<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
MICHIGAN
INSURED
TRUST 56
Estimated Current Return
5.61% to 5.83%
as of 08/23/94
Estimated Long Term Return
5.71% to 5.93%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67095E 195 Monthly Payment Option
67095E 203 Quarterly Payment Option
67095E 211 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 56
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT AUGUST 24, 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 State Hospital Finance Authority (Michigan), 2002 at 102 AAA Aaa
Hospital Revenue and Refunding Bonds (Henry Ford Health
System), Series 1992A, 5.75% Due 9/1/17. (Original issue
discount bonds delivered on or about September 16, 1992 at
a price of 93.122% of principal amount.)
500,000 State of Michigan, State Trunk Line Fund Bonds, Series 2002 at 100 AAA Aaa
1992A, 5.50% Due 10/1/21. (Original issue discount bonds
delivered on or about July 30, 1992 at a price of 90.625%
of principal amount.)
500,000 Huron Valley School District, Counties of Oakland and 2003 at 102 AAA Aaa
Livingston, State of Michigan, 1993 Refunding Bonds
(General Obligation-Unlimited Tax), 6.125% Due 5/1/20.
500,000 City of Royal Oak Hospital Finance Authority (Michigan), 2003 at 102 AAA Aaa
Hospital Revenue Refunding Bonds (William Beaumont
Hospital), Series 1993G, 5.25% Due 11/15/19. (Original
issue discount bonds delivered on or about December 16,
1993 at a price of 94.197% of principal amount.)
495,000 Board of Governors of Wayne State University (Michigan), 2003 at 101 AAA Aaa
General Revenue Bonds, Series 1993, 5.65% Due 11/15/15.
500,000 Wyoming Public Schools, County of Kent, State of Michigan, 2003 at 102 AAA Aaa
1993 School Building And Site and Refunding Bonds, 5.90%
Due 5/1/22. (General Obligation Bonds.)
505,000 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 % $ 99.43 5.61% 5.64% 5.66%
500-999 50,000-99,999 4.75 99.28 5.62 5.65 5.67
1,000-2,499 100,000-249,999 4.50 99.02 5.63 5.67 5.69
2,500-4,999 250,000-499,999 4.25 98.76 5.65 5.68 5.70
5,000-9,999 500,000-999,999 3.50 97.99 5.69 5.73 5.75
10,000-24,999 1,000,000-2,499,999 3.00 97.48 5.72 5.76 5.78
25,000-49,999 2,500,000-4,999,999 2.50 96.98 5.75 5.79 5.80
50,000 and over 5,000,000 and over 2.00 96.49 5.78 5.81 5.83
</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 % $ 99.43 5.71% 5.74% 5.75%
500-999 50,000-99,999 4.75 99.28 5.71 5.74 5.76
1,000-2,499 100,000-249,999 4.50 99.02 5.73 5.76 5.78
2,500-4,999 250,000-499,999 4.25 98.76 5.74 5.77 5.79
5,000-9,999 500,000-999,999 3.50 97.99 5.79 5.82 5.84
10,000-24,999 1,000,000-2,499,999 3.00 97.48 5.82 5.85 5.87
25,000-49,999 2,500,000-4,999,999 2.50 96.98 5.85 5.88 5.90
50,000 and over 5,000,000 and over 2.00 96.49 5.88 5.91 5.93
</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
Michigan Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 10/1 11/1 2/1 5/1
Distribution Date..................... 10/15 11/15 2/15 5/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .5731(1) $ 5.5785
-------- $.4647 every month --------
Quarterly Distribution Plan........... $ .5731(1) $ .4674(2) $ 1.4022 $ 1.4022 $ 5.6105
Semi-Annual Distribution Plan......... $ .5731(1) $ .4689(3) $ 2.8134 $ 5.6295
- --------------------------------------------------------------------------------------------------------------------
<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 1-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 $.01549 per unit per day.
Consequently, on the first Record Date (10/01/94), accrued interest will total
$0.5731 per unit for the 37-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 10/01/94 is $.5731 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01549 Quarterly - $0.01558
Semi-Annual - $0.01563
This daily rate of accrual, and the annual distributions shown above, will
remain the same as long as the portfolio size and composition remain the same.
- --------------------------------------------------------------------------------
748
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 24.7 years.
The first bond is scheduled to mature in November, 2015, with the last bond
maturity being May, 2022.
- -------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
- -------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------------
UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK AND ARE NOT FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
- -------------------------------------------------------
* Insurance relates specifically to the bonds and not to the units or to the
market value of units. Terms of the insurance are more fully described in the
prospectus. No representation is made as to the insurer's ability to meet its
commitments. See Section 5 of the prospectus for details.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-257-8787
<PAGE>
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NEW JERSEY
INSURED
TRUST 179
Estimated Current Return
5.62% to 5.84%
as of 08/23/94
Estimated Long Term Return
5.68% to 5.90%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706L6 406 Monthly Payment Option
6706L6 414 Quarterly Payment Option
6706L6 422 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 179
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT AUGUST 24, 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 New Jersey Economic Development Authority, Economic 2003 at 102 AAA Aaa
Development Revenue Bonds (Greater New York Councils, Boy
Scouts of America-1993 Project), 5.45% Due 9/1/23.
500,000 New Jersey Health Care Facilities Financing Authority, 2004 at 102 AAA Aaa
Revenue Bonds, St. Clares Riverside Medical Center
Obligated Group Issue, Series 1994, 5.75% Due 7/1/14.
500,000 Camden County Improvement Authority (Camden County, New 2004 at 102 AAA Aaa
Jersey), County Guaranteed Lease Revenue Bonds, Series of
1994, 6.15% Due 10/1/14. (General Obligation Bonds.)
500,000 The Essex County Improvement Authority (New Jersey), County 2003 at 102 AAA Aaa
General Obligation Lease Revenue Refunding Bonds, Series
1993, 5.50% Due 12/1/20.
500,000 The Hudson County Improvement Authority Facility Lease 2002 at 102 AAA Aaa
Revenue Bonds (New Jersey) (Hudson County Lease Project,
Series 1992), 6.00% Due 12/1/25. (General Obligation
Bonds.)
500,000 The Pollution Control Financing Authority of Salem County 2004 at 102 AAA Aaa
(New Jersey), Pollution Control Revenue Refunding Bonds,
1994 Series C (Public Service Electric and Gas Company
Project), 6.20% Due 8/1/30. (When issued.)
500,000 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 % $ 101.51 5.62% 5.65% 5.67%
500-999 50,000-99,999 4.75 101.35 5.62 5.66 5.68
1,000-2,499 100,000-249,999 4.50 101.09 5.64 5.67 5.69
2,500-4,999 250,000-499,999 4.25 100.83 5.65 5.69 5.70
5,000-9,999 500,000-999,999 3.50 100.04 5.70 5.73 5.75
10,000-24,999 1,000,000-2,499,999 3.00 99.53 5.73 5.76 5.78
25,000-49,999 2,500,000-4,999,999 2.50 99.02 5.76 5.79 5.81
50,000 and over 5,000,000 and over 2.00 98.51 5.79 5.82 5.84
</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 % $ 101.51 5.68% 5.71% 5.73%
500-999 50,000-99,999 4.75 101.35 5.68 5.71 5.73
1,000-2,499 100,000-249,999 4.50 101.09 5.70 5.73 5.75
2,500-4,999 250,000-499,999 4.25 100.83 5.71 5.74 5.76
5,000-9,999 500,000-999,999 3.50 100.04 5.76 5.79 5.81
10,000-24,999 1,000,000-2,499,999 3.00 99.53 5.79 5.82 5.84
25,000-49,999 2,500,000-4,999,999 2.50 99.02 5.82 5.85 5.87
50,000 and over 5,000,000 and over 2.00 98.51 5.85 5.88 5.90
</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>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 10/1 11/1 2/1 5/1
Distribution Date..................... 10/15 11/15 2/15 5/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .5857(1) $ 5.7009
-------- $.4749 every month --------
Quarterly Distribution Plan........... $ .5857(1) $ .4776(2) $ 1.4328 $ 1.4328 $ 5.7329
Semi-Annual Distribution Plan......... $ .5857(1) $ .4791(3) $ 2.8746 $ 5.7519
- --------------------------------------------------------------------------------------------------------------------
<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 1-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 $.01583 per unit per day.
Consequently, on the first Record Date (10/01/94), accrued interest will total
$0.5857 per unit for the 37-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 10/01/94 is $.5857 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01583 Quarterly - $0.01592
Semi-Annual - $0.01597
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.
- --------------------------------------------------------------------------------
748
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 26.5 years.
The first bond is scheduled to mature in July, 2014, with the last bond maturity
being August, 2030.
- -------------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
- -------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------------
UNITS OF THE TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK AND ARE NOT FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
- -------------------------------------------------------
* Insurance relates specifically to the bonds and not to the units or to the
market value of units. Terms of the insurance are more fully described in the
prospectus. No representation is made as to the insurer's ability to meet its
commitments. See Section 5 of the prospectus for details.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-257-8787
<PAGE>
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
