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. Incorporated
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:
Municipal Securities Trust, Series 50 and 78th Discount Series
3. Investment Company Act File Number: 811-2868
Securities Act File Number: 33-38722
4. Last day of fiscal year for which this notice is filed: December 31, 1996
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 ru e 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
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9. Number and aggregate sale price of securities sold during the fiscal year:
0 Shares $ 0
-------------------- ---
10. Number and aggregate sale price of securities sold during the fiscal year
in reliance upon registration pursuant to rule 24f-2:
0 Shares $ 0
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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:
(i) Aggregate sale price of securities sold
during the fiscal year in reliance
on rule 24f-2 (from Item 10) $ 0
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(ii) Aggregate price of shares issued in
connection with dividend reinvestment
plans (from Item 11, if applicable): + 0
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(iii) Aggregate price of shares redeemed or
repurchased during the fiscal year
(if applicable): - 266,509.70
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(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
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(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
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(vi) Multiplier prescribed by Section 6(b) of
the Securities Act of 1933 or other
applicable law or regulation (see
instruction C.6): x 1/3300
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(vii) Fee due [line (i) or line (v) multiplied
by line (vi)]: $ 0
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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). / /
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 the
issuers and in the capacities and on the dates indicated.
By (Signature and Title)* __________________________________________
Peter J. DeMarco, Authorized Signatory for
Reich & Tang Distributors L.P. and, as
Attorney-in-Fact, for Gruntal & Co.,
Incorporated.
Date: February 24, 1997
* Please print the name and title of the signing officer below the signature.
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