SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)  May 15, 1996

GOVERNMENT SECURITIES TRUST J-1                  
(Exact name of registrant as specified in its charter or
other governing  instrument)

State or other jurisdiction of incorporation:
          New York
Commission File Number:
          0-17365
IRS Employer Identification No.:
          13-6947810
  

c/o Chemical Bank
Corporate Trustee Administration Department
450 West 33rd Street
New York, New York 10001


Registrant's telephone number, including area code :   (212) 946-8608









<PAGE>






Item 1. Changes in Control of Registrant.
    
Not Applicable.

Item  2. Acquisition or Disposition of Assets.

None.

Item  3. Bankruptcy or Receivership.

None.

Item  4. Changes in Registrant's Certifying Accountant.

No Change

Item  5. Other Events.

Semiannual Report to Holders pursuant to the Trust's Declaration of Trust
dated as of December 15, 1988.  (Attached as Exhibit A) .

No other reportable events.

Item  6. Resignations of Registrant's Directors.

Not  Applicable.

Item  7. Financial Statements, Pro Forma Financial Information and Exhibits

Not Applicable.








<PAGE>







Exhibits


Semiannual  Report  to  Holders  attached  hereto  as  Exhibit  A .

































<PAGE>






SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

Government Securities Trust J-1


Date :  June 7, 1996
By:_________Dennis Kildea____
                        Trust Officer

<PAGE>

Exhibit A

CHEMICAL BANK
450 West 33rd Street
New York, New York  10001

Trustee's Semiannual Report

To the Holders of

Government Securities Trust J-1 Zero Coupon Certificates
( Jordanian FMS Refinancing )
         and
Defense Security Assistance Agency
The Pentagon
Washington, DC  20301-2800
Attention of the Comptroller, DSAA

I. On May 15, 1996, the Certificate Payment Date, the aggregate amount
distributed to the Holders was $15,179,000.00.  The portions thereof
allocable to payments on the Guarantee was $13,660,000.00 and to payments
from the Securities Trust was $1,519,000.00.

II. The aggregate initial Amount of the Certificates issued by such Trust
and remaining outstanding after such distribution is $213,193,000.00.

III. The unpaid principal amount of the related Notes following such
distribution is $107,093,218.44.

IV. The sum of the amount referred to in (I), above, plus the amount paid
to the Trustee in respect of the Trustee's fees and expenses was not less
than the sum of 90% of the amount required to have been paid by the Borrower
on the Related Note(s) on the immediately preceding Note Payment Date plus
the payment received from the Securities Trust on the Certificate Payment
Date.

Payment Default had occurred as to the Hashemite Kingdom of Jordan Notes,
but said Payment Default has, as to Holders, been cured after payment by
the Defense Security Assistance Agency of a demand under the Guarantees in
the amount of $13,666,275.00 in respect of the Note Payment Date next
preceding the Certificate Payment Date.

To the best of my knowledge and belief this Semiannual Report is complete
and accurate.

All capitalized terms used herein have the meanings assigned to them in
the Declaration of Trust dated as of December 15, 1988.

By:  ____Dennis Kildea___
                Trust Officer
Dated as of:  May 15, 1996
(Tax ID. No. 13-6947810)
[{"type": "8-K", "sequence": "1", "secsgml_size_bytes": 3689}]
{"company-data": {"conformed-name": "GOVERNMENT SECURITIES TRUST J 1", "cik": "0000842814", "assigned-sic": "6189", "irs-number": "136947810", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-17365", "film-number": "96584714"}, "business-address": {"street1": "450 WEST 33RD STREET", "street2": "C/O CHEMICAL BANK /CORP TR ADMIN DEPT", "city": "NEW YORK", "state": "NY", "zip": "10001", "phone": "2129467694"}}
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)  May 15, 1996

GOVERNMENT SECURITIES TRUST J-1                  
(Exact name of registrant as specified in its charter or
other governing  instrument)

State or other jurisdiction of incorporation:
          New York
Commission File Number:
          0-17365
IRS Employer Identification No.:
          13-6947810
  

c/o Chemical Bank
Corporate Trustee Administration Department
450 West 33rd Street
New York, New York 10001

Registrant's telephone number, including area code :   (212) 946-8608
Item 1. Changes in Control of Registrant.
    
Not Applicable.

Item  2. Acquisition or Disposition of Assets.

None.

Item  3. Bankruptcy or Receivership.

None.

Item  4. Changes in Registrant's Certifying Accountant.

No Change

Item  5. Other Events.

Semiannual Report to Holders pursuant to the Trust's Declaration of Trust
dated as of December 15, 1988.  (Attached as Exhibit A) .

No other reportable events.

Item  6. Resignations of Registrant's Directors.

Not  Applicable.

Item  7. Financial Statements, Pro Forma Financial Information and Exhibits

Not Applicable.
Exhibits

Semiannual  Report  to  Holders  attached  hereto  as  Exhibit  A .
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

Government Securities Trust J-1

Date :  June 7, 1996
By:_________Dennis Kildea____
                        Trust Officer
Exhibit A

CHEMICAL BANK
450 West 33rd Street
New York, New York  10001

Trustee's Semiannual Report

To the Holders of

Government Securities Trust J-1 Zero Coupon Certificates
( Jordanian FMS Refinancing )
         and
Defense Security Assistance Agency
The Pentagon
Washington, DC  20301-2800
Attention of the Comptroller, DSAA

I. On May 15, 1996, the Certificate Payment Date, the aggregate amount
distributed to the Holders was $15,179,000.00.  The portions thereof
allocable to payments on the Guarantee was $13,660,000.00 and to payments
from the Securities Trust was $1,519,000.00.

II. The aggregate initial Amount of the Certificates issued by such Trust
and remaining outstanding after such distribution is $213,193,000.00.

III. The unpaid principal amount of the related Notes following such
distribution is $107,093,218.44.

IV. The sum of the amount referred to in (I), above, plus the amount paid
to the Trustee in respect of the Trustee's fees and expenses was not less
than the sum of 90% of the amount required to have been paid by the Borrower
on the Related Note(s) on the immediately preceding Note Payment Date plus
the payment received from the Securities Trust on the Certificate Payment
Date.

Payment Default had occurred as to the Hashemite Kingdom of Jordan Notes,
but said Payment Default has, as to Holders, been cured after payment by
the Defense Security Assistance Agency of a demand under the Guarantees in
the amount of $13,666,275.00 in respect of the Note Payment Date next
preceding the Certificate Payment Date.

To the best of my knowledge and belief this Semiannual Report is complete
and accurate.

All capitalized terms used herein have the meanings assigned to them in
the Declaration of Trust dated as of December 15, 1988.

By:  ____Dennis Kildea___
                Trust Officer
Dated as of:  May 15, 1996
(Tax ID. No. 13-6947810)