<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
GEORGIA
INSURED
TRUST 40
Estimated Current Return
First
Year: 5.86% to 6.09%
Subsequent
Years: 5.90% to 6.13%
as of 10/25/94
Estimated Long Term Return
5.99% to 6.22%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101M 496 Monthly Payment Option
67101M 504 Quarterly Payment Option
67101M 512 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 40
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT OCTOBER 26, 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>
--------------------------------------------------------------------------------------------------------------------------
$ 250,000 The City of Atlanta, Georgia, Certificates of Participation 2002 at 102 AAA Aaa
(Atlanta Pretrial Detention Center Project), Series 1992,
6.25% Due 12/1/17.
250,000 Downtown Development Authority of the City of Atlanta 2002 at 102 AAA Aaa
(Georgia), Refunding Revenue Bonds (Underground Atlanta
Project), Series 1992, 6.25% Due 10/1/16. (General
Obligation Bonds.)
500,000 Metropolitan Atlanta Rapid Transit Authority (Georgia), No Optional AAA Aaa
Sales Tax Revenue Bonds, Refunding Series P, 6.25% Due Call
7/1/20.
500,000 Bartow County School District (Georgia), General Obligation 2003 at 102 AAA Aaa
School Bonds (Series 1993 Bonds), 5.70% Due 5/1/14.
500,000 City of Cordele (Georgia), Combined Public Utility Revenue 2004 at 102 AAA Aaa
Refunding and Improvement Bonds, Series 1994, 6.375% Due
11/1/24. (When issued.)
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 Oconee County (Georgia), Water and Sewerage Revenue Bonds, 2004 at 102 AAA Aaa
Series 1994, 6.50% Due 9/1/17. (When issued.)
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 The sales charges/volume discounts below
apply on all concurrent purchases of any Nuveen trust units, unless any such
purchases are made by a class of investors for which a separate sales charge is
applicable as described more fully in the Prospectus. Estimated Current Return
equals net income divided by offering price. Estimated Long Term Return
represents an average of the yields to maturity (or call) of the Bonds in the
Trust adjusted to reflect expenses and sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
AMOUNT PURCHASED Public -----------------------------------------------------------
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- --------------- --------------- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 100.30 (5.86%) 5.90% (5.90%) 5.93% (5.91%) 5.95%
500-999 50,000-99,999 4.75 100.15 (5.87) 5.91 (5.90) 5.94 (5.92) 5.96
1,000-2,499 100,000-249,999 4.50 99.88 (5.89) 5.93 (5.92) 5.96 (5.94) 5.98
2,500-4,999 250,000-499,999 4.25 99.62 (5.90) 5.94 (5.94) 5.97 (5.96) 5.99
5,000-9,999 500,000-999,999 3.50 98.85 (5.95) 5.99 (5.98) 6.02 (6.00) 6.04
10,000-24,999 1,000,000-2,499,999 3.00 98.34 (5.98) 6.02 (6.01) 6.05 (6.03) 6.07
25,000-49,999 2,500,000-4,999,999 2.50 97.84 (6.01) 6.05 (6.04) 6.08 (6.06) 6.10
50,000 and over 5,000,000 and over 2.00 97.34 (6.04) 6.08 (6.08) 6.11 (6.09) 6.13
</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 % $ 100.30 5.99% 6.02% 6.04%
500-999 50,000-99,999 4.75 100.15 6.00 6.03 6.05
1,000-2,499 100,000-249,999 4.50 99.88 6.02 6.05 6.06
2,500-4,999 250,000-499,999 4.25 99.62 6.03 6.06 6.08
5,000-9,999 500,000-999,999 3.50 98.85 6.08 6.11 6.13
10,000-24,999 1,000,000-2,499,999 3.00 98.34 6.11 6.14 6.16
25,000-49,999 2,500,000-4,999,999 2.50 97.84 6.14 6.17 6.19
50,000 and over 5,000,000 and over 2.00 97.34 6.17 6.20 6.22
</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
Georgia Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 12/1 2/1 5/1 8/1 11/1
Distribution Date..................... 12/15 2/15 5/15 8/15 11/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .5750(1) $ 5.9180
-------- $.4929 every month --------
Quarterly Distribution Plan........... $ .5750(1) $ .9912(2) $ 1.4868 $ 1.4868 $ 1.4868 $ 5.9500
Semi-Annual Distribution Plan......... $ .5750(1) $ 2.4870(3) $ 2.9844 $ 5.9690
- ---------------------------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected. Such distribution may
be more or less than a regular monthly distribution.
(2) The second distribution under the quarterly distribution plan represents a 2-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 5-month distribution; subsequent semi-annual
distributions will be regular 6-month distributions.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.10 of accrued
interest that will be added to the Public Offering Price on the Settlement Date.
After provision for expenses of the Fund, the daily rate of accrual from the
Date of Deposit to the first Record Date is $.01643 per unit per day.
Consequently, on the first Record Date (12/01/94), accrued interest will total
$0.5750 per unit for the 35-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 12/01/94 is $.5750 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01643 Quarterly - $0.01652
Semi-Annual - $0.01658
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.
- --------------------------------------------------------------------------------
761
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 24.9 years.
The first bond is scheduled to mature in May, 2014, with the last bond maturity
being November, 2024.
- -------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
- -------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------------
UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK AND ARE NOT FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
- -------------------------------------------------------
* Insurance relates specifically to the bonds and not to the units or to the
market value of units. Terms of the insurance are more fully described in the
prospectus. No representation is made as to the insurer's ability to meet its
commitments. See Section 5 of the prospectus for details.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
MASSACHUSETTS
INSURED
TRUST 119
Estimated Current Return
5.92% to 6.16%
as of 10/25/94
Estimated Long Term Return
6.08% to 6.31%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
670947 167 Monthly Payment Option
670947 175 Quarterly Payment Option
670947 183 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 119
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT OCTOBER 26, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Optional -----------------------
Aggregate Name of Issuer and Title of Issue Represented Redemption Standard
Principal by Sponsor's Contracts to Purchase Bonds Provisions & Poor's Moody's
<C> <C> <S> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
$ 500,000 Massachusetts Bay Transportation Authority, General 2004 at 102 AAA Aaa
Transportation System Bonds, 1994 Series B Bonds,
285M-5.875% Due 3/1/19,
215M-5.90% Due 3/1/24.
(General Obligation Bonds.)
250,000 Massachusetts Health and Educational Facilities Authority, 2003 at 102 AAA Aaa
Revenue Bonds, Baystate Medical Center Issue, Series D,
6.00% Due 7/1/15.
525,000 Massachusetts Health and Educational Facilities Authority 2003 at 102 AAA Aaa
Revenue Bonds, Boston College Issue, Series K, 5.25% Due
6/1/23. (Original issue discount bonds delivered on or
about November 16, 1993 at a price of 93.875% of principal
amount.)
500,000 Massachusetts Health and Educational Facilities Authority, 2003 at 102 AAA Aaa
Revenue Bonds, Massachusetts General Hospital Issue,
Series G, 5.375% Due 7/1/13.
500,000 Massachusetts Industrial Finance Agency, Revenue Bonds, 2002 at 102 AAA Aaa
Babson College Issue, Series 1992A, 6.50% Due 10/1/22.
250,000 Massachusetts Industrial Finance Agency, Revenue Refunding 2002 at 102 AAA Aaa
Bonds, College of the Holy Cross - 1992 Issue II, 6.375%
Due 11/1/15.
500,000 Massachusetts Water Pollution Abatement Trust, Water 2004 at 102 AAA Aaa
Pollution Abatement Revenue Bonds (SESD Loan Program),
1994 Series A, 6.375% Due 2/1/15. (When issued.)
475,000 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 The sales charges/volume discounts below
apply on all concurrent purchases of any Nuveen trust units, unless any such
purchases are made by a class of investors for which a separate sales charge is
applicable as described more fully in the Prospectus. 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 % $ 97.34 5.92% 5.95% 5.97%
500-999 50,000-99,999 4.75 97.19 5.93 5.96 5.98
1,000-2,499 100,000-249,999 4.50 96.93 5.95 5.98 6.00
2,500-4,999 250,000-499,999 4.25 96.68 5.96 5.99 6.01
5,000-9,999 500,000-999,999 3.50 95.93 6.01 6.04 6.06
10,000-24,999 1,000,000-2,499,999 3.00 95.43 6.04 6.07 6.09
25,000-49,999 2,500,000-4,999,999 2.50 94.94 6.07 6.10 6.12
50,000 and over 5,000,000 and over 2.00 94.46 6.10 6.14 6.16
</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 % $ 97.34 6.08% 6.11% 6.12%
500-999 50,000-99,999 4.75 97.19 6.08 6.11 6.13
1,000-2,499 100,000-249,999 4.50 96.93 6.10 6.13 6.15
2,500-4,999 250,000-499,999 4.25 96.68 6.12 6.14 6.16
5,000-9,999 500,000-999,999 3.50 95.93 6.17 6.20 6.22
10,000-24,999 1,000,000-2,499,999 3.00 95.43 6.20 6.23 6.25
25,000-49,999 2,500,000-4,999,999 2.50 94.94 6.23 6.26 6.28
50,000 and over 5,000,000 and over 2.00 94.46 6.26 6.29 6.31
</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> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 12/1 2/1 5/1 8/1 11/1
Distribution Date..................... 12/15 2/15 5/15 8/15 11/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .5603(1) $ 5.7636
-------- $.4803 every month --------
Quarterly Distribution Plan........... $ .5603(1) $ .9654(2) $ 1.4481 $ 1.4481 $ 1.4481 $ 5.7956
Semi-Annual Distribution Plan......... $ .5603(1) $ 2.4225(3) $ 2.9070 $ 5.8146
- ---------------------------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected. Such distribution may
be more or less than a regular monthly distribution.
(2) The second distribution under the quarterly distribution plan represents a 2-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 5-month distribution; subsequent semi-annual
distributions will be regular 6-month distributions.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.10 of accrued
interest that will be added to the Public Offering Price on the Settlement Date.
After provision for expenses of the Fund, the daily rate of accrual from the
Date of Deposit to the first Record Date is $.01601 per unit per day.
Consequently, on the first Record Date (12/01/94), accrued interest will total
$0.5603 per unit for the 35-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 12/01/94 is $.5603 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01601 Quarterly - $0.01609
Semi-Annual - $0.01615
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.
- --------------------------------------------------------------------------------
761
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 24.5 years.
The first bond is scheduled to mature in July, 2013, with the last bond maturity
being March, 2024.
- -------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
- -------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------------
UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK AND ARE NOT FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
- -------------------------------------------------------
* Insurance relates specifically to the bonds and not to the units or to the
market value of units. Terms of the insurance are more fully described in the
prospectus. No representation is made as to the insurer's ability to meet its
commitments. See Section 5 of the prospectus for details.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
OHIO
INSURED
TRUST 119
Estimated Current Return
5.80% to 6.03%
as of 10/25/94
Estimated Long Term Return
5.99% to 6.22%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101Y 524 Monthly Payment Option
67101Y 532 Quarterly Payment Option
67101Y 540 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 119
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT OCTOBER 26, 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 Ohio Air Quality Development Authority, State of Ohio, 2004 at 102 AAA Aaa
Collateralized Air Quality Development Revenue Refunding
Bonds, 1994 Series B (The Cincinnati Gas & Electric
Company Project), 5.45% Due 1/1/24.
500,000 Ohio Higher Educational Facility Commission, Higher 2004 at 102 AAA Aaa
Educational Facility Revenue Bonds (Ohio Wesleyan
University 1994 Project), 6.125% Due 11/15/17.
500,000 County of Clermont, Ohio, Hospital Facilities Revenue 2003 at 102 AAA Aaa
Refunding Bonds, Series 1993 B (Mercy Health System),
5.875% Due 9/1/15.
500,000 The Franklin County Convention Facilities Authority (Ohio), 2002 at 102 AAA Aaa
Tax and Lease Revenue Anticipation Refunding Bonds, Series
1992, 5.80% Due 12/1/13.
500,000 County of Lucas, Ohio, Hospital Refunding Revenue Bonds, 2003 at 102 AAA Aaa
Series 1993C (St. Vincent Medical Center), 5.375% Due
8/15/17.
500,000 North Royalton City School District, Ohio, School 2009 at 102 AAA Aaa
Improvement Bonds, Series 1994, 6.00% Due 12/1/14.
(General Obligation Bonds.)
500,000 County of Warren, Ohio, Waterworks System Revenue Bonds, 2004 at 101 AAA Aaa
Series 1994 (Warren County Water District), 6.00% Due
12/1/14.
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION The sales charges/volume discounts below
apply on all concurrent purchases of any Nuveen trust units, unless any such
purchases are made by a class of investors for which a separate sales charge is
applicable as described more fully in the Prospectus. 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 % $ 96.14 5.80% 5.83% 5.85%
500-999 50,000-99,999 4.75 95.99 5.81 5.84 5.86
1,000-2,499 100,000-249,999 4.50 95.74 5.83 5.86 5.88
2,500-4,999 250,000-499,999 4.25 95.49 5.84 5.87 5.89
5,000-9,999 500,000-999,999 3.50 94.75 5.89 5.92 5.94
10,000-24,999 1,000,000-2,499,999 3.00 94.26 5.92 5.95 5.97
25,000-49,999 2,500,000-4,999,999 2.50 93.77 5.95 5.98 6.00
50,000 and over 5,000,000 and over 2.00 93.30 5.98 6.01 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 % $ 96.14 5.99% 6.02% 6.04%
500-999 50,000-99,999 4.75 95.99 6.00 6.03 6.05
1,000-2,499 100,000-249,999 4.50 95.74 6.02 6.05 6.06
2,500-4,999 250,000-499,999 4.25 95.49 6.03 6.06 6.08
5,000-9,999 500,000-999,999 3.50 94.75 6.08 6.11 6.13
10,000-24,999 1,000,000-2,499,999 3.00 94.26 6.11 6.14 6.16
25,000-49,999 2,500,000-4,999,999 2.50 93.77 6.14 6.17 6.19
50,000 and over 5,000,000 and over 2.00 93.30 6.17 6.20 6.22
</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> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 12/1 2/1 5/1 8/1 11/1
Distribution Date..................... 12/15 2/15 5/15 8/15 11/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .5421(1) $ 5.5775
-------- $.4647 every month --------
Quarterly Distribution Plan........... $ .5421(1) $ .9348(2) $ 1.4022 $ 1.4022 $ 1.4022 $ 5.6095
Semi-Annual Distribution Plan......... $ .5421(1) $ 2.3445(3) $ 2.8134 $ 5.6285
- ---------------------------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected. Such distribution may
be more or less than a regular monthly distribution.
(2) The second distribution under the quarterly distribution plan represents a 2-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 5-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 $.09 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 $.01549 per unit per day.
Consequently, on the first Record Date (12/01/94), accrued interest will total
$0.5421 per unit for the 35-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 12/01/94 is $.5421 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01549 Quarterly - $0.01558
Semi-Annual - $0.01563
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.
- --------------------------------------------------------------------------------
761
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 22.2 years.
The first bond is scheduled to mature in December, 2013, with the last bond
maturity being January, 2024.
- -------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
- -------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------------
UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK AND ARE NOT FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
- -------------------------------------------------------
* Insurance relates specifically to the bonds and not to the units or to the
market value of units. Terms of the insurance are more fully described in the
prospectus. No representation is made as to the insurer's ability to meet its
commitments. See Section 5 of the prospectus for details.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
PENNSYLVANIA
INSURED
TRUST 188
Estimated Current Return
First
Year: 5.97% to 6.21%
Subsequent
Years: 5.98% to 6.22%
as of 10/25/94
Estimated Long Term Return
6.10% to 6.34%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H9 645 Monthly Payment Option
6706H9 652 Quarterly Payment Option
6706H9 660 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 188
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT OCTOBER 26, 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 Bonds (City of Philadelphia Funding
Program), Series of 1993, 5.875% Due 6/15/23.
535,000 Allegheny County Hospital Development Authority 2002 at 100 AAA Aaa
(Pennsylvania), Health Center Revenue Bonds, Series 1992A
(Presbyterian University Health System, Inc. Project),
6.25% Due 11/1/23.
425,000 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, 5.75% Due 7/1/16.
465,000 Derry Area School District (Westmoreland County, 2003 at 100 AAA Aaa
Pennsylvania), General Obligation Bonds, Refunding Series
of 1993, 5.50% Due 2/1/21.
525,000 Lehigh County Industrial Development Authority 2002 at 102 AAA Aaa
(Pennsylvania), Pollution Control Revenue Refunding Bonds,
1992 Series A (Pennsylvania Power & Light Company
Project), 6.40% Due 11/1/21.
525,000 York County Industrial Development Authority (Pennsylvania), 2004 at 102 AAA Aaa
Pollution Control Revenue Refunding Bonds, 1994 Series A
(Public Service Electric and Gas Company Peach Bottom
Project), 6.45% Due 10/1/19. (When issued.)
525,000 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 The sales charges/volume discounts below
apply on all concurrent purchases of any Nuveen trust units, unless any such
purchases are made by a class of investors for which a separate sales charge is
applicable as described more fully in the Prospectus. 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 % $ 98.42 (5.97%) 5.98% (6.01%) 6.02% (6.03%) 6.04%
500-999 50,000-99,999 4.75 98.27 (5.98) 5.99 (6.01) 6.03 (6.03) 6.05
1,000-2,499 100,000-249,999 4.50 98.01 (6.00) 6.01 (6.03) 6.04 (6.05) 6.06
2,500-4,999 250,000-499,999 4.25 97.75 (6.01) 6.03 (6.05) 6.06 (6.07) 6.08
5,000-9,999 500,000-999,999 3.50 96.99 (6.06) 6.07 (6.09) 6.11 (6.11) 6.13
10,000-24,999 1,000,000-2,499,999 3.00 96.49 (6.09) 6.10 (6.13) 6.14 (6.15) 6.16
25,000-49,999 2,500,000-4,999,999 2.50 96.00 (6.12) 6.14 (6.16) 6.17 (6.18) 6.19
50,000 and over 5,000,000 and over 2.00 95.51 (6.16) 6.17 (6.19) 6.20 (6.21) 6.22
</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 % $ 98.42 6.10% 6.13% 6.15%
500-999 50,000-99,999 4.75 98.27 6.10 6.14 6.16
1,000-2,499 100,000-249,999 4.50 98.01 6.12 6.16 6.18
2,500-4,999 250,000-499,999 4.25 97.75 6.13 6.17 6.19
5,000-9,999 500,000-999,999 3.50 96.99 6.19 6.22 6.24
10,000-24,999 1,000,000-2,499,999 3.00 96.49 6.22 6.26 6.28
25,000-49,999 2,500,000-4,999,999 2.50 96.00 6.25 6.29 6.31
50,000 and over 5,000,000 and over 2.00 95.51 6.28 6.32 6.34
</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> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 12/1 2/1 5/1 8/1 11/1
Distribution Date..................... 12/15 2/15 5/15 8/15 11/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .5726(1) $ 5.8904
-------- $.4908 every month --------
Quarterly Distribution Plan........... $ .5726(1) $ .9870(2) $ 1.4805 $ 1.4805 $ 1.4805 $ 5.9224
Semi-Annual Distribution Plan......... $ .5726(1) $ 2.4750(3) $ 2.9700 $ 5.9414
- ---------------------------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected. Such distribution may
be more or less than a regular monthly distribution.
(2) The second distribution under the quarterly distribution plan represents a 2-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 5-month distribution; subsequent semi-annual
distributions will be regular 6-month distributions.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.10 of accrued
interest that will be added to the Public Offering Price on the Settlement Date.
After provision for expenses of the Fund, the daily rate of accrual from the
Date of Deposit to the first Record Date is $.01636 per unit per day.
Consequently, on the first Record Date (12/01/94), accrued interest will total
$0.5726 per unit for the 35-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 12/01/94 is $.5726 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01636 Quarterly - $0.01645
Semi-Annual - $0.01650
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.
- --------------------------------------------------------------------------------
761
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 26.7 years.
The first bond is scheduled to mature in July, 2016, with the last bond maturity
being November, 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
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
