NUVEEN TAX EXEMPT UNIT TRUST SERIES 722
497, 1994-03-31
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<PAGE>
NUVEEN  Tax-Exempt Unit Trusts
     Nuveen
     National
     Trust 529
              (National Traditional Trust 529)
 
            Estimated Current Return
            First
            Year: 5.66% to 5.82%
            Subsequent
            Years: 5.67% to 5.83%
            as of 03/29/94
 
            Estimated Long Term Return
            5.72% to 5.88%
             100,000 units in a
             diversified $10,000,000
             portfolio of tax-exempt
             bonds
                  Cusip:
                  67101E 767 Monthly Payment Option
                  67101E 775 Quarterly Payment Option
                  67101E 783 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--NATIONAL TRADITIONAL TRUST 529
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT MARCH 30, 1994
- --------------------------------------------------------------------------------
 
<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    Department of Water and Power of the City of Los Angeles,          2003 at 102          AA            Aa
                  California, Electric Plant Refunding Revenue Bonds, Issue
                  of 1993, 5.875% Due 9/1/30.
     500,000    State of California, Various Purpose General Obligation            2004 at 102          A+            Aa
                  Bonds, 5.75% Due 3/1/23.
     750,000    Illinois Health Facilities Authority, Revenue Bonds, Series        2003 at 102          A+            A1
                  1993 (OSF Healthcare System), 6.00% Due 11/15/23.
     750,000    Illinois Educational Facilities Authority, Revenue Bonds,          2003 at 102           A            A1
                  Illinois Wesleyan University, Series 1993, 5.70% Due
                  9/1/23.
     750,000    Northwest Suburban Municipal Joint Action Water Agency             2003 at 102          AAA           Aaa
                  (Cook, DuPage and Kane Counties, Illinois), Water Supply
                  System Revenue Bonds, Series 1993A, 5.90% Due 5/1/15.
                  (MBIA Insured.)
     750,000    Hospital Authority of the City of Fort Wayne, Indiana,             2002 at 102          AAA           Aaa
                  Revenue Bonds, Series 1992 (Parkview Memorial Hospital,
                  Inc. Project), 6.40% Due 11/15/22. (AMBAC Insured.)
     750,000    Anne Arundel County, Maryland, Pollution Control Revenue           2004 at 102           A            A2
                  Refunding Bonds (Baltimore Gas and Electric Company
                  Project), Series 1994, 6.00% Due 4/1/24. (When issued.)
     750,000    Massachusetts Health and Educational Facilities Authority,         2003 at 102          AAA           Aaa
                  Revenue Bonds, Baystate Medical Center Issue, Series D,
                  6.00% Due 7/1/15. (FGIC Insured.)
     750,000    Massachusetts Health and Educational Facilities Authority,         2004 at 102          AA-           Aa
                  Revenue Bonds, Smith College Issue, Series D, 5.75% Due
                  7/1/24. (When issued.)
     750,000    Triborough Bridge and Tunnel Authority (New York), General         No Optional          A+            Aa
                  Purpose Revenue Bonds, Series Y, 6.125% Due 1/1/21.                 Call
     500,000    Pennsylvania Turnpike Commission, Pennsylvania Turnpike            2002 at 102          AAA           Aaa
                  Revenue Bonds, Series P of 1992, 6.00% Due 12/1/17. (AMBAC
                  Insured.)
     750,000    The City of Seattle, Washington, Drainage and Wastewater           2002 at 101          AA            Aa
                  Utility Revenue Bonds, 1992, 5.75% Due 12/1/22. (Original
                  issue discount bonds delivered on or about January 27,
                  1993 at a price of 93.905% of principal amount.)
     750,000    Washington Public Power Supply System, Nuclear Project No. 2       2003 at 102          AA            Aa
                  Refunding Revenue Bonds, Series 1993A, 5.75% Due 7/1/12.
     750,000    The County Commission of Monongalia County, West Virginia,         2003 at 102          A+            A1
                  Pollution Control Revenue Bonds (West Penn Power Company
                  Fort Martin Station Project), 1993 Series B, 5.95% Due
                  4/1/13.
  ----------
  $10,000,000
  ----------
  ----------
</TABLE>
 
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. 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 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>
50-999                 $5,000-$99,999   4.90 %   $    101.94     (5.66%)  5.67%     (5.69%)  5.70%     (5.71%)  5.72%
1,000-2,499           100,000-249,999   4.50          101.52     (5.68)   5.69      (5.71)   5.72      (5.73)   5.74
2,500-4,999           250,000-499,999   4.25          101.25     (5.70)   5.70      (5.73)   5.74      (5.75)   5.75
5,000-9,999           500,000-999,999   3.50          100.47     (5.74)   5.75      (5.77)   5.78      (5.79)   5.80
10,000 and over    1,000,000 and over   3.00           99.95     (5.77)   5.78      (5.80)   5.81      (5.82)   5.83
</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>
50-999                 $5,000-$99,999   4.90 %   $    101.94          5.72%            5.74%            5.76%
1,000-2,499           100,000-249,999   4.50          101.52          5.74             5.77             5.79
2,500-4,999           250,000-499,999   4.25          101.25          5.75             5.78             5.80
5,000-9,999           500,000-999,999   3.50          100.47          5.80             5.83             5.85
10,000 and over    1,000,000 and over   3.00           99.95          5.83             5.86             5.88
</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
National Traditional Trust                               1994                                  1995                  per Year +
<S>                                     <C>            <C>            <C>            <C>            <C>            <C>
- -------------------------------------------------------------------------------------------------------------      --------------
Record Date*..........................        7/1            8/1           11/1            2/1            5/1
Distribution Date.....................       7/15           8/15          11/15           2/15           5/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan.............  $   .4812(1)                                                               $  5.7750
                                                             --------    $.4812 every month    --------
Quarterly Distribution Plan...........  $   .4812(1)   $   .4839(2)   $  1.4517      $  1.4517      $  1.4517      $  5.8070
Semi-Annual Distribution Plan.........  $   .4812(1)                  $  1.9420(3)                  $  2.9130      $  5.8260
- ---------------------------------------------------------------------------------------------------------------------------------
<FN>
  * 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.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected.
(2) The second distribution under the quarterly distribution plan represents a 1-month distribution; subsequent quarterly
    distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 4-month distribution; subsequent semi-annual
    distributions will be regular 6-month distributions.
</TABLE>
 
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.11 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 $.01603 per unit per day.
Consequently, on the first Record Date (07/01/94), accrued interest will total
$1.4583 per unit for the 91-day period. Because a substantial portion of this
interest will not yet be due from the issuers of the bonds in the Fund, the
first payment to all Unitholders of Record on 07/01/94 is $.4812, and the
remaining $.9771 of accrued interest will remain an asset of the Trust and be
distributed in subsequent periods as portfolio bonds mature, or are redeemed, or
sold and the accrued interest on these bonds is collected. After the first
Record Date daily rates of accrual are:
              Monthly - $0.01604              Quarterly - $0.01613
                             Semi-Annual - $0.01618
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 14 Tax-exempt bond issues in this trust; this diversified portfolio
yields current income from issuers in 9 states.
- -------------------------------------------------
<TABLE>
<CAPTION>
                    Percent
                    of Total
                    Income
<S>                 <C>        <C>
- ------------------------
                               %
California               12.3
Illinois                 22.1
Indiana                   8.1
Massachusetts            14.9
Maryland                  7.6
 
<CAPTION>
                    Percent
                    of Total
                    Income
- ------------------------
<S>                 <C>        <C>
                               %
New York                  7.8
Pennsylvania              5.1
Washington               14.6
West Virginia             7.5
</TABLE>
 
- -------------------------------------------------
 
AVERAGE PORTFOLIO LIFE
 
The average maturity of portfolio bonds is 26.6 years. The first bond is
scheduled to mature in July, 2012, with the last bond maturity being September,
2030.
 
- -------------------------------------------------
 
QUALITY OF PORTFOLIO AS RATED BY
STANDARD & POOR'S CORPORATION
OR MOODY'S INVESTORS SERVICES
- -------------------------------------------------
 
<TABLE>
<CAPTION>
       Rating          Percent of Portfolio
      Category              Par Value
<S>                    <C>                   <C>
- -------------------------------------------------------------
AAA                         28%
AA                          43
A1/A+                       22
A                            7
                           ---
                           100%
</TABLE>
 
- -------------------------------------------------
 
CALL PROTECTION   Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the 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, United States Trust Company of New York,
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.
 
- -------------------------------------------------
 
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
 
                                 1-800-351-4100
 
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
 
722
<PAGE>
NUVEEN  Tax-Exempt Unit Trusts
     NUVEEN
     NEW YORK
     INSURED
     TRUST 214
 
            Estimated Current Return
            5.49% to 5.66%
            as of 03/29/94
 
            Estimated Long Term Return
            5.56% to 5.72%
             35,000 units in a
             diversified $3,500,000
             portfolio of tax-exempt
             bonds rated "AAA"
                  Cusip:
                  6706H5 494 Monthly Payment Option
                  6706H5 502 Quarterly Payment Option
                  6706H5 510 Semi-Annual Payment Option
 
                  Registered in New York, Connecticut & Florida
                    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, NEW YORK INSURED TRUST 214
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT MARCH 30, 1994
- --------------------------------------------------------------------------------
 
<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    Dormitory Authority of the State of New York, State                2004 at 102          AAA           Aaa
                  University Educational Facilities Revenue Bonds, Series
                  1993 C, 5.40% Due 5/15/23.
     500,000    Dormitory Authority of the State of New York, University of        2004 at 102          AAA           Aaa
                  Rochester, Strong Memorial Hospital Revenue Bonds, Series
                  1994, 5.50% Due 7/1/21. (Original issue discount bonds
                  delivered on or about March 30, 1994 at a price of 93.746%
                  of principal amount.)
     500,000    New York State Medical Care Facilities Finance Agency,             2003 at 102          AAA           Aaa
                  Mental Health Services Facilities Improvement Revenue
                  Bonds, 1993 Series D, 5.25% Due 8/15/23. (General
                  Obligation Bonds.)
     500,000    New York State Urban Development Corporation, Correctional         2003 at 102          AAA           Aaa
                  Capital Facilities Revenue Bonds, 1993 Refunding Series,
                  5.50% Due 1/1/15. (Original issue discount bonds delivered
                  on or about May 20, 1993 at a price of 93.637% of
                  principal amount.)
     500,000    New York City (New York), Municipal Water Finance Authority,       2004 at 101          AAA           Aaa
                  Water and Sewer System Revenue Bonds, Fixed Rate Fiscal              1/2
                  1994 Series F, 5.75% Due 6/15/20.
     500,000    Triborough Bridge and Tunnel Authority (New York), General         No Optional          AAA           Aaa
                  Purpose Revenue Bonds, Series Y, 6.125% Due 1/1/21.                 Call
     500,000    Commonwealth of Puerto Rico, Public Improvement Refunding          2002 at 101          AAA           Aaa
                  Bonds, Series 1992A (General Obligation Bonds.), 6.25% Due           1/2
                  7/1/10.
  ----------
  $3,500,000
  ----------
  ----------
</TABLE>
 
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. 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 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>
50-999                 $5,000-$99,999   4.90 %   $    100.22          5.49%            5.53%            5.55%
1,000-2,499           100,000-249,999   4.50           99.80          5.52             5.55             5.57
2,500-4,999           250,000-499,999   4.25           99.54          5.53             5.56             5.58
5,000-9,999           500,000-999,999   3.50           98.77          5.58             5.61             5.63
10,000 and over    1,000,000 and over   3.00           98.26          5.60             5.64             5.66
</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>
50-999                 $5,000-$99,999   4.90 %   $    100.22          5.56%            5.59%            5.61%
1,000-2,499           100,000-249,999   4.50           99.80          5.59             5.62             5.64
2,500-4,999           250,000-499,999   4.25           99.54          5.60             5.63             5.65
5,000-9,999           500,000-999,999   3.50           98.77          5.65             5.67             5.69
10,000 and over    1,000,000 and over   3.00           98.26          5.68             5.70             5.72
</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
New York Insured Trust                                   1994                                  1995                  per Year +
<S>                                     <C>            <C>            <C>            <C>            <C>            <C>
- -------------------------------------------------------------------------------------------------------------      --------------
Record Date*..........................        6/1            8/1           11/1            2/1            5/1
Distribution Date.....................       6/15           8/15          11/15           2/15           5/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan.............  $   .2296(1)                                                               $  5.5070
                                                             --------    $.4589 every month    --------
Quarterly Distribution Plan...........  $   .2296(1)   $   .9231(2)   $  1.3847      $  1.3847      $  1.3847      $  5.5390
Semi-Annual Distribution Plan.........  $   .2296(1)                  $  2.3158(3)                  $  2.7790      $  5.5580
- ---------------------------------------------------------------------------------------------------------------------------------
<FN>
  * 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.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected.
(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.
</TABLE>
 
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.11 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 $.01530 per unit per day.
Consequently, on the first Record Date (06/01/94), accrued interest will total
$0.9333 per unit for the 61-day period. Because a substantial portion of this
interest will not yet be due from the issuers of the bonds in the Fund, the
first payment to all Unitholders of Record on 06/01/94 is $.2296, and the
remaining $.7037 of accrued interest will remain an asset of the Trust and be
distributed in subsequent periods as portfolio bonds mature, or are redeemed, or
sold and the accrued interest on these bonds is collected. After the first
Record Date daily rates of accrual are:
              Monthly - $0.01530              Quarterly - $0.01539
                             Semi-Annual - $0.01544
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.
 
- --------------------------------------------------------------------------------
 
                                                          722
<PAGE>
- -------------------------------------------------------
 
AVERAGE PORTFOLIO LIFE   The average maturity of portfolio bonds is 25.1 years.
The first bond is scheduled to mature in July, 2010, with the last bond maturity
being August, 2023.
 
- -------------------------------------------------
 
BONDS INSURED BY MBIA   Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance 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 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, United States Trust Company of New York,
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.
 
- -------------------------------------------------
 
* 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. See Section 5 of the prospectus for details.
- -------------------------------------------------------
 
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
 
                                 1-800-351-4100
 
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.


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