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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 15, 1997
GOVERNMENT SECURITIES TRUST J-1
(Exact name of registrant as specified in its charter or other governing
instrument)
State or other jurisdiction of incorporation:
New York
Commission File Number:
0-17365
IRS Employer Identification No.:
13-6947810
c/o Chase Manhattan Bank
Corporate Trustee Administration Department
450 West 33rd Street
New York, New York 10001
Registrant's telephone number, including area code : (212) 946-8608
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Item 1. Changes in Control of Registrant.
Not Applicable.
Item 2. Acquisition or Disposition of Assets.
None.
Item 3. Bankruptcy or Receivership.
None.
Item 4. Changes in Registrant's Certifying Accountant.
No Change
Item 5. Other Events.
Semiannual Report to Holders pursuant to the Trust's Declaration of Trust
dated as of November 30, 1988. (Attached as Exhibit A) .
No other reportable events.
Item 6. Resignations of Registrant's Directors.
Not Applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
Not Applicable.
Exhibits
Semiannual Report to Holders attached hereto as Exhibit A .
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
Government Securities Trust J-1
Dated: June 6, 1997
By:_________Dennis Kildea_________
Trust Officer
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Exhibit A
CHASE MANHATTAN BANK
(formerly CHEMICAL BANK)
450 West 33rd Street
New York, New York 10001
Trustee's Semiannual Report
To the Holders of
Government Securities Trust J-1 Zero Coupon Certificates
(Jordanian FMS Refinancing)
and
Defense Security Assistance Agency
The Pentagon
Washington, DC 20301-2800
Attention of the Comptroller, DSAA
i. On May 15, 1997, the aggregate amount distributed to the Holders was
$14,418,750.00. The portions thereof allocable to principal and interest
payments on the Guarantee was $12,976,750.00 and to payments
from the Securities Trust was $1,442,000.00.
ii. The aggregate Initial Amount of the Certificates issued by such Trust
and remaining outstanding after such distribution is $ 183,984,000.00.
iii. The unpaid principal amount of the Related Note(s) following such
distribution is $ 100,996,218.44.
iv. The sum of the amount referred to in (i) above, plus the amount paid
to the Trustee in respect of the Trustee's fees and expenses was not less
than the sum of 90% of the amount required to have been paid by the
Borrower on the Related Note(s) on the immediately preceding Note Payment
Date plus the payment received from the Securities Trust on the
Certificate Payment Date.
Payment Default had occurred as to the Hashemite Kingdom of Jordan Notes,
but said Payment Default has, as to Holders, been cured after payment by the
Defense Security Assistance Agency of a demand under the Guarantees in the
amount of $12,976,875.00 in respect of the Note payment Date next preceding
the Certificate Payment Date.
To the best of my knowledge and belief, this Semiannual Report is
complete and accurate.
By: ____ Dennis Kildea_____
Trust Officer
Dated as of May 15, 1997
(Tax ID No. 13-6947810)
