<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NATIONAL
INSURED
TRUST 267
Estimated Current Return
5.89% to 6.12%
as of 04/07/94
Estimated Long Term Return
5.92% to 6.15%
100,000 units in a
diversified $10,000,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101X 583 Monthly Payment Option
67101X 591 Quarterly Payment Option
67101X 609 Semi-Annual Payment Option
Registered in all states
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>
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NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, NATIONAL INSURED TRUST 267
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT APRIL 8, 1994
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<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>
--------------------------------------------------------------------------------------------------------------------------
$1,000,000 Department of Water and Power of the City of Los Angeles, 2003 at 102 AAA Aaa
California, Electric Plant Refunding Revenue Bonds, Issue
of 1993, 5.875% Due 9/1/30.
1,000,000 District of Columbia (Washington, D.C.), General Obligation 2003 at 102 AAA Aaa
Bonds, Series 1993 E, 6.00% Due 6/1/13.
500,000 Illinois Health Facilities Authority, Revenue Bonds, Series 2003 at 102 AAA Aaa
1993 (Rush-Presbyterian-St. Luke's Medical Center
Obligated Group), 5.50% Due 11/15/25.
1,500,000 Metropolitan Pier and Exposition Authority (Illinois), 2003 at 102 AAA Aaa
McCormick Place Expansion Project Bonds, Series 1992A,
6.50% Due 6/15/27.
1,000,000 County of Boone, Kentucky, Collateralized Pollution Control 2002 at 102 AAA Aaa
Revenue Refunding Bonds, 1992 Series A (The Dayton Power
and Light Company Project), 6.50% Due 11/15/22.
1,000,000 Louisiana Public Facilities Authority, Revenue Bonds, Series 2002 at 102 AAA Aaa
1992-B (Alton Ochsner Medical Foundation Project), 6.50%
Due 5/15/22.
1,000,000 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.
1,000,000 Piedmont Municipal Power Agency (South Carolina), Electric 2003 at 102 AAA Aaa
Revenue Bonds, 1992 Refunding Series, 6.30% Due 1/1/14.
1,000,000 Northshore School District No. 417, King and Snohomish 2002 at 100 AAA Aaa
Counties, Washington, Unlimited Tax General Obligation
Bonds, 1992 Series A, 6.625% Due 12/1/11.
1,000,000 Municipality of Metropolitan Seattle (Seattle, Washington), 2003 at 102 AAA Aaa
Sewer Revenue Bonds, Series W, 6.30% Due 1/1/33.
----------
$10,000,000
----------
----------
</TABLE>
<PAGE>
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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.
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<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 % $ 101.74 5.89% 5.92% 5.94%
500-999 50,000-99,999 4.75 101.59 5.90 5.93 5.95
1,000-2,499 100,000-249,999 4.50 101.32 5.91 5.94 5.96
2,500-4,999 250,000-499,999 4.25 101.06 5.93 5.96 5.98
5,000-9,999 500,000-999,999 3.50 100.27 5.97 6.01 6.02
10,000-24,999 1,000,000-2,499,999 3.00 99.75 6.00 6.04 6.06
25,000-49,999 2,500,000-4,999,999 2.50 99.24 6.04 6.07 6.09
50,000 and over 5,000,000 and over 2.00 98.73 6.07 6.10 6.12
</TABLE>
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<TABLE>
<S> <C> <C> <C> <C> <C> <C>
AMOUNT PURCHASED
- -------------------------------------
Estimated Long Term Return (3)
Units -----------------------------------------------------
- ----------------
Public
Sales Offering Monthly Quarterly Semi-Annual
Dollars Charge Price (1) Payment Payment Payment
------------------- ------ ----------- ------------- ------------- -------------
50-499 $5,000-$49,999 4.90 % $ 101.74 5.92 % 5.94 % 5.96 %
500-999 50,000-99,999 4.75 101.59 5.92 5.95 5.97
1,000-2,499 100,000-249,999 4.50 101.32 5.94 5.97 5.99
2,500-4,999 250,000-499,999 4.25 101.06 5.95 5.98 6.00
5,000-9,999 500,000-999,999 3.50 100.27 6.00 6.03 6.05
10,000-24,999 1,000,000-2,499,999 3.00 99.75 6.03 6.06 6.08
25,000-49,999 2,500,000-4,999,999 2.50 99.24 6.07 6.09 6.11
50,000 and over 5,000,000 and over 2.00 98.73 6.10 6.13 6.15
</TABLE>
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(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.
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REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
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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:
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<TABLE>
<CAPTION>
Normal
Distributions
National Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 5/1 8/1 11/1 2/1
Distribution Date..................... 5/15 8/15 11/15 2/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .3826(1) $ 5.9898
-------- $.4991 every month --------
Quarterly Distribution Plan........... $ .3826(1) $ 1.5054(2) $ 1.5054 $ 1.5054 $ 6.0218
Semi-Annual Distribution Plan......... $ .3826(1) $ 3.0203(3) $ 6.0408
- --------------------------------------------------------------------------------------------------------------------
<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) Regular 3-month distribution.
(3) Regular 6-month distribution.
</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 $.12 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 $.01664 per unit per day.
Consequently, on the first Record Date (05/01/94), accrued interest will total
$0.3826 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 05/01/94 is $.3826 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01664 Quarterly - $0.01673
Semi-Annual - $0.01678
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.
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<PAGE>
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DIVERSIFICATION OF PORTFOLIO INCOME
There are 10 Tax-exempt bond issues in this trust; this diversified portfolio
yields current income from issuers in 7 states and the District of Columbia.
- -------------------------------------------------
<TABLE>
<CAPTION>
Percent
of Total
Income
<S> <C> <C>
- ------------------------
%
California 9.5
Washington D.C. 9.7
Illinois 20.0
Kentucky 10.5
<CAPTION>
Percent
of Total
Income
- ------------------------
<S> <C> <C>
%
Louisiana 10.5
Massachusetts 8.7
South Carolina 10.2
Washington 20.9
</TABLE>
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AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 28.4 years.
The first bond is scheduled to mature in December, 2011, with the last bond
maturity being January, 2033.
- -------------------------------------------------
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.
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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.
- -------------------------------------------------
* 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
1-800-351-4100
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
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