<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
MARYLAND
TRUST 300
(MARYLAND TRADITIONAL TRUST 300)
Estimated Current Return
5.66% to 5.89%
as of 10/18/94
Estimated Long Term Return
5.88% to 6.11%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds
Cusip:
67101L 704 Monthly Payment Option
67101L 712 Quarterly Payment Option
67101L 720 Semi-Annual Payment Option
Registered in Maryland
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street 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--MARYLAND TRADITIONAL TRUST 300
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT OCTOBER 19, 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 Washington Metropolitan Area Transit Authority (District of 2004 at 102 AAA Aaa
Columbia), Gross Revenue Transit Refunding Bonds, Series
1993, 5.25% Due 7/1/14. (FGIC Insured.)
500,000 Maryland Health and Higher Educational Facilities Authority, 2003 at 102 A A
Revenue Bonds, Good Samaritan Hospital Issue, Series 1993,
5.75% Due 7/1/19.
500,000 Maryland Health and Higher Educational Facilities Authority, 2003 at 102 AAA Aaa
Project and Refunding Revenue Bonds, Mercy Medical Center
Issue, Series 1993, 5.50% Due 7/1/22. (Original issue
discount bonds delivered on or about February 17, 1993 at
a price of 92.25% of principal amount.)(AMBAC Insured.)
250,000 Maryland Health and Higher Educational Facilities Authority, 2003 at 102 A A1
Refunding Revenue Bonds, Suburban Hospital Issue, Series
1993, 5.125% Due 7/1/21. (Original issue discount bonds
delivered on or about October 14, 1993 at a price of
94.689% of principal amount.)
500,000 University of Maryland System, Auxiliary Facility and 2003 at 102 AA+ Aa
Tuition Revenue Bonds, 1993 Series A, 5.50% Due 4/1/10.
290,000 Anne Arundel County, Maryland, Pollution Control Revenue 2004 at 102 A A2
Refunding Bonds (Baltimore Gas and Electric Company
Project), Series 1994, 6.00% Due 4/1/24.
500,000 City of Baltimore, Maryland (Mayor and City Council of No Optional AAA Aaa
Baltimore), Refunding Revenue Bonds (Wastewater Projects), Call
Series 1994-A, 6.00% Due 7/1/15. (Original issue discount
bonds delivered on or about February 1, 1994 at a price of
73.143% of principal amount.)(FGIC Insured.)
125,000 Calvert County, Maryland, Pollution Control Revenue 2004 at 102 A A2
Refunding Bonds (Baltimore Gas and Electric Company
Project), Series 1993, 5.55% Due 7/15/14.
335,000 The City of Frederick, Maryland, General Obligation Bonds, 2004 at 102 AAA Aaa
General Improvements Bonds, 1994 Series, 6.125% Due
10/1/12. (When issued.) (MBIA 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 % $ 95.84 5.66% 5.69% 5.71%
500-999 50,000-99,999 4.75 95.69 5.67 5.70 5.72
1,000-2,499 100,000-249,999 4.50 95.43 5.68 5.72 5.74
2,500-4,999 250,000-499,999 4.25 95.19 5.70 5.73 5.75
5,000-9,999 500,000-999,999 3.50 94.45 5.74 5.78 5.80
10,000-24,999 1,000,000-2,499,999 3.00 93.96 5.77 5.81 5.83
25,000-49,999 2,500,000-4,999,999 2.50 93.48 5.80 5.84 5.86
50,000 and over 5,000,000 and over 2.00 93.00 5.83 5.87 5.89
</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 % $ 95.84 5.88% 5.91% 5.93%
500-999 50,000-99,999 4.75 95.69 5.88 5.91 5.93
1,000-2,499 100,000-249,999 4.50 95.43 5.90 5.93 5.95
2,500-4,999 250,000-499,999 4.25 95.19 5.91 5.94 5.96
5,000-9,999 500,000-999,999 3.50 94.45 5.96 5.99 6.01
10,000-24,999 1,000,000-2,499,999 3.00 93.96 6.00 6.02 6.04
25,000-49,999 2,500,000-4,999,999 2.50 93.48 6.03 6.06 6.07
50,000 and over 5,000,000 and over 2.00 93.00 6.06 6.09 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
Maryland Traditional Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 12/1 2/1 5/1 8/1 11/1
Distribution Date..................... 12/15 2/15 5/15 8/15 11/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .6325(1) $ 5.4241
-------- $.4518 every month --------
Quarterly Distribution Plan........... $ .6325(1) $ .9090(2) $ 1.3635 $ 1.3635 $ 1.3635 $ 5.4561
Semi-Annual Distribution Plan......... $ .6325(1) $ 2.2800(3) $ 2.7360 $ 5.4751
- ---------------------------------------------------------------------------------------------------------------------------------
<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 $.01506 per unit per day.
Consequently, on the first Record Date (12/01/94), accrued interest will total
$0.6325 per unit for the 42-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 12/01/94 is $.6325 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01506 Quarterly - $0.01515
Semi-Annual - $0.01520
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.
- --------------------------------------------------------------------------------
759
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 22.2 years.
The first bond is scheduled to mature in April, 2010, with the last bond
maturity being April, 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 53%
AA 14
A1/A+ 7
A 26
---
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
<PAGE>
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
CALIFORNIA
INSURED
TRUST 233
Estimated Current Return
5.86% to 6.10%
as of 10/18/94
Estimated Long Term Return
5.96% to 6.20%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67064U 469 Monthly Payment Option
67064U 477 Quarterly Payment Option
67064U 485 Semi-Annual Payment Option
Registered in California
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, CALIFORNIA INSURED TRUST 233
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT OCTOBER 19, 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 California, Various Purpose General Obligation 2002 at 102 AAA Aaa
Bonds, 6.00% Due 10/1/21.
500,000 California Statewide Communities Development Authority, 2003 at 102 AAA Aaa
Certificates of Participation, Catholic Healthcare West
Obligated Group, 5.50% Due 7/1/23.
500,000 California Statewide Communities Development Authority, 2004 at 102 AAA Aaa
Certificates of Participation, Sharp Healthcare Obligated
Group, 6.00% Due 8/15/24.
500,000 State Public Works Board of the State of California, Lease 2004 at 102 AAA Aaa
Revenue Bonds (The Regents of the University of
California), 1994 Series B (Various University of
California Projects), 6.625% Due 12/1/19. (When issued.)
500,000 Department of Water and Power of The City of Los Angeles, 2003 at 102 AAA Aaa
California, Electric Plant Refunding Revenue Bonds, Issue
of 1993, 5.875% Due 9/1/30.
500,000 Otay Water District (California), Water Revenue Certificates 2004 at 102 AAA Aaa
of Participation (1993 Water Facilities Project), 5.70%
Due 9/1/23.
500,000 County of Sacramento, California (Sacramento County Public 2003 at 102 AAA Aaa
Facilities Financing Corporation), Refunding Certificates
of Participation (Sacramento Main Detention Facility
Project), 5.75% Due 6/1/15.
----------
$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 % $ 96.89 5.86% 5.90% 5.92%
500-999 50,000-99,999 4.75 96.74 5.87 5.91 5.93
1,000-2,499 100,000-249,999 4.50 96.48 5.89 5.92 5.94
2,500-4,999 250,000-499,999 4.25 96.23 5.90 5.94 5.96
5,000-9,999 500,000-999,999 3.50 95.48 5.95 5.98 6.00
10,000-24,999 1,000,000-2,499,999 3.00 94.99 5.98 6.02 6.04
25,000-49,999 2,500,000-4,999,999 2.50 94.50 6.01 6.05 6.07
50,000 and over 5,000,000 and over 2.00 94.02 6.04 6.08 6.10
</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 % $ 96.89 5.96% 6.00% 6.02%
500-999 50,000-99,999 4.75 96.74 5.97 6.01 6.03
1,000-2,499 100,000-249,999 4.50 96.48 5.99 6.03 6.05
2,500-4,999 250,000-499,999 4.25 96.23 6.00 6.04 6.06
5,000-9,999 500,000-999,999 3.50 95.48 6.05 6.09 6.11
10,000-24,999 1,000,000-2,499,999 3.00 94.99 6.08 6.12 6.14
25,000-49,999 2,500,000-4,999,999 2.50 94.50 6.11 6.15 6.17
50,000 and over 5,000,000 and over 2.00 94.02 6.15 6.18 6.20
</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
California Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 12/1 2/1 5/1 8/1 11/1
Distribution Date..................... 12/15 2/15 5/15 8/15 11/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .6627(1) $ 5.6820
-------- $.4734 every month --------
Quarterly Distribution Plan........... $ .6627(1) $ .9522(2) $ 1.4283 $ 1.4283 $ 1.4283 $ 5.7140
Semi-Annual Distribution Plan......... $ .6627(1) $ 2.3880(3) $ 2.8656 $ 5.7330
- ---------------------------------------------------------------------------------------------------------------------------------
<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 $.01578 per unit per day.
Consequently, on the first Record Date (12/01/94), accrued interest will total
$0.6627 per unit for the 42-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 12/01/94 is $.6627 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01578 Quarterly - $0.01587
Semi-Annual - $0.01592
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.
- --------------------------------------------------------------------------------
759
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 28.0 years.
The first bond is scheduled to mature in June, 2015, with the last bond maturity
being September, 2030.
- -------------------------------------------------------
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.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
MICHIGAN
INSURED
TRUST 57
Estimated Current Return
5.67% to 5.90%
as of 10/18/94
Estimated Long Term Return
5.90% to 6.14%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67095E 229 Monthly Payment Option
67095E 237 Quarterly Payment Option
67095E 245 Semi-Annual Payment Option
Registered in Michigan
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, MICHIGAN INSURED TRUST 57
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT OCTOBER 19, 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 Michigan State Hospital Finance Authority, Hospital Revenue 2004 at 102 AAA Aaa
Refunding Bonds (Mercy Memorial Hospital, Monroe,
Michigan), Series 1994, 5.25% Due 6/1/21.
500,000 Board of Trustees of Michigan State University, General 2002 at 101 AAA Aaa
Revenue Bonds, Series 1992 A, 6.25% Due 8/15/15.
500,000 Coldwater Community Schools, County of Branch, State of 2004 at 102 AAA Aaa
Michigan, 1994 School Building and Site Bonds, 6.30% Due
5/1/23. (General Obligation Bonds.)
450,000 The City of Grand Haven, Michigan, Electric System Revenue 2003 at 102 AAA Aaa
Refunding Bonds, 1993 Series, 5.25% Due 7/1/13.
500,000 Kent Hospital Finance Authority (Michigan), Hospital Revenue 2003 at 102 AAA Aaa
Refunding Bonds (Butterworth Hospital), Series 1993A,
5.375% Due 1/15/19.
165,000 Lincoln Consolidated School District, Counties of Washtenaw 2004 at 102 AAA Aaa
and Wayne, State of Michigan, 1994 School Building and
Site and Refunding Bonds, 5.80% Due 5/1/14. (General
Obligation Bonds.)
375,000 West Bloomfield School District, County of Oakland, State of 2004 at 102 AAA Aaa
Michigan, 1994 School Building and Site and Refunding
Bonds, 5.125% Due 5/1/14. (General Obligation Bonds.)
510,000 Commonwealth of Puerto Rico, Public Improvement Refunding 2003 at 101 AAA Aaa
Bonds, Series 1993 (General Obligation Bonds.), 5.25% Due 1/2
7/1/18. (Original issue discount bonds delivered on or
about July 15, 1993 at a price of 93.414% of principal
amount.)
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 94.34 5.67% 5.70% 5.72%
500-999 50,000-99,999 4.75 94.19 5.68 5.71 5.73
1,000-2,499 100,000-249,999 4.50 93.95 5.69 5.72 5.74
2,500-4,999 250,000-499,999 4.25 93.70 5.71 5.74 5.76
5,000-9,999 500,000-999,999 3.50 92.97 5.75 5.79 5.81
10,000-24,999 1,000,000-2,499,999 3.00 92.50 5.78 5.81 5.83
25,000-49,999 2,500,000-4,999,999 2.50 92.02 5.81 5.84 5.87
50,000 and over 5,000,000 and over 2.00 91.55 5.84 5.87 5.90
</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 % $ 94.34 5.90% 5.93% 5.95%
500-999 50,000-99,999 4.75 94.19 5.90 5.94 5.96
1,000-2,499 100,000-249,999 4.50 93.95 5.92 5.96 5.98
2,500-4,999 250,000-499,999 4.25 93.70 5.93 5.97 5.99
5,000-9,999 500,000-999,999 3.50 92.97 5.98 6.02 6.04
10,000-24,999 1,000,000-2,499,999 3.00 92.50 6.01 6.05 6.07
25,000-49,999 2,500,000-4,999,999 2.50 92.02 6.05 6.08 6.10
50,000 and over 5,000,000 and over 2.00 91.55 6.08 6.12 6.14
</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
Michigan Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 12/1 2/1 5/1 8/1 11/1
Distribution Date..................... 12/15 2/15 5/15 8/15 11/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .6237(1) $ 5.3464
-------- $.4455 every month --------
Quarterly Distribution Plan........... $ .6237(1) $ .8958(2) $ 1.3437 $ 1.3437 $ 1.3437 $ 5.3784
Semi-Annual Distribution Plan......... $ .6237(1) $ 2.2485(3) $ 2.6982 $ 5.3974
- ---------------------------------------------------------------------------------------------------------------------------------
<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 $.10 of accrued
interest that will be added to the Public Offering Price on the Settlement Date.
After provision for expenses of the Fund, the daily rate of accrual from the
Date of Deposit to the first Record Date is $.01485 per unit per day.
Consequently, on the first Record Date (12/01/94), accrued interest will total
$0.6237 per unit for the 42-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 12/01/94 is $.6237 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01485 Quarterly - $0.01493
Semi-Annual - $0.01499
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.
- --------------------------------------------------------------------------------
759
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 23.2 years.
The first bond is scheduled to mature in July, 2013, with the last bond maturity
being May, 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.
- -------------------------------------------------------
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.
