MUNICIPAL INVT TR FD MULTISTATE SER 75 DEFINED ASSET FUNDS
485BPOS, 1997-01-08
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    AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JANUARY 8, 1997
 
                                                       REGISTRATION NO. 33-55781
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
 
                       SECURITIES AND EXCHANGE COMMISSION
 
                             WASHINGTON, D.C. 20549
 
                   ------------------------------------------
 
                         POST-EFFECTIVE AMENDMENT NO. 2
                                       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:
 
                        MUNICIPAL INVESTMENT TRUST FUND
                             MULTISTATE SERIES--75
                              DEFINED ASSET FUNDS
 
B. NAMES OF DEPOSITORS:
 
               MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
                               SMITH BARNEY INC.
                       PRUDENTIAL SECURITIES INCORPORATED
                           DEAN WITTER REYNOLDS INC.
                            PAINEWEBBER INCORPORATED
 
C. COMPLETE ADDRESSES OF DEPOSITORS' PRINCIPAL EXECUTIVE OFFICES:
 

 MERRILL LYNCH, PIERCE,
     FENNER & SMITH
      INCORPORATED
   DEFINED ASSET FUNDS
  POST OFFICE BOX 9051
PRINCETON, NJ 08543-9051                              SMITH BARNEY INC.
                                                        388 GREENWICH
                                                     STREET--23RD FLOOR
                                                     NEW YORK, NY 10013

 

  PRUDENTIAL SECURITIES  PAINEWEBBER INCORPORATED DEAN WITTER REYNOLDS INC.
      INCORPORATED          1285 AVENUE OF THE         TWO WORLD TRADE
   ONE NEW YORK PLAZA            AMERICAS            CENTER--59TH FLOOR
   NEW YORK, NY 10292       NEW YORK, NY 10019       NEW YORK, NY 10048

 
D. NAMES AND COMPLETE ADDRESSES OF AGENTS FOR SERVICE:
 

  TERESA KONCICK, ESQ.      LAURIE A. HESSLEIN       DOUGLAS LOWE, ESQ.
      P.O. BOX 9051          388 GREENWICH ST.    130 LIBERTY STREET--29TH
PRINCETON, NJ 08543-9051    NEW YORK, NY 10013              FLOOR
                                                     NEW YORK, NY 10006
 
   LEE B. SPENCER, JR.       ROBERT E. HOLLEY            COPIES TO:
   ONE NEW YORK PLAZA        1200 HARBOR BLVD.     PIERRE DE SAINT PHALLE,
   NEW YORK, NY 10292       WEEHAWKEN, NJ 07087             ESQ.
                                                    450 LEXINGTON AVENUE
                                                     NEW YORK, NY 10017

 
The issuer has registered an indefinite number of Units under the Securities Act
of 1933 pursuant to Rule 24f-2 and filed the Rule 24f-2 Notice for the most
recent fiscal year on February 14, 1996.
 
Check box if it is proposed that this filing will become effective on January
17, 1997 pursuant to paragraph (b) of Rule 485.  / x /
 
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<PAGE>
                                                   DEFINED ASSET FUNDSSM
- --------------------------------------------------------------------------------
 

MUNICIPAL INVESTMENT          This Defined Fund consists of fixed portfolios of
TRUST FUND MULTISTATE         long-term bonds issued by a single state and its
SERIES--75                    local governments and authorities or by certain
(UNIT INVESTMENT              U.S. territories or possessions. Each Trust is
TRUSTS)                       formed to provide interest income which in the
- ------------------------------opinion of counsel is, with certain exceptions,
/ / DESIGNED FOR              exempt from Federal income taxes and from certain
      TAX-FREE INCOME         state and local taxes of the State for which the
/ / DEFINED PORTFOLIOS OF     Trust is named but may be subject to other state
      MUNICIPAL BONDS         and local taxes. There is no assurance that this
/ / MONTHLY INCOME            objective will be met because it is subject to the
CALIFORNIA INSURED TRUST      continuing ability of issuers of the bonds to meet
FLORIDA INSURED TRUST         their principal and interest requirements.
NEW JERSEY INSURED TRUST      Furthermore, the market value of the bonds, and
NEW YORK INSURED TRUST        therefore the value of the Units, will fluctuate
OHIO INSURED TRUST            with changes in interest rates and other factors.
PENNSYLVANIA INSURED TRUST    Each Trust is insured. This insurance guarantees
                              the timely payment of principal and interest on
                              but does not guarantee the market value of the
                              bonds or the value of the Units.
                              Minimum Purchase: One Unit

 

                               -------------------------------------------------
                               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 ADEQUACY
                               OF THIS DOCUMENT. ANY REPRESENTATION TO THE
                               CONTRARY IS A CRIMINAL OFFENSE.
                               -------------------------------------------------
SPONSORS:                      PART A OF THIS PROSPECTUS MAY NOT BE DISTRIBUTED
Merrill Lynch,                 UNLESS ACCOMPANIED BY MUNICIPAL INVESTMENT TRUST
Pierce, Fenner & Smith         FUND PROSPECTUS PART B.
Incorporated                   INVESTORS SHOULD READ BOTH PARTS OF THIS
Smith Barney Inc.              PROSPECTUS CAREFULLY AND RETAIN THEM FOR FUTURE
Prudential Securities          REFERENCE.
Incorporated                   INQUIRIES SHOULD BE DIRECTED TO THE TRUSTEE AT
Dean Witter Reynolds Inc.      1-800-221-7771.
PaineWebber Incorporated       PROSPECTUS PART A DATED JANUARY 17, 1997.

 
<PAGE>
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Defined Asset FundsSM

Defined Asset Funds is America's oldest and largest family of unit investment
trusts, with over $115 billion sponsored since over the last 25 years. Each
Defined Asset Fund is a portfolio of preselected securities. Each 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:
 
o Municipal portfolios
o Corporate portfolios
o Government portfolios
o Equity portfolios
o International portfolios
 
The terms of Defined Funds are as short as one year or as long as 30 years.
Special defined 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 Multistate Series
- ----------------------------------------------------------------
 
Our defined portfolios of municipal bonds offer you a simple and convenient way
to earn tax-free monthly income. And by purchasing Defined Asset Funds, you not
only receive professional selection but also gain the advantage of reduced risk
by investing in bonds of several different issuers.
 
INVESTMENT OBJECTIVE
 
To provide interest income exempt from regular federal income taxes through
investment in a fixed portfolio consisting primarily of municipal bonds issued
by or on behalf of a single state and its local governments and authorities.
Units may also be exempt from certain state and local taxes for residents of the
State.
 
DIVERSIFICATION
 
Each Portfolio contains a number of different bond issues. Spreading your
investment among different issuers reduces your risk, but does not eliminate it,
especially since each Portfolio contains bonds of only one State. Because of
maturities, sales or other dispositions of bonds, the size, composition and
return of the Portfolio will change over time. The information in this
prospectus is as of October 31, 1996, the evaluation date.
- ----------------------------------------------------------------
Defining Your Portfolio
- ----------------------------------------------------------------
 
PROFESSIONAL SELECTION AND SUPERVISION
 
Each Portfolio contains a variety of bonds selected by experienced buyers. The
Fund is not actively managed; however, it is regularly reviewed and a bond can
be sold if retaining it is considered detrimental to investors' interests.
 
MONTHLY FEDERALLY TAX-FREE INTEREST INCOME
 
Each Portfolio pays monthly income, even though the bonds generally pay interest
semi-annually.
 
INSURANCE
 
The bonds included in each Trust are insured. This insurance guarantees the
timely payment of principal of and interest on the bonds, but does not guarantee
the value of the bonds or the units. Insurance may not cover accelerated
payments of principal or any increase in interest payments or premiums payable
on mandatory redemptions, including if interest on a bond is determined to be
taxable. (See Bonds Backed by Letters of Credit or Insurance in Part B).
 
BOND CALL FEATURES
 
It is possible that during periods of falling interest rates, a bond with a
coupon higher than current market rates will be prepaid or 'called', at the
option of the bond issuer, before its expected maturity. When bonds are
initially callable, the price is usually at a premium to par which then declines
to par over time. Bonds may also be subject to a mandatory sinking fund or have
extraordinary redemption provisions. For example, if the bond's proceeds are not
able to be used as intended the bond may be redeemed. This redemption and the
sinking fund are often at par.
 
                                      A-2
<PAGE>
CALL PROTECTION
 
Although many bonds are subject to optional refunding or call provisions, we
selected bonds with call protection. This call protection means that any bond in
a Portfolio generally cannot be called for a number of years after the initial
date of deposit (which was November 16, 1994) and thereafter at a declining
premium over par.
 
TAX INFORMATION
 
Based on the opinion of bond counsel, income from the bonds held by this Fund is
generally 100% exempt under existing laws from regular federal income tax and
certain state and local personal income taxes for residents of a particular
State. Any gain on a disposition of the underlying bonds or units will be
subject to tax.
- ----------------------------------------------------------------
Defining Your Investment
- ----------------------------------------------------------------
 
PUBLIC OFFERING PRICE
 
The Public Offering Price as of the evaluation date, is based on the aggregate
bid side value of the underlying bonds in the Portfolio, divided by the number
of units outstanding, plus a sales charge. 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 bonds are evaluated by an independent evaluator
at 3:30 p.m. Eastern time on every business day.
 
REINVESTMENT OPTION
 
You can elect to automatically reinvest your distributions into a separate
portfolio of federally tax-exempt bonds. Most or all of the bonds in that
portfolio, however, will not be insured or exempt from state and local taxes.
Reinvesting helps to compound your income free of federal income taxes.
 
PRINCIPAL DISTRIBUTIONS
 
Principal from sales, redemptions and maturities of bonds in each Trust will be
distributed to investors periodically when the amount to be distributed is more
than $5.00 per unit.
 
REDEEMING OR SELLING YOUR INVESTMENT
 
You may redeem or sell your units at any time. Your price is based on the then
current net asset value of the Portfolio (based on the lower bid side evaluation
of the bonds, as determined by an independent evaluator), plus principal cash,
if any, as well as accrued interest. There is no fee for redeeming or selling
your units.
- ----------------------------------------------------------------
Defining Your Risks
- ----------------------------------------------------------------
 
RISK FACTORS
 
Unit price fluctuates and could be adversely affected by increasing interest
rates as well as the financial condition of the issuers of the bonds and any
insurance companies backing certain of the bonds. Because of the possible
maturity, sale or other disposition of securities, the size, composition and
return of the portfolio may change at any time. Because of the sales charges,
returns of principal and fluctuations in unit price, among other reasons, the
sale price will generally be less than the cost of your units. Unit prices could
also be adversely affected if a limited trading market exists in any security to
be sold. There is no guarantee that the Fund will achieve its investment
objective.
 
In addition, each Portfolio has fewer bond issues than a national fund, and is
concentrated in bonds of issuers located in only one State. There may be
additional risk from decreased diversification as well as from factors
particular to that State.
 
                                      A-3
<PAGE>
 

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                        Defined California Insured Trust
- --------------------------------------------------------------------------------

 
PORTFOLIO DIVERSIFICATION
 
The Portfolio contains 7 California bonds.
 
TYPES OF BONDS
 
The Portfolio consists of municipal bonds of the following types:
 

                                                   APPROXIMATE
                                                    PORTFOLIO
                                                   PERCENTAGE
/ /Hospitals/Nursing Homes/Mental
       Health Facilities                               22%
/ / Housing                                            15%
/ / Lease Rental Appropriation                         16%
/ / Municipal Water/Sewer Utilities                    15%
/ / Refunded Bonds                                     17%
/ / State/Local Municipal Electric
  Utilities                                            15%

 
INSURANCE
 
The approximate percentage of the aggregate face amount of the Portfolio insured
by each insurance company is:
 

AMBAC Indemnity Corporation                             31%
Financial Guaranty Insurance Company                    16%
MBIA Insurance Corporation                              53%

 
RISK FACTORS
 
The Portfolio is not considered to be concentrated in any particular category of
bonds. (See Risk Factors in Part B.) However, the Portfolio is concentrated in
bonds of California issuers and is subject to additional risk from decreased
diversification as well as from factors that may be particular to California,
which are briefly described on the following page.
 
PREMIUM AND DISCOUNT ISSUES
On the evaluation date, 46% of the bonds were valued at a premium over par and
54% at a discount from par (see Risk Factors in Part B).
TERMINATION DATE
 
The Portfolio will generally terminate no later than the maturity date of the
last maturing bond listed in the Portfolio. The Portfolio may be terminated if
the value is less than 40% of the face amount of bonds deposited. On the
evaluation date the value of the Portfolio was 100% of the face amount of bonds
deposited.
 
- ----------------------------------------------------------------
Defining Your Income
- ----------------------------------------------------------------
 
WHAT YOU MAY EXPECT
 
(PAYABLE ON THE 25TH DAY OF THE MONTH TO HOLDERS OF RECORD ON THE 10TH DAY OF
THE MONTH):
 

Regular Monthly Income per unit:                         $    4.70
Annual Income per unit:                                  $   56.50

 
These figures are estimates determined as of the evaluation date and actual
payments may vary.
- ----------------------------------------------------------------
Defining Your Costs
- ----------------------------------------------------------------
 
PUBLIC OFFERING PRICE PER UNIT                     $1,063.08
 
The Public Offering Price as of October 31, 1996, the evaluation date, is based
on the aggregate bid side value of the bonds ($3,264,977), divided by the number
of units outstanding (3,250), plus a sales charge of 5.50% of the Public
Offering Price (5.820% of the value of the underlying bonds). 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 per unit bid side redemption and secondary market repurchase price as of the
evaluation date was $1,004.61 ($58.47 less than the Public Offering Price).
 
SALES CHARGE
 
Although the Trust 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 %
                                                    of Secondary
                                                   Market Public
                                                   Offering Price
                                                   -----------------
Maximum Sales Charges                                       5.50%

 
ESTIMATED ANNUAL FUND OPERATING EXPENSES
 

                                                       Per Unit
                                                   --------------
Trustee's Fee                                        $     0.70
Portfolio Supervision and Bookkeeping Fees           $     0.45
Evaluator's Fee                                      $     0.40
Other Operating Expenses                             $     0.56
                                                   --------------
TOTAL                                                $     2.11

 
                                      A-4
<PAGE>
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                           California Taxes and Risks
- --------------------------------------------------------------------------------
 
CALIFORNIA RISK FACTORS
 
     From the latter years of the 1980s through fiscal year 1992-1993,
California weathered a turbulent period of repeated budgetary imbalance. Even as
rapid population growth escalated the demand for government services, an
economic recession ravaged the State's revenue base and drove expenditures above
budget appropriations.
 
     Bolstered by strengthening revenues, reduced caseload growth and an
improving economy, the State has begun to experience some relief from the
serious budgetary pressures that characterized a significant portion of the
decade. Reflecting the belief shared by many analysts that the California
economy would remain strong, the 1996-1997 Budget Act allocated a State budget
of some $63 billion. In the context of optimistic revenue projections released
by the Department of Finance, the Budget Act granted a $230 million tax cut to
corporations while simultaneously providing an increase in funding for education
and prisons. However, only a relatively modest amount, $287 million, was
allocated to the reserve fund available for emergencies such as earthquakes.
 
     Nonetheless, the State's budgetary fortunes continue to be subject to
unforeseeable events. In December, 1994, for example, Orange County, California
and its Investment Pool filed for bankruptcy. A plan of adjustment has been
approved by the court and became effective under which all non-municipal
creditors are to be paid in full. However, the ultimate financial impact on the
County and the State cannot be predicted with any certainty. In addition,
constant fluctuations in other factors affecting the State -- including health
and welfare caseloads, property tax receipts, federal funding and extraordinary
expenditures related to natural disasters -- will undoubtedly create new budget
challenges.
 
     Furthermore, certain California constitutional amendments, legislative
measures, executive orders, administrative regulations and voter initiatives
could produce the adverse effects on the California economy. Among these are
measures that have established tax, spending or appropriations limits and
prohibited the imposition of certain new taxes, authorized the transfers of tax
liabilities and reallocations of tax receipts among governmental entities and
provided for minimum levels of funding.
 
     Finally, certain bonds in the Trust may be subject to provisions of
California law that could adversely affect payments on those bonds or limit the
remedies available to bondholders. Among these are bonds of health care
institutions which are subject to the strict rules and limits regarding
reimbursement payments of California's Medi-Cal Program for health care services
to welfare beneficiaries, and bonds secured by liens on real property.
 
     General obligation bonds of the State of California are currently rated A1
by Moody's and A+ by Standard & Poor's.
 
CALIFORNIA TAXES
 
     In the opinion of O'Melveny & Myers LLP, Los Angeles, California, special
counsel on California tax matters, under existing California law:
 
     The Trust is neither a business trust nor an association taxable as a
corporation for California tax purposes. Each holder will be considered the
owner of a pro rata portion of the Trust Fund and will be deemed to receive his
pro rata portion of the income therefrom. To the extent interest on the Debt
Obligations is exempt from California personal income taxes, said interest is
similarly exempt from California personal income taxes in the hands of the
holders, except to the extent such holders are banks or corporations subject to
the California franchise tax. Holders will be subject to California income tax
on any gain on the disposition of all or part of his pro rata portion of a Debt
Obligation in the Trust Fund. A holder will be considered to have disposed of
all or part of his pro rata portion of each Debt Obligation when he sells or
redeems all or some of his Units. A holder will also be considered to have
disposed of all or part of his pro rata portion of a Debt Obligation when all or
part of the Debt Obligation is sold by the Trust Fund or is redeemed or paid at
maturity. The Debt Obligations and the Units are not taxable under the
California personal property tax law.
 
                                      A-5
<PAGE>
 

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                         Defined Florida Insured Trust
- --------------------------------------------------------------------------------

 
PORTFOLIO DIVERSIFICATION
 
The Portfolio contains 8 Florida bonds.
 
TYPES OF BONDS
 
The Portfolio consists of municipal bonds of the following types:
 

                                                   APPROXIMATE
                                                    PORTFOLIO
                                                   PERCENTAGE
/ /Hospitals/Nursing Homes/Mental
       Health Facilities                               33%
/ / Industrial Development Revenue                     4%
/ / Lease Rental Appropriation                         26%
/ / Municipal Water/Sewer Utilities                    18%
/ / Special Tax                                        19%

 
INSURANCE
 
The approximate percentage of the aggregate face amount of the Portfolio insured
by each insurance company is:
 

AMBAC Indemnity Corporation                             30%
Financial Guaranty Insurance Company                    18%
MBIA Insurance Corporation                              52%

 
RISK FACTORS
 
The Portfolio is concentrated in Hospital/Nursing Home/Mental Health Facility
bonds and Lease Rental Appropriation bonds and is therefore dependent to a
significant degree on revenues generated from those particular activities. (See
Risk Factors in Part B.) The Portfolio is also concentrated in bonds of Florida
issuers and is subject to additional risk from decreased diversification as well
as from factors that may be particular to Florida, which are briefly described
on the following page.
 
PREMIUM AND DISCOUNT ISSUES
 
On the evaluation date, 84% of the bonds were valued at a premium over par and
16% at a discount from par (see Risk Factors in Part B).
 
TERMINATION DATE
 
The Portfolio will generally terminate no later than the maturity date of the
last maturing bond listed in the Portfolio. The Portfolio may be terminated if
the value is less than 40% of the face amount of bonds deposited. On the
evaluation date the value of the Portfolio was 85% of the face amount of bonds
deposited.
 
- ----------------------------------------------------------------
Defining Your Income
- ----------------------------------------------------------------
 
WHAT YOU MAY EXPECT
 
(PAYABLE ON THE 25TH DAY OF THE MONTH TO HOLDERS OF RECORD ON THE 10TH DAY OF
THE MONTH):
 

Regular Monthly Income per unit:                         $    4.94
Annual Income per unit:                                  $   59.34

 
These figures are estimates determined as of the evaluation date and actual
payments may vary.
- ----------------------------------------------------------------
Defining Your Costs
- ----------------------------------------------------------------
 
PUBLIC OFFERING PRICE PER UNIT                     $1,089.54
 
The Public Offering Price as of October 31, 1996, the evaluation date, is based
on the aggregate bid side value of the bonds ($2,993,457), divided by the number
of units outstanding (2,877), plus a sales charge of 4.50% of the Public
Offering Price (4.715% of the value of the underlying bonds). 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 per unit bid side redemption and secondary market repurchase price as of the
evaluation date was $1,040.48 ($49.06 less than the Public Offering Price).
 
SALES CHARGE
 
Although the Trust 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 %
                                                    of Secondary
                                                   Market Public
                                                   Offering Price
                                                   -----------------
Maximum Sales Charges                                       5.50%

 
ESTIMATED ANNUAL FUND OPERATING EXPENSES
 

                                                      Per Unit
                                                  ---------------
Trustee's Fee                                        $    0.69
Portfolio Supervision and Bookkeeping Fees           $    0.44
Evaluator's Fee                                      $    0.46
Other Operating Expenses                             $    0.68
                                                  ---------------
TOTAL                                                $    2.27

 
                                      A-6
<PAGE>
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                            Florida Taxes and Risks
- --------------------------------------------------------------------------------
 
FLORIDA RISK FACTORS
 
     The financial condition of the State of Florida is affected by various
national, economic, social and environmental policies and conditions.
Additionally, limitations placed by the State's Constitution on the State and
its local governments covering income taxes, ad valorem taxes, bond indebtedness
and other matters, as well as various statutory limitations, may constrain the
revenue-generating capacity of the State and its local governments and,
therefore, the ability of the issuers of the Bonds to satisfy their obligations.
 
     The economic vitality of the State and its various regions and, therefore,
the ability of the State and its local governments to satisfy the Bonds, are
affected by numerous factors. South Florida is susceptible to international
trade and currency imbalances and to economic problems in Central and South
America due to its geographical location and its involvement with foreign trade,
tourism and investment capital. The central and northern portions of the State,
on the other hand, could be impacted by problems in the agricultural sector,
including crop failures, severe weather conditions or other agriculture-related
problems, particularly with regard to the citrus and sugar industries. The
State's economy also has historically been somewhat dependent on the tourism and
construction industries and is sensitive to trends in those sectors.
 
     General obligation bonds of the State are currently rated Aa by Moody's
Investors Service and AA by Standard & Poor's.
 
FLORIDA TAXES
 
       In the opinion of Greenberg Traurig Hoffman Lipoff Rosen & Quentel, P.A.,
     Miami, Florida, special counsel on Florida tax matters, under existing
     Florida law:
 
       1. The Fund will not be subject to income, franchise or other taxes of a
     similar nature imposed by the State of Florida or its subdivisions,
     agencies or instrumentalities.
 
       2. Because Florida does not impose a personal income tax, non-corporate
     investors in Units of the Fund will not be subject to any Florida income
     taxes with respect to (i) amounts received by the Fund on the Bonds it
     holds; (ii) amounts which are distributed by the Fund to non-corporate
     investors in Units of the Fund or (iii) any gain realized on the sale or
     redemption of Bonds by the Fund or of a Unit of the Fund by a non-corporate
     investor. However, corporations as defined in Chapter 220, Florida Statutes
     (1995), which are otherwise subject to Florida income taxation will be
     subject to tax on their respective share of any income and gain realized by
     the Fund and on any gain realized by a corporate investor on the sale or
     redemption of Units of the Fund by the corporate investor.
 
       3. The Units will be subject to Florida estate taxes only if held by
     Florida residents, or if held by non-residents deemed to have business
     sites in Florida. The Florida estate tax is limited to the amount of the
     credit for state death taxes provided for in Section 2011 of the Internal
     Revenue Code, as amended.
 
       4. Bonds issued by the State of Florida or its political subdivisions are
     exempt from Florida intangible personal property taxation under Chapter
     199, Florida Statutes (1995), as amended. Bonds issued by the Government of
     Puerto Rico or by the Government of Guam, or by their authority, are exempt
     by Federal statute from taxes such as the Florida intangible personal
     property tax. Thus, the Fund will not be subject to Florida intangible
     personal property tax on any Bonds in the Fund issued by the State of
     Florida or its political subdivisions, by the Government of Puerto Rico or
     by its authority or by the Government of Guam or by its authority. In
     addition, the Units of the Fund will not be subject to the Florida
     intangible personal property tax if the Fund invests solely in such
     Florida, Puerto Rico or Guam debt obligations.
 
                                      A-7
<PAGE>
 

- --------------------------------------------------------------------------------
                        Defined New Jersey Insured Trust
- --------------------------------------------------------------------------------

 
PORTFOLIO DIVERSIFICATION
 
The Portfolio contains 7 New Jersey bonds.
 
TYPES OF BONDS
 
The Portfolio consists of municipal bonds of the following types:
 

                                                   APPROXIMATE
                                                    PORTFOLIO
                                                   PERCENTAGE
/ /Hospitals/Nursing Homes/Mental
       Health Facilities                               8%
/ / Housing                                            17%
/ / Industrial Development Revenue                     33%
/ / Lease Rental Appropriation                         15%
/ / Municipal Water/Sewer Utilities                    13%
/ / Refunded Bonds                                     14%

 
INSURANCE
 
The approximate percentage of the aggregate face amount of the Portfolio insured
by each insurance company is:
 

AMBAC Indemnity Corporation                             31%
Financial Security Assurance of Maryland Inc.           8%
MBIA Insurance Corporation                              61%

 
RISK FACTORS
 
The Portfolio is concentrated in Industrial Development Revenue bonds and is
therefore dependent to a significant degree on revenues generated from those
particular activities. (See Risk Factors in Part B.) The Portfolio is also
concentrated in bonds of New Jersey issuers and is subject to additional risk
from decreased diversification as well as from factors that may be particular to
New Jersey, which are briefly described on the following page.
 
PREMIUM AND DISCOUNT ISSUES
On the evaluation date, 100% of the bonds were valued at a premium over par (see
Risk Factors in Part B).
 
TERMINATION DATE
 
The Portfolio will generally terminate no later than the maturity date of the
last maturing bond listed in the Portfolio. The Portfolio may be terminated if
the value is less than 40% of the face amount of bonds deposited. On the
evaluation date the value of the Portfolio was 99% of the face amount of bonds
deposited.
 
- ----------------------------------------------------------------
Defining Your Income
- ----------------------------------------------------------------
 
WHAT YOU MAY EXPECT
 
(PAYABLE ON THE 25TH DAY OF THE MONTH TO HOLDERS OF RECORD ON THE 10TH DAY OF
THE MONTH):
 

Regular Monthly Income per unit:                         $    5.13
Annual Income per unit:                                  $   61.64

 
These figures are estimates determined as of the evaluation date and actual
payments may vary.
- ----------------------------------------------------------------
Defining Your Costs
- ----------------------------------------------------------------
 
PUBLIC OFFERING PRICE PER UNIT                     $1,112.06
 
The Public Offering Price as of October 31, 1996, the evaluation date, is based
on the aggregate bid side value of the bonds ($3,219,953), divided by the number
of units outstanding (3,032), plus a sales charge of 4.50% of the Public
Offering Price (4.715% of the value of the underlying bonds). 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 per unit bid side redemption and secondary market repurchase price as of the
evaluation date was $1,061.99 ($50.07 less than the Public Offering Price).
 
SALES CHARGE
 
Although the Trust 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 %
                                                    of Secondary
                                                   Market Public
                                                   Offering Price
                                                   -----------------
Maximum Sales Charges                                       5.50%

 
ESTIMATED ANNUAL FUND OPERATING EXPENSES
 

                                                      Per Unit
                                                  ---------------
Trustee's Fee                                        $    0.70
Portfolio Supervision and Bookkeeping Fees           $    0.40
Evaluator's Fee                                      $    0.43
Other Operating Expenses                             $    0.68
                                                  ---------------
TOTAL                                                $    2.26

 
                                      A-8
<PAGE>
- --------------------------------------------------------------------------------
                           New Jersey Taxes and Risks
- --------------------------------------------------------------------------------
 
NEW JERSEY RISK FACTORS
 
     New Jersey and certain of its public authorities have in recent years
experienced financial difficulties and pressures to a significant degree.
Employment in manufacturing, wholesale and retail trade and construction have
been in decline although gains have been recorded in the services, government,
financial/insurance/real estate and tranportation/communication/public utilities
sectors. The economic recovery in New Jersey is likely to be slow and uneven
because some sectors, like commercial and industrial construction, suffer from
excess capacity, and even in rebounding sectors, employers are expected to be
cautious about hiring.
 
     State appropriations of funds are distributed among a diverse group of
public recipients. In fiscal 1996, the largest state aid appropriation is
provided for local elementary and secondary education programs, followed by
appropriations for operation of the state government (including the State
Legislature, Judiciary and Executive Office) and other programs including, among
others, correctional facilities and the State Police, higher education and
environmental protection. The effect on these appropriations and other State
funding requirements cannot yet be evaluated. By a bill signed into law on July
4, 1995, New Jersey personal income tax rates have been reduced so that coupled
with the prior rate reductions, beginning with tax year 1996, personal income
tax rates will be, depending on taxpayers' level of income and filing status,
30%, 15%, or 9% lower than 1993 rates.
 
     The primary method for State financing of capital projects is through the
sale of the general obligation bonds of the State. These bonds are backed by the
full faith and credit of the State. Tax revenues and certain other fees are
pledged to meet the principal and interest payments required to pay the debt
fully. With certain exceptions, no general obligation debt can be issued by the
State without prior voter approval.
 
     General obligation bonds of New Jersey are currently rated Aa1 by Moody's
and AA+ by Standard & Poor's.
 
NEW JERSEY TAXES
 
     In the opinion of Shanley & Fisher, P.C., Morristown, New Jersey, special
counsel on New Jersey tax matters, under existing New Jersey law:
 
     1. The proposed activities of the Fund will not cause it to be subject to
the New Jersey Corporation Business Tax Act.
 
     2. The income of the Fund will be treated as the income of individuals,
estates and trusts who are the investors in the Fund for purposes of the New
Jersey Gross Income Tax Act, and interest which is exempt from tax under the New
Jersey Gross Income Tax Act when received by the Fund will retain its status as
tax exempt in the hands of such investors. Gains arising from the sale or
redemption by an investor of his Units or from the sale or redemption by the
Fund of any Bond are exempt from taxation under the New Jersey Gross Income Tax
Act, as enacted and construed on the date hereof, to the extent such gains are
attributable to Bonds the interest on which is exempt from tax under the New
Jersey Gross Income Tax Act.
 
     3. Units of the Fund may be subject, in the estates of New Jersey
residents, to taxation under the Transfer Inheritance Tax Law of the State of
New Jersey.
 
                                      A-9
<PAGE>
 

- --------------------------------------------------------------------------------
                         Defined New York Insured Trust
- --------------------------------------------------------------------------------

 
PORTFOLIO DIVERSIFICATION
 
The Portfolio contains 9 New York bonds.
 
TYPES OF BONDS
 
The Portfolio consists of municipal bonds of the following types:
 

                                                   APPROXIMATE
                                                    PORTFOLIO
                                                   PERCENTAGE
/ / Airports/Ports/Highways                            13%
/ / General Obligation                                 9%
/ / Housing                                            10%
/ / Industrial Development Revenue                     16%
/ / Municipal Water/Sewer Utilities                    16%
/ / Refunded Bonds                                     16%
/ / Transit Authorities                                11%
/ / Universities/Colleges                              9%

 
INSURANCE
 
The approximate percentage of the aggregate face amount of the Portfolio insured
by each insurance company is:
 

AMBAC Indemnity Corporation                             16%
Capital Markets Assurance Corporation                   11%
Financial Guaranty Insurance Company                    30%
MBIA Insurance Corporation                              43%

 
RISK FACTORS
 
The Portfolio is not considered to be concentrated in any particular category of
bonds. (See Risk Factors in Part B.) However, the Portfolio is concentrated in
bonds of New York issuers and is subject to additional risk from decreased
diversification as well as from factors that may be particular to New York,
which are briefly described on the following page.
PREMIUM AND DISCOUNT ISSUES
 
On the evaluation date, 62% of the bonds were valued at a premium over par and
38% at a discount from par (see Risk Factors in Part B).
 
TERMINATION DATE
 
The Portfolio will generally terminate no later than the maturity date of the
last maturing bond listed in the Portfolio. The Portfolio may be terminated if
the value is less than 40% of the face amount of bonds deposited. On the
evaluation date the value of the Portfolio was 96% of the face amount of bonds
deposited.
 
- ----------------------------------------------------------------
Defining Your Income
- ----------------------------------------------------------------
 
WHAT YOU MAY EXPECT
 
(PAYABLE ON THE 25TH DAY OF THE MONTH TO HOLDERS OF RECORD ON THE 10TH DAY OF
THE MONTH):
 

Regular Monthly Income per unit:                         $    4.84
Annual Income per unit:                                  $   58.11

 
These figures are estimates determined as of the evaluation date and actual
payments may vary.
- ----------------------------------------------------------------
Defining Your Costs
- ----------------------------------------------------------------
 
PUBLIC OFFERING PRICE PER UNIT                     $1,073.11
 
The Public Offering Price as of October 31, 1996, the evaluation date, is based
on the aggregate bid side value of the bonds ($9,643,372), divided by the number
of units outstanding (9,490), plus a sales charge of 5.31% of the Public
Offering Price (5.604% of the value of the underlying bonds). 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 per unit bid side redemption and secondary market repurchase price as of the
evaluation date was $1,016.16 ($56.95 less than the Public Offering Price).
 
SALES CHARGE
 
Although the Trust 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 %
                                                    of Secondary
                                                   Market Public
                                                   Offering Price
                                                   -----------------
Maximum Sales Charges                                       5.50%

 
ESTIMATED ANNUAL FUND OPERATING EXPENSES
 

                                                      Per Unit
                                                  ---------------
Trustee's Fee                                        $    0.70
Portfolio Supervision and Bookkeeping Fees           $    0.45
Evaluator's Fee                                      $    0.14
Other Operating Expenses                             $    0.20
                                                  ---------------
TOTAL                                                $    1.49

 
                                      A-10
<PAGE>
- --------------------------------------------------------------------------------
                            New York Taxes and Risks
- --------------------------------------------------------------------------------
 
NEW YORK RISK FACTORS
 
     The State of New York and several of its public authorities and
municipalities including, in particular, New York City, continue to face
financial difficulties. For many years, the State accumulated deficits by
extraordinary borrowing, which have been paid off by the issuance of long-term
bonds under legislation limiting future borrowing for deficits. The State's
accumulated deficit is about $7.5 billion. For the 1996 fiscal year (ended March
31), to address a $5 billion projected budget gap, the State budget included
nearly $1 billion of non-recurring measures; a $445 million surplus was
realized. To address a $3.9 billion projected gap, the current year's budget
(adopted more than three months after the beginning of the fiscal year) includes
$1.3 billion of non-recurring measures. Moody's sharply criticized this budget,
concluding that it fails to solve the problem of recurring deficits and is
likely to cause extensive delays in adoption of future budgets. State general
obligation debt is rated A-by Standard & Poor's and A by Moody's; at March 31,
1996, approximately $5.0 billion face amount was outstanding. 18 State
authorities had an aggregate of $73.5 billion of debt outstanding at September
30, 1995, of which approximately $25.7 billion was State supported. Total
State-related debt at March 31, 1996 was approximately $38.3 billion.
 
     New York City implemented nearly $3.5 billion of gap-closing measures for
the 1995 fiscal year. The City finished its 1996 fiscal year with a small
surplus, after adopting measures to eliminate a projected $3.1 billion budget
gap. In June, the City adopted a budget to close a projected $2.7 billion budget
gap for the 1997 fiscal year (that began July 1, 1996); in August, the Mayor
directed City agencies to plan for $500 million in further spending reductions.
Budget revisions rely heavily on questionable assumptions and non-recurring
measures ($2 billion, $1.2 billion and $1.5 billion, respectively, in the
1995-97 fiscal years), and spending is projected to increase faster than revenue
for the next three years, leaving City-projected future budget gaps of $1.7
billion, $2.7 billion and $3.4 billion, respectively; fiscal monitors have
higher estimates. By mid-1997, the City could reach its constitutional limit on
debt issuance, and debt service will soon require 18.5% of projected tax
revenues. Yet the Mayor proposed borrowing an additional $1.4 billion over the
next four years for school repairs. Courts struck down a Mayoral proposal to
sell the City Water System without the City Comptroller's approval, which would
have reduced City debt by $1.3 billion and made $800 million available for other
purposes. The City has asked the State Legislature to authorize creation of an
Infrastructure Financing Authority to sell revenue bonds secured by City
personal income tax revenues to avoid being foreclosed from issuance of
additional debt. New York City bonds are rated BBB+ by Standard & Poor's and
Baa1 by Moody's. At September 30, 1996, approximately $25.1 billion of New York
City bonds (excluding City debt held by The Municipal Assistance Corporation for
the City of New York (MAC)) and approximately $3.9 billion of MAC bonds and $1.2
billion of public benefit corporation debt were outstanding. Other localities in
the State had an aggregate of approximately $17.7 billion of indebtedness
outstanding in 1994, of which $83 million was to finance budget deficits.
 
     For decades, the State's economy has grown more slowly than that of the
rest of the nation as a whole. This low growth rate has been attributed, in
part, to the combined State and New York City tax burden which is among the
highest in the U.S. Because their tax structures are particularly sensitive to
economic cycles, both the State and New York City are prone to substantial
budget gaps during periods of economic weakness. Each has suffered a decline in
population and in manufacturing jobs over many years, and has become
particularly dependent on the financial services industry. Unemployment rates,
especially in New York City, have been above the national average for several
years.
 
     Both the State and New York City suffer from long-term structural
imbalances between revenues and expenditures, which historically have been
narrowed through extensive use of non-recurring measures such as bond
refinancings, depletion of reserves, sales of assets, cost-cuts and layoffs.
Except for property taxes, changes in New York City revenue measures require
State approval. The City is also particularly subject to unanticipated increases
in labor costs, resulting primarily from expiring union contracts and overtime
expense. Both the State and New York City also face substantial replacement
costs for infrastructure (such as roads, bridges and other public facilities)
which has suffered from reduced maintenance expenditures during various economic
declines.
 
     Various municipalities and State and local authorities in New York
(particularly, the Metropolitan Transportation Authority) are dependent to
varying degrees on State and federal aid, and could be adversely affected by the
State's and federal government's actions to balance their budgets. Because the
State constitution has broader requirements, limits on benefits under new
welfare reform legislation were estimated to add up to $720 million annually of
new costs to the City by 2002. The State is expected to receive $1.3 billion
less in Federal welfare and Medicaid grants in the first year. The State's
dependence on federal aid and sensitivity to economic cycles, as well as high
levels of taxes and unemployment, may continue to make it difficult to balance
State and local budgets in the future.
 
NEW YORK TAXES
 
        In the opinion of Davis Polk & Wardwell, special counsel for the
     Sponsors, under existing New York law:
 
        Under the income tax laws of the State and City of New York, the Trust
     is not an association taxable as a corporation and income received by the
     Trust will be treated as the income of the investors in the same manner as
     for federal income tax purposes. Accordingly, each investor will be
     considered to have received the interest on his pro rata portion of each
     Bond when interest on the Bond is received by the Trust. In the opinion of
     bond counsel delivered on the date of issuance of the Bonds, such interest
     will be exempt from New York State and City personal income taxes except
     where such interest is subject to federal income taxes (see Taxes). A
     noncorporate investor in Units of the Trust
 
                                      A-11
<PAGE>
     who is a New York State (and City) resident will be subject to New York
     State (and City) personal income taxes on any gain recognized when he
     disposes of all or part of his pro rata portion of a Bond. A noncorporate
     investor who is not a New York State resident will not be subject to New
     York State or City personal income taxes on any such gain unless such Units
     are attributable to a business, trade, profession or occupation carried on
     in New York. A New York State (and City) resident should determine his tax
     basis for his pro rata portion of each Bond for New York State (and City)
     income tax purposes in the same manner as for federal income tax purposes.
     Interest income on, as well as any gain recognized on the disposition of,
     an investor's pro rata portion of the Bonds is generally not excludable
     from income in computing New York State and City corporate franchise taxes.
 
                                      A-12
<PAGE>
 

- --------------------------------------------------------------------------------
                           Defined Ohio Insured Trust
- --------------------------------------------------------------------------------

 
PORTFOLIO DIVERSIFICATION
 
The Portfolio contains 7 Ohio bonds.
 
TYPES OF BONDS
 
The Portfolio consists of municipal bonds of the following types:
 

                                                   APPROXIMATE
                                                    PORTFOLIO
                                                   PERCENTAGE
/ / General Obligation                                 46%
/ / Industrial Development Revenue                     16%
/ / Municipal Water/Sewer Utilities                    16%
/ / State/Local Municipal Electric
  Utilities                                            6%
/ / Universities/Colleges                              16%

 
INSURANCE
 
The approximate percentage of the aggregate face amount of the Portfolio insured
by each insurance company is:
 

AMBAC Indemnity Corporation                             15%
Financial Guaranty Insurance Company                    38%
MBIA Insurance Corporation                              47%

 
RISK FACTORS
 
The Portfolio is concentrated in General Obligation bonds. (See Risk Factors in
Part B.) The Portfolio is also concentrated in bonds of Ohio issuers and is
subject to additional risk from decreased diversification as well as from
factors that may be particular to Ohio, which are briefly described on the
following page.
 
PREMIUM AND DISCOUNT ISSUES
 
On the evaluation date, 100% of the bonds were valued at a premium over par (see
Risk Factors in Part B).
 
TERMINATION DATE
 
The Portfolio will generally terminate no later than the maturity date of the
last maturing bond listed in the Portfolio. The Portfolio may be terminated if
the value is less than 40% of the face amount of bonds deposited. On the
evaluation date the value of the Portfolio was 105% of the face amount of bonds
deposited.
 
- ----------------------------------------------------------------
Defining Your Income
- ----------------------------------------------------------------
 
WHAT YOU MAY EXPECT
 
(PAYABLE ON THE 25TH DAY OF THE MONTH TO HOLDERS OF RECORD ON THE 10TH DAY OF
THE MONTH):
 

Regular Monthly Income per unit:                         $    4.97
Annual Income per unit:                                  $   59.74

 
These figures are estimates determined as of the evaluation date and actual
payments may vary.
- ----------------------------------------------------------------
Defining Your Costs
- ----------------------------------------------------------------
 
PUBLIC OFFERING PRICE PER UNIT                     $1,137.50
 
The Public Offering Price as of October 31, 1996, the evaluation date, is based
on the aggregate bid side value of the bonds ($3,415,488), divided by the number
of units outstanding (3,132), plus a sales charge of 4.13% of the Public
Offering Price (4.309% of the value of the underlying bonds). 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 per unit bid side redemption and secondary market repurchase price as of the
evaluation date was $1,090.51 ($46.99 less than the Public Offering Price).
 
SALES CHARGE
 
Although the Trust 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 %
                                                    of Secondary
                                                   Market Public
                                                   Offering Price
                                                   -----------------
Maximum Sales Charges                                       5.50%

 
ESTIMATED ANNUAL FUND OPERATING EXPENSES
 

                                                      Per Unit
                                                  ---------------
Trustee's Fee                                        $    0.70
Portfolio Supervision and Bookkeeping Fees           $    0.45
Evaluator's Fee                                      $    0.42
Other Operating Expenses                             $    0.63
                                                  ---------------
TOTAL                                                $    2.20

 
                                      A-13
<PAGE>
- --------------------------------------------------------------------------------
                              Ohio Taxes and Risks
- --------------------------------------------------------------------------------
 
OHIO RISK FACTORS
 
     Economic activity in Ohio, as in many other industrially developed states,
tends to be more cyclical than in some other states and in the nation as a
whole. Although manufacturing (including auto-related manufacturing) remains an
important part of Ohio's economy, the greatest growth in employment in Ohio in
recent years, consistent with national trends, has been in the non-manufacturing
area. Agriculture and the related agriculture sectors, however, remain a very
important segment of the economy in Ohio.
 
     The general revenue fund ('GRF') appropriations act for the 1994-1995
biennium provided for total GRF biennial expenditures of approximately $30.7
billion. The GRF balance was approximately $928 million at the end of the
1994-95 biennium. The GRF appropriations act for the current biennium provides
for total GRF biennial expenditures of approximately $33.5 billion.
 
     Because the schedule of GRF cash receipts and disbursements do not
precisely coincide, temporary GRF cash flow deficiencies often occur in some
months of a fiscal year. Statutory provisions provide for effective management
of these temporary cash flow deficiencies by permitting adjustment of payment
schedules and the use of total operating funds.
 
     At various times, Ohio voters have authorized the incurrence of State debt
to which taxes or excises are pledged for payment.
 
     The Ohio public and joint vocational school districts receive a major
portion of their operating funds from State subsidy appropriations and receipts
from locally-voted taxes. Litigation alleging that the Ohio system of school
funding violates various provisions of the Ohio Constitution is currently
pending on appeal. It is not possible at this time to state whether the suit
will be successful or, if plaintiffs should prevail, the effect on the State's
present school funding system, including the amount of and criteria for State
basic aid allocations to school districts.
 
     Various Ohio municipalities have experienced fiscal difficulties and the
State established an act in 1979 to identify and assist cities and villages
experiencing defined 'fiscal emergencies'.
 
     General obligation bonds of the State of Ohio are currently rated Aa-1 by
Moody's and AA+ by Standard & Poor's, except that highway bonds of the State of
Ohio are currently rated AAA by Standard & Poor's. These ratings may be changed,
suspended or withdrawn as a result of changes in, or unavailability of,
information.
 
OHIO TAXES
 
     In the opinion of Vorys, Sater, Seymour and Pease, Columbus, Ohio, special
counsel on Ohio tax matters and subject to the assumptions and qualifications
contained in such opinion, under existing Ohio law:
 
     The Ohio Trust is not an association subject to the Ohio corporation
franchise tax or the Ohio tax on dealers in intangibles and the Trustees will
not be subject to the Ohio personal income tax.
 
     In calculating an investor's Ohio personal income tax or Ohio corporation
franchise tax, an investor will not be required to include in the investor's
'adjusted gross income' or 'net income', as the case may be, the investor's
share of interest received by or distributed from the Ohio Trust on any Bond in
the Ohio Trust, the interest on which is exempt from Ohio personal income or
corporation franchise taxes, as the case may be.
 
     In calculating an investor's Ohio personal income tax or Ohio corporation
franchise tax, an investor will be required to include in the investor's
'adjusted gross income' or 'net income', as the case may be, capital gains and
losses which the investor must recognize for Federal income tax purposes (upon
the sale or other disposition of Units by the investor or upon the sale or other
disposition of Bonds by the Ohio Trust), except gains and losses attributable to
Bonds specifically exempted from such taxation by the Ohio law authorizing their
issuance. An investor subject to the Ohio corporation franchise tax may, in the
alternative if it results in a larger amount of tax payable, be taxed upon its
net worth and, for this purpose, is required to include in its net worth the
full value, as shown on the books of the corporation, of all Units which it
owns.
 
     The investor's share of interest received by or distributed from the Ohio
Trust on Bonds or gains realized by the investor from the sale, exchange or
other disposition of Units by the investor or from the sale, exchange or other
disposition of Bonds by the Ohio Trust, as a result of the repeal of the Ohio
tax on intangible personal property, might be required to be included in an
investor's taxable income for municipal income tax purposes in Ohio if (1) such
interest or gain is not exempt from Ohio municipal income taxes by virtue of a
specific statutory or constitutional exemption from such taxes (regarding which
no blanket opinion is being given), and (2) the Ohio municipality in which the
investor resides was taxing such income on or before April 1, 1986, and such tax
was submitted to and approved by the voters of such municipality in an election
held on November 8, 1988.
 
     Assuming that the Ohio Trust will not hold any tangible personal property
nor any real property, neither Bonds held by the Ohio Trust nor Units of the
Ohio Trust held by individuals are subject to any property tax levied by the
State of Ohio or any political subdivision thereof. Units of the Ohio Trust held
by individuals may be subject to Ohio estate taxes.
 
     Units of the Ohio Trust held by individuals may be subject to Ohio estate
taxes.
 
                                      A-14
<PAGE>
 

- --------------------------------------------------------------------------------
                       Defined Pennsylvania Insured Trust
- --------------------------------------------------------------------------------

 
PORTFOLIO DIVERSIFICATION
 
The Portfolio contains 7 Pennsylvania bonds.
 
TYPES OF BONDS
 
The Portfolio consists of municipal bonds of the following types:
 

                                                   APPROXIMATE
                                                    PORTFOLIO
                                                   PERCENTAGE
/ /Hospitals/Nursing Homes/Mental
       Health Facilities                               32%
/ / Industrial Development Revenue                     16%
/ / Municipal Water/Sewer Utilities                    28%
/ / State/Local Municipal Electric
  Utilities                                            16%
/ / Universities/Colleges                              8%

 
INSURANCE
 
The approximate percentage of the aggregate face amount of the Portfolio insured
by each insurance company is:
 

AMBAC Indemnity Corporation                             16%
Capital Markets Assurance Corporation                   16%
Financial Guaranty Insurance Company                    13%
MBIA Insurance Corporation                              55%

 
RISK FACTORS
 
The Portfolio is concentrated in Hospital/Nursing Home/Mental Health Facility
bonds and Municipal Water/Sewer Utility bonds and is therefore dependent to a
significant degree on revenues generated from those particular activities. (See
Risk Factors in Part B.) The Portfolio is also concentrated in bonds of
Pennsylvania issuers and is subject to additional risk from decreased
diversification as well as from factors that may be particular to Pennsylvania,
which are briefly described on the following page.
 
PREMIUM AND DISCOUNT ISSUES
 
On the evaluation date, 92% of the bonds were valued at a premium over par and
8% at a discount from par (see Risk Factors in Part B).
 
TERMINATION DATE
The Portfolio will generally terminate no later than the maturity date of the
last maturing bond listed in the Portfolio. The Portfolio may be terminated if
the value is less than 40% of the face amount of bonds deposited. On the
evaluation date the value of the Portfolio was 99% of the face amount of bonds
deposited.
 
- ----------------------------------------------------------------
Defining Your Income
- ----------------------------------------------------------------
 
WHAT YOU MAY EXPECT
 
(PAYABLE ON THE 25TH DAY OF THE MONTH TO HOLDERS OF RECORD ON THE 10TH DAY OF
THE MONTH):
 

Regular Monthly Income per unit:                         $    5.01
Annual Income per unit:                                  $   60.20

 
These figures are estimates determined as of the evaluation date and actual
payments may vary.
- ----------------------------------------------------------------
Defining Your Costs
- ----------------------------------------------------------------
 
PUBLIC OFFERING PRICE PER UNIT                     $1,096.94
 
The Public Offering Price as of October 31, 1996, the evaluation date, is based
on the aggregate bid side value of the bonds ($3,233,797), divided by the number
of units outstanding (3,109), plus a sales charge of 5.18% of the Public
Offering Price (5.461% of the value of the underlying bonds). 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 per unit bid side redemption and secondary market repurchase price as of the
evaluation date was $1,040.14 ($56.80 less than the Public Offering Price).
 
SALES CHARGE
 
Although the Trust 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 %
                                                    of Secondary
                                                   Market Public
                                                   Offering Price
                                                   -----------------
Maximum Sales Charges                                       5.50%

 
ESTIMATED ANNUAL FUND OPERATING EXPENSES
 

                                                      Per Unit
                                                  ---------------
Trustee's Fee                                        $    0.70
Portfolio Supervision and Bookkeeping Fees           $    0.45
Evaluator's Fee                                      $    0.42
Other Operating Expenses                             $    0.63
                                                  ---------------
TOTAL                                                $    2.20

 
                                      A-15
<PAGE>
- --------------------------------------------------------------------------------
                          Pennsylvania Taxes and Risks
- --------------------------------------------------------------------------------
 
PENNSYLVANIA RISK FACTORS
 
     The Commonwealth of Pennsylvania and certain of its municipal subdivisions,
including the City of Philadelphia, have undergone the financial difficulties
and pressures that accompany a decline in economic conditions. As the heavy
industries historically associated with Pennsylvania -- e.g., coal, steel and
railroad -- have declined with increasing competition from foreign producers,
the services sector, including trade, medical and health services, education and
financial institutions, has provided major new sources of growth. Agriculture
and related industries continue to be an important part of Pennsylvania's
economy.
 
     Both the Commonwealth of Pennsylvania and the City of Philadelphia have
historically experienced significant revenue shortfalls. On the other hand,
rising demands on state programs, particularly for medical assistance and cash
assistance programs, and the increased cost of special education programs and
correction facilities and programs, have contributed to increased expenditures.
In response, the Commonwealth and the City of Philadelphia have, in recent
years, sought to balance budgets with a combination of tax increases and
expenditure restraints.
 
     To deal with its budget deficits, Philadelphia has considered significant
service cuts and a plan to privatize certain city-provided services. In
addition, in 1991 the Commonwealth created the Pennsylvania Inter-Governmental
Cooperation Authority ('PICA'), with authority to issue notes and bonds on
behalf of Philadelphia to cover budget shortfalls, to eliminate projected
deficits and to fund capital spending. PICA has issued approximately $1.4
billion of Special Revenue Bonds on behalf of the City. However, its power to
issue bonds for the most purposes expired on December 31, 1994 and its power to
issue bonds to finance a cash flow deficit will expire on December 31, 1996.
PICA's authority to refund existing debt will not expire.
 
     Although there can be no assurance that such conditions will continue, the
Commonwealth's general obligation bonds are currently rated AA-by Standard &
Poor's and A1 by Moody's, while Philadelphia's general obligation bonds are
rated BBB-and Baa by Standard & Poor's and Moody's, respectively.
 
PENNSYLVANIA TAXES
 
     The following summarizes the opinion of Drinker Biddle & Reath,
Philadelphia, Pennsylvania, special counsel on Pennsylvania tax matters, under
existing law:
 
     1. The Fund will be recognized as a trust and will not be taxable as a
corporation for Pennsylvania state and local tax purposes.
 
     2. Units of the Fund are not subject to the County Personal Property Tax
presently in effect in Pennsylvania to the extent of that proportion of the Fund
represented by bonds issued by the Commonwealth of Pennsylvania, its agencies
and instrumentalities, or by any county, city, borough, town, township, school
district, municipality or local housing or parking authority in the Commonwealth
of Pennsylvania ('Pennsylvania Obligations'). Fund Units may be taxable under
the Pennsylvania inheritance and estate taxes.
 
     3. Distributions to investors in the Fund attributable to interest from
Pennsylvania Obligations are not taxable under the Pennsylvania Personal Income
Tax or under the Corporate Net Income Tax imposed on corporations by Article IV
of the Pennsylvania Tax Reform Code, nor are such distributions taxable under
the Philadelphia School District Investment Income Tax imposed on Philadelphia
resident individuals.
 
     4. Although there is no published authority on the subject, counsel is of
the opinion that any insurance proceeds paid in lieu of interest on defaulted
tax-exempt bonds will be exempt from the Pennsylvania Personal Income Tax either
as payment in lieu of tax-exempt interest or as payments of insurance proceeds
which are not included in any of the classes of income specified as taxable
under the Pennsylvania Personal Income Tax Law. Further, because such insurance
proceeds are excluded from the Federal income tax base, such proceeds will not
bee subject to the Pennsylvania Corporate Net Income Tax. Proceeds from
insurance policies are expressly excluded from the Philadelphia School District
Investment Income Tax and, accordingly, insurance proceeds paid to replace
defaulted payments under any bonds will not be subject to that tax.
 
     5. Distributions to investors in the Fund attributable to gain on the
disposition by the Fund of Pennsylvania Obligations (whether by sale, redemption
or payment at maturity) will be taxable under the Pennsylvania Personal Income
Tax, the Pennsylvania Corporate Income Tax, and, unless the obligation has been
held for more than six months, the Philadelphia School District Investment
Income Tax. Distributions attributable to gain on the disposition of any
obligation held more than six months will not be subject to the Philadelphia
School District Investment Income Tax.
 
     6. To the extent the value of Units is represented by obligations of the
Commonwealth of Puerto Rico or obligations of the territory of Guam, such value
will not be subject to the Pennsylvania County Personal Property Tax to the
extent required by Federal statutes. Distributions to investors in the Fund
attributable to interest on such obligations is not taxable under any of the
Pennsylvania State and local income taxes referred to above. Distributions to
investors in the Fund attributable to gain on the disposition of such
obligations will be taxable under the Pennsylvania State and local income taxes
referred to above, except that gain on any obligation held for more than six
months is not subject to the Philadelphia School District Investment Income Tax.
 
                                      A-16
<PAGE>
     7. Gain on the disposition of a Unit will be taxable under the Pennsylvania
Personal Income Tax, the Pennsylvania Corporate Income Tax, and, unless the Unit
has been held for more than six months, the Philadelphia School District
Investment Income tax. Gain on the disposition of a Unit held more than six
monthls will not be subject to the Philadelphia School District Investment
Income Tax.
 
                                      A-17
<PAGE>
<TABLE><CAPTION>
- --------------------------------------------------------------------------------
    TAX-FREE VS. TAXABLE INCOME: A COMPARISON OF TAXABLE AND TAX-FREE YIELDS
 
                            FOR CALIFORNIA RESIDENTS
- --------------------------------------------------------------------------------
                                  COMBINED
                                  EFFECTIVE
TAXABLE INCOME 1996*              TAX RATE                       TAX-FREE YIELD OF
 SINGLE RETURN      JOINT RETURN     %       4%     4.5%     5%     5.5%     6%     6.5%     7%     7.5%     8%
                                                        IS EQUIVALENT TO A TAXABLE YIELD OF
- --------------------------------------------------------------------------------
<S>              <C>                <C>       <C>    <C>      <C>    <C>     <C>    <C>      <C>    <C>      <C>
$      0- 24,000  $      0- 40,100  20.10     5.01   5.63     6.26   6.88     7.51   8.14     8.76   9.39    10.01
$ 24,000- 58,150  $ 40,100- 96,900  34.70     6.13   6.89     7.66   8.42     9.19   9.95    10.72  11.48    12.25
$ 58,150-121,300  $ 96,900-147,700  37.42     6.39   7.19     7.99   8.79     9.59  10.39    11.19  11.98    12.78
$121,300-263,750  $147,700-263,750  41.95     6.89   7.75     8.61   9.47    10.34  11.20    12.06  12.92    13.78
OVER $263,750        OVER $263,750  45.22     7.30   8.21     9.13  10.04    10.95  11.87    12.78  13.69    14.60

<CAPTION> 
                             FOR FLORIDA RESIDENTS
- --------------------------------------------------------------------------------
                                  EFFECTIVE
TAXABLE INCOME 1996*              TAX RATE                       TAX-FREE YIELD OF
 SINGLE RETURN      JOINT RETURN     %       4%     4.5%     5%     5.5%     6%     6.5%     7%     7.5%     8%
                                                        IS EQUIVALENT TO A TAXABLE YIELD OF
- --------------------------------------------------------------------------------
<S>              <C>                <C>       <C>    <C>      <C>    <C>     <C>    <C>      <C>    <C>      <C>
$      0- 24,000  $      0- 40,100  15.00     4.71   5.29     5.88   6.47     7.06   7.65     8.24   8.82     9.41
$ 24,000- 58,150  $ 40,100- 96,900  28.00     5.56   6.25     6.94   7.64     8.33   9.03     9.72  10.42    11.11
$ 58,150-121,300  $ 96,900-147,700  31.00     5.80   6.52     7.25   7.97     8.70   9.42    10.14  10.87    11.59
$121,300-263,750  $147,700-263,750  36.00     6.25   7.03     7.81   8.59     9.38  10.16    10.94  11.72    12.50
OVER $263,750        OVER $263,750  39.60     6.62   7.45     8.28   9.11     9.93  10.76    11.59  12.42    13.25

<CAPTION> 
                            FOR NEW JERSEY RESIDENTS
- --------------------------------------------------------------------------------
                                  COMBINED
                                  EFFECTIVE
TAXABLE INCOME 1996*              TAX RATE                       TAX-FREE YIELD OF
 SINGLE RETURN      JOINT RETURN     %       4%     4.5%     5%     5.5%     6%     6.5%     7%     7.5%     8%
                                                        IS EQUIVALENT TO A TAXABLE YIELD OF
- --------------------------------------------------------------------------------
<S>              <C>                <C>       <C>    <C>      <C>    <C>     <C>    <C>      <C>    <C>      <C>
$      0- 24,000  $      0- 40,100  16.49     4.79   5.39     5.99   6.59     7.18   7.78     8.38   8.98     9.58
$ 24,000- 58,150  $ 40,100- 96,900  31.98     5.88   6.62     7.35   8.09     8.82   9.56    10.29  11.03    11.76
                  $ 96,900-147,700  34.81     6.14   6.90     7.67   8.44     9.20   9.97    10.74  11.51    12.27
$ 58,150-121,300                    35.40     6.19   6.97     7.74   8.51     9.29  10.06    10.84  11.61    12.38
$121,300-263,750  $147,700-263,750  40.08     6.68   7.51     8.34   9.18    10.01  10.85    11.68  12.52    13.35
OVER $263,750        OVER $263,750  43.45     7.07   7.96     8.84   9.73    10.61  11.49    12.38  13.26    14.15

<CAPTION> 
                               FOR OHIO RESIDENTS
- --------------------------------------------------------------------------------
                                  COMBINED
                                  EFFECTIVE
TAXABLE INCOME 1996*              TAX RATE                       TAX-FREE YIELD OF
 SINGLE RETURN      JOINT RETURN     %       4%     4.5%     5%     5.5%     6%     6.5%     7%     7.5%     8%
                                                        IS EQUIVALENT TO A TAXABLE YIELD OF
- --------------------------------------------------------------------------------
<S>              <C>                <C>       <C>    <C>      <C>    <C>     <C>    <C>      <C>    <C>      <C>
                  $      0- 40,100  19.42     4.96   5.58     6.21   6.83     7.45   8.07     8.69   9.31     9.93
$      0- 24,000                    18.79     4.93   5.54     6.16   6.77     7.39   8.00     8.62   9.24     9.85
                  $ 40,100- 96,900  32.28     5.91   6.64     7.38   8.12     8.86   9.60    10.34  11.07    11.81
$ 24,000- 58,150                    31.74     5.86   6.59     7.33   8.06     8.79   9.52    10.26  10.99    11.72
$ 58,150-121,300  $ 96,900-147,700  35.76     6.23   7.01     7.78   8.56     9.34  10.12    10.90  11.68    12.45
$121,300-263,750  $147,700-263,750  40.80     6.76   7.60     8.45   9.29    10.14  10.98    11.82  12.67    13.51
OVER $263,750        OVER $263,750  44.13     7.16   8.05     8.95   9.84    10.74  11.63    12.53  13.42    14.32
</TABLE>
 
To compare the yield of a taxable security with the yield of a tax-free
security, find your taxable income and read across. The table incorporates 1996
federal and applicable State income tax rates and assumes that all income would
otherwise be taxed at the investor's highest tax rate. Yield figures are for
example only.
 
*Based upon net amount subject to federal income tax after deductions and
exemptions. This table does not reflect the possible effect of other tax
factors, such as alternative minimum tax, personal exemptions, the phase out of
exemptions, itemized deductions or the possible partial disallowance of
deductions. Consequently, investors are urged to consult their own tax advisers
in this regard.
 
                                      A-18
<PAGE>
<TABLE><CAPTION>
- --------------------------------------------------------------------------------
    TAX-FREE VS. TAXABLE INCOME: A COMPARISON OF TAXABLE AND TAX-FREE YIELDS
 
                          FOR NEW YORK CITY RESIDENTS
- --------------------------------------------------------------------------------
                                  COMBINED
                                  EFFECTIVE
TAXABLE INCOME 1996*              TAX RATE                       TAX-FREE YIELD OF
 SINGLE RETURN      JOINT RETURN     %       4%     4.5%     5%     5.5%     6%     6.5%     7%     7.5%     8%
                                                        IS EQUIVALENT TO A TAXABLE YIELD OF
- --------------------------------------------------------------------------------
<S>              <C>                <C>       <C>    <C>      <C>    <C>     <C>    <C>      <C>    <C>      <C>
$      0- 24,000  $      0- 40,100  24.22     5.28   5.94     6.60   7.26     7.92   8.58     9.24   9.90    10.56
$ 24,000- 58,150  $ 40,100- 96,900  35.82     6.23   7.01     7.79   8.57     9.35  10.13    10.91  11.69    12.46
$ 58,150-121,300  $ 96,900-147,700  38.53     6.51   7.32     8.13   8.95     9.76  10.57    11.39  12.20    13.01
$121,300-263,750  $147,700-263,750  42.98     7.02   7.89     8.77   9.65    10.52  11.40    12.28  13.15    14.03
OVER $263,750        OVER $263,750  46.19     7.43   8.36     9.29  10.22    11.15  12.08    13.01  13.94    14.87

<CAPTION> 
                          FOR NEW YORK STATE RESIDENTS
- --------------------------------------------------------------------------------
                                  COMBINED
                                  EFFECTIVE
TAXABLE INCOME 1996*              TAX RATE                       TAX-FREE YIELD OF
 SINGLE RETURN      JOINT RETURN     %       4%     4.5%     5%     5.5%     6%     6.5%     7%     7.5%     8%
                                                        IS EQUIVALENT TO A TAXABLE YIELD OF
- --------------------------------------------------------------------------------
<S>              <C>                <C>       <C>    <C>      <C>    <C>     <C>    <C>      <C>    <C>      <C>
$      0- 24,000  $      0- 40,100  20.95     5.06   5.69     6.33   6.96     7.59   8.22     8.86   9.49    10.12
$ 24,000- 58,150  $ 40,100- 96,900  33.04     5.97   6.72     7.47   8.21     8.96   9.71    10.45  11.20    11.95
$ 58,150-121,300  $ 96,900-147,700  35.83     6.23   7.01     7.79   8.57     9.35  10.13    10.91  11.69    12.47
$121,300-263,750  $147,700-263,750  40.48     6.72   7.56     8.40   9.24    10.08  10.92    11.76  12.60    13.44
OVER $263,750        OVER $263,750  43.83     7.12   8.01     8.90   9.79    10.68  11.57    12.46  13.35    14.24

<CAPTION> 
                           FOR PENNSYLVANIA RESIDENTS
- --------------------------------------------------------------------------------
                                  COMBINED
                                  EFFECTIVE                                TAX-FREE YIELD
TAXABLE INCOME 1996*              TAX RATE                                       OF
 SINGLE RETURN      JOINT RETURN     %       4%     4.5%     5%     5.5%     6%     6.5%     7%     7.5%     8%
                                                        IS EQUIVALENT TO A TAXABLE YIELD OF
- --------------------------------------------------------------------------------
<S>              <C>                <C>       <C>    <C>      <C>    <C>     <C>    <C>      <C>    <C>      <C>
$      0- 24,000  $      0- 40,100  17.38     4.84   5.45     6.05   6.66     7.26   7.87     8.47   9.08     9.68
$ 24,000- 58,150  $ 40,100- 96,900  30.02     5.72   6.43     7.14   7.86     8.57   9.29    10.00  10.72    11.43
$ 58,150-121,300  $ 96,900-147,700  32.93     5.96   6.71     7.46   8.20     8.95   9.69    10.44  11.18    11.93
$121,300-263,750  $147,700-263,750  37.79     6.43   7.23     8.04   8.84     9.65  10.45    11.25  12.06    12.86
OVER $263,750        OVER $263,750  41.29     6.81   7.66     8.52   9.37    10.22  11.07    11.92  12.77    13.63
</TABLE>
 
To compare the yield of a taxable security with the yield of a tax-free
security, find your taxable income and read across. The table incorporates 1996
federal and applicable State (and City) income tax rates and assumes that all
income would otherwise be taxed at the investor's highest tax rate. Yield
figures are for example only.
 
*Based upon net amount subject to federal income tax after deductions and
exemptions. This table does not reflect the possible effect of other tax
factors, such as alternative minimum tax, personal exemptions, the phase out of
exemptions, itemized deductions or the possible partial disallowance of
deductions. Consequently, investors are urged to consult their own tax advisers
in this regard.
 
                                      A-19
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (CALIFORNIA, FLORIDA, NEW JERSEY, NEW YORK,
OHIO AND PENNSYLVANIA TRUSTS), DEFINED ASSET FUNDS

REPORT OF INDEPENDENT ACCOUNTANTS

The Sponsors, Trustee and Holders
  of Municipal Investment Trust Fund,
  Multistate Series - 75 (California, Florida, New Jersey, New
  York, Ohio and Pennsylvania Trusts), Defined Asset Funds:

We have audited the accompanying statements of condition of
Municipal Investment Trust Fund, Multistate Series - 75
(California, Florida, New Jersey, New York, Ohio and
Pennsylvania Trusts), Defined Asset Funds, including the
portfolios, as of October 31, 1996 and the related statements
of operations and of changes in net assets for the year ended
October 31, 1996 and for the period November 17, 1994 to
October 31, 1995. These financial statements are the
responsibility of the Trustee. Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted our audits 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 statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.
Securities owned at October 31, 1996, as shown in such
portfolios, were confirmed to us by The Bank of New York, 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 audits provide a reasonable
basis for our opinion.

In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial
position of Municipal Investment Trust Fund, Multistate Series
- - 75 (California, Florida, New Jersey, New York, Ohio and
Pennsylvania Trusts), Defined Asset Funds, at October 31, 1996
and the results of their operations and changes in their net
assets for the above-stated periods in conformity with
generally accepted accounting principles.

DELOITTE & TOUCHE LLP

New York, N.Y.
December 23, 1996

                              
                                D - 1













<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (CALIFORNIA TRUST),
DEFINED ASSET FUNDS

STATEMENT OF CONDITION
AS OF OCTOBER 31, 1996

TRUST PROPERTY:
  Investment in marketable securities - at value
    (cost $2,796,494)(Note 1)......................                  $3,264,977
  Accrued interest receivable......................                      35,906
  Cash.............................................                       9,080
                                                                 ______________

              Total trust property.................                   3,309,963

LESS LIABILITY - Accrued expenses..................                       2,829
                                                                 ______________

NET ASSETS, REPRESENTED BY:
  3,250 units of fractional undivided
    interest outstanding (Note 3)..................    $3,264,977
  Undistributed net investment income..............        42,157
                                                   _____________     $3,307,134
                                                                 ==============

UNIT VALUE ($3,307,134/3,250 units)................                   $1,017.58
                                                                 ==============
                  See Notes to Financial Statements.

                                D - 2
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (CALIFORNIA TRUST),
DEFINED ASSET FUNDS

STATEMENTS OF OPERATIONS
                                                                    November 17,
                                                                           1994
                                                       Year Ended            to
                                                      October 31,    October 31,
                                                             1996          1995











                                                    ____________________________
INVESTMENT INCOME:
  Interest income..................................     $190,500      $182,563
  Trustee's fees and expenses......................       (5,931)       (4,855)
  Sponsors' fees...................................       (1,733)       (1,090)
                                                    ____________________________
  Net investment income............................      182,836       176,618
  Unrealized appreciation of investments...........       43,683       424,800
                                                    ____________________________
NET INCREASE IN NET ASSETS RESULTING
  FROM OPERATIONS..................................     $226,519      $601,418
                                                    ============================
                  See Notes to Financial Statements.  
                              
                                D - 3
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (CALIFORNIA TRUST),
DEFINED ASSET FUNDS

STATEMENTS OF CHANGES IN NET ASSETS
                                                                    November 17,
                                                                           1994
                                                       Year Ended            to
                                                      October 31,    October 31,
                                                             1996          1995
                                                    ____________________________

OPERATIONS:
  Net investment income............................   $  182,836    $  176,618
  Unrealized appreciation of investments...........       43,683       424,800
                                                    ____________________________
  Net increase in net assets resulting
    from operations................................      226,519       601,418
INCOME DISTRIBUTIONS TO HOLDERS (Note 2)...........     (183,397)     (133,900)
                                                    ____________________________
NET INCREASE IN NET ASSETS.........................       43,122       467,518

NET ASSETS AT BEGINNING OF PERIOD..................    3,264,012     2,796,494
                                                    ____________________________
NET ASSETS AT END OF PERIOD........................   $3,307,134    $3,264,012
                                                    ============================
PER UNIT:
  Income distributions during period...............       $56.43        $41.20
                                                    ============================
  Net asset value at end of period.................    $1,017.58     $1,004.31
                                                    ============================











TRUST UNITS OUTSTANDING AT END OF PERIOD...........        3,250         3,250
                                                    ============================

                  See Notes to Financial Statements.

                                D - 4
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (CALIFORNIA TRUST),
DEFINED ASSET FUNDS

NOTES TO FINANCIAL STATEMENTS

  1.  SIGNIFICANT ACCOUNTING POLICIES

      The Fund is registered under the Investment Company Act of 1940 as
      a Unit Investment Trust. The following is a summary of significant
      accounting policies consistently followed by the Fund in the
      preparation of its financial statements. The policies are in
      conformity with generally accepted accounting principles.

      (a) Securities are stated at value as determined by the Evaluator
          based on bid side evaluations for the securities
          (see "How to sell units - Trustee's Redemption of Units" in
          this Prospectus, Part B), except that value on November
          17, 1994 was based upon offer side evaluations at November
          15, 1994, the day prior to the Date of Deposit. Cost of
          securities at November 17, 1994 was also based on such offer
          side evaluations.

      (b) The Fund is not subject to income taxes. Accordingly, no
          provision for such taxes is required.

      (c) Interest income is recorded as earned.

  2.  DISTRIBUTIONS

      A distribution of net investment income is made to Holders each
      month. Receipts other than interest, after deductions for
      redemptions and applicable expenses, are distributed as explained
      in "Income, Distributions and Reinvestment - Distributions" in
      this Prospectus, Part B.

  3.  NET CAPITAL

      Cost of 3,250 units at Date of Deposit....................    $2,928,249
      Less sales charge.........................................       131,755
                                                                _______________
      Net amount applicable to Holders..........................     2,796,494











      Unrealized appreciation of investments....................       468,483
                                                                _______________
      Net capital applicable to Holders.........................    $3,264,977
                                                                ===============

  4.  INCOME TAXES

      As of October 31, 1996, unrealized appreciation of investments,
      based on cost for Federal income tax purposes, aggregated
      $468,483, all of which related to appreciated securities. The cost
      of investment securities for Federal income tax purposes was
      $2,796,494 at October 31, 1996.

                              
                                D - 5
<PAGE>

MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75,
DEFINED ASSET FUNDS

PORTFOLIO OF THE CALIFORNIA TRUST (INSURED)
AS OF OCTOBER 31, 1996
<TABLE><CAPTION>
                                                Rating                                         Optional
    Portfolio No. and Title of                     of              Face                        Redemption
         Securities(4)                          Issues(1)         Amount Coupon  Maturities(3) Provisions(3)   Cost(2)      Value(2)
         _____________                          _________         ______ ______  _____________ ____________    _______      ________
<S>                                             <C>       <C>          <C>      <C>         <C>          <C>           <C>
 1 California Housing Finance                      AAA        $  500,000  5.700%     2016       02/01/04    $  423,020    $  494,695
   Agency, Hsg. Revenue Bonds, Ser.                                                             @ 102.000
   1994 B (MBIA Ins.)

 2 California Statewide Comm. Dev.                 AAA           500,000  6.000      2024       08/15/04       432,185       511,085
   Auth., Cert. of Part. (Sharp                                                                 @ 102.000
   Healthcare Oblig. Group) (MBIA
   Ins.)

 3 California Statewide Community                  AAA           200,000  5.500      2023       08/15/03       160,968       191,872
   Development Authority, Cert. of                                                              @ 102.000
   Part. (Sutter Health Obligation
   Group) (MBIA Ins.)

 4 Anaheim Public Finance Authority,               AAA           500,000  5.750      2022       04/01/03       418,475       497,970
   California, Revenue Bonds (City                                                              @ 102.000
   of Anaheim Electric Utility, San
   Juan Unit 4 Proj.), Second Ser.
   1993 (Financial Guaranty Ins.)

 5 Chino Basin, California, Regional               AAA           500,000  6.000      2016       08/01/04       444,545       513,685
   Financial Auth., Revenue Bonds                                                               @ 102.000
   (Chino Basin Municiple Water











   District Sewer System Project),
   Ser. 1994 (AMBAC Ins.)

 6 Ontario Redev. Fin. Auth., San                  AAA           550,000  5.500      2018       None           449,691       525,580
   Bernardino Cnty., CA (Ontario
   Redev. Proj. No. 1), 1993 Rev.
   Bonds (MBIA Ins.)
</TABLE>
                                                               
                                D - 6
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75,
DEFINED ASSET FUNDS

PORTFOLIO OF THE CALIFORNIA TRUST (INSURED)
AS OF OCTOBER 31, 1996
<TABLE><CAPTION>
                                                Rating                                         Optional
    Portfolio No. and Title of                     of              Face                        Redemption
         Securities(4)                          Issues(1)         Amount Coupon  Maturities(3) Provisions(3)   Cost(2)      Value(2)
         _____________                          _________         ______ ______  _____________ ____________    _______      ________
<S>                                             <C>       <C>          <C>      <C>         <C>          <C>           <C>

 7 County. of Sacramento, CA, 1994                 AAA        $  500,000  6.400%     2019       10/01/04    $  467,610    $  530,090
   Pub. Fac. Proj. (Coroner/Crime                                                               @ 102.000
   Lab and Data Ctr.), Cert. of
   Part. (AMBAC Ins.)

                                                           ______________                               ______________ _____________
TOTAL                                                         $3,250,000                                    $2,796,494    $3,264,977
                                                           ==============                               ============== =============
</TABLE>
                  See Notes to Portfolios on Pages D - 38 and D - 39.

                                        D - 7
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (FLORIDA TRUST),
DEFINED ASSET FUNDS

STATEMENT OF CONDITION
AS OF OCTOBER 31, 1996
TRUST PROPERTY:
  Investment in marketable securities - at value
    (cost $2,598,968)(Note 1)......................                  $2,993,457
  Accrued interest receivable......................                      46,722
  Cash.............................................                       2,465
                                                                 ______________

              Total trust property.................                   3,042,644

LESS LIABILITY - Accrued expenses..................                       2,794
                                                                 ______________

NET ASSETS, REPRESENTED BY:
  2,877 units of fractional undivided
    interest outstanding (Note 3)..................    $3,001,757
  Undistributed net investment income..............        38,093
                                                   _____________     $3,039,850
                                                                 ==============

UNIT VALUE ($3,039,850/2,877 units)................                   $1,056.60
                                                                 ==============
                  See Notes to Financial Statements.

                                D - 8
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (FLORIDA TRUST),
DEFINED ASSET FUNDS

STATEMENTS OF OPERATIONS
                                                                    November 17,
                                                                           1994
                                                       Year Ended            to
                                                      October 31,    October 31,
                                                             1996          1995
                                                    ____________________________
INVESTMENT INCOME:
  Interest income..................................     $181,663      $200,771
  Trustee's fees and expenses......................       (5,574)       (2,455)
  Sponsors' fees...................................       (1,706)       (1,174)
                                                    ____________________________
  Net investment income............................      174,383       197,142
                                                    ____________________________
REALIZED AND UNREALIZED GAIN (LOSS)











  ON INVESTMENTS:
  Realized gain on securities sold
    or redeemed....................................       57,504        41,074
  Unrealized appreciation (depreciation)
    of investments.................................       (9,077)      403,566
                                                    ____________________________

  Net realized and unrealized gain on
    investments....................................       48,427       444,640
                                                    ____________________________

NET INCREASE IN NET ASSETS RESULTING
  FROM OPERATIONS..................................     $222,810      $641,782
                                                    ============================
                  See Notes to Financial Statements.

                               D - 9
<PAGE>

MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (FLORIDA TRUST),
DEFINED ASSET FUNDS

STATEMENTS OF CHANGES IN NET ASSETS
                                                                    November 17,
                                                                           1994
                                                       Year Ended            to
                                                      October 31,    October 31,
                                                             1996          1995
                                                    ____________________________

OPERATIONS:
  Net investment income............................   $  174,383    $  197,142
  Realized gain on securities sold
    or redeemed....................................       57,504        41,074
  Unrealized appreciation (depreciation)
    of investments.................................       (9,077)      403,566
                                                    ____________________________
  Net increase in net assets resulting
    from operations................................      222,810       641,782
                                                    ____________________________

DISTRIBUTIONS TO HOLDERS (Note 2):
  Income...........................................     (175,079)     (150,939)
  Principal........................................       (6,216)      (35,722)
                                                    ____________________________
  Total distributions..............................     (181,295)     (186,661)
                                                    ____________________________











CAPITAL SHARE TRANSACTIONS - Redemptions of 297
  and 326 units, respectively......................     (321,523)     (340,892)
                                                    ____________________________
NET INCREASE (DECREASE) IN NET ASSETS..............     (280,008)      114,229

NET ASSETS AT BEGINNING OF PERIOD..................    3,319,858     3,205,629
                                                    ____________________________
NET ASSETS AT END OF PERIOD........................   $3,039,850    $3,319,858
                                                    ============================
PER UNIT:
  Income distributions during period...............       $59.37        $44.51
                                                    ============================
  Principal distributions during period............        $1.97        $11.08
                                                    ============================
  Net asset value at end of period.................    $1,056.60     $1,045.95
                                                    ============================
TRUST UNITS OUTSTANDING AT END OF PERIOD...........        2,877         3,174
                                                    ============================
                  See Notes to Financial Statements.
                              
                                D - 10
<PAGE>

MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (FLORIDA TRUST),
DEFINED ASSET FUNDS

NOTES TO FINANCIAL STATEMENTS

  1.  SIGNIFICANT ACCOUNTING POLICIES

      The Fund is registered under the Investment Company Act of 1940 as
      a Unit Investment Trust. The following is a summary of significant
      accounting policies consistently followed by the Fund in the
      preparation of its financial statements. The policies are in
      conformity with generally accepted accounting principles.

      (a) Securities are stated at value as determined by the Evaluator
          based on bid side evaluations for the securities
          (see "How to sell units - Trustee's Redemption of Units" in
          this Prospectus, Part B), except that value on November
          17, 1994 was based upon offer side evaluations at November
          15, 1994, the day prior to the Date of Deposit. Cost of
          securities at November 17, 1994 was also based on such offer
          side evaluations.

      (b) The Fund is not subject to income taxes. Accordingly, no
          provision for such taxes is required.












      (c) Interest income is recorded as earned.

  2.  DISTRIBUTIONS

      A distribution of net investment income is made to Holders each
      month. Receipts other than interest, after deductions for
      redemptions and applicable expenses, are distributed as explained
      in "Income, Distributions and Reinvestment - Distributions" in
      this Prospectus, Part B.

  3.  NET CAPITAL

      Cost of 2,877 units at Date of Deposit....................    $2,759,198
      Less sales charge.........................................       124,171
                                                                _______________
      Net amount applicable to Holders..........................     2,635,027
      Redemptions of units - net cost of 623 units redeemed
        less redemption amounts.................................       (84,399)
      Realized gain on securities sold or redeemed..............        98,578
      Principal distributions...................................       (41,938)
      Unrealized appreciation of investments....................       394,489
                                                                _______________
      Net capital applicable to Holders.........................    $3,001,757
                                                                ===============

  4.  INCOME TAXES

      As of October 31, 1996, unrealized appreciation of investments,
      based on cost for Federal income tax purposes, aggregated
      $394,489, all of which related to appreciated securities. The cost
      of investment securities for Federal income tax purposes was
      $2,598,968 at October 31, 1996.

                              
                                D - 11
<PAGE>

MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (FLORIDA TRUST)
DEFINED ASSET FUNDS

PORTFOLIO OF THE FLORIDA TRUST (INSURED)
AS OF OCTOBER 31, 1996
<TABLE><CAPTION>
                                                 Rating                                        Optional
    Portfolio No. and Title of                     of              Face                        Redemption
            Securities(4)                        Issues(1)        Amount Coupon  Maturities(3) Provisions(3)   Cost(2)      Value(2)
            _____________                        _________        ______ ______  _____________ ____________    _______      ________
<S>                                             <C>          <C>          <C>      <C>         <C>          <C>           <C>
 1 The Sch. Bd. of Bay Cnty., FL,                  AAA        $  500,000  6.750%     2014       07/01/04    $  491,945    $  556,875
   Cert. of Part. (Bay Cnty. Educ.                                                              @ 102.000











   Fac. Fin. Corp.), Ser. 1994
   (AMBAC Ins.)

 2 Citrus County, Florida, Pollution               AAA           120,000  6.350      2022       08/01/02       111,928       126,121
   Control Refunding Revenue Bonds                                                              @ 102.000
   (Florida Pwr. Corp. - Crystal
   River Power Plant Project), Ser.
   1992 B (MBIA Ins.)

 3 Dade County, Florida, Public                    AAA           445,000  5.625      2018       06/01/03       370,418       437,609
   Facilities Revenue Bonds (Jackson                                                            @ 102.000
   Memorial Hospital), Ser. 1993
   (MBIA Ins.)

 4 City of Jacksonville, Florida,                  AAA           345,000  6.000      2025       10/01/04       305,505       353,791
   Capital Improvement Revenue Bonds                                                            @ 101.000
   (Gator Bowl Project) Ser. 1994
   (AMBAC Ins.)

 5 Orange Cnty., FL, Tourist Dev.                  AAA           180,000  6.000      2024       10/01/04       159,597       184,586
   Tax Rfdg. Rev. Bonds, Ser. 1994 B                                                            @ 102.000
   (MBIA Ins.)

 6 The School Board of Seminole                    AAA           240,000  6.500      2021(5)    07/01/04       222,855       268,380
   County, Florida, Certificates of                                                             @ 101.000
   Participation (Seminole Sch. Bd.
   Leasing Corp.), Ser. 1994 B (MBIA
   Ins.)

</TABLE>
                                D - 12
<PAGE>

MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (FLORIDA TRUST)
DEFINED ASSET FUNDS

PORTFOLIO OF THE FLORIDA TRUST (INSURED)
AS OF OCTOBER 31, 1996
<TABLE><CAPTION>
                                                 Rating                                        Optional
    Portfolio No. and Title of                     of              Face                        Redemption
            Securities(4)                        Issues(1)        Amount Coupon  Maturities(3) Provisions(3)   Cost(2)      Value(2)
            _____________                        _________        ______ ______  _____________ ____________    _______      ________
<S>                                             <C>       <C>          <C>      <C>         <C>          <C>           <C>

 7 City of Tallahassee, Florida,                   AAA        $  500,000  6.000%     2015       12/01/02    $  445,340    $  509,580
   Health Facilities Revenue Bonds                                                              @ 102.000
   (Tallahassee Memorial Regional
   Medical Center, Inc. Proj.), Ser.
   1992A (MBIA Ins.)

 8 City of West Melbourne, FL, Wtr.                AAA           500,000  6.750      2017       10/01/04       491,380       556,515
   and Swr. Rev. Rfdg. and Imp.                                                                 @ 101.000











   Bonds, Ser. 1994 (Financial
   Guaranty Ins.)

                                                           ______________                               ______________ _____________
TOTAL                                                         $2,830,000                                    $2,598,968    $2,993,457
                                                           ==============                               ============== =============
</TABLE>
                  See Notes to Portfolios on Pages D - 38 and D - 39.

                                       D - 13
<PAGE>

MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (NEW JERSEY TRUST),
DEFINED ASSET FUNDS

STATEMENT OF CONDITION
AS OF OCTOBER 31, 1996

TRUST PROPERTY:
  Investment in marketable securities - at value
    (cost $2,800,838)(Note 1)......................                  $3,219,953
  Accrued interest receivable......................                      50,004
  Cash.............................................                       3,975
                                                                 ______________

              Total trust property.................                   3,273,932

LESS LIABILITY - Accrued expenses..................                       2,866
                                                                 ______________

NET ASSETS, REPRESENTED BY:
  3,032 units of fractional undivided
    interest outstanding (Note 3)..................    $3,228,631
  Undistributed net investment income..............        42,435
                                                   _____________     $3,271,066
                                                                 ==============

UNIT VALUE ($3,271,066/3,032 units)................                   $1,078.85
                                                                 ==============
                  See Notes to Financial Statements.












                                D - 14
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (NEW JERSEY TRUST),
DEFINED ASSET FUNDS

STATEMENTS OF OPERATIONS
                                                                    November 17,
                                                                           1994
                                                       Year Ended            to
                                                      October 31,    October 31,
                                                             1996          1995
                                                    ____________________________

INVESTMENT INCOME:
  Interest income..................................     $198,337      $198,260
  Trustee's fees and expenses......................       (6,124)       (4,849)
  Sponsors' fees...................................       (1,680)       (1,090)
                                                    ____________________________
  Net investment income............................      190,533       192,321
                                                    ____________________________
REALIZED AND UNREALIZED GAIN (LOSS)
  ON INVESTMENTS:
  Realized gain on securities sold
    or redeemed....................................       16,631        10,121
  Unrealized appreciation of investments...........       14,587       404,528
                                                    ____________________________

  Net realized and unrealized gain on
    investments....................................       31,218       414,649
                                                    ____________________________

NET INCREASE IN NET ASSETS RESULTING
  FROM OPERATIONS..................................     $221,751      $606,970
                                                    ============================
                  
                  See Notes to Financial Statements.

                                D - 15
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (NEW JERSEY TRUST),
DEFINED ASSET FUNDS

STATEMENTS OF CHANGES IN NET ASSETS
                                                                    November 17,
                                                                           1994
                                                       Year Ended            to
                                                      October 31,    October 31,
                                                             1996          1995
                                                    ____________________________
OPERATIONS:
  Net investment income............................    $  190,533   $  192,321
  Realized gain on securities sold
    or redeemed....................................        16,631       10,121
  Unrealized appreciation of investments...........        14,587      404,528
                                                    ____________________________
  Net increase in net assets resulting
    from operations................................       221,751      606,970
                                                    ____________________________

DISTRIBUTIONS TO HOLDERS (Note 2):
  Income...........................................      (191,430)    (146,271)
  Principal........................................        (9,547)
                                                    ____________________________
  Total distributions..............................      (200,977)    (146,271)
                                                    ____________________________
CAPITAL SHARE TRANSACTIONS - Redemptions of 121
  and 97 units, respectively.......................      (129,641)    (102,351)
                                                    ____________________________
NET INCREASE IN NET ASSETS.........................      (108,867)     358,348

NET ASSETS AT BEGINNING OF PERIOD..................     3,379,933    3,021,585
                                                    ____________________________
NET ASSETS AT END OF PERIOD........................    $3,271,066   $3,379,933
                                                    ============================
PER UNIT:
  Income distributions during period...............        $61.74       $45.50
                                                    ============================
  Principal distributions during period............         $3.06
                                                    ============================
  Net asset value at end of period.................     $1,078.85    $1,071.97
                                                    ============================
TRUST UNITS OUTSTANDING AT END OF PERIOD...........         3,032        3,153
                                                    ============================
                  See Notes to Financial Statements.

                                D - 16
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (NEW JERSEY TRUST),











DEFINED ASSET FUNDS

NOTES TO FINANCIAL STATEMENTS

  1.  SIGNIFICANT ACCOUNTING POLICIES

      The Fund is registered under the Investment Company Act of 1940 as
      a Unit Investment Trust. The following is a summary of significant
      accounting policies consistently followed by the Fund in the
      preparation of its financial statements. The policies are in
      conformity with generally accepted accounting principles.

      (a) Securities are stated at value as determined by the Evaluator
          based on bid side evaluations for the securities
          (see "How to sell units - Trustee's Redemption of Units" in
          this Prospectus, Part B), except that value on November
          17, 1994 was based upon offer side evaluations at November
          15, 1994, the day prior to the Date of Deposit. Cost of
          securities at November 17, 1994 was also based on such offer
          side evaluations.

      (b) The Fund is not subject to income taxes. Accordingly, no
          provision for such taxes is required.

      (c) Interest income is recorded as earned.

  2.  DISTRIBUTIONS

      A distribution of net investment income is made to Holders each
      month. Receipts other than interest, after deductions for
      redemptions and applicable expenses, are distributed as explained
      in "Income, Distributions and Reinvestment - Distributions" in
      this Prospectus, Part B.

  3.  NET CAPITAL

      Cost of 3,032 units at Date of Deposit....................    $2,951,738
      Less sales charge.........................................       132,832
                                                                _______________
      Net amount applicable to Holders..........................     2,818,906
      Redemptions of units - net cost of 218 units redeemed
        less redemption amounts.................................       (26,595)
      Realized gain on securities sold or redeemed..............        26,752
      Principal distributions...................................        (9,547)
      Unrealized appreciation of investments....................       419,115
                                                                _______________
      Net capital applicable to Holders.........................    $3,228,631
                                                                ===============

  4.  INCOME TAXES

      As of October 31, 1996, unrealized appreciation of investments,











      based on cost for Federal income tax purposes, aggregated
      $419,115, all of which related to appreciated securities. The cost
      of investment securities for Federal income tax purposes was
      $2,800,838 at October 31, 1996.

                              
                                D - 17
<PAGE>

MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75
DEFINED ASSET FUNDS

PORTFOLIO OF THE NEW JERSEY TRUST (INSURED)
AS OF OCTOBER 31, 1996
<TABLE><CAPTION>
                                                 Rating                                        Optional
    Portfolio No. and Title of                     of              Face                        Redemption
            Securities(4)                        Issues(1)        Amount Coupon  Maturities(3) Provisions(3)   Cost(2)      Value(2)
            _____________                        _________        ______ ______  _____________ ____________    _______      ________
<S>                                             <C>       <C>          <C>      <C>         <C>          <C>           <C>

 1 New Jersey Eco. Dev. Auth. Gas                  AAA        $  500,000  6.350%     2022       10/01/04    $  460,340    $  534,490
   Fac. Rfdg. Rev. Bonds (NUI Corp.                                                             @ 102.000
   Proj.), 1994 Ser. A (AMBAC Ins.)

 2 New Jersey Health Care Facilities               AAA           250,000  6.250      2024       07/01/04       225,244       261,980
   Finance Authority, Revenue Bonds                                                             @ 102.000
   (Monmouth Medical Center Issue),
   1994 Ser. C (FSAM Ins.)

 3 New Jersey Hsg. and Mtge. Fin.                  AAA           500,000  6.700      2016       10/01/04       480,765       529,290
   Agy., Home Buyer Rev. Bonds, Ser.                                                            @ 102.000
   1994 L (MBIA Ins.)

 4 The Essex County Improvement                    AAA           420,000  7.000      2024(5)    12/01/04       421,672       487,313
   Authority, New Jersey, General                                                               @ 102.000
   Obligation Lease Revenue Bonds
   (County Jail and Youth House
   Project), Ser. 1994 (AMBAC Ins.)

 5 Gloucester County Utility                       AAA           400,000  6.250      2024       01/01/04       362,876       421,632
   Authority, New Jersey, Sewer                                                                 @ 102.000
   Revenue Bonds, Ser. 1994 (MBIA
   Ins.)

 6 The County of Middlesex, NJ,                    AAA           445,000  6.125      2019       02/15/04       402,191       458,773
   Cert. of Participation (PBCF New                                                             @ 101.000
   Jersey, Inc.) (MBIA Ins.)
</TABLE>
                                D - 18
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,











MULTISTATE SERIES - 75
DEFINED ASSET FUNDS

PORTFOLIO OF THE NEW JERSEY TRUST (INSURED)
AS OF OCTOBER 31, 1996
<TABLE><CAPTION>
                                                 Rating                                        Optional
    Portfolio No. and Title of                     of              Face                        Redemption
            Securities(4)                        Issues(1)        Amount Coupon  Maturities(3) Provisions(3)   Cost(2)      Value(2)
            _____________                        _________        ______ ______  _____________ ____________    _______      ________
<S>                                             <C>       <C>          <C>      <C>         <C>          <C>           <C>
 7 The Pollution Control Finance                   AAA        $  500,000  6.250%     2031       06/01/04    $  447,750    $  526,475
   Authority of Salem, New Jersey,                                                              @ 102.000
   Pollution Control Revenue
   Refunding Bonds (Pulic Service
   Electric and Gas Company Project)
   (MBIA Ins.)

                                                           ______________                               ______________ _____________
TOTAL                                                         $3,015,000                                    $2,800,838    $3,219,953
                                                           ==============                               ============== =============
</TABLE>
                  See Notes to Portfolios on Pages D - 38 and D - 39.

                                        D - 19
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (NEW YORK TRUST),
DEFINED ASSET FUNDS

STATEMENT OF CONDITION
AS OF OCTOBER 31, 1996

TRUST PROPERTY:
  Investment in marketable securities - at value
    (cost $8,259,953)(Note 1)......................                  $9,643,372
  Accrued interest receivable......................                     153,229
                                                                 ______________

              Total trust property.................                   9,796,601

LESS LIABILITIES:
  Advance from Trustee.............................    $   12,288
  Accrued expenses.................................         5,408         17,696
                                                   _____________ ______________

NET ASSETS, REPRESENTED BY:
  9,490 units of fractional undivided
    interest outstanding (Note 3)..................     9,648,973
  Undistributed net investment income..............       129,932
                                                   _____________     $9,778,905











                                                                 ==============

UNIT VALUE ($9,778,905/9,490 units)................                   $1,030.44
                                                                 ==============
                  See Notes to Financial Statements.

                                D - 20
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (NEW YORK TRUST),
DEFINED ASSET FUNDS

STATEMENTS OF OPERATIONS
                                                                    November 17,
                                                                           1994
                                                       Year Ended            to
                                                      October 31,    October 31,
                                                             1996          1995
                                                    ____________________________

INVESTMENT INCOME:
  Interest income..................................     $568,121    $  567,382
  Trustee's fees and expenses......................      (10,893)       (7,835)
  Sponsors' fees...................................       (4,906)       (3,290)
                                                    ____________________________
  Net investment income............................      552,322       556,257
                                                    ____________________________
REALIZED AND UNREALIZED GAIN (LOSS)
  ON INVESTMENTS:
  Realized gain on securities sold
    or redeemed....................................       50,244        28,228
  Unrealized appreciation (depreciation)
    of investments.................................      (51,449)    1,434,868
                                                    ____________________________

  Net realized and unrealized gain (loss)
    on investments.................................       (1,205)    1,463,096
                                                    ____________________________

NET INCREASE IN NET ASSETS RESULTING
  FROM OPERATIONS..................................     $551,117    $2,019,353
                                                    ============================
                  
                  See Notes to Financial Statements.

                                D - 21
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (NEW YORK TRUST),
DEFINED ASSET FUNDS

STATEMENTS OF CHANGES IN NET ASSETS                                November 17,
                                                                           1994
                                                      Year Ended             to
                                                      October 31,    October 31,
                                                             1996          1995
                                                     ___________________________

OPERATIONS:
  Net investment income............................  $   552,322   $   556,257
  Realized gain on securities sold
    or redeemed....................................       50,244        28,228
  Unrealized appreciation (depreciation)
    of investments.................................      (51,449)    1,434,868
                                                    ____________________________
  Net increase in net assets resulting
    from operations................................      551,117     2,019,353
                                                    ____________________________

DISTRIBUTIONS TO HOLDERS (Note 2):
  Income...........................................     (553,122)     (418,684)
  Principal........................................      (10,358)
                                                    ____________________________
  Total distributions..............................     (563,480)     (418,684)
                                                    ____________________________
CAPITAL SHARE TRANSACTIONS:
  Issuance of 5,000 units..........................                  4,345,295
  Redemptions of 273 and 237 units, respectively...     (288,060)     (244,035)
                                                    ____________________________
NET INCREASE (DECREASE) IN NET ASSETS..............     (300,423)    5,701,929

NET ASSETS AT BEGINNING OF PERIOD..................   10,079,328     4,377,399
                                                    ____________________________
NET ASSETS AT END OF PERIOD........................  $ 9,778,905   $10,079,328
                                                    ============================
PER UNIT:
  Income distributions during period...............       $58.05        $42.15
                                                    ============================
  Principal distributions during period............        $1.07
                                                    ============================
  Net asset value at end of period.................    $1,030.44     $1,032.40
                                                    ============================
TRUST UNITS OUTSTANDING AT END OF PERIOD...........        9,490         9,763











                                                    ============================
                  See Notes to Financial Statements.

                                D - 22
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (NEW YORK TRUST),
DEFINED ASSET FUNDS

NOTES TO FINANCIAL STATEMENTS

  1.  SIGNIFICANT ACCOUNTING POLICIES

      The Fund is registered under the Investment Company Act of 1940 as
      a Unit Investment Trust. The following is a summary of significant
      accounting policies consistently followed by the Fund in the
      preparation of its financial statements. The policies are in
      conformity with generally accepted accounting principles.

      (a) Securities are stated at value as determined by the Evaluator
          based on bid side evaluations for the securities
          (see "How to sell units - Trustee's Redemption of Units" in
          this Prospectus, Part B), except that value on November
          17, 1994 was based upon offer side evaluations at November
          15, 1994, the day prior to the Date of Deposit. Cost of
          securities at November 17, 1994 was also based on such offer
          side evaluations.

      (b) The Fund is not subject to income taxes. Accordingly, no
          provision for such taxes is required.

      (c) Interest income is recorded as earned.

  2.  DISTRIBUTIONS

      A distribution of net investment income is made to Holders each
      month. Receipts other than interest, after deductions for
      redemptions and applicable expenses, are distributed as explained
      in "Income, Distributions and Reinvestment - Distributions" in
      this Prospectus, Part B.

  3.  NET CAPITAL

      Cost of 9,490 units at Date of Deposit....................    $8,667,889
      Less sales charge.........................................       390,051
                                                                _______________
      Net amount applicable to Holders..........................     8,277,838











      Redemptions of units - net cost of 510 units redeemed
        less redemption amounts.................................       (80,398)
      Realized gain on securities sold or redeemed..............        78,472
      Principal distributions...................................       (10,358)
      Unrealized appreciation of investments....................     1,383,419
                                                                _______________
      Net capital applicable to Holders.........................    $9,648,973
                                                                ===============

  4.  INCOME TAXES

      As of October 31, 1996, unrealized appreciation of investments,
      based on cost for Federal income tax purposes, aggregated
      $1,383,419, all of which related to appreciated securities. The
      cost of investment securities for Federal income tax purposes was
      $8,259,953 at October 31, 1996.

                              
                                D - 23
<PAGE>

MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75
DEFINED ASSET FUNDS

PORTFOLIO OF THE NEW YORK TRUST (INSURED)
AS OF OCTOBER 31, 1996
<TABLE><CAPTION>
                                                 Rating                                        Optional
    Portfolio No. and Title of                      of             Face                        Redemption
            Securities(4)                        Issues(1)        Amount Coupon  Maturities(3) Provisions(3)   Cost(2)      Value(2)
            _____________                        _________        ______ ______  _____________ ____________    _______      ________
<S>                                             <C>       <C>          <C>      <C>         <C>          <C>           <C>
 1 Dormitory Authority of the State                AAA        $1,500,000  6.300%     2024       07/01/04    $1,365,060    $1,578,570
   of New York, City University                                                                 @ 102.000
   System Consolidated Third General
   Resolution Revenue Bonds, 1994
   Ser. 1 (AMBAC Ins.)

 2 Dormitory Auth. of the State of                 AAA           820,000  5.250      2013       None           665,959       804,879
   New York, State Univ. Educl.
   Facs. Rev. Bonds, 1993 Ser. B
   (Financial Guaranty Ins.)

 3 New York State Energy Research                  AAA         1,500,000  6.050      2034       04/01/04     1,295,055     1,538,865
   and Development Authority,                                                                   @ 102.000
   Pollution Control Refunding
   Revenue (New York State Electric
   and Gas Corporation Project),
   1994 Ser. A (MBIA Ins.)

 4 Metro. Trans. Auth., NY, Transit                AAA         1,000,000  6.000      2014       07/01/03       885,515     1,012,020











   Facs. Rev. Bonds, Ser. M (CAPMAC                                                             @ 101.500
   Ins.)

 5 State of New York Mtge. Agy.,                   AAA         1,000,000  6.450      2014       06/01/04       932,820     1,046,460
   Homeowner Mtge. Rev. Bonds (MBIA                                                             @ 102.000
   Ins.)

 6 New York State Thruway Auth.,                   AAA         1,295,000  5.500      2023       01/01/02     1,044,728     1,251,359
   Gen. Rev. Bonds, Ser. A                                                                      @ 100.000
   (Financial Guaranty Ins.)
</TABLE>

                                D - 24
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75
DEFINED ASSET FUNDS

PORTFOLIO OF THE NEW YORK TRUST (INSURED)
AS OF OCTOBER 31, 1996
<TABLE><CAPTION>
                                                 Rating                                        Optional
    Portfolio No. and Title of                      of             Face                        Redemption
            Securities(4)                        Issues(1)        Amount Coupon  Maturities(3) Provisions(3)   Cost(2)      Value(2)
            _____________                        _________        ______ ______  _____________ ____________    _______      ________
<S>                                             <C>       <C>          <C>      <C>         <C>          <C>           <C>
 7 Albany Municipal Water Finance                  AAA         $ 730,000  5.500%     2022       12/01/03    $  590,957    $  705,457
   Authority, New York, Water and                                                               @ 102.000
   Sewer System Revenue Bonds, Ser.
   1993 A (Financial Guaranty Ins.)

 8 The City of New York, NY, G.O.                  AAA           850,000  6.950      2012       08/15/04       845,589       949,884
   Bonds, Fiscal 1995 Ser. B (MBIA                                                              @ 101.000
   Ins.)

 9 New York City, NY, Muni. Wtr.                   AAA           770,000  5.500      2015       06/15/04       634,270       755,878
   Fin. Auth., Ser. F (MBIA Ins.)                                                               @ 101.500

                                                           ______________                               ______________ _____________
TOTAL                                                         $9,465,000                                    $8,259,953    $9,643,372
                                                           ==============                               ============== =============
</TABLE>
                  See Notes to Portfolios on Pages D - 38 and D - 39.

                                       D - 25
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (OHIO TRUST),
DEFINED ASSET FUNDS












STATEMENT OF CONDITION
AS OF OCTOBER 31, 1996

TRUST PROPERTY:
  Investment in marketable securities - at value
    (cost $2,991,971)(Note 1)......................                  $3,415,488
  Receivable from security sold or redeemed........                      50,400
  Accrued interest receivable......................                      84,138
                                                                 ______________

              Total trust property.................                   3,550,026

LESS LIABILITIES:
  Redemptions payable..............................    $   45,162
  Advance from Trustee.............................        30,984
  Accrued expenses.................................         2,855        79,001
                                                   _____________ ______________

NET ASSETS, REPRESENTED BY:
  3,132 units of fractional undivided
    interest outstanding (Note 3)..................     3,423,748
  Undistributed net investment income..............        47,277
                                                   _____________     $3,471,025
                                                                 ==============

UNIT VALUE ($3,471,025/3,132 units)................                   $1,108.25
                                                                 ==============

                  See Notes to Financial Statements.

                                D - 26
<PAGE>

MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (OHIO TRUST),
DEFINED ASSET FUNDS

STATEMENTS OF OPERATIONS
                                                                    November 17,
                                                                           1994
                                                       Year Ended            to
                                                      October 31,    October 31,
                                                             1996          1995
                                                    ____________________________

INVESTMENT INCOME:











  Interest income..................................     $210,275      $203,636
  Trustee's fees and expenses......................       (6,021)       (4,778)
  Sponsors' fees...................................       (1,715)       (1,090)
                                                    ____________________________
  Net investment income............................      202,539       197,768
                                                    ____________________________
REALIZED AND UNREALIZED GAIN (LOSS)
  ON INVESTMENTS:
  Realized gain on securities sold
    or redeemed....................................        9,520         3,546
  Unrealized appreciation of investments...........       26,736       396,781
                                                    ____________________________

  Net realized and unrealized gain on
    investments....................................       36,256       400,327
                                                    ____________________________

NET INCREASE IN NET ASSETS RESULTING
  FROM OPERATIONS..................................     $238,795      $598,095
                                                    ============================
                  See Notes to Financial Statements.

                                D - 27
<PAGE>

MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (OHIO TRUST),
DEFINED ASSET FUNDS

STATEMENTS OF CHANGES IN NET ASSETS
                                                                    November 17,
                                                                           1994
                                                       Year Ended            to
                                                      October 31,    October 31,
                                                             1996          1995
                                                    ____________________________
OPERATIONS:
  Net investment income............................   $  202,539    $  197,768
  Realized gain on securities sold
    or redeemed....................................        9,520         3,546
  Unrealized appreciation of investments...........       26,736       396,781
                                                    ____________________________
  Net increase in net assets resulting
    from operations................................      238,795       598,095
                                                    ____________________________

DISTRIBUTIONS TO HOLDERS (Note 2):











  Income...........................................     (203,318)     (148,201)
  Principal........................................       (4,911)
                                                    ____________________________
  Total distributions..............................     (208,229)     (148,201)
                                                    ____________________________
CAPITAL SHARE TRANSACTIONS - Redemptions of 78
  and 40 units, respectively.......................      (85,103)      (44,445)
                                                    ____________________________
NET INCREASE (DECREASE) IN NET ASSETS..............      (54,537)      405,449

NET ASSETS AT BEGINNING OF PERIOD..................    3,525,562     3,120,113
                                                    ____________________________
NET ASSETS AT END OF PERIOD........................   $3,471,025    $3,525,562
                                                    ============================
PER UNIT:
  Income distributions during period...............       $63.40        $45.86
                                                    ============================
  Principal distributions during period............        $1.53
                                                    ============================
  Net asset value at end of period.................    $1,108.25     $1,098.31
                                                    ============================
TRUST UNITS OUTSTANDING AT END OF PERIOD...........        3,132         3,210
                                                    ============================
                  See Notes to Financial Statements.

                                D - 28
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (OHIO TRUST),
DEFINED ASSET FUNDS

NOTES TO FINANCIAL STATEMENTS

  1.  SIGNIFICANT ACCOUNTING POLICIES

      The Fund is registered under the Investment Company Act of 1940 as
      a Unit Investment Trust. The following is a summary of significant
      accounting policies consistently followed by the Fund in the
      preparation of its financial statements. The policies are in
      conformity with generally accepted accounting principles.

      (a) Securities are stated at value as determined by the Evaluator
          based on bid side evaluations for the securities
          (see "How to sell units - Trustee's Redemption of Units" in
          this Prospectus, Part B), except that value on November
          17, 1994 was based upon offer side evaluations at November
          15, 1994, the day prior to the Date of Deposit. Cost of
          securities at November 17, 1994 was also based on such offer











          side evaluations.

      (b) The Fund is not subject to income taxes. Accordingly, no
          provision for such taxes is required.

      (c) Interest income is recorded as earned.

  2.  DISTRIBUTIONS

      A distribution of net investment income is made to Holders each
      month. Receipts other than interest, after deductions for
      redemptions and applicable expenses, are distributed as explained
      in "Income, Distributions and Reinvestment - Distributions" in
      this Prospectus, Part B.

  3.  NET CAPITAL

      Cost of 3,132 units at Date of Deposit....................    $3,148,522
      Less sales charge.........................................       141,691
                                                                _______________
      Net amount applicable to Holders..........................     3,006,831
      Redemptions of units - net cost of 118 units redeemed
        less redemption amounts.................................       (14,755)
      Realized gain on securities sold or redeemed..............        13,066
      Principal distributions...................................        (4,911)
      Unrealized appreciation of investments....................       423,517
                                                                _______________
      Net capital applicable to Holders.........................    $3,423,748
                                                                ===============

  4.  INCOME TAXES

      As of October 31, 1996, unrealized appreciation of investments,
      based on cost for Federal income tax purposes, aggregated
      $423,517, all of which related to appreciated securities. The cost
      of investment securities for Federal income tax purposes was
      $2,991,971 at October 31, 1996.

                              
                                D - 29
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75
DEFINED ASSET FUNDS

PORTFOLIO OF THE OHIO TRUST (INSURED)
AS OF OCTOBER 31, 1996
<TABLE><CAPTION>
                                                 Rating                                        Optional
    Portfolio No. and Title of                      of             Face                        Redemption
            Securities(4)                        Issues(1)        Amount Coupon  Maturities(3) Provisions(3)   Cost(2)      Value(2)











            _____________                        _________        ______ ______  _____________ ____________    _______      ________
<S>                                             <C>       <C>          <C>      <C>         <C>          <C>           <C>

 1 State of Ohio, Higher Educl. Fac.               AAA        $  500,000  6.600%     2017       12/01/03    $  485,590    $  547,645
   Mtge. Rev. Bonds (Univ. of Dayton                                                            @ 102.000
   1992 Proj.) (Financial Guaranty Ins.)

 2 City of Cleveland, Ohio, Public                 AAA           500,000  7.000      2024       11/15/04       490,785       572,960
   Power System First Mortgage                                                                  @ 102.000
   Revenue Bonds, Ser. 1994 A (MBIA Ins.)

 3 City of Cleveland, OH, Var. Pur.                AAA           500,000  6.700      2018       11/15/04       491,225       555,720
   G.O. Bonds, Ser. 1994 (MBIA Ins.)                                                            @ 102.000

 4 City of Hamilton, Ohio Electric                 AAA           200,000  6.000      2023       10/15/02       177,566       204,558
   System Mortgage Revenue Refunding                                                            @ 102.000
   Bonds, 1992 Ser. A (Financial
   Guaranty Ins.)

 5 Lakewood City School Dist., OH,                 AAA           455,000  6.950      2015       12/01/04       458,667       520,138
   School Imp. Bonds, Ser. 1994                                                                 @ 102.000
   (Gen. Oblig. Unlimited Tax) (MBIA Ins.)

 6 City of Mason, Ohio, Sewer System               AAA           500,000  6.000      2019       12/01/04       446,685       512,630
   Mortgage Revenue Bonds, Ser. 1994                                                            @ 101.000
   (Financial Guaranty Ins.)
</TABLE>
                                D - 30
<PAGE>

MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75
DEFINED ASSET FUNDS

PORTFOLIO OF THE OHIO TRUST (INSURED)
AS OF OCTOBER 31, 1996
<TABLE><CAPTION>
                                                 Rating                                        Optional
    Portfolio No. and Title of                      of             Face                        Redemption
            Securities(4)                        Issues(1)        Amount Coupon  Maturities(3) Provisions(3)   Cost(2)      Value(2)
            _____________                        _________        ______ ______  _____________ ____________    _______      ________
<S>                                             <C>       <C>          <C>      <C>         <C>          <C>           <C>

 7 Wooster City School Dist., Wayne                AAA        $  460,000  6.500%     2017       12/01/02    $  441,453    $  501,837
   Cnty., OH, G.O. Bonds (Unlimited                                                             @ 102.000
   Tax) (AMBAC Ins.)

                                                           ______________                               ______________ _____________
TOTAL                                                         $3,115,000                                    $2,991,971    $3,415,488
                                                           ==============                               ============== =============
</TABLE>
                  See Notes to Portfolios on Pages D - 38 and D - 39.












                                D - 31
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (PENNSYLVANIA TRUST),
DEFINED ASSET FUNDS

STATEMENT OF CONDITION
AS OF OCTOBER 31, 1996

TRUST PROPERTY:
  Investment in marketable securities - at value
    (cost $2,791,972)(Note 1)......................                  $3,233,797
  Accrued interest receivable......................                      61,442
                                                                 ______________

              Total trust property.................                   3,295,239

LESS LIABILITIES:
  Advance from Trustee.............................    $    8,177
  Accrued expenses.................................         2,864        11,041
                                                   _____________ ______________

NET ASSETS, REPRESENTED BY:
  3,109 units of fractional undivided
    interest outstanding (Note 3)..................     3,240,997
  Undistributed net investment income..............        43,201
                                                   _____________     $3,284,198
                                                                 ==============

UNIT VALUE ($3,284,198/3,109 units)................                   $1,056.35
                                                                 ==============
                  See Notes to Financial Statements.

                                D - 32
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (PENNSYLVANIA TRUST),
DEFINED ASSET FUNDS

STATEMENTS OF OPERATIONS
                                                                    November 17,
                                                                           1994
                                                       Year Ended            to











                                                      October 31,    October 31,
                                                             1996          1995
                                                    ____________________________

INVESTMENT INCOME:
  Interest income..................................     $197,354      $194,486
  Trustee's fees and expenses......................       (6,021)       (4,902)
  Sponsors' fees...................................       (1,713)       (1,090)
                                                    ____________________________
  Net investment income............................      189,620       188,494
                                                    ____________________________
REALIZED AND UNREALIZED GAIN (LOSS)
  ON INVESTMENTS:
  Realized gain on securities sold
    or redeemed....................................       10,603         4,332
  Unrealized appreciation of investments...........       19,455       422,370
                                                    ____________________________

  Net realized and unrealized gain on
    investments....................................       30,058       426,702
                                                    ____________________________

NET INCREASE IN NET ASSETS RESULTING
  FROM OPERATIONS..................................     $219,678      $615,196
                                                    ============================

                  See Notes to Financial Statements.

                                D - 33
<PAGE>
MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (PENNSYLVANIA TRUST),
DEFINED ASSET FUNDS

STATEMENTS OF CHANGES IN NET ASSETS
                                                                    November 17,
                                                                           1994
                                                       Year Ended            to
                                                      October 31,    October 31,
                                                             1996          1995
                                                    ____________________________

OPERATIONS:
  Net investment income............................   $  189,620    $  188,494
  Realized gain on securities sold
    or redeemed....................................       10,603         4,332
  Unrealized appreciation of investments...........       19,455       422,370
                                                    ____________________________











  Net increase in net assets resulting
    from operations................................      219,678       615,196
                                                    ____________________________

DISTRIBUTIONS TO HOLDERS (Note 2):
  Income...........................................     (190,244)     (142,775)
  Principal........................................       (4,295)
                                                    ____________________________
  Total distributions..............................     (194,539)     (142,775)
                                                    ____________________________
CAPITAL SHARE TRANSACTIONS - Redemptions of 96
  and 45 units, respectively.......................      (99,011)      (45,646)
                                                    ____________________________
NET INCREASE (DECREASE) IN NET ASSETS..............      (73,872)      426,775

NET ASSETS AT BEGINNING OF PERIOD..................    3,358,070     2,931,295
                                                    ____________________________
NET ASSETS AT END OF PERIOD........................   $3,284,198    $3,358,070
                                                    ============================
PER UNIT:
  Income distributions during period...............       $60.26        $44.07
                                                    ============================
  Principal distributions during period............        $1.34
                                                    ============================
  Net asset value at end of period.................    $1,056.35     $1,047.76
                                                    ============================
TRUST UNITS OUTSTANDING AT END OF PERIOD...........        3,109         3,205
                                                    ============================
                  See Notes to Financial Statements.

                                D - 34
<PAGE>

MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (PENNSYLVANIA TRUST),
DEFINED ASSET FUNDS

NOTES TO FINANCIAL STATEMENTS

  1.  SIGNIFICANT ACCOUNTING POLICIES

      The Fund is registered under the Investment Company Act of 1940 as
      a Unit Investment Trust. The following is a summary of significant
      accounting policies consistently followed by the Fund in the
      preparation of its financial statements. The policies are in
      conformity with generally accepted accounting principles.

      (a) Securities are stated at value as determined by the Evaluator
          based on bid side evaluations for the securities











          (see "How to sell units - Trustee's Redemption of Units" in
          this Prospectus, Part B), except that value on November
          17, 1994 was based upon offer side evaluations at November
          15, 1994, the day prior to the Date of Deposit. Cost of
          securities at November 17, 1994 was also based on such offer
          side evaluations.

      (b) The Fund is not subject to income taxes. Accordingly, no
          provision for such taxes is required.

      (c) Interest income is recorded as earned.

  2.  DISTRIBUTIONS

      A distribution of net investment income is made to Holders each
      month. Receipts other than interest, after deductions for
      redemptions and applicable expenses, are distributed as explained
      in "Income, Distributions and Reinvestment - Distributions" in
      this Prospectus, Part B.

  3.  NET CAPITAL

      Cost of 3,109 units at Date of Deposit....................    $2,936,255
      Less sales charge.........................................       132,133
                                                                _______________
      Net amount applicable to Holders..........................     2,804,122
      Redemptions of units - net cost of 141 units redeemed
        less redemption amounts.................................       (15,590)
      Realized gain on securities sold or redeemed..............        14,935
      Principal distributions...................................        (4,295)
      Unrealized appreciation of investments....................       441,825
                                                                _______________
      Net capital applicable to Holders.........................    $3,240,997
                                                                ===============

  4.  INCOME TAXES

      As of October 31, 1996, unrealized appreciation of investments,
      based on cost for Federal income tax purposes, aggregated
      $441,825, all of which related to appreciated securities. The cost
      of investment securities for Federal income tax purposes was
      $2,791,972 at October 31, 1996.
                              
                                D - 35
<PAGE>

MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75
DEFINED ASSET FUNDS

PORTFOLIO OF THE PENNSYLVANIA TRUST (INSURED)
AS OF OCTOBER 31, 1996











<TABLE><CAPTION>
                                                 Rating                                        Optional
    Portfolio No. and Title of                     of              Face                        Redemption
            Securities(4)                        Issues(1)        Amount Coupon  Maturities(3) Provisions(3)   Cost(2)      Value(2)
            _____________                        _________        ______ ______  _____________ ____________    _______      ________
<S>                                             <C>       <C>          <C>      <C>         <C>          <C>           <C>
 1 The Hospital Authority of the                   AAA        $  500,000  6.250%     2022       07/01/02    $  448,795    $  520,300
   County of Beaver, Hospital                                                                   @ 102.000
   Revenue Bonds, Pennsylvania, Ser.
   1992 A (AMBAC Ins.)

 2 Exeter Turnpike Authority, Berks                AAA           450,000  6.200      2022       07/15/02       401,179       463,649
   County, Pennsylvania, Guaranteed                                                             @ 100.000
   Sewer Revenue Bonds, Ser. of 1993
   (MBIA Ins.)

 3 Erie County Hospital Authority                  AAA           500,000  6.375      2022       07/01/02       456,316       528,945
   (Commomwealth of Pennsylvania)                                                               @ 102.000
   Hospital Revenue Bonds, Ser. A of
   1992 (MBIA Ins.)

 4 North Penn Water Authority                      AAA           395,000  6.200      2022       11/01/02       356,432       409,263
   (Montgomery County, Pennsylvania)                                                            @ 101.000
   Water Revenue Bonds, Ser. 1992
   (Financial Guaranty Ins.)

 5 Northampton Cnty., PA, Higher                   AAA           250,000  5.750      2018       11/15/02       212,640       249,065
   Education Auth., Univ. Rev. Bonds                                                            @ 102.000
   (Lehigh Univ.) 1993 Ser. A (MBIA Ins.)

 6 York Cnty. Indl. Dev. Auth., PA,                AAA           500,000  6.450      2019       10/01/04       451,625       536,300
   Poll. Ctl. Rev. Rfdg., Bonds,                                                                @ 102.000
   Ser. 1994 A ( MBIA Ins.)

</TABLE>

                                D - 36
<PAGE>

MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75
DEFINED ASSET FUNDS

PORTFOLIO OF THE PENNSYLVANIA TRUST (INSURED)
AS OF OCTOBER 31, 1996
<TABLE><CAPTION>
                                                 Rating                                        Optional
    Portfolio No. and Title of                     of              Face                        Redemption
            Securities(4)                        Issues(1)        Amount Coupon  Maturities(3) Provisions(3)   Cost(2)      Value(2)
            _____________                        _________        ______ ______  _____________ ____________    _______      ________
<S>                                             <C>       <C>          <C>      <C>         <C>          <C>           <C>
 7 City of Philadelphia, PA, Gas                   AAA        $  500,000  6.375%     2026       07/01/03    $  464,985    $  526,275











   Wks. Rev. Bonds, Fourteenth Ser.                                                             @ 102.000
   (CAPMAC Ins.)

                                                           ______________                               ______________ _____________
TOTAL                                                         $3,095,000                                    $2,791,972    $3,233,797
                                                           ==============                               ============== =============
</TABLE>
                  See Notes to Portfolios on Pages D - 38 and D - 39.

                                        D - 37
<PAGE>

MUNICIPAL INVESTMENT TRUST FUND,
MULTISTATE SERIES - 75 (CALIFORNIA, FLORIDA, NEW JERSEY, NEW YORK, OHIO
AND PENNSYLVANIA TRUSTS), DEFINED ASSET FUNDS

NOTES TO PORTFOLIOS
AS OF OCTOBER 31, 1996

  (1) The ratings of the bonds are by Standard & Poor's Ratings Group,
      or by Moody's Investors Service, Inc. if followed by "(m)", or
      by Fitch Investors Service, Inc. if followed by "(f)"; "NR"
      indicates that this bond is not currently rated by any of the
      above-mentioned rating services. These ratings have been
      furnished by the Evaluator but not confirmed with the rating
      agencies. A description of the rating symbols and their meanings
      appears under "Descriptions of Ratings" in this Prospectus, Part
      B.

  (2) See Notes to Financial Statements.

  (3) Optional redemption provisions, which may be exercised in whole
      or in part, are initially at prices of par plus a premium, then
      subsequently at prices declining to par. Certain securities may
      provide for redemption at par prior or in addition to any
      optional or mandatory redemption dates or maturity, for example,
      through the operation of a maintenance and replacement fund, if
      proceeds are not able to be used as contemplated, the project is
      condemned or sold or the project is destroyed and insurance
      proceeds are used to redeem the securities. Many of the
      securities are also subject to mandatory sinking fund redemption
      commencing on dates which may be prior to the date on which
      securities may be optionally redeemed. Sinking fund redemptions
      are at par and redeem only part of the issue. Some of the
      securities have mandatory sinking funds which contain optional
      provisions permitting the issuer to increase the principal
      amount of securities called on a mandatory redemption date. The
      sinking fund redemptions with optional provisions may, and
      optional refunding redemptions generally will, occur at times
      when the redeemed securities have an offering side evaluation
      which represents a premium over par. To the extent that the
      securities were acquired at a price higher than the redemption
      price, this will represent a loss of capital when compared with











      the Public Offering Price of the Units when acquired.
      Distributions will generally be reduced by the amount of the
      income which would otherwise have been paid with respect to
      redeemed securities and there will be distributed to Holders any
      principal amount and premium received on such redemption after
      satisfying any redemption requests for Units received by the
      Fund. The estimated current return may be affected by
      redemptions. The tax effect on Holders of redemptions and
      related distributions is described under "Taxes" in this
      Prospectus, Part B.

  (4) All Securities are insured either on an individual basis or by
      portfolio insurance, by a municipal bond insurance company which
      has been assigned "AAA" claims paying ability by Standard &
      Poor's. Accordingly, Standard & Poor's has assigned "AAA"
      ratings to the Securities. Securities covered by portfolio
      insurance are rated "AAA" only as long as they remain in this
      Trust. See "Risk Factors - Bonds Backed by Letters of Credit or
      Insurance" in this Prospectus, Part B.

                              
                                D - 38
<PAGE>

 MUNICIPAL INVESTMENT TRUST FUND,
 MULTISTATE SERIES - 75 (CALIFORNIA, FLORIDA, NEW JERSEY, NEW YORK,
 OHIO AND PENNSYLVANIA TRUSTS), DEFINED ASSET FUNDS

 NOTES TO PORTFOLIOS
 AS OF OCTOBER 31, 1996

   (5) Bonds with aggregate face amounts of $240,000 and $420,000 for
       the Florida and New Jersey Trusts, respectively, have been
       pre-refunded and are expected to be called for redemption on the
       optional redemption provision dates shown.

                              
                                D - 39


<PAGE>
                              DEFINED ASSET FUNDS
                        MUNICIPAL INVESTMENT TRUST FUND
                               MULTISTATE SERIES
I want to learn more about automatic reinvestment in the Investment Accumulation
Program. Please send me information about participation in the Municipal Fund
Accumulation Program, Inc. and a current Prospectus.
My name (please
print) _________________________________________________________________________
My address (please print):
Street and Apt.
No. ____________________________________________________________________________
City, State, Zip
Code ___________________________________________________________________________
This page is a self-mailer. Please complete the information above, cut along the
dotted line, fold along the lines on the reverse side, tape, and mail with the
Trustee's address displayed on the outside.
<PAGE>
 

BUSINESS REPLY MAIL                                              NO POSTAGE
FIRST CLASS     PERMIT NO. 1313     NEW YORK, NY                 NECESSARY
                                                                 IF MAILED
POSTAGE WILL BE PAID BY ADDRESSEE                                  IN THE
          THE BANK OF NEW YORK                                 UNITED STATES
          UNIT INVESTMENT TRUST DEPARTMENT
          P.O. BOX 974
          WALL STREET STATION
          NEW YORK, NY 10268-0974

 
- --------------------------------------------------------------------------------
                            (Fold along this line.)
 
- --------------------------------------------------------------------------------
                            (Fold along this line.)
<PAGE>



<PAGE>
                             DEFINED ASSET FUNDSSM
                               PROSPECTUS--PART B
                      DEFINED ASSET FUNDS MUNICIPAL SERIES
                        MUNICIPAL INVESTMENT TRUST FUND
 FURTHER DETAIL REGARDING ANY OF THE INFORMATION PROVIDED IN THE PROSPECTUS MAY
                                  BE OBTAINED
      WITHIN FIVE DAYS BY WRITING OR CALLING THE TRUSTEE, THE ADDRESS AND
  TELEPHONE NUMBER OF WHICH ARE SET FORTH ON THE BACK COVER OF PART A OF THIS
                                  PROSPECTUS.
 
                                     Index
 

                                                          PAGE
                                                        ---------
Fund Description......................................          1
Risk Factors..........................................          2
How to Buy Units......................................          8
How to Redeem or Sell Units...........................         10
Income, Distributions and Reinvestment................         11
Fund Expenses.........................................         12
Taxes.................................................         12
Records and Reports...................................         14
                                                          PAGE
                                                        ---------
Trust Indenture.......................................         14
Miscellaneous.........................................         15
Exchange Option.......................................         17
Supplemental Information..............................         17
Appendix A--Description of Ratings....................        a-1
Appendix B--Sales Charge Schedules for Defined Asset
Funds Municipal Series................................        b-1
Appendix C--Sales Charge Schedules for Municipal
Investment Trust Fund.................................        c-1

 
FUND DESCRIPTION
 
BOND PORTFOLIO SELECTION
 
     Professional buyers and research analysts for Defined Asset Funds, with
access to extensive research, selected the Bonds for the Portfolio after
considering the Fund's investment objective as well as the quality of the Bonds
(all Bonds in the Portfolio are initially rated in the category A or better by
at least one nationally recognized rating organization or have comparable credit
characteristics), the yield and price of the Bonds compared to similar
securities, the maturities of the Bonds and the diversification of the
Portfolio. 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 Bonds in the Portfolio appears in
Part A of the Prospectus. In a Fund that includes multiple Trusts or Portfolios,
the word Fund should be understood to mean each individual Trust or Portfolio.
 
     The deposit of the Bonds in the Fund on the initial date of deposit
established a proportionate relationship among the face amounts of the Bonds.
During the 90-day period following the initial date of deposit the Sponsors may
deposit additional Bonds in order to create new Units, maintaining to the extent
possible that original proportionate relationship. Deposits of additional Bonds
subsequent to the 90-day period must generally replicate exactly the
proportionate relationship among the face amounts of the Bonds at the end of the
initial 90-day period.
 
     Yields on bonds depend on many factors including general conditions of the
bond markets, the size of a particular offering and the maturity and quality
rating of the particular issues. Yields can vary among bonds with similar
maturities, coupons and ratings. Ratings represent opinions of the rating
organizations as to the quality of the bonds rated, based on the credit of the
issuer or any guarantor, insurer or other credit provider, but these ratings are
only general standards of quality (see Appendix A).
 
     After the initial date of deposit, the ratings of some Bonds may be reduced
or withdrawn, or the credit characteristics of the Bonds may no longer be
comparable to bonds rated A or better. Bonds rated BBB or Baa
 
                                       1
<PAGE>
(the lowest investment grade rating) or lower may have speculative
characteristics, and changes in economic conditions or other circumstances are
more likely to lead to a weakened capacity to make principal and interest
payments than is the case with higher grade bonds. Bonds rated below investment
grade or unrated bonds with similar credit characteristics are often subject to
greater market fluctuations and risk of loss of principal and income than higher
grade bonds and their value may decline precipitously in response to rising
interest rates.
 
     Because each Defined Asset Fund is a preselected portfolio of bonds, you
know the securities, maturities, call dates and ratings before you invest. Of
course, the Portfolio will change somewhat over time, as Bonds 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
Bonds are disposed of, this principal should be relatively unaffected by changes
in interest rates.
 
BOND 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. The Fund may retain an issuer's bonds despite adverse financial
developments. Experienced financial analysts regularly review the Portfolio and
a Bond may be sold in certain circumstances including the occurrence of a
default in payment or other default on the Bond, a decline in the projected
income pledged for debt service on a revenue bond, institution of certain legal
proceedings, if the Bond becomes taxable or is otherwise inconsistent with the
Fund's investment objectives, a decline in the price of the Bond or the
occurrence of other market or credit factors (including advance refunding) that,
in the opinion of Defined Asset Funds research analysts, makes retention of the
Bond detrimental to the interests of investors. The Trustee must generally
reject any offer by an issuer of a Bond to exchange another security pursuant to
a refunding or refinancing plan.
 
     The Sponsors and the Trustee are not liable for any default or defect in a
Bond. If a contract to purchase any Bond fails, the Sponsors may generally
deposit a replacement bond so long as it is a tax-exempt bond, has a fixed
maturity or disposition date substantially similar to the failed Bond and is
rated A or better by at least one nationally recognized rating organization or
has comparable credit characteristics. A replacement bond 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 Bond and at a yield to
maturity and current return substantially equivalent (considering then current
market conditions and relative creditworthiness) to those of the failed Bond, as
of the date the failed contract was deposited.
 
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, bonds with longer maturities will fluctuate in value more
than bonds 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 Bonds 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 bonds are lower than comparably rated bonds selling at par because
discount bonds tend to increase in market value as they approach maturity. The
current returns of market premium bonds are higher than comparably rated bonds
selling at par because premium bonds 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 bond 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.
 
     Certain Bonds deposited into the Fund may have been acquired on a
when-issued or delayed delivery basis. The purchase price for these Bonds is
determined prior to their delivery to the Fund and a gain or loss may result
from fluctuations in the value of the Bonds. Additionally, in any Defined Asset
Funds Municipal Series, if the value of the Bonds reserved for payment of the
periodic deferred sales charge, together with the interest thereon, were to
become insufficient to pay these charges, additional bonds would be required to
be sold.
 
                                       2
<PAGE>
     The Fund may be concentrated in one or more of types of bonds.
Concentration in a State may involve additional risk because of the decreased
diversification of economic, political, financial and market risks. Set forth
below is a brief description of certain risks associated with bonds which may be
held by the Fund. Additional information is contained in the Information
Supplement which is available from the Trustee at no charge to the investor.
 
GENERAL OBLIGATION BONDS
 
     Certain of the Bonds may be general obligations of a governmental entity.
General obligation bonds are backed by the issuer's pledge of its full faith,
credit and taxing power for the payment of principal and interest. However, the
taxing power of any governmental entity may be limited by provisions of state
constitutions or laws and its credit will depend on many factors, including an
erosion of the tax base resulting from population declines, natural disasters,
declines in the state's industrial base or an inability to attract new
industries, economic limits on the ability to tax without eroding the tax base
and the extent to which the entity relies on federal or state aid, access to
capital markets or other factors beyond the entity's control. In addition,
political restrictions on the ability to tax and budgetary constraints affecting
state governmental aid may have an adverse impact on the creditworthiness of
cities, counties, school districts and other local governmental units.
 
     As a result of the recent recession's adverse impact upon both revenues and
expenditures, as well as other factors, many state and local governments have
confronted deficits which were the most severe in recent years. Many issuers are
facing highly difficult choices about significant tax increases and spending
reductions in order to restore budgetary balance. The failure to implement these
actions on a timely basis could force these issuers to issue additional debt to
finance deficits or cash flow needs and could lead to a reduction of their bond
ratings and the value of their outstanding bonds.
 
MORAL OBLIGATION BONDS
 
     The Portfolio may include 'moral obligation' bonds. If an issuer of moral
obligation bonds is unable to meet its obligations, the repayment of the bonds
becomes a moral commitment but not a legal obligation of the state or local
government in question. Even though the state or local government may be called
on to restore any deficits in capital reserve funds of the agencies or
authorities which issued the bonds, any restoration generally requires
appropriation by the state or local legislature and does not constitute a
legally enforceable obligation or debt of the state or local government. The
agencies or authorities generally have no taxing power.
 
REFUNDED BONDS
 
     Refunded bonds are typically secured by direct obligations of the U.S.
Government or in some cases obligations guaranteed by the U.S. Government placed
in an escrow account maintained by an independent trustee until maturity or a
predetermined redemption date. These obligations are generally noncallable prior
to maturity or the predetermined redemption date. In a few isolated instances,
however, bonds which were thought to be escrowed to maturity have been called
for redemption prior to maturity.
 
MUNICIPAL REVENUE BONDS
 
     Municipal revenue bonds are tax-exempt securities issued by states,
municipalities, public authorities or similar entities to finance the cost of
acquiring, constructing or improving various projects. Municipal revenue bonds
are not general obligations of governmental entities backed by their taxing
power and payment is generally solely dependent upon the creditworthiness of the
public issuer or the financed project or state appropriations. Examples of
municipal revenue bonds are:
 
        Municipal utility bonds, including electrical, water and sewer revenue
     bonds, whose payments are dependent on various factors, including the rates
     the utilities may charge, the demand for their services and their operating
     costs, including expenses to comply with environmental legislation and
     other energy and licensing laws and regulations. Utilities are particularly
     sensitive to, among other things, the effects of inflation on operating and
     construction costs, the unpredictability of future usage requirements, the
     costs and availability of fuel and, with certain electric utilities, the
     risks associated with the nuclear industry. The movement to introduce
     competition in the investor-owned electric utility industry is likely to
     indirectly affect municipal utility systems by inducing them to maintain
     rates as low as possible. In this effort to keep rates low, municipal
     utilities may have more trouble raising rates to completely recover
     investment in generating plant;
 
                                       3
<PAGE>
        Lease rental bonds which are generally issued by governmental financing
     authorities with no direct taxing power for the purchase of equipment or
     construction of buildings that will be used by a state or local government.
     Lease rental bonds are generally subject to an annual risk that the lessee
     government might not appropriate funds for the leasing rental payments to
     service the bonds and may also be subject to the risk that rental
     obligations may terminate in the event of damage to or destruction or
     condemnation of the equipment or building;
 
        Multi-family housing revenue bonds and single family mortgage revenue
     bonds which are issued to provide financing for various housing projects
     and which are payable primarily from the revenues derived from mortgage
     loans to housing projects for low to moderate income families or notes
     secured by mortgages on residences; repayment of this type of bond is
     therefore dependent upon, among other things, occupancy levels, rental
     income, the rate of default on underlying mortgage loans, the ability of
     mortgage insurers to pay claims, the continued availability of federal,
     state or local housing subsidy programs, economic conditions in local
     markets, construction costs, taxes, utility costs and other operating
     expenses and the managerial ability of project managers. Housing bonds are
     generally prepayable at any time and therefore their average life will
     ordinarily be less than their stated maturities;
 
        Hospital, mental health and nursing home facility bonds whose payments
     are dependent upon revenues of hospitals and other health care facilities.
     These revenues come from private third-party payors and government
     programs, including the Medicare and Medicaid programs, which have
     generally undertaken cost containment measures to limit payments to health
     care facilities. Hospitals and health care facilities are subject to
     various legal claims by patients and others and are adversely affected by
     increasing costs of insurance. The Internal Revenue Service has been
     engaged in a program of intensive audits of certain large tax-exempt
     hospital and health care facility organizations. Although these audits have
     not yet been completed, it has been reported that the tax-exempt status of
     some of these organizations may be revoked;
 
        Airport, port, highway and transit authority revenue bonds which are
     dependent for payment on revenues from the financed projects, including
     user fees from ports and airports, tolls on turnpikes and bridges, rents
     from buildings, transit fare revenues and additional financial resources
     including federal and state subsidies, lease rentals paid by state or local
     governments or a pledge of a special tax such as a sales tax or a property
     tax. In the case of the air travel industry, airport income is largely
     affected by the airlines' ability to meet their obligations under use
     agreements which in turn is affected by increased competition among
     airlines, excess capacity and increased fuel costs, among other factors;
 
        Solid waste disposal bonds which are generally payable from dumping and
     user fees and from revenues that may be earned by the facility on the sale
     of electrical energy generated in the combustion of waste products and
     which are therefore dependent upon the ability of municipalities to fully
     utilize the facilities, sufficient supply of waste for disposal, economic
     or population growth, the level of construction and maintenance costs, the
     existence of lower-cost alternative modes of waste processing and
     increasing environmental regulation. A recent decision of the U.S. Supreme
     Court limiting a municipality's ability to require use of its facilities
     may have an adverse affect on the credit quality of various issues of these
     bonds;
 
        Special tax bonds which are not secured by general tax revenues but are
     only payable from and secured by the revenues derived by a municipality
     from a particular tax--for example, a tax on the rental of a hotel room, on
     the purchase of food and beverages, on the rental of automobiles or on the
     consumption of liquor and may therefore be adversely affected by a
     reduction in revenues resulting from a decline in the local economy or
     population or a decline in the consumption, use or cost of the goods and
     services that are subject to taxation;
 
        Student loan revenue bonds which are typically secured by pledges of new
     or existing student loans. The loans, in turn, are generally either
     guaranteed by eligible guarantors and reinsured by the Secretary of the
     U.S. Department of Education, directly insured by the federal government,
     or financed as part of supplemental or alternative loan programs within a
     state (e.g., loan repayments are not guaranteed). These bonds often permit
     the issuer to enter into interest rate swap agreements with eligible
     counterparties in which event the bonds are subject to the additional risk
     of the counterparty's ability to fulfill its swap obligation;
 
        University and college bonds, the payments on which are dependent upon
     various factors, including the size and diversity of their sources of
     revenues, enrollment, reputation, the availability of endowments and
 
                                       4
<PAGE>
     other funds and, in the case of public institutions, the financial
     condition of the relevant state or other governmental entity and its
     policies with respect to education; and
 
        Tax increment and tax allocation bonds, which are secured by ad valorem
     taxes imposed on the incremental increase of taxable assessed valuation of
     property within a jurisdiction above an established base of assessed value.
     The issuers of these bonds do not have general taxing authority and the tax
     assessments on which the taxes used to service the bonds are based may be
     subject to devaluation due to market price declines or governmental action.
 
     Puerto Rico. Certain Bonds may be affected by general economic conditions
in the Commonwealth of Puerto Rico. Puerto Rico's economy is largely dependent
for its development on federal programs, and current federal budgetary policies
suggest that an expansion of its programs is unlikely. Reductions in federal tax
benefits or incentives or curtailment of spending programs could adversely
affect the Puerto Rican economy.
 
     Industrial Development Revenue Bonds. Industrial development revenue bonds
are municipal obligations issued to finance various privately operated projects
including pollution control and manufacturing facilities. Payment is generally
solely dependent upon the creditworthiness of the corporate operator of the
project and, in certain cases, an affiliated or third party guarantor and may be
affected by economic factors relating to the particular industry as well as
varying degrees of governmental regulation. In many cases industrial revenue
bonds do not have the benefit of covenants which would prevent the corporations
from engaging in capital restructurings or borrowing transactions which could
reduce their ability to meet their obligations and result in a reduction in the
value of the Portfolio.
 
BONDS BACKED BY REPURCHASE COMMITMENTS
 
     Certain Funds contain Bonds that were purchased from commercial banks,
savings banks, savings and loan associations or other institutions (thrifts)
that had held the Bonds in their investment portfolios prior to selling the
Bonds to the Fund. These banks or thrifts (the Sellers) have committed to
repurchase the Bonds from the Fund in certain circumstances. In some cases a
Seller's Repurchase Commitments may be backed by a security interest in
collateral or by a letter of credit (see Bonds Backed by Letters of Credit or
Insurance below).
 
     A Seller may have committed to repurchase any Bond sold by it if necessary
to satisfy investors' unit redemption requests (a Liquidity Repurchase). A
Seller may also have committed to repurchase any Bond sold by it if the issuer
of the Bond fails to make payments of interest or principal on the Bond (a
Default Repurchase) or if the issuer becomes or is deemed to be bankrupt or
insolvent (an Insolvency Repurchase). A Seller may have committed to repurchase
any Bond if the interest on that Bond becomes taxable (a Tax Repurchase).
Investors should realize that they are subject to having all or a portion of the
principal amount of their investment returned prior to termination of the Fund
if any of these situations occurs. A Seller may also have committed to
repurchase the Bonds sold by it on their scheduled disposition dates (as shown
under Portfolio in Part A) (a Disposition Repurchase). The price at which any of
these repurchases will occur (the Put Price) is shown in Part A of the
Prospectus. Any collateral securing any of the Repurchase Commitments may
consist of mortgage-backed securities issued by GNMA (Ginnie Maes), FNMA (Fannie
Maes) or FHLMC (Freddie Macs); mortgages; municipal obligations; corporate
obligations; U.S. government securities; and cash.
 
     Investors in a Fund containing any of these credit-supported Bonds should
be aware that many thrifts have failed in recent years and that the thrift
industry generally has experienced severe strains. New federal legislation has
resulted that imposes many new limitations on the ways banks and thrifts may do
business and mandates aggressive, early intervention into unhealthy
institutions. One result of this legislation is an increased possibility of
early payment of the principal amount of an investment in Bonds backed by
collateralized letters of credit or repurchase commitments if a Seller becomes
or is deemed to be insolvent.
 
BONDS BACKED BY LETTERS OF CREDIT OR INSURANCE
 
     Certain Bonds may be secured by letters of credit issued by commercial
banks or savings banks, savings and loan associations and similar thrift
institutions or are direct obligations of banks or thrifts. The letter of credit
may be drawn upon, and the Bonds redeemed, if an issuer fails to pay amounts due
on the Bonds or, in certain cases, if the interest on the Bond becomes taxable.
Letters of credit are irrevocable obligations of the issuing institutions. The
profitability of a financial institution is largely dependent upon the credit
quality of its loan
 
                                       5
<PAGE>
portfolio which, in turn, is affected by the institution's underwriting
criteria, concentrations within the portfolio and specific industry and general
economic conditions. The operating performance of financial institutions is also
impacted by changes in interest rates, the availability and cost of funds, the
intensity of competition and the degree of governmental regulation.
 
     Certain Bonds may be insured or guaranteed by insurance companies listed
below. The claims-paying ability of each of these companies, unless otherwise
indicated, was rated AAA by Standard & Poor's or another nationally recognized
rating organization at the time the insured Bonds were purchased by the Fund.
The ratings are subject to change at any time at the discretion of the rating
agencies. In the event that the rating of an Insured Fund is reduced, the
Sponsors are authorized to direct the Trustee to obtain other insurance on
behalf of the Fund. The insurance policies guarantee the timely payment of
principal and interest on the Bonds but do not guarantee their market value or
the value of the Units. The insurance policies generally do not provide for
accelerated payments of principal or cover redemptions resulting from events of
taxability.
 
      The following summary information relating to the listed insurance
companies has been obtained from publicly available information:
 
<TABLE>
<CAPTION> 
                                                                                        FINANCIAL INFORMATION
                                                                                      AS OF DECEMBER 31, 1995
                                                                                     (IN MILLIONS OF DOLLARS)
                                                                         --------------------------------------
                                                                                            POLICYHOLDERS'
                        NAME                          DATE ESTABLISHED   ADMITTED ASSETS           SURPLUS
- ----------------------------------------------------  -----------------  ---------------  ---------------------
<S>                                                  <C>                 <C>             <C>                
AMBAC Indemnity Corporation.........................           1970        $     2,204         $       792
Asset Guaranty Insurance Co. (AA by S&P)                       1988                198                  80
Capital Markets Assurance Corp. (CAPMAC)............           1987                284                 195
Connie Lee Insurance Company........................           1987                214                 110
Continental Casualty Company (A+ by S&P)                       1948             25,573               3,989
Financial Guaranty Insurance Company................           1984              2,282               1,002
Financial Security Assurance Inc. (FSA) (including
  Financial Security Assurance of Maryland Inc.
  (FSAM) (formerly Capital Guaranty Insurance
  Company)..........................................           1984              1,083                 461
Firemen's Insurance Company of Newark, NJ (A-by S&P)           1855              2,030                 421
Industrial Indemnity Co. (HIBI)
  (A+ by S&P).......................................           1920              1,613                 297
MBIA Insurance Corporation..........................           1986              3,814               1,274
</TABLE>
 
     Insurance companies are subject to extensive regulation and supervision
where they do business by state insurance commissioners who regulate the
standards of solvency which must be maintained, the nature of and limitations on
investments, reports of financial condition, and requirements regarding reserves
for unearned premiums, losses and other matters. A significant portion of the
assets of insurance companies are required by law to be held in reserve against
potential claims on policies and is not available to general creditors. Although
the federal government does not regulate the business of insurance, federal
initiatives including pension regulation, controls on medical care costs,
minimum standards for no-fault automobile insurance, national health insurance,
tax law changes affecting life insurance companies and repeal of the antitrust
exemption for the insurance business can significantly impact the insurance
business.
 
STATE RISK FACTORS
 
     Investment in a single State Trust, as opposed to a Fund which invests in
the obligations of several states, may involve some additional risk due to the
decreased diversification of economic, political, financial and market risks. A
brief description of the factors which may affect the financial condition of the
applicable State for any State Trust, together with a summary of tax
considerations relating to that State, appear in Part A of the Prospectus;
further information is contained in the Information Supplement.
 
                                       6
<PAGE>
LITIGATION AND LEGISLATION
 
     The Sponsors do not know of any pending litigation as of the initial date
of deposit 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
Bonds in the Fund. Litigation, for example, challenging the issuance of
pollution control revenue bonds under environmental protection statutes may
affect the validity of certain Bonds or the tax-free nature of their interest.
While the outcome of litigation of this nature can never be entirely predicted,
opinions of bond counsel are delivered on the date of issuance of each Bond to
the effect that it has been validly issued and that the interest thereon is
exempt from federal income tax. From time to time, proposals are introduced in
Congress to, among other things, reduce federal income tax rates, impose a flat
tax, exempt investment income from tax or abolish the federal income tax and
replace it with another form of tax. Enactment of any such legislation could
adversely affect the value of the Units. The Fund, however, cannot predict what
legislation, if any, in respect of tax rates may be proposed, nor can it predict
which proposals, if any, might be enacted.
 
     Also, certain proposals, in the form of state legislative proposals or
voter initiatives, seeking to limit real property taxes have been introduced in
various states, and an amendment to the constitution of the State of California,
providing for strict limitations on real property taxes, has had a significant
impact on the taxing powers of local governments and on the financial condition
of school districts and local governments in California. In addition, other
factors may arise from time to time which potentially may impair the ability of
issuers to make payments due on the Bonds. Under the Federal Bankruptcy Code,
for example, municipal bond issuers, as well as any underlying corporate
obligors or guarantors, may proceed to restructure or otherwise alter the terms
of their obligations.
 
     From time to time Congress considers proposals to prospectively and
retroactively tax the interest on state and local obligations, such as the
Bonds. The Supreme Court clarified in South Carolina v. Baker (decided on April
20, 1988) that the U.S. Constitution does not prohibit Congress from passing a
nondiscriminatory tax on interest on state and local obligations. This type of
legislation, if enacted into law, could require investors to pay income tax on
interest from the Bonds and could adversely affect an investment in Units. See
Taxes.
 
PAYMENT OF THE BONDS AND LIFE OF THE FUND
 
     The size and composition of the Portfolio will change over time. Most of
the Bonds are subject to redemption prior to their stated maturity dates
pursuant to optional refunding or sinking fund redemption provisions or
otherwise. In general, optional refunding redemption provisions are more likely
to be exercised when the value of a Bond is at a premium over par than when it
is at a discount from par. Some Bonds may be subject to sinking fund and
extraordinary redemption provisions which may commence early in the life of the
Fund. Additionally, 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 Bonds 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 diversity of the
Portfolio, 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 Bond 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.
 
     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 Bonds remaining in the
 
                                       7
<PAGE>
Portfolio although any Bond 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 Bonds, 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.
 
LIQUIDITY
 
     Up to 40% of the value of the Portfolio may be attributable to guarantees
or similar security provided by corporate entities. These guarantees or other
security may constitute restricted securities that cannot be sold publicly by
the Trustee without registration under the Securities Act of 1933, as amended.
The Sponsors nevertheless believe that, should a sale of the Bonds guaranteed or
secured be necessary in order to meet redemption of Units, the Trustee should be
able to consummate a sale with institutional investors.
 
     The principal trading market for the Bonds will generally be in the
over-the-counter market and the existence of a liquid trading market for the
Bonds may depend on whether dealers will make a market in them. There can be no
assurance that a liquid trading market will exist for any of the Bonds,
especially since the Fund may be restricted under the Investment Company Act of
1940 from selling Bonds to any Sponsor. The value of the Portfolio will be
adversely affected if trading markets for the Bonds are limited or absent.
 
HOW TO BUY UNITS
 
     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.
 
     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 Bonds, 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). Bonds
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 Bonds. Because of varying interest payment dates on the Bonds, accrued
interest at any time will exceed the interest actually received by the Fund.
 
     Because accrued interest on the Bonds is not received by the Fund at a
constant rate throughout the year, any Monthly Income Distribution may be more
or less than the interest actually received by the Fund. 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 distributions. Upon the sale or redemption of Units,
investors will receive their proportionate share of this cash. In addition, if a
Bond is sold, redeemed or otherwise disposed of, the Fund will periodically
distribute to investors the portion of this cash that is attributable to the
Bond.
 
     The regular Monthly Income Distribution is stated in Part A of the
Prospectus and will change as the composition of the Portfolio changes over
time.
 
PUBLIC OFFERING PRICE--THE FOLLOWING SECTIONS APPLY TO TWO DIFFERENT TYPES OF
DEFINED MUNICIPAL FUNDS. INVESTORS SHOULD NOTE THE EXACT NAME OF THE FUND ON THE
COVER OF PART A OF THE PROSPECTUS TO MAKE SURE THEY REFER TO THE CORRECT SECTION
BELOW.
 
SECTION A--MUNICIPAL INVESTMENT TRUST FUND
 
     In the initial offering period, the Public Offering Price is based on the
next offer side evaluation of the Bonds, and includes a sales charge based on
the number of Units of a single Fund or Trust purchased on the same or any
preceding day by a single purchaser. See Initial Offering sales charge schedule
in Appendix C. The purchaser or his dealer must notify the Sponsors at the time
of purchase of any previous purchase to be aggregated and supply sufficient
information to permit confirmation of eligibility; acceptance of the purchase
order is subject to confirmation. Purchases of Fund Units may not be aggregated
with purchases of any other unit trust. This procedure may be amended or
terminated at any time without notice.
 
                                       8
<PAGE>
     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 (a) on the number of Units of the Fund and any other Series
of Municipal Investment Trust Fund purchased in the secondary market on the same
day by a single purchaser (see Secondary Market sales charge schedule in
Appendix C) and (b) the maturities of the underlying Bonds (see Effective Sales
Charge Schedule in Appendix C). 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.
 
     In the secondary market, the Public Offering Price is further reduced
depending on the maturities of the various Bonds in the Portfolio, by
determining a sales charge percentage for each Bond, as stated in Effective
Sales Charge in Appendix C. The sales charges so determined, multiplied by the
bid side evaluation of the Bonds, are aggregated and the total divided by the
number of Units outstanding to determine the Effective Sales Charge. On any
purchase, the Effective Sales Charge is multiplied by the applicable secondary
market sales charge percentage (depending on the number of Units purchased) in
order to determine the sales charge component of the Public Offering Price.
 
SECTION B--DEFINED ASSET FUNDS MUNICIPAL SERIES
 
     During the initial offering period for at least the first three months of
the Fund, the Public Offering Price (and the Initial Repurchase Price) is based
on the higher, offer side evaluation of the Bonds at the next Evaluation Time
after the order is received. In the secondary market (after the initial offering
period), the Public Offering Price (and the Sponsors' Repurchase Price and the
Redemption Price) is based on the lower, bid side evaluation of the Bonds.
 
     Investors will be subject to differing types and amounts of sales charge
depending upon the timing of their purchases and redemptions of Units. A
periodic deferred sales charge will be payable quarterly through about the fifth
anniversary of the Fund from a portion of the interest on and principal of Bonds
reserved for that purpose. Commencing on the first anniversary of the Fund, the
Public Offering Price will also include an up-front sales charge applied to the
value of the Bonds in the Portfolio. Lastly, investors redeeming their Units
prior to the fourth anniversary of the Fund will be charged a contingent
deferred sales charge payable out of the redemption proceeds of their Units.
These charges may be less than you would pay to buy and hold a comparable
managed fund. A complete schedule of sales charges appears in Appendix B. The
Sponsors have received an opinion of their counsel that the deferred sales
charge described in this Prospectus is consistent with an exemptive order
received from the SEC.
 
                                     * * *
 
     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 Unit.
 
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. Bond
evaluations are based on closing sales prices (unless the Evaluator deems these
prices inappropriate). If closing sales prices are not available, the evaluation
is generally determined on the basis of current bid or offer prices for the
Bonds or comparable securities or by appraisal or by any combination of these
methods. In the past, the bid prices of publicly offered tax-exempt issues have
been lower than the offer prices by as much as 3 1/2% or more of face amount in
the case of inactively traded issues and as little as  1/2 of 1% in the case of
actively traded issues, but the difference between the offer and bid prices has
averaged between 1 and 2% of face amount. 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.
 
                                       9
<PAGE>
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 Redeem or Sell Units-- Redeeming Units
with the Trustee). 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.
 
HOW TO REDEEM OR SELL UNITS
 
     You can redeem your Units at any time for net asset value. In addition, the
Sponsors have maintained an uninterrupted secondary market for Units for over 20
years and will ordinarily buy back Units at net asset value. The following
describes these two methods to redeem or sell Units in greater detail.
 
REDEEMING UNITS WITH THE TRUSTEE
 
     You can always redeem your Units directly with the Trustee for net asset
value. This can be done by sending the Trustee a redemption request together
with any Unit certificates you hold, which 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 trust instrument, certificate of corporate authority, certificate of
death or appointment as executor, administrator or guardian.
 
     Within seven days after the Trustee's receipt of your request containing
the necessary documents, a check will be mailed to you in an amount equal to the
net asset value of your Units. Because of the sales charge, market movements or
changes in the Portfolio, net asset value at the time you redeem your Units may
be greater or less than the original cost of your Units. Net asset value is
calculated each Business Day by adding the value of the Bonds, net accrued
interest, cash and the value of any other Fund assets; deducting unpaid taxes or
other governmental charges, accrued but unpaid Fund expenses and any remaining
deferred sales charges, unreimbursed Trustee advances, cash held to redeem Units
or for distribution to investors and the value of any other Fund liabilities;
and dividing the result by the number of outstanding Units.
 
     As long as the Sponsors are maintaining a secondary market for Units (as
described below), the Trustee will not actually redeem your Units but will sell
them to the Sponsors for net asset value. If the Sponsors are not maintaining a
secondary market, the Trustee will redeem your Units for net asset value or will
sell your Units in the over-the-counter market if the Trustee believes it will
obtain a higher net price for your Units. If the Trustee is able to sell the
Units for a net price higher than net asset value, you will receive the net
proceeds of the sale.
 
     For Defined Asset Funds Municipal Series, Bonds are evaluated on the offer
side during the initial offering period and for at least the first three months
of the Fund (even in the secondary market) and on the bid side thereafter. For a
Municipal Investment Trust Fund, Bonds are evaluated on the offer side during
the initial offering period and on the bid side thereafter.
 
     If cash is not available in the Fund's Income and Capital Accounts to pay
redemptions, the Trustee may sell Bonds selected by the Agent for the Sponsors
based on market and credit factors determined to be in the best interest of the
Fund. These sales are often made at times when the Bonds would not otherwise be
sold and may result in lower prices than might be realized otherwise and may
also reduce the size and diversity of the Fund. If Bonds are being sold during a
time when additional Units are being created by the purchase of additional Bonds
(as described under Portfolio Selection), Bonds will be sold in a manner
designed to maintain, to the extent practicable, the proportionate relationship
among the face amounts of each Bond in the Portfolio.
 
     The Trustee is authorized, on a redemption request for Units with a value
exceeding $250,000 by any investor who acquired 25% or more of the outstanding
Units of a Trust, to pay part or all of the redemption 'in kind' (by the
distribution of Bonds and cash with an aggregate value equal to the applicable
Redemption Price of the Units tendered for redemption). The Trustee will attempt
to make a pro rata distribution of Bonds in the Portfolio, but reserves the
right to distribute solely one or more Bonds. The distribution will be made to
the distribution agent and either held for the account of the investor or
disposed of in accordance with the instructions of the investor. Any transaction
costs as well as transfer and ongoing custodial fees on sales of the Bonds
distributed in kind will be borne by the redeeming investor.
 
                                       10
<PAGE>
     Redemptions may be suspended or payment postponed (i) if the New York Stock
Exchange is closed (other than customary weekend and holiday closings), (ii) if
the SEC determines that trading on the New York Stock Exchange is restricted or
that an emergency exists making disposal or evaluation of the Bonds not
reasonably practicable or (iii) for any other period permitted by SEC order.
 
SPONSORS' SECONDARY MARKET FOR UNITS
 
     The Sponsors, while not obligated to do so, will buy back Units at net
asset value without any other fee or charge as long as they are maintaining a
secondary market for Units. Because of the sales charge, market movements or
changes in the portfolio, net asset value at the time you sell your Units may be
greater or less than the original cost of your Units. The Sponsors may resell
the Units to other buyers or redeem the Units by tendering them to the Trustee.
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 the secondary market for Units without prior
notice if the supply of Units exceeds demand or for other business reasons.
Regardless of whether the Sponsors maintain a secondary market, you have the
right to redeem your Units for net asset value with the Trustee at any time, as
described above.
 
INCOME, DISTRIBUTIONS AND REINVESTMENT
 
INCOME
 
     Some of the Bonds may have been purchased on a when-issued basis or may
have a delayed delivery. Since interest on these Bonds does not begin to accrue
until the date of their delivery to the Fund, the Trustee's annual fee and
expenses may be reduced to provide tax-exempt income to investors for this
non-accrual period. If a when-issued Bond is not delivered until later than
expected and the amount of the Trustee's annual fee and expenses is insufficient
to cover the additional accrued interest, the Sponsors will treat the contracts
as failed Bonds. The Trustee is compensated for its fee reduction by drawing on
the letter of credit deposited by the Sponsors before the settlement date for
these Bonds and depositing the proceeds in a non-interest bearing account for
the Fund.
 
     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 Bonds is generally received by
the Fund on a semi-annual or annual basis. Because interest on the Bonds 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, the Trustee will advance
amounts necessary to provide approximately equal interest distributions; it will
be reimbursed, without interest, from interest received on the Bonds, but the
Trustee is compensated, in part, by holding the Fund's cash balances in
non-interest bearing accounts. Along with the Monthly Income Distributions, the
Trustee will distribute the investor's pro rata share of principal received from
any disposition of a Bond to the extent available for distribution. In addition,
for Defined Asset Funds Municipal Series, distributions of amounts necessary to
pay the deferred portion of the sales charge will be made from the Capital and
Income Accounts to an account maintained by the Trustee for purposes of
satisfying investors' sales charge obligations.
 
     The initial estimated annual income per Unit, after deducting estimated
annual Fund expenses (and, for Defined Asset Funds Municipal Series, the portion
of the deferred sales charge payable from interest income) as stated in Part A
of the Prospectus, will change as Bonds mature, are called or sold or otherwise
disposed of, as replacement bonds are deposited and as Fund expenses change.
Because the Portfolio is not actively managed, income distributions will
generally not be affected by changes in interest rates. Depending on the
financial conditions of the issuers of the Bonds, the amount of income should be
substantially maintained as long as the Portfolio remains unchanged; however,
optional bond redemptions 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.
 
                                       11
<PAGE>
RETURN CALCULATIONS
 
     Estimated Current Return shows the estimated annual cash to be received
from interest-bearing bonds in a Portfolio (net of estimated annual expenses)
divided by the Public Offering Price (including the maximum sales charge).
Estimated Long Term Return is a measure of the estimated return over the
estimated life of the Trust. This represents an average of the yields to
maturity (or in certain 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 remaining to the call or maturity
date, depending on how the Bond is priced. Unlike Estimated Current Return,
Estimated Long Term Return takes into account maturities, discounts and premiums
of the underlying Bonds.
 
     No return estimate can be predictive of your actual return because returns
will vary with purchase price (including sales charges), how long units are
held, changes in Portfolio composition, changes in 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 is more comparable to an individual Bond may be higher or
lower than Estimated Current Return or Estimated Long Term Return which are more
comparable to return calculations used by other investment products.
 
REINVESTMENT
 
     Distributions will be paid in cash unless the investor elects to have
distributions reinvested without sales charge in the Municipal Fund Accumulation
Program, Inc. The Program is an open-end management investment company whose
investment objective is to obtain income exempt from regular federal income
taxes by investing in a diversified portfolio of state, municipal and public
authority bonds rated A or better or with comparable credit characteristics.
Reinvesting compounds earnings free from federal tax. Investors participating in
the Program will be subject to state and local income taxes to the same extent
as if the distributions had been received in cash, and most of the income on the
Program is subject to state and local income taxes. For more complete
information about the Program, including charges and expenses, request the
Program's prospectus from the Trustee. Read it carefully before you decide to
participate. Written notice of election to participate must be received by the
Trustee at least ten days before the Record Day for the first distribution to
which the election is to apply.
 
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 Bonds for
this purpose if cash is not available. The Sponsors receive an annual fee of a
maximum of $0.35 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 Defined Asset Funds Municipal Series will not exceed their costs for
these services to all of those Series during any calendar year; and the total
supervision fees from all Series of Municipal Investment Trust 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 a
maximum of $0.10 per Unit. The Trustee's, Sponsors' and Evaluator's fees may be
adjusted for inflation without investors' approval.
 
     All or a portion of expenses incurred in establishing certain Funds, as
indicated in Part A of the Prospectus, 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.
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
 
                                       12
<PAGE>
differences in expense ratios can make a big difference in your investment
results. Because our portfolios rarely hold any significant amount of cash, your
money is more fully invested.
 
TAXES
 
     The following discussion addresses only the U.S. federal and certain New
York State and City income tax consequences under current law of Units held as
capital assets and does not address the tax consequences of Units held by
dealers, financial institutions or insurance companies or other investors with
special circumstances.
 
     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 Bond in the Fund under the grantor trust rules of
     Sections 671-679 of the Internal Revenue Code of 1986, as amended (the
     'Code'). Each investor will be considered to have received the interest and
     accrued the original issue discount, if any, on his pro rata portion of
     each Bond when interest on the Bond is received or original issue discount
     is accrued by the Fund. The investor's basis in his Units will be equal to
     the cost of his Units, including any up-front sales charge and the
     organizational expenses borne by the investor.
 
        When an investor pays for accrued interest, the investor's confirmation
     of purchase will report to him the amount of accrued interest for which he
     paid. These investors will receive the accrued interest amount as part of
     their first monthly distribution. Accordingly, these investors should
     reduce their tax basis by the accrued interest amount after the first
     monthly distribution.
 
        An investor will recognize taxable gain or loss when all or part of his
     pro rata portion of a Bond is disposed of by the Fund. An investor will
     also be considered to have disposed of all or a portion of his pro rata
     portion of each Bond when he sells or redeems all or some of his Units. An
     investor who is treated as having acquired his pro rata portion of a Bond
     at a premium will be required to amortize the premium over the term of the
     Bond. The amortization is only a reduction of basis for the investor's pro
     rata portion of the Bond and does not result in any deduction against the
     investor's income. Therefore, under some circumstances, an investor may
     recognize taxable gain when his pro rata portion of a Bond is disposed of
     for an amount equal to or less than his original tax basis therefor.
 
        Under Section 265 of the Code, a non-corporate investor is not entitled
     to a deduction for his pro rata share of fees and expenses of the Fund,
     because the fees and expenses are incurred in connection with the
     production of tax-exempt income. Further, if borrowed funds are used by an
     investor to purchase or carry Units of the Fund, interest on this
     indebtedness will not be deductible for federal income tax purposes. In
     addition, under rules used by the Internal Revenue Service, the purchase of
     Units may be considered to have been made with borrowed funds even though
     the borrowed funds are not directly traceable to the purchase of Units.
 
        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 in the same manner as for
     federal income tax purposes, but will not be tax-exempt except to the
     extent such income is earned by bonds in the Fund that are otherwise
     tax-exempt for New York purposes.
 
        The foregoing discussion relates only to U.S. federal and certain
     aspects of New York State and City income taxes. Depending on their state
     of residence, investors may be subject to state and local taxation and
     should consult their own tax advisers in this regard.
 
                                    *  *  *
 
     In the opinion of bond counsel rendered on the date of issuance of each
Bond, the interest on each Bond is excludable from gross income under existing
law for regular federal income tax purposes (except in certain circumstances
depending on the investor) but may be subject to state and local taxes, and
interest on some or all of the Bonds may become subject to regular federal
income tax, perhaps retroactively to their date of issuance, as a result of
changes in federal law or as a result of the failure of issuers (or other users
of the proceeds of the Bonds) to comply with certain ongoing requirements. If
the interest on a Bond should be determined to be taxable, the Bond would
generally have to be sold at a substantial discount. In addition, investors
could be required to pay income tax on interest received prior to the date on
which the interest is determined to be taxable.
 
                                       13
<PAGE>
     Neither the Sponsors nor Davis Polk & Wardwell have made or will make any
review of the proceedings relating to the issuance of the Bonds or the basis for
these opinions and there can be no assurance that the issuer (and other users)
will comply with any ongoing requirements necessary for a Bond to maintain its
tax-exempt character.
 
     The Internal Revenue Service is currently engaged in a program of intensive
audits of certain tax-exempt hospital and health care facility organizations.
Although these audits have not yet been completed, it has been reported that the
tax-exempt status of some of these organizations may be revoked. At this time,
it is uncertain whether any of the hospital and health care facility obligations
held by the Fund will be affected by such audit proceedings.
 
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 Bonds and a copy of the Indenture, and
supplemental information on the operations of the Fund and the risks associated
with the Bonds 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
Bonds in exchange or substitution for Bonds (or contracts) previously deposited,
the Trustee will send a notice to each investor, identifying both the Bonds
removed and the replacement bonds 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 Bonds held, the number of Units
outstanding and the Redemption Price at year end, the interest received by the
Fund on the Bonds, the gross proceeds received by the Fund from the disposition
of any Bond (resulting from redemption or payment at maturity or sale of any
Bond), and the fees and expenses paid by the Fund, among other matters. The
Trustee will also furnish annual information returns to each investor and to the
Internal Revenue Service. Investors are required to report to the Internal
Revenue Service the amount of tax-exempt interest received during the year.
Investors may obtain copies of Bond 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.
 
     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
 
                                       14
<PAGE>
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 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 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.
 
CODE OF ETHICS
 
     The Agent for the Sponsors has adopted a code of ethics requiring
preclearance and reporting of personal securities transactions by its personnel
who have access to information on Defined Asset Funds portfolio transactions.
The code is intended to prevent any act, practice or course of conduct which
would operate as a fraud or deceit on any Fund and to provide guidance to these
persons regarding standards of conduct consistent with the Agent's
responsibilities to the Funds.
 
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.;
however, Units of a State trust will be offered for sale only in the State for
which the trust is named, except that Units of a New Jersey trust will also be
offered in Connecticut, Units of a Florida trust will also be offered in New
York and Units of a New York trust will also be offered in Connecticut, Florida
and Puerto Rico. 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
 
                                       15
<PAGE>
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. The Sponsors also realize a profit or loss on deposit of the Bonds
equal to the difference between the cost of the Bonds to the Fund (based on the
offer side evaluation on the initial date of deposit) and the Sponsors' cost of
the Bonds. In addition, a Sponsor or Underwriter may realize profits or sustain
losses on Bonds it deposits in the Fund which were acquired from underwriting
syndicates of which it was a member. 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 Bonds in
the Portfolio, so there may be a gain or loss when Units are sold.
 
      Fund performance may be compared to performance on the same basis (with
distributions reinvested) of Moody's Municipal Bond Averages or performance data
from publications such as 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
 
     Municipal Investment Trust Funds have provided investors with tax-free
income for more than 30 years. 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 municipal 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. Tax-exempt
income can help investors keep more today for a more secure financial future. It
can also be important in planning because tax brackets may increase with higher
earnings or changes in tax laws. 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.
     Defined Asset Funds reflect a buy and hold strategy that the Sponsors
believe can be more effective and cheaper than active management. This strategy
is premised on selection criteria and procedures, diversification and regular
monitoring by investment professionals. Various advertisements and sales
literature may summarize the results of economic studies concerning how stock
market movement has tended to be concentrated and how longer-term investments
can tend to reduce risk.
 
                                       16
<PAGE>
     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.
 
EXCHANGE OPTION--MUNICIPAL INVESTMENT TRUST FUND ONLY.
 
     You may exchange Fund Units for units of certain other Defined Asset Funds
subject only to a reduced sales charge. You may exchange your units of any
Municipal Investment Trust Fund Intermediate Term Series with a regular maximum
sales charge of at least 3.25%, of any other Defined Asset Fund with a regular
maximum sales charge of at least 3.50%, or of any unaffiliated unit trust with a
regular maximum sales charge of at least 3.0%, for Units of this Fund at their
relative net asset values, subject only to a reduced sales charge, or to any
remaining Deferred Sales Charge, as applicable.
 
     To make an exchange, you should contact your financial professional to find
out what suitable Exchange Funds are available and to obtain a prospectus. You
may acquire units of only those Exchange Funds in which the Sponsors are
maintaining a secondary market and which are lawfully for sale in the state
where you reside. Except for the reduced sales charge, an exchange is a taxable
event normally requiring recognition of any gain or loss on the units exchanged.
However, the Internal Revenue Service may seek to disallow a loss if the
portfolio of the units acquired is not materially different from the portfolio
of the units exchanged; you should consult your own tax advisor. If the proceeds
of units exchanged are insufficient to acquire a whole number of Exchange Fund
units, you may pay the difference in cash (not exceeding the price of a single
unit acquired).
 
     As the Sponsors are not obligated to maintain a secondary market in any
series, there can be no assurance that units of a desired series will be
available for exchange. The Exchange Option may be amended or terminated at any
time without notice.
 
SUPPLEMENTAL INFORMATION
 
     Upon writing or calling the Trustee shown on the back cover of Part A 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
Bonds that may be part of the Fund's Portfolio, general risk disclosure
concerning any letters of credit or insurance securing certain Bonds, and
general information about the structure and operation of the Fund.
 
                                       17
<PAGE>
                                   APPENDIX A
 
DESCRIPTION OF RATINGS (AS DESCRIBED BY THE RATING COMPANIES THEMSELVES)
 
STANDARD & POOR'S RATINGS GROUP, A DIVISION OF MCGRAW-HILL, INC.
 
     AAA--Debt rated AAA has the highest rating assigned by Standard & Poor's.
Capacity to pay interest and repay principal is extremely strong.
 
     AA--Debt rated AA has a very strong capacity to pay interest and repay
principal and differs from the highest rated issues only in small degree.
 
     A--Debt rated A has a strong capacity to pay interest and repay principal
although it is somewhat more susceptible to the adverse effects of changes in
circumstances and economic conditions than debt in higher rated categories.
 
     BBB--Debt rated BBB is regarded as having an adequate capacity to pay
interest and repay principal. Whereas it normally exhibits adequate protection
parameters, adverse economic conditions or changing circumstances are more
likely to lead to a weakened capacity to pay interest and repay principal for
debt in this category than in higher rated categories.
 
     BB, B, CCC, CC--Debt rated BB, B, CCC and CC is regarded, on balance, as
predominately speculative with respect to capacity to pay interest and repay
principal in accordance with the terms of the obligation. BB indicates the
lowest degree of speculation and CC the highest degree of speculation. While
such debt will likely have some quality and protective characteristics, these
are outweighed by large uncertainties or major risk exposures to adverse
conditions.
 
     The ratings from AA to CCC may be modified by the addition of a plus or
minus sign to show relative standing within the major rating categories.
 
     A provisional rating, indicated by 'p' following a rating, assumes the
successful completion of the project being financed by the issuance of the debt
being rated and indicates that payment of debt service requirements is largely
or entirely dependent upon the successful and timely completion of the project.
This rating, however, while addressing credit quality subsequent to completion
of the project, makes no comment on the likelihood of, or the risk of default
upon failure of, such completion.
 
     * Continuance of the rating is contingent upon S&P's receipt of an executed
copy of the escrow agreement or closing documentation confirming investments and
cash flows.
 
     NR--Indicates that no rating has been requested, that there is insufficient
information on which to base a rating or that Standard & Poor's does not rate a
particular type of obligation as a matter of policy.
 
MOODY'S INVESTORS SERVICE, INC.
 
     Aaa--Bonds which are rated Aaa are judged to be the best quality. They
carry the smallest degree of investment risk and are generally referred to as
'gilt edge'. Interest payments are protected by a large or by an exceptionally
stable margin and principal is secure. While the various protective elements are
likely to change, such changes as can be visualized are most unlikely to impair
the fundamentally strong position of such issues.
 
     Aa--Bonds which are rated Aa are judged to be of high quality by all
standards. Together with the Aaa group they comprise what are generally known as
high grade bonds. They are rated lower than the best bonds because margins of
protection may not be as large as in Aaa securities or fluctuation of protective
elements may be of greater amplitude or there may be other elements present
which make the long-term risks appear somewhat larger than in Aaa securities.
 
     A--Bonds which are rated A possess many favorable investment attributes and
are to be considered as upper medium grade obligations. Factors giving security
to principal and interest are considered adequate, but elements may be present
which suggest a susceptibility to impairment sometime in the future.
 
     Baa--Bonds which are rated Baa are considered as medium grade obligations,
i.e., they are neither highly protected nor poorly secured. Interest payments
and principal security appear adequate for the present but certain
 
                                      a-1
<PAGE>
protective elements may be lacking or may be characteristically unreliable over
any great length of time. Such bonds lack outstanding investment characteristics
and in fact have speculative characteristics as well.
 
     Ba--Bonds which are rated Ba are judged to have speculative elements; their
future cannot be considered as well assured. Often the protection of interest
and principal payments may be very moderate, and thereby not well safeguarded
during both good and bad times over the future. Uncertainty of position
characterizes bonds in this class.
 
     B--Bonds which are rated B generally lack characteristics of the desirable
investment. Assurance of interest and principal payments or of maintenance of
other terms of the contract over any long period of time may be small.
 
     Rating symbols may include numerical modifiers 1, 2 or 3. The numerical
modifier 1 indicates that the security ranks at the high end, 2 in the
mid-range, and 3 nearer the low end, of the generic category. These modifiers of
rating symbols give investors a more precise indication of relative debt quality
in each of the historically defined categories.
 
     Conditional ratings, indicated by 'Con.', are sometimes given when the
security for the bond depends upon the completion of some act or the fulfillment
of some condition. Such bonds are given a conditional rating that denotes their
probable credit stature upon completion of that act or fulfillment of that
condition.
 
     NR--Should no rating be assigned, the reason may be one of the following:
(a) an application for rating was not received or accepted; (b) the issue or
issuer belongs to a group of securities that are not rated as a matter of
policy; (c) there is a lack of essential data pertaining to the issue or issuer
or (d) the issue was privately placed, in which case the rating is not published
in Moody's publications.
 
FITCH INVESTORS SERVICE, INC.
 
     AAA--These bonds are considered to be investment grade and of the highest
quality. The obligor has an extraordinary ability to pay interest and repay
principal, which is unlikely to be affected by reasonably foreseeable events.
 
     AA--These bonds are considered to be investment grade and of high quality.
The obligor's ability to pay interest and repay principal, while very strong, is
somewhat less than for AAA rated securities or more subject to possible change
over the term of the issue.
 
     A--These bonds are considered to be investment grade and of good quality.
The obligor's ability to pay interest and repay principal is considered to be
strong, but may be more vulnerable to adverse changes in economic conditions and
circumstances than bonds with higher ratings.
 
     BBB--These bonds are considered to be investment grade and of satisfactory
quality. The obligor's ability to pay interest and repay principal is considered
to be adequate. Adverse changes in economic conditions and circumstances,
however are more likely to weaken this ability than bonds with higher ratings.
 
     A '+' or a '-' sign after a rating symbol indicates relative standing in
its rating.
 
DUFF & PHELPS CREDIT RATING CO.
 
     AAA--Highest credit quality. The risk factors are negligible, being only
slightly more than for risk-free U.S. Treasury debt.
 
     AA--High credit quality. Protection factors are strong. Risk is modest but
may vary slightly from time to time because of economic condtions.
 
     A--Protection factors are average but adequate. However, risk factors are
more variable and greater in periods of economic stress.
 
     A '+' or a '-' sign after a rating symbol indicates relative standing in
its rating.
 
                                      a-2
<PAGE>
                                   APPENDIX B
        SALES CHARGE SCHEDULES FOR DEFINED ASSET FUNDS, MUNICIPAL SERIES
 
     DEFERRED AND UP-FRONT SALES CHARGES. Units purchased during the first year
of the Fund will be subject to periodic deferred and contingent deferred sales
charges. Units purchased in the second through fifth year will be subject to an
up-front sales charge as well as periodic deferred and contingent deferred sales
charges. Units purchased thereafter will be subject only to an up-front sales
charge. During the first five years of the Fund, a fixed periodic deferred sales
charge of $2.75 per Unit is payable on 20 quarterly payment dates occurring on
the 10th day of February, May, August and November, commencing no earlier than
45 days after the initial date of deposit. Investors purchasing Units on the
initial date of deposit and holding for at least five years, for example, would
incur total periodic deferred sales charges of $55.00 per Unit. Because of the
time value of money, however, as of the initial date of deposit this periodic
deferred sales charge obligation would, at current interest rates, equate to an
up-front sales charge of approximately 4.75%.
 
     The Public Offering Price subsequent to the Initial Date of Deposit will
fluctuate. As the periodic deferred sales charge is a fixed dollar amount
irrespective of the Public Offering Price, it will represent a varying
percentage of the Public Offering Price. An up-front sales charge will be
imposed on all unit purchases after the first year of the Fund. The following
table illustrates the combined maximum up-front and periodic deferred sales
charges that would be incurred by an investor who purchases Units at the
beginning of each of the first five years of the Fund (based on a constant Unit
price) and holds them through the fifth year of the Fund:
 
<TABLE>
<CAPTION> 
                                                                                                           TOTAL
                                                     UP-FRONT SALES CHARGE            MAXIMUM      UP-FRONT AND PERIODIC
                                                                                        AMOUNT      DEFERRED SALES
                                                                                  DEFERRED PER             CHARGES
                                                                                  $1,000 INVESTED  PER $1,000 INVESTED
                     -----------------------------------------------------------  ---------------  ---------------------
  YEAR OF UNIT       AS PERCENT OF PUBLIC   AS PERCENT OF NET      AMOUNT PER
      PURCHASE        OFFERING PRICE        AMOUNT INVESTED      $1,000 INVESTED
- -------------------  ---------------------  -------------------  ---------------
<S>                  <C>                    <C>                  <C>             <C>               <C>
             1                  None                  None               None        $   55.00           $   55.00
             2                  1.10%                 1.11%         $   11.00            44.00               55.00
             3                  2.20                  2.25              22.00            33.00               55.00
             4                  3.30                  3.41              33.00            22.00               55.00
             5                  4.40                  4.60              44.00            11.00               55.00
</TABLE>
 
     CONTINGENT DEFERRED SALES CHARGE. Units redeemed or repurchased within 4
years after the Fund's initial date of deposit will not only incur the periodic
deferred sales charge until the quarter of redemption or repurchase but will
also be subject to a contingent deferred sales charge:
 

  YEAR SINCE FUND'S
   INITIAL DATE OF     CONTINGENT DEFERRED
       DEPOSIT         SALES CHARGE PER UNIT
- ---------------------  ---------------------
          1                  $   25.00
          2                      15.00
          3                      10.00
          4                       5.00
  5 and thereafter                None

 
     The contingent deferred sales charge is waived on any redemption or
repurchase of Units after the death (including the death of a single joint
tenant with rights of survivorship) or disability (as defined in the Internal
Revenue Code) of an investor, provided the redemption or repurchase is requested
within one year of the death or initial determination of disability. The
Sponsors may require receipt of satisfactory proof of disability before
releasing the portion of the proceeds representing the amount of the contingent
deferred sales charge waived.
 
     To assist investors in understanding the total costs of purchasing units
during the first four years of the Fund and disposing of those units by the
fifth year, the following tables set forth the maximum combined up-front,
periodic and contingent deferred sales charges that would be incurred (assuming
a constant Unit price) by an investor:
 
                                      b-1
<PAGE>
                    UNITS PURCHASED ON INITIAL OFFERING DATE
 
<TABLE>
<CAPTION> 
  YEAR OF UNIT                              DEFERRED SALES     CONTINGENT DEFERRED
   DISPOSITION       UP-FRONT SALES CHARGE         CHARGE        SALES CHARGE       TOTAL SALES CHARGES
- -------------------  ---------------------  -----------------  -------------------  -------------------
<S>                  <C>                    <C>                <C>                 <C>
             1                  None            $   11.00           $   25.00            $   36.00
             2                  None                22.00               15.00                37.00
             3                  None                33.00               10.00                43.00
             4                  None                44.00                5.00                49.00
             5                  None                55.00                0.00                55.00
</TABLE>
 
                  UNITS PURCHASED ON FIRST ANNIVERSARY OF FUND
 
<TABLE>
<CAPTION> 
  YEAR OF UNIT                              DEFERRED SALES     CONTINGENT DEFERRED
   DISPOSITION       UP-FRONT SALES CHARGE         CHARGE        SALES CHARGE       TOTAL SALES CHARGES
- -------------------  ---------------------  -----------------  -------------------  -------------------
<S>                  <C>                    <C>                <C>                 <C>
             2             $   11.00            $   11.00           $   15.00            $   37.00
             3                 11.00                22.00               10.00                43.00
             4                 11.00                33.00                5.00                49.00
             5                 11.00                44.00                0.00                55.00
</TABLE>
 
                 UNITS PURCHASED ON SECOND ANNIVERSARY OF FUND
 
<TABLE>
<CAPTION> 
  YEAR OF UNIT                              DEFERRED SALES     CONTINGENT DEFERRED
   DISPOSITION       UP-FRONT SALES CHARGE         CHARGE        SALES CHARGE       TOTAL SALES CHARGES
- -------------------  ---------------------  -----------------  -------------------  -------------------
<S>                  <C>                    <C>                <C>                 <C>
             3             $   22.00            $   11.00           $   10.00            $   43.00
             4                 22.00                22.00                5.00                49.00
             5                 22.00                33.00                0.00                55.00
</TABLE>
 
                  UNITS PURCHASED ON THIRD ANNIVERSARY OF FUND
 
<TABLE>
<CAPTION> 
  YEAR OF UNIT                              DEFERRED SALES     CONTINGENT DEFERRED
   DISPOSITION       UP-FRONT SALES CHARGE         CHARGE        SALES CHARGE       TOTAL SALES CHARGES
- -------------------  ---------------------  -----------------  -------------------  -------------------
<S>                  <C>                    <C>                <C>                 <C>
             4             $   33.00            $   11.00           $    5.00            $   49.00
             5                 33.00                22.00                0.00                55.00
</TABLE>
 
                 UNITS PURCHASED ON FOURTH ANNIVERSARY OF FUND
 
<TABLE>
<CAPTION> 
  YEAR OF UNIT                              DEFERRED SALES     CONTINGENT DEFERRED
   DISPOSITION       UP-FRONT SALES CHARGE         CHARGE        SALES CHARGE       TOTAL SALES CHARGES
- -------------------  ---------------------  -----------------  -------------------  -------------------
<S>                  <C>                    <C>                <C>                 <C>
             5             $   44.00            $   11.00           $    0.00            $   55.00
</TABLE>
 
                                      b-2
<PAGE>
                                   APPENDIX C
           SALES CHARGE SCHEDULES FOR MUNICIPAL INVESTMENT TRUST FUND
                                INITIAL OFFERING
 
<TABLE>
<CAPTION> 
                                                      SALES CHARGE
                                       (GROSS UNDERWRITING PROFIT)
                                     ----------------------------------
                                      AS PERCENT OF       AS PERCENT OF  DEALER CONCESSION AS
                                     OFFER SIDE PUBLIC     NET AMOUNT    PERCENT OF PUBLIC
NUMBER OF UNITS                      OFFERING PRICE          INVESTED     OFFERING PRICE
- -----------------------------------  -------------------  -------------  ---------------------
           MONTHLY PAYMENT SERIES, MULTISTATE SERIES, INSURED SERIES
<S>                                  <C>                  <C>            <C>
Less than 250......................            4.50%            4.712%             2.925%
250 - 499..........................            3.50             3.627              2.275
500 - 749..........................            3.00             3.093              1.950
750 - 999..........................            2.50             2.564              1.625
1,000 or more......................            2.00             2.041              1.300

                   INTERMEDIATE SERIES (TEN YEAR MATURITIES)

Less than 250......................            4.00%            4.167%             2.600%
250 - 499..........................            3.00             3.093              1.950
500 - 749..........................            2.50             2.564              1.625
750 - 999..........................            2.00             2.041              1.300
1,000 or more......................            1.50             1.523              0.975
 
              INTERMEDIATE SERIES (SHORT INTERMEDIATE MATURITIES)
 

Less than 250......................            2.75%            2.828%             1.788%
250 - 499..........................            2.25             2.302              1.463
500 - 749..........................            1.75             1.781              1.138
750 - 999..........................            1.25             1.266              0.813
1,000 or more......................            1.00             1.010              0.650
</TABLE>
 
                                SECONDARY MARKET
 

                   ACTUAL SALES CHARGE AS     DEALER CONCESSION AS
                   PERCENT OF EFFECTIVE       PERCENT OF EFFECTIVE
 NUMBER OF UNITS        SALES CHARGE               SALES CHARGE
- -----------------  -------------------------  -------------------------
1-249                            100%                        65%
250-499                           80                         52
500-749                           60                         39
750-999                           45                      29.25
1,000 or more                     35                      22.75
 
               EFFECTIVE SALES CHARGE COMMENCING JANUARY 16, 1996
 

                                     AS PERCENT       AS PERCENT
             TIME TO                OF BID SIDE        OF PUBLIC
             MATURITY                EVALUATION    OFFERING PRICE
- ----------------------------------  -------------  -----------------
Less than six months                          0%               0%
Six months to less than 1 year            0.503             0.50
1 year to less than 2 years               1.010             1.00
2 years to less than 3 years              1.523             1.50
3 years to less than 4 years              2.302             2.25
4 years to less than 5 years              2.828             2.75
5 years to less than 6 years              3.093             3.00
6 years to less than 7 years              3.359             3.25
7 years to less than 8 years              3.627             3.50
8 years to less than 9 years              4.167             4.00
9 years to less than 12 years             4.439             4.25
12 years to less than 15 years            4.712             4.50
15 years or more                          5.820             5.50

 
     For this purpose, a Bond will be considered to mature on its stated
maturity date unless: it has been called for redemption; (although not called)
its yield to maturity is more than 40 basis points higher than its yield to any
call
 
                                      c-1
<PAGE>
date; funds or securities have been placed in escrow to redeem it on an earlier
date; or the Bond is subject to a mandatory tender. In each of these cases the
earlier date will be considered the maturity date.
 
                                      c-2
<PAGE>
 
PROSPECTUS FORMAT
 
     This prospectus consists of a Part A and this Part B. The Prospectus does
not contain all of the information with respect to the investment company set
forth in its registration statement and exhibits relating thereto which have
been filed with the Securities and Exchange Commission, Washington, D.C. under
the Securities Act of 1933 and the Investment Company Act of 1940, and to which
reference is hereby made. Copies of such material can be obtained from the
Public Reference Section of the Commission, 450 Fifth Street, N.W., Washington,
D.C. 20549 at prescribed rates. The Commission also maintains a Web site that
contains information statements and other information regarding registrants such
as Defined Asset Funds that file electronically with the Commission at
http://www.sec.gov.
 
     No person is authorized to give any information or to make any
representations with respect to this investment company not contained in the
registration statement and related exhibits; and any information or
representation not contained therein must not be relied upon as having been
authorized. The Prospectus does not constitute an offer to sell, or a
solicitation of any offer to buy, securities in any state to any person to whom
it is not lawful to make such offer in such state.
 
                                                                     15900--8/96


<PAGE>

                             DEFINED
                             ASSET FUNDSSM
 

SPONSORS:                               MUNICIPAL INVESTMENT
Merrill Lynch,                          TRUST FUND
Pierce, Fenner & Smith Incorporated     Multistate Series--75
Defined Asset Funds                     (Unit Investment Trusts)
P.O. Box 9051                           PROSPECTUS PART A
Princeton, NJ 08543-9051                This Prospectus consists of a Part A and
(609) 282-8500                          a Part B. This Prospectus does not
Smith Barney Inc.                       contain all of the information with
Unit Trust Department                   respect to the investment company set
388 Greenwich Street--23rd Floor        forth in its registration statement and
New York, NY 10013                      exhibits relating thereto which have
(212) 816-4000                          been filed with the Securities and
PaineWebber Incorporated                Exchange Commission, Washington, D.C.
1200 Harbor Boulevard                   under the Securities Act of 1933 and the
Weehawken, NJ 07087                     Investment Company Act of 1940, and to
(201) 902-3000                          which reference is hereby made. Copies
Prudential Securities Incorporated      of filed material can be obtained from
One New York Plaza                      the Public Reference Section of the
New York, NY 10292                      Commission, 450 Fifth Street, N.W.,
(212) 778-6164                          Washington, D.C. 20549 at prescribed
Dean Witter Reynolds Inc.               rates. The Commission also maintains a
Two World Trade Center--59th Floor      Web site that contains information
New York, NY 10048                      statements and other information
(212) 392-2222                          regarding registrants such as Defined
EVALUATOR:                              Asset Funds that file electronically
Kenny S&P Evaluation Services,          with the Commission at
a division of J. J. Kenny Co., Inc.     http://www.sec.gov.
65 Broadway                             No person is authorized to give any
New York, NY 10006                      information or to make any
TRUSTEE:                                representations with respect to this
The Bank of New York                    investment company not contained in its
Unit Investment Trust Department        registration statement and exhibits
P.O. Box 974                            relating thereto; and any information or
Wall Street Station                     representation not contained therein
New York, NY 10268-0974                 must not be relied upon as having been
1-800-221-7771                          authorized. This Prospectus does not
                                        constitute an offer to sell, or a
                                        solicitation of an offer to buy,
                                        securities in any state to any person to
                                        whom it is not lawful to make such offer
                                        in such state.
                                        15012--01/97

<PAGE>
                             DEFINED ASSET FUNDS--
                        MUNICIPAL INVESTMENT TRUST FUND
                               MULTISTATE SERIES
                       CONTENTS OF REGISTRATION STATEMENT
 
     This Post-Effective Amendment to 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.
 
     The Signatures.
 
The following exhibits:
 
     1.1.1--Form of Standard Terms and Conditions of Trust Effective as of
            October 21, 1993 (incorporated by reference to Exhibit 1.1.1 to the
            Registration Statement of Municipal Investment Trust Fund,
            Multistate Series--48, 1933 Act File No. 33-50247).
 
     4.1  --Consent of the Evaluator.
 
     5.1  --Consent of independent accountants.
 
     9.1  --Information Supplement (incorporated by reference to Exhibit 9.1 to
            the Registration Statement of Municipal Investment Trust Fund,
        Insured Series--237, 1933 Act File No. 333-08121).
 
                                      R-1
<PAGE>
                        MUNICIPAL INVESTMENT TRUST FUND
                             MULTISTATE SERIES--75
                              DEFINED ASSET FUNDS
 
                                   SIGNATURES
 
     PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THE REGISTRANT,
MUNICIPAL INVESTMENT TRUST FUND, MULTISTATE SERIES--75, DEFINED ASSET FUNDS
CERTIFIES THAT IT MEETS ALL OF THE REQUIREMENTS FOR EFFECTIVENESS OF THIS
REGISTRATION STATEMENT PURSUANT TO RULE 485(B) UNDER THE SECURITIES ACT OF 1933
AND 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 8TH DAY OF
JANUARY, 1997.
 
             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 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 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.
 
     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 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.
 
                                      R-2
<PAGE>
               MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
                                   DEPOSITOR
 

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

 
      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
      By DANIEL C. TYLER
       (As authorized signatory for Merrill Lynch, Pierce,
       Fenner & Smith Incorporated and
       Attorney-in-fact for the persons listed above)
 
                                      R-3
<PAGE>
                       PRUDENTIAL SECURITIES INCORPORATED
                                   DEPOSITOR
 

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

 
      ALAN D. HOGAN
      GEORGE A. MURRAY
      LELAND B. PATON
      HARDWICK SIMMONS
      By
       WILLIAM W. HUESTIS
       (As authorized signatory for Prudential Securities
       Incorporated and Attorney-in-fact for the persons
       listed above)
 
                                      R-4
<PAGE>
                               SMITH BARNEY INC.
                                   DEPOSITOR
 

By the following persons, who constitute a majority of      Powers of Attorney
  the Board of Directors of Smith Barney Inc.:                have been filed
                                                              under the 1933 Act
                                                              File Numbers:
                                                              33-49753, 33-55073
                                                              and 333-10441

 
      STEVEN D. BLACK
      JAMES BOSHART III
      ROBERT A. CASE
      JAMES DIMON
      ROBERT DRUSKIN
      ROBERT H. LESSIN
      WILLIAM J. MILLS, II
      MICHAEL B. PANITCH
      PAUL UNDERWOOD
 
      By GINA LEMON
       (As authorized signatory for
       Smith Barney Inc. and
       Attorney-in-fact for the persons listed above)
 
                                      R-5
<PAGE>
                           DEAN WITTER REYNOLDS INC.
                                   DEPOSITOR
 

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

 
      CHARLES A. FIUMEFREDDO
      JAMES F. HIGGINS
      STEPHEN R. MILLER
      PHILIP J. PURCELL
      THOMAS C. SCHNEIDER
      WILLIAM B. SMITH
      By
       MICHAEL D. BROWNE
       (As authorized signatory for
       Dean Witter Reynolds Inc.
       and Attorney-in-fact for the persons listed above)
 
                                      R-6
<PAGE>
                            PAINEWEBBER INCORPORATED
                                   DEPOSITOR
 

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

 
      JOSEPH J. GRANO, JR.
      DONALD B. MARRON
      By
       ROBERT E. HOLLEY
       (As authorized signatory for
       PaineWebber Incorporated
       and Attorney-in-fact for the persons listed above)
 
                                      R-7



                                                                     EXHIBIT 4.1
 
                         KENNY S&P EVALUATION SERVICES
                      A DIVISION OF J. J. KENNY CO., INC.
                                  65 BROADWAY
                           NEW YORK, N.Y. 10006-2551
                            TELEPHONE (212) 770-4422
                                FAX 212/797-8681
 
                                                   January 8, 1997
 
Frank A. Ciccotto
Vice President
 

Merrill Lynch, Pierce, Fenner & Smith
Incorporated
Unit Investment Trust Division
P.O. Box 9051
Princeton, New Jersey 08543-9051
The Bank of New York
101 Barclay Street
New York, New York 10286

 
RE: MUNICIPAL INVESTMENT TRUST FUND,
     MULTISTATE SERIES--75, DEFINED ASSET FUNDS
 
Gentlemen:
 
     We have examined the post-effective Amendment to the Registration Statement
File No. 33-55781 for the above-captioned trust. 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
Amendment of the reference to Kenny S&P Evaluation Services, a division of J. J.
Kenny Co., Inc. as evaluator.
 
     In addition, we hereby confirm that the ratings indicated in the
above-referenced Amendment to the Registration Statement for the respective
bonds comprising the trust portfolio are the ratings currently indicated in our
KENNYBASE database.
 
     You are hereby authorized to file copies of this letter with the Securities
and Exchange Commission.
 
                                                   Sincerely,
                                                   FRANK A. CICCOTTO



                                                                     Exhibit 5.1
                       CONSENT OF INDEPENDENT ACCOUNTANTS
The Sponsors and Trustee of
Municipal Investment Trust Fund--Multistate Series--75, Defined Asset Funds
(California, Florida, New Jersey, New York, Ohio and Pennsylvania Trusts):
 
We consent to the use in this Post-Effective Amendment No. 2 to Registration
Statement No. 33-55781 of our opinion dated December 23, 1996 appearing in the
Prospectus, which is part of such Registration Statement, and to the reference
to us under the heading 'Miscellaneous--Auditors' in such Prospectus.
 
DELOITTE & TOUCHE LLP
New York, N.Y.
January 8, 1997



<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
   THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
   FROM MULTISTATE SERIES - 75 (CALIFORNIA TRUST), AND IS QUALIFIED
   IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<SERIES>
  <NUMBER>1
  <NAME> CALIFORNIA TRUST

<MULTIPLIER>1

       
<S>                                       <C>
<PERIOD-TYPE>                             YEAR
<FISCAL-YEAR-END>                                                   Oct-31-1996
<PERIOD-END>                                                        Oct-31-1996
<INVESTMENTS-AT-COST>                                                2,796,494
<INVESTMENTS-AT-VALUE>                                               3,264,977
<RECEIVABLES>                                                           35,906
<ASSETS-OTHER>                                                           9,080
<OTHER-ITEMS-ASSETS>                                                         0
<TOTAL-ASSETS>                                                       3,309,963
<PAYABLE-FOR-SECURITIES>                                                     0
<SENIOR-LONG-TERM-DEBT>                                                      0
<OTHER-ITEMS-LIABILITIES>                                                2,829
<TOTAL-LIABILITIES>                                                      2,829
<SENIOR-EQUITY>                                                              0
<PAID-IN-CAPITAL-COMMON>                                             2,796,494
<SHARES-COMMON-STOCK>                                                    3,250
<SHARES-COMMON-PRIOR>                                                    3,250
<ACCUMULATED-NII-CURRENT>                                               42,157
<OVERDISTRIBUTION-NII>                                                       0
<ACCUMULATED-NET-GAINS>                                                      0
<OVERDISTRIBUTION-GAINS>                                                     0
<ACCUM-APPREC-OR-DEPREC>                                               468,483
<NET-ASSETS>                                                         3,307,134
<DIVIDEND-INCOME>                                                            0
<INTEREST-INCOME>                                                      190,500
<OTHER-INCOME>                                                               0
<EXPENSES-NET>                                                          (7,664)
<NET-INVESTMENT-INCOME>                                                182,836
<REALIZED-GAINS-CURRENT>                                                     0
<APPREC-INCREASE-CURRENT>                                               43,683
<NET-CHANGE-FROM-OPS>                                                  226,519
<EQUALIZATION>                                                               0
<DISTRIBUTIONS-OF-INCOME>                                              183,397
<DISTRIBUTIONS-OF-GAINS>                                                     0
<DISTRIBUTIONS-OTHER>                                                        0
<NUMBER-OF-SHARES-SOLD>                                                      0
<NUMBER-OF-SHARES-REDEEMED>                                                  0
<SHARES-REINVESTED>                                                          0
<NET-CHANGE-IN-ASSETS>                                                  43,122
<ACCUMULATED-NII-PRIOR>                                                 42,718
<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
<PER-SHARE-GAIN-APPREC>                                                      0
<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
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
   THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
   FROM MULTISTATE SERIES - 75 (FLORIDA TRUST), AND IS QUALIFIED
   IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<SERIES>
  <NUMBER>2
  <NAME> FLORIDA TRUST
<MULTIPLIER>1

       
<S>                                       <C>
<PERIOD-TYPE>                             YEAR
<FISCAL-YEAR-END>                                                   Oct-31-1996
<PERIOD-END>                                                        Oct-31-1996
<INVESTMENTS-AT-COST>                                                2,598,968
<INVESTMENTS-AT-VALUE>                                               2,993,457
<RECEIVABLES>                                                           46,722
<ASSETS-OTHER>                                                           2,465
<OTHER-ITEMS-ASSETS>                                                         0
<TOTAL-ASSETS>                                                       3,042,644
<PAYABLE-FOR-SECURITIES>                                                     0
<SENIOR-LONG-TERM-DEBT>                                                      0
<OTHER-ITEMS-LIABILITIES>                                                2,794
<TOTAL-LIABILITIES>                                                      2,794
<SENIOR-EQUITY>                                                              0
<PAID-IN-CAPITAL-COMMON>                                             2,607,268
<SHARES-COMMON-STOCK>                                                    2,877
<SHARES-COMMON-PRIOR>                                                    3,174
<ACCUMULATED-NII-CURRENT>                                               38,093
<OVERDISTRIBUTION-NII>                                                       0
<ACCUMULATED-NET-GAINS>                                                      0
<OVERDISTRIBUTION-GAINS>                                                     0
<ACCUM-APPREC-OR-DEPREC>                                               394,489
<NET-ASSETS>                                                         3,039,850
<DIVIDEND-INCOME>                                                            0
<INTEREST-INCOME>                                                      181,663
<OTHER-INCOME>                                                               0
<EXPENSES-NET>                                                          (7,280)
<NET-INVESTMENT-INCOME>                                                174,383
<REALIZED-GAINS-CURRENT>                                                57,504
<APPREC-INCREASE-CURRENT>                                               (9,077)
<NET-CHANGE-FROM-OPS>                                                  222,810
<EQUALIZATION>                                                               0
<DISTRIBUTIONS-OF-INCOME>                                              175,079
<DISTRIBUTIONS-OF-GAINS>                                                     0
<DISTRIBUTIONS-OTHER>                                                    6,216
<NUMBER-OF-SHARES-SOLD>                                                      0
<NUMBER-OF-SHARES-REDEEMED>                                                297
<SHARES-REINVESTED>                                                          0
<NET-CHANGE-IN-ASSETS>                                                (280,008)
<ACCUMULATED-NII-PRIOR>                                                 42,524
<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
<PER-SHARE-GAIN-APPREC>                                                      0
<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
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
   THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
   FROM MULTISTATE SERIES - 75 (NEW JERSEY TRUST), AND IS QUALIFIED
   IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<SERIES>
  <NUMBER> 3
  <NAME> NEW JERSEY TRUST
<MULTIPLIER>1
       
<S>                                       <C>
<PERIOD-TYPE>                             YEAR
<FISCAL-YEAR-END>                                                     Oct-31-1996
<PERIOD-END>                                                          Oct-31-1996
<INVESTMENTS-AT-COST>                                                2,800,838
<INVESTMENTS-AT-VALUE>                                               3,219,953
<RECEIVABLES>                                                           50,004
<ASSETS-OTHER>                                                           3,975
<OTHER-ITEMS-ASSETS>                                                         0
<TOTAL-ASSETS>                                                       3,273,932
<PAYABLE-FOR-SECURITIES>                                                     0
<SENIOR-LONG-TERM-DEBT>                                                      0
<OTHER-ITEMS-LIABILITIES>                                                2,866
<TOTAL-LIABILITIES>                                                      2,866
<SENIOR-EQUITY>                                                              0
<PAID-IN-CAPITAL-COMMON>                                             2,809,516
<SHARES-COMMON-STOCK>                                                    3,032
<SHARES-COMMON-PRIOR>                                                    3,153
<ACCUMULATED-NII-CURRENT>                                               42,435
<OVERDISTRIBUTION-NII>                                                       0
<ACCUMULATED-NET-GAINS>                                                      0
<OVERDISTRIBUTION-GAINS>                                                     0
<ACCUM-APPREC-OR-DEPREC>                                               419,115
<NET-ASSETS>                                                         3,271,066
<DIVIDEND-INCOME>                                                            0
<INTEREST-INCOME>                                                      198,337
<OTHER-INCOME>                                                               0
<EXPENSES-NET>                                                          (7,804)
<NET-INVESTMENT-INCOME>                                                190,533
<REALIZED-GAINS-CURRENT>                                                16,631
<APPREC-INCREASE-CURRENT>                                               14,587
<NET-CHANGE-FROM-OPS>                                                  221,751
<EQUALIZATION>                                                               0
<DISTRIBUTIONS-OF-INCOME>                                              191,430
<DISTRIBUTIONS-OF-GAINS>                                                     0
<DISTRIBUTIONS-OTHER>                                                    9,547
<NUMBER-OF-SHARES-SOLD>                                                      0
<NUMBER-OF-SHARES-REDEEMED>                                                121
<SHARES-REINVESTED>                                                          0
<NET-CHANGE-IN-ASSETS>                                                (108,867)
<ACCUMULATED-NII-PRIOR>                                                 44,870
<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
<PER-SHARE-GAIN-APPREC>                                                      0
<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
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
   THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
   FROM MULTISTATE SERIES - 75 (NEW YORK TRUST), AND IS QUALIFIED
   IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<SERIES>
  <NUMBER>4
  <NAME> NEW YORK TRUST
<MULTIPLIER>1
       
<S>                                       <C>
<PERIOD-TYPE>                             YEAR
<FISCAL-YEAR-END>                                                   Oct-31-1996
<PERIOD-END>                                                        Oct-31-1996
<INVESTMENTS-AT-COST>                                                8,259,953
<INVESTMENTS-AT-VALUE>                                               9,643,372
<RECEIVABLES>                                                          153,229
<ASSETS-OTHER>                                                               0
<OTHER-ITEMS-ASSETS>                                                         0
<TOTAL-ASSETS>                                                       9,796,601
<PAYABLE-FOR-SECURITIES>                                                     0
<SENIOR-LONG-TERM-DEBT>                                                      0
<OTHER-ITEMS-LIABILITIES>                                               17,696
<TOTAL-LIABILITIES>                                                     17,696
<SENIOR-EQUITY>                                                              0
<PAID-IN-CAPITAL-COMMON>                                             8,265,554
<SHARES-COMMON-STOCK>                                                    9,490
<SHARES-COMMON-PRIOR>                                                    9,763
<ACCUMULATED-NII-CURRENT>                                              129,932
<OVERDISTRIBUTION-NII>                                                       0
<ACCUMULATED-NET-GAINS>                                                      0
<OVERDISTRIBUTION-GAINS>                                                     0
<ACCUM-APPREC-OR-DEPREC>                                             1,383,419
<NET-ASSETS>                                                         9,778,905
<DIVIDEND-INCOME>                                                            0
<INTEREST-INCOME>                                                      568,121
<OTHER-INCOME>                                                               0
<EXPENSES-NET>                                                         (15,799)
<NET-INVESTMENT-INCOME>                                                552,322
<REALIZED-GAINS-CURRENT>                                                50,244
<APPREC-INCREASE-CURRENT>                                              (51,449)
<NET-CHANGE-FROM-OPS>                                                  551,117
<EQUALIZATION>                                                               0
<DISTRIBUTIONS-OF-INCOME>                                              553,122
<DISTRIBUTIONS-OF-GAINS>                                                     0
<DISTRIBUTIONS-OTHER>                                                   10,358
<NUMBER-OF-SHARES-SOLD>                                                      0
<NUMBER-OF-SHARES-REDEEMED>                                                273
<SHARES-REINVESTED>                                                          0
<NET-CHANGE-IN-ASSETS>                                                (300,423)
<ACCUMULATED-NII-PRIOR>                                                134,531
<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
<PER-SHARE-GAIN-APPREC>                                                      0
<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
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
   THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
   FROM MULTISTATE SERIES - 75 (OHIO TRUST), AND IS QUALIFIED
   IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<SERIES>
  <NUMBER> 5
  <NAME> OHIO TRUST
<MULTIPLIER>1
       
<S>                                       <C>
<PERIOD-TYPE>                             YEAR
<FISCAL-YEAR-END>                                                   Oct-31-1996
<PERIOD-END>                                                        Oct-31-1996
<INVESTMENTS-AT-COST>                                                2,991,971
<INVESTMENTS-AT-VALUE>                                               3,415,488
<RECEIVABLES>                                                          134,538
<ASSETS-OTHER>                                                               0
<OTHER-ITEMS-ASSETS>                                                         0
<TOTAL-ASSETS>                                                       3,550,026
<PAYABLE-FOR-SECURITIES>                                                     0
<SENIOR-LONG-TERM-DEBT>                                                      0
<OTHER-ITEMS-LIABILITIES>                                               79,001
<TOTAL-LIABILITIES>                                                     79,001
<SENIOR-EQUITY>                                                              0
<PAID-IN-CAPITAL-COMMON>                                             3,000,231
<SHARES-COMMON-STOCK>                                                    3,132
<SHARES-COMMON-PRIOR>                                                    3,210
<ACCUMULATED-NII-CURRENT>                                               47,277
<OVERDISTRIBUTION-NII>                                                       0
<ACCUMULATED-NET-GAINS>                                                      0
<OVERDISTRIBUTION-GAINS>                                                     0
<ACCUM-APPREC-OR-DEPREC>                                               423,517
<NET-ASSETS>                                                         3,471,025
<DIVIDEND-INCOME>                                                            0
<INTEREST-INCOME>                                                      210,275
<OTHER-INCOME>                                                               0
<EXPENSES-NET>                                                          (7,736)
<NET-INVESTMENT-INCOME>                                                202,539
<REALIZED-GAINS-CURRENT>                                                 9,520
<APPREC-INCREASE-CURRENT>                                               26,736
<NET-CHANGE-FROM-OPS>                                                  238,795
<EQUALIZATION>                                                               0
<DISTRIBUTIONS-OF-INCOME>                                              203,318
<DISTRIBUTIONS-OF-GAINS>                                                     0
<DISTRIBUTIONS-OTHER>                                                    4,911
<NUMBER-OF-SHARES-SOLD>                                                      0
<NUMBER-OF-SHARES-REDEEMED>                                                 78
<SHARES-REINVESTED>                                                          0
<NET-CHANGE-IN-ASSETS>                                                 (54,537)
<ACCUMULATED-NII-PRIOR>                                                 49,103
<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
<PER-SHARE-GAIN-APPREC>                                                      0
<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
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
   THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
   FROM MULTISTATE SERIES - 75 (PENNSYLVANIA TRUST), AND IS QUALIFIED
   IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<SERIES>
  <NUMBER> 6
  <NAME> PENNSYLVANIA TRUST
<MULTIPLIER>1
       
<S>                                       <C>
<PERIOD-TYPE>                             YEAR
<FISCAL-YEAR-END>                                                   Oct-31-1996
<PERIOD-END>                                                        Oct-31-1996
<INVESTMENTS-AT-COST>                                                2,791,972
<INVESTMENTS-AT-VALUE>                                               3,233,797
<RECEIVABLES>                                                           61,442
<ASSETS-OTHER>                                                               0
<OTHER-ITEMS-ASSETS>                                                         0
<TOTAL-ASSETS>                                                       3,295,239
<PAYABLE-FOR-SECURITIES>                                                     0
<SENIOR-LONG-TERM-DEBT>                                                      0
<OTHER-ITEMS-LIABILITIES>                                               11,041
<TOTAL-LIABILITIES>                                                     11,041
<SENIOR-EQUITY>                                                              0
<PAID-IN-CAPITAL-COMMON>                                             2,799,172
<SHARES-COMMON-STOCK>                                                    3,109
<SHARES-COMMON-PRIOR>                                                    3,205
<ACCUMULATED-NII-CURRENT>                                               43,201
<OVERDISTRIBUTION-NII>                                                       0
<ACCUMULATED-NET-GAINS>                                                      0
<OVERDISTRIBUTION-GAINS>                                                     0
<ACCUM-APPREC-OR-DEPREC>                                               441,825
<NET-ASSETS>                                                         3,284,198
<DIVIDEND-INCOME>                                                            0
<INTEREST-INCOME>                                                      197,354
<OTHER-INCOME>                                                               0
<EXPENSES-NET>                                                          (7,734)
<NET-INVESTMENT-INCOME>                                                189,620
<REALIZED-GAINS-CURRENT>                                                10,603
<APPREC-INCREASE-CURRENT>                                               19,455
<NET-CHANGE-FROM-OPS>                                                  219,678
<EQUALIZATION>                                                               0
<DISTRIBUTIONS-OF-INCOME>                                              190,244
<DISTRIBUTIONS-OF-GAINS>                                                     0
<DISTRIBUTIONS-OTHER>                                                    4,295
<NUMBER-OF-SHARES-SOLD>                                                      0
<NUMBER-OF-SHARES-REDEEMED>                                                 96
<SHARES-REINVESTED>                                                          0
<NET-CHANGE-IN-ASSETS>                                                 (73,872)
<ACCUMULATED-NII-PRIOR>                                                 45,220
<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
<PER-SHARE-GAIN-APPREC>                                                      0
<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
        

</TABLE>


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


                                                              January 8, 1997


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

Dear Sirs:

        We hereby represent that the Post-Effective Amendments to the registered
unit investment trusts described in Exhibit A attached hereto do not contain
disclosures which would render them ineligible to become effective pursuant to
Rule 485(b) under the Securities Act of 1933.

                                                        Very truly yours,

                                                        Davis Polk & Wardwell

Attachment

<PAGE>

                                   EXHIBIT A
<TABLE>
<CAPTION>




                                                                       1933 ACT   1940 ACT
FUND NAME                                                      CIK     FILE NO.   FILE NO.
- ---------                                                      ---     --------   --------
<S>                                                           <C>      <C>        <C>



DEFINED ASSET FUNDS- MPUSTS-17 DAF                            893111   33-49983   811-2810
DEFINED ASSET FUNDS- MPUSTS-20 DAF                            893114   33-55245   811-2810
DEFINED ASSET FUNDS- MPUSTS-21 DAF                            893115   33-55247   811-2810


DEFINED ASSET FUNDS-MITF IS-159                               803800   33-37108   811-1777
DEFINED ASSET FUNDS-MITF IS-173                               803831   33-42580   811-1777


DEFINED ASSET FUNDS-CIF ITS-31                                791019   33-42205   811-2295


DEFINED ASSET FUNDS- ITS-242 DAF                              924330   33-55901   811-1777

DEFINED ASSET FUNDS-MITF MPS-503                              803710   33-37107   811-1777
DEFINED ASSET FUNDS-MITF MPS-512                              803719   33-41742   811-1777

DEFINED ASSET FUNDS-MITF MSS-17                               891865   33-49061   811-1777
DEFINED ASSET FUNDS-MITF MSS-18                               892843   33-49115   811-1777
DEFINED ASSET FUNDS- MSS-75 DAF                               910026   33-55781   811-1777
DEFINED ASSET FUNDS-MITF MSS 7V                               847228   33-37313   811-1777
DEFINED ASSET FUNDS- MSS-97 DAF                               924282   33-62037   811-1777


DEFINED ASSET FUNDS-CIF PSPS-4                                758345   2-94667    811-2295

TOTAL:   15 FUNDS

</TABLE>



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