CORPORATE INCOME FD INTERM TERM SER 51 DEFINED ASSET FDS
497, 1994-12-08
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Defined
Asset FundsSM
 
Corporate             
Income Fund           

- --------------------  
                      
INTERMEDIATE TERM 
SERIES -- 51          
A UNIT INVESTMENT TRUST                 
                      
/ / MONTHLY INCOME      
                      
/ / INVESTMENT GRADE    
                      
/ / PROFESSIONAL SELECTION             
                      
                      
7.84%                 
ESTIMATED CURRENT RETURN AS OF
DECEMBER 6, 1994                  
                      
                      
8.10%                 
ESTIMATED LONG TERM RETURN AS OF
DECEMBER 6, 1994                  
                      
                      
TAX-EXEMPT TO FOREIGN               
HOLDERS WHEN CERTAIN  
CONDITIONS ARE MET    
                      

Merrill Lynch,        
Pierce, Fenner & Smith Incorporated    
Unit Investment Trusts
P.O. Box 9051
Princeton, N.J. 08543-9051
(609)282-8500

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<PAGE>

INVESTMENT SUMMARY AS OF DECEMBER 6, 1994
 
<TABLE>
<S>                                  <C>
ESTIMATED CURRENT RETURN( a )
(based on Public Offering Price)               7.84%
ESTIMATED LONG TERM RETURN( a )
(based on Public Offering Price)               8.10%
PUBLIC OFFERING PRICE PER UNIT
(including 4.00% sales charge)       $       986.66( b )
FACE AMOUNT OF SECURITIES--          $    8,000,000
INITIAL NUMBER OF UNITS( c )--                8,000
SPONSORS' REPURCHASE PRICE AND
REDEMPTION PRICE PER UNIT( d )
(based on bid side evaluation)       $       942.19( b )
FRACTIONAL UNDIVIDED INTEREST IN
FUND REPRESENTED BY EACH UNIT--             1/8,000TH
CALCULATION OF PUBLIC OFFERING
PRICE
   Aggregate offer side evaluation
      of Securities in Fund........  $ 7,577,500.00
                                     --------------
   Divided by 8,000 Units..........  $       947.19
   Plus sales charge of 4.00% of
      Public Offering Price (4.167%
      of net amount invested in
      Securities)( e ).............           39.47
                                     --------------
   Public Offering Price per
      Unit.........................          986.66
   Plus accrued interest( f )......            1.50
                                     --------------
      Total........................  $       988.16
                                     --------------
                                     --------------
</TABLE>
 
<TABLE>
<S>                                       <C>
MONTHLY INCOME DISTRIBUTIONS
   First distribution to be paid on the
      25th day of March, 1995 to Holders
      of record on the 10th day of March,
      1995............................... $    5.10
   Calculation of second and following
      distributions, to be paid on the
      25th day of each month:
   Estimated net annual interest rate per
      Unit times $1,000.................. $   77.40
      Divided by 12...................... $    6.45
REDEMPTION PRICE PER UNIT LESS THAN:
      Public Offering Price by........... $   44.47
      Sponsors' Initial Repurchase Price
      by................................. $    5.00
</TABLE>
 
    PORTFOLIO AT A GLANCE--
 
    DIVERSIFICATION--The Portfolio contains obligations of 11 issuers
representing financial institutions and other corporations. Because of possible
maturity, sale or other disposition of Securities, the size, composition and
return of the Portfolio may change at any time.
 
    INVESTMENT QUALITY--All 11 issues are rated investment grade. Standard &
Poor's rated 2 issues AA and 9 issues A. Moody's rated 1 issue Aa, 9 issues A
and 1 issue Baa. Fitch rated 6 issues A.
 
    INTERMEDIATE-TERM MATURITIES--The issues have maturity dates ranging from
2004 to 2009.
 
    CALL PROTECTION--Issuers are usually able to redeem bonds under optional
refunding and sinking fund provisions. Optional refunding redemptions, which may
redeem all or part of an issue, are in most cases initially at a premium, and
then in subsequent years at declining prices, but typically not below par value.
However, none of the bonds in this Portfolio is subject to optional refunding
redemption prior to maturity. Bonds may also provide for redemption at par prior
or in addition to any optional or mandatory redemption dates or maturity, for
example, through operation of a maintenance and replacement fund, if proceeds
are not able to be used as contemplated, the project is condemned or sold, the
project is destroyed and insurance proceeds are used to redeem the bonds, in the
event of certain tax events or in other special circumstances.
 
- ------------
         (a) Estimated Current Return represents annual interest income after
estimated annual expenses divided by the maximum public offering price including
a 4.00% maximum sales charge. Estimated Long Term return is the net annual
percentage return based on the yield on each underlying Debt Obligation weighted
to reflect market value and time to maturity or earlier call date. Estimated
Long Term return is adjusted for estimated expenses and the maximum offering
price but not for delays in the Fund's distribution of income. Estimated Current
Return shows current annual cash return to investors while Estimated Long Term
Return shows the return on Units held to maturity, reflecting maturities,
discounts and premiums on underlying Debt Obligations. Each figure will vary
with purchase price including sales charge, changes in net interest income and
the redemption, sale or other disposition of Debt Obligations in the Portfolio.
         (b) Plus accrued interest.
         (c) The Sponsors may create additional Units during the offering period
of the Fund.
         (d) During the initial offering period, the Fund's Sponsors intend to
offer to purchase Units at prices based on the offer side value of the
underlying Securities. Thereafter, the Sponsors intend to maintain such a market
based on the bid side value of the underlying Securities which will be equal to
the Redemption Price.
         ( e ) The sales charge during the initial offering period and in the
secondary market will be reduced on a graduated scale in the case of quantity
purchases. The resulting reduction in the Public Offering Price will increase
the effective current and long term returns on a Unit.
         (f) Figure shown represents interest accrued on underlying Securities
from the Initial Date of Deposit to expected date of settlement (normally five
business days after purchase) for Units purchased on the Initial Date of
Deposit.
 
VOLUME PURCHASE DISCOUNT
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INITIAL OFFERING PERIOD                                    SECONDARY MARKET SALES
<S>                   <C>                                  <C>                   <C>
                      A PERCENTAGE OF THE OFFER SIDE                              A PERCENTAGE OF THE BID SIDE
  NUMBER OF UNITS         PUBLIC OFFERING PRICE              NUMBER OF UNITS         PUBLIC OFFERING PRICE
 
<CAPTION>
- -------------------   ------------------------------       -------------------   ------------------------------
<S>                   <C>                                  <C>                   <C>
Less than 250......                4.00%                   Less than 250......                4.75%
250 - 499..........                3.00                    250 - 499..........                3.75
500 - 749..........                2.50                    500 - 749..........                2.75
750 - 999..........                2.00                    750 - 999..........                2.00
1,000 or more......                1.50                    1,000 or more......                1.50
</TABLE>
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<PAGE>

    DEFINED CORPORATE INCOME FUNDS
    Our defined portfolios of corporate bonds offer investors
    a simple and convenient way to earn monthly income. And
    by purchasing corporate Defined Funds, investors not only
    avoid the problem of selecting corporate bonds by
    themselves, but also gain the advantage of
    diversification by investing in bonds of several different issuers.
    Even though the securities in the portfolio pay interest
    semi-annually or annually, the Fund will make monthly
    distributions of net interest income.
    REINVESTMENT OPTION
    You can elect to automatically reinvest your distributions into a
    separate portfolio of corporate bonds. Reinvesting helps
    to compound your income and keeps your capital
    continuously working for you.
    INVESTMENT GRADE QUALITY
    Each bond in the Fund has been selected by investment
    professionals among available investment grade bonds or
    those, in the opinion of Defined Asset Funds research
    analysts, having comparable credit characteristics. Risk
    is further reduced by purchasing bonds of a number of
    different issuers and types.
    PROFESSIONAL SELECTION AND SUPERVISION
    Each bond in the Fund has been selected by experienced
    buyers and market analysts. Spreading your investment
    among different securities and issuers reduces your risk,
    but does not eliminate it. The Fund is not actively
    managed. However, the portfolio is regularly reviewed and
    a security can be sold if retaining it could be
    detrimental to investors' interests.
    A LIQUID INVESTMENT
    Although not legally required to do so, the Sponsors have
    maintained a secondary market for Defined Asset Funds for
    over 20 years. You can cash in your units at any time.
    Your price is based on the market value of the Fund's
    securities at that time as determined by an independent
    evaluator. Or, you can exchange your investment for
    another Defined Fund at a reduced sales charge. There is
    never a fee for cashing in your investment.
    PRINCIPAL DISTRIBUTIONS
    Principal from sales, redemptions and maturities of bonds
    in the Fund is distributed to investors periodically.
    RISK Factors
    Unit price fluctuates and is affected by interest rates
    as well as the financial condition of the issuers of the bonds.
 
- --------------------------------------------------------------------------------
Information contained herein is subject to completion or amendment. A
registration statement relating to the securities of the next Trust in the
series of Corporate Income Fund has been filed with the Securities and Exchange
Commission. The securities of that Trust may not be sold nor may offers to buy
be accepted prior to the time that registration statement becomes effective.
This brochure shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of these securities in any State in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such State.
 
- ------------------------------
 
A free prospectus containing more complete information, including charges and
expenses, regarding this Trust is available from your financial professional.
Please read the prospectus carefully before you invest.

 <PAGE>
<PAGE>

PORTFOLIO OF CORPORATE INCOME FUND,
INTERMEDIATE TERM SERIES-- 51
DEFINED ASSET FUNDS
ON THE INITIAL DATE OF DEPOSIT,
DECEMBER 7, 1994
 
<TABLE>
<S> <C>                         <C>        <C>        <C>        <C>             <C>       <C>      <C>                <C>
                                                                                                                         YIELD TO
                                                                                                                         MATURITY
                                      RATINGS OF ISSUES                                                                   ON THE
                                STANDARD                                                                                 INITIAL
                                   &       MOODY'S     FITCH                                            COST OF            DATE
        PORTFOLIO NO. AND       POOR'S     INVESTORS  INVESTORS                                       SECURITIES        OF DEPOSIT
    SECURITIES CONTRACTED FOR    CORP.     SERVICE    SERVICE    FACE AMOUNT     COUPON    MATURITIES(1)   TO FUND (2)     (2)
                                -------    -------    -------    ------------    -----     -----    ---------------    ------------
 1. Aegon NV, Subordinated        AA         A1         NR       $  1,000,000    8.000%    8/15/06  $    963,750.00       8.490    %
      Notes
 2. BankAmerica Corporation,       A         A3         A+            500,000    7.625     6/15/04       468,750.00       8.600
      Subordinated Notes
 3. Banque Paribas,                A         A2         NR          1,000,000    8.350     6/15/07       962,500.00       8.850
      Subordinated Notes
 4. Chase Manhattan                A        Baa1         A          1,000,000    6.500     1/15/09       811,250.00       8.870
      Corporation,
      Subordinated Notes
 5. Chemical Banking               A         A3          A            500,000    7.875     7/15/06       471,875.00       8.650
      Corporation,
      Subordinated Debentures
 6. Citicorp, Subordinated         A         A3          A          1,000,000    7.750     6/15/06       937,500.00       8.610
      Notes
 7. Ford Motor Company,            A         A2         A+          1,000,000    8.875     4/01/06     1,022,500.00       8.557
      Debentures
 8. International Paper            A         A3         NR            500,000    7.875     8/01/06       483,125.00       8.330
      Company, Notes
 9. Nationsbank Corporation,       A         A3          A            500,000    7.750     8/15/04       473,125.00       8.570
      Subordinated Notes
10. Svenska Handelsbanken,         A         A2         NR            500,000    8.350     7/15/04       491,875.00       8.600
      Subordinated Notes
11. Wal-Mart Stores, Notes        AA         Aa1        NR            500,000    8.000     9/15/06       491,250.00       8.230
                                                                 ------------                       ---------------
                                                                 $  8,000,000                       $  7,577,500.00
                                                                 ------------                       ---------------
                                                                 ------------                       ---------------
</TABLE>


- ---------------
NOTES
 (1) None of the Securities are subject to optional or sinking fund redemption.
 
     Certain Securities may provide for redemption at par prior to maturity, for
     example, through the operation of a maintenance and replacement fund, if
     proceeds are not able to be used as contemplated, the project is condemned,
     sold or the project is destroyed and insurance proceeds are used to redeem
     the Securities, in the event of certain tax events or in other special
     circumstances.
 
     Sinking fund redemptions are all at par and generally redeem only part of
     an issue. Some of the Securities have mandatory sinking funds which contain
     optional provisions permitting the issuer to increase the principal amount
     of bonds called on a mandatory redemption date. The sinking fund
     redemptions with optional provisions may, and optional refunding
     redemptions generally will, occur at times when the redeemed Securities
     have an offer side evaluation which represents a premium over par. To the
     extent that the Securities were acquired at a price higher than the
     redemption price, this will represent a loss of capital when compared with
     the original Public Offering Price of the Units. Monthly distributions will
     generally be reduced by the amount of the income which would otherwise have
     been paid with respect to redeemed Securities and there will be distributed
     to Holders any principal amount and premium received on such redemption
     after satisfying any redemption requests received by the Fund. The
     estimated current return and estimated long term return in this event may
     be affected by redemptions.
 
                 ---------------------------------------------
 
     All Securities are represented entirely by contracts to purchase such
     Securities, which were entered into by the Sponsors on December 6, 1994.
     All contracts are expected to be settled by the initial settlement date for
     the purchase of Units.
 
                                                                     15930-12/94
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