<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NORTH CAROLINA
TRUST 281
(NORTH CAROLINA TRADITIONAL TRUST 281)
Estimated Current Return
5.70% to 5.93%
as of 10/13/94
Estimated Long Term Return
5.88% to 6.12%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds
Cusip:
6710A2 136 Monthly Payment Option
6710A2 144 Quarterly Payment Option
6710A2 151 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 281
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT OCTOBER 14, 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 A+ A
Bonds (Moore Regional Hospital Project), Series 1993,
5.20% Due 10/1/13.
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 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.)
500,000 Craven Regional Medical Authority (North Carolina), Insured 2003 at 102 AAA Aaa
Health Care Facilities Revenue Bonds, Series 1993, 5.625%
Due 10/1/17. (MBIA Insured.)
500,000 Certificates of Participation (1994 Hospital and Office 2004 at 102 AA Aa
Facilities Project) County of Durham, North Carolina,
6.00% Due 5/1/17.
500,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 2004 at 101 AAA Aaa
1994 (General Obligation Bonds), 6.45% Due 7/1/17. (MBIA 1/2
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 % $ 95.66 5.70% 5.73% 5.75%
500-999 50,000-99,999 4.75 95.51 5.71 5.74 5.76
1,000-2,499 100,000-249,999 4.50 95.26 5.72 5.76 5.78
2,500-4,999 250,000-499,999 4.25 95.01 5.74 5.77 5.79
5,000-9,999 500,000-999,999 3.50 94.27 5.78 5.82 5.84
10,000-24,999 1,000,000-2,499,999 3.00 93.78 5.81 5.85 5.87
25,000-49,999 2,500,000-4,999,999 2.50 93.30 5.84 5.88 5.90
50,000 and over 5,000,000 and over 2.00 92.83 5.87 5.91 5.93
</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>
50-499 $5,000-$49,999 4.90 % $ 95.66 5.88% 5.92% 5.93%
500-999 50,000-99,999 4.75 95.51 5.88 5.92 5.94
1,000-2,499 100,000-249,999 4.50 95.26 5.90 5.94 5.96
2,500-4,999 250,000-499,999 4.25 95.01 5.91 5.95 5.97
5,000-9,999 500,000-999,999 3.50 94.27 5.96 6.00 6.02
10,000-24,999 1,000,000-2,499,999 3.00 93.78 6.00 6.03 6.05
25,000-49,999 2,500,000-4,999,999 2.50 93.30 6.03 6.07 6.08
50,000 and over 5,000,000 and over 2.00 92.83 6.06 6.10 6.12
</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>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 11/1 2/1 5/1 8/1
Distribution Date..................... 11/15 2/15 5/15 8/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .2573(1) $ 5.4530
-------- $.4542 every month --------
Quarterly Distribution Plan........... $ .2573(1) $ 1.3707(2) $ 1.3707 $ 1.3707 $ 5.4850
Semi-Annual Distribution Plan......... $ .2573(1) $ 2.7504(3) $ 5.5040
- --------------------------------------------------------------------------------------------------------------------
<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) Regular 3-month distribution.
(3) Regular 6-month distribution.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.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 $.01514 per unit per day.
Consequently, on the first Record Date (11/01/94), accrued interest will total
$0.2573 per unit for the 17-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 11/01/94 is $.2573 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01514 Quarterly - $0.01523
Semi-Annual - $0.01528
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.
- --------------------------------------------------------------------------------
758
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 23.8 years.
The first bond is scheduled to mature in October, 2013, with the last bond
maturity being July, 2022.
- -------------------------------------------------------
QUALITY OF PORTFOLIO AS RATED BY
STANDARD & POOR'S CORPORATION
OR MOODY'S INVESTORS SERVICES
- -------------------------------------------------------
<TABLE>
<S> <C> <C>
Rating Percent of Portfolio
Category Par Value
- --------------------------------------------------------------------
AAA 72%
AA 14
A1/A+ 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.
- -------------------------------------------------------
UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK AND ARE NOT FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
- -------------------------------------------------------
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 293
(VIRGINIA TRADITIONAL TRUST 293)
Estimated Current Return
First
Year: 5.83% to 6.06%
Subsequent
Years: 5.83% to 6.07%
as of 10/13/94
Estimated Long Term Return
5.98% to 6.22%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds
Cusip:
6706L5 499 Monthly Payment Option
6706L5 507 Quarterly Payment Option
6706L5 515 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 293
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT OCTOBER 14, 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 Commonwealth of Puerto Rico, Public Improvement Bonds of 2004 at 101 AAA Aaa
1994 (General Obligation Bonds), 6.45% Due 7/1/17. (MBIA 1/2
Insured.)
500,000 Virginia College Building Authority, Educational Facilities 2003 at 102 A+ --
Revenue Refunding Bonds (Hampton University Project),
Series of 1993, 5.75% Due 4/1/14.
100,000 Industrial Development Authority Of Augusta County, 2003 at 102 AAA Aaa
Virginia, Hospital Refunding Revenue Bonds (Augusta
Hospital Corporation), Series 1993, 5.125% Due 9/1/21.
(Original issue discount bonds delivered on or about
December 2, 1993 at a price of 93.341% of principal
amount.)(AMBAC Insured.)
500,000 Chesapeake Hospital Authority (Virginia), Hospital Facility 2003 at 102 AAA Aaa
Refunding Revenue Bonds (Chesapeake General Hospital),
Series 1993, 5.25% Due 7/1/18. (Original issue discount
bonds delivered on or about March 17, 1993 at a price of
94.641% of principal amount.)(MBIA Insured.)
500,000 City of Chesapeake, Virginia, Water and Sewer System Revenue 2004 at 102 A+ A
Refunding Bonds, Series of 1994, 5.125% Due 5/1/21.
500,000 Industrial Development Authority of the City of Norfolk 2004 at 102 AA Aa
(Virginia), Hospital Revenue and Refunding Bonds (Sentara
Hospitals-Norfolk), Series 1994A, 6.50% Due 11/1/13.
500,000 City of Richmond, Virginia, General Obligation Public 2003 at 102 AA A1
Improvement Bonds, Series 1993B, 5.70% Due 7/15/16.
400,000 Industrial Development Authority of The City of Winchester 2004 at 102 AA --
(Virginia), Educational Facilities First Mortgage Revenue
Bonds (Shenandoah University Project), Series 1994, 6.80%
Due 10/1/24. (When issued.) (ASSET GUARANTEED.)
----------
$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 % $ 97.04 (5.83%) 5.83% (5.86%) 5.87% (5.88%) 5.89%
500-999 50,000-99,999 4.75 96.89 (5.84) 5.84 (5.87) 5.88 (5.89) 5.90
1,000-2,499 100,000-249,999 4.50 96.64 (5.85) 5.86 (5.88) 5.89 (5.90) 5.91
2,500-4,999 250,000-499,999 4.25 96.39 (5.87) 5.87 (5.90) 5.91 (5.92) 5.93
5,000-9,999 500,000-999,999 3.50 95.64 (5.91) 5.92 (5.95) 5.95 (5.97) 5.97
10,000-24,999 1,000,000-2,499,999 3.00 95.14 (5.94) 5.95 (5.98) 5.98 (6.00) 6.00
25,000-49,999 2,500,000-4,999,999 2.50 94.66 (5.97) 5.98 (6.01) 6.01 (6.03) 6.03
50,000 and over 5,000,000 and over 2.00 94.17 (6.00) 6.01 (6.04) 6.05 (6.06) 6.07
</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>
50-499 $5,000-$49,999 4.90 % $ 97.04 5.98% 6.02% 6.04%
500-999 50,000-99,999 4.75 96.89 5.99 6.03 6.05
1,000-2,499 100,000-249,999 4.50 96.64 6.01 6.05 6.06
2,500-4,999 250,000-499,999 4.25 96.39 6.02 6.06 6.08
5,000-9,999 500,000-999,999 3.50 95.64 6.07 6.11 6.13
10,000-24,999 1,000,000-2,499,999 3.00 95.14 6.10 6.14 6.16
25,000-49,999 2,500,000-4,999,999 2.50 94.66 6.13 6.17 6.19
50,000 and over 5,000,000 and over 2.00 94.17 6.16 6.20 6.22
</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
Virginia Traditional Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 11/1 2/1 5/1 8/1
Distribution Date..................... 11/15 2/15 5/15 8/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .2672(1) $ 5.6609
-------- $.4716 every month --------
Quarterly Distribution Plan........... $ .2672(1) $ 1.4229(2) $ 1.4229 $ 1.4229 $ 5.6929
Semi-Annual Distribution Plan......... $ .2672(1) $ 2.8548(3) $ 5.7119
- --------------------------------------------------------------------------------------------------------------------
<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) Regular 3-month distribution.
(3) Regular 6-month distribution.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.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 $.01572 per unit per day.
Consequently, on the first Record Date (11/01/94), accrued interest will total
$0.2672 per unit for the 17-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 11/01/94 is $.2672 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01572 Quarterly - $0.01581
Semi-Annual - $0.01586
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.
- --------------------------------------------------------------------------------
758
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 23.2 years.
The first bond is scheduled to mature in November, 2013, with the last bond
maturity being October, 2024.
- -------------------------------------------------------
QUALITY OF PORTFOLIO AS RATED BY
STANDARD & POOR'S CORPORATION
OR MOODY'S INVESTORS SERVICES
- -------------------------------------------------------
<TABLE>
<S> <C> <C>
Rating Percent of Portfolio
Category Par Value
- --------------------------------------------------------------------
AAA 31%
AA 40
A1/A+ 29
---
100%
</TABLE>
- -------------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
- -------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------------
UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK AND ARE NOT FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
- -------------------------------------------------------
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
FLORIDA
INSURED
TRUST 198
Estimated Current Return
5.63% to 5.86%
as of 10/13/94
Estimated Long Term Return
5.82% to 6.06%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H3 523 Monthly Payment Option
6706H3 531 Quarterly Payment Option
6706H3 549 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 198
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT OCTOBER 14, 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 State of Florida, Full Faith and Credit, State Board of 2003 at 101 AAA Aaa
Education, Public Education Capital Outlay Bonds, 1992
Series C, 5.875% Due 6/1/23. (General Obligation Bonds.)
500,000 Florida Municipal Power Agency, St. Lucie Project Refunding 2002 at 102 AAA Aaa
Revenue Bonds, Series 1992, 5.70% Due 10/1/16.
500,000 Hillsborough County Aviation Authority, Florida, Tampa 2003 at 102 AAA Aaa
International Airport Revenue Refunding Bonds, 1993 Series
B, 5.60% Due 10/1/19.
500,000 City of Jacksonville Beach, Florida, Utility Revenue Bonds, 2002 at 102 AAA Aaa
Series 1993, 5.50% Due 10/1/13.
500,000 Jacksonville Electric Authority (Jacksonville, Florida), St. 2002 at 101 AAA Aaa
Johns River Power Park System, Refunding Revenue Bonds
Issue Two, Series Nine, 5.25% Due 10/1/21.
500,000 South Broward Hospital District (Florida), Hospital Revenue 2003 at 102 AAA Aaa
and Refunding Revenue Bonds, Series 1993, 5.50% Due
5/1/28.
500,000 Commonwealth of Puerto Rico, Public Improvement Refunding 2003 at 100 AAA Aaa
Bonds, Series 1993 (General Obligation Bonds.), 5.00% Due
7/1/21. (Original issue discount bonds delivered on or
about July 15, 1993 at a price of 90.01% of principal
amount.)
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 93.43 5.63% 5.66% 5.68%
500-999 50,000-99,999 4.75 93.28 5.64 5.67 5.69
1,000-2,499 100,000-249,999 4.50 93.04 5.65 5.69 5.71
2,500-4,999 250,000-499,999 4.25 92.79 5.67 5.70 5.72
5,000-9,999 500,000-999,999 3.50 92.07 5.71 5.75 5.77
10,000-24,999 1,000,000-2,499,999 3.00 91.60 5.74 5.78 5.80
25,000-49,999 2,500,000-4,999,999 2.50 91.13 5.77 5.81 5.83
50,000 and over 5,000,000 and over 2.00 90.66 5.80 5.84 5.86
</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>
50-499 $5,000-$49,999 4.90 % $ 93.43 5.82% 5.86% 5.88%
500-999 50,000-99,999 4.75 93.28 5.83 5.86 5.88
1,000-2,499 100,000-249,999 4.50 93.04 5.85 5.88 5.90
2,500-4,999 250,000-499,999 4.25 92.79 5.86 5.90 5.91
5,000-9,999 500,000-999,999 3.50 92.07 5.91 5.94 5.96
10,000-24,999 1,000,000-2,499,999 3.00 91.60 5.94 5.98 6.00
25,000-49,999 2,500,000-4,999,999 2.50 91.13 5.97 6.01 6.03
50,000 and over 5,000,000 and over 2.00 90.66 6.00 6.04 6.06
</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
Florida Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 11/1 2/1 5/1 8/1
Distribution Date..................... 11/15 2/15 5/15 8/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .2482(1) $ 5.2590
-------- $.4380 every month --------
Quarterly Distribution Plan........... $ .2482(1) $ 1.3221(2) $ 1.3221 $ 1.3221 $ 5.2910
Semi-Annual Distribution Plan......... $ .2482(1) $ 2.6550(3) $ 5.3100
- --------------------------------------------------------------------------------------------------------------------
<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) Regular 3-month distribution.
(3) Regular 6-month distribution.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.10 of accrued
interest that will be added to the Public Offering Price on the Settlement Date.
After provision for expenses of the Fund, the daily rate of accrual from the
Date of Deposit to the first Record Date is $.01460 per unit per day.
Consequently, on the first Record Date (11/01/94), accrued interest will total
$0.2482 per unit for the 17-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 11/01/94 is $.2482 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01460 Quarterly - $0.01469
Semi-Annual - $0.01475
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.
- --------------------------------------------------------------------------------
758
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 26.0 years.
The first bond is scheduled to mature in October, 2013, with the last bond
maturity being May, 2028.
- -------------------------------------------------------
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.
- -------------------------------------------------------
UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK AND ARE NOT FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
- -------------------------------------------------------
* 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
<PAGE>
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
