<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NORTH CAROLINA
TRUST 277
(NORTH CAROLINA TRADITIONAL TRUST 277)
Estimated Current Return
5.68% to 5.91%
as of 07/11/94
Estimated Long Term Return
5.82% to 6.05%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds
Cusip:
670958 792 Monthly Payment Option
670958 800 Quarterly Payment Option
670958 818 Semi-Annual Payment Option
Registered in North Carolina
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--NORTH CAROLINA TRADITIONAL TRUST 277
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT JULY 12, 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 North Carolina Medical Care Commission Hospital Revenue 2003 at 102 AAA Aaa
Bonds (Alamance Health Services, Inc. Project), Series
1993, 5.50% Due 8/15/24. (FSA Insured.)
500,000 North Carolina Medical Care Commission, Hospital Revenue 2002 at 102 A- --
Refunding Bonds (Mercy Hospital Project), Series 1992,
6.50% Due 8/1/15.
500,000 North Carolina Medical Care Commission Hospital Revenue 2003 at 102 A+ A
Bonds (Moore Regional Hospital Project), Series 1993,
5.00% Due 10/1/18.
500,000 North Carolina Municipal Power Agency Number 1, Catawba 2003 at 100 AAA Aaa
Electric Revenue Bonds, Series 1992, 5.75% Due 1/1/15.
(Original issue discount bonds delivered on or about
December 10, 1992 at a price of 92.00% of principal
amount.)(AMBAC Insured.)
500,000 Metropolitan Sewerage District of Buncombe County (North 2003 at 102 AAA Aaa
Carolina), Sewerage System Revenue Refunding Bonds, Series
1993A, 5.50% Due 7/1/22. (FGIC Insured.)
500,000 * Town of Chapel Hill, North Carolina, Parking Facilities 2003 at 102 A+ A1
Refunding Certificates of Participation, Series 1994,
210M-6.25% Due 12/1/13,
290M-6.45% Due 12/1/23.
(When issued.)
500,000 City of Charlotte, North Carolina, Refunding Certificates of 2003 at 102 AAA Aaa
Participation (Convention Facility Project), Series 1993C,
5.25% Due 12/1/20. (Original issue discount bonds
delivered on or about August 25, 1993 at a price of
93.801% of principal amount.)(AMBAC Insured.)
----------
$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 % $ 96.26 5.68% 5.72% 5.74%
500-999 50,000-99,999 4.75 96.11 5.69 5.73 5.75
1,000-2,499 100,000-249,999 4.50 95.85 5.71 5.74 5.76
2,500-4,999 250,000-499,999 4.25 95.60 5.72 5.76 5.78
5,000-9,999 500,000-999,999 3.50 94.86 5.77 5.80 5.82
10,000-24,999 1,000,000-2,499,999 3.00 94.37 5.80 5.83 5.85
25,000-49,999 2,500,000-4,999,999 2.50 93.89 5.83 5.86 5.88
50,000 and over 5,000,000 and over 2.00 93.41 5.86 5.89 5.91
</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 % $ 96.26 5.82% 5.85% 5.87%
500-999 50,000-99,999 4.75 96.11 5.83 5.86 5.87
1,000-2,499 100,000-249,999 4.50 95.85 5.85 5.87 5.89
2,500-4,999 250,000-499,999 4.25 95.60 5.86 5.89 5.91
5,000-9,999 500,000-999,999 3.50 94.86 5.91 5.94 5.95
10,000-24,999 1,000,000-2,499,999 3.00 94.37 5.94 5.97 5.99
25,000-49,999 2,500,000-4,999,999 2.50 93.89 5.97 6.00 6.02
50,000 and over 5,000,000 and over 2.00 93.41 6.00 6.03 6.05
</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
North Carolina Traditional Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 8/1 11/1 2/1 5/1
Distribution Date..................... 8/15 11/15 2/15 5/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .2886(1) $ 5.4719
-------- $.4557 every month --------
Quarterly Distribution Plan........... $ .2886(1) $ 1.3752(2) $ 1.3752 $ 1.3752 $ 5.5039
Semi-Annual Distribution Plan......... $ .2886(1) $ 1.3806(3) $ 2.7612 $ 5.5229
- --------------------------------------------------------------------------------------------------------------------
<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) The second distribution under the semi-annual distribution plan represents a 3-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 $.01519 per unit per day.
Consequently, on the first Record Date (08/01/94), accrued interest will total
$0.2886 per unit for the 19-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 08/01/94 is $.2886 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01519 Quarterly - $0.01528
Semi-Annual - $0.01534
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.
- --------------------------------------------------------------------------------
738
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 25.1 years.
The first bond is scheduled to mature in December, 2013, with the last bond
maturity being August, 2024.
- -------------------------------------------------
QUALITY OF PORTFOLIO AS RATED BY
STANDARD & POOR'S CORPORATION
OR MOODY'S INVESTORS SERVICES
- -------------------------------------------------
<TABLE>
<CAPTION>
Rating Percent of Portfolio
Category Par Value
<S> <C> <C>
- -------------------------------------------------------------
AAA 57%
A1/A+ 29
A 14
---
100%
</TABLE>
- -------------------------------------------------
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.
- -------------------------------------------------
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
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NATIONAL
INSURED
TRUST 272
Estimated Current Return
5.86% to 6.09%
as of 07/11/94
Estimated Long Term Return
5.89% to 6.12%
75,000 units in a
diversified $7,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101X 732 Monthly Payment Option
67101X 740 Quarterly Payment Option
67101X 757 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>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, NATIONAL INSURED TRUST 272
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT JULY 12, 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>
--------------------------------------------------------------------------------------------------------------------------
$ 750,000 City of Los Angeles, California, Wastewater System Revenue 2004 at 102 AAA Aaa
Bonds, Series 1994-A, 5.875% Due 6/1/24.
475,000 Illinois Health Facilities Authority Revenue Bonds, Series 2004 at 102 AAA Aaa
1994A (The University of Chicago Hospitals Project),
6.125% Due 8/15/26.
1,000,000 Metropolitan Pier and Exposition Authority (Illinois), 2003 at 102 AAA Aaa
McCormick Place Expansion Project Bonds, Series 1992A,
6.50% Due 6/15/22.
750,000 Louisiana Public Facilities Authority, Revenue Bonds 2004 at 102 AAA Aaa
(General Health, Inc. Project), Series 1994, 6.375% Due
11/1/24.
300,000 Zeeland Public Schools, Counties of Ottawa and Allegan, 2004 at 102 AAA Aaa
State of Michigan, 1994 School Building and Site and
Refunding Bonds, Series B, 6.10% Due 5/1/24. (General
Obligation Bonds.)
480,000 New Hampshire Higher Educational and Health Facilities 2004 at 102 AAA Aaa
Authority Revenue Bonds, The Hitchcock Clinic Issue,
Series 1994, 6.00% Due 7/1/24.
750,000 The Pollution Control Financing Authority of Salem County 2004 at 102 AAA Aaa
(New Jersey), Pollution Control Revenue Refunding Bonds of
1994, Series B (Public Service Electric and Gas Company
Project), 6.25% Due 6/1/31.
745,000 Metropolitan Transportation Authority (New York), Transit 2004 at 101 AAA Aaa
Facilities Revenue Bonds, Series O, 6.25% Due 7/1/14. 1/2
750,000 Piedmont Municipal Power Agency (South Carolina), Electric 2003 at 102 AAA Aaa
Revenue Bonds, 1992 Refunding Series, 6.30% Due 1/1/22.
750,000 Rio Grande Valley Health Facilities Development Corporation 2002 at 102 AAA Aaa
(Texas), Hospital Revenue Bonds (Valley Baptist Medical
Center Project), Series 1992A, 6.375% Due 8/1/22.
750,000 Municipality of Metropolitan Seattle (Seattle, Washington), 2003 at 102 AAA Aaa
Sewer Revenue Bonds, Series W, 6.30% Due 1/1/33.
----------
$7,500,000
----------
----------
</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 % $ 102.91 5.86% 5.89% 5.91%
500-999 50,000-99,999 4.75 102.75 5.87 5.90 5.92
1,000-2,499 100,000-249,999 4.50 102.48 5.89 5.92 5.94
2,500-4,999 250,000-499,999 4.25 102.21 5.90 5.93 5.95
5,000-9,999 500,000-999,999 3.50 101.42 5.95 5.98 6.00
10,000-24,999 1,000,000-2,499,999 3.00 100.90 5.98 6.01 6.03
25,000-49,999 2,500,000-4,999,999 2.50 100.38 6.01 6.04 6.06
50,000 and over 5,000,000 and over 2.00 99.87 6.04 6.07 6.09
</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 % $ 102.91 5.89% 5.92% 5.93%
500-999 50,000-99,999 4.75 102.75 5.89 5.92 5.94
1,000-2,499 100,000-249,999 4.50 102.48 5.91 5.94 5.96
2,500-4,999 250,000-499,999 4.25 102.21 5.92 5.95 5.97
5,000-9,999 500,000-999,999 3.50 101.42 5.97 6.00 6.02
10,000-24,999 1,000,000-2,499,999 3.00 100.90 6.00 6.03 6.05
25,000-49,999 2,500,000-4,999,999 2.50 100.38 6.04 6.07 6.08
50,000 and over 5,000,000 and over 2.00 99.87 6.07 6.10 6.12
</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.
- --------------------------------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- --------------------------------------------------------------------------------
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
National Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 8/1 11/1 2/1 5/1
Distribution Date..................... 8/15 11/15 2/15 5/15
- --------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .3182(1) $ 6.0320
-------- $.5025 every month --------
Quarterly Distribution Plan........... $ .3182(1) $ 1.5156(2) $ 1.5156 $ 1.5156 $ 6.0640
Semi-Annual Distribution Plan......... $ .3182(1) $ 1.5201(3) $ 3.0402 $ 6.0830
- --------------------------------------------------------------------------------------------------------------------
<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) The second distribution under the semi-annual distribution plan represents a 3-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 $.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 $.01675 per unit per day.
Consequently, on the first Record Date (08/01/94), accrued interest will total
$0.3182 per unit for the 19-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 08/01/94 is $.3182 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01675 Quarterly - $0.01684
Semi-Annual - $0.01689
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.
- --------------------------------------------------------------------------------
<PAGE>
- -------------------------------------------------
DIVERSIFICATION OF PORTFOLIO INCOME
There are 11 Tax-exempt bond issues in this trust; this diversified portfolio
yields current income from issuers in 10 states.
- -------------------------------------------------
<TABLE>
<CAPTION>
Percent
of Total
Income
<S> <C> <C>
- ------------------------
%
California 9.4
Illinois 20.1
Louisiana 10.2
Michigan 3.9
New Hampshire 6.1
<CAPTION>
Percent
of Total
Income
- ------------------------
<S> <C> <C>
%
New Jersey 10.0
New York 9.9
South Carolina 10.1
Texas 10.2
Washington 10.1
</TABLE>
- -------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity
of portfolio bonds is 30.0 years. The first bond is scheduled to mature in July,
2014, 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.
- -------------------------------------------------
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
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
738
