<PAGE>
NUVEEN ARIZONA NUVEEN
INSURED UNIT TRUST 51 940
- --------------------------------------------------------------------------------
<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: May 15, 1997
5.01 - 5.21%
ESTIMATED LONG-TERM RETURN:
4.99 - 5.29%
</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 20.5 years
Call Protection Earliest ordinary optional call is 2004
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $101.90 to $98.89 depending on the purchase amount
Cusip 67101J 824 monthly payment plan
Numbers 67101J 832 quarterly payment plan
67101J 840 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 Arizona
</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>
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<TABLE>
<S> <C>
MATURITY DATES (Description of Chart)
2013-15 28.5%
2016-18 42.9%
2019-21 14.3%
2022+ 14.3%
The earliest ordinary optional call date is 2004
YIELD COMPARISON AS OF 05/14/97*
(Description of Yield Comparison Chart)
Nuveen UIT
Yield 5.01%
Tax Equivalent Yield 8.28%
Treasury Bonds
Yield 6.92%
Tax Equivalent Yield 7.30%
Corporate Bonds
Yield 7.75%
</TABLE>
<PAGE>
*COMPARES TRUST AS OF 05/14/97 WITH 30-YEAR TREASURY BONDS AND LEHMAN BROTHERS
INVESTMENT GRADE LONG CORPORATE BOND INDEX AS OF 05/13/97. ASSUMES 39.5%
FEDERAL AND STATE INCOME TAX RATE AND A 5.20% 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 ARIZONA 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>
----------------------------------------------------------------------------------------------------------------
$ 425,000 City of Chandler, Arizona, Water and Sewer Revenue Bonds, Series 1996, 2006 at 101 AAA Aaa
5.50% Due 7/1/15.
500,000 Industrial Development Authority of the City of Glendale, Arizona, 2006 at 101 AAA Aaa
Refunding and Educational Facilities Revenue Bonds (American Graduate
School of International Management-Thunderbird), Series 1996, 5.625% Due
7/1/20.
350,000 Madison Elementary School District No. 38 of Maricopa County, Arizona, 2006 at 101 AAA Aaa
School Improvement Bonds, Project of 1995, Series B (1996), 5.80% Due
7/1/15. (General Obligation Bonds.)
500,000 City of Mesa, Arizona, Utility Systems Revenue Bonds, Series 1997, 5.25% 2007 at 101 AAA Aaa
Due 7/1/16.
500,000 City of Phoenix Civic Improvement Corporation (Arizona), Wastewater System 2004 at 102 AAA Aaa
Lease Revenue Refunding Bonds, Series 1993, 4.75% Due 7/1/23. (Original
issue discount bonds delivered on or about November 4, 1993 at a price of
92.50% of principal amount.)
225,000 The Industrial Development Authority of the County of Pima (Arizona), 2007 at 102 AAA Aaa
Insured Refunding Revenue Bonds (HealthPartners of Southern Arizona),
Series 1997A, 5.625% Due 4/1/14.
500,000 Washington Elementary School District No. 6 of Maricopa County, Arizona, 2006 at 101 AAA Aaa
School Improvement Bonds (Projects of 1996), Series A (1996), 5.00% Due
7/1/16. (Original issue discount bonds delivered on or about August 7, 1996
at a price of 91.393% of principal amount.)(General Obligation Bonds.)
500,000 The Industrial Development Authority of the City of Yuma, Arizona, Hospital 2007 at 102 AAA Aaa
Revenue Refunding Bonds, Series 1997 (Yuma Regional Medical Center), 5.50%
Due 8/1/17.
----------------------------------------------------------------------------------------------------------------
$ 3,500,000 TOTAL 8 BONDS FROM ARIZONA.
</TABLE>
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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 05/14/97.
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 $ 101.90 4.90 % 5.01% 4.99% 5.04% 5.02% 5.06% 5.04 %
500 / $50,000 101.74 4.75 5.01 5.00 5.04 5.03 5.06 5.05
1,000 / $100,000 101.48 4.50 5.03 5.03 5.06 5.06 5.08 5.08
2,500 / $250,000 101.21 4.25 5.04 5.04 5.07 5.07 5.09 5.09
5,000 / $500,000 100.42 3.50 5.08 5.11 5.11 5.14 5.13 5.16
10,000 / $1,000,000 99.91 3.00 5.10 5.15 5.14 5.18 5.16 5.20
25,000 / $2,500,000 99.39 2.50 5.13 5.19 5.16 5.22 5.18 5.24
50,000 / $5,000,000 98.89 2.00 5.16 5.23 5.19 5.27 5.21 5.29
</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 31.0% 34.5% 39.5% 43.0%
<C> <S> <C> <C> <C> <C>
5.01 % 7.26% 7.65% 8.28% 8.79 %
5.01 7.26 7.65 8.28 8.79
5.03 7.29 7.68 8.31 8.82
5.04 7.30 7.69 8.33 8.84
5.08 7.36 7.76 8.40 8.91
5.10 7.39 7.79 8.43 8.95
5.13 7.43 7.83 8.48 9.00
5.16 7.48 7.88 8.53 9.05
</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
06/01/97.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 6/15/97 $ .2265
Monthly plan 7/15/97 .4248 $ 5.1002
Quarterly plan 8/15/97 .8550
11/15/97 1.2825 5.1322
Semi-annual plan 11/15/97 2.1450
5/15/98 2.5740 5.1512
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 101.97 = 98.068
investment offering price # of units
(as of and accrued purchased
05/14/97) interest
98.068 X $5.1002 = $500.17
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
<PAGE>
NUVEEN MASSACHUSETTS NUVEEN
INSURED UNIT TRUST 146 940
- --------------------------------------------------------------------------------
<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: May 15, 1997
5.07 - 5.27%
ESTIMATED LONG-TERM RETURN:
5.11 - 5.37%
</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 27.0 years
Call Protection Earliest ordinary optional call is 2004
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $101.34 to $98.34 depending on the purchase amount
Cusip 67065D 193 monthly payment plan
Numbers 67065D 201 quarterly payment plan
67065D 219 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)
2017-19 14.3%
2020-22 14.3%
2023-25 28.6%
2026+ 42.8%
The earliest ordinary optional call date is 2004
YIELD COMPARISON AS OF 05/14/97*
(Description of Yield Comparison Chart)
Nuveen UIT
Yield 5.07%
Tax Equivalent Yield 8.97%
Treasury Bonds
Yield 6.92%
Tax Equivalent Yield 7.86%
Corporate Bonds
Yield 7.75%
</TABLE>
<PAGE>
*COMPARES TRUST AS OF 05/14/97 WITH 30-YEAR TREASURY BONDS AND LEHMAN BROTHERS
INVESTMENT GRADE LONG CORPORATE BOND INDEX AS OF 05/13/97. 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 101 AAA Aaa
Mary Hitchcock Memorial Hospital Obligated Group (Cooley Dickinson Hospital
Issue), Series B, 5.50% Due 11/15/25.
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.)
500,000 Massachusetts Industrial Finance Agency, Education Revenue Bonds (Dexter 2007 at 102 AAA Aaa
School Project-Series 1997), 5.55% Due 5/1/27.
500,000 Massachusetts Municipal Wholesale Electric Company, Power Supply System 2004 at 102 AAA Aaa
Revenue Bonds, 1994 Series B, 5.00% Due 7/1/17.
500,000 Massachusetts Water Resources Authority, General Revenue Bonds, 1996 Series 2006 at 101 AAA Aaa
A, 5.50% Due 11/1/21.
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.
----------------------------------------------------------------------------------------------------------------
$ 3,500,000 TOTAL 7 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 05/14/97.
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 $ 101.34 4.90 % 5.07% 5.11% 5.10% 5.14% 5.12% 5.16 %
500 / $50,000 101.18 4.75 5.08 5.11 5.11 5.14 5.13 5.16
1,000 / $100,000 100.91 4.50 5.09 5.14 5.12 5.17 5.14 5.19
2,500 / $250,000 100.65 4.25 5.10 5.15 5.13 5.18 5.15 5.20
5,000 / $500,000 99.87 3.50 5.14 5.21 5.17 5.24 5.19 5.26
10,000 / $1,000,000 99.35 3.00 5.17 5.24 5.20 5.27 5.22 5.30
25,000 / $2,500,000 98.84 2.50 5.20 5.28 5.23 5.31 5.25 5.33
50,000 / $5,000,000 98.34 2.00 5.22 5.32 5.25 5.35 5.27 5.37
</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>
5.07 % 7.98% 8.38% 8.97% 9.57 %
5.08 8.00 8.40 8.99 9.58
5.09 8.02 8.41 9.01 9.60
5.10 8.03 8.43 9.03 9.62
5.14 8.09 8.50 9.10 9.70
5.17 8.14 8.55 9.15 9.75
5.20 8.19 8.60 9.20 9.81
5.22 8.22 8.63 9.24 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
06/01/97.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 6/15/97 $ .2281
Monthly plan 7/15/97 .4278 $ 5.1357
Quarterly plan 8/15/97 .8610
11/15/97 1.2915 5.1677
Semi-annual plan 11/15/97 2.1600
5/15/98 2.5920 5.1867
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 101.41 = 98.609
investment offering price # of units
(as of and accrued purchased
05/14/97) interest
98.609 X $5.1357 = $506.43
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
