Supplement Dated December 31, 1998 to the
Prospectus Dated September 30, 1998
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NUVEEN FLAGSHIP MULTISTATE TRUST IV
Nuveen Flagship Kentucky Limited Term Municipal Bond Fund
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We at John Nuveen & Co. Incorporated appreciate the level of trust
you have placed in us and are committed to providing you with the
latest information regarding your investments. That is why we want
to inform you in advance of a proposed merger of the Nuveen
Flagship Kentucky Limited Term Municipal Bond Fund (the "Fund")
into the Nuveen Flagship Kentucky Municipal Bond Fund (the
"Acquiring Fund"). The board of directors of the Kentucky Limited
Term Fund have determined that the merger would benefit
shareholders in a number of ways, including:
* lower gross operating expenses as a percentage of net assets;
* improved portfolio diversification and lower portfolio transaction
costs;
* continued exemption of dividends from Kentucky state income
taxes; and
* higher dividends per share.
The Board believes that these potential benefits, together with the
potentially higher distributions from the Kentucky Fund, should
offset the risks associated with investments in a long-term bond fund.
The Trustees of the Nuveen Flagship Multistate Trust IV have
approved a tax-free reorganization of the Fund as described below.
The Fund is closed to new investors effective December 31, 1998.
Only shareholders with existing accounts may continue to make
additional purchases and to reinvest dividends into existing accounts.
Under the terms of the reorganization, the Fund would transfer all of
its assets and liabilities to the Acquiring Fund, a series of the Nuveen
Flagship Municipal Trust IV, in a tax-free exchange for an equal value
of shares of the Acquiring Fund. The Acquiring Fund is a municipal
bond fund whose investment objective is to provide as high a level of
current interest income exempt from regular federal, state and, in
some cases, local income taxes as is consistent with preservation of
capital. As with any mutual fund, there is no assurance that the
Acquiring Fund will meet its investment objective. The
reorganization is subject to certain regulatory approvals and the
approval of the Fund's shareholders. A meeting of shareholders has
been called for April 15, 1999 for the purpose of voting on the
proposed reorganization. Further information regarding the proposed
reorganization and the shareholder meeting will be contained in a
proxy statement that is scheduled to be mailed in mid- February, 1999.
