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Defined
Asset FundsSM
Government
Securities
Income Fund
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GNMA SERIES 1W
(A UNIT INVESTMENT TRUST)
7.09%
ESTIMATED CURRENT RETURN
AS OF MAY 3, 1994
7.41%
ESTIMATED LONG TERM RETURN
AS OF MAY 3, 1994
/ / U.S. GOVERNMENT BACKED
/ / MONTHLY INCOME
/ / AAA RATED
Merrill Lynch,
Pierce Fenner & Smith Incorporated
Smith Barney Shearson Inc.
PaineWebber Incorporated
Prudential Securities Incorporated
Dean Witter Reynolds Inc.
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PORTFOLIO OF GOVERNMENT
SECURITIES INCOME FUND, GNMA SERIES 1W
DEFINED ASSET FUNDS
ON THE INITIAL DATE OF DEPOSIT,
May 4, 1994
<TABLE>
<CAPTION>
Cost of
Portfolio No. and Title of Face Range of Stated Securities
Securities Contracted for Amount Coupon Maturities(1) to Fund(2)
<C> <S> <C> <C> <C> <C>
----------- ------- -------------------- --------------
1. Government National Mortgage Association, $ 375,000 7.00% 8/15/14 to 5/15/24 $ 352,031.25
Modified Pass-Through Mortgage-Backed
Securities
2. Government National Mortgage Association, 125,000 7.50% 8/15/14 to 5/15/24 121,172.50
Modified Pass-Through Mortgage-Backed
Securities
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$ 500,000 $ 473,203.75
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</TABLE>
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NOTES
(1) The principal amount of Securities listed as having the range of maturities
shown is an aggregate of individual Securities having varying ranges of
maturities within that shown. They are listed as one category of Securities
with a single range of maturities because of current market conditions that
accord no difference in price among the Securities grouped together on the
basis of the difference in their maturity ranges. At some time in the
future, however, the difference in maturity ranges could affect the market
value of the individual Securities.
(2) The cost of the Securities to the Fund represents the offering side
evaluation of the Securities as determined by the Evaluator. The offering
side evaluation is greater than the current bid side evaluation of the
Securities which is the basis on which Redemption Price per Unit is
determined. The aggregate value of the Portfolio based on the bid side
evaluation on the Initial Date of Deposit was $472,578.75 which is $625.00
(approximately .13% of the aggregate principal amount) lower than the
aggregate Cost of Securities to Fund based on the offering side evaluation.
Price of Securities was computed on the basis of the offering side
evaluation at the Evaluation Time on the business day prior to the Initial
Date of Deposit.
------------------------
All Securities are represented by contracts to purchase such Securities. The
contracts to purchase Securities were acquired on May 3, 1994 and are
expected to be settled 8 days after the initial settlement date for Units.
Interest will begin accruing to the benefit of Holders on the settlement date
for the Units.
In addition to the information as to the GNMA modified pass-through
mortgage-backed Securities set forth under Portfolio, the Trustee will
furnish Holders a statement listing the name of issuer, pool number, interest
rate, maturity date and principal amount for each Security in the Portfolio
upon written request.
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Defined Government Securities Income Funds
Our defined portfolios of mortgage-backed GNMA securities
offer investors a simple and convenient way to
participate in the GNMA market while earning an
attractive current return. And by purchasing GNMA bond
funds, investors avoid the problem of selecting
securities by themselves.
The Safety of U.S. Government-Backed Securities
The fund offers an attractive rate of return, convenience
and numerous benefits, plus the assurance of investing
only in securities that are guaranteed by the Government
National Mortgage Association (GNMA), a Federal agency.
The U.S. Government backs, with its full faith and
credit, GNMA's guaranty that the holders of these
securities will be paid every penny of
interest and principal due to them. The fund itself is
not guaranteed by the government, only the securities it
holds. The value of the units will fluctuate with changes
in market conditions and other factors.
Monthly Income Distributions
The fund will distribute income monthly. Principal from
sales, redemptions, prepayments and maturities of bonds
is distributed as it is received. Interest payments, of
course, decrease as principal is returned.
AAA-Rated Investment Quality
Based on the creditworthiness of the Government-backed,
GNMA guarantee, Standard & Poor's has rated units of the
fund AAA, its highest rating. Government backing relates
to the securities in the Fund and not the Fund's units.
A Liquid Investment
Although not legally required to do so, we have
maintained a secondary market for our funds for over 20
years. You can cash in your units at any time. Your price
is based on the market value of the fund's securities at
that time as determined by an independent evaluator.
There is never a fee for cashing in your investment.
Risk Factors
Unit price fluctuates and is affected by interest rates,
market conditions and other factors.
Reinvestment Option
You can elect to reinvest distributions into a separate
portfolio of Ginnie Maes. Reinvesting helps to compound
your income and keeps your capital continuously working
for you.
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Information contained herein is subject to completion or amendment. A
registration statement relating to the securities of the next Trust in the
series of Government Securities Income Fund has been filed with the Securities
and Exchange Commission. The securities of that Trust may not be sold nor may
offers to buy be accepted prior to the time that registration statement
becomes effective. This brochure shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of these
securities in any State in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws
of any such State.
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INVESTMENT SUMMARY AS OF MAY 3, 1994
<TABLE>
<S> <C>
ESTIMATED CURRENT RETURN( A )
(based on Public Offering Price) 7.09%
ESTIMATED LONG TERM RETURN( A )
(based on Public Offering Price) 7.41%
PUBLIC OFFERING PRICE PER 1,000
UNITS (including 4.00% sales
charge) $ 985.84( B )
FACE AMOUNT OF SECURITIES $ 500,000
INITIAL NUMBER OF UNITS( C ) 500,000
FRACTIONAL UNDIVIDED INTEREST IN
FUND REPRESENTED BY EACH UNIT 1/500,000TH
SPONSORS' REPURCHASE PRICE AND
REDEMPTION PRICE PER 1,000
UNITS( D ) (based on bid side
evaluation) $ 945.16( B )
</TABLE>
<TABLE>
<S> <C>
DAILY RATE AT WHICH ESTIMATED NET
INTEREST ACCRUES PER 1,000 UNITS....... .0194%
MONTHLY INCOME DISTRIBUTIONS PER 1,000 UNITS
First distribution to be paid on
June 23, 1994 to Holders of
record on June 17, 1994.......... $ 5.82
Second and subsequent distributions
will be paid on or shortly after
the twenty-third day of each
month to Holders of record of
Units on the seventeenth day of
the month.
CAPITAL DISTRIBUTION
No distribution need be made from Capital
Account if balance is less than $5.00 per 1,000
Units
</TABLE>
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(a) Estimated Current Return represents annual interest income after estimated
annual expenses divided by the maximum public offering price including a 4.00%
maximum sales charge. Estimated Long Term Return is the net annual percentage
return based on the yield on each underlying Security weighted to reflect market
value and estimated average life. The estimated average life for the Fund set
forth on the cover of this Prospectus is based on various assumptions discussed
more fully under 'Income; Estimated Current Return; Estimated Long Term Return'.
Estimated Long Term Return is adjusted for estimated expenses and the maximum
offering price but not for delays in the Fund's distribution of income.
Estimated Current Return shows current annual cash return to investors while
Estimated Long Term Return shows the return on Units held to estimated average
life, reflecting prepayments of principal, maturities, discounts and premiums on
underlying Securities. Actual returns will vary with purchase price, principal
payments and prepayments on the underlying mortgages and changes in Fund income
after expenses.
(b) Plus accrued interest.
(c) The Sponsors may create additional Units during the offering period of the
Fund.
(d) During the initial offering period, the Fund's Sponsors intend to offer to
purchase Units at prices based on the offer side value of the underlying
Securities. Thereafter the Sponsors intend to maintain such a market based on
the bid side value of the underlying Securities which will be equal to the
Redemption Price. (See Market for Units.)
14834-5/94
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