<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NORTH CAROLINA
TRUST 286
(NORTH CAROLINA TRADITIONAL TRUST 286)
Estimated Current Return
First
Year: 5.35% to 5.57%
Subsequent
Years: 5.37% to 5.59%
as of 03/08/95
Estimated Long Term Return
5.56% to 5.78%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds
Cusip:
6710A2 284 Monthly Payment Option
6710A2 292 Quarterly Payment Option
6710A2 300 Semi-Annual Payment Option
Registered in North Carolina
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--NORTH CAROLINA TRADITIONAL TRUST 286
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT MARCH 9, 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>
--------------------------------------------------------------------------------------------------------------------------
$ 100,000 State of North Carolina, Capital Improvement Bonds, Series 2004 at 102 AAA Aaa
1994A, 4.75% Due 2/1/13. (General Obligation Bonds.)
400,000 North Carolina Medical Care Commission, Hospital Revenue 2003 at 102 AAA Aaa
Refunding Bonds (Wesley Long Community Hospital Project),
Series 1993, 5.25% Due 10/1/17. (AMBAC Insured.)
500,000 North Carolina Medical Care Commission Hospital Revenue 2003 at 102 A+ A
Bonds (Moore Regional Hospital Project), Series 1993,
5.00% Due 10/1/18.
500,000 North Carolina Municipal Power Agency Number 1, Catawba 2003 at 102 AAA Aaa
Electric Revenue Bonds, Series 1993, 5.00% Due 1/1/18.
(Original issue discount bonds delivered on or about March
30, 1993 at a price of 91.00% of principal amount.)(MBIA
Insured.)
500,000 City of Charlotte, North Carolina, Refunding Certificates of 2003 at 102 AAA Aaa
Participation (Convention Facility Project), Series 1993C,
5.25% Due 12/1/20. (Original issue discount bonds
delivered on or about August 25, 1993 at a price of
93.801% of principal amount.)(AMBAC Insured.)
500,000 County of Dare, North Carolina, Utilities System Revenue 2004 at 102 AAA Aaa
Bonds, Series 1994, 5.75% Due 6/1/14. (MBIA Insured.)
500,000 Certificates of Participation (1994 Hospital and Office 2004 at 102 AA Aa
Facilities Project) County of Durham, North Carolina,
6.00% Due 5/1/17.
500,000 County of Onslow, North Carolina, General Obligation School 2005 at 102 AAA Aaa
Bonds, Series 1995, 5.70% Due 3/1/16. (When issued.) (MBIA
Insured.)
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION The sales charges/volume discounts below
apply on all concurrent purchases of any Nuveen trust units, unless any such
purchases are made by a class of investors for which a separate sales charge is
applicable as described more fully in the Prospectus. Estimated Current Return
equals net income divided by offering price. Estimated Long Term Return
represents an average of the yields to maturity (or call) of the Bonds in the
Trust adjusted to reflect expenses and sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
AMOUNT PURCHASED Public -----------------------------------------------------------
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- --------------- --------------- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 96.55 (5.35%) 5.37% (5.38%) 5.41% (5.40%) 5.43%
500-999 50,000-99,999 4.75 96.40 (5.36) 5.38 (5.39) 5.42 (5.41) 5.44
1,000-2,499 100,000-249,999 4.50 96.15 (5.37) 5.40 (5.40) 5.43 (5.42) 5.45
2,500-4,999 250,000-499,999 4.25 95.90 (5.38) 5.41 (5.42) 5.44 (5.44) 5.46
5,000-9,999 500,000-999,999 3.50 95.15 (5.43) 5.45 (5.46) 5.49 (5.48) 5.51
10,000-24,999 1,000,000- 2,499,999 3.00 94.66 (5.45) 5.48 (5.49) 5.52 (5.51) 5.54
25,000-49,999 2,500,000- 4,999,999 2.50 94.17 (5.48) 5.51 (5.52) 5.54 (5.54) 5.56
50,000 and over 5,000,000 and over 2.00 93.69 (5.51) 5.54 (5.55) 5.57 (5.57) 5.59
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Long Term Return (3)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 96.55 5.56% 5.59% 5.61%
500-999 50,000-99,999 4.75 96.40 5.57 5.60 5.62
1,000-2,499 100,000-249,999 4.50 96.15 5.59 5.62 5.64
2,500-4,999 250,000-499,999 4.25 95.90 5.60 5.63 5.65
5,000-9,999 500,000-999,999 3.50 95.15 5.65 5.67 5.69
10,000-24,999 1,000,000- 2,499,999 3.00 94.66 5.68 5.70 5.72
25,000-49,999 2,500,000- 4,999,999 2.50 94.17 5.70 5.73 5.75
50,000 and over 5,000,000 and over 2.00 93.69 5.73 5.76 5.78
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to the Date of Deposit. Figures in
brackets represent the current return. The first year's estimated current
returns are slightly lower than those for subsequent years because a portion
of the monies received in the first year only will be treated as a return of
principal due to the inclusion in the portfolio of "when issued" or other
Bonds having delivery dates after the date of settlement for a purchase made
on the Date of Deposit.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
North Carolina 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............. $ .3170(1) $ 5.1890
-------- $.4323 every month --------
Quarterly Distribution Plan........... $ .3170(1) $ .4350(2) $ 1.3050 $ 1.3050 $ 5.2210
Semi-Annual Distribution Plan......... $ .3170(1) $ .4365(3) $ 2.6190 $ 5.2400
- ----------------------------------------------------------------------------------------------------------------
<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 $.10 of accrued
interest that will be added to the Public Offering Price on the Settlement Date.
After provision for expenses of the Fund, the daily rate of accrual from the
Date of Deposit to the first Record Date is $.01441 per unit per day.
Consequently, on the first Record Date (04/01/95), accrued interest will total
$0.3170 per unit for the 22-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 $.3170 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01441 Quarterly - $0.01450
Semi-Annual - $0.01455
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.
- --------------------------------------------------------------------------------
789
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 22.3 years.
The first bond is scheduled to mature in February, 2013, with the last bond
maturity being December, 2020.
- -------------------------------------------------------
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 72%
AA 14
A1/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
CALIFORNIA
INSURED
TRUST 244
Estimated Current Return
First
Year: 5.61% to 5.83%
Subsequent
Years: 5.63% to 5.85%
as of 03/08/95
Estimated Long Term Return
5.71% to 5.93%
50,000 units in a
diversified $5,000,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67064U 790 Monthly Payment Option
67064U 808 Quarterly Payment Option
67064U 816 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 244
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT MARCH 9, 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>
--------------------------------------------------------------------------------------------------------------------------
$ 230,000 California Statewide Communities Development Authority, 2004 at 102 AAA Aaa
Certificates of Participation, Sharp Healthcare Obligated
Group, 6.00% Due 8/15/24.
750,000 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.
750,000 Brea Redevelopment Agency (Orange County, California), 1993 2003 at 102 AAA Aaa
Tax Allocation Refunding Bonds (Redevelopment Project AB),
5.50% Due 8/1/17.
750,000 City of Los Angeles, California, Wastewater System Revenue 2004 at 102 AAA Aaa
Bonds, Series 1994-A, 5.875% Due 6/1/24.
750,000 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, 5.375% Due 9/1/23. (Original issue discount
bonds delivered on or about April 15, 1993 at a price of
93.281% of principal amount.)
420,000 M-S-R Public Power Agency (California), San Juan Project No Optional AAA Aaa
Revenue Bonds, Series D, 6.75% Due 7/1/20. Call
750,000 San Diego State University (California), Student Union 2004 at 102 AAA Aaa
Revenue Bonds, Series B, 6.00% Due 11/1/17.
600,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 2004 at 101 AAA Aaa
1994 (General Obligation Bonds), 6.45% Due 7/1/17. 1/2
----------
$5,000,000
----------
----------
</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> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 100.03 (5.61%) 5.63% (5.64%) 5.66% (5.66%) 5.68%
500-999 50,000-99,999 4.75 99.87 (5.62) 5.64 (5.65) 5.67 (5.67) 5.69
1,000-2,499 100,000-249,999 4.50 99.61 (5.63) 5.65 (5.66) 5.69 (5.68) 5.70
2,500-4,999 250,000-499,999 4.25 99.35 (5.64) 5.67 (5.68) 5.70 (5.70) 5.72
5,000-9,999 500,000-999,999 3.50 98.58 (5.69) 5.71 (5.72) 5.75 (5.74) 5.76
10,000-24,999 1,000,000- 2,499,999 3.00 98.07 (5.72) 5.74 (5.75) 5.77 (5.77) 5.79
25,000-49,999 2,500,000- 4,999,999 2.50 97.57 (5.75) 5.77 (5.78) 5.80 (5.80) 5.82
50,000 and over 5,000,000 and over 2.00 97.07 (5.78) 5.80 (5.81) 5.83 (5.83) 5.85
</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 % $ 100.03 5.71% 5.74% 5.75%
500-999 50,000-99,999 4.75 99.87 5.71 5.74 5.76
1,000-2,499 100,000-249,999 4.50 99.61 5.73 5.76 5.78
2,500-4,999 250,000-499,999 4.25 99.35 5.74 5.77 5.79
5,000-9,999 500,000-999,999 3.50 98.58 5.79 5.82 5.84
10,000-24,999 1,000,000- 2,499,999 3.00 98.07 5.82 5.85 5.87
25,000-49,999 2,500,000- 4,999,999 2.50 97.57 5.85 5.88 5.90
50,000 and over 5,000,000 and over 2.00 97.07 5.88 5.91 5.93
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to the Date of Deposit. Figures in
brackets represent the current return. The first year's estimated current
returns are slightly lower than those for subsequent years because a portion
of the monies received in the first year only will be treated as a return of
principal due to the inclusion in the portfolio of "when issued" or other
Bonds having delivery dates after the date of settlement for a purchase made
on the Date of Deposit.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
California Insured Trust 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------ --------------
Record Date*.......................... 4/1 5/1 8/1 11/1
Distribution Date..................... 4/15 5/15 8/15 11/15
- ----------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .3440(1) $ 5.6315
-------- $.4692 every month --------
Quarterly Distribution Plan........... $ .3440(1) $ .4719(2) $ 1.4157 $ 1.4157 $ 5.6635
Semi-Annual Distribution Plan......... $ .3440(1) $ .4734(3) $ 2.8404 $ 5.6825
- ----------------------------------------------------------------------------------------------------------------
<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 $.11 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 $.01564 per unit per day.
Consequently, on the first Record Date (04/01/95), accrued interest will total
$0.3440 per unit for the 22-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 $.3440 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01564 Quarterly - $0.01573
Semi-Annual - $0.01578
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.
- --------------------------------------------------------------------------------
789
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 25.2 years.
The first bond is scheduled to mature in July, 2017, with the last bond maturity
being August, 2024.
- -------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
- -------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------------
UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK AND ARE NOT FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
- -------------------------------------------------------
* Insurance relates specifically to the bonds and not to the units or to the
market value of units. Terms of the insurance are more fully described in the
prospectus. No representation is made as to the insurer's ability to meet its
commitments. See Section 5 of the prospectus for details.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
OHIO
INSURED
TRUST 123
Estimated Current Return
First
Year: 5.50% to 5.72%
Subsequent
Years: 5.51% to 5.73%
as of 03/08/95
Estimated Long Term Return
5.61% to 5.84%
40,000 units in a
diversified $4,000,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101Y 649 Monthly Payment Option
67101Y 656 Quarterly Payment Option
67101Y 664 Semi-Annual Payment Option
Registered in Ohio
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, OHIO INSURED TRUST 123
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT MARCH 9, 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 The Ohio University, General Receipts Bonds, Series 1993, 2003 at 102 AAA Aaa
5.00% Due 12/1/13.
500,000 Ohio Water Development Authority, State of Ohio, 2004 at 102 AAA Aaa
Collateralized Water Development Revenue Refunding Bonds,
1994 Series A (The Cincinnati Gas & Electric Company
Project), 5.45% Due 1/1/24.
500,000 County of Clermont, Ohio, Hospital Facilities Revenue 2003 at 102 AAA Aaa
Refunding Bonds, Series 1993 A (Mercy Health System),
5.875% Due 1/1/15.
500,000 County of Franklin, Ohio, Hospital Facilities Refunding 2003 at 102 AAA Aaa
Revenue Bonds, Series 1993A (Riverside United Methodist
Hospital Project), 5.75% Due 5/15/12.
500,000 City of Fremont, Ohio, Water Treatment Plant Expansion, 2004 at 102 AAA Aaa
General Obligation Bonds, Series 1994, 5.95% Due 12/1/24.
500,000 County of Lucas, Ohio, Hospital Refunding Revenue Bonds, 2003 at 102 AAA Aaa
Series 1993B (St. Vincent Medical Center), 5.375% Due
8/15/17.
500,000 City of Mason, Ohio, Sewer System Mortgage Revenue Bonds, 2004 at 101 AAA Aaa
Series 1994, 6.00% Due 12/1/14.
500,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 2004 at 101 AAA Aaa
1994 (General Obligation Bonds), 6.45% Due 7/1/17. 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> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 100.06 (5.50%) 5.51% (5.53%) 5.54% (5.55%) 5.56%
500-999 50,000-99,999 4.75 99.91 (5.51) 5.52 (5.54) 5.55 (5.56) 5.57
1,000-2,499 100,000-249,999 4.50 99.64 (5.53) 5.53 (5.56) 5.56 (5.58) 5.58
2,500-4,999 250,000-499,999 4.25 99.38 (5.54) 5.55 (5.57) 5.58 (5.59) 5.60
5,000-9,999 500,000-999,999 3.50 98.61 (5.58) 5.59 (5.62) 5.62 (5.63) 5.64
10,000-24,999 1,000,000- 2,499,999 3.00 98.10 (5.61) 5.62 (5.64) 5.65 (5.66) 5.67
25,000-49,999 2,500,000- 4,999,999 2.50 97.60 (5.64) 5.65 (5.67) 5.68 (5.69) 5.70
50,000 and over 5,000,000 and over 2.00 97.10 (5.67) 5.68 (5.70) 5.71 (5.72) 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 % $ 100.06 5.61% 5.65% 5.67%
500-999 50,000-99,999 4.75 99.91 5.62 5.66 5.67
1,000-2,499 100,000-249,999 4.50 99.64 5.64 5.67 5.69
2,500-4,999 250,000-499,999 4.25 99.38 5.65 5.69 5.70
5,000-9,999 500,000-999,999 3.50 98.61 5.69 5.73 5.75
10,000-24,999 1,000,000- 2,499,999 3.00 98.10 5.72 5.76 5.78
25,000-49,999 2,500,000- 4,999,999 2.50 97.60 5.75 5.79 5.81
50,000 and over 5,000,000 and over 2.00 97.10 5.78 5.82 5.84
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to the Date of Deposit. Figures in
brackets represent the current return. The first year's estimated current
returns are slightly lower than those for subsequent years because a portion
of the monies received in the first year only will be treated as a return of
principal due to the inclusion in the portfolio of "when issued" or other
Bonds having delivery dates after the date of settlement for a purchase made
on the Date of Deposit.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
Ohio 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............. $ .3368(1) $ 5.5128
-------- $.4593 every month --------
Quarterly Distribution Plan........... $ .3368(1) $ .4620(2) $ 1.3860 $ 1.3860 $ 5.5448
Semi-Annual Distribution Plan......... $ .3368(1) $ .4635(3) $ 2.7810 $ 5.5638
- ----------------------------------------------------------------------------------------------------------------
<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 $.11 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 $.01531 per unit per day.
Consequently, on the first Record Date (04/01/95), accrued interest will total
$0.3368 per unit for the 22-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 $.3368 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01531 Quarterly - $0.01540
Semi-Annual - $0.01545
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.
- --------------------------------------------------------------------------------
789
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 22.3 years.
The first bond is scheduled to mature in May, 2012, with the last bond maturity
being December, 2024.
- -------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
- -------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------------
UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK AND ARE NOT FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
- -------------------------------------------------------
* Insurance relates specifically to the bonds and not to the units or to the
market value of units. Terms of the insurance are more fully described in the
prospectus. No representation is made as to the insurer's ability to meet its
commitments. See Section 5 of the prospectus for details.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
