<PAGE>
NUVEEN CALIFORNIA NUVEEN
INSURED UNIT TRUST 277 904
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
RATED: "AAA" NUVEEN TAX-FREE UNIT TRUSTS:
All bonds in this Unit Trust are insured by MBIA For the tax-sensitive, conservative investor.
Insurance Corporation. As a result, the bonds are - Double Tax-Free
rated Aaa by Moody's Investors Service, Inc. and - Dependable Income
both the bonds and the Units are rated AAA by - Diversified Portfolios
Standard & Poor's, the highest rating given by - Top-Rated Municipal Bonds
each agency. DATE OF DEPOSIT: December 3, 1996
ESTIMATED CURRENT RETURN:
4.96 - 5.16%
ESTIMATED LONG-TERM RETURN:
5.00 - 5.26%
</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 26.6 years
Call Protection Earliest ordinary optional call is 2004
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $99.73 to $96.78 depending on the purchase amount
Cusip 67065A 223 monthly payment plan
Numbers 67065A 231 quarterly payment plan
67065A 249 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)
2017-18 14.3%
2019-20 28.6%
2021-22 7.1%
2023-24 0.0%
2025+ 50.0%
The earliest ordinary optional call date is 2004
YIELD COMPARISON AS OF 12/02/96*
(Description of Yield Comparison Chart)
Nuveen UIT
Yield 4.96%
Tax Equivalent Yield 8.55%
Treasury Bonds
Yield 6.35%
Tax Equivalent Yield 7.00%
Corporate Bonds
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Yield 7.12%
</TABLE>
*COMPARES TRUST WITH 30-YEAR TREASURY BONDS AS OF 11/29/96 AND LEHMAN BROTHERS
INVESTMENT GRADE LONG CORPORATE BOND INDEX AS OF 11/29/96. 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.
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>
----------------------------------------------------------------------------------------------------------------
$ 250,000 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.
500,000 California Educational Facilities Authority Revenue Bonds (Santa Clara 2006 at 102 AAA Aaa
University), Series 1996, 5.75% Due 9/1/26.
500,000 State of California, Department of Water Resources, Central Valley Project, 2006 at 101 AAA Aaa
Water System Revenue Bonds, Series Q, 5.375% Due 12/1/27. (When issued.) 1/2
500,000 Contra Costa Water District (Contra Costa County, California), Water 2004 at 102 AAA Aaa
Revenue Bonds, Series G, 5.50% Due 10/1/19. (Original issue discount bonds
delivered on or about September 7, 1994 at a price of 90.795% of principal
amount.)
250,000 Encinitas Union School District (San Diego County, California), General No Optional AAA Aaa
Obligation Bonds, Election of 1996, Series 1996, 0.00% Due 8/1/20. Call
(Original issue discount bonds delivered on or about August 22, 1996 at a
price of 25.145% of principal amount.)
250,000 Fremont Unified School District, Alameda County, California, 1995 General 2005 at 102 AAA Aaa
Obligation Bonds, Series E, 5.50% Due 9/1/19. (Original issue discount
bonds delivered on or about July 12, 1995 at a price of 93.659% of
principal amount.)
500,000 Los Angeles County Metropolitan Transportation Authority (California), 2005 at 102 AAA Aaa
Proposition C Sales Tax Revenue Bonds, Second Senior Bonds, Series 1995-A,
5.50% Due 7/1/17.
500,000 County of Madera, California, Certificates of Participation (Valley 2005 at 102 AAA Aaa
Children's Hospital Project), Series 1995, 5.75% Due 3/15/28. (Original
issue discount bonds delivered on or about August 2, 1995 at a price of
92.415% of principal amount.)
250,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 1995 (General 2005 at 101 AAA Aaa
Obligation Bonds.), 5.375% Due 7/1/22. (Original issue discount bonds 1/2
delivered on or about May 4, 1995 at a price of 93.916% of principal
amount.)
----------------------------------------------------------------------------------------------------------------
$ 3,500,000 TOTAL 8 BONDS FROM CALIFORNIA AND ONE BOND FROM THE TERRITORY OF PUERTO RICO.
</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 12/02/96.
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 $ 99.73 4.90 % 4.96% 5.00% 4.99% 5.02% 5.01% 5.04 %
500 / $50,000 99.57 4.75 4.97 5.00 5.00 5.03 5.02 5.05
1,000 / $100,000 99.31 4.50 4.98 5.02 5.01 5.05 5.03 5.07
2,500 / $250,000 99.05 4.25 4.99 5.04 5.02 5.07 5.04 5.09
5,000 / $500,000 98.28 3.50 5.03 5.10 5.06 5.13 5.08 5.15
10,000 / $1,000,000 97.77 3.00 5.06 5.13 5.09 5.16 5.11 5.18
25,000 / $2,500,000 97.27 2.50 5.08 5.17 5.12 5.20 5.14 5.22
50,000 / $5,000,000 96.78 2.00 5.11 5.21 5.14 5.24 5.16 5.26
</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>
4.96 % 7.57% 7.94% 8.55% 9.02 %
4.97 7.59 7.95 8.57 9.04
4.98 7.60 7.97 8.59 9.05
4.99 7.62 7.98 8.60 9.07
5.03 7.68 8.05 8.67 9.15
5.06 7.73 8.10 8.72 9.20
5.08 7.76 8.13 8.76 9.24
5.11 7.80 8.18 8.81 9.29
</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
01/01/97.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 1/15/97 $ .3844
Monthly plan 2/15/97 .4119 $ 4.9438
Quarterly plan 2/15/97 .4146
5/15/97 1.2438 4.9758
Semi-annual plan 5/15/97 1.6644
11/15/97 2.4966 4.9948
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 99.77 = 100.230
investment offering price # of units
(as of and accrued purchased
12/02/96) interest
100.230 X $4.9438 = $495.52
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
<PAGE>
NUVEEN COLORADO NUVEEN
INSURED UNIT TRUST 66 904
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
RATED: "AAA" NUVEEN TAX-FREE UNIT TRUSTS:
All bonds in this Unit Trust are insured by MBIA For the tax-sensitive, conservative investor.
Insurance Corporation. As a result, the bonds are - Double Tax-Free
rated Aaa by Moody's Investors Service, Inc. and - Dependable Income
both the bonds and the Units are rated AAA by - Diversified Portfolios
Standard & Poor's, the highest rating given by - Top-Rated Municipal Bonds
each agency. DATE OF DEPOSIT: December 3, 1996
ESTIMATED CURRENT RETURN:
4.82 - 5.02%
ESTIMATED LONG-TERM RETURN:
4.91 - 5.19%
</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 24.2 years
Call Protection Earliest ordinary optional call is 2004
Minimum $5,000 or 50 units, whichever is lower
Investment
Offering Price $100.37 to $97.40 depending on the purchase amount
Cusip 6706E9 499 monthly payment plan
Numbers 6706E9 507 quarterly payment plan
6706E9 515 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 Colorado
</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)
2011-14 14.4%
2015-18 20.0%
2019-22 28.4%
2023+ 37.2%
The earliest ordinary optional call date is 2004
YIELD COMPARISON AS OF 12/02/96*
(Description of Yield Comparison Chart)
Nuveen UIT
Yield 4.82%
Tax Equivalent Yield 7.90%
Treasury Bonds
Yield 6.35%
Tax Equivalent Yield 6.68%
Corporate Bonds
Yield 7.12%
</TABLE>
<PAGE>
*COMPARES TRUST WITH 30-YEAR TREASURY BONDS AS OF 11/29/96 AND LEHMAN BROTHERS
INVESTMENT GRADE LONG CORPORATE BOND INDEX AS OF 11/29/96. ASSUMES 39.0%
FEDERAL AND STATE INCOME TAX RATE AND A 5.0% 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.
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 COLORADO 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 Colorado Health Facilities Authority, Hospital Revenue Bonds (The 2006 at 101 AAA Aaa
Children's Hospital Association Project), Series 1996, 5.25% Due 10/1/26.
175,000 School District No. 12, Adams County, Colorado (Adams Twelve Five Star 2005 at 100 AAA Aaa
Schools), General Obligation Bonds, Series 1995A, 0.00% Due 12/15/11.
(Original issue discount bonds delivered on or about June 15, 1995 at a
price of 38.311% of principal amount.)
500,000 Auraria Higher Education Center (State of Colorado), Student Fee Revenue 2006 at 101 AAA Aaa
Refunding Bonds, Series 1996, 5.30% Due 5/1/21.
500,000 City of Colorado Springs, Colorado, Utilities System Improvement and 2004 at 100 AAA Aaa
Refunding Revenue Bonds, Series 1994A,
200M-5.125% Due 11/15/18,
300M-5.125% Due 11/15/23.
500,000 City and County of Denver, Colorado, Airport System Revenue Bonds, Series 2006 at 101 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.)
330,000 School District No. 1, in the City and County of Denver and State of 2006 at 100 AAA Aaa
Colorado, Lease Purchase Agreement With Denver School Facilities Leasing
Corporation, Certificates of Participation, Series 1996, 5.70% Due
12/15/11.
500,000 Durango School District No. 9-R, La Plata County, Colorado, General 2006 at 100 AAA Aaa
Obligation Refunding Bonds, Series 1996, 5.25% Due 11/1/17.
495,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 1995 (General 2005 at 101 AAA Aaa
Obligation Bonds.), 5.375% Due 7/1/22. (Original issue discount bonds 1/2
delivered on or about May 4, 1995 at a price of 93.916% of principal
amount.)
----------------------------------------------------------------------------------------------------------------
$ 3,500,000 TOTAL 7 BONDS FROM COLORADO AND ONE BOND FROM THE TERRITORY OF PUERTO RICO.
</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 12/02/96.
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 $ 100.37 4.90 % 4.82% 4.91% 4.85% 4.95% 4.87% 4.97 %
500 / $50,000 100.21 4.75 4.82 4.92 4.86 4.96 4.88 4.98
1,000 / $100,000 99.95 4.50 4.84 4.94 4.87 4.98 4.89 5.00
2,500 / $250,000 99.69 4.25 4.85 4.96 4.88 5.00 4.90 5.02
5,000 / $500,000 98.91 3.50 4.89 5.02 4.92 5.06 4.94 5.08
10,000 / $1,000,000 98.40 3.00 4.91 5.05 4.95 5.09 4.97 5.11
25,000 / $2,500,000 97.90 2.50 4.94 5.09 4.97 5.13 4.99 5.15
50,000 / $5,000,000 97.40 2.00 4.96 5.13 5.00 5.17 5.02 5.19
</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 31.5% 34.5% 39.0% 42.5%
<C> <S> <C> <C> <C> <C>
4.82 % 7.04% 7.36% 7.90% 8.38 %
4.82 7.04 7.36 7.90 8.38
4.84 7.07 7.39 7.93 8.42
4.85 7.08 7.40 7.95 8.43
4.89 7.14 7.47 8.02 8.50
4.91 7.17 7.50 8.05 8.54
4.94 7.21 7.54 8.10 8.59
4.96 7.24 7.57 8.13 8.63
</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
01/01/97.
<TABLE>
<CAPTION>
Annual
First Payment Payment Income
Payment Plan Date (per unit) (per unit)
<S> <C> <C> <C> <C>
Initial partial
payment (all
plans) 1/15/97 $ .3757
Monthly plan 2/15/97 .4026 $ 4.8347
Quarterly plan 2/15/97 .4053
5/15/97 1.2159 4.8667
Semi-annual plan 5/15/97 1.6284
11/15/97 2.4426 4.8857
EXAMPLE OF HOW TO CALCULATE YOUR ESTIMATED INCOME:
$10,000 DIVIDED BY 100.41 = 99.591
investment offering price # of units
(as of and accrued purchased
12/02/96) interest
99.591 X $4.8347 = $481.49
# of units annual income annual income
purchased per unit
(monthly plan)
</TABLE>
