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Supplement Dated June 29, 1998 to the
Prospectus Dated September 12, 1997
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NUVEEN FLAGSHIP MULTISTATE TRUST I
Nuveen Flagship Arizona Municipal Bond Fund
Nuveen Flagship Colorado Municipal Bond Fund
Nuveen Flagship Florida Municipal Bond Fund
Nuveen Flagship Florida Intermediate Municipal Bond Fund
Nuveen Maryland Municipal Bond Fund
Nuveen Flagship New Mexico Municipal Bond Fund
Nuveen Flagship Pennsylvania Municipal Bond Fund
Nuveen Flagship Virginia Municipal Bond Fund
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This supplement provides new and additional information beyond that contained in
the Prospectus and should be read in conjunction with the Prospectus.
Effective June 29, 1998, for Nuveen Flagship Florida Intermediate Municipal Bond
Fund of Nuveen Flagship Multistate Trust I, footnote 1 to the Class A Sales
Charges and Commissions table on page 8 of the prospectus will be changed to
read as follows:
(1) Nuveen pays Authorized Dealers a commission equal to the sum of 1% (0.75%
and 0.50%, respectively, for Intermediate and Limited Term Funds) of the first
$2.5 million, plus 0.50% of the next $2.5 million, plus 0.25% (0.50% for
Intermediate Funds) of any amount over $5 million. Unless the Authorized Dealer
waived the commission, you may be assessed a contingent deferred sales charge
(CDSC) of 1% (0.75% and 0.50%, respectively, for Intermediate and Limited Term
Funds) if you redeem any of your shares within 18 months of purchase. The CDSC
is calculated on the lower of your purchase price or redemption proceeds.
Other references to the CDSC on redemptions of $1 million purchases of Class A
Shares of the above-referenced funds elsewhere in the prospectus are similarly
amended.
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Effective July 1, 1998, the following changes in portfolio managers will take
effect:
Michael Davern will be the portfolio manager for the Arizona, Colorado and New
Mexico Funds. He is currently a Vice President of Nuveen Advisory, and formerly
a Vice President of Flagship Financial Inc.
Thomas O'Shaughnessy will be the portfolio manager of the Florida, Florida
Intermediate and Pennsylvania Funds. He is currently a portfolio manager for
Nuveen Advisory Corp.
Daniel Solender will be the portfolio manager of the Maryland and Virginia
Funds. He is an Assistant Vice President of, and previously a portfolio manager
for, Nuveen Advisory Corp.
PLEASE RETAIN FOR FUTURE REFERENCE
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SUPPLEMENT DATED JUNE 29, 1998
TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED SEPTEMBER 12, 1997
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NUVEEN FLAGSHIP MULTISTATE TRUST I
Nuveen Flagship Arizona Municipal Bond Fund
Nuveen Flagship Colorado Municipal Bond Fund
Nuveen Flagship Florida Municipal Bond Fund
Nuveen Flagship Florida Intermediate Municipal Bond Fund
Nuveen Maryland Municipal Bond Fund
Nuveen Flagship New Mexico Municipal Bond Fund
Nuveen Flagship Pennsylvania Municipal Bond Fund
Nuveen Flagship Virginia Municipal Bond Fund
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This supplement provides new and additional information beyond that contained in
the Statement of Additional Information and should be read in conjunction with
the Statement of Additional Information.
Effective June 29, 1998, the following are changes to the Statement of
Additional Information relating to the purchase of shares of the Funds:
1. The minimum purchase amount described on page S-51 for Class R shares
of a Fund has been increased from $1 million to $2.5 million.
2. For purposes of rights of accumulation described on page S-49, an
investor may also include the value on the purchase date of previously
purchased shares of Nuveen exchange-traded funds to determine the
appropriate volume discount for purchases of Class A Shares.
3. For purposes of purchasing Class A Shares of each of the Funds at net
asset value without a sales charge, the eligibility requirements for
employer-sponsored qualified defined contribution retirement plans are
as follows: the number of employees required to allow a plan to
participate is 25 employees, and the initial purchase amount of an
eligible plan is $500,000. Municipal bond funds are not a suitable
investment for individuals investing through retirement plans.
PLEASE RETAIN FOR FUTURE REFERENCE
