<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
CALIFORNIA
INSURED
TRUST 252
Estimated Current Return
5.54% to 5.76%
as of 08/09/95
Estimated Long Term Return
5.65% to 5.87%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67064W 259 Monthly Payment Option
67064W 267 Quarterly Payment Option
67064W 275 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 252
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT AUGUST 10, 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 Beverly Hills Unified School District, County of Los 2005 at 102 AAA Aaa
Angeles, California, General Obligation Bonds, 1995 Series
A, 5.75% Due 5/1/20.
500,000 Castaic Lake Water Agency (California), Refunding Revenue 2004 at 102 AAA Aaa
Certificates of Participation (Water System Improvement
Projects), Series 1994A, 6.00% Due 8/1/18.
500,000 Los Angeles Convention and Exhibition Center Authority 2003 at 102 AAA Aaa
(California), Lease Revenue Bonds, 1993 Refunding Series
A, 5.125% Due 8/15/21. (Original issue discount bonds
delivered on or about September 14, 1993 at a price of
94.949% of principal amount.)
500,000 The City of Los Angeles, California, Wastewater System 2004 at 102 AAA Aaa
Revenue Bonds, Series 1994-A, 5.875% Due 6/1/24.
500,000 County of Madera, California, Certificates of Participation 2005 at 102 AAA Aaa
(Valley Children's Hospital Project), Series 1995, 6.125%
Due 3/15/23.
500,000 City of Oceanside, California, 1995 Refunding Certificates 2005 at 102 AAA Aaa
of Participation (Oceanside Civic Center Project), 5.25%
Due 8/1/19. (Original issue discount bonds delivered on or
about July 20, 1995 at a price of 89.699% of principal
amount.)
500,000 The City of San Diego, California, Industrial Development 2003 at 102 AAA Aaa
Revenue Refunding Bonds (San Diego Gas & Electric
Company), 1993 Series C, 5.90% Due 9/1/18.
----------
$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 % $ 98.74 5.54% 5.57% 5.59%
500-999 50,000-99,999 4.75 98.58 5.54 5.58 5.60
1,000-2,499 100,000-249,999 4.50 98.32 5.56 5.59 5.61
2,500-4,999 250,000-499,999 4.25 98.07 5.57 5.61 5.63
5,000-9,999 500,000-999,999 3.50 97.31 5.62 5.65 5.67
10,000-24,999 1,000,000- 2,499,999 3.00 96.80 5.65 5.68 5.70
25,000-49,999 2,500,000- 4,999,999 2.50 96.31 5.68 5.71 5.73
50,000 and over 5,000,000 and over 2.00 95.82 5.70 5.74 5.76
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Long Term Return (3)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 98.74 5.65% 5.68% 5.70%
500-999 50,000-99,999 4.75 98.58 5.66 5.68 5.70
1,000-2,499 100,000-249,999 4.50 98.32 5.67 5.70 5.72
2,500-4,999 250,000-499,999 4.25 98.07 5.69 5.71 5.73
5,000-9,999 500,000-999,999 3.50 97.31 5.73 5.76 5.78
10,000-24,999 1,000,000- 2,499,999 3.00 96.80 5.76 5.79 5.81
25,000-49,999 2,500,000- 4,999,999 2.50 96.31 5.79 5.82 5.84
50,000 and over 5,000,000 and over 2.00 95.82 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 1996 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 9/1 11/1 2/1 5/1
Distribution Date..................... 9/15 11/15 2/15 5/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .3187(1) $ 5.4662
-------- $.4554 every month --------
Quarterly Distribution Plan........... $ .3187(1) $ .9162(2) $ 1.3743 $ 1.3743 $ 5.4982
Semi-Annual Distribution Plan......... $ .3187(1) $ .9192(3) $ 2.7576 $ 5.5172
- --------------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected. Such distribution may
be more or less than a regular monthly distribution.
(2) The second distribution under the quarterly distribution plan represents a 2-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 2-month distribution; subsequent semi-annual
distributions will be regular 6-month distributions.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.08 of accrued
interest that will be added to the Public Offering Price on the Settlement Date.
After provision for expenses of the Fund, the daily rate of accrual from the
Date of Deposit to the first Record Date is $.01518 per unit per day.
Consequently, on the first Record Date (09/01/95), accrued interest will total
$0.3187 per unit for the 21-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 09/01/95 is $.3187 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01518 Quarterly - $0.01527
Semi-Annual - $0.01532
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.
- --------------------------------------------------------------------------------
817
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 25.3 years.
The first bond is scheduled to mature in August, 2018, with the last bond
maturity being June, 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
MASSACHUSETTS
INSURED
TRUST 128
Estimated Current Return
5.41% to 5.63%
as of 08/09/95
Estimated Long Term Return
5.52% to 5.74%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
670947 431 Monthly Payment Option
670947 449 Quarterly Payment Option
670947 456 Semi-Annual Payment Option
Registered in Massachusetts
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, MASSACHUSETTS INSURED TRUST 128
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT AUGUST 10, 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 Commonwealth of Massachusetts, General Obligation Bonds, 2005 at 101 AAA Aaa
Consolidated Loan of 1995, Series C, 5.625% Due 8/1/14.
(When issued.)
500,000 Massachusetts Bay Transportation Authority, General 2004 at 102 AAA Aaa
Transportation System Bonds, 1994 Series B Bonds, 5.875%
Due 3/1/19. (General Obligation Bonds.)
500,000 Massachusetts Health and Educational Facilities Authority, 2005 at 102 AAA Aaa
Revenue Bonds, Berkshire Health Systems Issue, Series D,
6.00% Due 10/1/19.
500,000 Massachusetts Municipal Wholesale Electric Company, Power 2004 at 102 AAA Aaa
Supply System Revenue Bonds, 1994 Series B, 5.00% Due
7/1/13.
500,000 Massachusetts Water Resources Authority, General Revenue 2004 at 101 AAA Aaa
Bonds, 1994 Series A, 6.00% Due 8/1/24. 1/2
500,000 Massachusetts Health and Educational Facilities Authority, 2005 at 102 AAA Aaa
Revenue Bonds, Harvard University Issue, Series P, 5.625%
Due 11/1/28.
500,000 City of Worcester, Massachusetts, General Obligation Bonds, 2005 at 102 AAA Aaa
Municipal Purpose Loan of 1995, Series C, 5.75% Due
10/1/15.
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION The sales charges/volume discounts below
apply on all concurrent purchases of any Nuveen trust units, unless any such
purchases are made by a class of investors for which a separate sales charge is
applicable as described more fully in the Prospectus. Estimated Current Return
equals net income divided by offering price. Estimated Long Term Return
represents an average of the yields to maturity (or call) of the Bonds in the
Trust adjusted to reflect expenses and sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 100.67 5.41% 5.44% 5.46%
500-999 50,000-99,999 4.75 100.51 5.42 5.45 5.47
1,000-2,499 100,000-249,999 4.50 100.25 5.43 5.47 5.49
2,500-4,999 250,000-499,999 4.25 99.99 5.45 5.48 5.50
5,000-9,999 500,000-999,999 3.50 99.21 5.49 5.52 5.54
10,000-24,999 1,000,000- 2,499,999 3.00 98.70 5.52 5.55 5.57
25,000-49,999 2,500,000- 4,999,999 2.50 98.19 5.55 5.58 5.60
50,000 and over 5,000,000 and over 2.00 97.69 5.58 5.61 5.63
</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 % $ 100.67 5.52% 5.55% 5.57%
500-999 50,000-99,999 4.75 100.51 5.52 5.56 5.58
1,000-2,499 100,000-249,999 4.50 100.25 5.54 5.58 5.60
2,500-4,999 250,000-499,999 4.25 99.99 5.55 5.59 5.61
5,000-9,999 500,000-999,999 3.50 99.21 5.60 5.64 5.66
10,000-24,999 1,000,000- 2,499,999 3.00 98.70 5.63 5.67 5.68
25,000-49,999 2,500,000- 4,999,999 2.50 98.19 5.66 5.69 5.71
50,000 and over 5,000,000 and over 2.00 97.69 5.68 5.72 5.74
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to Date of Deposit. The estimated
current return for purchases made on such date will be as shown, as long as
the portfolio size and composition remain the same.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
Massachusetts Insured Trust 1995 1996 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 9/1 11/1 2/1 5/1
Distribution Date..................... 9/15 11/15 2/15 5/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .3177(1) $ 5.4479
-------- $.4539 every month --------
Quarterly Distribution Plan........... $ .3177(1) $ .9132(2) $ 1.3698 $ 1.3698 $ 5.4799
Semi-Annual Distribution Plan......... $ .3177(1) $ .9162(3) $ 2.7486 $ 5.4989
- --------------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected. Such distribution may
be more or less than a regular monthly distribution.
(2) The second distribution under the quarterly distribution plan represents a 2-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 2-month distribution; subsequent semi-annual
distributions will be regular 6-month distributions.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.08 of accrued
interest that will be added to the Public Offering Price on the Settlement Date.
After provision for expenses of the Fund, the daily rate of accrual from the
Date of Deposit to the first Record Date is $.01513 per unit per day.
Consequently, on the first Record Date (09/01/95), accrued interest will total
$0.3177 per unit for the 21-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 09/01/95 is $.3177 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01513 Quarterly - $0.01522
Semi-Annual - $0.01527
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.
- --------------------------------------------------------------------------------
817
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 23.8 years.
The first bond is scheduled to mature in July, 2013, with the last bond maturity
being November, 2028.
- -------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
- -------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------------
UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK AND ARE NOT FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
- -------------------------------------------------------
* Insurance relates specifically to the bonds and not to the units or to the
market value of units. Terms of the insurance are more fully described in the
prospectus. No representation is made as to the insurer's ability to meet its
commitments. See Section 5 of the prospectus for details.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NEW YORK
INSURED
TRUST 239
Estimated Current Return
5.54% to 5.77%
as of 08/09/95
Estimated Long Term Return
5.60% to 5.83%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101K 466 Monthly Payment Option
67101K 474 Quarterly Payment Option
67101K 482 Semi-Annual Payment Option
Registered in New York, Connecticut & Florida
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, NEW YORK INSURED TRUST 239
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT AUGUST 10, 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 Dormitory Authority of the State of New York, Mount Sinai 2004 at 102 AAA Aaa
School of Medicine, Insured Revenue Bonds, Series 1994A,
5.00% Due 7/1/21.
495,000 Dormitory Authority of the State of New York, State 2004 at 102 AAA Aaa
University Educational Facilities Revenue Bonds, Series
1993C, 5.40% Due 5/15/23.
100,000 New York State Medical Care Facilities Finance Agency, 2004 at 102 AAA Aaa
Mental Health Services Facilities Improvement Revenue
Bonds, 1994 Series E, 6.50% Due 8/15/24. (General
Obligation Bonds.)
500,000 New York State Thruway Authority, Highway and Bridge Trust 2005 at 102 AAA Aaa
Fund Bonds, Series 1995A, 5.50% Due 4/1/15.
500,000 Dormitory Authority of the State of New York, Comsewogue 2005 at 102 AAA Aaa
Public Library, Insured Revenue Bonds, Series 1995, 6.05%
Due 7/1/24.
500,000 The City of New York (New York), General Obligation Bonds, 2005 at 101 AAA Aaa
Fiscal 1995 Series F, 6.625% Due 2/15/25.
405,000 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 94.875% of principal amount.)
500,000 New York City, New York, Municipal Water Finance Authority, 2005 at 101 AAA Aaa
Water and Sewer System Revenue Bonds, Fiscal 1996 Series
A, 6.00% Due 6/15/25. (When issued.)
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION The sales charges/volume discounts below
apply on all concurrent purchases of any Nuveen trust units, unless any such
purchases are made by a class of investors for which a separate sales charge is
applicable as described more fully in the Prospectus. Estimated Current Return
equals net income divided by offering price. Estimated Long Term Return
represents an average of the yields to maturity (or call) of the Bonds in the
Trust adjusted to reflect expenses and sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 100.33 5.54% 5.58% 5.60%
500-999 50,000-99,999 4.75 100.17 5.55 5.59 5.60
1,000-2,499 100,000-249,999 4.50 99.91 5.57 5.60 5.62
2,500-4,999 250,000-499,999 4.25 99.65 5.58 5.61 5.63
5,000-9,999 500,000-999,999 3.50 98.87 5.63 5.66 5.68
10,000-24,999 1,000,000- 2,499,999 3.00 98.36 5.66 5.69 5.71
25,000-49,999 2,500,000- 4,999,999 2.50 97.86 5.68 5.72 5.74
50,000 and over 5,000,000 and over 2.00 97.36 5.71 5.75 5.77
</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 % $ 100.33 5.60% 5.64% 5.66%
500-999 50,000-99,999 4.75 100.17 5.61 5.65 5.66
1,000-2,499 100,000-249,999 4.50 99.91 5.63 5.66 5.68
2,500-4,999 250,000-499,999 4.25 99.65 5.64 5.68 5.69
5,000-9,999 500,000-999,999 3.50 98.87 5.68 5.72 5.74
10,000-24,999 1,000,000- 2,499,999 3.00 98.36 5.71 5.75 5.77
25,000-49,999 2,500,000- 4,999,999 2.50 97.86 5.74 5.78 5.80
50,000 and over 5,000,000 and over 2.00 97.36 5.77 5.81 5.83
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to Date of Deposit. The estimated
current return for purchases made on such date will be as shown, as long as
the portfolio size and composition remain the same.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
New York Insured Trust 1995 1996 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 9/1 11/1 2/1 5/1
Distribution Date..................... 9/15 11/15 2/15 5/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .3125(1) $ 5.5625
-------- $.4635 every month --------
Quarterly Distribution Plan........... $ .3125(1) $ .9324(2) $ 1.3986 $ 1.3986 $ 5.5945
Semi-Annual Distribution Plan......... $ .3125(1) $ .9354(3) $ 2.8062 $ 5.6135
- --------------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected. Such distribution may
be more or less than a regular monthly distribution.
(2) The second distribution under the quarterly distribution plan represents a 2-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 2-month distribution; subsequent semi-annual
distributions will be regular 6-month distributions.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.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 $.01488 per unit per day.
Consequently, on the first Record Date (09/01/95), accrued interest will total
$0.3125 per unit for the 21-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 09/01/95 is $.3125 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01545 Quarterly - $0.01554
Semi-Annual - $0.01559
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.
- --------------------------------------------------------------------------------
817
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 27.2 years.
The first bond is scheduled to mature in April, 2015, with the last bond
maturity being June, 2025.
- -------------------------------------------------------
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.
