<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
VIRGINIA
TRUST 290
(VIRGINIA TRADITIONAL TRUST 290)
Estimated Current Return
5.57% to 5.79%
as of 08/04/94
Estimated Long Term Return
5.68% to 5.90%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds
Cusip:
6706L5 408 Monthly Payment Option
6706L5 416 Quarterly Payment Option
6706L5 424 Semi-Annual Payment Option
Registered in Virginia
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--VIRGINIA TRADITIONAL TRUST 290
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT AUGUST 5, 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>
--------------------------------------------------------------------------------------------------------------------------
$ 315,000 Industrial Development Authority of the City of Chesapeake 2004 at 102 AAA Aaa
(Virginia), Public Facility Lease Revenue Bonds (City of
Chesapeake Jail Project), Series of 1994, 5.625% Due
6/1/14. (Original issue discount bonds delivered on or
about June 28, 1994 at a price of 94.78% of principal
amount.)(MBIA Insured.)
370,000 Fairfax County (Virginia), Water Authority, Water Refunding 2007 at 102 AA- Aa
Revenue Bonds, Series 1992, 6.00% Due 4/1/22.
500,000 Henrico County, Virginia, Water and Sewer System Revenue and 2004 at 102 AA- A1
Refunding Revenue Bonds, Series 1994, 5.875% Due 5/1/14.
500,000 Loudoun County Sanitation Authority (Virginia), Water and 2003 at 100 AAA Aaa
Sewer System Revenue Bonds, Refunding Series 1992, 6.25%
Due 1/1/30. (FGIC Insured.)
460,000 Industrial Development Authority of the Town of Louisa, 2004 at 102 A A2
Virginia, Pollution Control Revenue Bonds (Virginia
Electric and Power Company Project), Series 1994, 5.45%
Due 1/1/24.
525,000 Industrial Development Authority of the City of Norfolk 2004 at 102 AA Aa
(Virginia), Hospital Revenue and Refunding Bonds (Sentara
Hospitals-Norfolk), Series 1994A, 5.50% Due 11/1/17.
300,000 City of Richmond, Virginia, General Obligation Public 2003 at 102 AA A1
Improvement Bonds, Series 1993B, 5.50% Due 7/15/23.
200,000 City of Richmond, Virginia, General Obligation Public 2003 at 102 AA A1
Improvement Refunding Bonds, Series 1993A, 5.50% Due
1/15/22.
330,000 Industrial Development Authority of the City of Roanoke, 2003 at 102 AAA Aaa
Virginia, Hospital Revenue Refunding Bonds (Roanoke
Memorial Hospitals, Community Hospital of Roanoke Valley,
Franklin Memorial Hospital and Saint Albans Psychiatric
Hospital Project) Series 1993A, 5.25% Due 7/1/25.
(Original issue discount bonds delivered on or about May
20, 1993 at a price of 94.096% of principal amount.)(MBIA
Insured.)
----------
$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 % $ 98.33 5.57% 5.60% 5.62%
500-999 50,000-99,999 4.75 98.17 5.58 5.61 5.63
1,000-2,499 100,000-249,999 4.50 97.92 5.59 5.62 5.64
2,500-4,999 250,000-499,999 4.25 97.66 5.61 5.64 5.66
5,000-9,999 500,000-999,999 3.50 96.90 5.65 5.68 5.70
10,000-24,999 1,000,000-2,499,999 3.00 96.40 5.68 5.71 5.73
25,000-49,999 2,500,000-4,999,999 2.50 95.91 5.71 5.74 5.76
50,000 and over 5,000,000 and over 2.00 95.42 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 % $ 98.33 5.68% 5.71% 5.73%
500-999 50,000-99,999 4.75 98.17 5.68 5.71 5.73
1,000-2,499 100,000-249,999 4.50 97.92 5.70 5.73 5.75
2,500-4,999 250,000-499,999 4.25 97.66 5.71 5.74 5.76
5,000-9,999 500,000-999,999 3.50 96.90 5.76 5.79 5.81
10,000-24,999 1,000,000-2,499,999 3.00 96.40 5.79 5.82 5.84
25,000-49,999 2,500,000-4,999,999 2.50 95.91 5.82 5.85 5.87
50,000 and over 5,000,000 and over 2.00 95.42 5.85 5.88 5.90
</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
Virginia Traditional Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 9/1 11/1 2/1 5/1
Distribution Date..................... 9/15 11/15 2/15 5/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .3952(1) $ 5.4745
-------- $.4560 every month --------
Quarterly Distribution Plan........... $ .3952(1) $ .9174(2) $ 1.3761 $ 1.3761 $ 5.5065
Semi-Annual Distribution Plan......... $ .3952(1) $ .9204(3) $ 2.7612 $ 5.5255
- --------------------------------------------------------------------------------------------------------------------
<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) 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 2-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 $.01520 per unit per day.
Consequently, on the first Record Date (09/01/94), accrued interest will total
$0.3952 per unit for the 26-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 09/01/94 is $.3952 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01520 Quarterly - $0.01529
Semi-Annual - $0.01534
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.
- --------------------------------------------------------------------------------
744
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 26.9 years.
The first bond is scheduled to mature in May, 2014, with the last bond maturity
being January, 2030.
- -------------------------------------------------------
QUALITY OF PORTFOLIO AS RATED BY
STANDARD & POOR'S CORPORATION
OR MOODY'S INVESTORS SERVICES
- -------------------------------------------------------
<TABLE>
<S> <C> <C>
Rating Percent of Portfolio
Category Par Value
- --------------------------------------------------------------------
AAA 33%
AA 54
A 13
---
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.
- -------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------------
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 FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
- -------------------------------------------------------
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
ARIZONA
INSURED
TRUST 34
Estimated Current Return
First
Year: 5.36% to 5.57%
Subsequent
Years: 5.38% to 5.60%
as of 08/04/94
Estimated Long Term Return
5.51% to 5.73%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101J 311 Monthly Payment Option
67101J 329 Quarterly Payment Option
67101J 337 Semi-Annual Payment Option
Registered in Arizona
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, ARIZONA INSURED TRUST 34
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT AUGUST 5, 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 City of Phoenix (Arizona), Civic Improvement Corporation, 2004 at 102 AAA Aaa
Junior Lien Water System Revenue Bonds, Series 1994, 5.50%
Due 7/1/24.
500,000 City of Phoenix, Arizona, Junior Lien Street and Highway 2002 at 102 AAA Aaa
User, Revenue Refunding Bonds, Series 1992A, 6.10% Due
7/1/11.
500,000 Salt River Project Agricultural Improvement and Power 2003 at 102 AAA Aaa
District, Arizona, Salt River Project Electric System
Refunding Revenue Bonds, 1993 Series B, 5.25% Due 1/1/19.
500,000 Tempe Elementary School District No. 3 of Maricopa County, 2003 at 102 AAA Aaa
Arizona, School Improvement and Refunding Bonds, Series
1993, 5.40% Due 7/1/12. (General Obligation Bonds.)
500,000 Tucson Unified School District No. 1 of Pima County, 2004 at 101 AAA Aaa
Arizona, School Improvement Bonds, Project of 1989, Series
E (1993), 5.40% Due 7/1/13. (General Obligation Bonds.)
500,000 University Medical Center Corporation (Tucson, Arizona), 2003 at 102 AAA Aaa
Hospital Revenue Refunding Bonds, Series 1993, 5.00% Due
7/1/21. (Original issue discount bonds delivered on or
about June 8, 1993 at a price of 90.104% of principal
amount.)
500,000 Commonwealth of Puerto Rico, Public Improvement Refunding 2002 at 101 AAA Aaa
Bonds, Series 1992A (General Obligation Bonds.), 6.00% Due 1/2
7/1/14.
----------
$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> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 98.50 (5.36%) 5.38% (5.39%) 5.41% (5.41%) 5.43%
500-999 50,000-99,999 4.75 98.34 (5.37) 5.39 (5.40) 5.42 (5.42) 5.44
1,000-2,499 100,000-249,999 4.50 98.08 (5.38) 5.40 (5.41) 5.43 (5.43) 5.45
2,500-4,999 250,000-499,999 4.25 97.83 (5.39) 5.42 (5.43) 5.45 (5.45) 5.47
5,000-9,999 500,000-999,999 3.50 97.07 (5.44) 5.46 (5.47) 5.49 (5.49) 5.51
10,000-24,999 1,000,000-2,499,999 3.00 96.57 (5.46) 5.49 (5.50) 5.52 (5.52) 5.54
25,000-49,999 2,500,000-4,999,999 2.50 96.07 (5.49) 5.51 (5.53) 5.55 (5.55) 5.57
50,000 and over 5,000,000 and over 2.00 95.58 (5.52) 5.54 (5.55) 5.58 (5.57) 5.60
</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 % $ 98.50 5.51% 5.54% 5.56%
500-999 50,000-99,999 4.75 98.34 5.51 5.55 5.57
1,000-2,499 100,000-249,999 4.50 98.08 5.53 5.57 5.59
2,500-4,999 250,000-499,999 4.25 97.83 5.54 5.58 5.60
5,000-9,999 500,000-999,999 3.50 97.07 5.59 5.63 5.65
10,000-24,999 1,000,000-2,499,999 3.00 96.57 5.62 5.66 5.68
25,000-49,999 2,500,000-4,999,999 2.50 96.07 5.65 5.68 5.70
50,000 and over 5,000,000 and over 2.00 95.58 5.67 5.71 5.73
</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.
- --------------------------------------------------------------------------------
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
Arizona Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 9/1 11/1 2/1 5/1
Distribution Date..................... 9/15 11/15 2/15 5/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .3824(1) $ 5.2975
-------- $.4413 every month --------
Quarterly Distribution Plan........... $ .3824(1) $ .8880(2) $ 1.3320 $ 1.3320 $ 5.3295
Semi-Annual Distribution Plan......... $ .3824(1) $ .8910(3) $ 2.6730 $ 5.3485
- --------------------------------------------------------------------------------------------------------------------
<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) 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 2-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 $.01471 per unit per day.
Consequently, on the first Record Date (09/01/94), accrued interest will total
$0.3824 per unit for the 26-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 09/01/94 is $.3824 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01471 Quarterly - $0.01480
Semi-Annual - $0.01485
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.
- --------------------------------------------------------------------------------
744
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 22.1 years.
The first bond is scheduled to mature in July, 2011, with the last bond maturity
being July, 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.
- -------------------------------------------------------
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 FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
- -------------------------------------------------------
* 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
MASSACHUSETTS
INSURED
TRUST 116
Estimated Current Return
First
Year: 5.49% to 5.71%
Subsequent
Years: 5.51% to 5.73%
as of 08/04/94
Estimated Long Term Return
5.59% to 5.81%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
670946 854 Monthly Payment Option
670946 862 Quarterly Payment Option
670946 870 Semi-Annual Payment Option
Registered in Massachusetts
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, MASSACHUSETTS INSURED TRUST 116
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT AUGUST 5, 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 Massachusetts Bay Transportation Authority, General 2004 at 102 AAA Aaa
Transportation System Bonds, 1994 Series B Bonds, 5.90%
Due 3/1/24. (General Obligation Bonds.)
500,000 Massachusetts Health and Educational Facilities Authority, 2003 at 100 AAA Aaa
Revenue Bonds, Baystate Medical Center Issue, Series D,
5.00% Due 7/1/20. (Original issue discount bonds delivered
on or about September 16, 1993 at a price of 93.025% of
principal amount.)
250,000 Massachusetts Municipal Wholesale Electric Company, A Public 2004 at 102 AAA Aaa
Corporation of the Commonwealth of Massachusetts, Power
Supply System Revenue Bonds, 1994 Series A, 5.00% Due
7/1/17.
250,000 Massachusetts Municipal Wholesale Electric Company, A Public 2002 at 102 AAA Aaa
Corporation of the Commonwealth of Massachusetts Power
Supply System Revenue Bonds, 1992 Series E, 6.125% Due
7/1/19.
500,000 Massachusetts Port Authority, Revenue Bonds, Series 1992-B, 2003 at 102 AAA Aaa
6.00% Due 7/1/23.
500,000 Massachusetts Water Resources Authority, General Revenue 2004 at 101 AAA Aaa
Bonds, 1994 Series A, 6.00% Due 8/1/24. (When issued.) 1/2
500,000 City of Springfield, Massachusetts, General Obligation 2003 at 102 AAA Aaa
Municpal Purpose Loan of 1993 Bonds, Series B, 6.00% Due
1/15/13.
500,000 Commonwealth of Puerto Rico, Public Improvement Refunding 2002 at 101 AAA Aaa
Bonds, Series 1992A (General Obligation Bonds.), 6.00% Due 1/2
7/1/14.
----------
$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> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 100.79 (5.49%) 5.51% (5.53%) 5.54% (5.54%) 5.56%
500-999 50,000-99,999 4.75 100.63 (5.50) 5.52 (5.53) 5.55 (5.55) 5.57
1,000-2,499 100,000-249,999 4.50 100.37 (5.52) 5.54 (5.55) 5.57 (5.57) 5.59
2,500-4,999 250,000-499,999 4.25 100.10 (5.53) 5.55 (5.56) 5.58 (5.58) 5.60
5,000-9,999 500,000-999,999 3.50 99.33 (5.58) 5.59 (5.61) 5.63 (5.63) 5.64
10,000-24,999 1,000,000-2,499,999 3.00 98.81 (5.60) 5.62 (5.64) 5.66 (5.66) 5.67
25,000-49,999 2,500,000-4,999,999 2.50 98.31 (5.63) 5.65 (5.67) 5.68 (5.68) 5.70
50,000 and over 5,000,000 and over 2.00 97.81 (5.66) 5.68 (5.69) 5.71 (5.71) 5.73
</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 % $ 100.79 5.59% 5.62% 5.64%
500-999 50,000-99,999 4.75 100.63 5.60 5.63 5.65
1,000-2,499 100,000-249,999 4.50 100.37 5.62 5.64 5.66
2,500-4,999 250,000-499,999 4.25 100.10 5.63 5.66 5.68
5,000-9,999 500,000-999,999 3.50 99.33 5.67 5.70 5.72
10,000-24,999 1,000,000-2,499,999 3.00 98.81 5.70 5.73 5.75
25,000-49,999 2,500,000-4,999,999 2.50 98.31 5.73 5.76 5.78
50,000 and over 5,000,000 and over 2.00 97.81 5.76 5.79 5.81
</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.
- --------------------------------------------------------------------------------
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
Massachusetts Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 9/1 11/1 2/1 5/1
Distribution Date..................... 9/15 11/15 2/15 5/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .4011(1) $ 5.5558
-------- $.4629 every month --------
Quarterly Distribution Plan........... $ .4011(1) $ .9312(2) $ 1.3968 $ 1.3968 $ 5.5878
Semi-Annual Distribution Plan......... $ .4011(1) $ .9342(3) $ 2.8026 $ 5.6068
- --------------------------------------------------------------------------------------------------------------------
<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) 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 2-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 $.01543 per unit per day.
Consequently, on the first Record Date (09/01/94), accrued interest will total
$0.4011 per unit for the 26-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 09/01/94 is $.4011 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01543 Quarterly - $0.01552
Semi-Annual - $0.01557
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.
- --------------------------------------------------------------------------------
744
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 25.2 years.
The first bond is scheduled to mature in January, 2013, with the last bond
maturity being August, 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.
- -------------------------------------------------------
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 FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
- -------------------------------------------------------
* 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
<PAGE>
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NEW JERSEY
INSURED
TRUST 178
Estimated Current Return
5.53% to 5.75%
as of 08/04/94
Estimated Long Term Return
5.60% to 5.82%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706L6 372 Monthly Payment Option
6706L6 380 Quarterly Payment Option
6706L6 398 Semi-Annual Payment Option
Registered in New Jersey
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 JERSEY INSURED TRUST 178
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT AUGUST 5, 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 New Jersey Health Care Facilities Financing Authority, 2004 at 102 AAA Aaa
Revenue Bonds, Jersey Shore Medical Center Obligated Group
Issue, Series 1994, 6.25% Due 7/1/21.
105,000 New Jersey Health Care Facilities Financing Authority, 2003 at 102 AAA Aaa
Revenue Bonds, St. Peter's Medical Center Issue, Series F,
5.00% Due 7/1/21.
500,000 Camden County Improvement Authority (Camden County, New 2004 at 102 AAA Aaa
Jersey), County Guaranteed Lease Revenue Bonds, Series of
1994, 6.15% Due 10/1/14. (General Obligation Bonds.) (When
issued.)
470,000 Board of Education of the Borough of Glassboro, County of 2004 at 101 AAA Aaa
Gloucester, New Jersey, School District Refunding Bonds,
Series 1994, 5.00% Due 5/1/17. (General Obligation Bonds.)
500,000 The Hudson County Improvement Authority Facility Lease 2002 at 102 AAA Aaa
Revenue Bonds (New Jersey) (Hudson County Lease Project,
Series 1992), 6.00% Due 12/1/25. (General Obligation
Bonds.)
400,000 County of Passaic, State of New Jersey, General Obligation 2004 at 102 AAA Aaa
Refunding Bonds, Series 1994, General Improvement
Refunding Bonds, Series 1994, 5.00% Due 5/1/17.
525,000 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.
500,000 Commonwealth of Puerto Rico, Public Improvement Refunding 2002 at 101 AAA Aaa
Bonds, Series 1992A (General Obligation Bonds.), 6.00% Due 1/2
7/1/14.
----------
$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 % $ 101.17 5.53% 5.56% 5.58%
500-999 50,000-99,999 4.75 101.01 5.53 5.57 5.58
1,000-2,499 100,000-249,999 4.50 100.74 5.55 5.58 5.60
2,500-4,999 250,000-499,999 4.25 100.48 5.56 5.60 5.61
5,000-9,999 500,000-999,999 3.50 99.70 5.61 5.64 5.66
10,000-24,999 1,000,000-2,499,999 3.00 99.19 5.64 5.67 5.69
25,000-49,999 2,500,000-4,999,999 2.50 98.68 5.66 5.70 5.72
50,000 and over 5,000,000 and over 2.00 98.17 5.69 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 % $ 101.17 5.60% 5.63% 5.65%
500-999 50,000-99,999 4.75 101.01 5.61 5.64 5.66
1,000-2,499 100,000-249,999 4.50 100.74 5.63 5.65 5.67
2,500-4,999 250,000-499,999 4.25 100.48 5.64 5.67 5.69
5,000-9,999 500,000-999,999 3.50 99.70 5.68 5.71 5.73
10,000-24,999 1,000,000-2,499,999 3.00 99.19 5.71 5.74 5.76
25,000-49,999 2,500,000-4,999,999 2.50 98.68 5.74 5.77 5.79
50,000 and over 5,000,000 and over 2.00 98.17 5.77 5.80 5.82
</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 Jersey Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 9/1 11/1 2/1 5/1
Distribution Date..................... 9/15 11/15 2/15 5/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .4035(1) $ 5.5901
-------- $.4656 every month --------
Quarterly Distribution Plan........... $ .4035(1) $ .9366(2) $ 1.4049 $ 1.4049 $ 5.6221
Semi-Annual Distribution Plan......... $ .4035(1) $ .9396(3) $ 2.8188 $ 5.6411
- --------------------------------------------------------------------------------------------------------------------
<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) 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 2-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 $.01552 per unit per day.
Consequently, on the first Record Date (09/01/94), accrued interest will total
$0.4035 per unit for the 26-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 09/01/94 is $.4035 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01552 Quarterly - $0.01561
Semi-Annual - $0.01566
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.
- --------------------------------------------------------------------------------
744
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 26.0 years.
The first bond is scheduled to mature in July, 2014, with the last bond maturity
being June, 2031.
- -------------------------------------------------------
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.
- -------------------------------------------------------
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 FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
- -------------------------------------------------------
* 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
<PAGE>
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
