<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NATIONAL
INSURED
TRUST 277
Estimated Current Return
First
Year: 5.79% to 6.02%
Subsequent
Years: 5.80% to 6.03%
as of 09/15/94
Estimated Long Term Return
5.84% to 6.07%
75,000 units in a
diversified $7,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6710A3 191 Monthly Payment Option
6710A3 209 Quarterly Payment Option
6710A3 217 Semi-Annual Payment Option
Registered in all states
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, NATIONAL INSURED TRUST 277
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT SEPTEMBER 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>
--------------------------------------------------------------------------------------------------------------------------
$ 750,000 Illinois Health Facilities Authority, Revenue Bonds, Series 2003 at 102 AAA Aaa
1993 (Rush-Presbyterian-St. Luke's Medical Center
Obligated Group), 5.25% Due 11/15/20. (Original issue
discount bonds delivered on or about December 1, 1993 at a
price of 93.446% of principal amount.)
1,000,000 Metropolitan Pier and Exposition Authority (Illinois), 2003 at 102 AAA Aaa
McCormick Place Expansion Project Bonds, Series 1992A,
6.50% Due 6/15/27.
250,000 Massachusetts Bay Transportation Authority, General 2004 at 102 AAA Aaa
Transportation System Bonds, 1994 Series B Bonds, 5.875%
Due 3/1/19. (General Obligation Bonds.)
750,000 Massachusetts Health and Educational Facilities Authority, 2004 at 102 AAA Aaa
Revenue Bonds, Smith College Issue, Series D, 5.75% Due
7/1/24.
250,000 City of Gulfport, Mississippi, Hospital Revenue Refunding 2004 at 102 AAA Aaa
and Improvement Bonds, Series 1994A (Memorial Hospital at
Gulfport Project), 6.20% Due 7/1/18.
750,000 The Pollution Control Financing Authority of Salem County 2004 at 102 AAA Aaa
(New Jersey), Pollution Control Revenue Refunding Bonds of
1994, Series B (Public Service Electric and Gas Company
Project), 6.25% Due 6/1/31.
750,000 Dormitory Authority of the State of New York, State 2004 at 102 AAA Aaa
University Educational Facilities Revenue Bonds, Series
1994B, 6.10% Due 5/15/09.
750,000 Lehigh County Industrial Development Authority, Pollution 2004 at 102 AAA Aaa
Control Revenue Refunding Bonds, 1994 Series B
(Pennsylvania Power & Light Company Project), 6.40% Due
9/1/29.
750,000 Matagorda County Navigation District Number One (Texas), 2003 at 102 AAA Aaa
Pollution Control Revenue Refunding Bonds (Central Power
and Light Company Project), Series 1993, 6.00% Due 7/1/28.
750,000 Municipality of Metropolitan Seattle (Seattle, Washington), 2003 at 102 AAA Aaa
Sewer Revenue Bonds, Series W, 6.30% Due 1/1/33.
750,000 Conservation and Renewable Energy System (State of 2004 at 102 AAA Aaa
Washington), Conservation Project Revenue Bonds, Series
1994, 6.50% Due 10/1/14. (When issued.)
----------
$7,500,000
----------
----------
</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 % $ 101.91 (5.79%) 5.80% (5.82%) 5.83% (5.84%) 5.85%
500-999 50,000-99,999 4.75 101.75 (5.80) 5.81 (5.83) 5.84 (5.85) 5.86
1,000-2,499 100,000-249,999 4.50 101.49 (5.81) 5.82 (5.85) 5.85 (5.87) 5.87
2,500-4,999 250,000-499,999 4.25 101.22 (5.83) 5.84 (5.86) 5.87 (5.88) 5.89
5,000-9,999 500,000-999,999 3.50 100.44 (5.88) 5.88 (5.91) 5.91 (5.93) 5.93
10,000-24,999 1,000,000-2,499,999 3.00 99.92 (5.91) 5.91 (5.94) 5.95 (5.96) 5.96
25,000-49,999 2,500,000-4,999,999 2.50 99.41 (5.94) 5.94 (5.97) 5.98 (5.99) 5.99
50,000 and over 5,000,000 and over 2.00 98.90 (5.97) 5.97 (6.00) 6.01 (6.02) 6.03
</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 % $ 101.91 5.84% 5.87% 5.89%
500-999 50,000-99,999 4.75 101.75 5.85 5.87 5.89
1,000-2,499 100,000-249,999 4.50 101.49 5.86 5.89 5.91
2,500-4,999 250,000-499,999 4.25 101.22 5.88 5.91 5.92
5,000-9,999 500,000-999,999 3.50 100.44 5.93 5.95 5.97
10,000-24,999 1,000,000-2,499,999 3.00 99.92 5.96 5.99 6.00
25,000-49,999 2,500,000-4,999,999 2.50 99.41 5.99 6.02 6.04
50,000 and over 5,000,000 and over 2.00 98.90 6.02 6.05 6.07
</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.
- --------------------------------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
National Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 11/1 2/1 5/1 8/1
Distribution Date..................... 11/15 2/15 5/15 8/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .7384(1) $ 5.9085
-------- $.4923 every month --------
Quarterly Distribution Plan........... $ .7384(1) $ 1.4850(2) $ 1.4850 $ 1.4850 $ 5.9405
Semi-Annual Distribution Plan......... $ .7384(1) $ 2.9790(3) $ 5.9595
- --------------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected. Such distribution may
be more or less than a regular monthly distribution.
(2) Regular 3-month distribution.
(3) Regular 6-month distribution.
</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 $.01641 per unit per day.
Consequently, on the first Record Date (11/01/94), accrued interest will total
$0.7384 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 11/01/94 is $.7384 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01641 Quarterly - $0.01650
Semi-Annual - $0.01655
This daily rate of accrual, and the annual distributions shown above, will
remain the same as long as the portfolio size and composition remain the same.
- --------------------------------------------------------------------------------
<PAGE>
- -------------------------------------------------
DIVERSIFICATION OF PORTFOLIO INCOME
There are 11 Tax-exempt bond issues in this trust; this diversified portfolio
yields current income from issuers in 8 states.
- -------------------------------------------------------
<TABLE>
<CAPTION>
Percent
of Total
Income
<S> <C> <C>
- ------------------------
%
Illinois 22.6
Massachusetts 12.6
Mississippi 3.4
New Jersey 10.2
<CAPTION>
Percent
of Total
Income
- ------------------------
<S> <C> <C>
%
New York 10.0
Pennsylvania 10.5
Texas 9.8
Washington 20.9
</TABLE>
- -------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity
of portfolio bonds is 29.4 years. The first bond is scheduled to mature in May,
2009, with the last bond maturity being January, 2033.
- -------------------------------------------------
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.
- -------------------------------------------------
UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK AND ARE NOT FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
- -------------------------------------------------
* Insurance relates specifically to the bonds and not to the units or to the
market value of units. Terms of the insurance are more fully described in the
prospectus. No representation is made as to the insurer's ability to meet its
commitments. See Section 5 of the prospectus for details.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
753
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
GEORGIA
INSURED
TRUST 39
Estimated Current Return
5.65% to 5.87%
as of 09/15/94
Estimated Long Term Return
5.70% to 5.92%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101M 462 Monthly Payment Option
67101M 470 Quarterly Payment Option
67101M 488 Semi-Annual Payment Option
Registered in Georgia
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, GEORGIA INSURED TRUST 39
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT SEPTEMBER 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 Municipal Electric Authority of Georgia, Power Revenue No Optional AAA Aaa
Bonds, Series Z, 5.50% Due 1/1/20. Call
500,000 City of Albany (Georgia), Sewerage System Revenue Bonds, 2002 at 102 AAA Aaa
Series 1992, 6.625% Due 7/1/17.
500,000 City of Atlanta (Georgia), General Obligation Bonds, Public 2004 at 102 AAA Aaa
Improvement Bonds, Series 1994A, 6.125% Due 12/1/23.
500,000 Cherokee County (Georgia), Water and Sewerage Authority, No Optional AAA Aaa
Water and Sewerage Revenue Bonds, Refunding and Call
Improvements Series 1993, 5.50% Due 8/1/23.
500,000 Cobb-Marietta Coliseum and Exhibit Hall Authority (Georgia), No Optional AAA Aaa
Revenue Refunding Bonds, Series 1993, 5.50% Due 10/1/18. Call
500,000 The Fulton-DeKalb Hospital Authority (Georgia), Revenue 2003 at 102 AAA Aaa
Refunding Certificates, Series 1993, 5.50% Due 1/1/20.
(Original issue discount bonds delivered on or about June
15, 1993 at a price of 94.499% of principal
amount.)(General Obligation Bonds.)
500,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 2004 at 101 AAA Aaa
1994 (General Obligation Bonds), 6.50% Due 7/1/23. 1/2
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 100.35 5.65% 5.68% 5.70%
500-999 50,000-99,999 4.75 100.19 5.66 5.69 5.71
1,000-2,499 100,000-249,999 4.50 99.93 5.67 5.70 5.72
2,500-4,999 250,000-499,999 4.25 99.67 5.69 5.72 5.74
5,000-9,999 500,000-999,999 3.50 98.89 5.73 5.76 5.78
10,000-24,999 1,000,000-2,499,999 3.00 98.38 5.76 5.79 5.81
25,000-49,999 2,500,000-4,999,999 2.50 97.88 5.79 5.82 5.84
50,000 and over 5,000,000 and over 2.00 97.38 5.82 5.85 5.87
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Long Term Return (3)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 100.35 5.70% 5.73% 5.74%
500-999 50,000-99,999 4.75 100.19 5.70 5.73 5.75
1,000-2,499 100,000-249,999 4.50 99.93 5.72 5.75 5.77
2,500-4,999 250,000-499,999 4.25 99.67 5.73 5.76 5.78
5,000-9,999 500,000-999,999 3.50 98.89 5.78 5.81 5.83
10,000-24,999 1,000,000-2,499,999 3.00 98.38 5.81 5.84 5.86
25,000-49,999 2,500,000-4,999,999 2.50 97.88 5.84 5.87 5.89
50,000 and over 5,000,000 and over 2.00 97.38 5.87 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
Georgia Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 11/1 2/1 5/1 8/1
Distribution Date..................... 11/15 2/15 5/15 8/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .7078(1) $ 5.6663
-------- $.4719 every month --------
Quarterly Distribution Plan........... $ .7078(1) $ 1.4238(2) $ 1.4238 $ 1.4238 $ 5.6983
Semi-Annual Distribution Plan......... $ .7078(1) $ 2.8584(3) $ 5.7173
- --------------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected. Such distribution may
be more or less than a regular monthly distribution.
(2) Regular 3-month distribution.
(3) Regular 6-month distribution.
</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 $.01573 per unit per day.
Consequently, on the first Record Date (11/01/94), accrued interest will total
$0.7078 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 11/01/94 is $.7078 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01573 Quarterly - $0.01582
Semi-Annual - $0.01588
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.
- --------------------------------------------------------------------------------
753
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 26.3 years.
The first bond is scheduled to mature in July, 2017, with the last bond maturity
being December, 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.
