<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NORTH CAROLINA
TRUST 276
(NORTH CAROLINA TRADITIONAL TRUST 276)
Estimated Current Return
First
Year: 5.61% to 5.83%
Subsequent
Years: 5.62% to 5.84%
as of 05/24/94
Estimated Long Term Return
5.70% to 5.92%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds
Cusip:
670958 768 Monthly Payment Option
670958 776 Quarterly Payment Option
670958 784 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 276
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT MAY 25, 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>
--------------------------------------------------------------------------------------------------------------------------
$ 475,000 North Carolina Medical Care Commission, Hospital Revenue 2002 at 102 A- --
Refunding Bonds (Mercy Hospital Project), Series 1992,
6.50% Due 8/1/15.
515,000 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.)
195,000 Appalachian State University, Utilities System Revenue 2004 at 102 AAA Aaa
Bonds, Series 1994 of the Board of Governors of the
University of North Carolina, 6.20% Due 5/15/24. (When
issued.) (MBIA Insured.)
250,000 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.)
525,000 City of Charlotte, North Carolina, Refunding Certificates of 2003 at 102 AAA Aaa
Participation (Convention Facility Project), Series 1993C,
5.25% Due 12/1/20. (Original issue discount bonds
delivered on or about August 25, 1993 at a price of
93.801% of principal amount.)(AMBAC Insured.)
250,000 City of Monroe, North Carolina, Combined Enterprise System 2004 at 102 A A
Revenue Bonds, Series 1994, 6.00% Due 3/1/19. (When
issued.)
290,000 County of Rutherford, North Carolina, Certificates of 2004 at 102 AAA Aaa
Participation (1994 Public Facilities Project), 6.00% Due
6/1/09. (FGIC Insured.)
500,000 City of Thomasville, North Carolina, Certificates of 2003 at 102 AAA Aaa
Participation (City Hall and Utility Improvements
Projects), Series 1992, 6.00% Due 6/1/17. (FSA Insured.)
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
AMOUNT PURCHASED Public -----------------------------------------------------------
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- --------------- --------------- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 99.61 (5.61%) 5.62% (5.64%) 5.65% (5.66%) 5.67%
500-999 50,000-99,999 4.75 99.45 (5.62) 5.63 (5.65) 5.66 (5.67) 5.68
1,000-2,499 100,000-249,999 4.50 99.19 (5.63) 5.64 (5.66) 5.68 (5.68) 5.70
2,500-4,999 250,000-499,999 4.25 98.94 (5.64) 5.66 (5.68) 5.69 (5.70) 5.71
5,000-9,999 500,000-999,999 3.50 98.17 (5.69) 5.70 (5.72) 5.74 (5.74) 5.75
10,000-24,999 1,000,000-2,499,999 3.00 97.66 (5.72) 5.73 (5.75) 5.77 (5.77) 5.78
25,000-49,999 2,500,000-4,999,999 2.50 97.16 (5.75) 5.76 (5.78) 5.79 (5.80) 5.81
50,000 and over 5,000,000 and over 2.00 96.66 (5.78) 5.79 (5.81) 5.82 (5.83) 5.84
</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 % $ 99.61 5.70 % 5.73 % 5.74 %
500-999 50,000-99,999 4.75 99.45 5.70 5.73 5.75
1,000-2,499 100,000-249,999 4.50 99.19 5.72 5.75 5.77
2,500-4,999 250,000-499,999 4.25 98.94 5.73 5.76 5.78
5,000-9,999 500,000-999,999 3.50 98.17 5.78 5.81 5.83
10,000-24,999 1,000,000-2,499,999 3.00 97.66 5.81 5.84 5.86
25,000-49,999 2,500,000-4,999,999 2.50 97.16 5.84 5.87 5.89
50,000 and over 5,000,000 and over 2.00 96.66 5.87 5.90 5.92
</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
North Carolina Traditional Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 7/1 8/1 11/1 2/1 5/1
Distribution Date..................... 7/15 8/15 11/15 2/15 5/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .5588(1) $ 5.5984
-------- $.4665 every month --------
Quarterly Distribution Plan........... $ .5588(1) $ .4692(2) $ 1.4076 $ 1.4076 $ 1.4076 $ 5.6304
Semi-Annual Distribution Plan......... $ .5588(1) $ 1.8828(3) $ 2.8242 $ 5.6494
- ---------------------------------------------------------------------------------------------------------------------------------
<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 1-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 4-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 $.01552 per unit per day.
Consequently, on the first Record Date (07/01/94), accrued interest will total
$0.5588 per unit for the 36-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 07/01/94 is $.5588 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01555 Quarterly - $0.01564
Semi-Annual - $0.01569
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.
- --------------------------------------------------------------------------------
731
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 24.4 years.
The first bond is scheduled to mature in June, 2009, with the last bond maturity
being May, 2024.
- -------------------------------------------------
QUALITY OF PORTFOLIO AS RATED BY
STANDARD & POOR'S CORPORATION
OR MOODY'S INVESTORS SERVICES
- -------------------------------------------------
<TABLE>
<CAPTION>
Rating Percent of Portfolio
Category Par Value
<S> <C> <C>
- -------------------------------------------------------------
AAA 65%
AA 15
A 20
---
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
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
VIRGINIA
TRUST 287
(VIRGINIA TRADITIONAL TRUST 287)
Estimated Current Return
5.65% to 5.88%
as of 05/24/94
Estimated Long Term Return
5.72% to 5.94%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds
Cusip:
6706L5 317 Monthly Payment Option
6706L5 325 Quarterly Payment Option
6706L5 333 Semi-Annual Payment Option
Registered in Virginia
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--VIRGINIA TRADITIONAL TRUST 287
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT MAY 25, 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 Fairfax County Economic Development Authority (Virginia), 2004 at 102 AA Aa
Lease Revenue Bonds (Government Center Properties), Series
1994, 5.50% Due 5/15/18. (Original issue discount bonds
delivered on or about March 15, 1994 at a price of 93.654%
of principal amount.)
500,000 Fairfax County (Virginia), Redevelopment and Housing 2003 at 102 AAA Aaa
Authority, Mortgage Revenue Refunding Bonds, Series 1993A
(FHA Insured Mortgage Loan-Burke Centre Station), 5.75%
Due 8/1/25. (MBIA Insured.)
500,000 The Town of Leesburg, Virginia, Utility System Revenue 2002 at 102 AAA Aaa
Bonds, Series 1992, 6.30% Due 7/1/17. (MBIA Insured.)
500,000 Norfolk Industrial Development Authority (Virginia), 2004 at 102 AA Aa
Hospital Revenue and Refunding Bonds (Sentara Health
System), Series 1994B, 5.50% Due 11/1/17.
500,000 Peninsula Ports Authority of Virginia, Health System Revenue 2002 at 102 AA- Aa
and Refunding Bonds (Riverside Health System Project),
Series 1992-A, 6.625% Due 7/1/18.
500,000 Richmond Metropolitan Authority (Virginia), Expressway 2002 at 102 AAA Aaa
Revenue and Refunding Bonds, Series 1992-B, 6.25% Due
7/15/22. (FGIC Insured.)
500,000 County of Roanoke, Virginia, Water System Refunding Revenue 2003 at 102 AAA Aaa
Bonds, Series 1993, 5.00% Due 7/1/21. (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>
50-499 $5,000-$49,999 4.90 % $ 99.52 5.65% 5.69% 5.70%
500-999 50,000-99,999 4.75 99.36 5.66 5.69 5.71
1,000-2,499 100,000-249,999 4.50 99.10 5.68 5.71 5.73
2,500-4,999 250,000-499,999 4.25 98.84 5.69 5.72 5.74
5,000-9,999 500,000-999,999 3.50 98.07 5.74 5.77 5.79
10,000-24,999 1,000,000-2,499,999 3.00 97.57 5.77 5.80 5.82
25,000-49,999 2,500,000-4,999,999 2.50 97.07 5.80 5.83 5.85
50,000 and over 5,000,000 and over 2.00 96.57 5.83 5.86 5.88
</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 % $ 99.52 5.72 % 5.74 % 5.76 %
500-999 50,000-99,999 4.75 99.36 5.72 5.75 5.77
1,000-2,499 100,000-249,999 4.50 99.10 5.74 5.77 5.79
2,500-4,999 250,000-499,999 4.25 98.84 5.75 5.78 5.80
5,000-9,999 500,000-999,999 3.50 98.07 5.80 5.83 5.85
10,000-24,999 1,000,000-2,499,999 3.00 97.57 5.83 5.86 5.88
25,000-49,999 2,500,000-4,999,999 2.50 97.07 5.86 5.89 5.91
50,000 and over 5,000,000 and over 2.00 96.57 5.89 5.92 5.94
</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
Virginia Traditional Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 7/1 8/1 11/1 2/1 5/1
Distribution Date..................... 7/15 8/15 11/15 2/15 5/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .5623(1) $ 5.6258
-------- $.4686 every month --------
Quarterly Distribution Plan........... $ .5623(1) $ .4713(2) $ 1.4139 $ 1.4139 $ 1.4139 $ 5.6578
Semi-Annual Distribution Plan......... $ .5623(1) $ 1.8912(3) $ 2.8368 $ 5.6768
- ---------------------------------------------------------------------------------------------------------------------------------
<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 1-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 4-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 $.01562 per unit per day.
Consequently, on the first Record Date (07/01/94), accrued interest will total
$0.5623 per unit for the 36-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 07/01/94 is $.5623 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01562 Quarterly - $0.01571
Semi-Annual - $0.01576
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.
- --------------------------------------------------------------------------------
731
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 25.9 years.
The first bond is scheduled to mature in July, 2017, with the last bond maturity
being August, 2025.
- -------------------------------------------------
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 57%
AA 43
---
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
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
SHORT INTERMEDIATE
INSURED
TRUST 31
Estimated Current Return
4.41% to 4.53%
as of 05/24/94
Estimated Long Term Return
4.63% to 4.75%
100,000 units in a
diversified $10,000,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6710A0 221 Monthly Payment Option
6710A0 239 Quarterly Payment Option
6710A0 247 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, SHORT INTERMEDIATE INSURED TRUST 31
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT MAY 25, 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 Municipality of Anchorage, Alaska, 1993 General Obligation No Optional AAA Aaa
Refunding School Bonds, Series A, 5.00% Due 8/1/98. Call
1,500,000 City of Phoenix, Arizona, Airport Revenue Refunding Bonds, No Optional AAA Aaa
Series 1994B, Call
1,000M-4.95% Due 7/1/98,
500M-5.10% Due 7/1/99.
(When issued.)
200,000 Hillsborough County, Florida, Refunding Utility Revenue No Optional AAA Aaa
Bonds, Series 1991A, 0.00% Due 8/1/98. (Original issue Call
discount bonds delivered on or about September 24, 1991 at
a price of 62.407% of principal amount.)
1,000,000 City and County of Honolulu, Hawaii, General Obligation No Optional AAA Aaa
Bonds, Refunding and Improvement Series 1993B, 4.60% Due Call
10/1/99.
1,000,000 The Trustees of Indiana University, Indiana University No Optional AAA Aaa
Facility Revenue Bonds, Series 1994A, 5.00% Due 11/15/99. Call
(When issued.)
300,000 Charter County of Wayne, Michigan, Airport Revenue Refunding No Optional AAA Aaa
Bonds (Detroit Metropolitan Wayne County Airport), Series Call
1994A, 4.95% Due 12/1/99.
1,000,000 The School District of Philadelphia, Pennsylvania, General No Optional AAA Aaa
Obligation Bonds, Series A of 1994, 4.95% Due 7/1/99. Call
1,000,000 The Health and Educational Facilities Board of the City of No Optional AAA Aaa
Bristol, Tennessee, Hospital Revenue Refunding Bonds, Call
Series 1993 (Bristol Memorial Hospital), 4.50% Due 9/1/99.
1,000,000 Texas Municipal Power Agency, Refunding Revenue Bonds, No Optional AAA Aaa
Series 1993, 4.50% Due 9/1/98. Call
1,000,000 The City of Seattle, Washington, Water System and Refunding No Optional AAA Aaa
Revenue Bonds, 1993, 4.60% Due 12/1/99. Call
1,000,000 Washington Public Power Supply System, Nuclear Project No. 2 No Optional AAA Aaa
Refunding Revenue Bonds, Series 1993A, 4.75% Due 7/1/99. Call
----------
$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>
50-499 $5,000-$49,999 3.00 % $ 101.87 4.41% 4.44% 4.46%
500-999 50,000-99,999 2.80 101.66 4.42 4.45 4.47
1,000-2,499 100,000-249,999 2.60 101.45 4.43 4.46 4.48
2,500-4,999 250,000-499,999 2.35 101.19 4.44 4.47 4.49
5,000-9,999 500,000-999,999 2.10 100.93 4.45 4.48 4.50
10,000-24,999 1,000,000-2,499,999 1.85 100.67 4.46 4.49 4.51
25,000-49,999 2,500,000-4,999,999 1.80 100.62 4.46 4.50 4.52
50,000 and over 5,000,000 and over 1.50 100.31 4.48 4.51 4.53
</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 3.00 % $ 101.87 4.63 % 4.67 % 4.68 %
500-999 50,000-99,999 2.80 101.66 4.64 4.68 4.69
1,000-2,499 100,000-249,999 2.60 101.45 4.65 4.69 4.70
2,500-4,999 250,000-499,999 2.35 101.19 4.66 4.70 4.70
5,000-9,999 500,000-999,999 2.10 100.93 4.67 4.71 4.72
10,000-24,999 1,000,000-2,499,999 1.85 100.67 4.68 4.72 4.73
25,000-49,999 2,500,000-4,999,999 1.80 100.62 4.68 4.72 4.73
50,000 and over 5,000,000 and over 1.50 100.31 4.70 4.74 4.75
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to Date of Deposit. The estimated
current return for purchases made on such date will be as shown, as long as
the portfolio size and composition remain the same.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
Short Intermediate Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 7/1 8/1 11/1 2/1 5/1
Distribution Date..................... 7/15 8/15 11/15 2/15 5/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .4489(1) $ 4.4924
-------- $.3741 every month --------
Quarterly Distribution Plan........... $ .4489(1) $ .3768(2) $ 1.1304 $ 1.1304 $ 1.1304 $ 4.5244
Semi-Annual Distribution Plan......... $ .4489(1) $ 1.5144(3) $ 2.2716 $ 4.5434
- ---------------------------------------------------------------------------------------------------------------------------------
<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 1-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 4-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 $.09 of accrued
interest that will be added to the Public Offering Price on the Settlement Date.
After provision for expenses of the Fund, the daily rate of accrual from the
Date of Deposit to the first Record Date is $.01247 per unit per day.
Consequently, on the first Record Date (07/01/94), accrued interest will total
$0.4489 per unit for the 36-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 07/01/94 is $.4489 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01247 Quarterly - $0.01256
Semi-Annual - $0.01262
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 11 Tax-exempt bond issues in this trust; this diversified portfolio
yields current income from issuers in 9 states.
- -------------------------------------------------
<TABLE>
<CAPTION>
Percent
of Total
Income
<S> <C> <C>
- ------------------------
%
Alaska 10.7
Arizona 16.0
Hawaii 9.8
Indiana 10.7
Michigan 3.2
<CAPTION>
Percent
of Total
Income
- ------------------------
<S> <C> <C>
%
Pennsylvania 10.6
Tennessee 9.6
Texas 9.6
Washington 19.8
</TABLE>
- -------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity
of portfolio bonds is 4.9 years.
<TABLE>
<CAPTION>
Year Bonds Mature Amount Percent
- ------------------------------------- ---------- -----------
<S> <C> <C>
1998................................. 3,200 32.0%
1999................................. 6,800 68.0
</TABLE>
- -------------------------------------------------
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.
731
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
PENNSYLVANIA
INSURED
TRUST 181
Estimated Current Return
First
Year: 5.63% to 5.85%
Subsequent
Years: 5.70% to 5.92%
as of 05/24/94
Estimated Long Term Return
5.74% to 5.96%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H9 439 Monthly Payment Option
6706H9 447 Quarterly Payment Option
6706H9 454 Semi-Annual Payment Option
Registered in Pennsylvania & Florida
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 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 181
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT MAY 25, 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 Allegheny County Hospital Development Authority 2002 at 100 AAA Aaa
(Pennsylvania), Health Center Revenue Bonds, Series 1992A
(Presbyterian University Health System, Inc. Project),
6.25% Due 11/1/23.
500,000 Bedford Area School District (Bedford County, Pennsylvania), 2004 at 100 AAA Aaa
General Obligation Bonds, Series A of 1994, 6.20% Due
4/15/24. (When issued.)
500,000 Carlisle Suburban Authority, Cumberland County, 2002 at 100 AAA Aaa
Pennsylvania, Guaranteed Water and Sewer Revenue
Bonds-Series of 1992, 6.125% Due 12/15/19.
500,000 Franklin County Industrial Development Authority 2002 at 102 AAA Aaa
(Pennsylvania), Hospital Revenue Bonds, The Chambersburg
Hospital Project, Series of 1992, 6.25% Due 7/1/22.
500,000 Lehigh County Industrial Development Authority, Pollution 2004 at 102 AAA Aaa
Control Revenue Refunding Bonds, 1994 Series A
(Pennsylvania Power & Light Company Project), 5.50% Due
2/15/27.
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 Commonwealth of Puerto Rico, Public Improvement Bonds of 2004 at 101 AAA Aaa
1994 (General Obligation Bonds), 6.50% Due 7/1/23. 1/2
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
AMOUNT PURCHASED Public -----------------------------------------------------------
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- --------------- --------------- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 101.50 (5.63%) 5.70% (5.66%) 5.73% (5.68%) 5.75%
500-999 50,000-99,999 4.75 101.34 (5.64) 5.71 (5.67) 5.74 (5.69) 5.76
1,000-2,499 100,000-249,999 4.50 101.08 (5.65) 5.72 (5.69) 5.75 (5.70) 5.77
2,500-4,999 250,000-499,999 4.25 100.81 (5.67) 5.74 (5.70) 5.77 (5.72) 5.79
5,000-9,999 500,000-999,999 3.50 100.03 (5.71) 5.78 (5.74) 5.81 (5.76) 5.83
10,000-24,999 1,000,000-2,499,999 3.00 99.52 (5.74) 5.81 (5.77) 5.84 (5.79) 5.86
25,000-49,999 2,500,000-4,999,999 2.50 99.00 (5.77) 5.84 (5.80) 5.87 (5.82) 5.89
50,000 and over 5,000,000 and over 2.00 98.50 (5.80) 5.87 (5.83) 5.90 (5.85) 5.92
</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 % $ 101.50 5.74 % 5.76 % 5.78 %
500-999 50,000-99,999 4.75 101.34 5.74 5.77 5.79
1,000-2,499 100,000-249,999 4.50 101.08 5.76 5.79 5.81
2,500-4,999 250,000-499,999 4.25 100.81 5.77 5.80 5.82
5,000-9,999 500,000-999,999 3.50 100.03 5.82 5.85 5.87
10,000-24,999 1,000,000-2,499,999 3.00 99.52 5.85 5.88 5.90
25,000-49,999 2,500,000-4,999,999 2.50 99.00 5.88 5.91 5.93
50,000 and over 5,000,000 and over 2.00 98.50 5.91 5.94 5.96
</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
Pennsylvania Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 7/1 8/1 11/1 2/1 5/1
Distribution Date..................... 7/15 8/15 11/15 2/15 5/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .5634(1) $ 5.7842
-------- $.4818 every month --------
Quarterly Distribution Plan........... $ .5634(1) $ .4845(2) $ 1.4535 $ 1.4535 $ 1.4535 $ 5.8162
Semi-Annual Distribution Plan......... $ .5634(1) $ 1.9440(3) $ 2.9160 $ 5.8352
- ---------------------------------------------------------------------------------------------------------------------------------
<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 1-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 4-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 $.01565 per unit per day.
Consequently, on the first Record Date (07/01/94), accrued interest will total
$0.5634 per unit for the 36-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 07/01/94 is $.5634 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01606 Quarterly - $0.01615
Semi-Annual - $0.01620
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.
- --------------------------------------------------------------------------------
731
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 29.1 years.
The first bond is scheduled to mature in December, 2019, with the last bond
maturity being February, 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.
- -------------------------------------------------
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.
