<PAGE>
DEFINED ASSET FUNDSSM
- --------------------------------------------------------------------------------
MUNICIPAL INVESTMENT This Defined Fund consists of fixed portfolios of
TRUST FUND MULTISTATE long-term bonds issued by a single state and its
SERIES--84 local governments and authorities or by certain
(UNIT INVESTMENT U.S. territories or possessions. Each Trust is
TRUSTS) formed to provide interest income which in the
- ------------------------------opinion of counsel is, with certain exceptions,
/ / DESIGNED FOR DOUBLE exempt from Federal income taxes and from certain
TAX-FREE INCOME state and local taxes of the State for which the
/ / DEFINED PORTFOLIOS OF Trust is named but may be subject to other state
MUNICIPAL BONDS and local taxes. There is no assurance that this
/ / MONTHLY INCOME objective will be met because it is subject to the
CALIFORNIA INSURED TRUST continuing ability of issuers of the bonds to meet
NEW YORK INSURED TRUST their principal and interest requirements.
PENNSYLVANIA INSURED TRUST Furthermore, the market value of the bonds, and
therefore the value of the Units, will fluctuate
with changes in interest rates and other factors.
Each Trust is insured. This insurance guarantees
the timely payment of principal and interest on
but does not guarantee the market value of the
bonds or the value of the Units.
Minimum Purchase: One Unit
-------------------------------------------------
THESE SECURITIES HAVE NOT BEEN APPROVED OR
DISAPPROVED BY THE SECURITIES AND EXCHANGE
COMMISSION OR ANY STATE SECURITIES COMMISSION NOR
HAS THE COMMISSION OR ANY STATE SECURITIES
COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY
OF THIS DOCUMENT. ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE.
-------------------------------------------------
SPONSORS: PART A OF THIS PROSPECTUS MAY NOT BE DISTRIBUTED
Merrill Lynch, UNLESS ACCOMPANIED BY MUNICIPAL INVESTMENT TRUST
Pierce, Fenner & Smith FUND PROSPECTUS PART B.
Incorporated INVESTORS SHOULD READ BOTH PARTS OF THIS
Smith Barney Inc. PROSPECTUS CAREFULLY AND RETAIN THEM FOR FUTURE
Prudential Securities REFERENCE.
Incorporated INQUIRIES SHOULD BE DIRECTED TO THE TRUSTEE AT
Dean Witter Reynolds Inc. 1-800-221-7771.
PaineWebber Incorporated PROSPECTUS PART A DATED MAY 30, 1997.
<PAGE>
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Def ined Asset FundsSM
Defined Asset Funds are America's oldest and largest family of unit investment
trusts, with over $115 billion sponsored over the last 25 years. Each Defined
Asset Fund is a portfolio of preselected securities. Each portfolio is divided
into 'units' representing equal shares of the underlying assets. Each unit
receives an equal share of income and principal distributions.
Defined Asset Funds offer several defined 'distinctives'. You know in advance
what you are investing in and that changes in the portfolio are limited - a
defined portfolio. Most defined bond funds pay interest monthly - defined
income. The portfolio offers a convenient and simple way to invest - simplicity
defined.
Your financial professional can help you select a Defined Asset Fund to meet
your personal investment objectives. Our size and market presence enable us to
offer a wide variety of investments. The Defined Asset Funds family offers:
o Municipal portfolios
o Corporate portfolios
o Government portfolios
o Equity portfolios
o International portfolios
The terms of Defined Funds are as short as one year or as long as 30 years.
Special defined funds are available including: insured funds, double and triple
tax-free funds and funds with 'laddered maturities' to help protect against
changing interest rates. Defined Asset Funds are offered by prospectus only.
- ----------------------------------------------------------------
Defined Multistate Series
- ----------------------------------------------------------------
Our defined portfolios of municipal bonds offer you a simple and convenient way
to earn tax-free monthly income. And by purchasing Defined Asset Funds, you not
only receive professional selection but also gain the advantage of reduced risk
by investing in bonds of several different issuers.
INVESTMENT OBJECTIVE
To provide interest income exempt from regular federal income taxes through
investment in a fixed portfolio consisting primarily of municipal bonds issued
by or on behalf of a single state and its local governments and authorities.
Units may also be exempt from certain state and local taxes for residents of the
State.
DIVERSIFICATION
Each Portfolio contains a number of different bond issues. Spreading your
investment among different issuers reduces your risk, but does not eliminate it,
especially since each Portfolio contains bonds of only one State. Because of
maturities, sales or other dispositions of bonds, the size, composition and
return of the Portfolio will change over time. The information in this
prospectus is as of February 28, 1997, the evaluation date.
- ----------------------------------------------------------------
Defining Your Portfolio
- ----------------------------------------------------------------
PROFESSIONAL SELECTION AND SUPERVISION
Each Portfolio contains a variety of bonds selected by experienced buyers. The
Fund is not actively managed; however, it is regularly reviewed and a bond can
be sold if retaining it is considered detrimental to investors' interests.
MONTHLY FEDERALLY TAX-FREE INTEREST INCOME
Each Portfolio pays monthly income, even though the bonds generally pay interest
semi-annually.
INSURANCE
The bonds included in each Trust are insured. This insurance guarantees the
timely payment of principal and interest on the bonds, but does not guarantee
the value of the bonds or the units. Insurance may not cover accelerated
payments of principal or any increase in interest payments or premiums payable
on mandatory redemptions, including if interest on a bond is determined to be
taxable. (See Bonds Backed by Letters of Credit or Insurance in Part B).
BOND CALL FEATURES
It is possible that during periods of falling interest rates, a bond with a
coupon higher than current market rates will be prepaid or 'called', at the
option of the bond issuer, before its expected maturity. When bonds are
initially callable, the price is usually at a premium to par which then declines
to par over time. Bonds may also be subject to a mandatory sinking fund or have
extraordinary redemption provisions. For example, if the bond's proceeds are not
able to be used as intended the bond may be redeemed. This redemption and the
sinking fund are often at par.
A-2
<PAGE>
CALL PROTECTION
Although many bonds are subject to optional refunding or call provisions, we
selected bonds with call protection. This call protection means that any bond in
a Portfolio generally cannot be called for a number of years after the initial
date of deposit (which was March 24, 1995) and thereafter at a declining premium
over par.
TAX INFORMATION
Based on the opinion of bond counsel, income from the bonds held by this Fund is
generally 100% exempt under existing laws from regular federal income tax and
certain state and local personal income taxes for residents of a particular
State. Any gain on a disposition of the underlying bonds or units will be
subject to tax.
- ----------------------------------------------------------------
Defining Your Investment
- ----------------------------------------------------------------
PUBLIC OFFERING PRICE
The Public Offering Price as of the evaluation date, is based on the aggregate
bid side value of the underlying bonds in the Portfolio, divided by the number
of units outstanding, plus a sales charge. The Public Offering Price on any
subsequent date will vary. An amount equal to principal cash, if any, as well as
net accrued but undistributed interest on the unit is added to the Public
Offering Price. The underlying bonds are evaluated by an independent evaluator
at 3:30 p.m. Eastern time on every business day.
REINVESTMENT OPTION
You can elect to automatically reinvest your distributions into a separate
portfolio of federally tax-exempt bonds. Most or all of the bonds in that
portfolio, however, will not be insured or exempt from state and local taxes.
Reinvesting helps to compound your income free of federal income taxes.
PRINCIPAL DISTRIBUTIONS
Principal from sales, redemptions and maturities of bonds in each Trust will be
distributed to investors periodically when the amount to be distributed is more
than $5.00 per unit.
REDEEMING OR SELLING YOUR INVESTMENT
You may redeem or sell your units at any time. Your price is based on the then
current net asset value of the Portfolio (based on the lower bid side evaluation
of the bonds, as determined by an independent evaluator), plus principal cash,
if any, as well as accrued interest. There is no fee for redeeming or selling
your units.
- ----------------------------------------------------------------
Defining Your Risks
- ----------------------------------------------------------------
RISK FACTORS
Unit price fluctuates and could be adversely affected by increasing interest
rates as well as the financial condition of the issuers of the bonds and any
insurance companies backing certain of the bonds. Because of the possible
maturity, sale or other disposition of securities, the size, composition and
return of the portfolio may change at any time. Because of the sales charges,
returns of principal and fluctuations in unit price, among other reasons, the
sale price will generally be less than the cost of your units. Unit prices could
also be adversely affected if a limited trading market exists in any security to
be sold. There is no guarantee that the Fund will achieve its investment
objective.
In addition, each Portfolio has fewer bond issues than a national fund, and is
concentrated in bonds of issuers located in only one State. There may be
additional risk from decreased diversification as well as from factors
particular to that State.
A-3
<PAGE>
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Defined California Insured Trust
- --------------------------------------------------------------------------------
PORTFOLIO DIVERSIFICATION
The Portfolio contains 7 California bonds.
TYPES OF BONDS
The Portfolio consists of municipal bonds of the following types:
APPROXIMATE
PORTFOLIO
PERCENTAGE
/ / General Obligation 15%
/ /Hospitals/Nursing Homes/Mental
Health Facilities 9%
/ / Housing 16%
/ / Lease Rental Appropriation 15%
/ / Special Tax 15%
/ / Universities/Colleges 30%
INSURANCE
The approximate percentage of the aggregate face amount of the Portfolio insured
by each insurance company is:
AMBAC Indemnity Corporation 15%
Connie Lee Insurance Company 30%
Financial Security Assurance of Maryland Inc. 15%
MBIA Insurance Corporation 40%
RISK FACTORS
The Portfolio is concentrated in University/College bonds and is therefore
dependent to a significant degree on revenues generated from those particular
activities. (See Risk Factors in Part B.) The Portfolio is also concentrated in
bonds of California issuers and is subject to additional risk from decreased
diversification as well as from factors that may be particular to California,
which are briefly described on the following page.
PREMIUM AND DISCOUNT ISSUES
On the evaluation date, 46% of the bonds were valued at a premium over par and
54% at a discount from par (see Risk Factors in Part B).
TERMINATION DATE
The Portfolio will generally terminate no later than the maturity date of the
last maturing bond listed in the Portfolio. The Portfolio may be terminated if
the value is less than 40% of the face amount of bonds deposited. On the
evaluation date the value of the Portfolio was 97% of the face amount of bonds
deposited.
- ----------------------------------------------------------------
Defining Your Income
- ----------------------------------------------------------------
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: $ 4.58
Annual Income per unit: $ 54.99
These figures are estimates determined as of the evaluation date and actual
payments may vary.
- ----------------------------------------------------------------
Defining Your Costs
- ----------------------------------------------------------------
PUBLIC OFFERING PRICE PER UNIT $1,033.83
The Public Offering Price as of February 28, 1997, the evaluation date, is based
on the aggregate bid side value of the bonds ($4,396,355), divided by the number
of units outstanding (4,500), plus a sales charge of 5.50% of the Public
Offering Price (5.820% of the value of the underlying bonds). An amount equal to
principal cash, if any, as well as net accrued but undistributed interest on the
unit is added to the Public Offering Price.
The per unit bid side redemption and secondary market repurchase price as of the
evaluation date was $976.97 ($56.86 less than the Public Offering Price).
SALES CHARGE
Although the Trust is a unit investment trust rather than a mutual fund, the
following information is presented to permit a comparison of fees and an
understanding of the direct or indirect costs and expenses that you pay.
As a %
of Secondary
Market Public
Offering Price
-----------------
Maximum Sales Charges 5.50%
ESTIMATED ANNUAL FUND OPERATING EXPENSES
Per Unit
--------------
Trustee's Fee $ 0.70
Portfolio Supervision and Bookkeeping Fees $ 0.45
Evaluator's Fee $ 0.29
Other Operating Expenses $ 0.52
--------------
TOTAL $ 1.96
A-4
<PAGE>
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California Taxes and Risks
- --------------------------------------------------------------------------------
CALIFORNIA RISK FACTORS
From the latter years of the 1980s through fiscal year 1992-1993,
California weathered a turbulent period of repeated budgetary imbalance. Even as
rapid population growth escalated the demand for government services, an
economic recession ravaged the State's revenue base and drove expenditures above
budget appropriations.
Bolstered by strengthening revenues, reduced caseload growth and an
improving economy, the State has begun to experience some relief from the
serious budgetary pressures that characterized a significant portion of the
decade. Reflecting the belief shared by many analysts that the California
economy would remain strong, the 1996-1997 Budget Act allocated a State budget
of some $63 billion. In the context of optimistic revenue projections released
by the Department of Finance, the Budget Act granted a $230 million tax cut to
corporations while simultaneously providing an increase in funding for education
and prisons. However, only a relatively modest amount, $287 million, was
allocated to the reserve fund available for emergencies such as earthquakes.
Nonetheless, the State's budgetary fortunes continue to be subject to
unforeseeable events. In December, 1994, for example, Orange County, California
and its Investment Pool filed for bankruptcy. A plan of adjustment has been
approved by the court and became effective under which all non-municipal
creditors are to be paid in full. However, the ultimate financial impact on the
County and the State cannot be predicted with any certainty. In addition,
constant fluctuations in other factors affecting the State -- including health
and welfare caseloads, property tax receipts, federal funding and extraordinary
expenditures related to natural disasters -- will undoubtedly create new budget
challenges.
Furthermore, certain California constitutional amendments, legislative
measures, executive orders, administrative regulations and voter initiatives
could produce the adverse effects on the California economy. Among these are
measures that have established tax, spending or appropriations limits and
prohibited the imposition of certain new taxes, authorized the transfers of tax
liabilities and reallocations of tax receipts among governmental entities and
provided for minimum levels of funding.
Finally, certain bonds in the Trust may be subject to provisions of
California law that could adversely affect payments on those bonds or limit the
remedies available to bondholders. Among these are bonds of health care
institutions which are subject to the strict rules and limits regarding
reimbursement payments of California's Medi-Cal Program for health care services
to welfare beneficiaries, and bonds secured by liens on real property.
General obligation bonds of the State of California are currently rated A1
by Moody's and A+ by Standard & Poor's.
CALIFORNIA TAXES
In the opinion of O'Melveny & Myers LLP, Los Angeles, California, special
counsel on California tax matters, under existing California law:
The Trust is neither a business trust nor an association taxable as a
corporation for California tax purposes. Each holder will be considered the
owner of a pro rata portion of the Trust Fund and will be deemed to receive his
pro rata portion of the income therefrom. To the extent interest on the Debt
Obligations is exempt from California personal income taxes, said interest is
similarly exempt from California personal income taxes in the hands of the
holders, except to the extent such holders are banks or corporations subject to
the California franchise tax. Holders will be subject to California income tax
on any gain on the disposition of all or part of his pro rata portion of a Debt
Obligation in the Trust Fund. A holder will be considered to have disposed of
all or part of his pro rata portion of each Debt Obligation when he sells or
redeems all or some of his Units. A holder will also be considered to have
disposed of all or part of his pro rata portion of a Debt Obligation when all or
part of the Debt Obligation is sold by the Trust Fund or is redeemed or paid at
maturity. The Debt Obligations and the Units are not taxable under the
California personal property tax law.
A-5
<PAGE>
- --------------------------------------------------------------------------------
Defined New York Insured Trust
- --------------------------------------------------------------------------------
PORTFOLIO DIVERSIFICATION
The Portfolio contains 8 New York bonds.
TYPES OF BONDS
The Portfolio consists of municipal bonds of the following types:
APPROXIMATE
PORTFOLIO
PERCENTAGE
/ / Airports/Ports/Highways 15%
/ / General Obligation 15%
/ /Hospitals/Nursing Homes/Mental
Health Facilities 30%
/ / Housing 13%
/ / Municipal Water/Sewer Utilities 11%
/ / Transit/Transportation 16%
INSURANCE
The approximate percentage of the aggregate face amount of the Portfolio insured
by each insurance company is:
AMBAC Indemnity Corporation 26%
Financial Guaranty Insurance Company 19%
MBIA Insurance Corporation 55%
RISK FACTORS
The Portfolio is concentrated in Hospital/Nursing Home/Mental Health Facility
bonds and is therefore dependent to a significant degree on revenues generated
from those particular activities. In addition, approximately 15% of the bonds
represent moral obligations. (See Risk Factors in Part B.) The Portfolio is also
concentrated in bonds of New York issuers and is subject to additional risk from
decreased diversification as well as from factors that may be particular to New
York, which are briefly described on the following page.
PREMIUM AND DISCOUNT ISSUES
On the evaluation date, 46% of the bonds were valued at a premium over par and
54% at a discount from par (see Risk Factors in Part B).
TERMINATION DATE
The Portfolio will generally terminate no later than the maturity date of the
last maturing bond listed in the Portfolio. The Portfolio may be terminated if
the value is less than 40% of the face amount of bonds deposited. On the
evaluation date the value of the Portfolio was 99% of the face amount of bonds
deposited.
- ----------------------------------------------------------------
Defining Your Income
- ----------------------------------------------------------------
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: $ 4.64
Annual Income per unit: $ 55.69
These figures are estimates determined as of the evaluation date and actual
payments may vary.
- ----------------------------------------------------------------
Defining Your Costs
- ----------------------------------------------------------------
PUBLIC OFFERING PRICE PER UNIT $1,053.82
The Public Offering Price as of February 28, 1997, the evaluation date, is based
on the aggregate bid side value of the bonds ($4,481,386), divided by the number
of units outstanding (4,500), plus a sales charge of 5.50% of the Public
Offering Price (5.820% of the value of the underlying bonds). An amount equal to
principal cash, if any, as well as net accrued but undistributed interest on the
unit is added to the Public Offering Price.
The per unit bid side redemption and secondary market repurchase price as of the
evaluation date was $995.86 ($57.96 less than the Public Offering Price).
SALES CHARGE
Although the Trust is a unit investment trust rather than a mutual fund, the
following information is presented to permit a comparison of fees and an
understanding of the direct or indirect costs and expenses that you pay.
As a %
of Secondary
Market Public
Offering Price
-----------------
Maximum Sales Charges 5.50%
ESTIMATED ANNUAL FUND OPERATING EXPENSES
Per Unit
---------------
Trustee's Fee $ 0.70
Portfolio Supervision and Bookkeeping Fees $ 0.45
Evaluator's Fee $ 0.29
Other Operating Expenses $ 0.47
---------------
TOTAL $ 1.91
A-6
<PAGE>
- --------------------------------------------------------------------------------
New York Taxes and Risks
- --------------------------------------------------------------------------------
NEW YORK RISK FACTORS
The State of New York and several of its public authorities and
municipalities including, in particular, New York City, continue to face
financial difficulties. For many years, the State accumulated deficits by
extraordinary borrowing, which have been paid off by the issuance of long-term
bonds under legislation limiting future borrowing for deficits. The State's
accumulated deficit is about $7.5 billion. For the 1996 fiscal year (ended March
31), to address a $5 billion projected budget gap, the State budget included
nearly $1 billion of non-recurring measures; a $445 million surplus was
realized. To address a $3.9 billion projected gap, the fiscal 1997 budget
(adopted more than three months after the beginning of the fiscal year) included
$1.3 billion of non-recurring measures. The State is expected to realize a
surplus (due significantly to revenue increases related to the surging stock
markets). The State Comptroller has projected gaps of over $3 billion for each
of the next two fiscal years; the Governor recently estimated gaps of $2.3
billion and $1.6 billion, respectively. State general obligation debt is rated
A-by Standard & Poor's and A2 by Moody's; at December 31, 1996, approximately
$4.8 billion face amount was outstanding. 18 State authorities had an aggregate
of $73.5 billion of debt outstanding at September 30, 1995, of which
approximately $25.7 billion was State supported. Total State-related debt at
December 31, 1996 was approximately $31.9 billion.
New York City finished its 1996 fiscal year with a small surplus, after
adopting measures to eliminate a projected $3.1 billion budget gap. In June
1996, the City adopted a budget to close a projected $2.7 billion budget gap for
the fiscal year ending June 30, 1997, which is expected to realize a surplus,
and has announced a preliminary plan to close a $1.5 billion budget gap for the
1998 fiscal year. Budget revisions rely heavily on questionable assumptions and
non-recurring measures ($1.2 billion, $900 million and $1.6 billion,
respectively, in the 1996-98 fiscal years), and spending is projected to
continue to increase faster than revenue, leaving City-projected future budget
gaps of $2.4 billion, $3.3 billion and $3.1 billion, respectively for the 1999
through 2001 fiscal years; fiscal monitors have higher estimates. The City's
unemployment rate was 9.7% in March 1997. Because the City was expected to reach
the constitutional limit on debt issuance this year, the State in 1997
authorized creation of the Transitional Finance Authority to sell over several
years up to $7.5 billion of additional bonds, backed by City personal income tax
revenues, to fund capital projects. Debt service is expected to consume an
average of 18.8% of projected tax revenues for fiscal years 1999-2001. The State
Court of Appeals in March upheld a lower court decision preventing a proposed
sale of the City's Water System, which could have provided nearly $1 billion of
surplus funds. The City also faces imminent cutoff of Federal funds for over
200,000 illegal immigrants under welfare reform legislation adopted last year.
New York City bonds are rated BBB+ by Standard & Poor's and Baa1 by Moody's. At
December 31, 1996, approximately $25.5 billion of New York City bonds (excluding
City debt held by The Municipal Assistance Corporation for the City of New York
(MAC)), $3.8 billion of MAC bonds and $1.2 billion of public benefit corporation
debt were outstanding. Other localities in the State had an aggregate of
approximately $17.7 billion of indebtedness outstanding in 1994, of which $83
million was to finance budget deficits.
For decades, the State's economy has grown more slowly than that of the
rest of the nation as a whole. This low growth rate has been attributed, in
part, to the combined State and New York City tax burden which is among the
highest in the U.S. Because their tax structures are particularly sensitive to
economic cycles, both the State and New York City are prone to substantial
budget gaps during periods of economic weakness. Each has suffered a decline in
population and in manufacturing jobs over many years, and has become
particularly dependent on the financial services industry. Unemployment rates,
especially in New York City, have been above the national average for several
years.
Both the State and New York City suffer from long-term structural
imbalances between revenues and expenditures, which historically have been
narrowed through extensive use of non-recurring measures such as bond
refinancings, depletion of reserves, sales of assets, cost-cuts and layoffs.
Except for property taxes, changes in New York City revenue measures require
State approval. The City is also particularly subject to unanticipated increases
in labor costs, resulting primarily from expiring union contracts and overtime
expense. Both the State and New York City also face substantial replacement
costs for infrastructure (such as roads, bridges and other public facilities)
which has suffered from reduced maintenance expenditures during various economic
declines.
Various municipalities and State and local authorities in New York
(particularly, the Metropolitan Transportation Authority) are dependent to
varying degrees on State and federal aid, and could be adversely affected by the
State's and federal government's actions to balance their budgets. The State's
dependence on federal aid and sensitivity to economic cycles, as well as high
levels of taxes and unemployment, may continue to make it difficult to balance
State and local budgets in the future.
A-7
<PAGE>
NEW YORK TAXES
In the opinion of bond counsel delivered on the date of issuance of the
Bonds, such interest will be exempt from New York State and City personal
income taxes except where such interest is subject to federal income taxes
(see Taxes).
In the opinion of Davis Polk & Wardwell, special counsel for the
Sponsors, under existing New York law:
The Trust is not an association taxable as a corporation, and income
received by the Trust will be treated as the income of the investors in the
same manner as for federal income tax purposes. Accordingly, each investor
will be considered to have received the interest on his pro rata portion of
each Bond when interest on the Bond is received by the Trust. A
noncorporate investor in Units of the Trust who is a New York State (and
City) resident will be subject to New York State (and City) personal income
taxes on any gain recognized from the disposition of his interest in any
Bond. A noncorporate investor who is not a New York State resident will not
be subject to New York State or City personal income taxes on any such gain
unless such Units are attributable to a business, trade, profession or
occupation carried on in New York. A New York State (and City) resident
should determine his tax basis for his pro rata portion of each Bond for
New York State (and City) income tax purposes in the same manner as for
federal income tax purposes. Interest income on, as well as any gain
recognized on the disposition of, an investor's pro rata portion of the
Bonds is generally not excludable from income in computing the New York
State corporate franchise tax or the New York City corporation tax.
A-8
<PAGE>
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Defined Pennsylvania Insured Trust
- --------------------------------------------------------------------------------
PORTFOLIO DIVERSIFICATION
The Portfolio contains 7 Pennsylvania bonds.
TYPES OF BONDS
The Portfolio consists of municipal bonds of the following types:
APPROXIMATE
PORTFOLIO
PERCENTAGE
/ / General Obligation 21%
/ /Hospitals/Nursing Homes/Mental
Health Facilities 49%
/ / Municipal Water/Sewer Utilities 16%
/ / Special Tax 14%
INSURANCE
The approximate percentage of the aggregate face amount of the Portfolio insured
by each insurance company is:
AMBAC Indemnity Corporation 29%
Connie Lee Insurance Company 33%
MBIA Insurance Corporation 38%
RISK FACTORS
The Portfolio is concentrated in Hospital/Nursing Home/Mental Health Facility
bonds and is therefore dependent to a significant degree on revenues generated
from those particular activities. (See Risk Factors in Part B.) The Portfolio is
also concentrated in bonds of Pennsylvania issuers and is subject to additional
risk from decreased diversification as well as from factors that may be
particular to Pennsylvania, which are briefly described on the following page.
PREMIUM AND DISCOUNT ISSUES
On the evaluation date, 37% of the bonds were valued at a premium over par and
63% at a discount from par (see Risk Factors in Part B).
TERMINATION DATE
The Portfolio will generally terminate no later than the maturity date of the
last maturing bond listed in the Portfolio. The Portfolio may be terminated if
the value is less than 40% of the face amount of bonds deposited. On the
evaluation date the value of the Portfolio was 93% of the face amount of bonds
deposited.
- ----------------------------------------------------------------
Defining Your Income
- ----------------------------------------------------------------
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: $ 4.56
Annual Income per unit: $ 54.80
These figures are estimates determined as of the evaluation date and actual
payments may vary.
- ----------------------------------------------------------------
Defining Your Costs
- ----------------------------------------------------------------
PUBLIC OFFERING PRICE PER UNIT $1,036.09
The Public Offering Price as of February 28, 1997, the evaluation date, is based
on the aggregate bid side value of the bonds ($3,027,971), divided by the number
of units outstanding (3,075), plus a sales charge of 4.96% of the Public
Offering Price (5.218% of the value of the underlying bonds). An amount equal to
principal cash, if any, as well as net accrued but undistributed interest on the
unit is added to the Public Offering Price.
The per unit bid side redemption and secondary market repurchase price as of the
evaluation date was $984.71 ($51.38 less than the Public Offering Price).
SALES CHARGE
Although the Trust is a unit investment trust rather than a mutual fund, the
following information is presented to permit a comparison of fees and an
understanding of the direct or indirect costs and expenses that you pay.
As a %
of Secondary
Market Public
Offering Price
-----------------
Maximum Sales Charges 5.50%
ESTIMATED ANNUAL FUND OPERATING EXPENSES
Per Unit
---------------
Trustee's Fee $ 0.70
Portfolio Supervision and Bookkeeping Fees $ 0.45
Evaluator's Fee $ 0.43
Other Operating Expenses $ 0.63
---------------
TOTAL $ 2.21
A-9
<PAGE>
- --------------------------------------------------------------------------------
Pennsylvania Taxes and Risks
- --------------------------------------------------------------------------------
PENNSYLVANIA RISK FACTORS
The Commonwealth of Pennsylvania and certain of its municipal subdivisions,
including the City of Philadelphia, have undergone the financial difficulties
and pressures that accompany a decline in economic conditions. As the heavy
industries historically associated with Pennsylvania -- e.g., coal, steel and
railroad -- have declined with increasing competition from foreign producers,
the services sector, including trade, medical and health services, education and
financial institutions, has provided major new sources of growth. Agriculture
and related industries continue to be an important part of Pennsylvania's
economy.
Both the Commonwealth of Pennsylvania and the City of Philadelphia have
historically experienced significant revenue shortfalls. On the other hand,
rising demands on state programs, particularly for medical assistance and cash
assistance programs, and the increased cost of special education programs and
correction facilities and programs, have contributed to increased expenditures.
In response, the Commonwealth and the City of Philadelphia have, in recent
years, sought to balance budgets with a combination of tax increases and
expenditure restraints.
To deal with its budget deficits, Philadelphia has considered significant
service cuts and a plan to privatize certain city-provided services. In
addition, in 1991 the Commonwealth created the Pennsylvania Inter-Governmental
Cooperation Authority ('PICA'), with authority to issue notes and bonds on
behalf of Philadelphia to cover budget shortfalls, to eliminate projected
deficits and to fund capital spending. PICA has issued approximately $1.76
billion of Special Revenue Bonds on behalf of the City. However, its power to
issue bonds for most purposes expired on December 31, 1994 and its power to
issue bonds to finance cash flow deficits expired on December 31, 1996. PICA's
authority to refund existing debt will not expire. PICA had approximately $1.1
billion in special revenue bonds outstanding as of June 30, 1996.
Although there can be no assurance that such conditions will continue, the
Commonwealth's general obligation bonds are currently rated AA-by Standard &
Poor's and A1 by Moody's, while Philadelphia's general obligation bonds are
rated BBB and Baa by Standard & Poor's and Moody's, respectively.
PENNSYLVANIA TAXES
The following summarizes the opinion of Drinker Biddle & Reath,
Philadelphia, Pennsylvania, special counsel on Pennsylvania tax matters, under
existing law:
1. The Fund will be recognized as a trust and will not be taxable as a
corporation for Pennsylvania state and local tax purposes.
2. Units of the Fund are not subject to the County Personal Property Tax
presently in effect in Pennsylvania to the extent of that proportion of the Fund
represented by bonds issued by the Commonwealth of Pennsylvania, its agencies
and instrumentalities, or by any county, city, borough, town, township, school
district, municipality or local housing or parking authority in the Commonwealth
of Pennsylvania ('Pennsylvania Obligations'). Fund Units may be taxable under
the Pennsylvania inheritance and estate taxes.
3. Distributions to investors in the Fund attributable to interest from
Pennsylvania Obligations are not taxable under the Pennsylvania Personal Income
Tax or under the Corporate Net Income Tax imposed on corporations by Article IV
of the Pennsylvania Tax Reform Code, nor are such distributions taxable under
the Philadelphia School District Investment Income Tax imposed on Philadelphia
resident individuals.
4. Although there is no published authority on the subject, counsel is of
the opinion that any insurance proceeds paid in lieu of interest on defaulted
tax-exempt bonds will be exempt from the Pennsylvania Personal Income Tax either
as payment in lieu of tax-exempt interest or as payments of insurance proceeds
which are not included in any of the classes of income specified as taxable
under the Pennsylvania Personal Income Tax Law. Further, because such insurance
proceeds are excluded from the Federal income tax base, such proceeds will not
bee subject to the Pennsylvania Corporate Net Income Tax. Proceeds from
insurance policies are expressly excluded from the Philadelphia School District
Investment Income Tax and, accordingly, insurance proceeds paid to replace
defaulted payments under any bonds will not be subject to that tax.
5. Distributions to investors in the Fund attributable to gain on the
disposition by the Fund of Pennsylvania Obligations (whether by sale, redemption
or payment at maturity) will be taxable under the Pennsylvania Personal Income
Tax, the Pennsylvania Corporate Income Tax, and, unless the obligation has been
held for more than six months, the Philadelphia School District Investment
Income Tax. Distributions attributable to gain on the disposition of any
obligation held more than six months will not be subject to the Philadelphia
School District Investment Income Tax.
6. To the extent the value of Units is represented by obligations of the
Commonwealth of Puerto Rico or obligations of the territory of Guam, such value
will not be subject to the Pennsylvania County Personal Property Tax to the
A-10
<PAGE>
extent required by Federal statutes. Distributions to investors in the Fund
attributable to interest on such obligations is not taxable under any of the
Pennsylvania State and local income taxes referred to above. Distributions to
investors in the Fund attributable to gain on the disposition of such
obligations will be taxable under the Pennsylvania State and local income taxes
referred to above, except that gain on any obligation held for more than six
months is not subject to the Philadelphia School District Investment Income Tax.
7. Gain on the disposition of a Unit will be taxable under the Pennsylvania
Personal Income Tax, the Pennsylvania Corporate Income Tax, and, unless the Unit
has been held for more than six months, the Philadelphia School District
Investment Income tax. Gain on the disposition of a Unit held more than six
months will not be subject to the Philadelphia School District Investment Income
Tax.
A-11
<PAGE>
- --------------------------------------------------------------------------------
TAX-FREE VS. TAXABLE INCOME: A COMPARISON OF TAXABLE AND TAX-FREE YIELDS
FOR CALIFORNIA RESIDENTS
- --------------------------------------------------------------------------------
<TABLE><CAPTION>
COMBINED
EFFECTIVE
TAXABLE INCOME 1997* TAX RATE TAX-FREE YIELD OF
SINGLE RETURN JOINT RETURN % 4% 4.5% 5% 5.5% 6% 6.5% 7% 7.5% 8%
IS EQUIVALENT TO A TAXABLE YIELD OF
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 0- 24,650 $ $0- 41,200 20.10 5.01 5.63 6.26 6.88 7.51 8.14 8.76 9.39 10.01
$ 24,650- 59,750 $ 41,200- 99,600 34.70 6.13 6.89 7.66 8.42 9.19 9.95 10.72 11.48 12.25
$ 59,750-124,650 $ 99,600-151,750 37.42 6.39 7.19 7.99 8.79 9.59 10.39 11.19 11.98 12.78
$124,650-271,050 $151,750-271,050 41.95 6.89 7.75 8.61 9.47 10.34 11.20 12.06 12.92 13.78
OVER $271,050 OVER $271,050 45.22 7.30 8.21 9.13 10.04 10.95 11.87 12.78 13.69 14.60
<CAPTION>
FOR NEW YORK CITY RESIDENTS
- --------------------------------------------------------------------------------
COMBINED
EFFECTIVE
TAXABLE INCOME 1997* TAX RATE TAX-FREE YIELD OF
SINGLE RETURN JOINT RETURN % 4% 4.5% 5% 5.5% 6% 6.5% 7% 7.5% 8%
IS EQUIVALENT TO A TAXABLE YIELD OF
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 0- 24,650 $ 0- 41,200 24.10 5.27 5.93 6.59 7.25 7.90 8.56 9.22 9.88 10.54
$ 24,650- 59,750 $ 41,200- 99,600 35.75 6.23 7.00 7.78 8.56 9.34 10.12 10.89 11.67 12.45
$ 59,750-124,650 $ 99,600-151,750 38.42 6.50 7.31 8.12 8.93 9.74 10.56 11.37 12.18 12.99
$124,650-271,050 $151,750-271,050 42.89 7.00 7.88 8.75 9.63 10.51 11.38 12.26 13.13 14.01
OVER $271,050 OVER $271,050 46.10 7.42 8.35 9.28 10.20 11.13 12.06 12.99 13.91 14.84
<CAPTION>
FOR NEW YORK STATE RESIDENTS
- --------------------------------------------------------------------------------
COMBINED
EFFECTIVE
TAXABLE INCOME 1997* TAX RATE TAX-FREE YIELD OF
SINGLE RETURN JOINT RETURN % 4% 4.5% 5% 5.5% 6% 6.5% 7% 7.5% 8%
IS EQUIVALENT TO A TAXABLE YIELD OF
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 0- 24,650 $ 0- 41,200 20.82 5.05 5.68 6.31 6.95 7.58 8.21 8.84 9.47 10.10
$ 24,650- 59,750 $ 41,200- 99,600 32.93 5.96 6.71 7.46 8.20 8.95 9.69 10.44 11.18 11.93
$ 59,750-124,650 $ 99,600-151,750 35.73 6.22 7.00 7.78 8.56 9.34 10.11 10.89 11.67 12.45
$124,650-271,050 $151,750-271,050 40.38 6.71 7.55 8.39 9.23 10.06 10.90 11.74 12.58 13.42
OVER $271,050 OVER $271,050 43.74 7.11 8.00 8.89 9.78 10.66 11.55 12.44 13.33 14.22
<CAPTION>
FOR PENNSYLVANIA RESIDENTS
- --------------------------------------------------------------------------------
COMBINED
EFFECTIVE TAX-FREE YIELD
TAXABLE INCOME 1997* TAX RATE OF
SINGLE RETURN JOINT RETURN % 4% 4.5% 5% 5.5% 6% 6.5% 7% 7.5% 8%
IS EQUIVALENT TO A TAXABLE YIELD OF
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 0- 24,650 $ 0- 41,200 17.38 4.84 5.45 6.05 6.66 7.26 7.87 8.47 9.08 9.68
$ 24,650- 59,750 $ 41,200- 99,600 30.02 5.72 6.43 7.14 7.86 8.57 9.29 10.00 10.72 11.43
$ 59,750-124,650 $ 99,600-151,750 32.93 5.96 6.71 7.46 8.20 8.95 9.69 10.44 11.18 11.93
$124,650-271,050 $151,750-271,050 37.79 6.43 7.23 8.04 8.84 9.65 10.45 11.25 12.06 12.86
OVER $271,050 OVER $271,050 41.29 6.81 7.66 8.52 9.37 10.22 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 1997
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.
A-12
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 84 (CALIFORNIA, NEW YORK AND PENNSYLVANIA TRUSTS),
DEFINED ASSET FUNDS
REPORT OF INDEPENDENT ACCOUNTANTS
The Sponsors, Trustee and Holders
of Municipal Investment Trust Fund,
Multistate Series - 84 (California, New York and Pennsylvania
Trusts), Defined Asset Funds:
We have audited the accompanying statements of condition of Municipal
Investment Trust Fund, Multistate Series - 84 (California, New York
and Pennsylvania Trusts), Defined Asset Funds, including the
portfolios, as of February 28, 1997 and the related statements of
operations and of changes in net assets for the year ended February
28, 1997 and the period March 25, 1995 to February 29, 1996. 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 generally accepted auditing
standards. 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 February 28, 1997, as shown
in such portfolios, were confirmed to us by The Bank of New York, 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 - 84 (California, New York
and Pennsylvania Trusts), Defined Asset Funds at February 28, 1997 and
the results of their operations and changes in their net assets for
the above-stated periods in conformity with generally accepted
accounting principles.
DELOITTE & TOUCHE LLP
New York, N.Y.
May 15, 1997
D - 1
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 84 (CALIFORNIA TRUST),
DEFINED ASSET FUNDS
STATEMENT OF CONDITION
AS OF FEBRUARY 28, 1997
<TABLE>
<S> <C> <C>
TRUST PROPERTY:
Investment in marketable securities - at value
(cost $4,247,328)(Note 1)...................... $4,396,355
Accrued interest receivable...................... 80,966
_____________
Total trust property................. 4,477,321
LESS LIABILITIES:
Advance from Trustee............................. $ 22,971
Accrued expenses................................. 1,689 24,660
_____________ _____________
NET ASSETS, REPRESENTED BY:
4,500 units of fractional undivided
interest outstanding (Note 3).................. 4,396,356
Undistributed net investment income.............. 56,305
_____________
$4,452,661
=============
UNIT VALUE ($4,452,661/4,500 units)................ $989.48
=============
</TABLE>
See Notes to Financial Statements.
D - 2
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 84 (CALIFORNIA TRUST),
DEFINED ASSET FUNDS
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
March 25,
1995
Year Ended to
February 28, February 29,
1997 1996
___________________________
<S> <C> <C>
INVESTMENT INCOME:
Interest income........................... $256,307 $239,931
Trustee's fees and expenses............... (6,569) (5,413)
Sponsors' fees............................ (2,100) (1,815)
___________________________
Net investment income..................... 247,638 232,703
UNREALIZED APPRECIATION (DEPRECIATION)
OF INVESTMENTS............................ (43,135) 192,162
___________________________
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS........................... $204,503 $424,865
===========================
</TABLE>
See Notes to Financial Statements.
D - 3
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 84 (CALIFORNIA TRUST),
DEFINED ASSET FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
March 25,
1995
Year Ended to
February 28, February 29,
1997 1996
__________________________
<S> <C> <C>
OPERATIONS:
Net investment income........................... $ 247,638 $ 232,703
Unrealized appreciation (depreciation)
of investments................................ (43,135) 192,162
__________________________
Net increase in net assets resulting
from operations............................... 204,503 424,865
INCOME DISTRIBUTIONS TO HOLDERS (Note 2).......... (247,455) (176,581)
__________________________
NET INCREASE (DECREASE) IN NET ASSETS......... (42,952) 248,284
NET ASSETS AT BEGINNING OF PERIOD................. 4,495,613 4,247,329
__________________________
NET ASSETS AT END OF PERIOD....................... $4,452,661 $4,495,613
==========================
PER UNIT:
Income distributions during period.............. $54.99 $39.24
==========================
Net asset value at end of period................ $989.48 $999.03
==========================
TRUST UNITS OUTSTANDING AT END OF PERIOD.......... 4,500 4,500
==========================
</TABLE>
See Notes to Financial Statements.
D - 4
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 84 (CALIFORNIA 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
conformity with generally accepted accounting principles.
(a) Securities are stated at value as determined by the Evaluator
based on bid side evaluations for the securities (see "How to
Sell Units - Trustee's Redemption of Units" in this Prospectus,
Part B), except that value on March 25, 1995 was based upon
offer side evaluations at March 23, 1995, the day prior to the
Date of Deposit. Cost of securities at March 25, 1995 was also
based on such offer side evaluations.
(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 distributed as explained
in "Income, Distributions and Reinvestment - Distributions" in this
Prospectus, Part B.
3. NET CAPITAL
Cost of 4,500 units at Date of Deposit.............. $4,447,489
Less sales charge................................... 200,160
______________
Net amount applicable to Holders.................... 4,247,329
Unrealized appreciation of investments.............. 149,027
______________
Net capital applicable to Holders................... $4,396,356
==============
4. INCOME TAXES
As of February 28, 1997, unrealized appreciation of investments, based
on cost for Federal income tax purposes, aggregated $149,027, all of
which related to appreciated securities. The cost of investment
securities for Federal income tax purposes was $4,247,328 at
February 28, 1997.
D - 5
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 84,
DEFINED ASSET FUNDS
PORTFOLIO OF THE CALIFORNIA TRUST (INSURED)
AS OF FEBRUARY 28, 1997
<TABLE><CAPTION>
Rating Optional
Portfolio No. and Title of of Face Redemption
Securities(4) Issues(1) Amount Coupon Maturities(3) Provisions(3) Cost(2) Value(2)
_____________ _________ ______ ______ _____________ _____________ _______ ________
<S> <C> <C> <C> <C> <C> <C> <C>
1 California Statewide Comm. Dev. AAA $ 425,000 5.500% 2023 08/15/03 $ 388,093 $ 406,742
Auth., Cert. of Part., Sutter Hlth. @ 102.000
Oblig. Grp. (MBIA Ins.)
2 State of California, Various Purpose AAA 675,000 5.125 2017 10/01/03 594,972 623,659
General Obligation Refunding Bonds @ 102.000
(FSAM Ins.)
3 State Public Works Board of AAA 675,000 5.500 2021 06/01/03 618,192 630,457
California, Lease Revenue Refunding @ 102.000
Bonds (The Regents of the University
of California), 1993 Ser. A (Connie
Lee Ins.)
4 The Regents of the University of AAA 675,000 5.600 2020 11/01/03 627,385 646,792
California, 1993 Refunding @ 102.000
Certificates of Participation (UCLA
Central Chiller/Cogeneration
Facility) (Connie Lee Ins.)
5 City of Los Angeles, California, Tax- AAA 700,000 6.300 2025 07/01/02 700,000 714,567
Exempt Mortgage Revenue Refunding @ 102.000
Bonds (FSA Ins.) Mortgage Loans-
Section Eight Assisted Projects, Ser.
1993 A (MBIA Ins.)
6 City of Riverside, California, AAA 675,000 6.000 2015 10/01/04 671,044 698,328
Redevelopment Agency Lease Revenue @ 102.000
Bonds (State of California Department
of General Service Lease), Ser. A
(AMBAC Ins.)
</TABLE>
D - 6
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 84,
DEFINED ASSET FUNDS
PORTFOLIO OF THE CALIFORNIA TRUST (INSURED)
AS OF FEBRUARY 28, 1997
<TABLE><CAPTION>
Rating Optional
Portfolio No. and Title of of Face Redemption
Securities(4) Issues(1) Amount Coupon Maturities(3) Provisions(3) Cost(2) Value(2)
_____________ _________ ______ ______ _____________ _____________ _______ ________
<S> <C> <C> <C> <C> <C> <C> <C>
7 Simi Valley, California, Revenue AAA $ 675,000 5.750% 2023 09/01/02 $ 647,642 $ 675,810
Refunding Bonds, Simi Valley Public @ 102.000
Finance Authority, Ser. 1993 (MBIA
Ins.)
______________ ______________ ______________
TOTAL $4,500,000 $4,247,328 $4,396,355
============== ============== ==============
</TABLE>
See Notes to Portfolios on Page D - 19.
D - 7
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 84 (NEW YORK TRUST),
DEFINED ASSET FUNDS
STATEMENT OF CONDITION
AS OF FEBRUARY 28, 1997
<TABLE>
<S> <C> <C>
TRUST PROPERTY:
Investment in marketable securities - at value
(cost $4,299,817)(Note 1)...................... $4,481,386
Accrued interest receivable...................... 52,187
Cash............................................. 9,550
_____________
Total trust property................. 4,543,123
LESS LIABILITY - Accrued expenses.................. 1,676
_____________
NET ASSETS, REPRESENTED BY:
4,500 units of fractional undivided
interest outstanding (Note 3).................. $4,481,386
Undistributed net investment income.............. 60,061
_____________
$4,541,447
=============
UNIT VALUE ($4,541,447/4,500 units)................ $1,009.21
=============
</TABLE>
See Notes to Financial Statements.
D - 8
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 84 (NEW YORK TRUST),
DEFINED ASSET FUNDS
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
March 25,
1995
Year Ended to
February 28, February 29,
1997 1996
___________________________
<S> <C> <C>
INVESTMENT INCOME:
Interest income........................... $259,250 $242,687
Trustee's fees and expenses............... (6,660) (5,421)
Sponsors' fees............................ (2,100) (1,815)
___________________________
Net investment income..................... 250,490 235,451
UNREALIZED APPRECIATION (DEPRECIATION)
OF INVESTMENTS............................ (31,616) 213,185
___________________________
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS........................... $218,874 $448,636
===========================
</TABLE>
See Notes to Financial Statements.
D - 9
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 84 (NEW YORK TRUST),
DEFINED ASSET FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
March 25,
1995
Year Ended to
February 28, February 29,
1997 1996
__________________________
<S> <C> <C>
OPERATIONS:
Net investment income....................... $ 250,490 $ 235,451
Unrealized appreciation (depreciation)
of investments............................ (31,616) 213,185
__________________________
Net increase in net assets resulting
from operations........................... 218,874 448,636
INCOME DISTRIBUTIONS TO HOLDERS (Note 2)...... (250,605) (175,275)
__________________________
NET INCREASE (DECREASE) IN NET ASSETS......... (31,731) 273,361
NET ASSETS AT BEGINNING OF PERIOD............. 4,573,178 4,299,817
__________________________
NET ASSETS AT END OF PERIOD................... $4,541,447 $4,573,178
==========================
PER UNIT:
Income distributions during period.......... $55.69 $38.95
==========================
Net asset value at end of period............ $1,009.21 $1,016.26
==========================
TRUST UNITS OUTSTANDING AT END OF PERIOD...... 4,500 4,500
==========================
</TABLE>
See Notes to Financial Statements.
D - 10
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 84 (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
conformity with generally accepted accounting principles.
(a) Securities are stated at value as determined by the Evaluator
based on bid side evaluations for the securities (see "How to
Sell Units - Trustee's Redemption of Units" in this Prospectus,
Part B), except that value on March 25, 1995 was based upon
offer side evaluations at March 23, 1995, the day prior to the
Date of Deposit. Cost of securities at March 25, 1995 was also
based on such offer side evaluations.
(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 distributed as explained
in "Income, Distributions and Reinvestment - Distributions" in this
Prospectus, Part B.
3. NET CAPITAL
Cost of 4,500 units at Date of Deposit.............. $4,502,452
Less sales charge................................... 202,635
______________
Net amount applicable to Holders.................... 4,299,817
Unrealized appreciation of investments.............. 181,569
______________
Net capital applicable to Holders................... $4,481,386
==============
4. INCOME TAXES
As of February 28, 1997, unrealized appreciation of investments, based
on cost for Federal income tax purposes, aggregated $181,569, all of
which related to appreciated securities. The cost of investment
securities for Federal income tax purposes was $4,299,817 at
February 28, 1997.
D - 11
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 84,
DEFINED ASSET FUNDS
PORTFOLIO OF THE NEW YORK TRUST (INSURED)
AS OF FEBRUARY 28, 1997
<TABLE><CAPTION>
Rating Optional
Portfolio No. and Title of of Face Redemption
Securities(4) Issues(1) Amount Coupon Maturities(3) Provisions(3) Cost(2) Value(2)
_____________ _________ ______ ______ _____________ _____________ _______ ________
<S> <C> <C> <C> <C> <C> <C> <C>
1 New York State Med. Care Fac. Fin. AAA $ 175,000 6.250% 2019 08/15/04 $ 176,404 $ 185,505
Agy., Mental Hlth. Services @ 102.000
Facilities Imp. Rev. Bonds, 1994 Ser.
E (Financial Guaranty Ins.)
2 New York State Med. Care Fac. Fin. AAA 500,000 6.000 2025 02/15/05 493,125 508,990
Agy., Mental Hlth. Svc. Imp. Rev. @ 102.000
Bonds, Ser. 1995 A (MBIA Ins.)
3 State of New York Mortgage, Agy., AAA 600,000 5.500 2025 10/01/03 546,552 578,220
Homeowner Mtge. Rev. Bonds, Ser. 32 A @ 102.000
(MBIA Ins.)
4 New York State Thruway Auth., Gen. AAA 675,000 6.000 2025 01/01/05 665,705 694,643
Rev. Bonds, Ser. C (Financial @ 102.000
Guaranty Ins.)
5 City of New York, NY, G.O. Bonds, AAA 675,000 5.500 2016 10/01/03 630,632 652,968
1994 Ser. C (MBIA Ins.) @ 101.500
6 New York City, NY, Hlth. and Hosp. AAA 675,000 5.750 2022 02/15/03 639,657 667,926
Corp., Hlth. Sys. Bonds, 1993 Ser. A @ 102.000
(AMBAC Ins)
7 New York City, NY, Mun. Wtr. Fin. AAA 500,000 5.375 2019 06/15/04 457,325 473,555
Auth., Wtr. and Swr. Sys. Rev. Bonds, @ 101.000
1994 Ser. B (AMBAC Ins.)
8 Metropolitan Transit Authority, New AAA 700,000 6.000 2024 07/01/04 690,417 719,579
York, Transit Facilities Revenue @ 101.500
Bonds,Ser. O (MBIA Ins.)
______________ ______________ ______________
TOTAL $4,500,000 $ 4,299,817 $ 4,481,386
============== ============== ==============
</TABLE>
See Notes to Portfolios on Page D - 19.
D - 12
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 84 (PENNSYLVANIA TRUST),
DEFINED ASSET FUNDS
STATEMENT OF CONDITION
AS OF FEBRUARY 28, 1997
<TABLE>
<S> <C> <C>
TRUST PROPERTY:
Investment in marketable securities - at value
(cost $2,911,414)(Note 1)...................... $3,027,971
Accrued interest receivable...................... 37,113
Cash............................................. 7,199
_____________
Total trust property................. 3,072,283
LESS LIABILITY - Accrued expenses.................. 1,552
_____________
NET ASSETS, REPRESENTED BY:
3,075 units of fractional undivided
interest outstanding (Note 3).................. $3,027,987
Undistributed net investment income.............. 42,744
_____________
$3,070,731
=============
UNIT VALUE ($3,070,731/3,075 units)................ $998.61
=============
</TABLE>
See Notes to Financial Statements.
D - 13
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 84 (PENNSYLVANIA TRUST),
DEFINED ASSET FUNDS
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
March 25,
1995
Year Ended to
February 28, February 29,
1997 1996
___________________________
<S> <C> <C>
INVESTMENT INCOME:
Interest income........................... $176,209 $172,153
Trustee's fees and expenses............... (5,642) (3,705)
Sponsors' fees............................ (1,472) (1,308)
___________________________
Net investment income..................... 169,095 167,140
___________________________
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Realized gain (loss) on securities
sold or redeemed........................ (835) 5,636
Unrealized appreciation (depreciation)
of investments.......................... (37,041) 153,598
___________________________
Net realized and unrealized gain (loss)
on investments.......................... (37,876) 159,234
___________________________
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS........................... $131,219 $326,374
===========================
</TABLE>
See Notes to Financial Statements.
D - 14
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 84 (PENNSYLVANIA TRUST),
DEFINED ASSET FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
March 25,
1995
Year Ended to
February 28, February 29,
1997 1996
__________________________
<S> <C> <C>
OPERATIONS:
Net investment income....................... $ 169,095 $ 167,140
Realized gain (loss) on securities
sold or redeemed.......................... (835) 5,636
Unrealized appreciation (depreciation)
of investments............................ (37,041) 153,598
__________________________
Net increase in net assets resulting
from operations........................... 131,219 326,374
__________________________
DISTRIBUTIONS TO HOLDERS (Note 2):
Income...................................... (169,495) (121,749)
Principal................................... (7,841) (2,973)
__________________________
Total distributions......................... (177,336) (124,722)
__________________________
CAPITAL SHARE TRANSACTIONS - Redemptions of 47
and 128 units, respectively................. (44,908) (131,214)
__________________________
NET INCREASE (DECREASE) IN NET ASSETS......... (91,025) 70,438
NET ASSETS AT BEGINNING OF PERIOD............. 3,161,756 3,091,318
__________________________
NET ASSETS AT END OF PERIOD................... $3,070,731 $3,161,756
==========================
PER UNIT:
Income distributions during period.......... $54.84 $37.76
==========================
Principal distributions during period....... $2.55 $0.93
==========================
Net asset value at end of period............ $998.61 $1,012.73
==========================
TRUST UNITS OUTSTANDING AT END OF PERIOD...... 3,075 3,122
==========================
</TABLE>
See Notes to Financial Statements.
D - 15
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 84 (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
conformity with generally accepted accounting principles.
(a) Securities are stated at value as determined by the Evaluator
based on bid side evaluations for the securities (see "How to
Sell Units - Trustee's Redemption of Units" in this Prospectus,
Part B), except that value on March 25, 1995 was based upon
offer side evaluations at March 23, 1995, the day prior to the
Date of Deposit. Cost of securities at March 25, 1995 was also
based on such offer side evaluations.
(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 distributed as explained
in "Income, Distributions and Reinvestment - Distributions" in this
Prospectus, Part B.
3. NET CAPITAL
Cost of 3,075 units at Date of Deposit.............. $3,062,683
Less sales charge................................... 137,821
______________
Net amount applicable to Holders.................... 2,924,862
Redemptions of units - net cost of 175 units
redeemed less redemption amounts.................. (7,419)
Realized gain on securities sold or redeemed........ 4,801
Principal distributions............................. (10,814)
Net unrealized appreciation of investments.......... 116,557
______________
Net capital applicable to Holders................... $3,027,987
==============
4. INCOME TAXES
As of February 28, 1997, net unrealized appreciation of investments,
based on cost for Federal income tax purposes, aggregated $116,557, all
of which related to appreciated securities. The cost of investment
securities for Federal income tax purposes was $2,911,414 at February
28, 1997.
D - 16
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 84,
DEFINED ASSET FUNDS
PORTFOLIO OF THE PENNSYLVANIA TRUST (INSURED)
AS OF FEBRUARY 28, 1997
<TABLE><CAPTION>
Rating Optional
Portfolio No. and Title of of Face Redemption
Securities(4) Issues(1) Amount Coupon Maturities(3) Provisions(3) Cost(2) Value(2)
_____________ _________ ______ ______ _____________ _____________ _______ ________
<S> <C> <C> <C> <C> <C> <C> <C>
1 Pennsylvania Intergovernmental Coop. AAA $ 420,000 5.625% 2023 06/15/03 $ 393,246 $ 408,450
Auth., Spec. Tax Rev. Bonds (City of @ 100.000
Philadelphia Funding Prog.), Ser.
1993 (MBIA Ins.)
2 Cambria County, Pennsylvania, AAA 500,000 6.375 2018 07/01/02 507,800 529,180
Hospital Development Authority, @ 102.000
Hospital Revenue Refunding and
Improvement Bonds, Ser. B of 1992
(Conemaugh Valley Memorial Hospital
Projects) (Connie Lee Ins.)
3 Delaware County, PA, Auth. Health AAA 500,000 5.125 2012 11/15/03 445,245 474,850
Facility Revenue Bonds, Ser. 1993 A @ 102.000
(Mercy Health Corp. of Southeastern
Pennsylvania Obligation Group)
(Connie Lee Ins.)
4 Washington Cnty. Hosp. Auth., AAA 500,000 5.625 2023 07/01/03 468,130 479,115
Commonwealth of Pennsylvania, Hosp. @ 102.000
Rev. Bonds, Ser. of 1993 (The
Washington Hosp. Proj.)(AMBAC Ins.)
5 City of Philadelphia, PA, Wtr. and AAA 500,000 5.250 2023 06/15/03 446,125 462,450
Wastewater Rev. Bonds, Ser. 1993 @ 102.000
(MBIA Ins.)
6 Deer Lakes School District (Allegheny AAA 250,000 6.450 2019 01/15/04 255,868 268,463
County, Pennsylvania), General @ 100.000
Obligation Bonds, Ser. of 1995 (MBIA
Ins.)
</TABLE>
D - 17
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 84,
DEFINED ASSET FUNDS
PORTFOLIO OF THE PENNSYLVANIA TRUST (INSURED)
AS OF FEBRUARY 28, 1997
<TABLE><CAPTION>
Rating Optional
Portfolio No. and Title of of Face Redemption
Securities(4) Issues(1) Amount Coupon Maturities(3) Provisions(3) Cost(2) Value(2)
_____________ _________ ______ ______ _____________ _____________ _______ ________
<S> <C> <C> <C> <C> <C> <C> <C>
7 Hampton Township School District AAA $ 395,000 6.000% 2021 11/15/05 $ 395,000 $ 405,463
(Allegheny County, Pennsylvania), @ 100.000
General Obligation Bonds, Refunding
Ser. A of 1995 (AMBAC Ins.)
______________ ______________ ____________
TOTAL $3,065,000 $2,911,414 $3,027,971
============== ============== ============
</TABLE>
See Notes to Portfolios on Page D - 19.
D - 18
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 84 (CALIFORNIA, NEW YORK AND PENNSYLVANIA TRUSTS),
DEFINED ASSET FUNDS
NOTES TO PORTFOLIOS
AS OF FEBRUARY 28, 1997
(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. A description of the rating symbols and
their meanings appears under "Descriptions of Ratings" in this
Prospectus, Part B.
(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. The tax effect on Holders of redemptions and
related distributions is described under "Taxes" in this
Prospectus, Part B.
(4) All Securities are insured either on an individual basis or by
portfolio insurance, by a municipal bond insurance company
which has been assigned "AAA" claims paying ability by
Standard & Poor's. Accordingly, Standard & Poor's has assigned
"AAA" ratings to the Securities. Securities covered by
portfolio insurance are rated "AAA" only as long as they
remain in this Trust. See "Risk Factors - Bonds Backed by
Letters of Credit or Insurance" in this Prospectus, Part B.
D - 19
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND
MULTISTATE SERIES
DEFINED ASSET FUNDS
I want to learn more about automatic reinvestment in the Investment Accumulation
Program. Please send me information about participation in the Municipal Fund
Accumulation Program, Inc. and a current Prospectus.
My name (please
print) ________________________________________________________________________
My address (please print):
Street and Apt.
No. ___________________________________________________________________________
City, State, Zip
Code __________________________________________________________________________
This page is a self-mailer. Please complete the information above, cut along the
dotted line, fold along the lines on the reverse side, tape, and mail with the
Trustee's address displayed on the outside.
<PAGE>
BUSINESS REPLY MAIL NO POSTAGE
FIRST CLASS PERMIT NO. 1313 NEW YORK, NY NECESSARY
IF MAILED
POSTAGE WILL BE PAID BY ADDRESSEE IN THE
THE BANK OF NEW YORK UNITED STATES
UNIT INVESTMENT TRUST DEPARTMENT
P.O. BOX 974
WALL STREET STATION
NEW YORK, NY 10268-0974
- --------------------------------------------------------------------------------
(Fold along this line.)
- --------------------------------------------------------------------------------
(Fold along this line.)
<PAGE>
DEFINED
ASSET FUNDSSM
SPONSORS: MUNICIPAL INVESTMENT
Merrill Lynch, TRUST FUND
Pierce, Fenner & Smith Incorporated Multistate Series--84
Defined Asset Funds (Unit Investment Trusts)
P.O. Box 9051 PROSPECTUS PART A
Princeton, NJ 08543-9051 This Prospectus consists of a Part A and
(609) 282-8500 a Part B. This Prospectus does not
Smith Barney Inc. contain all of the information with
Unit Trust Department respect to the investment company set
388 Greenwich Street--23rd Floor forth in its registration statement and
New York, NY 10013 exhibits relating thereto which have
(212) 816-4000 been filed with the Securities and
PaineWebber Incorporated Exchange Commission, Washington, D.C.
1200 Harbor Boulevard under the Securities Act of 1933 and the
Weehawken, NJ 07087 Investment Company Act of 1940, and to
(201) 902-3000 which reference is hereby made. Copies
Prudential Securities Incorporated of filed material can be obtained from
One New York Plaza the Public Reference Section of the
New York, NY 10292 Commission, 450 Fifth Street, N.W.,
(212) 778-6164 Washington, D.C. 20549 at prescribed
Dean Witter Reynolds Inc. rates. The Commission also maintains a
Two World Trade Center--59th Floor Web site that contains information
New York, NY 10048 statements and other information
(212) 392-2222 regarding registrants such as Defined
EVALUATOR: Asset Funds that file electronically
Kenny S&P Evaluation Services, with the Commission at
a division of J. J. Kenny Co., Inc. http://www.sec.gov.
65 Broadway No person is authorized to give any
New York, NY 10006 information or to make any
TRUSTEE: representations with respect to this
The Bank of New York investment company not contained in its
Unit Investment Trust Department registration statement and exhibits
P.O. Box 974 relating thereto; and any information or
Wall Street Station representation not contained therein
New York, NY 10268-0974 must not be relied upon as having been
1-800-221-7771 authorized. This Prospectus does not
constitute an offer to sell, or a
solicitation of an offer to buy,
securities in any state to any person to
whom it is not lawful to make such offer
in such state.
15088--5/97
