<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
MASSACHUSETTS
INSURED
TRUST 117
Estimated Current Return
5.61% to 5.83%
as of 08/30/94
Estimated Long Term Return
5.68% to 5.90%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
670947 100 Monthly Payment Option
670947 118 Quarterly Payment Option
670947 126 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 117
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT AUGUST 31, 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>
--------------------------------------------------------------------------------------------------------------------------
$ 185,000 Massachusetts Bay Transportation Authority, General 2003 at 100 AAA Aaa
Transportation System Bonds, 1992 Series B Refunding,
5.50% Due 3/1/21. (Original issue discount bonds delivered
on or about January 19, 1993 at a price of 89.125% of
principal amount.)(General Obligation Bonds.)
500,000 Massachusetts Health and Educational Facilities Authority, 2002 at 102 AAA Aaa
Revenue Bonds, Children's Hospital Issue, Series E, 6.20%
Due 10/1/16.
500,000 Massachusetts Health and Educational Facilities Authority, 2003 at 102 AAA Aaa
Revenue Bonds, Lahey Clinic Medical Center Issue, Series
B, 5.375% Due 7/1/23. (Original issue discount bonds
delivered on or about April 27, 1993 at a price of 94.511%
of principal amount.)
500,000 Massachusetts Health and Educational Facilities Authority, 2003 at 102 AAA Aaa
Revenue Bonds, Wellesley College Issue, Series D, 5.375%
Due 7/1/19.
500,000 Massachusetts Housing Finance Agency, Housing Revenue 2004 at 102 AAA Aaa
Refunding Bonds, 1994 Series A, 5.95% Due 12/1/14.
445,000 Massachusetts Municipal Wholesale Electric Company, Power 2002 at 100 AAA Aaa
Supply System Revenue Bonds, 1992 Series A, 6.00% Due
7/1/18. (Original issue discount bonds delivered on or
about April 29, 1992 at a price of 88.702% of principal
amount.)
500,000 Massachusetts Water Resources Authority, General Revenue 2002 at 102 AAA Aaa
Refunding Bonds, 1992 Series B, 6.25% Due 11/1/10.
370,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 2004 at 101 AAA Aaa
1994 (General Obligation Bonds), 6.45% Due 7/1/17. 1/2
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 101.05 5.61% 5.64% 5.66%
500-999 50,000-99,999 4.75 100.89 5.62 5.65 5.67
1,000-2,499 100,000-249,999 4.50 100.63 5.63 5.67 5.69
2,500-4,999 250,000-499,999 4.25 100.37 5.65 5.68 5.70
5,000-9,999 500,000-999,999 3.50 99.59 5.69 5.73 5.74
10,000-24,999 1,000,000-2,499,999 3.00 99.07 5.72 5.76 5.77
25,000-49,999 2,500,000-4,999,999 2.50 98.56 5.75 5.79 5.80
50,000 and over 5,000,000 and over 2.00 98.06 5.78 5.81 5.83
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Long Term Return (3)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 101.05 5.68% 5.71% 5.73%
500-999 50,000-99,999 4.75 100.89 5.68 5.71 5.73
1,000-2,499 100,000-249,999 4.50 100.63 5.70 5.73 5.75
2,500-4,999 250,000-499,999 4.25 100.37 5.71 5.74 5.76
5,000-9,999 500,000-999,999 3.50 99.59 5.76 5.79 5.81
10,000-24,999 1,000,000-2,499,999 3.00 99.07 5.79 5.82 5.84
25,000-49,999 2,500,000-4,999,999 2.50 98.56 5.82 5.85 5.87
50,000 and over 5,000,000 and over 2.00 98.06 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
Massachusetts 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............. $ .4882(1) $ 5.6701
-------- $.4725 every month --------
Quarterly Distribution Plan........... $ .4882(1) $ .4749(2) $ 1.4247 $ 1.4247 $ 5.7021
Semi-Annual Distribution Plan......... $ .4882(1) $ .4767(3) $ 2.8602 $ 5.7211
- --------------------------------------------------------------------------------------------------------------------
<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 $.01575 per unit per day.
Consequently, on the first Record Date (10/01/94), accrued interest will total
$0.4882 per unit for the 31-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 $.4882 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01575 Quarterly - $0.01583
Semi-Annual - $0.01589
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.
- --------------------------------------------------------------------------------
750
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 22.9 years.
The first bond is scheduled to mature in November, 2010, with the last bond
maturity being July, 2023.
- -------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
- -------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------------
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 YORK
INSURED
TRUST 222
Estimated Current Return
5.57% to 5.79%
as of 08/30/94
Estimated Long Term Return
5.67% to 5.89%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H5 734 Monthly Payment Option
6706H5 742 Quarterly Payment Option
6706H5 759 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 222
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT AUGUST 31, 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 York State Energy Research and Development Authority, 2004 at 102 AAA Aaa
Pollution Control Refunding Revenue Bonds (New York State
Electric & Gas Corporation Project), 1994 Series A, 6.05%
Due 4/1/34.
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.)
475,000 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.)
500,000 New York State Urban Development Corporation, Correctional 2003 at 102 AAA Aaa
Capital Facilities Revenue Bonds, 1993 Refunding Series,
5.75% Due 1/1/13.
525,000 City of New Rochelle, Westchester County, New York, General 2004 at 102 AAA Aaa
Obligations, Public Improvement Bonds, 1994 Series B,
6.20% Due 8/15/23. (When issued.)
500,000 The City of New York (New York), General Obligation Bonds, 2003 at 101 AAA Aaa
Fiscal 1994 Series D, 5.75% Due 8/15/14. 1/2
500,000 New York City (New York), Municipal Water Finance Authority, 2004 at 101 AAA Aaa
Water and Sewer System Revenue Bonds, Fixed Rate Fiscal
1994 Series B, 5.50% Due 6/15/19.
----------
$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 % $ 99.92 5.57% 5.60% 5.62%
500-999 50,000-99,999 4.75 99.76 5.58 5.61 5.63
1,000-2,499 100,000-249,999 4.50 99.50 5.59 5.62 5.64
2,500-4,999 250,000-499,999 4.25 99.24 5.61 5.64 5.66
5,000-9,999 500,000-999,999 3.50 98.47 5.65 5.68 5.70
10,000-24,999 1,000,000-2,499,999 3.00 97.96 5.68 5.71 5.73
25,000-49,999 2,500,000-4,999,999 2.50 97.46 5.71 5.74 5.76
50,000 and over 5,000,000 and over 2.00 96.96 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 % $ 99.92 5.67% 5.70% 5.72%
500-999 50,000-99,999 4.75 99.76 5.67 5.70 5.72
1,000-2,499 100,000-249,999 4.50 99.50 5.69 5.72 5.74
2,500-4,999 250,000-499,999 4.25 99.24 5.70 5.73 5.75
5,000-9,999 500,000-999,999 3.50 98.47 5.75 5.78 5.80
10,000-24,999 1,000,000-2,499,999 3.00 97.96 5.78 5.81 5.83
25,000-49,999 2,500,000-4,999,999 2.50 97.46 5.81 5.84 5.86
50,000 and over 5,000,000 and over 2.00 96.96 5.84 5.87 5.89
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to Date of Deposit. The estimated
current return for purchases made on such date will be as shown, as long as
the portfolio size and composition remain the same.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
New York Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 10/1 11/1 2/1 5/1
Distribution Date..................... 10/15 11/15 2/15 5/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .4789(1) $ 5.5632
-------- $.4635 every month --------
Quarterly Distribution Plan........... $ .4789(1) $ .4662(2) $ 1.3986 $ 1.3986 $ 5.5952
Semi-Annual Distribution Plan......... $ .4789(1) $ .4677(3) $ 2.8062 $ 5.6142
- --------------------------------------------------------------------------------------------------------------------
<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 $.01545 per unit per day.
Consequently, on the first Record Date (10/01/94), accrued interest will total
$0.4789 per unit for the 31-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 $.4789 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01545 Quarterly - $0.01554
Semi-Annual - $0.01559
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.
- --------------------------------------------------------------------------------
750
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 26.6 years.
The first bond is scheduled to mature in January, 2013, with the last bond
maturity being April, 2034.
- -------------------------------------------------------
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 186
Estimated Current Return
First
Year: 5.53% to 5.76%
Subsequent
Years: 5.58% to 5.80%
as of 08/30/94
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:
6706H9 587 Monthly Payment Option
6706H9 595 Quarterly Payment Option
6706H9 603 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 186
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT AUGUST 31, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Optional -----------------------
Aggregate Name of Issuer and Title of Issue Represented Redemption Standard
Principal by Sponsor's Contracts to Purchase Bonds Provisions & Poor's Moody's
<C> <C> <S> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
$ 500,000 Pennsylvania Intergovernmental Cooperation Authority, 2003 at 100 AAA Aaa
Special Tax Revenue Refunding Bonds (City of Philadelphia
Funding Program), Series of 1993A, 5.00% Due 6/15/22.
(Original issue discount bonds delivered on or about
September 14, 1993 at a price of 92.134% of principal
amount.)
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 Albert Gallatin Area School District (Fayette County, 2004 at 100 AAA Aaa
Pennsylvania), General Obligation Bonds, Series A of 1994,
6.25% Due 9/1/16. (When issued.)
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 The Hospitals and Higher Education Facilities Authority of 2003 at 102 AAA Aaa
Philadelphia, Pennsylvania, Hospital Revenue Refunding
Bonds (The Children's Hospital of Philadelphia Project),
Series A of 1993, 5.375% Due 2/15/14.
500,000 City of Pittsburgh (Commonwealth of Pennsylvania), General 2004 at 100 AAA Aaa
Obligation Bonds, Series of 1994A, 6.00% Due 9/1/14.
500,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 2004 at 101 AAA Aaa
1994 (General Obligation Bonds), 6.45% Due 7/1/17. 1/2
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
AMOUNT PURCHASED Public -----------------------------------------------------------
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- --------------- --------------- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 98.58 (5.53%) 5.58% (5.57%) 5.61% (5.59%) 5.63%
500-999 50,000-99,999 4.75 98.43 (5.54) 5.59 (5.57) 5.62 (5.59) 5.64
1,000-2,499 100,000-249,999 4.50 98.17 (5.56) 5.60 (5.59) 5.63 (5.61) 5.65
2,500-4,999 250,000-499,999 4.25 97.91 (5.57) 5.62 (5.60) 5.65 (5.62) 5.67
5,000-9,999 500,000-999,999 3.50 97.15 (5.62) 5.66 (5.65) 5.69 (5.67) 5.71
10,000-24,999 1,000,000-2,499,999 3.00 96.65 (5.64) 5.69 (5.68) 5.72 (5.70) 5.74
25,000-49,999 2,500,000-4,999,999 2.50 96.15 (5.67) 5.72 (5.71) 5.75 (5.73) 5.77
50,000 and over 5,000,000 and over 2.00 95.66 (5.70) 5.75 (5.74) 5.78 (5.76) 5.80
</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 % $ 98.58 5.67% 5.71% 5.73%
500-999 50,000-99,999 4.75 98.43 5.67 5.71 5.73
1,000-2,499 100,000-249,999 4.50 98.17 5.69 5.73 5.75
2,500-4,999 250,000-499,999 4.25 97.91 5.70 5.74 5.76
5,000-9,999 500,000-999,999 3.50 97.15 5.75 5.79 5.81
10,000-24,999 1,000,000-2,499,999 3.00 96.65 5.78 5.82 5.84
25,000-49,999 2,500,000-4,999,999 2.50 96.15 5.81 5.85 5.87
50,000 and over 5,000,000 and over 2.00 95.66 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
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............. $ .4733(1) $ 5.4999
-------- $.4581 every month --------
Quarterly Distribution Plan........... $ .4733(1) $ .4608(2) $ 1.3824 $ 1.3824 $ 5.5319
Semi-Annual Distribution Plan......... $ .4733(1) $ .4623(3) $ 2.7738 $ 5.5509
- --------------------------------------------------------------------------------------------------------------------
<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 $.01527 per unit per day.
Consequently, on the first Record Date (10/01/94), accrued interest will total
$0.4733 per unit for the 31-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 $.4733 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01527 Quarterly - $0.01536
Semi-Annual - $0.01541
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.
- --------------------------------------------------------------------------------
750
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 24.8 years.
The first bond is scheduled to mature in February, 2014, 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.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
TENNESSEE
INSURED
TRUST 26
Estimated Current Return
5.45% to 5.67%
as of 08/30/94
Estimated Long Term Return
5.56% to 5.79%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67100U 853 Monthly Payment Option
67100U 861 Quarterly Payment Option
67100U 879 Semi-Annual Payment Option
Registered in Tennessee
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, TENNESSEE INSURED TRUST 26
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT AUGUST 31, 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 Commonwealth of Puerto Rico, Public Improvement Bonds of 2004 at 101 AAA Aaa
1994 (General Obligation Bonds), 6.45% Due 7/1/17. 1/2
525,000 The Health and Educational Facilities Board of the City of 2003 at 102 AAA Aaa
Bristol, Tennessee, Hospital Revenue Refunding Bonds,
Series 1993 (Bristol Memorial Hospital), 5.25% Due 9/1/21.
(Original issue discount bonds delivered on or about
September 2, 1993 at a price of 94.676% of principal
amount.)
225,000 The Health, Educational and Housing Facilities Board of the 2004 at 102 AAA Aaa
County of Knox (Tennessee), Hospital Revenue Bonds, Series
1993-A (Fort Sanders Alliance Obligated Group), 5.25% Due
1/1/23.
500,000 Knox-Chapman Utility District of Knox County, Tennessee, 2004 at 102 AAA Aaa
Water and Sewer Revenue Refunding Bonds, Series 1994,
6.00% Due 1/1/14.
500,000 Memphis-Shelby County Airport Authority (Tennessee), Airport 2003 at 102 AAA Aaa
Revenue Refunding Bonds, Series 1993, 5.65% Due 9/1/15.
250,000 The Metropolitan Government of Nashville and Davidson County 2002 at 102 AAA Aaa
(Tennessee), Electric System Revenue Bonds, 1992 Series A,
6.00% Due 5/15/12.
500,000 The Metropolitan Government of Nashville and Davidson County No Optional AAA Aaa
(Tennessee), Water and Sewer Revenue Refunding Bonds, Call
Series 1993, 5.20% Due 1/1/13.
500,000 The Health, Educational and Housing Facility Board of the 2003 at 102 AAA Aaa
County of Shelby, Tennessee, Revenue Bonds, Series D
(LeBonheur Children's Medical Center, Inc.), 5.50% Due
8/15/12.
----------
$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 % $ 99.80 5.45% 5.48% 5.50%
500-999 50,000-99,999 4.75 99.64 5.46 5.49 5.51
1,000-2,499 100,000-249,999 4.50 99.38 5.47 5.51 5.52
2,500-4,999 250,000-499,999 4.25 99.12 5.49 5.52 5.54
5,000-9,999 500,000-999,999 3.50 98.35 5.53 5.56 5.58
10,000-24,999 1,000,000-2,499,999 3.00 97.85 5.56 5.59 5.61
25,000-49,999 2,500,000-4,999,999 2.50 97.34 5.59 5.62 5.64
50,000 and over 5,000,000 and over 2.00 96.85 5.62 5.65 5.67
</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 % $ 99.80 5.56% 5.60% 5.62%
500-999 50,000-99,999 4.75 99.64 5.57 5.61 5.63
1,000-2,499 100,000-249,999 4.50 99.38 5.59 5.63 5.64
2,500-4,999 250,000-499,999 4.25 99.12 5.60 5.64 5.66
5,000-9,999 500,000-999,999 3.50 98.35 5.65 5.68 5.70
10,000-24,999 1,000,000-2,499,999 3.00 97.85 5.68 5.71 5.73
25,000-49,999 2,500,000-4,999,999 2.50 97.34 5.70 5.74 5.76
50,000 and over 5,000,000 and over 2.00 96.85 5.73 5.77 5.79
</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
Tennessee 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............. $ .4681(1) $ 5.4389
-------- $.4530 every month --------
Quarterly Distribution Plan........... $ .4681(1) $ .4557(2) $ 1.3671 $ 1.3671 $ 5.4709
Semi-Annual Distribution Plan......... $ .4681(1) $ .4572(3) $ 2.7432 $ 5.4899
- --------------------------------------------------------------------------------------------------------------------
<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 $.01510 per unit per day.
Consequently, on the first Record Date (10/01/94), accrued interest will total
$0.4681 per unit for the 31-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 $.4681 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01510 Quarterly - $0.01519
Semi-Annual - $0.01524
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.
- --------------------------------------------------------------------------------
750
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 21.3 years.
The first bond is scheduled to mature in May, 2012, with the last bond maturity
being January, 2023.
- -------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
- -------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------------
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.
