<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
MARYLAND
TRUST 303
(MARYLAND TRADITIONAL TRUST 303)
Estimated Current Return
First
Year: 5.84% to 6.07%
Subsequent
Years: 5.87% to 6.10%
as of 01/25/95
Estimated Long Term Return
6.04% to 6.28%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds
Cusip:
67101L 795 Monthly Payment Option
67101L 803 Quarterly Payment Option
67101L 811 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 303
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT JANUARY 26, 1995
- --------------------------------------------------------------------------------
<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>
--------------------------------------------------------------------------------------------------------------------------
$ 350,000 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.
350,000 Maryland Health and Higher Educational Facilities Authority, 2003 at 102 AAA Aaa
Project and Refunding Revenue Bonds, Peninsula Regional
Medical Center Issue, Series 1993, 5.00% Due 7/1/23.
(Original issue discount bonds delivered on or about
October 28, 1993 at a price of 93.41% of principal
amount.)(MBIA Insured.)
300,000 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 Anne Arundel County, Maryland, Consolidated General 2005 at 101 AA+ Aa
Improvement Bonds, Series 1995, 6.30% Due 8/1/22. (General
Obligation Bonds.) (When issued.)
500,000 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 Howard County, Maryland, Mortgage Revenue Refunding Bonds, 2004 at 102 AAA Aaa
Series 1994A (Beech's Farm Apartments Project-FHA Insured
Mortgage Loan), 6.50% Due 7/1/24. (MBIA Insured.)
500,000 Montgomery County, Maryland, Pollution Control Revenue 2004 at 102 A+ A1
Refunding Bonds (Potomac Electric Project), 1994 Series,
5.375% Due 2/15/24.
500,000 Industrial Development Authority of Prince George's County, 2003 at 102 AAA Aaa
Maryland, Refunding Lease Revenue Bonds (Upper Marlboro
Justice Center Project), Series 1993, 5.25% Due 6/30/19.
(Original issue discount bonds delivered on or about
February 25, 1993 at a price of 91.667% of principal
amount.)(MBIA Insured.)
----------
$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 % $ 93.63 (5.84%) 5.87% (5.87%) 5.90% (5.89%) 5.92%
500-999 50,000-99,999 4.75 93.48 (5.85) 5.88 (5.88) 5.91 (5.90) 5.93
1,000-2,499 100,000-249,999 4.50 93.24 (5.86) 5.89 (5.90) 5.93 (5.92) 5.95
2,500-4,999 250,000-499,999 4.25 92.99 (5.88) 5.91 (5.91) 5.94 (5.93) 5.96
5,000-9,999 500,000-999,999 3.50 92.27 (5.93) 5.96 (5.96) 5.99 (5.98) 6.01
10,000-24,999 1,000,000- 2,499,999 3.00 91.79 (5.96) 5.99 (5.99) 6.02 (6.01) 6.04
25,000-49,999 2,500,000- 4,999,999 2.50 91.32 (5.99) 6.02 (6.02) 6.05 (6.04) 6.07
50,000 and over 5,000,000 and over 2.00 90.86 (6.02) 6.05 (6.05) 6.08 (6.07) 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 % $ 93.63 6.04% 6.08% 6.10%
500-999 50,000-99,999 4.75 93.48 6.05 6.08 6.10
1,000-2,499 100,000-249,999 4.50 93.24 6.06 6.10 6.12
2,500-4,999 250,000-499,999 4.25 92.99 6.08 6.12 6.13
5,000-9,999 500,000-999,999 3.50 92.27 6.13 6.17 6.19
10,000-24,999 1,000,000- 2,499,999 3.00 91.79 6.16 6.20 6.22
25,000-49,999 2,500,000- 4,999,999 2.50 91.32 6.19 6.23 6.25
50,000 and over 5,000,000 and over 2.00 90.86 6.22 6.26 6.28
</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
Maryland Traditional Trust 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------ --------------
Record Date*.......................... 3/1 5/1 8/1 11/1
Distribution Date..................... 3/15 5/15 8/15 11/15
- ----------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .5216(1) $ 5.4953
-------- $.4578 every month --------
Quarterly Distribution Plan........... $ .5216(1) $ .9210(2) $ 1.3815 $ 1.3815 $ 5.5273
Semi-Annual Distribution Plan......... $ .5216(1) $ .9240(3) $ 2.7720 $ 5.5463
- ----------------------------------------------------------------------------------------------------------------
<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 2-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 $.08 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 $.01490 per unit per day.
Consequently, on the first Record Date (03/01/95), accrued interest will total
$0.5216 per unit for the 35-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 03/01/95 is $.5216 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01526 Quarterly - $0.01535
Semi-Annual - $0.01540
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.
- --------------------------------------------------------------------------------
781
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 27.5 years.
The first bond is scheduled to mature in June, 2019, with the last bond maturity
being July, 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 39%
AA 14
A1/A+ 23
A 24
---
100%
</TABLE>
- -------------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
- -------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------------
UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK AND ARE NOT FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
ARIZONA
INSURED
TRUST 37
Estimated Current Return
5.71% to 5.94%
as of 01/25/95
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:
67101J 402 Monthly Payment Option
67101J 410 Quarterly Payment Option
67101J 428 Semi-Annual Payment Option
Registered in Arizona
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, ARIZONA INSURED TRUST 37
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT JANUARY 26, 1995
- --------------------------------------------------------------------------------
<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 Arizona Health Facilities Authority, Hospital System Revenue 2003 at 100 AAA Aaa
Refunding Bonds (Phoenix Baptist Hospital and Medical
Center, Inc. and Medical Environments, Inc.), Series 1992,
6.25% Due 9/1/11.
500,000 The Industrial Development Authority of the County of 2004 at 102 AAA Aaa
Maricopa, Arizona, Insured Health Facility Refunding
Revenue Bonds (Catholic Healthcare West), 1994 Series A,
5.00% Due 7/1/15.
500,000 City of Phoenix (Arizona), Civic Improvement Corporation, 2004 at 102 AAA Aaa
Junior Lien Water System Revenue Bonds, Series 1994, 5.45%
Due 7/1/19.
500,000 City of Phoenix, Arizona, Senior Lien Street and Highway 2003 at 102 AAA Aaa
User Revenue Refunding Bonds, Series 1993, 5.125% Due
7/1/11.
500,000 City of Phoenix Civic Improvement Corporation (Arizona), 2004 at 102 AAA Aaa
Municipal Facilities Subordinated Excise Tax Revenue
Bonds, Series 1994, 6.90% Due 7/1/21.
500,000 Salt River Project Agricultural Improvement and Power 2003 at 102 AAA Aaa
District, Arizona, Salt River Project Electric System
Refunding Revenue Bonds, 1993 Series B, 5.25% Due 1/1/19.
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>
50-499 $5,000-$49,999 4.90 % $ 97.20 5.71% 5.74% 5.76%
500-999 50,000-99,999 4.75 97.05 5.72 5.75 5.77
1,000-2,499 100,000-249,999 4.50 96.80 5.73 5.77 5.79
2,500-4,999 250,000-499,999 4.25 96.54 5.75 5.78 5.80
5,000-9,999 500,000-999,999 3.50 95.79 5.80 5.83 5.85
10,000-24,999 1,000,000- 2,499,999 3.00 95.30 5.82 5.86 5.88
25,000-49,999 2,500,000- 4,999,999 2.50 94.81 5.86 5.89 5.91
50,000 and over 5,000,000 and over 2.00 94.33 5.88 5.92 5.94
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Long Term Return (3)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 97.20 5.90% 5.93% 5.95%
500-999 50,000-99,999 4.75 97.05 5.90 5.94 5.96
1,000-2,499 100,000-249,999 4.50 96.80 5.92 5.96 5.98
2,500-4,999 250,000-499,999 4.25 96.54 5.93 5.97 5.99
5,000-9,999 500,000-999,999 3.50 95.79 5.98 6.02 6.04
10,000-24,999 1,000,000- 2,499,999 3.00 95.30 6.01 6.05 6.07
25,000-49,999 2,500,000- 4,999,999 2.50 94.81 6.05 6.08 6.10
50,000 and over 5,000,000 and over 2.00 94.33 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
Arizona Insured Trust 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------ --------------
Record Date*.......................... 3/1 5/1 8/1 11/1
Distribution Date..................... 3/15 5/15 8/15 11/15
- ----------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .5397(1) $ 5.5512
-------- $.4626 every month --------
Quarterly Distribution Plan........... $ .5397(1) $ .9300(2) $ 1.3950 $ 1.3950 $ 5.5832
Semi-Annual Distribution Plan......... $ .5397(1) $ .9336(3) $ 2.8008 $ 5.6022
- ----------------------------------------------------------------------------------------------------------------
<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 2-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 $.01542 per unit per day.
Consequently, on the first Record Date (03/01/95), accrued interest will total
$0.5397 per unit for the 35-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 03/01/95 is $.5397 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01542 Quarterly - $0.01550
Semi-Annual - $0.01556
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.
- --------------------------------------------------------------------------------
781
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 22.4 years.
The first bond is scheduled to mature in July, 2011, with the last bond maturity
being July, 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
CALIFORNIA
INSURED
TRUST 241
Estimated Current Return
5.99% to 6.22%
as of 01/25/95
Estimated Long Term Return
6.14% to 6.39%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67064U 709 Monthly Payment Option
67064U 717 Quarterly Payment Option
67064U 725 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 241
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT JANUARY 26, 1995
- --------------------------------------------------------------------------------
<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, 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)),
7.00% Due 11/1/19.
500,000 The Regents of the University of California, University of 2003 at 102 AAA Aaa
California Housing System Revenue Bonds, Series A, 5.50%
Due 11/1/18.
500,000 Brea Redevelopment Agency (Orange County, California), 1993 2003 at 102 AAA Aaa
Tax Allocation Refunding Bonds (Redevelopment Project AB),
5.50% Due 8/1/17.
500,000 Fairfield Public Financing Authority (California), 1993 2003 at 102 AAA Aaa
Revenue Bonds, Series B, 5.80% Due 4/1/23.
500,000 Sacramento Municipal Utility District (California), Electric 2003 at 102 AAA Aaa
Revenue Bonds, 1993 Series E, 5.75% Due 5/15/22.
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>
50-499 $5,000-$49,999 4.90 % $ 95.17 5.99% 6.02% 6.04%
500-999 50,000-99,999 4.75 95.02 6.00 6.03 6.05
1,000-2,499 100,000-249,999 4.50 94.77 6.01 6.04 6.06
2,500-4,999 250,000-499,999 4.25 94.53 6.03 6.06 6.08
5,000-9,999 500,000-999,999 3.50 93.79 6.07 6.11 6.13
10,000-24,999 1,000,000- 2,499,999 3.00 93.31 6.11 6.14 6.16
25,000-49,999 2,500,000- 4,999,999 2.50 92.83 6.14 6.17 6.19
50,000 and over 5,000,000 and over 2.00 92.36 6.17 6.20 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 % $ 95.17 6.14% 6.18% 6.20%
500-999 50,000-99,999 4.75 95.02 6.15 6.19 6.21
1,000-2,499 100,000-249,999 4.50 94.77 6.17 6.21 6.23
2,500-4,999 250,000-499,999 4.25 94.53 6.18 6.22 6.24
5,000-9,999 500,000-999,999 3.50 93.79 6.23 6.27 6.29
10,000-24,999 1,000,000- 2,499,999 3.00 93.31 6.27 6.31 6.32
25,000-49,999 2,500,000- 4,999,999 2.50 92.83 6.30 6.34 6.36
50,000 and over 5,000,000 and over 2.00 92.36 6.33 6.37 6.39
</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 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------ --------------
Record Date*.......................... 3/1 5/1 8/1 11/1
Distribution Date..................... 3/15 5/15 8/15 11/15
- ----------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .5537(1) $ 5.6966
-------- $.4746 every month --------
Quarterly Distribution Plan........... $ .5537(1) $ .9546(2) $ 1.4319 $ 1.4319 $ 5.7286
Semi-Annual Distribution Plan......... $ .5537(1) $ .9576(3) $ 2.8728 $ 5.7476
- ----------------------------------------------------------------------------------------------------------------
<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 2-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 $.01582 per unit per day.
Consequently, on the first Record Date (03/01/95), accrued interest will total
$0.5537 per unit for the 35-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 03/01/95 is $.5537 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01582 Quarterly - $0.01591
Semi-Annual - $0.01596
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.
- --------------------------------------------------------------------------------
781
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 26.2 years.
The first bond is scheduled to mature in August, 2017, 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.
