<PAGE>
NUVEEN
NUVEEN FLORIDA
INSURED UNIT TRUST 232 881
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
RATED: "AAA" NUVEEN TAX-FREE UNIT TRUSTS:
ESTIMATED CURRENT RETURN: For the tax-sensitive, conservative investor.
5.19 - 5.40% - Tax-Free
ESTIMATED LONG-TERM RETURN: - Dependable Income
5.25 - 5.52% - Diversified Portfolios
DATE OF DEPOSIT: July 30, 1996 - Top-Rated Municipal Bonds
</TABLE>
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.
- --------------------------------------------------------------------------------
QUICK FACTS ABOUT THIS UNIT TRUST
<TABLE>
<S> <C>
Tax Status Income is exempt from federal income tax. Capital
gains are taxable.
Total Principal $3,500,000 in 35,000 units
Average Life 26.5 years
Call Protection Earliest ordinary optional call is 2005
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $100.59 to $97.61 depending on the purchase amount
Cusip 6706H4 760 monthly payment plan
Numbers 6706H4 778 quarterly payment plan
6706H4 786 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 Florida
</TABLE>
<TABLE>
<S> <C>
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.
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
MATURITY DATES (Description of Chart)
2016-20 35.7%
2021-25 35.7%
2026+ 28.6%
The earliest ordinary optional call date is 2005
YIELD COMPARISON AS OF 07/29/96*
(Description of Yield Comparison Chart)
Nuveen UIT
Pre-Tax 8.11%
Tax Equivalent Yield 5.19%
Treasury Bonds
Pre-Tax
Tax Equivalent Yield 7.09%
Corporate Bonds
Yield 7.79%
</TABLE>
<PAGE>
*COMPARES TRUST WITH 30-YEAR TREASURY BONDS AND LEHMAN BROTHERS INVESTMENT
GRADE LONG CORPORATE BOND INDEX. ASSUMES 36.0% FEDERAL INCOME TAX RATE.
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 6/30/96.
CALL 1.800.257.8787 FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION
INCLUDING CHARGES AND EXPENSES.
READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
<PAGE>
- --------------------------------------------------------------------------------
BONDS THIS FLORIDA INSURED UNIT TRUST CONTAINS
<TABLE>
<CAPTION>
RATINGS
PRINCIPAL EARLIEST CALL ----------
AMOUNT BOND ISSUE DATE AND PRICE S&P MOODY'S
<C> <S> <C> <C><C>
----------------------------------------------------------------------------------------------------------------
$ 500,000 State of Florida, State Board of Education, Public Education Capital Outlay 2005 at 101 AAA Aaa
Bonds, 1994 Series C, 5.60% Due 6/1/25. (General Obligation Bonds.)
500,000 Alachua County Health Facilities Authority, Florida, Health Facilities 2006 at 102 AAA Aaa
Revenue Bonds, Series 1996A (Shands Teaching Hospital and Clinics, Inc.
Project), 5.80% Due 12/1/26.
250,000 Canaveral Port Authority (Florida), Port Improvement Revenue Refunding 2006 at 102 AAA Aaa
Bonds, Series 1996B, 5.70% Due 6/1/16. (When issued.)
500,000 Indian River County, Florida, Water and Sewer Revenue Bonds, Series 1996, 2006 at 102 AAA Aaa
5.50% Due 9/1/26.
500,000 City of Jacksonville, Florida, District Water and Sewer Revenue Bonds, 2006 at 102 AAA Aaa
Series 1996, 5.00% Due 10/1/20. (Original issue discount bonds delivered on
or about February 14, 1996 at a price of 94.906% of principal amount.)
500,000 City of Lakeland, Florida, Hospital Revenue Refunding Bonds (Lakeland 2006 at 102 AAA Aaa
Regional Medical Center Project), Series 1996, 5.25% Due 11/15/16.
250,000 Lee County, Florida, Transportation Facilities Revenue Bonds, Series 1995, 2005 at 102 AAA Aaa
5.75% Due 10/1/22. (Original issue discount bonds delivered on or about May
16, 1995 at a price of 94.726% of principal amount.)
500,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 1996 (General 2006 at 101 AAA Aaa
Obligation Bonds.), 5.40% Due 7/1/25. 1/2
----------------------------------------------------------------------------------------------------------------
$ 3,500,000 TOTAL 8 BONDS
</TABLE>
- --------------------------------------------------------------------------------
HOW TO DETERMINE YOUR INCOME AND YIELD
HOW TO CALCULATE YOUR RETURN
<TABLE>
<S> <C>
The estimated current return is the net income the sales charge, and returns are as of 07/29/96.
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 $.03. Returns and prices will
the Unit Trust. The public offering prices, which fluctuate.
include
</TABLE>
<TABLE>
<CAPTION>
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 $ 100.59 4.90 % 5.19% 5.25% 5.23% 5.28% 5.24% 5.30 %
500 / $50,000 100.43 4.75 5.20 5.26 5.23 5.29 5.25 5.31
1,000 / $100,000 100.17 4.50 5.22 5.28 5.25 5.31 5.27 5.33
2,500 / $250,000 99.91 4.25 5.23 5.30 5.26 5.33 5.28 5.34
5,000 / $500,000 99.13 3.50 5.27 5.36 5.30 5.39 5.32 5.41
10,000 / $1,000,000 98.62 3.00 5.30 5.39 5.33 5.42 5.35 5.44
25,000 / $2,500,000 98.11 2.50 5.32 5.43 5.36 5.46 5.38 5.48
50,000 / $5,000,000 97.61 2.00 5.35 5.47 5.38 5.50 5.40 5.52
</TABLE>
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.
<TABLE>
<CAPTION>
Taxable Equivalent Yield (by tax
UNIT TRUST bracket)
RETURN 28.0% 31.0% 36.0% 39.6%
<C> <S> <C> <C> <C> <C>
5.19 % 7.21% 7.52% 8.11% 8.59 %
5.20 7.22 7.54 8.13 8.61
5.22 7.25 7.57 8.16 8.64
5.23 7.26 7.58 8.17 8.66
5.27 7.32 7.64 8.23 8.73
5.30 7.36 7.68 8.28 8.77
5.32 7.39 7.71 8.31 8.81
5.35 7.43 7.75 8.36 8.86
</TABLE>
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
09/01/96.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 9/15/96 $ .4498
Monthly plan 10/15/96 .4353 $ 5.2242
Quarterly plan 11/15/96 .8760
2/15/97 1.3140 5.2562
Semi-annual plan 11/15/96 .8790
5/15/97 2.6370 5.2752
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 100.62 = 99.383
investment offering price # of units
(as of and accrued purchased
07/29/96) interest
99.383 X $5.2242 = $519.20
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
<PAGE>
NUVEEN
NUVEEN MASSACHUSETTS
INSURED UNIT TRUST 139 881
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
RATED: "AAA" NUVEEN TAX-FREE UNIT TRUSTS:
ESTIMATED CURRENT RETURN: For the tax-sensitive, conservative investor.
5.19 - 5.40% - Double Tax-Free
ESTIMATED LONG-TERM RETURN: - Dependable Income
5.26 - 5.54% - Diversified Portfolios
DATE OF DEPOSIT: July 30, 1996 - Top-Rated Municipal Bonds
</TABLE>
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.
- --------------------------------------------------------------------------------
QUICK FACTS ABOUT THIS UNIT TRUST
<TABLE>
<S> <C>
Tax Status Income is exempt from federal and state income
taxes. Capital gains are taxable.
Total Principal $3,500,000 in 35,000 units
Average Life 25.3 years
Call Protection Earliest ordinary optional call is 2004
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $98.98 to $96.05 depending on the purchase amount
Cusip 670947 761 monthly payment plan
Numbers 670947 779 quarterly payment plan
670947 787 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 Massachusetts
</TABLE>
<TABLE>
<S> <C>
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.
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
MATURITY DATES (Description of Chart)
2015-17 28.6%
2018-20 0.0%
2021-23 14.3%
2024+ 57.1%
The earliest ordinary optional call date is 2004
YIELD COMPARISON AS OF 07/29/96*
(Description of Yield Comparison Chart)
Nuveen UIT
Pre-Tax 9.19%
Tax Equivalent Yield 5.19%
Treasury Bonds
Pre-Tax 8.06%
Tax Equivalent Yield 7.09%
Corporate Bonds
Yield 7.79%
</TABLE>
<PAGE>
*COMPARES TRUST WITH 30-YEAR TREASURY BONDS AND LEHMAN BROTHERS INVESTMENT
GRADE LONG CORPORATE BOND INDEX. ASSUMES 43.5% FEDERAL AND STATE INCOME TAX
RATE AND A 12.0% STATE INCOME TAX RATE. 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 6/30/96.
CALL 1.800.257.8787 FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION
INCLUDING CHARGES AND EXPENSES.
READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
<PAGE>
- --------------------------------------------------------------------------------
BONDS THIS MASSACHUSETTS INSURED UNIT TRUST CONTAINS
<TABLE>
<CAPTION>
RATINGS
PRINCIPAL EARLIEST CALL ----------
AMOUNT BOND ISSUE DATE AND PRICE S&P MOODY'S
<C> <S> <C> <C><C>
----------------------------------------------------------------------------------------------------------------
$ 500,000 Massachusetts Bay Transportation Authority, General Transportation System 2005 at 102 AAA Aaa
Bonds, 1995 Series A, 5.75% Due 3/1/25. (General Obligation Bonds.)
500,000 Massachusetts Health and Educational Facilities Authority, Revenue Bonds, 2004 at 102 AAA Aaa
New England Medical Center Hospitals Issue, Series G-1, 5.375% Due 7/1/24.
500,000 Massachusetts Industrial Finance Agency Revenue Bonds, Babson College 2005 at 102 AAA Aaa
Issue, Series 1995A, 5.75% Due 10/1/15.
500,000 Massachusetts Industrial Finance Agency, Refunding Revenue Bonds, St. 2006 at 102 AAA Aaa
Mark's School Issue, Series 1995, 5.375% Due 1/1/21.
500,000 Massachusetts Water Resources Authority, General Revenue Bonds, 1995 Series 2005 at 102 AAA Aaa
B, 5.00% Due 12/1/25. (Original issue discount bonds delivered on or about
January 4, 1996 at a price of 94.801% of principal amount.)
500,000 Quabbin Regional School District, Massachusetts, General Obligation Bonds 2006 at 102 AAA Aaa
(Junior-Senior High School Project), 5.00% Due 6/15/15.
500,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 1996 (General 2006 at 101 AAA Aaa
Obligation Bonds.), 5.40% Due 7/1/25. 1/2
----------------------------------------------------------------------------------------------------------------
$ 3,500,000 TOTAL 7 BONDS
</TABLE>
- --------------------------------------------------------------------------------
HOW TO DETERMINE YOUR INCOME AND YIELD
HOW TO CALCULATE YOUR RETURN
<TABLE>
<S> <C>
The estimated current return is the net income the sales charge, and returns are as of 07/29/96.
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 $.03. Returns and prices will
the Unit Trust. The public offering prices, which fluctuate.
include
</TABLE>
<TABLE>
<CAPTION>
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 $ 98.98 4.90 % 5.19% 5.26% 5.22% 5.30% 5.24% 5.32 %
500 / $50,000 98.82 4.75 5.20 5.27 5.23 5.31 5.25 5.33
1,000 / $100,000 98.57 4.50 5.21 5.29 5.24 5.33 5.26 5.35
2,500 / $250,000 98.31 4.25 5.22 5.31 5.26 5.35 5.27 5.37
5,000 / $500,000 97.54 3.50 5.26 5.37 5.30 5.41 5.32 5.43
10,000 / $1,000,000 97.04 3.00 5.29 5.41 5.32 5.45 5.34 5.47
25,000 / $2,500,000 96.54 2.50 5.32 5.45 5.35 5.49 5.37 5.51
50,000 / $5,000,000 96.05 2.00 5.35 5.48 5.38 5.52 5.40 5.54
</TABLE>
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.
<TABLE>
<CAPTION>
Taxable Equivalent Yield (by tax
UNIT TRUST bracket)
RETURN 36.5% 39.5% 43.5% 47.0%
<C> <S> <C> <C> <C> <C>
5.19 % 8.17% 8.58% 9.19% 9.79 %
5.20 8.19 8.60 9.20 9.81
5.21 8.20 8.61 9.22 9.83
5.22 8.22 8.63 9.24 9.85
5.26 8.28 8.69 9.31 9.92
5.29 8.33 8.74 9.36 9.98
5.32 8.38 8.79 9.42 10.04
5.35 8.43 8.84 9.47 10.09
</TABLE>
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
09/01/96.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 9/15/96 $ .4420
Monthly plan 10/15/96 .4278 $ 5.1347
Quarterly plan 11/15/96 .8610
2/15/97 1.2915 5.1667
Semi-annual plan 11/15/96 .8640
5/15/97 2.5920 5.1857
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 99.01 = 100.999
investment offering price # of units
(as of and accrued purchased
07/29/96) interest
100.999 X $5.1347 = $518.60
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
