<PAGE>
Supplement to Prospectus
Nuveen Tax-Exempt Unit Trust
Breakpoint Sticker
April 13, 1994
The Sponsor has increased the number of breakpoints at which investors can
enjoy sales charge reductions for primary market volume purchases. New
breakpoints have been added for purchases in excess of $50,000,
$2,500,000 and $5,000,000. Accordingly, notwithstanding anything to the
contrary in this Prospectus, the sales charge applicable to quantity purchases
is reduced on a graduated scale for sales to any purchaser of at least
$50,000 or 500 Units and will be applied on whichever basis is more
favorable to the purchaser. Sales charges during the primary offering
period are as follows:
<TABLE>
National and State Long Intermediate Intermediate
Trusts Trusts Trusts
Percent Percent Percent Percent Percent Percent
of of Net of of Net of of Net
Number of Offering Amount Offering Amount Offering Amount
Units* Price Invested Price Invested Price Invested
________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C>
Less than 500 4.90% 5.152% 4.25% 4.439% 3.90% 4.058%
500 but less than 1,000 4.75 4.987 4.15 4.330 3.70 3.842
1,000 but less than 2,500 4.50 4.712 3.85 4.004 3.50 3.627
2,500 but less than 5,000 4.25 4.439 3.60 3.734 3.25 3.359
5,000 but less than 10,000 3.50 3.627 3.35 3.466 3.00 3.093
10.000 but less than 25,000 3.00 3.093 3.00 3.093 2.75 2.828
25,000 but less than 50,000 2.50 2.564 2.50 2.564 2.50 2.564
50,000 or more 2.00 2.041 2.00 2.041 2.00 2.041
Short Intermediate
Trusts Short Term Trusts
Percent Percent Percent Percent
of of Net of of Net
Offering Amount Offering Amount
Number of Units* Price Invested Price Invested
Less than 500 3.00% 3.093% 2.50% 2.564%
500 but less than 1,000 2.80 2.881 2.30 2.354
1,000 but less than 2,500 2.60 2.670 2.10 2.145
2,500 but less than 5,000 2.35 2.407 1.85 1.885
5,000 but less than 10,000 2.10 2.145 1.60 1.626
10,000 but less than 25,000 1.85 1.885 1.35 1.368
25,000 but less than 50,000 1.80 1.833 1.25 1.266
50,000 or more 1.50 1.523 1.15 1.163
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*Breakdown sales charges are computed both on a dollar basis and on the basis of the
number of Units purchased, using the equivalent of 500 Units to $50,000, 2,500 Units
to $250,000, etc., and will be applied on that basis which is more favorable to the
purchaser.
</TABLE>
<PAGE>
In addition, the schedule for determining the amount of dealer concessions
on primary market purchases of Trust Units has been modified in response
to the increase in available breakpoints. Accordingly, notwithstanding
anything to the contrary in this Prospectus, the Sponsor plans to allow a
discount to brokers and dealers in connection with the primary distribution
of Units. The primary market discounts are as follows:
<TABLE>
Discount per Unit
Long Inter Inter Short Inter-
Natl. and mediate mediate mediate Short Term
State Trusts Trusts Trusts Trusts Trusts
Number of Units*
____________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C>
Less than 500 $3.20 $2.90 $2.70 $2.00 $1.50
500 but less than 1,000 3.20 2.90 2.70 2.00 1.50
1,000 but less than 2,500 3.20 2.70 2.50 1.80 1.30
2,500 but less than 5,000 3.20 2.45 2.25 1.55 1.05
5,000 but less than 10,000 2.50 2.45 2.25 1.55 1.05
10,000 but less than 25,000 2.00 2.00 2.00 1.30 .80
25,000 but less than 50,000 1.75 1.75 1.75 1.30 .60
50,000 or more 1.75 1.50 1.50 1.00 .60
*Breakpoint sales charges and related dealer concessions are computed both on a dollar
basis and on the basis of the number of Units purchased, using the equivalent of 500
Units to $50,000, 2,500 Units to $250,000, etc., and will be applied on that basis which
is more favorable to the purchaser.
</TABLE>
The Sponsor reserves the right to change the foregoing dealer concessions
from time to time.
Nuveen Tax-Exempt Unit Trust, Series 723
RULE 497(d)
SEC FILE NO. 33-52527
April 12, 1994
This is the first page of the Prospectus Supplement dated April 13, 1994 of
the Prospectus for the above named series.
