<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NORTH CAROLINA
TRUST 292
(NORTH CAROLINA TRADITIONAL TRUST 292)
Estimated Current Return
5.11% to 5.32%
as of 09/13/95
Estimated Long Term Return
5.15% to 5.45%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds
Cusip:
6710A2 466 Monthly Payment Option
6710A2 474 Quarterly Payment Option
6710A2 482 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 292
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT SEPTEMBER 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>
--------------------------------------------------------------------------------------------------------------------------
$ 250,000 State of North Carolina, Clean Water Bonds, Series 1995A, 2005 at 102 AAA Aaa
5.20% Due 6/1/15. (General Obligation Bonds.)
500,000 North Carolina Municipal Power Agency Number 1, Catawba 2003 at 102 A- A
Electric Revenue Bonds, Series 1993, 5.00% Due 1/1/15.
(Original issue discount bonds delivered on or about March
30, 1993 at a price of 90.174% of principal amount.)
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 Craven Regional Medical Authority (North Carolina), Insured 2003 at 102 AAA Aaa
Health Care Facilities Revenue Bonds, Series 1993, 5.625%
Due 10/1/17. (MBIA Insured.)
500,000 City of Fayetteville, North Carolina, Public Works 2005 at 102 AAA Aaa
Commission Revenue Bonds, Series 1995A, 5.375% Due 3/1/20.
(AMBAC Insured.)
250,000 City of Greensboro, North Carolina, Combined Enterprise 2005 at 102 AA- A1
System Revenue Bonds, Series 1995A, 5.375% Due 6/1/19.
500,000 County of Rowan, North Carolina, General Obligation School 2005 at 102 AAA Aaa
Bonds, Series 1995, 5.60% Due 4/1/15. (MBIA Insured.)
500,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 2005 at 101 AAA Aaa
1995 (General Obligation Bonds.), 5.375% Due 7/1/22. 1/2
(Original issue discount bonds delivered on or about May
4, 1995 at a price of 93.916% of principal amount.)(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>
50-499 $5,000-$49,999 4.90 % $ 100.20 5.11% 5.14% 5.16%
500-999 50,000-99,999 4.75 100.04 5.12 5.15 5.17
1,000-2,499 100,000-249,999 4.50 99.78 5.13 5.16 5.18
2,500-4,999 250,000-499,999 4.25 99.52 5.14 5.18 5.20
5,000-9,999 500,000-999,999 3.50 98.75 5.18 5.22 5.24
10,000-24,999 1,000,000- 2,499,999 3.00 98.24 5.21 5.24 5.26
25,000-49,999 2,500,000- 4,999,999 2.50 97.73 5.24 5.27 5.29
50,000 and over 5,000,000 and over 2.00 97.23 5.27 5.30 5.32
</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 % $ 100.20 5.15% 5.19% 5.21%
500-999 50,000-99,999 4.75 100.04 5.16 5.20 5.22
1,000-2,499 100,000-249,999 4.50 99.78 5.19 5.23 5.25
2,500-4,999 250,000-499,999 4.25 99.52 5.20 5.24 5.26
5,000-9,999 500,000-999,999 3.50 98.75 5.27 5.31 5.33
10,000-24,999 1,000,000- 2,499,999 3.00 98.24 5.31 5.35 5.37
25,000-49,999 2,500,000- 4,999,999 2.50 97.73 5.35 5.39 5.41
50,000 and over 5,000,000 and over 2.00 97.23 5.38 5.43 5.45
</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
North Carolina Traditional 1995 1996 per Year +
<S> <C> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 10/1 11/1 2/1 5/1
Distribution Date..................... 10/15 11/15 2/15 5/15
--------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .2417(1) $ 5.1193
-------- $.4266 every month --------
Quarterly Distribution Plan........... $ .2417(1) $ .4290(2) $ 1.2870 $ 1.2870 $ 5.1513
Semi-Annual Distribution Plan......... $ .2417(1) $ .4308(3) $ 2.5848 $ 5.1703
--------------------------------------------------------------------------------------------------------------------
<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. Distribution Dates under
each distribution plan are the fifteenth day of the month in which the respective Record Date occurred. For additional
information see "WHEN ARE DISTRIBUTIONS MADE TO UNITHOLDERS?" in Part B of this Prospectus.
(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 $.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 $.01422 per unit per day.
Consequently, on the first Record Date (10/01/95), accrued interest will total
$0.2417 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 10/01/95 is $.2417 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01422 Quarterly - $0.01430
Semi-Annual - $0.01436
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.
--------------------------------------------------------------------------------
825
<PAGE>
-------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 22.7 years.
The first bond is scheduled to mature in January, 2015, with the last bond
maturity being July, 2022.
-------------------------------------------------------
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 79%
AA 7
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
ARIZONA
INSURED
TRUST 42
Estimated Current Return
First
Year: 5.05% to 5.26%
Subsequent
Years: 5.09% to 5.30%
as of 09/13/95
Estimated Long Term Return
5.15% to 5.42%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101J 550 Monthly Payment Option
67101J 568 Quarterly Payment Option
67101J 576 Semi-Annual Payment Option
Registered in Arizona
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, ARIZONA INSURED TRUST 42
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT SEPTEMBER 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 Arizona Health Facilities Authority, Samaritan Health 2003 at 102 AAA Aaa
System, Hospital System Revenue Refunding Bonds, Series
1993, 5.625% Due 12/1/15.
500,000 The Industrial Development Authority of the County of 2005 at 101 AAA Aaa
Maricopa, Arizona, Baptist Hospital System Revenue
Refunding Bonds, Series 1995, 5.50% Due 9/1/16. (Original
issue discount bonds delivered on or about August 31, 1995
at a price of 92.392% of principal amount.)
500,000 City of Mesa, Arizona, Utility Systems Revenue Bonds, Series 2005 at 101 AAA Aaa
1995, 5.125% Due 7/1/15. (Original issue discount bonds
will be delivered on or about October 12, 1995 at a price
of 93.796% of principal amount.)(When issued.)
500,000 Navajo County, Arizona, Pollution Control Corporation, 2003 at 102 AAA Aaa
Pollution Control Revenue Refunding Bonds (Arizona Public
Service Company), 1993 Series A, 5.875% Due 8/15/28.
235,000 City of Phoenix, Arizona, General Obligation Refunding 2003 at 102 AAA Aaa
Bonds, Series 1993A, 5.25% Due 7/1/12.
265,000 City of Phoenix, Arizona, General Obligation Refunding 2005 at 101 AAA Aaa
Bonds, Series 1995A, 5.00% Due 7/1/19. (Original issue
discount bonds delivered on or about July 6, 1995 at a
price of 92.753% of principal amount.)
500,000 City of Phoenix Civic Improvement Corporation (Arizona), 2004 at 102 AAA Aaa
Wastewater System Lease Revenue Refunding Bonds, Series
1993, 4.75% Due 7/1/23. (Original issue discount bonds
delivered on or about November 4, 1993 at a price of
92.50% of principal amount.)
500,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 2005 at 101 AAA Aaa
1995 (General Obligation Bonds.), 5.375% Due 7/1/22. 1/2
(Original issue discount bonds delivered on or about May
4, 1995 at a price of 93.916% of principal amount.)
----------
$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 % $ 100.01 (5.05%) 5.09% (5.08%) 5.13% (5.10%) 5.14%
500-999 50,000-99,999 4.75 99.85 (5.06) 5.10 (5.09) 5.13 (5.11) 5.15
1,000-2,499 100,000-249,999 4.50 99.59 (5.07) 5.12 (5.10) 5.15 (5.12) 5.17
2,500-4,999 250,000-499,999 4.25 99.33 (5.08) 5.13 (5.12) 5.16 (5.14) 5.18
5,000-9,999 500,000-999,999 3.50 98.56 (5.12) 5.17 (5.16) 5.20 (5.18) 5.22
10,000-24,999 1,000,000- 2,499,999 3.00 98.05 (5.15) 5.20 (5.18) 5.23 (5.20) 5.25
25,000-49,999 2,500,000- 4,999,999 2.50 97.55 (5.18) 5.22 (5.21) 5.25 (5.23) 5.27
50,000 and over 5,000,000 and over 2.00 97.05 (5.20) 5.25 (5.24) 5.28 (5.26) 5.30
</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 % $ 100.01 5.15% 5.18% 5.19%
500-999 50,000-99,999 4.75 99.85 5.16 5.19 5.21
1,000-2,499 100,000-249,999 4.50 99.59 5.18 5.21 5.23
2,500-4,999 250,000-499,999 4.25 99.33 5.20 5.23 5.25
5,000-9,999 500,000-999,999 3.50 98.56 5.25 5.28 5.30
10,000-24,999 1,000,000- 2,499,999 3.00 98.05 5.29 5.32 5.34
25,000-49,999 2,500,000- 4,999,999 2.50 97.55 5.33 5.36 5.38
50,000 and over 5,000,000 and over 2.00 97.05 5.37 5.40 5.42
</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
Arizona Insured 1995 1996 per Year +
<S> <C> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 10/1 11/1 2/1 5/1
Distribution Date..................... 10/15 11/15 2/15 5/15
--------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .2405(1) $ 5.0941
-------- $.4245 every month --------
Quarterly Distribution Plan........... $ .2405(1) $ .4269(2) $ 1.2807 $ 1.2807 $ 5.1261
Semi-Annual Distribution Plan......... $ .2405(1) $ .4287(3) $ 2.5722 $ 5.1451
--------------------------------------------------------------------------------------------------------------------
<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. Distribution Dates under
each distribution plan are the fifteenth day of the month in which the respective Record Date occurred. For additional
information see "WHEN ARE DISTRIBUTIONS MADE TO UNITHOLDERS?" in Part B of this Prospectus.
(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 $.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 $.01415 per unit per day.
Consequently, on the first Record Date (10/01/95), accrued interest will total
$0.2405 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 10/01/95 is $.2405 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01415 Quarterly - $0.01423
Semi-Annual - $0.01429
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.
--------------------------------------------------------------------------------
825
<PAGE>
-------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 24.1 years.
The first bond is scheduled to mature in July, 2012, with the last bond maturity
being August, 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
PENNSYLVANIA
INSURED
TRUST 202
Estimated Current Return
5.23% to 5.44%
as of 09/13/95
Estimated Long Term Return
5.29% to 5.55%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H8 282 Monthly Payment Option
6706H8 290 Quarterly Payment Option
6706H8 308 Semi-Annual Payment Option
Registered in Pennsylvania
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 202
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT SEPTEMBER 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 Pennsylvania Higher Educational Facilities Authority 2005 at 102 AAA Aaa
(Commonwealth of Pennsylvania), Saint Joseph's University
Revenue Bonds, Series of 1995, 5.875% Due 7/15/25.
500,000 Pennsylvania Intergovernmental Cooperation Authority, 2003 at 100 AAA Aaa
Special Tax Revenue Bonds (City of Philadelphia Funding
Program), Series of 1993, 5.60% Due 6/15/15.
150,000 Allegheny County Hospital Development Authority, Hospital No Optional AAA Aaa
Revenue Refunding Bonds, Series 1992 (Magee-Womens Call
Hospital), 0.00% Due 10/1/18. (Original issue discount
bonds delivered on or about November 5, 1992 at a price of
17.035% of principal amount.)
280,000 Central Bucks School District, Bucks County, Pennsylvania, 2004 at 100 AAA Aaa
General Obligation Bonds, Series A of 1993, 5.40% Due
5/15/14.
355,000 Doylestown Hospital Authority (Commonwealth of 2004 at 102 AAA Aaa
Pennsylvania), Doylestown Hospital Revenue Bonds, 1993
Series B, 5.00% Due 7/1/23. (Original issue discount bonds
delivered on or about January 5, 1994 at a price of
92.743% of principal amount.)
500,000 Lehigh County Industrial Development Authority, Pollution 2005 at 102 AAA Aaa
Control Revenue Refunding Bonds, 1995 Series A
(Pennsylvania Power & Light Company Project), 6.15% Due
8/1/29.
500,000 Lehigh County, Pennsylvania, General Purpose Authority, 2004 at 102 AAA Aaa
Hospital Revenue Bonds (Lehigh Valley Hospital, Inc.),
Series A of 1994, 6.00% Due 7/1/25. (Original issue
discount bonds delivered on or about April 14, 1994 at a
price of 93.973% of principal amount.)
455,000 The Pittsburgh (Pennsylvania), Water and Sewer Authority, 2005 at 100 AAA Aaa
Water and Sewer System Subordinate Revenue Bonds, Series B
of 1995, 5.75% Due 9/1/25.
260,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 2005 at 101 AAA Aaa
1995 (General Obligation Bonds.), 5.375% Due 7/1/22. 1/2
(Original issue discount bonds delivered on or about May
4, 1995 at a price of 93.916% of principal amount.)
----------
$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 % $ 99.80 5.23% 5.26% 5.28%
500-999 50,000-99,999 4.75 99.64 5.23 5.27 5.29
1,000-2,499 100,000-249,999 4.50 99.38 5.25 5.28 5.30
2,500-4,999 250,000-499,999 4.25 99.12 5.26 5.29 5.31
5,000-9,999 500,000-999,999 3.50 98.35 5.30 5.34 5.36
10,000-24,999 1,000,000- 2,499,999 3.00 97.85 5.33 5.36 5.38
25,000-49,999 2,500,000- 4,999,999 2.50 97.34 5.36 5.39 5.41
50,000 and over 5,000,000 and over 2.00 96.85 5.39 5.42 5.44
</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 % $ 99.80 5.29% 5.32% 5.34%
500-999 50,000-99,999 4.75 99.64 5.29 5.32 5.34
1,000-2,499 100,000-249,999 4.50 99.38 5.32 5.35 5.37
2,500-4,999 250,000-499,999 4.25 99.12 5.33 5.36 5.38
5,000-9,999 500,000-999,999 3.50 98.35 5.39 5.42 5.44
10,000-24,999 1,000,000- 2,499,999 3.00 97.85 5.43 5.46 5.48
25,000-49,999 2,500,000- 4,999,999 2.50 97.34 5.46 5.49 5.51
50,000 and over 5,000,000 and over 2.00 96.85 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 Date of Deposit. The estimated
current return for purchases made on such date will be as shown, as long as
the portfolio size and composition remain the same.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
--------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
Pennsylvania Insured 1995 1996 per Year +
<S> <C> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 10/1 11/1 2/1 5/1
Distribution Date..................... 10/15 11/15 2/15 5/15
--------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .2461(1) $ 5.2158
-------- $.4344 every month --------
Quarterly Distribution Plan........... $ .2461(1) $ .4371(2) $ 1.3113 $ 1.3113 $ 5.2478
Semi-Annual Distribution Plan......... $ .2461(1) $ .4389(3) $ 2.6334 $ 5.2668
--------------------------------------------------------------------------------------------------------------------
<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. Distribution Dates under
each distribution plan are the fifteenth day of the month in which the respective Record Date occurred. For additional
information see "WHEN ARE DISTRIBUTIONS MADE TO UNITHOLDERS?" in Part B of this Prospectus.
(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 $.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 $.01448 per unit per day.
Consequently, on the first Record Date (10/01/95), accrued interest will total
$0.2461 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 10/01/95 is $.2461 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01448 Quarterly - $0.01457
Semi-Annual - $0.01463
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.
--------------------------------------------------------------------------------
825
<PAGE>
-------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 27.4 years.
The first bond is scheduled to mature in May, 2014, with the last bond maturity
being August, 2029.
-------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
-------------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
-------------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
-------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
-------------------------------------------------------
UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK AND ARE NOT FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
-------------------------------------------------------
* Insurance relates specifically to the bonds and not to the units or to the
market value of units. Terms of the insurance are more fully described in the
prospectus. No representation is made as to the insurer's ability to meet its
commitments. See Section 5 of the prospectus for details.
-------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
