<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NATIONAL
INSURED
TRUST 304
Estimated Current Return
First
Year: 5.33% to 5.55%
Subsequent
Years: 5.34% to 5.56%
as of 09/19/95
Estimated Long Term Return
5.36% to 5.63%
75,000 units in a
diversified $7,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6710A4 314 Monthly Payment Option
6710A4 322 Quarterly Payment Option
6710A4 330 Semi-Annual Payment Option
Registered in all states
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
--------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, NATIONAL INSURED TRUST 304
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT SEPTEMBER 20, 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 California Educational Facilities Authority, Revenue Bonds 2005 at 102 AAA Aaa
(University of Redlands), Series 1995, 6.00% Due 10/1/25.
(When issued.)
750,000 State of California, Various Purpose General Obligation 2003 at 102 AAA Aaa
Refunding Bonds, 5.125% Due 10/1/17.
750,000 City of Chicago (Illinois), Chicago-O'Hare International 2004 at 102 AAA Aaa
Airport, General Airport Second Lien, Revenue Refunding
Bonds, 1993 Series C, 5.00% Due 1/1/18.
750,000 Illinois Health Facilities Authority, Revenue Bonds, Series 2004 at 102 AAA Aaa
1994A (Northwestern Memorial Hospital), 6.00% Due 8/15/24.
250,000 City of Cedar Rapids, Iowa, Pollution Control Revenue 2003 at 102 AAA Aaa
Refunding Bonds (Iowa Electric Light and Power Company
Project), Series 1993, 5.50% Due 11/1/23.
750,000 Kentucky Economic Development Finance Authority, Hospital 2004 at 102 AAA Aaa
Revenue Bonds, Baptist Healthcare System Issue, Series
1994, 5.00% Due 8/15/24. (Original issue discount bonds
delivered on or about February 9, 1994 at a price of
94.048% of principal amount.)
750,000 Massachusetts Health and Educational Facilities Authority, 2005 at 102 AAA Aaa
Revenue Bonds, Newton-Wellesley Hospital Issue, Series E,
6.00% Due 7/1/18.
750,000 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 New York Local Government Assistance Corporation (New York), 2005 at 102 AAA Aaa
Series 1995A Bonds, 6.00% Due 4/1/24.
500,000 City of Hamilton], Ohio, Gas System Revenue Bonds, 1993 2003 at 100 AAA Aaa
Series A, 4.75% Due 10/15/23. (Original issue discount
bonds delivered on or about November 2, 1993 at a price of
93.49% of principal amount.)
70,000 Hamilton County, Ohio, Sewer System Improvement and 2003 at 100 AAA Aaa
Refunding Revenue Bonds, 1993 Series A (The Metropolitan
Sewer District of Greater Cincinnati), 5.00% Due 12/1/14.
(Original issue discount bonds delivered on or about May
4, 1993 at a price of 92.50% of principal amount.)
500,000 Deer Lakes School District (Allegheny County, Penn- 2004 at 100 AAA Aaa
sylvania), General Obligation Bonds, Series of 1995, 6.45%
Due 1/15/19.
430,000 Public Utility District No. 2 of Grant County, Washington, 2006 at 101 AAA Aaa
Electric System Revenue Bonds, Series 1995-F, 5.70% Due
1/1/15. (When issued.)
----------
$7,500,000
----------
----------
</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 % $ 100.75 (5.33%) 5.34% (5.36%) 5.37% (5.38%) 5.39%
500-999 50,000-99,999 4.75 100.59 (5.34) 5.35 (5.37) 5.38 (5.39) 5.40
1,000-2,499 100,000-249,999 4.50 100.32 (5.35) 5.36 (5.39) 5.40 (5.40) 5.42
2,500-4,999 250,000-499,999 4.25 100.06 (5.37) 5.38 (5.40) 5.41 (5.42) 5.43
5,000-9,999 500,000-999,999 3.50 99.29 (5.41) 5.42 (5.44) 5.45 (5.46) 5.47
10,000-24,999 1,000,000- 2,499,999 3.00 98.77 (5.44) 5.45 (5.47) 5.48 (5.49) 5.50
25,000-49,999 2,500,000- 4,999,999 2.50 98.27 (5.47) 5.48 (5.50) 5.51 (5.52) 5.53
50,000 and over 5,000,000 and over 2.00 97.77 (5.49) 5.50 (5.53) 5.54 (5.55) 5.56
</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 % $ 100.75 5.36% 5.38% 5.40%
500-999 50,000-99,999 4.75 100.59 5.36 5.39 5.41
1,000-2,499 100,000-249,999 4.50 100.32 5.39 5.42 5.44
2,500-4,999 250,000-499,999 4.25 100.06 5.40 5.43 5.45
5,000-9,999 500,000-999,999 3.50 99.29 5.46 5.49 5.51
10,000-24,999 1,000,000- 2,499,999 3.00 98.77 5.50 5.53 5.55
25,000-49,999 2,500,000- 4,999,999 2.50 98.27 5.54 5.57 5.59
50,000 and over 5,000,000 and over 2.00 97.77 5.58 5.61 5.63
</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.
--------------------------------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
--------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
National Insured 1995 1996 per Year +
<S> <C> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 11/1 2/1 5/1 8/1
Distribution Date..................... 11/15 2/15 5/15 8/15
--------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .6125(1) $ 5.3817
-------- $.4482 every month --------
Quarterly Distribution Plan........... $ .6125(1) $ 1.3527(2) $ 1.3527 $ 1.3527 $ 5.4137
Semi-Annual Distribution Plan......... $ .6125(1) $ 2.7162(3) $ 5.4327
--------------------------------------------------------------------------------------------------------------------
<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) Regular 3-month distribution.
(3) Regular 6-month distribution.
</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 $.01494 per unit per day.
Consequently, on the first Record Date (11/01/95), accrued interest will total
$0.6125 per unit for the 41-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 11/01/95 is $.6125 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01494 Quarterly - $0.01503
Semi-Annual - $0.01509
This daily rate of accrual, and the annual distributions shown above, will
remain the same as long as the portfolio size and composition remain the same.
--------------------------------------------------------------------------------
<PAGE>
-------------------------------------------------------
DIVERSIFICATION OF PORTFOLIO INCOME
There are 13 Tax-exempt bond issues in this trust; this diversified portfolio
yields current income from issuers in 9 states .
<TABLE>
<S> <C> <C> <C> <C> <C>
-------------------------------------------------------
Percent Percent
of Total of Total
Income Income
-------------------------------------------------------
California 19.7 % New York 7.1 %
Iowa 3.3 Ohio 6.5
Illinois 19.6 Pennsylvania 7.7
Kentucky 8.9 Washington 5.8
Massachusetts 21.4
</TABLE>
-------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 25.9 years.
The first bond is scheduled to mature in December, 2014, with the last bond
maturity being October, 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.
-------------------------------------------------
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.
826
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NEW YORK
INSURED
TRUST 241
Estimated Current Return
5.26% to 5.47%
as of 09/19/95
Estimated Long Term Return
5.28% to 5.56%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101K 524 Monthly Payment Option
67101K 532 Quarterly Payment Option
67101K 540 Semi-Annual Payment Option
Registered in New York
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 241
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT SEPTEMBER 20, 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, University of 2004 at 102 AAA Aaa
Rochester, Strong Memorial Hospital Revenue Bonds, Series
1994, 5.90% Due 7/1/17.
500,000 Dormitory Authority of the State of New York, State 2004 at 102 AAA Aaa
University Educational Facilities Revenue Bonds, Series
1994B, 6.25% Due 5/15/14.
500,000 New York Local Government Assistance Corporation (New York), 2005 at 102 AAA Aaa
Series 1995A Bonds, 6.00% Due 4/1/24.
500,000 New York State Urban Development Corporation, Correctional 2004 at 102 AAA Aaa
Facilities Revenue Bonds, 1993A Refunding Series, 5.50%
Due 1/1/16.
250,000 County of Broome, New York, Certificates of Participation 2004 at 102 AAA Aaa
(Public Safety Facility), Series 1994, 5.25% Due 4/1/22.
500,000 The City of New York, New York, General Obligation Bonds, 2005 at 101 AAA Aaa
Fiscal 1996 Series A, Subseries A-1, 6.50% Due 8/1/15.
250,000 Metropolitan Transportation Authority (New York), Transit No Optional AAA Aaa
Facilities 1987 Service Contract Bonds, Series 7, 0.00% Call
Due 7/1/14. (Original issue discount bonds delivered on or
about September 21, 1993 at a price of 30.177% 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.
----------
$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 % $ 100.66 5.26% 5.29% 5.31%
500-999 50,000-99,999 4.75 100.50 5.27 5.30 5.32
1,000-2,499 100,000-249,999 4.50 100.24 5.28 5.31 5.33
2,500-4,999 250,000-499,999 4.25 99.98 5.29 5.32 5.34
5,000-9,999 500,000-999,999 3.50 99.20 5.33 5.37 5.39
10,000-24,999 1,000,000- 2,499,999 3.00 98.69 5.36 5.39 5.41
25,000-49,999 2,500,000- 4,999,999 2.50 98.18 5.39 5.42 5.44
50,000 and over 5,000,000 and over 2.00 97.68 5.42 5.45 5.47
</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 % $ 100.66 5.28% 5.31% 5.33%
500-999 50,000-99,999 4.75 100.50 5.28 5.31 5.33
1,000-2,499 100,000-249,999 4.50 100.24 5.31 5.34 5.36
2,500-4,999 250,000-499,999 4.25 99.98 5.32 5.35 5.37
5,000-9,999 500,000-999,999 3.50 99.20 5.39 5.42 5.44
10,000-24,999 1,000,000- 2,499,999 3.00 98.69 5.43 5.46 5.48
25,000-49,999 2,500,000- 4,999,999 2.50 98.18 5.47 5.50 5.52
50,000 and over 5,000,000 and over 2.00 97.68 5.51 5.54 5.56
</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 1995 1996 per Year +
<S> <C> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 11/1 2/1 5/1 8/1
Distribution Date..................... 11/15 2/15 5/15 8/15
--------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .6022(1) $ 5.2917
-------- $.4407 every month --------
Quarterly Distribution Plan........... $ .6022(1) $ 1.3302(2) $ 1.3302 $ 1.3302 $ 5.3237
Semi-Annual Distribution Plan......... $ .6022(1) $ 2.6712(3) $ 5.3427
--------------------------------------------------------------------------------------------------------------------
<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) Regular 3-month distribution.
(3) Regular 6-month distribution.
</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 $.01469 per unit per day.
Consequently, on the first Record Date (11/01/95), accrued interest will total
$0.6022 per unit for the 41-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 11/01/95 is $.6022 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01469 Quarterly - $0.01478
Semi-Annual - $0.01484
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.
--------------------------------------------------------------------------------
826
<PAGE>
-------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 23.1 years.
The first bond is scheduled to mature in May, 2014, 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.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
OHIO
INSURED
TRUST 128
Estimated Current Return
5.18% to 5.39%
as of 09/19/95
Estimated Long Term Return
5.21% to 5.49%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101Y 797 Monthly Payment Option
67101Y 805 Quarterly Payment Option
67101Y 813 Semi-Annual Payment Option
Registered in Ohio
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
--------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, OHIO INSURED TRUST 128
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT SEPTEMBER 20, 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 State of Ohio, Ohio Air Quality Development Authority, Air 2005 at 102 AAA Aaa
Quality Development Revenue Refunding Bonds, 1995 Series
(The Dayton Power and Light Company Project), 6.10% Due
9/1/30.
500,000 Ohio Water Development Authority, State of Ohio, 2004 at 102 AAA Aaa
Collateralized Water Development Revenue Refunding Bonds,
1994 Series A (The Cincinnati Gas & Electric Company
Project), 5.45% Due 1/1/24.
300,000 Anthony Wayne Local School District, Lucas, Wood and Fulton 2005 at 101 AAA Aaa
Counties, Ohio, School Facilities Construction and
Improvement Bonds, 5.75% Due 12/1/24. (General Obligation
Bonds.)
500,000 City of Hamilton], Ohio, Gas System Revenue Bonds, 1993 2003 at 100 AAA Aaa
Series A, 4.75% Due 10/15/23. (Original issue discount
bonds delivered on or about November 2, 1993 at a price of
93.49% of principal amount.)
200,000 Hamilton County, Ohio, Sewer System Improvement and 2003 at 100 AAA Aaa
Refunding Revenue Bonds, 1993 Series A (The Metropolitan
Sewer District of Greater Cincinnati), 5.00% Due 12/1/14.
(Original issue discount bonds delivered on or about May
4, 1993 at a price of 92.50% of principal amount.)
500,000 County of Lucas, Ohio, Hospital Refunding Revenue Bonds, 2003 at 102 AAA Aaa
Series 1993 (St. Vincent Medical Center), 5.45% Due
8/15/14.
500,000 Northeast Ohio Regional Sewer District, Wastewater 2005 at 101 AAA Aaa
Improvement Revenue Refunding Bonds, Series 1995, 5.60%
Due 11/15/16. (When issued.)
500,000 Rural Lorain County Water Authority, Ohio, Water Resource 2003 at 101 AAA Aaa
Improvement and Refunding Revenue Bonds, Series 1993,
5.45% Due 10/1/18.
----------
$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 % $ 100.88 5.18% 5.21% 5.23%
500-999 50,000-99,999 4.75 100.72 5.19 5.22 5.24
1,000-2,499 100,000-249,999 4.50 100.46 5.20 5.23 5.25
2,500-4,999 250,000-499,999 4.25 100.20 5.22 5.25 5.27
5,000-9,999 500,000-999,999 3.50 99.42 5.26 5.29 5.31
10,000-24,999 1,000,000- 2,499,999 3.00 98.91 5.28 5.32 5.34
25,000-49,999 2,500,000- 4,999,999 2.50 98.40 5.31 5.34 5.36
50,000 and over 5,000,000 and over 2.00 97.90 5.34 5.37 5.39
</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 % $ 100.88 5.21% 5.25% 5.26%
500-999 50,000-99,999 4.75 100.72 5.21 5.25 5.27
1,000-2,499 100,000-249,999 4.50 100.46 5.24 5.28 5.30
2,500-4,999 250,000-499,999 4.25 100.20 5.25 5.29 5.31
5,000-9,999 500,000-999,999 3.50 99.42 5.31 5.35 5.37
10,000-24,999 1,000,000- 2,499,999 3.00 98.91 5.35 5.39 5.41
25,000-49,999 2,500,000- 4,999,999 2.50 98.40 5.39 5.43 5.45
50,000 and over 5,000,000 and over 2.00 97.90 5.42 5.46 5.49
</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
Ohio Insured 1995 1996 per Year +
<S> <C> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 11/1 2/1 5/1 8/1
Distribution Date..................... 11/15 2/15 5/15 8/15
--------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .5949(1) $ 5.2263
-------- $.4353 every month --------
Quarterly Distribution Plan........... $ .5949(1) $ 1.3140(2) $ 1.3140 $ 1.3140 $ 5.2583
Semi-Annual Distribution Plan......... $ .5949(1) $ 2.6370(3) $ 5.2773
--------------------------------------------------------------------------------------------------------------------
<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) Regular 3-month distribution.
(3) Regular 6-month distribution.
</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 $.01451 per unit per day.
Consequently, on the first Record Date (11/01/95), accrued interest will total
$0.5949 per unit for the 41-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 11/01/95 is $.5949 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01451 Quarterly - $0.01460
Semi-Annual - $0.01465
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.
--------------------------------------------------------------------------------
826
<PAGE>
-------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 25.7 years.
The first bond is scheduled to mature in August, 2014, with the last bond
maturity being September, 2030.
-------------------------------------------------------
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.
