<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NATIONAL
INSURED
TRUST 306
Estimated Current Return
5.21% to 5.42%
as of 10/19/95
Estimated Long Term Return
5.27% to 5.55%
100,000 units in a
diversified $10,000,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6710A4 371 Monthly Payment Option
6710A4 389 Quarterly Payment Option
6710A4 397 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 306
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT OCTOBER 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 California Statewide Communities Development Authority, 2003 at 102 AAA Aaa
Certificates of Participation (Sisters of Charity of
Leavenworth Health Services Corporation), 5.00% Due
12/1/23. (Original issue discount bonds delivered on or
about February 2, 1994 at a price of 92.625% of principal
amount.)
1,000,000 Imperial Irrigation District, California, Certificates of 2004 at 102 AAA Aaa
Participation (1994 Electric System Project), 6.00% Due
11/1/15.
1,000,000 Chicago Metropolitan Housing Development Corporation 2004 at 100 AAA Aaa
(Chicago, Illinois), Housing Development Revenue Refunding
Bonds (FHA-Insured Mortgage Loan-Section 8 Assisted
Project-Academy Square), Series 1993A, 5.60% Due 10/1/25.
1,000,000 Illinois Health Facilities Authority, Revenue Bonds, Series 2003 at 102 AAA Aaa
1993 (Rush-Presbyterian-St. Luke's Medical Center
Obligated Group), 5.50% Due 11/15/25.
1,000,000 City of Bloomington, Indiana, Monroe County, Indiana, 2005 at 102 AAA Aaa
Waterworks Revenue Bonds of 1995, 5.80% Due 1/1/20.
1,000,000 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.
1,000,000 Woodbury County, Iowa, Health System Revenue Refunding Bonds 2005 at 102 AAA Aaa
(St. Luke's Obligated Group), Series 1995A, 5.50% Due
9/1/16. (When issued.)
1,000,000 Massachusetts Bay Transportation Authority, General 2004 at 102 AAA Aaa
Transportation System Bonds, 1994 Series B Bonds, 5.875%
Due 3/1/19. (General Obligation Bonds.)
500,000 Dormitory Authority of the State of New York, State 2005 at 102 AAA Aaa
University Educational Facilities Revenue Bonds, Series
1995A, 6.00% Due 5/15/25.
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.
1,000,000 Sabine River Authority of Texas, Collateralized Pollution 2003 at 102 AAA Aaa
Control Revenue Refunding Bonds (Texas Utilities Electric
Company Project), Series 1993B Bonds, 5.85% Due 5/1/22.
500,000 Washington Public Power Supply System, Nuclear Project No. 3 No Optional AAA Aaa
Refunding Revenue Bonds, Series 1993C, 0.00% Due 7/1/18. Call
(Original issue discount bonds delivered on or about
September 23, 1993 at a price of 24.553% of principal
amount.)
----------
$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 % $ 99.55 5.21% 5.24% 5.26%
500-999 50,000-99,999 4.75 99.39 5.22 5.25 5.27
1,000-2,499 100,000-249,999 4.50 99.13 5.23 5.26 5.28
2,500-4,999 250,000-499,999 4.25 98.87 5.24 5.28 5.29
5,000-9,999 500,000-999,999 3.50 98.10 5.28 5.32 5.34
10,000-24,999 1,000,000- 2,499,999 3.00 97.60 5.31 5.34 5.36
25,000-49,999 2,500,000- 4,999,999 2.50 97.10 5.34 5.37 5.39
50,000 and over 5,000,000 and over 2.00 96.60 5.37 5.40 5.42
</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 % $ 99.55 5.27% 5.31% 5.33%
500-999 50,000-99,999 4.75 99.39 5.27 5.31 5.33
1,000-2,499 100,000-249,999 4.50 99.13 5.30 5.34 5.36
2,500-4,999 250,000-499,999 4.25 98.87 5.31 5.35 5.37
5,000-9,999 500,000-999,999 3.50 98.10 5.37 5.41 5.43
10,000-24,999 1,000,000- 2,499,999 3.00 97.60 5.41 5.45 5.47
25,000-49,999 2,500,000- 4,999,999 2.50 97.10 5.45 5.49 5.51
50,000 and over 5,000,000 and over 2.00 96.60 5.49 5.53 5.55
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to Date of Deposit. The estimated
current return for purchases made on such date will be as shown, as long as
the portfolio size and composition remain the same.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
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
1995 1996 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 12/1 2/1 5/1 8/1 11/1
Distribution Date..................... 12/15 2/15 5/15 8/15 11/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .5899(1) $ 5.1836
-------- $.4317 every month --------
Quarterly Distribution Plan........... $ .5899(1) $ .8688(2) $ 1.3032 $ 1.3032 $ 1.3032 $ 5.2156
Semi-Annual Distribution Plan......... $ .5899(1) $ 2.1810(3) $ 2.6172 $ 5.2346
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* 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) The second distribution under the quarterly distribution plan represents a
2-month distribution; subsequent quarterly distributions will be regular
3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a
5-month distribution; subsequent semi-annual distributions will be regular
6-month distributions.
+ 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 $.01439 per unit per day.
Consequently, on the first Record Date (12/01/95), accrued interest will total
$0.5899 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 12/01/95 is $.5899 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01439 Quarterly - $0.01448
Semi-Annual - $0.01454
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 12 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 15.7 % Massachusetts 10.9 %
Iowa 20.3 New York 11.1
Illinois 20.5 Texas 10.8
Indiana 10.7
</TABLE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 25.8 years.
The first bond is scheduled to mature in November, 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.
- -------------------------------------------------
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.
831
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
COLORADO
INSURED
TRUST 61
Estimated Current Return
4.94% to 5.15%
as of 10/19/95
Estimated Long Term Return
5.03% to 5.32%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706E9 341 Monthly Payment Option
6706E9 358 Quarterly Payment Option
6706E9 366 Semi-Annual Payment Option
Registered in Colorado
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, COLORADO INSURED TRUST 61
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT OCTOBER 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 City of Aurora, Colorado, General Obligation Water Refunding 2003 at 100 AAA Aaa
Bonds, Series 1993, 4.75% Due 11/1/14. (Original issue
discount bonds delivered on or about October 25, 1993 at a
price of 94.899% of principal amount.)
500,000 City of Colorado Springs, Colorado, Utilities System 2004 at 100 AAA Aaa
Improvement and Refunding Revenue Bonds, Series 1994A,
5.125% Due 11/15/23.
500,000 City and County of Denver, Colorado, Airport System Revenue 2005 at 102 AAA Aaa
Bonds, Series 1995A, 5.70% Due 11/15/25.
500,000 Mesa County, Colorado, Revenue Bonds, Series 1994 (Sisters 2003 at 102 AAA Aaa
of Charity of Leavenworth Health Services Corporation),
5.00% Due 12/1/23. (Original issue discount bonds
delivered on or about February 2, 1994 at a price of
94.00% of principal amount.)
500,000 Metro Wastewater Reclamation District, Colorado, Sewer 2003 at 100 AAA Aaa
Refunding Bonds, Series 1993B, 4.75% Due 4/1/12. (Original
issue discount bonds delivered on or about December 29,
1993 at a price of 94.39% of principal amount.)
500,000 Morgan County, Colorado, Pollution Control Refunding Revenue 2003 at 101 AAA Aaa
Bonds, 1993 Series A (Public Service Company of Colorado
Project), 5.50% Due 6/1/12.
500,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 2005 at 101 AAA Aaa
1995 (General Obligation Bonds.), 5.375% Due 7/1/22. 1/2
(Original issue discount bonds delivered on or about May
4, 1995 at a price of 93.916% of principal amount.)
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION The sales charges/volume discounts below
apply on all concurrent purchases of any Nuveen trust units, unless any such
purchases are made by a class of investors for which a separate sales charge is
applicable as described more fully in the Prospectus. Estimated Current Return
equals net income divided by offering price. Estimated Long Term Return
represents an average of the yields to maturity (or call) of the Bonds in the
Trust adjusted to reflect 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 % $ 99.80 4.94% 4.98% 4.99%
500-999 50,000-99,999 4.75 99.64 4.95 4.98 5.00
1,000-2,499 100,000-249,999 4.50 99.38 4.96 5.00 5.02
2,500-4,999 250,000-499,999 4.25 99.12 4.98 5.01 5.03
5,000-9,999 500,000-999,999 3.50 98.35 5.02 5.05 5.07
10,000-24,999 1,000,000- 2,499,999 3.00 97.85 5.04 5.07 5.09
25,000-49,999 2,500,000- 4,999,999 2.50 97.34 5.07 5.10 5.12
50,000 and over 5,000,000 and over 2.00 96.85 5.09 5.13 5.15
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Long Term Return (3)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 99.80 5.03% 5.07% 5.09%
500-999 50,000-99,999 4.75 99.64 5.04 5.08 5.10
1,000-2,499 100,000-249,999 4.50 99.38 5.06 5.10 5.12
2,500-4,999 250,000-499,999 4.25 99.12 5.08 5.12 5.14
5,000-9,999 500,000-999,999 3.50 98.35 5.14 5.18 5.20
10,000-24,999 1,000,000- 2,499,999 3.00 97.85 5.18 5.22 5.24
25,000-49,999 2,500,000- 4,999,999 2.50 97.34 5.22 5.26 5.28
50,000 and over 5,000,000 and over 2.00 96.85 5.26 5.30 5.32
</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
1995 1996 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 12/1 2/1 5/1 8/1 11/1
Distribution Date..................... 12/15 2/15 5/15 8/15 11/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .5617(1) $ 4.9335
-------- $.4110 every month --------
Quarterly Distribution Plan........... $ .5617(1) $ .8274(2) $ 1.2411 $ 1.2411 $ 1.2411 $ 4.9655
Semi-Annual Distribution Plan......... $ .5617(1) $ 2.0760(3) $ 2.4912 $ 4.9845
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* 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) The second distribution under the quarterly distribution plan represents a
2-month distribution; subsequent quarterly distributions will be regular
3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a
5-month distribution; subsequent semi-annual distributions will be regular
6-month distributions.
+ 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 $.01370 per unit per day.
Consequently, on the first Record Date (12/01/95), accrued interest will total
$0.5617 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 12/01/95 is $.5617 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01370 Quarterly - $0.01379
Semi-Annual - $0.01384
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.
- --------------------------------------------------------------------------------
831
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 23.6 years.
The first bond is scheduled to mature in April, 2012, 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 204
Estimated Current Return
First
Year: 5.08% to 5.29%
Subsequent
Years: 5.10% to 5.31%
as of 10/19/95
Estimated Long Term Return
5.13% to 5.41%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H8 340 Monthly Payment Option
6706H8 357 Quarterly Payment Option
6706H8 365 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 204
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT OCTOBER 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 Pennsylvania Higher Educational Facilities Authority 2005 at 102 AAA Aaa
(Commonwealth of Pennsylvania), Saint Joseph's University
Revenue Bonds, Series of 1995, 5.875% Due 7/15/25.
500,000 Pennsylvania Higher Educational Facilities Authority 2004 at 100 AAA Aaa
(Commonwealth of Pennsylvania), Revenue Bonds, State
System of Higher Education, Series J, 5.625% Due 6/15/19.
500,000 Pennsylvania Intergovernmental Cooperation Authority, 2003 at 100 AAA Aaa
Special Tax Revenue Bonds (City of Philadelphia Funding
Program), Series of 1993, 5.60% Due 6/15/15.
300,000 State Public School Authority (Commonwealth of 2005 at 100 AAA Aaa
Pennsylvania), College Revenue Bonds (Westmoreland County
Community College Project), Series F of 1995, 5.50% Due
10/15/15. (When issued.)
400,000 County of Berks, Pennsylvania, General Obligation Bonds, 2005 at 100 AAA Aaa
Series of 1995, 5.85% Due 11/15/18.
500,000 Lehigh County (Pennsylvania) General Purpose Authority, 2005 at 102 AAA Aaa
Hospital Revenue Bonds (Lehigh Valley Hospital, Inc.),
Series A of 1995, 5.875% Due 7/1/15.
500,000 Philadelphia Authority for Industrial Development 2003 at 102 AAA Aaa
(Pennsylvania), Project Revenue Refunding Bonds (PGH
Development Corporation), Series of 1993, 5.25% Due
7/1/17. (Original issue discount bonds delivered on or
about August 18, 1993 at a price of 93.005% of principal
amount.)
100,000 City of Philadelphia, Pennsylvania, Water and Wastewater 2003 at 102 AAA Aaa
Revenue Bonds, Series 1993, 5.25% Due 6/15/23. (Original
issue discount bonds delivered on or about August 26, 1993
at a price of 92.499% of principal amount.)
200,000 Municipal Authority of Westmoreland County (Westmoreland No Optional AAA Aaa
County, Pennsylvania), Municipal Service Revenue Bonds, Call
Series of 1995A, 0.00% Due 8/15/20. (Original issue
discount bonds delivered on or about July 27, 1995 at a
price of 21.928% 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> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 99.60 (5.08%) 5.10% (5.12%) 5.13% (5.13%) 5.15%
500-999 50,000-99,999 4.75 99.44 (5.09) 5.11 (5.12) 5.14 (5.14) 5.16
1,000-2,499 100,000-249,999 4.50 99.18 (5.10) 5.12 (5.14) 5.15 (5.16) 5.17
2,500-4,999 250,000-499,999 4.25 98.92 (5.12) 5.13 (5.15) 5.17 (5.17) 5.19
5,000-9,999 500,000-999,999 3.50 98.16 (5.16) 5.17 (5.19) 5.21 (5.21) 5.23
10,000-24,999 1,000,000- 2,499,999 3.00 97.65 (5.18) 5.20 (5.22) 5.23 (5.24) 5.25
25,000-49,999 2,500,000- 4,999,999 2.50 97.15 (5.21) 5.23 (5.24) 5.26 (5.26) 5.28
50,000 and over 5,000,000 and over 2.00 96.65 (5.24) 5.25 (5.27) 5.29 (5.29) 5.31
</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 % $ 99.60 5.13% 5.15% 5.18%
500-999 50,000-99,999 4.75 99.44 5.13 5.16 5.18
1,000-2,499 100,000-249,999 4.50 99.18 5.16 5.19 5.21
2,500-4,999 250,000-499,999 4.25 98.92 5.17 5.20 5.22
5,000-9,999 500,000-999,999 3.50 98.16 5.24 5.27 5.29
10,000-24,999 1,000,000- 2,499,999 3.00 97.65 5.28 5.31 5.33
25,000-49,999 2,500,000- 4,999,999 2.50 97.15 5.32 5.35 5.37
50,000 and over 5,000,000 and over 2.00 96.65 5.36 5.39 5.41
</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
1995 1996 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 12/1 2/1 5/1 8/1 11/1
Distribution Date..................... 12/15 2/15 5/15 8/15 11/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .5781(1) $ 5.0788
-------- $.4230 every month --------
Quarterly Distribution Plan........... $ .5781(1) $ .8514(2) $ 1.2771 $ 1.2771 $ 1.2771 $ 5.1108
Semi-Annual Distribution Plan......... $ .5781(1) $ 2.1360(3) $ 2.5632 $ 5.1298
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* 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) The second distribution under the quarterly distribution plan represents a
2-month distribution; subsequent quarterly distributions will be regular
3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a
5-month distribution; subsequent semi-annual distributions will be regular
6-month distributions.
+ 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 $.01410 per unit per day.
Consequently, on the first Record Date (12/01/95), accrued interest will total
$0.5781 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 12/01/95 is $.5781 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01410 Quarterly - $0.01419
Semi-Annual - $0.01424
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.
- --------------------------------------------------------------------------------
831
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 22.9 years.
The first bond is scheduled to mature in June, 2015, with the last bond maturity
being July, 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.
