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NUVEEN
NUVEEN NATIONAL
INSURED UNIT TRUST 315 851
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<S> <C>
RATED: "AAA" NUVEEN TAX-FREE UNIT TRUSTS:
ESTIMATED CURRENT RETURN: For the tax-sensitive, conservative investor.
5.31 - 5.53% - Tax-Free
ESTIMATED LONG-TERM RETURN: - Dependable Income
5.38 - 5.64% - Diversified Portfolios
DATE OF DEPOSIT: March 13, 1996 - Top-Rated Municipal Bonds
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UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK AND ARE NOT FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FDIC OR
ANY OTHER FEDERAL AGENCY AND INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE
LOSS OF PRINCIPAL.
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QUICK FACTS ABOUT THIS UNIT TRUST
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<S> <C>
Tax Status Income is exempt from federal income tax but may
be subject to state and local tax. Capital gains
are taxable.
Total Principal $10,000,000 in 100,000 units
Average Life 27.6 years
Call Protection Earliest ordinary optional call is 2004
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $100.79 to $97.81 depending on the purchase amount
Cusip 6710A4 645 monthly payment plan
Numbers 6710A4 652 quarterly payment plan
6710A4 660 semi-annual payment plan
Insurance Individual bonds (not units) are fully insured by
MBIA Insurance Corporation, which guarantees
timely payment of interest and principal.
Registration Registered in all states
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Payment Investors may choose to receive monthly, quarterly
Plans or semi-annual interest payments.
Bond Calls Most municipal bonds are subject to optional bond
calls. Bonds are usually called at a premium price
and generally not below par value.
Sales Charge The sales charge is a one-time expense included in
the Public Offering Price.
Letter Investors may use a Letter of Intent to get
of Intent reduced sales charges on purchases made over a
(LOI) 13-month period (and to take advantage of dollar
cost averaging). Minimum LOI investment $50,000.
Redemptions Units can be redeemed on any business day at no
charge. Units are redeemed at their current market
value.
Reinvestment Interest income and returned principal can be
reinvested with no sales charge into Nuveen tax-
free mutual or money market funds. For more
information obtain a prospectus.
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PORTFOLIO INCOME DIVERSIFICATION
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Colorado 9.0 % Illinois 10.0 % Indiana 15.3 %
Louisiana 10.0 Massachusetts 15.1 New York 9.8
Oklahoma 10.3 Pennsylvania 20.5
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<S> <C>
MATURITY DATES (Descrtiption of Chart)
2015-19 11.2%
2020-24 30.0%
2025+ 58.8%
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The earliest ordinary optional call date is 2004
YIELD COMPARISON AS OF 03/12/96*
(Descrition of Yield Comparison Chart)
Nuveen UIT
Pre-Tax 8.30%
Tax Equivalent Yield 5.31%
Treasury Bonds
Pre-Tax 7.00%
Tax Equivalent Yield 6.65%
Corporate Bonds
Yield 7.41%
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*COMPARES TRUST WITH 30-YEAR TREASURY BONDS AND LEHMAN BROTHERS INVESTMENT
GRADE LONG CORPORATE BOND INDEX. ASSUMES 36.0% FEDERAL AND 5.0% STATE INCOME
TAX RATES. TREASURY BONDS ARE SUBJECT TO FEDERAL BUT NOT STATE INCOME TAXES;
CORPORATE BONDS ARE GENERALLY SUBJECT TO BOTH. TREASURY BONDS, UNLIKE
MUNICIPAL BONDS, ARE GUARANTEED BY THE U.S. GOVERNMENT. THE LEHMAN BROTHERS
INVESTMENT GRADE LONG CORPORATE BOND INDEX IS CALCULATED AS OF 2/29/96.
CALL 1.800.257.8787 FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION
INCLUDING CHARGES AND EXPENSES.
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BONDS THIS UNIT TRUST CONTAINS
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RATINGS
PRINCIPAL EARLIEST CALL ----------
AMOUNT BOND ISSUE DATE AND PRICE S&P MOODY'S
<C> <S> <C> <C><C>
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$ 880,000 City and County of Denver, Colorado, Airport System Revenue Bonds, Series AAA Aaa
1995A, 5.70% Due 11/15/25. 2005 at 102
130,000 Metropolitan Pier and Exposition Authority (Illinois), McCormick Place AAA Aaa
Expansion Project Bonds, Series 1992A, 0.00% Due 6/15/15. (Original issue
discount bonds delivered on or about January 5, 1993 at a price of 22.783%
of principal amount.) No Optional
Call
1,000,000 Regional Transportation Authority (Cook, DuPage, Kane, Lake, McHenry and AAA Aaa
Will Counties, Illinois), General Obligation Refunding Bonds, Series 1996,
5.60% Due 6/1/25. 2005 at 102
1,500,000 Indiana Health Facility Financing Authority, Hospital Revenue Refunding and AAA Aaa
Improvement Bonds, Series 1995 (Community Hospitals Projects), 5.70% Due
5/15/22. 2006 at 102
1,000,000 Ernest N. Morial-New Orleans (Louisiana), Exhibition Hall Authority, AAA Aaa
Special Tax Bonds, Series 1996-C, 5.60% Due 7/15/25. 2006 at 101
1,000,000 Massachusetts Bay Transportation Authority, General Transportation System AAA Aaa
Bonds, 1995 Series A, 5.75% Due 3/1/25. (General Obligation Bonds.) 2005 at 102
500,000 Massachusetts Health and Educational Facilities Authority, Revenue Bonds, AAA Aaa
New England Medical Center Hospitals Issue, Series G-1, 5.375% Due 7/1/24. 2004 at 102
990,000 New York City (New York), Municipal Water Finance Authority, Water and AAA Aaa
Sewer System Revenue Bonds, Fixed Rate Fiscal 1994 Series B, 5.50% Due
6/15/19. 2004 at 101
1,000,000 Tulsa Metropolitan Utility Authority (Tulsa, Oklahoma), Utility Revenue AAA Aaa
Bonds, Series 1995, 5.75% Due 9/1/25. 2005 at 102
1,000,000 Cambria County Industrial Development Authority (Pennsylvania), Pollution AAA Aaa
Control Revenue Refunding Bonds, 1995 Series A (Pennsylvania Electric
Company Project), 5.80% Due 11/1/20. 2005 at 102
1,000,000 Lehigh County (Pennsylvania), General Purpose Authority, Hospital Revenue AAA Aaa
Bonds (Lehigh Valley Hospital), Series B of 1995, 5.625% Due 7/1/25. 2005 at 102
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$10,000,000 TOTAL 11 BONDS FROM 8 STATES
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HOW TO DETERMINE YOUR INCOME AND YIELD
HOW TO CALCULATE YOUR RETURN
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The estimated current return is the net income the sales charge, and returns are as of 03/12/96.
divided by the offering price. Estimated long-term As of this date, Units are offered at the public
return is a measure of the return to the investor offering price plus accrued interest to the
expected to be earned over the estimated life of settlement date of $.07. Returns and prices will
the Unit Trust. The public offering prices, which fluctuate.
include
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Public Estimated Return (CURRENT/Long Term)
Breakpoints Offering Sales -------------------------------------------------
Units / Dollars Price Charge Monthly Plan Quarterly Plan Semi-Annual Plan
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50 / $5,000 $ 100.79 4.90 % 5.31% 5.38% 5.34% 5.41% 5.36% 5.42 %
500 / $50,000 100.63 4.75 5.32 5.38 5.35 5.41 5.37 5.43
1,000 / $100,000 100.37 4.50 5.33 5.41 5.37 5.44 5.39 5.45
2,500 / $250,000 100.10 4.25 5.35 5.42 5.38 5.45 5.40 5.47
5,000 / $500,000 99.33 3.50 5.39 5.48 5.42 5.51 5.44 5.53
10,000 / $1,000,000 98.81 3.00 5.42 5.52 5.45 5.55 5.47 5.57
25,000 / $2,500,000 98.31 2.50 5.45 5.55 5.48 5.58 5.50 5.60
50,000 / $5,000,000 97.81 2.00 5.47 5.59 5.51 5.62 5.53 5.64
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HOW TO DETERMINE YOUR
TAXABLE EQUIVALENT YIELD
The table shows the approximate yield an investor must get from a taxable
investment to match the estimated current return from this Unit Trust.
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Taxable Equivalent Yield (by
UNIT TRUST tax bracket)
RETURN 28.0% 31.0% 36.0% 39.6%
<C> <S> <C> <C> <C> <C>
5.31 % 7.38% 7.70% 8.30% 8.79%
5.32 7.39 7.71 8.31 8.81
5.33 7.40 7.72 8.33 8.82
5.35 7.43 7.75 8.36 8.86
5.39 7.49 7.81 8.42 8.92
5.42 7.53 7.86 8.47 8.97
5.45 7.57 7.90 8.52 9.02
5.47 7.60 7.93 8.55 9.06
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JOHN NUVEEN & CO. INCORPORATED
333 WEST WACKER DRIVE, CHICAGO, IL 60606
HOW TO CALCULATE YOUR INCOME
The table shows expected interest payments for monthly, quarterly and
semi-annual plans. Payments will remain relatively constant as long as the Unit
Trust's size, composition and expenses remain the same. The first record date is
04/01/96.
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Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 4/15/96 $ .2676
Monthly plan 5/15/96 .4461 $ 5.3544
Quarterly plan 5/15/96 .4488
8/15/96 1.3464 5.3864
Semi-annual plan 5/15/96 .4503
11/15/96 2.7018 5.4054
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 100.86 = 99.147
investment offering price # of units
(as of and accrued purchased
03/12/96) interest
99.147 X $5.3544 = $530.87
# of units annual income annual income
purchased per unit
(monthly plan)
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