<PAGE>
Supplement Dated April 1, 1999 to the
Prospectus Dated October 30, 1998
Nuveen Investment Trust
Nuveen Balanced Municipal and Stock Fund
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Supplement Dated April 1, 1999 to the
Prospectus Dated September 30, 1998
Nuveen Flagship Multistate Trust I
Nuveen Maryland Municipal Bond Fund
Nuveen Virginia Municipal Bond Fund
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Supplement Dated April 1, 1999 to the
Prospectus Dated June 29, 1998
Nuveen Flagship Multistate Trust II
Nuveen Connecticut Municipal Bond Fund
Nuveen New York Municipal Bond Fund
Nuveen New York Insured Municipal Bond Fund
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April 1, 1999
Dear Nuveen Mutual Fund Investor:
The portfolio managers listed below recently assumed portfolio management
responsibility for the specified Nuveen mutual funds. This will not change the
fund's investment objectives, policies or day-to-day portfolio management
practices. Each fund expects to appoint a permanent portfolio manager in the
next several weeks. You will be notified of final appointments once they are
made.
<TABLE>
<CAPTION>
Interim
Fund Portfolio Manager Investment Experience
- ---- ----------------- ---------------------
<S> <C> <C>
Nuveen Thomas C. Spalding Vice President, Nuveen Advisory.
Balanced
Municipal
and Stock
Fund (bond
portfolio
only)
Nuveen J. Thomas Futrell Vice President, Nuveen Advisory.
Maryland
Municipal
Bond Fund
Nuveen William M. Fitzgerald Vice President (since 12/95), previously Assistant
Virginia Vice President (9/92) of Nuveen Advisory.
Municipal
Bond Fund
Nuveen Rick Huber Vice President, Nuveen Advisory (since 1/97);
Connecticut formerly, Vice President of Flagship Financial, Inc.
Municipal
Bond Fund
Nuveen New Steven S. Peterson Vice President (since 9/97), previously Assistant
York Vice President (since 9/96) and prior thereto
Municipal Portfolio Manager of Nuveen Advisory.
Bond Fund
Nuveen
Insured New
York
Municipal
Bond Fund
</TABLE>
PLEASE KEEP THIS WITH YOUR FUND PROSPECTUS
FOR FUTURE REFERENCE
VGN-S-MGR 4-1-99
