INSURED MUNICIPAL SECURITIES TR 48TH DISCOUNT SERIES 21, 497J, 1994-11-16

INSURED MUNICIPAL SECURITIES TR 48TH DISCOUNT SERIES 21
497J, 1994-11-16

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    BEAR, STEARNS & CO. INC. 
    245 Park Avenue 
    New York, New York 10167
    (212) 272-2500





                                 November 16, 1994


    VIA EDGAR

    Securities and Exchange Commission
    450 Fifth Street, N.W.
    Washington, D.C. 20549


                   Re:  Insured Municipal Securities Trust, 48th Discount
                        Series
                        File No. 33-28702

    Gentlemen:

              As Sponsors of the above-referenced Trust, we are writing this
    letter to certify that: 

              (1) the form of Prospectus that would have been filed under Rule
    497(b) of the Securities Act of 1933, does not differ from that contained
    in the most recent Post-Effective Amendment to the Registration Statement
    on Form S-6 (the "Registration Statement"), and

              (2) the text of the most recent Registration Statement was filed
    electronically with the Securities and Exchange Commission on October 26,
    1994 and became effective October 28, 1994 pursuant to Rule 485(b).

                                  Insured Municipal Securities Trust, 48th
                                  Discount Series


                                  BEAR, STEARNS & CO. INC.
                                  GRUNTAL & CO. INCORPORATED


                                  By:                         
                                       Peter J. DeMarco
                                       as agent for the Sponsors