<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
MARYLAND
TRUST 291
(MARYLAND TRADITIONAL TRUST 291)
Estimated Current Return
First
Year: 4.79% to 4.93%
Subsequent
Years: 4.79% to 4.94%
as of 02/03/94
Estimated Long Term Return
4.82% to 4.97%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds
Cusip:
67101L 431 Monthly Payment Option
67101L 449 Quarterly Payment Option
67101L 456 Semi-Annual Payment Option
Registered in Maryland
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street Los Angeles
New York, New York 10022 Philadelphia
Telephone: 212.207.2000 Phoenix
San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--MARYLAND TRADITIONAL TRUST 291
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT FEBRUARY 4, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Optional -----------------------
Aggregate Name of Issuer and Title of Issue Represented Redemption Standard
Principal by Sponsor's Contracts to Purchase Bonds Provisions & Poor's Moody's
<C> <C> <S> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
$ 525,000 Washington Metropolitan Area Transit Authority (District of 2004 at 102 AAA Aaa
Columbia), Gross Revenue Transit Refunding Bonds, Series
1993, 5.25% Due 7/1/14. (FGIC Insured.)
105,000 Maryland Health and Higher Educational Facilities Authority, No Optional AA- Aa
Revenue Bonds, The Johns Hopkins Hospital Issue, Series Call
1990, 0.00% Due 7/1/13. (Original issue discount bonds
delivered on or about June 7, 1990 at a price of 19.13% of
principal amount.)
500,000 Maryland Health and Higher Educational Facilities Authority, 2003 at 100 AAA Aaa
Project and Refunding Revenue Bonds, Sinai Hospital of
Baltimore Issue, Series 1993, 5.25% Due 7/1/23. (Original
issue discount bonds delivered on or about June 29, 1993
at a price of 92.89% of principal amount.)(AMBAC Insured.)
525,000 Maryland Health and Higher Educational Facilities Authority, 2003 at 102 A A1
Refunding Revenue Bonds, Suburban Hospital Issue, Series
1993, 5.125% Due 7/1/21. (Original issue discount bonds
delivered on or about October 14, 1993 at a price of
94.689% of principal amount.)
100,000 Maryland Transportation Authority, Transportation Facilities No Optional AAA Aaa
Projects, Revenue Bonds, Series 1992, 0.00% Due 7/1/11. Call
(Original issue discount bonds delivered on or about
September 9, 1992 at a price of 30.965% of principal
amount.)(FGIC Insured.)
525,000 Industrial Development Authority of Prince George's County, 2003 at 102 AAA Aaa
Maryland, Refunding Lease Revenue Bonds (Upper Marlboro
Justice Center Project), Series 1993, 5.25% Due 6/30/19.
(Original issue discount bonds delivered on or about
February 25, 1993 at a price of 91.667% of principal
amount.)(MBIA Insured.)
120,000 Prince George's County, Maryland, General Obligation 2004 at 102 AAA Aaa
Consolidated Public Improvement Bonds, Series 1994, 5.00%
Due 3/15/12. (MBIA Insured.)
500,000 Prince George's County, Maryland, Pollution Control Revenue 2002 at 102 A+ A1
Refunding Bonds (Potomac Electric Project), 1992 Series,
6.00% Due 9/1/22.
120,000 Washington Suburban Sanitary District, Maryland, General 2004 at 102 AA Aa1
Construction Refunding Bonds of 1994, 5.00% Due 6/1/15.
(General Obligation Bonds.) (When issued.)
35,000 Commonwealth of Puerto Rico, Public Improvement Refunding 2003 at 101 AAA Aaa
Bonds, Series 1993 (General Obligation Bonds.), 5.25% Due 1/2
7/1/18. (Original issue discount bonds delivered on or
about July 15, 1993 at a price of 93.414% of principal
amount.)(MBIA Insured.)
445,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 2002 at 101 AAA Aaa
1993 (General Obligation Bonds.), 5.875% Due 7/1/18. 1/2
(AMBAC Insured.)
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
AMOUNT PURCHASED Public -----------------------------------------------------------
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- --------------- --------------- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50-999 $5,000-$99,999 4.90 % $ 102.74 (4.79%) 4.79% (4.82%) 4.82% (4.83%) 4.84%
1,000-2,499 100,000-249,999 4.50 102.31 (4.81) 4.81 (4.84) 4.84 (4.86) 4.86
2,500-4,999 250,000-499,999 4.25 102.05 (4.82) 4.82 (4.85) 4.85 (4.87) 4.87
5,000-9,999 500,000-999,999 3.50 101.25 (4.86) 4.86 (4.89) 4.89 (4.91) 4.91
10,000 and over 1,000,000 and over 3.00 100.73 (4.88) 4.89 (4.91) 4.92 (4.93) 4.94
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Long Term Return (3)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-999 $5,000-$99,999 4.90 % $ 102.74 4.82% 4.85% 4.87%
1,000-2,499 100,000-249,999 4.50 102.31 4.84 4.87 4.89
2,500-4,999 250,000-499,999 4.25 102.05 4.85 4.88 4.90
5,000-9,999 500,000-999,999 3.50 101.25 4.89 4.92 4.94
10,000 and over 1,000,000 and over 3.00 100.73 4.92 4.95 4.97
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to the Date of Deposit. Figures in
brackets represent the current return. The first year's estimated current
returns are slightly lower than those for subsequent years because a portion
of the monies received in the first year only will be treated as a return of
principal due to the inclusion in the portfolio of "when issued" or other
Bonds having delivery dates after the date of settlement for a purchase made
on the Date of Deposit.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
Maryland Traditional Trust 1994 per Year +
<S> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------ --------------
Record Date*.......................... 4/1 5/1 8/1 11/1
Distribution Date..................... 4/15 5/15 8/15 11/15
- ----------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .2052(1) $ 4.9221
-------- $.4101 every month --------
Quarterly Distribution Plan........... $ .2052(1) $ .4128(2) $ 1.2385 $ 1.2385 $ 4.9541
Semi-Annual Distribution Plan......... $ .2052(1) $ .4144(3) $ 2.4865 $ 4.9731
- ----------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected.
(2) The second distribution under the quarterly distribution plan represents a 1-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 1-month distribution; subsequent semi-annual
distributions will be regular 6-month distributions.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.10 of accrued
interest that will be added to the Public Offering Price on the Settlement Date.
After provision for expenses of the Fund, the daily rate of accrual from the
Date of Deposit to the first Record Date is $.01367 per unit per day.
Consequently, on the first Record Date (04/01/94), accrued interest will total
$0.7791 per unit for the 57-day period. Because a substantial portion of this
interest will not yet be due from the issuers of the bonds in the Fund, the
first payment to all Unitholders of Record on 04/01/94 is $.2052, and the
remaining $.5739 of accrued interest will remain an asset of the Trust and be
distributed in subsequent periods as portfolio bonds mature, or are redeemed, or
sold and the accrued interest on these bonds is collected. After the first
Record Date daily rates of accrual are:
Monthly - $0.01367 Quarterly - $0.01376
Semi-Annual - $0.01381
This daily rate of accrual, and the annual distributions shown above, will
remain the same as long as the portfolio size and composition remain the same.
- --------------------------------------------------------------------------------
715
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 25.0 years.
The first bond is scheduled to mature in July, 2011, with the last bond maturity
being July, 2023.
- -------------------------------------------------
QUALITY OF PORTFOLIO AS RATED BY
STANDARD & POOR'S CORPORATION
OR MOODY'S INVESTORS SERVICES
- -------------------------------------------------
<TABLE>
<CAPTION>
Rating Percent of Portfolio
Category Par Value
<S> <C> <C>
- -------------------------------------------------------------
AAA 65%
AA 6
A1/A+ 29
---
100%
</TABLE>
- -------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
- -------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-351-4100
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NATIONAL
INSURED
TRUST 264
Estimated Current Return
5.03% to 5.18%
as of 02/03/94
Estimated Long Term Return
4.97% to 5.13%
150,000 units in a
diversified $15,000,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101X 492 Monthly Payment Option
67101X 500 Quarterly Payment Option
67101X 518 Semi-Annual Payment Option
Registered in all states
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street Los Angeles
New York, New York 10022 Philadelphia
Telephone: 212.207.2000 Phoenix
San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, NATIONAL INSURED TRUST 264
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT FEBRUARY 4, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Optional -----------------------
Aggregate Name of Issuer and Title of Issue Represented Redemption Standard
Principal by Sponsor's Contracts to Purchase Bonds Provisions & Poor's Moody's
<C> <C> <S> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
$1,500,000 The Regents of the University of California, University of 2003 at 102 AAA Aaa
California Housing System Revenue Bonds, Series A, 5.50%
Due 11/1/18.
1,250,000 District of Columbia, University Revenue Bonds (The 2003 at 102 AAA Aaa
Georgetown University Issue), Series 1993, 5.375% Due
4/1/23.
1,500,000 The Illinois State Toll Highway Authority, Toll Highway 2003 at 102 AAA Aaa
Priority Revenue Bonds, 1992 Series A, 5.75% Due 1/1/17.
(Original issue discount bonds delivered on or about
October 14, 1992 at a price of 91.469% of principal
amount.)
750,000 Illinois Health Facilities Authority, Revenue Bonds, Series 2003 at 102 AAA Aaa
1993 (Rush-Presbyterian-St. Luke's Medical Center
Obligated Group), 5.50% Due 11/15/25.
325,000 Metropolitan Pier and Exposition Authority (Illinois), 2003 at 102 AAA Aaa
McCormick Place Expansion Project Bonds, Series 1992A,
6.50% Due 6/15/27.
250,000 Illinois Educational Facilities Authority, Revenue Bonds, 2003 at 102 AAA Aaa
Illinois Wesleyan University, Series 1993, 5.625% Due
9/1/18.
650,000 City of Cedar Rapids, Iowa, Pollution Control Revenue 2003 at 102 AAA Aaa
Refunding Bonds (Iowa Electric Light and Power Company
Project), Series 1993, 5.50% Due 11/1/23.
825,000 Okemos Public Schools, County of Ingham, State of Michigan, No Optional AAA Aaa
1993 Refunding Bonds, 0.00% Due 5/1/20. (Original issue Call
discount bonds delivered on or about February 2, 1993 at a
price of 17.271% of principal amount.)(General Obligation
Bonds.)
1,500,000 New York City (New York), Municipal Water Finance Authority, 2002 at 101 AAA Aaa
Water and Sewer System Revenue Bonds, Fiscal 1993 Series 1/2
A, 6.00% Due 6/15/17.
1,500,000 Dauphin County General Authority, Hospital Revenue Bonds, 2003 at 102 AAA Aaa
HAPSCO Group, Inc. Tax-Exempt Loan Program (The Western
Pennsylvania Hospital Project), Fixed Rate Bonds, 1993
Series A-1, 5.50% Due 7/1/23.
1,500,000 South Carolina Public Service Authority Revenue Bonds, 1993 2003 at 102 AAA Aaa
Refunding Series A (Santee Cooper), 5.50% Due 7/1/21.
1,200,000 Brazos River Authority (Texas), Collateralized Revenue 2003 at 102 AAA Aaa
Refunding Bonds (Houston Lighting & Power Company
Project), Series 1993, 5.60% Due 12/1/17.
1,000,000 Washington Public Power Supply System, Nuclear Project No. 1 2003 at 102 AAA Aaa
Refunding Revenue Bonds, Series 1993A, 5.70% Due 7/1/17.
1,250,000 Washington Public Power Supply System, Nuclear Project No. 3 2003 at 102 AAA Aaa
Refunding Revenue Bonds, Series 1993B, 5.60% Due 7/1/15.
----------
$15,000,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-999 $5,000-$99,999 4.90 % $ 102.68 5.03% 5.06% 5.08%
1,000-2,499 100,000-249,999 4.50 102.25 5.05 5.08 5.10
2,500-4,999 250,000-499,999 4.25 101.98 5.06 5.09 5.11
5,000-9,999 500,000-999,999 3.50 101.19 5.10 5.13 5.15
10,000 and over 1,000,000 and over 3.00 100.67 5.13 5.16 5.18
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Long Term Return (3)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-999 $5,000-$99,999 4.90 % $ 102.68 4.97% 5.01% 5.03%
1,000-2,499 100,000-249,999 4.50 102.25 5.00 5.03 5.05
2,500-4,999 250,000-499,999 4.25 101.98 5.01 5.04 5.06
5,000-9,999 500,000-999,999 3.50 101.19 5.05 5.09 5.11
10,000 and over 1,000,000 and over 3.00 100.67 5.07 5.11 5.13
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to Date of Deposit. The estimated
current return for purchases made on such date will be as shown, as long as
the portfolio size and composition remain the same.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
National Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 5/1 8/1 11/1 2/1
Distribution Date..................... 5/15 8/15 11/15 2/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .4301(1) $ 5.1623
-------- $.4301 every month --------
Quarterly Distribution Plan........... $ .4301(1) $ 1.2985(2) $ 1.2985 $ 1.2985 $ 5.1943
Semi-Annual Distribution Plan......... $ .4301(1) $ 2.6066(3) $ 5.2133
- --------------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected.
(2) Regular 3-month distribution.
(3) Regular 6-month distribution.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.10 of accrued
interest that will be added to the Public Offering Price on the Settlement Date.
After provision for expenses of the Fund, the daily rate of accrual from the
Date of Deposit to the first Record Date is $.01434 per unit per day.
Consequently, on the first Record Date (05/01/94), accrued interest will total
$1.2475 per unit for the 87-day period. Because a substantial portion of this
interest will not yet be due from the issuers of the bonds in the Fund, the
first payment to all Unitholders of Record on 05/01/94 is $.4301, and the
remaining $.8174 of accrued interest will remain an asset of the Trust and be
distributed in subsequent periods as portfolio bonds mature, or are redeemed, or
sold and the accrued interest on these bonds is collected. After the first
Record Date daily rates of accrual are:
Monthly - $0.01434 Quarterly - $0.01443
Semi-Annual - $0.01448
This daily rate of accrual, and the annual distributions shown above, will
remain the same as long as the portfolio size and composition remain the same.
- --------------------------------------------------------------------------------
<PAGE>
- -------------------------------------------------
DIVERSIFICATION OF PORTFOLIO INCOME
There are 14 Tax-exempt bond issues in this trust; this diversified portfolio
yields current income from issuers in 8 states and the District of Columbia.
- -------------------------------------------------
<TABLE>
<CAPTION>
Percent
of Total
Income
<S> <C> <C>
- ------------------------
%
California 10.3
Washington D.C. 8.4
Iowa 4.5
Illinois 20.6
New York 11.3
<CAPTION>
Percent
of Total
Income
- ------------------------
<S> <C> <C>
%
Pennsylvania 10.3
South Carolina 10.3
Texas 8.4
Washington 15.9
</TABLE>
- -------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 25.9 years.
The first bond is scheduled to mature in July, 2015, with the last bond maturity
being June, 2027.
- -------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------
* Insurance relates specifically to the bonds and not to the units or to the
market value of units. Terms of the insurance are more fully described in the
prospectus. No representation is made as to the insurer's ability to meet its
commitments. See Section 5 of the prospectus for details.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-351-4100
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
715
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
ARIZONA
INSURED
TRUST 31
Estimated Current Return
First
Year: 4.69% to 4.84%
Subsequent
Years: 4.70% to 4.84%
as of 02/03/94
Estimated Long Term Return
4.76% to 4.90%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101J 220 Monthly Payment Option
67101J 238 Quarterly Payment Option
67101J 246 Semi-Annual Payment Option
Registered in Arizona
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street Los Angeles
New York, New York 10022 Philadelphia
Telephone: 212.207.2000 Phoenix
San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, ARIZONA INSURED TRUST 31
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT FEBRUARY 4, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Optional -----------------------
Aggregate Name of Issuer and Title of Issue Represented Redemption Standard
Principal by Sponsor's Contracts to Purchase Bonds Provisions & Poor's Moody's
<C> <C> <S> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
$ 525,000 The Industrial Development Authority of the County of 2003 at 102 AAA Aaa
Maricopa (Arizona), Insured Health Facility Revenue Bonds
(Catholic Healthcare West), 1993 Series A, 5.625% Due
7/1/23.
525,000 Peoria Municipal Development Authority, Inc. (Arizona), 2003 at 101 AAA Aaa
Municipal Facilities Revenue Bonds, Series 1993, 5.20% Due
7/1/13.
525,000 City of Phoenix Civic Improvement Corporation (Arizona), 2004 at 102 AAA Aaa
Wastewater System Lease Revenue Refunding Bonds, Series
1993, 5.00% Due 7/1/18.
150,000 City of Phoenix, Arizona, Junior Lien Street and Highway No Optional AAA Aaa
User, Revenue Refunding Bonds, Series 1992A, 0.00% Due Call
7/1/12. (Original issue discount bonds delivered on or
about January 6, 1993 at a price of 28.482% of principal
amount.)
225,000 Pima County, Arizona, Sewer Revenue Refunding Bonds, Series 2004 at 102 AAA Aaa
1994A, 5.00% Due 7/1/10. (When issued.)
525,000 Salt River Project Agricultural Improvement and Power 2003 at 102 AAA Aaa
District, Arizona, Salt River Project Electric System
Refunding Revenue Bonds, 1993 Series B, 5.25% Due 1/1/19.
525,000 University Medical Center Corporation (Tucson, Arizona), 2003 at 102 AAA Aaa
Hospital Revenue Refunding Bonds, Series 1993, 5.00% Due
7/1/21. (Original issue discount bonds delivered on or
about June 8, 1993 at a price of 90.122% of principal
amount.)
500,000 Commonwealth of Puerto Rico, Public Improvement Refunding 2003 at 101 AAA Aaa
Bonds, Series 1993 (General Obligation Bonds.), 5.25% Due 1/2
7/1/18. (Original issue discount bonds delivered on or
about July 15, 1993 at a price of 93.414% of principal
amount.)
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
AMOUNT PURCHASED Public -----------------------------------------------------------
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- --------------- --------------- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50-999 $5,000-$99,999 4.90 % $ 102.29 (4.69%) 4.70% (4.72%) 4.73% (4.74%) 4.75%
1,000-2,499 100,000-249,999 4.50 101.86 (4.71) 4.72 (4.74) 4.75 (4.76) 4.77
2,500-4,999 250,000-499,999 4.25 101.60 (4.72) 4.73 (4.76) 4.76 (4.77) 4.78
5,000-9,999 500,000-999,999 3.50 100.81 (4.76) 4.77 (4.79) 4.80 (4.81) 4.82
10,000 and over 1,000,000 and over 3.00 100.29 (4.79) 4.79 (4.82) 4.83 (4.84) 4.84
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Long Term Return (3)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-999 $5,000-$99,999 4.90 % $ 102.29 4.76% 4.78% 4.80%
1,000-2,499 100,000-249,999 4.50 101.86 4.78 4.80 4.82
2,500-4,999 250,000-499,999 4.25 101.60 4.79 4.81 4.83
5,000-9,999 500,000-999,999 3.50 100.81 4.83 4.85 4.87
10,000 and over 1,000,000 and over 3.00 100.29 4.85 4.88 4.90
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to the Date of Deposit. Figures in
brackets represent the current return. The first year's estimated current
returns are slightly lower than those for subsequent years because a portion
of the monies received in the first year only will be treated as a return of
principal due to the inclusion in the portfolio of "when issued" or other
Bonds having delivery dates after the date of settlement for a purchase made
on the Date of Deposit.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
Arizona Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 5/1 8/1 11/1 2/1
Distribution Date..................... 5/15 8/15 11/15 2/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .4006(1) $ 4.8076
-------- $.4006 every month --------
Quarterly Distribution Plan........... $ .4006(1) $ 1.2099(2) $ 1.2099 $ 1.2099 $ 4.8396
Semi-Annual Distribution Plan......... $ .4006(1) $ 2.4293(3) $ 4.8586
- --------------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected.
(2) Regular 3-month distribution.
(3) Regular 6-month distribution.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.09 of accrued
interest that will be added to the Public Offering Price on the Settlement Date.
After provision for expenses of the Fund, the daily rate of accrual from the
Date of Deposit to the first Record Date is $.01335 per unit per day.
Consequently, on the first Record Date (05/01/94), accrued interest will total
$1.1614 per unit for the 87-day period. Because a substantial portion of this
interest will not yet be due from the issuers of the bonds in the Fund, the
first payment to all Unitholders of Record on 05/01/94 is $.4006, and the
remaining $.7608 of accrued interest will remain an asset of the Trust and be
distributed in subsequent periods as portfolio bonds mature, or are redeemed, or
sold and the accrued interest on these bonds is collected. After the first
Record Date daily rates of accrual are:
Monthly - $0.01335 Quarterly - $0.01344
Semi-Annual - $0.01350
This daily rate of accrual, and the annual distributions shown above, will
remain the same as long as the portfolio size and composition remain the same.
- --------------------------------------------------------------------------------
715
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 24.2 years.
The first bond is scheduled to mature in July, 2010, with the last bond maturity
being July, 2023.
- -------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
- -------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------
* Insurance relates specifically to the bonds and not to the units or to the
market value of units. Terms of the insurance are more fully described in the
prospectus. No representation is made as to the insurer's ability to meet its
commitments. See Section 5 of the prospectus for details.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-351-4100
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
