<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NORTH CAROLINA
TRUST 293
(NORTH CAROLINA TRADITIONAL TRUST 293)
Estimated Current Return
First
Year: 4.95% to 5.15%
Subsequent
Years: 5.00% to 5.20%
as of 11/02/95
Estimated Long Term Return
5.04% to 5.34%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds
Cusip:
6710A2 490 Monthly Payment Option
6710A2 508 Quarterly Payment Option
6710A2 516 Semi-Annual Payment Option
Registered in North Carolina
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--NORTH CAROLINA TRADITIONAL TRUST 293
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT NOVEMBER 3, 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 North Carolina Medical Care Commission, Hospital Revenue 2006 at 102 A+ A
Bonds (Gaston Memorial Hospital Project), Series 1995,
5.50% Due 2/15/19. (When issued.)
500,000 North Carolina Medical Care Commission, Hospital Revenue 2003 at 102 AA Aa
Refunding Bonds (Presbyterian Health Services Corp.
Project), Series 1993,
250M-5.50% Due 10/1/14,
250M-5.50% Due 10/1/20.
500,000 East Carolina University, Student Services System Revenue 2003 at 102 A A
Bonds, Series 1993 of the Board of Governors of the
University of North Carolina, 5.50% Due 5/1/17.
125,000 City of Asheville, North Carolina, General Obligation Water 2005 at 102 AA- Aa
Bonds, Series 1995, 5.10% Due 6/1/11.
375,000 City of Charlotte, North Carolina General Obligation Water 2005 at 102 AAA Aaa
and Sewer Bonds, Series 1995A, 5.40% Due 4/1/18.
500,000 City of Charlotte, North Carolina, Refunding Certificates of 2003 at 100 AAA Aaa
Participation (Convention Facility Project), Series 1993C,
5.00% Due 12/1/21. (Original issue discount bonds
delivered on or about August 25, 1993 at a price of
90.737% of principal amount.)(AMBAC Insured.)
500,000 City of Fayetteville, North Carolina, Public Works 2003 at 100 AAA Aaa
Commission Revenue Refunding Bonds, Series 1993, 4.75% Due
3/1/14. (Original issue discount bonds delivered on or
about November 23, 1993 at a price of 94.037% of principal
amount.)(FGIC Insured.)
500,000 City of Salisbury, North Carolina, General Obligation Water 2005 at 102 AAA Aaa
and Sewer Bonds, Series 1995, 5.30% Due 5/1/12. (When
issued.) (FGIC Insured.)
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION The sales charges/volume discounts below
apply on all concurrent purchases of any Nuveen trust units, unless any such
purchases are made by a class of investors for which a separate sales charge is
applicable as described more fully in the Prospectus. Estimated Current Return
equals net income divided by offering price. Estimated Long Term Return
represents an average of the yields to maturity (or call) of the Bonds in the
Trust adjusted to reflect 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 % $ 100.62 (4.95%) 5.00% (4.98%) 5.03% (5.00%) 5.05%
500-999 50,000-99,999 4.75 100.46 (4.96) 5.01 (4.99) 5.04 (5.01) 5.06
1,000-2,499 100,000-249,999 4.50 100.20 (4.97) 5.02 (5.00) 5.05 (5.02) 5.07
2,500-4,999 250,000-499,999 4.25 99.94 (4.98) 5.03 (5.02) 5.07 (5.03) 5.08
5,000-9,999 500,000-999,999 3.50 99.16 (5.02) 5.07 (5.05) 5.10 (5.07) 5.12
10,000-24,999 1,000,000- 2,499,999 3.00 98.65 (5.05) 5.10 (5.08) 5.13 (5.10) 5.15
25,000-49,999 2,500,000- 4,999,999 2.50 98.14 (5.07) 5.13 (5.11) 5.16 (5.13) 5.18
50,000 and over 5,000,000 and over 2.00 97.64 (5.10) 5.15 (5.13) 5.18 (5.15) 5.20
</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 % $ 100.62 5.04% 5.08% 5.10%
500-999 50,000-99,999 4.75 100.46 5.05 5.09 5.11
1,000-2,499 100,000-249,999 4.50 100.20 5.07 5.11 5.13
2,500-4,999 250,000-499,999 4.25 99.94 5.09 5.13 5.15
5,000-9,999 500,000-999,999 3.50 99.16 5.16 5.20 5.22
10,000-24,999 1,000,000- 2,499,999 3.00 98.65 5.20 5.24 5.26
25,000-49,999 2,500,000- 4,999,999 2.50 98.14 5.24 5.28 5.30
50,000 and over 5,000,000 and over 2.00 97.64 5.28 5.32 5.34
</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............. $ .3911(1) $ 5.0300
-------- $.4191 every month --------
Quarterly Distribution Plan........... $ .3911(1) $ .8436(2) $ 1.2654 $ 1.2654 $ 1.2654 $ 5.0620
Semi-Annual Distribution Plan......... $ .3911(1) $ 2.1165(3) $ 2.5398 $ 5.0810
- ---------------------------------------------------------------------------------------------------------------------------------
</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 $.01397 per unit per day.
Consequently, on the first Record Date (12/01/95), accrued interest will total
$0.3911 per unit for the 28-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 $.3911 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01397 Quarterly - $0.01406
Semi-Annual - $0.01411
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.
- --------------------------------------------------------------------------------
834
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 21.2 years.
The first bond is scheduled to mature in June, 2011, with the last bond maturity
being December, 2021.
- -------------------------------------------------------
QUALITY OF PORTFOLIO AS RATED BY
STANDARD & POOR'S, A DIVISION OF THE MCGRAW HILL COMPANIES
OR MOODY'S INVESTORS SERVICE, INC.
- -------------------------------------------------------
<TABLE>
<S> <C> <C>
Rating Percent of Portfolio
Category Par Value
- --------------------------------------------------------------------
AAA 54%
AA 18
A1/A+ 14
A 14
---
100%
</TABLE>
- -------------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the 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.
- -------------------------------------------------------
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
NATIONAL
INSURED
TRUST 307
Estimated Current Return
First
Year: 5.21% to 5.42%
Subsequent
Years: 5.22% to 5.43%
as of 11/02/95
Estimated Long Term Return
5.23% to 5.50%
75,000 units in a
diversified $7,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6710A4 405 Monthly Payment Option
6710A4 413 Quarterly Payment Option
6710A4 421 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 307
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT NOVEMBER 3, 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 City of Industry, California, General Obligation Bonds, 2005 at 102 AAA Aaa
Issue of 1995, 5.875% Due 7/1/24. (When issued.) 3/8
500,000 County of Madera, California, Certificates of Participation 2005 at 102 AAA Aaa
(Valley Children's Hospital Project), Series 1995, 5.75%
Due 3/15/28. (Original issue discount bonds delivered on
or about August 2, 1995 at a price of 92.415% of principal
amount.)
750,000 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.
750,000 Woodbury County, Iowa, Health System Revenue Refunding Bonds 2005 at 102 AAA Aaa
(St. Luke's Obligated Group), Series 1995A, 5.55% Due
9/1/20. (Original issue discount bonds delivered on or
about October 26, 1995 at a price of 94.217% of principal
amount.)
225,000 Massachusetts Health and Educational Facilities Authority, 2005 at 102 AAA Aaa
Revenue Bonds, Berkshire Health Systems Issue, Series D,
6.00% Due 10/1/19.
95,000 Massachusetts Water Resources Authority, General Revenue 2004 at 100 AAA Aaa
Bonds, 1993 Series C, 4.75% Due 12/1/23. (Original issue
discount bonds delivered on or about December 2, 1993 at a
price of 86.421% of principal amount.)
750,000 Greenville Public Schools, Counties of Montcalm, Kent and 2004 at 101 AAA Aaa
Ionia, State Of Michigan, 1995 School Building and Site
Bonds, 5.75% Due 5/1/24. (Original issue discount bonds
delivered on or about March 16, 1995 at a price of 94.602%
of principal amount.)(General Obligation Bonds.)
750,000 Board of Trustees of Oakland University, Michigan, General 2005 at 102 AAA Aaa
Revenue Bonds, Series 1995, 5.75% Due 5/15/26.
750,000 New York State Housing Finance Agency, Service Contract 2005 at 102 AAA Aaa
Obligation Revenue Bonds, 1995 Series A, 6.375% Due
9/15/15.
750,000 Lehigh County Industrial Development Authority, Pollution 2004 at 102 AAA Aaa
Control Revenue Refunding Bonds, 1994 Series A
(Pennsylvania Power & Light Company Project), 5.50% Due
2/15/27.
315,000 Dallas-Fort Worth Regional Airport (Texas), Joint Revenue 2004 at 100 AAA Aaa
Refunding Bonds, Series 1994A, 6.00% Due 11/1/12.
365,000 Bellevue Convention Center Authority, King County, No Optional AAA Aaa
Washington, Special Obligation Revenue and Refunding Call
Bonds, Series 1994, 0.00% Due 2/1/23. (Original issue
discount bonds delivered on or about November 30, 1994 at
a price of 12.567% of principal amount.)(General
Obligation Bonds.)
750,000 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.
----------
$7,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION The sales charges/volume discounts below
apply on all concurrent purchases of any Nuveen trust units, unless any such
purchases are made by a class of investors for which a separate sales charge is
applicable as described more fully in the Prospectus. Estimated Current Return
equals net income divided by offering price. Estimated Long Term Return
represents an average of the yields to maturity (or call) of the Bonds in the
Trust adjusted to reflect 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 % $ 100.50 (5.21%) 5.22% (5.24%) 5.25% (5.26%) 5.27%
500-999 50,000-99,999 4.75 100.35 (5.22) 5.22 (5.25) 5.26 (5.27) 5.27
1,000-2,499 100,000-249,999 4.50 100.08 (5.23) 5.24 (5.26) 5.27 (5.28) 5.29
2,500-4,999 250,000-499,999 4.25 99.82 (5.24) 5.25 (5.28) 5.28 (5.29) 5.30
5,000-9,999 500,000-999,999 3.50 99.05 (5.28) 5.29 (5.32) 5.32 (5.34) 5.34
10,000-24,999 1,000,000- 2,499,999 3.00 98.54 (5.31) 5.32 (5.34) 5.35 (5.36) 5.37
25,000-49,999 2,500,000- 4,999,999 2.50 98.03 (5.34) 5.35 (5.37) 5.38 (5.39) 5.40
50,000 and over 5,000,000 and over 2.00 97.53 (5.37) 5.37 (5.40) 5.41 (5.42) 5.43
</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 % $ 100.50 5.23% 5.26% 5.28%
500-999 50,000-99,999 4.75 100.35 5.24 5.27 5.29
1,000-2,499 100,000-249,999 4.50 100.08 5.26 5.29 5.31
2,500-4,999 250,000-499,999 4.25 99.82 5.28 5.31 5.33
5,000-9,999 500,000-999,999 3.50 99.05 5.34 5.37 5.39
10,000-24,999 1,000,000- 2,499,999 3.00 98.54 5.37 5.40 5.42
25,000-49,999 2,500,000- 4,999,999 2.50 98.03 5.41 5.44 5.46
50,000 and over 5,000,000 and over 2.00 97.53 5.45 5.48 5.50
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to the Date of Deposit. Figures in
brackets represent the current return. The first year's estimated current
returns are slightly lower than those for subsequent years because a portion
of the monies received in the first year only will be treated as a return of
principal due to the inclusion in the portfolio of "when issued" or other
Bonds having delivery dates after the date of settlement for a purchase made
on the Date of Deposit.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
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............. $ .4074(1) $ 5.2414
-------- $.4365 every month --------
Quarterly Distribution Plan........... $ .4074(1) $ .8784(2) $ 1.3176 $ 1.3176 $ 1.3176 $ 5.2734
Semi-Annual Distribution Plan......... $ .4074(1) $ 2.2050(3) $ 2.6460 $ 5.2924
- ---------------------------------------------------------------------------------------------------------------------------------
</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 $.01455 per unit per day.
Consequently, on the first Record Date (12/01/95), accrued interest will total
$0.4074 per unit for the 28-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 $.4074 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01455 Quarterly - $0.01464
Semi-Annual - $0.01470
This daily rate of accrual, and the annual distributions shown above, will
remain the same as long as the portfolio size and composition remain the same.
- --------------------------------------------------------------------------------
<PAGE>
- -------------------------------------------------------
DIVERSIFICATION OF PORTFOLIO INCOME
There are 13 Tax-exempt bond issues in this trust; this diversified portfolio
yields current income from issuers in 9 states .
<TABLE>
<S> <C> <C> <C> <C> <C>
- -------------------------------------------------------
Percent Percent
of Total of Total
Income Income
- -------------------------------------------------------
California 17.7 % New York 11.6 %
Iowa 10.1 Pennsylvania 10.0
Illinois 10.0 Texas 4.6
Massachusetts 4.4 Washington 10.4
Michigan 21.2
</TABLE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 27.1 years.
The first bond is scheduled to mature in November, 2012, with the last bond
maturity being March, 2028.
- -------------------------------------------------------
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.
834
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
MASSACHUSETTS
INSURED
TRUST 131
Estimated Current Return
5.01% to 5.22%
as of 11/02/95
Estimated Long Term Return
5.03% to 5.31%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
670947 522 Monthly Payment Option
670947 530 Quarterly Payment Option
670947 548 Semi-Annual Payment Option
Registered in Massachusetts
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, MASSACHUSETTS INSURED TRUST 131
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT NOVEMBER 3, 1995
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<TABLE>
<CAPTION>
Ratings
Optional -----------------------
Aggregate Name of Issuer and Title of Issue Represented Redemption Standard
Principal by Sponsor's Contracts to Purchase Bonds Provisions & Poor's Moody's
<C> <C> <S> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
$ 500,000 The Commonwealth of Massachusetts, General Obligation Bonds, 2004 at 102 AAA Aaa
Consolidated Loan of 1994, Series A, 5.00% Due 1/1/14.
500,000 Massachusetts Health and Educational Facilities Authority, 2005 at 102 AAA Aaa
Revenue Bonds, Newton-Wellesley Hospital Issue, Series E,
6.00% Due 7/1/25.
500,000 Massachusetts Industrial Finance Agency Revenue Bonds, 2005 at 102 AAA Aaa
Babson College Issue, Series 1995A, 5.75% Due 10/1/15.
500,000 Massachusetts Industrial Finance Agency Revenue Bonds, 2008 at 102 AAA Aaa
Phillips Academy Issue, Series 1993, 5.375% Due 9/1/23.
500,000 Massachusetts Municipal Wholesale Electric Company, Power 2004 at 102 AAA Aaa
Supply System Revenue Bonds, 1994 Series B, 5.00% Due
7/1/17.
525,000 Massachusetts Water Resources Authority, General Revenue 2004 at 100 AAA Aaa
Bonds, 1993 Series C, 4.75% Due 12/1/23. (Original issue
discount bonds delivered on or about December 2, 1993 at a
price of 86.421% of principal amount.)
475,000 Woods Hole (Massachusetts), Martha's Vineyard and Nantucket 2004 at 102 AAA Aaa
Steamship Authority, Steamship Bonds, 1994 Series A,
5.125% Due 3/1/12. (General Obligation Bonds.)
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$3,500,000
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----------
</TABLE>
<PAGE>
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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.
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<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 % $ 100.54 5.01% 5.04% 5.06%
500-999 50,000-99,999 4.75 100.38 5.02 5.05 5.07
1,000-2,499 100,000-249,999 4.50 100.11 5.03 5.07 5.08
2,500-4,999 250,000-499,999 4.25 99.85 5.05 5.08 5.10
5,000-9,999 500,000-999,999 3.50 99.08 5.09 5.12 5.14
10,000-24,999 1,000,000- 2,499,999 3.00 98.57 5.11 5.14 5.16
25,000-49,999 2,500,000- 4,999,999 2.50 98.06 5.14 5.17 5.19
50,000 and over 5,000,000 and over 2.00 97.56 5.17 5.20 5.22
</TABLE>
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<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 % $ 100.54 5.03% 5.06% 5.08%
500-999 50,000-99,999 4.75 100.38 5.04 5.07 5.09
1,000-2,499 100,000-249,999 4.50 100.11 5.06 5.09 5.11
2,500-4,999 250,000-499,999 4.25 99.85 5.08 5.11 5.13
5,000-9,999 500,000-999,999 3.50 99.08 5.14 5.17 5.19
10,000-24,999 1,000,000- 2,499,999 3.00 98.57 5.18 5.21 5.23
25,000-49,999 2,500,000- 4,999,999 2.50 98.06 5.22 5.25 5.27
50,000 and over 5,000,000 and over 2.00 97.56 5.26 5.29 5.31
</TABLE>
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(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.
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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:
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<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............. $ .3917(1) $ 5.0393
-------- $.4197 every month --------
Quarterly Distribution Plan........... $ .3917(1) $ .8448(2) $ 1.2672 $ 1.2672 $ 1.2672 $ 5.0713
Semi-Annual Distribution Plan......... $ .3917(1) $ 2.1195(3) $ 2.5434 $ 5.0903
- ---------------------------------------------------------------------------------------------------------------------------------
</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 $.01399 per unit per day.
Consequently, on the first Record Date (12/01/95), accrued interest will total
$0.3917 per unit for the 28-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 $.3917 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01399 Quarterly - $0.01408
Semi-Annual - $0.01413
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.
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834
<PAGE>
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AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 23.2 years.
The first bond is scheduled to mature in March, 2012, with the last bond
maturity being July, 2025.
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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.
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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.
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* 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.
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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.
