<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
GEORGIA
INSURED
TRUST 37
Estimated Current Return
5.33% to 5.55%
as of 06/07/94
Estimated Long Term Return
5.40% to 5.63%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101M 405 Monthly Payment Option
67101M 413 Quarterly Payment Option
67101M 421 Semi-Annual Payment Option
Registered in Georgia
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, GEORGIA INSURED TRUST 37
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT JUNE 8, 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>
--------------------------------------------------------------------------------------------------------------------------
$ 520,000 Municipal Electric Authority of Georgia, Power Revenue No Optional AAA Aaa
Bonds, Series Z, 5.50% Due 1/1/20. Call
500,000 Bartow County School District (Georgia), General Obligation 2003 at 102 AAA Aaa
School Bonds (Series 1993 Bonds), 5.70% Due 5/1/14.
500,000 Cobb-Marietta Coliseum and Exhibit Hall Authority (Georgia), No Optional AAA Aaa
Revenue Refunding Bonds, Series 1993, 5.50% Due 10/1/18. Call
455,000 Columbus, Georgia, Water and Sewerage Revenue Refunding 2003 at 102 AAA Aaa
Bonds, Series 1993, 5.70% Due 5/1/20.
525,000 DeKalb County, Georgia, General Obligation Refunding Bonds, 2004 at 102 AAA Aaa
5.25% Due 1/1/20.
500,000 The Hospital Authority of Hall County and the City of 2002 at 102 AAA Aaa
Gainesville (Georgia), Revenue Anticipation Certificates
(Northeast Georgia Healthcare Project), Series 1992, 6.25%
Due 10/1/16.
500,000 The Medical Center Hospital Authority (Georgia), Revenue 2003 at 102 AAA Aaa
Anticipation Certificates (Columbus Regional Healthcare
System, Inc. Health and Human Services Project), Series
1993, 5.00% Due 8/1/18.
----------
$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 % $ 100.03 5.33% 5.36% 5.38%
500-999 50,000-99,999 4.75 99.87 5.34 5.37 5.39
1,000-2,499 100,000-249,999 4.50 99.61 5.35 5.39 5.41
2,500-4,999 250,000-499,999 4.25 99.35 5.37 5.40 5.42
5,000-9,999 500,000-999,999 3.50 98.58 5.41 5.44 5.46
10,000-24,999 1,000,000-2,499,999 3.00 98.07 5.44 5.47 5.49
25,000-49,999 2,500,000-4,999,999 2.50 97.57 5.47 5.50 5.52
50,000 and over 5,000,000 and over 2.00 97.07 5.50 5.53 5.55
</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 % $ 100.03 5.40% 5.44% 5.46%
500-999 50,000-99,999 4.75 99.87 5.41 5.45 5.46
1,000-2,499 100,000-249,999 4.50 99.61 5.42 5.46 5.48
2,500-4,999 250,000-499,999 4.25 99.35 5.44 5.47 5.49
5,000-9,999 500,000-999,999 3.50 98.58 5.48 5.52 5.54
10,000-24,999 1,000,000-2,499,999 3.00 98.07 5.51 5.55 5.57
25,000-49,999 2,500,000-4,999,999 2.50 97.57 5.54 5.58 5.60
50,000 and over 5,000,000 and over 2.00 97.07 5.57 5.61 5.63
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to Date of Deposit. The estimated
current return for purchases made on such date will be as shown, as long as
the portfolio size and composition remain the same.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
Georgia Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 7/1 8/1 11/1 2/1 5/1
Distribution Date..................... 7/15 8/15 11/15 2/15 5/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .3406(1) $ 5.3340
-------- $.4443 every month --------
Quarterly Distribution Plan........... $ .3406(1) $ .4470(2) $ 1.3410 $ 1.3410 $ 1.3410 $ 5.3660
Semi-Annual Distribution Plan......... $ .3406(1) $ 1.7940(3) $ 2.6910 $ 5.3850
- ---------------------------------------------------------------------------------------------------------------------------------
<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 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.
</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 $.01481 per unit per day.
Consequently, on the first Record Date (07/01/94), accrued interest will total
$0.3406 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 07/01/94 is $.3406 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01481 Quarterly - $0.01490
Semi-Annual - $0.01495
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.
- --------------------------------------------------------------------------------
733
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 24.0 years.
The first bond is scheduled to mature in May, 2014, with the last bond maturity
being May, 2020.
- -------------------------------------------------
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
MASSACHUSETTS
INSURED
TRUST 114
Estimated Current Return
5.33% to 5.54%
as of 06/07/94
Estimated Long Term Return
5.43% to 5.65%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
670946 797 Monthly Payment Option
670946 805 Quarterly Payment Option
670946 813 Semi-Annual Payment Option
Registered in Massachusetts
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, MASSACHUSETTS INSURED TRUST 114
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT JUNE 8, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Optional -----------------------
Aggregate Name of Issuer and Title of Issue Represented Redemption Standard
Principal by Sponsor's Contracts to Purchase Bonds Provisions & Poor's Moody's
<C> <C> <S> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
$ 500,000 Massachusetts Bay Transportation Authority, General 2003 at 102 AAA Aaa
Transportation System Bonds, 1993 Series A Refunding,
5.50% Due 3/1/22. (General Obligation Bonds.)
265,000 Massachusetts Health and Educational Facilities Authority, 2003 at 102 AAA Aaa
Revenue Bonds, Massachusetts General Hospital Issue,
Series F, 6.25% Due 7/1/20.
500,000 Massachusetts Health and Educational Facilities Authority, 2004 at 102 AAA Aaa
Revenue Bonds, New England Medical Center Hospitals Issue,
Series G-1, 5.375% Due 7/1/24.
500,000 Massachusetts Health and Educational Facilities Authority, 2004 at 102 AAA Aaa
Revenue Bonds, Smith College Issue, Series D, 5.75% Due
7/1/24.
500,000 Massachusetts Health and Educational Facilities Authority, 2002 at 102 AAA Aaa
Revenue Bonds, South Shore Hospital Issue, Series E, 5.50%
Due 7/1/13.
500,000 Massachusetts Industrial Finance Agency, Revenue Refunding 2003 at 102 AAA Aaa
Bonds, Milton Academy Issue, Series B, 5.25% Due 9/1/19.
525,000 Massachusetts Municipal Wholesale Electric Company, Power 2004 at 102 AAA Aaa
Supply System Revenue Bonds, 1994 Series B, 5.00% Due
7/1/12.
210,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 2004 at 101 AAA Aaa
1994 (General Obligation Bonds), 6.45% Due 7/1/17. 1/2
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 99.46 5.33% 5.36% 5.38%
500-999 50,000-99,999 4.75 99.31 5.34 5.37 5.39
1,000-2,499 100,000-249,999 4.50 99.05 5.35 5.38 5.40
2,500-4,999 250,000-499,999 4.25 98.79 5.36 5.40 5.42
5,000-9,999 500,000-999,999 3.50 98.02 5.41 5.44 5.46
10,000-24,999 1,000,000-2,499,999 3.00 97.52 5.43 5.47 5.49
25,000-49,999 2,500,000-4,999,999 2.50 97.02 5.46 5.50 5.52
50,000 and over 5,000,000 and over 2.00 96.52 5.49 5.52 5.54
</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 % $ 99.46 5.43% 5.46% 5.48%
500-999 50,000-99,999 4.75 99.31 5.44 5.46 5.48
1,000-2,499 100,000-249,999 4.50 99.05 5.45 5.48 5.50
2,500-4,999 250,000-499,999 4.25 98.79 5.46 5.49 5.51
5,000-9,999 500,000-999,999 3.50 98.02 5.51 5.54 5.56
10,000-24,999 1,000,000-2,499,999 3.00 97.52 5.54 5.57 5.59
25,000-49,999 2,500,000-4,999,999 2.50 97.02 5.57 5.60 5.62
50,000 and over 5,000,000 and over 2.00 96.52 5.60 5.63 5.65
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to Date of Deposit. The estimated
current return for purchases made on such date will be as shown, as long as
the portfolio size and composition remain the same.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
Massachusetts Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 7/1 8/1 11/1 2/1 5/1
Distribution Date..................... 7/15 8/15 11/15 2/15 5/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .3385(1) $ 5.2997
-------- $.4416 every month --------
Quarterly Distribution Plan........... $ .3385(1) $ .4443(2) $ 1.3329 $ 1.3329 $ 1.3329 $ 5.3317
Semi-Annual Distribution Plan......... $ .3385(1) $ 1.7832(3) $ 2.6748 $ 5.3507
- ---------------------------------------------------------------------------------------------------------------------------------
<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 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.
</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 $.01472 per unit per day.
Consequently, on the first Record Date (07/01/94), accrued interest will total
$0.3385 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 07/01/94 is $.3385 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01472 Quarterly - $0.01481
Semi-Annual - $0.01486
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.
- --------------------------------------------------------------------------------
733
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 25.0 years.
The first bond is scheduled to mature in July, 2012, 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.
- -------------------------------------------------
* 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 55
Estimated Current Return
First
Year: 5.32% to 5.53%
Subsequent
Years: 5.34% to 5.55%
as of 06/07/94
Estimated Long Term Return
5.41% to 5.64%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67095E 161 Monthly Payment Option
67095E 179 Quarterly Payment Option
67095E 187 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 55
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT JUNE 8, 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 Michigan Public Power Agency, Belle River Project Refunding 2003 at 102 AAA Aaa
Revenue Bonds, 1993 Series A, 5.25% Due 1/1/18. (Original
issue discount bonds delivered on or about April 14, 1993
at a price of 92.50% of principal amount.)
500,000 State of Michigan, State Trunk Line Fund Bonds, Series 2004 at 102 AAA Aaa
1994A, 5.75% Due 11/15/20.
500,000 Regents of the University of Michigan, Parking System 2003 at 101 AAA Aaa
Revenue Refunding Bonds, Series 1993A, 5.00% Due 6/1/15.
(Original issue discount bonds delivered on or about July
21, 1993 at a price of 93.077% of principal amount.)
500,000 City of Detroit, Michigan, Sewage Disposal System Revenue 2003 at 102 AAA Aaa
and Revenue Refunding Bonds, Series 1993-A, 5.70% Due
7/1/13.
500,000 Grand Haven Area Public Schools, Counties of Ottawa and 2003 at 102 AAA Aaa
Muskegon, State of Michigan, 1994 School Building and Site
and Refunding Bonds, 6.05% Due 5/1/14. (General Obligation
Bonds.) (When issued.)
500,000 Kelloggsville Public School District, County of Kent, State 2003 at 101 AAA Aaa
of Michigan, 1993 School Building and Site Bonds, 5.75% 1/2
Due 5/1/18. (General Obligation Bonds.)
500,000 Lincoln Consolidated School District, Counties of Washtenaw 2004 at 102 AAA Aaa
and Wayne, State of Michigan, 1994 School Building and
Site and Refunding Bonds, 5.85% Due 5/1/21. (General
Obligation Bonds.)
----------
$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 % $ 101.17 (5.32%) 5.34% (5.35%) 5.37% (5.37%) 5.39%
500-999 50,000-99,999 4.75 101.01 (5.33) 5.35 (5.36) 5.38 (5.38) 5.40
1,000-2,499 100,000-249,999 4.50 100.74 (5.34) 5.36 (5.37) 5.39 (5.39) 5.41
2,500-4,999 250,000-499,999 4.25 100.48 (5.36) 5.38 (5.39) 5.41 (5.41) 5.43
5,000-9,999 500,000-999,999 3.50 99.70 (5.40) 5.42 (5.43) 5.45 (5.45) 5.47
10,000-24,999 1,000,000-2,499,999 3.00 99.19 (5.43) 5.45 (5.46) 5.48 (5.48) 5.50
25,000-49,999 2,500,000-4,999,999 2.50 98.68 (5.45) 5.47 (5.49) 5.51 (5.51) 5.53
50,000 and over 5,000,000 and over 2.00 98.17 (5.48) 5.50 (5.52) 5.53 (5.53) 5.55
</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 % $ 101.17 5.41% 5.45% 5.47%
500-999 50,000-99,999 4.75 101.01 5.42 5.46 5.47
1,000-2,499 100,000-249,999 4.50 100.74 5.43 5.47 5.49
2,500-4,999 250,000-499,999 4.25 100.48 5.45 5.48 5.50
5,000-9,999 500,000-999,999 3.50 99.70 5.49 5.53 5.55
10,000-24,999 1,000,000-2,499,999 3.00 99.19 5.52 5.56 5.58
25,000-49,999 2,500,000-4,999,999 2.50 98.68 5.55 5.59 5.61
50,000 and over 5,000,000 and over 2.00 98.17 5.58 5.62 5.64
</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*.......................... 7/1 8/1 11/1 2/1 5/1
Distribution Date..................... 7/15 8/15 11/15 2/15 5/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .3450(1) $ 5.4015
-------- $.4500 every month --------
Quarterly Distribution Plan........... $ .3450(1) $ .4527(2) $ 1.3581 $ 1.3581 $ 1.3581 $ 5.4335
Semi-Annual Distribution Plan......... $ .3450(1) $ 1.8168(3) $ 2.7252 $ 5.4525
- ---------------------------------------------------------------------------------------------------------------------------------
<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 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.
</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 $.01500 per unit per day.
Consequently, on the first Record Date (07/01/94), accrued interest will total
$0.3450 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 07/01/94 is $.3450 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01500 Quarterly - $0.01509
Semi-Annual - $0.01514
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.
- --------------------------------------------------------------------------------
733
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 23.0 years.
The first bond is scheduled to mature in July, 2013, with the last bond maturity
being May, 2021.
- -------------------------------------------------
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
NEW JERSEY
INSURED
TRUST 176
Estimated Current Return
5.40% to 5.62%
as of 06/07/94
Estimated Long Term Return
5.45% to 5.66%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706L6 315 Monthly Payment Option
6706L6 323 Quarterly Payment Option
6706L6 331 Semi-Annual Payment Option
Registered in New Jersey
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 JERSEY INSURED TRUST 176
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT JUNE 8, 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 The Delaware River and Bay Authority Revenue Bonds (Delaware 2004 at 102 AAA Aaa
and New Jersey), Series 1993, 4.75% Due 1/1/24. (Original
issue discount bonds delivered on or about October 27,
1993 at a price of 94.631% of principal amount.)
500,000 New Jersey Economic Development Authority, Revenue Bonds 2004 at 102 AAA Aaa
(Rutgers, The State University-Civic Square Project), 1994
Series, 6.125% Due 7/1/24.
250,000 New Jersey Educational Facilities Authority, Revenue Bonds, 2002 at 102 AAA Aaa
Jersey City State College Issue, Series 1992 D, 6.125% Due
7/1/22.
525,000 New Jersey Educational Facilities Authority, Revenue Bonds, 2004 at 102 AAA Aaa
New Jersey Institute of Technology Issue, Series 1994A,
6.00% Due 7/1/24.
500,000 New Jersey Health Care Facilities, Financing Authority 2003 at 102 AAA Aaa
Revenue Bonds, Allegany Health System-Our Lady of Lourdes
Medical Center Issue, Series 1993, 5.20% Due 7/1/18.
225,000 Cape May County (New Jersey), Municipal Utilities Authority, 2003 at 102 AAA Aaa
Sewer Revenue Refunding Bonds, Series 1992-A, 5.75% Due
1/1/16.
500,000 Board of Education of the City of Newark, Essex County, New 2004 at 102 AAA Aaa
Jersey, School Bonds, 5.875% Due 12/15/15. (General
Obligation Bonds.) (When issued.)
500,000 The Port Authority of New York and New Jersey, Consolidated 2004 at 101 AAA Aaa
Bonds, Ninety-Fourth Series, 6.00% Due 12/1/16. (When
issued.)
----------
$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 % $ 101.37 5.40% 5.43% 5.45%
500-999 50,000-99,999 4.75 101.21 5.41 5.44 5.46
1,000-2,499 100,000-249,999 4.50 100.94 5.43 5.46 5.48
2,500-4,999 250,000-499,999 4.25 100.68 5.44 5.47 5.49
5,000-9,999 500,000-999,999 3.50 99.90 5.48 5.51 5.53
10,000-24,999 1,000,000-2,499,999 3.00 99.38 5.51 5.54 5.56
25,000-49,999 2,500,000-4,999,999 2.50 98.87 5.54 5.57 5.59
50,000 and over 5,000,000 and over 2.00 98.37 5.57 5.60 5.62
</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 % $ 101.37 5.45% 5.48% 5.50%
500-999 50,000-99,999 4.75 101.21 5.46 5.48 5.50
1,000-2,499 100,000-249,999 4.50 100.94 5.47 5.50 5.52
2,500-4,999 250,000-499,999 4.25 100.68 5.48 5.51 5.53
5,000-9,999 500,000-999,999 3.50 99.90 5.53 5.56 5.58
10,000-24,999 1,000,000-2,499,999 3.00 99.38 5.56 5.59 5.61
25,000-49,999 2,500,000-4,999,999 2.50 98.87 5.59 5.62 5.64
50,000 and over 5,000,000 and over 2.00 98.37 5.62 5.65 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 Jersey Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 7/1 8/1 11/1 2/1 5/1
Distribution Date..................... 7/15 8/15 11/15 2/15 5/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .3335(1) $ 5.4769
-------- $.4563 every month --------
Quarterly Distribution Plan........... $ .3335(1) $ .4590(2) $ 1.3770 $ 1.3770 $ 1.3770 $ 5.5089
Semi-Annual Distribution Plan......... $ .3335(1) $ 1.8420(3) $ 2.7630 $ 5.5279
- ---------------------------------------------------------------------------------------------------------------------------------
<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 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.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.09 of accrued
interest that will be added to the Public Offering Price on the Settlement Date.
After provision for expenses of the Fund, the daily rate of accrual from the
Date of Deposit to the first Record Date is $.0145 per unit per day.
Consequently, on the first Record Date (07/01/94), accrued interest will total
$0.3335 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 07/01/94 is $.3335 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01521 Quarterly - $0.01530
Semi-Annual - $0.01535
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.
- --------------------------------------------------------------------------------
733
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 26.1 years.
The first bond is scheduled to mature in December, 2015, 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.
- -------------------------------------------------
* 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.
