<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
MARYLAND
TRUST 304
(MARYLAND TRADITIONAL TRUST 304)
Estimated Current Return
5.52% to 5.74%
as of 02/22/95
Estimated Long Term Return
5.63% to 5.85%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds
Cusip:
67101L 829 Monthly Payment Option
67101L 837 Quarterly Payment Option
67101L 845 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 304
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT FEBRUARY 23, 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 Maryland Health and Higher Educational Facilities Authority, 2004 at 102 AAA Aaa
Revenue Bonds, Maryland General Hospital Issue, Series
1994, 6.20% Due 7/1/24. (MBIA Insured.)
500,000 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 Maryland Water Quality Financing Administration, Revolving 2004 at 100 AA Aa
Loan Fund Revenue Bonds, Series 1994 A, 6.00% Due 9/1/15.
(Original issue discount bonds delivered on or about
January 11, 1995 at a price of 93.279% of principal
amount.)
500,000 Anne Arundel County, Maryland, General Obligation Bonds, 2003 at 102 AA+ Aa
Consolidated Water and Sewer Series, 1993 Refunding
Series, 5.30% Due 4/15/16.
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 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 Wicomico County, Maryland, General Obligation Consolidated 2005 at 101 AAA Aaa
Public Improvement Bonds of 1995, 5.85% Due 2/1/15. (When
issued.) (FGIC 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>
50-499 $5,000-$49,999 4.90 % $ 99.28 5.52% 5.55% 5.57%
500-999 50,000-99,999 4.75 99.13 5.53 5.56 5.58
1,000-2,499 100,000-249,999 4.50 98.87 5.54 5.58 5.59
2,500-4,999 250,000-499,999 4.25 98.61 5.56 5.59 5.61
5,000-9,999 500,000-999,999 3.50 97.84 5.60 5.63 5.65
10,000-24,999 1,000,000- 2,499,999 3.00 97.34 5.63 5.66 5.68
25,000-49,999 2,500,000- 4,999,999 2.50 96.84 5.66 5.69 5.71
50,000 and over 5,000,000 and over 2.00 96.35 5.69 5.72 5.74
</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 % $ 99.28 5.63% 5.66% 5.68%
500-999 50,000-99,999 4.75 99.13 5.64 5.66 5.68
1,000-2,499 100,000-249,999 4.50 98.87 5.65 5.68 5.70
2,500-4,999 250,000-499,999 4.25 98.61 5.67 5.69 5.71
5,000-9,999 500,000-999,999 3.50 97.84 5.71 5.74 5.76
10,000-24,999 1,000,000- 2,499,999 3.00 97.34 5.74 5.77 5.79
25,000-49,999 2,500,000- 4,999,999 2.50 96.84 5.77 5.80 5.82
50,000 and over 5,000,000 and over 2.00 96.35 5.80 5.83 5.85
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to Date of Deposit. The estimated
current return for purchases made on such date will be as shown, as long as
the portfolio size and composition remain the same.
(3) In contrast to Estimated Current Return, Estimated Long
Term Return reflects the amortization of premium or accretion of discount,
if any, on the bonds in the Trust's portfolio.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
Maryland Traditional Trust 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............. $ .5783(1) $ 5.4802
-------- $.4566 every month --------
Quarterly Distribution Plan........... $ .5783(1) $ .4593(2) $ 1.3779 $ 1.3779 $ 5.5122
Semi-Annual Distribution Plan......... $ .5783(1) $ .4608(3) $ 2.7648 $ 5.5312
- ----------------------------------------------------------------------------------------------------------------
<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 $.01522 per unit per day.
Consequently, on the first Record Date (04/01/95), accrued interest will total
$0.5783 per unit for the 38-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 $.5783 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01522 Quarterly - $0.01531
Semi-Annual - $0.01536
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.
- --------------------------------------------------------------------------------
786
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 25.1 years.
The first bond is scheduled to mature in February, 2015, 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 29%
AA 29
A1/A+ 28
A 14
---
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
NATIONAL
INSURED
TRUST 291
Estimated Current Return
5.68% to 5.90%
as of 02/22/95
Estimated Long Term Return
5.75% to 5.98%
100,000 units in a
diversified $10,000,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6710A3 613 Monthly Payment Option
6710A3 621 Quarterly Payment Option
6710A3 639 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, NATIONAL INSURED TRUST 291
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT FEBRUARY 23, 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>
--------------------------------------------------------------------------------------------------------------------------
$1,000,000 The Regents of the University of California, Refunding 2003 at 102 AAA Aaa
Revenue Bonds (Multiple Purpose Projects), Series B, 6.00%
Due 9/1/13.
75,000 Colorado Health Facilities Authority, Hospital Revenue Bonds 2003 at 102 AAA Aaa
(North Colorado Medical Center), Series 1993, 6.00% Due
5/15/20.
1,000,000 Hillsborough County Industrial Development Authority 2004 at 102 AAA Aaa
(Florida), Pollution Control Revenue Refunding Bonds
(Tampa Electric Company Project), Series 1994, 6.25% Due
12/1/34.
1,500,000 Illinois Health Facilities Authority, Revenue Bonds, Series 2004 at 102 AAA Aaa
1994A (The University of Chicago Hospitals Project),
6.125% Due 8/15/24.
500,000 City of Chicago (Illinois), Wastewater Transmission Revenue 2005 at 102 AAA Aaa
Bonds, Series 1994, 6.375% Due 1/1/24.
395,000 Public Building Commission of Chicago (Illinois), Building 2003 at 102 AAA Aaa
Revenue Bonds, Series A of 1993 (Board of Education of the
City of Chicago), 5.75% Due 12/1/18. (General Obligation
Bonds.)
1,000,000 City of Council Bluffs, Iowa, Pollution Control Refunding 2003 at 102 AAA Aaa
Revenue Bonds (Midwest Power Systems Inc. Project), Series
1993, 5.95% Due 5/1/23.
275,000 New Hampshire Higher Educational and Health Facilities 2004 at 102 AAA Aaa
Authority Revenue Bonds, The Hitchcock Clinic Issue,
Series 1994, 6.00% Due 7/1/24.
1,000,000 Dormitory Authority of the State of New York, City 2003 at 102 AAA Aaa
University System Consolidated Revenue Bonds, Series
1993F, 5.50% Due 7/1/12.
755,000 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 94.872% of principal amount.)
1,000,000 Harris County Health Facilities (Texas), Development 2004 at 101 AAA Aaa
Corporation Hospital Revenue Bonds (Hermann Hospital),
Series 1994, 6.375% Due 10/1/24.
500,000 King County, Washington, Department of Metropolitan 2004 at 102 AAA Aaa
Services, General Obligation Sewer Revenue Bonds, 1994
Series A, 6.25% Due 1/1/34.
1,000,000 Washington Public Power Supply System (Bonneville), Nuclear 2003 at 102 AAA Aaa
Project No. 1 Refunding Revenue Bonds, Series 1993C,
5.375% Due 7/1/15.
----------
$10,000,000
----------
----------
</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 % $ 101.79 5.68% 5.71% 5.73%
500-999 50,000-99,999 4.75 101.63 5.69 5.72 5.74
1,000-2,499 100,000-249,999 4.50 101.36 5.70 5.73 5.75
2,500-4,999 250,000-499,999 4.25 101.10 5.71 5.75 5.77
5,000-9,999 500,000-999,999 3.50 100.31 5.76 5.79 5.81
10,000-24,999 1,000,000- 2,499,999 3.00 99.79 5.79 5.82 5.84
25,000-49,999 2,500,000- 4,999,999 2.50 99.28 5.82 5.85 5.87
50,000 and over 5,000,000 and over 2.00 98.78 5.85 5.88 5.90
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Long Term Return (3)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 101.79 5.75% 5.78% 5.80%
500-999 50,000-99,999 4.75 101.63 5.76 5.79 5.81
1,000-2,499 100,000-249,999 4.50 101.36 5.78 5.81 5.83
2,500-4,999 250,000-499,999 4.25 101.10 5.79 5.82 5.84
5,000-9,999 500,000-999,999 3.50 100.31 5.84 5.87 5.89
10,000-24,999 1,000,000- 2,499,999 3.00 99.79 5.87 5.90 5.92
25,000-49,999 2,500,000- 4,999,999 2.50 99.28 5.90 5.93 5.95
50,000 and over 5,000,000 and over 2.00 98.78 5.93 5.96 5.98
</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.
- --------------------------------------------------------------------------------
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
National 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............. $ .6095(1) $ 5.7777
-------- $.4812 every month --------
Quarterly Distribution Plan........... $ .6095(1) $ .4839(2) $ 1.4517 $ 1.4517 $ 5.8097
Semi-Annual Distribution Plan......... $ .6095(1) $ .4857(3) $ 2.9142 $ 5.8287
- ----------------------------------------------------------------------------------------------------------------
<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 $.01604 per unit per day.
Consequently, on the first Record Date (04/01/95), accrued interest will total
$0.6095 per unit for the 38-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 $.6095 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01604 Quarterly - $0.01613
Semi-Annual - $0.01619
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>
- ------------------------
%
California 10.0
Colorado 0.8
Florida 10.4
Iowa 9.9
Illinois 24.4
<CAPTION>
Percent
of Total
Income
- ------------------------
<S> <C> <C>
%
New Hampshire 2.8
New York 16.8
Texas 10.7
Washington 14.2
</TABLE>
- -------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity
of portfolio bonds is 27.3 years. The first bond is scheduled to mature in July,
2012, with the last bond maturity being December, 2034.
- -------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------
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.
786
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
CALIFORNIA
INSURED
TRUST 243
Estimated Current Return
5.59% to 5.81%
as of 02/22/95
Estimated Long Term Return
5.65% to 5.87%
40,000 units in a
diversified $4,000,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67064U 766 Monthly Payment Option
67064U 774 Quarterly Payment Option
67064U 782 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 243
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT FEBRUARY 23, 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>
--------------------------------------------------------------------------------------------------------------------------
$ 600,000 California Health Facilities Financing Authority, Kaiser 2003 at 102 AAA Aaa
Permanente, Revenue Bonds, 1993 Series C, 5.60% Due
5/1/33.
600,000 State Public Works Board of the State of California, Lease 2004 at 102 AAA Aaa
Revenue Bonds (Department of Corrections), 1993 Series E
(California State Prison-Madera County (II)), 5.50% Due
6/1/19.
500,000 California State University, Fresno Association, Inc., 2005 at 101 AAA Aaa
Auxiliary Organization Revenue Bonds (Student Residence
Project), Series 1995, 6.25% Due 2/1/17.
600,000 The Regents of the University of California, Refunding 2003 at 102 AAA Aaa
Revenue Bonds (Multiple Purpose Projects), Series B, 6.00%
Due 9/1/13.
600,000 Los Angeles Convention and Exhibition Center Authority 2003 at 102 AAA Aaa
(California), Lease Revenue Bonds, 1993 Refunding Series
A, 5.375% Due 8/15/18.
600,000 Department of Water and Power of The City of Los Angeles 2003 at 102 AAA Aaa
(California), Electric Plant Refunding Revenue Bonds,
Issue of 1993, 5.875% Due 9/1/30.
500,000 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
----------
$4,000,000
----------
----------
</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 % $ 100.53 5.59% 5.62% 5.64%
500-999 50,000-99,999 4.75 100.37 5.60 5.63 5.65
1,000-2,499 100,000-249,999 4.50 100.10 5.61 5.65 5.67
2,500-4,999 250,000-499,999 4.25 99.84 5.63 5.66 5.68
5,000-9,999 500,000-999,999 3.50 99.07 5.67 5.71 5.72
10,000-24,999 1,000,000- 2,499,999 3.00 98.56 5.70 5.73 5.75
25,000-49,999 2,500,000- 4,999,999 2.50 98.05 5.73 5.76 5.78
50,000 and over 5,000,000 and over 2.00 97.55 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 % $ 100.53 5.65% 5.68% 5.70%
500-999 50,000-99,999 4.75 100.37 5.66 5.68 5.70
1,000-2,499 100,000-249,999 4.50 100.10 5.67 5.70 5.72
2,500-4,999 250,000-499,999 4.25 99.84 5.69 5.71 5.73
5,000-9,999 500,000-999,999 3.50 99.07 5.73 5.76 5.78
10,000-24,999 1,000,000- 2,499,999 3.00 98.56 5.76 5.79 5.81
25,000-49,999 2,500,000- 4,999,999 2.50 98.05 5.79 5.82 5.84
50,000 and over 5,000,000 and over 2.00 97.55 5.82 5.85 5.87
</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*.......................... 4/1 5/1 8/1 11/1
Distribution Date..................... 4/15 5/15 8/15 11/15
- ----------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .5931(1) $ 5.6205
-------- $.4683 every month --------
Quarterly Distribution Plan........... $ .5931(1) $ .4710(2) $ 1.4130 $ 1.4130 $ 5.6525
Semi-Annual Distribution Plan......... $ .5931(1) $ .4725(3) $ 2.8350 $ 5.6715
- ----------------------------------------------------------------------------------------------------------------
<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 $.01561 per unit per day.
Consequently, on the first Record Date (04/01/95), accrued interest will total
$0.5931 per unit for the 38-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 $.5931 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01561 Quarterly - $0.01570
Semi-Annual - $0.01575
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.
- --------------------------------------------------------------------------------
786
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 27.3 years.
The first bond is scheduled to mature in September, 2013, with the last bond
maturity being May, 2033.
- -------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
- -------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------------
UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK AND ARE NOT FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
- -------------------------------------------------------
* Insurance relates specifically to the bonds and not to the units or to the
market value of units. Terms of the insurance are more fully described in the
prospectus. No representation is made as to the insurer's ability to meet its
commitments. See Section 5 of the prospectus for details.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
