<PAGE>
As filed with the Securities and Exchange Commission on June 25, 1997
Registration No. 33-65305
==========================================================================
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
___________________
A. Exact Name of Trust:
NATIONAL MUNICIPAL TRUST,
Series 184
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 June 30, 1997 pursuant to paragraph (b);
___
/__/ 60 days after filing pursuant to paragraph (a);
___
/__/ on (date) pursuant to paragraph (a) of rule 485.
<PAGE>
CUSIP: 63701J702R 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 184
- --------------------------------------------------------------------------------
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.
97.8% of the aggregate principal amount of the Securities consists of investment
grade state, municipal and public authority debt obligations ('Long-Term
Securities') and 2.2% of the aggregate principal amount of the Securities
consists of short term municipal securities (the 'DSC Payment Securities'), the
principal and interest from which will be used in payment of the deferred sales
charge ('DSC').
The objectives of the Trust are (1) 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 debt obligations issued on behalf of states, counties, municipalities,
authorities and political subdivisions thereof, and territories, or possessions
of the United States, and the conservation of capital and (2) the payment of the
DSC from the interest payments, if any, on, and the principal paid at the
maturity of, the DSC Payment Securities. 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 June 30, 1997
<PAGE>
<PAGE>
NATIONAL MUNICIPAL TRUST
Series 184
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
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>
<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 184 (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 by 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. In some
cases, distribution on a semi-annual basis may be available. (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. The Sponsor's Repurchase Price, like the Redemption
Price, will reflect the deduction from the value of the underlying Securities of
any unpaid amount of the Deferred Sales Charge and to the extent the entire
Deferred Sales Charge has not been so deducted or paid at the time of redemption
or sale of the Units, the remainder will be deducted from the proceeds of
redemption or sale. (See Part B--'Rights of Unit
Holders--Redemption--Computation of Redemption Price per Unit.')
RISK 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 and
short-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.') In the event of a default by the issuer of a DSC
Payment Security, other assets of the Trust would be utilized to pay the
deferred sales charge, and the sale of Securities other than the DSC Payment
Securities may be required. 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 '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
A-i
<PAGE>
<PAGE>
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.
Portfolio Summary
National Trust
The Portfolio contains 13 issues of Securities of issuers located in 11
states. Three of the issues (3.3%* of the Trust) are general obligations of a
governmental entity and are backed by the general taxing power of the 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: 15.4%* of the
Trust; housing facilities: 31.6%* of the Trust; electric facilities: 10.1%* of
the Trust; transportation facilities: 20.4%* of the Trust; industrial
development facilities: 19.2%* of the Trust. The Trust is concentrated in
housing facilities Securities.
The Portfolio also contains Securities representing 21.3%* of the Trust
(single-family housing securities) which are subject to the requirements of
Section 103A of the Internal Revenue Code of 1954 or Section 143 of the Internal
Revenue Code of 1986, as amended.
78.4%* of the Securities in the Trust are rated by Standard & Poor's
Corporation (33.7%* being rated AAA, 9.5%* being rated AA and 35.2%* being rated
A) and 21.6%* of the Securities in the Trust are rated by Moody's Investors
Service (1.1%* being rated Aaa, 10.4%* being rated A and 10.1%* 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.
Eleven Securities in the Trust have been issued with an 'original issue
discount.' (See Part B--'Tax Status.')
Of these original issue discount bonds, approximately 5.4% of the aggregate
principal amount of the Securities in the Trust (although only 1.1%* of the
aggregate bid price of all Securities in the Trust) are zero coupon bonds
(including bonds known as multiplier bonds, money multiplier bonds, capital
appreciation bonds, capital accumulator bonds, compound interest bonds, and
discount maturity payment bonds).
Alternative Minimum Tax
The Sponsor's affiliate, The Prudential Investment Corporation, estimates
that 52.2% of the estimated net annual income per Unit consists of interest on
private activity bonds, which interest is to be treated as a tax preference item
for alternative minimum tax purposes. (See 'Tax Status' and 'Schedule of
Portfolio Securities.')
- ------------
* Percentages computed on the basis of the aggregate bid price of the
Securities in the Trust on May 23, 1997.
A-ii
<PAGE>
<PAGE>
SUMMARY OF ESSENTIAL INFORMATION
NATIONAL MUNICIPAL TRUST
Series 184
As of May 23, 1997
<TABLE>
<S> <C>
FACE AMOUNT OF SECURITIES......................... $10,215,000.00
NUMBER OF UNITS................................... 10,000
FRACTIONAL UNDIVIDED INTEREST IN THE TRUST
REPRESENTED BY EACH UNIT........................ 1/10,000th
PUBLIC OFFERING PRICE(2)
Aggregate bid side evaluation of Securities in
the Trust..................................... $ 9,962,827.58
Bid side evaluation per Unit of Securities
subject to a sales charge (excludes DSC
Payment Securities)........................... $ 974.33
Sales charge of 5.5% (5.82% of Securities
subject to a sales charge)(3)................. $ 56.71
Bid side evaluation per Unit of DSC Payment
Securities.................................... $ 21.95
--------------
Aggregate of bid side evaluation plus the total
sales charge(2)............................... $ 1,052.99
--------------
Deferred sales charge........................... $ 21.84
Up-front sales charge........................... $ 34.87
--------------
Public Offering Price per Unit (bid side
evaluation of Securities plus Up-front sales
charge)(2)(3)(4).............................. $ 1,031.15
--------------
--------------
REDEMPTION AND SPONSOR'S REPURCHASE PRICE PER UNIT
(based on bid side evaluation of underlying
Securities less the DSC, $56.71 less than Public
Offering Price per Unit)(4)..................... $ 974.44
--------------
--------------
MINIMUM PRINCIPAL DISTRIBUTION: No distribution need be made from
the Principal Account if the balance therein is less than $5
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--64.1%; at par--0%; at a discount from par--35.9%
EVALUATOR'S FEE FOR EACH EVALUATION: $10 per evaluation of the
portfolio.
EVALUATION TIME: 3:30 P.M. New York time.
MANDATORY TERMINATION DATE: (5) The Trust will terminate on the
date of the maturity, redemption, sale or other disposition of
the last Security held in the Trust.
MINIMUM VALUE OF TRUST: The Trust may be terminated if the value
of the Trust is less than 4,000,000
DATE OF DEPOSIT: March 19, 1996(1)
</TABLE>
<TABLE>
<CAPTION>
Monthly
-------
<S> <C>
CALCULATION OF ESTIMATED NET ANNUAL INCOME PER UNIT(4)(9)
Estimated Annual Income per Unit............................................................... $59.51
Less estimated annual expenses per Unit(5)..................................................... $ 2.58
-------
Estimated Net Annual Income per Unit........................................................... $56.93
-------
-------
Trustee's Annual Fee (including estimated expenses and Evaluator's fee)
per $1,000 principal amount of Securities...................................................... $ 1.93
Estimated Organizational Expenses per $1,000 principal amount of Securities...................... $ .40
Daily Rate of Income Accrual per Unit(8)......................................................... $.1581
Estimated Current Return(6)(7)(9)................................................................ 5.52%
Estimated Long-Term Return(7).................................................................... 5.41%
INTEREST DISTRIBUTION
Estimated Net Annual Income per Unit / 12...................................................... $ 4.74
Record Dates--tenth day of each month
Distribution Dates--twenty-fifth day of each month
Deferred Sales Charge Deduction Dates: The first day of each quarter, commencing June 1, 1996 and
ending on March 1, 1999
- ------------------
Footnotes: See Page A-iv
</TABLE>
A-iii
<PAGE>
<PAGE>
- ------------
(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 May 23, 1997 and may vary
from the Public Offering Price on the date of this Prospectus or any subsequent
date.
(3) The total sales charge consists of an Upfront Sales charge and a
Deferred Sales Charge, the total of which equals 5.5% of the aggregate of the
bid side evaluation of the Securities subject to a sales charge plus the total
sales charge (5.82% of the bid side evaluation of the Securities other than the
DSC Payment Securities). The Upfront Sales Charge is computed by deducting any
remaining unpaid Deferred Sales Charge from the total sales charge; thus, on the
date of the Summary Essential Information, the Upfront Sales charge is $34.87
per Unit. The Upfront Sales charge is calculated based on the total sales charge
at the time of purchase and added to the net asset value of a Unit and,
therefore, may vary based on changes in the valuation of the Securities. The
Upfront Sales Charge will be reduced on a graduated basis on purchases of 100
Units or more. See Part B--'Public Offering of Units--Volume Discount.' The
Deferred Sales charge is paid through reduction of the net asset value of the
Trust by $2.98 per Unit quarterly on each Deferred Sales charge Deduction Date.
See Part B--'Public Offering of Units--Secondary Market Sales Charge.' If a Unit
Holder exchanges, redeems or sells his Units to the Sponsor prior to the last
Deferred Sales Charge Deduction Date, the Unit Holder is obligated to pay any
remaining Deferred Sales Charge, the amount of which will reduce the disposition
proceeds.
(4) Exclusive of accrued interest (other than on the DSC Payment Securities)
which to May 29, 1997, the expected date of settlement for the purchase of Units
on May 23, 1997 was $3.63.
(5) Includes Trustee's fee, Sponsor's Portfolio supervision fee, estimated
expenses and Evaluator's fees.
(6) 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.')
(7) The Estimated Current Return is calculated by dividing the Estimated Net
Annual Income per Unit (which does not include the income on the DSC Payment
Securities) 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 (including the DSC Payment
Securities) 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.
(8) In calculating these figures the interest income on the DSC Payment
Securities has not been included.
(9) Does not include discount accretion on original issue discount or zero
coupon bonds.
A-iv
<PAGE>
<AUDIT-REPORT>
INDEPENDENT AUDITORS' REPORT
THE UNIT HOLDERS, SPONSOR AND TRUSTEE
NATIONAL MUNICIPAL TRUST
SERIES 184
We have audited the accompanying statement of financial condition and
schedule of portfolio securities of the National Municipal Trust Series 184
as of February 28, 1997, and the related statements of operations and
changes in net assets for the period from March 19, 1996 (date of deposit)
to February 28, 1997. 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 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 the securities owned as of
February 28, 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 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 the National Municipal
Trust Series 184 as of February 28, 1997 and the results of its operations
and the changes in its net assets for the period from March 19, 1996 (date
of deposit) to February 28, 1997 in conformity with generally accepted
accounting principles.
DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
May 12, 1997
New York, New York
</AUDIT-REPORT>
A-1
<PAGE>
STATEMENT OF FINANCIAL CONDITION
NATIONAL MUNICIPAL TRUST
SERIES 184
February 28, 1997
TRUST PROPERTY
<TABLE>
<S> <C>
Investments in municipal bonds at market value (amortized cost
$9,855,925) (Note (a) and Schedule of Portfolio Securities
Notes (4) and (5)) $10,083,596
Accrued interest receivable 156,278
Deferred organizational costs 16,667
Total 10,256,541
LIABILITIES AND NET ASSETS
Less Liabilities:
Deferred sales charge payable (Note(e)) 239,100
Organizational costs payable 16,667
Due to Trustee 217,924
Accrued Trust fees and expenses 8,223
Total liabilities 481,914
Net Assets:
Balance applicable to 10,000 Units of fractional
undivided interest outstanding (Note (c)):
Capital, plus net unrealized market appreciation
of $227,671 $9,726,096
Undistributed net investment income (Note (b)) 48,531
Net assets $9,774,627
Net asset value per Unit ($9,774,627 divided by 10,000 Units) $ 977.46
</TABLE>
See notes to financial statements
A-2
<PAGE>
STATEMENT OF OPERATIONS
NATIONAL MUNICIPAL TRUST
SERIES 184
<TABLE>
<CAPTION>
For the period from
March 19, 1996
(date of deposit)
to February 28, 1997
<S> <C>
Investment income - interest $572,333
Less Expenses:
Trust fees and expenses 22,515
Amortization of organizational costs 3,333
Total expenses 25,848
Investment income - net 546,485
Net gain on investments:
Realized loss on securities sold or redeemed (27)
Net unrealized market appreciation 227,671
Net gain on investments 227,644
Net increase in net assets resulting from operations $774,129
</TABLE>
See notes to financial statements
A-3
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
NATIONAL MUNICIPAL TRUST
SERIES 184
<TABLE>
<CAPTION>
For the period from
March 19, 1996
(date of deposit)
to February 28, 1997
<S> <C>
Operations:
Investment income - net $ 546,485
Realized loss on securities sold or redeemed (27)
Net unrealized market appreciation 227,671
Net increase in net assets resulting from operations 774,129
Less Distributions to Unit Holders:
Investment income - net (497,700)
Total distributions (497,700)
Net increase in net assets 276,429
Net assets:
Beginning of period (Note (c)) 9,498,198
End of period (including undistributed net investment
income of $48,531) $9,774,627
</TABLE>
See notes to financial statements
A-4
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NATIONAL MUNICIPAL TRUST
SERIES 184
February 28, 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
(March 19, 1996) 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 portion of the Trust's
organizational costs will be paid by the Trust and is being
deferred and amortized over a period of five years.
A-5
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NATIONAL MUNICIPAL TRUST
SERIES 184
February 28, 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 initial deposit (March 19, 1996)
exclusive of accrued interest.
A reconciliation of the original cost of Units to investors to the net
amount applicable to investors as of February 28, 1997 follows:
<TABLE>
<S> <C>
Original cost to investors $9,989,000
Less: Gross underwriting commissions (sales charge) (490,802)
Net cost to investors 9,498,198
Cost of securities sold or redeemed (5,440)
Net unrealized market appreciation 227,671
Accumulated interest accretion 5,667
Net amount applicable to investors $9,726,096
</TABLE>
(d) OTHER INFORMATION
Selected data for a Unit of the Trust during the period:
<TABLE>
<CAPTION>
<S> <C>
Interest income $ 57.23
Expenses (2.59)
Investment income - net 54.64
Income distributions (49.77)
4.87
Net unrealized market appreciation 22.77
Net increase in net asset value 27.64
Net asset value - beginning of period 949.82
Net asset value - end of period $977.46
</TABLE>
A-6
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NATIONAL MUNICIPAL TRUST
SERIES 184
February 28, 1997
(e) DEFERRED SALES CHARGE
Represents the remaining unpaid amount of mandatory distributions of
$2.98 per Unit per quarter payable the first day of each quarter through
March 1, 1999. Distributions will be made to an account maintained by
the Trustee from which the deferred sales charge obligation of the
investors to the Sponsor will be satisfied. If Units are redeemed prior
to March 1, 1999, the remaining portion of the distribution applicable
to such Units will be transferred to such account on the redemption
date.
A-7
<PAGE>
SCHEDULE OF PORTFOLIO SECURITIES
NATIONAL MUNICIPAL TRUST
SERIES 184
February 28, 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 Valdez, Alaska,
Marine Terminal Revenue
Refunding Bonds, (BP Pipe-
lines (Alaska) Inc. Proj-
ect), Series 1993C. AA $ 1,000,000 5.650% 12/01/28 NONE 12/01/03@102 $ 954,020
2. Alabama State Docks
Department, Dock Facilities
Revenue Bonds, Series 1996.
(MBIA Insured) <F7><F8> AAA 1,000,000 6.300 10/01/21 10/01/17@100 10/01/06@102 1,043,420
3. Idaho Housing Agency,
Single-Family Mortgage Bonds,
1995 Series F. <F7> AAA 1,000,000 6.450 07/01/27 01/01/16@100 07/01/05@102 1,017,240
4. Illinois Health Facilities
Authority, Revenue Bonds,
Series 1993 (OSF Health Care
System). A+ 500,000 6.000 11/15/23 11/15/14@100 11/15/03@102 500,955
5. Massachusetts Health and
Educational Facilities
Authority, Revenue Bonds,
Dana-Farber Cancer Institute
Issue, Series G-1. A1<F6> 1,000,000 6.250 12/01/22 12/01/15@100 12/01/05@102 1,031,490
6. School District of the
City of Detroit, Wayne
County, Michigan, School
Building and Site Improve-
ment Bonds (Unlimited Tax
General Obligation), Series
1996A. (AMBAC Insured) <F8><F9> AAA 110,000 3.700 05/01/97 NONE NONE 110,011
7. School District of the
City of Detroit, Wayne
County, Michigan, School
Building and Site Improve-
ment Bonds (Unlimited Tax
General Obligation), Series
1996A. (AMBAC Insured) <F8><F9> AAA 110,000 4.200 05/01/98 NONE NONE 110,529
8. Missouri Housing Develop-
ment Commission, Single-
Family Mortgage Revenue
Bonds, (Homeownership Loan
Program), 1996 Series A.
<F7> AAA 995,000 7.200 09/01/26 03/01/14@100 09/01/06@105 1,082,809
9. North Carolina Eastern
Municipal Power Agency,
Power System Revenue Bonds,
Refunding Series 1991 A. Baa1<F6> 950,000 6.500 01/01/18 07/01/17@100 NONE 1,007,142
10. The Martin County Indus-
trial Facilities and Pollu-
tion Control Financing
Authority (North Carolina),
Solid Waste Disposal Revenue
Bonds (Weyerhaeuser Company
Project), 1993. <F7> A 1,000,000 5.650 12/01/23 NONE 12/01/03@102 969,080
11. New York City Industrial
Development Agency Special
Facility Revenue Bonds,
Series 1994 (Terminal One
Group Association, L.P.
Project). <F7> A 1,000,000 6.000 01/01/19 01/01/16@100 01/01/04@102 993,890
12. Coppell Independent
School District (Dallas
County, Texas), Unlimited
Tax School Building and
Refunding Bonds, Series
1995. Aaa<F6> 550,000 0.000 08/15/25 NONE NONE 106,645
</TABLE>
A-8
<PAGE>
SCHEDULE OF PORTFOLIO SECURITIES
NATIONAL MUNICIPAL TRUST
SERIES 184
(CONTINUED)
February 28, 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. Grand Prairie Housing
Finance Corporation, Multi-
Family Housing Revenue
Bonds, (Windsor Housing
Foundation Project), Senior
Lien, Series 1995A. A $ 1,000,000 6.875% 02/01/25 02/01/06@100 02/01/05@102 $ 1,046,390
14. Richland School District,
Richland County, Wisconsin,
General Obligation School
Building and Refunding
Bonds. (FGIC Insured) <F8><F9> AAA 110,000 4.000 04/01/99 NONE NONE 109,975
$10,325,000 $10,083,596
</TABLE>
See notes to schedule of portfolio securities
A-9
<PAGE>
NOTES TO SCHEDULE OF PORTFOLIO SECURITIES
NATIONAL MUNICIPAL TRUST
SERIES 184
February 28, 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 February 28, 1997 was
determined by the Evaluator on the basis of bid side evaluations
for the Securities at such date.
<F5> At February 28, 1997, the net unrealized market appreciation of all
Securities was comprised of the following:
<TABLE>
<S> <C>
Gross unrealized market appreciation $229,967
Gross unrealized market depreciation (2,296)
Net unrealized market appreciation $227,671
</TABLE>
The amortized cost of the Securities for Federal income tax
purposes was $9,855,925 at February 28, 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> Insurance to maturity has been obtained by the Issuer from the
listed Insurance Company for the Security. The "AAA" rating on
his Security is based on the creditworthiness and claims-paying
ability of the Insurance Company.
<F9> The interest payments and principal payments on these Securities
will be distributed by the Trust to the Sponsor in payment of the
deferred sales charge.
A-10
<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.
The following Exhibits:
****EX-3.(i) - Restated Certificate of Incorporation of Prudential
Securities Incorporated dated March 29, 1993.
*****EX-3.(ii) - Revised By-Laws of Prudential Securities
Incorporated as amended through June 21, 1996.
+EX-4 - Trust Indenture and Agreement dated September 6,
1989.
*EX-23 - Consent of Kenny S&P Evaluation Services, a
division of J.J. Kenny Co., Inc. (as evaluator).
***EX-24 - Powers of Attorney executed by a majority of the
Board of Directors of Prudential Securities
Incorporated.
*Ex-27 - Financial Data Schedule.
Ex-99 - Information as to Officers and Directors of
Prudential Securities Incorporated is
incorporated by reference to Schedules A and D of
Form BD filed by Prudential Securities
Incorporated pursuant to Rules l5b1-1 and l5b3-1
under the Securities Exchange Act of 1934 (1934
Act File No. 8-16267).
**EX-99.2 - Affiliations of Sponsor with other investment
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 Securities Act of 1933 of Prudential
Unit Trusts, Insured Tax-Exempt Series 1, Registration No. 2-89263.
*** 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, Series 172, Registration No. 33-54681 and
National Equity Trust, Top Ten Portfolio Series 3, Registration No.
333-15919.
**** Incorporated by reference to exhibit of same designation filed with
the Securities and Exchange Commission as an exhibit to the
Registration Statement under the Securities Act of 1933 of Government
Securities Equity Trust Series 5, Registration No. 33-57992.
***** Incorporated by reference to exhibit of same designation filed with
the Securities and Exchange Commission as an exhibit to the
Registration Statement under the Securities Act of 1933 of National
Municipal Trust, Series 186, Registration No. 33-54697.
+ Incorporated by reference to exhibit of same designation filed with
the Securities and Exchange Commission as an exhibit to the
Registration Statement under the Securities Act of 1933 of National
Municipal Trust, Insured Series 43, Registration No. 33-29314.
II-2
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
registrant, National Municipal Trust, Series 184 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 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 24th day of June, 1997.
NATIONAL MUNICIPAL TRUST,
Series 184
(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 consent of counsel to the use of its name in the Prospectus
included in this Registration Statement is contained in its opinion filed
as Exhibit 5 to the Registration Statement.
II-4
<PAGE>
CONSENT OF INDEPENDENT AUDITORS
We consent to the use of our report dated May 12, 1997, accompanying the
financial statements of the National Municipal Trust Series 184 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
June 23, 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.)
June 25, 1997
Prudential Securities Incorporated
1 New York Plaza
New York, NY 10292
Re: National Municipal Trust
Post-Effective Amendment No. 1
Series 184
Gentlemen:
We have examined the post-effective Amendment to the
Registration Statement File No. 33-65305 for the above-captioned trust. We
hereby acknowledge that Kenny S&P Evaluation Services, a division of J.J.
Kenny Co., Inc., is currently acting as the evaluator for the trust. We
hereby consent to the use in the Registration Statement of the references
to Kenny S&P Evaluation Services, a division of J.J. Kenny Co., Inc., as
evaluator.
In addition, we hereby confirm that the ratings indicated in
the Registration Statement for the respective bonds comprising the trust
portfolio are the ratings currently indicated in our KENNYBASE database as
of the date of the evaluation report.
You are hereby authorized to file a copy of this letter with
the Securities and Exchange Commission.
Sincerely,
Frank A. Ciccotto
Frank A. Ciccotto
Vice President
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND> THE SCHEDULE CONTAINS SUMMARY FINANCIAL
INFORMATION EXTRACTED FROM THE FINANCIAL
STATEMENTS FOR NATIONAL MUNICIPAL TRUST
SERIES 184 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS
</LEGEND>
<RESTATED>
<CIK> 0000941884
<NAME> NATIONAL MUNICIPAL TRUST
SERIES 184
<SERIES>
<NAME> NATIONAL MUNICIPAL TRUST
SERIES
<NUMBER> 184
<MULTIPLIER> 1
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> Feb-28-1997
<PERIOD-START> Mar-19-1996
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 9,855,925
<INVESTMENTS-AT-VALUE> 10,083,596
<RECEIVABLES> 172,945
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,256,541
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 481,914
<TOTAL-LIABILITIES> 481,914
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,511,652
<SHARES-COMMON-STOCK> 10,000
<SHARES-COMMON-PRIOR> 10,000
<ACCUMULATED-NII-CURRENT> 35,304
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 227,671
<NET-ASSETS> 9,774,627
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 566,666
<OTHER-INCOME> 5,667
<EXPENSES-NET> 25,848
<NET-INVESTMENT-INCOME> 546,485
<REALIZED-GAINS-CURRENT> (27)
<APPREC-INCREASE-CURRENT> 227,671
<NET-CHANGE-FROM-OPS> 774,129
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 497,700
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 276,429
<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>
