Supplement Dated July 23, 1999 to the
Prospectus Dated October 30, 1998
Nuveen Investment Trust
Nuveen Balanced Municipal and Stock Fund
____________
Supplement Dated July 23, 1999 to the
Prospectus Dated September 30, 1998
Nuveen Flagship Multistate Trust I
Nuveen Maryland Municipal Bond Fund
Nuveen Flagship Virginia Municipal Bond Fund
____________
Supplement Dated July 23, 1999 to the
Prospectus Dated July 1, 1999
Nuveen Flagship Multistate Trust II
Nuveen Flagship Connecticut Municipal Bond Fund
Nuveen Flagship New York Municipal Bond Fund
Nuveen New York Insured Municipal Bond Fund
July 23, 1999
Dear Nuveen Mutual Fund Investor:
This past April, we notified you of a transition in portfolio management
responsibilities for certain Nuveen mutual funds. On August 1, 1999,
the following portfolio managers assumed lead portfolio management
responsibility for the funds listed below. This transition has not
affected fund investment objectives, policies or day-to-day portfolio
management practices. Each fund utilizes a team approach and each
lead manager has extensive experience managing municipal bond portfolios.
Fund Lead Portfolio Manager Investment Experience
Nuveen Balanced Municipal
and Stock Fund
Thomas C. Spalding Vice President and Senior Investment Officer
of Nuveen Advisory since 1978. Mr. Spalding has over 25 years of
municipal experience.
Nuveen Maryland
Municipal Bond Fund
Paul L. Brennan Assistant Vice President, Nuveen Advisory since
February, 1997, prior thereto portfolio manager at Flagship Financial.
Mr. Brennan has eight years of investment experience and manages
municipal bond portfolios with approximately $700 million in assets.
Nuveen Flagship Virginia
Municipal Bond Fund
Paul L. Brennan
Nuveen Flagship Connecticut
Municipal Bond Fund
Paul L. Brennan
Nuveen Flagship New York
Municipal Bond Fund
Paul L. Brennan
Nuveen Insured New York
Municipal Bond Fund
Paul L. Brennan
PLEASE KEEP THIS WITH YOUR FUND PROSPECTUS
FOR FUTURE REFERENCE
