File No. 33-60738 CIK #900231
Securities and Exchange Commission
Washington, D. C. 20549
Post-Effective
Amendment No. 1
to
Form S-6
For Registration under the Securities Act of 1933
of Securities of Unit Investment Trusts Registered
on Form N-8B-2
Kemper Defined Funds Insured National Series 1
Name and executive office address of Depositor:
Kemper Unit Investment Trusts
(a service of Kemper Securities, Inc.)
77 West Wacker - 29th Floor
Chicago, Illinois 60601
Name and complete address of agent for service:
C. Perry Moore
77 West Wacker - 29th Floor
Chicago, Illinois 60601
X( X ) Check box if it is proposed that this filing will
become effective at 2:00 p.m. on September 28, 1994 pursuant to
paragraph (b) of Rule 485.
<PAGE>
Kemper Defined Funds
Insured National
Series 1
Part Two
Dated September 28, 1994
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.
NOTE: Part Two of this Prospectus May Not Be Distributed unless
Accompanied by
Part One.
<PAGE>
Kemper Defined Funds
Insured National
Series 1
Essential Information
As of August 15, 1994
Sponsor and Evaluator: Kemper Unit Investment
Trusts
Trustee: Investors Fiduciary Trust
Company
<TABLE>
<CAPTION>
General Information
<S>
<C>
Principal Amount of Municipal Bonds
$10,000,000
Number of Units
1,030,600
Fractional Undivided Interest in the Trust per Unit
1/1,030,600
Principal Amount of Municipal Bonds per Unit
$9.703
Public Offering Price:
Aggregate Bid Price of Municipal Bonds in the Portfolio
$9,734,517
Aggregate Bid Price of Municipal Bonds per Unit
$9.445
Cash per Unit (1)
$-
Pricing accrued interest to date of settlement
$.057
Sales Charge 3.627% (3.5% of Public Offering Price)
$.345
Public Offering Price per Unit (inclusive of accrued
interest) (2)
$9.847
Redemption Price per Unit (exclusive of accrued interest)
$9.502
Excess of Public Offering Price per Unit Over Redemption
Price per Unit
$.345
Minimum Value of the Trust under which Trust Agreement
may be terminated
$2,000,000
</TABLE>
Date of Trust
June 23, 1993
Mandatory Termination Date
December 31, 2002
Annual Evaluation and Portfolio Surveillance Fees: Evaluation
fee of $.30 per
$1,000 principal amount of Municipal Bonds. Evaluations for
purpose of sale,
purchase or redemption of Units are made as of the close of
business of the
Sponsor next following receipt of an order for a sale or purchase
of Units or
receipt by Investors Fiduciary Trust Company of Units tendered
for redemption.
Portfolio surveillance fee of $.20 per 100 Units.
[FN]
1. This amount, if any, represents principal cash or overdraft
which is an
asset or liability of the Trust and is included in the Public
Offering Price.
2. Units are offered at the Public Offering Price plus accrued
interest to
the date of settlement (five business days after purchase).
<PAGE>
Kemper Defined Funds
Insured National
Series 1
Essential Information (continued)
As of August 15, 1994
Sponsor and Evaluator: Kemper Unit Investment
Trusts
Trustee: Investors Fiduciary Trust
Company
<TABLE>
<CAPTION>
Special Information Based on Various Distribution Options
Monthly
<S>
<C>
--------
Calculation of Estimated Net Annual
Interest Income per Unit (3):
Estimated Annual Interest Income
$.439065
Less: Estimated Annual Expense
.017861
--------
Estimated Net Annual Interest Income
$.421204
========
Calculation of Interest Distribution
per Unit:
Estimated Net Annual Interest Income
$.421204
Divided by 12
$.035100
Estimated Daily Rate of Net Interest
Accrual per Unit
$.001170
Estimated Current Return Based on Public
Offering Price (3)
4.28%
Estimated Long-Term Return (3)
4.85%
</TABLE>
Trustee's Annual Fee and Expenses (including Evaluator's and
Portfolio
Surveillance Fees): $.017861 ($.007284 of which represents
expenses) per Unit
under the monthly, distribution options.
Record and Computation Dates: First day of the month.
Distribution Dates: Fifteenth day of the month.
[FN]
3. The Estimated Long-Term Return and Estimated Current Return
will vary.
For detailed explanation, see Part One of this prospectus.
<PAGE>
Report of Independent Auditors
Unitholders
Kemper Defined Funds
Insured National Series 1
We have audited the accompanying statement of assets and
liabilities,
including the schedule of investments, of Kemper Defined Funds
Insured
National Series 1 as of May 31, 1994, and the related statements
of operations
and changes in net assets for the period from June 23, 1993 (Date
of Deposit)
to May 31, 1994. These financial statements are the
responsibility of the
Trust's sponsor. Our responsibility is to express an opinion on
these
financial statements based on our audit.
We conducted our audit 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 investments owned as of May
31, 1994, by
correspondence with the custodial bank. An audit also includes
assessing the
accounting principles used and significant estimates made by the
sponsor, as
well as evaluating the overall financial statement presentation.
We believe
that our audit provides 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 Kemper Defined
Funds Insured
National Series 1 at May 31, 1994, and the results of its
operations and the
changes in its net assets for the period from June 23, 1993 to
May 31, 1994,
in conformity with generally accepted accounting principles.
Ernst & Young LLP
Kansas City, Missouri
September 14, 1994
<PAGE>
Kemper Defined Funds
Insured National
Series 1
Statement of Assets and Liabilities
May 31, 1994
<TABLE>
<CAPTION>
<S> <C>
<C>
Assets
Municipal Bonds, at value (cost $9,963,752) (Note 1)
$9,765,010
Accrued interest
147,667
----------
9,912,677
Liabilities and net assets
Cash overdraft
77,309
Accrued liabilities
1,525
----------
78,834
Net assets, applicable to 1,030,600 Units outstanding
(Note 5):
Cost of Trust assets, including purchased
interest of $33,068 $9,996,820
Unrealized depreciation (Note 2) (198,742)
Distributable funds 35,765
----------
----------
Net assets
$9,833,843
==========
</TABLE>
[FN]
See accompanying notes to financial statements.
<PAGE>
Kemper Defined Funds
Insured National
Series 1
Statement of Operations
<TABLE>
<CAPTION>
Period from
June 23,
1993 to
May 31,
1994
<S>
<C>
- ---------
Investment income - interest
$424,847
Expenses:
Trustee's fees and related expenses
12,585
Evaluator's and portfolio surveillance fees
4,752
- ---------
Total expenses
17,337
- ---------
Net investment income
407,510
Unrealized depreciation on investments
during the period
(198,742)
- ---------
Net increase in net assets resulting
from operations
$208,768
=========
</TABLE>
[FN]
See accompanying notes to financial statements.
<PAGE>
Kemper Defined Funds
Insured National
Series 1
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Period from
June 23,
1993 to
May 31,
1994
<S>
<C>
- ----------
Operations:
Net investment income
$407,510
Unrealized depreciation on investments
during the period
(198,742)
- ----------
Net increase in net assets resulting
from operations
208,768
Distributions to Unitholders:
Net investment income
(371,745)
Capital transactions:
Issuance of 1,030,600 Units, including
purchased interest of $33,068
9,996,820
- ----------
Total increase in net assets
9,833,843
Net assets:
At the beginning of the period
-
- ----------
At the end of the period (including
distributable funds applicable to
Trust Units of $35,765 at May 31, 1994)
$9,833,843
==========
Trust Units outstanding at the end
of the period
1,030,600
==========
</TABLE>
[FN]
See accompanying notes to financial statements.
<PAGE>
<TABLE>
Kemper
Defined Funds
Insured
National
Series
1
Schedule of
Investments
May 31,
1994
<CAPTION>
Coupon
Maturity Redemption Principal
Name of Issuer and Title of Bond(5) Rate
Date Provisions(2) Rating(1) Amount(4) Value(3)
<S> <C> <C>
<C> <C> <C> <C>
-------
- ---------- -------------- --------- ----------- ----------
City of Austin, Texas, Combined Utility Systems 0.00%
11/15/2001 Non-Callable AAA $150,000 $99,174
Revenue Refunding Bonds, Series 1993A. Insured
by Municipal Bond Investors Assurance
Corporation (MBIA). (6)
District of Columbia (Washington, D.C.), General 5.00
12/01/2001 Non-Callable AAA 1,850,000 1,811,576
Obligation Refunding Bonds, Series 1993D.
Insured by Financial Guaranty Insurance
Company (FGIC).
Fairbanks North Star Borough, Alaska, General 4.90
3/01/2000 Non-Callable AAA 2,000,000 1,965,560
Obligation Refunding Bonds, 1993 Series S.
Insured by MBIA.
Tempe Elementary School District No. 3 of Maricopa 4.35
7/01/1998 Non-Callable AAA 2,000,000 1,963,700
County, Arizona, School Improvement and Refunding
Bonds, Series 1993. Insured by FGIC.
Michigan State Housing Development Authority, 4.25
4/01/1997 Non-Callable AAA 2,000,000 1,978,360
Rental Housing Revenue Bonds, 1993 Series A.
Insured by AMBAC Indemnity Corporation (AMBAC).
City of Round Rock, Texas (Williamson and Travis 4.50
8/15/1999 Non-Callable AAA 2,000,000 1,946,640
Counties), General Obligation Refunding Bonds,
Series 1993. Insured by AMBAC.
----------- ----------
$10,000,000 $9,765,010
=========== ==========
</TABLE>
[FN]
See accompanying notes to Schedule of Investments.
<PAGE>
Kemper Defined Funds
Insured National
Series 1
Notes to Schedule of Investments
1. All ratings are by Standard & Poor's Corporation, unless
marked with the
symbol "*", in which case the rating is by Moody's Investors
Service, Inc.
The symbol "NR" indicates Bonds for which no rating is available.
2. There is shown under this heading the year in which each
issue of Bonds is
initially redeemable and the redemption price for that year or,
if currently
redeemable, the redemption price currently in effect; unless
otherwise
indicated, each issue continues to be redeemable at declining
prices
thereafter, but not below par value. In addition, certain Bonds
in the
Portfolio may be redeemed in whole or in part other than by
operation of the
stated redemption or sinking fund provisions under certain
unusual or
extraordinary circumstances specified in the instruments setting
forth the
terms and provisions of such Bonds. "S.F." indicates a sinking
fund is
established with respect to an issue of Bonds. Redemption
pursuant to call
provisions generally will, and redemption pursuant to sinking
fund provisions
may, occur at times when the redeemed Bonds have a valuation
which represents
a premium over the call price or par.
To the extent that the Bonds were deposited in the Trust at a
price higher
than the price at which they are redeemed, this will represent a
loss of
capital when compared with the original Public Offering Price of
the Units.
To the extent that the Bonds were acquired at a price lower than
the
redemption price, this may represent an increase in capital when
compared with
the original Public Offering Price of the Units. Distributions
of net income
will generally be reduced by the amount of the income which would
otherwise
have been paid with respect to redeemed Bonds and, unless
utilized to pay for
Units tendered for redemption, there will be distributed to
Unitholders the
principal amount and any premium received on such redemption. In
this event
the estimated current return and estimated long-term return may
be affected by
such redemptions.
3. See Note 1 to the accompanying financial statements for a
description of
the method of determining cost and value.
<PAGE>
Kemper Defined Funds
Insured National
Series 1
Notes to Schedule of Investments
(continued)
4. At May 31, 1994, the Portfolio of the Trust consists of 6
obligations
issued by 5 entities located in 4 states and 1 entity located in
the District
of Columbia. Two obligations, representing $2,150,000 of the
aggregate
principal amount, are payable from the income of a specific
project or
authority and are not supported by an issuer's power to levy
taxes. Four
obligations, representing $7,850,000 of the aggregate principal
amount, are
general obligations of governmental entities and are backed by
the taxing
powers of such entities. The sources of payment for the revenue
bonds are
divided as follows: Housing, 1; Utilities, 1. Approximately 60%
of the
aggregate principal amount of Bonds in the Trust will mature
within five years
after May 31, 1994.
5. Insurance on the Bonds in the Trust was obtained by the
issuers of such
Bonds.
6. This Bond has been purchased at a discount from the par value
because
there is no stated interest income thereon. Such Bond is
normally described
as a "zero coupon" Bond. Over the life of the Bond the value
increases, so
that upon maturity, the holders of the Bond will receive 100% of
the principal
amount thereof.
[FN]
See accompanying notes to financial statements.
<PAGE>
Kemper Defined Funds
Insured National
Series 1
Notes to Financial Statements
1. Significant Accounting Policies
Valuation of Municipal Bonds
Municipal Bonds (Bonds) are stated at bid prices as determined by
Kemper Unit
Investment Trusts (A Service of Kemper Securities, Inc.), the
"Evaluator" and
sponsor of the Trust. The aggregate bid prices of the Bonds are
determined by
the Evaluator based on (a) current bid prices of the Bonds, (b)
current bid
prices for comparable bonds, (c) appraisal, or (d) any
combination of the
above. (See Note 5 - Insurance.)
Cost of Municipal Bonds
Cost of the Trust's Bonds was based on the offering prices of the
Bonds on
June 23, 1993 (Date of Deposit). The premium or discount
(including any
original issue discount) existing at June 23, 1993, is not being
amortized.
Realized gain (loss) from Bond transactions is reported on an
identified cost
basis.
2. Unrealized Appreciation and Depreciation
Following is an analysis of net unrealized depreciation at May
31, 1994:
<TABLE>
<CAPTION>
<S>
<C>
Gross unrealized depreciation
$(198,837)
Gross unrealized appreciation
95
- ----------
Net unrealized depreciation
$(198,742)
==========
</TABLE>
3. Transactions with Affiliates
The Trustee, Investors Fiduciary Trust Company, is 50% owned by
Kemper
Financial Services, Inc., an affiliate of Kemper Unit Investment
Trusts. On
July 19, 1994, State Street Boston Corporation announced that it
had signed a
letter of intent to acquire Investors Fiduciary Trust Company.
The
acquisition is not expected to have an effect on the operation of
the Trust.
The Trustee's fee (not including the reimbursement of
out-of-pocket expenses),
calculated monthly, is at the annual rate of $1.09 per $1,000
principal amount
of Bonds in the Trust, based on the largest aggregate principal
amount of
Bonds in the Trust at any time during each month.
<PAGE>
Kemper Defined Funds
Insured National
Series 1
Notes to Financial Statements (continued)
3. Transactions with Affiliates (continued)
Kemper Unit Investment Trusts received an evaluation fee, payable
monthly, at
an annual rate of $.30 per $1,000 principal amount of Bonds,
based on the
largest aggregate principal amount of Bonds in the Trust at any
time during
such monthly period and a portfolio surveillance fee, payable
monthly, at an
annual rate of $.20 per 100 Units based on the total number of
Units of the
Trust outstanding as of the January record date.
4. Federal Income Taxes
The Trust is not an association taxable as a corporation for
federal income
tax purposes. Each Unitholder is considered to be the owner of a
pro rata
portion of the Trust under Subpart E, Subchapter J of Chapter 1
of the
Internal Revenue Code of 1986, as amended. Accordingly, no
provision has been
made for federal income taxes.
5. Other Information
Cost to Investors
The cost to initial investors of Units of the Trust was based on
the aggregate
offering price of the Bonds on the date of an investor's
purchase, plus
purchased and accrued interest and a sales charge of 3.0% of the
Public
Offering Price (equivalent to 3.093% of the net amount invested).
The Public
Offering Price for secondary market transactions is based on the
aggregate bid
price of the Bonds plus or minus a pro rata share of cash or
overdraft in the
Principal Account, if any, on the date of an investor's purchase,
plus
purchased and accrued interest and a sales charge of 3.5% of the
Public
Offering Price (equivalent to 3.627% of the net amount invested).
Insurance
Insurance guaranteeing the payment of all principal and interest
on the Bonds
in the portfolio has been obtained from independent companies by
the
respective issuers of such Bonds. Insurance obtained by a Bond
issuer is
effective as long as such Bonds are outstanding. As a result of
such
insurance, the Units of the Trust have received a rating of "AAA"
by Standard
& Poor's Corporation. No representation is made as to any
insurer's ability
to meet its commitments.
<PAGE>
Kemper Defined Funds
Insured National
Series 1
Notes to Financial Statements (continued)
5. Other Information (continued)
Distributions
Distributions of net investment income to Unitholders are
declared and paid
monthly. An initial distribution to investors of $.001 per Unit
was paid on
July 15, 1993. Such income distributions, on a record date
basis, are as
follows:
<TABLE>
<CAPTION>
Period from
June 23, 1993
to May 31, 1994
Per Unit Total
<S> <C> <C>
-------- ---------
$.361* $371,745*
</TABLE>
[FN]
* Includes $8,799 ($.009 per Unit) distributed to the
Underwriters of the
Trust, representing interest income from the Date of Deposit to
June 30, 1993
(First Settlement Date).
<PAGE>
Kemper Defined Funds
Insured National
Series 1
Notes to Financial Statements (continued)
5. Other Information (continued)
Selected data for a Unit of the Trust outstanding throughout the
period -
<TABLE>
<CAPTION>
Period from
June 30,
1993 to
May 31,
1994
<S>
<C>
------
Investment income - interest
$.404
Expenses
.017
------
Net investment income
.387
Distributions to Unitholders:
Net investment income
(.352)
Net loss on investments
(.193)
------
Change in net asset value
(.158)
Net asset value:
Beginning of the period
9.700*
------
End of the period, including
distributable funds
$9.542
======
</TABLE>
[FN]
* Value at June 23, 1993 (Date of Deposit).
<PAGE>
Consent of Independent Auditors
We consent to the reference to our firm under the caption
"Independent
Auditors" and to the use of our report dated September 14, 1994,
in this Post-
Effective Amendment to the Registration Statement (Form S-6) and
related
Prospectus of Kemper Defined Funds Insured National Series 1
dated September
28, 1994.
Ernst & Young LLP
Kansas City, Missouri
September 28, 1994
<PAGE>
Contents of Post-Effective Amendment
To Registration Statement
This Post-Effective amendment to the Registration Statement
comprises the following papers and documents:
The facing sheet
The prospectus
The signatures
The Consent of Independent Accountants
<PAGE>
Signatures
Pursuant to the requirements of the Securities Act of 1933, The
Registrant, Kemper Defined Funds Insured National Series 1,
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 Amendment to the
Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Chicago,
and State of Illinois, on the 27th day of September, 1994.
Kemper Defined Funds Insured National Series 1
Registrant
By: Kemper Unit Investment Trusts
(a service of Kemper Securities, Inc.)
Depositor
By: C. Perry Moore
Attorney-In-Fact
Pursuant to the requirements of the Securities Act of 1933, this
Amendment to the Registration Statement has been signed below on
September 27, 1994 by the following persons, who constitute a
majority of the Board of Directors of Kemper Securities, Inc.
Signature Title
James R. Boris Chairman and Chief Executive Officer
James R. Boris
Donald F. Eller Senior Executive Vice President and Director
Donald F. Eller
Stanley R. Fallis Senior Executive Vice President, Chief
Financial
Stanley R. Fallis Officer and Director
Frank V. Geremia Senior Executive Vice President and Director
Frank V. Geremia
David B. Mathis Director
David B. Mathis
Robert T. Jackson Director
Robert T. Jackson
Jay B. Walters Senior Executive Vice President and Director
Jay B. Walters
Frederick C. Hosken Senior Executive Vice President and Director
Frederick C. Hosken
Charles M. Kierscht Director
Charles M. Kierscht
Arthur J. McGivern Director
Arthur J. McGivern
C. Perry Moore
C. Perry Moore signs this document pursuant to power of attorney
filed with the Securities and Exchange Commission with (a)
Amendment No. 1 to the Registration Statement on Form S-6 for
Kemper Tax-Exempt Insured Income Trust, Series A-70 and
Multi-State Series 28 and Kemper Tax-Exempt Income Trust,
Multi-State Series 42 (Registration No. 33-35425, (b) Amendment
No. 1 to the Registration Statement of Form S-6 for Kemper
Tax-Exempt Insured Income Trust, Series A-72 and Multi-State
Series 30 (Registration No. 33-37178) and (c) Amendment No. 1 to
the Registration Statement of Form S-6 for Kemper Tax-Exempt
Insured Income Trust, Multi-State Series 51 (Registration No.
33-48398).
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from
Post-effective Amendment Number 1 to Form S-6 and is qualified in
its entirety by reference to such Post-effective Amendment to Form S-6
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> KEMPER DEFINED FUNDS INS NATIONAL SERIES
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> MAY-31-1994
<PERIOD-START> JUN-23-1993
<PERIOD-END> MAY-31-1994
<INVESTMENTS-AT-COST> 9,963,752
<INVESTMENTS-AT-VALUE> 9,765,010
<RECEIVABLES> 147,667
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,912,677
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 78,834
<TOTAL-LIABILITIES> 78,834
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,996,820
<SHARES-COMMON-STOCK> 1,030,600
<SHARES-COMMON-PRIOR> 1,030,600
<ACCUMULATED-NII-CURRENT> 35,765
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (198,742)
<NET-ASSETS> 9,833,843
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 424,847
<OTHER-INCOME> 0
<EXPENSES-NET> 17,337
<NET-INVESTMENT-INCOME> 407,510
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (198,742)
<NET-CHANGE-FROM-OPS> 208,768
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (371,745)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9,833,843
<ACCUMULATED-NII-PRIOR> 0
<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>
