U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
Read instructions at end of Form before preparing Form.
Please print or type.
1. Name and address of issuers:
Reich & Tang Distributors L.P. Gruntal & Co., L.L.C.
600 Fifth Avenue 14 Wall Street
New York, New York 10020-2302 New York, New York 10005
2. Name of each series or class of funds for which this notice is filed:
Insured Municipal Securities Trust, 50th Discount Series, New Jersey
Navigator Insured Series 1 and Pennsylvania Navigator Insured Series 1
3. Investment Company Act File Number: 811-2868
Securities Act File Number: 33-35080
4. Last day of fiscal year for which this notice is filed: June 30, 1997
5. Check box if this notice is being filed more than 180 days after the close
of the issuer's fiscal year for purposes of reporting securities sold after
the close of the fiscal year but before termination of the issuer's 24f-2
declaration: / /
6. Date of termination of issuer's declaration under rule 24f-2(a)(1), if
applicable (see instruction A.6):
Not Applicable
7. Number and amount of securities of the same class or series which had been
registered under the Securities Act of 1933 other than pursuant to rule
24f-2 in a prior fiscal year, but which remained unsold at the beginning of
the fiscal year:
None
8. Number and amount of securities registered during the fiscal year other
than pursuant to rule 24f-2:
None
C/M: 11939.0008 375128.1
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9. Number and aggregate sale price of securities sold during the fiscal year:
337 Shares $311,308.84
--------------- ----------
10. Number and aggregate sale price of securities sold during the fiscal year
in reliance upon registration pursuant to rule 24f-2:
337 Shares $311,308.84
--------------- ----------
11. Number and aggregate sale price of securities issued during the fiscal year
in connection with dividend reinvestment plans, if applicable (see
instruction B.7):
Not Applicable
12. Calculation of registration fee:
<TABLE>
<S> <C> <C>
(i) Aggregate sale price of securities sold during the fiscal year in
reliance on rule 24f-2 (from Item 10) $ 311,308.84
-----------------------------------
(ii) Aggregate price of shares issued in connection with dividend
reinvestment plans (from Item 11, if applicable): + 0
-----------------------------------
(iii) Aggregate price of shares redeemed or repurchased during the fiscal
year (if applicable): - 462,175.42
-----------------------------------
(iv) Aggregate price of shares redeemed or repurchased and previously
applied as a reduction to filing fees pursuant to rule 24e-2 (if
applicable): + 0
-----------------------------------
(v) Net aggregate price of securities sold and issued during the fiscal
year in reliance on rule 24f-2 [line (i), plus line (ii), less line
(iii), plus line
(iv)] (if applicable): $ 0
-----------------------------------
(vi) Multiplier prescribed by Section 6(b) of the Securities Act of 1933 or
other applicable law or regulation (see instruction C.6): x 1/33%
-----------------------------------
(vii) Fee due [line (i) or line (v) multiplied by line (vi)]: $ 0
-----------------------------------
</TABLE>
Instruction:Issuers should complete lines (ii), (iii), (iv) and (v) only if the
form is being filed within 60 days after the close of the issuer's
fiscal year. See instruction C.3.
13. Check Box if fees are being remitted to the Commission's lockbox depository
as described in section 3a of the Commission's Rules of Informal and Other
Procedures (17 CFR 202.3a). / /
Exhibit: Opinion of Messrs. Battle Fowler LLP
Date of mailing or wire transfer of filing fees to the Commission's
lockbox depository:
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SIGNATURES
This report has been signed below by the following persons on behalf of the
issuers and in the capacities and on the dates indicated.
By /s/ PETER J. DEMARCO
_______________________________
* Peter J. DeMarco, Authorized Signatory for Reich & Tang Distributors
L.P. and, as Attorney-in-Fact, for Gruntal & Co., L.L.C.
Date: August 13, 1997
* Please print the name and title of the signing officer below the signature.
C/M: 11939.0008 375128.1
BATTLE FOWLER LLP
A LIMITED LIABILITY PARTNERSHIP
75 East 55th Street
New York, New York 10022
(212) 856-7039
(212) 856-7816
August 22, 1997
Reich & Tang Distributors L.P.
600 Fifth Avenue
New York, New York 10020
Gruntal & Co., L.L.C.
14 Wall Street
New York, New York 10005
Gentlemen:
We have acted as special counsel to Reich & Tang Distributors
L.P. and Gruntal & Co., L.L.C. as Depositors, Sponsors and Principal
Underwriters (collectively, the "Depositors") of Insured Municipal Securities
Trust, 50th Discount Series, New Jersey Navigator Insured Series 1 and
Pennsylvania Navigator Insured 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 Trust Agreement, the Registration Statement, and such other Trust records
and documents as we deemed necessary for the purpose of this opinion.
We have also examined such other documents, papers, statutes
and authorities as we deemed necessary for the purposes of this opinion. 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,
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2
certificates and instruments, and we have relied upon statements and
certificates of officers and representatives of the Sponsor and others.
We have assumed that each party has duly authorized, executed
and delivered the Trust Agreement, Registration Statement on Form S-6 (File No.
33-35080) and other instruments, certificates, agreements, documents executed in
connection with the transactions contemplated thereby (collectively "UIT
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 UIT Documents and the
transactions contemplated by the UIT Documents.
We have assumed that each party complied with all orders,
rules, regulations applicable to it or in connection with the UIT Documents or
the transactions contemplated thereby. We have further assumed that no party to
the transaction contemplated by the UIT 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 validly
issued, fully paid and nonassessable.
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 LLP
C/M: 11939.0008 624116.1
