<PAGE>
As filed with the Securities and Exchange Commission on September 25, 1997
Registration No. 33-47975*
==========================================================================
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 150
Multistate Series 52
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 September 30, 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. 33-47974 and 33-47975) pursuant to Rule 429.
<PAGE>
CUSIPS: 63701J108R;63701J124R;63701J116R MAIL CODE A
Prospectus--PART A
NOTE: PART A of this Prospectus may not be distributed unless accompanied by
Part B.
- --------------------------------------------------------------------------------
NATIONAL MUNICIPAL TRUST
Series 150
NMT
Multistate Series 52
- --------------------------------------------------------------------------------
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 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 trusts composing Multistate Series 52 designated as
the California Trust (Insured) and the New York Trust (Insured) (the 'California
Trust (Insured)' and the 'New York Trust (Insured),' collectively the 'State
Trusts,' or singularly, the 'State Trust') (the 'Trusts' or the 'Trust' or in
the case of the California Trust (Insured) and the New York Trust (Insured) the
'Insured Trusts' 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 an Insured Trust is covered by an irrevocable insurance policy
as a result of which the Units of each 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
California Trust (Insured) and the New York Trust (Insured) 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 150 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 September 30, 1997
<PAGE>
NATIONAL MUNICIPAL TRUST
Series 150
Multistate Series 52
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TABLE OF CONTENTS
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<TABLE>
Page
<S> <C> <C>
Summary................................................................................. Part A A-i
Summary of Essential Information........................................................ A-iii
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>
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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 150 ('National Trust (Uninsured)') and
Multistate Series 52 which consists of two separate underlying unit investment
trusts designated as the California Trust (Insured) and the New York Trust
(Insured) (the 'California Trust (Insured)' and the 'New York Trust (Insured),'
collectively, the 'State Trusts,' or singularly, the 'State Trust') (the
'Trusts' or the 'Trust' or in the case of the California Trust (Insured) and the
New York Trust (Insured) the 'Insured Trusts' or the 'Insured Trust' as the
context requires) are composed of interest-bearing municipal bonds (the
'Securities.') The Securities in the State Trusts 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 Trusts, 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 portfolios of the Insured Trusts 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
('Cap. Gty.'), 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 each Insured Trust have received a rating of 'AAA' by Standard
& Poor's Corporation. There can be no assurance that Units of the Insured Trusts
will retain this 'AAA' rating. There is, of course, no guarantee that the
objectives of the Insured Trusts 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
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
A-i
<PAGE>
element of market value in regard to the Securities thus insured. The insurance
on the Securities in the Insured Trusts does not protect Unit Holders from the
risk that the 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 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 10 issues of Securities of issuers located in 8
states. One of the issues (3.0% 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: convention center facilities: 15.1%* of the Trust;
health and hospital facilities: 40.4%* of the Trust; housing facilities: 11.8%*
of the Trust; industrial revenue facilities: 19.9%* of the Trust; water and
sewer facilities: 9.8%* of the Trust. The Trust is concentrated in health and
hospital facilities Securities.
The Portfolio also contains Securities representing 7.5%* 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 7.5%* 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.
51.7%* of the Securities in the Trust are rated by Standard & Poor's
Corporation (32.2%* being rated AAA and 19.5%* being rated A) and 48.3%* of the
Securities in the Trust are rated by Moody's Investors Service (7.5%* being
rated Aa, 27.0%* being rated A and 13.8%* 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.
Five Securities in the Trust have been issued with an 'original issue
discount.' (See Part B--'Tax Status.')
- ------------
* Percentages computed on the basis of the aggregate bid price of the
Securities in the Trust on August 21, 1997.
A-ii
<PAGE>
Of these original issue discount bonds, approximately 9.2% of the aggregate
principal amount of the Securities in the Trust (although only 3.0%* 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 25.7% 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.')
California Trust (Insured)
The Portfolio contains 6 issues of Securities of issuers located in the
State of California. All of the 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: health and hospital facilities: 17.0%*
of the Trust; port facilities: 29.1%* of the Trust; governmental lease payments:
18.6%* of the Trust; special tax bonds: 35.3%* of the Trust. The Trust is
concentrated in ports facilities and special tax bonds.
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.
Three Securities in the Trust have been issued with an 'original issue
discount.' (See Part B--'Tax Status.')
Of these original issue discount bonds, approximately 1.1% of the aggregate
principal amount of the Securities in the Trust (although only 0.4%* 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: AMBAC: 10.6%*;
FSA: 17%*; MBIA: 72.4%*.
Alternative Minimum Tax
As of the date of the Summary of Essential Information, the Sponsor's
affiliate, the Prudential Investment Corporation, estimates that 29.2% 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.')
New York Trust (Insured)
The Portfolio contains 9 issues of Securities of issuers located in the
State of New York. One of the issues (21.5%* 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: health and hospital facilities: 24.6%*
of the Trust; education facilities: 23.8%* of the Trust; utility facilities:
21.1%* of the Trust; water and sewer facilities: 5.5%* of the Trust;
miscellaneous facilities: 3.5%* of the Trust.
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.
Six Securities in the Trust have been issued with an 'original issue
discount.' (see Part B--'Tax Status.')
- ------------
* Percentages computed on the basis of the aggregate bid price of the
Securities in the Trust on August 21, 1997.
A-iii
<PAGE>
Of these original issue discount bonds, approximately 8% of the aggregate
principal amount of the Securities in the Trust (although only 3.5%* 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: AMBAC: 11.6%*;
FSA: 40%*; FGIC: 25.1%*; MBIA: 23.3%*.
Alternative Minimum Tax
As of the date of the Summary of Essential Information, the Sponsor's
affiliate, the Prudential Investment Corporation, estimates that 22% 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 51.4%* of the Trust was
acquired.
- ------------
* Percentages computed on the basis of the aggregate bid price of the
Securities in the Trust on August 21, 1997.
A-iv
<PAGE>
SUMMARY OF ESSENTIAL INFORMATION
NATIONAL MUNICIPAL TRUST
SERIES 150
(UNINSURED)
As of August 21, 1997
<TABLE>
<S> <C>
FACE AMOUNT OF SECURITIES.......................... $8,720,000.00
NUMBER OF UNITS.................................... 9,345
FRACTIONAL UNDIVIDED INTEREST IN THE TRUST
REPRESENTED BY EACH UNIT......................... 1/9,345th
PUBLIC OFFERING PRICE
Aggregate bid side evaluation of Securities in
the Trust...................................... $8,815,837.12
Divided by 9,345 Units........................... $ 943.37
Plus sales charge of 4.740% of Public Offering
Price (4.976% of net amount invested in
Securities).................................... $ 46.94
-------------
Public Offering Price per Unit(2)(4)............. $ 990.31
-------------
-------------
REDEMPTION PRICE AND SPONSOR'S REPURCHASE PRICE PER
UNIT (based on bid side evaluation of underlying
Securities, $46.94 less than Public Offering
Price per Unit)(4)............................... $ 943.37
-------------
-------------
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: June 23, 1992(1)
</TABLE>
<TABLE>
<CAPTION>
Monthly
-------
<S> <C>
CALCULATION OF ESTIMATED NET ANNUAL INCOME PER UNIT
Estimated Annual Income per Unit............................................................... $62.09
Less estimated annual expenses per Unit(3)..................................................... 1.58
-------
Estimated Net Annual Income per Unit........................................................... $60.51
-------
-------
Trustee's Annual Fee per $1,000 principal amount of underlying Securities........................ $ 1.05
Daily Rate of Income Accrual per Unit............................................................ $.1681
Estimated Current Return (based on Public Offering Price)(5)(6).................................. 6.11%
Estimated Long-Term Return(6).................................................................... 3.978%
INTEREST DISTRIBUTION
Estimated Net Annual Income per Unit / 12...................................................... $ 5.04
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 August 21, 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 August 26, 1997, the expected
date of settlement for the purchase of Units on August 21, 1997 was $15.97.
(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>
SUMMARY OF ESSENTIAL INFORMATION
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 52
CALIFORNIA TRUST
(INSURED)
As of August 21, 1997
STANDARD & POOR'S CORPORATION RATING: AAA
<TABLE>
<S> <C>
FACE AMOUNT OF SECURITIES.......................... $1,870,000.00
NUMBER OF UNITS.................................... 1,935
FRACTIONAL UNDIVIDED INTEREST IN THE TRUST
REPRESENTED BY EACH UNIT......................... 1/1,935th
PUBLIC OFFERING PRICE
Aggregate bid side evaluation of Securities in
the Trust...................................... $2,043,933.90
Divided by 1,935 Units........................... $ 1,056.30
Plus sales charge of 5.149% of Public Offering
Price (5.429% of net amount invested in
Securities).................................... $ 57.34
-------------
Public Offering Price per Unit(2)(4)............. $ 1,113.64
-------------
-------------
REDEMPTION PRICE AND SPONSOR'S REPURCHASE PRICE PER
UNIT (based on bid side evaluation of underlying
Securities, $57.34 less than Public Offering
Price per Unit)(4)............................... $ 1,056.30
-------------
-------------
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--98.9%; at par--0%; at a discount from par--1.1%
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 $1,200,000.
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: June 23, 1992(1)
</TABLE>
<TABLE>
<CAPTION>
Monthly
-------
<S> <C>
CALCULATION OF ESTIMATED NET ANNUAL INCOME PER UNIT
Estimated Annual Income per Unit............................................................... $63.37
Less estimated annual expenses per Unit(3)..................................................... (2.66)
-------
Estimated Net Annual Income per Unit........................................................... $60.71
-------
-------
Trustee's Annual Fee per $1,000 principal amount of underlying Securities........................ $ 1.05
Daily Rate of Income Accrual per Unit............................................................ $.1686
Estimated Current Return (based on Public Offering Price)(5)(6).................................. 5.45%
Estimated Long-Term Return(6).................................................................... 3.910%
INTEREST DISTRIBUTION
Estimated Net Annual Income per Unit / 12...................................................... $ 5.05
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 August 21, 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 August 26, 1997, the expected
date of settlement for the purchase of Units on August 21, 1997 was $5.47.
(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-vi
<PAGE>
SUMMARY OF ESSENTIAL INFORMATION
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 52
NEW YORK TRUST
(INSURED)
As of August 21, 1997
STANDARD & POOR'S CORPORATION RATING: AAA
<TABLE>
<S> <C>
FACE AMOUNT OF SECURITIES.......................... $3,615,000.00
NUMBER OF UNITS.................................... 3,648
FRACTIONAL UNDIVIDED INTEREST IN THE TRUST
REPRESENTED BY EACH UNIT......................... 1/3,648th
PUBLIC OFFERING PRICE
Aggregate bid side evaluation of Securities in
the Trust...................................... $3,875,358.45
Divided by 3,648 Units........................... $ 1,062.32
Plus sales charge of 5.016% of Public Offering
Price (5.281% of net amount invested in
Securities).................................... $ 56.10
-------------
Public Offering Price per Unit(2)(4)............. $ 1,118.42
-------------
-------------
REDEMPTION PRICE AND SPONSOR'S REPURCHASE PRICE PER
UNIT (based on bid side evaluation of underlying
Securities, $56.10 less than Public Offering
Price per Unit)(4)............................... $ 1,062.32
-------------
-------------
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--92%; at par--0%; at a discount from par--8%
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 $1,600,000.
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: June 23, 1992(1)
</TABLE>
<TABLE>
<CAPTION>
Monthly
-------
<S> <C>
CALCULATION OF ESTIMATED NET ANNUAL INCOME PER UNIT
Estimated Annual Income per Unit............................................................... $63.06
Less estimated annual expenses per Unit(3)..................................................... (1.98)
-------
Estimated Net Annual Income per Unit........................................................... $61.08
-------
-------
Trustee's Annual Fee per $1,000 principal amount of underlying Securities........................ $ 1.05
Daily Rate of Income Accrual per Unit............................................................ $.1697
Estimated Current Return (based on Public Offering Price)(5)(6).................................. 5.46%
Estimated Long-Term Return(6).................................................................... 3.956%
INTEREST DISTRIBUTION
Estimated Net Annual Income per Unit / 12...................................................... $ 5.09
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 August 21, 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 August 26, 1997, the expected
date of settlement for the purchase of Units on August 21, 1997 was $5.47.
(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-vii
<PAGE>
SPECIAL CONSIDERATIONS REGARDING CALIFORNIA SECURITIES
Risk Factors
Potential purchasers of the Units of a State Trust should consider the fact
that the Trust's Portfolio consists primarily of Securities issued by the state
for which such State Trust is named or its municipalities or authorities and
realize the substantial risks associated with an investment in such Securities.
Each State Trust is subject to certain additional risk factors:
The Sponsor believes the information summarized below describes some of the
more significant aspects of the State Trust. The sources of such information are
the official statements of issuers as well as other publicly available
documents. 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.
California Trust
The State Trust will be affected by any political, economic or regulatory
developments affecting the ability of California issuers to pay interest or
repay principal on their obligations. Various developments regarding the
California Constitution and State statutes which limit the taxing and spending
authority of California governmental entities may impair the ability of
California issuers to maintain debt service on their obligations. The following
information constitutes only a brief summary and is not intended as a complete
description.
In 1978, Proposition 13, an amendment to the California Constitution, was
approved, limiting real property valuation for property tax purposes and the
power of local governments to increase real property tax revenues and revenues
from other sources. Legislation adopted after Proposition 13 provided for
assistance to local governments, including their distribution of the
then-existing surplus in the General Fund, reallocation of revenues to local
governments, and assumption by State of certain local government obligations.
However, more recent legislation reduced such state assistance. There can be no
assurance that any particular level of State aid to local governments will be
maintained in future years. In Nordinger v. Hahn, the United States Supreme
Court upheld certain provisions of Proposition 13 against claims that it
violated the equal protection clause of the Constitution.
In 1979, an amendment was passed adding Article XIIIB to the State
Constitution. As amended in 1990, Article XIIIB imposes an 'appropriations
limit' on the spending authority of the State and local government entities. In
general, the appropriations limit is based on certain 1978-79 expenditures,
adjusted annually to reflect changes in the cost of living, population and
certain services provided by State and local government entities. The
'appropriations limit' does not include appropriations for qualified capital
outlay projects, certain increases in transportation-related taxes, and certain
emergency appropriations.
If a government entity raises revenues beyond its 'appropriation limit' in
any year, a portion of the excess which cannot be appropriated within the
following year's limit must be returned to the entity's taxpayers within two
subsequent fiscal years, generally by a tax credit, refund or temporary
suspension of tax rates or fee schedules. 'Debt service' is excluded from these
limitations, and is defined as 'appropriations required to ay the cost of
interest and redemption charges, including the funding of any reserve or sinking
fund required in connection therewith, on indebtedness existing or legally
authorized as of January 1, 1979 or on bonded indebtedness thereafter approved
[by the voters].' In addition, Article XIIIB requires the State Legislature to
establish a prudent State reserve, and to require the transfer of 50% of excess
revenue to the State School Fund; any amounts allocated to the State School Fund
will increase the appropriations limit.
In 1986, California voters approved an initiative statute known as
Proposition 62. This initiative (i) requires that any tax for general
governmental purposes imposed by local governments be approved by resolution or
ordinance adopted by a two-thirds vote of the governmental entity's legislative
body and by a majority vote of the electorate of the governmental entity, (ii)
requires that any special tax) defined as tax levied for other than general
governmental purposes) imposed by local governmental entity be approved by a
two-thirds vote of the voters within that jurisdiction, (iii) restricts the use
of revenues from a special tax to the purposes or for the service for which the
special tax was imposed, (iv) prohibits the imposition of ad valorem taxes on
real property by local governmental entities except as permitted by the
Proposition 13 amendment, (v) prohibits the imposition of transaction taxes and
sales taxes on the sale of real property by local governments, (vi) requires
that any tax imposed by a local government on or after August 1, 1985, be
ratified by a majority vote of the electorate within two years of the adoption
of the initiative or be terminated by November 15, 1989,
A-viii
<PAGE>
(vii) requires that, in the event a local government fails to comply with the
provisions of t his measure, a reduction of the amount of property tax revenue
allocated to such local government occurs in an amount equal to the revenues
received by such entity attributable to the tax levied in violation of the
initiative, and (viii) permits these provisions to be amended exclusively by the
voters of the State of California.
In September 1995, the California Supreme court upheld the constitutionality
of Proposition 62, creating uncertainty as to the legality of certain local
taxes enacted by noncharter cities in California without voter approval. It is
not possible to predict the impact of the decision.
In November 1988, California voters approved Proposition 98. This initiative
requires that revenues in excess of amount permitted to be spent and which would
otherwise be returned by revisions of tax rates or fee schedules, be transferred
and allocated (up to a maximum of 40%) to the State School Fund and be expended
solely for purposes of instructional improvement and accountability. No such
transfer or allocation of funds will be required if certain designated state
officials determine that annual student expenditures and class size meet certain
criteria as set forth in Proposition 98. All funds allocated to the State School
Fund shall cause the appropriation limits to be annually increased for any such
allocation made in the prior year. Proposition 98 also requires the State of
California to provide a minimum level of funding for public schools and
community colleges. The initiative permits the enactment of legislation, by a
two-thirds vote, to suspend the minimum funding requirement for one year.
In November 1988, California voters approved Proposition 218. This
initiative applied the provisions of Proposition 62 to all entities, including
charter cities. It requires that all taxes for general purposes obtain a simple
majority popular vote and that taxes for special purposes obtain a two-thirds
majority vote. Prior to the effectiveness of Proposition 218, charter cities
could levy certain taxes such as transient occupancy taxes and utility user's
taxes without a popular vote. Proposition 218 will also limit the authority of
local governments to impose property-related assessments, fees and charges,
requiring that such assessments be limited to the special benefit conferred and
prohibiting their use for general governmental services. Proposition 218 also
allows voters to use their initiative power to reduce or repeal
previously-authorized taxes, assessments, fees and charges.
Certain tax-exempt securities in which the State Trust may invest be
obligations payable solely from the revenues of specific institutions, or may be
secured by specific properties, which are subject to provisions of California
law that could adversely affect the holders of such obligations. For example,
the revenues of California health care institutions may be subject to state
laws, and California law limits the remedies of a creditor secured by a mortgage
or deed of trust on real property.
From 1990 to 1993, California (the 'State') faced the worst economic, fiscal
and budget conditions since the 1930s. Construction, manufacturing (especially
aerospace), exports and financial services, among others, were severely
affected. Job losses were the worst of any post-war recession and have been
estimated to exceeded 800,000. California's economy has been recovering and
growing steadily stronger since the start of 1994. The rate of economic growth
in California in 1996, in terms of job gains, exceeded that of the rest of the
United States. The State added nearly 350,000 jobs during 1996, surpassing its
pre-recession employment peak of 12.7 million jobs. Another 380,000 jobs are
expected to be created in 1997. The unemployment rate, while still higher than
the national average, fell to the low 6 percent range in mid-1997, compared to
over 10 percent during the recession. Many of the new jobs were created in such
industries as computer services, software design, motion pictures and high
technology manufacturing. Business services, export trade and other
manufacturing also experienced growth. All major economic regions of the State
grew, with particularly large gains in the Silicon Valley region of Northern
California. Personal income grew by over 7 percent of $55 billion in 1996. The
residential construction sector of the State's economy remained weak in 1996,
with permits for new housing increasing modestly from the previous year. In
addition, the restructuring and consolidation occurring in California's
aerospace and financial services industries, while aimed at making the companies
involved more efficient and competitive in the longer term, has produced some
negative economic consequences in the shorter term, including uncertain job
outlook for many workers.
The recession has affected State tax revenues, which mirror economic
conditions. It has also caused increased expenditures for health and welfare
programs. The State has also been facing a structural imbalance in its budget
with the largest programs supported by the General Fund (K-12 schools and
community colleges, health, welfare and corrections) growing at rates higher
than the growth rates for the principal revenue sources of the General Fund.
(The General Fund, the State's main operating fund, consists of revenues which
are not required to be credited to any other fund.) As a result, the State has
experienced recurring budget deficits. With the end of the recession, the
State's financial condition has
A-ix
<PAGE>
improved in the 1995-96 and 1996-97 fiscal years, with a combination of better
than expected revenues, slowdown in growth of social welfare programs, and
continued spending restraint. As of June 30, 1997, the State's budget reserve
had a positive cash balance of $281 million. No deficit borrowing has occurred
at the end of the last two fiscal years and the State's cash flow borrowing was
limited to $3 billion in 1996-97.
On December 6, 1994, Orange County, California (the 'County'), together with
its pooled investment funds (the 'Pools'), filed for protection under Chapter 9
of the federal Bankruptcy Code. On June 12, 1996, Orange County emerged from
bankruptcy after the successful sale of $880 million in municipal bonds allowed
the county to pay off the last of its creditors. On January 7, 1997, Orange
County returned to the municipal bond market with a $136 million bond issue
maturing in 13 years at an insured yield of 7.23 percent.
Los Angeles County, the nation's largest county is also experiencing
financial difficulty. In August 1995 the credit rating of the County's long-term
bonds was downgraded for the third time since 1992 as a result of, among other
things, severe operating deficits for the County's health care system. In
addition, the County was affected by an ongoing loss of revenue caused by state
property tax shift initiatives in 1993 through 1995. In June, 1997, the Los
Angeles County Board of Supervisors approved an approximately $12 billion
1997-98 budget containing measures to eliminate a $157 million deficit. The
County's budgetary difficulties have continued and their effect, as well as the
effect of the improving California economy, on the 1997-1998 budget is still
uncertain.
1997-98 Fiscal Year Budget
On August 18, 1997, the Governor signed the 1997-98 Budget Act. The Budget
Act anticipates General Fund revenues and transfers of $52.5 billion (a 6.8
percent increase over the final 1996-97 levels), and expenditures of $52.8
billion (an 8.0 percent increase from the 1996-97 levels). On a budgetary basis,
the budget reserve (SFEU) is projected to decrease from $408 million at June 30,
1997 to $112 million at June 30, 1998. (The expenditure figure assumes
restoration of $200 million of vetoed funding.) The Budget Act also includes
Special Fund expenditures of $14.4 billion (as against estimated Special Fund
revenues of $14.0 billion), and $2.1 billion of expenditures from various Bond
Funds. Following enactment of the Budget Act, the State implemented its annual
cash flow borrowing program, issuing $3 billion of notes which mature on June
30, 1998.
The following are major features of the 1997-98 Budget Act:
1. For the second year in a row, the Budget contains a large increase in
funding for K-14 education, reflecting strong revenues which have exceeded
initial budgeted amounts. Part of the nearly $1.75 billion in increased spending
is allocated to prior fiscal years.
2. The Budget Act reflects a $1.235 billion pension case judgment payment,
and returns funding of the State's pension contribution to the quarterly basis
existing prior to the deferral actions invalidated by the courts. In May, 1997,
the California Supreme Court in PERS v. Wilson made final a judgment against the
State requiring an immediate payment from the General Fund to the Public
Employees Retirement Fund ('PERF') to make up certain deferrals in annual
retirement fund contributions which had been legislated in earlier years for
budget savings, and which the courts found to be unconstitutional. On July 30,
1997, at the Governor's direction, the Controller transferred $1.235 billion
from the General Fund to the PERF in satisfaction of the judgment, representing
the principal amount of the improperly deferred payments from 1995-96 and
1996-97. No provision exists for any additional payments relating to this court
case.
3. Continuing the third year of a four-year 'compact' which the State
Administration has made with higher education units, funding from the General
Fund for the University of California and California State University has
increased by about 6 percent ($121 million and $107 million, respectively), and
there was no increase in student fees.
4. Because of the effect of the pension payment, most other State programs
were continued at 1996-97 levels.
5. Health and welfare costs are contained, continuing generally the grant
levels from prior years, as part of the initial implementation of the new
CalWORKs reform program.
A-x
<PAGE>
6. Unlike prior years, this Budget Act does not depend on uncertain federal
budget actions. About $300 million in federal funds, already included in the
federal FY 1997 and 1998 budgets, are included in the Budget Act, to offset
incarceration costs for illegal immigrants.
7. The Budget Act contains no tax increases, and tax reductions. The Renters
Tax Credit was suspended for another year, saving approximately $500 million.
Subsequent to the adoption and signature of the Budget Act, the Governor
and Legislature reached certain agreements related to State expenditures and
taxes, including support, on an annual basis, for a $931 million (by full
implementation in the 1999-2000 fiscal year) tax cut aimed primarily at
middle income families but also including businesses, $80 million to provide
health insurance for uninsured children, $450 million to pay for county
courts, $300 million for pay raises for State employees, and $52 million for
tuition cuts for California public universities and community colleges.
These agreements mostly will affect budgets in future fiscal years and their
impact on the State's budget and the State's support for local governments
is uncertain.
THE FOREGOING DISCUSSION OF THE 1997-98 FISCAL YEAR BUDGET IS BASED IN LARGE
PART ON STATEMENTS MADE IN A RECENT 'PRELIMINARY OFFICIAL STATEMENT' DISTRIBUTED
BY THE STATE OF CALIFORNIA. IN THAT DOCUMENT, THE STATE INDICATED THAT ITS
DISCUSSION OF THE FISCAL YEAR BUDGET IS BASED ON ESTIMATES AND PROJECTIONS OF
REVENUES AND EXPENDITURES FOR THE CURRENT FISCAL YEAR AND MUST NOT BE CONSTRUED
AS STATEMENTS OF FACT. THE STATE NOTED FURTHER THAT THE ESTIMATES AND
PROJECTIONS ARE BASED UPON VARIOUS ASSUMPTIONS WHICH MAY BE AFFECTED BY NUMEROUS
FACTORS, INCLUDING FUTURE ECONOMIC CONDITIONS IN THE STATE AND THE NATION, AND
THAT THERE CAN BE NO ASSURANCE THAT THE ESTIMATES WILL BE ACHIEVED.
State Indebtedness
As of August 1, 1997, the State had over $17.82 billion aggregate amount of
its general obligation bonds outstanding. General obligation bond authorizations
in an aggregate amount of approximately $8.26 billion remained unissued as of
August 1, 1997. The State also builds and acquires capital facilities through
the use of lease purchase borrowing. As of August 1, 1997, the State had
approximately $6.17 billion of outstanding Lease-Purchase Debt.
In addition to the general obligation bonds, State agencies and authorities
had approximately $19.09 billion aggregate principal amount of revenue bonds and
notes outstanding as of June 30, 1997. Revenue bonds represent both obligations
payable from State revenue-producing enterprises and projects, which are not
payable from the General Fund, and conduit obligations payable only from
revenues paid by private users of facilities financed by such revenue bonds.
Such enterprises and projects include transportation projects, various public
works and exposition projects, educational facilities (including the California
State University and University of California systems), housing, health
facilities and pollution control facilities.
Litigation
The State is a party to numerous legal proceedings, many of which normally
occur in governmental operations. In addition, the State is involved in certain
other legal proceedings that, if decided against the State, might require the
State to make significant future expenditures or impair future revenue sources.
Ratings
Because of the State's continuing budget problems, the State's General
Obligation bonds were downgraded in July 1994 to A1 from Aa by Moody's, to A
from A+ by Standard & Poor's, and to A from AA by Fitch. All three rating
agencies expressed uncertainty in the State's ability to balance the budget by
1996. However, in 1996, citing California's improving economy and budget
situation, both Fitch and Standard & Poor's raised their ratings from A to A+.
The Sponsor believes the information summarized above describes some of the
more significant aspects relating to the California Trust. The sources of such
information are Preliminary Official Statements and Official Statements relating
to the State's general obligation bonds and the State's revenue anticipation
notes, or obligations of other issuers located in the State of California, or
other publicly available documents. Although the Sponsor has not independently
verified this information, it has no reason to believe that such information is
not correct in all material respects.
SUPPLEMENT TO PART B--TAX STATUS
California Tax Status
On the Date of Deposit, special California counsel for the Sponsor rendered an
opinion under the then existing California state income tax law which read as
follows:
The Insured Trust is not an association taxable as a corporation under the
income tax laws of the State of California;
A-xi
<PAGE>
The income, deductions and credits against tax of the Insured Trust will be
treated as the income, deductions and credits against tax of the holders of
Units in the Insured Trust under the income tax laws of the State of
California;
Interest on the bonds held by the Insured Trust to the extent that such
interest is exempt from taxation under California law will not lose its
character as tax-exempt income merely because that income is passed through
to the holders of Units; however, a corporation subject to the California
franchise tax is required to include that interest income in its gross
income for purposes of determining its franchise tax liability;
Each holder of a Unit in the Insured Trust will have a taxable event when
the Insured Trust disposes of a bond (whether by sale, exchange, redemption,
or payment at maturity) or when the Unit holder redeems or sells his Units.
The total tax cost of each Unit to a holder of a Unit in the Insured Trust
is allocated among each of the bond issues held in the Insured Trust (in
accordance with the proportion of the Insured Trust comprised by each bond
issue) in order to determine the holder's per Unit tax cost for each bond
issue, and the tax cost reduction requirements relating to amortization of
bond premium will apply separately to the per Unit tax cost of each bond
issue. Therefore, under some circumstances, a holder of a Unit may realize
taxable gain when the Insured Trust disposes of a bond or the holder's Units
are sold or redeemed for an amount equal to or less than his original cost
of the bond or Unit;
Each holder of a Unit in the Insured Trust is deemed to be the owner of a
pro rata portion of the Insured Trust under the personal property tax laws
of the State of California;
Each Unit holder's pro rata ownership of the bonds held by the Insured
Trust, as well as the interest income therefrom, is exempt from California
personal property taxes; and
Amounts paid in lieu of interest on defaulted bonds held by the Trustee
under policies of insurance issued with respect to such bonds will be
excludable from gross income for California income tax purposes if, and to
the same extent as, those amounts would have been so excludable if paid as
interest by the respective issuer.
In the opinion of Messrs. Paul, Hastings, Janofsky & Walker, LLP, special
California counsel to the Sponsor, no change in law has occurred since the
Date of Deposit which would require a change in the above opinion.
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
A-xii
<PAGE>
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 1996-97 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. 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.
A-xiii
<PAGE>
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 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-xiv
<PAGE>
<AUDIT-REPORT>
INDEPENDENT AUDITORS' REPORT
THE UNIT HOLDERS, SPONSOR AND TRUSTEE
NATIONAL MUNICIPAL TRUST
SERIES 150 (Uninsured)
MULTISTATE SERIES 52
consisting of:
California Trust (Insured)
New York Trust (Insured)
We have audited the statements of financial condition and schedules of
portfolio securities of the National Municipal Trust, Series 150 (Uninsured)
and Multistate Series 52 consisting of the California Trust (Insured) and
the New York Trust (Insured) as of May 31, 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 May 31,
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 150 (Uninsured) and Multistate Series 52 consisting of the
California Trust (Insured) and the New York Trust (Insured) as of May 31,
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
August 1, 1997
New York, New York
</AUDIT-REPORT>
A-1
<PAGE>
STATEMENT OF FINANCIAL CONDITION
NATIONAL MUNICIPAL TRUST
SERIES 150
(UNINSURED)
May 31, 1997
TRUST PROPERTY
<TABLE>
<S> <C>
Investments in municipal bonds at market value
(amortized cost $8,550,040) (Note (a) and
Schedule of Portfolio Securities Notes (4) and (5)) $8,890,011
Accrued interest receivable 179,354
Total 9,069,365
LIABILITIES AND NET ASSETS
Less Liabilities:
Due to Trustee 7,919
Accrued Trust fees and expenses 4,679
Total liabilities 12,598
Net Assets:
Balance applicable to 9,488 Units of fractional
undivided interest outstanding (Note (c)):
Capital, plus net unrealized market
appreciation of $339,971 $8,890,011
Undistributed principal and net investment
income (Note (b)) 166,756
Net assets $9,056,767
Net asset value per Unit ($9,056,767 divided by 9,488 Units) $ 954.55
</TABLE>
See notes to financial statements
A-2
<PAGE>
STATEMENTS OF OPERATIONS
NATIONAL MUNICIPAL TRUST
SERIES 150
(UNINSURED)
<TABLE>
<CAPTION>
For the year ended May 31,
1997 1996 1995
<S> <C> <C> <C>
Investment income - interest $634,189 $649,914 $662,862
Trust fees and expenses 15,375 15,758 16,061
Investment income - net 618,814 634,156 646,801
Net gain (loss) on investments:
Realized gain (loss) on securities sold
or redeemed 30,962 (9,440) (9,331)
Net unrealized market (depreciation)
appreciation (18,862) (90,474) 236,617
Net gain (loss) on investments 12,100 (99,914) 227,286
Net increase in net assets resulting from
operations $630,914 $534,242 $874,087
</TABLE>
See notes to financial statements
A-3
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
NATIONAL MUNICIPAL TRUST
SERIES 150
(UNINSURED)
<TABLE>
<CAPTION>
For the year ended May 31,
1997 1996 1995
<S> <C> <C> <C>
Operations:
Investment income - net $ 618,814 $ 634,156 $ 646,801
Realized gain (loss) on securities
sold or redeemed 30,962 (9,440) (9,331)
Net unrealized market (deprecia-
tion) appreciation (18,862) (90,474) 236,617
Net increase in net assets
resulting from operations 630,914 534,242 874,087
Less Distributions to Unit Holders:
Principal (160,561) (185,000) (235,000)
Investment income - net (605,027) (621,100) (635,400)
Total distributions (765,588) (806,100) (870,400)
Less Capital Share Transactions:
Redemption on 512 Units (481,265) - -
Accrued interest on redemption (8,407) - -
Total capital share trans-
actions (489,672) - -
Net (decrease) increase in net assets (624,346) (271,858) 3,687
Net assets:
Beginning of year 9,681,113 9,952,971 9,949,284
End of year (including undistributed
principal and net investment in-
come of $166,756, and undistrib-
uted net investment income of
$173,596 and $172,985, respec-
tively) $9,056,767 $9,681,113 $9,952,971
</TABLE>
See notes to financial statements
A-4
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NATIONAL MUNICIPAL TRUST
SERIES 150
(UNINSURED)
May 31, 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
(June 23, 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.
A-5
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NATIONAL MUNICIPAL TRUST
SERIES 150
(UNINSURED)
May 31, 1997
(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.
(c) ORIGINAL COST TO INVESTORS
The original cost to investors represents the aggregate initial public
offering price as of the date of deposit (June 23, 1992) exclusive of
accrued interest.
A reconciliation of the original cost of Units to investors to the net
amount applicable to investors as of May 31, 1997 follows:
<TABLE>
<S> <C>
Original cost to investors $10,138,038
Less: Gross underwriting commissions (sales charge) (481,600)
Net cost to investors 9,656,438
Cost of securities sold or redeemed (1,164,958)
Net unrealized market appreciation 339,971
Accumulated interest accretion 58,560
Net amount applicable to investors $ 8,890,011
</TABLE>
(d) OTHER INFORMATION
Selected data for a Unit of the Trust during each year:
<TABLE>
<CAPTION>
For the years ended May 31,
1997 1996 1995
<S> <C> <C> <C>
Principal distributions during year $ 16.25 $ 18.50 $ 23.50
Net investment income distributions
during year $ 60.97 $ 62.11 $ 63.54
Net asset value at end of year $954.55 $968.11 $995.30
Trust Units outstanding at end of
year 9,488 10,000 10,000
</TABLE>
A-6
<PAGE>
SCHEDULE OF PORTFOLIO SECURITIES
NATIONAL MUNICIPAL TRUST
SERIES 150
(UNINSURED)
May 31, 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. Arkansas Development
Finance Authority, Single-
Family Mortgage Revenue
Bonds, 1988 Series A (GNMA
Mortgage-Backed Securities
Program). <F6> AAA $ 385,000 8.400% 08/01/20 02/01/12@100 08/01/98@102 $ 398,202
2. The Delaware Economic
Development Authority, Water
Development Revenue Bonds,
Series 1992A (Wilmington
Suburban Water Corporation
Project). <F6> A 500,000 6.800 12/01/23 NONE 06/01/02@102 526,535
3. 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 1,057,720
4. City of New Orleans,
Louisiana, General Obliga-
tion Refunding Bonds, Series
1991, AMBAC Insured. <F9> AAA 800,000 0.000 09/01/17 NONE NONE 250,808
5. Louisiana Public Facili-
ties Authority, Single-
Family Mortgage Purchase
Bonds, Series 1991A. Aa<F7> 625,000 7.375 10/01/12 NONE 10/01/01@103 652,469
6. Louisiana Public Facili-
ties Authority, Single-
Family Mortgage Purchase
Bonds, Series 1991A. Aa(7) 25,000 7.375 10/01/12 NONE 07/01/97@100 25,000
7. Massachusetts Health and
Educational Facilities
Authority, Revenue Bonds,
Jordan Hospital Issue,
Series C. A- 1,100,000 6.875 10/01/22 NONE 10/01/02@102 1,174,931
8. Massachusetts Water
Resources Authority General
Revenue Bonds, 1992 Series
A. <F8> AAA 880,000 6.500 07/15/21 07/15/19@100 07/15/02@102 967,753
9. Regional Convention and
Sports Complex Authority,
Convention and Sports Facil-
ity Project Bonds, St. Louis
County, Missouri, Series B
1991. <F8> AAA 1,175,000 7.000 08/15/21 08/15/21@100 08/15/03@100 1,316,940
10. The Hospitals and Higher
Education Facilities Author-
ity of Philadelphia, Hospi-
tal Revenue Bonds, (Albert
Einstein Medical Center),
Series of 1989. A<F7> 1,250,000 7.625 04/01/11 04/01/00@100 04/01/99@102 1,314,913
11. Alliance Airport Author-
ity, Inc. Special Facilities
Revenue Bonds, Series 1990
(American Airlines, Inc.
Project). <F6> Baa2<F7> 1,125,000 7.500 12/01/29 12/01/16@100 12/01/00@102 1,204,740
$8,865,000 $8,890,011
</TABLE>
See notes to schedule of portfolio securities
A-7
<PAGE>
NOTES TO SCHEDULE OF PORTFOLIO SECURITIES
NATIONAL MUNICIPAL TRUST
SERIES 150
(UNINSURED)
May 31, 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 such date.
<F4> The market value of the Securities as of May 31, 1997 was determined
by the Evaluator on the basis of bid side evaluations for the
Securities on the last trading date during the period (May 30,
1997).
<F5> At May 31, 1997, the net unrealized market appreciation of all
Securities was comprised of the following:
<TABLE>
<S> <C>
Gross unrealized market appreciation $387,368
Gross unrealized market depreciation (47,397)
Net unrealized market appreciation $339,971
</TABLE>
The amortized cost of the Securities for Federal income tax purposes
was $8,550,040 at May 31, 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. 8 and 9 have indicated that they will
refund these Securities on their respective optional redemption
dates.
<F9> Insurance to maturity has been obtained by the Issuer from the
listed Insurance company. The "AAA" rating on this Security is
based in part on the creditworthiness and claims-paying ability of
the Insurance Company insuring such security to maturity.
A-8
<PAGE>
STATEMENT OF FINANCIAL CONDITION
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 52
CALIFORNIA TRUST
(INSURED)
May 31, 1997
TRUST PROPERTY
<TABLE>
<S> <C>
Investments in municipal bonds at market value
(amortized cost $1,999,660) (Note (a) and Schedule
of Portfolio Securities Notes (4) and (5)) $2,121,395
Accrued interest receivable 34,726
Total 2,156,121
LIABILITY AND NET ASSETS
Less Liability:
Due to Trustee 3,286
Net Assets:
Balance applicable to 2,039 Units of fractional
undivided interest outstanding (Note (c)):
Capital, plus unrealized market appreciation
of $121,735 $2,121,395
Undistributed principal and net investment
income (Note (b)) 31,440
Net assets $2,152,835
Net asset value per Unit ($2,152,835 divided by 2,039 Units) $ 1,055.83
</TABLE>
See notes to financial statements
A-9
<PAGE>
STATEMENTS OF OPERATIONS
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 52
CALIFORNIA TRUST
(INSURED)
<TABLE>
<CAPTION>
For the years ended May 31,
1997 1996 1995
<S> <C> <C> <C>
Investment income - interest $136,204 $168,386 $191,450
Trust fees and expenses 5,617 6,440 6,510
Investment income - net 130,587 161,946 184,940
Net gain (loss) on investments:
Realized gain on securities sold or
redeemed 16,663 18,329 -
Net unrealized market appreciation
(depreciation) 30,731 (86,849) 107,051
Net gain (loss) on investments 47,394 (68,520) 107,051
Net increase in net assets resulting from
operations $177,981 $ 93,426 $291,991
</TABLE>
See notes to financial statements
A-10
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 52
CALIFORNIA TRUST
(INSURED)
<TABLE>
<CAPTION>
For the year ended May 31,
1997 1996 1995
<S> <C> <C> <C>
Operations:
Investment income - net $ 130,587 $ 161,946 $ 184,940
Realized gain on securities sold or
redeemed 16,663 18,329 -
Net unrealized market appreciation
(depreciation) 30,731 (86,849) 107,051
Net increase in net assets
resulting from operations 177,981 93,426 291,991
Less Distributions to Unit Holders:
Investment income - net (131,558) (160,844) (182,880)
Less Capital Share Transactions:
Redemption of 328 Units and 633
Units, respectively (346,027) (657,683) -
Accrued interest on redemption (4,370) (9,677) -
Total capital share
transactions (350,397) (667,360) -
Net (decrease) increase in net assets (303,974) (734,778) 109,111
Net assets:
Beginning of year 2,456,809 3,191,587 3,082,476
End of year (including undistributed
principal and net investment in-
come of $31,440, and undistributed
net investment income of $35,149
and $48,543, respectively) $2,152,835 $2,456,809 $3,191,587
</TABLE>
See notes to financial statements
A-11
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 52
CALIFORNIA TRUST
(INSURED)
May 31, 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
(June 23, 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.
A-12
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 52
CALIFORNIA TRUST
(INSURED)
May 31, 1997
(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.
(c) ORIGINAL COST TO INVESTORS
The original cost to investors represents the aggregate initial public
offering price as of the date of deposit (June 23, 1992) exclusive of
accrued interest.
A reconciliation of the original cost of Units to investors to the net
amount applicable to investors as of May 31, 1997 follows:
<TABLE>
<S> <C>
Original cost to investors $3,105,414
Less: Gross underwriting commissions (sales charge) (147,510)
Net cost to investors 2,957,904
Cost of securities sold or redeemed (969,089)
Unrealized market appreciation 121,735
Accumulated interest accretion 10,845
Net amount applicable to investors $2,121,395
</TABLE>
(d) OTHER INFORMATION
Selected data for a Unit of the Trust during each year:
<TABLE>
<CAPTION>
For the year ended May 31,
1997 1996 1995
<S> <C> <C> <C>
Net investment income distribu-
tions during year $ 60.96 $ 60.74 $ 60.96
Net asset value at end of year $1,055.83 $1,037.94 $1,063.86
Trust Units outstanding at end
of year 2,039 2,367 3,000
</TABLE>
A-13
<PAGE>
SCHEDULE OF PORTFOLIO SECURITIES
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 52
CALIFORNIA TRUST
(INSURED)
May 31, 1997
<TABLE>
<CAPTION>
Port- Optional
folio Rating Face Coupon Maturity Sinking Fund Refunding Market
No. Title of Securities<F15> <F10> Amount Rate Date Redemptions <F12> Redemptions<F11> Value
<F13><F14>
<C> <S> <C> <C> <C> <C> <C> <C> <C>
1. California Health Facili-
ties Financing Authority
Revenue, Marin General Hos-
pital, FSA Insured. AAA $ 320,000 7.000% 08/01/15 NONE 08/01/00@102 $ 343,891
2. Escondido Joint Powers
Financing Authority, (San
Diego County, California),
Revenue Bonds, Series 1992,
AMBAC Insured. AAA 30,000 0.000 09/01/13 NONE NONE 11,729
3. Port of Oakland, Califor-
nia, Revenue Bonds, 1992
Series E, MBIA Insured. <F16> AAA 550,000 6.500 11/01/16 NONE 11/01/02@102 581,053
4. Redevelopment Agency of
the City of Sunnyvale, Cen-
tral Core Redevelopment
Project, Tax Allocation
Refunding Bonds, Series
1992, AMBAC Insured. AAA 245,000 6.300 10/01/10 10/01/07@100 10/01/00@102 258,811
5. State Public Works Board
of the State of California,
Lease Revenue Bonds,
(Department of Corrections),
1991 Series A, (State
Prisons-Imperial County),
MBIA Insured. AAA 370,000 6.500 09/01/17 09/01/11@100 NONE 416,276
6. Tustin Community Redevel-
opment Agency, Town Center
Area Redevelopment Project,
Subordinate Tax Allocation
Bonds, Series 1991, MBIA
Insured. AAA 465,000 6.750 12/01/07 NONE 12/01/01@102 509,635
$1,980,000 $2,121,395
</TABLE>
See notes to schedule of portfolio securities
A-14
<PAGE>
NOTES TO SCHEDULE OF PORTFOLIO SECURITIES
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 52
CALIFORNIA TRUST
(INSURED)
May 31, 1997
<F10> 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.
<F11> 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.
<F12> 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 such date.
<F13> The market value of the Securities as of May 31, 1997 was determined
by the Evaluator on the basis of bid side evaluations for the
Securities on the last trading date during the period (May 30,
1997).
<F14> At May 31, 1997, the unrealized market appreciation of all
Securities was comprised of the following:
<TABLE>
<S> <C>
Gross unrealized market appreciation $121,735
Gross unrealized market depreciation -
Unrealized market appreciation $121,735
</TABLE>
The amortized cost of the Securities for Federal income tax purposes
was $1,999,660 at May 31, 1997.
<F15> 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.
<F16> 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.
A-15
<PAGE>
STATEMENT OF FINANCIAL CONDITION
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 52
NEW YORK TRUST
(INSURED)
May 31, 1997
TRUST PROPERTY
<TABLE>
<S> <C>
Investments in municipal bonds at market value
(amortized cost $3,602,174) (Note (a) and Schedule
of Portfolio Securities Notes (4) and (5)) $3,801,251
Accrued interest receivable 71,354
Total 3,872,605
LIABILITY AND NET ASSETS
Less Liability:
Due to Trustee 11,707
Net Assets:
Balance applicable to 3,648 Units of fractional
undivided interest outstanding (Note (c)):
Capital, plus unrealized market
appreciation of $199,077 $3,801,251
Undistributed principal and net investment
income (Note (b)) 59,647
Net assets $3,860,898
Net asset value per Unit ($3,860,898 divided by 3,648 Units) $ 1,058.36
</TABLE>
See notes to financial statements
A-16
<PAGE>
STATEMENTS OF OPERATIONS
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 52
NEW YORK TRUST
(INSURED)
<TABLE>
<CAPTION>
For the years ended May 31,
1997 1996 1995
<S> <C> <C> <C>
Investment income - interest $245,303 $256,377 $258,382
Trust fees and expenses 7,488 7,895 7,557
Investment income - net 237,815 248,482 250,825
Net gain (loss) on investments:
Realized gain on securities sold
or redeemed 14,348 3,244 175
Net unrealized market appreciation
(depreciation) 49,211 (58,180) 109,723
Net gain (loss) on investments 63,559 (54,936) 109,898
Net increase in net assets resulting from
operations $301,374 $193,546 $360,723
</TABLE>
See notes to financial statements
A-17
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 52
NEW YORK TRUST
(INSURED)
<TABLE>
<CAPTION>
For the year ended May 31,
1997 1996 1995
<S> <C> <C> <C>
Operations:
Investment income - net $ 237,815 $ 248,482 $ 250,825
Realized gain on securities sold or
redeemed 14,348 3,244 175
Net unrealized market appreciation
(depreciation) 49,211 (58,180) 109,723
Net increase in net assets
resulting from operations 301,374 193,546 360,723
Less Distributions to Unit Holders:
Principal - - (10,000)
Investment income - net (231,031) (242,418) (244,840)
Total distributions (231,031) (242,418) (254,840)
Less Capital Share Transactions:
Redemption of 278 Units and 74
Units, respectively (291,906) (78,066) -
Accrued interest on redemption (4,557) (1,225) -
Total capital share
transactions (296,463) (79,291) -
Net (decrease) increase in net assets (226,120) (128,163) 105,883
Net assets:
Beginning of year 4,087,018 4,215,181 4,109,298
End of year (including undistributed
principal and net investment in-
come of $59,647 and $66,172, and
undistributed net investment
income of $64,728, respectively) $3,860,898 $4,087,018 $4,215,181
</TABLE>
See notes to financial statements
A-18
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 52
NEW YORK TRUST
(INSURED)
May 31, 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
(June 23, 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.
A-19
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 52
NEW YORK TRUST
(INSURED)
May 31, 1997
(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.
(c) ORIGINAL COST TO INVESTORS
The original cost to investors represents the aggregate initial public
offering price as of the date of deposit (June 23, 1992) exclusive of
accrued interest.
A reconciliation of the original cost of Units to investors to the net
amount applicable to investors as of May 31, 1997 follows:
<TABLE>
<S> <C>
Original cost to investors $4,130,616
Less: Gross underwriting commissions (sales charge) (196,200)
Net cost to investors 3,934,416
Cost of securities sold or redeemed (363,717)
Unrealized market appreciation 199,077
Accumulated interest accretion 31,475
Net amount applicable to investors $3,801,251
</TABLE>
(d) OTHER INFORMATION
Selected data for a Unit of the Trust during each year:
<TABLE>
<CAPTION>
For the year ended May 31,
1997 1996 1995
<S> <C> <C> <C>
Principal distributions during
year $ - $ - $ 2.50
Net investment income distribu-
tions during year $ 61.09 $ 61.17 $ 61.21
Net asset value at end of year $1,058.36 $1,041.01 $1,053.80
Trust Units outstanding at end
of year 3,648 3,926 4,000
</TABLE>
A-20
<PAGE>
SCHEDULE OF PORTFOLIO SECURITIES
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 52
NEW YORK TRUST
(INSURED)
May 31, 1997
<TABLE>
<CAPTION>
Port- Optional
folio Rating Face Coupon Maturity Sinking Fund Refunding Market
No. Title of Securities<F23> <F17> Amount Rate Date Redemptions<F19>Redemptions<F18> Value
<F20><F21>
<C> <S> <C> <C> <C> <C> <C> <C> <C>
1. Dormitory Authority of the
State of New York, City
University System Consoli-
dated, Second General
Resolution Revenue Bonds,
Series 1990C, FGIC Insured. AAA $ 750,000 7.500% 07/01/10 07/01/05@100 NONE $ 903,075
2. Dormitory Authority of the
State of New York, College
and University Education
Loan, Revenue Bonds, 1992
Issue, MBIA Insured. <F22> AAA 185,000 0.000 07/01/12 NONE NONE 81,361
3. New York City Municipal
Water Finance Authority,
Water and Sewer System Rev-
enue Bonds, Fiscal 1992,
Series C, AMBAC Insured. AAA 200,000 6.200 06/15/21 06/15/19@100 06/15/[email protected] 209,268
4. New York State Energy
Research and Development
Authority, Series 1989A,
(The Brooklyn Union Gas
Company Project), MBIA
Insured. <F22> AAA 750,000 6.750 02/01/24 NONE 05/06/02@102 808,560
5. New York State Medical
Care, Facilities Finance
Agency, Mental Health Serv-
ices Facilities Improvement
Revenue Bonds, Series B,
AMBAC Insured. AAA 225,000 6.250 08/15/18 NONE 02/15/02@102 234,594
6. New York State Medical
Care, Facilities Finance
Agency, Long-Term Health
Care Revenue Bonds, 1992
Series A, FSA Insured. AAA 650,000 6.800 11/01/14 NONE 05/01/02@102 699,407
7. The City of New York, Gen-
eral Obligation Bonds,
Fiscal 1992, Series H, FSA
Insured. AAA 750,000 7.000 02/01/17 NONE 02/01/[email protected] 818,678
8. The Port Authority of New
York and New Jersey Con-
solidated Bonds, Seventy- AAA 105,000 0.000 08/01/12 NONE NONE 46,308
$3,615,000 $3,801,251
</TABLE>
See notes to schedule of portfolio securities
A-21
<PAGE>
NOTES TO SCHEDULE OF PORTFOLIO SECURITIES
NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 52
NEW YORK TRUST
(INSURED)
May 31, 1997
<F17> 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.
<F18> 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.
<F19> 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 such date.
<F20> The market value of the Securities as of May 31, 1997 was determined
by the Evaluator on the basis of bid side evaluations for the
Securities on the last trading date during the period (May 30,
1997).
<F21> At May 31, 1997, the unrealized market appreciation of all
Securities was comprised of the following:
<TABLE>
<S> <C>
Gross unrealized market appreciation $199,077
Gross unrealized market depreciation -
Unrealized market appreciation $199,077
</TABLE>
The amortized cost of the Securities for Federal income tax purposes
was $3,602,174 at May 31, 1997.
<F22> 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.
<F23> 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.
A-22
<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.
Consent of independent public accountants and consent of
evaluator; all other consents were previously filed.
UNDERTAKING
The Sponsor undertakes that it will not instruct the
Trustee to accept from (i) Financial Guaranty Insurance Com-
pany, Municipal Bond Insurance Association or any other insur-
ance 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 Pru-
dential Securities Incorporated dated March
29, 1993.
*****Ex-3.(ii) - Revised By-Laws of Prudential Securities Incor-
porated as amended through June 21, 1997.
+Ex-4 - Trust Indenture and Agreement dated
September 6, 1989.
*Ex-8 - Opinion of Paul, Hastings, Janofsky & Walker.
*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 Securi-
ties Incorporated.
*Ex-27 - Financial Data Schedule for Series 150.
*Ex-27.1 - Financial Data Schedule for Multistate
Series 52 (California).
*Ex-27.2 - Financial Data Schedule for Multistate Series
52 (New York).
Ex-99 Information as to Officers and Directors of
Prudential Securities Incorporated is
II-1
<PAGE>
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).
**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, Registra-
tion 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, Regis-
tration 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 150 and Multistate Series 52
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 24th day of September,
1997.
NATIONAL MUNICIPAL TRUST,
Series 150
Multistate Series 52
(Registrant)
By PRUDENTIAL SECURITIES INCORPORATED
(Depositor)
By the following persons,* who
constitute a majority of the
Board of Directors of Prudential
Securities Incorporated
Robert C. Golden
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 consents of counsel to the use of their names in the Prospec-
tus included in this Registration Statement are contained in their opinions
filed as Exhibit 5 and 8-CA to the Registration Statement.
II-4
<PAGE>
CONSENT OF INDEPENDENT AUDITORS
We consent to the use of our report, dated August 1, 1997, accompanying the
financial statements of the National Municipal Trust, Series 150 (Uninsured)
and Multistate Series 52 consisting of the California Trust (Insured) and
the New York Trust (Insured) 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
September 23, 1997
New York, New York
II-5
<PAGE>
Exhibit 8
Letterhead of Paul, Hastings, Janofsky & Walker
September 18, 1997
Prudential Securities Incorporated
One Seaport Plaza
199 Water Street
New York, NY 10292
Re: National Municipal Trust,
Multistate Series 52_____
Ladies and Gentlemen:
Pursuant to your request, we have reviewed the opinion expressed
by prior California counsel to you regarding certain California income and
property tax matters with respect to National Municipal Trust Multistate
Series 52. We are of the opinion that such opinion, a copy of which is set
forth in the Prospectus comprising a part of Post-Effective Amendment No. 5
to the Form S-6 Registration Statement of National Municipal Trust, Series
150 and Multistate Series 52 (SEC File No. 33-47975), remains valid, that
no change has occurred which would require a change to such opinion, and
that you may rely on it in connection with the filing of such
Post-Effective Amendment.
We consent to the use of our name under the caption "California
Tax Status" in such Prospectus and to the filing of this opinion as an
exhibit to such Post-Effective Amendment.
Very truly yours,
Paul, Hastings, Janofsky & Walker
<PAGE>
Exhibit 23
Letterhead of Kenny S&P Evaluation Services
(a division of J.J. Kenny Co., Inc.)
September 25, 1997
Prudential Securities Incorporated
1 New York Plaza
New York, NY 10292
Re: National Municipal Trust,
Post-Effective Amendment No. 5
Series 150
Gentlemen:
We have examined the post-effective Amendment to the Registration
Statement File No. 33-47975 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 Eval-
uation 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.)
September 25, 1997
Prudential Securities Incorporated
1 New York Plaza
New York, NY 10292
Re: National Municipal Trust,
Post-Effective Amendment No. 5
Multistate Series 52
Gentlemen:
We have examined the post-effective Amendment to the Registration
Statement File No. 33-47975 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 Eval-
uation 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 NMT SERIES 150 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS
</LEGEND>
<RESTATED>
<CIK> 0000887600
<NAME> NATIONAL MUNICIPAL TRUST
SERIES 150
<SERIES>
<NAME> NATIONAL MUNICIPAL TRUST
SERIES 150
<NUMBER> 1
<MULTIPLIER> 1
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> May-31-1997
<PERIOD-START> Jun-1-1996
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 8,550,040
<INVESTMENTS-AT-VALUE> 8,890,011
<RECEIVABLES> 179,354
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,069,365
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,598
<TOTAL-LIABILITIES> 12,598
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,551,103
<SHARES-COMMON-STOCK> 9,488
<SHARES-COMMON-PRIOR> 10,000
<ACCUMULATED-NII-CURRENT> 165,694
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 339,971
<NET-ASSETS> 9,056,767
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 620,908
<OTHER-INCOME> 13,281
<EXPENSES-NET> 15,375
<NET-INVESTMENT-INCOME> 618,814
<REALIZED-GAINS-CURRENT> 30,962
<APPREC-INCREASE-CURRENT> (18,862)
<NET-CHANGE-FROM-OPS> 630,914
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 605,027
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 160,561
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 512
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (624,346)
<ACCUMULATED-NII-PRIOR> 173,596
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
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<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 NMT MS 52 CALIFORNIA TRUST
(INSURED) AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<RESTATED>
<CIK> 0000887601
<NAME> NATIONAL MUNICIPAL TRUST
MULTISTATE SERIES 52
CALIFORNIA TRUST
(INSURED)
<SERIES>
<NAME> NATIONAL MUNICIPAL TRUST
MLTISTATE SERIES CALIFORNIA TRUST
(INSURED)
<NUMBER> 1
<MULTIPLIER> 1
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> May-31-1997
<PERIOD-START> Jun-1-1996
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 1,999,660
<INVESTMENTS-AT-VALUE> 2,121,395
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<OTHER-ITEMS-ASSETS> 0
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<OTHER-ITEMS-LIABILITIES> 3,286
<TOTAL-LIABILITIES> 3,286
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,000,029
<SHARES-COMMON-STOCK> 2,039
<SHARES-COMMON-PRIOR> 2,367
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 121,735
<NET-ASSETS> 2,152,835
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 135,291
<OTHER-INCOME> 913
<EXPENSES-NET> 5,617
<NET-INVESTMENT-INCOME> 130,587
<REALIZED-GAINS-CURRENT> 16,663
<APPREC-INCREASE-CURRENT> 30,731
<NET-CHANGE-FROM-OPS> 177,981
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 131,558
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 328
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (303,974)
<ACCUMULATED-NII-PRIOR> 37,324
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
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<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 NMT MS 52 NY TRUST (INSURED)
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<RESTATED>
<CIK> 0000887601
<NAME> NMT MS 52
NEW YORK TRUST (INSURED)
<SERIES>
<NAME> NATIONAL MUNICIPAL TRUST
MULTI STATE SERIES
NEW YORK TRUST (INSURED)
<NUMBER> 2
<MULTIPLIER> 1
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> May-31-1997
<PERIOD-START> Jun-1-1996
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 3,602,174
<INVESTMENTS-AT-VALUE> 3,801,251
<RECEIVABLES> 71,354
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,872,605
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,707
<TOTAL-LIABILITIES> 11,707
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,603,686
<SHARES-COMMON-STOCK> 3,648
<SHARES-COMMON-PRIOR> 3,926
<ACCUMULATED-NII-CURRENT> 58,135
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 199,077
<NET-ASSETS> 3,860,898
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 238,348
<OTHER-INCOME> 6,955
<EXPENSES-NET> 7,488
<NET-INVESTMENT-INCOME> 237,815
<REALIZED-GAINS-CURRENT> 14,348
<APPREC-INCREASE-CURRENT> 49,211
<NET-CHANGE-FROM-OPS> 301,374
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 231,031
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 278
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (226,120)
<ACCUMULATED-NII-PRIOR> 62,862
<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>
