Chapman and Cutler
111 West Monroe Street
Chicago, Illinois 60603
March 18, 1994
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549-1004
Attn:Filing Desk, Stop 1-4
Re: Insured Municipals Income Trust and
Investors' Quality Tax-Exempt
Trust, Multi-Series 216
File No. 33-51927 CIK No. 896679
Ladies/Gentlemen:
Pursuant to the requirements of Rule 497(d) of the General Rules and
Regulations of the Securities Act of 1933, we are submitting one copy of the
supplement, in the form of a sticker, to the prospectus being used with
respect to the above-captioned series.
Very truly yours,
CHAPMAN AND CUTLER
Enclosures
Insured Municipals Income Trust and
Investors' Quality Tax-Exempt Trust, Multi-Series 216
Supplement To The Prospectus Dated March 10,1994
In addition to the information in the section entitled "Unitholder
Explanations" the following information should be included on page 16 of the
prospectus:
PURCHASED AND ACCRUED INTEREST
PURCHASED INTEREST. Purchased Interest is a portion of the unpaid
interest that has accrued on the Securities from the later of the last
payment date on the Securities or the date of issuance thereof through
the First Settlement Date and is included in the calculation of
the Public Offering Price. Purchased Interest will be distributed to
Unitholders as Units are redeemed or Securities mature or are called. See
"Summary of Essential Financial Information" for the amount of Purchased
Interest per Unit for each Trust. Purchased Interest is an element
of the price Unitholders will receive in connection with the sale or
redemption of Units prior to the termination of the Trust.
ACCRUED INTEREST. Accrued Interest is an accumulation of unpaid interest
on securities which generally is paid semi-annually, although the Trust
accrues such interest daily. Because of this, the Trust always has
an amount of Interest earned but not yet collected by the Trustee. For
this reason, with respect to sales settling subsequent to the First
Settlement Date, the Public Offering Price of Units will have added to
it the proportionate share of accrued interest to the date of settlement.
Unitholders will receive on the next distribution date of the Trust
the amount, if any, of accrued interest paid on their Units.
As indicated in "Purchased Interest", accrued interest as of the First
Settlement Date includes Purchased
Interest. In an effort to reduce the amount
of Purchased Interest which would otherwise have to be paid by
Unitholders, the Trustee may advance a portion of such accrued interest
to the Sponsor as the Unitholder of record as of the First Settlement
Date. Consequently, the amount of accrued interest to be added to the
Public Offering Price of Units will include only accrued interest from
the First Settlement Date to the date of settlement (other than the
Purchased Interest already included therein), less any distributions
from the Interest Account subsequent to the First Settlement Date.
See "Public Offering-Distributions of Interest and Principal."
Because of the varying interest payment dates of the Securities, accrued
interest at any point in time will be greater than the amount of interest
actually received by a Trust and distributed to Unitholders. If a Unitholder
sells or redeems all or a portion of his
Units, he will be entitled to receive
his proportionate share of the Purchased Interest and accrued interest from
the purchaser of his Units. Since the Trustee has the use of the funds
(including Purchased Interest) held in the Interest Account for distributions
to Unitholders and since such Account is non-interest-bearing to Unitholders,
the Trustee benefits thereby.
Supplement Dated March 18,1994
