BE:
-------------- ------------
<C> <S> <C>
Less than $100,000 2.90%
$100,000 to $249,999 2.65%
$250,000 to $499,999 2.40%
$500,000 to $999,999 2.15%
$1,000,000 and over 1.90%
Maximum Exchange Fee 1.90%
</TABLE>
<TABLE>
<C> <S>
ESTIMATED ANNUAL FUND OPERATING EXPENSES
</TABLE>
<TABLE>
<CAPTION>
AMOUNT
PER UNIT
--------
<C> <S> <C>
$0.69
Trustee's Fee
$0.48
Portfolio Supervision,
Bookkeeping and
Administrative Fees
(including updating
expenses)
$0.35
Evaluator's Fee
$0.57
Other Operating Expenses
-----
$2.09
TOTAL
</TABLE>
<TABLE>
<C> <S>
The Sponsors historically paid updating
expenses.
7. HOW HAVE SIMILAR FUNDS PERFORMED IN THE PAST?
IN THE FOLLOWING CHART WE SHOW PAST PERFORMANCE
OF PRIOR NEW YORK PORTFOLIOS, WHICH HAD
INVESTMENT OBJECTIVES, STRATEGIES AND TYPES OF
BONDS SUBSTANTIALLY SIMILAR TO THIS FUND. THESE
PRIOR SERIES DIFFERED IN THAT THEY CHARGED A
HIGHER SALES FEE. These prior New York Series
were offered after 1987 and were outstanding on
March 31, 2000. OF COURSE, PAST PERFORMANCE OF
PRIOR SERIES IS NO GUARANTEE OF FUTURE RESULTS
OF THIS FUND.
AVERAGE ANNUAL COMPOUND TOTAL RETURNS
FOR PRIOR SERIES
REFLECTING ALL EXPENSES. FOR PERIODS ENDED
3/31/00.
</TABLE>
-------------------------------------------------------------------
<TABLE>
High 6.07% 5.45% 6.45% 6.62% 6.63% 7.04%
<S> <C> <C> <C> <C> <C> <C>
Average -1.33 4.16 5.99 0.54 5.18 6.58
Low -7.77 2.58 5.63 -5.23 3.54 6.22
</TABLE>
-----------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Average
Sales fee 1.94% 5.07% 5.78%
</TABLE>
-----------------------------------------------------------
NOTE: ALL RETURNS REPRESENT CHANGES IN UNIT PRICE WITH DISTRIBUTIONS REINVESTED
INTO THE MUNICIPAL FUND INVESTMENT ACCUMULATION PROGRAM.
<TABLE>
<C> <S>
8. IS THE FUND MANAGED?
Unlike a mutual fund, the Fund is not managed and
bonds are not sold because of market changes.
Rather, experienced Defined Asset Funds financial
analysts regularly review the bonds in the Fund.
The Fund may sell a bond if certain adverse
credit or other conditions exist.
</TABLE>
10
<PAGE>
<TABLE>
<C> <S>
9. HOW DO I BUY UNITS?
The minimum investment is one unit.
You can buy units from any of the Sponsors and
other broker-dealers. The Sponsors are listed
later in this prospectus. Some banks may offer
units for sale through special arrangements with
the Sponsors, although certain legal restrictions
may apply.
UNIT PRICE PER UNIT $1,005.10
(as of March 31, 2000)
Unit price is based on the net asset value of the
Fund plus the sales fee. An amount equal to any
principal cash, as well as net accrued but
undistributed interest on the unit, is added to
the unit price. An independent evaluator prices
the bonds at 3:30 p.m. Eastern time every
business day. Unit price changes every day with
changes in the prices of the bonds in the Fund.
10. HOW DO I SELL UNITS?
You may sell your units at any time to any
Sponsor or the Trustee for the net asset value
determined at the close of business on the date
of sale. You will not pay any other fee when you
sell your units.
11. HOW ARE DISTRIBUTIONS MADE AND TAXED?
The Fund pays income monthly.
In the opinion of bond counsel when each bond was
issued, interest on the bonds in this Fund is
generally 100% exempt from regular federal income
tax. Your income may also be exempt from some New
York state and local personal income taxes if you
live in New York.
You will also receive principal payments if bonds
are sold or called or mature, when the cash
available is more than $5.00 per unit. You will
be subject to tax on any gain realized by the
Fund on the disposition of bonds.
12. WHAT OTHER SERVICES ARE AVAILABLE?
REINVESTMENT
You will receive your income in cash unless you
choose to compound your income by reinvesting at
no sales fee in the Municipal Fund Investment
Accumulation Program, Inc. This program is an
open-end mutual fund with a comparable investment
objective, but the bonds generally will not be
insured. Income from this program will generally
be subject to state and local income taxes. FOR
MORE COMPLETE INFORMATION ABOUT THE PROGRAM,
INCLUDING CHARGES AND FEES, ASK THE TRUSTEE FOR
THE PROGRAM'S PROSPECTUS. READ IT CAREFULLY
BEFORE YOU INVEST. THE TRUSTEE MUST RECEIVE YOUR
WRITTEN ELECTION TO REINVEST AT LEAST 10 DAYS
BEFORE THE RECORD DAY OF AN INCOME PAYMENT.
EXCHANGE PRIVILEGES
You may exchange units of this Fund for units of
certain other Defined Asset Funds. You may also
exchange into this Fund from certain other funds.
We charge a reduced sales fee on exchanges.
</TABLE>
11
<PAGE>
--------------------------------------------------------------------------------
PENNSYLVANIA INSURED PORTFOLIO--RISK/RETURN SUMMARY
<TABLE>
<C> <S>
1. WHAT IS THE FUND'S OBJECTIVE?
The Fund seeks interest income that is
exempt from regular federal income taxes
and some state and local taxes by
investing in a fixed portfolio
consisting primarily of insured, long
term municipal revenue bonds.
2. WHAT ARE MUNICIPAL REVENUE BONDS?
Municipal revenue bonds are bonds issued
by states, municipalities and public
authorities to finance the cost of
buying, building or improving various
projects intended to generate revenue,
such as airports, health care
facilities, housing and municipal
electric, water and sewer utilities.
Generally, payments on these bonds
depend solely on the revenues generated
by the projects, excise taxes or state
appropriations, and are not backed by
the government's taxing power.
3. WHAT IS THE FUND'S INVESTMENT STRATEGY?
- The Fund plans to hold to maturity 7
long-term tax-exempt municipal bonds
with an aggregate face amount of
$2,060,000.
- The Fund is a unit investment trust
which means that, unlike a mutual fund,
the Portfolio is not managed.
- The bonds are rated AAA or Aaa by
Standard & Poor's, Moody's or Fitch.
- Many of the bonds can be called at a
premium declining over time to par
value. Some bonds may be called earlier
at par for extraordinary reasons.
- The Fund is concentrated in refunded
bonds.
- 100% of the bonds are insured by
insurance companies that guarantee
timely payments of principal and
interest on the bonds (but not Fund
units or the market value of the bonds
before they mature).
The Portfolio consists of municipal
bonds of the following types:
</TABLE>
<TABLE>
/ / Hospitals/Health Care 10%
<S> <C>
/ / Industrial Development Revenue 43%
/ / Municipal Water/Sewer Utilities 19%
/ / Refunded Bonds 28%
</TABLE>
<TABLE>
<C> <S>
4. WHAT ARE THE SIGNIFICANT RISKS?
YOU CAN LOSE MONEY BY INVESTING IN THE FUND.
THIS CAN HAPPEN FOR VARIOUS REASONS,
INCLUDING:
- Rising interest rates, an issuer's worsening
financial condition or a drop in bond
ratings can reduce the price of your units.
- Because the Fund is concentrated in
industrial development revenue bonds,
adverse developments in this sector may
affect the value of your units.
- Assuming no changes in interest rates, when
you sell your units, they will generally be
worth less than your cost because your cost
included a sales fee.
- The Fund will receive early returns of
principal if bonds are called or sold before
they mature. If this happens your income
will decline and you may not be able to
reinvest the money you receive at as high a
yield or as long a maturity.
ALSO, THE PORTFOLIO IS CONCENTRATED IN BONDS
OF PENNSYLVANIA SO IT IS LESS DIVERSIFIED
THAN A NATIONAL FUND AND IS SUBJECT TO RISKS
PARTICULAR TO PENNSYLVANIA WHICH ARE BRIEFLY
DESCRIBED UNDER STATE CONCENTRATION RISKS
LATER IN THIS PROSPECTUS.
</TABLE>
12
<PAGE>
<TABLE>
<C> <S>
5. IS THIS FUND APPROPRIATE FOR YOU?
Yes, if you want federally tax-free income.
You will benefit from a professionally
selected and supervised portfolio whose risk
is reduced by investing in insured bonds of
several different issuers.
The Fund is NOT appropriate for you if you
want a speculative investment that changes
to take advantage of market movements, if
you do not want a tax-advantaged investment
or if you cannot tolerate any risk.
</TABLE>
<TABLE>
<C> <S>
DEFINING YOUR INCOME
</TABLE>
<TABLE>
<C> <S> <C>
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 unit $ 4.60
Annual Income per unit: $55.28
THESE FIGURES ARE ESTIMATES DETERMINED ON
THE EVALUATION DAY; ACTUAL PAYMENTS MAY
VARY.
</TABLE>
<TABLE>
<C> <S>
6. WHAT ARE THE FUND'S FEES AND EXPENSES?
This table shows the costs and expenses you may pay,
directly or indirectly, when you invest in the Fund.
INVESTOR FEES
Maximum Sales Fee (Load) on new
purchases (as a percentage of
$1,000 invested) 2.90%
Employees of some of the Sponsors and their affiliates
may pay a reduced sales fee of no less than $5.00 per
unit.
The maximum sales fee is reduced if you invest at
least $100,000, as follows:
</TABLE>
<TABLE>
<CAPTION>
YOUR
MAXIMUM
SALES FEE
IF YOU INVEST: WILL BE:
-------------- ---------
<C> <S> <C>
Less than $100,000 2.90%
$100,000 to $249,999 2.65%
$250,000 to $499,999 2.40%
$500,000 to $999,999 2.15%
$1,000,000 and over 1.90%
Maximum Exchange Fee 1.90%
</TABLE>
<TABLE>
<C> <S>
ESTIMATED ANNUAL FUND OPERATING EXPENSES
</TABLE>
<TABLE>
<CAPTION>
AMOUNT
PER UNIT
--------
<C> <S> <C>
$0.69
Trustee's Fee
$0.47
Portfolio Supervision,
Bookkeeping and
Administrative Fees
(including updating
expenses)
$0.42
Evaluator's Fee
$0.75
Other Operating Expenses
-----
$2.33
TOTAL
</TABLE>
<TABLE>
<C> <S>
The Sponsors historically paid updating
expenses.
7. HOW HAVE SIMILAR FUNDS PERFORMED IN THE PAST?
IN THE FOLLOWING CHART WE SHOW PAST PERFORMANCE
OF PRIOR PENNSYLVANIA PORTFOLIOS, WHICH HAD
INVESTMENT OBJECTIVES, STRATEGIES AND TYPES OF
BONDS SUBSTANTIALLY SIMILAR TO THIS FUND. THESE
PRIOR SERIES DIFFERED IN THAT THEY CHARGED A
HIGHER SALES FEE. These prior Pennsylvania
Series were offered after 1987 and were
outstanding on March 31, 2000. OF COURSE, PAST
PERFORMANCE OF PRIOR SERIES IS NO GUARANTEE OF
FUTURE RESULTS OF THIS FUND.
AVERAGE ANNUAL COMPOUND TOTAL RETURNS
FOR PRIOR SERIES
REFLECTING ALL EXPENSES. FOR PERIODS ENDED
3/31/00.
</TABLE>
-------------------------------------------------------------------
<TABLE>
High 3.53% 5.12% 5.74% 4.17% 6.30% 6.33%
<S> <C> <C> <C> <C> <C> <C>
Average -1.92 4.29 5.53 -0.05 5.35 6.12
Low -9.69 2.58 5.38 -6.80 3.48 5.97
</TABLE>
-----------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Average
Sales fee 1.95% 5.26% 5.82%
</TABLE>
-----------------------------------------------------------
NOTE: ALL RETURNS REPRESENT CHANGES IN UNIT PRICE WITH DISTRIBUTIONS REINVESTED
INTO THE MUNICIPAL FUND INVESTMENT ACCUMULATION PROGRAM.
<TABLE>
<C> <S>
8. IS THE FUND MANAGED?
Unlike a mutual fund, the Fund is not managed and
bonds are not sold because of market changes.
Rather, experienced Defined Asset Funds financial
analysts regularly review the bonds in the Fund.
The Fund may sell a bond if certain adverse
credit or other conditions exist.
</TABLE>
13
<PAGE>
<TABLE>
<C> <S>
9. HOW DO I BUY UNITS?
The minimum investment is one unit.
You can buy units from any of the Sponsors and
other broker-dealers. The Sponsors are listed
later in this prospectus. Some banks may offer
units for sale through special arrangements with
the Sponsors, although certain legal restrictions
may apply.
UNIT PRICE PER UNIT $992.43
(as of March 31, 2000)
Unit price is based on the net asset value of the
Fund plus the sales fee. An amount equal to any
principal cash, as well as net accrued but
undistributed interest on the unit, is added to
the unit price. An independent evaluator prices
the bonds at 3:30 p.m. Eastern time every
business day. Unit price changes every day with
changes in the prices of the bonds in the Fund.
10. HOW DO I SELL UNITS?
You may sell your units at any time to any
Sponsor or the Trustee for the net asset value
determined at the close of business on the date
of sale. You will not pay any other fee when you
sell your units.
11. HOW ARE DISTRIBUTIONS MADE AND TAXED?
The Fund pays income monthly.
In the opinion of bond counsel when each bond was
issued, interest on the bonds in this Fund is
generally 100% exempt from regular federal income
tax. Your income may also be exempt from some
Pennsylvania state and local personal income
taxes if you live in Pennsylvania.
You will also receive principal payments if bonds
are sold or called or mature, when the cash
available is more than $5.00 per unit. You will
be subject to tax on any gain realized by the
Fund on the disposition of bonds.
12. WHAT OTHER SERVICES ARE AVAILABLE?
REINVESTMENT
You will receive your income in cash unless you
choose to compound your income by reinvesting at
no sales fee in the Municipal Fund Investment
Accumulation Program, Inc. This program is an
open-end mutual fund with a comparable investment
objective, but the bonds will generally not be
insured. Income from this program will generally
be subject to state and local income taxes. FOR
MORE COMPLETE INFORMATION ABOUT THE PROGRAM,
INCLUDING CHARGES AND FEES, ASK THE TRUSTEE FOR
THE PROGRAM'S PROSPECTUS. READ IT CAREFULLY
BEFORE YOU INVEST. THE TRUSTEE MUST RECEIVE YOUR
WRITTEN ELECTION TO REINVEST AT LEAST 10 DAYS
BEFORE THE RECORD DAY OF AN INCOME PAYMENT.
EXCHANGE PRIVILEGES
You may exchange units of this Fund for units of
certain other Defined Asset Funds. You may also
exchange into this Fund from certain other funds.
We charge a reduced sales fee on exchanges.
</TABLE>
14
<PAGE>
--------------------------------------------------------------------------------
TAX-FREE VS. TAXABLE INCOME: A COMPARISON OF TAXABLE AND TAX-FREE YIELDS
FOR CONNECTICUT RESIDENTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COMBINED
EFFECTIVE
TAXABLE INCOME 2000* TAX RATE TAX-FREE YIELD OF
SINGLE RETURN JOINT RETURN % 4% 4.5% 5% 5.5% 6% 6.5%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IS EQUIVALENT TO A TAXABLE YIELD OF
<CAPTION>
TAXABLE INCOME 2000* TAX-FREE YIELD OF
SINGLE RETURN 7% 7.5% 8%
<S> <C> <C> <C>
IS EQUIVALENT TO A
TAXABLE YIELD OF
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 0- 25,750 $ 0- 43,050 18.83 4.93 5.54 6.16 6.78 7.39 8.01 8.62
$ 25,751- 62,450 $ 43,051-104,050 31.24 5.82 6.54 7.27 8.00 8.73 9.45 10.18
$ 62,451-130,250 $104,051-158,550 34.11 6.07 6.83 7.59 8.35 9.11 9.86 10.62
$130,251-283,150 $158,551-283,150 38.88 6.54 7.36 8.18 9.00 9.82 10.63 11.45
OVER $283,151 OVER $283,151 42.32 6.93 7.80 8.67 9.54 10.40 11.27 12.14
<S> <C> <C>
$ 0- 25,750 9.24 9.86
$ 25,751- 62,450 10.91 11.63
$ 62,451-130,250 11.38 12.14
$130,251-283,150 12.27 13.09
OVER $283,151 13.00 13.87
</TABLE>
FOR FLORIDA RESIDENTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EFFECTIVE
TAXABLE INCOME 2000* TAX RATE TAX-FREE YIELD OF
SINGLE RETURN JOINT RETURN % 3% 3.5% 4% 4.5% 5% 5.5%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IS EQUIVALENT TO A TAXABLE YIELD OF
<CAPTION>
TAXABLE INCOME 2000* TAX-FREE YIELD OF
SINGLE RETURN 6% 6.5% 7%
<S> <C> <C> <C>
IS EQUIVALENT TO A
TAXABLE YIELD OF
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 0- 26,250 $ 0- 43,850 15.00 3.53 4.12 4.71 5.29 5.88 6.47 7.06
$ 26,251- 63,550 $ 43,851-105,950 28.00 4.17 4.86 5.56 6.25 6.94 7.64 8.33
$ 63,551-132,600 $105,951-161,450 31.00 4.35 5.07 5.80 6.52 7.25 7.97 8.70
$132,601-288,350 $161,451-288,350 36.00 4.69 5.47 6.25 7.03 7.81 8.59 9.38
OVER $288,350 OVER $288,350 39.60 4.97 5.79 6.62 7.45 8.28 9.11 9.93
<S> <C> <C>
$ 0- 26,250 7.65 8.24
$ 26,251- 63,550 9.03 9.72
$ 63,551-132,600 9.42 10.14
$132,601-288,350 10.16 10.94
OVER $288,350 10.76 11.59
</TABLE>
FOR NEW YORK CITY RESIDENTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COMBINED
EFFECTIVE
TAXABLE INCOME 2000* TAX RATE TAX-FREE YIELD OF
SINGLE RETURN JOINT RETURN % 4% 4.5% 5% 5.5% 6% 6.5%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IS EQUIVALENT TO A TAXABLE YIELD OF
<CAPTION>
TAXABLE INCOME 2000* TAX-FREE YIELD OF
SINGLE RETURN 7% 7.5% 8%
<S> <C> <C> <C>
IS EQUIVALENT TO A
TAXABLE YIELD OF
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 0- 43,850 23.94 5.26 5.92 6.57 7.23 7.89 8.55 9.20
$ 0- 26,250 23.99 5.26 5.92 6.58 7.24 7.89 8.55 9.21
$ 26,251- 63,550 $ 43,851-105,950 35.65 6.22 6.99 7.77 8.55 9.32 10.10 10.88
$ 63,551-132,600 $105,951-161,450 38.33 6.49 7.30 8.11 8.92 9.73 10.54 11.35
$132,601-288,350 $161,451-288,350 42.80 6.99 7.87 8.74 9.62 10.49 11.36 12.24
OVER $288,350 OVER $288,350 46.02 7.41 8.34 9.26 10.19 11.12 12.04 12.97
<S> <C> <C>
9.86 10.52
$ 0- 26,250 9.87 10.52
$ 26,251- 63,550 11.66 12.43
$ 63,551-132,600 12.16 12.97
$132,601-288,350 13.11 13.99
OVER $288,350 13.89 14.82
</TABLE>
FOR NEW YORK STATE RESIDENTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COMBINED
EFFECTIVE
TAXABLE INCOME 2000* TAX RATE TAX-FREE YIELD OF
SINGLE RETURN JOINT RETURN % 4% 4.5% 5% 5.5% 6% 6.5%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IS EQUIVALENT TO A TAXABLE YIELD OF
<CAPTION>
TAXABLE INCOME 2000* TAX-FREE YIELD OF
SINGLE RETURN 7% 7.5% 8%
<S> <C> <C> <C>
IS EQUIVALENT TO A
TAXABLE YIELD OF
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 0- 26,250 $ $0- 43,850 20.82 5.05 5.68 6.31 6.95 7.58 8.21 8.84
$ 26,251- 63,550 $ 43,851-105,950 32.93 5.96 6.71 7.46 8.20 8.95 9.69 10.44
$ 63,551-132,600 $105,951-161,450 35.73 6.22 7.00 7.78 8.56 9.34 10.11 10.89
$132,601-288,350 $161,451-288,350 40.38 6.71 7.55 8.39 9.23 10.06 10.90 11.74
OVER $288,350 OVER $288,350 43.74 7.11 8.00 8.89 9.78 10.66 11.55 12.44
<S> <C> <C>
$ 0- 26,250 9.47 10.10
$ 26,251- 63,550 11.18 11.93
$ 63,551-132,600 11.67 12.45
$132,601-288,350 12.58 13.42
OVER $288,350 13.33 14.22
</TABLE>
FOR PENNSYLVANIA RESIDENTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COMBINED
EFFECTIVE
TAXABLE INCOME 2000* TAX RATE TAX-FREE YIELD OF
SINGLE RETURN JOINT RETURN % 3% 3.5% 4% 4.5% 5% 5.5%
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IS EQUIVALENT TO A TAXABLE YIELD OF
<CAPTION>
TAXABLE INCOME 2000* TAX-FREE YIELD OF
SINGLE RETURN 6% 6.5% 7% 7.5% 8%
<S> <C> <C> <C> <C> <C>
IS EQUIVALENT TO A
TAXABLE YIELD OF
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 0- 26,250 $ 0- 43,850 17.38 3.63 4.24 4.84 5.45 6.05 6.66 7.26
$ 26,251- 63,550 $ 43,851-109,950 30.02 4.29 5.00 5.72 6.43 7.14 7.86 8.57
$ 63,551-132,600 $105,951-161,450 32.93 4.47 5.22 5.96 6.71 7.46 8.20 8.95
$132,601-288,350 $161,451-288,350 37.79 4.82 5.63 6.43 7.23 8.04 8.84 9.65
OVER $288,350 OVER $288,350 41.29 5.11 5.96 6.81 7.66 8.52 9.37 10.22
<S> <C> <C> <C> <C>
$ 0- 26,250 7.87 8.47 9.08 9.68
$ 26,251- 63,550 9.29 10.00 10.72 11.43
$ 63,551-132,600 9.69 10.44 11.18 11.93
$132,601-288,350 10.45 11.25 12.06 12.86
OVER $288,350 11.07 11.92 12.77 13.63
</TABLE>
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 2000
federal and applicable State (and City) 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 alternative minimum tax, personal exemptions, the phase out of
exemptions, itemized deductions or the possible partial disallowance of
deductions. Consequently, investors are urged to consult their own tax advisers
in this regard.
15
<PAGE>
WHAT YOU CAN EXPECT FROM YOUR INVESTMENT
MONTHLY INCOME
The Fund will pay you regular monthly income. Your monthly income may vary
because of:
- elimination of one or more bonds from the Fund's portfolio because of calls,
redemptions or sales;
- a change in the Fund's expenses; or
- the failure by a bond's issuer to pay interest.
Changes in interest rates generally will not affect your income because the
portfolio is fixed.
Along with your income, you will receive your share of any available bond
principal.
RETURN FIGURES
We cannot predict your actual return, which will vary with unit price, how long
you hold your investment and changes in the portfolio, interest income and
expenses.
ESTIMATED CURRENT RETURN equals the estimated annual cash to be received from
the bonds in the Fund less estimated annual Fund expenses, divided by the Unit
Price (including the maximum sales fee):
<TABLE>
<S> <C> <C>
Estimated Annual Estimated
Interest Income - Annual Expenses
-------------------------------------
Unit Price
</TABLE>
ESTIMATED LONG TERM RETURN is a measure of the estimated return over the
estimated life of the Fund. Unlike Estimated Current Return, Estimated Long Term
Return reflects maturities, discounts and premiums of the bonds in the Fund. It
is an average of the yields to maturity (or in certain cases, to an earlier call
date) of the individual bonds in the portfolio, adjusted to reflect the Fund's
maximum sales fee and estimated expenses. We calculate the average yield for the
portfolio by weighting each bond's yield by its market value and the time
remaining to the call or maturity date.
Yields on individual bonds depend on many factors including general conditions
of the bond markets, the size of a particular offering and the maturity and
quality rating of the particular issues. Yields can vary among bonds with
similar maturities, coupons and ratings.
These return quotations are designed to be comparative rather than predictive.
RECORDS AND REPORTS
You will receive:
- a monthly statement of income payments and any principal payments;
- a notice from the Trustee when new bonds are deposited in exchange or
substitution for bonds originally deposited;
- an annual report on Fund activity; and
- annual tax information. THIS WILL ALSO BE SENT TO THE IRS. YOU MUST REPORT THE
AMOUNT OF TAX-EXEMPT INTEREST RECEIVED DURING THE YEAR.
You may request:
- copies of bond evaluations to enable you to comply with federal and state tax
reporting requirements; and
- audited financial statements of the Fund.
You may inspect records of Fund transactions at the Trustee's office during
regular business hours.
16
<PAGE>
THE RISKS YOU FACE
INTEREST RATE RISK
Investing involves risks, including the risk that your investment will decline
in value if interest rates rise. Generally, bonds with longer maturities will
change in value more than bonds with shorter maturities. Bonds in the Fund are
more likely to be called when interest rates decline. This would result in early
returns of principal to you and may result in early termination of the Fund. Of
course, we cannot predict how interest rates may change.
CALL RISK
Many bonds can be prepaid or "called" by the issuer before their stated
maturity.
For example, some bonds may be required to be called pursuant to mandatory
sinking fund provisions.
Also, an issuer might call its bonds during periods of falling interest rates,
if the issuer's bonds have a coupon higher than current market rates.
An issuer might call its bonds in extraordinary cases, including if:
- it no longer needs the money for the original purpose;
- the project is condemned or sold;
- the project is destroyed and insurance proceeds are used to redeem the
bonds;
- any related credit support expires and is not replaced; or
- interest on the bonds become taxable.
If the bonds are called, your income will decline and you may not be able to
reinvest the money you receive at as high a yield or as long a maturity. An
early call at par of a premium bond will reduce your return.
REDUCED DIVERSIFICATION RISK
If many investors sell their units, the Fund will have to sell bonds. This could
reduce the diversification of your investment and increase your share of Fund
expenses.
LIQUIDITY RISK
You can always sell back your units, but we cannot assure you that a liquid
trading market will always exist for the bonds in the portfolio, especially
since current law may restrict the Fund from selling bonds to any Sponsor. The
bonds will generally trade in the over-the-counter market. The value of the
bonds, and of your investment, may be reduced if trading in bonds is limited or
absent.
CONCENTRATION RISK
When a certain type of bond makes up 25% or more of the portfolio, it is said to
be "concentrated" in that bond type, which makes the Portfolio less diversified.
Here is what you should know about the Connecticut and Florida Portfolios'
concentrations in hospital and health care bonds.
- payment for these bonds depends on revenues from private third-party payors
and government programs, including Medicare and Medicaid, which have
generally undertaken cost containment measures to limit payments to health
care providers;
- hospitals face increasing competition resulting from hospital mergers and
affiliations;
- hospitals need to reduce costs as HMOs increase market penetration and
hospital supply and drug companies raise prices;
- hospitals and health care providers are subject to various legal claims by
patients
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and others and are adversely affected by increasing costs of insurance; and
- many hospitals are aggressively buying physician practices and assuming risk
contracts to gain market share. If revenues do not increase accordingly,
this practice could reduce profits;
- Medicare is changing its reimbursement system for nursing homes. Many
nursing home providers are not sure how they will be treated. In many cases,
the providers may receive lower reimbursements and these would have to cut
expenses to maintain profitability; and
- most retirement/nursing home providers rely on entrance fees for operating
revenues. If people live longer than expected and turnover is lower than
budgeted, operating revenues would be adversely affected by less than
expected entrance fees.
Here is what you should know about the New York and Pennsylvania Portfolios'
concentrations in industrial development revenue bonds (IDRs). IDRs are issued
to finance various privately operated projects such as pollution control and
manufacturing facilities. Payment for these bonds depends on:
- creditworthiness of the corporate operator of the project being financed;
- economic factors relating to the particular industry; and,
- in some cases, creditworthiness of an affiliated or third-party guarantor.
Here is what you should know about the Pennsylvania Portfolio's concentration in
refunded bonds. Refunded bonds are typically:
- backed by direct obligations of the U.S. government; or
- in some cases, backed by obligations guaranteed by the U.S. government and
placed in escrow with an independent trustee;
- noncallable prior to maturity; but
- sometimes called for redemption prior to maturity.
Changes to the portfolio from bond redemptions, maturities and sales may affect
the Fund's concentrations over time.
STATE CONCENTRATION RISK
CONNECTICUT RISKS
GENERALLY
Connecticut has experienced a variety of economic problems in the last several
years including:
- manufacturing, historically the state's most important activity, has
employed fewer and fewer poeple over the last 10 years;
- large cuts in defense spending threaten defense-related business, which has
traditionally represented a big part of the state's manufacturing activity;
and
- unemployment and poverty are high in certain parts of the state, even though
unemployment state-wide is below the national average.
STATE AND LOCAL GOVERNMENT
Connecticut's state and local governments have also experienced financial
difficulties for several years. For example:
- the state's General Fund had operating deficits for several years in the
late 1980s and early 1990s. Since 1991, however, the General Fund has had
operating surpluses;
- the state issued notes in 1991 to fund its accumulated deficit. The notes
were originally supposed to be paid by 1996,
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but they were rescheduled, so that they were repaid in 1999; and
- Connecticut has several of the nation's poorest and most financially
troubled cities, including Bridgeport, which filed for bankruptcy in 1991,
and its capital city of Hartford.
Local governments in Connecticut receive tax revenue only from taxes on real
estate and personal property, which makes it hard for them to raise additional
tax revenue. Both Connecticut and its cities depend heavily on federal aid, and
the cities also depend on a significant amount of state aid. Both the state and
its cities could be hurt by any future reduction in the amount of such aid.
Connecticut's general obligation bonds are rated AA by Standard & Poor's, Aa3 by
Moody's, and AA by Fitch.
FLORIDA RISKS
GENERALLY
Florida's financial condition is affected by numerous national, economic, social
and environmental policies and conditions. For example:
- south Florida is heavily involved with foreign tourism, trade and investment
capital. As a result, the region is susceptible to international trade and
currency imbalances and economic problems in Central and South America;
- central and northern Florida are more vulnerable to agricultural problems,
such as crop failures or severe weather conditions, especially in the citrus
and sugar industries; and
- the state as a whole is also very dependent on tourism and construction.
STATE AND LOCAL GOVERNMENT
The state of Florida and its local governments are restricted in their ability
to raise taxes and incur debts. These restrictions limit their ability to
generate revenue, and so could hurt their ability to pay debts.
General obligations of the state are rated Aa2 by Moody's, AA+ by Standard &
Poor's and AA by Fitch.
NEW YORK RISKS
GENERALLY
For decades, New York's economy has trailed the rest of the nation. Both the
state and New York City have experienced long-term structural imbalances between
revenues and expenses, and have repeatedly relied substantially on non-recurring
measures to achieve budget balance. The pressures that contribute to budgetary
problems at both the state and local level include:
- the high combined state and local tax burden;
- a decline in manufacturing jobs, leading to above-average unemployment;
- sensitivity to the financial services industry; and
- dependence on federal aid.
STATE GOVERNMENT
The State government frequently has difficulty approving budgets on time. Budget
gaps of $3 billion and $5 billion are projected for the next two years. The
State's general obligation bonds are rated A+ by Standard & Poor's and A2 by
Moody's. There is $37 billion of state-related debt outstanding.
NEW YORK CITY GOVERNMENT
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Even though the City had budget surpluses each year from 1981, budget gaps of
over $2 billion are projected for the 2002, 2003 and 2004 fiscal years. New York
City faces fiscal pressures from:
- aging public facilities that need repair or replacement;
- welfare and medical costs;
- expiring labor contracts; and
- a high and increasing debt burden.
The City requires substantial state aid, and its fiscal strength depends heavily
on the securities industry. Its general obligation bonds are rated A- by
Standard & Poor's and A3 by Moody's. $31.2 billion of combined City, MAC and PBC
debt is outstanding, and the City proposes $25.3 billion of financing over
fiscal 1999-2003. New York City currently expects to reach its constitutional
limits on debt issuance in Fiscal 2003.
PENNSYLVANIA RISKS
GENERALLY
Pennsylvania and many of its municipalities (including Philadelphia) have
undergone an economic decline:
- coal, steel, railroads and other heavy industry historically associated with
the Commonwealth has given way to increased competition from foreign
producers.
- agriculture and related industries are still an important part of the
Commonwealth's economy.
- recently, however, service sector industries (trade, medical and health
services, education and financial services) have provided new sources of
growth.
STATE AND LOCAL GOVERNMENTS
Historically, both the Commonwealth and the City of Philadelphia have
experienced serious revenue shortfalls. At the same time, rising demands for
state and local programs and services (particularly medical assistance and cash
assistance programs) have led to increased spending.
- in recent years, both the Commonwealth and the City of Philadelphia have
tried to balance their budgets with a mix of tax increases and spending
cuts.
- Philadelphia has considered significant service cuts and privatization of
certain services which it has provided to date.
- In 1991, the Commonwealth created the Pennsylvania Inter-Governmental
Cooperation Authority ('PICA') which it authorized to issue debt to cover
Philadelphia's budget shortfalls, eliminate the City's projected deficits
and fund its capital spending. PICA issued approximately $1.76 billion of
Special Revenue Bonds on Philadelphia's behalf. Its power to issue bonds on
Philadelphia's behalf expired at the end of 1996; as of June 30, 1999,
approximately $1.0 billion in PICA Special Revenue Bonds were outstanding.
- Pennsylvania's general obligation bonds are currently rated Aa3 by Moody's
and AA- by Standard & Poor's. Philadelphia's general obligation bonds are
rated Baa2 by Moody's and BBB by Standard & Poor's. There can be no
assurance that these ratings will not be lowered.
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BOND QUALITY RISK
A reduction in a bond's rating may decrease its value and, indirectly, the value
of your investment in the Fund.
INSURANCE RELATED RISK
Some bonds are backed by insurance companies (as shown under Portfolios).
Insurance policies generally make payments only according to a bond's original
payment schedule and do not make early payments when a bond defaults or becomes
taxable. Although the federal government does not regulate the insurance
business, various state laws and federal initiatives and tax law changes could
significantly affect the insurance business. The claims-paying ability of the
insurance companies is generally rated A or better by Standard & Poor's or
another nationally recognized rating organization. The insurance company ratings
are subject to change at any time at the discretion of the rating agencies.
LITIGATION AND LEGISLATION RISKS
We do not know of any pending litigation that might have a material adverse
effect upon the Fund.
Future tax legislation could affect the value of the portfolio by:
- limiting real property taxes,
- reducing tax rates,
- imposing a flat or other form of tax, or
- exempting investment income from tax.
SELLING OR EXCHANGING UNITS
You can sell your units at any time for a price based on net asset value. Your
net asset value is calculated each business day by:
- ADDING the value of the bonds, net accrued interest, cash and any other Fund
assets;
- SUBTRACTING accrued but unpaid Fund expenses, unreimbursed Trustee advances,
cash held to buy back units or for distribution to investors and any other
Fund liabilities; and
- DIVIDING the result by the number of outstanding units.
Your net asset value when you sell may be more or less than your cost because of
sales fees, market movements and changes in the portfolio.
SPONSORS' SECONDARY MARKET
While we are not obligated to do so, we will buy back units at net asset value
without any other fee or charge. We may resell the units to other buyers or to
the Trustee. You should consult your financial professional for current market
prices to determine if other broker-dealers or banks are offering higher prices.
We have maintained the secondary market continuously for over 28 years, but we
could discontinue it without prior notice for any business reason.
SELLING UNITS TO THE TRUSTEE
Regardless of whether we maintain a secondary market, you can sell your units to
the Trustee at any time by sending the Trustee a letter (with any outstanding
certificates if you hold Unit certificates). You must properly endorse your
certificates (or execute a written transfer instrument with signatures
guaranteed by an eligible institution). Sometimes, additional
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documents are needed such as a trust document, certificate of corporate
authority, certificate of death or appointment as executor, administrator or
guardian.
Within seven days after your request and the necessary documents are received,
the Trustee will mail a check to you. Contact the Trustee for additional
information.
As long as we are maintaining a secondary market, the Trustee will sell your
units to us at a price based on net asset value. If there is no secondary
market, the Trustee may sell your units in the over-the-counter market for a
higher price, but it is not obligated to do so. In that case, you will receive
the net proceeds of the sale.
If the Fund does not have cash available to pay you for units you are selling,
the agent for the Sponsors will select bonds to be sold. Bonds will be selected
based on market and credit factors. These sales could be made at times when the
bonds would not otherwise be sold and may result in your receiving less than the
unit par value and also reduce the size and diversity of the Fund.
There could be a delay in paying you for your units:
- if the New York Stock Exchange is closed (other than customary weekend and
holiday closings);
- if the SEC determines that trading on the New York Stock Exchange is
restricted or that an emergency exists making sale or evaluation of the
bonds not reasonably practicable; and
- for any other period permitted by SEC order.
EXCHANGE OPTION
You may exchange units of certain Defined Asset Funds for units of this Fund at
a maximum exchange fee of 1.90%. You may exchange units of this Fund for units
of certain other Defined Asset Funds at a reduced sales fee if your investment
goals change. To exchange units, you should talk to your financial professional
about what funds are exchangeable, suitable and currently available.
Normally, an exchange is taxable and you must recognize any gain or loss on the
exchange. However, the IRS may try to disallow a loss if the portfolios of the
two funds are not materially different; you should consult your own tax adviser.
We may amend or terminate this exchange option at any time without notice.
HOW THE FUND WORKS
PRICING
The price of a unit includes interest accrued on the bonds, less expenses, from
the initial most recent Record Day up to, but not including, the settlement
date, which is usually three business days after the purchase date of the unit.
A portion of the price of a unit consists of cash so that the Trustee can
provide you with regular monthly income. When you sell your units you will
receive your share of this cash.
EVALUATIONS
An independent Evaluator values the bonds on each business day (excluding
Saturdays,
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Sundays and the following holidays as observed by the New York Stock Exchange:
New Year's Day, Presidents' Day, Martin Luther King, Jr. Day, Good Friday,
Memorial Day, Independence Day, Labor Day, Thanksgiving and Christmas). Bond
values are based on current bid or offer prices for the bonds or comparable
bonds. In the past, the difference between bid and offer prices of publicly
offered tax-exempt bonds has ranged from 0.5% of face amount on actively traded
issues to 3.5% on inactively traded issues; the difference has averaged between
1 and 2%.
INCOME
The Trustee credits interest to an Income Account and other receipts to a
Capital Account. The Trustee may establish a Reserve Account by withdrawing from
these accounts amounts it considers appropriate to pay any material liability.
These accounts do not bear interest.
EXPENSES
The Trustee is paid monthly. It also benefits when it holds cash for the Fund in
non-interest bearing accounts. The Trustee may also receive additional amounts:
- to reimburse the Trustee for the Fund's operating expenses;
- for extraordinary services and costs of indemnifying the Trustee and the
Sponsors;
- costs of actions taken to protect the Fund and other legal fees and
expenses;
- expenses for keeping the Fund's registration statement current; and
- Fund termination expenses and any governmental charges.
The Sponsors are currently reimbursed up to 55 CENTS per $1,000 face amount
annually for providing portfolio supervisory, bookkeeping and administrative
services and for any other expenses properly chargeable to the Fund. Legal,
typesetting, electronic filing and regulatory filing fees and expenses
associated with updating the Portfolio's registration statement yearly are also
now chargeable to the Portfolio. While this fee may exceed the amount of these
costs and expenses attributable to this Fund, the total of these fees for all
Series of Defined Asset Funds will not exceed the aggregate amount attributable
to all of these Series for any calendar year. The Fund also pays the Evaluator's
fees.
The Trustee's, Sponsors' and Evaluator's fees may be adjusted for inflation
without investors' approval.
The Sponsors will pay advertising and selling expenses at no charge to the Fund.
If Fund expenses exceed initial estimates, the Fund will owe the excess. The
Trustee has a lien on Fund assets to secure reimbursement of Fund expenses and
may sell bonds if cash is not available.
PORTFOLIO CHANGES
The Sponsors and Trustee are not liable for any default or defect in a bond; if
a contract to buy any bond.
Unlike a mutual fund, the portfolio is designed to remain intact and we may keep
bonds in the portfolio even if their credit quality declines or other adverse
financial circumstances occur. However, we may sell a bond in certain cases if
we believe that
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certain adverse credit conditions exist or if a bond becomes taxable.
If we maintain a secondary market in units but are unable to sell the units that
we buy in the secondary market, we will redeem units, which may affect the
composition of the portfolio. Units offered in the secondary market may not
represent the same face amount of bonds that they did originally.
We decide whether or not to offer units for sale that we acquire in the
secondary market after reviewing:
- diversity of the portfolio;
- size of the Fund relative to its original size;
- ratio of Fund expenses to income;
- current and long-term returns;
- degree to which units may be selling at a premium over par; and
- cost of maintaining a current prospectus.
FUND TERMINATION
The Fund will terminate following the stated maturity or sale of the last bond
in the portfolio. The Fund may also terminate earlier with the consent of
investors holding 51% of the units or if total assets of the Fund have fallen
below 40% of the face amount of bonds deposited. We will decide whether to
terminate the Fund early based on the same factors used in deciding whether or
not to offer units in the secondary market.
When the Fund is about to terminate you will receive a notice, and you will be
unable to sell your units after that time. On or shortly before termination, we
will sell any remaining bonds, and you will receive your final distribution. Any
bond that cannot be sold at a reasonable price may continue to be held by the
Trustee in a liquidating trust pending its final sale.
You will pay your share of the expenses associated with termination, including
brokerage costs in selling bonds. This may reduce the amount you receive as your
final distribution.
CERTIFICATES
Certificates for units are issued on request. You may transfer certificates by
complying with the requirements for redeeming certificates, described above. You
can replace lost or mutilated certificates by delivering satisfactory indemnity
and paying the associated costs.
TRUST INDENTURE
The Fund is a "unit investment trust" governed by a Trust Indenture, a contract
among the Sponsors, the Trustee and the Evaluator, which sets forth their duties
and obligations and your rights. A copy of the Indenture is available to you on
request to the Trustee. The following summarizes certain provisions of the
Indenture.
The Sponsors and the Trustee may amend the Indenture without your consent:
- to cure ambiguities;
- to correct or supplement any defective or inconsistent provision;
- to make any amendment required by any governmental agency; or
- to make other changes determined not to be materially adverse to your best
interest (as determined by the Sponsors).
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Investors holding 51% of the units may amend the Indenture. Every investor must
consent to any amendment that changes the 51% requirement. No amendment may
reduce your interest in the Fund without your written consent.
The Trustee may resign by notifying the Sponsors. The Sponsors may remove the
Trustee without your consent if:
- it fails to perform its duties and the Sponsors determine that its
replacement is in your best interest; or
- it becomes incapable of acting or bankrupt or its affairs are taken over by
public authorities.
Investors holding 51% of the units may remove the Trustee. The Evaluator may
resign or be removed by the Sponsors and the Trustee without the consent of
investors. The resignation or removal of either becomes effective when a
successor accepts appointment. The Sponsors will try to appoint a successor
promptly; however, if no successor has accepted within 30 days after notice of
resignation, the resigning Trustee or Evaluator may petition a court to appoint
a successor.
Any Sponsor may resign as long as one Sponsor with a net worth of $2 million
remains and agrees to the resignation. The remaining Sponsors and the Trustee
may appoint a replacement. If there is only one Sponsor and it fails to perform
its duties or becomes bankrupt the Trustee may:
- remove it and appoint a replacement Sponsor;
- liquidate the Fund; or
- continue to act as Trustee without a Sponsor.
Merrill Lynch, Pierce, Fenner & Smith Incorporated acts as agent for the
Sponsors.
The Trust Indenture contains customary provisions limiting the liability of the
Trustee, the Sponsors and the Evaluator.
LEGAL OPINION
Davis Polk & Wardwell, 450 Lexington Avenue, New York, New York 10017, as
counsel for the Sponsors, has given an opinion that the units are validly
issued. Special counsel located in the relevant states have given state and
local tax opinions.
AUDITORS
Deloitte & Touche LLP, 2 World Financial Center, New York, New York 10281,
independent accountants, audited the Statements of Condition included in this
prospectus.
SPONSORS
The Sponsors are:
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (a wholly-owned subsidiary of
Merrill Lynch & Co., Inc.)
P.O. Box 9051,
Princeton, NJ 08543-9051
SALOMON SMITH BARNEY INC. (an indirectly wholly-owned subsidiary of Citigroup
Inc.)
388 Greenwich Street--23rd Floor,
New York, NY 10013
DEAN WITTER REYNOLDS INC. (a principal operating subsidiary of Morgan Stanley
Dean Witter & Co.)
Two World Trade Center--59th Floor,
New York, NY 10048
PRUDENTIAL SECURITIES INCORPORATED (an
indirect wholly-owned subsidiary of the
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Prudential Insurance Company of America)
One New York Plaza
New York, NY 10292
PAINEWEBBER INCORPORATED (a wholly-owned subsidiary of PaineWebber Group Inc.)
1285 Avenue of the Americas,
New York, NY 10019
Each Sponsor is a Delaware corporation and it, or its predecessor, has acted as
sponsor to many unit investment trusts. As a registered broker-dealer each
Sponsor buys and sells securities (including investment company shares) for
others (including investment companies) and participates as an underwriter in
various selling groups.
TRUSTEE
The Chase Manhattan Bank, Unit Investment Trust Department, 4 New York
Plaza--6th Floor, New York, New York 10004, is the Trustee. It is supervised by
the Federal Deposit Insurance Corporation, the Board of Governors of the Federal
Reserve System and New York State banking authorities.
UNDERWRITERS' AND SPONSORS' PROFITS
Underwriters receive sales charges when they sell units. The Sponsors also
realized a profit or loss on the initial date of deposit of the bonds. Any cash
made available by you to the Sponsors before the settlement date for those units
may be used in the Sponsors' businesses to the extent permitted by federal law
and may benefit the Sponsors.
A Sponsor or Underwriter may realize profits or sustain losses on bonds in the
Fund which were acquired from underwriting syndicates of which it was a member.
In maintaining a secondary market, the Sponsors will also realize profits or
sustain losses in the amount of any difference between the prices at which they
buy units and the prices at which they resell or redeem them.
PUBLIC DISTRIBUTION
The Sponsors do not intend to qualify units for sale in any foreign countries.
This prospectus does not constitute an offer to sell units in any country where
units cannot lawfully be sold.
CODE OF ETHICS
The Fund and the Agent for the Sponsors have each adopted a code of ethics
requiring reporting of personal securities transactions by its employees with
access to information on Fund transactions. Subject to certain conditions, the
codes permit employees to invest in Fund securities for their own accounts. The
codes are designed to prevent fraud, deception and misconduct against the Fund
and to provide reasonable standards of conduct. These codes are on file with the
Commission and you may obtain a copy by contacting the Commission at the address
listed on the back cover of this prospectus.
YEAR 2000 ISSUES
Many computer systems were designed in such a way that they may be unable to
distinguish between the year 2000 and the year 1900 (commonly known as the "Year
2000 Problem"). To date we are not aware of any major operational difficulties
resulting from the computer system changes necessary to prepare for the Year
2000.
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However, there can be no assurance that the Year 2000 Problem will not adversely
affect the issuers of the bonds contained in the Portfolio. We cannot predict
whether any impact will be material to the Fund as a whole.
TAXES
The following summary describes some of the important income tax consequences of
holding units. It assumes that you are not a dealer, financial institution,
insurance company or other investor with special circumstances or subject to
special rules. You should consult your own tax adviser about your particular
circumstances.
At the date of issue of each bond, counsel for the issuer delivered an opinion
to the effect that interest on the bond is exempt from regular federal income
tax. However, interest may be subject to state and local taxes and may be taken
into account in determining your preference items for alternative minimum tax
purposes. Neither we nor our counsel have reviewed the issuance of the bonds,
related proceedings or the basis for the opinions of counsel for the issuers. We
cannot assure you that the issuers (or other users of bond proceeds) have
complied or will comply with any requirements necessary for a bond to be
tax-exempt. If any of the bonds were determined not to be tax-exempt, you could
be required to pay income tax for current and prior years, and if the Fund were
to sell the bond, it might have to sell it at a substantial discount.
In the opinion of our counsel, under existing law:
GENERAL TREATMENT OF THE FUND AND YOUR INVESTMENT
The Fund will not be taxed as a corporation for federal income tax purposes, and
you will be considered to own directly your share of each bond in the Fund.
GAIN OR LOSS UPON DISPOSITION
When all or part of your share of a bond is disposed of (for example, when the
Fund sells, exchanges or redeems a bond or when you sell or exchange your
units), you will generally recognize capital gain or loss. Your gain, however,
will generally be ordinary income to the extent of any accrued "market
discount". Generally you will have market discount to the extent that your basis
in a bond when you purchase a unit is less than its stated redemption price at
maturity (or, if it is an original issue discount bond, the issue price
increased by original issue discount that has accrued on the bond before your
purchase). You should consult your tax adviser in this regard.
If your net long-term capital gains exceed your net short-term capital losses,
the excess may be subject to tax at a lower rate than ordinary income. Any
capital gain from the Fund will be long-term if you are considered to have held
your investment on each bond for more than one year and short-term otherwise.
Because the deductibility of capital losses is subject to limitations, you may
not be able to deduct all of your capital losses.
YOUR BASIS IN THE BONDS
Your aggregate basis in the bonds will be equal to the cost of your units,
including any
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sales charges you pay, adjusted to reflect any accruals of "original issue
discount," "acquisition premium" and "bond premium". You should consult your tax
adviser in this regard.
EXPENSES
If you are not a corporate investor, you will not be entitled to a deduction for
your share of fees and expenses of the Fund. Also, if you borrowed money in
order to purchase or carry your units, you will not be able to deduct the
interest on this borrowing for federal income tax purposes. The IRS may treat
your purchase of units as made with borrowed money even if the money is not
directly traceable to the purchase of units.
NEW YORK TAXES
Under the income tax laws of the State and City of New York, the Fund will not
be taxed as a corporation. If you are a New York taxpayer, your income from the
Fund will not be tax-exempt in New York except to the extent that the income is
earned on bonds that are tax-exempt for New York purposes. Depending on where
you live, your income from the Fund may be subject to state and local taxation.
You should consult your tax adviser in this regard.
CONNECTICUT TAXES
In the opinion of Day, Berry & Howard LLP, Hartford, Connecticut, special
counsel on Connecticut tax matters:
Under the income tax laws of the State of Connecticut, the Fund will not be
taxed. If you are an individual, trust or estate that is subject to the
Connecticut income tax, you will not be taxed on your share of the interest
derived by the Fund from those bonds that are tax-exempt for Connecticut income
tax purposes. In addition, if you hold your units of the Fund as a capital
asset, you will not recognize either gain or loss if the Fund enters into a
transaction in which it is treated for federal income tax purposes as having
sold a bond that is issued by an issuer in Connecticut and is tax-exempt for
Connecticut income tax purposes, and you may not have to recognize gain or loss
to the extent attributable to a unit's share of any such bonds if you sell,
exchange or redeem the unit. You should consult your tax adviser in this regard.
In all other instances, you will recognize gain or loss in the event either the
Fund enters into a transaction involving a bond held by it or you sell, exchange
or redeem a unit of the Fund, to the same extent that you recognize gain or loss
therefrom for Federal income tax purposes.
In the case of an entity subject to the Connecticut corporation business tax,
its share of all income derived from units of the Fund or their ownership will
be subject to that Connecticut tax.
FLORIDA TAXES
In the opinion of Greenberg, Traurig, P.A., Miami, Florida, special counsel on
Florida tax matters:
Under the income tax laws of the State of Florida, the Florida Trust will not be
taxed as a corporation. Florida imposes an income tax on corporations but does
not impose a personal income tax. Accordingly, if you are an individual taxpayer
your income from the
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Trust will not be subject to tax in Florida. However, if you are an entity that
is normally taxed as a corporation, your income from the fund will not be exempt
from tax in Florida and special rules for taxation apply depending on the type
of entity. You should consult your tax adviser in this regard.
PENNSYLVANIA TAXES
In the opinion of Drinker Biddle & Reath LLP, Philadelphia, Pennsylvania,
special counsel on Pennsylvania tax matters:
The Pennsylvania Trust will not be taxed as a corporation under the current
income tax laws of Pennsylvania. Your income from the Trust may be subject to
taxation depending on where you live. If you are a Pennsylvania taxpayer your
interest income from the Trust will be tax-exempt to the extent that income is
earned on bonds that are tax-exempt for Pennsylvania purposes. However, gains on
the sale of bonds by the Trust or on the sale of your units will be subject to
Pennsylvania income tax. If you are a Philadelphia resident you may be subject
to the Philadelphia school district tax on any gains realized from the sale of
bonds by the Trust or the sale of units by you to the extent either the bonds or
units have been held for six months or less. You should consult your tax adviser
as to the consequences to you with respect to any investment you make in the
Trust.
SUPPLEMENTAL INFORMATION
You can receive at no cost supplemental information about the Fund by calling
the Trustee. The supplemental information includes more detailed risk disclosure
about the types of bonds that may be in the Fund's portfolios, general risk
disclosure concerning any insurance securing certain bonds, and general
information about the structure and operation of the Fund. The supplemental
information is also available from the SEC.
29
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 58 (CONNECTICUT, FLORIDA,
NEW YORK AND PENNSYLVANIA TRUSTS),
DEFINED ASSET FUNDS
REPORT OF INDEPENDENT ACCOUNTANTS
The Sponsors, Trustee and Holders
of Municipal Investment Trust Fund, Multistate Series - 58
(Connecticut, Florida, New York and Pennsylvania Trusts),
Defined Asset Funds:
We have audited the accompanying statements of condition of
Municipal Investment Trust Fund, Multistate Series - 58
(Connecticut, Florida, New York and Pennsylvania Trusts), Defined
Asset Funds, including the portfolios, as of March 31, 2000 and
the related statements of operations and of changes in net
assets for the years ended March 31, 2000, 1999 and 1998. These
financial statements are the responsibility of the Trustee. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with auditing standards
generally accepted in the United States of America. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.
Securities owned at March 31, 2000, as shown in such portfolios,
were confirmed to us by The Chase Manhattan Bank, the Trustee.
An audit also includes assessing the accounting principles used
and significant estimates made by the Trustee, as well as
evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial
position of Municipal Investment Trust Fund, Multistate Series -
58 (Connecticut, Florida, New York and Pennsylvania Trusts),
Defined Asset Funds at March 31, 2000 and the results of their
operations and changes in their net assets for the above-stated
years in accordance with accounting principles generally
accepted in the United States of America.
DELOITTE & TOUCHE LLP
New York, N.Y.
May 31, 2000
D - 1
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 58 (CONNECTICUT TRUST),
DEFINED ASSET FUNDS
STATEMENT OF CONDITION
As of March 31, 2000
<TABLE>
<S> <C> <C>
TRUST PROPERTY:
Investment in marketable securities
at value (cost $ 2,596,451)(Note 1) ......... $ 2,666,591
Accrued interest................................ 51,777
Cash - principal ............................... 1,006
-----------
Total trust property ......................... 2,719,374
LESS LIABILITIES:
Income advance from Trustee..................... $ 16,326
Accrued Sponsors' fees ......................... 338 16,664
----------- -----------
NET ASSETS, REPRESENTED BY:
2,771 units of fractional undivided
interest outstanding (Note 3) ............... 2,667,597
Undistributed net investment income ............ 35,113 $ 2,702,710
----------- ===========
UNIT VALUE ($ 2,702,710 / 2,771 units)............ $ 975.36
===========
</TABLE>
See Notes to Financial Statements.
D - 2
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 58 (CONNECTICUT TRUST),
DEFINED ASSET FUNDS
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Years Ended March 31,
2000 1999 1998
---- ---- ----
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest income ........................ $ 166,341 $ 171,852 $ 183,241
Trustee's fees and expenses ............ (4,463) (4,234) (5,121)
Sponsors' fees ......................... (1,334) (1,113) (1,154)
----------------------------------------------
Net investment income .................. 160,544 166,505 176,966
----------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Realized gain on
securities sold or redeemed .......... 5,427 6,991 4,190
Unrealized appreciation (depreciation)
of investments ....................... (198,334) 13,151 185,442
----------------------------------------------
Net realized and unrealized
gain (loss) on investments ........... (192,907) 20,142 189,632
----------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS .............. $ (32,363) $ 186,647 $ 366,598
==============================================
</TABLE>
See Notes to Financial Statements.
D - 3
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 58 (CONNECTICUT TRUST),
DEFINED ASSET FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Years Ended March 31,
2000 1999 1998
---- ---- ----
<S> <C> <C> <C>
OPERATIONS:
Net investment income .................. $ 160,544 $ 166,505 $ 176,966
Realized gain on
securities sold or redeemed .......... 5,427 6,991 4,190
Unrealized appreciation (depreciation)
of investments ....................... (198,334) 13,151 185,442
----------------------------------------------
Net increase (decrease) in net assets
resulting from operations ............ (32,363) 186,647 366,598
----------------------------------------------
DISTRIBUTIONS TO HOLDERS (Note 2):
Income ................................ (161,008) (166,805) (177,300)
Principal .............................. (7,268) (20,691) (39,957)
----------------------------------------------
Total distributions .................... (168,276) (187,496) (217,257)
----------------------------------------------
SHARE TRANSACTIONS:
Redemption amounts - income ............ (2,863) (1,008) (1,407)
Redemption amounts - principal ......... (243,530) (103,301) (126,559)
----------------------------------------------
Total share transactions ............... (246,393) (104,309) (127,966)
----------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS .... (447,032) (105,158) 21,375
NET ASSETS AT BEGINNING OF YEAR .......... 3,149,742 3,254,900 3,233,525
----------------------------------------------
NET ASSETS AT END OF YEAR ................ $ 2,702,710 $ 3,149,742 $ 3,254,900
==============================================
PER UNIT:
Income distributions during
year ................................. $ 54.66 $ 54.99 $ 55.86
==============================================
Principal distributions during
year ................................. $ 2.49 $ 6.84 $ 12.77
==============================================
Net asset value at end of
year ................................. $ 975.36 $ 1,041.24 $ 1,041.57
==============================================
TRUST UNITS:
Redeemed during year ................... 254 100 125
Outstanding at end of year ............. 2,771 3,025 3,125
==============================================
</TABLE>
See Notes to Financial Statements.
D - 4
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 58 (CONNECTICUT TRUST),
DEFINED ASSET FUNDS
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
The Fund is registered under the Investment Company Act of 1940 as a
Unit Investment Trust. The following is a summary of significant
accounting policies consistently followed by the Fund in the
preparation of its financial statements. The policies are in
accordance with accounting principles generally accepted in the
United States of America.
(A) Securities are stated at value as determined by the Evaluator
based on bid side evaluations for the securities.
(B) The Fund is not subject to income taxes. Accordingly, no
provision for such taxes is required.
(C) Interest income is recorded as earned.
2. DISTRIBUTIONS
A distribution of net investment income is made to Holders each
month. Receipts other than interest, after deductions for
redemptions and applicable expenses, are also distributed
periodically.
3. NET CAPITAL
<TABLE>
<S> <C>
Cost of 2,771 units at Date of Deposit ..................... $ 2,787,432
Less sales charge .......................................... 125,435
-----------
Net amount applicable to Holders ........................... 2,661,997
Redemptions of units - net cost of 479 units redeemed
less redemption amounts (principal)....................... (13,232)
Realized gain on securities sold or redeemed ............... 16,608
Principal distributions .................................... (67,916)
Unrealized appreciation of investments...................... 70,140
-----------
Net capital applicable to Holders .......................... $ 2,667,597
===========
</TABLE>
4. INCOME TAXES
As of March 31, 2000, unrealized appreciation of investments, based
on cost for Federal income tax purposes, aggregated $70,140, all of
which related to appreciated securities. The cost of investment
securities for Federal income tax purposes was $2,596,451 at March
31, 2000.
D - 5
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 58 (CONNECTICUT TRUST),
DEFINED ASSET FUNDS
PORTFOLIO
As of March 31, 2000
<TABLE>
<CAPTION>
Rating Optional
Portfolio No. and Title of of Face Redemption
Securities Issues(1) Amount Coupon Maturities(3) Provisions(3) Cost Value(2)
---------- --------- ----------- ----------- ----------- ------------ ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
1 CT Mun. Electric Energy Coop., Pwr. AAA $ 500,000 5.000 % 2018 01/01/04 $ 437,130 $ 460,150
Supply Sys. Rev. Bonds, Ser. 1993 A @ 102.000
(MBIA Ins.) (5)
2 Connecticut Hsg. Fin. Auth., Hsg. Mtge. AA 450,000 6.300 2024 05/15/03 453,537 455,841
Fin. Prog. Bonds, 1993 Ser. B @ 102.000
3 Puerto Rico Pub. Bldgs. Auth., Pub. A 195,000 5.750 2015 07/01/03 183,606 197,443
Educ. and Hlth. Fac. Rfdg. Bonds, @ 101.500
Ser. M
4 State of Connecticut Hlth. and Educl. AAA 320,000 6.000 2024 07/01/04 320,000 320,957
Fac. Auth., Rev. Bonds, New Britain @ 102.000
Gen. Hosp. Issue, Ser. B (AMBAC Ins.)
(5)
5 State of Connecticut Hlth. and Educl. AA- 460,000 6.250 2021 11/01/04 465,966 470,410
Fac. Auth., Rev. Bonds, Nursing Home @ 102.000
Prog. Issue, Ser. 1994 (Sharon Hlth.
Care Proj.)
6 State of Connecticut Hlth. and Educl. AA- 500,000 5.100 2019 11/01/04 435,675 451,845
Fac. Auth., Rev. Bonds, Nursing Home @ 102.000
Prog. Issue, Ser. 1994 (St. Joseph's
Living Ctr. Proj.)
7 State of Connecticut, Hlth. and Educl. AAA 295,000 6.250 2022(6) 07/01/02 300,537 309,945
Facs. Auth. Rev. Bonds, Middlesex @ 102.000
Hosp. Issue Ser. G (MBIA Ins.) (5)
--------- --------- ---------
$ 2,720,000 $ 2,596,451 $ 2,666,591
========= ========= =========
</TABLE>
See Notes to Portfolios on page D - 22.
D - 6
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 58 (FLORIDA TRUST),
DEFINED ASSET FUNDS
STATEMENT OF CONDITION
As of March 31, 2000
<TABLE>
<S> <C> <C>
TRUST PROPERTY:
Investment in marketable securities
at value (cost $ 2,274,636)(Note 1) ......... $ 2,429,095
Accrued interest................................ 59,349
Cash - principal ............................... 4
-----------
Total trust property ......................... 2,488,448
LESS LIABILITIES:
Income advance from Trustee..................... $ 27,433
Accrued Sponsors' fees ......................... 308 27,741
----------- -----------
NET ASSETS, REPRESENTED BY:
2,476 units of fractional undivided
interest outstanding (Note 3) ............... 2,429,099
Undistributed net investment income ............ 31,608 $ 2,460,707
----------- ===========
UNIT VALUE ($ 2,460,707 / 2,476 units)............ $ 993.82
===========
</TABLE>
See Notes to Financial Statements.
D - 7
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 58 (FLORIDA TRUST),
DEFINED ASSET FUNDS
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Years Ended March 31,
2000 1999 1998
---- ---- ----
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest income ........................ $ 152,613 $ 173,164 $ 194,143
Trustee's fees and expenses ............ (4,288) (4,255) (5,320)
Sponsors' fees ......................... (1,300) (1,134) (1,242)
----------------------------------------------
Net investment income .................. 147,025 167,775 187,581
----------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON IN47VESTMENTS:
Realized gain on
securities sold or redeemed .......... 44,274 36,450 20,815
Unrealized appreciation (depreciation)
of investments ....................... (221,735) 15,837 262,257
----------------------------------------------
Net realized and unrealized
gain (loss) on investments ........... (177,461) 52,287 283,072
----------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS .............. $ (30,436) $ 220,062 $ 470,653
==============================================
</TABLE>
See Notes to Financial Statements.
D - 8
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 58 (FLORIDA TRUST),
DEFINED ASSET FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Years Ended March 31,
2000 1999 1998
---- ---- ----
<S> <C> <C> <C>
OPERATIONS:
Net investment income .................. $ 147,025 $ 167,775 $ 187,581
Realized gain on
securities sold or redeemed .......... 44,274 36,450 20,815
Unrealized appreciation (depreciation)
of investments ....................... (221,735) 15,837 262,257
----------------------------------------------
Net increase (decrease) in net assets
resulting from operations ............ (30,436) 220,062 470,653
----------------------------------------------
DISTRIBUTIONS TO HOLDERS (Note 2):
Income ................................ (147,362) (167,880) (187,624)
Principal .............................. (27,605) (22,474) (7,280)
----------------------------------------------
Total distributions .................... (174,967) (190,354) (194,904)
----------------------------------------------
SHARE TRANSACTIONS:
Redemption amounts - income ............ (5,161) (4,556) (3,218)
Redemption amounts - principal ......... (416,403) (375,517) (254,870)
----------------------------------------------
Total share transactions ............... (421,564) (380,073) (258,088)
----------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS .... (626,967) (350,365) 17,661
NET ASSETS AT BEGINNING OF YEAR .......... 3,087,674 3,438,039 3,420,378
----------------------------------------------
NET ASSETS AT END OF YEAR ................ $ 2,460,707 $ 3,087,674 $ 3,438,039
==============================================
PER UNIT:
Income distributions during
year ................................. $ 54.20 $ 54.76 $ 55.09
==============================================
Principal distributions during
year ................................. $ 10.75 $ 7.43 $ 2.17
==============================================
Net asset value at end of
year ................................. $ 993.82 $ 1,066.55 $ 1,056.88
==============================================
TRUST UNITS:
Redeemed during year ................... 419 358 247
Outstanding at end of year ............. 2,476 2,895 3,253
==============================================
</TABLE>
See Notes to Financial Statements.
D - 9
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 58 (FLORIDA TRUST),
DEFINED ASSET FUNDS
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
The Fund is registered under the Investment Company Act of 1940 as a
Unit Investment Trust. The following is a summary of significant
accounting policies consistently followed by the Fund in the
preparation of its financial statements. The policies are in
accordance with accounting principles generally accepted in the
United States of America.
(A) Securities are stated at value as determined by the Evaluator
based on bid side evaluations for the securities.
(B) The Fund is not subject to income taxes. Accordingly, no
provision for such taxes is required.
(C) Interest income is recorded as earned.
2. DISTRIBUTIONS
A distribution of net investment income is made to Holders each
month. Receipts other than interest, after deductions for
redemptions and applicable expenses, are also distributed
periodically.
3. NET CAPITAL
<TABLE>
<S> <C>
Cost of 2,476 units at Date of Deposit ..................... $ 2,427,668
Less sales charge .......................................... 109,248
-----------
Net amount applicable to Holders ........................... 2,318,420
Redemptions of units - net cost of 1,024 units redeemed
less redemption amounts (principal)....................... (87,960)
Realized gain on securities sold or redeemed ............... 101,539
Principal distributions .................................... (57,359)
Unrealized appreciation of investments...................... 154,459
-----------
Net capital applicable to Holders .......................... $ 2,429,099
===========
</TABLE>
4. INCOME TAXES
As of March 31, 2000, unrealized appreciation of investments, based
on cost for Federal income tax purposes, aggregated $154,459, all of
which related to appreciated securities. The cost of investment
securities for Federal income tax purposes was $2,274,636 at March
31, 2000.
D - 10
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 58 (FLORIDA TRUST) (INSURED),
DEFINED ASSET FUNDS
PORTFOLIO
As of March 31, 2000
<TABLE>
<CAPTION>
Rating of Optional
Portfolio No. and Title of Issues Face Redemption
Securities (1) (4) Amount Coupon Maturities(3) Provisions(3) Cost Value(2)
---------- --------- ----------- ----------- ----------- ------------ ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
1 City of Miami Beach, FL, Hlth. Fac. AAA $ 440,000 6.250 % 2019 11/15/02 $ 441,659 $ 450,573
Auth., Hosp. Rev. Rfdg. Bonds, Ser @ 102.000
1992 (Mount Sinai Med. Center Proj.)
(FSAM Ins.)
2 Dade Cnty., FL, Professional Sports AAA 315,000 6.000 2017(6) 10/01/02 311,085 328,876
Fran. Fac. Tax Rev. Bonds, Ser. 1992 B @ 101.500
(Financial Guaranty Ins.)
3 Florida Mun. Pwr. Agency, All- AAA 500,000 5.100 2025 10/01/03 421,255 453,330
Requirements Pwr. Supply Proj., Rev. @ 101.000
Bonds, Ser. 1993 (AMBAC Ins.)
4 Pinellas Cnty., FL, Hlth. Fac. Auth., AAA 500,000 5.625 2023 11/15/03 461,210 490,675
Hosp. Rev. Bonds, Ser. 1993 (Morton @ 102.000
Plant Hlth. Sys. Proj.) (MBIA Ins.)
5 South Broward Hosp. Dist., FL, Hosp. AAA 450,000 5.500 2022 05/01/03 408,339 436,005
Rev. and Rfdg. Bonds, Ser. 1993 @ 102.000
(AMBAC Ins.)
6 Village Center Cmnty. Dev. Dist. (Lake AAA 260,000 5.375 2023(6) 11/01/03 231,088 269,636
Cnty., FL), Util. Rev. Bonds, Ser. @ 102.000
1993 (Financial Guaranty Ins.)
--------- --------- ---------
$ 2,465,000 $ 2,274,636 $ 2,429,095
========= ========= =========
</TABLE>
See Notes to Portfolios on page D - 22.
D - 11
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 58 (NEW YORK TRUST),
DEFINED ASSET FUNDS
STATEMENT OF CONDITION
As of March 31, 2000
<TABLE>
<S> <C> <C>
TRUST PROPERTY:
Investment in marketable securities
at value (cost $ 2,456,863)(Note 1) ......... $ 2,601,438
Accrued interest................................ 40,074
Cash - principal ............................... 1
-----------
Total trust property ......................... 2,641,513
LESS LIABILITIES:
Income advance from Trustee..................... $ 3,441
Accrued Sponsors' fees ......................... 317 3,758
----------- -----------
NET ASSETS, REPRESENTED BY:
2,658 units of fractional undivided
interest outstanding (Note 3) ............... 2,601,439
Undistributed net investment income ............ 36,316 $ 2,637,755
----------- ===========
UNIT VALUE ($ 2,637,755 / 2,658 units)............ $ 992.38
===========
</TABLE>
See Notes to Financial Statements.
D - 12
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 58 (NEW YORK TRUST),
DEFINED ASSET FUNDS
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Years Ended March 31,
2000 1999 1998
---- ---- ----
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest income ........................ $ 149,112 $ 152,577 $ 176,149
Trustee's fees and expenses ............ (4,260) (4,011) (5,082)
Sponsors' fees ......................... (1,230) (1,013) (1,130)
----------------------------------------------
Net investment income .................. 143,622 147,553 169,937
----------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Realized gain on
securities sold or redeemed .......... 1 17,682 21,988
Unrealized appreciation (depreciation)
of investments ....................... (140,861) 8,086 186,424
----------------------------------------------
Net realized and unrealized
gain (loss) on investments ........... (140,860) 25,768 208,412
----------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS .............. $ 2,762 $ 173,321 $ 378,349
==============================================
</TABLE>
See Notes to Financial Statements.
D - 13
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 58 (NEW YORK TRUST),
DEFINED ASSET FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Years Ended March 31,
2000 1999 1998
---- ---- ----
<S> <C> <C> <C>
OPERATIONS:
Net investment income .................. $ 143,622 $ 147,553 $ 169,937
Realized gain on
securities sold or redeemed .......... 1 17,682 21,988
Unrealized appreciation (depreciation)
of investments ....................... (140,861) 8,086 186,424
----------------------------------------------
Net increase in net assets
resulting from operations ............ 2,762 173,321 378,349
----------------------------------------------
DISTRIBUTIONS TO HOLDERS (Note 2):
Income ................................ (143,691) (147,922) (170,478)
Principal .............................. (904) (18,668) (11,506)
----------------------------------------------
Total distributions .................... (144,595) (166,590) (181,984)
----------------------------------------------
SHARE TRANSACTIONS:
Redemption amounts - income ............ (2,417) (4,436)
Redemption amounts - principal ......... (209,859) (361,680)
----------------------------------------------
Total share transactions ............... (212,276) (366,116)
----------------------------------------------
NET DECREASE IN NET ASSETS ............... (141,833) (205,545) (169,751)
NET ASSETS AT BEGINNING OF YEAR .......... 2,779,588 2,985,133 3,154,884
----------------------------------------------
NET ASSETS AT END OF YEAR ................ $ 2,637,755 $ 2,779,588 $ 2,985,133
==============================================
PER UNIT:
Income distributions during
year ................................. $ 54.06 $ 54.36 $ 55.05
==============================================
Principal distributions during
year ................................. $ 0.34 $ 6.95 $ 3.81
==============================================
Net asset value at end of
year ................................. $ 992.38 $ 1,045.74 $ 1,043.39
==============================================
TRUST UNITS:
Redeemed during year ................... 203 352
Outstanding at end of year ............. 2,658 2,658 2,861
==============================================
</TABLE>
See Notes to Financial Statements.
D - 14
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 58 (NEW YORK TRUST),
DEFINED ASSET FUNDS
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
The Fund is registered under the Investment Company Act of 1940 as a
Unit Investment Trust. The following is a summary of significant
accounting policies consistently followed by the Fund in the
preparation of its financial statements. The policies are in
accordance with accounting principles generally accepted in the
United States of America.
(A) Securities are stated at value as determined by the Evaluator
based on bid side evaluations for the securities.
(B) The Fund is not subject to income taxes. Accordingly, no
provision for such taxes is required.
(C) Interest income is recorded as earned.
2. DISTRIBUTIONS
A distribution of net investment income is made to Holders each
month. Receipts other than interest, after deductions for
redemptions and applicable expenses, are also distributed
periodically.
3. NET CAPITAL
<TABLE>
<S> <C>
Cost of 2,658 units at Date of Deposit ..................... $ 2,617,386
Less sales charge .......................................... 117,786
-----------
Net amount applicable to Holders ........................... 2,499,600
Redemptions of units - net cost of 592 units redeemed
less redemption amounts (principal)....................... (52,437)
Realized gain on securities sold or redeemed ............... 42,739
Principal distributions .................................... (33,038)
Unrealized appreciation of investments...................... 144,575
-----------
Net capital applicable to Holders .......................... $ 2,601,439
===========
</TABLE>
4. INCOME TAXES
As of March 31, 2000, unrealized appreciation of investments, based
on cost for Federal income tax purposes, aggregated $144,575, all of
which related to appreciated securities. The cost of investment
securities for Federal income tax purposes was $2,456,863 at March
31, 2000.
D - 15
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 58 (NEW YORK TRUST) (INSURED),
DEFINED ASSET FUNDS
PORTFOLIO
As of March 31, 2000
<TABLE>
<CAPTION>
Rating of Optional
Portfolio No. and Title of Issues Face Redemption
Securities (1) (4) Amount Coupon Maturities(3) Provisions(3) Cost Value(2)
---------- --------- ----------- ----------- ----------- ------------ ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
1 New York City Hlth. and Hosp. Corp., AAA $ 500,000 5.750 % 2022 02/15/03 $ 470,290 $ 492,625
NY, Hlth. Sys. Bonds, 1993 Ser. A @ 100.000
(AMBAC Ins.)
2 New York City, NY, Mun. Wtr. Fin. AAA 385,000 5.750 2018 06/15/02 363,406 386,956
Auth., Wtr. and Swr. Sys. Rev. Bonds, @ 101.500
Fiscal 1993 Ser. A (Financial
Guaranty Ins.)
3 New York State Energy Research and Dev. AAA 200,000 6.350 2032 05/15/02 202,210 203,702
Auth., Poll. Ctl. Rfdg. Rev. Bonds, @ 102.000
Ser. 1992 A (Rochester Gas and Elec.
Corp. Proj.) (MBIA Ins.)
4 New York State Energy Research and Dev. AAA 470,000 5.250 2020 10/01/03 415,128 439,516
Auth., Ser. 1993 B (Consolidated Edison @ 102.000
of New York, Inc.) (MBIA Ins.)
5 New York State Thruway Auth., Gen. Rev. AAA 165,000 5.500 2023(6) 01/01/02 150,607 167,262
Bonds, Ser. A (Financial Guaranty Ins.) @ 100.000
6 The City of New York, NY, G. O. AAA 500,000 5.375 2019 10/01/03 447,505 482,730
Bonds, Fiscal 1994 C (AMBAC Ins.) @ 101.500
7 Triborough Bridge and Tunnel Auth., NY, AAA 330,000 6.000 2015(6) 01/01/02 324,209 342,002
Special Oblig. Bonds, Ser. 1992 @ 101.500
(AMBAC Ins.)
85,000 6.000 2015 01/01/02 83,508 86,645
@ 101.500
--------- --------- ---------
$ 2,635,000 $ 2,456,863 $ 2,601,438
========= ========= =========
</TABLE>
See Notes to Portfolios on page D - 22.
D - 16
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 58 (PENNSYLVANIA TRUST),
DEFINED ASSET FUNDS
STATEMENT OF CONDITION
As of March 31, 2000
<TABLE>
<S> <C> <C>
TRUST PROPERTY:
Investment in marketable securities
at value (cost $ 1,956,920)(Note 1) ......... $ 2,032,160
Accrued interest................................ 33,773
Cash - principal ............................... 1,869
-----------
Total trust property ......................... 2,067,802
LESS LIABILITIES:
Income advance from Trustee..................... $ 5,883
Accrued Sponsors' fees ......................... 256 6,139
----------- -----------
NET ASSETS, REPRESENTED BY:
2,098 units of fractional undivided
interest outstanding (Note 3) ............... 2,034,029
Undistributed net investment income ............ 27,634 $ 2,061,663
----------- ===========
UNIT VALUE ($ 2,061,663 / 2,098 units)............ $ 982.68
===========
</TABLE>
See Notes to Financial Statements.
D - 17
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 58 (PENNSYLVANIA TRUST),
DEFINED ASSET FUNDS
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Years Ended March 31,
2000 1999 1998
---- ---- ----
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest income ........................ $ 129,158 $ 148,620 $ 168,422
Trustee's fees and expenses ............ (3,954) (3,915) (4,877)
Sponsors' fees ......................... (1,057) (963) (1,055)
----------------------------------------------
Net investment income .................. 124,147 143,742 162,490
----------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Realized gain on
securities sold or redeemed .......... 18,928 22,668 14,467
Unrealized appreciation (depreciation)
of investments ....................... (171,873) (9,933) 182,738
----------------------------------------------
Net realized and unrealized
gain (loss) on investments ........... (152,945) 12,735 197,205
----------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS .............. $ (28,798) $ 156,477 $ 359,695
==============================================
</TABLE>
See Notes to Financial Statements.
D - 18
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 58 (PENNSYLVANIA TRUST),
DEFINED ASSET FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Years Ended March 31,
2000 1999 1998
---- ---- ----
<S> <C> <C> <C>
OPERATIONS:
Net investment income .................. $ 124,147 $ 143,742 $ 162,490
Realized gain on
securities sold or redeemed .......... 18,928 22,668 14,467
Unrealized appreciation (depreciation)
of investments ....................... (171,873) (9,933) 182,738
----------------------------------------------
Net increase (decrease) in net assets
resulting from operations ............ (28,798) 156,477 359,695
----------------------------------------------
DISTRIBUTIONS TO HOLDERS (Note 2):
Income ................................ (124,459) (144,075) (162,860)
Principal .............................. (12,368) (16,330) (15,747)
----------------------------------------------
Total distributions .................... (136,827) (160,405) (178,607)
----------------------------------------------
SHARE TRANSACTIONS:
Redemption amounts - income ............ (3,813) (3,563) (3,251)
Redemption amounts - principal ......... (304,203) (302,529) (271,574)
----------------------------------------------
Total share transactions ............... (308,016) (306,092) (274,825)
----------------------------------------------
NET DECREASE IN NET ASSETS ............... (473,641) (310,020) (93,737)
NET ASSETS AT BEGINNING OF YEAR .......... 2,535,304 2,845,324 2,939,061
----------------------------------------------
NET ASSETS AT END OF YEAR ................ $ 2,061,663 $ 2,535,304 $ 2,845,324
==============================================
PER UNIT:
Income distributions during
year ................................. $ 55.59 $ 56.33 $ 56.79
==============================================
Principal distributions during
year ................................. $ 5.71 $ 6.47 $ 5.63
==============================================
Net asset value at end of
year ................................. $ 982.68 $ 1,055.06 $ 1,056.96
==============================================
TRUST UNITS:
Redeemed during year ................... 305 289 263
Outstanding at end of year ............. 2,098 2,403 2,692
==============================================
</TABLE>
See Notes to Financial Statements.
D - 19
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 58 (PENNSYLVANIA TRUST),
DEFINED ASSET FUNDS
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
The Fund is registered under the Investment Company Act of 1940 as a
Unit Investment Trust. The following is a summary of significant
accounting policies consistently followed by the Fund in the
preparation of its financial statements. The policies are in
accordance with accounting principles generally accepted in the
United States of America.
(A) Securities are stated at value as determined by the Evaluator
based on bid side evaluations for the securities.
(B) The Fund is not subject to income taxes. Accordingly, no
provision for such taxes is required.
(C) Interest income is recorded as earned.
2. DISTRIBUTIONS
A distribution of net investment income is made to Holders each
month. Receipts other than interest, after deductions for
redemptions and applicable expenses, are also distributed
periodically.
3. NET CAPITAL
<TABLE>
<S> <C>
Cost of 2,098 units at Date of Deposit ..................... $ 2,109,119
Less sales charge .......................................... 94,917
-----------
Net amount applicable to Holders ........................... 2,014,202
Redemptions of units - net cost of 1,152 units redeemed
less redemption amounts (principal)....................... (72,928)
Realized gain on securities sold or redeemed ............... 71,650
Principal distributions .................................... (54,135)
Unrealized appreciation of investments...................... 75,240
-----------
Net capital applicable to Holders .......................... $ 2,034,029
===========
</TABLE>
4. INCOME TAXES
As of March 31, 2000, unrealized appreciation of investments, based
on cost for Federal income tax purposes, aggregated $75,240, all of
which related to appreciated securities. The cost of investment
securities for Federal income tax purposes was $1,956,920 at March
31, 2000.
D - 20
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 58 (PENNSYLVANIA TRUST) (INSURED),
DEFINED ASSET FUNDS
PORTFOLIO
As of March 31, 2000
<TABLE>
<CAPTION>
Rating of Optional
Portfolio No. and Title of Issues Face Redemption
Securities (1) (4) Amount Coupon Maturities(3) Provisions(3) Cost Value(2)
---------- --------- ----------- ----------- ----------- ------------ ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
1 Allegheny Cnty., PA, Hosp. Dev. Auth., AAA $ 195,000 6.250 % 2023(6) 11/01/02 $ 195,630 $ 202,084
Hlth. Care Ctr. Rev. Rfdg. Bonds, Ser. @ 100.000
1992 A (Presbyterian Univ. Hlth. Sys.,
Inc. Proj.) (MBIA Ins.)
2 Beaver Cnty., PA, Indl. Dev. Auth., AAA 450,000 5.450 2033 09/15/03 397,463 415,049
Poll. Ctl. Rev. Rfdg. Bonds, (Ohio @ 102.000
Edison Co. Manfield Proj.),
1993 Ser. A (AMBAC Ins.)
3 The Hosp. Auth., of the Cnty. of AAA 335,000 6.250 2022(6) 07/01/02 337,472 351,750
Beaver, PA. Hosp. Rev. Bonds, @ 102.000
Ser. 1992 A (The Med. Ctr., Beaver, PA,
Inc.) (AMBAC Ins.)
4 City of Philadelphia, PA, Water and AAA 330,000 5.250 2023 06/15/03 285,938 305,399
Wastewater Rev. Bonds, Ser. 1993 @ 102.000
(MBIA Ins.)
5 Dauphin Cnty. Gen. Auth., Hosp. Rev. AAA 205,000 5.500 2023 07/01/03 184,453 193,688
Bonds, HAPSCO Group, Inc. Tax-Exempt @ 102.000
Loan Proj. (The Western Pennsylvania
Hosp. Proj.), Ser. 1993 A (MBIA Ins.)
6 Lehigh Cnty., PA, Indl. Dev. Auth., AAA 445,000 6.400 2021 11/01/02 455,253 461,407
Poll. Ctl. Rev. Rfdg. Bonds, 1992 @ 102.000
Ser. A (PA Wtr. & Light Co. Proj.)
(AMBAC Ins.)
7 North Penn Wtr. Auth,. (Montgomery AAA 45,000 6.200 2022(6) 11/01/02 45,320 47,013
Cnty., PA), Wtr. Rev. Bonds, Ser. @ 101.000
1992 (Financial Guaranty Ins.)
55,000 6.200 2022 11/01/02 55,391 55,770
@ 101.000
--------- --------- ---------
$ 2,060,000 $ 1,956,920 $ 2,032,160
========= ========= =========
</TABLE>
See Notes to Portfolios on page D - 22.
D - 21
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 58 (CONNECTICUT, FLORIDA,
NEW YORK AND PENNSYLVANIA TRUSTS),
DEFINED ASSET FUNDS
NOTES TO PORTFOLIOS
As of March 31, 2000
(1) The ratings of the bonds are by Standard & Poor's Ratings Group, or
by Moody's Investors Service, Inc. if followed by "(m)", or by Fitch
Investors Service, Inc. if followed by "(f)"; "NR" indicates that
this bond is not currently rated by any of the above-mentioned
rating services. These ratings have been furnished by the Evaluator
but not confirmed with the rating agencies.
(2) See Notes to Financial Statements.
(3) Optional redemption provisions, which may be exercised in whole or
in part, are initially at prices of par plus a premium, then
subsequently at prices declining to par. Certain securities 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 or sold or
the project is destroyed and insurance proceeds are used to redeem
the securities. Many of the securities are also subject to mandatory
sinking fund redemption commencing on dates which may be prior to
the date on which securities may be optionally redeemed. Sinking
fund redemptions are at par and redeem only part of the issue. Some
of the securities have mandatory sinking funds which contain
optional provisions permitting the issuer to increase the principal
amount of securities 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 Public Offering
Price of the Units when acquired. 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 for Units
received by the Fund. The estimated current return may be affected
by redemptions.
(4) Insured by AAA-rated insurance companies that guarantee timely
payments of principal and interest on the bonds (but not Fund units
or the market value of the bonds before they mature).
(5) Insured by the indicated municipal bond insurance company.
(6) Bonds with an aggregate face amount of $ 295,000 of the Connecticut
Trust, $ 575,000 of the Florida Trust, $ 495,000 of the New York
Trust and $ 575,000 of the Pennsylvania Trust have been pre-refunded
and are expected to be called for redemption on the optional
redemption provision dates shown.
D - 22
<PAGE>
DEFINED ASSET FUNDS--REGISTERED TRADEMARK--
<TABLE>
<S> <C>
HAVE QUESTIONS ? MUNICIPAL INVESTMENT TRUST FUND
Request the most MULTISTATE SERIES--58
recent free Information (A Unit Investment Trust)
Supplement that gives more ---------------------------------------
details about the Fund, This Prospectus does not contain
by calling: complete information about the
The Chase Manhattan Bank investment company filed with the
1-800-323-1508 Securities and Exchange Commission in
Washington, D.C. under the:
- Securities Act of 1933 (file no.
33-52547) and
- Investment Company Act of 1940 (file
no. 811-1777).
TO OBTAIN COPIES AT PRESCRIBED RATES--
WRITE: Public Reference Section of the
Commission
450 Fifth Street, N.W., Washington,
D.C. 20549-6009
CALL: 1-800-SEC-0330.
VISIT: http://www.sec.gov.
---------------------------------------
No person is authorized to give any
information or representations about
this Fund not contained in this
Prospectus or the Information
Supplement, and you should not rely on
any other information.
---------------------------------------
When units of this Fund are no longer
available, this Prospectus may be used
as a preliminary prospectus for a
future series, but some of the
information in this Prospectus will be
changed for that series.
UNITS OF ANY FUTURE SERIES MAY NOT BE
SOLD NOR MAY OFFERS TO BUY BE ACCEPTED
UNTIL THAT SERIES HAS BECOME EFFECTIVE
WITH THE SECURITIES AND EXCHANGE
COMMISSION. NO UNITS CAN BE SOLD IN ANY
STATE WHERE A SALE WOULD BE ILLEGAL.
14817--6/00
</TABLE>
