AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JUNE 3, 1997
REGISTRATION NO. 333-
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM S-6
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FOR REGISTRATION UNDER THE SECURITIES ACT
OF 1933 OF SECURITIES OF UNIT INVESTMENT
TRUSTS REGISTERED ON FORM N-8B-2
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A. EXACT NAME OF TRUST:
MUNICIPAL INVESTMENT TRUST FUND
MONTHLY PAYMENT SERIES--608
DEFINED ASSET FUNDS
B. NAMES OF DEPOSITORS:
MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
SMITH BARNEY INC.
PAINEWEBBER INCORPORATED
PRUDENTIAL SECURITIES INCORPORATED
DEAN WITTER REYNOLDS INC.
C. COMPLETE ADDRESSES OF DEPOSITORS' PRINCIPAL EXECUTIVE OFFICES:
MERRILL LYNCH, PIERCE,
FENNER &
SMITH INCORPORATED
UNIT INVESTMENT TRUST
DIVISION
P.O. BOX 9051
PRINCETON, NJ 08543-9051 PAINEWEBBER INCORPORATED
1285 AVENUE OF THE
AMERICAS
NEW YORK, NY 10019
PRUDENTIAL SECURITIES SMITH BARNEY INC. DEAN WITTER REYNOLDS INC.
INCORPORATED 388 GREENWICH TWO WORLD TRADE
ONE NEW YORK PLAZA STREET--23RD FLOOR CENTER--59TH FLOOR
NEW YORK, NY 10292 NEW YORK, NY 10013 NEW YORK, NY 10048
D. NAMES AND COMPLETE ADDRESSES OF AGENTS FOR SERVICE:
COPIES TO:
TERESA KONCICK, ESQ. PIERRE DE SAINT PHALLE, ROBERT E. HOLLEY
P.O. BOX 9051 ESQ. 1285 AVENUE OF THE
PRINCETON, NJ 08543-9051 450 LEXINGTON AVENUE AMERICAS
NEW YORK, NY 10017 NEW YORK, NY 10019
LEE B. SPENCER, JR. LAURIE A. HESSLEIN DOUGLAS LOWE, ESQ.
ONE NEW YORK PLAZA 388 GREENWICH ST. 130 LIBERTY STREET--29TH
NEW YORK, NY 10292 NEW YORK, NY 10013 FLOOR
NEW YORK, NY 10006
E. TITLE AND AMOUNT OF SECURITIES BEING REGISTERED:
An indefinite number of Units of Beneficial Interest pursuant to Rule 24f-2
promulgated under the Investment Company Act of 1940, as amended.
F. PROPOSED MAXIMUM OFFERING PRICE TO THE PUBLIC OF THE SECURITIES BEING
REGISTERED: Indefinite
G. AMOUNT OF FILING FEE: Not applicable
H. APPROXIMATE DATE OF PROPOSED SALE TO PUBLIC:
As soon as practicable after the effective date of the Registration Statement.
THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES
AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE
A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT, THIS REGISTRATION STATEMENT
SHALL HEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A) OF THE
SECURITIES ACT OF 1933 OR ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO
SAID SECTION 8(A), MAY DETERMINE.
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<PAGE>
DEFINED ASSET FUNDSSM
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MUNICIPAL INVESTMENT TRUST FUND
MONTHLY PAYMENT SERIES 608
(A UNIT INVESTMENT TRUST)
O PORTFOLIO OF LONG TERM MUNICIPAL BONDS
O DESIGNED FOR FEDERALLY TAX-FREE MONTHLY INCOME
O BONDS RATED A OR BETTER
[LOGO]
Merrill Lynch, -------------------------------------------------
Pierce, Fenner & Smith The Securities and Exchange Commission has not
Incorporated approved or disapproved these Securities or
Defined Asset Funds passed upon the adequacy of this prospectus and
P.O. Box 9051 any representation to the contrary is a criminal
Princeton, N.J. 08543-9051 offense.
(609) 282-8500 Prospectus dated , 1997.
<PAGE>
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Def ined Asset FundsSM
FOR MORE THAN 25 YEARS, DEFINED ASSET FUNDSSM HAS BEEN A LEADER IN UNIT
INVESTMENT TRUST RESEARCH AND PRODUCT INNOVATION. OUR FAMILY OF 'DEFINED' FUNDS
HELPS INVESTORS WORK TOWARD THEIR FINANCIAL GOALS WITH A FULL RANGE OF QUALITY
INVESTMENTS, INCLUDING MUNICIPAL, CORPORATE AND GOVERNMENT BOND PORTFOLIOS, AS
WELL AS DOMESTIC AND INTERNATIONAL EQUITY AND BOND PORTFOLIOS.
DEFINED ASSET FUNDS OFFER A NUMBER OF ADVANTAGES:
O PROFESSIONAL RESEARCH: OUR DEDICATED RESEARCH TEAM SEEKS OUT ONLY THOSE
STOCKS AND BONDS THAT ARE APPROPRIATE FOR A PARTICULAR FUND'S OBJECTIVES.
O PRESELECTED PORTFOLIOS: THE STOCKS AND BONDS ARE CHOSEN IN ADVANCE, SO YOU
KNOW EXACTLY WHAT YOU'RE INVESTING IN.
O ONGOING SUPERVISION: DEFINED FUNDS ARE SUPERVISED ON AN ONGOING BASIS, RATHER
THAN ACTIVELY MANAGED.
O A DISCIPLINED 'BUY AND HOLD' STRATEGY: THE PORTFOLIO TURNOVER IN OUR FUNDS IS
LIMITED.
NO MATTER WHAT YOUR INVESTMENT GOALS, TOLERANCE FOR RISK OR TIME HORIZON,
THERE'S A DEFINED ASSET FUND THAT SUITS YOUR INVESTMENT STYLE. YOUR FINANCIAL
PROFESSIONAL CAN HELP YOU SELECT A DEFINED ASSET FUND THAT WORKS BEST FOR YOUR
INVESTMENT PORTFOLIO.
CONTENTS
PAGE
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RISK/RETURN SUMMARY..................................... 3
WHAT YOU CAN EXPECT FROM YOUR INVESTMENT................ 6
MONTHLY INCOME....................................... 6
RETURN FIGURES....................................... 6
RECORDS AND REPORTS.................................. 6
THE RISKS YOU FACE...................................... 7
INTEREST RATE RISK................................... 7
CONCENTRATION RISK................................... 7
INSURANCE RELATED RISK............................... 7
LITIGATION AND LEGISLATION RISKS..................... 8
BOND QUALITY RISK.................................... 8
CALL RISK............................................ 8
REDEMPTION RISK...................................... 8
LIQUIDITY RISK....................................... 8
OTHER RISKS.......................................... 8
REDEEMING, SELLING OR EXCHANGING........................ 9
REDEEMING UNITS WITH THE TRUSTEE..................... 9
SPONSORS' SECONDARY MARKET........................... 10
EXCHANGE OPTION...................................... 10
HOW THE FUND WORKS...................................... 10
PRICING.............................................. 10
EVALUATIONS.......................................... 10
SECONDARY MARKET SALES CHARGE........................ 11
CERTIFICATES......................................... 11
INCOME............................................... 11
FUND EXPENSES........................................ 12
PORTFOLIO CHANGES.................................... 12
FUND TERMINATION..................................... 13
TRUST INDENTURE...................................... 13
LEGAL OPINION........................................ 14
AUDITORS............................................. 14
SPONSORS............................................. 14
TRUSTEE.............................................. 15
UNDERWRITERS' AND SPONSORS' PROFITS.................. 15
PUBLIC DISTRIBUTION.................................. 15
CODE OF ETHICS....................................... 15
TAXES................................................... 16
FUND PERFORMANCE........................................ 17
SUPPLEMENTAL INFORMATION................................ 17
FINANCIAL STATEMENTS.................................... 18
DEFINED PORTFOLIO.................................... 18
STATEMENT OF CONDITION............................... 19
2
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RISK/RETURN SUMMARY
1. WHAT IS THE FUND'S GOAL?
This unit investment trust seeks monthly interest income
that is exempt from regular federal income taxes by
investing in a fixed portfolio of primarily 15-to 30-year
municipal revenue bonds.
2. WHAT ARE MUNICIPAL REVENUE BONDS?
Municipal revenue bonds are bonds issued by states,
municipalities and public authorities to finance the cost
of buying, building or improving various projects. Payments
on these bonds generally depend solely on the revenues of
the projects, excise taxes or state appropriations, and are
not backed by the government's taxing power.
3. WHAT IS THE INVESTMENT STRATEGY?
O The Fund follows a buy and hold strategy and is supervised
rather than actively managed. It plans to hold to maturity
long-term tax-exempt municipal bonds with an aggregate face
amount of $ million, and some short-term bonds reserved
to pay the deferred sales charge.
o The bonds are rated A or better by Standard & Poor's,
Moody's or Fitch.
o Most of the bonds cannot be called for several years, and
after that at a premium declining to par value. Some bonds
may be called earlier at par for extraordinary reasons.
o % of the bonds are insured by a AAA-rated insurance company
that guarantees timely payments of principal and interest
on the bonds (but not Fund units or the market value of the
bonds before they mature).
The Portfolio consists of municipal bonds of the following
types:
APPROXIMATE
PORTFOLIO
PERCENTAGE
o Airports/Ports/Highways %
o Hospitals/Health Care %
o Housing %
o Industrial Development Revenue %
o Lease Rental Appropriation %
o Special Tax Issues %
o Miscellaneous %
4. WHAT ARE THE SIGNIFICANT RISKS?
YOU CAN LOSE MONEY BY INVESTING IN THE FUND.
o Unit price fluctuates. Rising interest rates or an issuer's
negative financial condition can depress the price of Fund
units. Because of sales charges, returns of principal and
changes in unit price, the value of units when you sell or
redeem them will generally be less than your cost.
o The Fund is concentrated in
bonds. Adverse developments in this industry could
significantly affect Fund revenues generated from these
activities.
o Bond ratings may drop.
o Bonds can be called. The Fund will receive early returns of
principal if bonds are called or sold before maturity, and
the Fund may terminate early. If this happens there is a
risk that you may not find an alternative investment with
the same yield and average maturity, and your monthly
income may vary.
3
<PAGE>
5. IS THIS FUND APPROPRIATE FOR YOU?
Yes, if you want federally tax-free monthly income. You
will gain the benefits of professional selection,
portfolio supervision and reduced risk from investing in
bonds of several different issuers.
DEFINING YOUR INCOME
WHAT YOU MAY EXPECT
First Payment per unit ( /25/97): $
Regular Monthly Income per unit
(Beginning /25/97): $
Annual Income per unit: $
RECORD DAY: 10th day of the month
These figures are estimates on the business day before the
initial date of deposit; actual payments may vary.
6. WHAT ARE THE FUND'S FEES AND EXPENSES?
This table shows the costs and expenses you may pay,
directly or indirectly, when you invest in our Fund.
INVESTOR FEES
4.50%
Maximum Sales Fee (Load)* on new purchases (as
a percentage of initial unit price)
1.50%
Maximum Exchange Fee
%
ESTIMATED ANNUAL FUND OPERATING EXPENSES
DEDUCTED FROM THE FUND'S ASSETS
(as a percentage of net assets)
(per unit)
EXAMPLE
This example may help you compare the cost of investing in
our Fund to the cost of investing in other funds.
The example assumes that you invest $10,000 in the Fund
for the periods indicated and redeem all your units at the
end of those periods. The example also assumes a 5% return
on your investment each year and that the Fund's operating
expenses stay the same. Although your actual costs may be
higher or lower, based on these assumptions your costs
would be:
1 Year 3 Years 5 Years 10 Years
$ $ $ $
You would pay the following expenses if you did not redeem
your units:
1 Year 3 Years 5 Years 10 Years
$ $ $ $
7. HOW HAVE SIMILAR FUNDS PERFORMED IN THE PAST?
This Fund is new and has no performance history. In the
following charts we show past performance of prior Monthly
Payment Series offered between January 1, 1988 and
December 31, 1995 that were outstanding on March 31, 1997.
Of course, past performance of prior Series is no
guarantee of future results of this Fund.
RISK AND PERFORMANCE INFORMATION
As of 3/31/97. Sales charges are not reflected;
if they were, the returns would be less.
[INSERT TOTAL RETURN BAR GRAPH]
AVERAGE ANNUAL COMPOUND TOTAL RETURNS
Reflecting all expenses and a 4.5% maximum
sales charge for periods ended 3/31/97
PAST 1 YEAR PAST 5 YEARS
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High
Average
Low
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Note: All returns represent changes in unit price.
8. IS THE FUND MANAGED?
Like all unit investment trusts, this Fund is supervised
rather than managed. Our experienced financial analysts
regularly review the bonds held by the Fund, and we may
sell a bond if we believe that keeping it would not be in
your best interest.
9. HOW DO I BUY UNITS?
You can buy units from any of the Sponsors and other
broker-dealers. The Sponsors are listed on page 14.
The minimum purchase is one unit.
UNIT PRICE $
(as of , 1997)
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* For the first three years of the Fund you pay a quarterly deferred sales
fee of $3.75 per unit for a maximum of $45.00. If you buy units after
deduction of the first quarterly charge you will pay an up-front sales
charge of 0.375% per unit multiplied by the number of deferred sales charge
payments already deducted.
4
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Unit price is based on the net asset value of the Fund. An
amount equal to any principal cash, as well as net accrued
but undistributed interest on the unit, is added to the
unit price. An independent evaluator prices the bonds at
3:30 p.m. Eastern time every business day. Unit price
changes every day with changes in the price of the bonds
held by the Fund.
UNIT PAR VALUE $1,000
Par value means the amount of money you will receive by
termination of the Fund, assuming all the bonds are paid
at maturity or are redeemed by the issuer at par or sold
by the Fund at par.
10. HOW DO I REDEEM OR SELL UNITS?
You may sell your units any time to the Sponsors or redeem
them directly with the Trustee for the current net asset
value, less any remaining deferred sales charge.
11. HOW ARE DISTRIBUTIONS MADE AND TAXED?
The Fund pays income monthly. You will also receive
principal from sales, redemptions and maturities of bonds
periodically when the cash available is more than $5.00 a
unit.
Income from the bonds held by this Fund is generally 100%
exempt from regular
federal income tax under existing laws. A portion of the
income may be exempt from state and local personal income
taxes, depending on where you live. Any gain on the
underlying bonds or units will be subject to capital gains
tax.
12. WHAT OTHER SERVICES ARE AVAILABLE?
Reinvestment
You will receive your monthly income in cash unless you
choose to compound your income by reinvesting at no sales
charge in the Municipal Fund Accumulation Program, Inc.
This Program is an open-end mutual fund with a comparable
investment objective. All reinvested income will be
subject to state and local income taxes. For more complete
information about the Program, including charges and
expenses, request the Program's prospectus from the
Trustee. Read it carefully before you invest. Written
notice to reinvest must be received by the Trustee at
least 10 days before the record day of a monthly income
payment.
Exchange Privileges
You may exchange units of this Fund for units of certain
other Defined Asset Funds. You may also exchange into this
Fund from certain other funds. A fee will be imposed on
all exchanges.
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TAX-FREE VS. TAXABLE INCOME: A COMPARISON OF TAXABLE AND TAX-FREE YIELDS
<TABLE>
<CAPTION>
TAXABLE INCOME 1997* EFFECTIVE % TAX-FREE YIELD OF
SINGLE RETURN JOINT RETURN TAX BRACKET 4% 4.5% 5% 5.5% 6% 6.5% 7%
IS EQUIVALENT TO A TAXABLE YIELD OF
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0- 24,650 $ 0- 41,200 15.00 4.71 5.29 5.88 6.47 7.06 7.65 8.24
- ----------------------------------------------------------------------------------------------------------------------------------
$ 24,650- 59,750 $ 41,200- 99,600 28.00 5.56 6.25 6.94 7.64 8.33 9.03 9.72
- ----------------------------------------------------------------------------------------------------------------------------------
$ 59,750-124,650 $ 99,600-151,750 31.00 5.80 6.52 7.25 7.97 8.70 9.42 10.14
- ----------------------------------------------------------------------------------------------------------------------------------
$124,650-271,050 $151,750-271,050 36.00 6.25 7.03 7.81 8.59 9.38 10.16 10.94
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OVER $271,050 OVER $271,050 39.60 6.62 7.45 8.28 9.11 9.93 10.76 11.59
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</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 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, you should consult your own tax advisers in this
regard.
5
<PAGE>
WHAT YOU CAN EXPECT FROM YOUR INVESTMENT
MONTHLY INCOME
The Fund is designed to pay regular monthly income. Your monthly income may vary
for the following reasons:
o an adverse development may occur in the financial condition of a bond
issuer; and
o portfolio composition and Fund expenses may change.
Changes in interest rates will generally not affect income payments because the
portfolio is relatively fixed.
Along with your monthly income, you will receive your share of any available
bond principal paid to the Fund.
RETURN FIGURES
We cannot predict your actual return, which will vary with unit price, how long
you hold your investment and changes in the portfolio, interest income and
expenses.
Estimated Current Return equals:
Estimated Annual Estimated
Interest Income - Annual Expenses
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Unit Price
Estimated Long Term Return is a measure of the estimated return over the
estimated life of the Fund and represents an average of the yields to maturity
(or in certain cases, to an earlier call date) of the individual bonds in the
portfolio, adjusted to reflect the maximum sales charge and estimated expenses.
We calculate the average yield for the portfolio by weighting each bond's yield
by its market value and the time remaining to the call or maturity date,
depending on how the bond is priced.
Unlike Estimated Current Return, Estimated Long Term Return takes into account
maturities, discounts and premiums of the bonds in the Fund.
Yields on individual bonds depend on many factors including general conditions
of the bond markets, the size of a particular offering and the maturity and
quality rating of the particular issues. Yields can vary among bonds with
similar maturities, coupons and ratings.
These return quotations are designed to be comparative rather than predictive.
RECORDS AND REPORTS
You will receive:
o a monthly statement of income and any principal payments;
o a notice from the Trustee when new bonds are deposited in exchange or
substitution for bonds originally deposited;
o an annual report on Fund activity; and
o annual tax information. This will also be sent to the IRS and you are required
to report the amount of tax-exempt interest received during the year.
You may request:
o copies of bond evaluations to enable you to comply with federal and state tax
reporting requirements; and
o audited financial statements.
You may inspect records of Fund transactions at the Trustee's office during
business hours.
THE RISKS YOU FACE
INTEREST RATE RISK
Investing involves certain risks, including the risk that the value of your
investment will decline if interest rates rise. Generally, bonds with longer
maturities will fluctuate in value
6
<PAGE>
more than bonds with shorter maturities. Of course, we cannot predict how
interest rates will change. Portfolio changes may occur more frequently when
interest rates decline, which could result in early returns of principal and
possible early termination of the Fund.
Bonds in the Fund may have been purchased at a market discount or premium.
Market discount bonds have:
o lower interest rates than prevailing rates on comparable bonds; and
o lower current returns than comparably rated bonds selling at par because
discount bonds tend to increase in market value as they approach maturity.
Market premium bonds have:
o higher interest rates than prevailing rates on comparable bonds; and
o higher current returns than comparably rated bonds selling at par because
premium bonds tend to decrease in market value as they approach maturity.
An early redemption at par of a premium bond will reduce your return. Whether a
bond sells at a premium or a discount due to interest rate changes does not
indicate the market's confidence in the quality of the bond.
CONCENTRATION RISK
When a certain type of bond makes up 25% or more of the portfolio, the Fund is
considered 'concentrated' in that bond type. This presents a risk because the
Fund is less diversified.
Here is what you should know about the Fund's concentration in bonds.
[risks of any concentration]
Changes to the portfolio from bond calls, prepayments, maturities and sales may
affect the Fund's concentration over time.
INSURANCE RELATED RISK
Some bonds are backed by insurance companies whose claims-paying ability is
rated AAA by Standard & Poor's or another nationally recognized rating
organization. The ratings are subject to change at any time at the discretion of
the rating agencies.
The insurance policies generally do not cover accelerated payments of principal,
except at the sole option of the
insurer, or redemptions resulting from events of taxability. Although the
federal government does not regulate the business of insurance, various state
laws and federal initiatives and tax law changes could significantly impact the
insurance business.
7
<PAGE>
LITIGATION AND LEGISLATION RISKS
We do not know of any pending litigation that might have a material adverse
effect upon the Fund. After the date of this prospectus, litigation may be
initiated on a variety of grounds or legislation may be enacted that would
affect the value of bonds.
While the outcome of litigation can never be predicted, bond counsel gives an
opinion on the date of issue of each bond stating that it has been validly
issued and that its interest payments are exempt from federal income tax.
Other legislation that could affect the portfolio:
o reducing federal income tax rates;
o imposing a flat tax;
o exempting investment income from tax; or
o replacing federal income tax with another form of tax.
Future legislation could also affect your investment. For example, a limitation
on real property taxes would undermine the taxing power of local governments and
could impact the value of their bonds.
BOND QUALITY RISK
Rating agencies may lower or withdraw their original ratings on bonds. Lower
rated or unrated bonds may be riskier than higher grade bonds. These bonds may
suddenly be worth much less if interest rates rise.
CALL RISK
Many bonds are subject to call or prepayment prior to their stated maturity
dates. During periods of falling interest rates, a bond with a coupon higher
than current market rates may be prepaid or 'called' by the issuer before its
stated maturity.
If bonds are subject to sinking fund and extraordinary redemption provisions,
they may be called early in the life of the Fund. For example, an issuer might
redeem bonds if it no longer needs the money for the original purpose.
REDEMPTION RISK
If many investors redeem their units, then the Fund will have to sell bonds, and
diversification will be reduced. Also, your share of Fund expenses will
increase.
LIQUIDITY RISK
The bonds will generally trade in the over-the-counter market. We cannot
guarantee that a liquid trading market will exist, especially since current law
may restrict the Fund from selling bonds to any Sponsor. The value of the bonds
will be reduced if trading is limited or absent.
OTHER RISKS
Some bonds may be when-issued or delayed delivery bonds. When they are delivered
to the Fund they could be worth less than we originally paid for them. Also, if
payments from the short-term bonds reserved to pay the periodic deferred sales
charge are not enough to pay those charges, we might have to sell other bonds
from the portfolio.
8
<PAGE>
REDEEMING, SELLING OR EXCHANGING
You can redeem or sell your units at any time for a price based on the current
net asset value. Your net asset value is calculated each business day by:
o adding the value of the bonds, net accrued interest, cash and any other
Fund assets;
o subtracting unpaid taxes or other governmental charges, accrued but unpaid
Fund expenses, unreimbursed Trustee advances, cash held to redeem units or
for distribution to investors and any other Fund liabilities; and
o dividing the result by the number of outstanding units.
Net asset value when you redeem or sell may be more or less than your cost
because of sales charges, market movements or changes in the portfolio.
If you redeem or sell your units before the final deferred sales charge
installment, the amount of any remaining installments will be deducted from the
proceeds.
REDEEMING UNITS WITH THE TRUSTEE
You can redeem your units by sending the Trustee a letter (with any outstanding
certificates if you hold in certificate form). The certificates must be properly
endorsed or accompanied by a written transfer instrument with signatures
guaranteed by an eligible institution. Sometimes, additional documents may be
needed such as a trust document, certificate of corporate authority, certificate
of death or appointment as executor, administrator or guardian.
Within seven days after your request and the necessary documents are received by
the Trustee, a check will be mailed to you.
As long as we are maintaining a secondary market, the Trustee will sell units to
the Sponsors for the same price. If there is no secondary market, the Trustee
will redeem your units or sell them in the over-the-counter market if it
believes it can obtain a higher price. In that case, you will receive the net
proceeds of the sale.
If the Fund does not have cash available to pay redemptions, the agent for the
Sponsors will select bonds to be sold. Bonds will be selected based on market
and credit factors. These sales could be made at times when the bonds would not
otherwise be sold and may result in lower prices and also reduce the size and
diversity of the Fund.
If you acquire 25% or more of the outstanding units of the Fund and you redeem
units with a value exceeding $250,000, the Trustee may pay part or all of your
redemption 'in kind' (by distributing bonds and cash with a total value equal to
the Redemption Price of those units). The Trustee will try to distribute bonds
in the portfolio pro rata, but it reserves the right to distribute only one or a
few bonds. The Trustee receives and processes in kind distributions. It will
either hold the bonds for your account or sell them as you instruct. You must
pay any transaction costs as well as transfer and ongoing custodial fees on
sales of bonds distributed in kind.
We may suspend redemptions or postpone payment:
9
<PAGE>
o if the New York Stock Exchange is closed (other than customary weekend and
holiday closings);
o if the SEC determines that trading on the New York Stock Exchange is
restricted or that an emergency exists making sale or evaluation of the
bonds not reasonably practicable; and
o for any other period permitted by SEC order.
SPONSORS' SECONDARY MARKET
While we are not obligated to do so, we will buy back units at net asset value
without any other fee or charge other than any remaining deferred sales charge.
We may resell the units to other buyers or redeem them with the Trustee. You
should consult your financial professional for current market prices to
determine if other broker-dealers or banks are offering higher prices.
We may discontinue the secondary market without prior notice for any business
reason. Regardless of whether we maintain a secondary market, you can redeem
with the Trustee at any time, as described above.
EXCHANGE OPTION
The Defined Asset Funds family offers the ability to exchange from one fund into
another if your goals or objectives change. You may be entitled to a reduced
sales charge in certain circumstances. To exchange units, you should talk to
your financial professional about what is suitable, currently available,
offerable in your state and what you would pay.
Normally, an exchange is taxable and you must recognize any gain or loss on the
exchange. However, the IRS may try to disallow a loss if the portfolios of the
two funds are not materially different; you should consult your own tax advisor.
We may amend or terminate this exchange option at any time without notice.
HOW THE FUND WORKS
PRICING
The unit price includes interest accrued on the bonds, net of expenses, from the
initial date of deposit up to, but not including, the settlement date, which is
usually three business days after the initial date of deposit.
Bonds also carry accrued but unpaid interest up to the initial date of deposit.
To avoid having you pay this additional accrued interest (which earns no return)
when you buy, the Trustee advances this amount to the Sponsors. The Trustee
recovers this advance from interest received on the bonds.
A portion of the unit price consists of cash so the Trustee can provide you with
regular monthly income. When you sell or redeem, you will receive your share of
this cash. If a bond is sold, redeemed or reaches maturity, you will receive
your share of this cash attributable to that bond.
EVALUATIONS
An independent Evaluator values the bonds on each business day (excluding
Saturdays, Sundays and the following holidays as observed by the New York Stock
Exchange: New Year's Day, Presidents' Day, Good Friday, Memorial Day,
Independence Day, Labor Day, Thanksgiving and Christmas). Bond values are based
on current bid or offer prices for the bonds or comparable bonds. In
10
<PAGE>
the past, the difference between bid and offer prices of publicly offered
tax-exempt bonds has ranged from 0.5% of face amount on actively traded issues
to 3.5% on inactively traded issues; the difference has averaged between 1 and
2%. Neither the Sponsors, the Trustee nor the Evaluator will be liable for
errors in the Evaluator's judgment.
SECONDARY MARKET SALES CHARGE
Units purchased after the deduction of the final deferred sales charge will be
subject only to an up-front sales charge based on the maturities of the bonds,
as set forth below.
ACTUAL SALES CHARGE AS DEALER CONCESSION AS
PERCENT OF EFFECTIVE PERCENT OF EFFECTIVE
NUMBER OF UNITS SALES CHARGE SALES CHARGE
- ---------------- ----------------------- ---------------------
1-249 100% 65.00%
250-499 80 52.00
500-749 60 39.00
750-999 45 29.25
1,000 or more 35 22.75
EFFECTIVE SALES CHARGE
AS PERCENT AS PERCENT
TIME TO OF BID SIDE OF PUBLIC
MATURITY EVALUATION OFFERING PRICE
- ------------------------- ----------- -----------------
Less than six months 0% 0%
Six months to 1 year 0.503 0.50
1 year to 2 years 1.010 1.00
2 years to 3 years 1.523 1.50
3 years to 4 years 2.302 2.25
4 years to 5 years 2.828 2.75
5 years to 6 years 3.093 3.00
6 years to 7 years 3.359 3.25
7 years to 8 years 3.627 3.50
8 years to 9 years 4.167 4.00
9 years to 12 years 4.439 4.25
12 years to 15 years 4.712 4.50
15 years or more 5.820 5.50
A bond will be considered to mature on its stated maturity date unless:
o it has been called for redemption;
o (although not called) its yield to maturity is more than 40 basis points
higher than its yield to any call date;
o funds or securities have been placed in escrow to redeem it on an earlier
date; or
o the bond is subject to a mandatory tender.
In each of these cases the earlier date will be considered the maturity date.
CERTIFICATES
The Trustee issues unit certificates on request. You may transfer certificates
by complying with the requirements for redeeming certificates, described on page
9. You can replace lost or mutilated certificates by delivering satisfactory
indemnity and payment of costs.
INCOME
Interest on any bonds purchased on a when-issued basis or for a delayed delivery
does not begin to accrue until the bonds are delivered to the Fund. The Trustee
may reduce its fee to provide you with tax-exempt income for this non-accrual
period. The Trustee may draw on the letter of credit deposited by the Sponsors
before the bond's settlement date and deposit the cash in a non interest-bearing
account for the Fund. If a bond is not delivered on time and the Trustee's
annual fee and expenses do not cover the additional accrued interest, we will
treat the contract to buy the bond as failed.
The Trustee credits interest to an Income Account and other receipts to a
Capital Account. The Trustee may establish a Reserve Account by withdrawing from
these accounts amounts it considers appropriate to pay any material liability.
11
<PAGE>
FUND EXPENSES
The Trustee is paid a fee monthly. It also benefits when it holds cash for the
Fund in non-interest bearing accounts. Possible additional charges include:
o Trustee fees for extraordinary services and costs of indemnifying the
Trustee and the Sponsors;
o costs of action taken to protect the Fund and other legal fees and
expenses;
o expenses for maintaining the Fund's registration statement current; and
o Fund termination expenses and any governmental charges.
Quarterly deferred sales charges owed are paid with interest and principal from
certain bonds. If these amounts are not enough, the rest will be paid from the
Fund's Capital and Income Accounts. If Fund expenses exceed initial estimates,
the Fund will owe the excess. The Trustee has a lien on Fund assets to secure
reimbursement of these amounts and may sell bonds if cash is not available.
The Sponsors are currently reimbursed at 35 cents per $1,000 face amount
annually for providing portfolio supervisory services. While this fee may exceed
their costs of providing these services to this Fund, total supervisory fees for
all Series of Municipal Investment Trusts will not exceed the costs of their
services for any calendar year. The Sponsors are also reimbursed for bookkeeping
and administrative services to Defined Asset Funds, currently charged at 10
cents per unit.
The Fund pays the Evaluator's fees. The Trustee's, Sponsors' and Evaluator's
fees may be adjusted for inflation without investors' approval.
The Fund (and therefore you) will pay all or a portion of its organizational
expenses, charged over, but not longer than, five years, including:
o cost of initial preparation of legal documents;
o federal and state registration fees;
o initial fees and expenses of the Trustee;
o initial audit; and
o legal expenses and any other out-of-pocket expenses.
The Sponsors will pay advertising and selling expenses at no charge to the Fund.
PORTFOLIO CHANGES
The portfolio is designed to remain intact and we may keep bonds in the
portfolio even if their credit quality declines or other adverse financial
circumstances occur. However, we may sell a bond in certain cases, if we believe
that keeping it will not be in your best interest, for example, if a bond
becomes taxable, if there is a likelihood of default or because of a decline in
price or occurance of other market or credit factors.
The Sponsors and Trustee are not liable for any default or defect in a bond, but
if a contract to buy any bond fails in the first 90 days of the Fund, we
generally will deposit a replacement tax-exempt bond with a similar yield,
maturity, rating and price.
Redemptions of units will affect the size and composition of the portfolio, if
we are unable to sell the units that we bought in the secondary market. Units
offered in the secondary market may not represent the same face amount of bonds
that they did originally.
We decide whether or not to sell units acquired in the secondary market by
reviewing:
o diversity of the portfolio;
12
<PAGE>
o size of the Fund relative to its original size;
o ratio of Fund expenses to income;
o current and long-term returns;
o degree to which units may be selling at a premium over par; and
o cost of maintaining a current prospectus.
FUND TERMINATION
The Fund will generally terminate following the stated maturity or sale of the
last bond in the portfolio. The Fund may also terminate earlier with the consent
of investors holding 51% of the units.
We may also terminate the Fund if total assets of the Fund have fallen below 40%
of the face amount of bonds originally deposited. We will decide whether to
terminate the Fund early based on the same factors used in deciding whether or
not to sell units in the secondary market.
You will receive notice when the Fund is about to terminate, and a date by which
you must redeem your units. You will be unable to redeem units after that time.
On or shortly before termination, we will sell any remaining bonds, although any
bond that cannot be sold at a reasonable price may continue to be held by the
Trustee in a liquidating trust pending its final sale.
You will pay your share of the expenses associated with termination, including
brokerage costs in selling bonds, if you still hold your investment. This may
reduce your final distribution.
TRUST INDENTURE
The Fund is a 'unit investment trust' formed by a Trust Indenture, a contract
among the Sponsors, the Trustee and the Evaluator. The following summarizes
various provisions of the Indenture.
The Sponsors and the Trustee may amend the Indenture without your consent:
o to cure ambiguities;
o to correct or supplement any defective or inconsistent provision;
o to make any amendment required by any governmental agency; or
o to make other changes determined not to be materially adverse to your best
interest (as determined by the Sponsors).
Investors holding 51% of the units may amend the Indenture. Every investor must
consent to any amendment that changes the 51% requirement. No amendment may
reduce your interest in the Fund without your written consent.
The Trustee may resign by notifying the Sponsors. The Sponsors may remove the
Trustee without your consent if:
o it fails to perform its duties;
o it becomes incapable of acting or bankrupt or its affairs are taken over by
public authorities; or
o the Sponsors determine that its replacement is in your best interest.
Investors holding 51% of the units may remove the Trustee. The Evaluator may
resign or be removed by the Sponsors and the Trustee without the consent of
investors. The resignation or removal of either becomes effective when a
successor accepts appointment. The Sponsors will try to appoint a successor
promptly; however, if no successor has accepted within 30 days after notice of
resignation, the resigning Trustee or Evaluator may petition a court to appoint
a successor.
13
<PAGE>
Any Sponsor may resign as long as one Sponsor with a net worth of $2 million
remains and agrees to the resignation. The remaining Sponsors and the Trustee
may appoint a replacement. If there is only one Sponsor and it fails to perform
its duties or becomes bankrupt the Trustee may:
o remove it and appoint a replacement Sponsor;
o liquidate the Fund; or
o continue to act as Trustee without a Sponsor.
Merrill Lynch, Pierce, Fenner & Smith Incorporated acts as agent for the
Sponsors.
The Indenture contains customary provisions limiting the liability of the
Trustee, the Sponsors and the Evaluator who are not liable for any act or
omission in the conduct of their responsibilities absent bad faith, willful
impropriety, negligence (gross negligence in the case of a Sponsor or the
Evaluator) or reckless disregard of duty.
LEGAL OPINION
Davis Polk & Wardwell, 450 Lexington Avenue, New York, New York 10017, as
special counsel for the Sponsors, has issued an opinion that the units are
valid.
AUDITORS
Deloitte & Touche LLP, 2 World Financial Center, New York, New York 10281,
independent accountants, audited the Statement of Condition included in this
prospectus.
SPONSORS
The Sponsors and their underwriting percentages are:
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (a wholly-owned subsidiary of
Merrill Lynch & Co., Inc.)
P.O. Box 9051,
Princeton, NJ 08543-9051 %
SMITH BARNEY INC. (an indirectly wholly-owned subsidiary of The Travelers Inc.)
388 Greenwich Street--23rd Floor,
New York, NY 10013 %
PRUDENTIAL SECURITIES INCORPORATED (an indirect wholly-owned subsidiary of the
Prudential Insurance Company of America)
One New York Plaza,
New York, NY 10292 %
DEAN WITTER REYNOLDS INC. (a principal operating subsidiary of
Dean Witter Discover & Co.)
Two World Trade Center--59th Floor,
New York, NY 10048 %
PAINEWEBBER INCORPORATED (a wholly-owned subsidiary of PaineWebber Group Inc.)
1285 Avenue of the Americas,
New York, NY 10019 _______%
100.00%
Each Sponsor is a Delaware corporation and it, or its predecessor, has acted as
sponsor to several unit investment trusts. As a registered broker-dealer each
Sponsor buys and sells securities (including investment company shares) for
others (including investment companies) and participated as an underwriter in
various selling groups.
TRUSTEE
The Chase Manhattan Bank, 4 New York Plaza, New York, New York 10004, is the
Trustee. It is supervised by the Federal Deposit Insurance Corporation, the
Board of Governors of the Federal Reserve System and New York State banking
authorities.
14
<PAGE>
UNDERWRITERS' AND SPONSORS' PROFITS
Underwriters receive sales charges on the units. Sponsors also realize a profit
or loss on deposit of the bonds shown under Defined Portfolio. Any cash made
available by buyers of units to the Sponsors before the settlement date for
those units may be used in the Sponsors' businesses to the extent permitted by
federal law and may benefit the Sponsors.
A Sponsor or Underwriter may realize profits or sustain losses on bonds in the
Fund which were acquired from underwriting syndicates of which it was a member.
We bought approximately % of the bonds in the portfolio from one or more of
the Sponsors (as sole underwriter, managing underwriter or member of an
underwriting syndicate).
During the initial offering period, the Sponsors also may realize profits or
sustain losses on units they hold. In maintaining a secondary market, the
Sponsors will also realize profits or sustain losses in the amount of any
difference between the prices at which they buy units and the prices at which
they resell or redeem them.
PUBLIC DISTRIBUTION
During the initial offering period, units will be distributed to the public by
the Sponsors and dealers who are members of the National Association of
Securities Dealers, Inc. This period is 30 days or less if all units are sold.
The Sponsors may extend the initial period up to 120 days.
The Sponsors do not intend to qualify units for sale in any foreign countries.
This prospectus does not constitute an offer to sell units in any country where
units cannot lawfully be sold.
In the initial offering period, the concession to dealers will equal the unit
price less $30. We may change the concession at any time. Dealers may reallow a
concession up to the concession to dealers.
CODE OF ETHICS
Merrill Lynch, as agent for the Sponsors, has adopted a code of ethics requiring
preclearance and reporting of personal securities transactions by its employees
with access to information on portfolio transactions. The goal of the code is to
prevent fraud, deception or misconduct against the Fund and to provide
reasonable standards of conduct.
15
<PAGE>
TAXES
The following summary describes some of the important income tax consequences of
holding units. It assumes that you are not a dealer, financial institution,
insurance company or other investor with special circumstances. You should
consult your own tax advisor about an investment in the Fund in your particular
circumstances.
At the date of issue of each bond, counsel for the issuer delivered an opinion
to the effect that interest on the bond is exempt from regular federal income
tax. However, interest may be subject to state and local taxes and federal
alternative minimum tax. Neither we nor our counsel have reviewed the issuance
of the bonds, related proceedings or the basis for the opinions of counsel for
the issuers. We cannot assure you that the issuer (or other users) have complied
or will comply with any requirements necessary for a bond to be tax-exempt. If
any of the bonds were determined not to be tax-exempt, you could be required to
pay income tax for current and prior years, and if the Fund were to sell the
bond, it might have to sell it at a substantial discount.
In the opinion of our counsel, under existing law:
GENERAL TREATMENT OF THE FUND AND YOUR INVESTMENT
The Fund will not be taxed as a corporation for federal income tax purposes, and
you will be considered to own directly your share of each bond in the Fund.
INCOME OR LOSS UPON DISPOSITION
When all or part of your share of a bond is disposed of (for example, when the
Fund sells, exchanges or redeems a bond or when you sell, exchange or redeem
your units), you will generally recognize capital gain or loss. Your gain,
however, will generally be ordinary income to the extent of any accrued 'market
discount'. Generally you will have market discount to the extent that your basis
in a bond when you purchase a unit is less than its stated redemption price at
maturity (or, if it is an original issue discount bond, the issue price
increased by original issue discount that has accrued to previous holders). You
should consult your tax advisor in this regard.
If your net long-term capital gains exceed your net short-term capital losses,
the excess may be subject to tax at a lower rate than ordinary income. Any
capital gain from the Fund will be long-term if you held your investment for
more than one year and short-term if you held it for one year or less. Because
the deductibility of capital losses is subject to limitations, you may not be
able to deduct all of your capital losses.
YOUR BASIS IN THE BONDS
Your aggregate basis in the bonds will be equal to the cost of your units,
including any sales charges and the organizational expenses you pay, adjusted to
reflect any accruals of 'original issue discount,' 'acquisition premium' and
'bond premium'. You should consult your tax advisor in this regard.
EXPENSES
If you are not a corporate investor, you will not be entitled to a deduction for
your share of fees and expenses of the Fund. Also, if you borrowed money in
order to purchase or carry
16
<PAGE>
your units, you will not be able to deduct the interest on this borrowing for
federal income tax purposes. The IRS may treat your purchase of units as made
with borrowed money even if this money is not directly traceable to the purchase
of units.
STATE AND LOCAL TAXES
Under the income tax laws of the State and City of New York, the Fund will not
be taxed as a corporation. If you are a New York taxpayer, your income from the
Fund will not be tax-exempt in New York except to the extent it is earned on
bonds that are tax-exempt for New York purposes. Depending on where you live,
your income from the Fund may be subject to state and local taxation. You should
consult your tax adviser in this regard.
FUND PERFORMANCE
Information on the performance of the Fund may be included from time to time in
advertisements, sales literature, reports and other information furnished to
investors. Fund performance may be compared to performance of Moody's Municipal
Bond Averages or performance data from publications such as Lipper Analytical
Services and Morningstar Publications. Total return figures are not averaged,
and may not reflect deduction of the sales charge, which would decrease the
return. Average annualized return figures reflect deduction of the maximum sales
charge but do not reflect any income taxes payable.
SUPPLEMENTAL INFORMATION
You can receive at no cost supplemental information about the Fund, which has
been filed with the SEC, by calling the Trustee shown on the back cover of this
Prospectus. The supplemental information includes more detailed risk disclosure
about the types of bonds that may be in the Fund's portfolio, general risk
disclosure concerning any insurance securing certain bonds, and general
information about the structure of the Fund.
17
<PAGE>
- --------------------------------------------------------------------------------
DEFINED PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATING COST
PORTFOLIO TITLE (1) COUPON MATURITY OF ISSUES (2) TO FUND (3)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIRPORT/PORTS/HIGHWAYS:
1. %
HOSPITALS/HEALTH CARE:
2.
3.
4.
5.
6.
HOUSING:
7.
8.
9.
INDUSTRIAL DEVELOPMENT REVENUE:
10.
LEASE RENTAL APPROPRIATION:
11.
12.
SPECIAL TAX:
13.
MISCELLANEOUS:
14.
15.
--------------------
--------------------
--------------------
</TABLE>
- ------------------------------------
(1) Approximately % of the bonds are callable beginning in 20 .
(2) All ratings are by Standard & Poor's Ratings Group unless followed by
'(f)', which indicates a Fitch Investors Service rating. Ratings A through
AAA indicate good to highest quality bonds with a strong to very strong
capacity to pay interest and repay principal. Fitch ratings have been
furnished by the Evaluator but not confirmed with Fitch.
(3) Approximately % of the bonds were deposited at a premium, % at par
and % at a discount from par. Sponsors' profit on deposit was
$ .
(4) The interest and principal on these bonds will be used to pay the Fund's
deferred sales charge and these amounts are not included in the calculation
of Estimated Current and Long Term Returns.
18
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF CONDITION AS OF , 1997
- --------------------------------------------------------------------------------
TRUST PROPERTY
Investments--Bonds and Contracts to purchase Bonds(1) $
Cash
Accrued interest to Initial Date of Deposit on underlying
Bonds
Organizational costs (2)
--------------------
Total $
--------------------
--------------------
LIABILITIES AND INTEREST OF HOLDERS
Liabilities: Advance by Trustee for accrued interest (3) $
Accrued Liability(2)
--------------------
Subtotal
--------------------
Interest of Holders of Units of fractional
undivided interest outstanding:
Cost to investors(4)(5)
--------------------
Total $
--------------------
--------------------
- ---------------
(1) Aggregate cost to the Fund of the bonds listed under Defined
Portfolio is based upon the offer side evaluation determined by the Evaluator at
the evaluation time on the business day prior to the Initial Date of Deposit.
The contracts to purchase the bonds are collateralized by an irrevocable letter
of credit which has been issued by The Bank, New York Branch, in the
amount of $ and deposited with the Trustee. The amount of the
letter of credit includes $ for the purchase of $ face
amount of the bonds, plus $ for accrued interest.
(2) This represents a portion of the Fund's organizational costs which
will be deferred and amortized over five years.
(3) Representing a special distribution to the Sponsors by the Trustee
of an amount equal to the accrued interest on the bonds.
(4) A mandatory distribution of $3.75 per Unit is payable quarterly
August, November, February and May up to an aggregate of $45.00 per Unit over a
three-year period. Distributions will be made to an account maintained by the
Trustee from which the deferred sales charge obligation of the investors to the
Sponsors will be satisfied. If units are redeemed prior to the end of the third
anniversary of the Fund, the remaining portion of the distribution applicable to
such Units will be transferred to such account on the redemption date.
(5) Aggregate public offering price (exclusive of interest) computed
on the basis of the offer side evaluation of the underlying bonds as of the
evaluation time on the business day prior to the Initial Date of Deposit.
REPORT OF INDEPENDENT ACCOUNTANTS
The Sponsors, Trustee and Holders of Municipal Investment Trust Fund, Monthly
Payment Series--608, Defined Asset Funds (the 'Fund'):
We have audited the accompanying statement of condition and the related defined
portfolio included in the prospectus of the Fund as of , 1997. This
financial statement is the responsibility of the Trustee. Our responsibility is
to express an opinion on this financial statement based on our audit.
We conducted our audit 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 statement is free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statement. Our procedures included
confirmation of cash, securities and an irrevocable letter of credit deposited
for the purchase of securities, as described in the statement of condition, with
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 audit provides a
reasonable basis for our opinion.
In our opinion, the financial statement referred to above presents fairly, in
all material respects, the financial position of the Fund as of ,
1997 in conformity with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
NEW YORK, N.Y.
, 1997
19
<PAGE>
Defined
Asset FundsSM
HAVE QUESTIONS ? MUNICIPAL INVESTMENT TRUST FUND
Request a free Monthly Payment Series--608
Information Supplement (A Unit Investment Trust)
dated /1/97 that gives ---------------------------------------
more details about the This Prospectus does not contain
Fund, by calling: complete information about the
The Chase Manhattan Bank investment company filed with the
1-800-323-1508 Securities and Exchange Commission in
Washington, D.C. under the:
o Securities Act of 1933 (file no.
333-12493) and
o Investment Company Act of 1940 (file
no. 811-1777).
TO OBTAIN COPIES AT PRESCRIBED RATES--
WRITE: Public Reference Section of the
Commission
450 Fifth Street, N.W., Washington,
D.C. 20549-6009
CALL: 1-800-SEC-0330.
VISIT: http://www.sec.gov.
---------------------------------------
No person is authorized to give any
information or representations about
this Fund not contained in this
Prospectus or the Information
Supplement, and you should not rely on
any other information.
---------------------------------------
When units of this Fund are no longer
available, this Prospectus may be used
as a preliminary prospectus for a
future series, but some of the
information in this Prospectus will be
changed for that series.
Units of any future series may not be
sold nor may offers to buy be accepted
until that series has become effective
with the Securities and Exchange
Commission. No units can be sold in any
State where a sale would be illegal.
-- /97
20
<PAGE>
PART II
ADDITIONAL INFORMATION NOT INCLUDED IN THE PROSPECTUS
A. The following information relating to the Depositors is incorporated by
reference to the SEC filings indicated and made a part of this Registration
Statement.
I. Bonding arrangements of each of the Depositors are incorporated by reference
to Item A of Part II to the Registration Statement on Form S-6 under the
Securities Act of 1933 for Municipal Investment Trust Fund, Monthly Payment
Series--573 Defined Asset Funds (Reg. No. 333-08241).
II. The date of organization of each of the Depositors is set forth in Item B
of Part II to the Registration Statement on Form S-6 under the Securities Act of
1933 for Municipal Investment Trust Fund, Monthly Payment Series--573 Defined
Asset Funds (Reg. No. 333-08241) and is herein incorporated by reference
thereto.
III. The Charter and By-Laws of each of the Depositors are incorporated herein
by reference to Exhibits 1.3 through 1.12 to the Registration Statement on Form
S-6 under the Securities Act of 1933 for Municipal Investment Trust Fund,
Monthly Payment Series--573 Defined Asset Funds (Reg. No. 333-08241).
IV. Information as to Officers and Directors of the Depositors has been filed
pursuant to Schedules A and D of Form BD under Rules 15b1-1 and 15b3-1 of the
Securities Exchange Act of 1934 and is incorporated by reference to the SEC
filings indicated and made a part of this Registration Statement:
Merrill Lynch, Pierce, Fenner & Smith Incorporated 8-7221
Smith Barney Inc. ........................................ 8-8177
PaineWebber Incorporated.................................. 8-16267
Prudential Securities Incorporated........................ 8-27154
Dean Witter Reynolds Inc. ................................ 8-14172
------------------------------------
B. The Internal Revenue Service Employer Identification Numbers of the
Sponsors and Trustee are as follows:
Merrill Lynch, Pierce, Fenner & Smith Incorporated 13-5674085
Smith Barney Inc. ........................................ 13-1912900
PaineWebber Incorporated.................................. 13-2638166
Prudential Securities Incorporated........................ 22-2347336
Dean Witter Reynolds Inc. ................................ 94-0899825
The Chase Manhattan Bank, Trustee......................... 13-4994650
UNDERTAKING
The Sponsors undertake that they will not instruct the Trustee to accept from
(i) Asset Guaranty Reinsurance Company, Municipal Bond Investors Assurance
Corporation or any other insurance company affiliated with any of the Sponsors,
in settlement of any claim, less than an amount sufficient to pay any principal
or interest (and, in the case of a taxability redemption, premium) then due on
any Security in accordance with the municipal bond guaranty insurance policy
attached to such Security or (ii) any affiliate of the Sponsors who has any
obligation with respect to any Security, less than the full amount due pursuant
to the obligation, unless such instructions have been approved by the Securities
and Exchange Commission pursuant to Rule 17d-1 under the Investment Company Act
of 1940.
II-1
<PAGE>
CONTENTS OF REGISTRATION STATEMENT
The Registration Statement on Form S-6 comprises the following papers and
documents:
The facing sheet of Form S-6.
The Cross-Reference Sheet (incorporated by reference to the Cross-Reference
Sheet to the Registration Statement of Defined Asset Funds Municipal Series,
1933 Act File No. 33-54565).
The Prospectus.
Additional Information not included in the Prospectus (Part II).
The following exhibits:
1.1 --Form of Trust Indenture (incorporated by reference to Exhibit 1.1 to
the Registration Statement of Municipal Investment Trust Fund,
Multistate Series-89, 1933 Act File No. 33-58531).
1.1.1 --Form of Standard Terms and Conditions of Trust Effective October 21,
1993 (incorporated by reference to Exhibit 1.1.1 to the Registration
Statement of Municipal Investment Trust Fund, Multistate Series-48,
1933 Act File No. 33-50247).
1.2 --Form of Master Agreement Among Underwriters (incorporated by reference
to Exhibit 1.2 to the Registration Statement of The Corporate Income
Fund, One Hundred Ninety-Fourth Monthly Payment Series, 1933 Act File
No. 2-90925).
2.1 --Form of Certificate of Beneficial Interest (included in Exhibit
1.1.1).
*3.1 --Opinion of counsel as to the legality of the securities being issued
including their consent to the use of their names under the headings
'Taxes' and 'Miscellaneous--Legal Opinion' in the Prospectus.
*4.1 --Consent of the Evaluator.
*5.1 --Consent of independent accountants.
*9.1 --Information Supplement.
- ------------------------------------
*To be filed by amendment.
R-1
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND
MONTHLY PAYMENT SERIES--608
DEFINED ASSET FUNDS
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THE REGISTRANT
HAS DULY CAUSED THIS REGISTRATION STATEMENT OR AMENDMENT TO THE REGISTRATION
STATEMENT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED THEREUNTO DULY
AUTHORIZED IN THE CITY OF NEW YORK AND STATE OF NEW YORK ON THE 2ND DAY OF JUNE,
1997.
SIGNATURES APPEAR ON PAGES R-3, R-4, R-5, R-6 AND R-7.
A majority of the members of the Board of Directors of Merrill Lynch,
Pierce, Fenner & Smith Incorporated has signed this Registration Statement or
Amendment to the Registration Statement pursuant to Powers of Attorney
authorizing the person signing this Registration Statement or Amendment to the
Registration Statement to do so on behalf of such members.
A majority of the members of the Board of Directors of Smith Barney Inc.
has signed this Registration Statement or Amendment to the Registration
Statement pursuant to Powers of Attorney authorizing the person signing this
Registration Statement or Amendment to the Registration Statement to do so on
behalf of such members.
A majority of the members of the Executive Committee of the Board of
Directors of PaineWebber Incorporated has signed this Registration Statement or
Amendment to the Registration Statement pursuant to Powers of Attorney
authorizing the person signing this Registration Statement or Amendment to the
Registration Statement to do so on behalf of such members.
A majority of the members of the Board of Directors of Prudential
Securities Incorporated has signed this Registration Statement or Amendment to
the Registration Statement pursuant to Powers of Attorney authorizing the person
signing this Registration Statement or Amendment to the Registration Statement
to do so on behalf of such members.
A majority of the members of the Board of Directors of Dean Witter Reynolds
Inc. has signed this Registration Statement or Amendment to the Registration
Statement pursuant to Powers of Attorney authorizing the person signing this
Registration Statement or Amendment to the Registration Statement to do so on
behalf of such members.
R-2
<PAGE>
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
DEPOSITOR
By the following persons, who constitute Powers of Attorney have been filed
a majority of under
the Board of Directors of Merrill Form SE and the following 1933 Act
Lynch, Pierce, File
Fenner & Smith Incorporated: Number: 33-43466 and 33-51607
HERBERT M. ALLISON, JR.
BARRY S. FREIDBERG
EDWARD L. GOLDBERG
STEPHEN L. HAMMERMAN
JEROME P. KENNEY
DAVID H. KOMANSKY
DANIEL T. NAPOLI
THOMAS H. PATRICK
JOHN L. STEFFENS
DANIEL P. TULLY
ROGER M. VASEY
ARTHUR H. ZEIKEL
DANIEL C. TYLER
(As authorized signatory for Merrill Lynch, Pierce,
Fenner & Smith Incorporated and
Attorney-in-fact for the persons listed above)
R-3
<PAGE>
SMITH BARNEY INC.
DEPOSITOR
By the following persons, who constitute a majority of Powers of Attorney
the Board of Directors of Smith Barney Inc.: have been filed
under the 1933 Act
File Numbers:
33-49753, 33-55073
and 333-10441
STEVEN D. BLACK
JAMES BOSHART III
ROBERT A. CASE
JAMES DIMON
ROBERT DRUSKIN
ROBERT H. LESSIN
WILLIAM J. MILLS, II
MICHAEL B. PANITCH
PAUL UNDERWOOD
By GINA LEMON
(As authorized signatory for
Smith Barney Inc. and
Attorney-in-fact for the persons listed above)
R-4
<PAGE>
PAINEWEBBER INCORPORATED
DEPOSITOR
By the following persons, who constitute Powers of Attorney have been filed
a majority of under
the Executive Committee of the Board the following 1933 Act File
of Directors Number: 33-55073
of PaineWebber Incorporated:
JOSEPH J. GRANO, JR.
DONALD B. MARRON
By
ROBERT E. HOLLEY
(As authorized signatory for PaineWebber Incorporated
and Attorney-in-fact for the persons listed above)
R-5
<PAGE>
PRUDENTIAL SECURITIES INCORPORATED
DEPOSITOR
By the following persons, who constitute a majority of Powers of Attorney
the Board of Directors of Prudential Securities have been filed
Incorporated: under Form SE and
the following 1933
Act File Numbers:
33-41631 and
333-15919
ROBERT C. GOLDEN
ALAN D. HOGAN
A. LAURENCE NORTON, JR.
LELAND B. PATON
VINCENT T. PICA II
MARTIN PFINSGRAFF
HARDWICK SIMMONS
LEE B. SPENCER, JR.
BRIAN M. STORMS
By RICHARD R. HOFFMANN
(As authorized signatory for Prudential Securities
Incorporated and Attorney-in-fact for the persons
listed above)
R-6
<PAGE>
DEAN WITTER REYNOLDS INC.
DEPOSITOR
By the following persons, who constitute Powers of Attorney have been filed
a majority of under Form SE and the following 1933
the Board of Directors of Dean Witter Act File Numbers: 33-17085 and
Reynolds Inc.: 333-13039
RICHARD M. DeMARTINI
ROBERT J. DWYER
CHRISTINE A. EDWARDS
CHARLES A. FIUMEFREDDO
JAMES F. HIGGINS
MITCHELL M. MERIN
STEPHEN R. MILLER
RICHARD F. POWERS III
PHILIP J. PURCELL
THOMAS C. SCHNEIDER
WILLIAM B. SMITH
By
MICHAEL D. BROWNE
(As authorized signatory for
Dean Witter Reynolds Inc.
and Attorney-in-fact for the persons listed above)
R-7
