DEFINED ASSET FUNDS MUNICIPAL INVT TR FD INTERM TERM SER 242
S-6EL24, 1994-10-07
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  AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON OCTOBER 7, 1994
					REGISTRATION NO. 33-
==============================================================================

		      SECURITIES AND EXCHANGE COMMISSION

			   WASHINGTON, D. C. 20549
			       _______________

				   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
			INTERMEDIATE TERM SERIES-242
			     DEFINED ASSET FUNDS
			  (A UNIT INVESTMENT TRUST)

B.  NAMES OF DEPOSITORS:

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

C.  COMPLETE ADDRESSES OF DEPOSITORS' PRINCIPAL EXECUTIVE OFFICES:

MERRILL LYNCH, PIERCE, FENNER & SMITH                SMITH BARNEY INC.
	   INCORPORATED                           TWO WORLD TRADE CENTER
	  P.O. BOX 9051                               101ST FLOOR
    PRINCETON, N.J. 08543-9051                     NEW YORK, N.Y. 10048


 PAINEWEBBER INCORPORATED     PRUDENTIAL SECURITIES      DEAN WITTER REYNOLDS
1285 AVE. OF THE AMERICAS         INCORPORATED                   INC.
   NEW YORK, N.Y. 10019        ONE SEAPORT PLAZA      TWO WORLD TRADE CENTER--
				199 WATER STREET             59TH FLOOR
			      NEW YORK, N.Y.  10292     NEW YORK, N.Y. 10048


D.  NAMES AND COMPLETE ADDRESSES OF AGENTS FOR SERVICE:

   TERESA KONCICK, ESQ.       THOMAS D. HARMAN, ESQ.       LEE B. SPENCER, JR.
       P.O BOX 9051            388 GREENWICH STREET         ONE SEAPORT PLAZA
PRINCETON, N.J. 08543-9051     NEW YORK, N.Y. 10013         199 WATER STREET
							  NEW YORK, N.Y. 10292

							   COPIES TO
 DOUGLAS LOWE, ESQ.        ROBERT E. HOLLEY       PIERRE DE SAINT PHALLE, ESQ.
 130 LIBERTY STREET--      1200 HARBOR BLVD.          450 LEXINGTON AVENUE
    29TH FLOOR           WEEHAWKEN, N.J. 07087        NEW YORK, N.Y. 10017
NEW YORK, N. Y. 10006


E.  TITLE AND AMOUNT OF SECURITIES BEING REGISTERED:

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

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

				  Indefinite

G.  AMOUNT OF FILING FEE:

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

H.  APPROXIMATE DATE OF PROPOSED SALE TO THE PUBLIC:

 As soon as practicable after the acquisition and deposit  of  the  underlying
obligations.

THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR
DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT
SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS
REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH
SECTION 8(A)  OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION
STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING
PURSUANT TO SAID SECTION 8(A), MAY DETERMINE.
==============================================================================


	   SUBJECT TO COMPLETION, PROSPECTUS DATED OCTOBER 7, 1994



==============================================================================
					       MUNICIPAL INVESTMENT TRUST FUND
						  INTERMEDIATE TERM SERIES-242
							   DEFINED ASSET FUNDS
20,000 UNITS                                         (A UNIT INVESTMENT TRUST)
==============================================================================

     A final prospectus for a prior Intermediate Term Series of Municipal
Investment Trust Fund, Defined Asset Funds is hereby incorporated by
reference and used as a preliminary prospectus for this Intermediate Term
Series.  The narrative information and structure of the final prospectus
for this Series will be substantially the same as that of the previous
prospectus except that the range of maturities of the securities may be
different from that of the securities in the previous Series and that the
sales charge may be lower or higher than that of the previous Series.
Information with respect to pricing, the number of units, dates and summary
information regarding the characteristics of securities to be deposited in
this Series is not now available and will be different from that shown
since each Series has a unique Portfolio.  Accordingly, the information
contained herein with regard to the previous Series should be considered as
being included for informational purposes only.  The estimated current
return and long-term return for this Series will depend on the interest
rates and offering side evaluation of the securities in the Series and may
vary materially from that of the previous Series.  Investors should contact
account executives of the underwriters who will be informed of the expected
effective date of this Series and who will be supplied with complete
information with respect to such Series on the day of and immediately prior
to the effectiveness of the registration statement relating to Units of
this Series.


     INFORMATION CONTAINED HEREIN IS SUBJECT TO COMPLETION OR AMENDMENT.  A
REGISTRATION STATEMENT RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION.  THESE SECURITIES MAY NOT BE SOLD NOR
MAY OFFERS TO BUY BE ACCEPTED PRIOR TO THE TIME THE REGISTRATION STATEMENT
BECOMES EFFECTIVE.  THIS PROSPECTUS SHALL NOT CONSTITUTE AN OFFER TO SELL
OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE
SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE
UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS
OF ANY SUCH STATE.



				   PART II

	    ADDITIONAL INFORMATION NOT INCLUDED IN THE PROSPECTUS

     A.  The following information relating to the Depositors is
incorporated by reference to the SEC filings indicated and made a part of
this Registration Statement.
							      SEC FILE OR
							   IDENTIFICATION NO.
							   __________________

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

	 Merrill Lynch, Pierce, Fenner & Smith Incorporated       2-52691
	 Prudential Securities Incorporated                       2-61418
	 Smith Barney Inc.                                       33-29106
	 Dean Witter Reynolds Inc.                                2-60599
	 PaineWebber Incorporated                                 2-87965

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

	 Merrill Lynch, Pierce, Fenner & Smith Incorporated        8-7721
	 Prudential Securities Incorporated                       8-12321
	 Smith Barney Inc.                                         8-8177
	 Dean Witter Reynolds Inc.                                8-14172
	 PaineWebber Incorporated                                 8-16267


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

	 Merrill Lynch, Pierce, Fenner & Smith
	   Incorporated                                  2-73866, 2-77549
	 Prudential Securities Incorporated              2-86941, 2-86941
	 Smith Barney Inc.                                       33-20499
	 Dean Witter Reynolds Inc.                       2-60599, 2-86941
	 PaineWebber Incorporated                        2-87965, 2-87965

     B.  The Internal Revenue Service Employer Identification Numbers of
the Sponsors and Trustee are as follows:
.\"the Sponsors and Co-Trustees are as follows:

	 Merrill Lynch, Pierce, Fenner & Smith Incorporated    13-5674085
	 Prudential Securities Incorporated                    13-6134767
	 Smith Barney Inc.                                     13-1912900
	 Dean Witter Reynolds Inc.                             94-1671384
	 PaineWebber Incorporated                              13-2638166


				     II-1



Supplemented final prospectuses from the following Series of Municipal
Investment Trust Fund, Defined Asset Funds (all of which are incorporated
herein by reference) may be used as preliminary prospectuses for this
Series:  Intermediate Term Series - Intermediate Term Series - 233 (Reg.
No. 33-53657); Intermediate Term Series - 234 (Reg. No. 33-54001);
Intermediate Term Series - 235 (Reg. No. 33-54255); Intermediate Term
Series - 236 (Reg. No. 33-54449); Intermediate Term Series - 237 (Reg.
No. 33-53657); Intermediate Term Series - 238 (Reg. No. 33-55073);
Intermediate Term Series - 239 (Reg. No. 33-55335); Intermediate Term
Series - 240 (Reg. No. 33-55465).



		    CONTENTS OF REGISTRATION STATEMENT

 THE REGISTRATION STATEMENT ON FORM S-6 COMPRISES THE FOLLOWING PAPERS AND
DOCUMENTS:

 The facing sheet of Form S-6.
 The Cross-Reference Sheet (incorporated by reference to the Cross-
   Reference Sheet to the Registration Statement of Municipal Investment
   Trust Fund, Forty-Fourth Intermediate Term Series, 1933 Act File No.
   2-88251).
 The Prospectus.
 Additional Information not included in the Prospectus (Part II).
 *Consent of independent public accountants.

 The following exhibits:

      1.1       --  Form of Trust Indenture (incorporated by reference
		    to Exhibit 1.1 to the Registration Statement of
		    Municipal Investment Trust Fund, Intermediate Term
		    Series-217, Defined Asset Funds, 1933 Act File No. 33-
		    50343).

      1.1.1      -- Form of Standard Terms and Conditions of Trust Effective
		    October 21, 1993 (incorporated by reference to Exhibit
		    1.1.1 to the Registration Statement of Municipal
		    Investment Trust Fund, Multistate Series-48, Defined
		    Asset Funds, 1933 Act File No. 33-50247).

      1.2       --  Form of Master Agreement Among Underwriters (incorporated
		    by reference to Exhibit 1.2 to the Registration
		    Statement of The Corporate Income Fund, One Hundred
		    Ninety-Fourth Monthly Payment Series, 1933 Act File No.
		    2-90925).

      2.1       --  Form of Certificate of Beneficial Interest (included in
		    Exhibit 1.1.1).

     *3.1       --  Opinion of counsel as to the legality of the securities
		    being issued including their consent to the use of
		    their names under the headings "Taxes" and
		    "Miscellaneous-Legal Opinion" in the Prospectus.

     *4.1       --  Consent of the Evaluator

      5.1       --  Form of Bond Purchase Agreement used for purchases from
		    issuers (incorporated by reference to Exhibit 5.1 to
		    the Registration Statement of Municipal Investment
		    Trust Fund, Fifty-Fifth Intermediate Term Series, 1933
		    Act File No. 2-94809).

      5.2.1     --  Form of Purchase Agreement for purchases in secondary
		    market with letter of credit backing (incorporated by
		    reference to Exhibit 5.21 to the Registration Statement
		    of Municipal Investment Trust Fund, Fifty-Fifth
		    Intermediate Term Series, 1933 Act File No. 2-94809).

      5.2.2     --  Form of Purchase Agreement for purchases in secondary
		    market with guarantees (incorporated by reference to
		    Exhibit 5.22 to the Registration Statement of Municipal
		    Investment Trust Fund, Fifty-Fifth Intermediate Term
		    Series, 1933 Act File No. 2-94809).

      5.2.3     --  Form of Purchase Agreement for purchases in secondary
		    market with collateralized backing (incorporated by
		    reference to Exhibit 5.23 to the Registration Statement
		    of Municipal Investment Trust Fund, Fifty-Fifth
		    Intermediate Term Series, 1933 Act File No. 2-94809).

      6.1       --  Form of Collateral Agreement (incorporated by reference
		    to Exhibit 6.1 to the Registration Statement of Municipal
		    Investment Trust Fund, Fifty-Fifth Intermediate Term
		    Series, 1933 Act File No. 2-94809).

       24       --  Powers of Attorney


__________

  * To be filed with Amendment to Registration Statement.


				     R-1


				  SIGNATURES

     PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THE
REGISTRANT HAS DULY CAUSED THIS REGISTRATION STATEMENT OR AMENDMENT TO THE
REGISTRATION STATEMENT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED
THEREUNTO DULY AUTHORIZED IN THE CITY OF NEW YORK AND STATE OF NEW YORK ON
THE 7TH DAY OF OCTOBER, 1994.


	    Signatures appear on pages R-3, R-4, R-5, R-6 and R-7.

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

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

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

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

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


				     R-2


MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
	       DEPOSITOR


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

       HERBERT M. ALLISON, JR.
       BARRY S. FRIEDBERG
       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  ERNEST V. FABIO
	  (As authorized signatory for
	  Merrill Lynch, Pierce, Fenner & Smith Incorporated
	  and Attorney-in-fact for the persons listed above)


				     R-3


   PRUDENTIAL SECURITIES INCORPORATED
	  DEPOSITOR


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


       JAMES T. GAHAN
       ALAN D. HOGAN
       HOWARD A. KNIGHT
       GEORGE A. MURRAY
       LELAND B. PATON
       HARDWICK SIMMONS




       By  RICHARD R. HOFFMANN
	  (As authorized signatory for
	  Prudential Securities Incorporated
	  and Attorney-in-fact for the persons listed above)


				     R-4


   SMITH BARNEY INC.
      DEPOSITOR


   By the following persons,                Powers of Attorney have
      who constitute a majority of             been filed under the
      the Board of Directors of                1933 Act File
      Smith Barney Inc.:                       Numbers: 33-49753
					       and 33-51607

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


       By  GINA LEMON
	  (As authorized signatory for
	  Smith Barney Inc. and
	  Attorney-in-fact for the persons listed above)


				     R-5


   DEAN WITTER REYNOLDS INC.
	  DEPOSITOR



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

	  NANCY DONOVAN
	  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


   PAINEWEBBER INCORPORATED
      DEPOSITOR



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

	      PAUL B. GUENTHER
	      DONALD B. MARRON
	      JOSEPH J. GRANO, JR.
	      LEE FENSTERSTOCK

	      By  ROBERT E. HOLLEY
		 (As authorized signatory for
		 PaineWebber Incorporated and
		 Attorney-in-fact for the persons listed above)


				     R-7



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