<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NATIONAL
INSURED
TRUST 269
Estimated Current Return
First
Year: 5.81% to 6.04%
Subsequent
Years: 5.82% to 6.05%
as of 05/10/94
Estimated Long Term Return
5.85% to 6.08%
100,000 units in a
diversified $10,000,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101X 641 Monthly Payment Option
67101X 658 Quarterly Payment Option
67101X 666 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 269
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT MAY 11, 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>
--------------------------------------------------------------------------------------------------------------------------
$1,000,000 Orange County, Florida, Tourist Development Tax Revenue 2004 at 102 AAA Aaa
Bonds, Series 1994B, 6.00% Due 10/1/24. (When issued.)
1,000,000 Orlando, Florida, Utilities Commission Water and Electric No Optional AAA Aaa
Subordinated Revenue Bonds, Series 1989D, 6.75% Due Call
10/1/17.
185,000 Pinellas County (Florida), Health Facilities Authority, 2003 at 102 AAA Aaa
Hospital Revenue Bonds, Series 1993 (Morton Plant Health
System Project), 5.625% Due 11/15/23.
1,500,000 The Illinois State Toll Highway Authority, Toll Highway 2003 at 102 AAA Aaa
Priority Revenue Bonds, 1992 Series A, 6.375% Due 1/1/15.
185,000 Metropolitan Pier and Exposition Authority (Illinois), No Optional AAA Aaa
McCormick Place Expansion Project Bonds, Series 1992A, Call
0.00% Due 6/15/19. (Original issue discount bonds
delivered on or about January 5, 1993 at a price of
17.281% of principal amount.)
1,000,000 Massachusetts Health and Educational Facilities Authority, 2002 at 102 AAA Aaa
Revenue Bonds, Northeastern University Issue, Series E,
6.55% Due 10/1/22.
500,000 Housing and Urban Development Authority of the City of New 2002 at 102 AAA Aaa
Brunswick (New Jersey), Lease Revenue Bonds, Series 1992,
5.75% Due 7/1/24. (Original issue discount bonds delivered
on or about July 23, 1992 at a price of 94.625% of
principal amount.)
500,000 The Pollution Control Financing Authority of Salem County 2003 at 102 AAA Aaa
(New Jersey), Pollution Control Revenue Refunding Bonds,
1993 Series A (Public Service Electric and Gas Company
Project), 5.70% Due 5/1/28.
750,000 City of Grand Forks, North Dakota, Health Care Facilities 2004 at 102 AAA Aaa
Revenue Bonds (The United Hospital Obligated Group),
Series 1994, 6.45% Due 12/1/23. (When issued.)
1,000,000 The Health, Educational and Housing Facilities Board of the No Optional AAA Aaa
County of Knox (Tennessee), Hospital Revenue Refunding Call
Bonds, Series 1993C (Fort Sanders Alliance Obligated
Group), 7.25% Due 1/1/09.
380,000 The Citizens Gas Utility District of Scott and Morgan 2004 at 102 AAA Aaa
Counties, Tennessee Gas System Revenue Refunding Bonds,
Series 1994, 5.25% Due 1/1/19.
1,000,000 Municipality of Metropolitan Seattle (Seattle, Washington), 2003 at 102 AAA Aaa
Sewer Revenue Bonds, Series W, 6.30% Due 1/1/33.
1,000,000 Washington Public Power Supply System, Nuclear Project No. 3 2003 at 102 AAA Aaa
Refunding Revenue Bonds, Series 1993B, 5.625% Due 7/1/12.
----------
$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>
50-499 $5,000-$49,999 4.90 % $ 102.22 (5.81%) 5.82% (5.84%) 5.85% (5.86%) 5.87%
500-999 50,000-99,999 4.75 102.06 (5.82) 5.83 (5.85) 5.86 (5.87) 5.88
1,000-2,499 100,000-249,999 4.50 101.79 (5.83) 5.85 (5.87) 5.88 (5.88) 5.90
2,500-4,999 250,000-499,999 4.25 101.53 (5.85) 5.86 (5.88) 5.89 (5.90) 5.91
5,000-9,999 500,000-999,999 3.50 100.74 (5.89) 5.91 (5.93) 5.94 (5.95) 5.96
10,000-24,999 1,000,000-2,499,999 3.00 100.22 (5.93) 5.94 (5.96) 5.97 (5.98) 5.99
25,000-49,999 2,500,000-4,999,999 2.50 99.70 (5.96) 5.97 (5.99) 6.00 (6.01) 6.02
50,000 and over 5,000,000 and over 2.00 99.19 (5.99) 6.00 (6.02) 6.03 (6.04) 6.05
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
AMOUNT PURCHASED
- -------------------------------------
Estimated Long Term Return (3)
Units -----------------------------------------------------
- ----------------
Public
Sales Offering Monthly Quarterly Semi-Annual
Dollars Charge Price (1) Payment Payment Payment
------------------- ------ ----------- ------------- ------------- -------------
50-499 $5,000-$49,999 4.90 % $ 102.22 5.85 % 5.88 % 5.90 %
500-999 50,000-99,999 4.75 102.06 5.86 5.88 5.90
1,000-2,499 100,000-249,999 4.50 101.79 5.87 5.90 5.92
2,500-4,999 250,000-499,999 4.25 101.53 5.89 5.91 5.93
5,000-9,999 500,000-999,999 3.50 100.74 5.94 5.96 5.98
10,000-24,999 1,000,000-2,499,999 3.00 100.22 5.97 6.00 6.01
25,000-49,999 2,500,000-4,999,999 2.50 99.70 6.00 6.03 6.05
50,000 and over 5,000,000 and over 2.00 99.19 6.03 6.06 6.08
</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............. $ .3306(1) $ 5.9523
-------- $.4959 every month --------
Quarterly Distribution Plan........... $ .3306(1) $ .9972(2) $ 1.4958 $ 1.4958 $ 1.4958 $ 5.9843
Semi-Annual Distribution Plan......... $ .3306(1) $ 2.5005(3) $ 3.0006 $ 6.0033
- ---------------------------------------------------------------------------------------------------------------------------------
<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. Such distribution may
be more or less than a regular monthly distribution.
(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 $.12 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 $.01653 per unit per day.
Consequently, on the first Record Date (06/01/94), accrued interest will total
$0.3306 per unit for the 20-day period. All interest accrued from the Date of
Deposit to the first Record Date, less expenses, will be distributed on the
first Distribution Date to Unitholders of Record as of the first Record Date.
The first payment to all Unitholders of Record on 06/01/94 is $.3306 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01653 Quarterly - $0.01662
Semi-Annual - $0.01667
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 7 states.
- -------------------------------------------------
<TABLE>
<CAPTION>
Percent
of Total
Income
<S> <C> <C>
- ------------------------
%
Florida 22.5
Illinois 15.5
Massachusetts 10.6
North Dakota 7.8
<CAPTION>
Percent
of Total
Income
- ------------------------
<S> <C> <C>
%
New Jersey 9.3
Tennessee 15.0
Washington 19.3
</TABLE>
- -------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity
of portfolio bonds is 25.8 years. The first bond is scheduled to mature in
January, 2009, with the last bond maturity being January, 2033.
- -------------------------------------------------
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
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
729
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
MASSACHUSETTS
INSURED
TRUST 113
Estimated Current Return
5.85% to 6.08%
as of 05/10/94
Estimated Long Term Return
5.88% to 6.11%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
670946 763 Monthly Payment Option
670946 771 Quarterly Payment Option
670946 789 Semi-Annual Payment Option
Registered in Massachusetts
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, MASSACHUSETTS INSURED TRUST 113
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT MAY 11, 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>
--------------------------------------------------------------------------------------------------------------------------
$ 425,000 Massachusetts Bay Transportation Authority, General 2003 at 102 AAA Aaa
Transportation System Bonds, 1993 Series A Refunding,
5.50% Due 3/1/22. (General Obligation Bonds.)
500,000 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.)
500,000 Massachusetts Health and Educational Facilities Authority, 2003 at 102 AAA Aaa
Revenue Bonds, Massachusetts General Hospital Issue,
Series F, 6.25% Due 7/1/20.
250,000 Massachusetts Health and Educational Facilities Authority, 2004 at 102 AAA Aaa
Revenue Bonds, New England Medical Center Hospitals Issue,
Series G-1, 5.375% Due 7/1/24.
500,000 Massachusetts Health and Educational Facilities Authority, 2002 at 102 AAA Aaa
Revenue Bonds, Northeastern University Issue, Series E,
6.55% Due 10/1/22.
125,000 Massachusetts Health and Educational Facilities Authority, 2002 at 102 AAA Aaa
Revenue Refunding Bonds, Stonehill College Issue, Series
E, 6.60% Due 7/1/20.
500,000 Massachusetts Housing Finance Agency, Residential 2002 at 102 AAA Aaa
Development Bonds, 1992 Series D, 6.875% Due 11/15/21.
200,000 Massachusetts Industrial Finance Agency, Revenue Bonds, 2002 at 102 AAA Aaa
Babson College Issue, Series 1992A, 6.50% Due 10/1/22.
500,000 Commonwealth of Puerto Rico, Public Improvement Refunding 2002 at 101 AAA Aaa
Bonds, Series 1992A (General Obligation Bonds.), 6.00% Due 1/2
7/1/14.
----------
$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>
50-499 $5,000-$49,999 4.90 % $ 100.22 5.85% 5.88% 5.90%
500-999 50,000-99,999 4.75 100.06 5.86 5.89 5.91
1,000-2,499 100,000-249,999 4.50 99.80 5.88 5.91 5.93
2,500-4,999 250,000-499,999 4.25 99.54 5.89 5.92 5.94
5,000-9,999 500,000-999,999 3.50 98.77 5.94 5.97 5.99
10,000-24,999 1,000,000-2,499,999 3.00 98.26 5.97 6.00 6.02
25,000-49,999 2,500,000-4,999,999 2.50 97.75 6.00 6.03 6.05
50,000 and over 5,000,000 and over 2.00 97.26 6.03 6.06 6.08
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
AMOUNT PURCHASED
- -------------------------------------
Estimated Long Term Return (3)
Units -----------------------------------------------------
- ----------------
Public
Sales Offering Monthly Quarterly Semi-Annual
Dollars Charge Price (1) Payment Payment Payment
------------------- ------ ----------- ------------- ------------- -------------
50-499 $5,000-$49,999 4.90 % $ 100.22 5.88 % 5.92 % 5.93 %
500-999 50,000-99,999 4.75 100.06 5.88 5.92 5.93
1,000-2,499 100,000-249,999 4.50 99.80 5.90 5.94 5.95
2,500-4,999 250,000-499,999 4.25 99.54 5.91 5.95 5.96
5,000-9,999 500,000-999,999 3.50 98.77 5.96 6.00 6.01
10,000-24,999 1,000,000-2,499,999 3.00 98.26 6.00 6.03 6.04
25,000-49,999 2,500,000-4,999,999 2.50 97.75 6.03 6.07 6.07
50,000 and over 5,000,000 and over 2.00 97.26 6.06 6.10 6.11
</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
Massachusetts 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............. $ .3256(1) $ 5.8635
-------- $.4884 every month --------
Quarterly Distribution Plan........... $ .3256(1) $ .9822(2) $ 1.4733 $ 1.4733 $ 1.4733 $ 5.8955
Semi-Annual Distribution Plan......... $ .3256(1) $ 2.4630(3) $ 2.9556 $ 5.9145
- ---------------------------------------------------------------------------------------------------------------------------------
<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. Such distribution may
be more or less than a regular monthly distribution.
(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 $.01628 per unit per day.
Consequently, on the first Record Date (06/01/94), accrued interest will total
$0.3256 per unit for the 20-day period. All interest accrued from the Date of
Deposit to the first Record Date, less expenses, will be distributed on the
first Distribution Date to Unitholders of Record as of the first Record Date.
The first payment to all Unitholders of Record on 06/01/94 is $.3256 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01628 Quarterly - $0.01637
Semi-Annual - $0.01642
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.
- --------------------------------------------------------------------------------
729
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 26.8 years.
The first bond is scheduled to mature in July, 2014, with the last bond maturity
being July, 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
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
PENNSYLVANIA
INSURED
TRUST 180
Estimated Current Return
5.74% to 5.97%
as of 05/10/94
Estimated Long Term Return
5.85% to 6.08%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H9 405 Monthly Payment Option
6706H9 413 Quarterly Payment Option
6706H9 421 Semi-Annual Payment Option
Registered in Pennsylvania & 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, PENNSYLVANIA INSURED TRUST 180
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT MAY 11, 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 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.
500,000 Allegheny County Hospital Development Authority 2002 at 102 AAA Aaa
(Pennsylvania), Health Center Revenue Refunding Bonds,
Series 1992B (Presbyterian University Health System, Inc.
Project), 6.00% Due 11/1/23. (Original issue discount
bonds delivered on or about December 21, 1992 at a price
of 94.634% of principal amount.)
500,000 Delaware County Authority (Commonwealth of Pennsylvania), 2003 at 102 AAA Aaa
University Revenue Bonds, Series of 1993 (Villanova
University), 5.50% Due 8/1/23.
500,000 Erie County Hospital Authority (Commonwealth of 2002 at 102 AAA Aaa
Pennsylvania), Hospital Revenue Bonds, Series A of 1992
(Saint Vincent Health Center Project), 6.375% Due 7/1/22.
500,000 City of Philadelphia, Pennsylvania, Water and Wastewater 2003 at 102 AAA Aaa
Revenue Bonds, Series 1993, 5.25% Due 6/15/23. (Original
issue discount bonds delivered on or about August 26, 1993
at a price of 92.499% of principal amount.)
500,000 University of Pittsburgh-Of the Commonwealth System of 2002 at 102 AAA Aaa
Higher Education, University Capital Project Bonds
(Pennsylvania), 1992 Series A, 6.125% Due 6/1/21.
500,000 Commonwealth of Puerto Rico, Public Improvement Refunding 2002 at 101 AAA Aaa
Bonds, Series 1992A (General Obligation Bonds.), 6.00% Due 1/2
7/1/14.
----------
$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>
50-499 $5,000-$49,999 4.90 % $ 97.70 5.74% 5.78% 5.80%
500-999 50,000-99,999 4.75 97.54 5.75 5.79 5.81
1,000-2,499 100,000-249,999 4.50 97.29 5.77 5.80 5.82
2,500-4,999 250,000-499,999 4.25 97.03 5.78 5.82 5.84
5,000-9,999 500,000-999,999 3.50 96.28 5.83 5.86 5.88
10,000-24,999 1,000,000-2,499,999 3.00 95.78 5.86 5.89 5.91
25,000-49,999 2,500,000-4,999,999 2.50 95.29 5.89 5.92 5.94
50,000 and over 5,000,000 and over 2.00 94.81 5.92 5.95 5.97
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
AMOUNT PURCHASED
- -------------------------------------
Estimated Long Term Return (3)
Units -----------------------------------------------------
- ----------------
Public
Sales Offering Monthly Quarterly Semi-Annual
Dollars Charge Price (1) Payment Payment Payment
------------------- ------ ----------- ------------- ------------- -------------
50-499 $5,000-$49,999 4.90 % $ 97.70 5.85 % 5.88 % 5.90 %
500-999 50,000-99,999 4.75 97.54 5.86 5.88 5.90
1,000-2,499 100,000-249,999 4.50 97.29 5.87 5.90 5.92
2,500-4,999 250,000-499,999 4.25 97.03 5.89 5.91 5.93
5,000-9,999 500,000-999,999 3.50 96.28 5.94 5.96 5.98
10,000-24,999 1,000,000-2,499,999 3.00 95.78 5.97 6.00 6.01
25,000-49,999 2,500,000-4,999,999 2.50 95.29 6.00 6.03 6.05
50,000 and over 5,000,000 and over 2.00 94.81 6.03 6.06 6.08
</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
Pennsylvania 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............. $ .3118(1) $ 5.6125
-------- $.4677 every month --------
Quarterly Distribution Plan........... $ .3118(1) $ .9402(2) $ 1.4103 $ 1.4103 $ 1.4103 $ 5.6445
Semi-Annual Distribution Plan......... $ .3118(1) $ 2.3595(3) $ 2.8314 $ 5.6635
- ---------------------------------------------------------------------------------------------------------------------------------
<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. Such distribution may
be more or less than a regular monthly distribution.
(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 $.01559 per unit per day.
Consequently, on the first Record Date (06/01/94), accrued interest will total
$0.3118 per unit for the 20-day period. All interest accrued from the Date of
Deposit to the first Record Date, less expenses, will be distributed on the
first Distribution Date to Unitholders of Record as of the first Record Date.
The first payment to all Unitholders of Record on 06/01/94 is $.3118 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01559 Quarterly - $0.01567
Semi-Annual - $0.01573
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.
- --------------------------------------------------------------------------------
729
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 27.5 years.
The first bond is scheduled to mature in July, 2014, with the last bond maturity
being November, 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
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
