<PAGE>
NUVEEN NATIONAL NUVEEN
INSURED UNIT TRUST 331 897
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
RATED: "AAA" NUVEEN TAX-FREE UNIT TRUSTS:
All bonds in this Unit Trust are insured by MBIA For the tax-sensitive, conservative investor.
Insurance Corporation. As a result, the bonds are - Tax-Free
rated Aaa by Moody's Investors Service, Inc. and - Dependable Income
both the bonds and the Units are rated AAA by - Diversified Portfolios
Standard & Poor's, the highest rating given by - Top-Rated Municipal Bonds
each agency. DATE OF DEPOSIT: October 30, 1996
ESTIMATED CURRENT RETURN:
5.23 - 5.44%
ESTIMATED LONG-TERM RETURN:
5.30 - 5.58%
</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 26.1 years
Call Protection Earliest ordinary optional call is 2005
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $99.57 to $96.62 depending on the purchase amount
Cusip 6710A5 345 monthly payment plan
Numbers 6710A5 352 quarterly payment plan
6710A5 360 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>
Alabama 11.8 % California 1.0 % Washington D.C. 6.7 %
Illinois 17.2 Indiana 1.0 Louisiana 5.2
New Hampshire 7.1 New York 21.6 Texas 10.6
Washington 7.2 Wisconsin 10.6
</TABLE>
<TABLE>
<S> <C>
MATURITY DATES (Descrtiption of Chart)
2013-16 19.5%
2017-20 13.6%
</TABLE>
<PAGE>
<TABLE>
<S> <C>
2021-24 20.0%
2025+ 46.9%
The earliest ordinary optional call date is 2005
YIELD COMPARISON AS OF 10/29/96*
(Descrition of Yield Comparison Chart)
Nuveen UIT
Yield 5.23%
Tax Equivalent Yield 8.17%
Treasury Bonds
Yield 6.83%
Tax Equivalent Yield 7.19%
Corporate Bonds
Yield 7.60%
</TABLE>
*COMPARES TRUST WITH 30-YEAR TREASURY BONDS AS OF 10/28/96 AND LEHMAN BROTHERS
INVESTMENT GRADE LONG CORPORATE BOND INDEX AS OF 10/28/96. 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.
CALL 1.800.257.8787 FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION
INCLUDING CHARGES AND EXPENSES.
READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
<PAGE>
- --------------------------------------------------------------------------------
BONDS THIS NATIONAL INSURED UNIT TRUST CONTAINS
<TABLE>
<CAPTION>
RATINGS
PRINCIPAL EARLIEST CALL ----------
AMOUNT BOND ISSUE DATE AND PRICE S&P MOODY'S
<C> <S> <C> <C><C>
----------------------------------------------------------------------------------------------------------------
$ 100,000 City of Birmingham, Alabama, General Obligation Parking Warrants, Series AAA Aaa
1995-A, 5.90% Due 6/1/18. 2005 at 102
995,000 The Special Care Facilities Financing Authority of the City of Birmingham AAA Aaa
(Alabama)-Baptist Medical Centers, Revenue Bonds, Series 1996-A (Baptist
Health System, Inc.), 5.875% Due 11/15/26. 2006 at 102
100,000 Airports Commission, City and County of San Francisco, California, San AAA Aaa
Francisco International Airport, Second Series Revenue Bonds, Issue 12,
5.50% Due 5/1/13. 2006 at 101
650,000 District of Columbia, University Revenue Bonds (American University Issue), AAA Aaa
Series 1996, 5.625% Due 10/1/26. 2006 at 101
1,000,000 The County of Cook, Illinois, General Obligation Capital Improvement Bonds, AAA Aaa
Series 1996, 5.875% Due 11/15/22. 2006 at 101
495,000 Metropolitan Pier and Exposition Authority (Illinois), McCormick Place AAA Aaa
Expansion Project Bonds, Series 1994B, 0.00% Due 6/15/20. (Original issue
discount bonds delivered on or about June 23, 1994 at a price of 18.05% of
principal amount.) No Optional
Call
500,000 Metropolitan Pier and Exposition Authority (Illinois), McCormick Place AAA Aaa
Expansion Project Refunding Bonds, Series 1996A, 5.25% Due 6/15/27.
(Original issue discount bonds delivered on or about October 8, 1996 at a
price of 90.824% of principal amount.) 2006 at 102
150,000 The Board of Trustees of Northern Illinois University, Northern Illinois AAA Aaa
University, Auxiliary Facilities System Revenue Bonds, Series 1996, 5.70%
Due 4/1/16. 2007 at 100
100,000 Indiana State Office Building Commission, Correctional Facilities Program AAA Aaa
Revenue Bonds, Series 1995B, 5.50% Due 7/1/20. (Original issue discount
bonds delivered on or about October 5, 1995 at a price of 94.20% of
principal amount.) 2005 at 101
500,000 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
660,000 New Hampshire Higher Educational And Health Facilities Authority, Revenue AAA Aaa
Bonds, Crotched Mountain Rehabilitation Center Issue, Series 1996, 5.875%
Due 1/1/20. 2007 at 102
750,000 Dormitory Authority of the State of New York, State University Educational AAA Aaa
Facilities Revenue Bonds, Series 1995A, 6.00% Due 5/15/25. 2005 at 102
1,000,000 New York City Municipal Water Finance Authority, Water and Sewer System AAA Aaa
Revenue Bonds, Fiscal 1997 Series A, 5.50% Due 6/15/24. (Original issue
discount bonds delivered on or about October 29, 1996 at a price of 94.375%
of principal amount.) 2006 at 101
300,000 New York City (New York), Municipal Water Finance Authority, Water and AAA Aaa
Sewer System Revenue Bonds, Fiscal 1996 Series B, 5.75% Due 6/15/26.
(Original issue discount bonds delivered on or about May 16, 1996 at a
price of 93.892% of principal amount.) 2006 at 101
1,000,000 North Central Texas Health Facilities Development Corporation, Hospital AAA Aaa
Revenue Bonds (Presbyterian Healthcare System Project), Series 1996A, 5.75%
Due 6/1/26. 2006 at 102
700,000 Washington Public Power Supply System, Nuclear Project No. 1 Refunding AAA Aaa
Revenue Bonds, Series 1996C, 5.60% Due 7/1/14. 2006 at 102
1,000,000 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, AAA Aaa
Series 1996 (Sinai Samaritan Medical Center, Inc. Project), 5.75% Due
8/15/16. 2006 at 102
----------------------------------------------------------------------------------------------------------------
$10,000,000 TOTAL 16 BONDS FROM 10 STATES AND 1 BOND FROM THE DISTRICT OF
COLUMBIA.
</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 10/29/96.
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 $.06. 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 $ 99.57 4.90 % 5.23% 5.30% 5.26% 5.34% 5.28% 5.36 %
500 / $50,000 99.41 4.75 5.24 5.30 5.27 5.34 5.29 5.36
1,000 / $100,000 99.15 4.50 5.25 5.33 5.29 5.37 5.31 5.39
2,500 / $250,000 98.89 4.25 5.27 5.34 5.30 5.38 5.32 5.40
5,000 / $500,000 98.12 3.50 5.31 5.40 5.34 5.44 5.36 5.46
10,000 / $1,000,000 97.62 3.00 5.34 5.44 5.37 5.48 5.39 5.50
25,000 / $2,500,000 97.12 2.50 5.36 5.48 5.40 5.52 5.42 5.54
50,000 / $5,000,000 96.62 2.00 5.39 5.52 5.42 5.56 5.44 5.58
</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>
5.23 % 7.26% 7.58% 8.17% 8.66%
5.24 7.28 7.59 8.19 8.68
5.25 7.29 7.61 8.20 8.69
5.27 7.32 7.64 8.23 8.73
5.31 7.38 7.70 8.30 8.79
5.34 7.42 7.74 8.34 8.84
5.36 7.44 7.77 8.38 8.87
5.39 7.49 7.81 8.42 8.92
</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
12/01/96.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 12/15/96 $ .4482
Monthly plan 1/15/97 .4338 $ 5.2091
Quarterly plan 2/15/97 .8730
5/15/97 1.3095 5.2411
Semi-annual plan 5/15/97 2.1915
11/15/97 2.6298 5.2601
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 99.63 = 100.371
investment offering price # of units
(as of and accrued purchased
10/29/96) interest
100.371 X $5.2091 = $522.84
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
<PAGE>
NUVEEN PENNSYLVANIA NUVEEN
INSURED UNIT TRUST 218 897
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
RATED: "AAA" NUVEEN TAX-FREE UNIT TRUSTS:
All bonds in this Unit Trust are insured by MBIA For the tax-sensitive, conservative investor.
Insurance Corporation. As a result, the bonds are - Double Tax-Free
rated Aaa by Moody's Investors Service, Inc. and - Dependable Income
both the bonds and the Units are rated AAA by - Diversified Portfolios
Standard & Poor's, the highest rating given by - Top-Rated Municipal Bonds
each agency. DATE OF DEPOSIT: October 30, 1996
ESTIMATED CURRENT RETURN:
5.09 - 5.30%
ESTIMATED LONG-TERM RETURN:
5.19 - 5.46%
</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 26.2 years
Call Protection Earliest ordinary optional call is 2005
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $99.11 to $96.17 depending on the purchase amount
Cusip 6706H8 761 monthly payment plan
Numbers 6706H8 779 quarterly payment plan
6706H8 787 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)
2014-17 15.7%
2018-21 14.3%
2022-25 41.4%
2026+ 28.6%
The earliest ordinary optional call date is 2005
YIELD COMPARISON AS OF 10/29/96*
(Description of Yield Comparison Chart)
Nuveen UIT
Yield 5.09%
Tax Equivalent Yield 8.21%
Treasury Bonds
Yield 6.83%
Tax Equivalent Yield 7.03%
Corporate Bonds
Yield 7.60%
</TABLE>
<PAGE>
*COMPARES TRUST WITH 30-YEAR TREASURY BONDS AS OF 10/28/96 AND LEHMAN BROTHERS
INVESTMENT GRADE LONG CORPORATE BOND INDEX AS OF 10/28/96. ASSUMES 38.0%
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.
CALL 1.800.257.8787 FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION
INCLUDING CHARGES AND EXPENSES.
READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
<PAGE>
- --------------------------------------------------------------------------------
BONDS THIS PENNSYLVANIA INSURED 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 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 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 Allegheny County Hospital Development Authority (Allegheny County, 2006 at 102 AAA Aaa
Pennsylvania), Hospital Revenue Bonds, Series A of 1996 (South Hills Health
System), 5.875% Due 5/1/26.
190,000 County of Berks, Pennsylvania, General Obligation Bonds, Second Series of No Optional AAA Aaa
1993, 0.00% Due 5/15/15. (Original issue discount bonds delivered on or Call
about November 10, 1993 at a price of 30.796% 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.
450,000 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.
360,000 Rose Tree Media School District, Delaware County, Pennsylvania, General 2006 at 100 AAA Aaa
Obligation Bonds, Series of 1996, 5.85% Due 2/15/17.
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 10/29/96.
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 $.06. 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 $ 99.11 4.90 % 5.09% 5.19% 5.12% 5.22% 5.14% 5.24 %
500 / $50,000 98.95 4.75 5.10 5.20 5.13 5.23 5.15 5.25
1,000 / $100,000 98.69 4.50 5.11 5.22 5.14 5.25 5.16 5.27
2,500 / $250,000 98.43 4.25 5.12 5.24 5.16 5.27 5.18 5.29
5,000 / $500,000 97.67 3.50 5.16 5.30 5.20 5.33 5.22 5.34
10,000 / $1,000,000 97.17 3.00 5.19 5.33 5.22 5.36 5.24 5.38
25,000 / $2,500,000 96.67 2.50 5.22 5.37 5.25 5.40 5.27 5.42
50,000 / $5,000,000 96.17 2.00 5.25 5.41 5.28 5.44 5.30 5.46
</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 tax
UNIT TRUST bracket)
RETURN 30.0% 33.0% 38.0% 41.5%
<C> <S> <C> <C> <C> <C>
5.09 % 7.27% 7.60% 8.21% 8.70 %
5.10 7.29 7.61 8.23 8.72
5.11 7.30 7.63 8.24 8.74
5.12 7.31 7.64 8.26 8.75
5.16 7.37 7.70 8.32 8.82
5.19 7.41 7.75 8.37 8.87
5.22 7.46 7.79 8.42 8.92
5.25 7.50 7.84 8.47 8.97
</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
12/01/96.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 12/15/96 $ .4343
Monthly plan 1/15/97 .4203 $ 5.0443
Quarterly plan 2/15/97 .8460
5/15/97 1.2690 5.0763
Semi-annual plan 5/15/97 2.1225
11/15/97 2.5470 5.0953
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 99.17 = 100.836
investment offering price # of units
(as of and accrued purchased
10/29/96) interest
100.836 X $5.0443 = $508.65
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
