<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
CONNECTICUT
TRUST 277
(CONNECTICUT TRADITIONAL TRUST 277)
Estimated Current Return
5.04% to 5.25%
as of 11/14/95
Estimated Long Term Return
5.05% to 5.34%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds
Cusip:
67094E 790 Monthly Payment Option
67094E 808 Quarterly Payment Option
67094E 816 Semi-Annual Payment Option
Registered in Connecticut
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--CONNECTICUT TRADITIONAL TRUST 277
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT NOVEMBER 15, 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>
--------------------------------------------------------------------------------------------------------------------------
$ 515,000 State of Connecticut, General Obligation Bonds (1995 Series 2005 at 101 AA- Aa
B), 5.375% Due 10/1/14.
515,000 Connecticut Development Authority, Water Facilities 2003 at 102 AAA Aaa
Refunding Revenue Bonds (Stamford Water Company
Project-1993 Series), 5.30% Due 9/1/28. (AMBAC Insured.)
500,000 State of Connecticut Health and Educational Facilities 2005 at 101 AAA Aaa
Authority, Revenue Bonds, Kent School Issue, Series B,
5.40% Due 7/1/23. (MBIA Insured.)
500,000 State of Connecticut Health and Educational Facilities 2004 at 102 AAA Aaa
Authority, Revenue Bonds, New Britain General Hospital
Issue, Series B, 6.00% Due 7/1/24. (AMBAC Insured.)
500,000 State of Connecticut Health and Educational Facilities 2004 at 102 AA- A1
Authority, Revenue Bonds, Nursing Home Program Issue,
Series 1994 (Saint Joseph's Living Center Project), 4.75%
Due 11/1/14. (General Obligation Bonds.)
500,000 Connecticut Municipal Electric Energy Cooperative, Power 2004 at 102 AAA Aaa
Supply System Revenue Bonds, 1993 Series A, 5.00% Due
1/1/18. (MBIA Insured.)
210,000 State of Connecticut, Special Tax Obligation Bonds, 2005 at 101 AAA Aaa
Transportation Infrastructure Purposes, 1995 Series A,
5.60% Due 6/1/13. (FGIC Insured.)
260,000 South Central Connecticut Regional Water Authority, Water 2003 at 102 AAA Aaa
System Revenue Bonds, Eleventh Series, 5.75% Due 8/1/12.
(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>
50-499 $5,000-$49,999 4.90 % $ 101.38 5.04% 5.08% 5.09%
500-999 50,000-99,999 4.75 101.22 5.05 5.08 5.10
1,000-2,499 100,000-249,999 4.50 100.95 5.07 5.10 5.12
2,500-4,999 250,000-499,999 4.25 100.69 5.08 5.11 5.13
5,000-9,999 500,000-999,999 3.50 99.91 5.12 5.15 5.17
10,000-24,999 1,000,000- 2,499,999 3.00 99.39 5.15 5.18 5.20
25,000-49,999 2,500,000- 4,999,999 2.50 98.88 5.17 5.20 5.22
50,000 and over 5,000,000 and over 2.00 98.38 5.20 5.23 5.25
</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 % $ 101.38 5.05% 5.09% 5.11%
500-999 50,000-99,999 4.75 101.22 5.06 5.10 5.12
1,000-2,499 100,000-249,999 4.50 100.95 5.09 5.13 5.15
2,500-4,999 250,000-499,999 4.25 100.69 5.10 5.14 5.16
5,000-9,999 500,000-999,999 3.50 99.91 5.16 5.20 5.22
10,000-24,999 1,000,000- 2,499,999 3.00 99.39 5.20 5.24 5.26
25,000-49,999 2,500,000- 4,999,999 2.50 98.88 5.24 5.28 5.30
50,000 and over 5,000,000 and over 2.00 98.38 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 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............. $ .2272(1) $ 5.1140
-------- $.4260 every month --------
Quarterly Distribution Plan........... $ .2272(1) $ .8574(2) $ 1.2861 $ 1.2861 $ 1.2861 $ 5.1460
Semi-Annual Distribution Plan......... $ .2272(1) $ 2.1510(3) $ 2.5812 $ 5.1650
- ---------------------------------------------------------------------------------------------------------------------------------
</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 $.01420 per unit per day.
Consequently, on the first Record Date (12/01/95), accrued interest will total
$0.2272 per unit for the 16-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 $.2272 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01420 Quarterly - $0.01429
Semi-Annual - $0.01434
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.
- --------------------------------------------------------------------------------
835
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 23.8 years.
The first bond is scheduled to mature in August, 2012, with the last bond
maturity being September, 2028.
- -------------------------------------------------------
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 71%
AA 29
---
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
GEORGIA
INSURED
TRUST 48
Estimated Current Return
First
Year: 5.01% to 5.22%
Subsequent
Years: 5.02% to 5.22%
as of 11/14/95
Estimated Long Term Return
5.06% to 5.34%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101M 736 Monthly Payment Option
67101M 744 Quarterly Payment Option
67101M 751 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 48
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT NOVEMBER 15, 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>
--------------------------------------------------------------------------------------------------------------------------
$ 530,000 Municipal Electric Authority of Georgia, Power Revenue 2004 at 102 AAA Aaa
Bonds, Series CC, 4.75% Due 1/1/19. (Original issue
discount bonds delivered on or about December 29, 1993 at
a price of 91.50% of principal amount.)
470,000 City of Atlanta, Georgia, Water and Sewerage Revenue Bonds, 2004 at 102 AAA Aaa
Series 1993, 4.75% Due 1/1/23. (Original issue discount
bonds delivered on or about October 21, 1993 at a price of
92.426% of principal amount.)
500,000 Chatham County School District (Georgia), General Obligation 2004 at 101 AAA Aaa
Refunding School Bonds, Series 1995B, 5.50% Due 8/1/20.
(When issued.)
355,000 Development Authority of DeKalb County (Georgia), Tax-Exempt 2005 at 101 AAA Aaa
Revenue Bonds (Emory University Project), Series 1995A,
5.375% Due 11/1/25. (When issued.)
500,000 DeKalb County, Georgia, Water and Sewerage Revenue Bonds, 2003 at 102 AAA Aaa
Series 1993, 5.25% Due 10/1/23.
145,000 Fulton County School District (Georgia), General Obligation 2004 at 102 AAA Aaa
Bonds, Series 1993, 5.625% Due 1/1/21.
500,000 The Fulton-DeKalb Hospital Authority (Georgia), Revenue 2003 at 102 AAA Aaa
Refunding Certificates, Series 1993, 5.50% Due 1/1/20.
(Original issue discount bonds delivered on or about June
15, 1993 at a price of 94.499% of principal
amount.)(General Obligation Bonds.)
500,000 Pickens County School District (Georgia), General Obligation 2006 at 102 AAA Aaa
School Bonds, Series 1995, 5.65% Due 2/1/16. (When
issued.)
----------
$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 % $ 99.99 (5.01%) 5.02% (5.04%) 5.05% (5.06%) 5.07%
500-999 50,000-99,999 4.75 99.83 (5.02) 5.03 (5.05) 5.06 (5.07) 5.08
1,000-2,499 100,000-249,999 4.50 99.57 (5.03) 5.04 (5.06) 5.07 (5.08) 5.09
2,500-4,999 250,000-499,999 4.25 99.31 (5.05) 5.05 (5.08) 5.08 (5.10) 5.10
5,000-9,999 500,000-999,999 3.50 98.54 (5.09) 5.09 (5.12) 5.12 (5.14) 5.14
10,000-24,999 1,000,000- 2,499,999 3.00 98.03 (5.11) 5.12 (5.14) 5.15 (5.16) 5.17
25,000-49,999 2,500,000- 4,999,999 2.50 97.53 (5.14) 5.14 (5.17) 5.18 (5.19) 5.20
50,000 and over 5,000,000 and over 2.00 97.03 (5.16) 5.17 (5.20) 5.20 (5.22) 5.22
</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 % $ 99.99 5.06% 5.10% 5.12%
500-999 50,000-99,999 4.75 99.83 5.07 5.11 5.13
1,000-2,499 100,000-249,999 4.50 99.57 5.09 5.13 5.15
2,500-4,999 250,000-499,999 4.25 99.31 5.11 5.15 5.17
5,000-9,999 500,000-999,999 3.50 98.54 5.17 5.21 5.23
10,000-24,999 1,000,000- 2,499,999 3.00 98.03 5.21 5.25 5.27
25,000-49,999 2,500,000- 4,999,999 2.50 97.53 5.24 5.28 5.30
50,000 and over 5,000,000 and over 2.00 97.03 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............. $ .2228(1) $ 5.0166
-------- $.4179 every month --------
Quarterly Distribution Plan........... $ .2228(1) $ .8412(2) $ 1.2618 $ 1.2618 $ 1.2618 $ 5.0486
Semi-Annual Distribution Plan......... $ .2228(1) $ 2.1105(3) $ 2.5326 $ 5.0676
- ---------------------------------------------------------------------------------------------------------------------------------
</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 $.01393 per unit per day.
Consequently, on the first Record Date (12/01/95), accrued interest will total
$0.2228 per unit for the 16-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 $.2228 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01393 Quarterly - $0.01402
Semi-Annual - $0.01407
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.
- --------------------------------------------------------------------------------
835
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 25.1 years.
The first bond is scheduled to mature in February, 2016, 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 205
Estimated Current Return
5.10% to 5.31%
as of 11/14/95
Estimated Long Term Return
5.18% to 5.44%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H8 373 Monthly Payment Option
6706H8 381 Quarterly Payment Option
6706H8 399 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 205
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT NOVEMBER 15, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Optional -----------------------
Aggregate Name of Issuer and Title of Issue Represented Redemption Standard
Principal by Sponsor's Contracts to Purchase Bonds Provisions & Poor's Moody's
<C> <C> <S> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
$ 500,000 Pennsylvania Higher Educational Facilities Authority 2005 at 102 AAA Aaa
(Commonwealth of Pennsylvania), Saint Joseph's University
Revenue Bonds, Series of 1995, 5.875% Due 7/15/25.
500,000 Pennsylvania Intergovernmental Cooperation Authority, 2003 at 100 AAA Aaa
Special Tax Revenue Bonds (City of Philadelphia Funding
Program), Series of 1993, 5.75% Due 6/15/15.
225,000 Allegheny County Sanitary Authority, Allegheny County, No Optional AAA Aaa
Pennsylvania, Sewer Revenue Bonds, Refunding Series of Call
1993, 0.00% Due 12/1/16. (Original issue discount bonds
delivered on or about April 13, 1995 at a price of 24.169%
of principal amount.)
500,000 Bradford Area School District, McKean County, Pennsylvania, 2005 at 100 AAA Aaa
General Obligation Bonds, Series of 1995, 5.75% Due
10/1/15.
500,000 Cambria County Industrial Development Authority 2005 at 102 AAA Aaa
(Pennsylvania), Pollution Control Revenue Refunding Bonds,
1995 Series A (Pennsylvania Electric Company Project),
5.80% Due 11/1/20. (When issued.)
500,000 Lehigh County (Pennsylvania), General Purpose Authority, 2005 at 102 AAA Aaa
Hospital Revenue Bonds (Lehigh Valley Hospital), Series B
of 1995, 5.625% Due 7/1/25. (When issued.)
500,000 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.
275,000 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>
50-499 $5,000-$49,999 4.90 % $ 99.83 5.10% 5.14% 5.16%
500-999 50,000-99,999 4.75 99.67 5.11 5.15 5.16
1,000-2,499 100,000-249,999 4.50 99.41 5.13 5.16 5.18
2,500-4,999 250,000-499,999 4.25 99.15 5.14 5.17 5.19
5,000-9,999 500,000-999,999 3.50 98.38 5.18 5.21 5.23
10,000-24,999 1,000,000- 2,499,999 3.00 97.88 5.21 5.24 5.26
25,000-49,999 2,500,000- 4,999,999 2.50 97.37 5.23 5.27 5.29
50,000 and over 5,000,000 and over 2.00 96.88 5.26 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 % $ 99.83 5.18% 5.21% 5.23%
500-999 50,000-99,999 4.75 99.67 5.18 5.21 5.23
1,000-2,499 100,000-249,999 4.50 99.41 5.21 5.24 5.26
2,500-4,999 250,000-499,999 4.25 99.15 5.22 5.25 5.27
5,000-9,999 500,000-999,999 3.50 98.38 5.28 5.31 5.33
10,000-24,999 1,000,000- 2,499,999 3.00 97.88 5.32 5.35 5.37
25,000-49,999 2,500,000- 4,999,999 2.50 97.37 5.36 5.39 5.41
50,000 and over 5,000,000 and over 2.00 96.88 5.39 5.42 5.44
</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............. $ .2264(1) $ 5.0963
-------- $.4245 every month --------
Quarterly Distribution Plan........... $ .2264(1) $ .8544(2) $ 1.2816 $ 1.2816 $ 1.2816 $ 5.1283
Semi-Annual Distribution Plan......... $ .2264(1) $ 2.1435(3) $ 2.5722 $ 5.1473
- ---------------------------------------------------------------------------------------------------------------------------------
</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 $.01415 per unit per day.
Consequently, on the first Record Date (12/01/95), accrued interest will total
$0.2264 per unit for the 16-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 $.2264 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01415 Quarterly - $0.01424
Semi-Annual - $0.01429
This daily rate of accrual, and the annual distributions shown above, will
remain the same as long as the portfolio size and composition remain the same.
- --------------------------------------------------------------------------------
835
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 25.6 years.
The first bond is scheduled to mature in June, 2015, with the last bond maturity
being February, 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.
- -------------------------------------------------------
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.
