<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NORTH CAROLINA
TRUST 279
(NORTH CAROLINA TRADITIONAL TRUST 279)
Estimated Current Return
5.59% to 5.81%
as of 08/15/94
Estimated Long Term Return
5.69% to 5.92%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds
Cusip:
670958 859 Monthly Payment Option
670958 867 Quarterly Payment Option
670958 875 Semi-Annual Payment Option
Registered in North Carolina
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--NORTH CAROLINA TRADITIONAL TRUST 279
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT AUGUST 16, 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 North Carolina Medical Care Commission, Hospital Revenue 2002 at 102 A- --
Refunding Bonds (Mercy Hospital Project), Series 1992,
6.50% Due 8/1/15.
500,000 North Carolina Medical Care Commission, Hospital Revenue 2003 at 102 AA Aa
Refunding Bonds (Presbyterian Health Services Corp.,
Project), Series 1993, 5.50% Due 10/1/20.
235,000 North Carolina Medical Care Commission, Hospital Revenue 2004 at 102 AA --
Bonds (Scotland Memorial Hospital Project), Series 1993,
5.375% Due 10/1/11. (ASSET GUARANTEED.)
500,000 North Carolina Municipal Power Agency Number 1, Catawba 2003 at 102 AAA Aaa
Electric Revenue Bonds, Series 1992, 6.20% Due 1/1/18.
(FSA Insured.)
500,000 Appalachian State University Housing and Student Center 2003 at 102 AAA Aaa
System Revenue and Refunding Revenue Bonds, Series 1993 of
The Board of Governors of the University of North
Carolina, 5.625% Due 7/15/14. (MBIA Insured.)
500,000 Metropolitan Sewerage District of Buncombe County (North 2003 at 102 AAA Aaa
Carolina), Sewerage System Revenue Refunding Bonds, Series
1993A, 5.50% Due 7/1/22. (FGIC Insured.)
490,000 City of Charlotte, North Carolina, Refunding Certificates of 2003 at 102 AAA Aaa
Participation (Convention Facility Project), Series 1993C,
5.25% Due 12/1/20. (Original issue discount bonds
delivered on or about August 25, 1993 at a price of
93.801% of principal amount.)(AMBAC Insured.)
275,000 East Carolina University (North Carolina), Student Services 2003 at 102 A A
System Revenue Bonds, Series 1993 of the Board of
Governors of the University of North Carolina, 5.50% Due
5/1/19.
----------
$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 % $ 98.30 5.59% 5.62% 5.64%
500-999 50,000-99,999 4.75 98.14 5.60 5.63 5.65
1,000-2,499 100,000-249,999 4.50 97.88 5.61 5.65 5.67
2,500-4,999 250,000-499,999 4.25 97.63 5.63 5.66 5.68
5,000-9,999 500,000-999,999 3.50 96.87 5.67 5.71 5.72
10,000-24,999 1,000,000-2,499,999 3.00 96.37 5.70 5.73 5.75
25,000-49,999 2,500,000-4,999,999 2.50 95.88 5.73 5.76 5.78
50,000 and over 5,000,000 and over 2.00 95.39 5.76 5.79 5.81
</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 % $ 98.30 5.69% 5.73% 5.74%
500-999 50,000-99,999 4.75 98.14 5.69 5.73 5.75
1,000-2,499 100,000-249,999 4.50 97.88 5.71 5.75 5.77
2,500-4,999 250,000-499,999 4.25 97.63 5.72 5.76 5.78
5,000-9,999 500,000-999,999 3.50 96.87 5.77 5.81 5.83
10,000-24,999 1,000,000-2,499,999 3.00 96.37 5.80 5.84 5.86
25,000-49,999 2,500,000-4,999,999 2.50 95.88 5.83 5.87 5.89
50,000 and over 5,000,000 and over 2.00 95.39 5.86 5.90 5.92
</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
North Carolina Traditional Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 10/1 11/1 2/1 5/1
Distribution Date..................... 10/15 11/15 2/15 5/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .6867(1) $ 5.4947
-------- $.4578 every month --------
Quarterly Distribution Plan........... $ .6867(1) $ .4605(2) $ 1.3815 $ 1.3815 $ 5.5267
Semi-Annual Distribution Plan......... $ .6867(1) $ .4620(3) $ 2.7720 $ 5.5457
- --------------------------------------------------------------------------------------------------------------------
<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 1-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 1-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 $.01526 per unit per day.
Consequently, on the first Record Date (10/01/94), accrued interest will total
$0.6867 per unit for the 45-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 10/01/94 is $.6867 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01526 Quarterly - $0.01535
Semi-Annual - $0.01540
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.
- --------------------------------------------------------------------------------
746
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 23.7 years.
The first bond is scheduled to mature in October, 2011, with the last bond
maturity being July, 2022.
- -------------------------------------------------------
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 57%
AA 21
A 22
---
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
NEW YORK
INSURED
TRUST 221
Estimated Current Return
First
Year: 5.54% to 5.76%
Subsequent
Years: 5.54% to 5.77%
as of 08/15/94
Estimated Long Term Return
5.67% to 5.90%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H5 700 Monthly Payment Option
6706H5 718 Quarterly Payment Option
6706H5 726 Semi-Annual Payment Option
Registered in New York, Connecticut & Florida
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, NEW YORK INSURED TRUST 221
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT AUGUST 16, 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>
--------------------------------------------------------------------------------------------------------------------------
$ 450,000 Dormitory Authority of the State of New York, City 2003 at 100 AAA Aaa
University System Consolidated Revenue Bonds, Series
1993F, 5.00% Due 7/1/20. (Original issue discount bonds
delivered on or about October 5, 1993 at a price of
90.443% of principal amount.)
500,000 New York Local Government Assistance Corporation, Series 2003 at 102 AAA Aaa
1993B Refunding Bonds, 5.50% Due 4/1/21. (Original issue
discount bonds delivered on or about April 6, 1993 at a
price of 93.643% of principal amount.)
500,000 New York State Medical Care, Facilities Finance Agency, 2003 at 102 AAA Aaa
Mental Health Services Facilities Improvement Revenue
Bonds, 1993 Series A, 5.80% Due 8/15/22. (General
Obligation Bonds.)
525,000 Metropolitan Transportation Authority (New York), Transit 2004 at 101 AAA Aaa
Facilities Revenue Bonds, Series O, 6.00% Due 7/1/24. 1/2
(Original issue discount bonds delivered on or about July
12, 1994 at a price of 94.871% of principal amount.)
500,000 The City of New York (New York), General Obligation Bonds, 2004 at 101 AAA Aaa
Fiscal 1994 Series E, 5.625% Due 8/1/12. 1/2
525,000 New York City (New York), Municipal Water Finance Authority, 2004 at 101 AAA Aaa
Water and Sewer System Revenue Bonds, Fixed Rate Fiscal 1/2
1994 Series F, 5.75% Due 6/15/20.
500,000 Triborough Bridge and Tunnel Authority (New York), General No Optional AAA Aaa
Purpose Revenue Bonds, Series 1994A, 6.00% Due 1/1/11. Call
----------
$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 % $ 98.30 (5.54%) 5.54% (5.57%) 5.58% (5.59%) 5.60%
500-999 50,000-99,999 4.75 98.14 (5.55) 5.55 (5.58) 5.59 (5.60) 5.60
1,000-2,499 100,000-249,999 4.50 97.88 (5.56) 5.57 (5.59) 5.60 (5.61) 5.62
2,500-4,999 250,000-499,999 4.25 97.63 (5.58) 5.58 (5.61) 5.61 (5.63) 5.63
5,000-9,999 500,000-999,999 3.50 96.87 (5.62) 5.63 (5.65) 5.66 (5.67) 5.68
10,000-24,999 1,000,000-2,499,999 3.00 96.37 (5.65) 5.65 (5.68) 5.69 (5.70) 5.71
25,000-49,999 2,500,000-4,999,999 2.50 95.88 (5.68) 5.68 (5.71) 5.72 (5.73) 5.74
50,000 and over 5,000,000 and over 2.00 95.39 (5.71) 5.71 (5.74) 5.75 (5.76) 5.77
</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 % $ 98.30 5.67% 5.71% 5.73%
500-999 50,000-99,999 4.75 98.14 5.67 5.71 5.73
1,000-2,499 100,000-249,999 4.50 97.88 5.69 5.73 5.75
2,500-4,999 250,000-499,999 4.25 97.63 5.70 5.74 5.76
5,000-9,999 500,000-999,999 3.50 96.87 5.75 5.79 5.81
10,000-24,999 1,000,000-2,499,999 3.00 96.37 5.78 5.82 5.84
25,000-49,999 2,500,000-4,999,999 2.50 95.88 5.81 5.85 5.87
50,000 and over 5,000,000 and over 2.00 95.39 5.84 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 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
New York Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 10/1 11/1 2/1 5/1
Distribution Date..................... 10/15 11/15 2/15 5/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .6808(1) $ 5.4493
-------- $.4539 every month --------
Quarterly Distribution Plan........... $ .6808(1) $ .4566(2) $ 1.3698 $ 1.3698 $ 5.4813
Semi-Annual Distribution Plan......... $ .6808(1) $ .4581(3) $ 2.7486 $ 5.5003
- --------------------------------------------------------------------------------------------------------------------
<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 1-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 1-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 $.01513 per unit per day.
Consequently, on the first Record Date (10/01/94), accrued interest will total
$0.6808 per unit for the 45-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 10/01/94 is $.6808 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01513 Quarterly - $0.01522
Semi-Annual - $0.01527
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.
- --------------------------------------------------------------------------------
746
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 24.4 years.
The first bond is scheduled to mature in January, 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
<PAGE>
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
OHIO
INSURED
TRUST 117
Estimated Current Return
5.62% to 5.84%
as of 08/15/94
Estimated Long Term Return
5.63% to 5.85%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101Y 466 Monthly Payment Option
67101Y 474 Quarterly Payment Option
67101Y 482 Semi-Annual Payment Option
Registered in Ohio
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, OHIO INSURED TRUST 117
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT AUGUST 16, 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>
--------------------------------------------------------------------------------------------------------------------------
$ 110,000 State of Ohio (Ohio Higher Educational Facility Commission), 2003 at 102 AAA Aaa
Higher Educational Facility Revenue Refunding Bonds (John
Carroll University), 5.30% Due 11/15/14.
500,000 Ohio Water Development Authority, State of Ohio, 2004 at 102 AAA Aaa
Collateralized Water Development Revenue Refunding Bonds,
1994 Series A (The Cincinnati Gas & Electric Company
Project), 5.45% Due 1/1/24.
500,000 Ohio Water Development Authority, State of Ohio, 2002 at 102 AAA Aaa
Collateralized Water Development Revenue Refunding Bonds,
1992 Series A (The Dayton Power and Light Company
Project), 6.40% Due 8/15/27.
100,000 Akron, Bath and Copley Joint Township Hospital District, 2003 at 102 AAA Aaa
Ohio, Hospital Refunding Revenue Bonds, Series 1993
(Children's Hospital Medical Center of Akron), 5.25% Due
11/15/20.
500,000 City of Cleveland, Ohio, Airport System Improvement Revenue 2004 at 102 AAA Aaa
Bonds, Series 1994B, 6.10% Due 1/1/24. (When issued.)
500,000 City of Fremont, Ohio, Water Treatment Plant Expansion, 2004 at 102 AAA Aaa
General Obligation Bonds, Series 1994, 5.95% Due 12/1/24.
500,000 County of Lucas, Ohio, Hospital Refunding Revenue Bonds, 2003 at 102 AAA Aaa
Series 1993B (St. Vincent Medical Center), 5.375% Due
8/15/17.
300,000 County of Sandusky, Ohio, County Building Bonds, 6.25% Due 2004 at 102 AAA Aaa
12/1/19. (General Obligation Bonds.)
490,000 County of Warren, Ohio, Waterworks System Revenue Bonds, 2002 at 102 AAA Aaa
Series 1992, Warren County Water District, 6.60% Due
12/1/16.
----------
$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 % $ 102.03 5.62% 5.65% 5.67%
500-999 50,000-99,999 4.75 101.87 5.63 5.66 5.68
1,000-2,499 100,000-249,999 4.50 101.60 5.65 5.68 5.70
2,500-4,999 250,000-499,999 4.25 101.34 5.66 5.69 5.71
5,000-9,999 500,000-999,999 3.50 100.55 5.70 5.74 5.76
10,000-24,999 1,000,000-2,499,999 3.00 100.03 5.73 5.77 5.79
25,000-49,999 2,500,000-4,999,999 2.50 99.52 5.76 5.80 5.81
50,000 and over 5,000,000 and over 2.00 99.01 5.79 5.83 5.84
</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 % $ 102.03 5.63% 5.67% 5.68%
500-999 50,000-99,999 4.75 101.87 5.64 5.67 5.68
1,000-2,499 100,000-249,999 4.50 101.60 5.65 5.69 5.70
2,500-4,999 250,000-499,999 4.25 101.34 5.67 5.70 5.71
5,000-9,999 500,000-999,999 3.50 100.55 5.71 5.75 5.76
10,000-24,999 1,000,000-2,499,999 3.00 100.03 5.74 5.78 5.79
25,000-49,999 2,500,000-4,999,999 2.50 99.52 5.77 5.81 5.82
50,000 and over 5,000,000 and over 2.00 99.01 5.80 5.84 5.85
</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
Ohio Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 10/1 11/1 2/1 5/1
Distribution Date..................... 10/15 11/15 2/15 5/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .7168(1) $ 5.7357
-------- $.4779 every month --------
Quarterly Distribution Plan........... $ .7168(1) $ .4806(2) $ 1.4418 $ 1.4418 $ 5.7677
Semi-Annual Distribution Plan......... $ .7168(1) $ .4821(3) $ 2.8926 $ 5.7867
- --------------------------------------------------------------------------------------------------------------------
<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 1-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 1-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 $.01593 per unit per day.
Consequently, on the first Record Date (10/01/94), accrued interest will total
$0.7168 per unit for the 45-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 10/01/94 is $.7168 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01593 Quarterly - $0.01602
Semi-Annual - $0.01607
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.
- --------------------------------------------------------------------------------
746
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 27.4 years.
The first bond is scheduled to mature in November, 2014, with the last bond
maturity being August, 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.
- -------------------------------------------------------
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
PENNSYLVANIA
INSURED
TRUST 185
Estimated Current Return
First
Year: 5.60% to 5.83%
Subsequent
Years: 5.62% to 5.85%
as of 08/15/94
Estimated Long Term Return
5.73% to 5.95%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H9 553 Monthly Payment Option
6706H9 561 Quarterly Payment Option
6706H9 579 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 185
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT AUGUST 16, 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 Higher Educational Facilities Authority 2003 at 102 AAA Aaa
(Commonwealth of Pennsylvania), University Revenue and
Refunding Bonds (Duquesne University Project), Series A of
1993, 5.50% Due 9/1/20.
500,000 Berks County Municipal Authority (Pennsylvania), Hospital 2004 at 102 AAA Aaa
Revenue Bonds (The Reading Hospital and Medical Center
Project), Series B of 1994, 6.10% Due 10/1/23.
500,000 Dauphin County General Authority, Hospital Revenue Bonds, 2003 at 102 AAA Aaa
HAPSCO Group, Inc. Tax-Exempt Loan Program (The Western
Pennsylvania Hospital Project), Fixed Rate Bonds, 1993
Series A-1, 5.50% Due 7/1/23.
500,000 Delaware County Authority (Pennsylvania), Health Facilities 2003 at 102 AAA Aaa
Revenue Bonds, Series 1993A (Mercy Health Corporation Of
Southeastern Pennsylvania Obligated Group), 5.375% Due
11/15/23. (Original issue discount bonds delivered on or
about December 30, 1993 at a price of 94.67% 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 Northampton County Higher Education Authority 2004 at 102 AAA Aaa
(Pennsylvania), University Revenue Bonds, Series of 1994
(Lehigh University), 6.00% Due 10/15/19. (When issued.)
500,000 City of Pittsburgh, Pennsylvania, General Obligation Bonds, 2004 at 100 AAA Aaa
Series 1994A, 6.00% Due 9/1/13. (When issued.)
----------
$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 % $ 97.59 (5.60%) 5.62% (5.64%) 5.65% (5.66%) 5.67%
500-999 50,000-99,999 4.75 97.44 (5.61) 5.63 (5.64) 5.66 (5.66) 5.68
1,000-2,499 100,000-249,999 4.50 97.18 (5.63) 5.65 (5.66) 5.68 (5.68) 5.70
2,500-4,999 250,000-499,999 4.25 96.93 (5.64) 5.66 (5.67) 5.69 (5.69) 5.71
5,000-9,999 500,000-999,999 3.50 96.18 (5.69) 5.70 (5.72) 5.74 (5.74) 5.76
10,000-24,999 1,000,000-2,499,999 3.00 95.68 (5.72) 5.73 (5.75) 5.77 (5.77) 5.79
25,000-49,999 2,500,000-4,999,999 2.50 95.19 (5.74) 5.76 (5.78) 5.80 (5.80) 5.82
50,000 and over 5,000,000 and over 2.00 94.70 (5.77) 5.79 (5.81) 5.83 (5.83) 5.85
</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 % $ 97.59 5.73% 5.75% 5.77%
500-999 50,000-99,999 4.75 97.44 5.73 5.76 5.78
1,000-2,499 100,000-249,999 4.50 97.18 5.75 5.78 5.80
2,500-4,999 250,000-499,999 4.25 96.93 5.76 5.79 5.81
5,000-9,999 500,000-999,999 3.50 96.18 5.81 5.84 5.86
10,000-24,999 1,000,000-2,499,999 3.00 95.68 5.84 5.87 5.89
25,000-49,999 2,500,000-4,999,999 2.50 95.19 5.87 5.90 5.92
50,000 and over 5,000,000 and over 2.00 94.70 5.90 5.93 5.95
</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
Pennsylvania Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 10/1 11/1 2/1 5/1
Distribution Date..................... 10/15 11/15 2/15 5/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .6853(1) $ 5.4861
-------- $.4569 every month --------
Quarterly Distribution Plan........... $ .6853(1) $ .4596(2) $ 1.3788 $ 1.3788 $ 5.5181
Semi-Annual Distribution Plan......... $ .6853(1) $ .4614(3) $ 2.7684 $ 5.5371
- --------------------------------------------------------------------------------------------------------------------
<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 1-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 1-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 $.01523 per unit per day.
Consequently, on the first Record Date (10/01/94), accrued interest will total
$0.6853 per unit for the 45-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 10/01/94 is $.6853 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01523 Quarterly - $0.01532
Semi-Annual - $0.01538
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.
- --------------------------------------------------------------------------------
746
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 27.1 years.
The first bond is scheduled to mature in September, 2013, 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.
- -------------------------------------------------------
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.
