<PAGE>
As filed with the Securities and Exchange Commission on October 24, 1997
Registration No. 33-48350
==========================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________
POST-EFFECTIVE AMENDMENT 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 151
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:
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 October 31, 1997 pursuant to paragraph (b);
- --
---
/ / 60 days after filing pursuant to paragraph (a);
- --
---
/ / on (date) pursuant to paragraph (a) of rule 485.
- --
<PAGE>
CUSIP: 63701J132 MAIL CODE A
Prospectus--PART A
NOTE: PART A of this Prospectus may not be distributed unless accompanied by
Part B.
- --------------------------------------------------------------------------------
NATIONAL MUNICIPAL TRUST
NMT Series 151
- --------------------------------------------------------------------------------
The initial public offering of Units in the 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 the 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. There is, of course, no guarantee that the Trust's
objectives will be achieved. The value of the Units of the Trust will fluctuate
with the value of the portfolio of underlying Securities. The Securities in the
Trust are not insured by The Prudential Insurance Company of America. The
Prospectus indicates the extent to which interest income of the 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 the Trust is equal to the aggregate bid
side evaluation of the underlying Securities in the 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 October 31, 1997
<PAGE>
NATIONAL MUNICIPAL TRUST
Series 151
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
<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>
- --------------------------------------------------------------------------------
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 151 (the 'National Trust' or the 'Trust' as
the context requires) is composed of interest-bearing municipal bonds (the
'Securities'). 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). The Securities in the Trust were, as of the Date
of Deposit rated in the category of 'A' or better by Standard & Poor's
Corporation or Moody's Investors Service. (See Part B--'Bond Ratings.')
MONTHLY DISTRIBUTIONS of principal, premium, if any, and interest received
by the 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 the 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.' 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 the 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. (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, 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: 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.
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
A-i
<PAGE>
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.
Portfolio Summary
National Trust
The Portfolio contains 21 issues of Securities of issuers located in 11
states and the District of Columbia. One of the issues (1.7%* 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: education facilities: 7.9%* of
the Trust; health and hospital facilities: 20.3%* of the Trust; housing
facilities: 5.6%* of the Trust; industrial revenue facilities: 31.2%* of the
Trust; lease facilities: 14.2%* of the Trust; pollution control facilities:
3.8%* of the Trust; water and sewer facilities: 2.4%* of the Trust; certificates
of participation: 11.6%* of the Trust; miscellaneous: 1.3%* of the Trust. The
Trust is concentrated in industrial revenue facilities Securities.
The Portfolio also contains Securities representing 5.6%* 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 5.6%* 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.
78.7%* of the Securities in the Trust are rated by Standard & Poor's
Corporation (23.5%* being rated AAA, 11.7%* being rated AA, 36.1%* being rated A
and 7.4%* being rated BBB) and 21.3%* of the Securities in the Trust are rated
by Moody's Investors Service (5.6%* being rated Aa, 3.8%* being rated A and
11.9%* being rated Baa). For a description of the meaning of the applicable
rating symbols as published by Standard & Poor's and Moody's, see Part B--'Bond
Ratings.' It should be emphasized, however, that the ratings of Standard &
Poor's and Moody's represent their opinions as to the quality of the Securities
which they undertake to rate and that these ratings are general and are not
absolute standards of quality.
Fourteen Securities in the Trust have been issued with an 'original issue
discount.' (See Part B--'Tax Status.')
Of these original issue discount bonds, approximately 8.9% 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
The Sponsor's affiliate, The Prudential Investment Corporation, estimates
that 40.3% 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.')
- ------------
* Percentages computed on the basis of the aggregate bid price of the
Securities in the Trust on September 22, 1997.
A-ii
<PAGE>
SUMMARY OF ESSENTIAL INFORMATION
NATIONAL MUNICIPAL TRUST
Series 151
As of September 22, 1997
<TABLE>
<S> <C>
FACE AMOUNT OF SECURITIES......................... $13,810,000.00
NUMBER OF UNITS................................... 14,509
FRACTIONAL UNDIVIDED INTEREST IN THE TRUST
REPRESENTED BY EACH UNIT........................ 1/14,509th
PUBLIC OFFERING PRICE
Aggregate bid side evaluation of Securities in
the Trust..................................... $13,921,074.00
Divided by 14,509 Units......................... $ 959.48
Plus sales charge of 4.499% of Public Offering
Price (4.711% of net amount invested in
Securities)................................... $ 45.20
--------------
Public Offering Price per Unit(2)(4)............ $ 1,004.68
--------------
--------------
REDEMPTION PRICE AND SPONSOR'S REPURCHASE PRICE
PER UNIT (based on bid side evaluation of
underlying Securities, $45.20 less than Public
Offering Price per Unit)(4)..................... $ 959.48
--------------
--------------
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--91.0%; at par--0.1%; at a discount from par--8.9%
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 $6,000,000.
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: July 28, 1992(1)
</TABLE>
<TABLE>
<CAPTION>
CALCULATION OF ESTIMATED NET ANNUAL INCOME PER UNIT Monthly
-------
<S> <C>
Estimated Annual Income per Unit............................................................... $60.15
Less estimated annual expenses per Unit(3)..................................................... (1.56)
-------
Estimated Net Annual Income per Unit........................................................... $58.59
-------
-------
Trustee's Annual Fee per $1,000 principal amount of underlying Securities........................ $ 1.05
Daily Rate of Income Accrual per Unit............................................................ $.1628
Estimated Current Return (based on Public Offering Price)(5)(6).................................. 5.83%
Estimated Long-Term Return(6).................................................................... 4.086%
INTEREST DISTRIBUTION
Estimated Net Annual Income per Unit / 12...................................................... $ 4.88
Record Dates--tenth day of each month
Distribution Dates--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 September 22, 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 September 25, 1997, the expected
date of settlement for the purchase of Units on September 22, 1997 was $15.59.
(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-iii
<PAGE>
<AUDIT-REPORT>
INDEPENDENT AUDITORS' REPORT
THE UNIT HOLDERS, SPONSOR AND TRUSTEE
NATIONAL MUNICIPAL TRUST
SERIES 151
We have audited the statement of financial condition and schedule of
portfolio securities of the National Municipal Trust, Series 151 as of
June 30, 1997, and the related statements of operations and changes in net
assets for each of the three years in the period then ended. These
financial statements are the responsibility of the Trustee (see Footnote
(a)(1)). Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
Our procedures included confirmation of the securities owned as of June 30,
1997, as shown in the statement of financial condition and schedule 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 151 as of June 30, 1997, and the results of its operations and
the changes in its 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
October 3, 1997
New York, New York
</AUDIT-REPORT>
A-1
<PAGE>
STATEMENT OF FINANCIAL CONDITION
NATIONAL MUNICIPAL TRUST
SERIES 151
June 30, 1997
TRUST PROPERTY
<TABLE>
<S> <C>
Investments in municipal bonds at market value (amortized
cost $13,660,448) (Note (a) and Schedule of Portfolio
Securities Notes (4) and (5)) $13,880,425
Accrued interest receivable 297,478
Total 14,177,903
LIABILITIES AND NET ASSETS
Less Liabilities:
Due to Trustee 48,364
Accrued Trust fees and expenses 3,536
Total liabilities 51,900
Net Assets:
Balance applicable to 14,576 Units of fractional
undivided interest outstanding (Note (c)):
Capital, plus net unrealized market appreciation
of $219,977 $13,880,425
Undistributed principal and net investment income
(Note (b)) 245,578
Net assets $14,126,003
Net asset value per Unit ($14,126,003 divided by 14,576 Units) $ 969.13
</TABLE>
See notes to financial statements
A-2
<PAGE>
STATEMENTS OF OPERATIONS
NATIONAL MUNICIPAL TRUST
SERIES 151
<TABLE>
<CAPTION>
For the years ended June 30,
1997 1996 1995
<S> <C> <C> <C>
Investment income - interest $ 919,039 $ 936,640 $ 947,970
Less Expenses:
Trust fees and expenses 22,141 23,738 24,023
Total expenses 22,141 23,738 24,023
Investment income - net 896,898 912,902 923,947
Net gain on investments:
Realized gain (loss) on securities sold or
redeemed 10,816 (6,600) (14,025)
Net unrealized market appreciation 167,706 233,475 221,055
Net gain on investments 178,522 226,875 207,030
Net increase in net assets resulting from
operations $1,075,420 $1,139,777 $1,130,977
</TABLE>
See notes to financial statements
A-3
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
NATIONAL MUNICIPAL TRUST
SERIES 151
<TABLE>
<CAPTION>
For the years ended June 30,
1997 1996 1995
<S> <C> <C> <C>
Operations:
Investment income - net $ 896,898 $ 912,902 $ 923,947
Realized gain (loss) on securities sold
or redeemed 10,816 (6,600) (14,025)
Net unrealized market appreciation 167,706 233,475 221,055
Net increase in net assets
resulting from operations 1,075,420 1,139,777 1,130,977
Less Distributions to Unit Holders:
Principal (138,426) (120,000) (255,000)
Investment income - net (874,085) (892,350) (905,850)
Total distributions (1,012,511) (1,012,350) (1,160,850)
Less Capital Share Transactions:
Redemption of 424 Units (404,441) - -
Accrued interest on redemption (6,674) - -
Total capital share transactions (411,115) - -
Net (decrease) increase in net assets (348,206) 127,427 (29,873)
Net assets:
Beginning of year 14,474,209 14,346,782 14,376,655
End of year (including undistributed prin-
cipal and net investment income of
$245,578, $248,406 and $247,049, respec-
tively) $14,126,003 $14,474,209 $14,346,782
</TABLE>
See notes to financial statements
A-4
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NATIONAL MUNICIPAL TRUST
SERIES 151
June 30, 1997
(a) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Trust is registered under the Investment Company Act of 1940 as a
Unit Investment Trust. The following is a summary of the significant
accounting policies of the Trust:
(1) Basis of Presentation
The Trustee has custody of and responsibility for all accounting
and financial books, records, financial statements and related data
of the Trust and is responsible for establishing and maintaining a
system of internal controls directly related to, and designed to
provide reasonable assurance as to the integrity and reliability
of, financial reporting of the Trust. The Trustee is also
responsible for all estimates and accruals reflected in the Trust's
financial statements. The Evaluator determines the price for each
underlying Security included in the Trust's Schedule of Portfolio
Securities on the basis set forth in Part B of this Prospectus,
"Public Offering of Units - Public Offering Price". Under the
Securities Act of 1933 ("the Act"), as amended, the Sponsor is
deemed to be an issuer of the Trust Units. As such, the Sponsor
has the responsibility of an issuer under the Act with respect to
financial statements of the Trust included in the Registration
Statement under the Act and amendments thereto.
(2) Investments
Investments are stated at market value as determined by the
Evaluator based on the bid side evaluations on the last day of
trading during the period, except that value on the date of deposit
(July 28, 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 151
June 30, 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 (July 28, 1992) exclusive of
accrued interest.
A reconciliation of the original cost of Units to investors to the net
amount applicable to investors as of June 30, 1997 follows:
<TABLE>
<S> <C>
Original cost to investors $15,449,060
Less: Gross underwriting commissions (sales charge) (733,800)
Net cost to investors 14,715,260
Cost of securities sold or redeemed (1,145,397)
Net unrealized market appreciation 219,977
Accumulated interest accretion 90,585
Net amount applicable to investors $13,880,425
</TABLE>
(d) OTHER INFORMATION
Selected data for a Unit of the Trust during each year:
<TABLE>
<CAPTION>
For the years ended June 30,
1997 1996 1995
<S> <C> <C> <C>
Principal distributions during
period $ 9.32 $ 8.00 $ 17.00
Net investment income distributions
during period $ 58.84 $ 59.49 $ 60.39
Net asset value at end of year $969.13 $964.95 $956.45
Trust Units outstanding at end of
year 14,576 15,000 15,000
</TABLE>
A-6
<PAGE>
SCHEDULE OF PORTFOLIO SECURITIES
NATIONAL MUNICIPAL TRUST
SERIES 151
June 30, 1997
<TABLE>
<CAPTION>
Port- Optional
folio Rating Face Coupon Maturity Sinking Fund Refunding Market
No. Title of Securities <F1> Amount Rate Date Redemptions<F3> Redemptions<F2> Value<F4><F5>
<C> <S> <C> <C> <C> <C> <C> <C> <C>
1. City of Blytheville,
Arkansas, Solid Waster
Recycling and Sewage Treat-
ment Revenue Bonds, (Nucor
Corporation Project),
Series 1992. <F7> AA- $ 500,000 6.900% 12/01/21 NONE 01/01/02@102 $ 536,620
2. State Public Works Board
of the State of California
Lease Revenue Bonds, (The
Regents of the University
of California), 1990
Series A. <F8> AAA 825,000 7.000 09/01/10 09/01/09@100 09/01/00@102 908,061
3. Los Angeles Convention and
Exhibition Center, Certi-
ficates of Participation,
1989 Series A. <F8> AAA 1,500,000 7.000 08/15/20 08/15/19@100 08/15/[email protected] 1,610,910
4. Regional Airports Improve-
ment Corporation, Facili-
ties Lease Revenue Bonds,
Issue of 1991, LAXFUEL
Corporation (Los Angeles
International Airport).
<F7> A- 1,000,000 6.700 01/01/22 01/01/13@100 01/01/02@102 1,055,930
5. Regional Airports Improve-
ment Corporation, Facili-
ties Lease Revenue Bonds,
Issue of 1991, LAXFUEL
Corporation (Los Angeles
International Airport).
<F7> A- 500,000 6.800 01/01/27 01/01/23@100 01/01/02@102 522,915
6. District of Columbia, Rev-
enue Bonds, (Association
of American Medical Col-
leges Issue), Series 1990. AA- 1,000,000 7.500 02/15/20 02/15/11@100 02/15/00@102 1,075,960
7. Illinois Health Facilities
Authority, Revenue Bonds,
Series 1992, (Mercy Center
for Health Care Services). A- 500,000 6.650 10/01/22 10/01/13@100 10/01/02@102 516,630
8. State of Illinois, Civic
Center Bonds, (Special
State Obligation Bonds),
Series 1990B (AMBAC
Insured). <F9> AAA 85,000 0.000 12/15/18 NONE NONE 24,152
9. Valparaiso Multi-Schools
Building Corporation,
(Porter County, Indiana),
First Mortgage Bonds,
Series 1992 (AMBAC
Insured). <F9> AAA 640,000 0.000 01/01/16 NONE NONE 224,205
10. City of Owensboro, Ken-
tucky, Electric Light and
Power System Revenue Bonds,
1991-B Series, (AMBAC
Insured). <F9> AAA 500,000 0.000 01/01/20 NONE NONE 141,780
11. Louisiana Public Facili-
ties Authority, Single-
Family Mortgage Purchase
Bonds, Series 1991A. <F10> Aa(6) 780,000 7.375 10/01/12 NONE 10/01/01@103 819,135
12. Massachusetts State
Health and Education Facil-
ity Authority Revenue, Mel-
rose-Wakefield Hospital,
Series B. A- 500,000 6.250 07/01/12 NONE 07/01/02@102 516,570
</TABLE>
A-7
<PAGE>
SCHEDULE OF PORTFOLIO SECURITIES
NATIONAL MUNICIPAL TRUST
SERIES 151
(CONTINUED)
June 30, 1997
<TABLE>
<CAPTION>
Port- Optional
folio Rating Face Coupon Maturity Sinking Fund Refunding Market
No. Title of Securities <F1> Amount Rate Date Redemptions<F3> Redemptions<F2> Value<F4><F5>
<C> <S> <C> <C> <C> <C> <C> <C> <C>
13. Massachusetts Water
Resources Authority Gene-
ral Revenue Bonds, 1992
Series A. <F8> AAA $ 355,000 6.500% 07/15/21 07/15/19@100 07/15/02@102 $ 392,882
14. Trustees of the Tulsa
Municipal Airport Trust,
American Airlines. <F7> Baa2<F6> 1,300,000 7.375 12/01/20 NONE 12/01/00@102 1,397,318
15. Lycoming County Author-
ity, Lycoming County, Penn-
sylvania, Hospital Revenue
Bonds, (Divine Providence
Hospital of the Sisters of
Christian Charity Obli-
gated Group), Series A. A- 525,000 6.500 07/01/22 07/01/03@100 07/01/03@100 556,479
16. Lycoming County Author-
ity, Lycoming County, Penn-
sylvania, Hospital Revenue
Bonds, (Divine Providence
Hospital of the Sisters of
Christian Charity Obli-
gated Group), Series B. A- 165,000 6.500 07/01/22 NONE 07/01/03@100 174,893
17. The Hospitals and Higher
Education Facilities
Authority of Philadelphia,
Hospital Revenue Bonds,
Series A & B of 1991
(Graduate Health System
Obligated Group). BBB+ 1,000,000 6.625 07/01/21 07/01/19@100 07/01/02@100 1,025,800
18. Lawrence County, South
Dakota, Pollution Control
Refunding Revenue Bonds,
(Black Hills Power and
Light Company Project),
Series 1992. A2<F6> 500,000 6.700 06/01/10 NONE 06/01/02@102 528,905
19. Alliance Airport Author-
ity, Inc. Special Facili-
ties Revenue Bonds, Series
1990 (American Airlines,
Inc. Project). <F7> Baa2<F6> 225,000 7.500 12/01/29 12/01/16@100 12/01/00@102 242,710
20. Port of Corpus Christi
Authority of Nueces County,
Texas, Pollution Control
Revenue Bonds, (Hoechst
Celanese Corporation Proj-
ect), Series 1992. <F7> A+ 1,500,000 6.875 04/01/17 NONE 04/01/02@102 1,608,570
$13,900,000 $13,880,425
</TABLE>
See notes to schedule of portfolio securities
A-8
<PAGE>
NOTES TO SCHEDULE OF PORTFOLIO SECURITIES
NATIONAL MUNICIPAL TRUST
SERIES 151
June 30, 1997
<F1> All ratings are provided by Standard & Poor's Corporation, unless
otherwise indicated. A brief description of applicable Security
ratings is given under "Bond Ratings" in Part B of this Prospectus.
<F2> There is shown under this heading the date on which each issue of
Securities is redeemable by the operation of optional call
provisions and the redemption price for that date; unless otherwise
indicated, each issue continues to be redeemable at declining
prices thereafter but not below par. Securities listed as
noncallable, 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 June 30, 1997 was
determined by the Evaluator on the basis of bid side evaluations
for the Securities at such date.
<F5> At June 30, 1997, the net unrealized market appreciation of all
Securities was comprised of the following:
<TABLE>
<S> <C>
Gross unrealized market appreciation $251,862
Gross unrealized market depreciation (31,885)
Net unrealized market appreciation $219,977
</TABLE>
The amortized cost of the Securities for Federal income tax
purposes was $13,660,448 at June 30, 1997.
<F6> Moody's Investors Service, Inc. rating.
<F7> 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.
<F8> The Issuers of Portfolio Nos. 2, 3 and 13 have indicated that they
will refund these Securities on their respective optional
redemption dates.
A-9
<PAGE>
NOTES TO SCHEDULE OF PORTFOLIO SECURITIES
NATIONAL MUNICIPAL TRUST
SERIES 151
June 30, 1997
<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.
<F10> Face amount of $30,000 was called for redemption on July 1, 1997.
Such Securities are valued at the amount of the proceeds
subsequently received.
A-10
<PAGE>
(MODULE)
NMT-PUT-PTB-996
0000941856
3ttrjz#m
(/MODULE)
<PAGE>
This Post-Effective Amendment to the Registration
Statement on Form S-6 comprises the following papers and docu-
ments:
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.
The following Exhibits:
****EX-3.(i) - Restated Certificate of Incorporation of
Prudential Securities Incorporated dated
March 29, 1993.
*****EX- - Revised By-Laws of Prudential Securities In-
3.(ii) corporated as amended through June 21,
1996.
+EX-4 - Trust Indenture and Agreement dated Septem-
ber 6, 1989.
*EX-23 - Consent of Kenny S&P Evaluation Services, a
division of J.J. Kenny Co., Inc. (as
evaluator).
***EX-24 - Powers of Attorney executed by a majority of
the Board of Directors of Prudential Secu-
rities Incorporated.
*Ex-27 - Financial Data Schedule.
Ex-99 - Information as to Officers and Directors of
Prudential Securities Incorporated is in-
corporated 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 invest-
ment companies.
**EX-99.3 - Broker's Blanket Policies, Standard Form No.
39 in the aggregate amount of $62,500,000.
+EX-99.4 - Investment Advisory Agreement.
II-1
<PAGE>
_________________________
* 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 Securi-
ties Act of 1933 of Prudential Unit Trusts, Insured
Tax-Exempt Series 1, Registration No. 2-89263.
*** Incorporated by reference to exhibits of same designa-
tion filed with the Securities and Exchange Commission
as an exhibit to the Registration Statement under the
Securities Act of 1933 of National Municipal Trust Se-
ries, Series 172, Registration No. 33-54681 and National
Equity Trust, Top Ten Portfolio Series 3, Registration
No. 333-15919.
**** Incorporated by reference to exhibit of same designation
filed with the Securities and Exchange Commission as an
exhibit to the Registration Statement under the Securi-
ties 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 Securi-
ties 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 Securi-
ties 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 151 cer-
tifies 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 Registra-
tion Statement or amendment 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 23rd day of October,
1997.
NATIONAL MUNICIPAL TRUST,
Series 151
(Registrant)
By PRUDENTIAL SECURITIES INCORPORATED
(Depositor)
By the following persons,* who
constitute a majority of the
Board of Directors of Prudential
Securities Incorporated
Alan D. Hogan
A. Laurence Norton, Jr.
Leland B. Paton
Martin Pfinsgraff
Vincent T. Pica II
Hardwick Simmons
Lee B. Spencer, Jr.
By __/s/ Kenneth Swankie _________
(Kenneth Swankie
Senior Vice President,
Manager--Unit Investment
Trust Department,
as authorized signatory for
Prudential Securities
Incorporated and Attorney-
in-Fact for the persons
listed above)
_____________________
* Pursuant to Powers of Attorney previously filed.
II-3
<PAGE>
CONSENT OF COUNSEL
The consent of counsel to the use of its name in the
Prospectus included in this Registration Statement is contained
in its opinion filed as Exhibit 5 to the Registration State-
ment.
II-4
<PAGE>
CONSENT OF INDEPENDENT AUDITORS
We consent to the use of our report, dated October 3, 1997, accompanying the
financial statements of the National Municipal Trust, Series 151 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
October 22, 1997
New York, New York
II-5
<PAGE>
Exhibit 23
Letterhead of Kenny S&P Evaluation Services
(a division of J.J. Kenny Co., Inc.)
October 24, 1997
Prudential Securities Incorporated
1 New York Plaza
New York, NY 10292
Re: National Municipal Trust
Post-Effective Amendment No. 5
Series 151____________________
Gentlemen:
We have examined the post-effective Amendment to the
Registration Statement File No. 33-48350 for the above-
captioned trust. We hereby acknowledge that Kenny S&P Evalua-
tion Services, a division of J.J. Kenny Co., Inc., is currently
acting as the evaluator for the trust. We hereby consent to
the use in the Registration Statement of the references to
Kenny S&P Evaluation Services, a division of J.J. Kenny Co.,
Inc., as evaluator.
In addition, we hereby confirm that the ratings indi-
cated in the Registration Statement for the respective bonds
comprising the trust portfolio are the ratings currently indi-
cated in our KENNYBASE database as of the date of the evalua-
tion report.
You are hereby authorized to file a copy of this let-
ter with the Securities and Exchange Commission.
Sincerely,
Frank A. Ciccotto
Frank A. Ciccotto
Vice President
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND> THE SCHEDULE CONTAINS SUMMARY FINANCIAL
INFORMATION EXTRACTED FROM THE FINANCIAL
STATEMENTS FOR NATIONAL MUNICIPAL TRUST
SERIES 151 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS
</LEGEND>
<RESTATED>
<CIK> 0000888476
<NAME> NATIONAL MUNICIPAL TRUST
SERIES 151
<SERIES>
<NAME> NATIONAL MUNICIPAL TRUST
SERIES
<NUMBER> 151
<MULTIPLIER> 1
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> Jun-30-1997
<PERIOD-START> Jul-1-1996
<PERIOD-END> Jun-30-1997
<INVESTMENTS-AT-COST> 13,660,448
<INVESTMENTS-AT-VALUE> 13,880,425
<RECEIVABLES> 297,478
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,177,903
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 51,900
<TOTAL-LIABILITIES> 51,900
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,661,995
<SHARES-COMMON-STOCK> 14,576
<SHARES-COMMON-PRIOR> 15,000
<ACCUMULATED-NII-CURRENT> 244,031
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 219,977
<NET-ASSETS> 14,126,003
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 898,625
<OTHER-INCOME> 20,414
<EXPENSES-NET> 22,141
<NET-INVESTMENT-INCOME> 896,898
<REALIZED-GAINS-CURRENT> 10,816
<APPREC-INCREASE-CURRENT> 167,706
<NET-CHANGE-FROM-OPS> 1,075,420
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 874,085
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 138,426
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 424
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (348,206)
<ACCUMULATED-NII-PRIOR> 248,306
<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>
