<PAGE>
Supplement to the Statement of Additional Information dated August 27, 1999
----------------
NUVEEN FLAGSHIP MUNICIPAL TRUST
Nuveen Municipal Bond Fund
Nuveen Insured Municipal Bond Fund
Nuveen Flagship All-American Municipal Bond Fund
Nuveen Flagship Intermediate Municipal Bond Fund
Nuveen Flagship Limited Term Municipal Bond Fund
----------------
Effective November 24, 1999, the Board of Trustees approved the following
changes to the Nuveen Municipal Bond Fund:
Fund duration range of between three and 10 years. The fund will invest
in a diversified portfolio of investment-grade quality bonds of various
maturities with a weighted average duration of between three and 10 years.
Fund management intends to maintain portfolio duration within a defined
range (currently between 4.5 and seven years) over time in order to be
classified as an intermediate fund.
New fund name. The fund's name has changed to the Nuveen Intermediate
Duration Municipal Bond Fund to reflect the fund's policy of maintaining
portfolio duration within a range characteristic of intermediate
securities.
In the section of the Statement of Additional Information entitled
"Additional Information on the Purchase and Redemption of Fund Shares" under
Reduction or Elimination of Contingent Deferred Sales Charge, page S-46, the
waiver or reduction of the CDSC for redemptions made pursuant to a Fund's
systematic investment plan is hereby amended and restated as follows:
The CDSC may be waived for redemptions, made on or after December 15,
1999 pursuant to a fund's systematic withdrawal plan, of up to 1% monthly,
3% quarterly, 6% semiannually or 12% annually of an account's net asset
value depending on the frequency of the plan as designated by the
shareholder.
PLEASE RETAIN FOR FUTURE REFERENCE
VGN-S-2-SAI 12-99
<PAGE>
Supplement to the Statement of
Additional Information Dated September 7, 1999
----------------
NUVEEN FLAGSHIP MUNICIPAL TRUST
Nuveen High Yield Municipal Bond Fund
----------------
In the section of the Statement of Additional Information entitled
"Additional Information on the Purchase and Redemption of Fund Shares" under
Reduction or Elimination of Contingent Deferred Sales Charge, the waiver or
reduction of the CDSC for redemptions made pursuant to a Fund's systematic
investment plan is hereby amended and restated as follows:
The CDSC may be waived for redemptions, made on or after December 15,
1999 pursuant to a fund's systematic withdrawal plan, of up to 1% monthly,
3% quarterly, 6% semiannually or 12% annually of an account's net asset
value depending on the frequency of the plan as designated by the share-
holder.
PLEASE RETAIN FOR FUTURE REFERENCE
VGN-S-11-SAI 12-99
