<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
CALIFORNIA
INSURED
TRUST 238
Estimated Current Return
First
Year: 6.05% to 6.29%
Subsequent
Years: 6.06% to 6.30%
as of 12/20/94
Estimated Long Term Return
6.22% to 6.46%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67064U 618 Monthly Payment Option
67064U 626 Quarterly Payment Option
67064U 634 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 238
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT DECEMBER 21, 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 State of California, Various Purpose General Obligation 2004 at 102 AAA Aaa
Bonds, 6.00% Due 8/1/15.
240,000 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, 2003 at 102 AAA Aaa
Certificates of Participation, Sutter Health Obligated
Group, 5.50% Due 8/15/23.
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.
500,000 City of Fresno, California, Health Facility Revenue 2003 at 102 AAA Aaa
Refunding Bonds, Series 1993A (Holy Cross Health System
Corporation), 5.625% Due 12/1/13.
500,000 The City of Los Angeles, California, Wastewater System 2003 at 102 AAA Aaa
Revenue Bonds, Refunding Series 1993-A, 5.70% Due 6/1/20.
500,000 County of San Diego (California), Certificates of 2004 at 102 AAA Aaa
Participation (1994 Inmate Reception Center and Cooling
Plant Financing), 6.75% Due 8/1/14.
250,000 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 % $ 95.95 (6.05%) 6.06% (6.09%) 6.09% (6.11%) 6.11%
500-999 50,000-99,999 4.75 95.80 (6.06) 6.07 (6.10) 6.10 (6.12) 6.12
1,000-2,499 100,000-249,999 4.50 95.55 (6.08) 6.08 (6.11) 6.12 (6.13) 6.14
2,500-4,999 250,000-499,999 4.25 95.30 (6.10) 6.10 (6.13) 6.13 (6.15) 6.15
5,000-9,999 500,000-999,999 3.50 94.56 (6.14) 6.15 (6.18) 6.18 (6.20) 6.20
10,000-24,999 1,000,000-2,499,999 3.00 94.07 (6.18) 6.18 (6.21) 6.21 (6.23) 6.23
25,000-49,999 2,500,000-4,999,999 2.50 93.59 (6.21) 6.21 (6.24) 6.25 (6.26) 6.27
50,000 and over 5,000,000 and over 2.00 93.11 (6.24) 6.24 (6.27) 6.28 (6.29) 6.30
</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 % $ 95.95 6.22% 6.25% 6.27%
500-999 50,000-99,999 4.75 95.80 6.23 6.26 6.27
1,000-2,499 100,000-249,999 4.50 95.55 6.25 6.27 6.29
2,500-4,999 250,000-499,999 4.25 95.30 6.26 6.29 6.31
5,000-9,999 500,000-999,999 3.50 94.56 6.31 6.34 6.36
10,000-24,999 1,000,000-2,499,999 3.00 94.07 6.34 6.37 6.39
25,000-49,999 2,500,000-4,999,999 2.50 93.59 6.38 6.41 6.43
50,000 and over 5,000,000 and over 2.00 93.11 6.41 6.44 6.46
</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 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------ --------------
Record Date*.......................... 2/1 5/1 8/1 11/1
Distribution Date..................... 2/15 5/15 8/15 11/15
- ----------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .6456(1) $ 5.8138
-------- $.4842 every month --------
Quarterly Distribution Plan........... $ .6456(1) $ 1.4607(2) $ 1.4607 $ 1.4607 $ 5.8458
Semi-Annual Distribution Plan......... $ .6456(1) $ 1.4661(3) $ 2.9322 $ 5.8648
- ----------------------------------------------------------------------------------------------------------------
<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) The second distribution under the semi-annual distribution plan represents a 3-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 $.13 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 $.01614 per unit per day.
Consequently, on the first Record Date (02/01/95), accrued interest will total
$0.6456 per unit for the 40-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 02/01/95 is $.6456 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01614 Quarterly - $0.01623
Semi-Annual - $0.01629
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.
- --------------------------------------------------------------------------------
775
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 23.1 years.
The first bond is scheduled to mature in December, 2013, with the last bond
maturity being August, 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
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
FLORIDA
INSURED
TRUST 203
Estimated Current Return
First
Year: 5.98% to 6.21%
Subsequent
Years: 5.99% to 6.22%
as of 12/20/94
Estimated Long Term Return
6.07% to 6.30%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H3 671 Monthly Payment Option
6706H3 689 Quarterly Payment Option
6706H3 697 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 203
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT DECEMBER 21, 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 State Board of Education of Florida, Public Education 2004 at 101 AAA Aaa
Capital Outlay Bonds, 1993 Series E, 5.80% Due 6/1/24.
(General Obligation Bonds.)
100,000 The School District of Dade County, Florida, General 2003 at 101 AAA Aaa
Obligation School Bonds, Series 1994, 5.00% Due 8/1/14.
525,000 Hillsborough County Industrial Development Authority 2004 at 102 AAA Aaa
(Florida), Pollution Control Revenue Refunding Bonds
(Tampa Electric Company Project), Series 1994, 6.25% Due
12/1/34.
400,000 Lee County, Florida, Capital and Transportation Facilities 2003 at 102 AAA Aaa
Refunding Revenue Bonds, Series 1993A, 5.60% Due 10/1/21.
500,000 Sarasota County, Florida, Utility System Revenue Bonds, 2004 at 102 AAA Aaa
Series 1994, 6.50% Due 10/1/22.
440,000 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 City of Tampa, Florida, Allegany Health System Revenue 2004 at 102 AAA Aaa
Bonds, St. Joseph's Hospital, Inc. Issue, Series 1994,
6.70% Due 12/1/18.
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 % $ 98.03 (5.98%) 5.99% (6.01%) 6.02% (6.03%) 6.04%
500-999 50,000-99,999 4.75 97.88 (5.99) 6.00 (6.02) 6.03 (6.04) 6.05
1,000-2,499 100,000-249,999 4.50 97.62 (6.00) 6.01 (6.04) 6.05 (6.06) 6.07
2,500-4,999 250,000-499,999 4.25 97.37 (6.02) 6.03 (6.05) 6.06 (6.07) 6.08
5,000-9,999 500,000-999,999 3.50 96.61 (6.07) 6.08 (6.10) 6.11 (6.12) 6.13
10,000-24,999 1,000,000-2,499,999 3.00 96.11 (6.10) 6.11 (6.13) 6.14 (6.15) 6.16
25,000-49,999 2,500,000-4,999,999 2.50 95.62 (6.13) 6.14 (6.16) 6.17 (6.18) 6.19
50,000 and over 5,000,000 and over 2.00 95.13 (6.16) 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 % $ 98.03 6.07% 6.10% 6.12%
500-999 50,000-99,999 4.75 97.88 6.07 6.10 6.12
1,000-2,499 100,000-249,999 4.50 97.62 6.09 6.12 6.14
2,500-4,999 250,000-499,999 4.25 97.37 6.11 6.13 6.15
5,000-9,999 500,000-999,999 3.50 96.61 6.16 6.19 6.21
10,000-24,999 1,000,000-2,499,999 3.00 96.11 6.19 6.22 6.24
25,000-49,999 2,500,000-4,999,999 2.50 95.62 6.22 6.25 6.27
50,000 and over 5,000,000 and over 2.00 95.13 6.25 6.28 6.30
</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
Florida Insured Trust 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------ --------------
Record Date*.......................... 2/1 5/1 8/1 11/1
Distribution Date..................... 2/15 5/15 8/15 11/15
- ----------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .6520(1) $ 5.8701
-------- $.4890 every month --------
Quarterly Distribution Plan........... $ .6520(1) $ 1.4751(2) $ 1.4751 $ 1.4751 $ 5.9021
Semi-Annual Distribution Plan......... $ .6520(1) $ 1.4796(3) $ 2.9592 $ 5.9211
- ----------------------------------------------------------------------------------------------------------------
<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) The second distribution under the semi-annual distribution plan represents a 3-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 $.13 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 $.01630 per unit per day.
Consequently, on the first Record Date (02/01/95), accrued interest will total
$0.6520 per unit for the 40-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 02/01/95 is $.6520 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01630 Quarterly - $0.01639
Semi-Annual - $0.01644
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.
- --------------------------------------------------------------------------------
775
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 29.8 years.
The first bond is scheduled to mature in August, 2014, with the last bond
maturity being December, 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.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
PENNSYLVANIA
INSURED
TRUST 192
Estimated Current Return
First
Year: 6.11% to 6.35%
Subsequent
Years: 6.12% to 6.36%
as of 12/20/94
Estimated Long Term Return
6.14% to 6.38%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H9 769 Monthly Payment Option
6706H9 777 Quarterly Payment Option
6706H9 785 Semi-Annual Payment Option
Registered in Pennsylvania & Florida
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, PENNSYLVANIA INSURED TRUST 192
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT DECEMBER 21, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Optional -----------------------
Aggregate Name of Issuer and Title of Issue Represented Redemption Standard
Principal by Sponsor's Contracts to Purchase Bonds Provisions & Poor's Moody's
<C> <C> <S> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
$ 500,000 Pennsylvania Intergovernmental Cooperation Authority, 2005 at 100 AAA Aaa
Special Tax Revenue Bonds (City of Philadelphia Funding
Program), Series of 1994, 6.75% Due 6/15/21.
400,000 Dauphin County General Authority, Hospital Revenue Bonds, 2003 at 102 AAA Aaa
HAPSCO Group, Inc. Tax-Exempt Loan Program (The Western
Pennsylvania Hospital Project), Fixed Rate Bonds, 1993
Series A-1, 5.50% Due 7/1/23.
500,000 Lehigh County Industrial Development Authority 2002 at 102 AAA Aaa
(Pennsylvania), Pollution Control Revenue Refunding Bonds,
1992 Series A (Pennsylvania Power & Light Company
Project), 6.40% Due 11/1/21.
500,000 North Penn Water Authority (Montgomery County, 2004 at 101 AAA Aaa
Pennsylvania), Water Revenue Bonds, Series of 1994, 7.00%
Due 11/1/24. (When issued.)
500,000 North Wales Water Authority (Montgomery County, 2004 at 100 AAA Aaa
Pennsylvania), Water Revenue Bonds, Series of 1994, 6.75%
Due 11/1/17.
100,000 Northampton County Higher Education Authority 2004 at 102 AAA Aaa
(Pennsylvania), University Revenue Bonds, Series of 1994
(Lehigh University), 6.00% Due 10/15/19.
500,000 Wayne County Hospital and Health Facilities Authority, Wayne 2004 at 100 AAA Aaa
County, Pennsylvania, County Guaranteed Hospital Revenue
Bonds, Series of 1994 (Wayne Memorial Hospital Project),
6.375% Due 7/1/24. (General Obligation Bonds.)
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 % $ 101.91 (6.11%) 6.12% (6.14%) 6.15% (6.16%) 6.17%
500-999 50,000-99,999 4.75 101.75 (6.12) 6.13 (6.15) 6.16 (6.17) 6.18
1,000-2,499 100,000-249,999 4.50 101.49 (6.14) 6.15 (6.17) 6.18 (6.19) 6.20
2,500-4,999 250,000-499,999 4.25 101.22 (6.15) 6.16 (6.19) 6.20 (6.21) 6.21
5,000-9,999 500,000-999,999 3.50 100.44 (6.20) 6.21 (6.23) 6.24 (6.25) 6.26
10,000-24,999 1,000,000-2,499,999 3.00 99.92 (6.23) 6.24 (6.27) 6.28 (6.29) 6.30
25,000-49,999 2,500,000-4,999,999 2.50 99.40 (6.27) 6.28 (6.30) 6.31 (6.32) 6.33
50,000 and over 5,000,000 and over 2.00 98.90 (6.30) 6.31 (6.33) 6.34 (6.35) 6.36
</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 % $ 101.91 6.14% 6.18% 6.19%
500-999 50,000-99,999 4.75 101.75 6.15 6.19 6.20
1,000-2,499 100,000-249,999 4.50 101.49 6.17 6.21 6.22
2,500-4,999 250,000-499,999 4.25 101.22 6.18 6.22 6.23
5,000-9,999 500,000-999,999 3.50 100.44 6.23 6.27 6.28
10,000-24,999 1,000,000-2,499,999 3.00 99.92 6.27 6.31 6.32
25,000-49,999 2,500,000-4,999,999 2.50 99.40 6.30 6.34 6.35
50,000 and over 5,000,000 and over 2.00 98.90 6.33 6.37 6.38
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to the Date of Deposit. Figures in
brackets represent the current return. The first year's estimated current
returns are slightly lower than those for subsequent years because a portion
of the monies received in the first year only will be treated as a return of
principal due to the inclusion in the portfolio of "when issued" or other
Bonds having delivery dates after the date of settlement for a purchase made
on the Date of Deposit.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
Pennsylvania Insured Trust 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------ --------------
Record Date*.......................... 2/1 5/1 8/1 11/1
Distribution Date..................... 2/15 5/15 8/15 11/15
- ----------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .6932(1) $ 6.2394
-------- $.5199 every month --------
Quarterly Distribution Plan........... $ .6932(1) $ 1.5678(2) $ 1.5678 $ 1.5678 $ 6.2714
Semi-Annual Distribution Plan......... $ .6932(1) $ 1.5723(3) $ 3.1446 $ 6.2904
- ----------------------------------------------------------------------------------------------------------------
<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) The second distribution under the semi-annual distribution plan represents a 3-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 $.14 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 $.01733 per unit per day.
Consequently, on the first Record Date (02/01/95), accrued interest will total
$0.6932 per unit for the 40-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 02/01/95 is $.6932 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01733 Quarterly - $0.01742
Semi-Annual - $0.01747
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.
- --------------------------------------------------------------------------------
775
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 27.4 years.
The first bond is scheduled to mature in November, 2017, with the last bond
maturity being November, 2024.
- -------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
- -------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------------
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.
