<PAGE>
SUPPLEMENT DATED JANUARY 11, 1999 TO THE
PROSPECTUS DATED JUNE 29, 1998
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NUVEEN FLAGSHIP MULTISTATE TRUST II
Nuveen California Municipal Bond Fund
Nuveen California Insured Municipal Bond Fund
Nuveen Flagship Connecticut Municipal Bond Fund
Nuveen Massachusetts Municipal Bond Fund
Nuveen Massachusetts Insured Municipal Bond Fund
Nuveen Flagship New Jersey Municipal Bond Fund
Nuveen Flagship New York Municipal Bond Fund
Nuveen New York Insured Municipal Bond Fund
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Nuveen is modifying the ways you can eliminate paying a sales charge when
purchasing Class A shares of the funds. As of January 11, 1999, you will no
longer be able to purchase Class A shares at net asset value without a sales
charge using redemption proceeds from funds unaffiliated with Nuveen. The
other methods of eliminating the Class A sales charge described under "How to
Reduce Your Sales Charge" in each fund's prospectus will continue to be
available.
PLEASE KEEP THIS WITH YOUR FUND PROSPECTUS FOR FUTURE REFERENCE
<PAGE>
SUPPLEMENT DATED JANUARY 11, 1999 TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED JUNE 29, 1998
----------------
NUVEEN FLAGSHIP MULTISTATE TRUST II
Nuveen California Municipal Bond Fund
Nuveen California Insured Municipal Bond Fund
Nuveen Flagship Connecticut Municipal Bond Fund
Nuveen Massachusetts Municipal Bond Fund
Nuveen Massachusetts Insured Municipal Bond Fund
Nuveen Flagship New Jersey Municipal Bond Fund
Nuveen Flagship New York Municipal Bond Fund
Nuveen New York Insured Municipal Bond Fund
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As of January 11, 1999, Nuveen is making the following changes relating to
the purchase of shares of the funds.
1. The initial minimum investment for a systematic investment plan has been
lowered from $3,000 to $50 per share class per fund.
2. For purposes of purchasing shares through a group purchase program, the
initial minimum investment for each participant will be lowered from $3,000 to
$50 per share class per fund, provided that the group initially invests at
least $3,000 in the fund.
3. The ability to purchase load-waived Class A shares using redemption
proceeds from funds unaffiliated with Nuveen has been eliminated.
4. Investors will be able to buy Class A shares at net asset value without a
sales charge by using the proceeds of sales of Nuveen Exchange-Traded fund
shares or the termination/maturity proceeds from Nuveen Defined Portfolios
(formerly Nuveen Unit Trusts). You must provide Nuveen appropriate
documentation that the fund sale or Defined Portfolio termination/maturity
occurred not more than one year prior to reinvestment. In addition, investors
also may buy Class A shares at net asset value without a sales charge by
directing their monthly dividends from Nuveen Exchange-Traded funds.
PLEASE RETAIN FOR FUTURE REFERENCE
