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Defined
Asset FundsSM
Government
Securities
Income Fund
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GNMA SERIES 1X
(A UNIT INVESTMENT TRUST)
8.00%
ESTIMATED CURRENT RETURN
AS OF DECEMBER 14, 1994
8.14%
ESTIMATED LONG TERM RETURN
AS OF DECEMBER 14, 1994
/ / U.S. GOVERNMENT BACKED
/ / MONTHLY INCOME
/ / AAA RATED
Merrill Lynch,
Pierce, Fenner & Smith Incorporated
Unit Investment Trusts
P.O. Box 9051
Princeton, N.J. 08543-9051
(609)282-8500
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<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, $ 250,000 8.00% 8/15/14 to 12/15/24 $ 240,155.00
Modified Pass-Through Mortgage-Backed
Securities
2. Government National Mortgage Association, 250,000 8.50% 8/15/14 to 12/15/24 246,875.00
Modified Pass-Through Mortgage-Backed
Securities
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$ 500,000 $ 487,030.00
----------- --------------
----------- --------------
</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 $486,405.00 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 December 14, 1994 and are
expected to be settled 1 day 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. Even though the portfolio consists of
U.S. Government securities, the value of the units will decline if
interest rates increase.
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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A free prospectus containing more complete information, including charges
and expenses, regarding this Trust is available from your financial
professional. Please read the prospectus carefully before you invest.
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INVESTMENT SUMMARY AS OF DECEMBER 14, 1994
<TABLE>
<S> <C>
ESTIMATED CURRENT RETURN( A )
(based on Public Offering Price) 8.00%
ESTIMATED LONG TERM RETURN( A )
(based on Public Offering Price) 8.14%
PUBLIC OFFERING PRICE PER 1,000
UNITS (including 4.00% sales
charge) $ 1,014.65( 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) $ 972.81( B )
</TABLE>
<TABLE>
<S> <C>
DAILY RATE AT WHICH ESTIMATED NET
INTEREST ACCRUES PER 1,000 UNITS....... .0225%
MONTHLY INCOME DISTRIBUTIONS PER 1,000 UNITS
First distribution to be paid on
January 23, 1995 to Holders of
record on January 17, 1995....... $ 6.76
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.
</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.
15035-12/94
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