<PAGE>
FORM N-SAR
SEMI-ANNUAL
REPORT
FOR REGISTERED
INVESTMENT COMPANIES
Report for six month period ending: / / (a)
or fiscal year ending: 12/31/97 (b)
Is this a transition report? (Y/N) _N___
Is this an amendment to a previous filing? (Y/N) _N___
Those items or sub-items with a box "#" after the item
number should be completed only if the
answer has changed from the previous filing on this form.
1. A. Registrant Name: TAX EXEMPT
SECURITIES TRUST
B. File Number: 811-2560
C. Telephone Number: 212-816-6048
2. A. Street: 388 GREENWICH ST. 23RD FLOOR
B. City NY C. State NY D.
Zip Code: 10013 Zip Ext:
E. ForeigCountry:
Foreign Postal Code:
3. Is this the first filing on this form by Registrant?
(Y/N)___N______________________
4. Is this the last filing on this form by Registrant?
(Y/N)_____N____________________
5. Is Registrant a small business investment company
(SBIC)? (Y/N) __N_____________
[If answer is "Y"(Yes), complete only items 89
through 110.]
6. Is Registrant a unit investment trust (UIT)? (Y/N)
____Y_____________
[If answer is "Y"(Yes), complete only items 111
through 132.]
7. A. Is Registrant a series or multiple portfolio
company? (Y/N) ______________
[If answer is "N"(No), go to item 8.]
B. Hos many separate series or portfolios did
Registrant have at the end of the
period?_________________
<PAGE> 01For period ending
__12/31/97_________ If filing more than one
Page 47, "X" box: #
File number 811-2560___________
UNIT INVESTMENT TRUSTS
111. A. # Depositor
Name:____________________________________
B. # File Number (If any):
________________________
C. # City:________________ State:________Zip
Code:__________Zip Ext.:______
# Foreign Country: ______________ Foreign
Postal Code: _______________
111. A. # Depositor
Name:____________________________________
B. # File Number (If any):
________________________
C. # City:________________ State:________Zip
Code:__________Zip Ext.:______
# Foreign Country: ______________ Foreign
Postal Code: _______________
112. A. # Sponsor
Name:____________________________________
B. # File Number (If any):
________________________
C. # City:________________ State:________Zip
Code:__________Zip Ext.:______
# Foreign Country: ______________ Foreign
Postal Code: _______________
112. A. # Sponsor
Name:____________________________________
B. # File Number (If any):
________________________
C. # City:________________ State:________Zip
Code:__________Zip Ext.:______
# Foreign Country: ______________ Foreign
Postal Code: _______________
<PAGE> 47For period ending
12/31/97___________ If filing more than one
Page 48, "X" box: #
File number 811-2560____________
113. A. # Trustee
Name:____________________________________
B. # City:________________ State:________Zip
Code:__________Zip Ext.:______
# Foreign Country: ______________ Foreign
Postal Code: _______________
113. A. # Trustee
Name:____________________________________
B. # City:________________ State:________Zip
Code:__________Zip Ext.:______
# Foreign Country: ______________ Foreign
Postal Code: _______________
114. A. # Principal Underwriter
Name:____________________________________
B. # File Number: 8-_____________
C. # City:________________ State:________Zip
Code:__________Zip Ext.:______
# Foreign Country: ______________ Foreign
Postal Code: _______________
114. A. # Principal Underwriter
Name:____________________________________
B. # File Number: 8-_____________
C. # City:________________ State:________Zip
Code:__________Zip Ext.:______
# Foreign Country: ______________ Foreign
Postal Code: _______________
115. A. # Independent Public Accountant
Name:_____________________________
B. # City:________________ State:________Zip
Code:__________Zip Ext.:______
# Foreign Country: ______________ Foreign
Postal Code: _______________
115. A. # Independent Public Accountant
Name:_____________________________
B. # City:________________ State:________Zip
Code:__________Zip Ext.:______
# Foreign Country: ______________ Foreign
Postal Code: _______________
48
<PAGE>
For period ending ___________ If filing more than
one
Page 49, "X" box:
File number 811-2560____________
116. Family of investment companies information:
A. # Is Registrant part of a family of investment
companies? (Y/N) __________ ____
Y/N
B. # Identify the family in 10 letters:
__________________
(NOTE: In filing this form, use this identification
consistently for all investment
companies in family. This designation is for
purposes of this form only.)
117. A. # Is Registrant a separate account of an insurance
company? (Y/N) ________ ____
Y/N
If answer is "Y" (Yes), are any of the following types
of contracts funded by the Registrant?
B. # Variable annuity contracts? (Y/N)
_______________________________ ____
Y/N
C. # Scheduled premium variable life contracts?
(Y/N)___________________ ____
Y/N
D. # Flexible premium variable life contracts?
(Y/N)___________________ ____
Y/N
E. # Other types of insurance products registered
under the Securities Act
of 1933? (Y/N)______________________________
____
Y/N
118. # State the number of series existing at the end of
the period that had securities
registered under the Securities Act of
1933.__564______________
119. # State the number of new series for which
registration statements under the Securities Act
of 1933 became effective during the
period___26_________
120. # State the total value of the portfolio securities on
the date of deposit for the new series
included in item 119 ($000's omitted)
________________________ $_114,362________
121. # State the number of series for which a current
prospectus was in existence at the end of
the period _405___________
122. # State the number of existing series for which
additional units were registered under the
Securities Act of 1933 during the current period
__0_________________
<PAGE>
49
For period ending 12/31/97___________
If filing more than one
Page 50, "X" box: #
File number 811-2560____________
123. # State the total value of the additional units
considered in answering item 122 ($000's omitted)
$________
124. # State the total value of units of prior series that
were placed in the portfolios of subsequent series during
the current period (the value of these units is to be
measured on the date they were placed in the
subsequent series) ($000's omitted)
_____________________________ $0________
125. # State the total dollar amount of sales loads
collected (before reallowances to other brokers or dealers)
by Registrant's principal underwriter and any
underwriter which is an affiliated person of the principal
underwriter during the current period solely from
the sale of units of all series of Registrant ($000's
omitted)__________ $5,650_________
126. # Of the amount shown in item 125, state the total
dollar amount of sales loads collected from secondary
market operations in Registrant's units (include the
sales loads, if any, collected on units of a prior series
placed in the portfolio of a subsequent series.)
($000's omitted) _______________ $2,074_______
127. # List opposite the appropriate description below
the number of series whose portfolios are invested
primarily (based upon a percentage of NAV) in
each type of security shown, the aggregate total assets
at market value as of a date at or near the end of
the current period of each such group of series and the
total income distributions made by each such group
of series during the current period (excluding
distributions of realized gains, if any):
<TABLE>
<S><C><C><C>
Number of
Total Assets Total Income
Series
($000's Distributions
Investing
omitted) ($000's omitted)
A. U.S. Treasury direct issue_______________
_______ $______ $______
B. U.S. Government agency_______________
_______ $______ $______
C. State and municipal tax-free____________
_504______ $2,035,393______$138,244______
D. Public utility debt_____________ _______
$______ $______
E. Brokers or dealers debt or debt of
brokers' or dealers' parent______________
_______ $______ $______
F. All other corporate intermed. & long-term
debt_____________ _______
$______ $______
G. All other corporate short-term debt_________
_______ $______ $______
H. Equity securities of brokers or dealers
or parents of brokers or dealers___________
_______ $______ $______
I. Investment company equity securities______
_______ $______ $______
J. All other equity securities________ _______
$______ $______
K. Other securities___________ _______
$______ $______
L. Total assets of all series of registrant____
504_______ $2,035,393______$138,244______
</TABLE>
<PAGE> 50
For period ending 12/31/97__________
If filing more than one
Page 51, "X" box: #
File number 811-2560____________
128. # Is the timely payment of principal and interest
on any of the portfolio securities held by any
of registrant's series at the end of the current
period insured or guaranteed by an entity other
than the issuer? (Y/N)
____________________________
_____
Y/N
[If answer is "N" (No), go to item 131.]
129. # Is the issuer of any instrument covered in the
item 128 delinquent or in default as to payment
of principal or interest at the end of the current
period?
(Y/N)_________________________
_____
Y/N
[If answer is "N" (No), go to item 131.]
130. # In computations of NAV or offering price per
unit, is any part of the value attributed to
instruments identified in item 129 derived from
insurance or guarantees?
(Y/N)_______________________
_____
Y/N
131. # Total expenses incurred by all series of
Registrant during the current reporting period ($000's
omitted) 5,722__________________________
132. # List the "811" (Investment Company Act of
1940) registration number for all Series of
Registrant that are being included in this filing:
811-2560_____ 811-_____ 811-_____
811-_____ 811-_____
811-_____ 811-_____ 811-_____
811-_____ 811-_____
811-_____ 811-_____ 811-_____
811-_____ 811-_____
811-_____ 811-_____ 811-_____
811-_____ 811-_____
811-_____ 811-_____ 811-_____
811-_____ 811-_____
811-_____ 811-_____ 811-_____
811-_____ 811-_____
811-_____ 811-_____ 811-_____
811-_____ 811-_____
811-_____ 811-_____ 811-_____
811-_____ 811-_____
811-_____ 811-_____ 811-_____
811-_____ 811-_____
51
