NUVEEN TAX EXEMPT UNIT TRUST SERIES 795
497, 1995-04-07
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<PAGE>
NUVEEN  Tax-Exempt Unit Trusts
     NUVEEN
     NATIONAL
     INSURED
     TRUST 293
 
            Estimated Current Return
            5.49% to 5.71%
            as of 04/05/95
 
            Estimated Long Term Return
            5.56% to 5.79%
             75,000 units in a
             diversified $7,500,000
             portfolio of tax-exempt
             bonds rated "AAA"
                  Cusip:
                  6710A3 670 Monthly Payment Option
                  6710A3 688 Quarterly Payment Option
                  6710A3 696 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 293
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT APRIL 6, 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    California Statewide Communities Development Authority,            2003 at 102          AAA           Aaa
                  Certificates of Participation (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 92.625% of principal
                  amount.)
     750,000    State of California, Various Purpose General Obligation            2004 at 102          AAA           Aaa
                  Bonds, 6.00% Due 8/1/20.
     750,000    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.
     800,000    Metropolitan Pier and Exposition Authority (Illinois),             2004 at 102          AAA           Aaa
                  McCormick Place Expansion Project Refunding Bonds, Series
                  1994A, 6.00% Due 6/15/27. (Original issue discount bonds
                  delivered on or about June 23, 1994 at a price of 93.881%
                  of principal amount.)
     750,000    Massachusetts Water Resources Authority, General Revenue           2004 at 101          AAA           Aaa
                  Bonds, 1994 Series A, 5.90% Due 8/1/16.                              1/2
     700,000    The Pollution Control Financing Authority of Salem County          2004 at 102          AAA           Aaa
                  (New Jersey), Pollution Control Revenue Refunding Bonds,
                  1994 Series B (Public Service Electric and Gas Company
                  Project), 6.25% Due 6/1/31.
     750,000    New York Local Government Assistance Corporation, Series           2005 at 102          AAA           Aaa
                  1995A Bonds, 6.00% Due 4/1/24.
     750,000    New York City (New York), Municipal Water Finance Authority,       2004 at 101          AAA           Aaa
                  Water and Sewer System Revenue Bonds, Fixed Rate Fiscal              1/2
                  1994 Series F, 5.75% Due 6/15/20.
     750,000    Allegheny County Hospital Development Authority                    2005 at 102          AAA           Aaa
                  (Commonwealth of Pennsylvania), Hospital Revenue Bonds,
                  Series A of 1995 (Allegheny General Hospital Project),
                  6.20% Due 9/1/15.
     250,000    Intermountain Power Agency (Utah), Power Supply Revenue            No Optional          AAA           Aaa
                  Refunding Bonds, 1993 Series A, 0.00% Due 7/1/17.                   Call
                  (Original issue discount bonds delivered on or about March
                  10, 1993 at a price of 24.044% of principal amount.)
     750,000    Washington Public Power Supply System, Nuclear Project No. 3       2003 at 102          AAA           Aaa
                  Refunding Revenue Bonds, Series 1993B, 5.60% Due 7/1/15.
  ----------
  $7,500,000
  ----------
  ----------
</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 %   $    100.32          5.49%            5.52%            5.54%
500-999                 50,000-99,999   4.75          100.16          5.50             5.53             5.55
1,000-2,499           100,000-249,999   4.50           99.90          5.51             5.54             5.56
2,500-4,999           250,000-499,999   4.25           99.63          5.53             5.56             5.58
5,000-9,999           500,000-999,999   3.50           98.86          5.57             5.60             5.62
10,000-24,999     1,000,000- 2,499,999  3.00           98.35          5.60             5.63             5.65
25,000-49,999     2,500,000- 4,999,999  2.50           97.85          5.63             5.66             5.68
50,000 and over    5,000,000 and over   2.00           97.35          5.66             5.69             5.71
</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 %   $    100.32          5.56%            5.60%            5.62%
500-999                 50,000-99,999   4.75          100.16          5.57             5.61             5.63
1,000-2,499           100,000-249,999   4.50           99.90          5.59             5.63             5.64
2,500-4,999           250,000-499,999   4.25           99.63          5.60             5.64             5.66
5,000-9,999           500,000-999,999   3.50           98.86          5.65             5.68             5.70
10,000-24,999     1,000,000- 2,499,999  3.00           98.35          5.68             5.71             5.73
25,000-49,999     2,500,000- 4,999,999  2.50           97.85          5.70             5.74             5.76
50,000 and over    5,000,000 and over   2.00           97.35          5.73             5.77             5.79
</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                                   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.............  $   .3822(1)                                                  $  5.5057
                                                          --------  $.4587 every month  --------
Quarterly Distribution Plan...........  $   .3822(1)   $  1.3842(2)   $  1.3842      $  1.3842        $  5.5377
Semi-Annual Distribution Plan.........  $   .3822(1)                  $  2.7774(3)                    $  5.5567
- --------------------------------------------------------------------------------------------------------------------
<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 $.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 $.01529 per unit per day.
Consequently, on the first Record Date (05/01/95), accrued interest will total
$0.3822 per unit for the 25-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 $.3822 per unit.
After the first Record Date daily rates of accrual are:
              Monthly - $0.01529              Quarterly - $0.01538
                             Semi-Annual - $0.01543
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 7 states.
- -------------------------------------------------------
<TABLE>
<CAPTION>
                   Percent
                   of Total
                   Income
<S>                    <C>        <C>
- ------------------------
                                  %
California                  16.3
Illinois                    21.9
Massachusetts               10.3
New Jersey                  10.2
 
<CAPTION>
                   Percent
                   of Total
                   Income
- ------------------------
<S>                    <C>        <C>
                                  %
New York                    20.6
Pennsylvania                10.9
Washington                   9.8
</TABLE>
 
- -------------------------------------------------
 
AVERAGE PORTFOLIO LIFE The average maturity
of portfolio bonds is 26.7 years. The first bond is scheduled to mature in July,
2015, with the last bond maturity being June, 2031.
 
- -------------------------------------------------
 
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.
 
- -------------------------------------------------
 
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.
 
795
<PAGE>
NUVEEN  Tax-Exempt Unit Trusts
     NUVEEN
     NEW JERSEY
     INSURED
     TRUST 190
 
            Estimated Current Return
            5.36% to 5.57%
            as of 04/05/95
 
            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:
                  6706L6 737 Monthly Payment Option
                  6706L6 745 Quarterly Payment Option
                  6706L6 752 Semi-Annual Payment Option
 
                  Registered in New Jersey
                    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, NEW JERSEY INSURED TRUST 190
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT APRIL 6, 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>
  --------------------------------------------------------------------------------------------------------------------------
  $  525,000    New Jersey Building Authority, State Building Revenue Bonds,       2003 at 102          AAA           Aaa
                  1994 Series, 5.00% Due 6/15/16.
     500,000    New Jersey Economic Development Authority, Water Facilities        2004 at 102          AAA           Aaa
                  Revenue Refunding Bonds (Hackensack Water Company
                  Project-1994 Series A), 5.80% Due 3/1/24.
     500,000    New Jersey Economic Development Authority, Market Transition       2004 at 102          AAA           Aaa
                  Facility Senior Lien Revenue Bonds, Series 1994A, 5.875%
                  Due 7/1/11.
     265,000    New Jersey Educational Facilities Authority, Revenue Bonds,        2004 at 102          AAA           Aaa
                  New Jersey Institute of Technology Issue, Series 1994A,
                  6.00% Due 7/1/24.
     500,000    New Jersey Health Care Facilities Financing Authority,             2004 at 100          AAA           Aaa
                  Revenue Bonds, Jersey Shore Medical Center Obligated Group
                  Issue, Series 1994, 5.875% Due 7/1/24. (Original issue
                  discount bonds delivered on or about August 2, 1994 at a
                  price of 93.036% of principal amount.)
     380,000    The Port Authority of New York and New Jersey, Consolidated        2004 at 101          AAA           Aaa
                  Bonds, Ninety-Second Series, 5.00% Due 7/15/19.
     215,000    The Board of Education of the Township of North Brunswick,         2005 at 100          AAA           Aaa
                  Middlesex County, New Jersey, School Bonds, 6.30% Due
                  2/1/15. (General Obligation Bonds.)
     500,000    The Pollution Control Financing Authority of Salem County          2003 at 102          AAA           Aaa
                  (New Jersey), Pollution Control Revenue Refunding Bonds,
                  1993 Series C (Public Service Electric and Gas Company
                  Project), 5.55% Due 11/1/33.
     115,000    Commonwealth of Puerto Rico, Public Improvement Refunding          2003 at 101          AAA           Aaa
                  Bonds, Series 1993 (General Obligation Bonds.), 5.50% Due            1/2
                  7/1/13.
  ----------
  $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 %   $    100.64          5.36%            5.39%            5.41%
500-999                 50,000-99,999   4.75          100.48          5.37             5.40             5.42
1,000-2,499           100,000-249,999   4.50          100.22          5.38             5.41             5.43
2,500-4,999           250,000-499,999   4.25           99.96          5.40             5.43             5.45
5,000-9,999           500,000-999,999   3.50           99.18          5.44             5.47             5.49
10,000-24,999     1,000,000- 2,499,999  3.00           98.67          5.47             5.50             5.52
25,000-49,999     2,500,000- 4,999,999  2.50           98.16          5.49             5.53             5.55
50,000 and over    5,000,000 and over   2.00           97.66          5.52             5.56             5.57
</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 %   $    100.64          5.44%            5.48%            5.49%
500-999                 50,000-99,999   4.75          100.48          5.45             5.48             5.49
1,000-2,499           100,000-249,999   4.50          100.22          5.46             5.50             5.51
2,500-4,999           250,000-499,999   4.25           99.96          5.47             5.51             5.52
5,000-9,999           500,000-999,999   3.50           99.18          5.52             5.56             5.57
10,000-24,999     1,000,000- 2,499,999  3.00           98.67          5.55             5.59             5.60
25,000-49,999     2,500,000- 4,999,999  2.50           98.16          5.58             5.62             5.63
50,000 and over    5,000,000 and over   2.00           97.66          5.61             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
New Jersey 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.............  $   .3745(1)                                                  $  5.3934
                                                          --------  $.4494 every month  --------
Quarterly Distribution Plan...........  $   .3745(1)   $  1.3563(2)   $  1.3563      $  1.3563        $  5.4254
Semi-Annual Distribution Plan.........  $   .3745(1)                  $  2.7216(3)                    $  5.4444
- --------------------------------------------------------------------------------------------------------------------
<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 $.10 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 $.01498 per unit per day.
Consequently, on the first Record Date (05/01/95), accrued interest will total
$0.3745 per unit for the 25-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 $.3745 per unit.
After the first Record Date daily rates of accrual are:
              Monthly - $0.01498              Quarterly - $0.01507
                             Semi-Annual - $0.01512
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.
 
- --------------------------------------------------------------------------------
 
                                                          795
<PAGE>
- -------------------------------------------------------
 
AVERAGE PORTFOLIO LIFE   The average maturity of portfolio bonds is 26.0 years.
The first bond is scheduled to mature in July, 2011, with the last bond maturity
being November, 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.
 
- -------------------------------------------------------
 
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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