<PAGE>
Defined Asset FundsSM
<TABLE>
<CAPTION>
<S> <C>
GOVERNMENT 5.67% ESTIMATED CURRENT RETURN shows the estimated annual cash to be
SECURITIES received from interest-bearing bonds in the Portfolio (net of estimated
INCOME FUND annual expenses) divided by the Public Offering Price (including the
MONTHLY PAYMENT maximum sales charge).
SERIES--23
U.S. TREASURY 5.59% ESTIMATED LONG TERM RETURN is a measure of the estimated return
(LADDERED MATURITIES) over the estimated life of the Fund (about 3.05 years). This represents
A UNIT INVESTMENT an average of the yields to maturity (or in certain cases, to an earlier
TRUST call date) of the individual bonds in the Portfolio, adjusted to reflect
the maximum sales charge and estimated expenses. The average yield for
the Portfolio is derived by weighting each bond's yield by its market
- ----------------------------------- value and the time remaining to the call or maturity date, depending on
/ / MONTHLY INCOME how the bond is priced. Unlike Estimated Current Return, Estimated Long
/ / AAA-RATED Term Return takes into account maturities, discounts and premiums of the
/ / FOREIGN HOLDERS underlying bonds.
TAX EXEMPT
No return estimate can be predictive of your actual return because
returns will vary with purchase price (including sales charges), how
long units are held, changes in Portfolio composition, changes in
5.67% interest income and changes in fees and expenses. Therefore, Estimated
ESTIMATED CURRENT RETURN Current Return and Estimated Long Term Return are designed to be
comparative rather than predictive. A yield calculation which is more
comparable to an individual bond may be higher or lower than Estimated
5.59% Current Return or Estimated Long Term Return which are more comparable
ESTIMATED LONG TERM RETURN to return calculations used by other investment products.
AS OF JUNE 27, 1995
------------------------------------------------------------------
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION
NOR HAS THE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON
THE ACCURACY OR ADE-
QUACY OF THIS DOCUMENT. ANY REPRESENTATION TO
SPONSORS: THE CONTRARY IS A CRIMINAL OFFENSE.
Merrill Lynch, Inquiries should be directed to the Trustee at 1-800-323-1508.
Pierce, Fenner & Smith Incorporated Prospectus dated June 28, 1995.
Smith Barney Inc.
Prudential Securities Incorporated INVESTORS SHOULD READ THIS PROSPECTUS CAREFULLY AND RETAIN IT FOR FUTURE
Dean Witter Reynolds Inc. REFERENCE.
PaineWebber Incorporated
</TABLE>
<PAGE>
Defined Asset FundsSM
Defined Asset Funds is America's oldest and largest family of unit investment
trusts, with over $95 billion sponsored since 1971. Each Defined Asset Fund is a
portfolio of preselected securities. The portfolio is divided into "units"
representing equal shares of the underlying assets. Each unit receives an equal
share of income and principal distributions.
Defined Asset Funds offer several defined "distinctives". You know in advance
what you are investing in and that changes in the portfolio are limited -- a
defined portfolio. Most defined bond funds pay interest monthly -- defined
income. The portfolio offers a convenient and simple way to invest -- simplicity
defined.
Your financial professional can help you select a Defined Asset Fund to meet
your personal investment objectives. Our size and market presence enable us to
offer a wide variety of investments. The Defined Asset Funds family offers:
- Municipal portfolios
- Corporate portfolios
- Government portfolios
- Equity portfolios
- International portfolios
The terms of Defined Funds are as short as one year or as long as 30 years.
Special defined bond funds are available including: insured funds, double and
triple tax-free funds and funds with "laddered maturities" to help protect
against changing interest rates. Defined Asset Funds are offered by prospectus
only.
- --------------------------------------------------------------------------
Defined Monthly Payment Series
- --------------------------------------------------------------------------
Our defined portfolio of U.S. Treasury securities offers you a simple and
convenient way to participate in the U.S. Treasury market and obtain monthly
income while earning an attractive return.
INVESTMENT OBJECTIVES
To obtain safety of capital and investment flexibility as well as current
monthly income distributions through investment in a fixed, laddered portfolio
of interest- bearing U.S. Treasury obligations with maturities of approximately
one to five years. By utilizing an investment strategy called laddering, the
Fund seeks to protect against changes in interest rates by investing a portion
of the Portfolio in longer-term Securities, while if interest rates rise
investors will be able to reinvest the proceeds of principal returned each year
in higher yielding obligations.
- --------------------------------------------------------------------------
Defining Your Portfolio
- --------------------------------------------------------------------------
PROFESSIONAL SELECTION AND SUPERVISION
The Portfolio of Securities is selected by experienced buyers and research
analysts. The Fund is not actively managed; however it is regularly reviewed and
a Security can be sold if retaining it is considered detrimental to investors'
interests.
PORTFOLIO COMPOSITION
The Portfolio consists of 5 different issues of short intermediate term U.S.
Treasury obligations without conversion or equity features with an aggregate
face amount of $1,000,000. Based on the creditworthiness of the U.S. Treasury
securities in the portfolio, Standard & Poor's has rated units of the Fund AAA,
its highest rating.
CALL PROTECTION
100% of the aggregate face amount of the Portfolio is not subject to redemption
prior to maturity but is payable in full at the stated maturity amounts.
TAX INFORMATION
In the opinion of special counsel to the Sponsors, each investor will be
considered to have received the interest on his pro rata portion of each
Security when interest on the Security is received by the Fund. This interest is
subject to U.S. Federal income taxes for U.S. investors but exempt from state
and local personal income taxes in all states. For many foreign investors,
income from the Fund will be exempt from Federal income taxes.
- --------------------------------------------------------------------------
Defining Your Investment
- --------------------------------------------------------------------------
PUBLIC OFFERING PRICE $1,017.53
PER 1,000 UNITS
The Public Offering Price as of June 27, 1995, the business day prior to the
Initial Date of Deposit, is based on the aggregate offer side value of the
underlying Securities in the Fund ($1,004,808.00), the price at which they can
be directly purchased by the public assuming they were available, divided by the
number of units outstanding (1,000,000) times 1,000 plus a maximum sales charge
of 1.25%. The Public Offering Price on any subsequent date will vary. An amount
equal to net accrued but undistributed interest on the unit is added to the
Public Offering Price. The underlying Securities are evaluated by an independent
evaluator at 3:30 p.m. Eastern time on every business day.
<PAGE>
LOW MINIMUM INVESTMENT
You can get started with a minimum purchase of about 250 Units. There is no
minimum purchase for payroll deduction plans.
PRINCIPAL DISTRIBUTIONS
Principal from sales, redemptions and maturities of Securities in the Fund will
be distributed to investors periodically when the amount to be distributed is
more than $5.00 per 1,000 units.
TERMINATION DATE
The Fund will generally terminate no later than one year following the maturity
date of the last maturing Security listed in the Portfolio. The Fund may be
terminated earlier if the value is less than 40% of the face amount of
Securities deposited.
SPONSORS' PROFIT OR LOSS
The Sponsors' profit or loss associated with the Fund will include the receipt
of applicable sales charges, fluctuations in the Public Offering Price or
secondary market price of units, a gain of $1,354.88 on the initial deposit of
the Securities and a gain or loss on subsequent deposits of additional
Securities.
SELLING YOUR INVESTMENT
You may sell your units at any time. Your price is based on the Fund's then
current net asset value (based on the offer side evaluation of the Securities
during the initial public offering period and on the lower, bid side evaluation
thereafter, as determined by an independent evaluator), plus accrued interest.
The bid side redemption and secondary market repurchase price per 1,000 units as
of June 27, 1995 was $1,004.43 ($13.10 less than the Public Offering Price).
There is no fee for selling your units.
You may sell your units at any time. Your price is based on the Fund's then
current net asset value (based on the offer side evaluation of the Securities
during the initial public offering period and on the lower, bid side evaluation
thereafter, as determined by an independent evaluator), plus accrued interest.
The bid side redemption and secondary market repurchase price per 1,000 units as
of June 27, 1995 was $1,004.43 ($13.10 less than the Public Offering Price).
There is no fee for selling your units.
- --------------------------------------------------------------------------
Defining Your Risks
- --------------------------------------------------------------------------
RISK FACTORS
U.S. Government securities are not affected by credit risk but are subject to
changes in market value resulting from changes in interest rates. Unit price
fluctuates and the value of units will decline if interest rates increase.
Because of the possible maturity, sale or other disposition of Securities, the
size, composition and return of the Portfolio may change at any time. Because of
the sales charges, returns of principal and fluctuations in unit price, among
other reasons, the sale price will generally be less than the cost of your
units. There is no guarantee that the Fund will achieve its investment
objective.
The Fund itself is not backed by the full faith and credit of the U.S.
Government.
- --------------------------------------------------------------------------
Defined Portfolio
- --------------------------------------------------------------------------
Government Securities Income Fund
Monthly Payment U.S. Treasury Series--23 June 28, 1995
(Laddered Maturities)
<TABLE>
<CAPTION>
S&P
PORTFOLIO NO. AND TITLE RATING FACE AMOUNT COUPON MATURITY COST TO FUND(1)
- -------------------------------- ------ -------------- ------ -------- ------------------
<S> <C> <C> <C> <C> <C>
1. United States Treasury Notes AAA $ 200,000 6.000% 6/30/96 $ 200,936.00
2. United States Treasury Notes AAA 200,000 5.625 8/31/97 199,812.00
3. United States Treasury Notes AAA 200,000 5.250 7/31/98 197,124.00
4. United States Treasury Notes AAA 200,000 6.375 7/15/99 203,750.00
5. United States Treasury Notes AAA 200,000 6.250 5/31/00 203,186.00
$ 1,000,000 $ 1,004,808.00
-------------- ------------------
-------------- ------------------
</TABLE>
- ---------------------
(1) Evaluation of the Securities by the Evaluator is made on the basis of
current offer side evaluation. On this basis, 60% of the Securities were
deposited at a premium and 40% at a discount from par. On the Initial Date of
Deposit, the bid side evaluation was .04% lower than the offer side evaluation.
<PAGE>
Defining Your Income
- --------------------------------------------------------------------------
MONTHLY INTEREST INCOME
The Fund pays monthly income, even though the Securities generally pay interest
semi-annually.
WHAT YOU MAY EXPECT
(PAYABLE ON THE 25TH DAY OF THE MONTH TO HOLDERS OF RECORD ON THE 10TH DAY OF
THE MONTH):
<TABLE>
<CAPTION>
<S> <C>
First Distribution per 1,000 units
(September 25, 1995): $ 2.18
Regular Monthly Income per 1,000 units
(Beginning on October 25, 1995): $ 4.80
Annual Income per 1,000 units: $57.71
</TABLE>
These figures are estimates determined as of the business day prior to the
Initial Date of Deposit and actual payments may vary.
- --------------------------------------------------------------------------
Defining Your Costs
- --------------------------------------------------------------------------
SALES CHARGES
Although the Fund is a unit investment trust rather than a mutual fund, the
following information is presented to permit a comparison of fees and an
understanding of the direct or indirect costs and expenses that you pay.
<TABLE>
<CAPTION>
As a %
As a % of Secondary
of Initial Offering Market
Period Public Public Offering
Offering Price Price
------------------- ----------------
<S> <C> <C>
Maximum Sales Charges 1.25% 1.50%
</TABLE>
ESTIMATED ANNUAL FUND OPERATING EXPENSES
<TABLE>
<CAPTION>
As a %
of Average Per
Net Assets* 1,000 Units
------------- -------------
<S> <C> <C>
Trustee's Fee .060% $ .60
Maximum Portfolio
Supervision,
Bookkeeping and
Administrative Fees .025% $ .25
Organizational Expenses .019% $ .20
Evaluator's Fee .003% $ .03
Other Operating Expenses .021% $ .21
------------ --------
TOTAL .128% $1.29
</TABLE>
- ---------------------
*Based on the mean of the bid and offer side evaluations.
COSTS OVER TIME
You would pay the following cumulative expenses on a $1,000 investment, assuming
a 5% annual return on the investment throughout the indicated periods:
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years
<S> <C> <C>
$14 $17 $20
</TABLE>
The example assumes reinvestment of all distributions into additional units of
the Fund (a reinvestment option not offered by this Fund) and uses a 5% annual
rate of return as mandated by Securities and Exchange Commission regulations
applicable to mutual funds. The Costs Over Time above reflect both sales charges
and operating expenses on an increasing investment (because the net annual
return is reinvested). The example should not be considered a representation of
past or future expenses or annual rate of return; the actual expenses and annual
rate of return may be more or less than the example.
The Fund (and therefore the investors) will bear all or a portion of its
organizational costs--including costs of preparing the registration statement,
the trust indenture and other closing documents, registering units with the SEC
and the states and the initial audit of the Portfolio--as is common for mutual
funds. Historically, the Sponsors of unit investment trusts have paid all the
costs of establishing those trusts.
UNITS OF THIS FUND MAY NO LONGER BE AVAILABLE AND THEREFORE INFORMATION
CONTAINED HEREIN MAY BE SUBJECT TO AMENDMENT. A REGISTRATION STATEMENT RELATING
TO SECURITIES OF A FUTURE SERIES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION. THESE SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY BE ACCEPTED
PRIOR TO THE TIME THE REGISTRATION STATEMENT BECOMES EFFECTIVE. THIS DOCUMENT
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.
15126-6/95
