<PAGE>
NUVEEN
NUVEEN NATIONAL
INSURED UNIT TRUST 323 877
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
RATED: "AAA" NUVEEN TAX-FREE UNIT TRUSTS:
ESTIMATED CURRENT RETURN: For the tax-sensitive, conservative investor.
5.41 - 5.63% - Tax-Free
ESTIMATED LONG-TERM RETURN: - Dependable Income
5.46 - 5.74% - Diversified Portfolios
DATE OF DEPOSIT: July 17, 1996 - Top-Rated Municipal Bonds
</TABLE>
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 FDIC OR
ANY OTHER FEDERAL AGENCY AND INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE
LOSS OF PRINCIPAL.
- --------------------------------------------------------------------------------
QUICK FACTS ABOUT THIS UNIT TRUST
<TABLE>
<S> <C>
Tax Status Income is exempt from federal income tax but may
be subject to state and local tax. Capital gains
are taxable.
Total Principal $10,000,000 in 100,000 units
Average Life 27.8 years
Call Protection Earliest ordinary optional call is 2004
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $99.89 to $96.94 depending on the purchase amount
Cusip 6710A5 105 monthly payment plan
Numbers 6710A5 113 quarterly payment plan
6710A5 121 semi-annual payment plan
Insurance Individual bonds (not units) are fully insured by
MBIA Insurance Corporation, which guarantees
timely payment of interest and principal.
Registration Registered in all states
</TABLE>
<TABLE>
<S> <C>
Payment Investors may choose to receive monthly, quarterly
Plans or semi-annual interest payments.
Bond Calls Most municipal bonds are subject to optional bond
calls. Bonds are usually called at a premium price
and generally not below par value.
Sales Charge The sales charge is a one-time expense included in
the Public Offering Price.
Letter Investors may use a Letter of Intent to get
of Intent reduced sales charges on purchases made over a
(LOI) 13-month period (and to take advantage of dollar
cost averaging). Minimum LOI investment $50,000.
Redemptions Units can be redeemed on any business day at no
charge. Units are redeemed at their current market
value.
Reinvestment Interest income and returned principal can be
reinvested with no sales charge into Nuveen tax-
free mutual or money market funds. For more
information obtain a prospectus.
</TABLE>
- --------------------------------------------------------------------------------
PORTFOLIO INCOME DIVERSIFICATION
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
California 26.5 % Illinois 8.2 % Louisiana 9.9 %
New Hampshire 10.6 New York 21.1 Pennsylvania 4.1
Texas 8.0 Virginia 2.3 Washington 9.3
</TABLE>
<TABLE>
<S> <C>
MATURITY DATES (Descrtiption of Chart)
2018-20 7.4%
2021-23 22.6%
2024+ 70.0%
</TABLE>
<PAGE>
<TABLE>
<S> <C>
The earliest ordinary optional call date is 2004
YIELD COMPARISON AS OF 07/16/96*
(Descrition of Yield Comparison Chart)
Nuveen UIT
Pre-Tax 8.45%
Tax Equivalent Yield 5.41%
Treasury Bonds
Pre-Tax 7.39%
Tax Equivalent Yield 7.02%
Corporate Bonds
Yield 7.79%
</TABLE>
*COMPARES TRUST WITH 30-YEAR TREASURY BONDS AND LEHMAN BROTHERS INVESTMENT
GRADE LONG CORPORATE BOND INDEX. ASSUMES 36.0% FEDERAL AND 5.0% STATE INCOME
TAX RATES. TREASURY BONDS ARE SUBJECT TO FEDERAL BUT NOT STATE INCOME TAXES;
CORPORATE BONDS ARE GENERALLY SUBJECT TO BOTH. TREASURY BONDS, UNLIKE
MUNICIPAL BONDS, ARE GUARANTEED BY THE U.S. GOVERNMENT. THE LEHMAN BROTHERS
INVESTMENT GRADE LONG CORPORATE BOND INDEX IS CALCULATED AS OF 6/30/96.
CALL 1.800.257.8787 FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION
INCLUDING CHARGES AND EXPENSES.
READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
<PAGE>
- --------------------------------------------------------------------------------
BONDS THIS NATIONAL INSURED UNIT TRUST CONTAINS
<TABLE>
<CAPTION>
RATINGS
PRINCIPAL EARLIEST CALL ----------
AMOUNT BOND ISSUE DATE AND PRICE S&P MOODY'S
<C> <S> <C> <C><C>
----------------------------------------------------------------------------------------------------------------
$ 500,000 San Diego State University (California), Student Union Revenue Bonds, AAA Aaa
Series B, 6.125% Due 11/1/24. 2004 at 102
975,000 Los Angeles County Metropolitan Transportation Authority (California), AAA Aaa
Sales Tax Revenue Refunding Bonds, Proposition A-2nd Tier, Series 1996,
6.00% Due 7/1/21. 2006 at 101
975,000 County of Madera, California, Certificates of Participation (Valley AAA Aaa
Children's Hospital Project), Series 1995, 6.125% Due 3/15/23. 2005 at 102
900,000 City of Chicago (Illinois), General Obligation Bonds, Project and Refunding AAA Aaa
Series 1995B, 5.125% Due 1/1/25. (Original issue discount bonds delivered
on or about February 6, 1996 at a price of 93.231% of principal amount.) 2006 at 102
1,000,000 Ernest N. Morial-New Orleans (Louisiana), Exhibition Hall Authority, AAA Aaa
Special Tax Bonds, Series 1996-C, 5.60% Due 7/15/25. 2006 at 101
300,000 Southern Minnesota Municipal Power Agency, Power Supply System Revenue AAA Aaa
Bonds, Series 1994 A, 0.00% Due 1/1/23. (Original issue discount bonds
delivered on or about October 13, 1994 at a price of 15.616% of principal
amount.) No Optional
Call
1,000,000 New Hampshire Higher Educational and Health Facilities Authority, Hospital AAA Aaa
Revenue Bonds, Concord Hospital Issue, Series 1996, 6.00% Due 10/1/26.
(When issued.) 2006 at 102
1,000,000 New York State Medical Care Facilities Finance Agency, Mental Health AAA Aaa
Services Facilities Improvement Revenue Bonds, 1995 Series A, 6.00% Due
2/15/25. (General Obligation Bonds.) 2005 at 102
1,000,000 New York City, New York, Municipal Water Finance Authority, Water and Sewer AAA Aaa
System Revenue Bonds, Fiscal 1996 Series A, 5.875% Due 6/15/25. 2005 at 101
395,000 Allegheny County Hospital Development Authority (Allegheny County, AAA Aaa
Pennsylvania), Hospital Revenue Bonds, Series A of 1996 (South Hills Health
System), 5.875% Due 5/1/26. 2006 at 102
735,000 Sabine River Authority of Texas, Pollution Control Revenue Refunding Bonds AAA Aaa
(Southwestern Electric Power Company Project), Series 1996, 6.10% Due
4/1/18. 2006 at 102
220,000 Riverside Regional Jail Authority (Virginia), Jail Facility Revenue Bonds, AAA Aaa
Series 1995, 6.00% Due 7/1/25. 2005 at 102
1,000,000 The City of Seattle, Washington, Drainage and Wastewater Utility AAA Aaa
Improvement and Refunding Revenue Bonds, 1995, 5.25% Due 12/1/25. 2005 at 102
----------------------------------------------------------------------------------------------------------------
$10,000,000 TOTAL 13 BONDS FROM 10 STATES
</TABLE>
- --------------------------------------------------------------------------------
HOW TO DETERMINE YOUR INCOME AND YIELD
HOW TO CALCULATE YOUR RETURN
<TABLE>
<S> <C>
The estimated current return is the net income the sales charge, and returns are as of 07/16/96.
divided by the offering price. Estimated long-term As of this date, Units are offered at the public
return is a measure of the return to the investor offering price plus accrued interest to the
expected to be earned over the estimated life of settlement date of $.08. Returns and prices will
the Unit Trust. The public offering prices, which fluctuate.
include
</TABLE>
<TABLE>
<CAPTION>
Public Estimated Return (CURRENT/Long Term)
Breakpoints Offering Sales -------------------------------------------------
Units / Dollars Price Charge Monthly Plan Quarterly Plan Semi-Annual Plan
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50 / $5,000 $ 99.89 4.90 % 5.41% 5.46% 5.44% 5.50% 5.46% 5.52 %
500 / $50,000 99.74 4.75 5.42 5.47 5.45 5.51 5.47 5.53
1,000 / $100,000 99.48 4.50 5.44 5.49 5.47 5.53 5.49 5.55
2,500 / $250,000 99.22 4.25 5.45 5.51 5.48 5.55 5.50 5.57
5,000 / $500,000 98.45 3.50 5.49 5.57 5.52 5.61 5.54 5.63
10,000 / $1,000,000 97.94 3.00 5.52 5.61 5.55 5.65 5.57 5.67
25,000 / $2,500,000 97.44 2.50 5.55 5.64 5.58 5.68 5.60 5.71
50,000 / $5,000,000 96.94 2.00 5.58 5.68 5.61 5.72 5.63 5.74
</TABLE>
HOW TO DETERMINE YOUR
TAXABLE EQUIVALENT YIELD
The table shows the approximate yield an investor must get from a taxable
investment to match the estimated current return from this Unit Trust.
<TABLE>
<CAPTION>
Taxable Equivalent Yield (by
UNIT TRUST tax bracket)
RETURN 28.0% 31.0% 36.0% 39.6%
<C> <S> <C> <C> <C> <C>
5.41 % 7.51% 7.84% 8.45% 8.96%
5.42 7.53 7.86 8.47 8.97
5.44 7.56 7.88 8.50 9.01
5.45 7.57 7.90 8.52 9.02
5.49 7.63 7.96 8.58 9.09
5.52 7.67 8.00 8.63 9.14
5.55 7.71 8.04 8.67 9.19
5.58 7.75 8.09 8.72 9.24
</TABLE>
JOHN NUVEEN & CO. INCORPORATED
333 WEST WACKER DRIVE, CHICAGO, IL 60606
HOW TO CALCULATE YOUR INCOME
The table shows expected interest payments for monthly, quarterly and
semi-annual plans. Payments will remain relatively constant as long as the Unit
Trust's size, composition and expenses remain the same. The first record date is
09/01/96.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 9/15/96 $ .6604
Monthly plan 10/15/96 .4503 $ 5.4067
Quarterly plan 11/15/96 .9060
2/15/97 1.3590 5.4387
Semi-annual plan 11/15/96 .9096
5/15/97 2.7288 5.4577
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 99.97 = 100.030
investment offering price # of units
(as of and accrued purchased
07/16/96) interest
100.030 X $5.4067 = $540.83
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
<PAGE>
NUVEEN
NUVEEN CALIFORNIA
INSURED UNIT TRUST 269 877
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
RATED: "AAA" NUVEEN TAX-FREE UNIT TRUSTS:
ESTIMATED CURRENT RETURN: For the tax-sensitive, conservative investor.
5.27 - 5.49% - Double Tax-Free
ESTIMATED LONG-TERM RETURN: - Dependable Income
5.41 - 5.69% - Diversified Portfolios
DATE OF DEPOSIT: July 17, 1996 - Top-Rated Municipal Bonds
</TABLE>
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 FDIC OR
ANY OTHER FEDERAL AGENCY AND INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE
LOSS OF PRINCIPAL.
- --------------------------------------------------------------------------------
QUICK FACTS ABOUT THIS UNIT TRUST
<TABLE>
<S> <C>
Tax Status Income is exempt from federal and state income
taxes. Capital gains are taxable.
Total Principal $3,500,000 in 35,000 units
Average Life 26.5 years
Call Protection Earliest ordinary optional call is 2004
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $100.03 to $97.07 depending on the purchase amount
Cusip 67064W 762 monthly payment plan
Numbers 67064W 770 quarterly payment plan
67064W 788 semi-annual payment plan
Insurance Individual bonds (not units) are fully insured by
MBIA Insurance Corporation, which guarantees
timely payment of interest and principal.
Registration Registered in California
</TABLE>
<TABLE>
<S> <C>
Payment Investors may choose to receive monthly, quarterly
Plans or semi-annual interest payments.
Bond Calls Most municipal bonds are subject to optional bond
calls. Bonds are usually called at a premium price
and generally not below par value.
Sales Charge The sales charge is a one-time expense included in
the Public Offering Price.
Letter Investors may use a Letter of Intent to get
of Intent reduced sales charges on purchases made over a
(LOI) 13-month period (and to take advantage of dollar
cost averaging). Minimum LOI investment $50,000.
Redemptions Units can be redeemed on any business day at no
charge. Units are redeemed at their current market
value.
Reinvestment Interest income and returned principal can be
reinvested with no sales charge into Nuveen tax-
free mutual or money market funds. For more
information obtain a prospectus.
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
MATURITY DATES (Description of Chart)
2012-15 7.1%
2016-19 00.0%
2020-23 44.3%
2024+ 48.6%
The earliest ordinary optional call date is 2004
YIELD COMPARISON AS OF 07/16/96*
(Description of Yield Comparison Chart)
Nuveen UIT
Pre-Tax 9.09%
Tax Equivalent Yield 5.27%
Treasury Bonds
Pre-Tax 7.74%
Tax Equivalent Yield 7.02%
Corporate Bonds
Yield 7.79%
</TABLE>
<PAGE>
*COMPARES TRUST WITH 30-YEAR TREASURY BONDS AND LEHMAN BROTHERS INVESTMENT
GRADE LONG CORPORATE BOND INDEX. ASSUMES 42.0% FEDERAL AND STATE INCOME TAX
RATE AND A 9.30% STATE INCOME TAX RATE. TREASURY BONDS ARE SUBJECT TO FEDERAL
BUT NOT STATE INCOME TAXES; CORPORATE BONDS ARE GENERALLY SUBJECT TO BOTH.
TREASURY BONDS, UNLIKE MUNICIPAL BONDS, ARE GUARANTEED BY THE U.S. GOVERNMENT.
THE LEHMAN BROTHERS INVESTMENT GRADE LONG CORPORATE BOND INDEX IS CALCULATED
AS OF 6/30/96.
CALL 1.800.257.8787 FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION
INCLUDING CHARGES AND EXPENSES.
READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
<PAGE>
- --------------------------------------------------------------------------------
BONDS THIS CALIFORNIA INSURED UNIT TRUST CONTAINS
<TABLE>
<CAPTION>
RATINGS
PRINCIPAL EARLIEST CALL ----------
AMOUNT BOND ISSUE DATE AND PRICE S&P MOODY'S
<C> <S> <C> <C><C>
----------------------------------------------------------------------------------------------------------------
$ 500,000 State of California, Various Purpose General Obligation Bonds, 5.90% Due 2005 at 101 AAA Aaa
3/1/25.
200,000 California Statewide Communities Development Authority, Auxiliary 2006 at 101 AAA Aaa
Organization Revenue Certificates of Participation (The University
Corporation-California State University, Northridge), Series 1996, 6.00%
Due 4/1/26. (When issued.)
500,000 San Diego State University (California), Student Union Revenue Bonds, 2004 at 102 AAA Aaa
Series B, 6.125% Due 11/1/24.
525,000 Los Angeles County Metropolitan Transportation Authority (California), 2006 at 101 AAA Aaa
Sales Tax Revenue Refunding Bonds, Proposition A-2nd Tier, Series 1996,
6.00% Due 7/1/21.
525,000 County of Madera, California, Certificates of Participation (Valley 2005 at 102 AAA Aaa
Children's Hospital Project), Series 1995, 6.125% Due 3/15/23.
500,000 County of Orange, California, 1996 Recovery Certificates of Participation, 2006 at 102 AAA Aaa
Series A, 6.00% Due 7/1/26.
500,000 Saddleback Community College District (Orange County, California), 2006 at 102 AAA Aaa
Certificates of Participation (1996 Capital Improvement Financing Project),
5.50% Due 6/1/21. (Original issue discount bonds delivered on or about June
4, 1996 at a price of 94.555% of principal amount.)
250,000 Southern California Public Power Authority, Transmission Project Revenue No Optional AAA Aaa
Bonds, 1988 Refunding Series A, 0.00% Due 7/1/12. (Original issue discount Call
bonds delivered on or about November 22, 1988 at a price of 18.402% of
principal amount.)(Escrow Secured.)
----------------------------------------------------------------------------------------------------------------
$ 3,500,000 TOTAL 8 BONDS
</TABLE>
- --------------------------------------------------------------------------------
HOW TO DETERMINE YOUR INCOME AND YIELD
HOW TO CALCULATE YOUR RETURN
<TABLE>
<S> <C>
The estimated current return is the net income the sales charge, and returns are as of 07/16/96.
divided by the offering price. Estimated long-term As of this date, Units are offered at the public
return is a measure of the return to the investor offering price plus accrued interest to the
expected to be earned over the estimated life of settlement date of $.07. Returns and prices will
the Unit Trust. The public offering prices, which fluctuate.
include
</TABLE>
<TABLE>
<CAPTION>
Public Estimated Return (CURRENT/Long Term)
Breakpoints Offering Sales -------------------------------------------------
Units / Dollars Price Charge Monthly Plan Quarterly Plan Semi-Annual Plan
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50 / $5,000 $ 100.03 4.90 % 5.27% 5.41% 5.30% 5.45% 5.32% 5.47 %
500 / $50,000 99.87 4.75 5.28 5.42 5.31 5.46 5.33 5.48
1,000 / $100,000 99.61 4.50 5.29 5.44 5.33 5.48 5.35 5.50
2,500 / $250,000 99.35 4.25 5.31 5.46 5.34 5.50 5.36 5.52
5,000 / $500,000 98.58 3.50 5.35 5.52 5.38 5.56 5.40 5.58
10,000 / $1,000,000 98.07 3.00 5.38 5.55 5.41 5.59 5.43 5.61
25,000 / $2,500,000 97.57 2.50 5.41 5.59 5.44 5.63 5.46 5.65
50,000 / $5,000,000 97.07 2.00 5.43 5.63 5.47 5.67 5.49 5.69
</TABLE>
HOW TO DETERMINE YOUR
TAXABLE EQUIVALENT YIELD
The table shows the approximate yield an investor must get from a taxable
investment to match the estimated current return from this Unit Trust.
<TABLE>
<CAPTION>
Taxable Equivalent Yield (by tax
UNIT TRUST bracket)
RETURN 34.5% 37.5% 42.0% 45.0%
<C> <S> <C> <C> <C> <C>
5.27 % 8.05% 8.43% 9.09% 9.58 %
5.28 8.06 8.45 9.10 9.60
5.29 8.08 8.46 9.12 9.62
5.31 8.11 8.50 9.16 9.65
5.35 8.17 8.56 9.22 9.73
5.38 8.21 8.61 9.28 9.78
5.41 8.26 8.66 9.33 9.84
5.43 8.29 8.69 9.36 9.87
</TABLE>
JOHN NUVEEN & CO. INCORPORATED
333 WEST WACKER DRIVE, CHICAGO, IL 60606
HOW TO CALCULATE YOUR INCOME
The table shows expected interest payments for monthly, quarterly and
semi-annual plans. Payments will remain relatively constant as long as the Unit
Trust's size, composition and expenses remain the same. The first record date is
09/01/96.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 9/15/96 $ .6446
Monthly plan 10/15/96 .4395 $ 5.2743
Quarterly plan 11/15/96 .8838
2/15/97 1.3257 5.3063
Semi-annual plan 11/15/96 .8874
5/15/97 2.6622 5.3253
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 100.10 = 99.900
investment offering price # of units
(as of and accrued purchased
07/16/96) interest
99.900 X $5.2743 = $526.90
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
