NUVEEN TAX EXEMPT UNIT TRUST SERIES 793
497, 1995-03-30
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<PAGE>
NUVEEN  Tax-Exempt Unit Trusts
     NUVEEN
     CONNECTICUT
     TRUST 272
              (CONNECTICUT TRADITIONAL TRUST 272)
 
            Estimated Current Return
            5.34% to 5.56%
            as of 03/28/95
 
            Estimated Long Term Return
            5.45% to 5.66%
             35,000 units in a
             diversified $3,500,000
             portfolio of tax-exempt
             bonds
                  Cusip:
                  67094E 642 Monthly Payment Option
                  67094E 659 Quarterly Payment Option
                  67094E 667 Semi-Annual Payment Option
 
                  Registered in Connecticut
                    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--CONNECTICUT TRADITIONAL TRUST 272
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT MARCH 29, 1995
--------------------------------------------------------------------------------
 
   
<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    State of Connecticut, Special Tax Obligation Bonds,                2003 at 101          AAA           Aaa
                  Transportation Infrastructure Purposes, 1993 Series C,               1/2
                  5.00% Due 10/1/13. (FGIC Insured.)
     500,000    Connecticut Development Authority, Water Facilities                2004 at 102          AAA           Aaa
                  Refunding Revenue Bonds (Bridgeport Hydraulic Company
                  Project-1994A Series), 6.05% Due 3/1/29. (MBIA Insured.)
     500,000    State of Connecticut Health and Educational Facilities             2004 at 101          AAA           Aaa
                  Authority, Revenue Bonds, The Loomis Chaffee School Issue,           1/2
                  Series B, 6.00% Due 7/1/15. (MBIA Insured.)
     425,000    State of Connecticut Health and Educational Facilities             2004 at 102          AAA           Aaa
                  Authority, Revenue Bonds, New Britain General Hospital
                  Issue, Series B, 6.00% Due 7/1/24. (AMBAC Insured.)
     500,000    State of Connecticut Health and Educational Facilities             2004 at 102          AAA           Aaa
                  Authority, Revenue Bonds, Nursing Home Program Issue,
                  Series 1994 (Saint Joseph's Living Center Project), 5.10%
                  Due 11/1/19. (AMBAC Insured.)
     500,000    South Central Connecticut Regional Water Authority, Water          2003 at 102          AAA           Aaa
                  System Revenue Bonds, Eleventh Series, 5.75% Due 8/1/12.
                  (FGIC Insured.)
     325,000    City of Stamford, Connecticut, General Obligation Bonds,           2004 at 102          AAA           Aaa
                  Issue of 1995, 5.50% Due 3/15/15.
     250,000    Commonwealth of Puerto Rico, Public Improvement Refunding          2003 at 101          AAA           Aaa
                  Bonds, Series 1993 (General Obligation Bonds.), 5.25% Due            1/2
                  7/1/18. (Original issue discount bonds delivered on or
                  about July 15, 1993 at a price of 93.414% of principal
                  amount.)(MBIA Insured.)
  ----------
  $3,500,000
  ----------
  ----------
</TABLE>
    
 
<PAGE>
--------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION    The sales charges/volume discounts below
apply on all concurrent purchases of any Nuveen trust units, unless any such
purchases are made by a class of investors for which a separate sales charge is
applicable as described more fully in the Prospectus. 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 %   $    100.80          5.34%            5.37%            5.39%
500-999                 50,000-99,999   4.75          100.64          5.35             5.38             5.40
1,000-2,499           100,000-249,999   4.50          100.38          5.37             5.40             5.42
2,500-4,999           250,000-499,999   4.25          100.12          5.38             5.41             5.43
5,000-9,999           500,000-999,999   3.50           99.34          5.42             5.45             5.47
10,000-24,999     1,000,000- 2,499,999  3.00           98.82          5.45             5.48             5.50
25,000-49,999     2,500,000- 4,999,999  2.50           98.32          5.48             5.51             5.53
50,000 and over    5,000,000 and over   2.00           97.82          5.51             5.54             5.56
</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 %   $    100.80          5.45%            5.48%            5.50%
500-999                 50,000-99,999   4.75          100.64          5.46             5.48             5.50
1,000-2,499           100,000-249,999   4.50          100.38          5.47             5.50             5.52
2,500-4,999           250,000-499,999   4.25          100.12          5.48             5.51             5.53
5,000-9,999           500,000-999,999   3.50           99.34          5.53             5.56             5.58
10,000-24,999     1,000,000- 2,499,999  3.00           98.82          5.56             5.59             5.61
25,000-49,999     2,500,000- 4,999,999  2.50           98.32          5.59             5.62             5.64
50,000 and over    5,000,000 and over   2.00           97.82          5.62             5.65             5.66
</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
Connecticut Traditional Trust                            1995                          1996             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.............  $   .4787(1)                                                  $  5.3858
                                                          --------  $.4488 every month  --------
Quarterly Distribution Plan...........  $   .4787(1)   $  1.3536(2)   $  1.3536      $  1.3536        $  5.4178
Semi-Annual Distribution Plan.........  $   .4787(1)                  $  2.7180(3)                    $  5.4368
--------------------------------------------------------------------------------------------------------------------
<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 $.09 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 $.01496 per unit per day.
Consequently, on the first Record Date (05/01/95), accrued interest will total
$0.4787 per unit for the 32-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 05/01/95 is $.4787 per unit.
After the first Record Date daily rates of accrual are:
              Monthly - $0.01496              Quarterly - $0.01504
                             Semi-Annual - $0.01510
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.
 
--------------------------------------------------------------------------------
 
                                                          793
<PAGE>
-------------------------------------------------------
 
AVERAGE PORTFOLIO LIFE   The average maturity of portfolio bonds is 23.4 years.
The first bond is scheduled to mature in August, 2012, with the last bond
maturity being March, 2029.
 
-------------------------------------------------------
 
QUALITY OF PORTFOLIO AS RATED BY
STANDARD & POOR'S CORPORATION
OR MOODY'S INVESTORS SERVICES
-------------------------------------------------------
 
<TABLE>
<S>                       <C>                    <C>
Rating                    Percent of Portfolio
Category                  Par Value
--------------------------------------------------------------------
AAA                          100%
                             ---
                             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.
 
-------------------------------------------------------
 
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 FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
 
-------------------------------------------------------
 
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
     COLORADO
     INSURED
     TRUST 57
 
            Estimated Current Return
            5.38% to 5.59%
            as of 03/28/95
 
            Estimated Long Term Return
            5.44% to 5.66%
             35,000 units in a
             diversified $3,500,000
             portfolio of tax-exempt
             bonds rated "AAA"
                  Cusip:
                  6706E9 226 Monthly Payment Option
                  6706E9 234 Quarterly Payment Option
                  6706E9 242 Semi-Annual Payment Option
 
                  Registered in Colorado
                    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, COLORADO INSURED TRUST 57
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT MARCH 29, 1995
--------------------------------------------------------------------------------
 
   
<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    Colorado Health Facilities Authority Revenue Bonds, Series         2004 at 102          AAA           Aaa
                  1994 (Sisters of Charity Health Care Systems, Inc.), 5.25%
                  Due 5/15/14.
     500,000    City of Aurora, Colorado, General Obligation Water Refunding       2003 at 100          AAA           Aaa
                  Bonds, Series 1993, 4.75% Due 11/1/14. (Original issue
                  discount bonds delivered on or about October 25, 1993 at a
                  price of 94.899% of principal amount.)
     280,000    City of Colorado Springs, Colorado, Utilities System               2004 at 100          AAA           Aaa
                  Improvement and Refunding Revenue Bonds, Series 1994A,
                  5.125% Due 11/15/19.
     500,000    School District No. 1 in the City and County of Denver, and        No Optional          AAA           Aaa
                  State of Colorado, General Obligation Refunding Bonds,              Call
                  Series 1994A, 6.50% Due 12/1/10.
     500,000    City and County of Denver, Colorado, Revenue Bonds, Series         2003 at 102          AAA           Aaa
                  1994 (Sisters of Charity of Leavenworth Health Services
                  Corporation), 5.00% Due 12/1/23. (Original issue discount
                  bonds delivered on or about February 2, 1994 at a price of
                  94.00% of principal amount.)
     450,000    Douglas County School District, Number RE.1, Douglas and           2004 at 101          AAA           Aaa
                  Elbert Counties, Colorado, General Obligation Improvement
                  Bonds, Series 1994A, 6.50% Due 12/15/16.
     400,000    Municipal Subdistrict, Northern Colorado, Water Conservancy        2004 at 100          AAA           Aaa
                  District, Water Revenue Refunding Bonds, Series E, 5.00%
                  Due 12/1/17.
     370,000    Commonwealth of Puerto Rico, Public Improvement Bonds of           2004 at 101          AAA           Aaa
                  1994 (General Obligation Bonds), 6.50% Due 7/1/23.                   1/2
  ----------
  $3,500,000
  ----------
  ----------
</TABLE>
    
 
<PAGE>
--------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION    The sales charges/volume discounts below
apply on all concurrent purchases of any Nuveen trust units, unless any such
purchases are made by a class of investors for which a separate sales charge is
applicable as described more fully in the Prospectus. 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 %   $     99.71          5.38%            5.41%            5.43%
500-999                 50,000-99,999   4.75           99.55          5.39             5.42             5.44
1,000-2,499           100,000-249,999   4.50           99.29          5.40             5.43             5.45
2,500-4,999           250,000-499,999   4.25           99.03          5.42             5.45             5.47
5,000-9,999           500,000-999,999   3.50           98.26          5.46             5.49             5.51
10,000-24,999     1,000,000- 2,499,999  3.00           97.75          5.49             5.52             5.54
25,000-49,999     2,500,000- 4,999,999  2.50           97.25          5.51             5.55             5.57
50,000 and over    5,000,000 and over   2.00           96.76          5.54             5.58             5.59
</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 %   $     99.71          5.44%            5.47%            5.49%
500-999                 50,000-99,999   4.75           99.55          5.45             5.47             5.49
1,000-2,499           100,000-249,999   4.50           99.29          5.46             5.49             5.51
2,500-4,999           250,000-499,999   4.25           99.03          5.47             5.50             5.52
5,000-9,999           500,000-999,999   3.50           98.26          5.52             5.55             5.57
10,000-24,999     1,000,000- 2,499,999  3.00           97.75          5.55             5.58             5.60
25,000-49,999     2,500,000- 4,999,999  2.50           97.25          5.58             5.61             5.63
50,000 and over    5,000,000 and over   2.00           96.76          5.61             5.64             5.66
</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
Colorado Insured Trust                                   1995                          1996             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.............  $   .4764(1)                                                  $  5.3627
                                                          --------  $.4467 every month  --------
Quarterly Distribution Plan...........  $   .4764(1)   $  1.3482(2)   $  1.3482      $  1.3482        $  5.3947
Semi-Annual Distribution Plan.........  $   .4764(1)                  $  2.7054(3)                    $  5.4137
--------------------------------------------------------------------------------------------------------------------
<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 $.09 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 $.01489 per unit per day.
Consequently, on the first Record Date (05/01/95), accrued interest will total
$0.4764 per unit for the 32-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 05/01/95 is $.4764 per unit.
After the first Record Date daily rates of accrual are:
              Monthly - $0.01489              Quarterly - $0.01498
                             Semi-Annual - $0.01503
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.
 
--------------------------------------------------------------------------------
 
                                                          793
<PAGE>
-------------------------------------------------------
 
AVERAGE PORTFOLIO LIFE   The average maturity of portfolio bonds is 22.2 years.
The first bond is scheduled to mature in December, 2010, with the last bond
maturity being December, 2023.
 
-------------------------------------------------------
 
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.
 
-------------------------------------------------------
 
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.
 
-------------------------------------------------------
 
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 FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
 
-------------------------------------------------------
 
* 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.
<PAGE>
NUVEEN  Tax-Exempt Unit Trusts
     NUVEEN
     FLORIDA
     INSURED
     TRUST 208
 
            Estimated Current Return
            5.39% to 5.60%
            as of 03/28/95
 
            Estimated Long Term Return
            5.47% to 5.68%
             35,000 units in a
             diversified $3,500,000
             portfolio of tax-exempt
             bonds rated "AAA"
                  Cusip:
                  6706H3 820 Monthly Payment Option
                  6706H3 838 Quarterly Payment Option
                  6706H3 846 Semi-Annual Payment Option
 
                  Registered in Florida
                    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, FLORIDA INSURED TRUST 208
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT MARCH 29, 1995
--------------------------------------------------------------------------------
 
   
<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    State of Florida, State Board of Education, Public Education       2005 at 101          AAA           Aaa
                  Capital Outlay Bonds, 1993 Series F, 6.00% Due 6/1/20.
                  (General Obligation Bonds.)
     195,000    Florida Municipal Power Agency, Stanton II Project Refunding       2003 at 100          AAA           Aaa
                  Revenue Bonds, Series 1993, 4.50% Due 10/1/27. (Original
                  issue discount bonds delivered on or about October 5, 1993
                  at a price of 88.625% of principal amount.)
     500,000    Dade County, Florida, Public Facilities Revenue Refunding          2003 at 102          AAA           Aaa
                  Bonds (Jackson Memorial Hospital), Series 1993A, 4.875%
                  Due 6/1/15.
     305,000    Hillsborough County Industrial Development Authority               2004 at 102          AAA           Aaa
                  (Florida), Pollution Control Revenue Refunding Bonds
                  (Tampa Electric Company Project), Series 1994, 6.25% Due
                  12/1/34.
     500,000    Jacksonville Health Facilities Authority (Florida), Hospital       2003 at 102          AAA           Aaa
                  Revenue Refunding Bonds (Daughters of Charity National
                  Health System-St. Vincent's Medical Center, Incorporated),
                  Series 1993A, 5.00% Due 11/15/15.
     500,000    Orange County, Florida, Tourist Development Tax Revenue            2004 at 102          AAA           Aaa
                  Bonds, Series 1994B, 6.00% Due 10/1/24.
     500,000    Orlando Utilities Commission (Florida), Water and Electric         2004 at 101          AAA           Aaa
                  Subordinated Revenue Refunding Bonds, Series 1994A, 5.00%
                  Due 10/1/20.
     500,000    Commonwealth of Puerto Rico, Public Improvement Bonds of           2004 at 101          AAA           Aaa
                  1994 (General Obligation Bonds), 6.50% Due 7/1/23.                   1/2
  ----------
  $3,500,000
  ----------
  ----------
</TABLE>
    
 
<PAGE>
--------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION    The sales charges/volume discounts below
apply on all concurrent purchases of any Nuveen trust units, unless any such
purchases are made by a class of investors for which a separate sales charge is
applicable as described more fully in the Prospectus. 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 %   $     99.16          5.39%            5.42%            5.44%
500-999                 50,000-99,999   4.75           99.00          5.40             5.43             5.45
1,000-2,499           100,000-249,999   4.50           98.74          5.41             5.44             5.46
2,500-4,999           250,000-499,999   4.25           98.49          5.42             5.46             5.48
5,000-9,999           500,000-999,999   3.50           97.72          5.47             5.50             5.52
10,000-24,999     1,000,000- 2,499,999  3.00           97.22          5.49             5.53             5.55
25,000-49,999     2,500,000- 4,999,999  2.50           96.72          5.52             5.56             5.58
50,000 and over    5,000,000 and over   2.00           96.22          5.55             5.58             5.60
</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 %   $     99.16          5.47%            5.50%            5.52%
500-999                 50,000-99,999   4.75           99.00          5.47             5.50             5.52
1,000-2,499           100,000-249,999   4.50           98.74          5.49             5.52             5.54
2,500-4,999           250,000-499,999   4.25           98.49          5.50             5.53             5.55
5,000-9,999           500,000-999,999   3.50           97.72          5.55             5.58             5.60
10,000-24,999     1,000,000- 2,499,999  3.00           97.22          5.58             5.61             5.63
25,000-49,999     2,500,000- 4,999,999  2.50           96.72          5.61             5.64             5.66
50,000 and over    5,000,000 and over   2.00           96.22          5.64             5.66             5.68
</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
Florida Insured Trust                                    1995                          1996             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.............  $   .4745(1)                                                  $  5.3413
                                                          --------  $.4449 every month  --------
Quarterly Distribution Plan...........  $   .4745(1)   $  1.3428(2)   $  1.3428      $  1.3428        $  5.3733
Semi-Annual Distribution Plan.........  $   .4745(1)                  $  2.6946(3)                    $  5.3923
--------------------------------------------------------------------------------------------------------------------
<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 $.09 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 $.01483 per unit per day.
Consequently, on the first Record Date (05/01/95), accrued interest will total
$0.4745 per unit for the 32-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 05/01/95 is $.4745 per unit.
After the first Record Date daily rates of accrual are:
              Monthly - $0.01483              Quarterly - $0.01492
                             Semi-Annual - $0.01497
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.
 
--------------------------------------------------------------------------------
 
                                                          793
<PAGE>
-------------------------------------------------------
 
AVERAGE PORTFOLIO LIFE   The average maturity of portfolio bonds is 26.6 years.
The first bond is scheduled to mature in June, 2015, with the last bond maturity
being December, 2034.
 
-------------------------------------------------------
 
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.
 
-------------------------------------------------------
 
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.
 
-------------------------------------------------------
 
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 FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
 
-------------------------------------------------------
 
* 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.
<PAGE>
NUVEEN  Tax-Exempt Unit Trusts
     NUVEEN
     GEORGIA
     INSURED
     TRUST 44
 
            Estimated Current Return
            First
            Year: 5.28% to 5.49%
            Subsequent
            Years: 5.30% to 5.51%
            as of 03/28/95
 
            Estimated Long Term Return
            5.41% to 5.63%
             35,000 units in a
             diversified $3,500,000
             portfolio of tax-exempt
             bonds rated "AAA"
                  Cusip:
                  67101M 611 Monthly Payment Option
                  67101M 629 Quarterly Payment Option
                  67101M 637 Semi-Annual Payment Option
 
                  Registered in Georgia
                    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, GEORGIA INSURED TRUST 44
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT MARCH 29, 1995
--------------------------------------------------------------------------------
 
   
<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    Metropolitan Atlanta Rapid Transit Authority (Georgia),            No Optional          AAA           Aaa
                  Sales Tax Revenue Bonds, Refunding Series P, 6.25% Due              Call
                  7/1/20.
     500,000    Cobb-Marietta Coliseum and Exhibit Hall Authority (Georgia),       No Optional          AAA           Aaa
                  Revenue Refunding Bonds, Series 1993, 5.625% Due 10/1/26.           Call
     500,000    Development Authority of DeKalb County (Georgia), University       2004 at 102          AAA           Aaa
                  Revenue Bonds (Emory University Project), Series 1994A,
                  5.90% Due 10/1/15.
     500,000    DeKalb County, Georgia, Water and Sewerage Revenue Bonds,          2003 at 102          AAA           Aaa
                  Series 1993, 5.25% Due 10/1/23.
     100,000    The Fulton-DeKalb Hospital Authority (Georgia), Revenue            2003 at 102          AAA           Aaa
                  Refunding Certificates, Series 1993, 5.50% Due 1/1/20.
                  (Original issue discount bonds delivered on or about June
                  15, 1993 at a price of 94.499% of principal
                  amount.)(General Obligation Bonds.)
     500,000    The Medical Center Hospital Authority (Georgia), Revenue           2003 at 102          AAA           Aaa
                  Anticipation Certificates (Columbus Regional Healthcare
                  System, Inc. Health and Human Services Project), Series
                  1993, 5.00% Due 8/1/13.
     385,000    Private Colleges and Universities Authority Revenue Bonds          2003 at 102          AAA           Aaa
                  (Georgia) (Agnes Scott College Project), Series 1993,
                  5.50% Due 6/1/13.
     515,000    Commonwealth of Puerto Rico, Public Improvement Refunding          2003 at 100          AAA           Aaa
                  Bonds, Series 1993 (General Obligation Bonds.), 5.00% Due
                  7/1/21. (Original issue discount bonds delivered on or
                  about July 15, 1993 at a price of 90.01% of principal
                  amount.)
  ----------
  $3,500,000
  ----------
  ----------
</TABLE>
    
 
<PAGE>
--------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION    The sales charges/volume discounts below
apply on all concurrent purchases of any Nuveen trust units, unless any such
purchases are made by a class of investors for which a separate sales charge is
applicable as described more fully in the Prospectus. 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>       <C>      <C>       <C>
50-499                 $5,000-$49,999   4.90 %   $     99.66     (5.28%)  5.30%     (5.31%)  5.33%     (5.33%)  5.35%
500-999                 50,000-99,999   4.75           99.51     (5.28)   5.31      (5.32)   5.34      (5.33)   5.36
1,000-2,499           100,000-249,999   4.50           99.25     (5.30)   5.32      (5.33)   5.35      (5.35)   5.37
2,500-4,999           250,000-499,999   4.25           98.99     (5.31)   5.33      (5.34)   5.37      (5.36)   5.39
5,000-9,999           500,000-999,999   3.50           98.22     (5.35)   5.38      (5.39)   5.41      (5.40)   5.43
10,000-24,999     1,000,000- 2,499,999  3.00           97.71     (5.38)   5.40      (5.41)   5.44      (5.43)   5.46
25,000-49,999     2,500,000- 4,999,999  2.50           97.21     (5.41)   5.43      (5.44)   5.47      (5.46)   5.48
50,000 and over    5,000,000 and over   2.00           96.71     (5.44)   5.46      (5.47)   5.49      (5.49)   5.51
</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 %   $     99.66          5.41%            5.44%            5.46%
500-999                 50,000-99,999   4.75           99.51          5.42             5.45             5.46
1,000-2,499           100,000-249,999   4.50           99.25          5.43             5.46             5.48
2,500-4,999           250,000-499,999   4.25           98.99          5.45             5.47             5.49
5,000-9,999           500,000-999,999   3.50           98.22          5.49             5.52             5.54
10,000-24,999     1,000,000- 2,499,999  3.00           97.71          5.52             5.55             5.57
25,000-49,999     2,500,000- 4,999,999  2.50           97.21          5.55             5.58             5.60
50,000 and over    5,000,000 and over   2.00           96.71          5.58             5.61             5.63
</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 the Date of Deposit. Figures in
    brackets represent the current return. The first year's estimated current
    returns are slightly lower than those for subsequent years because a portion
    of the monies received in the first year only will be treated as a return of
    principal due to the inclusion in the portfolio of "when issued" or other
    Bonds having delivery dates after the date of settlement for a purchase made
    on the Date of Deposit.
(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
Georgia Insured Trust                                    1995                          1996             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.............  $   .4691(1)                                                  $  5.2808
                                                          --------  $.4398 every month  --------
Quarterly Distribution Plan...........  $   .4691(1)   $  1.3275(2)   $  1.3275      $  1.3275        $  5.3128
Semi-Annual Distribution Plan.........  $   .4691(1)                  $  2.6658(3)                    $  5.3318
--------------------------------------------------------------------------------------------------------------------
<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 $.09 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 $.01466 per unit per day.
Consequently, on the first Record Date (05/01/95), accrued interest will total
$0.4691 per unit for the 32-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 05/01/95 is $.4691 per unit.
After the first Record Date daily rates of accrual are:
              Monthly - $0.01466              Quarterly - $0.01475
                             Semi-Annual - $0.01481
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.
 
--------------------------------------------------------------------------------
 
                                                          793
<PAGE>
-------------------------------------------------------
 
AVERAGE PORTFOLIO LIFE   The average maturity of portfolio bonds is 24.3 years.
The first bond is scheduled to mature in June, 2013, with the last bond maturity
being October, 2026.
 
-------------------------------------------------------
 
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.
 
-------------------------------------------------------
 
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.
 
-------------------------------------------------------
 
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 FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY AND
INVOLVE INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
 
-------------------------------------------------------
 
* 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.


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