Securities and Exchange Commission
Washington, D.C. 20549
Rule 24f-2 Notice
for
Registration Under the Securities Act of 1933 of Securities of
Unit Investment Trust Registered on Form N-8B-2
Registrant: Municipal Securities Trust
Short-Intermediate Term Series 1
Registration No. 33-26522
Depositor: Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167
under the Investment Company Act of 1940
Form N-8B-2 File No. 811-2868
(i) Fiscal year for which this Notice is filed:
December 31, 1993
(ii) Number or amount of securities of the same class or series, if any,
which had been registered under the Securities Act of 1933 other
than pursuant to Rule 24f-2 under the Investment Company Act of 1940
but which remained unsold at the beginning of such fiscal year:
None
(iii) Number or aggregate dollar amount of securities, if any, registered
during such fiscal year other than pursuant to Rule 24f-2:
None
(iv) Number or aggregate dollar amount of securities sold during such
fiscal year:
$460,001.77
(v) Number or aggregate dollar amount of securities sold during such
fiscal year in reliance upon Rule 24f-2:
$460,001.77 *
Exhibit: Opinion of Messrs. Battle Fowler
* The filing fee of $100.00 is calculated in accordance with
Rule 24f-2(c) and Section 6(b) of the Securities Act of 1933 and is
based upon the following: the actual aggregate sales price of the
659 units sold during such fiscal year in reliance upon Rule 24f-2
was $460,001.77; the actual aggregate dollar amount of units
redeemed or repurchased during the fiscal year was $170,265.83; and
the actual aggregate redemption or repurchase price of such
securities previously applied by the issuer pursuant to
Rule 24(e)-2(a) in filings made pursuant to Section 24(e)(1) was $0.
<PAGE>
SIGNATURE
Pursuant to the requirements of Rule 24f-2, the registrant,
Municipal Securities Trust, Short-Intermediate Term Series 1 has duly
caused this Rule 24f-2 Notice to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City and State of New York,
on this 25th day of February, 1994.
Municipal Securities Trust
Short-Intermediate Term Series 1
(Registrant)
BEAR, STEARNS & CO. INC.
(Depositor)
By:
Peter J. DeMarco
(Authorized Signatory)
Battle Fowler
280 Park Avenue
New York, N.Y. 10017
February 25, 1994
Bear, Stearns & Co. Inc.
245 Park Avenue
5th Floor
New York, New York 10167
Gentlemen:
We have acted as special counsel to Bear, Stearns & Co.
Inc. as Depositor, Sponsor and Principal Underwriter (the
"Depositor") of Municipal Securities Trust, Short-Intermediate Term
Series 1 (the "Trust") in connection with the preparation by the
Trust of a Rule 24f-2 Notice (the "Rule 24f-2 Notice") covering the
registration of units of fractional undivided interest (the "Units")
in the Trust.
In connection with our representation, we have examined
copies of the following documents relating to the creation of the
Trust and the issuance and sale of the Units: (a) the Reference
Trust Agreement dated May 19, 1989 (the "Trust Agreement") among the
Depositor, United States Trust Company of New York, as Trustee, and
Kenny S&P Evaluation Services, a division of Kenny Information
Systems, Inc., as Evaluator; (b) the Notification of Registration on
Form N-8A and the Registration Statement on Form N-8B-2, as amended,
relating to the Trust, as filed with the Securities and Exchange
Commission (the "Commission") pursuant to the Investment Company Act
of 1940 (the "1940 Act"); (c) the Registration Statement on Form S-6
(File No. 33-26522) filed with the Commission pursuant to the
Securities Act of 1933 (the "1933 Act") and Amendment No. 1 thereto
(said Registration Statement, as amended by said Amendment No. 1,
being herein called the "Registration Statement") and all subsequent
Post-Effective Amendments to the Registration Statement as filed
with the Commission; (d) the form of final Prospectus (the
"Prospectus") relating to the Units, as filed with the Commission;
(e) certified resolutions of the Executive Committee of the
Depositor authorizing the execution and delivery by the Depositor of
the Trust Agreement and the consummation of the transactions
contemplated thereby; and (f) the Certificate of Incorporation and
By-Laws, as amended to date, of the Depositor, each certified to by
an authorized officer of the Depositor as of a recent date.
We have also examined (i) the Application for Orders of
Exemption from certain provisions of Sections 14(a) and 22(d) of the
1940 Act and Rules 19b-1 and 22c-1 thereunder, and the First
Amendment thereto, (ii) the Application for Orders of Exemption from
certain provisions of Sections 11(a) and 22(d) of the 1940 Act,
which have been filed with the Commission by the Depositor on behalf
of New York Municipal Trust, Series 1 and Subsequent Series, and the
related exemptive Orders issued on November 8, 1978 and April 29,
1981, (iii) the Application for an Amended Order of Exemption from
certain provisions of Section 11(a) of the 1940 Act, which has been
filed with the Commission by the Depositor and Gruntal & Co. Inc.
(the "Depositors") on behalf of Mortgage Securities Trust, CMO
Series 1 (and Subsequent Series); Municipal Securities Trust,
Series 1 (and Subsequent Series (including Insured Municipal
Securities Trust, Series 1 (and Subsequent Series) and 5th Discount
Series (and Subsequent Series)); New York Municipal Trust, Series 1
(and Subsequent Series); and A Corporate Trust, Series 1 (and
Subsequent Series) on October 2, 1990 and as amended thereafter and
the related Exemptive Order (IC-18290) issued by the Commission on
August 28, 1991 and (iv) the Application for an Amended Order of
Exemption from certain provisions of Section 11(a) of the 1940 Act,
which has been filed with the Commission by the Depositors on behalf
of Municipal Securities Trust, Series 1 (and Subsequent Series
(including Insured Securities Trust, Series 1 (and Subsequent
Series) and 5th Discount Series (and Subsequent Series)); New York
Municipal Trust, Series 1 (and Subsequent Series); A Corporate
Trust, Series 1 (and Subsequent Series); Mortgage Securities Trust
(CMO Series 1 and Subsequent Series); and Equity Securities Trust
(Series 1, Signature Series, Gabelli Communications Income Trust and
Subsequent Series) on November 12, 1992 and as amended thereafter.
In rendering this opinion we have assumed the genuineness
of all signatures, the authenticity and completeness of all
documents, certificates and instruments submitted to us as
originals, the conformity with the originals of all documents,
certificates and instruments submitted to us as copies and the legal
capacity to sign of all individuals executing such documents,
certificates and instruments.
We have assumed that each party has duly authorized,
executed and delivered the Trust Agreement, Registration Statement
and other instruments, certificates, agreements, documents executed
in connection with the transactions contemplated thereby
(collectively "U.I.T Documents") to which it is a party.
We have assumed that each party is duly qualified and has
full power and authority to perform its obligations under the U.I.T.
Documents and the transactions contemplated by the U.I.T. Documents.
We have assumed that each party complied with all orders,
rules, regulations applicable to it or in connection with the U.I.T.
Documents or the transactions contemplated thereby. We have further
assumed that no party to the transaction contemplated by the U.I.T.
Documents is subject to any statute, rule or regulation, or to any
impediment to which contracting parties are not generally subject,
which requires such party to obtain the authorization or consent of,
or to register or make a declaration or filing with, or inquiry of
any governmental agency or regulatory authority.
Based on such examination and assumptions, we are of the
opinion that the Units, the registration of which this Notice makes
definitive, when sold by the Depositor and purchased and paid for by
the Unitholder, duly executed, authenticated and delivered in
accordance with the Trust Agreement and the Registration Statement
relating to such Units, the Units were (i) validly issued, fully
paid and nonassessable and (iii) legal, valid and binding
obligations of the Trust, and the holders of the Units are entitled
to the benefits of the related Trust Agreement, except as
enforcement thereof may be limited by applicable bankruptcy,
insolvency, reorganization, arrangement, fraudulent conveyance,
moratorium or other laws relating to or affecting the enforcement of
creditors' rights generally and general principles of equity
regardless of whether such enforceability is considered in a
proceeding in equity or at law.
We are not admitted to the practice of law in any
jurisdiction but the State of New York and we do not hold ourselves
out as experts in or express any opinion as to the laws of other
states or jurisdictions except as to matters of Federal and Delaware
corporate law.
We hereby consent to the filing of this opinion as an
exhibit to the Rule 24f-2 Notice.
Very truly yours,
BATTLE FOWLER
