UNITED STATES
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.
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1. Name and address of issuer:
Reich & Tang Distributors, Inc. Gruntal & Co., LLC
(formerly Reich & Tang Distributor L.P.) 14 Wall Street
600 Fifth Avenue New York, New York 10005
New York, New York 10020-2302
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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 Securities Trust, Series 54 and Multi-State Series 43
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3. Investment Company Act File Number: 811-2868
Securities Act File Number: 33-55996
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4(a). Last day of fiscal year for which this Form is filed: December 31,
1998
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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 the Form is being filed late, interest must be paid on the
registration fee due.
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4(c). / / Check box if this is the last time the issuer will be
filing this Form.
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5. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the fiscal year
pursuant to section 24(f): $88,184.00
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(ii) Aggregate price of securities redeemed or repurchased
during the fiscal year: $99,082.00
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(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: $1,940,243.31
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(iv) Total available redemption credits [add items 5(ii) and 5(iii)]:
$2,039,325.31
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(v) Net sales -- if Item 5(i) is greater than Item 5(iv) [subtract
Item 5(iv) from Item 5(i)]:
$ 0
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(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)]:
$(1,951,141.31)
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(vii) Multiplier for determining registration fee (See Instruction C.9):
x .000278
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(viii) Registration fee due [multiply Item 5(v) by Item 5(vii)] (enter
"0" if no fee is due): =$ 0
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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 .
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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
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8. Total of the amount of the registration fee due plus any interest
due [line 5(viii) plus line 7]:
=$ 0
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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
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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.
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By (Signature and Title)* /s/PETER J. DEMARCO
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Peter J. DeMarco, Executive Vice President and as Attorney-in-Fact
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for Gruntal & Co., LLC
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Date: March 29, 1999
*Please print the name and title of the signing officer below the
signature.
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