<PAGE>
NUVEEN
NUVEEN NATIONAL
INSURED UNIT TRUST 314 849
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
RATED: "AAA" NUVEEN TAX-FREE UNIT TRUSTS:
ESTIMATED CURRENT RETURN: For the tax-sensitive, conservative investor.
5.07 - 5.28% - Tax-Free
ESTIMATED LONG-TERM RETURN: - Dependable Income
5.13 - 5.39% - Diversified Portfolios
DATE OF DEPOSIT: February 29, 1996 - Top-Rated Municipal Bonds
</TABLE>
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 FDIC OR
ANY OTHER FEDERAL AGENCY AND INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE
LOSS OF PRINCIPAL.
- --------------------------------------------------------------------------------
QUICK FACTS ABOUT THIS UNIT TRUST
<TABLE>
<S> <C>
Tax Status Income is exempt from federal income tax but may
be subject to state and local tax. Capital gains
are taxable.
Total Principal $10,000,000 in 100,000 units
Average Life 27.6 years
Call Protection Earliest ordinary optional call is 2004
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $100.06 to $97.10 depending on the purchase amount
Cusip 6710A4 611 monthly payment plan
Numbers 6710A4 629 quarterly payment plan
6710A4 637 semi-annual payment plan
Insurance Individual bonds (not units) are fully insured by
MBIA Insurance Corporation, which guarantees
timely payment of interest and principal.
Registration Registered in all states
</TABLE>
<TABLE>
<S> <C>
Payment Investors may choose to receive monthly, quarterly
Plans or semi-annual interest payments.
Bond Calls Most municipal bonds are subject to optional bond
calls. Bonds are usually called at a premium price
and generally not below par value.
Sales Charge The sales charge is a one-time expense included in
the Public Offering Price.
Letter Investors may use a Letter of Intent to get
of Intent reduced sales charges on purchases made over a
(LOI) 13-month period (and to take advantage of dollar
cost averaging). Minimum LOI investment $50,000.
Redemptions Units can be redeemed on any business day at no
charge. Units are redeemed at their current market
value.
Reinvestment Interest income and returned principal can be
reinvested with no sales charge into Nuveen tax-
free mutual or money market funds. For more
information obtain a prospectus.
</TABLE>
- --------------------------------------------------------------------------------
PORTFOLIO INCOME DIVERSIFICATION
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Iowa 20.6 % Illinois 15.8 % Indiana 10.8 %
Louisiana 10.6 Michigan 10.4 New Jersey 10.8
New York 10.4 Pennsylvania 10.6
</TABLE>
<TABLE>
<S> <C>
MATURITY DATES (Descrtiption of Chart)
2018-20 20.0%
2021-23 35.0%
2024-2026 35.0%
</TABLE>
<PAGE>
<TABLE>
<S> <C>
2027+ 10.0%
The earliest ordinary optional call date is 2004
YIELD COMPARISON AS OF 02/28/96*
(Descrition of Yield Comparison Chart)
Nuveen UIT
Pre-Tax 7.92%
Tax Equivalent Yield 5.07%
Treasury Bonds
Pre-Tax 6.82%
Tax Equivalent Yield 6.48%
Corporate Bonds
Yield 6.92%
</TABLE>
*COMPARES TRUST WITH 30-YEAR TREASURY BONDS AND LEHMAN BROTHERS INVESTMENT
GRADE LONG CORPORATE BOND INDEX. ASSUMES 36.0% FEDERAL AND 5.0% STATE INCOME
TAX RATES. TREASURY BONDS ARE SUBJECT TO FEDERAL BUT NOT STATE INCOME TAXES;
CORPORATE BONDS ARE GENERALLY SUBJECT TO BOTH. TREASURY BONDS, UNLIKE
MUNICIPAL BONDS, ARE GUARANTEED BY THE U.S. GOVERNMENT. THE LEHMAN BROTHERS
INVESTMENT GRADE LONG CORPORATE BOND INDEX IS CALCULATED AS OF 1/31/96.
CALL 1.800.257.8787 FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION
INCLUDING CHARGES AND EXPENSES.
<PAGE>
- --------------------------------------------------------------------------------
BONDS THIS UNIT TRUST CONTAINS
<TABLE>
<CAPTION>
RATINGS
PRINCIPAL EARLIEST CALL ----------
AMOUNT BOND ISSUE DATE AND PRICE S&P MOODY'S
<C> <S> <C> <C><C>
----------------------------------------------------------------------------------------------------------------
$ 1,500,000 Regional Transportation Authority (Cook, DuPage, Kane, Lake, McHenry and AAA Aaa
Will Counties, Illinois), General Obligation Refunding Bonds, Series 1996,
5.60% Due 6/1/25. 2005 at 102
1,000,000 Indiana Health Facility Financing Authority, Hospital Revenue Refunding and AAA Aaa
Improvement Bonds, Series 1995 (Community Hospitals Projects), 5.70% Due
5/15/22. 2006 at 102
1,000,000 Iowa Finance Authority, Private College Refunding Revenue Bonds (Drake AAA Aaa
University Project), Series 1996, 5.40% Due 12/1/21. 2005 at 102
1,000,000 Woodbury County, Iowa, Health System Revenue Refunding Bonds (St. Luke's AAA Aaa
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.) 2005 at 102
1,000,000 Ernest N. Morial-New Orleans (Louisiana), Exhibition Hall Authority, AAA Aaa
Special Tax Bonds, Series 1996-C, 5.60% Due 7/15/25. 2006 at 101
1,000,000 City of Detroit, Michigan, Water Supply System Revenue Second Lien Bonds, AAA Aaa
Series 1995-A, 5.50% Due 7/1/25. 2005 at 101
1,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, One AAA Aaa
Hundredth Series, 5.75% Due 6/15/30. 2005 at 101
1,000,000 New York Local Government Assistance Corporation (A Public Benefit AAA Aaa
Corporation of the State of New York), Series 1994A Bonds, 5.50% Due
4/1/23. 2004 at 101
1/2
1,000,000 City of Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, AAA Aaa
Series 1995, 5.60% Due 8/1/18. 2005 at 102
500,000 Wisconsin Center District, Senior Dedicated Tax Revenue Bonds, Series AAA Aaa
1996A, 0.00% Due 12/15/22. (Original issue discount bonds delivered on or
about February 1, 1996 at a price of 21.515% of principal amount.) No Optional
Call
----------------------------------------------------------------------------------------------------------------
$10,000,000 TOTAL 10 BONDS FROM 9 STATES
</TABLE>
- --------------------------------------------------------------------------------
HOW TO DETERMINE YOUR INCOME AND YIELD
HOW TO CALCULATE YOUR RETURN
<TABLE>
<S> <C>
The estimated current return is the net income the sales charge, and returns are as of 02/28/96.
divided by the offering price. Estimated long-term As of this date, Units are offered at the public
return is a measure of the return to the investor offering price plus accrued interest to the
expected to be earned over the estimated life of settlement date of $.08. Returns and prices will
the Unit Trust. The public offering prices, which fluctuate.
include
</TABLE>
<TABLE>
<CAPTION>
Public Estimated Return (CURRENT/Long Term)
Breakpoints Offering Sales -------------------------------------------------
Units / Dollars Price Charge Monthly Plan Quarterly Plan Semi-Annual Plan
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50 / $5,000 $ 100.06 4.90 % 5.07% 5.13% 5.10% 5.16% 5.12% 5.18 %
500 / $50,000 99.91 4.75 5.08 5.14 5.11 5.17 5.13 5.19
1,000 / $100,000 99.64 4.50 5.09 5.16 5.12 5.19 5.14 5.21
2,500 / $250,000 99.38 4.25 5.11 5.17 5.14 5.20 5.16 5.22
5,000 / $500,000 98.61 3.50 5.15 5.23 5.18 5.26 5.20 5.28
10,000 / $1,000,000 98.10 3.00 5.17 5.27 5.20 5.30 5.22 5.32
25,000 / $2,500,000 97.60 2.50 5.20 5.30 5.23 5.33 5.25 5.35
50,000 / $5,000,000 97.10 2.00 5.23 5.34 5.26 5.37 5.28 5.39
</TABLE>
HOW TO DETERMINE YOUR
TAXABLE EQUIVALENT YIELD
The table shows the approximate yield an investor must get from a taxable
investment to match the estimated current return from this Unit Trust.
<TABLE>
<CAPTION>
Taxable Equivalent Yield (by
UNIT TRUST tax bracket)
RETURN 28.0% 31.0% 36.0% 39.6%
<C> <S> <C> <C> <C> <C>
5.07 % 7.04% 7.35% 7.92% 8.39%
5.08 7.06 7.36 7.94 8.41
5.09 7.07 7.38 7.95 8.43
5.11 7.10 7.41 7.98 8.46
5.15 7.15 7.46 8.05 8.53
5.17 7.18 7.49 8.08 8.56
5.20 7.22 7.54 8.13 8.61
5.23 7.26 7.58 8.17 8.66
</TABLE>
JOHN NUVEEN & CO. INCORPORATED
333 WEST WACKER DRIVE, CHICAGO, IL 60606
HOW TO CALCULATE YOUR INCOME
The table shows expected interest payments for monthly, quarterly and
semi-annual plans. Payments will remain relatively constant as long as the Unit
Trust's size, composition and expenses remain the same. The first record date is
04/01/96.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 4/15/96 $ .4508
Monthly plan 5/15/96 .4227 $ 5.0741
Quarterly plan 5/15/96 .4254
8/15/96 1.2762 5.1061
Semi-annual plan 5/15/96 .4269
11/15/96 2.5614 5.1251
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 100.14 = 99.860
investment offering price # of units
(as of and accrued purchased
02/28/96) interest
99.860 X $5.0741 = $506.70
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
<PAGE>
NUVEEN
NUVEEN NORTH CAROLINA
TRADITIONAL UNIT TRUST 295 849
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ESTIMATED CURRENT RETURN: NUVEEN TAX-FREE UNIT TRUSTS:
4.86 - 5.06% For the tax-sensitive, conservative investor.
ESTIMATED LONG-TERM RETURN: - Double Tax-Free
4.88 - 5.17% - Dependable Income
DATE OF DEPOSIT: February 29, 1996 - Diversified Portfolios
- Investment Grade Municipal Bonds
</TABLE>
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 FDIC OR
ANY OTHER FEDERAL AGENCY AND INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE
LOSS OF PRINCIPAL.
- --------------------------------------------------------------------------------
QUICK FACTS ABOUT THIS UNIT TRUST
<TABLE>
<S> <C>
Tax Status Income is exempt from federal and state income
taxes. Capital gains are taxable.
Total Principal $3,000,000 in 30,000 units
Average Life 20.8 years
Call Protection Earliest ordinary optional call is 2004
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $101.73 to $98.72 depending on the purchase amount
Cusip 6710A2 557 monthly payment plan
Numbers 6710A2 565 quarterly payment plan
6710A2 573 semi-annual payment plan
Ratings of As rated by Standard & Poor's, a division of The McGraw
Portfolio Hill Companies
or Moody's Investors Service, Inc.
AAA 70%
AA 30
---------
100%
Registration Registered in North Carolina
</TABLE>
<TABLE>
<S> <C>
Payment Investors may choose to receive monthly, quarterly
Plans or semi-annual interest payments.
Bond Calls Most municipal bonds are subject to optional bond
calls. Bonds are usually called at a premium price
and generally not below par value.
Sales Charge The sales charge is a one-time expense included in
the Public Offering Price.
Letter Investors may use a Letter of Intent to get
of Intent reduced sales charges on purchases made over a
(LOI) 13-month period (and to take advantage of dollar
cost averaging). Minimum LOI investment $50,000.
Redemptions Units can be redeemed on any business day at no
charge. Units are redeemed at their current market
value.
Reinvestment Interest income and returned principal can be
reinvested with no sales charge into Nuveen tax-
free mutual or money market funds. For more
information obtain a prospectus.
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
MATURITY DATES (Description of Chart)
2011-15 45.0%
2016-20 30.0%
2021+ 25.0%
The earliest ordinary optional call date is 2004
YIELD COMPARISON AS OF 02/28/96*
(Description of Yield Comparison Chart)
Nuveen UIT
Pre-Tax 8.24%
Tax Equivalent Yield 4.86%
Treasury Bonds
Pre-Tax 7.02%
Tax Equivalent Yield 6.48%
Corporate Bonds
Yield 6.92%
</TABLE>
*COMPARES TRUST WITH 30-YEAR TREASURY BONDS AND LEHMAN BROTHERS INVESTMENT
GRADE LONG CORPORATE BOND INDEX. ASSUMES 41% FEDERAL AND STATE INCOME TAX RATE
AND A 7.75% STATE INCOME TAX RATE. TREASURY BONDS ARE SUBJECT TO FEDERAL BUT
NOT STATE INCOME TAXES; CORPORATE BONDS ARE GENERALLY SUBJECT TO
<PAGE>
BOTH. TREASURY BONDS, UNLIKE MUNICIPAL BONDS, ARE GUARANTEED BY THE U.S.
GOVERNMENT. THE LEHMAN BROTHERS INVESTMENT GRADE LONG CORPORATE BOND INDEX IS
CALCULATED AS OF 1/31/96.
CALL 1.800.257.8787 FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION
INCLUDING CHARGES AND EXPENSES.
<PAGE>
- --------------------------------------------------------------------------------
BONDS THIS UNIT TRUST CONTAINS
<TABLE>
<CAPTION>
RATINGS
PRINCIPAL EARLIEST CALL ----------
AMOUNT BOND ISSUE DATE AND PRICE S&P MOODY'S
<C> <S> <C> <C><C>
----------------------------------------------------------------------------------------------------------------
$ 450,000 State of North Carolina, Capital Improvement Bonds, Series 1994A, 4.75% Due AAA Aaa
2/1/12. (General Obligation Bonds.) 2004 at 102
450,000 North Carolina Medical Care Commission, Hospital Revenue Bonds (Scotland AA --
Memorial Hospital Project), Series 1993, 5.375% Due 10/1/11. (ASSET GUARAN-
TEED.) 2004 at 102
450,000 North Carolina Municipal Power Agency Number 1, Catawba Electric Revenue AAA Aaa
Bonds, Series 1995A, 5.375% Due 1/1/20. (AMBAC Insured.) 2006 at 102
300,000 The University of North Carolina at Charlotte, Student Activity Center AAA Aaa
Student Fee Revenue Bonds, Series 1995 of the Board of Governors of the
University of North Carolina, 5.50% Due 6/1/21. (MBIA Insured.) 2005 at 102
450,000 County of Pasquotank, North Carolina, Certificates of Participation (1995 AAA Aaa
Elizabeth City-Pasquotank Public Schools Project), 5.00% Due 6/1/20.
(Original issue discount bonds delivered on or about December 21, 1995 at a
price of 93.624% of principal amount.)(MBIA Insured.) 2006 at 102
450,000 Piedmont Triad Airport Authority (North Carolina), Airport Revenue AAA Aaa
Refunding Bonds, Series 1993, 5.125% Due 7/1/12. (MBIA Insured.) 2004 at 102
450,000 County of Pitt, North Carolina, Pitt County Memorial Hospital Revenue AA- Aa
Bonds, Series 1995, 5.25% Due 12/1/21. (Original issue discount bonds
delivered on or about October 12, 1995 at a price of 92.008% of principal
amount.) 2005 at 102
----------------------------------------------------------------------------------------------------------------
$ 3,000,000 TOTAL 7 BONDS
</TABLE>
- --------------------------------------------------------------------------------
HOW TO DETERMINE YOUR INCOME AND YIELD
HOW TO CALCULATE YOUR RETURN
<TABLE>
<S> <C>
The estimated current return is the net income the sales charge, and returns are as of 02/28/96.
divided by the offering price. Estimated long-term As of this date, Units are offered at the public
return is a measure of the return to the investor offering price plus accrued interest to the
expected to be earned over the estimated life of settlement date of $.08. Returns and prices will
the Unit Trust. The public offering prices, which fluctuate.
include
</TABLE>
<TABLE>
<CAPTION>
Public Estimated Return (CURRENT/Long Term)
Breakpoints Offering Sales -------------------------------------------------
Units / Dollars Price Charge Monthly Plan Quarterly Plan Semi-Annual Plan
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50 / $5,000 $ 101.73 4.90 % 4.86% 4.88% 4.89% 4.91% 4.91% 4.93 %
500 / $50,000 101.58 4.75 4.86 4.89 4.90 4.92 4.91 4.94
1,000 / $100,000 101.31 4.50 4.88 4.91 4.91 4.94 4.93 4.96
2,500 / $250,000 101.04 4.25 4.89 4.93 4.92 4.96 4.94 4.98
5,000 / $500,000 100.26 3.50 4.93 4.99 4.96 5.02 4.98 5.04
10,000 / $1,000,000 99.74 3.00 4.95 5.03 4.99 5.06 5.01 5.08
25,000 / $2,500,000 99.23 2.50 4.98 5.08 5.01 5.11 5.03 5.12
50,000 / $5,000,000 98.72 2.00 5.01 5.12 5.04 5.15 5.06 5.17
</TABLE>
HOW TO DETERMINE YOUR
TAXABLE EQUIVALENT YIELD
The table shows the approximate yield an investor must get from a taxable
investment to match the estimated current return from this Unit Trust.
<TABLE>
<CAPTION>
Taxable Equivalent Yield (by
UNIT TRUST tax bracket)
RETURN 33.0% 36.5% 41.0% 44.5%
<C> <S> <C> <C> <C> <C>
4.86 % 7.25% 7.65% 8.24% 8.76%
4.86 7.25 7.65 8.24 8.76
4.88 7.28 7.69 8.27 8.79
4.89 7.30 7.70 8.29 8.81
4.93 7.36 7.76 8.36 8.88
4.95 7.39 7.80 8.39 8.92
4.98 7.43 7.84 8.44 8.97
5.01 7.48 7.89 8.49 9.03
</TABLE>
JOHN NUVEEN & CO. INCORPORATED
333 WEST WACKER DRIVE, CHICAGO, IL 60606
HOW TO CALCULATE YOUR INCOME
The table shows expected interest payments for monthly, quarterly and
semi-annual plans. Payments will remain relatively constant as long as the Unit
Trust's size, composition and expenses remain the same. The first record date is
04/01/96.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 4/15/96 $ .4390
Monthly plan 5/15/96 .4116 $ 4.9416
Quarterly plan 5/15/96 .4143
8/15/96 1.2429 4.9736
Semi-annual plan 5/15/96 .4158
11/15/96 2.4948 4.9926
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 101.81 = 98.222
investment offering price # of units
(as of and accrued purchased
02/28/96) interest
98.222 X $4.9416 = $485.37
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
<PAGE>
NUVEEN
NUVEEN NEW JERSEY
INSURED UNIT TRUST 203 849
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
RATED: "AAA" NUVEEN TAX-FREE UNIT TRUSTS:
ESTIMATED CURRENT RETURN: For the tax-sensitive, conservative investor.
4.91 - 5.11% - Double Tax-Free
ESTIMATED LONG-TERM RETURN: - Dependable Income
4.96 - 5.22% - Diversified Portfolios
DATE OF DEPOSIT: February 29, 1996 - Top-Rated Municipal Bonds
</TABLE>
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 FDIC OR
ANY OTHER FEDERAL AGENCY AND INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE
LOSS OF PRINCIPAL.
- --------------------------------------------------------------------------------
QUICK FACTS ABOUT THIS UNIT TRUST
<TABLE>
<S> <C>
Tax Status Income is exempt from federal and state income
taxes. Capital gains are taxable.
Total Principal $3,500,000 in 35,000 units
Average Life 26.9 years
Call Protection Earliest ordinary optional call is 2005
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $100.86 to $97.88 depending on the purchase amount
Cusip 6706LA 340 monthly payment plan
Numbers 6706LA 357 quarterly payment plan
6706LA 365 semi-annual payment plan
Insurance Individual bonds (not units) are fully insured by
MBIA Insurance Corporation, which guarantees
timely payment of interest and principal.
Registration Registered in New Jersey
</TABLE>
<TABLE>
<S> <C>
Payment Investors may choose to receive monthly, quarterly
Plans or semi-annual interest payments.
Bond Calls Most municipal bonds are subject to optional bond
calls. Bonds are usually called at a premium price
and generally not below par value.
Sales Charge The sales charge is a one-time expense included in
the Public Offering Price.
Letter Investors may use a Letter of Intent to get
of Intent reduced sales charges on purchases made over a
(LOI) 13-month period (and to take advantage of dollar
cost averaging). Minimum LOI investment $50,000.
Redemptions Units can be redeemed on any business day at no
charge. Units are redeemed at their current market
value.
Reinvestment Interest income and returned principal can be
reinvested with no sales charge into Nuveen tax-
free mutual or money market funds. For more
information obtain a prospectus.
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
MATURITY DATES (Description of Chart)
2017-20 42.8%
2021-24 14.3%
2025-28 28.6%
2029+ 14.3%
The earliest ordinary optional call date is 2005
YIELD COMPARISON AS OF 02/28/96*
(Description of Yield Comparison Chart)
Nuveen UIT
Pre-Tax 8.18%
Tax Equivalent Yield 4.91%
Treasury Bonds
Pre-Tax 6.92%
Tax Equivalent Yield 6.48%
Corporate Bonds
Yield 6.92%
</TABLE>
<PAGE>
*COMPARES TRUST WITH 30-YEAR TREASURY BONDS AND LEHMAN BROTHERS INVESTMENT
GRADE LONG CORPORATE BOND INDEX. ASSUMES 40% FEDERAL AND STATE INCOME TAX RATE
AND A 6.37% STATE INCOME TAX RATE. TREASURY BONDS ARE SUBJECT TO FEDERAL BUT
NOT STATE INCOME TAXES; CORPORATE BONDS ARE GENERALLY SUBJECT TO BOTH.
TREASURY BONDS, UNLIKE MUNICIPAL BONDS, ARE GUARANTEED BY THE U.S. GOVERNMENT.
THE LEHMAN BROTHERS INVESTMENT GRADE LONG CORPORATE BOND INDEX IS CALCULATED
AS OF 1/31/96.
CALL 1.800.257.8787 FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION
INCLUDING CHARGES AND EXPENSES.
<PAGE>
- --------------------------------------------------------------------------------
BONDS THIS UNIT TRUST CONTAINS
<TABLE>
<CAPTION>
RATINGS
PRINCIPAL EARLIEST CALL ----------
AMOUNT BOND ISSUE DATE AND PRICE S&P MOODY'S
<C> <S> <C> <C><C>
----------------------------------------------------------------------------------------------------------------
$ 500,000 New Jersey Educational Facilities Authority, Revenue Bonds, University of 2005 at 101 AAA Aaa
Medicine and Dentistry of New Jersey Issue, Series 1995B, 5.25% Due
12/1/21.
500,000 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, JFK 2005 at 101 AAA Aaa
Health Systems, Obligated Group Issue, Series 1995, 5.625% Due 7/1/20.
500,000 The Port Authority of New York and New Jersey, Consolidated Bonds, One 2005 at 101 AAA Aaa
Hundredth Series, 5.75% Due 6/15/30.
325,000 The Camden County Municipal Utilities Authority (Camden County, New 2006 at 102 AAA Aaa
Jersey), County Agreement Sewer Revenue Refunding Bonds, 1996 Series,
5.125% Due 7/15/17. (General Obligation Bonds.)
175,000 The Camden County Municipal Utilities Authority (New Jersey), County No Optional AAA Aaa
Agreement Sewer Revenue Capital Appreciation Bonds, 1990A Series, 0.00% Due Call
9/1/17. (Original issue discount bonds delivered on or about February 21,
1990 at a price of 13.71% of principal amount.)(General Obligation Bonds.)
500,000 Delaware River Port Authority (New Jersey and Pennsylvania), Revenue Bonds, 2006 at 102 AAA Aaa
Series of 1995, 5.50% Due 1/1/26.
500,000 The Board of Education of the Township of Montgomery in the County of 2006 at 100 AAA Aaa
Somerset, New Jersey, School Bonds,
335M-5.45% Due 8/1/18,
165M-5.45% Due 8/1/20.
(General Obligation Bonds.)
500,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 1996 (General 2006 at 101 AAA Aaa
Obligation Bonds.), 5.40% Due 7/1/25. 1/2
----------------------------------------------------------------------------------------------------------------
$ 3,500,000 TOTAL 8 BONDS
</TABLE>
- --------------------------------------------------------------------------------
HOW TO DETERMINE YOUR INCOME AND YIELD
HOW TO CALCULATE YOUR RETURN
<TABLE>
<S> <C>
The estimated current return is the net income the sales charge, and returns are as of 02/28/96.
divided by the offering price. Estimated long-term As of this date, Units are offered at the public
return is a measure of the return to the investor offering price plus accrued interest to the
expected to be earned over the estimated life of settlement date of $.08. Returns and prices will
the Unit Trust. The public offering prices, which fluctuate.
include
</TABLE>
<TABLE>
<CAPTION>
Public Estimated Return (CURRENT/Long Term)
Breakpoints Offering Sales -------------------------------------------------
Units / Dollars Price Charge Monthly Plan Quarterly Plan Semi-Annual Plan
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50 / $5,000 $ 100.86 4.90 % 4.91% 4.96% 4.94% 4.99% 4.96% 5.01 %
500 / $50,000 100.70 4.75 4.92 4.97 4.95 5.00 4.97 5.02
1,000 / $100,000 100.44 4.50 4.93 4.99 4.96 5.02 4.98 5.04
2,500 / $250,000 100.18 4.25 4.95 5.00 4.98 5.03 5.00 5.05
5,000 / $500,000 99.40 3.50 4.98 5.06 5.02 5.09 5.04 5.11
10,000 / $1,000,000 98.89 3.00 5.01 5.10 5.04 5.13 5.06 5.14
25,000 / $2,500,000 98.38 2.50 5.04 5.13 5.07 5.16 5.09 5.18
50,000 / $5,000,000 97.88 2.00 5.06 5.17 5.09 5.20 5.11 5.22
</TABLE>
HOW TO DETERMINE YOUR
TAXABLE EQUIVALENT YIELD
The table shows the approximate yield an investor must get from a taxable
investment to match the estimated current return from this Unit Trust.
<TABLE>
<CAPTION>
Taxable Equivalent Yield (by
UNIT TRUST tax bracket)
RETURN 32.0% 35.0% 40.0% 43.5%
<C> <S> <C> <C> <C> <C>
4.91 % 7.22% 7.55% 8.18% 8.69%
4.92 7.24 7.57 8.20 8.71
4.93 7.25 7.58 8.22 8.73
4.95 7.28 7.62 8.25 8.76
4.98 7.32 7.66 8.30 8.81
5.01 7.37 7.71 8.35 8.87
5.04 7.41 7.75 8.40 8.92
5.06 7.44 7.78 8.43 8.96
</TABLE>
JOHN NUVEEN & CO. INCORPORATED
333 WEST WACKER DRIVE, CHICAGO, IL 60606
HOW TO CALCULATE YOUR INCOME
The table shows expected interest payments for monthly, quarterly and
semi-annual plans. Payments will remain relatively constant as long as the Unit
Trust's size, composition and expenses remain the same. The first record date is
04/01/96.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 4/15/96 $ .4403
Monthly plan 5/15/96 .4128 $ 4.9542
Quarterly plan 5/15/96 .4155
8/15/96 1.2465 4.9862
Semi-annual plan 5/15/96 .4170
11/15/96 2.5020 5.0052
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 100.94 = 99.068
investment offering price # of units
(as of and accrued purchased
02/28/96) interest
99.068 X $4.9542 = $490.80
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
<PAGE>
NUVEEN
NUVEEN PENNSYLVANIA
INSURED UNIT TRUST 208 849
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
RATED: "AAA" NUVEEN TAX-FREE UNIT TRUSTS:
ESTIMATED CURRENT RETURN: For the tax-sensitive, conservative investor.
5.01 - 5.21% - Double Tax-Free
ESTIMATED LONG-TERM RETURN: - Dependable Income
5.05 - 5.31% - Diversified Portfolios
DATE OF DEPOSIT: February 29, 1996 - Top-Rated Municipal Bonds
</TABLE>
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 FDIC OR
ANY OTHER FEDERAL AGENCY AND INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE
LOSS OF PRINCIPAL.
- --------------------------------------------------------------------------------
QUICK FACTS ABOUT THIS UNIT TRUST
<TABLE>
<S> <C>
Tax Status Income is exempt from federal and state income
taxes. Capital gains are taxable.
Total Principal $3,500,000 in 35,000 units
Average Life 27.6 years
Call Protection Earliest ordinary optional call is 2005
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $100.19 to $97.22 depending on the purchase amount
Cusip 6706H8 464 monthly payment plan
Numbers 6706H8 472 quarterly payment plan
6706H8 480 semi-annual payment plan
Insurance Individual bonds (not units) are fully insured by
MBIA Insurance Corporation, which guarantees
timely payment of interest and principal.
Registration Registered in Pennsylvania
</TABLE>
<TABLE>
<S> <C>
Payment Investors may choose to receive monthly, quarterly
Plans or semi-annual interest payments.
Bond Calls Most municipal bonds are subject to optional bond
calls. Bonds are usually called at a premium price
and generally not below par value.
Sales Charge The sales charge is a one-time expense included in
the Public Offering Price.
Letter Investors may use a Letter of Intent to get
of Intent reduced sales charges on purchases made over a
(LOI) 13-month period (and to take advantage of dollar
cost averaging). Minimum LOI investment $50,000.
Redemptions Units can be redeemed on any business day at no
charge. Units are redeemed at their current market
value.
Reinvestment Interest income and returned principal can be
reinvested with no sales charge into Nuveen tax-
free mutual or money market funds. For more
information obtain a prospectus.
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
MATURITY DATES (Description of Chart)
2018-21 35.7%
2022-25 35.7%
2026-29 28.6%
The earliest ordinary optional call date is 2005
YIELD COMPARISON AS OF 02/28/96*
(Description of Yield Comparison Chart)
Nuveen UIT
Pre-Tax 8.08%
Tax Equivalent Yield 5.01%
Treasury Bonds
Pre-Tax 6.67%
Tax Equivalent Yield 6.48%
Corporate Bonds
Yield 6.92%
</TABLE>
<PAGE>
*COMPARES TRUST WITH 30-YEAR TREASURY BONDS AND LEHMAN BROTHERS INVESTMENT
GRADE LONG CORPORATE BOND INDEX. ASSUMES 38% FEDERAL AND STATE INCOME TAX RATE
AND A 2.8% STATE INCOME TAX RATE. TREASURY BONDS ARE SUBJECT TO FEDERAL BUT
NOT STATE INCOME TAXES; CORPORATE BONDS ARE GENERALLY SUBJECT TO BOTH.
TREASURY BONDS, UNLIKE MUNICIPAL BONDS, ARE GUARANTEED BY THE U.S. GOVERNMENT.
THE LEHMAN BROTHERS INVESTMENT GRADE LONG CORPORATE BOND INDEX IS CALCULATED
AS OF 1/31/96.
CALL 1.800.257.8787 FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION
INCLUDING CHARGES AND EXPENSES.
<PAGE>
- --------------------------------------------------------------------------------
BONDS THIS UNIT TRUST CONTAINS
<TABLE>
<CAPTION>
RATINGS
PRINCIPAL EARLIEST CALL ----------
AMOUNT BOND ISSUE DATE AND PRICE S&P MOODY'S
<C> <S> <C> <C><C>
----------------------------------------------------------------------------------------------------------------
$ 500,000 Allegheny County Hospital Development Authority (Pennsylvania), Health 2005 at 102 AAA Aaa
Center Revenue Bonds, Series of 1995 (University of Pittsburgh Medical
Center System), 5.375% Due 12/1/25.
500,000 Bellefonte Area School District (Centre County, Pennsylvania), General 2006 at 100 AAA Aaa
Obligation Bonds, Series of 1996, 5.50% Due 5/15/26. (When issued.)
500,000 Cambria County Industrial Development Authority (Pennsylvania), Pollution 2005 at 102 AAA Aaa
Control Revenue Refunding Bonds, 1995 Series A (Pennsylvania Electric
Company Project), 5.80% Due 11/1/20.
500,000 Lehigh County Industrial Development Authority, Pollution Control Revenue 2005 at 102 AAA Aaa
Refunding Bonds, 1995 Series A (Pennsylvania Power & Light Company
Project), 6.15% Due 8/1/29.
250,000 The School District of Philadelphia, Pennsylvania, General Obligation 2005 at 102 AAA Aaa
Bonds, Series B of 1995, 5.50% Due 9/1/25. (Original issue discount bonds
delivered on or about October 31, 1995 at a price of 93.743% of principal
amount.)
500,000 City of Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, 2005 at 102 AAA Aaa
Series 1995, 5.60% Due 8/1/18.
500,000 Pittsburgh (Pennsylvania), Water and Sewer Authority, Water and Sewer 2005 at 100 AAA Aaa
System First Lien Revenue Bonds, Series A of 1995, 5.60% Due 9/1/22.
250,000 Municipal Authority of Westmoreland County (Westmoreland County, No Optional AAA Aaa
Pennsylvania), Municipal Service Revenue Bonds, Series C of 1993, 0.00% Due Call
8/15/18. (Original issue discount bonds delivered on or about November 9,
1993 at a price of 24.561% of principal amount.)(Escrow Secured.)
----------------------------------------------------------------------------------------------------------------
$ 3,500,000 TOTAL 8 BONDS
</TABLE>
- --------------------------------------------------------------------------------
HOW TO DETERMINE YOUR INCOME AND YIELD
HOW TO CALCULATE YOUR RETURN
<TABLE>
<S> <C>
The estimated current return is the net income the sales charge, and returns are as of 02/28/96.
divided by the offering price. Estimated long-term As of this date, Units are offered at the public
return is a measure of the return to the investor offering price plus accrued interest to the
expected to be earned over the estimated life of settlement date of $.08. Returns and prices will
the Unit Trust. The public offering prices, which fluctuate.
include
</TABLE>
<TABLE>
<CAPTION>
Public Estimated Return (CURRENT/Long Term)
Breakpoints Offering Sales -------------------------------------------------
Units / Dollars Price Charge Monthly Plan Quarterly Plan Semi-Annual Plan
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50 / $5,000 $ 100.19 4.90 % 5.01% 5.05% 5.04% 5.08% 5.06% 5.10 %
500 / $50,000 100.03 4.75 5.02 5.06 5.05 5.09 5.07 5.11
1,000 / $100,000 99.77 4.50 5.03 5.08 5.06 5.11 5.08 5.13
2,500 / $250,000 99.51 4.25 5.04 5.09 5.08 5.12 5.09 5.14
5,000 / $500,000 98.74 3.50 5.08 5.15 5.12 5.18 5.13 5.20
10,000 / $1,000,000 98.23 3.00 5.11 5.19 5.14 5.22 5.16 5.24
25,000 / $2,500,000 97.72 2.50 5.14 5.22 5.17 5.25 5.19 5.27
50,000 / $5,000,000 97.22 2.00 5.16 5.26 5.20 5.29 5.21 5.31
</TABLE>
HOW TO DETERMINE YOUR
TAXABLE EQUIVALENT YIELD
The table shows the approximate yield an investor must get from a taxable
investment to match the estimated current return from this Unit Trust.
<TABLE>
<CAPTION>
Taxable Equivalent Yield (by
UNIT TRUST tax bracket)
RETURN 30.0% 33.0% 38.0% 41.5%
<C> <S> <C> <C> <C> <C>
5.01 % 7.16% 7.48% 8.08% 8.56%
5.02 7.17 7.49 8.10 8.58
5.03 7.19 7.51 8.11 8.60
5.04 7.20 7.52 8.13 8.62
5.08 7.26 7.58 8.19 8.68
5.11 7.30 7.63 8.24 8.74
5.14 7.34 7.67 8.29 8.79
5.16 7.37 7.70 8.32 8.82
</TABLE>
JOHN NUVEEN & CO. INCORPORATED
333 WEST WACKER DRIVE, CHICAGO, IL 60606
HOW TO CALCULATE YOUR INCOME
The table shows expected interest payments for monthly, quarterly and
semi-annual plans. Payments will remain relatively constant as long as the Unit
Trust's size, composition and expenses remain the same. The first record date is
04/01/96.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 4/15/96 $ .4460
Monthly plan 5/15/96 .4182 $ 5.0188
Quarterly plan 5/15/96 .4206
8/15/96 1.2618 5.0508
Semi-annual plan 5/15/96 .4224
11/15/96 2.5344 5.0698
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 100.27 = 99.730
investment offering price # of units
(as of and accrued purchased
02/28/96) interest
99.730 X $5.0188 = $500.52
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
