<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
SHORT INTERMEDIATE
INSURED
TRUST 39
Estimated Current Return
First
Year: 4.72% to 4.84%
Subsequent
Years: 4.73% to 4.86%
as of 02/16/95
Estimated Long Term Return
4.89% to 5.01%
75,000 units in a
diversified $7,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6710A0 460 Monthly Payment Option
6710A0 478 Quarterly Payment Option
6710A0 486 Semi-Annual Payment Option
Registered in all states
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, SHORT INTERMEDIATE INSURED TRUST 39
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT FEBRUARY 17, 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>
--------------------------------------------------------------------------------------------------------------------------
$ 550,000 North Slope Borough, Alaska, General Obligation Bonds, No Optional AAA Aaa
Series 1993B, 0.00% Due 1/1/99. (Original issue discount Call
bonds delivered on or about October 5, 1993 at a price of
78.197% of principal amount.)
575,000 North Slope Borough, Alaska, General Obligation Bonds, No Optional AAA Aaa
Series 1992A, 5.55% Due 6/30/00. Call
750,000 City of Mesa, Arizona, General Obligation Refunding Bonds, No Optional AAA Aaa
Series 1991, 5.90% Due 7/1/00. Call
750,000 Municipal Improvement Corporation of Los Angeles No Optional AAA Aaa
(California), Sanitation Equipment Charge Revenue Bonds, Call
Series 1995-A, 5.25% Due 2/1/00. (When issued.)
750,000 California Transit Finance Corporation, Certificates of No Optional AAA Aaa
Participation, 1992 Series B, Los Angeles County Call
Transportation Commission, 5.90% Due 7/1/00.
335,000 State of Hawaii, General Obligation Bonds of 1995, Series No Optional AAA Aaa
CJ, 5.50% Due 1/1/00. Call
520,000 Jefferson County (Kentucky), School District Finance No Optional AAA Aaa
Corporation, School Building Revenue Bonds (Series 1994A), Call
4.70% Due 1/1/00.
650,000 The Turnpike Authority of Kentucky, Economic Development No Optional AAA Aaa
Road Revenue Refunding Bonds (Revitalization Projects), Call
Series 1992, 5.375% Due 1/1/00.
750,000 New Jersey Transportation Trust Fund Authority, No Optional AAA Aaa
Transportation System Bonds, 1992 Series A, 6.00% Due Call
6/15/00.
250,000 New York State Thruway Authority, General Revenue Bonds, No Optional AAA Aaa
Series C, 5.20% Due 1/1/00. (When issued.) Call
120,000 State of Ohio (Ohio Building Authority), State Facilities No Optional AAA Aaa
Bonds, (Adult Correctional Building Fund Projects), 1992 Call
Series A, 5.60% Due 10/1/99.
750,000 City of Houston, Texas, Water and Sewer System, Prior Lien No Optional AAA Aaa
Revenue Refunding Bonds, Series 1992B, 5.25% Due 12/1/99. Call
750,000 Texas Public Finance Authority, State of Texas, General No Optional AAA Aaa
Obligation Refunding Bonds, Series 1995A, 5.10% Due Call
10/1/99. (When issued.)
----------
$7,500,000
----------
----------
</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 3.00 % $ 102.72 (4.72%) 4.73% (4.75%) 4.77% (4.77%) 4.78%
500-999 50,000-99,999 2.80 102.51 (4.73) 4.74 (4.76) 4.78 (4.78) 4.79
1,000-2,499 100,000-249,999 2.60 102.30 (4.74) 4.75 (4.77) 4.78 (4.79) 4.80
2,500-4,999 250,000-499,999 2.35 102.04 (4.75) 4.77 (4.78) 4.80 (4.80) 4.82
5,000-9,999 500,000-999,999 2.10 101.78 (4.76) 4.78 (4.79) 4.81 (4.81) 4.83
10,000-24,999 1,000,000- 2,499,999 1.85 101.52 (4.77) 4.79 (4.80) 4.82 (4.82) 4.84
25,000-49,999 2,500,000- 4,999,999 1.80 101.47 (4.78) 4.79 (4.81) 4.82 (4.83) 4.84
50,000 and over 5,000,000 and over 1.50 101.16 (4.79) 4.81 (4.82) 4.84 (4.84) 4.86
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Long Term Return (3)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 3.00 % $ 102.72 4.89% 4.92% 4.94%
500-999 50,000-99,999 2.80 102.51 4.90 4.93 4.95
1,000-2,499 100,000-249,999 2.60 102.30 4.91 4.94 4.96
2,500-4,999 250,000-499,999 2.35 102.04 4.92 4.95 4.97
5,000-9,999 500,000-999,999 2.10 101.78 4.93 4.96 4.98
10,000-24,999 1,000,000- 2,499,999 1.85 101.52 4.94 4.97 4.99
25,000-49,999 2,500,000- 4,999,999 1.80 101.47 4.95 4.98 5.00
50,000 and over 5,000,000 and over 1.50 101.16 4.96 4.99 5.01
</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.
- --------------------------------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- --------------------------------------------------------------------------------
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
Short Intermediate Insured Trust 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------ --------------
Record Date*.......................... 4/1 5/1 8/1 11/1
Distribution Date..................... 4/15 5/15 8/15 11/15
- ----------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .5940(1) $ 4.8630
-------- $.4050 every month --------
Quarterly Distribution Plan........... $ .5940(1) $ .4077(2) $ 1.2231 $ 1.2231 $ 4.8950
Semi-Annual Distribution Plan......... $ .5940(1) $ .4095(3) $ 2.4570 $ 4.9140
- ----------------------------------------------------------------------------------------------------------------
<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 1-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 1-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 $.01350 per unit per day.
Consequently, on the first Record Date (04/01/95), accrued interest will total
$0.5940 per unit for the 44-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 04/01/95 is $.5940 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01350 Quarterly - $0.01359
Semi-Annual - $0.01365
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.
- --------------------------------------------------------------------------------
<PAGE>
- -------------------------------------------------
DIVERSIFICATION OF PORTFOLIO INCOME
There are 13 Tax-exempt bond issues in this trust; this diversified portfolio
yields current income from issuers in 9 states.
- -------------------------------------------------------
<TABLE>
<CAPTION>
Percent
of Total
Income
<S> <C> <C>
- ------------------------
%
Alaska 8.4
Arizona 11.6
California 22.1
Hawaii 4.9
Kentucky 15.6
<CAPTION>
Percent
of Total
Income
- ------------------------
<S> <C> <C>
%
New Jersey 11.8
New York 3.4
Ohio 1.8
Texas 20.4
</TABLE>
- -------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity
of portfolio bonds is 5.0 years.
<TABLE>
<CAPTION>
Year Bonds Mature Amount Percent
- ------------------------------------- ---------- -----------
<S> <C> <C>
1999................................. 2,170 28.9%
2000................................. 5,330 71.1
</TABLE>
- -------------------------------------------------
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.
- -------------------------------------------------
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.
785
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
COLORADO
INSURED
TRUST 56
Estimated Current Return
5.51% to 5.73%
as of 02/16/95
Estimated Long Term Return
5.54% to 5.76%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706E9 192 Monthly Payment Option
6706E9 200 Quarterly Payment Option
6706E9 218 Semi-Annual Payment Option
Registered in Colorado
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, COLORADO INSURED TRUST 56
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT FEBRUARY 17, 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 Colorado Health Facilities Authority, Hospital Revenue 2004 at 102 AAA Aaa
Improvement and Refunding Bonds (Boulder Community
Hospital Project), Series 1994B, 5.875% Due 10/1/23.
525,000 Colorado Health Facilities Authority, Hospital Revenue Bonds 2003 at 102 AAA Aaa
(North Colorado Medical Center), Series 1993, 6.00% Due
5/15/20.
500,000 Board of Trustees of the Colorado School of Mines, Auxiliary 2003 at 100 AAA Aaa
Facilities, Refunding and Improvement Revenue Bonds,
Series 1993, 5.00% Due 12/1/13.
500,000 City of Colorado Springs, Colorado, Utilities System 2004 at 100 AAA Aaa
Improvement and Refunding Revenue Bonds, Series 1994A,
5.125% Due 11/15/23.
500,000 Douglas County School District, Number RE.1, Douglas and 2004 at 101 AAA Aaa
Elbert Counties, Colorado, General Obligation Improvement
Bonds, Series 1994A, 6.50% Due 12/15/16.
475,000 Platte River Power Authority, Colorado, Power Revenue Bonds, 2002 at 102 AAA Aaa
Series BB, 5.50% Due 6/1/18. (Original issue discount
bonds delivered on or about December 3, 1992 at a price of
89.564% of principal amount.)
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 % $ 101.15 5.51% 5.54% 5.56%
500-999 50,000-99,999 4.75 100.99 5.52 5.55 5.57
1,000-2,499 100,000-249,999 4.50 100.72 5.54 5.57 5.59
2,500-4,999 250,000-499,999 4.25 100.46 5.55 5.58 5.60
5,000-9,999 500,000-999,999 3.50 99.68 5.59 5.63 5.65
10,000-24,999 1,000,000- 2,499,999 3.00 99.17 5.62 5.66 5.67
25,000-49,999 2,500,000- 4,999,999 2.50 98.66 5.65 5.68 5.70
50,000 and over 5,000,000 and over 2.00 98.15 5.68 5.71 5.73
</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 % $ 101.15 5.54% 5.58% 5.59%
500-999 50,000-99,999 4.75 100.99 5.55 5.59 5.60
1,000-2,499 100,000-249,999 4.50 100.72 5.57 5.61 5.62
2,500-4,999 250,000-499,999 4.25 100.46 5.58 5.62 5.63
5,000-9,999 500,000-999,999 3.50 99.68 5.63 5.67 5.67
10,000-24,999 1,000,000- 2,499,999 3.00 99.17 5.66 5.69 5.70
25,000-49,999 2,500,000- 4,999,999 2.50 98.66 5.68 5.72 5.73
50,000 and over 5,000,000 and over 2.00 98.15 5.71 5.75 5.76
</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
Colorado Insured Trust 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------ --------------
Record Date*.......................... 4/1 5/1 8/1 11/1
Distribution Date..................... 4/15 5/15 8/15 11/15
- ----------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .6815(1) $ 5.5766
-------- $.4647 every month --------
Quarterly Distribution Plan........... $ .6815(1) $ .4671(2) $ 1.4013 $ 1.4013 $ 5.6086
Semi-Annual Distribution Plan......... $ .6815(1) $ .4689(3) $ 2.8134 $ 5.6276
- ----------------------------------------------------------------------------------------------------------------
<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 1-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 1-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 $.15 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 $.01549 per unit per day.
Consequently, on the first Record Date (04/01/95), accrued interest will total
$0.6815 per unit for the 44-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 04/01/95 is $.6815 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01549 Quarterly - $0.01557
Semi-Annual - $0.01563
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.
- --------------------------------------------------------------------------------
785
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 25.0 years.
The first bond is scheduled to mature in December, 2013, with the last bond
maturity being November, 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
MASSACHUSETTS
INSURED
TRUST 123
Estimated Current Return
5.53% to 5.75%
as of 02/16/95
Estimated Long Term Return
5.67% to 5.89%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
670947 282 Monthly Payment Option
670947 290 Quarterly Payment Option
670947 308 Semi-Annual Payment Option
Registered in Massachusetts
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, MASSACHUSETTS INSURED TRUST 123
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT FEBRUARY 17, 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 Massachusetts Health and Educational Facilities Authority, 2003 at 102 AAA Aaa
Revenue Bonds, Falmouth Hospital Issue, Series C, 5.625%
Due 7/1/11.
500,000 Massachusetts Health and Educational Facilities Authority, 2003 at 102 AAA Aaa
Revenue Bonds, Lahey Clinic Medical Center Issue, Series
B, 5.375% Due 7/1/23. (Original issue discount bonds
delivered on or about April 27, 1993 at a price of 94.511%
of principal amount.)
460,000 Massachusetts Housing Finance Agency, Housing Revenue 2004 at 102 AAA Aaa
Refunding Bonds, 1994 Series A, 5.95% Due 12/1/14.
525,000 Massachusetts Municipal Wholesale Electric Company, Power 2004 at 102 AAA Aaa
Supply System Revenue Bonds, 1994 Series B, 5.00% Due
7/1/13.
515,000 Massachusetts Port Authority, Revenue Bonds, Series 1992-B, 2003 at 102 AAA Aaa
6.00% Due 7/1/23.
500,000 Massachusetts Water Resources Authority, General Revenue 2004 at 102 AAA Aaa
Bonds, 1993 Series C, 5.25% Due 12/1/20. (Original issue
discount bonds delivered on or about December 2, 1993 at a
price of 92.784% of principal amount.)
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 % $ 98.41 5.53% 5.57% 5.58%
500-999 50,000-99,999 4.75 98.26 5.54 5.57 5.59
1,000-2,499 100,000-249,999 4.50 98.00 5.56 5.59 5.61
2,500-4,999 250,000-499,999 4.25 97.74 5.57 5.60 5.62
5,000-9,999 500,000-999,999 3.50 96.98 5.61 5.65 5.67
10,000-24,999 1,000,000- 2,499,999 3.00 96.48 5.64 5.68 5.70
25,000-49,999 2,500,000- 4,999,999 2.50 95.99 5.67 5.71 5.73
50,000 and over 5,000,000 and over 2.00 95.50 5.70 5.73 5.75
</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 % $ 98.41 5.67% 5.70% 5.72%
500-999 50,000-99,999 4.75 98.26 5.67 5.70 5.72
1,000-2,499 100,000-249,999 4.50 98.00 5.69 5.72 5.74
2,500-4,999 250,000-499,999 4.25 97.74 5.70 5.73 5.75
5,000-9,999 500,000-999,999 3.50 96.98 5.75 5.78 5.80
10,000-24,999 1,000,000- 2,499,999 3.00 96.48 5.78 5.81 5.83
25,000-49,999 2,500,000- 4,999,999 2.50 95.99 5.81 5.84 5.86
50,000 and over 5,000,000 and over 2.00 95.50 5.84 5.87 5.89
</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
Massachusetts Insured Trust 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------ --------------
Record Date*.......................... 4/1 5/1 8/1 11/1
Distribution Date..................... 4/15 5/15 8/15 11/15
- ----------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .6652(1) $ 5.4446
-------- $.4536 every month --------
Quarterly Distribution Plan........... $ .6652(1) $ .4563(2) $ 1.3689 $ 1.3689 $ 5.4766
Semi-Annual Distribution Plan......... $ .6652(1) $ .4578(3) $ 2.7468 $ 5.4956
- ----------------------------------------------------------------------------------------------------------------
<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 1-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 1-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 $.15 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 $.01512 per unit per day.
Consequently, on the first Record Date (04/01/95), accrued interest will total
$0.6652 per unit for the 44-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 04/01/95 is $.6652 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01512 Quarterly - $0.01521
Semi-Annual - $0.01526
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.
- --------------------------------------------------------------------------------
785
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 23.7 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
NEW JERSEY
INSURED
TRUST 187
Estimated Current Return
5.56% to 5.78%
as of 02/16/95
Estimated Long Term Return
5.64% to 5.86%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706L6 646 Monthly Payment Option
6706L6 653 Quarterly Payment Option
6706L6 661 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 187
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT FEBRUARY 17, 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 New Jersey Building Authority, State Building Revenue Bonds, 2003 at 102 AAA Aaa
1994 Series, 5.00% Due 6/15/19.
230,000 New Jersey Economic Development Authority, Economic 2003 at 102 AAA Aaa
Development Revenue Bonds (Greater New York Councils, Boy
Scouts of America-1993 Project), 5.45% Due 9/1/23.
270,000 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 Health Care Facilities Financing Authority, 2004 at 102 AAA Aaa
Refunding Revenue Bonds, Wayne General Hospital, Corp.
Issue (FHA Insured Mortgage), Series B, 5.875% Due 8/1/18.
500,000 The Port Authority of New York and New Jersey, Consolidated 2004 at 101 AAA Aaa
Bonds, Ninety-Second Series, 5.00% Due 7/15/12.
500,000 The Board of Education of the Borough of Highland Park, in 2005 at 102 AAA Aaa
the County of Middlesex, New Jersey, School Bonds, 6.55%
Due 2/15/20. (General Obligation Bonds.)
500,000 The Pollution Control Financing Authority of Salem County 2004 at 102 AAA Aaa
(New Jersey), Pollution Control Revenue Refunding Bonds,
1994 Series B (Public Service Electric and Gas Company
Project), 6.25% Due 6/1/31.
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 % $ 100.82 5.56% 5.59% 5.61%
500-999 50,000-99,999 4.75 100.66 5.57 5.60 5.62
1,000-2,499 100,000-249,999 4.50 100.40 5.58 5.62 5.63
2,500-4,999 250,000-499,999 4.25 100.14 5.60 5.63 5.65
5,000-9,999 500,000-999,999 3.50 99.36 5.64 5.67 5.69
10,000-24,999 1,000,000- 2,499,999 3.00 98.85 5.67 5.70 5.72
25,000-49,999 2,500,000- 4,999,999 2.50 98.34 5.70 5.73 5.75
50,000 and over 5,000,000 and over 2.00 97.84 5.73 5.76 5.78
</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 % $ 100.82 5.64% 5.67% 5.69%
500-999 50,000-99,999 4.75 100.66 5.65 5.67 5.69
1,000-2,499 100,000-249,999 4.50 100.40 5.66 5.69 5.71
2,500-4,999 250,000-499,999 4.25 100.14 5.68 5.70 5.72
5,000-9,999 500,000-999,999 3.50 99.36 5.72 5.75 5.77
10,000-24,999 1,000,000- 2,499,999 3.00 98.85 5.75 5.78 5.80
25,000-49,999 2,500,000- 4,999,999 2.50 98.34 5.78 5.81 5.83
50,000 and over 5,000,000 and over 2.00 97.84 5.81 5.84 5.86
</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
New Jersey Insured Trust 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------ --------------
Record Date*.......................... 4/1 5/1 8/1 11/1
Distribution Date..................... 4/15 5/15 8/15 11/15
- ----------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .6850(1) $ 5.6056
-------- $.4671 every month --------
Quarterly Distribution Plan........... $ .6850(1) $ .4698(2) $ 1.4094 $ 1.4094 $ 5.6376
Semi-Annual Distribution Plan......... $ .6850(1) $ .4713(3) $ 2.8278 $ 5.6566
- ----------------------------------------------------------------------------------------------------------------
<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 1-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 1-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 $.16 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 $.01557 per unit per day.
Consequently, on the first Record Date (04/01/95), accrued interest will total
$0.6850 per unit for the 44-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 04/01/95 is $.6850 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01557 Quarterly - $0.01566
Semi-Annual - $0.01571
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.
- --------------------------------------------------------------------------------
785
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 26.2 years.
The first bond is scheduled to mature in July, 2012, with the last bond maturity
being June, 2031.
- -------------------------------------------------------
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 231
Estimated Current Return
5.59% to 5.81%
as of 02/16/95
Estimated Long Term Return
5.66% to 5.88%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101K 227 Monthly Payment Option
67101K 235 Quarterly Payment Option
67101K 243 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 231
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT FEBRUARY 17, 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>
--------------------------------------------------------------------------------------------------------------------------
$ 315,000 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.
185,000 New York Local Government Assistance Corporation, Series 2003 at 102 AAA Aaa
1993B Refunding Bonds, 5.50% Due 4/1/21. (Original issue
discount bonds delivered on or about April 6, 1993 at a
price of 93.643% of principal amount.)
500,000 New York State Medical Care Facilities Finance Agency, 2004 at 102 AAA Aaa
Mental Health Services Facilities Improvement Revenue
Bonds, 1994 Series A, 5.25% Due 8/15/14. (Original issue
discount bonds delivered on or about February 24, 1994 at
a price of 94.832% of principal amount.)(General
Obligation Bonds.)
500,000 New York State Medical Care Facilities Finance Agency, New 2005 at 102 AAA Aaa
York Hospital FHA-Insured Mortgage Revenue Bonds, 1994
Series A, 6.50% Due 8/15/29. (Original issue discount
bonds delivered on or about January 12, 1995 at a price of
94.014% of principal amount.)
500,000 New York State Urban Development Corporation, Correctional 2004 at 102 AAA Aaa
Facilities Revenue Bonds, 1993A Refunding Series, 5.50%
Due 1/1/16.
500,000 Metropolitan Transportation Authority (New York), Transit 2004 at 101 AAA Aaa
Facilities Revenue Bonds, Series O, 6.00% Due 7/1/24. 1/2
(Original issue discount bonds delivered on or about July
12, 1994 at a price of 94.871% of principal amount.)
500,000 Triborough Bridge and Tunnel Authority (New York), General 2004 at 101 AAA Aaa
Purpose Revenue Bonds, Series 1994A, 5.00% Due 1/1/24. 1/2
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 % $ 99.77 5.59% 5.62% 5.64%
500-999 50,000-99,999 4.75 99.61 5.60 5.63 5.65
1,000-2,499 100,000-249,999 4.50 99.35 5.61 5.64 5.66
2,500-4,999 250,000-499,999 4.25 99.09 5.63 5.66 5.68
5,000-9,999 500,000-999,999 3.50 98.32 5.67 5.70 5.72
10,000-24,999 1,000,000- 2,499,999 3.00 97.81 5.70 5.73 5.75
25,000-49,999 2,500,000- 4,999,999 2.50 97.31 5.73 5.76 5.78
50,000 and over 5,000,000 and over 2.00 96.82 5.76 5.79 5.81
</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 % $ 99.77 5.66% 5.69% 5.71%
500-999 50,000-99,999 4.75 99.61 5.66 5.69 5.71
1,000-2,499 100,000-249,999 4.50 99.35 5.68 5.71 5.73
2,500-4,999 250,000-499,999 4.25 99.09 5.69 5.72 5.74
5,000-9,999 500,000-999,999 3.50 98.32 5.74 5.77 5.79
10,000-24,999 1,000,000- 2,499,999 3.00 97.81 5.77 5.80 5.82
25,000-49,999 2,500,000- 4,999,999 2.50 97.31 5.80 5.83 5.85
50,000 and over 5,000,000 and over 2.00 96.82 5.83 5.86 5.88
</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
New York Insured Trust 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------ --------------
Record Date*.......................... 4/1 5/1 8/1 11/1
Distribution Date..................... 4/15 5/15 8/15 11/15
- ----------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .6811(1) $ 5.5753
-------- $.4644 every month --------
Quarterly Distribution Plan........... $ .6811(1) $ .4671(2) $ 1.4013 $ 1.4013 $ 5.6073
Semi-Annual Distribution Plan......... $ .6811(1) $ .4686(3) $ 2.8116 $ 5.6263
- ----------------------------------------------------------------------------------------------------------------
<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 1-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 1-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 $.15 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 $.01548 per unit per day.
Consequently, on the first Record Date (04/01/95), accrued interest will total
$0.6811 per unit for the 44-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 04/01/95 is $.6811 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01548 Quarterly - $0.01557
Semi-Annual - $0.01562
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.
- --------------------------------------------------------------------------------
785
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 28.0 years.
The first bond is scheduled to mature in August, 2014, 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.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
PENNSYLVANIA
INSURED
TRUST 194
Estimated Current Return
5.61% to 5.84%
as of 02/16/95
Estimated Long Term Return
5.67% to 5.89%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H9 827 Monthly Payment Option
6706H9 835 Quarterly Payment Option
6706H9 843 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 194
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT FEBRUARY 17, 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 Commonwealth of Pennsylvania, Certificates of Participation, 2003 at 102 AAA Aaa
Series 1993A, 5.00% Due 7/1/15. (Original issue discount
bonds delivered on or about July 21, 1993 at a price of
92.174% of principal amount.)
500,000 Pennsylvania Intergovernmental Cooperation Authority, 2003 at 100 AAA Aaa
Special Tax Revenue Bonds (City of Philadelphia Funding
Program), Series of 1993, 5.60% Due 6/15/15.
500,000 Deer Lakes School District (Allegheny County, Pennsylvania), 2004 at 100 AAA Aaa
General Obligation Bonds, Series of 1995, 6.45% Due
1/15/19.
500,000 Lehigh County Industrial Development Authority, Pollution 2004 at 102 AAA Aaa
Control Revenue Refunding Bonds, 1994 Series B
(Pennsylvania Power & Light Company Project), 6.40% Due
9/1/29.
500,000 City of Philadelphia, Pennsylvania, Water and Wastewater 2003 at 102 AAA Aaa
Revenue Bonds, Series 1993, 5.25% Due 6/15/23. (Original
issue discount bonds delivered on or about August 26, 1993
at a price of 92.499% of principal amount.)
500,000 Washington County Hospital Authority (Commonwealth of 2003 at 102 AAA Aaa
Pennsylvania), Hospital Revenue Bonds, Series of 1993 (The
Washington Hospital Project), 5.625% Due 7/1/23.
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>
50-499 $5,000-$49,999 4.90 % $ 99.93 5.61% 5.64% 5.66%
500-999 50,000-99,999 4.75 99.77 5.62 5.65 5.67
1,000-2,499 100,000-249,999 4.50 99.51 5.64 5.67 5.69
2,500-4,999 250,000-499,999 4.25 99.25 5.65 5.68 5.70
5,000-9,999 500,000-999,999 3.50 98.48 5.70 5.73 5.75
10,000-24,999 1,000,000- 2,499,999 3.00 97.97 5.73 5.76 5.78
25,000-49,999 2,500,000- 4,999,999 2.50 97.47 5.75 5.79 5.81
50,000 and over 5,000,000 and over 2.00 96.97 5.78 5.82 5.84
</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 % $ 99.93 5.67% 5.70% 5.72%
500-999 50,000-99,999 4.75 99.77 5.67 5.70 5.72
1,000-2,499 100,000-249,999 4.50 99.51 5.69 5.72 5.74
2,500-4,999 250,000-499,999 4.25 99.25 5.70 5.73 5.75
5,000-9,999 500,000-999,999 3.50 98.48 5.75 5.78 5.80
10,000-24,999 1,000,000- 2,499,999 3.00 97.97 5.78 5.81 5.83
25,000-49,999 2,500,000- 4,999,999 2.50 97.47 5.81 5.84 5.86
50,000 and over 5,000,000 and over 2.00 96.97 5.84 5.87 5.89
</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
Pennsylvania Insured Trust 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------ --------------
Record Date*.......................... 4/1 5/1 8/1 11/1
Distribution Date..................... 4/15 5/15 8/15 11/15
- ----------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .6855(1) $ 5.6089
-------- $.4674 every month --------
Quarterly Distribution Plan........... $ .6855(1) $ .4698(2) $ 1.4094 $ 1.4094 $ 5.6409
Semi-Annual Distribution Plan......... $ .6855(1) $ .4716(3) $ 2.8296 $ 5.6599
- ----------------------------------------------------------------------------------------------------------------
<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 1-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 1-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 $.16 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 $.01558 per unit per day.
Consequently, on the first Record Date (04/01/95), accrued interest will total
$0.6855 per unit for the 44-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 04/01/95 is $.6855 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01558 Quarterly - $0.01566
Semi-Annual - $0.01572
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.
- --------------------------------------------------------------------------------
785
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 26.3 years.
The first bond is scheduled to mature in June, 2015, with the last bond maturity
being September, 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.
