<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NATIONAL
INSURED
TRUST 294
Estimated Current Return
First
Year: 5.38% to 5.59%
Subsequent
Years: 5.39% to 5.61%
as of 04/18/95
Estimated Long Term Return
5.50% to 5.71%
100,000 units in a
diversified $10,000,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6710A3 704 Monthly Payment Option
6710A3 712 Quarterly Payment Option
6710A3 720 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 294
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT APRIL 19, 1995
- --------------------------------------------------------------------------------
<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>
--------------------------------------------------------------------------------------------------------------------------
$1,000,000 Municipality of Anchorage, Alaska, 1994 General Obligation 2004 at 102 AAA Aaa
School Bonds, 6.00% Due 7/1/14.
1,000,000 State of California, Various Purpose General Obligation 2004 at 102 AAA Aaa
Bonds, 6.00% Due 8/1/20.
500,000 The City of San Diego, California, Industrial Development 2003 at 102 AAA Aaa
Revenue Refunding Bonds (San Diego Gas & Electric
Company), 1993 Series C, 5.90% Due 9/1/18.
1,000,000 State of Florida, Full Faith and Credit, Department of 2005 at 101 AAA Aaa
Transportation, Right-of-Way Acquisition and Bridge
Construction Bonds, Series 1995, 5.875% Due 7/1/24.
(General Obligation Bonds.) (When issued.)
400,000 Metropolitan Pier and Exposition Authority (Illinois), No Optional AAA Aaa
McCormick Place Expansion Project Bonds, Series 1992A, Call
0.00% Due 6/15/13. (Original issue discount bonds
delivered on or about January 5, 1993 at a price of
25.993% of principal amount.)
1,000,000 Metropolitan Pier and Exposition Authority (Illinois), 2004 at 102 AAA Aaa
McCormick Place Expansion Project Refunding Bonds, Series
1994A, 6.00% Due 6/15/27. (Original issue discount bonds
delivered on or about June 23, 1994 at a price of 93.881%
of principal amount.)
1,000,000 Illinois Health Facilities Authority Revenue Bonds, Series 2003 at 102 AAA Aaa
1993 (The Children's Memorial Hospital), 5.00% Due
8/15/22. (Original issue discount bonds delivered on or
about November 18, 1993 at a price of 92.136% of principal
amount.)
1,000,000 Indiana Health Facility Financing Authority, Hospital 2005 at 102 AAA Aaa
Revenue Bonds, Series 1995 (Marion General Hospital
Project), 6.10% Due 7/1/25. (When issued.)
1,000,000 Massachusetts Bay Transportation Authority, General 2004 at 102 AAA Aaa
Transportation System Bonds, 1994 Series B Bonds, 5.90%
Due 3/1/24. (General Obligation Bonds.)
1,000,000 Massachusetts Water Resources Authority, General Revenue 2004 at 101 AAA Aaa
Bonds, 1994 Series A, 6.00% Due 8/1/24. 1/2
500,000 The Pollution Control Financing Authority of Salem County 2003 at 102 AAA Aaa
(New Jersey), Pollution Control Revenue Refunding Bonds,
1993 Series C (Public Service Electric and Gas Company
Project), 5.55% Due 11/1/33.
600,000 Metropolitan Transportation Authority (New York), Transit 2004 at 101 AAA Aaa
Facilities Revenue Bonds, Series O, 6.00% Due 7/1/24. 1/2
(Original issue discount bonds delivered on or about July
12, 1994 at a price of 94.875% of principal amount.)
----------
$10,000,000
----------
----------
</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 % $ 100.50 (5.38%) 5.39% (5.41%) 5.42% (5.43%) 5.44%
500-999 50,000-99,999 4.75 100.35 (5.39) 5.40 (5.42) 5.43 (5.44) 5.45
1,000-2,499 100,000-249,999 4.50 100.08 (5.40) 5.41 (5.43) 5.44 (5.45) 5.46
2,500-4,999 250,000-499,999 4.25 99.82 (5.42) 5.43 (5.45) 5.46 (5.47) 5.48
5,000-9,999 500,000-999,999 3.50 99.05 (5.46) 5.47 (5.49) 5.50 (5.51) 5.52
10,000-24,999 1,000,000- 2,499,999 3.00 98.54 (5.49) 5.50 (5.52) 5.53 (5.54) 5.55
25,000-49,999 2,500,000- 4,999,999 2.50 98.03 (5.51) 5.53 (5.55) 5.56 (5.57) 5.58
50,000 and over 5,000,000 and over 2.00 97.53 (5.54) 5.55 (5.58) 5.59 (5.59) 5.61
</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 % $ 100.50 5.50% 5.53% 5.54%
500-999 50,000-99,999 4.75 100.35 5.50 5.53 5.55
1,000-2,499 100,000-249,999 4.50 100.08 5.52 5.55 5.57
2,500-4,999 250,000-499,999 4.25 99.82 5.53 5.56 5.58
5,000-9,999 500,000-999,999 3.50 99.05 5.58 5.61 5.63
10,000-24,999 1,000,000- 2,499,999 3.00 98.54 5.61 5.64 5.66
25,000-49,999 2,500,000- 4,999,999 2.50 98.03 5.64 5.67 5.68
50,000 and over 5,000,000 and over 2.00 97.53 5.66 5.69 5.71
</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 1995 1996 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 6/1 8/1 11/1 2/1 5/1
Distribution Date..................... 6/15 8/15 11/15 2/15 5/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .6316(1) $ 5.4169
-------- $.4512 every month --------
Quarterly Distribution Plan........... $ .6316(1) $ .9078(2) $ 1.3617 $ 1.3617 $ 1.3617 $ 5.4489
Semi-Annual Distribution Plan......... $ .6316(1) $ 2.2770(3) $ 2.7324 $ 5.4679
- ---------------------------------------------------------------------------------------------------------------------------------
<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 $.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 $.01504 per unit per day.
Consequently, on the first Record Date (06/01/95), accrued interest will total
$0.6316 per unit for the 42-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 06/01/95 is $.6316 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01504 Quarterly - $0.01513
Semi-Annual - $0.01518
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 12 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>
- ------------------------
%
Alaska 10.7
California 15.9
Florida 10.5
Illinois 19.5
<CAPTION>
Percent
of Total
Income
- ------------------------
<S> <C> <C>
%
Indiana 10.9
Massachusetts 21.2
New Jersey 4.9
New York 6.4
</TABLE>
- -------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity
of portfolio bonds is 27.7 years. The first bond is scheduled to mature in June,
2013, with the last bond maturity being November, 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.
797
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NEW YORK
INSURED
TRUST 234
Estimated Current Return
5.35% to 5.57%
as of 04/18/95
Estimated Long Term Return
5.43% to 5.66%
40,000 units in a
diversified $4,000,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101K 318 Monthly Payment Option
67101K 326 Quarterly Payment Option
67101K 334 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 234
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT APRIL 19, 1995
- --------------------------------------------------------------------------------
<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 Dormitory Authority of the State of New York, City No Optional AAA Aaa
University System Consolidated Second General Resolution Call
Revenue Bonds, Series 1993A, 5.75% Due 7/1/13.
600,000 New York State Energy Research and Development Authority, 2003 at 102 AAA Aaa
Facilities Refunding Revenue Bonds, Series 1993B
(Consolidated Edison Company of New York, Inc. Project),
5.25% Due 8/15/20.
480,000 New York State Housing Finance Agency, Service Contract 2003 at 102 AAA Aaa
Obligation Revenue Bonds, 1993 Series C Refunding, 5.875%
Due 9/15/14.
500,000 New York State Medical Care Facilities Finance Agency, 2005 at 102 AAA Aaa
Mental Health Services Facilities Improvement Revenue
Bonds, 1995 Series A, 6.00% Due 8/15/15. (General
Obligation Bonds.)
450,000 New York State Thruway Authority, General Revenue Bonds, 2004 at 102 AAA Aaa
Series B, 5.00% Due 1/1/20.
600,000 New York State Urban Development Corporation, Correctional 2004 at 102 AAA Aaa
Capital Facilities Revenue Bonds, Series 4, 5.375% Due
1/1/23. (Original issue discount bonds delivered on or
about December 29, 1993 at a price of 94.25% of principal
amount.)
370,000 The City of New York (New York), General Obligation Bonds, 2003 at 101 AAA Aaa
Fiscal 1994 Series C, 5.375% Due 10/1/21. (Original issue 1/2
discount bonds delivered on or about October 14, 1993 at a
price of 94.15% of principal amount.)
500,000 Metropolitan Transportation Authority (New York), Transit 2004 at 101 AAA Aaa
Facilities Revenue Bonds, Series O, 6.00% Due 7/1/24. 1/2
(Original issue discount bonds delivered on or about July
12, 1994 at a price of 94.875% of principal amount.)
----------
$4,000,000
----------
----------
</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 % $ 100.16 5.35% 5.38% 5.40%
500-999 50,000-99,999 4.75 100.00 5.36 5.39 5.41
1,000-2,499 100,000-249,999 4.50 99.74 5.37 5.41 5.42
2,500-4,999 250,000-499,999 4.25 99.48 5.39 5.42 5.44
5,000-9,999 500,000-999,999 3.50 98.70 5.43 5.46 5.48
10,000-24,999 1,000,000- 2,499,999 3.00 98.20 5.46 5.49 5.51
25,000-49,999 2,500,000- 4,999,999 2.50 97.69 5.49 5.52 5.54
50,000 and over 5,000,000 and over 2.00 97.19 5.51 5.55 5.57
</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 % $ 100.16 5.43% 5.47% 5.49%
500-999 50,000-99,999 4.75 100.00 5.44 5.47 5.49
1,000-2,499 100,000-249,999 4.50 99.74 5.45 5.49 5.51
2,500-4,999 250,000-499,999 4.25 99.48 5.46 5.50 5.52
5,000-9,999 500,000-999,999 3.50 98.70 5.51 5.55 5.57
10,000-24,999 1,000,000- 2,499,999 3.00 98.20 5.54 5.58 5.60
25,000-49,999 2,500,000- 4,999,999 2.50 97.69 5.57 5.61 5.63
50,000 and over 5,000,000 and over 2.00 97.19 5.60 5.64 5.66
</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 1995 1996 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 6/1 8/1 11/1 2/1 5/1
Distribution Date..................... 6/15 8/15 11/15 2/15 5/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .6249(1) $ 5.3594
-------- $.4464 every month --------
Quarterly Distribution Plan........... $ .6249(1) $ .8982(2) $ 1.3473 $ 1.3473 $ 1.3473 $ 5.3914
Semi-Annual Distribution Plan......... $ .6249(1) $ 2.2530(3) $ 2.7036 $ 5.4104
- ---------------------------------------------------------------------------------------------------------------------------------
<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 $.01488 per unit per day.
Consequently, on the first Record Date (06/01/95), accrued interest will total
$0.6249 per unit for the 42-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 06/01/95 is $.6249 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01488 Quarterly - $0.01497
Semi-Annual - $0.01502
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.
- --------------------------------------------------------------------------------
797
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 24.0 years.
The first bond is scheduled to mature in July, 2013, with the last bond maturity
being July, 2024.
- -------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
- -------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------------
UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK AND ARE NOT FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
- -------------------------------------------------------
* Insurance relates specifically to the bonds and not to the units or to the
market value of units. Terms of the insurance are more fully described in the
prospectus. No representation is made as to the insurer's ability to meet its
commitments. See Section 5 of the prospectus for details.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
