Defined Asset Funds service mark
Global Diversification
With The Select Ten Strategies
______________________________
bullet DJIA Portfolio
bullet Hong Kong Portfolio
bullet United Kingdom Portfolio
A Simple
Investment
Strategy
For Higher
Total Return
Merrill Lynch
Investing in
the Ten Highest
Yielding Stocks
Select Ten Highlights
bullet $1,000 minimum investment
for each portfolio;
$250 for IRA or Keogh
accounts.
bullet Dividend Distributions
- Quarterly for DJIA
- Semi-annually for
Internationals.
bullet Reduced risk by investing in
10 different securities in each
portfolio; however, some
portfolios are concentrated in
certain industries.
bullet No sell decisions.
bullet Low initial sales charge;
balance deferred.
bullet Volume discounts.
bullet Reduced sales charge for
rollovers.
bullet Reinvestment Option.
Holding the ten highest dividend-yielding stocks in a certain index for
about one year is a Strategy that can help you to seek higher total return.
This Strategy is the basis for Defined Asset Funds' Select Ten Series.
The three Select Ten Portfolios currently available in the Select Ten
Series use this Strategy in three different indexes: Dow Jones Industrial
Average (DJIA Strategy); United Kingdom's Financial Times Industrial
Ordinary Share Index (FT Strategy); and Hong Kong's Hang Seng Index (Hang
Seng Strategy).*
The Select Ten Strategy
Each Select Ten Portfolio consists of approximately equal values of
the ten stocks in its related index having the highest dividend yield
shortly before the initial offering date (the "Strategy Stocks") and holds
them for about a year. The Portfolios will remain relatively fixed during
this time. After one year, the Portfolios will liquidate. You may choose
to roll your proceeds into the next portfolio of the then-current Strategy
Stocks, if available, or you can take the cash.
While over at least five years each Strategy would have performed well
independently (see "Individual Strategy" chart), more consistent results
could have been achieved through the diversification of pursuing all three
strategies simultaneously - the Combined Strategy.
As you can see in the figures at right, the Combined Strategy, reflecting
equal amounts invested each year in each of the three Portfolios, often
would have earned higher returns that the DJIA Strategy, with only slightly
increased volatility. Of course, past performance cannot guarantee future
results.
__________________________________________
You can use the Combined Strategy to
help you diversify globally by investing in
all three of these Select Ten Portfolios:
bullet The DJIA Portfolio holds for a
year the then-current ten highest
dividend-yielding stocks in the
DJIA. These companies are among
the most highly capitalized and
well-known in the U.S.
bullet The United Kingdom Portfolio
holds for a year the then-current ten
highest dividend-yielding stocks in
the Financial Times Index. The
companies in this index are major
players in their industries and these
stocks are widely held by both
individual and institutional
investors.
bullet The Hong Kong Portfolio holds for
a year the then-current ten highest
dividend-yielding stocks in the
Hang Seng Index. These are
among the most highly capitalized
companies in Hong Kong.
Combined Strategy Stocks**
Total Value of
Year Return Investment
____ ______ __________
$10,000
1978 15.31% $11,531
1979 33.13% $15,351
1980 32.64% $20,362
1981 -0.88% $20,182
1982 10.17% $22,235
1983 24.35% $27,649
1984 26.05% $34,852
1985 51.60% $52,835
1986 42.65% $75,367
1987 19.37% $89,963
1988 22.31% $110,031
1989 21.81% $134,025
1990 2.48% $137,344
1991 32.82% $182,416
1992 17.18% $213,749
1993 57.20% $336,013
1994 -7.37% $311,260
1/1/95-9/30/95 17.05% $364,340
Total Return dagger
3,543.40%
Average Annual Total Return dagger dagger
22.45%
Individual Strategy Stocks**
DJIA STRATEGY FT STRATEGY HANG SENG STRATEGY
Year Total Value of Total Value of Total Value of
Return Investment Return Investment Return Investment
_______________________________________________________________________
$ 10,000 $ 10,000 $ 10,000
1978 0.16% $ 10,016 17.73% $ 11,773 28.04% $ 12,804
1979 12.35% $ 11,253 4.76% $ 12,333 82.28% $ 23,339
1980 26.37% $ 14,220 30.15% $ 16,052 41.40% $ 33,002
1981 7.47% $ 15,283 -6.26% $ 15,047 -3.86% $ 31,728
1982 25.46% $ 19,174 44.03% $ 21,672 -38.97% $ 19,363
1983 38.46% $ 26,548 42.06% $ 30,788 -7.48% $ 17,915
1984 7.34% $ 28,496 5.50% $ 32,481 65.32% $ 29,617
1985 28.63% $ 36,655 78.64% $ 58,024 47.52% $ 43,691
1986 34.57% $ 49,327 32.88% $ 77,102 60.49% $ 70,120
1987 6.97% $ 52,765 48.10% $114,189 3.03% $ 72,245
1988 21.50% $ 64,109 11.38% $127,183 34.04% $ 96,837
1989 27.30% $ 81,611 28.71% $163,697 9.41% $105,949
1990 -7.94% $ 75,131 9.26% $178,856 6.11% $112,422
1991 33.37% $100,202 16.57% $208,492 48.51% $166,959
1992 8.32% $108,539 4.27% $217,395 38.94% $231,972
1993 26.92% $137,757 37.69% $299,331 106.99% $480,159
1994 3.89% $143,116 5.46% $315,674 -31.45% $329,149
1/1/95- 25.60% $179,754 9.15% $344,559 16.41% $383,163
9/30/95
Total Return
1,697.54% 3,345.59% 3,731.63%
Average Annual Total Return double dagger
17.68% 22.07% 22.80%
*The names of the DJIA Index, FT Index and the Hang Seng Index are the
property of their respective publishers. None of these firms has
participated in the creation or selection of any Select Ten Portfolio.
**These figures represent past performance of the "Strategy Stocks" (and
not any actual Portfolio) and are not indicative of future results. Actual
Portfolio performance (see figures for prior Portfolios on back cover) will
differ because it will reflect the deduction of sales charges, expenses and
brokerage commissions; also Strategy Stock figures are generally annual
figures based on closing sale prices on December 31, while the Portfolios
are established and liquidated at different times during the year;
Portfolios normally purchase and sell stocks at prices (for International
Portfolios, currency rates) different from those used in determining
Portfolio unit price, and Portfolios are not fully invested at all times
and not all stocks may be weighted equally.
dagger Total return represents price changes plus dividends received
(reinvested at the end of each year in summary figures). These figures do
not reflect commissions or taxes.
double dagger Average annualized return represents annualized total
return for the entire period.
Defining Your Risks
There can be no assurance that a Portfolio will achieve its objective.
An equal investment in each of the three Select Ten Strategies may not be
appropriate for all investors, given the increased volatility and foreign
currency risks associated with international investing. You should consult
with your financial professional to review your financial goals, the risks
associated with the Combined Strategy and the best allocation among the
Strategies to meet your goals.
The Hong Kong Portfolio particularly may be considered speculative,
and should not be considered a complete investment program. Portfolios may
not be appropriate for investors seeking either preservation of capital or
high current income, nor would International Portfolios be appropriate for
investors unable or unwilling to assume the special risks, including higher
price volatility and currency rate fluctuations, associated with
investments in international equities.
The Strategy Stocks may have higher yields because they or their
industry are experiencing financial difficulty or are out of favor. The
value of your investment fluctuates with the prices of the underlying
stocks. There is no guarantee that dividend rates will be maintained or
that stock prices or currency exchange rates will not decline.
Portfolio Performance*
The following shows total returns (price changes plus dividends received,
divided by the maximum initial public offering price, each converted into
U.S. dollars) for each completed prior series, and reflects all sales
charges and expenses.
DJIA Funds Term Total Return
- ---------- ---- ------------
Series B
1991 Spring 5/17/91-6/12/92 14.72%
1992 Spring 5/5/92-5/14/93 4.67%
1993 Spring 5/5/93-5/13/94 6.83%
1994 Spring 5/6/94-5/31/95 19.05%
Series C
1992 Autumn 9/1/92-9/14/93 17.01%
1993 Autumn 9/1/93-9/16/94 7.08%
1994 Autumn 9/6/94-10/13/95 23.90%
Series A
1992 Winter 1/3/92-1/8/93 0.07%
1993 Winter 1/4/93-1/14/93 23.93%
1994 Winter 1/5/94-1/27/95 -.52%
International Funds
Series B
1993 Spring HK 6/21/93-7/22/94 20.07%
1993 Spring UK 6/21/93-7/22/94 16.36%
Series C
1993 Autumn HK 9/28/93-10/28/94 7.93%
1993 Autumn UK 9/28/93-10/28/94 10.52%
1994 Autumn HK 9/6/95-10/13/95 -27.02%
1994 Autumn UK 9/6/95-10/13/95 -2.42%
Series A
1994 Winter HK 1/5/94-2/3/95 -45.09%
1994 Winter UK 1/5/94-2/3/95 -4.21%
On the same basis, including presently outstanding series, a holder who
rolled over all income and principal distributions in the next available
series would have received the following results:
Average
DJIA Series Term Total Return Annual Return
- ----------- ---- ------------ ---------------
Spring 5/17/91-9/30/95 67.19% 12.47%
Autumn 9/1/92-9/30/95 56.38% 15.64%
Winter 1/3/92-9/30/95 53.06% 12.05%
International Series
Spring HK 6/21/93-9/30/95 10.51% 4.49%
Autumn HK 9/28/93-9/30/95 -11.32% -5.82%
Winter HK 1/5/94-9/30/95 -31.57% -19.68%
Spring UK 6/21/93-9/30/95 16.01% 6.75%
Autumn UK 9/28/93-9/30/95 10.33% 5.03%
Winter UK 1/5/94-9/30/95 12.50% 7.04%
* This represents past performance, and is no guarantee of future results.
Volume Purchase Discounts
For larger purchases, the overall sales charges are reduced to put more of
your investment dollars to work for you.
Initial Sales Charge
as a Percentage Dollar Amount Total
of the Public Deferred per Sales
Amount Purchased Offering Price 1,000 units Charge
- ---------------- --------------------- -------------- ------
Less than $50,000 1.00% $17.50 2.75%
$50,000 to $99,999 0.75 17.50 2.50
$100,000 to $249,999 0.25 17.50 2.00
$250,000 or more 0.00 1.75
___________________________________________________________________________
Find out more about our current series
Defined Asset Funds plans to offer each Select Ten Portfolio three times a
year:
January - Winter Series
May - Spring Series
September - Autumn Series
Brochures on each of the current Defined Asset Funds, Equity Income Fund,
Select Ten Series, DJIA, Hong Kong and United Kingdom Portfolios are
available through your financial professional.
A free prospectus containing more complete information on any of these
Portfolios, including all charges and expenses and the special
considerations associated with the risks of international investing, such
as foreign currency risk, is also available. Read it carefully before
investing.
Select Series
Select Ten Portfolio
(DJIA)
Hong Kong Portfolio
(Hang Seng Index)
United Kingdom Portfolio
(Financial Times Index)
Select Growth Portfolio
Other Defined Asset Funds
Municipal Investment
Trust Funds
Corporate Income Funds
International Bond Funds
Government Securities
Income Funds
Other Equity Income Funds
15th Utility Common Stock
Series
Blue Chip Stock Series 3
(Premier American Portfolio)
Health Care Trust II
Income Growth Fund
Natural Gas Trust 2
S&P 500 Index Trust 2
S&P MidCap Trust
Tele bullet Global Trust
Real Estate Income Fund
14662-11/95
