<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
CALIFORNIA
INTERMEDIATE
INSURED
TRUST 3
Estimated Current Return
4.08% to 4.21%
as of 12/07/95
Estimated Long Term Return
3.94% to 4.23%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H2 160 Monthly Payment Option
6706H2 178 Quarterly Payment Option
6706H2 186 Semi-Annual Payment Option
Registered in California
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--CALIFORNIA INTERMEDIATE INSURED TRUST 3
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT DECEMBER 8, 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 State of California, Various Purpose General Obligation No Optional AAA Aaa
Bonds, 4.50% Due 9/1/05. Call
500,000 California Health Facilities Financing Authority, Insured No Optional AAA Aaa
Health Facility Refunding Revenue Bonds (Catholic Call
Healthcare West), 1994 Series A, 4.75% Due 7/1/04.
500,000 State Public Works Board of the State of California, Lease No Optional AAA Aaa
Revenue Refunding Bonds (Department of Corrections), 1993 Call
Series C (Del Norte), 4.875% Due 12/1/06.
500,000 Cathedral City (California), Public Financing Authority, No Optional AAA Aaa
1995 Tax Allocation Revenue Bonds, Series A (Cathedral Call
City Redevelopment Projects), 4.90% Due 8/1/05.
150,000 The City of Los Angeles (California), General Obligation 2004 at 102 AAA Aaa
Bonds, Series 1994-A, 5.60% Due 9/1/05.
350,000 Port of Oakland, California, Refunding Revenue Bonds, 1993 No Optional AAA Aaa
Series F, 0.00% Due 11/1/06. (Original issue discount Call
bonds delivered on or about June 29, 1993 at a price of
47.868% of principal amount.)
500,000 San Diego County (California), Regional Transportation No Optional AAA Aaa
Commission, Second Senior Sales Tax Revenue Bonds, 1994 Call
Series A, 5.20% Due 4/1/06.
500,000 Thousand Oaks Redevelopment Agency (Ventura County, No Optional AAA Aaa
California), Thousand Oaks Boulevard Redevelopment Call
Project, 1995 Tax Allocation Refunding Bonds, 4.80% Due
12/1/04.
----------
$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 a compounding factor, 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 3.90 % $ 101.68 4.08% 4.11% 4.13%
500-999 50,000-99,999 3.70 101.46 4.09 4.12 4.14
1,000-2,499 100,000-249,999 3.50 101.25 4.09 4.13 4.14
2,500-4,999 250,000-499,999 3.25 100.99 4.10 4.14 4.16
5,000-9,999 500,000-999,999 3.00 100.73 4.12 4.15 4.17
10,000-24,999 1,000,000- 2,499,999 2.75 100.47 4.13 4.16 4.18
25,000-49,999 2,500,000- 4,999,999 2.50 100.22 4.14 4.17 4.19
50,000 and over 5,000,000 and over 2.00 99.70 4.16 4.19 4.21
</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 3.90 % $ 101.68 3.94% 3.97% 3.99%
500-999 50,000-99,999 3.70 101.46 3.97 4.00 4.02
1,000-2,499 100,000-249,999 3.50 101.25 3.99 4.02 4.04
2,500-4,999 250,000-499,999 3.25 100.99 4.02 4.05 4.07
5,000-9,999 500,000-999,999 3.00 100.73 4.06 4.09 4.11
10,000-24,999 1,000,000- 2,499,999 2.75 100.47 4.08 4.11 4.13
25,000-49,999 2,500,000- 4,999,999 2.50 100.22 4.12 4.15 4.17
50,000 and over 5,000,000 and over 2.00 99.70 4.18 4.21 4.23
</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
1996 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 1/1 2/1 5/1 8/1 11/1
Distribution Date..................... 1/15 2/15 5/15 8/15 11/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .2647(1) $ 4.1452
-------- $.3453 every month --------
Quarterly Distribution Plan........... $ .2647(1) $ .3480(2) $ 1.0440 $ 1.0440 $ 1.0440 $ 4.1772
Semi-Annual Distribution Plan......... $ .2647(1) $ 1.3980(3) $ 2.0970 $ 4.1962
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* 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.
Distribution Dates under each distribution plan are the fifteenth day of the
month in which the respective Record Date occurred.
(1) The first distribution will be paid to all Unitholders, regardless of the
distribution plan selected. Such distribution may be more or less than a
regular monthly distribution.
(2) The second distribution under the quarterly distribution plan represents a
1-month distribution; subsequent quarterly distributions will be regular
3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a
4-month distribution; subsequent semi-annual distributions will be regular
6-month distributions.
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.06 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 $.01151 per unit per day.
Consequently, on the first Record Date (01/01/96), accrued interest will total
$0.2647 per unit for the 23-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 01/01/96 is $.2647 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01151 Quarterly - $0.01160
Semi-Annual - $0.01165
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.
- --------------------------------------------------------------------------------
839
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 9.8 years.
The first bond is scheduled to mature in July, 2004, with the last bond maturity
being December, 2006.
- -------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the MBIA Insurance 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 Optional 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, The Chase Manhattan Bank, N.A., 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.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES, RISKS
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 206
Estimated Current Return
First
Year: 4.84% to 5.04%
Subsequent
Years: 4.88% to 5.08%
as of 12/07/95
Estimated Long Term Return
4.89% to 5.16%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H8 407 Monthly Payment Option
6706H8 415 Quarterly Payment Option
6706H8 423 Semi-Annual Payment Option
Registered in Pennsylvania
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 206
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT DECEMBER 8, 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 Allegheny County Hospital Development Authority 2005 at 102 AAA Aaa
(Pennsylvania), Health Center Revenue Bonds, Series of
1995 (University of Pittsburgh Medical Center System),
5.375% Due 12/1/25. (When issued.)
50,000 County of Berks, Pennsylvania, General Obligation Bonds, No Optional AAA Aaa
Second Series of 1993, 0.00% Due 5/15/19. (Original issue Call
discount bonds delivered on or about November 10, 1993 at
a price of 24.133% of principal amount.)
125,000 Bucks County Water and Sewer Authority (Bucks County, No Optional AAA Aaa
Pennsylvania), Neshaminy Interceptor Sewer System, Sewer Call
Revenue Bonds, Series A of 1993, 0.00% Due 12/1/16.
(Original issue discount bonds delivered on or about
August 5, 1993 at a price of 26.059% of principal amount.)
525,000 Chester County (Pennsylvania), Health and Education 2004 at 102 AAA Aaa
Facilities Authority, Health System Revenue Bonds, Series
A of 1994 (Main Line Health System), 5.50% Due 5/15/15.
500,000 Delaware County Authority (Commonwealth of Pennsylvania), 2003 at 102 AAA Aaa
Haverford College Revenue Bonds, Series of 1993, 5.50% Due
11/15/23.
500,000 Moon Township Municipal Authority, Allegheny County, 2005 at 100 AAA Aaa
Pennsylvania, Water and Sewer Revenue Refunding Bonds,
Series of 1995,
250M-5.40% Due 12/1/14,
250M-5.50% Due 12/1/19.
(When issued.)
500,000 The School District of Philadelphia, Pennsylvania, General 2005 at 101 AAA Aaa
Obligation Bonds, Series B of 1995, 5.50% Due 9/1/18.
(Original issue discount bonds delivered on or about
October 31, 1995 at a price of 94.768% of principal
amount.)
300,000 Southeastern Pennsylvania Transportation Authority, Special 2005 at 101 AAA Aaa
Revenue Bonds, Series of 1995A, 5.75% Due 3/1/20.
(Original issue discount bonds delivered on or about
February 28, 1995 at a price of 94.75% of principal
amount.)
500,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 2005 at 101 AAA Aaa
1995 (General Obligation Bonds.), 5.375% Due 7/1/22. 1/2
(Original issue discount bonds delivered on or about May
4, 1995 at a price of 93.916% of principal amount.)
----------
$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 a compounding factor, 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 % $ 101.66 (4.84%) 4.88% (4.87%) 4.91% (4.89%) 4.93%
500-999 50,000-99,999 4.75 101.50 (4.85) 4.89 (4.88) 4.92 (4.90) 4.94
1,000-2,499 100,000-249,999 4.50 101.24 (4.86) 4.90 (4.90) 4.93 (4.91) 4.95
2,500-4,999 250,000-499,999 4.25 100.97 (4.88) 4.91 (4.91) 4.95 (4.93) 4.96
5,000-9,999 500,000-999,999 3.50 100.19 (4.91) 4.95 (4.95) 4.98 (4.97) 5.00
10,000-24,999 1,000,000- 2,499,999 3.00 99.67 (4.94) 4.98 (4.97) 5.01 (4.99) 5.03
25,000-49,999 2,500,000- 4,999,999 2.50 99.16 (4.97) 5.00 (5.00) 5.04 (5.02) 5.05
50,000 and over 5,000,000 and over 2.00 98.65 (4.99) 5.03 (5.02) 5.06 (5.04) 5.08
</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 % $ 101.66 4.89% 4.92% 4.94%
500-999 50,000-99,999 4.75 101.50 4.90 4.93 4.95
1,000-2,499 100,000-249,999 4.50 101.24 4.92 4.95 4.97
2,500-4,999 250,000-499,999 4.25 100.97 4.94 4.97 4.99
5,000-9,999 500,000-999,999 3.50 100.19 5.00 5.03 5.05
10,000-24,999 1,000,000- 2,499,999 3.00 99.67 5.03 5.06 5.09
25,000-49,999 2,500,000- 4,999,999 2.50 99.16 5.07 5.10 5.12
50,000 and over 5,000,000 and over 2.00 98.65 5.11 5.14 5.16
</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
1996 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 1/1 2/1 5/1 8/1 11/1
Distribution Date..................... 1/15 2/15 5/15 8/15 11/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .3169(1) $ 4.9614
-------- $.4134 every month --------
Quarterly Distribution Plan........... $ .3169(1) $ .4161(2) $ 1.2483 $ 1.2483 $ 1.2483 $ 4.9934
Semi-Annual Distribution Plan......... $ .3169(1) $ 1.6704(3) $ 2.5056 $ 5.0124
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* 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.
Distribution Dates under each distribution plan are the fifteenth day of the
month in which the respective Record Date occurred.
(1) The first distribution will be paid to all Unitholders, regardless of the
distribution plan selected. Such distribution may be more or less than a
regular monthly distribution.
(2) The second distribution under the quarterly distribution plan represents a
1-month distribution; subsequent quarterly distributions will be regular
3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a
4-month distribution; subsequent semi-annual distributions will be regular
6-month distributions.
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.07 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 $.01378 per unit per day.
Consequently, on the first Record Date (01/01/96), accrued interest will total
$0.3169 per unit for the 23-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 01/01/96 is $.3169 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01378 Quarterly - $0.01387
Semi-Annual - $0.01392
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.
- --------------------------------------------------------------------------------
839
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 24.5 years.
The first bond is scheduled to mature in December, 2014, with the last bond
maturity being December, 2025.
- -------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the MBIA Insurance 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 Optional 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, The Chase Manhattan Bank, N.A., 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.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES, RISKS
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.