<PAGE>
NUVEEN CALIFORNIA NUVEEN
INSURED UNIT TRUST 285 932
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
RATED: "AAA" NUVEEN TAX-FREE UNIT TRUSTS:
All bonds in this Unit Trust are insured by MBIA For the tax-sensitive, conservative investor.
Insurance Corporation. As a result, the bonds are - Double Tax-Free
rated Aaa by Moody's Investors Service, Inc. - Dependable Income
and/or AAA by Standard & Poor's, the highest - Diversified Portfolios
rating given by each agency. - Top-Rated Municipal Bonds
ESTIMATED CURRENT RETURN: DATE OF DEPOSIT: April 10, 1997
5.26 - 5.48%
ESTIMATED LONG-TERM RETURN:
5.32 - 5.58%
</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 $4,000,000 in 40,000 units
Average Life 27.7 years
Call Protection Earliest ordinary optional call is 2006
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $100.26 to $97.30 depending on the purchase amount
Cusip 67065A 462 monthly payment plan
Numbers 67065A 470 quarterly payment plan
67065A 488 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 California
</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)
2016-18 3.1%
2019-21 15.0%
2022-24 26.9%
2025-27 42.5%
2028+ 12.5%
The earliest ordinary optional call date is 2006
YIELD COMPARISON AS OF 04/09/97*
(Description of Yield Comparison Chart)
Nuveen UIT
Yield 5.26%
Tax Equivalent Yield 9.07%
Treasury Bonds
Yield 7.09%
Tax Equivalent Yield 7.82%
Corporate Bonds
Yield 7.90%
</TABLE>
<PAGE>
*COMPARES TRUST AS OF 04/09/97 WITH 30-YEAR TREASURY BONDS AND LEHMAN BROTHERS
INVESTMENT GRADE LONG CORPORATE BOND INDEX AS OF 04/08/97. ASSUMES 42.0%
FEDERAL AND STATE INCOME TAX RATE AND A 9.30% 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.
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 CALIFORNIA 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 California, Department of Water Resources, Central Valley Project, 2006 at 101 AAA Aaa
Water System Revenue Bonds, Series Q, 5.375% Due 12/1/27. 1/2
125,000 Center Unified School District, Sacramento County, California, Election of No Optional AAA Aaa
1992 General Obligation Bonds, Series 1997C, 0.00% Due 9/1/17. (Original Call
issue discount bonds delivered on or about March 4, 1997 at a price of
31.296% of principal amount.)
600,000 Fremont Unified School District, Alameda County, California, General 2006 at 102 AAA Aaa
Obligation Bonds, Series F, 5.875% Due 8/1/20.
600,000 Los Angeles County Metropolitan Transportation Authority (California), 2006 at 101 AAA Aaa
Sales Tax Revenue Refunding Bonds, Proposition A-2nd Tier, Series 1996,
6.00% Due 7/1/26.
600,000 County of Orange, California, 1996 Recovery Certificates of Participation, 2006 at 102 AAA Aaa
Series A, 6.00% Due 7/1/26.
500,000 San Bernardino County, California, Certificates of Participation, Series 2006 at 102 AAA Aaa
1996 (Medical Center Financing Project), 5.00% Due 8/1/28. (Original issue
discount bonds delivered on or about January 31, 1996 at a price of 92.467%
of principal amount.)
575,000 Airports Commission, City and County of San Francisco, California, San 2006 at 101 AAA Aaa
Francisco International Airport, Second Series Revenue Bonds, Issue 12B,
5.65% Due 5/1/24.
500,000 The City of Turlock (California), Auxiliary Organization Revenue 2006 at 102 AAA Aaa
Certificates of Participation (California State University, Stanislaus
Foundation), Series 1995, 5.875% Due 6/1/22.
----------------------------------------------------------------------------------------------------------------
$ 4,000,000 TOTAL 8 BONDS FROM CALIFORNIA.
</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 04/09/97.
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
</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 $ 100.26 4.90 % 5.26% 5.32% 5.30% 5.35% 5.31% 5.37 %
500 / $50,000 100.11 4.75 5.27 5.32 5.30 5.35 5.32 5.37
1,000 / $100,000 99.84 4.50 5.29 5.35 5.32 5.38 5.34 5.40
2,500 / $250,000 99.58 4.25 5.30 5.36 5.33 5.39 5.35 5.41
5,000 / $500,000 98.81 3.50 5.34 5.42 5.37 5.45 5.39 5.47
10,000 / $1,000,000 98.30 3.00 5.37 5.46 5.40 5.49 5.42 5.51
25,000 / $2,500,000 97.79 2.50 5.40 5.49 5.43 5.52 5.45 5.54
50,000 / $5,000,000 97.30 2.00 5.42 5.53 5.46 5.56 5.48 5.58
</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 34.5% 37.5% 42.0% 45.0%
<C> <S> <C> <C> <C> <C>
5.26 % 8.03% 8.42% 9.07% 9.56 %
5.27 8.05 8.43 9.09 9.58
5.29 8.08 8.46 9.12 9.62
5.30 8.09 8.48 9.14 9.64
5.34 8.15 8.54 9.21 9.71
5.37 8.20 8.59 9.26 9.76
5.40 8.24 8.64 9.31 9.82
5.42 8.27 8.67 9.34 9.85
</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
05/01/97.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 5/15/97 $ .3076
Monthly plan 6/15/97 .4395 $ 5.2776
Quarterly plan 8/15/97 1.3266
11/15/97 1.3266 5.3096
Semi-annual plan 11/15/97 2.6640
5/15/98 2.6640 5.3286
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 100.33 = 99.671
investment offering price # of units
(as of and accrued purchased
04/09/97) interest
99.671 X $5.2776 = $526.02
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
<PAGE>
NUVEEN MASSACHUSETTS NUVEEN
INSURED UNIT TRUST 145 932
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
RATED: "AAA" NUVEEN TAX-FREE UNIT TRUSTS:
All bonds in this Unit Trust are insured by MBIA For the tax-sensitive, conservative investor.
Insurance Corporation. As a result, the bonds are - Double Tax-Free
rated Aaa by Moody's Investors Service, Inc. - Dependable Income
and/or AAA by Standard & Poor's, the highest - Diversified Portfolios
rating given by each agency. - Top-Rated Municipal Bonds
ESTIMATED CURRENT RETURN: DATE OF DEPOSIT: April 10, 1997
5.23 - 5.44%
ESTIMATED LONG-TERM RETURN:
5.28 - 5.55%
</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 24.7 years
Call Protection Earliest ordinary optional call is 2005
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $100.50 to $97.53 depending on the purchase amount
Cusip 67065D 169 monthly payment plan
Numbers 67065D 177 quarterly payment plan
67065D 185 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 21.1%
2018-20 28.6%
2021-23 0.0%
2024-26 36.0%
2027+ 14.3%
The earliest ordinary optional call date is 2005
YIELD COMPARISON AS OF 04/09/97*
(Description of Yield Comparison Chart)
Nuveen UIT
Yield 5.23%
Tax Equivalent Yield 9.26%
Treasury Bonds
Yield 7.09%
Tax Equivalent Yield 8.06%
Corporate Bonds
Yield 7.90%
</TABLE>
<PAGE>
*COMPARES TRUST AS OF 04/09/97 WITH 30-YEAR TREASURY BONDS AND LEHMAN BROTHERS
INVESTMENT GRADE LONG CORPORATE BOND INDEX AS OF 04/08/97. 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.
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 2006 at 101 AAA Aaa
Bonds, 1996 Series A, 5.625% Due 3/1/26. (Original issue discount bonds
delivered on or about March 21, 1996 at a price of 94.15% of principal
amount.)(General Obligation Bonds.)
500,000 Massachusetts Health and Educational Facilities Authority, Revenue Bonds, 2005 at 100 AAA Aaa
Emerson Hospital Issue, Series D, 5.80% Due 8/15/18.
500,000 Massachusetts Industrial Finance Agency, Revenue Bonds (Assumption College 2006 at 102 AAA Aaa
Issue, Series 1996), 5.875% Due 7/1/18.
500,000 Massachusetts Industrial Finance Agency, Revenue Bonds, Babson College 2007 at 102 AAA Aaa
Issue, Series 1997A, 5.25% Due 10/1/27. (Original issue discount bonds
delivered on or about January 15, 1997 at a price of 92.82% of principal
amount.)
300,000 Massachusetts Industrial Finance Agency, Revenue Bonds (College of the Holy 2006 at 102 AAA Aaa
Cross-1996 Issue), 5.50% Due 3/1/16.
250,000 Massachusetts Water Resources Authority, General Revenue Bonds, 1995 Series 2005 at 102 AAA Aaa
B, 5.00% Due 12/1/16.
260,000 Massachusetts Water Resources Authority, General Revenue Bonds, 1996 Series 2006 at 101 AAA Aaa
A, 5.60% Due 11/1/26.
500,000 South Essex Sewerage District, Massachusetts, General Obligation Sewer 2006 at 102 AAA Aaa
Bonds, 1996 Series A, 5.25% Due 6/15/24.
190,000 City of Worcester, Massachusetts, Municipal Purpose Loan of 1995, Series G, 2006 at 101 AAA Aaa
5.30% Due 7/1/15. (General Obligation Bonds.)
----------------------------------------------------------------------------------------------------------------
$ 3,500,000 TOTAL 9 BONDS FROM MASSACHUSETTS.
</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 04/09/97.
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
</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 $ 100.50 4.90 % 5.23% 5.28% 5.27% 5.31% 5.28% 5.33 %
500 / $50,000 100.35 4.75 5.24 5.29 5.27 5.31 5.29 5.33
1,000 / $100,000 100.08 4.50 5.26 5.31 5.29 5.34 5.31 5.36
2,500 / $250,000 99.82 4.25 5.27 5.32 5.30 5.35 5.32 5.37
5,000 / $500,000 99.05 3.50 5.31 5.39 5.34 5.42 5.36 5.44
10,000 / $1,000,000 98.54 3.00 5.34 5.42 5.37 5.45 5.39 5.48
25,000 / $2,500,000 98.03 2.50 5.37 5.46 5.40 5.49 5.42 5.51
50,000 / $5,000,000 97.53 2.00 5.39 5.50 5.43 5.53 5.44 5.55
</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>
5.23 % 8.24% 8.64% 9.26% 9.87 %
5.24 8.25 8.66 9.27 9.89
5.26 8.28 8.69 9.31 9.92
5.27 8.30 8.71 9.33 9.94
5.31 8.36 8.78 9.40 10.02
5.34 8.41 8.83 9.45 10.08
5.37 8.46 8.88 9.50 10.13
5.39 8.49 8.91 9.54 10.17
</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
05/01/97.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 5/15/97 $ .3066
Monthly plan 6/15/97 .4380 $ 5.2593
Quarterly plan 8/15/97 1.3221
11/15/97 1.3221 5.2913
Semi-annual plan 11/15/97 2.6550
5/15/98 2.6550 5.3103
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 100.57 = 99.433
investment offering price # of units
(as of and accrued purchased
04/09/97) interest
99.433 X $5.2593 = $522.95
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
