<PAGE>
As filed with the Securities and Exchange Commission on August 20, 1997
Registration No. 33-46203*
==========================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________
POST-EFFECTIVE AMENDMENTS NO. 5 TO
FORM S-6
FOR REGISTRATION UNDER THE SECURITIES ACT
OF 1933 OF SECURITIES OF UNIT INVESTMENT
TRUSTS REGISTERED ON FORM N-8B-2
___________________
A. Exact Name of Trust:
NATIONAL MUNICIPAL TRUST,
Series 148
Multistate Series 50
B. Name of depositor:
PRUDENTIAL SECURITIES INCORPORATED
C. Complete address of depositor's principal executive office:
One Seaport Plaza
199 Water Street
New York, New York 10292
D. Name and complete address of agent for service:
Copy to:
LEE B. SPENCER, JR., ESQ. KENNETH W. ORCE, ESQ.
PRUDENTIAL SECURITIES INCORPORATED CAHILL GORDON & REINDEL
One Seaport Plaza 80 Pine Street
199 Water Street New York, New York 10005
New York, New York 10292
It is proposed that this filing will become effective (check appropriate
box.)
___
/ / immediately upon filing on (date) pursuant to
paragraph (b);
___
/X / on August 20, 1997 pursuant to paragraph (b);
___
/__/ 60 days after filing pursuant to paragraph (a);
___
/__/ on (date) pursuant to paragraph (a) of rule 485.
_______________
* This Registration Statement combines two Registration Statements
(File Nos. 33-46203 and 33-46202) pursuant to Rule 429.
<PAGE>
CUSIPS: 63701H839R;63701H847R MAIL CODE A
Prospectus--PART A
NOTE: PART A of this Prospectus may not be distributed unless accompanied by
Part B.
- --------------------------------------------------------------------------------
NATIONAL MUNICIPAL TRUST
NMT Series 148
Multistate Series 50
- --------------------------------------------------------------------------------
The initial public offering of Units in each Trust has been completed. The Units
offered hereby are issued and outstanding Units which have been acquired by the
Sponsor either by purchase from the Trustee of Units tendered for redemption or
in the secondary market.
The objectives of each Trust are the providing of interest income which, in the
opinion of counsel is, under existing law, excludable from gross income for
Federal income tax purposes (except in certain instances depending on the Unit
Holder), through investment in a fixed portfolio consisting primarily of
long-term (or intermediate term) state, municipal and public authority debt
obligations, and the conservation of capital. In addition, in the opinion of
bond counsel to the issuers of the obligations, the interest income on the
obligations held by the underlying unit investment trust composing Multistate
Series 50 designated as the New York Trust (Insured (Intermediate Term)) (the
'New York Trust (Insured (Intermediate Term))' or the 'State Trust') (the
'Trusts' or the 'Trust' or the 'Insured Trust' as the context requires), is
exempt from state and any local income taxes to individual Unit Holders resident
in the State for which the State Trust is named. There is, of course, no
guarantee that the Trusts' objectives will be achieved. The value of the Units
of each Trust will fluctuate with the value of the portfolio of underlying
Securities. Each municipal bond in the Insured Trust is covered by an
irrevocable insurance policy as a result of which the Units of the Insured Trust
were rated 'AAA' by Standard & Poor's Corporation as of the Date of Deposit.
Insurance guaranteeing the scheduled payment of principal of and interest on the
Securities in the New York Trust (Insured (Intermediate Term)) to the maturity
of such Securities has been obtained at the cost of the issuer at the time of
issuance. No representation is made as to the insurers' ability to meet their
commitments. The Securities in Series 148 are not insured. The Securities in the
Trusts are not insured by The Prudential Insurance Company of America. The
Prospectus indicates the extent to which interest income of each Trust is
subject to alternative minimum tax under the Internal Revenue Code of 1986, as
amended. See 'Schedule of Portfolio Securities' and 'Portfolio Summary.'
Minimum Purchase: 1 Unit
PUBLIC OFFERING PRICE of the Units of each Trust is equal to the aggregate bid
side evaluation of the underlying Securities in each Trust's Portfolio divided
by the number of Units outstanding in such Trust, plus a sales charge as set
forth in the table herein. (See Part B--'Public Offering of Units--Volume
Discount.') Units are offered at the Public Offering Price plus accrued
interest. (See Part B--'Public Offering of Units.')
- --------------------------------------------------------------------------------
Sponsor:
Prudential Securities (LOGO)
- --------------------------------------------------------------------------------
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE.
- --------------------------------------------------------------------------------
Please read and retain Prospectus dated
this Prospectus for future reference August 31, 1997
<PAGE>
NATIONAL MUNICIPAL TRUST
Series 148
Multistate Series 50
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Page
<S> <C> <C>
Summary................................................................................. Part A A-i
Summary of Essential Information........................................................ A-iv
Independent Auditors' Report............................................................ A-1
Statement of Financial Condition........................................................ A-2
Schedule of Portfolio Securities........................................................ A-7
The Trust............................................................................... Part B 1
Portfolio Summary.................................................................. 2
Insurance on the Securities in the Portfolio of an Insured Trust--General.......... 9
Insurance on the Securities in the Portfolio of an Insured Trust--Insurers......... 9
Objectives and Securities Selection................................................ 14
Estimated Annual Income Per Unit................................................... 14
Tax Status.............................................................................. 15
Public Offering of Units................................................................ 18
Public Offering Price.............................................................. 18
Public Distribution................................................................ 19
Secondary Market................................................................... 20
Sponsor's and Underwriters' Profits................................................ 20
Secondary Market Sales Charge...................................................... 20
Volume Discount.................................................................... 21
Employee Discount.................................................................. 21
Exchange Option......................................................................... 21
Tax Consequences................................................................... 23
Reinvestment Program.................................................................... 23
Expenses and Charges.................................................................... 23
Expenses........................................................................... 23
Fees............................................................................... 23
Other Charges...................................................................... 25
Rights of Unit Holders.................................................................. 25
Certificates....................................................................... 25
Distribution of Interest and Principal............................................. 25
Reports and Records................................................................ 27
Redemption......................................................................... 27
Sponsor................................................................................. 28
Limitations on Liability........................................................... 29
Responsibility..................................................................... 30
Resignation........................................................................ 30
Trustee................................................................................. 30
Limitations on Liability........................................................... 31
Responsibility..................................................................... 31
Resignation........................................................................ 31
Evaluator............................................................................... 31
Limitations on Liability........................................................... 31
Responsibility..................................................................... 31
Resignation........................................................................ 31
Amendment and Termination of the Indenture.............................................. 32
Amendment.......................................................................... 32
Termination........................................................................ 32
Legal Opinions.......................................................................... 32
Auditors................................................................................ 32
Bond Ratings............................................................................ 32
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
This Prospectus does not contain all of the information with respect to the
investment company set forth in its registration statement and exhibits relating
thereto which have been filed with the Securities and Exchange Commission,
Washington, D.C. under the Securities Act of 1933 and the Investment Company Act
of 1940, and to which reference is hereby made.
- --------------------------------------------------------------------------------
No person is authorized to give any information or to make any representations
with respect to this investment company not contained herein; and any
information or representations not contained herein must not be relied upon as
having been authorized. This Prospectus does not constitute an offer to sell, or
a solicitation of an offer to buy, securities in any state to any person to whom
it is not lawful to make such offer in such state.
- --------------------------------------------------------------------------------
SUMMARY
National Municipal Trust, Series 148 ('National Trust (Uninsured)') and
Multistate Series 50 which consists of one underlying unit investment trust
designated as the New York Trust (Insured (Intermediate Term)) (the 'New York
Trust (Insured (Intermediate Term))' or the 'State Trust') (the 'Trusts' or the
'Trust' or the 'Insured Trust' as the context requires) are composed of
interest-bearing municipal bonds (the 'Securities'). The Securities in the State
Trust are issued primarily by or on behalf of the State for which the State
Trust is named and counties, municipalities, authorities and political
subdivisions thereof. The interest on these bonds, in the opinion of bond
counsel to the issuing governmental authorities is, under existing law,
excludable from gross income for Federal income tax purposes (except in certain
instances depending on the Unit Holder) and, as respects the underlying State
Trust, exempt from State and any local income taxes to individual Unit Holders
resident in the State for which the State Trust is named.
INSURANCE guaranteeing the scheduled payments of principal of and interest
on the Securities in the portfolio of the Insured Trust has been obtained by the
issuer at the cost of the issuer at the time of issuance of the Securities from
AMBAC Indemnity Corporation ('AMBAC'), Capital Guaranty Insurance Company
('CGIC'), Financial Security Assurance ('FSA'), Municipal Bond Insurance
Association ('MBIA'), Municipal Bond Investors Assurance Corporation ('MBIAC'),
and/or Financial Guaranty Insurance Company ('Financial Guaranty' or 'FGIC')
(singularly, each an 'Insurance Company' and, collectively, the 'Insurance
Companies'). (See Part B--'The Trust--Insurance on the Securities in the
Portfolio of an Insured Trust'). As a result of the insurance, the Securities
and the Units of the Insured Trust have received a rating of 'AAA' by Standard &
Poor's Corporation. There can be no assurance that Units of the Insured Trust
will retain this 'AAA' rating. There is, of course, no guarantee that the
objectives of the Insured Trust will be achieved since an issuer may be unable
to meet its principal and interest payment obligations and, in such event, the
Insurance Company involved may be unable to satisfy its insurance obligation.
Insurance is not a substitute for the basic credit of an issuer, but supplements
the issuer's existing credit and provides additional security therefor. NO
REPRESENTATION IS MADE AS TO THE ABILITY OF THE INSURANCE COMPANIES TO MEET
THEIR COMMITMENTS.
MONTHLY DISTRIBUTIONS of principal, premium, if any, and interest received
by each Trust will be made on or shortly after the twenty-fifth day of each
month to Unit Holders of record as of the immediately preceding Record Date.
(See Part B--'Rights of Unit Holders--Distribution of Interest and Principal.')
Alternatively, Unit Holders may elect to have their distributions reinvested in
the Reinvestment Program of the Sponsor, as, if and when such program is
available to Unit Holders. (See Part B--'Reinvestment Program.')
THE SPONSOR, although not obligated to do so, presently intends to maintain
a secondary market for the Units in each Trust based on the aggregate bid side
evaluation of the underlying Securities, as more fully described under Part
B--'Public Offering of Units--Secondary Market--Public Offering Price.' If such
a market is not maintained, a Unit Holder may be able to dispose of his Units
only through redemption at prices based on the aggregate bid side evaluation of
the underlying Securities. (See Part B--'Rights of Unit
Holders--Redemption--Computation of Redemption Price per Unit.')
SPECIAL CONSIDERATIONS. An investment in Units of each Trust should be made
with an understanding of the risks which an investment in fixed rate long-term
(or intermediate term) debt obligations may entail, including the risk that the
value of the Units will decline with increases in interest rates. Insurance
obtained by the Security issuer does not guarantee the market value of the
Securities or the value of the Units. Any such insurance obtained by the issuer
may be considered to represent an element of market value in regard to the
Securities thus insured. The insurance on the Securities in the New York Trust
(Insured (Intermediate Term)) does not protect Unit Holders from the risk that
the
A-i
<PAGE>
value of the units may decline. (See Part B--'The Trust--Portfolio Summary.')
The ratings of the Securities set forth in Part A--'Schedule of Portfolio
Securities' may have declined due to, among other factors (including a decline
in the creditworthiness of an insurer in the case of an insured trust which may
also result in a decline in the 'AAA' rating of the units of an insured trust),
a decline in creditworthiness of the issuer of said Securities.
Note: In Part B 'Rights of Unit Holders--Distribution of Interest and
Principal,' the Minimum Principal Distribution Amount is amended to read $1.00
per Unit.
Note: The seventh paragraph on page B-7 in Part B is amended to delete such
paragraph and replace it with the following:
The Puerto Rican economy is affected by a number of Commonwealth and Federal
investment incentive programs. For example, prior to 1996, Section 936 of the
Internal Revenue Code generally provided deferral of Federal income taxes for
U.S. companies operating on the island until profits are repatriated. Section
936 was repealed by the Small Business Job Protection Act of 1996. It is
expected that the repeal of Section 936 will have a strongly negative impact on
Puerto Rico's economy.
Note: The second paragraph in Part B 'Sponsor' is amended to delete such
paragraph and replace it with the following:
Prudential Securities is distributor for series of Prudential Government
Securities Trust, The BlackRock Government Income Trust, Command Government
Fund, Command Money Fund, Command Tax-Free Fund, Global Utility Fund, Inc.,
Nicholas-Applegate Fund, Inc., Prudential Allocation Fund, Prudential California
Municipal Fund, Prudential Distressed Securities Fund, Inc., Prudential
Diversified Bond Fund, Inc., Prudential Dryden Fund, Prudential Emerging Growth
Fund, Inc., Prudential Equity Fund, Inc., Prudential Equity Income Fund,
Prudential Europe Growth Fund, Inc., Prudential Global Genesis Fund, Inc., The
Global Government Plus Fund, Inc., Prudential Global Limited Maturity Fund,
Inc., Prudential Global Natural Resources Fund, Inc., The Global Total Return
Fund, Inc., Prudential Government Income Fund, Prudential High Yield Fund, Inc.,
Prudential Institutional Liquidity Portfolio, Inc., Prudential Intermediate
Global Income Fund, Inc., Prudential Jennison Series Fund, Inc., Prudential
MoneyMart Assets, Inc., Prudential Mortgage Income Fund, Inc., Prudential
Multi-Sector Fund, Inc., Prudential Municipal Bond Fund, Prudential Municipal
Series Fund, Prudential National Municipals Fund, Inc., Prudential Pacific
Growth Fund, Inc., Prudential Small Companies Fund, Inc., Prudential Special
Money Market Fund, Inc., Prudential Structured Maturity Fund, Inc., Prudential
Tax-Free Money Fund, Inc., Prudential Utility Fund, Inc. and Prudential World
Fund, Inc.
Note: In Part B 'Trustee' the location of the unit investment trust office
of The Chase Manhattan Bank is amended to read 4 New York Plaza, New York, New
York 10004.
Portfolio Summary
National Trust (Uninsured)
The Portfolio contains 14 issues of Securities of issuers located in 10
states and two in Puerto Rico. One of the issues (1.8%* of the Trust) is a
general obligation of a governmental entity and is backed by the general taxing
powers of that entity. The remaining issues are payable from the income of
specific projects or authorities and are not supported by the issuer's power to
levy taxes. Although income to pay such Securities may be derived from more than
one source, the primary sources of such income and the percentage of issues
deriving income from such sources are as follows: airport facilities: 13.9%* of
the Trust; education facilities: 6.1%* of the Trust; health and hospital
facilities: 37.4%* of the Trust; housing facilities: 26.9%* of the Trust;
utility facilities: 7.2%* of the Trust; special tax bonds: 6.7%* of the Trust.
The Trust is concentrated in health and hospital facilities Securities and
housing facilities Securities.
The Portfolio also contains Securities representing 21.1%* of the Trust
(single-family housing securities) which are subject to the requirements of
Section 103A of the Internal Revenue Code of 1954, as amended, or Section 143 of
the Internal Revenue Code of 1986.
Approximately 21.1%* of the Securities in the Trust also contain provisions
which require the issuer to redeem such obligations at par from unused proceeds
of the issue within a stated period which typically does not exceed three years
from the date of issuance of such Securities.
- ------------
* Percentages computed on the basis of the aggregate bid price of the
Securities in the Trust on July 23, 1997.
A-ii
<PAGE>
51.3%* of the Securities in the Trust are rated by Standard & Poor's
Corporation (16.4%* being rated AAA, 14.2%* being rated AA, 7.9%* being rated A
and 12.8%* being rated BBB) and 48.7%* of the Securities in the Trust are rated
by Moody's Investors Service (6.7%* being rated Aaa, 12.9%* being rated Aa,
15.2%* being rated A and 13.9% being rated Baa). For a description of the
meaning of the applicable rating symbols as published by Standard & Poor's and
Moody's, see Part B--'Bond Ratings.' It should be emphasized, however, that the
ratings of Standard & Poor's and Moody's represent their opinions as to the
quality of the Securities which they undertake to rate and that these ratings
are general and are not absolute standards of quality.
Seven Securities in the Trust have been issued with an 'original issue
discount.' (See Part B--'Tax Status.')
Of these original issue discount bonds, approximately 9.1% of the aggregate
principal amount of the Securities in the Trust (although only 3.1%* of the
aggregate bid price of all Securities in the Trust) are zero coupon bonds
(including bonds known as multiplier bonds, money multiplier bonds, capital
appreciation bonds, capital accumulator bonds, compound interest bonds, and
discount maturity payment bonds).
Alternative Minimum Tax
As of the date of the Summary of Essential Information, the Sponsor's
affiliate, The Prudential Investment Corporation, estimates that 39.1% of the
estimated annual income per Unit consists of interest on private activity bonds,
which interest is to be treated as a tax preference item for alternative minimum
tax purposes (See 'Tax Status' and 'Schedule of Portfolio Securities').
The Sponsor participated as sole underwriter or manager or member of
underwriting syndicates from which approximately 7.8%* of the Trust was
acquired.
New York Trust (Insured (Intermediate Term))
The Portfolio contains 10 issues of Securities of issuers located in the
State of New York. Four of the issues (37.2%* of the Trust) are general
obligations of governmental entities and are backed by the general taxing powers
of those entities. The remaining issues are payable from the income of specific
projects or authorities and are not supported by the issuer's power to levy
taxes. Although income to pay such Securities may be derived from more than one
source, the primary sources of such income and the percentage of issues deriving
income from such sources are as follows: lease facilities: 23.9%* of the Trust;
transportation facilities: 38.9%* of the Trust. The Trust is concentrated in
general obligations and transportation facilities Securities.
100%* of the Securities in the Trust are rated AAA by Standard & Poor's
Corporation. For a description of the meaning of the applicable rating symbols
as published by Standard & Poor's see Part B--'Bond Ratings'. It should be
emphasized, however, that the ratings of Standard & Poor's represent its opinion
as to the quality of the Securities which it undertakes to rate and that these
ratings are general and are not absolute standards of quality.
Five Securities in the Trust have been issued with an 'original issue
discount.' (See Part B--'Tax Status.')
Of these original issue discount bonds, approximately 6.0% of the aggregate
principal amount of the Securities in the Trust (although only 4.4%* of the
aggregate bid price of all Securities in the Trust) are zero coupon bonds
(including bonds known as multiplier bonds, money multiplier bonds, capital
appreciation bonds, capital accumulator bonds, compound interest bonds, and
discount maturity payment bonds).
The Securities in the Trust are insured to maturity by the insurance
obtained by the issuer from the following insurance companies: FGIC: 15.3%*;
FSA: 10.5%*; MBIA: 74.2%*.
Alternative Minimum Tax
As of the date of the Summary of Essential Information, the Sponsor's
affiliate, The Prudential Investment Corporation, estimates that 12.0% of the
estimated net annual income per Unit consists of interest on private activity
bonds, which interest is to be treated as a tax preference item for alternative
minimum tax purposes (see 'Tax Status' and 'Schedule of Portfolio Securities').
The Sponsor participated as sole underwriter or manager or member of
underwriting syndicates from which approximately 21.4%* of the Trust was
acquired.
- ------------
* Percentages computed on the basis of the aggregate bid price of the
Securities in the Trust on July 23, 1997.
A-iii
<PAGE>
SUMMARY OF ESSENTIAL INFORMATION
NATIONAL MUNICIPAL TRUST
SERIES 148
(UNINSURED)
As of July 23, 1997
<TABLE>
<S> <C>
FACE AMOUNT OF SECURITIES.......................... $9,190,000.00
NUMBER OF UNITS.................................... 9,944.00
FRACTIONAL UNDIVIDED INTEREST IN THE TRUST
REPRESENTED BY EACH UNIT......................... 1/9,944th
PUBLIC OFFERING PRICE
Aggregate bid side evaluation of Securities in
the Trust...................................... $9,363,769.43
Divided by 9,944 Units........................... $ 941.65
Plus sales charge of 4.743% of Public Offering
Price (4.979% of net amount invested in
Securities).................................... $ 46.88
-------------
Public Offering Price per Unit(2)(4)............. $ 988.53
-------------
-------------
REDEMPTION PRICE AND SPONSOR'S REPURCHASE PRICE PER
UNIT (based on bid side evaluation of underlying
Securities, $46.88 less than Public Offering
Price per Unit)(4)............................... $ 941.65
-------------
-------------
MINIMUM PRINCIPAL DISTRIBUTION: No distribution need be made from
the Principal Account if the balance therein is less than $1
per Unit.
SPONSOR'S ANNUAL PORTFOLIO SUPERVISION FEE: Maximum $.25 per
$1,000 face amount of underlying Securities.
PREMIUM AND DISCOUNT ISSUES IN PORTFOLIO:
Face amount of Securities with bid side evaluation:
over par--90.8%; at par--0%; at a discount from par--9.2%
EVALUATOR'S FEE FOR EACH EVALUATION: Maximum of $14.
EVALUATION TIME: 3:30 P.M. New York time
MANDATORY TERMINATION DATE: The Trust must be terminated no later
than one year after the maturity date of the latest maturing
Security listed under the Trust's Schedule of Portfolio
Securities.
MINIMUM VALUE OF TRUST: The Trust may be terminated if the value
of the Trust is less than $4,000,000.
Percentage of Unit Holders required to consent in order to amend
(as permitted) the Trust Indenture and Agreement (except under
certain circumstances when Unit Holder consent is not
required).................................................. 51%
Percentage of Unit Holders required to consent in order to
terminate the Trust........................................ 51%
DATE OF DEPOSIT: May 5, 1992(1)
</TABLE>
<TABLE>
<CAPTION>
Monthly
-------
<S> <C>
CALCULATION OF ESTIMATED NET ANNUAL INCOME PER UNIT
Estimated Annual Income per Unit............................................................... $63.39
Less estimated annual expenses per Unit(3)..................................................... (1.58)
-------
Estimated Net Annual Income per Unit........................................................... $61.81
-------
-------
Trustee's Annual Fee per $1,000 principal amount of underlying Securities........................ $ 1.05
Daily Rate of Income Accrual per Unit............................................................ $.1717
Estimated Current Return (based on Public Offering Price)(5)(6).................................. 6.25%
Estimated Long-Term Return(6).................................................................... 4.089%
INTEREST DISTRIBUTION
Estimated Net Annual Income per Unit / 12...................................................... $ 5.15
Record Dates--Monthly: tenth day of each month
Distribution Dates--Monthly: twenty-fifth day of each month
</TABLE>
- ------------
(1) The Date of Deposit is the date on which the Indenture was signed and
the deposit of Securities with the Trustee was made.
(2) This Public Offering Price is computed as of July 23, 1997 and may vary
from the Public Offering Price on the date of this Prospectus or any subsequent
date.
(3) Includes Trustee's fee, Sponsor's Portfolio supervision fee, estimated
expenses and Evaluator's fees.
(4) Exclusive of accrued interest which to July 28, 1997, the expected date
of settlement for the purchase of Units on July 23, 1997 was $16.54.
(5) The estimated current return is increased for transactions entitled to a
reduced sales charge. (See Part B--'The Trust'--'Estimated Annual Income and
Current Return per Unit.')
(6) The Estimated Current Return is calculated by dividing the Estimated Net
Annual Income per Unit by the Public Offering Price per Unit. The Estimated Net
Annual Income per Unit will vary with changes in fees and expenses of the
Trustee and the Evaluator and with the principal prepayment, redemption,
maturity, exchange or sale of Securities while the Public Offering Price will
vary with changes in the bid price of the underlying Securities; therefore,
there is no assurance that the present Estimated Current Return indicated above
will be realized in the future. The Estimated Long-Term Return is calculated on
a pre-tax basis using a formula which takes into consideration, and factors in
the relative weightings of, the market values, yields (which takes into account
the amortization of premiums and the accretion of discounts) and estimated
retirements of all of the Securities in the Trust and takes into account the
expenses and sales charge associated with each Unit. Since the market values and
estimated retirements of the Securities and the expenses of the Trust will
change, there is no assurance that the present Estimated Long-Term Return as
indicated above will be realized in the future. The after-tax Estimated
Long-Term Return will be lower to the extent of any taxation on the disposition
of Securities. The Estimated Current Return and Estimated Long-Term Return are
expected to differ because the calculation of the Estimated Long-Term Return
reflects the estimated date and amount of principal returned while the Estimated
Current Return calculations include only Net Annual Interest Income and Public
Offering Price as of the above indicated calculation date of the Summary of
Essential Information.
A-iv
<PAGE>
SUMMARY OF ESSENTIAL INFORMATION
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 50
NEW YORK TRUST
(INSURED (INTERMEDIATE TERM))
As of July 23, 1997
STANDARD & POOR'S CORPORATION RATING: AAA
<TABLE>
<S> <C>
FACE AMOUNT OF SECURITIES.......................... $4,280,000.00
NUMBER OF UNITS.................................... 4,294.00
FRACTIONAL UNDIVIDED INTEREST IN THE TRUST
REPRESENTED BY EACH UNIT......................... 1/4,294th
PUBLIC OFFERING PRICE
Aggregate bid side evaluation of Securities in
the Trust...................................... $4,549,751.85
Divided by 4,294 Units........................... $ 1,059.56
Plus sales charge of 3.075% of Public Offering
Price (3.173% of net amount invested in
Securities).................................... $ 33.62
-------------
Public Offering Price per Unit(2)(4)............. $ 1,093.18
-------------
-------------
REDEMPTION PRICE AND SPONSOR'S REPURCHASE PRICE PER
UNIT (based on bid side evaluation of underlying
Securities, $33.61 less than Public Offering
Price per Unit)(4)............................... $ 1,059.56
-------------
-------------
MINIMUM PRINCIPAL DISTRIBUTION: No distribution need be made from
the Principal Account if the balance therein is less than $1
per Unit.
SPONSOR'S ANNUAL PORTFOLIO SUPERVISION FEE: Maximum $.05 per
$1,000 face amount of underlying Securities.
PREMIUM AND DISCOUNT ISSUES IN PORTFOLIO:
Face amount of Securities with bid side evaluation:
over par--94.0%; at par--0%; at a discount from par--6.0%
EVALUATOR'S FEE FOR EACH EVALUATION: Maximum of $14.
EVALUATION TIME: 3:30 P.M. New York time
MANDATORY TERMINATION DATE: The Trust must be terminated no later
than one year after the maturity date of the latest maturing
Security listed under the Trust's Schedule of Portfolio
Securities.
MINIMUM VALUE OF TRUST: The Trust may be terminated if the value
of the Trust is less than $1,824,000.
Percentage of Unit Holders required to consent in order to amend
(as permitted) the Trust Indenture and Agreement (except under
certain circumstances when Unit Holder consent is not
required).................................................. 51%
Percentage of Unit Holders required to consent in order to
terminate the Trust........................................ 51%
DATE OF DEPOSIT: May 5, 1992(1)
</TABLE>
<TABLE>
<CAPTION>
Monthly
-------
<S> <C>
CALCULATION OF ESTIMATED NET ANNUAL INCOME PER UNIT
Estimated Annual Income per Unit............................................................... $60.05
Less estimated annual expenses per Unit(3)..................................................... (1.69)
-------
Estimated Net Annual Income per Unit........................................................... $58.36
-------
-------
Trustee's Annual Fee per $1,000 principal amount of underlying Securities........................ $ 1.05
Daily Rate of Income Accrual per Unit............................................................ $.1621
Estimated Current Return (based on Public Offering Price)(5)(6).................................. 5.34%
Estimated Long-Term Return(6).................................................................... 3.270%
INTEREST DISTRIBUTION
Estimated Net Annual Income per Unit / 12...................................................... 4.86
Record Dates--Monthly: tenth day of each month
Distribution Dates--Monthly: twenty-fifth day of each month
</TABLE>
- ------------
(1) The Date of Deposit is the date on which the Indenture was signed and
the deposit of Securities with the Trustee was made.
(2) This Public Offering Price is computed as of July 23, 1997 and may vary
from the Public Offering Price on the date of this Prospectus or any subsequent
date.
(3) Includes Trustee's fee, Sponsor's Portfolio supervision fee, estimated
expenses and Evaluator's fees.
(4) Exclusive of accrued interest which to July 28, 1997, the expected date
of settlement for the purchase of Units on July 23, 1997 was $15.96.
(5) The estimated current return is increased for transactions entitled to a
reduced sales charge. (See Part B--'The Trust'--'Estimated Annual Income and
Current Return per Unit.')
(6) The Estimated Current Return is calculated by dividing the Estimated Net
Annual Income per Unit by the Public Offering Price per Unit. The Estimated Net
Annual Income per Unit will vary with changes in fees and expenses of the
Trustee and the Evaluator and with the principal prepayment, redemption,
maturity, exchange or sale of Securities while the Public Offering Price will
vary with changes in the bid price of the underlying Securities; therefore,
there is no assurance that the present Estimated Current Return indicated above
will be realized in the future. The Estimated Long-Term Return is calculated on
a pre-tax basis using a formula which takes into consideration, and factors in
the relative weightings of, the market values, yields (which takes into account
the amortization of premiums and the accretion of discounts) and estimated
retirements of all of the Securities in the Trust and takes into account the
expenses and sales charge associated with each Unit. Since the market values and
estimated retirements of the Securities and the expenses of the Trust will
change, there is no assurance that the present Estimated Long-Term Return as
indicated above will be realized in the future. The after-tax Estimated
Long-Term Return will be lower to the extent of any taxation on the disposition
of Securities. The Estimated Current Return and Estimated Long-Term Return are
expected to differ because the calculation of the Estimated Long-Term Return
reflects the estimated date and amount of principal returned while the Estimated
Current Return calculations include only Net Annual Interest Income and Public
Offering Price as of the above indicated calculation date of the Summary of
Essential Information.
A-v
<PAGE>
Risk Factors
Potential purchasers of the Units of the New York Trust should consider the
fact that the New York Trust's portfolio consists primarily of securities issued
by the State of New York (the 'State') or its municipalities or authorities and
realize the substantial risks associated with an investment in such securities.
The Sponsor believes the information summarized below describes some of the
more significant aspects of the New York Trust. The sources of such information
are the official statements of issuers. While the Sponsor has not independently
verified this information, it has no reason to believe that such information is
not correct in all material respects.
New York State
The 1996-97 Executive Budget proposes $3.9 billion in actions to balance the
1996-97 Financial Plan. Before reflecting any actions proposed by the Governor
to restrain spending, General Fund disbursements for 1996-97 were projected at
$35 billion, an increase of $2.3 billion or 7 percent from 1995-96. This
increase would have resulted from growth in Medicaid, inflationary increases in
school aid, higher fixed costs such as pensions and debt service, collective
bargaining agreements, inflation, and the loss of non-recurring resources that
offset spending in 1995-96. Receipts would have been expected to fall by $1.6
billion. This reduction would have been attributable to modest growth in the
State's economy and underlying tax base, the loss of non-recurring revenues
available in 1995-96 and implementation of previously enacted tax reduction
programs.
In recent years, State actions affecting the level of receipts and
disbursements, as well as the relative strength of the State and regional
economy, actions of the Federal government and other factors, have created
structural budget gaps for the State. These gaps resulted from a significant
disparity between recurring revenues and the cost of maintaining or increasing
the level of support for State programs. The 1995-96 enacted budget combines
significant tax and program reductions which will, in the current and future
years, lower both the recurring receipts base (before the effect of any economic
stimulus from such tax reductions) and the historical annual growth in state
program spending. Notwithstanding these changes, the State can expect to
continue to confront structural deficits in future years.
The 1995-96 State Financial Plan includes actions that will have an effect
on the budget outlook for State fiscal year 1996-97 and beyond. The net amount
of nonrecurring resources used in the 1995-96 State Financial Plan is estimated
by the Division of the Budget at over $600 million. In addition to this use of
nonrecurring resources, the 1995-96 State Financial Plan reflects actions that
will directly affect the State's 1996-97 fiscal year baseline receipts and
disbursements. The three-year plan to reduce State personal income taxes will
decrease State tax receipts by an estimated $1.7 billion in State fiscal year
1996-97, in addition to the amount of reduction in State fiscal year 1995-96.
Further significant reductions in the personal income tax are scheduled for the
1997-98 State fiscal year. Other tax reductions enacted in 1994 and 1995 are
estimated to cause an additional reduction in receipts of over $500 million in
1996-97, as compared to the level of receipts in 1995-96. Similarly, many
actions taken to reduce disbursements in the State's 1995-96 fiscal year are
expected to provide greater reductions in State fiscal year 1996-97. These
include actions to reduce the State work force, reduce Medicaid and welfare
expenditures and slow community mental hygiene program development.
The net impact of these and other factors is expected to produce a potential
imbalance in receipts and disbursements in State fiscal year 1996-97. The
Governor has indicated that in the 1996-97 Executive Budget he will propose to
close this potential imbalance primarily through General Fund expenditure
reductions and without increases in taxes or deferrals of scheduled tax
reductions.
To address a potential imbalance in any given fiscal year, the State would
be required to take actions to increase receipts and/or reduce disbursements as
it enacts the budget for that year, and under the State Constitution, the
Governor is required to propose a balanced budget each year. To correct
recurring budgetary imbalances, the State would need to take significant actions
to align recurring receipts and disbursements in future fiscal years. There can
be no assurance, however that the Legislature will enact the Governor's
proposals or that the State's actions will be sufficient to preserve budgetary
balance in a given fiscal year or to align recurring receipts and disbursements
in future fiscal years.
The State is a defendant in numerous legal proceedings and the monetary
damages sought are substantial. These proceedings could affect adversely the
financial condition of the State in the 1995-96 fiscal year or thereafter.
The economic and financial condition of the State may be affected by various
financial, social, economic and political factors. Those factors can be very
complex, can vary from fiscal year to fiscal year, and are frequently the result
of actions taken not only by the State but also by entities, such as the federal
government, that are outside the State's control.
A-vi
<PAGE>
Because of the uncertainty and unpredictability of changes in these factors,
their impact cannot be fully included in the assumptions underlying the State's
projections. There can be no assurance that the State economy will not
experience results that are worse than predicted, with corresponding material
and adverse effects on the State's financial projections.
From time to time, Federal expenditure reductions could reduce, or in some
cases eliminate, Federal funding of some local programs and accordingly might
impose substantial increased expenditure requirements on affected localities. If
the State, the City or any of the public authorities were to suffer serious
financial difficulties jeopardizing their respective access to the public credit
markets, the marketability of notes and bonds issued by localities within the
State could be adversely affected. Localities also face anticipated and
potential problems resulting from certain pending litigation, judicial decisions
and long-range economic trends. Long-range potential problems of declining urban
population, increasing expenditures and other economic trends could adversely
affect localities and require increasing State assistance in the future.
New York City
The fiscal health of the State is closely related to the fiscal health of
its localities, particularly The City of New York (the 'City'), which has
required and continues to require significant financial assistance from the
State which financial assistance could be affected by State revenue short-falls
or spending increases beyond its projections. For each of its 1981 through 1995
fiscal years, the City, as required by State law, achieved balanced operating
results, in accordance with GAAP.
The New York State Financial Emergency Act for The City of New York (the
'Financial Emergency Act'), among other things, established the New York State
Financial Control Board (the 'Control Board') to oversee the City's financial
affairs. The City operates under a four-year financial plan which is prepared
annually and is updated quarterly. The City submits its financial plans as well
as the updates quarterly to the Control Board for its review. The Municipal
Assistance Corporation for The City of New York ('MAC') and the Office of the
State Deputy Comptroller for The City of New York ('OSDC') assist the Control
Board in exercising its powers and responsibilities and exercise various
monitoring functions relating to the City's financial position.
During recent fiscal years, as a result of the slowing economy, the City
experienced significant shortfalls from earlier projections in almost all of its
major tax sources, and was required to take exceptional measures to close
substantial budget gaps in order to maintain balanced budgets. There can be no
assurance that the City will continue to maintain a balanced budget as required
by State law without additional tax or other revenue increases or additional
reductions in City services or entitlement programs, which could adversely
affect the City's economic base. The City's Financial Plan for the 1996-99
fiscal years sets forth actions to close a projected budget gap of $3.1 billion
for the 1996 fiscal year. The Financial Plan also outlines projected budget gaps
of $2.0 billion, $3.3 billion and $4.1 billion for the 1997 through 1999 fiscal
years, respectively.
As of June 30, 1995, the City estimated that its potential future liability
on account of outstanding claims against it amounted to approximately $2.5
billion and while the outcome of the proceedings and claims are not currently
predictable, adverse determinations in certain of them might have a material
adverse effect upon the City's ability to carry out the 1996-1999 Financial
Plan.
On July 10, 1995, Standard and Poor's revised its rating of City bonds
downward to 'BBB+' and continued its negative rating outlook assessment. In
February 1991, Moody's Investors Service lowered its rating on the City's
general obligation bonds from 'A' to 'Baa1.'
Over the long term, serious potential economic problems may continue to
aggravate State and local financial conditions. For decades, the State economy
has grown more slowly than the nation as a whole, resulting in the gradual
erosion of the State's relative economic affluence and tax base, and the
relocation of certain manufacturing operations and executive offices outside the
State. The causes of this relative decline are varied and complex, in many cases
involving national and international developments beyond the State's control.
Part of the reason for the long-term relative decline in the State economy has
been attributed to the combined state and local tax burden, which is among the
highest in the nation. The existence of this tax burden limits the State's
ability to impose higher taxes in the event of future financial difficulties.
If during the existence of the New York Trust, the City, the State, or any
of its agencies or municipalities, because of its or their own financial
difficulties, become unable to meet regular commitments or if there should be a
default, moratorium or other interruption of payments of interest or principal
on any obligation issued by the City, the State, or a
A-vii
<PAGE>
municipality or other authority in New York State, the market value and
marketability of Bonds in the New York Trust, the asset value of Units of the
New York Trust and the interest income to the New York Trust, could be adversely
affected.
New York Tax Status
In the opinion of Messrs. Cahill Gordon & Reindel, special New York counsel
on New York tax matters, as of the date of this Prospectus, under existing law:
Interest on the underlying debt obligations which is exempt from tax
under the laws of the State and City of New York when received by the New
York Trust will retain its status as tax-exempt interest to its Unit
Holders. (Interest on the underlying obligations in the New York Trust is,
however, not excludable from income in determining the amount of the
income-based (i) New York State franchise taxes on business and financial
corporations or (ii) the New York City general corporation tax and the New
York City financial corporation tax.) The minimum income taxes imposed by
New York State and New York City on individuals, estates and trusts exclude
from their taxable bases the Federal tax preference item with respect to
tax-exempt interest.
Non-residents of New York City will not be subject to the City personal
income tax on gains derived with respect to their Units. Non-residents of
the State will not be subject to New York State personal income tax on such
gains unless the Units are employed in a business, trade or occupation
carried on in New York State. A New York State or City resident should
determine his basis and holding period for his Units in the same manner for
New York State and City personal income tax purposes as for Federal income
tax purposes.
A-viii
<PAGE>
<AUDIT-REPORT>
INDEPENDENT AUDITORS' REPORT
THE UNIT HOLDERS, SPONSOR AND TRUSTEE
NATIONAL MUNICIPAL TRUST
SERIES 148 (Uninsured)
MULTISTATE SERIES 50
consisting of:
New York Trust (Insured (Intermediate Term))
We have audited the statements of financial condition and schedules of
portfolio securities of the National Municipal Trust, Series 148 (Uninsured)
and Multistate Series 50 consisting of the New York Trust (Insured
(Intermediate Term)) as of April 30, 1997, and the related statements of
operations and changes in net assets for each of the three years in the
period then ended. These financial statements are the responsibility of the
Trustee (see Footnote (a)(1)). Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
Our procedures included confirmation of the securities owned as of April 30,
1997 as shown in the statements of financial condition and schedules of
portfolio securities by correspondence with The Chase Manhattan Bank, the
Trustee. An audit also includes assessing the accounting principles used
and the significant estimates made by the Trustee, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of the National Municipal
Trust, Series 148 (Uninsured) and Multistate Series 50 consisting of the New
York Trust (Insured (Intermediate Term)) as of April 30, 1997, and the
results of their operations and the changes in their net assets for each of
the three years in the period then ended in conformity with generally
accepted accounting principles.
DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
July 15, 1997
New York, New York
</AUDIT-REPORT>
A-1
<PAGE>
STATEMENT OF FINANCIAL CONDITION
NATIONAL MUNICIPAL TRUST
SERIES 148
(UNINSURED)
April 30, 1997
TRUST PROPERTY
<TABLE>
<S> <C>
Investments in municipal bonds at market value (amortized
cost $8,921,518) (Note (a) and Schedule of Portfolio
Securities Notes (4) and (5)) $9,258,847
Accrued interest receivable 180,492
Cash 1,053
Total 9,440,392
LIABILITY AND NET ASSETS
Less Liability:
Accrued Trust fees and expenses 2,871
Net Assets:
Balance applicable to 10,000 Units of fractional
undivided interest outstanding (Note (c)):
Capital, plus net unrealized market appreciation
of $337,329 $9,258,847
Undistributed net investment income (Note (b)) 178,674
Net assets $9,437,521
Net asset value per Unit ($9,437,521 divided by 10,000 Units) $ 943.75
</TABLE>
See notes to financial statements
A-2
<PAGE>
STATEMENTS OF OPERATIONS
NATIONAL MUNICIPAL TRUST
SERIES 148
(UNINSURED)
<TABLE>
<CAPTION>
For the year ended April 30,
1997 1996 1995
<S> <C> <C> <C>
Investment income - interest $654,614 $665,905 $682,693
Less Expenses:
Trust fees and expenses 15,524 15,812 16,209
Total expenses 15,524 15,812 16,209
Investment income - net 639,090 650,093 666,484
Net gain on investments:
Realized loss on securities sold or redeemed (3,295) (4,792) (5,826)
Net unrealized market appreciation 9,364 210,575 71,962
Net gain on investments 6,069 205,783 66,136
Net increase in net assets resulting from operations $645,159 $855,876 $732,620
</TABLE>
See notes to financial statements
A-3
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
NATIONAL MUNICIPAL TRUST
SERIES 148
(UNINSURED)
<TABLE>
<CAPTION>
For the years ended April 30,
1997 1996 1995
<S> <C> <C> <C>
Operations:
Investment income - net $ 639,090 $ 650,093 $ 666,484
Realized loss on securities sold or redeemed (3,295) (4,792) (5,826)
Net unrealized market appreciation 9,364 210,575 71,962
Net increase in net assets resulting
from operations 645,159 855,876 732,620
Less Distributions to Unit Holders:
Principal (140,000) (265,000) (220,000)
Investment income - net (623,700) (636,500) (654,400)
Total distributions (763,700) (901,500) (874,400)
Net decrease in net assets (118,541) (45,624) (141,780)
Net assets:
Beginning of year 9,556,062 9,601,686 9,743,466
End of year (including undistributed net
investment income of $178,674, $177,397 and
$177,002, respectively) $9,437,521 $9,556,062 $9,601,686
</TABLE>
See notes to financial statements
A-4
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NATIONAL MUNICIPAL TRUST
SERIES 148
(UNINSURED)
April 30, 1997
(a) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Trust is registered under the Investment Company Act of 1940 as a
Unit Investment Trust. The following is a summary of the significant
accounting policies of the Trust:
(1) Basis of Presentation
The Trustee has custody of and responsibility for all accounting and
financial books, records, financial statements and related data of
the Trust and is responsible for establishing and maintaining a
system of internal controls directly related to, and designed to
provide reasonable assurance as to the integrity and reliability
of, financial reporting of the Trust. The Trustee is also
responsible for all estimates and accruals reflected in the Trust's
financial statements. The Evaluator determines the price for each
underlying Security included in the Trust's Schedule of Portfolio
Securities on the basis set forth in Part B of this Prospectus,
"Public Offering of Units - Public Offering Price". Under the
Securities Act of 1933 ("the Act"), as amended, the Sponsor is
deemed to be an issuer of the Trust Units. As such, the Sponsor
has the responsibility of an issuer under the Act with respect to
financial statements of the Trust included in the Registration
Statement under the Act and amendments thereto.
(2) Investments
Investments are stated at market value as determined by the
Evaluator based on the bid side evaluations on the last day of
trading during the period, except that value on the date of deposit
(May 5, 1992) represents the cost of investments to the Trust based
on the offering side evaluations as of the date of deposit.
(3) Income Taxes
The Trust is not an association taxable as a corporation for Federal
income tax purposes; accordingly, no provision is required for such
taxes.
(4) Expenses
The Trust pays an annual Trustee's fee, estimated expenses,
Evaluator's fees, and an annual Sponsor's portfolio supervision
fee, and may incur additional charges as explained under "Expenses
and Charges" in Part B of this Prospectus.
(b) DISTRIBUTIONS
Interest received by the Trust is distributed to the Unit Holders on or
shortly after the twenty-fifth day of the month after deducting
applicable expenses. Receipts other than interest are distributed as
explained in "Rights of Units Holders - Distribution of Interest and
Principal" in Part B of this Prospectus.
A-5
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NATIONAL MUNICIPAL TRUST
SERIES 148
(UNINSURED)
April 30, 1997
(c) ORIGINAL COST TO INVESTORS
The original cost to investors represents the aggregate initial public
offering price as of the date of initial deposit (May 5, 1992) exclusive
of accrued interest.
A reconciliation of the original cost of Units to investors to the net
amount applicable to investors as of April 30, 1997 follows:
<TABLE>
<S> <C>
Original cost to investors $10,085,316
Less: Gross underwriting commissions (sales charge) (479,100)
Net cost to investors 9,606,216
Cost of securities sold or redeemed (746,694)
Net unrealized market appreciation 337,329
Accumulated interest accretion 61,996
Net amount applicable to investors $ 9,258,847
</TABLE>
(d) OTHER INFORMATION
Selected data for a Unit of the Trust during each year:
<TABLE>
<CAPTION>
For the years ended April 30,
1997 1996 1995
<S> <C> <C> <C>
Interest income $ 65.46 $ 66.59 $ 68.27
Expenses (1.56) (1.58) (1.63)
Investment income - net 63.90 65.01 66.64
Income distributions (62.37) (63.65) (65.44)
1.53 1.36 1.20
Principal distributions (14.00) (26.50) (22.00)
Realized loss on securities
sold or redeemed (.33) (.48) (.58)
Net unrealized market apprecia-
tion .94 21.06 7.20
Net decrease in net asset value (11.86) (4.56) (14.18)
Net asset value - beginning
of year 955.61 960.17 974.35
Net asset value - end of year $943.75 $955.61 $960.17
</TABLE>
A-6
<PAGE>
SCHEDULE OF PORTFOLIO SECURITIES
NATIONAL MUNICIPAL TRUST
SERIES 148
(UNINSURED)
April 30, 1997
<TABLE>
<CAPTION>
Port- Optional
folio Rating Face Coupon Maturity Sinking Fund Refunding Market
No. Title of Securities <F1> Amount Rate Date Redemptions<F3> Redemptions<F2> Value
<F4><F5>
<C> <S> <C> <C> <C> <C> <C> <C> <C>
1. City of Miami, Florida,
Health Facilities Authority,
Hospital Revenue Refunding
Bonds, Series 1988A (Mercy
Hospital Project). A3<F7> $1,000,000 8.125% 08/01/11 08/01/01@100 08/01/98@102 $1,058,560
2. Illinois Educational
Facilities Authority, Reve-
nue Bonds, DePaul Univers-
ity, Series 1989A. <F8> A- 190,000 7.375 04/01/19 04/01/10@100 04/01/99@102 203,454
3. Illinois Housing Develop-
ment Authority, Multi-Family
Housing Bonds, 1991 Series
A. A+ 500,000 8.250 07/01/16 07/01/11@100 07/01/01@102 536,825
4. City of New Orleans,
Louisiana, General Obliga-
tion Refunding Bonds, Series
1991, AMBAC Insured. AAA 500,000 0.000 09/01/17 NONE NONE 152,655
5. Louisiana Public Facili-
ties Authority, Single-
Family Mortgage Purchase
Bonds, Series 1991. Aa<F7> 630,000 7.375 10/01/12 NONE 10/01/01@103 656,473
6. Maine Educational Loan
Authority, Educational Loan
Revenue Bonds, Series 1992A.
<F6> A<F7> 340,000 7.150 12/01/16 12/01/08@100 12/01/02@102 361,022
7. New York Local Government
Assistance Corporation,
Series 1992A. <F8> Aaa<F7> 600,000 6.875 04/01/19 04/01/13@100 04/01/02@102 663,174
8. Tulsa Industrial Author-
ity, Hospital Revenue Bonds,
(Tulsa Regional Medical
Center), Series 1991A. <F8> AAA 1,200,000 7.625 06/01/17 06/01/07@100 06/01/01@102 1,344,600
9. The Hospitals and Higher
Education Facilities Author-
ity of Philadelphia, Hospi-
tal Revenue Bonds, Series A
and B of 1991 (Graduate
Health System Obligated
Group). BBB+ 1,000,000 7.250 07/01/18 07/01/11@100 07/01/02@102 1,034,110
10. Puerto Rico Electric
Power Authority, Power Reve-
nue Bonds, Series O 1989. BBB+ 295,000 0.000 07/01/17 NONE NONE 90,945
11. Puerto Rico Electric
Power Authority, Power Reve-
nue Refunding Bonds, Series
N 1989. BBB+ 65,000 0.000 07/01/17 NONE NONE 19,458
12. Rhode Island Housing and
Mortgage, Finance Corpora-
tion, Homeownership Oppor-
tunity Bonds. <F6> AA+ 1,250,000 7.550 10/01/22 04/01/06@100 06/03/01@102 1,317,975
13. Dallas-Fort Worth Inter-
national Airport Facility
Improvement Corporation,
American Airlines, Inc.
Revenue Bonds, Series 1990.
<F6> Baa2<F7> 1,200,000 7.500 11/01/25 11/01/10@100 11/01/00@102 1,275,156
14. Public Utility District
No. 1 of Chelan County,
Washington, Chelan Hydro
Consolidated System Revenue
Bonds, Series 1991A. <F6> Aa3(7) 500,000 7.600 07/01/25 NONE 07/01/03@100 544,440
$9,270,000 $9,258,847
</TABLE>
See notes to schedule of portfolio securities
A-7
<PAGE>
NOTES TO SCHEDULE OF PORTFOLIO SECURITIES
NATIONAL MUNICIPAL TRUST
SERIES 148
(UNINSURED)
April 30, 1997
<F1> All ratings are provided by Standard & Poor's Corporation, unless
otherwise indicated. A brief description of applicable Security
ratings is given under "Bond Ratings" in Part B of this Prospectus.
<F2> There is shown under this heading the date on which each issue of
Securities is redeemable by the operation of optional call
provisions and the redemption price for that date; unless otherwise
indicated, each issue continues to be redeemable at declining
prices thereafter but not below par. Securities listed as non-
callable, as well as Securities listed as callable, may also be
redeemable at par under certain circumstances from special
redemption payments.
<F3> There is shown under this heading the date on which an issue of
Securities is subject to scheduled sinking fund redemption and the
redemption price on that date.
<F4> The market value of the Securities as of April 30, 1997 was
determined by the Evaluator on the basis of bid side evaluations
for the Securities on that date.
<F5> At April 30, 1997, the net unrealized market appreciation of all
Securities was comprised of the following:
<TABLE>
<S> <C>
Gross unrealized market appreciation $360,874
Gross unrealized market depreciation (23,545)
Net unrealized market appreciation $337,329
</TABLE>
The amortized cost of the Securities for Federal income tax purposes
was $8,921,518 at April 30, 1997.
<F6> In the opinion of bond counsel to the issuing governmental
authorities, interest payments on these bonds will be a tax
preference item for individuals and corporations for alternative
minimum tax purposes. Normally, the bonds pay interest
semiannually. The payment dates can generally be determined based
on the date of maturity, i.e., a bond maturing on December 1 will
pay interest semiannually on June 1 and December 1. See "Tax
Status" in Part B of this Prospectus.
<F7> Moody's Investors Service, Inc. Rating.
<F8> The Issuers of Portfolio Nos. 2, 7 and 8 have indicated that they
will refund these Securities on their respective optional
redemption dates.
A-8
<PAGE>
STATEMENT OF FINANCIAL CONDITION
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 50
NEW YORK TRUST
(INSURED (INTERMEDIATE TERM))
April 30, 1997
TRUST PROPERTY
<TABLE>
<S> <C>
Investments in municipal bonds at market value (amortized cost
$4,311,052) (Note (a) and Schedule of Portfolio Securities
Notes (4) and (5)) $4,463,582
Accrued interest receivable 56,044
Cash 14,318
Total 4,533,944
LIABILITY AND NET ASSETS
Less Liability:
Accrued Trust fees and expenses 3,335
Net Assets:
Balance applicable to 4,294 Units of fractional undivided
interest outstanding (Note (c)):
Capital, plus unrealized market appreciation
of $152,530 $4,463,582
Undistributed principal and net investment income
(Note (b)) 67,027
Net assets $4,530,609
Net asset value per Unit ($4,530,609 divided by 4,294 Units) $1,055.10
</TABLE>
See notes to financial statements
A-9
<PAGE>
STATEMENTS OF OPERATIONS
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 50
NEW YORK TRUST
(INSURED (INTERMEDIATE TERM))
<TABLE>
<CAPTION>
For the years ended April 30,
1997 1996 1995
<S> <C> <C> <C>
Investment income - interest $273,043 $280,678 $283,114
Less Expenses:
Trust fees and expenses 7,422 7,654 7,753
Total expenses 7,422 7,654 7,753
Investment income - net 265,621 273,024 275,361
Net (loss) gain on investments:
Realized gain on securities sold or redeemed 5,652 9,294 -
Unrealized market (depreciation) appreciation (66,578) 27,820 (7,225)
Net (loss) gain on investments (60,926) 37,114 (7,225)
Net increase in net assets resulting from operations $204,695 $310,138 $268,136
</TABLE>
See notes to financial statements
A-10
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 50
NEW YORK TRUST
(INSURED (INTERMEDIATE TERM))
<TABLE>
<CAPTION>
For the years ended April 30,
1997 1996 1995
<S> <C> <C> <C>
Operations:
Investment income - net $ 265,621 $ 273,024 $ 275,361
Realized gain on securities sold or redeemed 5,652 9,294 -
Net unrealized market (depreciation) apprecia-
tion (66,578) 27,820 (7,225)
Net increase in net assets resulting
from operations 204,695 310,138 268,136
Less Distributions to Unit Holders:
Investment income - net (254,812) (261,388) (264,298)
Total distributions (254,812) (261,388) (264,298)
Less Capital Share Transactions:
Redemption of 156 Units and 110 Units,
respectively (163,396) (117,477) -
Accrued interest on redemption (2,285) (1,636) -
Total capital share transactions (165,681) (119,113) -
Net (decrease) increase in net assets (215,798) (70,363) 3,838
Net assets:
Beginning of year 4,746,407 4,816,770 4,812,932
End of year (including undistributed principal
and net investment income of $67,027, and
undistributed net investment income of
$66,150 and $70,012, respectively) $4,530,609 $4,746,407 $4,816,770
</TABLE>
See notes to financial statements
A-11
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 50
NEW YORK TRUST
(INSURED (INTERMEDIATE TERM))
April 30, 1997
(a) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Trust is registered under the Investment Company Act of 1940 as a
Unit Investment Trust. The following is a summary of the significant
accounting policies of the Trust:
(1) Basis of Presentation
The Trustee has custody of and responsibility for all accounting and
financial books, records, financial statements and related data of
the Trust and is responsible for establishing and maintaining a
system of internal controls directly related to, and designed to
provide reasonable assurance as to the integrity and reliability
of, financial reporting of the Trust. The Trustee is also
responsible for all estimates and accruals reflected in the Trust's
financial statements. The Evaluator determines the price for each
underlying Security included in the Trust's Schedule of Portfolio
Securities on the basis set forth in Part B of this Prospectus,
"Public Offering of Units - Public Offering Price". Under the
Securities Act of 1933 ("the Act"), as amended, the Sponsor is
deemed to be an issuer of the Trust Units. As such, the Sponsor
has the responsibility of an issuer under the Act with respect to
financial statements of the Trust included in the Registration
Statement under the Act and amendments thereto.
(2) Investments
Investments are stated at market value as determined by the
Evaluator based on the bid side evaluations on the last day of
trading during the period, except that value on the date of deposit
(May 5, 1992) represents the cost of investments to the Trust based
on the offering side evaluations as of the date of deposit.
(3) Income Taxes
The Trust is not an association taxable as a corporation for Federal
income tax purposes; accordingly, no provision is required for such
taxes.
(4) Expenses
The Trust pays an annual Trustee's fee, estimated expenses,
Evaluator's fees, and an annual Sponsor's portfolio supervision
fee, and may incur additional charges as explained under "Expenses
and Charges" in Part B of this Prospectus.
(b) DISTRIBUTIONS
Interest received by the Trust is distributed to the Unit Holders on or
shortly after the twenty-fifth day of the month after deducting
applicable expenses. Receipts other than interest are distributed as
explained in "Rights of Units Holders - Distribution of Interest and
Principal" in Part B of this Prospectus.
A-12
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 50
NEW YORK TRUST
(INSURED (INTERMEDIATE TERM))
April 30, 1997
(c) ORIGINAL COST TO INVESTORS
The original cost to investors represents the aggregate initial public
offering price as of the date of initial deposit (May 5, 1992) exclusive
of accrued interest.
A reconciliation of the original cost of Units to investors to the net
amount applicable to investors as of April 30, 1997 follows:
<TABLE>
<S> <C>
Original cost to investors $4,713,428
Less: Gross underwriting commissions (sales charge) (188,556)
Net cost to investors 4,524,872
Cost of Securities sold or redeemed (266,582)
Unrealized market appreciation 152,530
Accumulated interest accretion 52,762
Net amount applicable to investors $4,463,582
</TABLE>
(d) OTHER INFORMATION
Selected data for a Unit of the Trust during each year:
<TABLE>
<CAPTION>
For the years ended April 30,
1997 1996 1995
<S> <C> <C> <C>
Net investment income distribu-
tions during year $ 58.18 $ 57.99 $ 57.96
Net asset value at end of year $1,055.10 $1,066.61 $1,056.31
Trust Units outstanding at end of
year 4,294 4,450 4,560
</TABLE>
A-13
<PAGE>
SCHEDULE OF PORTFOLIO SECURITIES
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 50
NEW YORK TRUST
(INSURED (INTERMEDIATE TERM))
April 30, 1997
<TABLE>
<CAPTION>
Port- Optional
folio Rating Face Coupon Maturity Sinking Fund Refunding Market
No. Title of Securities <F7> <F1> Amount Rate Date Redemptions<F3> Redemptions<F2> Value
<F4><F5>
<C> <S> <C> <C> <C> <C> <C> <C> <C>
1. City of Buffalo, New York,
Series 1992 A and B, MBIA
Insured. AAA $ 405,000 6.100% 04/01/03 NONE 04/01/02@102 $ 428,628
2. City of Buffalo, New York,
Series 1992 A and B, MBIA
Insured. AAA 250,000 6.100 04/01/03 NONE 04/01/02@102 264,585
3. Dormitory Authority of the
State of New York, College
and University Education
Loan, Revenue Bonds, 1992
Issue, MBIA Insured. <F6> AAA 500,000 6.200 07/01/01 NONE NONE 523,435
4. New York City Educational
Construction Fund, Revenue
Bonds, 1989 Series A, MBIA
Insured. <F8> AAA 515,000 6.875 04/01/01 NONE 10/01/[email protected] 550,514
5. New York State Thruway
Authority, Emergency High-
way, Construction and Recon-
struction Bonds, 1992 Series
A, FSA Insured. AAA 445,000 6.000 01/01/02 NONE NONE 465,363
6. Niagara Falls Bridge Com-
mission, Toll Bridge System
Revenue Bonds, Series 1992,
FGIC Insured. <F8> AAA 450,000 6.000 10/01/03 NONE 10/01/02@102 482,216
7. The City of New York, Gen-
eral Obligation Bonds, Fis-
cal 1990, Series H, MBIA
Insured. AAA 710,000 7.200 08/01/02 NONE 08/01/[email protected] 770,478
8. The City of New York, Gen-
eral Obligation Bonds, Fis-
cal 1992, Series D, FGIC
Insured. AAA 255,000 0.000 02/01/03 NONE NONE 191,936
9. Triborough Bridge and Tun-
nel Authority, Special Obli-
gation Refunding Bonds,
Series 1991A, MBIA Insured. AAA 750,000 6.200 01/01/01 NONE NONE 786,427
$4,280,000 $4,463,582
</TABLE>
See notes to schedule of portfolio securities
A-14
<PAGE>
NOTES TO SCHEDULE OF PORTFOLIO SECURITIES
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 50
NEW YORK TRUST
(INSURED (INTERMEDIATE TERM))
April 30, 1997
<F1> All ratings are provided by Standard & Poor's Corporation. A brief
description of applicable Security ratings is given under "Bond
Ratings" in Part B of this Prospectus.
<F2> There is shown under this heading the date on which each issue of
Securities is redeemable by the operation of optional call
provisions and the redemption price for that date; unless otherwise
indicated, each issue continues to be redeemable at declining
prices thereafter but not below par. Securities listed as non-
callable, as well as Securities listed as callable, may also be
redeemable at par under certain circumstances from special
redemption payments.
<F3> There is shown under this heading the date on which an issue of
Securities is subject to scheduled sinking fund redemption and the
redemption price on that date.
<F4> The market value of the Securities as of April 30, 1997 was
determined by the Evaluator on the basis of bid side evaluations
for the Securities on that date.
<F5> At April 30, 1997, the unrealized market appreciation of all
Securities was comprised of the following:
<TABLE>
<S> <C>
Gross unrealized market appreciation $152,530
Gross unrealized market depreciation -
Unrealized market appreciation $152,530
</TABLE>
The amortized cost of the Securities for Federal income tax purposes
was $4,311,052 at April 30, 1997.
<F6> In the opinion of bond counsel to the issuing governmental
authorities, interest payments on these bonds will be a tax
preference item for individuals and corporations for alternative
minimum tax purposes. Normally, the bonds pay interest
semiannually. The payment dates can generally be determined based
on the date of maturity, i.e., a bond maturing on December 1 will
pay interest semiannually on June 1 and December 1. See "Tax
Status" in Part B of this Prospectus.
<F7> Insurance to maturity has been obtained by the Issuer from the
listed Insurance Company for the Securities. The "AAA" ratings on
these Securities are based in part on the creditworthiness and
claims-paying ability of the Insurance Company insuring such
Security to maturity. No premium is payable therefore by the
Trust.
<F8> The Issuers of Portfolio Nos. 4 and 6 have indicated that they will
refund these Securities on their respective optional redemption
dates.
A-15
<PAGE>
(MODULE)
[NAME] NMT-PUT-PTB-996
[CIK] 0000941856
[CCC] 3ttrjz#m
(/MODULE)
<PAGE>
This Post-Effective Amendment to the Registration Statement on
Form S-6 comprises the following papers and documents:
The facing sheet on Form S-6.
The Prospectus.
Signatures.
UNDERTAKING
The Sponsor undertakes that it will not instruct the
Trustee to accept from (i) Financial Guaranty Insurance
Company, Municipal Bond Insurance Association or any other
insurance company affiliated with Sponsor, in settlement of any
claim, less than an amount sufficient to pay any principal or
interest (and, in the case of a taxability redemption, premium)
then due on any Security in accordance with the municipal bond
guaranty insurance policy attached to such Security or (ii) any
affiliate of the the Sponsor who has any obligation with
respect to any Security, less than the full amount due pursuant
to the obligation, unless such instructions have been approved
by the Securities and Exchange Commission pursuant to Rule
17d-1 under the Investment Company Act of 1940.
The following Exhibits:
****Ex-3.(i) - Restated Certificate of Incorporation of
Prudential Securities Incorporated dated
March 29, 1993.
*****Ex-3.(ii) - Revised By-Laws of Prudential Securities
Incorporated as amended through June 21,
1997.
+Ex-4 - Trust Indenture and Agreement dated
September 6, 1989.
*Ex-23 - Consent of Kenny S&P Evaluation Services, a
division of J.J. Kenny Co., Inc. (as
evaluator).
***Ex-24 - Powers of Attorney executed by a majority of
the Board of Directors of Prudential
Securities Incorporated.
*Ex-27 - Financial Data Schedule for Series 148.
*Ex-27.1 - Financial Data Schedule for Multistate
Series 50 (New York).
Ex-99 Information as to Officers and Directors of
Prudential Securities Incorporated is
incorporated by reference to Schedules A and
D of Form BD filed by Prudential Securities
Incorporated pursuant to Rules l5b1-1 and
l5b3-1 under the Securities Exchange Act of
1934 (1934 Act File No. 8-16267).
II-1
<PAGE>
**Ex-99.2 - Affiliations of Sponsor with other investment
companies.
**Ex-99.3 - Broker's Blanket Policies, Standard Form No. 14
in the aggregate amount of $62,500,000.
+Ex-99.4 - Investment Advisory Agreement.
_________________________
* Filed herewith.
** Incorporated by reference to exhibit of same designation filed
with the Securities and Exchange Commission as an exhibit to
the Registration Statement under the Securities Act of 1933 of
Prudential Unit Trusts, Insured Tax-Exempt Series 1,
Registration No. 6-89263.
*** Incorporated by reference to exhibits of same designation filed
with the Securities and Exchange Commission as an exhibit to
the Registration Statement under the Securities Act of 1933 of
National Municipal Trust Series 172, Registration No. 33-54681
and National Equity Trust, Top Ten Portfolio Series 3,
Registration No. 333-15919.
**** Incorporated by reference to exhibit of same designation filed
with the Securities and Exchange Commission as an exhibit to
the Registration Statement under the Securities Act of 1933 of
Government Securities Equity Trust Series 5, Registration No.
33-57992.
***** Incorporated by reference to exhibit of same designation filed
with the Securities and Exchange Commission as an exhibit to
the Registration Statement under the Securities Act of 1933 of
National Municipal Trust, Series 186, Registration No.
33-54697.
+ Incorporated by reference to exhibit of same designation filed
with the Securities and Exchange Commission as an exhibit to
the Registration Statement under the Securities Act of 1933 of
National Municipal Trust, Insured Series 43, Registration No.
33-29314.
II-2
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
registrant, National Municipal Trust, Series 148 and Multistate Series 50
certifies that it meets all of the requirements for effectiveness of this
Registration Statement pursuant to Rule 485(b) under the Securities Act of
1933 and has duly caused this Registration Statement or amendments thereto
to be signed on its behalf by the undersigned thereunto duly authorized, in
the City of New York, and State of New York on the 19th day of August,
1997.
NATIONAL MUNICIPAL TRUST,
Series 148
Multistate Series 50
(Registrant)
By PRUDENTIAL SECURITIES INCORPORATED
(Depositor)
By the following persons,* who
constitute a majority of the
Board of Directors of Prudential
Securities Incorporated
Alan D. Hogan
A. Laurence Norton, Jr.
Leland B. Paton
Martin Pfinsgraff
Vincent T. Pica II
Hardwick Simmons
Lee B. Spencer, Jr.
By __/s/ Kenneth Swankie ___
(Kenneth Swankie,
Senior Vice President,
Manager--Unit Investment
Trust Department,
as authorized
signatory for Prudential Securities
Incorporated and Attorney-
in-Fact for the persons
listed above)
_____________________
* Pursuant to Powers of Attorney previously filed.
II-3
<PAGE>
CONSENT OF COUNSEL
The consent of counsel to the use of its name in the Prospectus
included in this Registration Statement is contained in its opinion filed
as Exhibit 5 to the Registration Statement.
II-4
<PAGE>
CONSENT OF INDEPENDENT AUDITORS
We consent to the use of our report, dated July 15, 1997, accompanying the
financial statements of the National Municipal Trust, Series 148 (Uninsured)
and Multistate Series 50 consisting of the New York Trust (Insured
(Intermediate Term)) included herein and to the reference to our Firm as
experts under the heading "Auditors" in the prospectus which is a part of
this registration statement.
DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
August 18, 1997
New York, New York
II-5
<PAGE>
Exhibit 23
Letterhead of Kenny S&P Evaluation Services
(a division of J.J. Kenny Co., Inc.)
August 20, 1997
Prudential Securities Incorporated
1 New York Plaza
New York, NY 10292
Re: National Municipal Trust,
Post-Effective Amendment No. 5
Series 148
Gentlemen:
We have examined the post-effective Amendment to the Registration
Statement File No. 33-46203 for the above-captioned trust. We hereby
acknowledge that Kenny S&P Evaluation Services, a division of J.J. Kenny
Co., Inc., is currently acting as the evaluator for the trust. We hereby
consent to the use in the Registration of the references to Kenny S&P
Evaluation Services, a division of J.J. Kenny Co., Inc., as evaluator.
In addition, we hereby confirm that the ratings indicated in the
above-referenced Amendment to the Registration Statement for the respective
bonds comprising the trust portfolio are the ratings currently indicated in
our KENNYBASE database as of the date of the evaluation report.
You are hereby authorized to file a copy of this letter with the
Securities and Exchange Commission.
Sincerely,
Frank A. Ciccotto
Frank A. Ciccotto
Vice President
<PAGE>
Exhibit 23
Letterhead of Kenny S&P Evaluation Services
(a division of J.J. Kenny Co., Inc.)
August 20, 1997
Prudential Securities Incorporated
1 New York Plaza
New York, NY 10292
Re: National Municipal Trust,
Post-Effective Amendment No. 5
Multistate Series 50
Gentlemen:
We have examined the post-effective Amendment to the Registration
Statement File No. 33-46202 for the above-captioned trust. We hereby
acknowledge that Kenny S&P Evaluation Services, a division of J.J. Kenny
Co., Inc. is currently acting as the evaluator for the trust. We hereby
consent to the use in the Registration Statement of the references to Kenny
S&P Evaluation Services, a division of J.J. Kenny Co., Inc. as evaluator.
In addition, we hereby confirm that the ratings indicated in the
above-referenced Amendment to the Registration Statement for the respective
bonds comprising the trust portfolio are the ratings currently indicated in
our KENNYBASE database as of the date of the evaluation report.
You are hereby authorized to file a copy of this letter with the
Securities and Exchange Commission.
Sincerely,
Frank A. Ciccotto
Frank A. Ciccotto
Vice President
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND> THE SCHEDULE CONTAINS SUMMARY FINANCIAL
INFORMATION EXTRACTED FROM THE FINANCIAL
STATEMENTS FOR NATIONAL MUNICIPAL TRUST
SERIES 148 (UNINSURED) AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS
</LEGEND>
<RESTATED>
<CIK> 0000884513
<NAME> NATIONAL MUNICIPAL TRUST
SERIES 148 (UNINSURED)
<SERIES>
<NAME> NATIONAL MUNICIPAL TRUST
SERIES (UNINSURED)
<NUMBER> 1
<MULTIPLIER> 1
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> Apr-30-1997
<PERIOD-START> May-1-1996
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 8,921,518
<INVESTMENTS-AT-VALUE> 9,258,847
<RECEIVABLES> 180,492
<ASSETS-OTHER> 1,053
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,440,392
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,871
<TOTAL-LIABILITIES> 2,871
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,921,518
<SHARES-COMMON-STOCK> 10,000
<SHARES-COMMON-PRIOR> 10,000
<ACCUMULATED-NII-CURRENT> 178,674
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 337,329
<NET-ASSETS> 9,437,521
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 640,501
<OTHER-INCOME> 14,113
<EXPENSES-NET> 15,524
<NET-INVESTMENT-INCOME> 639,090
<REALIZED-GAINS-CURRENT> (3,295)
<APPREC-INCREASE-CURRENT> 9,364
<NET-CHANGE-FROM-OPS> 645,159
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 623,700
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 140,000
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (118,541)
<ACCUMULATED-NII-PRIOR> 177,397
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND> THE SCHEDULE CONTAINS SUMMARY FINANCIAL
INFORMATION EXTRACTED FROM THE FINANCIAL
STATEMENTS FOR NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 50 NEW YORK TRUST
(INSURED (INTERMEDIATE TERM)) AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<RESTATED>
<CIK> 0000884511
<NAME> NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 50
NEW YORK TRUST
(INSURED (INTERMEDIATE TERM))
<SERIES>
<NAME> NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES
NEW YORK TRUST
(INSURED (INTERMEDIATE TERM))
<NUMBER> 1
<MULTIPLIER> 1
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> Apr-30-1997
<PERIOD-START> May-1-1996
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 4,311,052
<INVESTMENTS-AT-VALUE> 4,463,582
<RECEIVABLES> 56,044
<ASSETS-OTHER> 14,318
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,533,944
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,335
<TOTAL-LIABILITIES> 3,335
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,311,707
<SHARES-COMMON-STOCK> 4,294
<SHARES-COMMON-PRIOR> 4,450
<ACCUMULATED-NII-CURRENT> 66,372
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 152,530
<NET-ASSETS> 4,530,609
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 262,367
<OTHER-INCOME> 10,676
<EXPENSES-NET> 7,422
<NET-INVESTMENT-INCOME> 265,621
<REALIZED-GAINS-CURRENT> 5,652
<APPREC-INCREASE-CURRENT> (66,578)
<NET-CHANGE-FROM-OPS> 204,695
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 254,812
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 156
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (215,798)
<ACCUMULATED-NII-PRIOR> 68,524
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
