<PAGE>
NUVEEN Tax-Exempt Unit Trusts
Nuveen
National
Trust 531
(National Traditional Trust 531)
Estimated Current Return
5.72% to 5.94%
as of 06/20/94
Estimated Long Term Return
5.79% to 6.02%
100,000 units in a
diversified $10,000,000
portfolio of tax-exempt
bonds
Cusip:
67101E 825 Monthly Payment Option
67101E 833 Quarterly Payment Option
67101E 841 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 531
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT JUNE 21, 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 The Water Works and Sewer Board of the City of Birmingham 2003 at 102 AA Aa
(Alabama), Water and Sewer Revenue Refunding Bonds, Series
1993-A, 6.00% Due 1/1/20.
750,000 State Public Works Board of the State of California, Lease 2003 at 102 A A1
Revenue Bonds (The Regents of the University of
California), 1993 Series B (Various University of
California Projects), 5.50% Due 6/1/19.
250,000 City of West Covina (California), Certificates of 2004 at 102 A A
Participation, Queen of the Valley Hospital, 6.50% Due
8/15/24. (Original issue discount bonds delivered on or
about May 31, 1994 at a price of 94.333% of principal
amount.)
750,000 City of Colorado Springs, Colorado, Utilities System 2002 at 100 AA Aa
Refunding Revenue Bonds, Series 1992A, 6.125% Due
11/15/20.
750,000 Downtown Development Authority of the City of Atlanta 2002 at 102 AA Aa
(Georgia), Refunding Revenue Bonds (Underground Atlanta
Project), Series 1992, 6.25% Due 10/1/16. (General
Obligation Bonds.)
750,000 Illinois Health Facilities Authority Revenue Bonds, Series 2004 at 102 AAA Aaa
1994A (The University of Chicago Hospitals Project),
6.125% Due 8/15/26. (MBIA Insured.)
750,000 Illinois Health Facilities Authority, Revenue Refunding 2003 at 102 A- A
Bonds, Series 1993 (Illinois Masonic Medical Center),
5.50% Due 10/1/19. (Original issue discount bonds
delivered on or about November 18, 1993 at a price of
94.719% of principal amount.)
750,000 Regional Transportation Authority, Cook, DuPage, Kane, Lake, 2004 at 102 AAA Aaa
McHenry and Will Counties (Illinois), General Obligation
Bonds, Series 1994A, 6.25% Due 6/1/24. (AMBAC Insured.)
750,000 Massachusetts Bay Transportation Authority, General 2004 at 102 A+ A
Transportation System Bonds, 1994 Series B Bonds, 5.90%
Due 3/1/24. (General Obligation Bonds.) (When issued.)
750,000 The Pollution Control Financing Authority of Salem County 2004 at 102 AAA Aaa
(New Jersey), Pollution Control Revenue Refunding Bonds of
1994 Series B (Public Service Electric and Gas Company
Project), 6.25% Due 6/1/31. (When issued.) (MBIA Insured.)
750,000 New York State Environmental Facilities Corporation, State 2004 at 102 A- Aa
Water Pollution Control, Revolving Fund Revenue Bonds,
Series 1994A (New York City Municipal Water Finance
Authority Project)(Second Resolution Bonds), 5.875% Due
6/15/14.
750,000 Piedmont Municipal Power Agency (South Carolina), Electric 2003 at 102 AAA Aaa
Revenue Bonds, 1992 Refunding Series, 6.30% Due 1/1/22.
(MBIA Insured.)
750,000 Harris County, Texas, Toll Road Unlimited Tax and 2004 at 102 AA+ Aa
Subordinate Lien Revenue Bonds, Series 1994A, 6.125% Due
8/15/20. (General Obligation Bonds.)
750,000 Industrial Development Authority of Albemarle County, 2003 at 102 -- A
Virginia, Hospital Refunding Revenue Bonds (Martha
Jefferson Hospital), Series 1993, 5.50% Due 10/1/20.
(Original issue discount bonds delivered on or about July
1, 1993 at a price of 93.313% of principal amount.)
----------
$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>
50-499 $5,000-$49,999 4.90 % $ 101.19 5.72% 5.75% 5.77%
500-999 50,000-99,999 4.75 101.03 5.73 5.76 5.78
1,000-2,499 100,000-249,999 4.50 100.76 5.74 5.77 5.79
2,500-4,999 250,000-499,999 4.25 100.50 5.76 5.79 5.81
5,000-9,999 500,000-999,999 3.50 99.72 5.80 5.83 5.85
10,000-24,999 1,000,000-2,499,999 3.00 99.21 5.83 5.86 5.88
25,000-49,999 2,500,000-4,999,999 2.50 98.70 5.86 5.89 5.91
50,000 and over 5,000,000 and over 2.00 98.19 5.89 5.92 5.94
</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 % $ 101.19 5.79% 5.82% 5.84%
500-999 50,000-99,999 4.75 101.03 5.80 5.83 5.85
1,000-2,499 100,000-249,999 4.50 100.76 5.82 5.85 5.86
2,500-4,999 250,000-499,999 4.25 100.50 5.83 5.86 5.88
5,000-9,999 500,000-999,999 3.50 99.72 5.88 5.91 5.93
10,000-24,999 1,000,000-2,499,999 3.00 99.21 5.91 5.94 5.96
25,000-49,999 2,500,000-4,999,999 2.50 98.70 5.94 5.97 5.99
50,000 and over 5,000,000 and over 2.00 98.19 5.97 6.00 6.02
</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.
- --------------------------------------------------------------------------------
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>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 8/1 11/1 2/1 5/1
Distribution Date..................... 8/15 11/15 2/15 5/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .6424(1) $ 5.7846
-------- $.4818 every month --------
Quarterly Distribution Plan........... $ .6424(1) $ 1.4535(2) $ 1.4535 $ 1.4535 $ 5.8166
Semi-Annual Distribution Plan......... $ .6424(1) $ 1.4589(3) $ 2.9178 $ 5.8356
- --------------------------------------------------------------------------------------------------------------------
<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. Such distribution may
be more or less than a regular monthly distribution.
(2) Regular 3-month distribution.
(3) The second distribution under the semi-annual distribution plan represents a 3-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 $.01606 per unit per day.
Consequently, on the first Record Date (08/01/94), accrued interest will total
$0.6424 per unit for the 40-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 08/01/94 is $.6424 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01606 Quarterly - $0.01615
Semi-Annual - $0.01621
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 11 states.
- -------------------------------------------------
<TABLE>
<CAPTION>
Percent
of Total
Income
<S> <C> <C>
- ------------------------
%
Alabama 7.5
California 9.6
Colorado 7.7
Georgia 7.8
Illinois 22.3
Massachusetts 7.4
<CAPTION>
Percent
of Total
Income
- ------------------------
<S> <C> <C>
%
New Jersey 7.8
New York 7.4
South Carolina 7.9
Texas 7.7
Virginia 6.9
</TABLE>
- -------------------------------------------------
AVERAGE PORTFOLIO LIFE
The average maturity of portfolio bonds is 27.2 years. The first bond is
scheduled to mature in June, 2014, with the last bond maturity being June, 2031.
- -------------------------------------------------
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 30%
AA 38
A1/A+ 15
A 17
---
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.
735
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
INTERMEDIATE
INSURED
TRUST 75
Estimated Current Return
4.79% to 4.94%
as of 06/20/94
Estimated Long Term Return
4.98% to 5.13%
100,000 units in a
diversified $10,000,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67093H 778 Monthly Payment Option
67093H 786 Quarterly Payment Option
67093H 794 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--INSURED, INTERMEDIATE INSURED TRUST 75
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT JUNE 21, 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>
--------------------------------------------------------------------------------------------------------------------------
$ 100,000 North Slope Borough, Alaska, General Obligation Bonds, No Optional AAA Aaa
Series 1992A, 0.00% Due 6/30/03. (Original issue discount Call
bonds delivered on or about September 1, 1992 at a price
of 52.714% of principal amount.)
1,000,000 Tucson Unified School District No. 1 of Pima County, No Optional AAA Aaa
Arizona, Refunding Bonds, Series 1993, 4.90% Due 7/1/04. Call
(General Obligation Bonds.)
1,000,000 District of Columbia (Washington, D.C.), General Obligation No Optional AAA Aaa
Refunding Bonds, Series 1993B, 5.20% Due 6/1/04. Call
410,000 City of Chicago (Illinois), Wastewater Transmission Revenue No Optional AAA Aaa
Bonds, Refunding Series 1993, 5.30% Due 1/1/05. Call
1,000,000 Public Building Commission of Chicago (Illinois), Building No Optional AAA Aaa
Revenue Bonds, Series A of 1993 (Board of Education of the Call
City of Chicago), 5.25% Due 12/1/04. (General Obligation
Bonds.)
1,000,000 Louisville and Jefferson County Metropolitan Sewer District 2003 at 102 AAA Aaa
(Commonwealth of Kentucky),Sewer and Drainage System
Revenue Bonds, Series 1993, 4.80% Due 5/15/04.
1,000,000 Board of Supervisors of Louisiana State University and No Optional AAA Aaa
Agricultural and Mechanical College Auxiliary Revenue Call
Bonds, Series 1994, 5.30% Due 7/1/04. (When issued.)
1,000,000 Massachusetts Bay Transportation Authority, General No Optional AAA Aaa
Transportation System Bonds, Series A Refunding Bonds, Call
5.30% Due 3/1/04. (General Obligation Bonds.) (When
issued.)
1,000,000 The Commonwealth of Massachusetts, General Obligation 2003 at 102 AAA Aaa
Refunding Bonds, 1993 Series C, 4.90% Due 8/1/04.
490,000 Charter County of Wayne, Michigan, Airport Revenue Refunding No Optional AAA Aaa
Bonds (Detroit Metropolitan Wayne County Airport), Series Call
1994A, 5.45% Due 12/1/03.
1,000,000 Metropolitan Transportation Authority (New York), Transit No Optional AAA Aaa
Facilities 1987 Service Contract Bonds, Series 7, 5.20% Call
Due 7/1/04.
1,000,000 Rhode Island Public Buildings Authority, State Public 2003 at 102 AAA Aaa
Projects Revenue Bonds, 1993 Series A, 5.00% Due 2/1/04.
----------
$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>
50-499 $5,000-$49,999 3.90 % $ 101.61 4.79% 4.82% 4.84%
500-999 50,000-99,999 3.70 101.40 4.80 4.83 4.85
1,000-2,499 100,000-249,999 3.50 101.19 4.81 4.84 4.86
2,500-4,999 250,000-499,999 3.25 100.93 4.82 4.85 4.87
5,000-9,999 500,000-999,999 3.00 100.67 4.84 4.87 4.89
10,000-24,999 1,000,000-2,499,999 2.75 100.41 4.85 4.88 4.90
25,000-49,999 2,500,000-4,999,999 2.50 100.15 4.86 4.89 4.91
50,000 and over 5,000,000 and over 2.00 99.64 4.89 4.92 4.94
</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 3.90 % $ 101.61 4.98% 5.01% 5.03%
500-999 50,000-99,999 3.70 101.40 4.99 5.02 5.04
1,000-2,499 100,000-249,999 3.50 101.19 5.00 5.03 5.05
2,500-4,999 250,000-499,999 3.25 100.93 5.01 5.04 5.06
5,000-9,999 500,000-999,999 3.00 100.67 5.03 5.05 5.07
10,000-24,999 1,000,000-2,499,999 2.75 100.41 5.04 5.06 5.08
25,000-49,999 2,500,000-4,999,999 2.50 100.15 5.05 5.08 5.10
50,000 and over 5,000,000 and over 2.00 99.64 5.08 5.11 5.13
</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.
- --------------------------------------------------------------------------------
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
Intermediate Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 8/1 11/1 2/1 5/1
Distribution Date..................... 8/15 11/15 2/15 5/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .5408(1) $ 4.8681
-------- $.4056 every month --------
Quarterly Distribution Plan........... $ .5408(1) $ 1.2249(2) $ 1.2249 $ 1.2249 $ 4.9001
Semi-Annual Distribution Plan......... $ .5408(1) $ 1.2294(3) $ 2.4588 $ 4.9191
- --------------------------------------------------------------------------------------------------------------------
<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. Such distribution may
be more or less than a regular monthly distribution.
(2) Regular 3-month distribution.
(3) The second distribution under the semi-annual distribution plan represents a 3-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 $.09 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 $.01352 per unit per day.
Consequently, on the first Record Date (08/01/94), accrued interest will total
$0.5408 per unit for the 40-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 08/01/94 is $.5408 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01352 Quarterly - $0.01361
Semi-Annual - $0.01366
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 12 Tax-exempt bond issues in this trust; this diversified portfolio
yields current income from issuers in 8 states and the District of Columbia.
- -------------------------------------------------
<TABLE>
<CAPTION>
Percent
of Total
Income
<S> <C> <C>
- ------------------------
%
Arizona 9.7
Washington D.C. 10.3
Illinois 14.6
Kentucky 9.5
Louisiana 10.5
<CAPTION>
Percent
of Total
Income
- ------------------------
<S> <C> <C>
%
Massachusetts 19.9
Michigan 5.3
New York 10.3
Rhode Island 9.9
</TABLE>
- -------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity
of portfolio bonds is 10.0 years.
<TABLE>
<CAPTION>
Year Bonds Mature Amount Percent
- ------------------------------------- ---------- -----------
<S> <C> <C>
2003................................. 590 5.9%
2004................................. 9,000 90.0
2005................................. 410 4.1
</TABLE>
- -------------------------------------------------
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.
- -------------------------------------------------
* 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
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
735
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
CALIFORNIA
INSURED
TRUST 227
Estimated Current Return
5.53% to 5.75%
as of 06/20/94
Estimated Long Term Return
5.64% to 5.87%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67064U 287 Monthly Payment Option
67064U 295 Quarterly Payment Option
67064U 303 Semi-Annual Payment Option
Registered in California
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, CALIFORNIA INSURED TRUST 227
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT JUNE 21, 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 California Statewide Communities Development Authority, 2003 at 102 AAA Aaa
Certificates of Participation, Sutter Health Obligated
Group, 5.50% Due 8/15/23.
500,000 Encinitas Public Financing Authority (California), 1993 2003 at 102 AAA Aaa
Water Revenue Bonds, Series A (San Dieguito Water
District), 5.25% Due 10/1/23.
500,000 City of Industry, California, General Obligation Refunding 2003 at 101 AAA Aaa
Bonds, Issue of 1993, 5.70% Due 7/1/17. 3/4
500,000 City of Los Angeles, California, Wastewater System Revenue 2004 at 102 AAA Aaa
Bonds, Series 1994-A, 5.875% Due 6/1/24. (When issued.)
500,000 Redevelopment Agency of the City of Riverside (California), 2002 at 102 AAA Aaa
Tax Allocation Refunding Bonds, Casa Blanca Redevelopment
Project, 1993 Series A, 5.625% Due 8/1/23.
500,000 Sacramento, California, Municipal Utility District, Electric 2003 at 102 AAA Aaa
Revenue Refunding Bonds, 1993 Series D, 5.25% Due
11/15/20. (Original issue discount bonds delivered on or
about May 6, 1993 at a price of 93.784% of principal
amount.)
500,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 2002 at 101 AAA Aaa
1993 (General Obligation Bonds.), 6.00% Due 7/1/22. 1/2
----------
$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>
50-499 $5,000-$49,999 4.90 % $ 97.21 5.53% 5.56% 5.58%
500-999 50,000-99,999 4.75 97.06 5.54 5.57 5.59
1,000-2,499 100,000-249,999 4.50 96.81 5.55 5.59 5.60
2,500-4,999 250,000-499,999 4.25 96.55 5.57 5.60 5.62
5,000-9,999 500,000-999,999 3.50 95.80 5.61 5.64 5.66
10,000-24,999 1,000,000-2,499,999 3.00 95.31 5.64 5.67 5.69
25,000-49,999 2,500,000-4,999,999 2.50 94.82 5.67 5.70 5.72
50,000 and over 5,000,000 and over 2.00 94.34 5.70 5.73 5.75
</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 % $ 97.21 5.64% 5.67% 5.70%
500-999 50,000-99,999 4.75 97.06 5.65 5.67 5.70
1,000-2,499 100,000-249,999 4.50 96.81 5.66 5.69 5.72
2,500-4,999 250,000-499,999 4.25 96.55 5.68 5.70 5.73
5,000-9,999 500,000-999,999 3.50 95.80 5.72 5.75 5.78
10,000-24,999 1,000,000-2,499,999 3.00 95.31 5.75 5.78 5.81
25,000-49,999 2,500,000-4,999,999 2.50 94.82 5.78 5.81 5.84
50,000 and over 5,000,000 and over 2.00 94.34 5.81 5.84 5.87
</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
California Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 8/1 11/1 2/1 5/1
Distribution Date..................... 8/15 11/15 2/15 5/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .5972(1) $ 5.3750
-------- $.4479 every month --------
Quarterly Distribution Plan........... $ .5972(1) $ 1.3509(2) $ 1.3509 $ 1.3509 $ 5.4070
Semi-Annual Distribution Plan......... $ .5972(1) $ 1.3563(3) $ 2.7126 $ 5.4260
- --------------------------------------------------------------------------------------------------------------------
<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. Such distribution may
be more or less than a regular monthly distribution.
(2) Regular 3-month distribution.
(3) The second distribution under the semi-annual distribution plan represents a 3-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 $.10 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 $.01493 per unit per day.
Consequently, on the first Record Date (08/01/94), accrued interest will total
$0.5972 per unit for the 40-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 08/01/94 is $.5972 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01493 Quarterly - $0.01501
Semi-Annual - $0.01507
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.
- --------------------------------------------------------------------------------
735
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 27.9 years.
The first bond is scheduled to mature in July, 2017, with the last bond maturity
being June, 2024.
- -------------------------------------------------
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
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
PENNSYLVANIA
INSURED
TRUST 182
Estimated Current Return
5.57% to 5.79%
as of 06/20/94
Estimated Long Term Return
5.61% to 5.83%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H9 462 Monthly Payment Option
6706H9 470 Quarterly Payment Option
6706H9 488 Semi-Annual Payment Option
Registered in Pennsylvania & 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, PENNSYLVANIA INSURED TRUST 182
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT JUNE 21, 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 Pennsylvania Intergovernmental Cooperation Authority, 2003 at 100 AAA Aaa
Special Tax Revenue Bonds (City of Philadelphia Funding
Program), Series of 1993, 5.625% Due 6/15/23.
125,000 The Pennsylvania State University Bonds, Refunding Series 2003 at 100 AAA Aaa
1993A, 5.10% Due 3/1/18. (Original issue discount bonds
delivered on or about March 11, 1993 at a price of 93.00%
of principal amount.)
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.
500,000 Montgomery County Higher Education and Health Authority 2004 at 102 AAA Aaa
(Pennsylvania), Hospital Revenue Bonds, Series A of 1994
(Abington Memorial Hospital), 5.125% Due 6/1/24.
375,000 Montgomery County Higher Education and Health Authority, 2002 at 102 AAA Aaa
Montgomery County, Pennsylvania, Saint Joseph's University
Revenue Bonds, Series of 1992, 6.50% Due 12/15/22.
500,000 City of Pittsburgh (Commonwealth of Pennsylvania), General 2002 at 102 AAA Aaa
Obligation Bonds, Series of 1992D, 6.125% Due 9/1/17.
500,000 University of Pittsburgh-Of the Commonwealth System of 2002 at 102 AAA Aaa
Higher Education, University Capital Project Bonds
(Pennsylvania), 1992 Series A, 6.125% Due 6/1/21.
500,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 2002 at 101 AAA Aaa
1993 (General Obligation Bonds.), 6.00% Due 7/1/22. 1/2
----------
$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>
50-499 $5,000-$49,999 4.90 % $ 100.36 5.57% 5.60% 5.62%
500-999 50,000-99,999 4.75 100.20 5.58 5.61 5.63
1,000-2,499 100,000-249,999 4.50 99.94 5.59 5.62 5.64
2,500-4,999 250,000-499,999 4.25 99.68 5.60 5.64 5.66
5,000-9,999 500,000-999,999 3.50 98.90 5.65 5.68 5.70
10,000-24,999 1,000,000-2,499,999 3.00 98.39 5.68 5.71 5.73
25,000-49,999 2,500,000-4,999,999 2.50 97.89 5.71 5.74 5.76
50,000 and over 5,000,000 and over 2.00 97.39 5.74 5.77 5.79
</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 % $ 100.36 5.61% 5.64% 5.66%
500-999 50,000-99,999 4.75 100.20 5.62 5.65 5.66
1,000-2,499 100,000-249,999 4.50 99.94 5.64 5.66 5.68
2,500-4,999 250,000-499,999 4.25 99.68 5.65 5.68 5.69
5,000-9,999 500,000-999,999 3.50 98.90 5.69 5.72 5.74
10,000-24,999 1,000,000-2,499,999 3.00 98.39 5.72 5.75 5.77
25,000-49,999 2,500,000-4,999,999 2.50 97.89 5.75 5.78 5.80
50,000 and over 5,000,000 and over 2.00 97.39 5.78 5.81 5.83
</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
Pennsylvania Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 8/1 11/1 2/1 5/1
Distribution Date..................... 8/15 11/15 2/15 5/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .6204(1) $ 5.5864
-------- $.4653 every month --------
Quarterly Distribution Plan........... $ .6204(1) $ 1.4040(2) $ 1.4040 $ 1.4040 $ 5.6184
Semi-Annual Distribution Plan......... $ .6204(1) $ 1.4085(3) $ 2.8170 $ 5.6374
- --------------------------------------------------------------------------------------------------------------------
<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. Such distribution may
be more or less than a regular monthly distribution.
(2) Regular 3-month distribution.
(3) The second distribution under the semi-annual distribution plan represents a 3-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 $.01551 per unit per day.
Consequently, on the first Record Date (08/01/94), accrued interest will total
$0.6204 per unit for the 40-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 08/01/94 is $.6204 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01551 Quarterly - $0.01560
Semi-Annual - $0.01565
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.
- --------------------------------------------------------------------------------
735
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 28.2 years.
The first bond is scheduled to mature in September, 2017, with the last bond
maturity being February, 2027.
- -------------------------------------------------
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
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
