<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
CALIFORNIA
INSURED
TRUST 234
Estimated Current Return
First
Year: 6.01% to 6.24%
Subsequent
Years: 6.02% to 6.26%
as of 10/27/94
Estimated Long Term Return
6.12% to 6.35%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67064U 493 Monthly Payment Option
67064U 501 Quarterly Payment Option
67064U 519 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 234
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT OCTOBER 28, 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 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 California Health Facilities Financing Authority, Kaiser 2003 at 102 AAA Aaa
Permanente, Revenue Bonds, 1993 Series C, 5.60% Due
5/1/33.
500,000 State Public Works Board of the State of California, Lease 2004 at 102 AAA Aaa
Revenue Bonds (Department of Corrections), 1994 Series A
(California State Prison-Monterey County (Soledad II)),
6.875% Due 11/1/14. (When issued.)
500,000 Los Angeles County Metropolitan Transportation Authority 2003 at 102 AAA Aaa
(California), Proposition A, Sales Tax Revenue Refunding
Bonds, Series 1993-A, 5.625% Due 7/1/18.
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 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 The sales charges/volume discounts below
apply on all concurrent purchases of any Nuveen trust units, unless any such
purchases are made by a class of investors for which a separate sales charge is
applicable as described more fully in the Prospectus. 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 % $ 96.00 (6.01%) 6.02% (6.04%) 6.06% (6.06%) 6.08%
500-999 50,000-99,999 4.75 95.85 (6.02) 6.03 (6.05) 6.07 (6.07) 6.09
1,000-2,499 100,000-249,999 4.50 95.60 (6.03) 6.05 (6.07) 6.08 (6.09) 6.10
2,500-4,999 250,000-499,999 4.25 95.35 (6.05) 6.06 (6.08) 6.10 (6.10) 6.12
5,000-9,999 500,000-999,999 3.50 94.61 (6.10) 6.11 (6.13) 6.15 (6.15) 6.17
10,000-24,999 1,000,000-2,499,999 3.00 94.12 (6.13) 6.14 (6.16) 6.18 (6.18) 6.20
25,000-49,999 2,500,000-4,999,999 2.50 93.64 (6.16) 6.17 (6.19) 6.21 (6.21) 6.23
50,000 and over 5,000,000 and over 2.00 93.16 (6.19) 6.21 (6.22) 6.24 (6.24) 6.26
</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 % $ 96.00 6.12% 6.14% 6.16%
500-999 50,000-99,999 4.75 95.85 6.12 6.15 6.17
1,000-2,499 100,000-249,999 4.50 95.60 6.14 6.17 6.19
2,500-4,999 250,000-499,999 4.25 95.35 6.15 6.18 6.20
5,000-9,999 500,000-999,999 3.50 94.61 6.21 6.23 6.25
10,000-24,999 1,000,000-2,499,999 3.00 94.12 6.24 6.27 6.29
25,000-49,999 2,500,000-4,999,999 2.50 93.64 6.27 6.30 6.32
50,000 and over 5,000,000 and over 2.00 93.16 6.30 6.33 6.35
</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
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............. $ .5217(1) $ 5.7820
-------- $.4818 every month --------
Quarterly Distribution Plan........... $ .5217(1) $ .9684(2) $ 1.4526 $ 1.4526 $ 1.4526 $ 5.8140
Semi-Annual Distribution Plan......... $ .5217(1) $ 2.4300(3) $ 2.9160 $ 5.8330
- ---------------------------------------------------------------------------------------------------------------------------------
<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 $.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 $.01580 per unit per day.
Consequently, on the first Record Date (12/01/94), accrued interest will total
$0.5217 per unit for the 33-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 $.5217 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01606 Quarterly - $0.01614
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.
- --------------------------------------------------------------------------------
762
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 29.3 years.
The first bond is scheduled to mature in November, 2014, with the last bond
maturity being May, 2033.
- -------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------------
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
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NEW JERSEY
INSURED
TRUST 182
Estimated Current Return
First
Year: 5.97% to 6.21%
Subsequent
Years: 5.99% to 6.22%
as of 10/27/94
Estimated Long Term Return
6.04% to 6.27%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706L6 497 Monthly Payment Option
6706L6 505 Quarterly Payment Option
6706L6 513 Semi-Annual Payment Option
Registered in New Jersey
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, NEW JERSEY INSURED TRUST 182
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT OCTOBER 28, 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 New Jersey Economic Development Authority, Water Facilities 2004 at 102 AAA Aaa
Revenue Refunding Bonds (Hackensack Water Company
Project-1994 Series A), 5.80% Due 3/1/24.
500,000 New Jersey Educational Facilities Authority, Revenue Bonds, 2004 at 102 AAA Aaa
New Jersey Institute of Technology Issue, Series 1994A,
6.00% Due 7/1/24.
500,000 New Jersey Turnpike Authority, Turnpike Revenue Bonds, No Optional AAA Aaa
Series 1991 C, 6.50% Due 1/1/16. Call
500,000 New Jersey Wastewater Treatment Trust, Wastewater Treatment 2004 at 102 AAA Aaa
Bonds, Series 1994A, 6.50% Due 4/1/14. (When issued.)
500,000 Lacey Municipal Utilities Authority (Ocean County, New 2004 at 102 AAA Aaa
Jersey), Water Revenue Bonds (Series 1994), 6.25% Due
12/1/24.
525,000 The Pollution Control Financing Authority of Salem County 2004 at 102 AAA Aaa
(New Jersey), Pollution Control Revenue Refunding Bonds,
1994 Series D (Public Service Electric and Gas Company
Project), 6.55% Due 10/1/29. (When issued.)
475,000 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 The sales charges/volume discounts below
apply on all concurrent purchases of any Nuveen trust units, unless any such
purchases are made by a class of investors for which a separate sales charge is
applicable as described more fully in the Prospectus. 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 % $ 101.27 (5.97%) 5.99% (6.00%) 6.02% (6.02%) 6.04%
500-999 50,000-99,999 4.75 101.11 (5.98) 6.00 (6.01) 6.03 (6.03) 6.05
1,000-2,499 100,000-249,999 4.50 100.85 (6.00) 6.01 (6.03) 6.04 (6.05) 6.06
2,500-4,999 250,000-499,999 4.25 100.59 (6.01) 6.03 (6.04) 6.06 (6.06) 6.08
5,000-9,999 500,000-999,999 3.50 99.80 (6.06) 6.08 (6.09) 6.11 (6.11) 6.13
10,000-24,999 1,000,000-2,499,999 3.00 99.29 (6.09) 6.11 (6.12) 6.14 (6.14) 6.16
25,000-49,999 2,500,000-4,999,999 2.50 98.78 (6.12) 6.14 (6.15) 6.17 (6.17) 6.19
50,000 and over 5,000,000 and over 2.00 98.28 (6.15) 6.17 (6.19) 6.20 (6.21) 6.22
</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 % $ 101.27 6.04% 6.07% 6.09%
500-999 50,000-99,999 4.75 101.11 6.05 6.07 6.09
1,000-2,499 100,000-249,999 4.50 100.85 6.06 6.09 6.11
2,500-4,999 250,000-499,999 4.25 100.59 6.08 6.11 6.13
5,000-9,999 500,000-999,999 3.50 99.80 6.13 6.16 6.18
10,000-24,999 1,000,000-2,499,999 3.00 99.29 6.16 6.19 6.21
25,000-49,999 2,500,000-4,999,999 2.50 98.78 6.19 6.22 6.24
50,000 and over 5,000,000 and over 2.00 98.28 6.22 6.25 6.27
</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
New Jersey 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............. $ .5557(1) $ 6.0633
-------- $.5052 every month --------
Quarterly Distribution Plan........... $ .5557(1) $ 1.0158(2) $ 1.5237 $ 1.5237 $ 1.5237 $ 6.0953
Semi-Annual Distribution Plan......... $ .5557(1) $ 2.5470(3) $ 3.0564 $ 6.1143
- ---------------------------------------------------------------------------------------------------------------------------------
<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 $.01684 per unit per day.
Consequently, on the first Record Date (12/01/94), accrued interest will total
$0.5557 per unit for the 33-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 $.5557 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01684 Quarterly - $0.01693
Semi-Annual - $0.01698
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.
- --------------------------------------------------------------------------------
762
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 27.7 years.
The first bond is scheduled to mature in April, 2014, with the last bond
maturity being October, 2029.
- -------------------------------------------------------
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
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NEW YORK
INSURED
TRUST 225
Estimated Current Return
First
Year: 6.04% to 6.28%
Subsequent
Years: 6.07% to 6.31%
as of 10/27/94
Estimated Long Term Return
6.12% to 6.35%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H5 825 Monthly Payment Option
6706H5 833 Quarterly Payment Option
6706H5 841 Semi-Annual Payment Option
Registered in New York, Connecticut & 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, NEW YORK INSURED TRUST 225
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT OCTOBER 28, 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>
--------------------------------------------------------------------------------------------------------------------------
$ 510,000 Dormitory Authority of the State of New York, Revenue Bonds 2004 at 102 AAA Aaa
(Department of Education of the State of New York Issue),
Series 1994A, 6.25% Due 7/1/24.
500,000 New York State Energy Research and Development Authority, 2004 at 102 AAA Aaa
Pollution Control Refunding Revenue Bonds (New York State
Electric & Gas Corporation Project), 1994 Series A, 6.05%
Due 4/1/34.
500,000 New York State Housing Finance Agency, Multi-Family Housing 2004 at 102 AAA Aaa
Revenue Bonds (Fannie Mae-Backed Program), 1994 Series A,
6.85% Due 11/1/19. (When issued.)
520,000 New York State Housing Finance Agency, Service Contract 2003 at 102 AAA Aaa
Obligation Revenue Bonds, 1993 Series C Refunding, 6.125%
Due 3/15/20.
420,000 New York State Medical Care Facilities Finance Agency, 2004 at 102 AAA Aaa
Mental Health Services Facilities Improvement Revenue
Bonds, 1994 Series E, 6.50% Due 8/15/24. (General
Obligation Bonds.)
525,000 Metropolitan Transportation Authority (New York), Transit 2004 at 101 AAA Aaa
Facilities Revenue Bonds, Series O, 6.375% Due 7/1/20. 1/2
525,000 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 The sales charges/volume discounts below
apply on all concurrent purchases of any Nuveen trust units, unless any such
purchases are made by a class of investors for which a separate sales charge is
applicable as described more fully in the Prospectus. 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 % $ 100.94 (6.04%) 6.07% (6.07%) 6.11% (6.09%) 6.12%
500-999 50,000-99,999 4.75 100.78 (6.05) 6.08 (6.08) 6.12 (6.10) 6.13
1,000-2,499 100,000-249,999 4.50 100.51 (6.07) 6.10 (6.10) 6.13 (6.12) 6.15
2,500-4,999 250,000-499,999 4.25 100.25 (6.08) 6.12 (6.11) 6.15 (6.13) 6.17
5,000-9,999 500,000-999,999 3.50 99.47 (6.13) 6.16 (6.16) 6.20 (6.18) 6.21
10,000-24,999 1,000,000-2,499,999 3.00 98.96 (6.16) 6.20 (6.19) 6.23 (6.21) 6.25
25,000-49,999 2,500,000-4,999,999 2.50 98.45 (6.19) 6.23 (6.23) 6.26 (6.25) 6.28
50,000 and over 5,000,000 and over 2.00 97.95 (6.23) 6.26 (6.26) 6.29 (6.28) 6.31
</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 % $ 100.94 6.12% 6.14% 6.16%
500-999 50,000-99,999 4.75 100.78 6.12 6.15 6.17
1,000-2,499 100,000-249,999 4.50 100.51 6.14 6.17 6.19
2,500-4,999 250,000-499,999 4.25 100.25 6.15 6.18 6.20
5,000-9,999 500,000-999,999 3.50 99.47 6.21 6.23 6.25
10,000-24,999 1,000,000-2,499,999 3.00 98.96 6.24 6.27 6.29
25,000-49,999 2,500,000-4,999,999 2.50 98.45 6.27 6.30 6.32
50,000 and over 5,000,000 and over 2.00 97.95 6.30 6.33 6.35
</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
New York 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............. $ .5616(1) $ 6.1307
-------- $.5106 every month --------
Quarterly Distribution Plan........... $ .5616(1) $ 1.0266(2) $ 1.5399 $ 1.5399 $ 1.5399 $ 6.1627
Semi-Annual Distribution Plan......... $ .5616(1) $ 2.5755(3) $ 3.0906 $ 6.1817
- ---------------------------------------------------------------------------------------------------------------------------------
<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 $.01702 per unit per day.
Consequently, on the first Record Date (12/01/94), accrued interest will total
$0.5616 per unit for the 33-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 $.5616 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01702 Quarterly - $0.01711
Semi-Annual - $0.01717
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.
- --------------------------------------------------------------------------------
762
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 29.0 years.
The first bond is scheduled to mature in November, 2019, with the last bond
maturity being April, 2034.
- -------------------------------------------------------
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
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
