<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
VIRGINIA
TRUST 286
(VIRGINIA TRADITIONAL TRUST 286)
Estimated Current Return
5.69% to 5.91%
as of 04/28/94
Estimated Long Term Return
5.73% to 5.96%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds
Cusip:
6706L5 283 Monthly Payment Option
6706L5 291 Quarterly Payment Option
6706L5 309 Semi-Annual Payment Option
Registered in Virginia
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--VIRGINIA TRADITIONAL TRUST 286
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT APRIL 29, 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 Commonwealth Transportation Board, Commonwealth of Virginia, 2002 at 102 AA Aa
Transportation Contract Revenue Refunding Bonds, Series
1992 (Route 28 Project), 6.50% Due 4/1/18.
500,000 Industrial Development Authority of Albemarle County, 2002 at 102 A+ --
Virginia, Health Services Revenue Bonds (The University of
Virginia Health Services Foundation), Series 1992, 6.50%
Due 10/1/22.
500,000 Fairfax County Economic Development Authority (Virginia), 2004 at 102 AA Aa
Lease Revenue Bonds (Government Center Properties), Series
1994, 5.50% Due 5/15/18. (Original issue discount bonds
delivered on or about March 15, 1994 at a price of 93.654%
of principal amount.)
500,000 Fairfax County (Virginia), Water Authority, Water Refunding 2002 at 100 AA- Aa
Revenue Bonds, Series 1992, 5.75% Due 4/1/29. (Original
issue discount bonds delivered on or about December 8,
1992 at a price of 92.25% of principal amount.)
500,000 Industrial Development Authority of the Town of Louisa, 2004 at 102 A A2
Virginia, Pollution Control Revenue Bonds (Virginia
Electric and Power Company Project), Series 1994, 5.45%
Due 1/1/24.
500,000 Industrial Development Authority of the City of Norfolk 2004 at 102 AA Aa
(Virginia), Hospital Revenue and Refunding Bonds (Sentara
Hospitals-Norfolk), Series 1994A, 5.50% Due 11/1/17.
500,000 Richmond Metropolitan Authority (Virginia), Expressway 2002 at 102 AAA Aaa
Revenue and Refunding Bonds, Series 1992-B, 6.25% Due
7/15/22. (FGIC Insured.)
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 100.32 5.69% 5.72% 5.74%
500-999 50,000-99,999 4.75 100.16 5.69 5.73 5.75
1,000-2,499 100,000-249,999 4.50 99.90 5.71 5.74 5.76
2,500-4,999 250,000-499,999 4.25 99.63 5.72 5.76 5.78
5,000-9,999 500,000-999,999 3.50 98.86 5.77 5.80 5.82
10,000-24,999 1,000,000-2,499,999 3.00 98.35 5.80 5.83 5.85
25,000-49,999 2,500,000-4,999,999 2.50 97.85 5.83 5.86 5.88
50,000 and over 5,000,000 and over 2.00 97.35 5.86 5.89 5.91
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
AMOUNT PURCHASED
- -------------------------------------
Estimated Long Term Return (3)
Units -----------------------------------------------------
- ----------------
Public
Sales Offering Monthly Quarterly Semi-Annual
Dollars Charge Price (1) Payment Payment Payment
------------------- ------ ----------- ------------- ------------- -------------
50-499 $5,000-$49,999 4.90 % $ 100.32 5.73 % 5.76 % 5.78 %
500-999 50,000-99,999 4.75 100.16 5.73 5.77 5.79
1,000-2,499 100,000-249,999 4.50 99.90 5.75 5.79 5.81
2,500-4,999 250,000-499,999 4.25 99.63 5.76 5.80 5.82
5,000-9,999 500,000-999,999 3.50 98.86 5.81 5.85 5.87
10,000-24,999 1,000,000-2,499,999 3.00 98.35 5.84 5.88 5.90
25,000-49,999 2,500,000-4,999,999 2.50 97.85 5.87 5.91 5.93
50,000 and over 5,000,000 and over 2.00 97.35 5.90 5.94 5.96
</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
Virginia Traditional Trust 1994 1995 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............. $ .5068(1) $ 5.7034
-------- $.4752 every month --------
Quarterly Distribution Plan........... $ .5068(1) $ .9558(2) $ 1.4337 $ 1.4337 $ 1.4337 $ 5.7354
Semi-Annual Distribution Plan......... $ .5068(1) $ 2.3970(3) $ 2.8764 $ 5.7544
- ---------------------------------------------------------------------------------------------------------------------------------
<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 $.01584 per unit per day.
Consequently, on the first Record Date (06/01/94), accrued interest will total
$0.5068 per unit for the 32-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 06/01/94 is $.5068 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01584 Quarterly - $0.01593
Semi-Annual - $0.01598
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.
- --------------------------------------------------------------------------------
727
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 27.5 years.
The first bond is scheduled to mature in November, 2017, with the last bond
maturity being April, 2029.
- -------------------------------------------------
QUALITY OF PORTFOLIO AS RATED BY
STANDARD & POOR'S CORPORATION
OR MOODY'S INVESTORS SERVICES
- -------------------------------------------------
<TABLE>
<CAPTION>
Rating Percent of Portfolio
Category Par Value
<S> <C> <C>
- -------------------------------------------------------------
AAA 15%
AA 57
A1/A+ 14
A 14
---
100%
</TABLE>
- -------------------------------------------------
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.
- -------------------------------------------------
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
INTERMEDIATE
INSURED
TRUST 74
Estimated Current Return
First
Year: 4.83% to 4.97%
Subsequent
Years: 4.86% to 5.01%
as of 04/28/94
Estimated Long Term Return
5.05% to 5.19%
100,000 units in a
diversified $10,000,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67093H 745 Monthly Payment Option
67093H 752 Quarterly Payment Option
67093H 760 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, INTERMEDIATE INSURED TRUST 74
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT APRIL 29, 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>
--------------------------------------------------------------------------------------------------------------------------
$ 400,000 North Slope Borough, Alaska, General Obligation Bonds, No Optional AAA Aaa
Series 1992A, 0.00% Due 6/30/03. (Original issue discount Call
bonds delivered on or about September 1, 1992 at a price
of 52.714% of principal amount.)
1,500,000 District of Columbia, Hospital Revenue Refunding Bonds No Optional AAA Aaa
(Medlantic Healthcare Group, Inc. Issue), Series 1993A, Call
5.40% Due 8/15/04.
1,000,000 Certificates of Participation (School Board of Hillsborough No Optional AAA Aaa
County, Florida, Master Lease Program), Series 1994, 5.50% Call
Due 7/1/04. (When issued.)
1,000,000 City of Homestead, Florida, Special Insurance Assessment No Optional AAA Aaa
Revenue Bonds, Series 1993 (Hurricane Andrew Covered Call
Claims Assistance Program), 5.25% Due 3/1/03.
1,000,000 Fort Wayne South Side School Bldg. Corp., First Mortgage 2004 at 102 AAA Aaa
Bonds, Series 1994, Allen County, Indiana, 5.55% Due
7/15/04. (General Obligation Bonds.) (When issued.)
1,000,000 St. Tammany Parish Hospital Service District No. 2, State of No Optional AAA Aaa
Louisiana, Hospital Revenue Bonds, Series 1994, 5.70% Due Call
10/1/04. (When issued.)
1,000,000 Grand Haven Area Public Schools, Counties of Ottawa and 2003 at 102 AAA Aaa
Muskegon, State of Michigan, School Building and Site
Bonds, Series A, 5.40% Due 5/1/04. (General Obligation
Bonds.)
1,000,000 Southfield Public Schools, Oakland County, Michigan, School No Optional AAA Aaa
Facilities Bonds, Series 1994, 5.30% Due 5/1/04. (General Call
Obligation Bonds.) (When issued.)
500,000 New York City (New York), Educational Construction Fund, 2004 at 101 AAA Aaa
Revenue Bonds, Series 1994, 5.10% Due 10/1/04. 1/2
100,000 Dormitory Authority of the State of New York, State No Optional AAA Aaa
University Educational Facilities Revenue Bonds, Series Call
1994A, 0.00% Due 5/15/03. (Original issue discount bonds
delivered on or about March 3, 1994 at a price of 64.927%
of principal amount.)
500,000 New York State Environmental Facilities Corporation, State No Optional AAA Aaa
Water Pollution Control, Revolving Fund Revenue Bonds, Call
Series 1994A, 5.50% Due 6/15/04.
1,000,000 The School District of Philadelphia, Pennsylvania, General No Optional AAA Aaa
Obligation Bonds, Series A of 1994, 5.35% Due 7/1/03. Call
----------
$10,000,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
AMOUNT PURCHASED Public -----------------------------------------------------------
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- --------------- --------------- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 3.90 % $ 101.79 (4.83%) 4.86% (4.86%) 4.89% (4.88%) 4.91%
500-999 50,000-99,999 3.70 101.58 (4.84) 4.87 (4.87) 4.90 (4.89) 4.92
1,000-2,499 100,000-249,999 3.50 101.37 (4.85) 4.88 (4.88) 4.91 (4.90) 4.93
2,500-4,999 250,000-499,999 3.25 101.11 (4.86) 4.89 (4.89) 4.93 (4.91) 4.94
5,000-9,999 500,000-999,999 3.00 100.85 (4.87) 4.91 (4.90) 4.94 (4.92) 4.96
10,000-24,999 1,000,000-2,499,999 2.75 100.59 (4.88) 4.92 (4.92) 4.95 (4.94) 4.97
25,000-49,999 2,500,000-4,999,999 2.50 100.33 (4.90) 4.93 (4.93) 4.96 (4.95) 4.98
50,000 and over 5,000,000 and over 2.00 99.82 (4.92) 4.96 (4.95) 4.99 (4.97) 5.01
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
AMOUNT PURCHASED
- -------------------------------------
Estimated Long Term Return (3)
Units -----------------------------------------------------
- ----------------
Public
Sales Offering Monthly Quarterly Semi-Annual
Dollars Charge Price (1) Payment Payment Payment
------------------- ------ ----------- ------------- ------------- -------------
50-499 $5,000-$49,999 3.90 % $ 101.79 5.05 % 5.07 % 5.09 %
500-999 50,000-99,999 3.70 101.58 5.06 5.09 5.10
1,000-2,499 100,000-249,999 3.50 101.37 5.07 5.10 5.12
2,500-4,999 250,000-499,999 3.25 101.11 5.08 5.11 5.13
5,000-9,999 500,000-999,999 3.00 100.85 5.09 5.12 5.14
10,000-24,999 1,000,000-2,499,999 2.75 100.59 5.10 5.13 5.15
25,000-49,999 2,500,000-4,999,999 2.50 100.33 5.12 5.15 5.17
50,000 and over 5,000,000 and over 2.00 99.82 5.15 5.17 5.19
</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
Intermediate Insured Trust 1994 1995 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............. $ .4396(1) $ 4.9485
-------- $.4122 every month --------
Quarterly Distribution Plan........... $ .4396(1) $ .8298(2) $ 1.2447 $ 1.2447 $ 1.2447 $ 4.9805
Semi-Annual Distribution Plan......... $ .4396(1) $ 2.0820(3) $ 2.4984 $ 4.9995
- ---------------------------------------------------------------------------------------------------------------------------------
<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 $.01374 per unit per day.
Consequently, on the first Record Date (06/01/94), accrued interest will total
$0.4396 per unit for the 32-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 06/01/94 is $.4396 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01374 Quarterly - $0.01383
Semi-Annual - $0.01388
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 6 states and the District of Columbia.
- -------------------------------------------------
<TABLE>
<CAPTION>
Percent
of Total
Income
<S> <C> <C>
- ------------------------
%
Washington D.C. 15.7
Florida 20.9
Indiana 10.8
Louisiana 11.1
<CAPTION>
Percent
of Total
Income
- ------------------------
<S> <C> <C>
%
Michigan 20.8
New York 10.3
Pennsylvania 10.4
</TABLE>
- -------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity
of portfolio bonds is 9.9 years.
<TABLE>
<CAPTION>
Year Bonds Mature Amount Percent
- ------------------------------------- ---------- -----------
<S> <C> <C>
2003................................. 2,500 25.0%
2004................................. 7,500 75.0
</TABLE>
- -------------------------------------------------
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.
- -------------------------------------------------
* 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.
727
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
FLORIDA
INSURED
TRUST 189
Estimated Current Return
First
Year: 5.53% to 5.75%
Subsequent
Years: 5.54% to 5.77%
as of 04/28/94
Estimated Long Term Return
5.61% to 5.83%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H3 259 Monthly Payment Option
6706H3 267 Quarterly Payment Option
6706H3 275 Semi-Annual Payment Option
Registered in 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, FLORIDA INSURED TRUST 189
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT APRIL 29, 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 State Board of Education of Florida, Public Education 2003 at 101 AAA Aaa
Capital Outlay Refunding Bonds, 1993 Series D, 5.125% Due
6/1/22. (General Obligation Bonds.)
165,000 State of Florida Board of Regents, Florida State University 2004 at 101 AAA Aaa
Housing Facility Revenue Bonds, Series 1994, 6.00% Due
5/1/23. (When issued.)
500,000 City of Boynton Beach, Florida, Utility System Revenue 2002 at 102 AAA Aaa
Bonds, Series 1992, 6.25% Due 11/1/12.
100,000 Certificates of Participation (School Board of Hillsborough 2004 at 102 AAA Aaa
County, Florida, Master Lease Program), Series 1994, 6.00%
Due 7/1/14. (When issued.)
500,000 Jacksonville Electric Authority (Jacksonville, Florida), 2002 at 101 AAA Aaa
Electric System Revenue Bonds, Series Three 1993A, 5.25%
Due 10/1/28. (Original issue discount bonds delivered on
or about February 18, 1993 at a price of 87.05% of
principal amount.)
500,000 City of Opa-Locka, Florida, Capital Improvement Revenue 2004 at 102 AAA Aaa
Bonds, Series 1994, 6.125% Due 1/1/24.
220,000 Orange County (Florida), Health Facilities Authority 2002 at 102 AAA Aaa
Hospital Revenue Bonds (Orlando Regional Healthcare System
Project), Series 1993, 6.00% Due 11/1/24.
250,000 Orange County, Florida, Tourist Development Tax Revenue 2002 at 100 AAA Aaa
Bonds, Series 1992B, 6.00% Due 10/1/21. (Original issue
discount bonds delivered on or about April 21, 1992 at a
price of 91.375% of principal amount.)
530,000 Pinellas County (Florida), Health Facilities Authority, 2003 at 102 AAA Aaa
Hospital Revenue Bonds, Series 1993 (Morton Plant Health
System Project), 5.625% Due 11/15/23.
235,000 Commonwealth of Puerto Rico, Public Improvement Refunding 2002 at 101 AAA Aaa
Bonds, Series 1992A (General Obligation Bonds.), 6.00% Due 1/2
7/1/14.
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
AMOUNT PURCHASED Public -----------------------------------------------------------
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- --------------- --------------- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 99.94 (5.53%) 5.54% (5.56%) 5.58% (5.58%) 5.59%
500-999 50,000-99,999 4.75 99.78 (5.54) 5.55 (5.57) 5.58 (5.59) 5.60
1,000-2,499 100,000-249,999 4.50 99.52 (5.55) 5.57 (5.58) 5.60 (5.60) 5.62
2,500-4,999 250,000-499,999 4.25 99.26 (5.57) 5.58 (5.60) 5.61 (5.62) 5.63
5,000-9,999 500,000-999,999 3.50 98.49 (5.61) 5.63 (5.64) 5.66 (5.66) 5.68
10,000-24,999 1,000,000-2,499,999 3.00 97.98 (5.64) 5.65 (5.67) 5.69 (5.69) 5.71
25,000-49,999 2,500,000-4,999,999 2.50 97.48 (5.67) 5.68 (5.70) 5.72 (5.72) 5.74
50,000 and over 5,000,000 and over 2.00 96.98 (5.70) 5.71 (5.73) 5.75 (5.75) 5.77
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
AMOUNT PURCHASED
- -------------------------------------
Estimated Long Term Return (3)
Units -----------------------------------------------------
- ----------------
Public
Sales Offering Monthly Quarterly Semi-Annual
Dollars Charge Price (1) Payment Payment Payment
------------------- ------ ----------- ------------- ------------- -------------
50-499 $5,000-$49,999 4.90 % $ 99.94 5.61 % 5.64 % 5.66 %
500-999 50,000-99,999 4.75 99.78 5.62 5.65 5.66
1,000-2,499 100,000-249,999 4.50 99.52 5.64 5.66 5.68
2,500-4,999 250,000-499,999 4.25 99.26 5.65 5.68 5.69
5,000-9,999 500,000-999,999 3.50 98.49 5.69 5.72 5.74
10,000-24,999 1,000,000-2,499,999 3.00 97.98 5.72 5.75 5.77
25,000-49,999 2,500,000-4,999,999 2.50 97.48 5.75 5.78 5.80
50,000 and over 5,000,000 and over 2.00 96.98 5.78 5.81 5.83
</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
Florida Insured Trust 1994 1995 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............. $ .4921(1) $ 5.5400
-------- $.4614 every month --------
Quarterly Distribution Plan........... $ .4921(1) $ .9282(2) $ 1.3923 $ 1.3923 $ 1.3923 $ 5.5720
Semi-Annual Distribution Plan......... $ .4921(1) $ 2.3295(3) $ 2.7954 $ 5.5910
- ---------------------------------------------------------------------------------------------------------------------------------
<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 $.01538 per unit per day.
Consequently, on the first Record Date (06/01/94), accrued interest will total
$0.4921 per unit for the 32-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 06/01/94 is $.4921 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01538 Quarterly - $0.01547
Semi-Annual - $0.01553
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.
- --------------------------------------------------------------------------------
727
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 27.5 years.
The first bond is scheduled to mature in November, 2012, with the last bond
maturity being October, 2028.
- -------------------------------------------------
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.
- -------------------------------------------------
* 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
MICHIGAN
INSURED
TRUST 54
Estimated Current Return
First
Year: 5.56% to 5.78%
Subsequent
Years: 5.57% to 5.79%
as of 04/28/94
Estimated Long Term Return
5.66% to 5.88%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67095E 138 Monthly Payment Option
67095E 146 Quarterly Payment Option
67095E 153 Semi-Annual Payment Option
Registered in Michigan
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, MICHIGAN INSURED TRUST 54
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT APRIL 29, 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>
--------------------------------------------------------------------------------------------------------------------------
$ 525,000 Michigan State Housing Development Authority, Limited 2004 at 102 AAA Aaa
Obligation Revenue Bonds (Charter Square Project), Series
1994, 5.50% Due 1/15/21.
500,000 State of Michigan, State Trunk Line Fund Bonds, Series 2004 at 102 AAA Aaa
1994A, 5.80% Due 11/15/24.
500,000 Coldwater Community Schools, County of Branch, State of 2004 at 102 AAA Aaa
Michigan, 1994 School Building and Site Bonds, 6.30% Due
5/1/23. (General Obligation Bonds.) (When issued.)
500,000 Livonia Public Schools School District, County of Wayne, 2003 at 102 AAA Aaa
State of Michigan, 1993 Refunding Bonds, 5.50% Due 5/1/21.
(General Obligation Bonds.)
460,000 City of Mt. Pleasant, County of Isabella, State of Michigan, 2004 at 102 AAA Aaa
Water Supply System Revenue Bonds, Series 1994, 6.00% Due
2/1/20. (When issued.)
500,000 Charter County of Wayne, Michigan, Airport Revenue Refunding 2003 at 102 AAA Aaa
Bonds (Detroit Metropolitan Wayne County Airport),
Subordinate Lien, Series 1993C, 5.25% Due 12/1/21.
(Original issue discount bonds delivered on or about
November 23, 1993 at a price of 94.807% of principal
amount.)
515,000 Commonwealth of Puerto Rico, Public Improvement Refunding 2002 at 101 AAA Aaa
Bonds, Series 1992A (General Obligation Bonds.), 6.00% Due 1/2
7/1/14.
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
AMOUNT PURCHASED Public -----------------------------------------------------------
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- --------------- --------------- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 99.45 (5.56%) 5.57% (5.59%) 5.60% (5.61%) 5.62%
500-999 50,000-99,999 4.75 99.30 (5.57) 5.58 (5.60) 5.61 (5.62) 5.63
1,000-2,499 100,000-249,999 4.50 99.04 (5.58) 5.59 (5.61) 5.63 (5.63) 5.65
2,500-4,999 250,000-499,999 4.25 98.78 (5.60) 5.61 (5.63) 5.64 (5.65) 5.66
5,000-9,999 500,000-999,999 3.50 98.01 (5.64) 5.65 (5.67) 5.69 (5.69) 5.70
10,000-24,999 1,000,000-2,499,999 3.00 97.51 (5.67) 5.68 (5.70) 5.71 (5.72) 5.73
25,000-49,999 2,500,000-4,999,999 2.50 97.01 (5.70) 5.71 (5.73) 5.74 (5.75) 5.76
50,000 and over 5,000,000 and over 2.00 96.51 (5.73) 5.74 (5.76) 5.77 (5.78) 5.79
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
AMOUNT PURCHASED
- -------------------------------------
Estimated Long Term Return (3)
Units -----------------------------------------------------
- ----------------
Public
Sales Offering Monthly Quarterly Semi-Annual
Dollars Charge Price (1) Payment Payment Payment
------------------- ------ ----------- ------------- ------------- -------------
50-499 $5,000-$49,999 4.90 % $ 99.45 5.66 % 5.69 % 5.71 %
500-999 50,000-99,999 4.75 99.30 5.66 5.69 5.71
1,000-2,499 100,000-249,999 4.50 99.04 5.68 5.71 5.73
2,500-4,999 250,000-499,999 4.25 98.78 5.69 5.72 5.74
5,000-9,999 500,000-999,999 3.50 98.01 5.74 5.77 5.79
10,000-24,999 1,000,000-2,499,999 3.00 97.51 5.77 5.80 5.82
25,000-49,999 2,500,000-4,999,999 2.50 97.01 5.80 5.83 5.85
50,000 and over 5,000,000 and over 2.00 96.51 5.83 5.86 5.88
</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
Michigan Insured Trust 1994 1995 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............. $ .4921(1) $ 5.5403
-------- $.4614 every month --------
Quarterly Distribution Plan........... $ .4921(1) $ .9282(2) $ 1.3923 $ 1.3923 $ 1.3923 $ 5.5723
Semi-Annual Distribution Plan......... $ .4921(1) $ 2.3295(3) $ 2.7954 $ 5.5913
- ---------------------------------------------------------------------------------------------------------------------------------
<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 $.01538 per unit per day.
Consequently, on the first Record Date (06/01/94), accrued interest will total
$0.4921 per unit for the 32-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 06/01/94 is $.4921 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01538 Quarterly - $0.01547
Semi-Annual - $0.01553
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.
- --------------------------------------------------------------------------------
727
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 26.7 years.
The first bond is scheduled to mature in July, 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.
- -------------------------------------------------
* 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 179
Estimated Current Return
First
Year: 5.62% to 5.85%
Subsequent
Years: 5.64% to 5.86%
as of 04/28/94
Estimated Long Term Return
5.69% to 5.91%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H9 371 Monthly Payment Option
6706H9 389 Quarterly Payment Option
6706H9 397 Semi-Annual Payment Option
Registered in Pennsylvania & Florida
John Nuveen & Co. Incorporated
Investment Bankers
<PAGE>
<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 179
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT APRIL 29, 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 Allegheny County Hospital Development Authority 2002 at 102 AAA Aaa
(Pennsylvania), Health Center Revenue Refunding Bonds,
Series 1992B (Presbyterian University Health System, Inc.
Project), 6.00% Due 11/1/23. (Original issue discount
bonds delivered on or about December 21, 1992 at a price
of 94.634% of principal amount.)
500,000 Allegheny County Sanitary Authority, Allegheny County, 2004 at 102 AAA Aaa
Pennsylvania, Sewer Revenue Bonds, Series B of 1994, 6.25%
Due 12/1/14. (When issued.)
500,000 The Hospital Authority of the County of Beaver 2002 at 102 AAA Aaa
(Pennsylvania), Hospital Revenue Bonds, Series 1992A (The
Medical Center, Beaver, Pa., Inc.), 6.25% Due 7/1/22.
500,000 Berks County Municipal Authority (Pennsylvania), Hospital No Optional AAA Aaa
Revenue Bonds (The Reading Hospital and Medical Center Call
Project), Series of 1993, 5.70% Due 10/1/14.
500,000 Delaware County Authority (Commonwealth of Pennsylvania), 2003 at 102 AAA Aaa
University Revenue Bonds, Series of 1993 (Villanova
University), 5.50% Due 8/1/23.
500,000 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.
500,000 City of Philadelphia, Pennsylvania, Water and Wastewater 2003 at 102 AAA Aaa
Revenue Bonds, Series 1993, 5.25% Due 6/15/23. (Original
issue discount bonds delivered on or about August 26, 1993
at a price of 92.499% 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
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
AMOUNT PURCHASED Public -----------------------------------------------------------
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- --------------- --------------- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 100.79 (5.62%) 5.64% (5.65%) 5.67% (5.67%) 5.69%
500-999 50,000-99,999 4.75 100.63 (5.63) 5.65 (5.66) 5.68 (5.68) 5.70
1,000-2,499 100,000-249,999 4.50 100.37 (5.65) 5.66 (5.68) 5.69 (5.70) 5.71
2,500-4,999 250,000-499,999 4.25 100.10 (5.66) 5.68 (5.69) 5.71 (5.71) 5.73
5,000-9,999 500,000-999,999 3.50 99.33 (5.70) 5.72 (5.74) 5.75 (5.76) 5.77
10,000-24,999 1,000,000-2,499,999 3.00 98.81 (5.73) 5.75 (5.77) 5.78 (5.79) 5.80
25,000-49,999 2,500,000-4,999,999 2.50 98.31 (5.76) 5.78 (5.80) 5.81 (5.82) 5.83
50,000 and over 5,000,000 and over 2.00 97.81 (5.79) 5.81 (5.83) 5.84 (5.85) 5.86
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
AMOUNT PURCHASED
- -------------------------------------
Estimated Long Term Return (3)
Units -----------------------------------------------------
- ----------------
Public
Sales Offering Monthly Quarterly Semi-Annual
Dollars Charge Price (1) Payment Payment Payment
------------------- ------ ----------- ------------- ------------- -------------
50-499 $5,000-$49,999 4.90 % $ 100.79 5.69 % 5.72 % 5.74 %
500-999 50,000-99,999 4.75 100.63 5.69 5.72 5.74
1,000-2,499 100,000-249,999 4.50 100.37 5.71 5.74 5.76
2,500-4,999 250,000-499,999 4.25 100.10 5.72 5.75 5.77
5,000-9,999 500,000-999,999 3.50 99.33 5.77 5.80 5.82
10,000-24,999 1,000,000-2,499,999 3.00 98.81 5.80 5.83 5.85
25,000-49,999 2,500,000-4,999,999 2.50 98.31 5.83 5.86 5.88
50,000 and over 5,000,000 and over 2.00 97.81 5.86 5.89 5.91
</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*.......................... 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............. $ .5049(1) $ 5.6835
-------- $.4734 every month --------
Quarterly Distribution Plan........... $ .5049(1) $ .9522(2) $ 1.4283 $ 1.4283 $ 1.4283 $ 5.7155
Semi-Annual Distribution Plan......... $ .5049(1) $ 2.3880(3) $ 2.8656 $ 5.7345
- ---------------------------------------------------------------------------------------------------------------------------------
<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 $.01578 per unit per day.
Consequently, on the first Record Date (06/01/94), accrued interest will total
$0.5049 per unit for the 32-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 06/01/94 is $.5049 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01578 Quarterly - $0.01587
Semi-Annual - $0.01592
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.
- --------------------------------------------------------------------------------
727
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 26.4 years.
The first bond is scheduled to mature in October, 2014, 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.
- -------------------------------------------------
* 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.
