<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
CALIFORNIA SHORT INTERMEDIATE
INSURED
TRUST 2
Estimated Current Return
First
Year: 3.89% to 4.00%
Subsequent
Years: 3.91% to 4.02%
as of 07/13/95
Estimated Long Term Return
4.18% to 4.30%
55,000 units in a
diversified $5,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67100N 131 Monthly Payment Option
67100N 149 Quarterly Payment Option
67100N 156 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 SHORT INTERMEDIATE
INSURED TRUST 2
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT JULY 14, 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>
--------------------------------------------------------------------------------------------------------------------------
$ 750,000 State Public Works Board of the State of California, Lease No Optional AAA Aaa
Revenue Bonds (Department of Corrections), 1993 Series D Call
(California State Prison-Lassen County, Susanville), 4.40%
Due 6/1/00.
500,000 Fresno County Financing Authority (California), Solid Waste No Optional AAA Aaa
Revenue Bonds, Series 1995 (American Avenue Landfill Call
Project), 4.70% Due 5/15/00.
375,000 Clovis Unified School District (Fresno County, California), No Optional AAA Aaa
1993 General Obligation Bonds, Series B Bonds, 0.00% Due Call
8/1/00. (Original issue discount bonds delivered on or
about June 30, 1993 at a price of 69.265% of principal
amount.)
500,000 Desert Sands Unified School District (California), Refunding No Optional AAA Aaa
Certificates of Participation (Measure O Project), 1993 Call
Series C, 4.65% Due 3/1/00. (General Obligation Bonds.)
500,000 East Bay Municipal Utility District (Alameda and Contra No Optional AAA Aaa
Costa Counties, California), Water System Subordinated Call
Revenue Refunding Bonds, Series 1993A, 4.40% Due 6/1/00.
685,000 La Quinta Redevelopment Agency (Riverside County, No Optional AAA Aaa
California), Redevelopment Project Areas No. 1 and 2, 1995 Call
Housing Tax Allocation Bonds,
330M-4.35% Due 9/1/99,
355M-4.50% Due 9/1/00.
(When issued.)
250,000 Los Angeles County Metropolitan Transportation Authority No Optional AAA Aaa
(California), Proposition C Sales Tax Revenue Bonds, Call
Second Senior Bonds, Series 1995-A, 4.40% Due 7/1/01.
(When issued.)
500,000 City of Oceanside, California, 1995 Refunding Certificates No Optional AAA Aaa
of Participation (Oceanside Civic Center Project), 4.75% Call
Due 8/1/00. (When issued.)
265,000 Sacramento, California, Municipal Utility District, Electric No Optional AAA Aaa
Revenue Refunding Bonds, 1993 Series D, 4.90% Due Call
11/15/01.
750,000 San Bernardino County Transportation Authority (California), No Optional AAA Aaa
Sales Tax Revenue Bonds, 1993 Series A, 4.375% Due 3/1/00. Call
425,000 Public Facilities Financing Authority of the City of San No Optional AAA Aaa
Diego (California), Sewer Revenue Bonds, Series 1993, Call
4.00% Due 5/15/99.
----------
$5,500,000
----------
----------
</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 % $ 101.62 (3.89%) 3.91% (3.92%) 3.94% (3.94%) 3.96%
500-999 50,000-99,999 2.80 101.41 (3.90) 3.92 (3.93) 3.95 (3.95) 3.97
1,000-2,499 100,000-249,999 2.60 101.20 (3.91) 3.93 (3.94) 3.96 (3.96) 3.98
2,500-4,999 250,000-499,999 2.35 100.94 (3.92) 3.94 (3.95) 3.97 (3.97) 3.99
5,000-9,999 500,000-999,999 2.10 100.68 (3.93) 3.95 (3.96) 3.98 (3.98) 4.00
10,000-24,999 1,000,000- 2,499,999 1.85 100.43 (3.94) 3.96 (3.97) 3.99 (3.99) 4.01
25,000-49,999 2,500,000- 4,999,999 1.80 100.38 (3.94) 3.96 (3.97) 3.99 (3.99) 4.01
50,000 and over 5,000,000 and over 1.50 100.07 (3.95) 3.97 (3.98) 4.00 (4.00) 4.02
</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 % $ 101.62 4.18% 4.21% 4.23%
500-999 50,000-99,999 2.80 101.41 4.19 4.22 4.24
1,000-2,499 100,000-249,999 2.60 101.20 4.20 4.23 4.25
2,500-4,999 250,000-499,999 2.35 100.94 4.21 4.24 4.26
5,000-9,999 500,000-999,999 2.10 100.68 4.22 4.25 4.27
10,000-24,999 1,000,000- 2,499,999 1.85 100.43 4.23 4.26 4.28
25,000-49,999 2,500,000- 4,999,999 1.80 100.38 4.23 4.26 4.28
50,000 and over 5,000,000 and over 1.50 100.07 4.25 4.28 4.30
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to the Date of Deposit. Figures in
brackets represent the current return. The first year's estimated current
returns are slightly lower than those for subsequent years because a portion
of the monies received in the first year only will be treated as a return of
principal due to the inclusion in the portfolio of "when issued" or other
Bonds having delivery dates after the date of settlement for a purchase made
on the Date of Deposit.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
California Short Intermediate Insured Distributions
Trust 1995 1996 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 8/1 11/1 2/1 5/1
Distribution Date..................... 8/15 11/15 2/15 5/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .1876(1) $ 3.9754
-------- $.3312 every month --------
Quarterly Distribution Plan........... $ .1876(1) $ 1.0017(2) $ 1.0017 $ 1.0017 $ 4.0074
Semi-Annual Distribution Plan......... $ .1876(1) $ 1.0062(3) $ 2.0124 $ 4.0264
- --------------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected. Such distribution may
be more or less than a regular monthly distribution.
(2) Regular 3-month distribution.
(3) The second distribution under the semi-annual distribution plan represents a 3-month distribution; subsequent semi-annual
distributions will be regular 6-month distributions.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.06 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 $.01104 per unit per day.
Consequently, on the first Record Date (08/01/95), accrued interest will total
$0.1876 per unit for the 17-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 08/01/95 is $.1876 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01104 Quarterly - $0.01113
Semi-Annual - $0.01118
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.
- --------------------------------------------------------------------------------
812
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 4.9 years.
The first bond is scheduled to mature in May, 1999, with the last bond maturity
being November, 2001.
- -------------------------------------------------------
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
MICHIGAN
INSURED
TRUST 61
Estimated Current Return
5.22% to 5.43%
as of 07/13/95
Estimated Long Term Return
5.32% to 5.53%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67095E 344 Monthly Payment Option
67095E 351 Quarterly Payment Option
67095E 369 Semi-Annual Payment Option
Registered in Michigan
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, MICHIGAN INSURED TRUST 61
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT JULY 14, 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>
--------------------------------------------------------------------------------------------------------------------------
$ 525,000 Michigan State Hospital Finance Authority, Hospital Revenue 2003 at 102 AAA Aaa
Refunding Bonds (Oakwood Hospital Obligated Group), Series
1993A, 5.625% Due 11/1/18.
235,000 Michigan Strategic Fund Limited Obligation Refunding Revenue 2003 at 102 AAA Aaa
Bonds (The Detroit Edison Company Pollution Control Bonds
Project), Collateralized Series 1993 BB, 6.05% Due
10/1/23.
500,000 Byron Center Public Schools, County of Kent, State of 2005 at 101 AAA Aaa
Michigan, 1995 School Building and Site and Refunding
Bonds, 5.875% Due 5/1/24. (General Obligation Bonds.)
500,000 Marysville Public Schools, St. Claire County, Michigan, 1995 2004 at 101 AAA Aaa
School Building and Site Bonds, 5.75% Due 5/1/19. (General
Obligation Bonds.)
500,000 Board of Trustees of Oakland University, Michigan, General 2005 at 102 AAA Aaa
Revenue Bonds, Series 1995, 5.75% Due 5/15/26.
200,000 Okemos Public Schools, County of Ingham, State of Michigan, No Optional AAA Aaa
1993 Refunding Bonds, 0.00% Due 5/1/21. (Original issue Call
discount bonds delivered on or about February 2, 1993 at a
price of 16.193% of principal amount.)(General Obligation
Bonds.)
525,000 City of Royal Oak Hospital Finance Authority (Michigan), 2003 at 102 AAA Aaa
Hospital Revenue Refunding Bonds (William Beaumont
Hospital), Series 1993G, 5.50% Due 11/15/13.
515,000 Board of Governors of Wayne State University (Michigan), 2003 at 101 AAA Aaa
General Revenue Bonds, Series 1993,
415M-5.65% Due 11/15/15,
100M-5.50% Due 11/15/18.
----------
$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 % $ 99.06 5.22% 5.25% 5.27%
500-999 50,000-99,999 4.75 98.91 5.23 5.26 5.28
1,000-2,499 100,000-249,999 4.50 98.65 5.24 5.28 5.30
2,500-4,999 250,000-499,999 4.25 98.39 5.26 5.29 5.31
5,000-9,999 500,000-999,999 3.50 97.63 5.30 5.33 5.35
10,000-24,999 1,000,000- 2,499,999 3.00 97.12 5.33 5.36 5.38
25,000-49,999 2,500,000- 4,999,999 2.50 96.63 5.35 5.39 5.41
50,000 and over 5,000,000 and over 2.00 96.13 5.38 5.41 5.43
</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 % $ 99.06 5.32% 5.35% 5.36%
500-999 50,000-99,999 4.75 98.91 5.32 5.35 5.37
1,000-2,499 100,000-249,999 4.50 98.65 5.34 5.37 5.39
2,500-4,999 250,000-499,999 4.25 98.39 5.35 5.38 5.40
5,000-9,999 500,000-999,999 3.50 97.63 5.39 5.42 5.44
10,000-24,999 1,000,000- 2,499,999 3.00 97.12 5.42 5.45 5.47
25,000-49,999 2,500,000- 4,999,999 2.50 96.63 5.45 5.48 5.50
50,000 and over 5,000,000 and over 2.00 96.13 5.48 5.51 5.53
</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
Michigan Insured Trust 1995 1996 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 8/1 11/1 2/1 5/1
Distribution Date..................... 8/15 11/15 2/15 5/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .2442(1) $ 5.1734
-------- $.4311 every month --------
Quarterly Distribution Plan........... $ .2442(1) $ 1.3005(2) $ 1.3005 $ 1.3005 $ 5.2054
Semi-Annual Distribution Plan......... $ .2442(1) $ 1.3059(3) $ 2.6118 $ 5.2244
- --------------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected. Such distribution may
be more or less than a regular monthly distribution.
(2) Regular 3-month distribution.
(3) The second distribution under the semi-annual distribution plan represents a 3-month distribution; subsequent semi-annual
distributions will be regular 6-month distributions.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.07 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 $.01437 per unit per day.
Consequently, on the first Record Date (08/01/95), accrued interest will total
$0.2442 per unit for the 17-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 08/01/95 is $.2442 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01437 Quarterly - $0.01445
Semi-Annual - $0.01451
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.
- --------------------------------------------------------------------------------
812
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 24.6 years.
The first bond is scheduled to mature in November, 2013, with the last bond
maturity being May, 2026.
- -------------------------------------------------------
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 199
Estimated Current Return
First
Year: 5.22% to 5.43%
Subsequent
Years: 5.25% to 5.46%
as of 07/13/95
Estimated Long Term Return
5.34% to 5.55%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H8 191 Monthly Payment Option
6706H8 209 Quarterly Payment Option
6706H8 217 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 199
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT JULY 14, 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 Allegheny County Hospital Development Authority, 2003 at 102 AAA Aaa
Pennsylvania, Hospital Revenue Bonds, Series 1993
(Magee-Womens Hospital), 5.625% Due 10/1/20.
500,000 Delaware County Authority (Commonwealth of Pennsylvania), 2005 at 102 AAA Aaa
Hospital Revenue Bonds, Series of 1995 (Delaware County
Memorial Hospital), 5.50% Due 8/15/19. (Original issue
discount bonds will be delivered on or about July 27, 1995
at a price of 94.645% of principal amount.)(When issued.)
295,000 Hampton Township School District (Allegheny County, 2005 at 100 AAA Aaa
Pennsylvania), General Obligation Bonds, Refunding Series
A of 1995, 6.00% Due 11/15/21.
500,000 Lehigh County Industrial Development Authority, Pollution 2004 at 102 AAA Aaa
Control Revenue Refunding Bonds, 1994 Series A
(Pennsylvania Power & Light Company Project), 5.50% Due
2/15/27.
400,000 North Penn Water Authority (Montgomery County, 2005 at 100 AAA Aaa
Pennsylvania), Water Revenue Bonds, Series of 1995, 5.75%
Due 11/1/24.
500,000 The Pittsburgh Water and Sewer Authority (Pennsylvania), 2005 at 100 AAA Aaa
Water and Sewer System Subordinate Revenue Bonds, Series B
of 1995, 5.75% Due 9/1/25. (When issued.)
325,000 Punxsutawney Area School District (Jefferson and Indiana 2005 at 100 AAA Aaa
Counties, Pennsylvania), General Obligation Bonds, Series
of 1995, 5.90% Due 4/15/20.
160,000 Municipal Authority of Westmoreland County (Westmoreland No Optional AAA Aaa
County, Pennsylvania), Municipal Service Revenue Bonds, Call
Series C of 1993, 0.00% Due 8/15/21. (Original issue
discount bonds delivered on or about November 9, 1993 at a
price of 20.72% of principal amount.)
320,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 2005 at 101 AAA Aaa
1995 (General Obligation Bonds.), 5.75% Due 7/1/24. 1/2
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION The sales charges/volume discounts below
apply on all concurrent purchases of any Nuveen trust units, unless any such
purchases are made by a class of investors for which a separate sales charge is
applicable as described more fully in the Prospectus. Estimated Current Return
equals net income divided by offering price. Estimated Long Term Return
represents an average of the yields to maturity (or call) of the Bonds in the
Trust adjusted to reflect expenses and sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
AMOUNT PURCHASED Public -----------------------------------------------------------
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- --------------- --------------- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 99.40 (5.22%) 5.25% (5.25%) 5.28% (5.27%) 5.30%
500-999 50,000-99,999 4.75 99.24 (5.23) 5.26 (5.26) 5.29 (5.28) 5.31
1,000-2,499 100,000-249,999 4.50 98.98 (5.24) 5.27 (5.27) 5.31 (5.29) 5.33
2,500-4,999 250,000-499,999 4.25 98.73 (5.25) 5.29 (5.29) 5.32 (5.30) 5.34
5,000-9,999 500,000-999,999 3.50 97.96 (5.29) 5.33 (5.33) 5.36 (5.35) 5.38
10,000-24,999 1,000,000- 2,499,999 3.00 97.45 (5.32) 5.36 (5.36) 5.39 (5.37) 5.41
25,000-49,999 2,500,000- 4,999,999 2.50 96.95 (5.35) 5.38 (5.38) 5.42 (5.40) 5.44
50,000 and over 5,000,000 and over 2.00 96.46 (5.38) 5.41 (5.41) 5.45 (5.43) 5.46
</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 % $ 99.40 5.34% 5.36% 5.38%
500-999 50,000-99,999 4.75 99.24 5.34 5.37 5.39
1,000-2,499 100,000-249,999 4.50 98.98 5.36 5.39 5.41
2,500-4,999 250,000-499,999 4.25 98.73 5.37 5.40 5.42
5,000-9,999 500,000-999,999 3.50 97.96 5.41 5.44 5.46
10,000-24,999 1,000,000- 2,499,999 3.00 97.45 5.44 5.47 5.49
25,000-49,999 2,500,000- 4,999,999 2.50 96.95 5.47 5.50 5.52
50,000 and over 5,000,000 and over 2.00 96.46 5.50 5.53 5.55
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to the Date of Deposit. Figures in
brackets represent the current return. The first year's estimated current
returns are slightly lower than those for subsequent years because a portion
of the monies received in the first year only will be treated as a return of
principal due to the inclusion in the portfolio of "when issued" or other
Bonds having delivery dates after the date of settlement for a purchase made
on the Date of Deposit.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
Pennsylvania Insured Trust 1995 1996 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 8/1 11/1 2/1 5/1
Distribution Date..................... 8/15 11/15 2/15 5/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .2442(1) $ 5.2203
-------- $.4350 every month --------
Quarterly Distribution Plan........... $ .2442(1) $ 1.3122(2) $ 1.3122 $ 1.3122 $ 5.2523
Semi-Annual Distribution Plan......... $ .2442(1) $ 1.3176(3) $ 2.6352 $ 5.2713
- --------------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected. Such distribution may
be more or less than a regular monthly distribution.
(2) Regular 3-month distribution.
(3) The second distribution under the semi-annual distribution plan represents a 3-month distribution; subsequent semi-annual
distributions will be regular 6-month distributions.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.07 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 $.01436 per unit per day.
Consequently, on the first Record Date (08/01/95), accrued interest will total
$0.2442 per unit for the 17-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 08/01/95 is $.2442 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01450 Quarterly - $0.01458
Semi-Annual - $0.01464
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.
- --------------------------------------------------------------------------------
812
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 27.6 years.
The first bond is scheduled to mature in August, 2019, with the last
bond maturity being February, 2027.
- -------------------------------------------------------
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.
