DEFINED ASSET FUNDS MUNICIPAL INVT TR FD INTERM TERM SER 242
24F-2NT/A, 1998-03-10
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                     FORM 24F-2
               Annual Notice of Securities Sold
                  Pursuant to Rule 24f-2

1. Name and address of issuer:

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

2. The name of each series or class of securities for which this Form is
filed (If the Form is being filed for all series and classes of securities
of the issuer, check the box but do not list series or classes):  [ ]

Municipal Investment Trust Fund Intermediate Term Series - 242 Defined Asset
Funds

3. Investment Company Act File Number:   811-1777

   Securities Act File Number:           33-55901

4(a). Last day of fiscal year for which this Form is filed:
      December 31, 1997

4(b). [ ] Check box if this Form is being filed late (i.e., more than 90
          calendar days after the end of the issuer's fiscal year.)
          (See instruction A.2)

    Note: If this Form is being filed late, interest must be paid on the
          registration fee due.

4(c). [ ] Check box if this is the last time the issuer will be filing
          this Form.

5.  Calculation of registration fee:

(i)    Aggregate sale price of securities sold
       during the fiscal year pursuant to
       section 24(f):                                     $143,116.03

(ii)   Aggregate price of securities redeemed
       or repurchased during the fiscal year:         $916,802.74

(iii)  Aggregate price of securities redeemed or
       repurchased during any prior fiscal year
       ending no earlier than October 11, 1995
       that were not previously used to reduce
       registration fees payable to the Commission:   $0.00

(iv)   Total available redemption credits
       [add Items 5(ii) and 5(iii):                       -$916,802.74


(v)    Net sales - if Item 5(i) is greater than
       Item 5(iv) [subtract Item 5(iv) from Item 5(i)]:   $0.00

(vi)   Redemption credits available for use in
       future years
       - If Item 5(i) is less than Item 5(iv)
       [subtract Item 5(iv) from Item 5(i)]:          $(773,686.71)

(vii)  Multiplier for determining registration             x_.000295
       fee (See Instruction C.9):

(viii) Registration fee due [multiply Item 5(v)
        by Item 5(vii)] (enter ''0'' if no fee
        is due):                                          =$0.00
                                                           ___________

6.  Prepaid Shares
    If the response to Item 5(i) was determined by deducting an amount of
    securities that were registered under the Securities Act of 1933
    pursuant to rule 24e-2 as in effect before October 11, 1997, then
    report the amount of securities (number of shares or other units)
    deducted here: 0.  If there is a number of shares or other units
    that were registered pursuant to rule 24e-2 remaining unsold at
    the end of the fiscal year for which this form is filed that are
    available for use by the issuer in future fiscal years, then state
    that number here:  0.

7.  Interest due - if this Form is being filed more than 90 days
    after the end of the issuer's fiscal year (see Instruction D):    +$0.00

8.  Total of the amount of the registration fee due plus any
    interest due [line 5(viii) plus line 7]: = $0.00

9.  Date the registration fee and any interest payment was
    sent to the Commission's lockbox depository:
    Method of Delivery:
                             [ ] Wire Transfer
                             [ ] Mail or other means

                        SIGNATURES

This report has been signed below by the following persons on
behalf of the issuer and in the capacities and on the dates
indicated.  By (Signature and Title) *

                    by Merrill Lynch, Pierce, Fenner & Smith
                    Incorporated, Agent for the Sponsors

                    By  /s/  Daniel C. Tyler
                             Vice President

Date          March 10, 1998

*Please print the name and title of the signing officer below the
signature.



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