<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NORTH CAROLINA
TRUST 273
(NORTH CAROLINA TRADITIONAL TRUST 273)
Estimated Current Return
5.20% to 5.35%
as of 03/03/94
Estimated Long Term Return
5.28% to 5.44%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds
Cusip:
670958 677 Monthly Payment Option
670958 685 Quarterly Payment Option
670958 693 Semi-Annual Payment Option
Registered in North Carolina
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 Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--NORTH CAROLINA TRADITIONAL TRUST 273
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT MARCH 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>
--------------------------------------------------------------------------------------------------------------------------
$ 500,000 North Carolina Medical Care Commission, Hospital Revenue 2003 at 102 AAA Aaa
Refunding Bonds (Wesley Long Community Hospital Project),
Series 1993, 5.25% Due 10/1/17. (AMBAC Insured.)
500,000 North Carolina Medical Care Commission, Hospital Revenue 2002 at 102 AAA Aaa
Bonds (Memorial Mission Hospital Project), Series 1992,
6.00% Due 10/1/22. (FSA Insured.)
500,000 North Carolina Medical Care Commission, Hospital Revenue 2003 at 102 AA Aa
Refunding Bonds (Presbyterian Health Services Corp,
Project), Series 1993, 5.50% Due 10/1/20.
500,000 North Carolina Municipal Power Agency Number 1, Catawba 2003 at 100 AAA Aaa
Electric Revenue Bonds, Series 1992, 5.75% Due 1/1/20.
(Original issue discount bonds delivered on or about
December 10, 1992 at a price of 92.75% of principal
amount.)(MBIA Insured.)
500,000 Metropolitan Sewerage District of Buncombe County (North 2003 at 102 AAA Aaa
Carolina), Sewerage System Revenue Refunding Bonds, Series
1993A, 5.50% Due 7/1/22. (FGIC Insured.)
500,000 City of Charlotte, North Carolina, Refunding Certificates of 2003 at 100 AAA Aaa
Participation (Convention Facility Project), Series 1993C,
5.00% Due 12/1/21. (Original issue discount bonds
delivered on or about August 25, 1993 at a price of
90.737% of principal amount.)(AMBAC Insured.)
500,000 City of Fayetteville, North Carolina, Public Works 2003 at 100 AAA Aaa
Commission Revenue Refunding Bonds, Series 1993, 4.75% Due
3/1/14. (Original issue discount bonds delivered on or
about November 23, 1993 at a price of 94.037% of principal
amount.)(FGIC 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>
50-999 $5,000-$99,999 4.90 % $ 100.46 5.20% 5.23% 5.25%
1,000-2,499 100,000-249,999 4.50 100.04 5.22 5.25 5.27
2,500-4,999 250,000-499,999 4.25 99.78 5.23 5.27 5.28
5,000-9,999 500,000-999,999 3.50 99.01 5.27 5.31 5.33
10,000 and over 1,000,000 and over 3.00 98.49 5.30 5.33 5.35
</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 % $ 100.46 5.28% 5.32% 5.34%
1,000-2,499 100,000-249,999 4.50 100.04 5.30 5.34 5.36
2,500-4,999 250,000-499,999 4.25 99.78 5.31 5.35 5.37
5,000-9,999 500,000-999,999 3.50 99.01 5.36 5.39 5.41
10,000 and over 1,000,000 and over 3.00 98.49 5.38 5.42 5.44
</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.
- --------------------------------------------------------------------------------
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
North Carolina Traditional Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 6/1 8/1 11/1 2/1 5/1
Distribution Date..................... 6/15 8/15 11/15 2/15 5/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .4351(1) $ 5.2218
-------- $.4351 every month --------
Quarterly Distribution Plan........... $ .4351(1) $ .8756(2) $ 1.3134 $ 1.3134 $ 1.3134 $ 5.2538
Semi-Annual Distribution Plan......... $ .4351(1) $ 2.1969(3) $ 2.6363 $ 5.2728
- ---------------------------------------------------------------------------------------------------------------------------------
<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 2-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 5-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 $.01450 per unit per day.
Consequently, on the first Record Date (06/01/94), accrued interest will total
$1.2615 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 06/01/94 is $.4351, and the
remaining $.8264 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 - $0.01450 Quarterly - $0.01459
Semi-Annual - $0.01465
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.
- --------------------------------------------------------------------------------
718
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 25.8 years.
The first bond is scheduled to mature in March, 2014, with the last bond
maturity being October, 2022.
- -------------------------------------------------
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 86%
AA 14
---
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 265
Estimated Current Return
First
Year: 5.44% to 5.60%
Subsequent
Years: 5.49% to 5.65%
as of 03/03/94
Estimated Long Term Return
5.51% to 5.67%
75,000 units in a
diversified $7,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101X 526 Monthly Payment Option
67101X 534 Quarterly Payment Option
67101X 542 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 Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, NATIONAL INSURED TRUST 265
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT MARCH 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>
--------------------------------------------------------------------------------------------------------------------------
$ 750,000 Broward County, Florida, Certificates of Participation, 2004 at 102 AAA Aaa
Series 1994A, 5.50% Due 6/1/13. (Original issue discount
bonds will be delivered on or about March 23, 1994 at a
price of 94.882% of principal amount.)(When issued.)
550,000 Orlando (Florida) Utilities Commission, Water and Electric 2002 at 102 AAA Aaa
Subordinated Revenue Bonds, Series 1992A, 6.00% Due
10/1/20.
1,000,000 Illinois Health Facilities Authority, Revenue Bonds, Series 2004 at 102 AAA Aaa
1994 (Southern Illinois Hospital Services), 5.90% Due
3/1/20. (When issued.)
400,000 Metropolitan Pier and Exposition Authority (Illinois), 2003 at 102 AAA Aaa
McCormick Place Expansion Project Bonds, Series 1992A,
6.50% Due 6/15/27.
400,000 Solid Waste Agency of Northern Cook County (Illinois), 2003 at 100 AAA Aaa
Contract Revenue Bonds, Series 1994, 5.50% Due 5/1/15.
(When issued.)
750,000 Massachusetts Health and Educational Facilities Authority, 2003 at 102 AAA Aaa
Revenue Bonds, Lahey Clinic Medical Center Issue, Series
B, 5.375% Due 7/1/23. (Original issue discount bonds
delivered on or about April 27, 1993 at a price of 94.511%
of principal amount.)
305,000 North Carolina Municipal Power Agency Number 1, Catawba 2003 at 100 AAA Aaa
Electric Revenue Bonds, Series 1992, 5.75% Due 1/1/20.
(Original issue discount bonds delivered on or about
December 10, 1992 at a price of 92.75% of principal
amount.)
115,000 State of Ohio (Ohio Higher Educational Facility Commission), 2003 at 102 AAA Aaa
Higher Educational Facility Revenue Bonds (Kenyon College
Project), 5.375% Due 12/1/16.
750,000 Pennsylvania Intergovernmental Cooperation Authority, 2003 at 100 AAA Aaa
Special Tax Revenue Bonds (City of Philadelphia Funding
Program), Series of 1993, 5.625% Due 6/15/23.
780,000 Piedmont Municipal Power Agency (South Carolina), Electric 2003 at 102 AAA Aaa
Revenue Bonds, 1992 Refunding Series, 6.30% Due 1/1/22.
750,000 North Central Texas Health Facilities Development 2003 at 100 AAA Aaa
Corporation, Hospital Revenue Refunding Bonds (Children's
Medical Center of Dallas Project), Series 1993, 6.00% Due
8/15/16.
750,000 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.
200,000 Wisconsin Health and Educational Facilities Authority 2003 at 102 AAA Aaa
Revenue Bonds, Series 1993 (Aurora Health Care Obligated
Group), 5.25% Due 8/15/23. (Original issue discount bonds
delivered on or about December 8, 1993 at a price of
92.911% of principal amount.)
----------
$7,500,000
----------
----------
</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 % $ 102.67 (5.44%) 5.49% (5.47%) 5.52% (5.49%) 5.54%
1,000-2,499 100,000-249,999 4.50 102.24 (5.46) 5.51 (5.49) 5.55 (5.51) 5.56
2,500-4,999 250,000-499,999 4.25 101.97 (5.48) 5.53 (5.51) 5.56 (5.53) 5.58
5,000-9,999 500,000-999,999 3.50 101.18 (5.52) 5.57 (5.55) 5.60 (5.57) 5.62
10,000 and over 1,000,000 and over 3.00 100.66 (5.55) 5.60 (5.58) 5.63 (5.60) 5.65
</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 % $ 102.67 5.51% 5.54% 5.55%
1,000-2,499 100,000-249,999 4.50 102.24 5.53 5.56 5.58
2,500-4,999 250,000-499,999 4.25 101.97 5.54 5.57 5.59
5,000-9,999 500,000-999,999 3.50 101.18 5.59 5.62 5.64
10,000 and over 1,000,000 and over 3.00 100.66 5.62 5.65 5.67
</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.
- --------------------------------------------------------------------------------
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> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 6/1 8/1 11/1 2/1 5/1
Distribution Date..................... 6/15 8/15 11/15 2/15 5/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .4698(1) $ 5.6383
-------- $.4698 every month --------
Quarterly Distribution Plan........... $ .4698(1) $ .9450(2) $ 1.4175 $ 1.4175 $ 1.4175 $ 5.6703
Semi-Annual Distribution Plan......... $ .4698(1) $ 2.3705(3) $ 2.8446 $ 5.6893
- ---------------------------------------------------------------------------------------------------------------------------------
<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 2-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 5-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 $.11 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 $.01566 per unit per day.
Consequently, on the first Record Date (06/01/94), accrued interest will total
$1.3624 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 06/01/94 is $.4698, and the
remaining $.8926 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 - $0.01566 Quarterly - $0.01575
Semi-Annual - $0.01580
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 13 Tax-exempt bond issues in this trust; this diversified portfolio
yields current income from issuers in 10 states.
- -------------------------------------------------
<TABLE>
<CAPTION>
Percent
of Total
Income
<S> <C> <C>
- ------------------------
%
Florida 17.1
Illinois 24.7
Massachusetts 9.3
North Carolina 4.0
Ohio 1.4
<CAPTION>
Percent
of Total
Income
- ------------------------
<S> <C> <C>
%
Pennsylvania 9.7
South Carolina 11.3
Texas 10.3
Washington 9.8
Wisconsin 2.4
</TABLE>
- -------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 25.8 years.
The first bond is scheduled to mature in June, 2013, 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.
718
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
SHORT INTERMEDIATE
INSURED
TRUST 28
Estimated Current Return
First
Year: 4.10% to 4.20%
Subsequent
Years: 4.15% to 4.25%
as of 03/03/94
Estimated Long Term Return
4.37% to 4.46%
100,000 units in a
diversified $10,000,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6710A0 130 Monthly Payment Option
6710A0 148 Quarterly Payment Option
6710A0 155 Semi-Annual Payment Option
Registered in all states
John Nuveen & Co. Incorporated
Investment Bankers
<PAGE>
<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, SHORT INTERMEDIATE INSURED TRUST 28
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT MARCH 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>
--------------------------------------------------------------------------------------------------------------------------
$ 500,000 The Board of Trustees of the University of Alabama, The No Optional AAA Aaa
University of Alabama in Huntsville, Student Housing Call
Revenue Bonds, Series 1994-A,
200M-3.70% Due 6/1/98,
300M-3.90% Due 6/1/99.
1,000,000 City of Phoenix, Arizona, Senior Lien Street and Highway No Optional AAA Aaa
User Revenue Refunding Bonds, Series 1992, 5.75% Due Call
7/1/99.
500,000 City of Tucson, Arizona, Junior Lien Street and Highway User No Optional AAA Aaa
Revenue Refunding Bonds, Series 1993, 4.60% Due 7/1/99. Call
1,000,000 Desert Sands Unified School District (California), Refunding No Optional AAA Aaa
Certificates of Participation (Measure O Project), 1994 Call
Series D, 4.10% Due 3/1/99. (When issued.)
300,000 District of Columbia (Washington, D.C.), General Obligation No Optional AAA Aaa
Refunding Bonds (Series 1989B), 0.00% Due 6/1/99. Call
(Original issue discount bonds delivered on or about
August 1, 1989 at a price of 52.058% of principal amount.)
1,000,000 Broward County, Florida, Certificates of Participation, No Optional AAA Aaa
Series 1994A, 4.75% Due 6/1/99. (When issued.) Call
1,450,000 City of Homestead, Florida, Special Insurance Assessment No Optional AAA Aaa
Revenue Bonds, Series 1993 (Hurricane Andrew Covered Call
Claims Assistance Program), 4.75% Due 3/1/99.
665,000 Illinois Health Facilities Authority, Revenue Bonds, Series No Optional AAA Aaa
1994 (Southern Illinois Hospital Services), 4.75% Due Call
3/1/99. (When issued.)
1,000,000 Public Building Commission of Chicago (Illinois), Building No Optional AAA Aaa
Revenue Bonds, Series A of 1993 (Board of Education of the Call
City of Chicago), 4.70% Due 12/1/99. (General Obligation
Bonds.)
585,000 The Industrial Development Authority of the County of No Optional AAA Aaa
Jackson, State of Missouri Health Care System Revenue Call
Bonds, Saint Joseph Health Center Issue, Series 1993,
4.05% Due 7/1/98.
1,000,000 Port of Seattle, Washington, Revenue Refunding Bonds, Series No Optional AAA Aaa
1994C, 3.80% Due 7/1/98. (When issued.) Call
1,000,000 Washington Health Care Facilities Authority Revenue Bonds, No Optional AAA Aaa
Series 1994 (Sisters of St. Joseph of Peace, Health and Call
Hospital Services),
500M-4.10% Due 3/1/98,
500M-4.25% Due 3/1/99.
----------
$10,000,000
----------
----------
</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> <C> <C> <C>
50-999 $5,000-$99,999 3.00 % $ 101.96 (4.10%) 4.15% (4.13%) 4.18% (4.15%) 4.20%
1,000-2,499 100,000-249,999 2.60 101.54 (4.12) 4.17 (4.15) 4.20 (4.17) 4.22
2,500-4,999 250,000-499,999 2.35 101.28 (4.13) 4.18 (4.16) 4.21 (4.18) 4.23
5,000-9,999 500,000-999,999 2.10 101.02 (4.14) 4.19 (4.17) 4.22 (4.19) 4.24
10,000 and over 1,000,000 and over 1.85 100.76 (4.15) 4.20 (4.18) 4.23 (4.20) 4.25
</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 3.00 % $ 101.96 4.37% 4.39% 4.41%
1,000-2,499 100,000-249,999 2.60 101.54 4.38 4.41 4.43
2,500-4,999 250,000-499,999 2.35 101.28 4.39 4.42 4.44
5,000-9,999 500,000-999,999 2.10 101.02 4.41 4.44 4.45
10,000 and over 1,000,000 and over 1.85 100.76 4.42 4.44 4.46
</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.
- --------------------------------------------------------------------------------
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
Short Intermediate Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 6/1 8/1 11/1 2/1 5/1
Distribution Date..................... 6/15 8/15 11/15 2/15 5/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .3527(1) $ 4.2336
-------- $.3527 every month --------
Quarterly Distribution Plan........... $ .3527(1) $ .7109(2) $ 1.0663 $ 1.0663 $ 1.0663 $ 4.2656
Semi-Annual Distribution Plan......... $ .3527(1) $ 1.7852(3) $ 2.1422 $ 4.2846
- ---------------------------------------------------------------------------------------------------------------------------------
<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 2-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 5-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 $.08 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 $.01176 per unit per day.
Consequently, on the first Record Date (06/01/94), accrued interest will total
$1.0231 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 06/01/94 is $.3527, and the
remaining $.6704 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 - $0.01176 Quarterly - $0.01185
Semi-Annual - $0.01190
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 12 Tax-exempt bond issues in this trust; this diversified portfolio
yields current income from issuers in 7 states.
- -------------------------------------------------
<TABLE>
<CAPTION>
Percent
of Total
Income
<S> <C> <C>
- ------------------------
%
Alabama 4.4
Arizona 18.3
California 9.3
Florida 26.5
<CAPTION>
Percent
of Total
Income
- ------------------------
<S> <C> <C>
%
Illinois 17.9
Missouri 5.4
Washington 18.2
</TABLE>
- -------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 5.0 years.
The first bond is scheduled to mature in March, 1998, with the last bond
maturity being December, 1999.
- -------------------------------------------------
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.
718
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
FLORIDA
INSURED
TRUST 186
Estimated Current Return
First
Year: 5.29% to 5.45%
Subsequent
Years: 5.32% to 5.48%
as of 03/03/94
Estimated Long Term Return
5.36% to 5.53%
30,000 units in a
diversified $3,000,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H3 168 Monthly Payment Option
6706H3 176 Quarterly Payment Option
6706H3 184 Semi-Annual Payment Option
Registered in Florida
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 Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, FLORIDA INSURED TRUST 186
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT MARCH 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>
--------------------------------------------------------------------------------------------------------------------------
$ 450,000 Broward County, Florida, Certificates of Participation, 2004 at 102 AAA Aaa
Series 1994A, 5.50% Due 6/1/13. (Original issue discount
bonds will be delivered on or about March 23, 1994 at a
price of 94.882% of principal amount.)(When issued.)
450,000 Dade County, Florida, Public Facilities Revenue Bonds 2003 at 102 AAA Aaa
(Jackson Memorial Hospital), Series 1993, 5.25% Due
6/1/23. (Original issue discount bonds delivered on or
about June 15, 1993 at a price of 92.625% of principal
amount.)
290,000 Lee County, Florida, Capital and Transportation Facilities 2003 at 102 AAA Aaa
Refunding Revenue Bonds, Series 1993A, 5.60% Due 10/1/21.
450,000 Orange County (Florida), Health Facilities Authority 2002 at 102 AAA Aaa
Hospital Revenue Bonds (Orlando Regional Healthcare System
Project), Series 1993, 6.00% Due 11/1/24.
450,000 Orlando (Florida) Utilities Commission, Water and Electric 2002 at 102 AAA Aaa
Subordinated Revenue Bonds, Series 1992A, 6.00% Due
10/1/20.
450,000 City of Tampa, Florida, Allegany Health System Revenue 2003 at 102 AAA Aaa
Bonds, St. Joseph's Hospital, Inc. Issue, Series 1993,
5.125% Due 12/1/23. (Original issue discount bonds
delivered on or about January 4, 1994 at a price of
94.522% of principal amount.)
460,000 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.)
----------
$3,000,000
----------
----------
</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> <C> <C> <C>
50-999 $5,000-$99,999 4.90 % $ 100.55 (5.29%) 5.32% (5.32%) 5.35% (5.34%) 5.37%
1,000-2,499 100,000-249,999 4.50 100.13 (5.31) 5.34 (5.35) 5.37 (5.37) 5.39
2,500-4,999 250,000-499,999 4.25 99.86 (5.33) 5.36 (5.36) 5.39 (5.38) 5.41
5,000-9,999 500,000-999,999 3.50 99.09 (5.37) 5.40 (5.40) 5.43 (5.42) 5.45
10,000 and over 1,000,000 and over 3.00 98.58 (5.40) 5.42 (5.43) 5.46 (5.45) 5.48
</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 % $ 100.55 5.36% 5.40% 5.42%
1,000-2,499 100,000-249,999 4.50 100.13 5.39 5.42 5.44
2,500-4,999 250,000-499,999 4.25 99.86 5.40 5.44 5.46
5,000-9,999 500,000-999,999 3.50 99.09 5.44 5.48 5.50
10,000 and over 1,000,000 and over 3.00 98.58 5.47 5.51 5.53
</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
Florida Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 6/1 8/1 11/1 2/1 5/1
Distribution Date..................... 6/15 8/15 11/15 2/15 5/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .4456(1) $ 5.3478
-------- $.4456 every month --------
Quarterly Distribution Plan........... $ .4456(1) $ .8966(2) $ 1.3449 $ 1.3449 $ 1.3449 $ 5.3798
Semi-Annual Distribution Plan......... $ .4456(1) $ 2.2494(3) $ 2.6993 $ 5.3988
- ---------------------------------------------------------------------------------------------------------------------------------
<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 2-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 5-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 $.01485 per unit per day.
Consequently, on the first Record Date (06/01/94), accrued interest will total
$1.2919 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 06/01/94 is $.4456, and the
remaining $.8463 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 - $0.01485 Quarterly - $0.01494
Semi-Annual - $0.01500
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.
- --------------------------------------------------------------------------------
718
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 26.7 years.
The first bond is scheduled to mature in June, 2013, with the last bond maturity
being November, 2024.
- -------------------------------------------------
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.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
OHIO
INSURED
TRUST 112
Estimated Current Return
5.23% to 5.39%
as of 03/03/94
Estimated Long Term Return
5.31% to 5.46%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101Y 318 Monthly Payment Option
67101Y 326 Quarterly Payment Option
67101Y 334 Semi-Annual Payment Option
Registered in Ohio
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 Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, OHIO INSURED TRUST 112
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT MARCH 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>
--------------------------------------------------------------------------------------------------------------------------
$ 500,000 Ohio Air Quality Development Authority, State of Ohio, 2004 at 102 AAA Aaa
Collateralized Air Quality Development Revenue Refunding
Bonds, 1994 Series B (The Cincinnati Gas & Electric
Company Project), 5.45% Due 1/1/24.
420,000 State of Ohio (Ohio Higher Educational Facility Commission), 2003 at 102 AAA Aaa
Higher Educational Facility Revenue Bonds (Kenyon College
Project), 5.375% Due 12/1/16.
375,000 State of Ohio, Turnpike Revenue Bonds, 1994 Series A, Issued 2004 at 102 AAA Aaa
by the Ohio Turnpike Commission, 5.75% Due 2/15/24. (When
issued.)
500,000 County of Cuyahoga, Ohio, Hospital Facilities Refunding 2004 at 102 AAA Aaa
Revenue Bonds, Series 1994A (Health Cleveland, Inc.)
(Fairview General Hospital Project), 5.50% Due 8/15/19.
525,000 City of Hamilton] Ohio, Gas System Revenue Bonds, 1993 2003 at 102 AAA Aaa
Series A, 5.00% Due 10/15/18.
480,000 County of Lucas, Ohio, Hospital Refunding Revenue Bonds, 2003 at 102 AAA Aaa
Series 1993C (St. Vincent Medical Center), 5.375% Due
8/15/17.
200,000 County of Lucas, Ohio, Hospital Improvement and Refunding 2003 at 102 AAA Aaa
Revenue Bonds, Series 1993 (The Toledo Hospital), 5.00%
Due 11/15/22. (Original issue discount bonds delivered on
or about July 29, 1993 at a price of 91.402% of principal
amount.)
500,000 The University of Toledo (A State University of Ohio), 2002 at 102 AAA Aaa
General Receipts Bonds, Series 1992A, 5.90% Due 6/1/20.
----------
$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>
50-999 $5,000-$99,999 4.90 % $ 100.62 5.23% 5.27% 5.28%
1,000-2,499 100,000-249,999 4.50 100.20 5.26 5.29 5.31
2,500-4,999 250,000-499,999 4.25 99.94 5.27 5.30 5.32
5,000-9,999 500,000-999,999 3.50 99.16 5.31 5.34 5.36
10,000 and over 1,000,000 and over 3.00 98.65 5.34 5.37 5.39
</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 % $ 100.62 5.31% 5.34% 5.35%
1,000-2,499 100,000-249,999 4.50 100.20 5.33 5.36 5.38
2,500-4,999 250,000-499,999 4.25 99.94 5.34 5.37 5.39
5,000-9,999 500,000-999,999 3.50 99.16 5.39 5.41 5.43
10,000 and over 1,000,000 and over 3.00 98.65 5.41 5.44 5.46
</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.
- --------------------------------------------------------------------------------
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
Ohio Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 6/1 8/1 11/1 2/1 5/1
Distribution Date..................... 6/15 8/15 11/15 2/15 5/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .4388(1) $ 5.2660
-------- $.4388 every month --------
Quarterly Distribution Plan........... $ .4388(1) $ .8830(2) $ 1.3245 $ 1.3245 $ 1.3245 $ 5.2980
Semi-Annual Distribution Plan......... $ .4388(1) $ 2.2154(3) $ 2.6585 $ 5.3170
- ---------------------------------------------------------------------------------------------------------------------------------
<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 2-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 5-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 $.01463 per unit per day.
Consequently, on the first Record Date (06/01/94), accrued interest will total
$1.2728 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 06/01/94 is $.4388, and the
remaining $.8340 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 - $0.01463 Quarterly - $0.01472
Semi-Annual - $0.01477
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.
- --------------------------------------------------------------------------------
718
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 26.1 years.
The first bond is scheduled to mature in December, 2016, with the last bond
maturity being February, 2024.
- -------------------------------------------------
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.
