GOVERNMENT SEC INC FD MON PYMT U S TREAS SER 24 D A F, 487, 1996-01-30

GOVERNMENT SEC INC FD MON PYMT U S TREAS SER 24 D A F
487, 1996-01-30

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<PAGE>

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JANUARY 30, 1996

REGISTRATION NO. 33-60597
<TABLE>
<CAPTION>

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549
------------------------

AMENDMENT NO. 1
TO
FORM S-6
------------------------

FOR REGISTRATION UNDER THE SECURITIES ACT
OF 1933 OF SECURITIES OF UNIT INVESTMENT
TRUSTS REGISTERED ON FORM N-8B-2
------------------------

A. EXACT NAME OF TRUST:

GOVERNMENT SECURITIES INCOME FUND
MONTHLY PAYMENT U.S. TREASURY SERIES-24
(LADDERED MATURITIES)
DEFINED ASSET FUNDS

B. NAMES OF DEPOSITORS:

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
SMITH BARNEY INC.
PAINEWEBBER INCORPORATED
PRUDENTIAL SECURITIES INCORPORATED
DEAN WITTER REYNOLDS INC.

C. COMPLETE ADDRESSES OF DEPOSITORS' PRINCIPAL EXECUTIVE OFFICES:

SMITH BARNEY INC.
MERRILL LYNCH, PIERCE, FENNER & 388 GREENWICH STREET PAINEWEBBER INCORPORATED
SMITH INCORPORATED NEW YORK, N.Y. 10013 1285 AVENUE OF THE AMERICAS
DEFINED ASSET FUNDS NEW YORK, N.Y. 10019
P.O. BOX 9051
PRINCETON, N.J. 08543-9051

PRUDENTIAL SECURITIES INCORPORATED DEAN WITTER REYNOLDS INC.
ONE SEAPORT PLAZA TWO WORLD TRADE CENTER--59TH FLOOR
199 WATER STREET NEW YORK, N.Y. 10048
NEW YORK, N.Y. 10292

D. NAMES AND COMPLETE ADDRESSES OF AGENTS FOR SERVICE:

TERESA KONCICK, ESQ. LAURIE A. HESSLEIN ROBERT E. HOLLEY
P.O. BOX 9051 388 GREENWICH STREET 1200 HARBOR BLVD.
PRINCETON, N.J. 08543-9051 NEW YORK, N.Y. 10013 WEEHAWKEN, N.J. 07087

LEE B. SPENCER, JR. DOUGLAS LOWE, ESQ. COPIES TO:
ONE SEAPORT PLAZA 130 LIBERTY STREET--29TH FLOOR PIERRE DE SAINT PHALLE, ESQ.
199 WATER STREET NEW YORK, N.Y. 10006 450 LEXINGTON AVENUE
NEW YORK, N.Y. 10292 NEW YORK, N.Y. 10017

E. TITLE AND AMOUNT OF SECURITIES BEING REGISTERED:

An indefinite number of Units of Beneficial Interest pursuant to Rule 24f-2
promulgated under the Investment Company Act of 1940, as amended.

F. PROPOSED MAXIMUM OFFERING PRICE TO THE PUBLIC OF THE SECURITIES BEING REGISTERED:

Indefinite

G. AMOUNT OF FILING FEE:

$500 (as required by Rule 24f-2)

/x/
Check box if it is proposed that this filing will become effective at 9:30 a.m. on January 30, 1996 pursuant to Rule
487.

- -----------------------------------------------------------------------------------------------------------------------

</TABLE>

<PAGE>
Defined Asset FundsSM

<S> <C>
GOVERNMENT 4.89% Estimated Current Return shows the estimated annual cash to be
SECURITIES received from interest-bearing bonds in the Portfolio (net of
INCOME FUND estimated annual expenses) divided by the Public Offering Price
MONTHLY PAYMENT (including the maximum sales charge).
SERIES--24
U.S. TREASURY 4.72% Estimated Long Term Return is a measure of the estimated
(LADDERED MATURITIES) return over the estimated average life of the Fund (about 3 years).
A UNIT INVESTMENT This represents an average of the yields to maturity (or in certain
TRUST cases, to an earlier 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
/ / MONTHLY INCOME remaining to the call or maturity date, depending on how the bond is
/ / AAA-RATED priced. Unlike Estimated Current Return, Estimated Long Term Return
/ / FOREIGN HOLDERS takes into account maturities, discounts and premiums of the
TAX EXEMPT underlying bonds.

No return estimate can be predictive of your actual return because
returns will vary with purchase price (including sales charges), how
4.89% long units are held, changes in Portfolio composition, changes in
ESTIMATED CURRENT RETURN interest income and changes in fees and expenses. Therefore,
Estimated Current Return and Estimated Long Term Return are designed
to be comparative rather than predictive. A yield calculation which
4.72% is more comparable to an individual bond may be higher or lower than
ESTIMATED LONG TERM RETURN Estimated Current Return or Estimated Long Term Return which are
more comparable to return calculations used by other investment
products.

AS OF JANUARY 29, 1996

------------------------------------------------------------------
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 January 30, 1996.
Smith Barney Inc.
Prudential Securities Incorporated INVESTORS SHOULD READ THIS PROSPECTUS CAREFULLY AND RETAIN IT FOR
Dean Witter Reynolds Inc. FUTURE REFERENCE.
PaineWebber Incorporated

</TABLE>

<PAGE>
Defined Asset FundsSM

Defined Asset Funds is America's oldest and largest family of unit investment
trusts, with over $100 billion sponsored in the last 25 years. 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 U.S. Treasury 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 $500,000.00. 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 $1,011.40
PER 1,000 UNITS

The Public Offering Price as of January 29, 1996, 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 ($499,405.00) plus cash ($2,240.00), divided
by the number of units outstanding (502,240) times 1,000 plus a maximum sales
charge of 1.25% on the value of the underlying Securities. The Public Offering
Price on any subsequent date will vary. An amount equal to principal cash, if
any, as well as 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 .
A-2

<PAGE>

UNIT PAR VALUE

The par value of your units--the amount of money you will receive at termination
of the Fund, assuming all the bonds are paid at maturity or are redeemed by the
issuer at par or sold by the Fund at par to meet redemptions--is $1,000 per
1,000 Units.

LOW MINIMUM INVESTMENT

You can get started with a minimum purchase of about $250 . 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 $155.00 on the initial deposit of the
Securities and a gain or loss on subsequent deposits of additional Securities
(see Underwriters' and Sponsors' Profits in Part B).

- --------------------------------------------------------------------------
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.

As a %
As a % of Secondary
of Initial Offering Market
Period Public Public Offering
Offering Price Price
------------------- ----------------

Maximum Sales Charges 1.25% 1.50%

</TABLE>

ESTIMATED ANNUAL FUND OPERATING EXPENSES

As a %
of Average Per
Net Assets* 1,000 Units
------------- --------------

<S> <C> <C>
Trustee's Fee .060% $0.60

Maximum Portfolio
Supervision,
Bookkeeping and
Administrative Fees .025% $0.25

Organizational Expenses .020% $0.20

Evaluator's Fee .003% $0.03

Other Operating Expenses .020% $0.20
------------ ---------

TOTAL .128% $1.28

</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:

1 Year 3 Years 5 Years

$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.

SELLING YOUR INVESTMENT

You may sell your units at any time. Your price is based on the Fund's then
current net asset value (generally based on the lower bid side evaluation , as
determined by an independent evaluator), plus principal cash, if any, as well as
accrued interest. The bid side redemption and secondary market repurchase price
per 1,000 units as of January 29, 1996 was $998.19 ($13.21 less than the Public
Offering Price). There is no fee for selling your units.
A-3

<PAGE>
- --------------------------------------------------------------------------
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 deposits of additional Securities and the maturity, possible 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 (see Risk Factors in Part B).

- --------------------------------------------------------------------------
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):

<S> <C>
First Distribution per 1,000 units
(February 25, 1996): $ 1.37

Regular Monthly Income per 1,000 units
(Beginning on March 25, 1996): $ 4.12

Annual Income per 1,000 units: $49.49

</TABLE>

These figures are estimates determined as of the business day prior to the
Initial Date of Deposit and actual payments may vary.

Estimated cash flows are available upon request from the Sponsors at no charge.

A-4

<PAGE>
- --------------------------------------------------------------------------
Defined Portfolio
- --------------------------------------------------------------------------

Government Securities Income Fund
Monthly Payment U.S. Treasury Series--24
January 30, 1996
(Laddered Maturities)

S&P
PORTFOLIO NO. AND TITLE RATING FACE AMOUNT COUPON MATURITY COST TO FUND(1)
- -------------------------------- ------ -------------- ------ -------- ------------------

1. United States Treasury Notes AAA $ 100,000 4.750% 2/15/97 $ 99,676.00

2. United States Treasury Notes AAA 100,000 5.000 1/31/98 99,875.00

3. United States Treasury Notes AAA 100,000 5.000 1/31/99 99,461.00

4. United States Treasury Notes AAA 100,000 5.500 4/15/00 100,861.00

5. United States Treasury Notes AAA 100,000 5.250 1/31/01 99,532.00

-------------- ------------------
$ 500,000 $ 499,405.00
-------------- ------------------
-------------- ------------------

</TABLE>

- ---------
(1) Evaluation of the Securities by the Evaluator is made on the basis of
current offer side evaluation. On this basis, 20% of the Securities were
deposited at a premium, and 80% at a discount from par. On the Initial Date of
Deposit, the bid side evaluation was .06% lower than the offer side evaluation.

A-5
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS

The Sponsors, Trustee and Holders of Government Securities Income Fund, Monthly
Payment U.S. Treasury Series--24 (Laddered Maturities), Defined Asset Funds (the
"Fund"):

We have audited the accompanying statement of condition and the related
portfolio included in the prospectus of the Fund as of January 30, 1996. This
financial statement is the responsibility of the Trustee. Our responsibility is
to express an opinion on this financial statement based on our audit.

We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statement is free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statement. Our procedures included
confirmation of cash and an irrevocable letter of credit deposited for the
purchase of securities, as described in the statement of condition, with the
Trustee. An audit also includes assessing the accounting principles used and
significant estimates made by the Trustee, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.

In our opinion, the financial statement referred to above presents fairly, in
all material respects, the financial position of the Fund as of January 30, 1996
in conformity with generally accepted accounting principles.

DELOITTE & TOUCHE LLP
NEW YORK, N.Y.
January 30, 1996

STATEMENT OF CONDITION AS OF JANUARY 30, 1996

<S> <C>
TRUST PROPERTY
Investments--Securities and Contracts to Purchase Securities(1) $499,405.00
Cash 2,240.00
Accrued interest to initial date of deposit on underlying Securities 11,359.96
Organizational Costs(2) 50,000.00
-------------
Total $563,004.96
-------------
-------------
LIABILITIES AND INTEREST OF HOLDERS
Liabilities: Advance by the Trustee for accrued interest(3) $ 11,359.96
Accrued Liability(2) 50,000.00
-------------
Subtotal 61,359.96
-------------
Interest of Holders of 502,240 Units of fractional undivided interest outstanding:
Cost to investors(4) 507,963.18
Gross underwriting commissions(5) (6,318.18)
-------------
Subtotal 501,645.00
-------------
Total $563,004.96
-------------
-------------

</TABLE>

- ---------
(1) Aggregate cost to the Fund of the securities listed under Defined Portfolio
is based upon the offer side evaluation determined by the Evaluator at the
evaluation time on the business day prior to the Initial Date of Deposit. The
contracts to purchase the securities are collateralized by an irrevocable letter
of credit which has been issued by DBS Bank, New York Branch, in the amount of $
510,609.96 and deposited with the Trustee. The amount of the letter of credit
includes $ 499,250.00 for the purchase of $500,000 face amount of the
securities, plus $11,359.96 for accrued interest.

(2) This represents a portion of the Fund's organizational costs which will be
deferred and amortized over five years. Organizational costs have been estimated
based on a projected Fund size of $50,000,000. To the extent the Fund is larger
or smaller, the amount paid may vary.
(3) Representing a special distribution by the Trustee to the Sponsors of an
amount equal to the accrued interest on the securities as of the initial date of
deposit.
(4) Aggregate public offering price (exclusive of interest) computed on the
basis of the offer side evaluation of the underlying securities as of the
evaluation time on the business day prior to the initial date of deposit.
(5) Assumes the maximum sales charge of 1.25%.

A-6
<PAGE>
EFFECT OF STATE PERSONAL INCOME TAX EXEMPTION

The following chart shows what the return on a security that is subject to state
personal income taxes would have to be in order to equal 4.89% Estimated Current
Return and 4.72% Estimated Long Term Return on a Monthly Payment U.S. Treasury
Series. This Trust is free from state personal income taxes in all states; the
comparable security would be subject to deduction of state personal income taxes
at the maximum state rate. Of course, if you are not in the maximum state
personal income tax bracket, the fully taxable equivalent return would be less.

FULLY TAXABLE RETURN FULLY TAXABLE RETURN
EQUIVALENT TO 4.89% EQUIVALENT TO 4.72%
ESTIMATED CURRENT ESTIMATED LONG
MAXIMUM STATE RETURN ON MONTHLY TERM RETURN ON
PERSONAL INCOME PAYMENT MONTHLY PAYMENT
STATE TAX RATE (1) U.S. TREASURY SERIES U.S. TREASURY SERIES

- -------------------------------------------------------------------------------

Alabama 5.000%(2) 5.15% 4.97%

- -------------------------------------------------------------------------------

Alaska 0.000 4.89 4.72

- -------------------------------------------------------------------------------

Arizona 5.600(2) 5.18 5.00

- -------------------------------------------------------------------------------

Arkansas 7.000 5.26 5.08

- -------------------------------------------------------------------------------

California 9.300 5.39 5.20

- -------------------------------------------------------------------------------

Colorado 5.000 5.15 4.97

- -------------------------------------------------------------------------------

Connecticut 4.500 5.12 4.94

- -------------------------------------------------------------------------------

Delaware 7.100 5.26 5.08

- -------------------------------------------------------------------------------

Florida 0.000 4.89 4.72

- -------------------------------------------------------------------------------

Georgia 6.000 5.20 5.02

- -------------------------------------------------------------------------------

Hawaii 10.000 5.43 5.24

- -------------------------------------------------------------------------------

Idaho 8.200 5.33 5.14

- -------------------------------------------------------------------------------

Illinois 3.000 5.04 4.87

- -------------------------------------------------------------------------------

Indiana 3.400 5.06 4.89

- -------------------------------------------------------------------------------

Iowa 9.980(2) 5.43 5.24

- -------------------------------------------------------------------------------

Kansas 7.750 5.30 5.12

- -------------------------------------------------------------------------------

Kentucky 6.000 5.20 5.02

- -------------------------------------------------------------------------------

Louisiana 6.000 5.20 5.02

- -------------------------------------------------------------------------------

Maine 8.500 5.34 5.16

- -------------------------------------------------------------------------------

Maryland 5.000 5.15 4.97

- -------------------------------------------------------------------------------

Massachusetts 12.000 5.56 5.36

- -------------------------------------------------------------------------------

Michigan 4.470 5.12 4.94

- -------------------------------------------------------------------------------

Minnesota 8.500 5.34 5.16

- -------------------------------------------------------------------------------

Mississippi 5.000 5.15 4.97

- -------------------------------------------------------------------------------

Missouri 6.000 5.20 5.02

- -------------------------------------------------------------------------------

Montana 11.000 5.49 5.30

- -------------------------------------------------------------------------------

</TABLE>

FULLY TAXABLE RETURN FULLY TAXABLE RETURN
EQUIVALENT TO 4.89% EQUIVALENT TO 4.72%
ESTIMATED CURRENT ESTIMATED LONG
MAXIMUM STATE RETURN ON MONTHLY TERM RETURN ON
PERSONAL INCOME TAX PAYMENT MONTHLY PAYMENT
STATE RATE (1) U.S. TREASURY SERIES U.S. TREASURY SERIES

- ------------------------------------------------------------------------------------

Nebraska 6.990% 5.26% 5.07%

- ------------------------------------------------------------------------------------

Nevada 0.000 4.89 4.72

- ------------------------------------------------------------------------------------

New Hampshire 5.000 5.15 4.97

- ------------------------------------------------------------------------------------

New Jersey 6.370 5.22 5.04

- ------------------------------------------------------------------------------------

New Mexico 8.500 5.34 5.16

- ------------------------------------------------------------------------------------

New York 7.000 5.26 5.08

- ------------------------------------------------------------------------------------

North Carolina 7.750 5.30 5.12

- ------------------------------------------------------------------------------------

North Dakota 12.000(7) 5.56 5.36

- ------------------------------------------------------------------------------------

Ohio 7.500 5.29 5.10

- ------------------------------------------------------------------------------------

Oklahoma 10.000(2)(4) 5.43 5.24

- ------------------------------------------------------------------------------------

Oregon 9.000(2) 5.37 5.19

- ------------------------------------------------------------------------------------

Pennsylvania 2.800 5.03 4.86

- ------------------------------------------------------------------------------------

Puerto Rico 36.000(8) 7.64 7.38

- ------------------------------------------------------------------------------------

Rhode Island 10.890(5) 5.49 5.30

- ------------------------------------------------------------------------------------

South Carolina 7.000 5.26 5.08

- ------------------------------------------------------------------------------------

South Dakota 0.000 4.89 4.72

- ------------------------------------------------------------------------------------

Tennessee 6.000 5.20 5.02

- ------------------------------------------------------------------------------------

Texas 0.000 4.89 4.72

- ------------------------------------------------------------------------------------

Utah 7.200(3) 5.27 5.09

- ------------------------------------------------------------------------------------

Vermont 9.900(5)(6) 5.43 5.24

- ------------------------------------------------------------------------------------

Virginia 5.750 5.19 5.01

- ------------------------------------------------------------------------------------

Washington 0.000 4.89 4.72

- ------------------------------------------------------------------------------------

West Virginia 6.500 5.23 5.05

- ------------------------------------------------------------------------------------

Wisconsin 6.930 5.25 5.07

- ------------------------------------------------------------------------------------

Wyoming 0.000 4.89 4.72

- ------------------------------------------------------------------------------------

Dist. of Columbia 9.500 5.40 5.22

- ------------------------------------------------------------------------------------

</TABLE>

This Chart incorporates current applicable State income tax rates and assumes
that all income would otherwise be taxed at the investor's highest tax rate. If
you live in a locality which imposes local personal income taxes, the fully
taxable equivalent return may be greater than as shown on this chart. Yield
figures are for example only.

(1) Based upon net amount subject to State income tax after deductions and
exemptions. This Chart does not reflect other possible tax factors, such as
the alternative minimum tax, personal exemptions, the phase out of exemptions,
itemized deductions and the possible partial disallowance of deductions.
Consequently, Holders are urged to consult their own tax advisors in this
regard.

(2) This state allows in any taxable year, the deduction from gross income of
payments of federal tax liability in that year.

(3) This state allows in any taxable year, the deduction from gross income of
50% of amounts paid on federal tax liability in that year.

(4) The maximum applicable rate may be 7% if the taxpayer chooses not to deduct
payments of federal tax liability.

(5) This rate is calculated as a percentage of the highest federal personal
income tax rate of 39.6%.

(6) The rate shown includes the maximum surtax imposed by this state of 6% of
federal personal income tax liability.

(7) The maximum applicable rate may be 14% of adjusted federal personal income
tax liability if the state tax calculated on that basis is less than the state
tax calculated on the basis of the rate shown above.

(8) An alternate basic tax may be assessed if greater than the tax calculated on
the basis of the rate shown above.

A-7
<PAGE>
(This page has been left blank intentionally.)

<PAGE>
DEFINED ASSET FUNDSSM
PROSPECTUS--PART B
GOVERNMENT SECURITIES INCOME FUND

THIS PART B OF THE PROSPECTUS MAY NOT BE DISTRIBUTED UNLESS ACCOMPANIED OR
PRECEDED BY PART A.
FURTHER INFORMATION REGARDING THE FUND MAY BE OBTAINED
WITHIN FIVE DAYS OF WRITING OR CALLING THE TRUSTEE, AT THE ADDRESS AND
TELEPHONE NUMBER SET FORTH ON THE BACK COVER OF THIS PROSPECTUS.

Index

PAGE PAGE
---- -----

Fund Description. . . . . . 1 Trust Indenture. . . . . . . . . 7

Risk Factors. . . . . . . . 2 Miscellaneous. . . . . . . . . . 8

How to Buy Units. . . . . . 3 Supplemental Information. . . . . 9

How to Sell Units. . . . . 4 Appendix A--Description of Ratings a-1

Income and Distributions. . 4 Appendix B--Sales Charge Schedules b-1

Fund Expenses. . . . . . . 5

Taxes. . . . . . . . . . . 5

Records & Reports. . . . . 7

</TABLE>

FUND DESCRIPTION

PORTFOLIO SELECTION

Professional buyers and research analysts for Defined Asset Funds, with access
to extensive research, selected the Securities for the Portfolio after
considering the Fund's investment objectives as well as the availability of the
Securities (all Securities in the Portfolio were issued after July 18, 1984),
the price of the Securities compared to similar securities and the extent to
which they were trading at discounts or premiums to par, and the maturities of
the Securities. Only issues meeting these stringent criteria of the Defined
Asset Funds team of dedicated research analysts are included in the Portfolio.
No leverage or borrowing is used nor does the Portfolio contain other kinds of
securities to enhance yield. A summary of the Securities in the Portfolio
appears in Part A of the Prospectus.

The deposit of the Securities in the Fund on the initial date of deposit
established a proportionate relationship among the face amounts of the
Securities. During the 90-day period following the initial date of deposit the
Sponsors may deposit additional Securities in order to create new Units,
maintaining to the extent possible that original proportionate relationship.
Deposits of additional Securities subsequent to the 90-day period must generally
replicate exactly the proportionate relationship among the face amounts of the
Securities at the end of the initial 90-day period.

Yields on U.S. Government securities depend on many factors including general
money market conditions, general conditions of the bond markets and prevailing
interest rates.

Because each Defined Asset Fund is a preselected portfolio of securities, you
know the terms of the Securities before you invest. Of course, the Portfolio
will change somewhat over time, as additional Securities are deposited in order
to create new Units, and as Securities mature, are redeemed or are sold to meet
Unit redemptions or in other limited circumstances. Because the Portfolio is not
actively managed and principal is returned as the Securities are disposed of,
this principal should be relatively unaffected by changes in interest rates.

PORTFOLIO SUPERVISION

The Fund follows a buy and hold investment strategy in contrast to the
frequent portfolio changes of a managed fund based on economic, financial and
market analyses. Experienced financial analysts regularly review the Portfolio
and a Security may be sold in certain circumstances including the occurrence of
a default in payment on the Security or any other securities backed by the full
faith and credit of the United States, institution of certain legal proceedings,
if the Security becomes inconsistent with the Fund's investment objectives, a
decline in the price of the Security or the occurrence of other market or credit
factors that, in the opinion of Defined Asset Funds research analysts, makes
retention of the Security detrimental to the interests of investors.

<PAGE>
The Sponsors and the Trustee are not liable for any default or defect in a
Security. If a contract to purchase any Security fails, the Sponsors may
generally deposit a replacement security so long as it is a security issued by
the U.S. Treasury, has a fixed maturity date substantially similar to the failed
Security and does not cause the Fund to cease to be rated AAA by Standard &
Poor's. A replacement security must be deposited within 110 days after deposit
of the failed contract, at a cost that does not exceed the funds reserved for
purchasing the failed Security and at a yield to maturity and current return
substantially equivalent (considering then current market conditions and
relative creditworthiness) to those of the failed Security, as of the date the
failed contract was deposited.

FUND RATING

Units of the Fund have been rated AAA by Standard & Poor's. (See Appendix A.)
Standard & Poor's has been compensated by the Underwriters for its services.

RISK FACTORS

An investment in the Fund entails certain risks, including the risk that the
value of your investment will decline with increases in interest rates.
Generally speaking, securities with longer maturities will fluctuate in value
more than securities with shorter maturities. In recent years there have been
wide fluctuations in interest rates and in the value of fixed-rate bonds
generally. The Sponsors cannot predict the direction or scope of any future
fluctuations.

Certain of the Securities may have been deposited at a market discount or
premium principally because their interest rates are lower or higher than
prevailing rates on comparable debt securities. The current returns of market
discount securities are lower than comparably rated securities selling at par
because discount securities tend to increase in market value as they approach
maturity. The current returns of market premium securities are higher than
comparably rated securities selling at par because premium securities tend to
decrease in market value as they approach maturity. Because part of the purchase
price is returned through current income payments and not at maturity, an early
redemption at par of a premium security will result in a reduction in yield to
the Fund. Market premium or discount attributable to interest rate changes does
not indicate market confidence or lack of confidence in the issue.

The U.S. Treasury obligations included in the Portfolio, though backed by the
full faith and credit of the United States, are subject to changes in market
value when interest rates fluctuate. The Fund seeks to protect against declining
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. It is
anticipated that equal portions of principal invested will be returned annually
as Securities mature.

LITIGATION AND LEGISLATION

The Sponsors do not know of any pending litigation as of the date of this
Prospectus which might reasonably be expected to have a material adverse effect
upon the Fund. At any time after the initial date of deposit, litigation may be
initiated on a variety of grounds, or legislation may be enacted, affecting the
Securities in the Fund.

PAYMENT OF THE SECURITIES AND LIFE OF THE FUND

The size and composition of the Fund will be affected by the level of
redemptions of Units that may occur from time to time. Principally, this will
depend upon the number of investors seeking to sell or redeem their Units and
whether or not the Sponsors are able to sell the Units acquired by them in the
secondary market. As a result, Units offered in the secondary market may not
represent the same face amount of Securities as on the initial date of deposit.
Factors that the Sponsors will consider in determining whether or not to sell
Units acquired in the secondary market include the size of the Fund relative to
its original size, the ratio of Fund expenses to income, the Fund's current and
long-term returns, the degree to which Units may be selling at a premium over
par and the cost of maintaining a current prospectus for the Fund. These factors
may also lead the Sponsors to seek to terminate the Fund earlier than its
mandatory termination date.

FUND TERMINATION

The Fund will be terminated no later than the mandatory termination date
specified in Part A of the Prospectus. It will terminate earlier upon the
disposition of the last Security or upon the consent of investors holding 51% of
the Units. The Fund may also be terminated earlier by the Sponsors once the
total assets of the Fund have fallen below the minimum value specified in Part A
of the Prospectus. A decision by the Sponsors to terminate the Fund early will
be based on factors similar to those considered by the Sponsors in determining
whether to continue the sale of Units in the secondary market.

<PAGE>
Notice of impending termination will be provided to investors and thereafter
Units will no longer be redeemable. On or shortly before termination, the Fund
will seek to dispose of any Securities remaining in the Portfolio although any
Security unable to be sold at a reasonable price may continue to be held by the
Trustee in a liquidating trust pending its final disposition. A proportional
share of the expenses associated with termination, including brokerage costs in
disposing of Securities, will be borne by investors remaining at that time. This
may have the effect of reducing the amount of proceeds those investors are to
receive in any final distribution.

HOW TO BUY UNITS

PUBLIC OFFERING PRICE

Units are available from any of the Sponsors, Underwriters and other
broker-dealers at the Public Offering Price plus accrued interest on the Units.
The Public Offering Price varies each Business Day with changes in the value of
the Portfolio and other assets and liabilities of the Fund. In the initial
offering period, the Public Offering Price is based on the next offer side
evaluation of the Securities, and includes a sales charge based on the number of
Units of the Fund and any other Monthly Payment U.S. Treasury Series of
Government Securities Income Fund purchased on any one day by a single purchaser
(see Initial Offering sales charge schedule in Appendix B). In the secondary
market (after the initial offering period), the Public Offering Price is based
on the bid side evaluation of the Bonds, and includes a sales charge based on
the number of Units of the Fund purchased in the secondary market on the same
day by a single purchaser (see Secondary Market sales charge schedule in
Appendix B). Purchases in the secondary market of one or more Series sponsored
by the Sponsors that have the same rates of sales charge may be aggregated.

To qualify for a reduced sales charge, the dealer must confirm that the sale
is to a single purchaser or is purchased for its own account and not for
distribution. For these purposes, Units held in the name of the purchaser's
spouse or child under 21 years of age are deemed to be purchased by a single
purchaser. A trustee or other fiduciary purchasing securities for a single trust
estate or single fiduciary account is also considered a single purchaser. This
procedure may be amended or terminated at any time without notice.

Employees of certain Sponsors and Sponsor affiliates and non-employee
directors of Merrill Lynch & Co. Inc. may purchase Units at any time at prices
including a sales charge of not less than $5 per 1,000 Units.

Net accrued interest and principal cash, if any, are added to the Public
Offering Price, the Sponsors' Repurchase Price and the Redemption Price per
Unit. This represents the interest accrued on the Securities, net of Fund
expenses, from the initial date of deposit to, but not including, the settlement
date for Units (less any prior distributions of interest income to investors).
Securities deposited also carry accrued but unpaid interest up to the initial
date of deposit. To avoid having investors pay this additional accrued interest
(which earns no return) when they purchase Units, the Trustee advances and
distributes this amount to the Sponsors; it recovers this advance from interest
received on the Securities. Because of varying interest payment dates on the
Securities, accrued interest at any time will exceed the interest actually
received by the Fund.

EVALUATIONS

Evaluations are determined by the independent Evaluator on each Business Day.
This excludes Saturdays, Sundays and the following holidays as observed by the
New York Stock Exchange: New Year's Day, Presidents' Day, Good Friday, Memorial
Day, Independence Day, Labor Day, Thanksgiving and Christmas, and the following
Federal holidays: Martin Luther King's Birthday, Columbus Day and Veterans Day.
Securities evaluations are generally determined on the basis of current bid or
offer prices for the Securities or comparable securities or by appraisal or by
any combination of these methods. Under current market conditions the bid prices
for Treasury obligations of the type deposited in the Portfolio are expected to
be approximately .10% less than the offer price. Neither the Sponsors, the
Trustee or the Evaluator will be liable for errors in the Evaluator's judgment.
The fees of the Evaluator will be borne by the Fund.

CERTIFICATES

Certificates for Units are issued upon request and may be transferred by
paying any taxes or governmental charges and by complying with the requirements
for redeeming Certificates (see How To Sell Units--Trustee's Redemption of
Units). Certain Sponsors collect additional charges for registering and shipping
Certificates to purchasers. Lost or mutilated Certificates can be replaced upon
delivery of satisfactory indemnity and payment of costs.

<PAGE>
HOW TO SELL UNITS

SPONSORS' MARKET FOR UNITS

You can sell your Units at any time without a fee. The Sponsors (although not
obligated to do so) will normally buy any Units offered for sale at the
repurchase price next computed after receipt of the order. The Sponsors have
maintained secondary markets in Defined Asset Funds for over 20 years. Primarily
because of the sales charge and fluctuations in the market value of the
Securities, the sale price may be less than the cost of your Units. You should
consult your financial professional for current market prices to determine if
other broker-dealers or banks are offering higher prices for Units.

The Sponsors may discontinue this market without prior notice if the supply of
Units exceeds demand or for other business reasons; in that event, the Sponsors
may still purchase Units at the redemption price as a service to investors. The
Sponsors may reoffer or redeem Units repurchased.

TRUSTEE'S REDEMPTION OF UNITS

You may redeem your Units by sending the Trustee a redemption request together
with any certificates you hold. Certificates must be properly endorsed or
accompanied by a written transfer instrument with signatures guaranteed by an
eligible institution. In certain instances, additional documents may be required
such as a certificate of death, trust instrument, certificate of corporate
authority or appointment as executor, administrator or guardian. If the Sponsors
are maintaining a market for Units, they will purchase any Units tendered at the
repurchase price described above. The Fund has no back-end load or 12b-1 fees,
so there is never a fee for cashing in your investment (see Appendix B). If they
do not purchase Units tendered, the Trustee is authorized in its discretion to
sell Units in the over-the-counter market if it believes it will obtain a higher
net price for the redeeming investor.

You may request distribution in kind from the Trustee instead of cash
redemption, provided that you are tendering Units with a value of at least
$50,000. By the seventh calendar day after tender, an amount and value of
Securities per Unit, together with a pro rata portion of the cash balance in the
Fund, equal to the Redemption Price per Unit, will be paid over to the Trustee,
as distribution agent, and either held for your account or disposed of in
accordance with your instructions. Any brokerage commissions on sales of
Securities in connection with in-kind redemptions will be borne by you.

Redemptions may be suspended or payment postponed if the New York Stock
Exchange is closed other than for customary weekend and holiday closings, if the
SEC determines that trading on that Exchange is restricted or that an emergency
exists making disposal or evaluation of the Securities not reasonably
practicable, or for any other period permitted by the SEC.

INCOME AND DISTRIBUTIONS

INCOME

Interest received is credited to an Income Account and other receipts to a
Capital Account. A Reserve Account may be created by withdrawing from the Income
and Capital Accounts amounts considered appropriate by the Trustee to reserve
for any material amount that may be payable out of the Fund.

DISTRIBUTIONS

Each Unit receives an equal share of monthly distributions of interest income
net of estimated expenses. Interest on the Securities is generally received by
the Fund on a semi-annual or annual basis. Because interest on the Securities is
not received at a constant rate throughout the year, any Monthly Income
Distribution may be more or less than the interest actually received. To
eliminate fluctuations in the Monthly Income Distribution, a portion of the
Public Offering Price may consist of cash in an amount necessary for the Trustee
to provide approximately equal interest distributions. Upon the sale or
redemption of Units, investors will receive their proportionate share of this
cash. In addition, if a security is sold, redeemed or otherwise disposed of, the
Fund will periodically distribute to investors the portion of this cash that is
attributable to the Security, as well their share of principal received from the
disposition of the Security, to the extent available for distribution. As each
Security in the Portfolio matures, the balance in the Capital Account will be
distributed on or about the second business day following the maturity date to
investors of record on the business day immediately preceding the distribution
day.

The initial estimated annual income per Unit, after deducting estimated annual
Fund expenses as stated in Part A of the Prospectus, will change as Securities
mature, are called or sold or otherwise disposed of, as replacement obligations
are deposited and as Fund expenses change. Because the Portfolio is not actively
managed, income dis-
4

<PAGE>
tributions will generally not be affected by changes in interest rates and the
amount of income should be substantially maintained as long as the Portfolio
remains unchanged; however, optional redemptions of Securities or other
Portfolio changes may occur more frequently when interest rates decline, which
would result in early returns of principal and possibly earlier termination of
the Fund.

FUND EXPENSES

Estimated annual Fund expenses are listed in Part A of the Prospectus; if
actual expenses exceed the estimate, the excess will be borne by the Fund. The
Trustee's annual fee is payable in monthly installments. The Trustee also
benefits when it holds cash for the Fund in non-interest bearing accounts.
Possible additional charges include Trustee fees and expenses for maintaining
the Fund's registration statement current with Federal and State authorities,
extraordinary services, costs of indemnifying the Trustee and the Sponsors,
costs of action taken to protect the Fund and other legal fees and expenses,
Fund termination expenses and any governmental charges. The Trustee has a lien
on Fund assets to secure reimbursement of these amounts and may sell Securities
for this purpose if cash is not available. The Sponsors receive an annual fee of
a maximum of $0.25 per $1,000 face amount to reimburse them for the cost of
providing Portfolio supervisory services to the Fund. While the fee may exceed
their costs of providing these services to the Fund, the total supervision fees
from all Series of Government Securities Income Fund will not exceed their costs
for these services to all of those Series during any calendar year. The Sponsors
may also be reimbursed for their costs of providing bookkeeping and
administrative services to the Fund, currently estimated at $0.10 per 1,000
Units. The Trustee's, Sponsors' and Evaluator's fees may be adjusted for
inflation without investors' approval.

All or some portion of the expenses incurred in establishing the Fund,
including the cost of the initial preparation of documents relating to the Fund,
Federal and State registration fees, the initial fees and expenses of the
Trustee, legal expenses and any other out-of-pocket expenses will be paid by the
Fund and amortized over five years. Any balance of the expenses incurred in
establishing the Fund, as well as advertising and selling expenses will be paid
from the Underwriting Account at no charge to the Fund. Sales charges on Defined
Asset Funds range from under 1.0% to 5.5%. This may be less than you might pay
to buy and hold a comparable managed fund. Defined Asset Funds can be a
cost-effective way to purchase and hold investments. Annual operating expenses
are generally lower than for managed funds. Because Defined Asset Funds have no
management fees, limited transaction costs and no ongoing marketing expenses,
operating expenses are generally less than 0.25% a year. When compounded
annually, small differences in expense ratios can make a big difference in your
investment results.

TAXES

The following discussion addresses only the tax consequences of Units held as
capital assets and does not address the tax consequences of Units held by
dealers, financial institutions or insurance companies.

In the opinion of Davis Polk & Wardwell, special counsel for the Sponsors,
under existing law:

The Fund is not an association taxable as a corporation for federal income
tax purposes. Each investor will be considered the owner of a pro rata portion
of each Security in the Fund under the grantor trust rules of Sections 671-679
of the Internal Revenue Code of 1986, as amended (the "Code"). The total cost
to an investor of his Units, including sales charges and organizational
expenses borne by the investor, is allocated to his pro rata portion of each
Security, in proportion to the fair market values thereof on the date the
investor purchases his Units, in order to determine his tax basis for his pro
rata portion of each Security.

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 regardless of whether it is used to pay current ongoing expenses or
organizational expenses. An individual investor who itemizes deductions may
deduct his pro rata share of fees and other expenses of the Fund only to the
extent that such amount together with the investor's other miscellaneous
deductions exceeds 2% of his adjusted gross income.

If an investor's tax basis for his pro rata portion of a Security exceeds
the redemption price at maturity thereof (subject to certain adjustments), the
investor will be considered to have purchased his pro rata portion of the
Security at a "bond premium". The investor may elect to amortize the bond
premium prior to the maturity of the Security. The amount amortized in any
year should be applied to offset the investor's interest from the Security and
will result in a reduction of basis for his pro rata portion of the Security.

An investor will recognize taxable gain or loss when all or part of his pro
rata portion of a Security is disposed of by the Fund or when he sells or
redeems all or some of his Units. Any such taxable gain or loss will be
capital gain or loss, except that any gain from the disposition of an
investor's pro rata portion of a Security acquired by the investor at a
"market discount" (i.e., where the investor's tax basis for his pro rata
portion of
5

<PAGE>
the Security is less than its stated redemption price at maturity) will be
treated as ordinary income to the extent the gain does not exceed the accrued
market discount.

A distribution to an investor of Securities upon redemption of Units will
not be a taxable event to the investor or to nonredeeming investors. The
redeeming investor's basis for the Securities will be equal to the basis for
the Securities (previously represented by his Units) prior to the redemption,
and his holding period for the Securities will include the period during which
he held his Units. However, the investor will recognize taxable gain or loss
when he sells the Securities so distributed.

Under the income tax laws of the State and City of New York, the Fund is
not an association taxable as a corporation and income received by the Fund
will be treated as the income of the investors.

Notwithstanding the foregoing, an investor who is a non-resident alien
individual or a foreign corporation (a "Foreign Investor") will generally not
be subject to U.S. federal income taxes, including withholding taxes, on the
interest income on, or any gain from the sale or other disposition of, his pro
rata portion of any Security provided that (i) the interest income or gain is
not effectively connected with the conduct by the Foreign Investor of a trade
or business within the United States, (ii) with respect to any gain, the
Foreign Investor (if an individual) is not present in the United States for
183 days or more during the taxable year and (iii) the Foreign Investor
provides the required certification of his status and of certain other
matters. Withholding agents will file with the Internal Revenue Service
foreign person information returns with respect to such interest payments
accompanied by such certifications. Foreign Investors should consult their own
tax advisers with respect to United States federal income tax consequences of
ownership of Units.

* * *

After the end of each calendar year, the Trustee will furnish to each investor
an annual statement containing information relating to the interest received by
the Fund on the Securities, the gross proceeds received by the Fund from the
disposition of any Security (resulting from redemption or payment at maturity of
any Security or the sale by the Fund of any Security), and the fees and expenses
paid by the Fund. The Trustee will also furnish annual information returns to
each investor and to the Internal Revenue Service.

The Sponsors believe that investors who are individuals will not be subject to
any state or local personal income taxes on the interest received by the Fund
and distributed to them. However, investors (including individuals) may be
subject to state and local taxes on any capital gains (or market discount
treated as ordinary income) derived from the Fund and to other state and local
taxes (including corporate income or franchise taxes, personal property or
intangibles taxes, and estate or inheritance taxes) on their Units or the income
derived therefrom. In addition, individual investors (and any other investors
which are not subject to state and local taxes on the interest income derived
from the Fund) will probably not be entitled to a deduction for state and local
tax purposes for their share of the fees and expenses paid by the Fund, for any
amortized bond premium or for any interest on indebtedness incurred to purchase
or carry their Units. Therefore, even though the Sponsors believe that interest
income from the Fund is exempt from state and local personal income taxes in all
states, investors should consult their own tax advisers with respect to state
and local taxation.

RETIREMENT PLANS

This Series of Government Securities Income Fund may be well suited for
purchase by Individual Retirement Accounts ("IRAs"), Keogh plans, pension funds
and other qualified retirement plans, certain of which are briefly described
below. Generally, capital gains and income received in each of the foregoing
plans are exempt from Federal taxation. All distributions from such plans are
generally treated as ordinary income but may, in some cases, be eligible for
special 5 or 10 year averaging or tax-deferred rollover treatment. Investors in
IRAs, Keogh plans and other tax-deferred retirement plans should consult their
plan custodian as to the appropriate disposition of distributions. Investors
considering participation in any of these plans should review specific tax laws
related thereto and should consult their attorneys or tax advisors with respect
to the establishment and maintenance of any of these plans. These plans are
offered by brokerage firms, including the Sponsor of this Fund, and other
financial institutions. Fees and charges with respect to such plans may vary.

Retirement Plans for the Self-Employed--Keogh Plans. Units of the Fund may be
purchased by retirement plans established for self-employed individuals,
partnerships or unincorporated companies ("Keogh plans"). The assets of a Keogh
plan must be held in a qualified trust or other arrangement which meets the
requirements of the Code. Keogh plan participants may also establish separate
IRAs (see below) to which they may contribute up to an additional $2,000 per
year ($2,250 in a spousal account).

<PAGE>
Individual Retirement Account--IRA. Any individual can make use of a qualified
IRA arrangement for the purchase of Units of the Fund. Any individual (including
one covered by an employer retirement plan) can make a contribution in an IRA
equal to the lesser of $2,000 ($2,250 in a spousal account) or 100% of earned
income; such investment must be made in cash. However, the deductible amount an
individual may contribute will be reduced if the individual's adjusted gross
income exceeds $25,000 (in the case of a single individual), $40,000 (in the
case of married individuals filing a joint return) or $200 (in the case of a
married individual filling a separate return). Certain transactions which are
prohibited under Section 408 of the Code will cause all or a portion of the
amount in an IRA to be deemed to be distributed and subject to tax at that time.
Unless nondeductible contributions were made in 1987 or a later year, all
distributions from an IRA will be treated as ordinary income but generally are
eligible for tax-deferred rollover treatment. Taxable distributions made before
attainment of age 591/2, except in the case of the participant's death or
disability or where the amount distributed is part of a series of substantially
equal periodic (at least annual) payments that are to be made over the life
expectancies of the participant and his or her beneficiary, are generally
subject to a surtax in an amount equal to 10% of the distribution.

Corporate Pension and Profit-Sharing Plans. A pension or profit-sharing plan
for employees of a corporation may purchase Units of the Fund.

RECORDS AND REPORTS

The Trustee keeps a register of the names, addresses and holdings of all
investors. The Trustee also keeps records of the transactions of the Fund,
including a current list of the Securities and a copy of the Indenture, and
supplemental information on the operations of the Fund and the risks associated
with the Securities held by the Fund, which may be inspected by investors at
reasonable times during business hours.

With each distribution, the Trustee includes a statement of the interest and
any other receipts being distributed. Within five days after deposit of
Securities in exchange or substitution for Securities (or contracts) previously
deposited, the Trustee will send a notice to each investor, identifying both the
Securities removed and the replacement Securities deposited. The Trustee sends
each investor of record an annual report summarizing transactions in the Fund's
accounts and amounts distributed during the year and Securities held, the number
of Units outstanding and the Redemption Price at year end, the interest received
by the Fund on the Securities, the gross proceeds received by the Fund from the
disposition of any Security (resulting from redemption or payment at maturity or
sale of any Security), and the fees and expenses paid by the Fund, among other
matters. The Trustee will also furnish annual information returns to each
investor. Investors may obtain copies of Security evaluations from the Trustee
to enable them to comply with federal and state tax reporting requirements. Fund
accounts are audited annually by independent accountants selected by the
Sponsors. Audited financial statements are available from the Trustee on
request.

TRUST INDENTURE

The Fund is a "unit investment trust" created under New York law by a Trust
Indenture among the Sponsors, the Trustee and the Evaluator. This Prospectus
summarizes various provisions of the Indenture, but each statement is qualified
in its entirety by reference to the Indenture.

The Indenture may be amended by the Sponsors and the Trustee without consent
by investors to cure ambiguities or to correct or supplement any defective or
inconsistent provision, to make any amendment required by the SEC or other
governmental agency or to make any other change not materially adverse to the
interest of investors (as determined in good faith by the Sponsors). The
Indenture may also generally be amended upon consent of investors holding 51% of
the Units. No amendment may reduce the interest of any investor in the Fund
without the investor's consent or reduce the percentage of Units required to
consent to any amendment without unanimous consent of investors. Investors will
be notified on the substance of any amendment.

The Trustee may resign upon notice to the Sponsors. It may be removed by
investors holding 51% of the Units at any time or by the Sponsors without the
consent of investors if it becomes incapable of acting or bankrupt, its affairs
are taken over by public authorities, or if under certain conditions the
Sponsors determine in good faith that its replacement is in the best interest of
the investors. The Evaluator may resign or be removed by the Sponsors and the
Trustee without the investors' consent. The resignation or removal of either
becomes effective upon acceptance of appointment by a successor; in this case,
the Sponsors will use their best efforts to appoint a successor promptly;
however, if upon resignation no successor has accepted appointment within 30
days after notification, the resigning Trustee or Evaluator may apply to a court
of competent jurisdiction to appoint a successor.

<PAGE>
Any Sponsor may resign so long as one Sponsor with a net worth of $2,000,000
remains and is agreeable to the resignation. A new Sponsor may be appointed by
the remaining Sponsors and the Trustee to assume the duties of the resigning
Sponsor. If there is only one Sponsor and it fails to perform its duties or
becomes incapable of acting or bankrupt or its affairs are taken over by public
authorities, the Trustee may appoint a successor Sponsor at reasonable rates of
compensation, terminate the Indenture and liquidate the Fund or continue to act
as Trustee without a Sponsor. Merrill Lynch, Pierce, Fenner & Smith Incorporated
has been appointed as Agent for the Sponsors by the other Sponsors.

The Sponsors, the Trustee and the Evaluator are not liable to investors or any
other party for any act or omission in the conduct of their responsibilities
absent bad faith, willful misfeasance, negligence (gross negligence in the case
of a Sponsor or the Evaluator) or reckless disregard of duty. The Indenture
contains customary provisions limiting the liability of the Trustee.

MISCELLANEOUS

LEGAL OPINION

The legality of the Units has been passed upon by Davis Polk & Wardwell, 450
Lexington Avenue, New York, New York 10017, as special counsel for the Sponsors.

AUDITORS

The Statement of Condition in Part A of the Prospectus was audited by Deloitte
& Touche LLP, independent accountants, as stated in their opinion. It is
included in reliance upon that opinion given on the authority of that firm as
experts in accounting and auditing.

TRUSTEE

The Trustee and its address are stated on the back cover of the Prospectus.
The Trustee is subject to supervision by the Federal Deposit Insurance
Corporation, the Board of Governors of the Federal Reserve System and either the
Comptroller of the Currency or state banking authorities.

SPONSORS

The Sponsors are listed on the back cover of the Prospectus. They may include
Merrill Lynch, Pierce, Fenner & Smith Incorporated, a wholly-owned subsidiary of
Merrill Lynch Co. Inc.; Smith Barney Inc., an indirect wholly-owned subsidiary
of The Travelers Inc.; Prudential Securities Incorporated, an indirect
wholly-owned subsidiary of the Prudential Insurance Company of America; Dean
Witter Reynolds, Inc., a principal operating subsidiary of Dean Witter Discover
& Co. and PaineWebber Incorporated, a wholly-owned subsidiary of PaineWebber
Group Inc. Each Sponsor, or one of its predecessor corporations, has acted as
Sponsor of a number of series of unit investment trusts. Each Sponsor has acted
as principal underwriter and managing underwriter of other investment companies.
The Sponsors, in addition to participating as members of various selling groups
or as agents of other investment companies, execute orders on behalf of
investment companies for the purchase and sale of securities of these companies
and sell securities to these companies in their capacities as brokers or dealers
in securities.

PUBLIC DISTRIBUTION

In the initial offering period Units will be distributed to the public through
the Underwriting Account and dealers who are members of the National Association
of Securities Dealers, Inc. The initial offering period is 30 days or less if
all Units are sold. If some Units initially offered have not been sold, the
Sponsors may extend the initial offering period for up to four additional
successive 30-day periods.

The Sponsors intend to qualify Units for sale in all states in which
qualification is deemed necessary through the Underwriting Account and by
dealers who are members of the National Association of Securities Dealers, Inc.
The Sponsors do not intend to qualify Units for sale in any foreign countries
and this Prospectus does not constitute an offer to sell Units in any country
where Units cannot lawfully be sold. Sales to dealers and to introducing
dealers, if any, will initially be made at prices which represent a concession
from the Public Offering Price, but the Agent for the Sponsors reserves the
right to change the rate of any concession from time to time. Any dealer or
introducing dealer may reallow a concession up to the concession to dealers.

UNDERWRITERS' AND SPONSORS' PROFITS

Upon sale of the Units, the Underwriters will be entitled to receive sales
charges; each Underwriter's interest in the Underwriting Account will depend
upon the number of Units acquired through the issuance of additional Units.
8

<PAGE>
The Sponsors also realize a profit or loss on deposit of the Securities equal to
the difference between the cost of the Securities to the Fund (based on the
offer side evaluation on the initial date of deposit) and the Sponsors' cost of
the Securities. During the initial offering period, the Underwriting Account
also may realize profits or sustain losses as a result of fluctuations after the
initial date of deposit in the Public Offering Price of the Units. In
maintaining a secondary market for Units, the Sponsors will also realize profits
or sustain losses in the amount of any difference between the prices at which
they buy Units and the prices at which they resell these Units (which include
the sales charge) or the prices at which they redeem the Units. Cash, if any,
made available by buyers of Units to the Sponsors prior to a settlement date for
the purchase of Units may be used in the Sponsors' businesses to the extent
permitted by Rule 15c3-3 under the Securities Exchange Act of 1934 and may be of
benefit to the Sponsors.

FUND PERFORMANCE

Information on the performance of the Fund for various periods, on the basis
of changes in Unit price plus the amount of income and principal distributions
reinvested, may be included from time to time in advertisements, sales
literature, reports and other information furnished to current or prospective
investors. Total return figures are not averaged, and may not reflect deduction
of the sales charge, which would decrease the return. Average annualized return
figures reflect deduction of the maximum sales charge. No provision is made for
any income taxes payable.

Past performance may not be indicative of future results. The Fund is not
actively managed. Unit price and return fluctuate with the value of the
Securities in the Portfolio, so there may be a gain or loss when Units are sold.

Fund performance may be compared to performance data from publications such as
Donoghue's Money Fund Report, Lehman Brothers Intermediate Treasury Bond Index,
Lipper Analytical Services, Inc., Morningstar Publications, Inc., Money
Magazine, The New York Times, U.S. News and World Report, Barron's, Business
Week, CDA Investment Technology, Inc., Forbes Magazine or Fortune Magazine. As
with other performance data, performance comparisons should not be considered
representative of the Fund's relative performance for any future period.

DEFINED ASSET FUNDS

For decades informed investors have purchased unit investment trusts for
dependability and professional selection of investments. Defined Asset Funds'
philosophy is to allow investors to "buy with knowledge" (because, unlike
managed funds, the portfolio of bonds and the return are relatively fixed) and
"hold with confidence" (because the portfolio is professionally selected and
regularly reviewed). Defined Asset Funds offers an array of simple and
convenient investment choices, suited to fit a wide variety of personal
financial goals--a buy and hold strategy for capital accumulation, such as for
children's education or retirement, or attractive, regular current income
consistent with the preservation of principal. Unit investment trusts are
particularly suited for the many investors who prefer to seek long-term income
by purchasing sound investments and holding them, rather than through active
trading. Few individuals have the knowledge, resources or capital to buy and
hold a diversified portfolio on their own; it would generally take a
considerable sum of money to obtain the breadth and diversity that Defined Asset
Funds offer. One's investment objectives may call for a combination of Defined
Asset Funds.

One of the most important investment decisions you face may be how to allocate
your investments among asset classes. Diversification among different kinds of
investments can balance the risks and rewards of each one. Most investment
experts recommend stocks for long-term capital growth. Long-term corporate bonds
offer relatively high rates of interest income. By purchasing both defined
equity and defined bond funds, investors can receive attractive current income,
as well as growth potential, offering some protection against inflation. From
time to time various advertisements, sales literature, reports and other
information furnished to current or prospective investors may present the
average annual compounded rate of return of selected asset classes over various
periods of time, compared to the rate of inflation over the same periods.

SUPPLEMENTAL INFORMATION

Upon writing or calling the Trustee shown on the back cover of this
Prospectus, investors will receive at no cost to the investor supplemental
information about the Fund, which has been filed with the SEC. The supplemental
information includes more detailed risk factor disclosure about the types of
Securities that may be part of the Fund's Portfolio and general information
about the structure and operation of the Fund.

<PAGE>
APPENDIX A

DESCRIPTION OF RATINGS (AS DESCRIBED BY STANDARD & POOR'S RATINGS GROUP,
A DIVISION OF MCGRAW HILL, INC.)

A Standard & Poor's rating on the units of an investment trust (hereinafter
referred to collectively as "units" and "funds") is a current assessment of
creditworthiness with respect to the investments held by the fund. This
assessment takes into consideration the financial capacity of the issuers and of
any guarantors, insurers, lessees, or mortgagors with respect to such
investments. The assessment, however, does not take into account the extent to
which fund expenses will reduce payment to an investor of the interest and
principal required to be paid on portfolio assets. In addition, the rating is
not a recommendation to purchase, sell, or hold units, as the rating does not
comment as to market price of the units or suitability for a particular
investor.

Funds rated AAA are composed exclusively of assets that are rated AAA by
Standard & Poor's and/or certain short-term investments. This AAA rating is the
highest rating assigned by Standard & Poor's to a security. Capacity to pay
interest and repay principal is extremely strong.

a-1
<PAGE>
APPENDIX B

INITIAL OFFERING SALES CHARGE SCHEDULE

<TABLE>
<CAPTION>
SALES CHARGE
(GROSS UNDERWRITING PROFIT)
-------------------------------
AS PERCENT OF AS PERCENT OF DEALER CONCESSION AS PRIMARY MARKET
OFFER SIDE PUBLIC NET AMOUNT PERCENT OF PUBLIC CONCESSION TO
NUMBER OF UNITS OFFERING PRICE INVESTED OFFERING PRICE INTRODUCING DEALERS
- ----------------------------- ----------------- ------------- -------------------- --------------------

<S> <C> <C> <C> <C>
Less than 1,000,000. . . . . 1.25% 1.266% 0.813% $9.00
1,000,000 or more. . . . . . 1.00 1.010 0.650 7.20

</TABLE>

SECONDARY MARKET SALES CHARGE SCHEDULE

<TABLE>
<CAPTION>
SALES CHARGE
(GROSS UNDERWRITING PROFIT)
------------------------------
AS PERCENT OF AS PERCENT OF DEALER CONCESSION AS
BID SIDE PUBLIC NET AMOUNT PERCENT OF PUBLIC
NUMBER OF UNITS OFFERING PRICE INVESTED OFFERING PRICE
- ----------------------------------- --------------- ------------- ---------------------

<S> <C> <C> <C>
Less than 1,000,000. . . . . . . . 1.50% 1.523% 0.975%
1,000,000 or more. . . . . . . . . 1.25 1.266 0.813

</TABLE>

b-1
<PAGE>
Defined
Asset FundsSM

<S> <C>

SPONSORS/UNDERWRITERS: GOVERNMENT SECURITIES INCOME FUND
Merrill Lynch,
Pierce, Fenner & Smith Incorporated
Defined Asset Funds Monthly Payment
P.O. Box 9051 U.S. Treasury Series--24
Princeton, NJ 08543-9051 (Laddered Maturities)
(609) 282-8500 A Unit Investment Trust

Smith Barney Inc. This Prospectus does not contain all of the information with
Unit Trust Department respect to the investment company set forth in its registration
388 Greenwich Street--23rd Floor statement and exhibits relating thereto which have been filed with
New York, NY 10013 the Securities and Exchange Commission, Washington, D.C. under the
1-800-223-2532 Securities Act of 1933 and the Investment Company Act of 1940, and
to which reference is hereby made.
PaineWebber Incorporated ---------------------
1200 Harbor Blvd.
Weehawken, NJ 07087 No person is authorized to give any information or to make
(201) 902-3000 any representations with respect to this investment company not
contained in this Prospectus; and any information or representation
Prudential Securities Incorporated not contained herein must not be relied upon as having been
One Seaport Plaza authorized.
199 Water Street ---------------------
New York, NY 10292
(212) 776-1000 When Units of this Fund are no longer available, this Prospectus
may be used as a preliminary prospectus for a future series, and
Dean Witter Reynolds Inc. investors should note the following: Information contained herein
Two World Trade Center is subject to amendment. A registration statement relating to
59th Floor securities of a future series has been filed with the Securities
New York, NY 10048 and Exchange Commission. These securities may not be sold nor may
(212) 392-2222 offers to buy be accepted prior to the time the registration
statement becomes effective.
ADDITIONAL UNDERWRITERS:
First Montauk Securities Corp. This Prospectus does not constitute an offer to sell or a
328 Newman Spring Road solicitation of an offer to buy securities in any state in which
Red Bank, NJ 07701 such offer, solicitation or sale would be unlawful prior to
(908) 842-4700 registration or qualification under the securities laws of any such
state.
Gruntal & Co. Incorporated
14 Wall Street
New York, NY 10005
(212) 267-8800

EVALUATOR:
Kenny S & P Evaluation Services
65 Broadway
New York, NY 10006

TRUSTEE:
The Chase Manhattan Bank, N.A.
(A National Banking Association)
Customer Service Retail Department
770 Broadway--7th Floor
New York, NY 10003-9598
1-800-323-1508

15173 -1/96

</TABLE>

<PAGE>
PART II

ADDITIONAL INFORMATION NOT INCLUDED IN THE PROSPECTUS

A. The following information relating to the Depositors is incorporated by
reference to the SEC filings indicated and made a part of this Registration
Statement.

SEC FILE OR
IDENTIFICATION NUMBER DATE FILED
------------------------ -------------------

I. Bonding Arrangements and Date of Organization of the
Depositors filed pursuant to Items A and B of Part II of the
Registration Statement on Form S-6 under the Securities Act
of 1933:

Merrill Lynch, Pierce, Fenner & Smith Incorporated. . 2-52691 1/17/95

Prudential Securities Incorporated. . . . . . . . . . 2-61418 6/29/89

Smith Barney Inc.. . . . . . . . . . . . . . . . . . . 33-29106 11/18/83

Dean Witter Reynolds Inc.. . . . . . . . . . . . . . . 2-60599 4/26/78

PaineWebber Incorporated. . . . . . . . . . . . . . . 2-87965 1/4/78

II. Information as to Officers and Directors of the Depositors
filed pursuant to Schedules A and D of Form BD under Rules
15b1-1 and 15b3-1 of the Securities Exchange Act of 1934:

Merrill Lynch, Pierce, Fenner & Smith Incorporated. . 8-7721 5/26/94, 6/29/92

Prudential Securities Incorporated. . . . . . . . . . 8-12321 8/29/94, 8/2/93

Smith Barney Inc.. . . . . . . . . . . . . . . . . . . 8-8177 4/20/94, 7/31/86

Dean Witter Reynolds Inc.. . . . . . . . . . . . . . . 8-14172 6/30/94, 6/20/88

PaineWebber Incorporated. . . . . . . . . . . . . . . 8-16267 2/23/94, 4/9/91

III. Charter documents of the Depositors filed as Exhibits to the
Registration Statement on Form S-6 under the Securities Act
of 1933 (Charter, By-Laws):

Merrill Lynch, Pierce, Fenner & Smith Incorporated. . 2-73866, 2-77549 9/22/81, 6/15/82

Prudential Securities Incorporated. . . . . . . . . . 2-86941, 2-86941 3/30/88

Smith Barney Inc.. . . . . . . . . . . . . . . . . . . 33-20499 11/18/83

Dean Witter Reynolds Inc.. . . . . . . . . . . . . . . 2-60599, 2-86941 3/4/75

PaineWebber Incorporated. . . . . . . . . . . . . . . 2-87965, 2-87965 1/4/78

B.The Internal Revenue Service Employer Identification Numbers of the Sponsors and Trustee are as follows:

Merrill Lynch, Pierce, Fenner & Smith Incorporated. . 13-5674085

Prudential Securities Incorporated. . . . . . . . . . 13-6134767

Smith Barney Inc.. . . . . . . . . . . . . . . . . . . 13-1912900

Dean Witter Reynolds Inc.. . . . . . . . . . . . . . . 94-1671384

PaineWebber Incorporated. . . . . . . . . . . . . . . 13-2638166

The Chase Manhattan Bank, N.A., Trustee. . . . . . . . 13-2633612

</TABLE>

II-1
<PAGE>
SERIES OF GOVERNMENT SECURITIES INCOME FUND,
MUNICIPAL INVESTMENT TRUST FUND, EQUITY INCOME FUND
AND DEFINED ASSET FUNDS MUNICIPAL INSURED SERIES
DESIGNATED PURSUANT TO RULE 487 UNDER THE SECURITIES ACT OF 1933

SEC
SERIES NUMBER FILE NUMBER

<S> <C>

Government Securities Income Fund, Monthly Payment U.S. Treasury Series-1. . . . . 2-81969

Municipal Investment Trust Fund, Four Hundred Thirty-Eighth Monthly Payment Series 33-16561

Government Securities Income Fund, Monthly Payment U.S. Treasury Series-8. . . . . 33-31728

Municipal Investment Trust Fund, Multistate Series-48. . . . . . . . . . . . . . . 33-50247

Government Securities Income Fund, U.S. Treasury Strategy Trust-1. . . . . . . . . 33-48915

Defined Asset Funds Municipal Insured Series. . . . . . . . . . . . . . . . . . . 33-54565

Equity Income Fund, Select Ten Portfolio--1995 Spring Series. . . . . . . . . . . 33-55807

</TABLE>

CONTENTS OF REGISTRATION STATEMENT

The Registration Statement on Form S-6 comprises the following papers and
documents:

The facing sheet of Form S-6.

The Cross-Reference Sheet (incorporated by reference to the Cross-Reference
Sheet to the Registration Statement of Defined Asset Funds, Municipal Insured
Series, 1933 Act File No. 33-54565).

The Prospectus.

Additional Information not included in the Prospectus (Part II). Consent of
independent accountants.

The following exhibits:

<S> <C> <C>
1.1 -- Form of Reference Trust Indenture (incorporated by reference to Exhibit 1.1 to the Registration
Statement of Government Securities Income Fund, Monthly Payment U.S. Treasury Series--22, 1933 Act
File No. 33-57173).
1.1.1 -- Form of Standard Terms and Conditions of Trust Effective October 21, 1993 (incorporated by reference
to Exhibit 1.1.1 to the Registration Statement of Municipal Investment Trust Fund, Multi-State Series
48, 1933 Act File No. 33-50247).
1.2 -- Form of Master Agreement Among Underwriters (incorporated by reference to Exhibit 1.2 to the
Registration Statement of The Corporate Income Fund, One Hundred Ninety-Fourth Monthly Payment
Series, 1933 Act File No. 2-90925).
2.1 -- Form of Certificate of Beneficial Interest (included in Exhibit 1.1.1).
3.1 -- Opinion of counsel as to the legality of the securities being issued including their consent to the
use of their names under the headings "Taxes" and "Miscellaneous--Legal Opinion" in the Prospectus.

4.1.1 -- Consent of the Evaluator.
4.1.2 -- Consent of Rating Agency.
5.1 -- Consent of Independent Accountants
9.1 -- Information Supplement (incorporated by reference to Exhibit 9.1 to the Registration Statement of
Government Securities Income Fund, Monthly Payment U.S. Treasury Series--22, 1933 Act File No.
33-57173).

</TABLE>

<PAGE>
SIGNATURES

The registrant hereby identifies the series numbers of Government Securities
Income Fund, Municipal Investment Trust Fund, Equity Income Fund and Defined
Asset Funds Municipal Insured Series listed on page R-1 for the purposes of the
representations required by Rule 487 and represents the following:

1) That the portfolio securities deposited in the series as to which this
registration statement is being filed do not differ materially in type or
quality from those deposited in such previous series;

2) That, except to the extent necessary to identify the specific portfolio
securities deposited in, and to provide essential information for, the
series with respect to which this registration statement is being filed,
this registration statement does not contain disclosures that differ in any
material respect from those contained in the registration statements for
such previous series as to which the effective date was determined by the
Commission or the staff; and

3) That it has complied with Rule 460 under the Securities Act of 1933.

PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THE REGISTRANT
HAS DULY CAUSED THIS REGISTRATION STATEMENT OR AMENDMENT TO THE REGISTRATION
STATEMENT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED THEREUNTO DULY
AUTHORIZED IN THE CITY OF NEW YORK AND STATE OF NEW YORK ON THE 30TH DAY OF
JANUARY, 1996.

SIGNATURES APPEAR ON PAGES R-3, R-4, R-5, R-6 AND R-7.

A majority of the members of the Board of Directors of Merrill Lynch, Pierce,
Fenner & Smith Incorporated has signed this Registration Statement or Amendment
to the Registration Statement pursuant to Powers of Attorney authorizing the
person signing this Registration Statement or Amendment to the Registration
Statement to do so on behalf of such members.

A majority of the members of the Board of Directors of Prudential Securities
Incorporated has signed this Registration Statement or Amendment to the
Registration Statement pursuant to Powers of Attorney authorizing the person
signing this Registration Statement or Amendment to the Registration Statement
to do so on behalf of such members.

A majority of the members of the Board of Directors of Smith Barney Inc. has
signed this Registration Statement or Amendment to the Registration Statement
pursuant to Powers of Attorney authorizing the person signing this Registration
Statement or Amendment to the Registration Statement to do so on behalf of such
members.

A majority of the members of the Board of Directors of Dean Witter Reynolds
Inc. has signed this Registration Statement or Amendment to the Registration
Statement pursuant to Powers of Attorney authorizing the person signing this
Registration Statement or Amendment to the Registration Statement to do so on
behalf of such members.

A majority of the members of the Executive Committee of the Board of
Directors of PaineWebber Incorporated has signed this Registration Statement or
Amendment to the Registration Statement pursuant to Powers of Attorney
authorizing the person signing this Registration Statement or Amendment to the
Registration Statement to do so on behalf of such members.

<PAGE>
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
DEPOSITOR
<TABLE>
<CAPTION>

<S> <C>

By the following persons, who constitute a majority of Powers of Attorney have been filed under
the Board of Directors of Merrill Lynch, Pierce, Form SE and the following 1933 Act File
Fenner & Smith Incorporated: Numbers: 33-43466 and 33-51607

</TABLE>

HERBERT M. ALLISON, JR.
BARRY S. FREIDBERG
EDWARD L. GOLDBERG
STEPHEN L. HAMMERMAN
JEROME P. KENNEY
DAVID H. KOMANSKY
DANIEL T. NAPOLI
THOMAS H. PATRICK
JOHN L. STEFFENS
DANIEL P. TULLY
ROGER M. VASEY
ARTHUR H. ZEIKEL

ERNEST V. FABIO

By: ERNEST V. FABIO
(As authorized signatory for Merrill Lynch, Pierce,
Fenner & Smith Incorporated and
Attorney-in-fact for the persons listed above)
<PAGE>
SMITH BARNEY INC.
DEPOSITOR
<TABLE>
<CAPTION>

<S> <C>

By the following persons, who constitute a majority of Powers of Attorney have been filed under the
the Board of Directors of Smith Barney Inc.: following 1933 Act File Numbers: 33-56722 and
33-51999

</TABLE>

STEVEN D. BLACK
JAMES BOSHART III
ROBERT A. CASE
JAMES DIMON
ROBERT DRUSKIN
ROBERT F. GREENHILL
JEFFREY LANE
ROBERT H. LESSIN
JACK L. RIVKIN

GINA LEMON

By: GINA LEMON
(As authorized signatory for
Smith Barney Inc. and
Attorney-in-fact for the persons listed above)
<PAGE>
PAINEWEBBER INCORPORATED
DEPOSITOR
<TABLE>
<CAPTION>

<S> <C>

By the following persons, who constitute a majority of Powers of Attorney have been filed under
the Executive Committee of the Board of Form SE and the following 1933 Act File
Directors of PaineWebber Incorporated: Number: 33-55073

</TABLE>

JOSEPH J. GRANO, JR.
DONALD B. MARRON

ROBERT E. HOLLEY

By: ROBERT E. HOLLEY
(As authorized signatory for
PaineWebber Incorporated and
Attorney-in-fact for the persons listed above)
<PAGE>
PRUDENTIAL SECURITIES INCORPORATED
DEPOSITOR
<TABLE>
<CAPTION>

<S> <C>

By the following persons, who constitute a majority of Powers of Attorney have been filed under
the Board of Directors of Prudential Securities Form SE and the following 1933 Act File
Incorporated: Number: 33-41631

</TABLE>

ALAN D. HOGAN
GEORGE A. MURRAY
LELAND B. PATON
HARDWICK SIMMONS

RICHARD R. HOFFMANN

By: RICHARD R. HOFFMANN
(As authorized signatory for Prudential Securities
Incorporated and Attorney-in-fact for the persons
listed above)
<PAGE>
DEAN WITTER REYNOLDS INC.
DEPOSITOR
<TABLE>
<CAPTION>

<S> <C>

By the following persons, who constitute a majority of Powers of Attorney have been filed under
the Board of Directors of Dean Witter Reynolds Inc.: Form SE and the following 1933 Act File
Number: 33-17085

</TABLE>

NANCY DONOVAN
CHARLES A. FIUMEFREDDO
JAMES F. HIGGINS
STEPHEN R. MILLER
PHILIP J. PURCELL
THOMAS C. SCHNEIDER
WILLIAM B. SMITH

MICHAEL D. BROWNE

By: MICHAEL D. BROWNE
(As authorized signatory for
Dean Witter Reynolds Inc. and
Attorney-in-fact for the persons listed above)

<PAGE>

EXHIBIT 3.1

DAVIS POLK & WARDWELL
450 LEXINGTON AVENUE
NEW YORK, NEW YORK 10017
(212) 450-4000

JANUARY 30, 1996

Government Securities Income Fund,
Monthly Payment U.S. Treasury Series-24 (Laddered Maturities)
Defined Asset Funds

Merrill Lynch, Pierce, Fenner & Smith Incorporated
Smith Barney Inc.
PaineWebber Incorporated
Prudential Securities Incorporated
Dean Witter Reynolds Inc.
c/o Merrill Lynch, Pierce, Fenner & Smith Incorporated
Defined Asset Funds
P.O. Box 9051
Princeton, N.J. 08543-9051

Dear Sirs:

We have acted as special counsel for you, as sponsors (the "Sponsors") of
Monthly Payment U.S. Treasury Series--24 (Laddered Maturities) of Government
Securities Income Fund, Defined Asset Funds (the "Fund"), in connection with the
issuance of units of fractional undivided interest in the Fund (the "Units") in
accordance with the Trust Indenture relating to the Fund (the "Indenture").

We have examined and are familiar with originals or copies, certified or
otherwise identified to our satisfaction, of such documents and instruments as
we have deemed necessary or advisable for the purpose of this opinion.

Based upon the foregoing, we are of the opinion that (i) the execution and
delivery of the Indenture and the issuance of the Units have been duly
authorized by the Sponsors and (ii) the Units, when duly executed and delivered
by the Sponsors and the Trustee in accordance with the Indenture, will be
legally issued, fully paid and non- assessable.

We hereby consent to the use of this opinion as Exhibit 3.1 to the
Registration Statement relating to the Units filed under the Securities Act of
1933 and to the use of our name in such Registration Statement and in the
related prospectus under the headings "Taxes" and "Miscellaneous--Legal
Opinion."

Very truly yours,

Davis Polk & Wardwell

<PAGE>

EXHIBIT 4.1.1

JANUARY 30, 1996

Kenny S&P Evaluation Services
A Division of J.J. Kenny Co., Inc.
65 Broadway
New York, N.Y. 10006-2511
Telephone 212/770-4900
Fax 212/797-8681

Frank A. Ciccotto, Jr.
Vice President

<S> <C>

Merrill Lynch, Pierce, Fenner & Smith Incorporated The Chase Manhattan Bank, N.A.
Defined Asset Funds 1 Chase Manhattan Plaza-3B
P.O. Box 9051 New York, N.Y. 10081
Princeton, N.J. 08543-9051

</TABLE>

RE: GOVERNMENT SECURITIES INCOME FUND, MONTHLY PAYMENT U.S. TREASURY SERIES-24
(LADDERED MATURITIES), DEFINED ASSET FUNDS

Gentlemen:

We have examined the Registration Statement No. 33-60597 for the
above-captioned fund. We hereby acknowledge that Kenny S&P Evaluation Services,
a division of J.J. Kenny Co., Inc., is currently acting as the evaluator for the
Trust. We hereby consent to the use in the Registration Statement of the
reference to Kenny S&P Evaluation Services, a division of J.J. Kenny Co., Inc.,
as evaluator.

You are hereby authorized to file a copy of this letter with the Securities
and Exchange Commission.

Sincerely,

Frank. A. Ciccotto, Jr.
Vice President

<PAGE>

EXHIBIT 4.1.2

JANUARY 30, 1996

Standard & Poor's Ratings Group
Bond Insurance Administration
25 Broadway
New York, N.Y. 10004-1064
Telephone 212/208-1061
Fax: 212/208-8262

Merrill Lynch, Pierce, Fenner & Smith Incorporated
Defined Asset Funds
P.O. Box 9051
Princeton, N.J. 08543-9051

The Chase Manhattan Bank, N.A.
1 Chase Manhattan Plaza-3B
New York, NY 10081

RE: GOVERNMENT SECURITIES INCOME FUND, MONTHLY PAYMENT U.S. TREASURY SERIES-24
(LADDERED MATURITIES), DEFINED ASSET FUNDS 1933 ACT REGISTRATION NO. 33-60597

Gentlemen:

Pursuant to your request for a Standard & Poor's rating on the units of the
above-captioned trust, SEC # 33- 60597 we have reviewed the information
presented to us and have assigned a "AAA" rating to the units in the trust. The
rating is a direct reflection of the portfolio of the trust, which will be
composed solely of U.S. Treasury Debt Obligations fully guaranteed as to
principal and interest by the full faith and credit of the United States.

You have permission to use the name of Standard & Poor's and the
above-assigned rating in connection with your dissemination of information
relating to these units, provided that it is understood that the rating is not a
"market" rating nor recommendations to buy, hold, or sell the units of the
trust. Further, it should be understood that the rating does not take into
account the extent to which fund expenses or portfolio asset sales for less than
the fund's purchase price will reduce payment to the unit holders of the
interest and principal required to be paid on the portfolio assets. S&P reserves
the right to advise its own clients, subscribers, and the public of the rating.
S&P relies on the Sponsor and its counsel, accountants, and other experts for
the accuracy and completeness of the information submitted in connection with
the ratings. S&P does not independently verify the truth or accuracy of any such
information.

This letter evidences our consent to the use of the name of Standard & Poor's
Corporation and the above- assigned rating in the registration statement or
prospectus relating to the units of the trust. However, this letter should not
be construed as a consent by us, within the meaning of Section 7 of the
Securities Act of 1933, to the use of the name of Standard & Poor's Corporation
in connection with the ratings assigned to the securities contained in the
trust. You are hereby authorized to file a copy of this letter with the
Securities and Exchange Commission.

Please be certain to send us three copies of your final prospectus as soon as
it becomes available. Should we not receive them within a reasonable time after
the closing or should they not conform to the representations made to us, we
reserve the right to withdraw the rating.

We are pleased to have had the opportunity to be of service to you. Our bill
will be sent to you within one month. If we can be of further help, please do
not hesitate to call upon us.

Very truly yours,

<PAGE>
Vincent S. Orgo
Standard & Poor's Corporation

<PAGE>

EXHIBIT 5.1
CONSENT OF INDEPENDENT ACCOUNTANTS

The Sponsors and Trustee of
Government Securities Income Fund,
Monthly Payment U.S. Treasury Series-24 (Laddered Maturities)
Defined Asset Funds:

We consent to the use in this Registration Statement No. 33-60597 of our opinion
dated January 30, 1996, relating to the Statement of Condition of Government
Securities Income Fund, Monthly Payment U.S. Treasury Series-24 (Laddered
Maturities), Defined Asset Funds, and to the reference to us under the heading
"Miscellaneous-- Auditors" in the Prospectus which is a part of this
Registration Statement.

DELOITTE & TOUCHE LLP
New York, N.Y.
January 30, 1996

<PAGE>

<ARTICLE>6
<MULTIPLIER>1

<S> <C>

<PERIOD-TYPE> OTHER

<FISCAL-YEAR-END> DEC-31-1995

<PERIOD-END> JAN-30-1996

<INVESTMENTS-AT-COST> 499,405

<INVESTMENTS-AT-VALUE> 499,405

<RECEIVABLES> 11,360

<ASSETS-OTHER> 50,000

<OTHER-ITEMS-ASSETS> 2,240

<TOTAL-ASSETS> 563,005

<PAYABLE-FOR-SECURITIES> 0

<SENIOR-LONG-TERM-DEBT> 0

<OTHER-ITEMS-LIABILITIES> 61,360

<TOTAL-LIABILITIES> 61,360

<SENIOR-EQUITY> 0

<PAID-IN-CAPITAL-COMMON> 501,645

<SHARES-COMMON-STOCK> 502,240

<SHARES-COMMON-PRIOR> 0

<ACCUMULATED-NII-CURRENT> 0

<OVERDISTRIBUTION-NII> 0

<ACCUMULATED-NET-GAINS> 0

<OVERDISTRIBUTION-GAINS> 0

<ACCUM-APPREC-OR-DEPREC> 0

<NET-ASSETS> 501,645

<DIVIDEND-INCOME> 0

<INTEREST-INCOME> 0

<OTHER-INCOME> 0

<EXPENSES-NET> 0

<NET-INVESTMENT-INCOME> 0

<REALIZED-GAINS-CURRENT> 0

<APPREC-INCREASE-CURRENT> 0

<NET-CHANGE-FROM-OPS> 0

<EQUALIZATION> 0

<DISTRIBUTIONS-OF-INCOME> 0

<DISTRIBUTIONS-OF-GAINS> 0

<DISTRIBUTIONS-OTHER> 0

<PAGE>

<S> <C>

<NUMBER-OF-SHARES-SOLD> 502,240

<NUMBER-OF-SHARES-REDEEMED> 0

<SHARES-REINVESTED> 0

<NET-CHANGE-IN-ASSETS> 0

<ACCUMULATED-NII-PRIOR> 0

<ACCUMULATED-GAINS-PRIOR> 0

<OVERDISTRIB-NII-PRIOR> 0

<OVERDIST-NET-GAINS-PRIOR> 0

<GROSS-ADVISORY-FEES> 0

<INTEREST-EXPENSE> 0

<GROSS-EXPENSE> 0

<AVERAGE-NET-ASSETS> 0

<PER-SHARE-NAV-BEGIN> 0

<PER-SHARE-NII> 0

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<PER-SHARE-DIVIDEND> 0

<PER-SHARE-DISTRIBUTIONS> 0

<RETURNS-OF-CAPITAL> 0

<PER-SHARE-NAV-END> 0

<EXPENSE-RATIO> 0

<AVG-DEBT-OUTSTANDING> 0

<AVG-DEBT-PER-SHARE> 0

<PAGE>

</TABLE>