<PAGE>
NUVEEN
NUVEEN NATIONAL
INSURED UNIT TRUST 327 887
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
RATED: "AAA" NUVEEN TAX-FREE UNIT TRUSTS:
ESTIMATED CURRENT RETURN: For the tax-sensitive, conservative investor.
5.24 - 5.45% - Tax-Free
ESTIMATED LONG-TERM RETURN: - Dependable Income
5.34 - 5.61% - Diversified Portfolios
DATE OF DEPOSIT: August 27, 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 26.9 years
Call Protection Earliest ordinary optional call is 2005
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $99.91 to $96.95 depending on the purchase amount
Cusip 6710A5 220 monthly payment plan
Numbers 6710A5 238 quarterly payment plan
6710A5 246 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>
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PORTFOLIO INCOME DIVERSIFICATION
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Colorado 5.0 % Illinois 17.8 % Louisiana 10.1 %
Michigan 10.3 Nevada 15.7 Oklahoma 9.2
Texas 10.3 Virginia 10.5 Wyoming 11.1
</TABLE>
<TABLE>
<S> <C>
MATURITY DATES (Descrtiption of Chart)
2013-16 3.8%
2017-20 10.0%
2021-24 36.4%
</TABLE>
<PAGE>
<TABLE>
<S> <C>
2025+ 49.8%
The earliest ordinary optional call date is 2005
YIELD COMPARISON AS OF 08/26/96*
(Descrition of Yield Comparison Chart)
Nuveen UIT
Yield 5.24%
Tax Equivalent Yield 8.19%
Treasury Bonds
Yield 6.99%
Tax Equivalent Yield 7.36%
Corporate Bonds
Yield 7.84%
</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 7/31/96.
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 City and County of Denver, Colorado, Airport System Revenue Bonds, Series AAA Aaa
1996A, 5.50% Due 11/15/25. (Original issue discount bonds delivered on or
about March 28, 1996 at a price of 93.497% of principal amount.) 2006 at 101
1,000,000 The County of Cook, Illinois, General Obligation Capital Improvement Bonds, AAA Aaa
Series 1996, 5.875% Due 11/15/22. 2006 at 101
650,000 The County of Cook, Illinois, Revenue Bonds, Series 1996 (Jewish Federation AAA Aaa
of Metropolitan Chicago Projects), 6.00% Due 8/15/22. 2006 at 102
375,000 Metropolitan Pier and Exposition Authority (Illinois), McCormick Place AAA Aaa
Expansion Project Bonds, Series 1992A, 0.00% Due 6/15/13. (Original issue
discount bonds delivered on or about January 5, 1993 at a price of 25.993%
of principal amount.) No Optional
Call
1,000,000 Ernest N. Morial-New Orleans (Louisiana), Exhibition Hall Authority, AAA Aaa
Special Tax Bonds, Series 1996-C, 5.50% Due 7/15/18. 2006 at 101
1,000,000 Alpena Public Schools, Counties of Alpena and Presque Isle, State of AAA Aaa
Michigan, 1996 School Building and Site Bonds, 5.625% Due 5/1/22. (General
Obligation Bonds.) 2007 at 100
1,500,000 Airport Authority of Washoe County, Reno, Nevada, Airport Revenue Bonds, AAA Aaa
Series 1996A, 5.70% Due 7/1/26. 2006 at 102
1,000,000 Tulsa (Oklahoma), Industrial Authority, Revenue and Refunding Bonds (The AAA Aaa
University of Tulsa), Series 1996A, 5.00% Due 10/1/22. (Original issue
discount bonds delivered on or about March 21, 1996 at a price of 90.482%
of principal amount.) 2006 at 102
1,000,000 City of Austin, Texas, Combined Utility Systems Revenue Refunding Bonds, AAA Aaa
Series 1995, 5.60% Due 5/15/25. 2005 at 100
975,000 City of Norfolk, Virginia, Water Revenue Bonds, Series 1995, 5.90% Due AAA Aaa
11/1/25. 2005 at 102
1,000,000 Sweetwater County, Wyoming, Pollution Control Revenue Refunding Bonds AAA Aaa
(Idaho Power Company Project), Series 1996A, 6.05% Due 7/15/26. (When
issued.) 2006 at 102
----------------------------------------------------------------------------------------------------------------
$10,000,000 TOTAL 11 BONDS FROM 9 STATES
</TABLE>
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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 08/26/96.
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 $.04. 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 $ 99.91 4.90 % 5.24% 5.34% 5.27% 5.37% 5.29% 5.39 %
500 / $50,000 99.75 4.75 5.25 5.35 5.28 5.38 5.30 5.40
1,000 / $100,000 99.49 4.50 5.26 5.37 5.29 5.40 5.31 5.42
2,500 / $250,000 99.23 4.25 5.27 5.39 5.31 5.42 5.33 5.44
5,000 / $500,000 98.46 3.50 5.32 5.45 5.35 5.48 5.37 5.50
10,000 / $1,000,000 97.95 3.00 5.34 5.49 5.38 5.52 5.40 5.53
25,000 / $2,500,000 97.45 2.50 5.37 5.52 5.40 5.55 5.42 5.57
50,000 / $5,000,000 96.95 2.00 5.40 5.56 5.43 5.59 5.45 5.61
</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>
5.24 % 7.28% 7.59% 8.19% 8.68%
5.25 7.29 7.61 8.20 8.69
5.26 7.31 7.62 8.22 8.71
5.27 7.32 7.64 8.23 8.73
5.32 7.39 7.71 8.31 8.81
5.34 7.42 7.74 8.34 8.84
5.37 7.46 7.78 8.39 8.89
5.40 7.50 7.83 8.44 8.94
</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
10/01/96.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 10/15/96 $ .4940
Monthly plan 11/15/96 .4359 $ 5.2344
Quarterly plan 11/15/96 .4386
2/15/97 1.3158 5.2664
Semi-annual plan 11/15/96 .4404
5/15/97 2.6424 5.2854
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 99.95 = 100.050
investment offering price # of units
(as of and accrued purchased
08/26/96) interest
100.050 X $5.2344 = $523.70
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
<PAGE>
NUVEEN
NUVEEN NEW YORK
INSURED UNIT TRUST 257 887
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
RATED: "AAA" NUVEEN TAX-FREE UNIT TRUSTS:
ESTIMATED CURRENT RETURN: For the tax-sensitive, conservative investor.
5.18 - 5.39% - Double Tax-Free
ESTIMATED LONG-TERM RETURN: - Dependable Income
5.21 - 5.49% - Diversified Portfolios
DATE OF DEPOSIT: August 27, 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 23.8 years
Call Protection Earliest ordinary optional call is 2005
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $101.22 to $98.22 depending on the purchase amount
Cusip 67102K 226 monthly payment plan
Numbers 67102K 234 quarterly payment plan
67102K 242 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 New York
</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)
2014-15 28.5%
2016-17 14.3%
2018-19 0.0%
2020-21 14.3%
2022+ 42.9%
The earliest ordinary optional call date is 2005
YIELD COMPARISON AS OF 08/26/96*
(Description of Yield Comparison Chart)
Nuveen UIT
Yield 5.18%
Tax Equivalent Yield 8.71%
Treasury Bonds
Yield 6.99%
Tax Equivalent Yield 7.53%
Corporate Bonds
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Yield 7.84%
</TABLE>
*COMPARES TRUST WITH 30-YEAR TREASURY BONDS AND LEHMAN BROTHERS INVESTMENT
GRADE LONG CORPORATE BOND INDEX. ASSUMES 40.5% FEDERAL AND STATE INCOME TAX
RATE AND A 7.125% 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 7/31/96.
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 NEW YORK 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 New York State General Obligation Refunding Bonds, Series 1996A, 5.50% Due 2006 at 101 AAA Aaa
7/15/24. (When issued.)
500,000 Dormitory Authority of the State of New York, Lease Revenue Bonds (State 2005 at 102 AAA Aaa
University Dormitory Facilities Issue), Series 1995A, 5.30% Due 7/1/24.
500,000 New York State Energy Research and Development Authority, Gas Facilities 2006 at 102 AAA Aaa
Revenue Bonds, 1996 Series (The Brooklyn Union Gas Company Project), 5.50%
Due 1/1/21.
500,000 New York State Environmental Facilities Corporation, State Water Pollution 2006 at 102 AAA Aaa
Control, Revolving Fund Revenue Bonds (Pooled Loan Issue), Series 1996 A,
5.20% Due 6/15/15. (General Obligation Bonds.)
500,000 New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, 2006 at 102 AAA Aaa
Series 1996A , 5.25% Due 4/1/15.
500,000 The City of New York, New York, General Obligation Bonds, Fiscal 1997 2006 at 101 AAA Aaa
Series C, 5.875% Due 2/1/16. 1/2
500,000 New York City (New York), Municipal Water Finance Authority, Water and 2006 at 101 AAA Aaa
Sewer System Revenue Bonds, Fiscal 1996 Series B, 5.75% Due 6/15/26.
(Original issue discount bonds delivered on or about May 16, 1996 at a
price of 93.892% of principal amount.)
----------------------------------------------------------------------------------------------------------------
$ 3,500,000 TOTAL 7 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 08/26/96.
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 $.04. 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 $ 101.22 4.90 % 5.18% 5.21% 5.21% 5.24% 5.23% 5.26 %
500 / $50,000 101.06 4.75 5.19 5.22 5.22 5.25 5.24 5.27
1,000 / $100,000 100.80 4.50 5.20 5.24 5.23 5.27 5.25 5.29
2,500 / $250,000 100.53 4.25 5.21 5.26 5.24 5.29 5.26 5.31
5,000 / $500,000 99.75 3.50 5.25 5.32 5.29 5.35 5.30 5.37
10,000 / $1,000,000 99.24 3.00 5.28 5.36 5.31 5.39 5.33 5.41
25,000 / $2,500,000 98.73 2.50 5.31 5.40 5.34 5.43 5.36 5.45
50,000 / $5,000,000 98.22 2.00 5.34 5.44 5.37 5.47 5.39 5.49
</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 33.0% 36.0% 40.5% 44.0%
<C> <S> <C> <C> <C> <C>
5.18 % 7.73% 8.09% 8.71% 9.25 %
5.19 7.75 8.11 8.72 9.27
5.20 7.76 8.13 8.74 9.29
5.21 7.78 8.14 8.76 9.30
5.25 7.84 8.20 8.82 9.38
5.28 7.88 8.25 8.87 9.43
5.31 7.93 8.30 8.92 9.48
5.34 7.97 8.34 8.97 9.54
</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
10/01/96.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 10/15/96 $ .4947
Monthly plan 11/15/96 .4365 $ 5.2400
Quarterly plan 11/15/96 .4392
2/15/97 1.3176 5.2720
Semi-annual plan 11/15/96 .4407
5/15/97 2.6442 5.2910
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 101.26 = 98.755
investment offering price # of units
(as of and accrued purchased
08/26/96) interest
98.755 X $5.2400 = $517.48
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
