<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NATIONAL
INSURED
TRUST 305
Estimated Current Return
5.46% to 5.68%
as of 09/27/95
Estimated Long Term Return
5.53% to 5.81%
100,000 units in a
diversified $10,000,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6710A4 348 Monthly Payment Option
6710A4 355 Quarterly Payment Option
6710A4 363 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 305
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT SEPTEMBER 28, 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, 5.875% Due 10/1/15.
750,000 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.
750,000 The City of Los Angeles, California, Wastewater System 2004 at 102 AAA Aaa
Revenue Bonds, Series 1994-A, 5.875% Due 6/1/24.
1,000,000 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 Metropolitan Pier and Exposition Authority (Illinois), 2004 at 102 AAA Aaa
McCormick Place Expansion Project Refunding Bonds, Series
1994A, 6.00% Due 6/15/27. (Original issue discount bonds
delivered on or about June 23, 1994 at a price of 93.881%
of principal amount.)
1,000,000 Indiana Educational Facilities Authority Educational 2003 at 102 AAA Aaa
Facilities Revenue Bonds, Series 1993 (Valparaiso
University Project), 5.125% Due 10/1/15.
1,000,000 Massachusetts Water Resources Authority, General Revenue 2004 at 101 AAA Aaa
Bonds, 1994 Series A, 6.00% Due 8/1/24. 1/2
1,000,000 Board of Trustees of Oakland University, Michigan, General 2005 at 102 AAA Aaa
Revenue Bonds, Series 1995, 5.75% Due 5/15/26.
1,000,000 City of Royal Oak Hospital Finance Authority (Michigan), 2003 at 102 AAA Aaa
Hospital Revenue Refunding Bonds (William Beaumont
Hospital), Series 1993G, 5.25% Due 11/15/19. (Original
issue discount bonds delivered on or about December 16,
1993 at a price of 94.197% of principal amount.)
1,000,000 Harris County Health Facilities (Texas), Development 2004 at 101 AAA Aaa
Corporation Hospital Revenue Bonds (Hermann Hospital),
Series 1994, 6.375% Due 10/1/24.
1,000,000 The City of Seattle, Washington, Municipal Light and Power 2005 at 102 AAA Aaa
Revenue Bonds, 1995, Series A, 5.70% Due 9/1/20.
----------
$10,000,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION The sales charges/volume discounts below
apply on all concurrent purchases of any Nuveen trust units, unless any such
purchases are made by a class of investors for which a separate sales charge is
applicable as described more fully in the Prospectus. Estimated Current Return
equals net income divided by offering price. Estimated Long Term Return
represents an average of the yields to maturity (or call) of the Bonds in the
Trust adjusted to reflect a compounding factor, 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 % $ 100.07 5.46% 5.50% 5.51%
500-999 50,000-99,999 4.75 99.92 5.47 5.50 5.52
1,000-2,499 100,000-249,999 4.50 99.65 5.49 5.52 5.54
2,500-4,999 250,000-499,999 4.25 99.39 5.50 5.53 5.55
5,000-9,999 500,000-999,999 3.50 98.62 5.54 5.58 5.60
10,000-24,999 1,000,000- 2,499,999 3.00 98.11 5.57 5.61 5.62
25,000-49,999 2,500,000- 4,999,999 2.50 97.61 5.60 5.63 5.65
50,000 and over 5,000,000 and over 2.00 97.11 5.63 5.66 5.68
</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 % $ 100.07 5.53% 5.56% 5.58%
500-999 50,000-99,999 4.75 99.92 5.54 5.57 5.59
1,000-2,499 100,000-249,999 4.50 99.65 5.56 5.59 5.61
2,500-4,999 250,000-499,999 4.25 99.39 5.58 5.61 5.63
5,000-9,999 500,000-999,999 3.50 98.62 5.64 5.67 5.69
10,000-24,999 1,000,000- 2,499,999 3.00 98.11 5.68 5.71 5.73
25,000-49,999 2,500,000- 4,999,999 2.50 97.61 5.72 5.75 5.77
50,000 and over 5,000,000 and over 2.00 97.11 5.76 5.79 5.81
</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.
- --------------------------------------------------------------------------------
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............. $ .5009(1) $ 5.4677
-------- $.4554 every month --------
Quarterly Distribution Plan........... $ .5009(1) $ 1.3743(2) $ 1.3743 $ 1.3743 $ 5.4997
Semi-Annual Distribution Plan......... $ .5009(1) $ 2.7576(3) $ 5.5187
- --------------------------------------------------------------------------------------------------------------------
<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.
(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 $.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 (11/01/95), accrued interest will total
$0.5009 per unit for the 33-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 $.5009 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.
- --------------------------------------------------------------------------------
<PAGE>
- -------------------------------------------------------
DIVERSIFICATION OF PORTFOLIO INCOME
There are 11 Tax-exempt bond issues in this trust; this diversified portfolio
yields current income from issuers in 7 states .
<TABLE>
<S> <C> <C> <C> <C> <C>
- -------------------------------------------------------
Percent Percent
of Total of Total
Income Income
- -------------------------------------------------------
California 23.3 % Michigan 19.3 %
Illinois 16.7 Texas 11.2
Indiana 9.0 Washington 10.0
Massachusetts 10.5
</TABLE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 25.7 years.
The first bond is scheduled to mature in October, 2015, with the last bond
maturity being June, 2027.
- -------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the MBIA Insurance 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 Optional 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.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES, RISKS
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.
827
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
CALIFORNIA
INSURED
TRUST 255
Estimated Current Return
5.47% to 5.69%
as of 09/27/95
Estimated Long Term Return
5.53% to 5.81%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67064W 341 Monthly Payment Option
67064W 358 Quarterly Payment Option
67064W 366 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 255
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT SEPTEMBER 28, 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 California, Various Purpose General Obligation 2004 at 102 AAA Aaa
Bonds, 6.00% Due 8/1/19.
500,000 California Educational Facilities Authority, Revenue Bonds 2005 at 102 AAA Aaa
(University of Redlands), Series 1995, 5.875% Due 10/1/15.
350,000 County of Alameda, California, 1993 Refunding Certificates 2003 at 100 AAA Aaa
of Participation (Santa Rita Jail Project), 5.00% Due
12/1/15. (Original issue discount bonds delivered on or
about April 13, 1993 at a price of 91.00% of principal
amount.)
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 Department of Water and Power of The City of Los Angeles 2003 at 102 AAA Aaa
(California), Electric Plant Revenue Bonds, Second Issue
of 1993, 5.00% Due 10/15/33.
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.
150,000 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.
500,000 The City of Turlock (California), Auxiliary Organization 2006 at 102 AAA Aaa
Revenue Certificates of Participation (California State
University, Stanislaus Foundation), Series 1995, 5.875%
Due 6/1/22.
----------
$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 a compounding factor, 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 % $ 99.59 5.47% 5.50% 5.52%
500-999 50,000-99,999 4.75 99.43 5.48 5.51 5.53
1,000-2,499 100,000-249,999 4.50 99.17 5.49 5.52 5.54
2,500-4,999 250,000-499,999 4.25 98.91 5.51 5.54 5.56
5,000-9,999 500,000-999,999 3.50 98.15 5.55 5.58 5.60
10,000-24,999 1,000,000- 2,499,999 3.00 97.64 5.58 5.61 5.63
25,000-49,999 2,500,000- 4,999,999 2.50 97.14 5.61 5.64 5.66
50,000 and over 5,000,000 and over 2.00 96.64 5.64 5.67 5.69
</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 % $ 99.59 5.53% 5.56% 5.58%
500-999 50,000-99,999 4.75 99.43 5.54 5.57 5.59
1,000-2,499 100,000-249,999 4.50 99.17 5.56 5.59 5.61
2,500-4,999 250,000-499,999 4.25 98.91 5.58 5.61 5.63
5,000-9,999 500,000-999,999 3.50 98.15 5.64 5.67 5.69
10,000-24,999 1,000,000- 2,499,999 3.00 97.64 5.68 5.71 5.73
25,000-49,999 2,500,000- 4,999,999 2.50 97.14 5.72 5.75 5.77
50,000 and over 5,000,000 and over 2.00 96.64 5.76 5.79 5.81
</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 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............. $ .4989(1) $ 5.4462
-------- $.4536 every month --------
Quarterly Distribution Plan........... $ .4989(1) $ 1.3689(2) $ 1.3689 $ 1.3689 $ 5.4782
Semi-Annual Distribution Plan......... $ .4989(1) $ 2.7486(3) $ 5.4972
- --------------------------------------------------------------------------------------------------------------------
<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.
(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 $.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 $.01512 per unit per day.
Consequently, on the first Record Date (11/01/95), accrued interest will total
$0.4989 per unit for the 33-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 $.4989 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01512 Quarterly - $0.01521
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.
- --------------------------------------------------------------------------------
827
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 25.9 years.
The first bond is scheduled to mature in October, 2015, with the last bond
maturity being October, 2033.
- -------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the MBIA Insurance 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 Optional 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, The Chase Manhattan Bank, N.A., 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.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES, RISKS
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
FLORIDA
INSURED
TRUST 218
Estimated Current Return
5.29% to 5.50%
as of 09/27/95
Estimated Long Term Return
5.37% to 5.64%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H4 349 Monthly Payment Option
6706H4 356 Quarterly Payment Option
6706H4 364 Semi-Annual Payment Option
Registered in 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, FLORIDA INSURED TRUST 218
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT SEPTEMBER 28, 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 Florida, Department of Transportation, Turnpike 2005 at 101 AAA Aaa
Revenue Bonds, Series 1995A, 5.50% Due 7/1/21.
500,000 Hillsborough County Industrial Development Authority 2004 at 102 AAA Aaa
(Florida), Pollution Control Revenue Refunding Bonds
(Tampa Electric Company Project), Series 1994, 6.25% Due
12/1/34.
500,000 Kissimmee Utility Authority (Florida), Electric System 2003 at 102 AAA Aaa
Improvement and Refunding Revenue Bonds, Series 1993,
5.25% Due 10/1/18. (Original issue discount bonds
delivered on or about June 17, 1993 at a price of 94.257%
of principal amount.)
500,000 Pinellas County (Florida), Health Facilities Authority, 2003 at 102 AAA Aaa
Hospital Revenue Bonds, Series 1993 (Morton Plant Health
System Project), 5.50% Due 11/15/18.
500,000 City of St. Petersburg, Florida, Professional Sports 2005 at 101 AAA Aaa
Facility Sales Tax Revenue Bonds, Series 1995, 5.75% Due
10/1/25.
500,000 City of Tampa, Florida, Allegany Health System Revenue 2003 at 102 AAA Aaa
Bonds, St. Mary's Hospital, Inc. Issue, Series 1993,
5.125% Due 12/1/23. (Original issue discount bonds
delivered on or about January 4, 1994 at a price of
94.522% of principal amount.)
500,000 City of Tampa, Florida, Water and Sewer Systems Revenue 2003 at 100 AAA Aaa
Bonds, Series 1993A, 5.00% Due 10/1/14. (Original issue
discount bonds delivered on or about June 24, 1993 at a
price of 92.236% 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 a compounding factor, 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 % $ 98.94 5.29% 5.32% 5.34%
500-999 50,000-99,999 4.75 98.78 5.30 5.33 5.35
1,000-2,499 100,000-249,999 4.50 98.52 5.31 5.34 5.36
2,500-4,999 250,000-499,999 4.25 98.27 5.33 5.36 5.38
5,000-9,999 500,000-999,999 3.50 97.50 5.37 5.40 5.42
10,000-24,999 1,000,000- 2,499,999 3.00 97.00 5.40 5.43 5.45
25,000-49,999 2,500,000- 4,999,999 2.50 96.50 5.42 5.46 5.48
50,000 and over 5,000,000 and over 2.00 96.01 5.45 5.48 5.50
</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 % $ 98.94 5.37% 5.40% 5.42%
500-999 50,000-99,999 4.75 98.78 5.38 5.41 5.43
1,000-2,499 100,000-249,999 4.50 98.52 5.40 5.43 5.45
2,500-4,999 250,000-499,999 4.25 98.27 5.42 5.45 5.47
5,000-9,999 500,000-999,999 3.50 97.50 5.48 5.51 5.53
10,000-24,999 1,000,000- 2,499,999 3.00 97.00 5.51 5.54 5.56
25,000-49,999 2,500,000- 4,999,999 2.50 96.50 5.55 5.58 5.60
50,000 and over 5,000,000 and over 2.00 96.01 5.59 5.62 5.64
</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
Florida 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............. $ .4798(1) $ 5.2347
-------- $.4362 every month --------
Quarterly Distribution Plan........... $ .4798(1) $ 1.3158(2) $ 1.3158 $ 1.3158 $ 5.2667
Semi-Annual Distribution Plan......... $ .4798(1) $ 2.6424(3) $ 5.2857
- --------------------------------------------------------------------------------------------------------------------
<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.
(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 $.01454 per unit per day.
Consequently, on the first Record Date (11/01/95), accrued interest will total
$0.4798 per unit for the 33-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 $.4798 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01454 Quarterly - $0.01463
Semi-Annual - $0.01468
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.
- --------------------------------------------------------------------------------
827
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 26.9 years.
The first bond is scheduled to mature in October, 2014, with the last bond
maturity being December, 2034.
- -------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the MBIA Insurance 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 Optional 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, The Chase Manhattan Bank, N.A., 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.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES, RISKS
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
GEORGIA
INSURED
TRUST 47
Estimated Current Return
5.25% to 5.46%
as of 09/27/95
Estimated Long Term Return
5.37% to 5.65%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101M 702 Monthly Payment Option
67101M 710 Quarterly Payment Option
67101M 728 Semi-Annual Payment Option
Registered in Georgia
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, GEORGIA INSURED TRUST 47
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT SEPTEMBER 28, 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 Municipal Electric Authority of Georgia, Power Revenue No Optional AAA Aaa
Bonds, Series Z, 5.50% Due 1/1/20. Call
500,000 Hospital Authority of Albany-Dougherty County, Georgia, 2003 at 102 AAA Aaa
Revenue Bonds (Phoebe Putney Memorial Hospital), Series
1993, 5.00% Due 9/1/20. (Original issue discount bonds
delivered on or about August 19, 1993 at a price of
89.269% of principal amount.)
500,000 Metropolitan Atlanta Rapid Transit Authority (Georgia), 2003 at 102 AAA Aaa
Sales Tax Revenue Bonds (Second Indenture Series), Series
1993A, 5.125% Due 7/1/17.
500,000 City of Atlanta, Georgia, General Obligation School 2003 at 102 AAA Aaa
Improvement Bonds, Series 1993, 5.60% Due 12/1/18.
500,000 City of Atlanta, Georgia, Water and Sewerage Revenue Bonds, 2004 at 102 AAA Aaa
Series 1993, 5.00% Due 1/1/15.
500,000 Columbus, Georgia, Water and Sewerage Revenue Refunding 2003 at 102 AAA Aaa
Bonds, Series 1993, 5.70% Due 5/1/20.
500,000 Hospital Authority of Gordon County (Georgia), Revenue 2005 at 102 AAA Aaa
Anticipation Certificates, Series 1995 (Adventist Health
System/Sunbelt Obligated Group), 5.75% Due 11/15/25.
----------
$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 a compounding factor, 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 % $ 97.93 5.25% 5.28% 5.30%
500-999 50,000-99,999 4.75 97.77 5.26 5.29 5.31
1,000-2,499 100,000-249,999 4.50 97.52 5.27 5.31 5.32
2,500-4,999 250,000-499,999 4.25 97.26 5.29 5.32 5.34
5,000-9,999 500,000-999,999 3.50 96.51 5.33 5.36 5.38
10,000-24,999 1,000,000- 2,499,999 3.00 96.01 5.36 5.39 5.41
25,000-49,999 2,500,000- 4,999,999 2.50 95.52 5.38 5.42 5.44
50,000 and over 5,000,000 and over 2.00 95.03 5.41 5.44 5.46
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Long Term Return (3)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 97.93 5.37% 5.40% 5.42%
500-999 50,000-99,999 4.75 97.77 5.38 5.41 5.43
1,000-2,499 100,000-249,999 4.50 97.52 5.40 5.43 5.45
2,500-4,999 250,000-499,999 4.25 97.26 5.42 5.45 5.47
5,000-9,999 500,000-999,999 3.50 96.51 5.48 5.51 5.53
10,000-24,999 1,000,000- 2,499,999 3.00 96.01 5.52 5.55 5.57
25,000-49,999 2,500,000- 4,999,999 2.50 95.52 5.56 5.59 5.61
50,000 and over 5,000,000 and over 2.00 95.03 5.60 5.63 5.65
</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
Georgia 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............. $ .4712(1) $ 5.1416
-------- $.4284 every month --------
Quarterly Distribution Plan........... $ .4712(1) $ 1.2933(2) $ 1.2933 $ 1.2933 $ 5.1736
Semi-Annual Distribution Plan......... $ .4712(1) $ 2.5956(3) $ 5.1926
- --------------------------------------------------------------------------------------------------------------------
<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.
(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 $.01428 per unit per day.
Consequently, on the first Record Date (11/01/95), accrued interest will total
$0.4712 per unit for the 33-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 $.4712 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01428 Quarterly - $0.01437
Semi-Annual - $0.01442
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.
- --------------------------------------------------------------------------------
827
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 24.0 years.
The first bond is scheduled to mature in January, 2015, with the last bond
maturity being November, 2025.
- -------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the MBIA Insurance 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 Optional 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, The Chase Manhattan Bank, N.A., 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.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES, RISKS
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 203
Estimated Current Return
First
Year: 5.34% to 5.55%
Subsequent
Years: 5.35% to 5.57%
as of 09/27/95
Estimated Long Term Return
5.42% to 5.70%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H8 316 Monthly Payment Option
6706H8 324 Quarterly Payment Option
6706H8 332 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 203
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT SEPTEMBER 28, 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 Doylestown Hospital Authority (Commonwealth of 2004 at 102 AAA Aaa
Pennsylvania), Doylestown Hospital Revenue Bonds, 1993
Series A, 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 Lancaster County Hospital Authority, Lancaster, 2004 at 102 AAA Aaa
Pennsylvania, Health Center Revenue Refunding Bonds,
Series of 1994 (Masonic Homes Project), 5.00% Due
11/15/20. (Original issue discount bonds delivered on or
about March 1, 1994 at a price of 92.378% of principal
amount.)
500,000 County of Lawrence, Pennsylvania, General Obligation Bonds, 2004 at 100 AAA Aaa
Series 1994, 5.00% Due 8/1/18.
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 Northampton County Industrial Development Authority 2005 at 102 AAA Aaa
(Pennsylvania), Pollution Control Revenue Refunding Bonds,
1995 Series A (Metropolitan Edison Company Project), 6.10%
Due 7/15/21.
500,000 Pittsburgh (Pennsylvania) Water and Sewer Authority, Water 2005 at 100 AAA Aaa
and Sewer System First Lien Revenue Bonds, Series A of
1995, 5.60% Due 9/1/22.
----------
$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 a compounding factor, 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 % $ 98.83 (5.34%) 5.35% (5.37%) 5.38% (5.39%) 5.40%
500-999 50,000-99,999 4.75 98.68 (5.34) 5.36 (5.38) 5.39 (5.40) 5.41
1,000-2,499 100,000-249,999 4.50 98.42 (5.36) 5.37 (5.39) 5.40 (5.41) 5.42
2,500-4,999 250,000-499,999 4.25 98.16 (5.37) 5.39 (5.41) 5.42 (5.42) 5.44
5,000-9,999 500,000-999,999 3.50 97.40 (5.41) 5.43 (5.45) 5.46 (5.47) 5.48
10,000-24,999 1,000,000- 2,499,999 3.00 96.90 (5.44) 5.46 (5.48) 5.49 (5.49) 5.51
25,000-49,999 2,500,000- 4,999,999 2.50 96.40 (5.47) 5.48 (5.50) 5.52 (5.52) 5.54
50,000 and over 5,000,000 and over 2.00 95.91 (5.50) 5.51 (5.53) 5.55 (5.55) 5.57
</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 % $ 98.83 5.42% 5.46% 5.48%
500-999 50,000-99,999 4.75 98.68 5.43 5.47 5.49
1,000-2,499 100,000-249,999 4.50 98.42 5.45 5.49 5.51
2,500-4,999 250,000-499,999 4.25 98.16 5.47 5.51 5.53
5,000-9,999 500,000-999,999 3.50 97.40 5.53 5.57 5.59
10,000-24,999 1,000,000- 2,499,999 3.00 96.90 5.57 5.61 5.63
25,000-49,999 2,500,000- 4,999,999 2.50 96.40 5.60 5.64 5.66
50,000 and over 5,000,000 and over 2.00 95.91 5.64 5.68 5.70
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to the Date of Deposit. Figures in
brackets represent the current return. The first year's estimated current
returns are slightly lower than those for subsequent years because a portion
of the monies received in the first year only will be treated as a return of
principal due to the inclusion in the portfolio of "when issued" or other
Bonds having delivery dates after the date of settlement for a purchase made
on the Date of Deposit.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
Pennsylvania Insured 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............. $ .4844(1) $ 5.2867
-------- $.4404 every month --------
Quarterly Distribution Plan........... $ .4844(1) $ 1.3293(2) $ 1.3293 $ 1.3293 $ 5.3187
Semi-Annual Distribution Plan......... $ .4844(1) $ 2.6676(3) $ 5.3377
- --------------------------------------------------------------------------------------------------------------------
<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.
(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 $.01468 per unit per day.
Consequently, on the first Record Date (11/01/95), accrued interest will total
$0.4844 per unit for the 33-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 $.4844 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01468 Quarterly - $0.01477
Semi-Annual - $0.01482
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.
- --------------------------------------------------------------------------------
827
<PAGE>
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AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 27.4 years.
The first bond is scheduled to mature in August, 2018, with the last bond
maturity being August, 2029.
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BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the MBIA Insurance Corporation, which guarantees timely payments of
principal and interest. Premium payments have been fully paid by the Date of
Deposit.
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CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Optional 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.
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NO CHARGE FOR REDEMPTION The Trustee, The Chase Manhattan Bank, N.A., 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.
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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.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES, RISKS
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.
