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Supplement Dated June 29, 1998 to the
Prospectus Dated September 26, 1997
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NUVEEN FLAGSHIP MULTISTATE TRUST III
Nuveen Flagship Alabama Municipal Bond Fund
Nuveen Flagship Georgia Municipal Bond Fund
Nuveen Flagship Louisiana Municipal Bond Fund
Nuveen Flagship North Carolina Municipal Bond Fund
Nuveen Flagship South Carolina Municipal Bond Fund
Nuveen Flagship Tennessee 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 July 1, 1998, the following changes in portfolio managers will take
effect:
Thomas O'Shaughnessy will be the portfolio manager for the Alabama, Georgia,
North Carolina, South Carolina and Tennessee Funds. He is currently a portfolio
manager of Nuveen Advisory Corp. since 1991.
Michael Davern will be the portfolio manager for the Louisiana Fund. He is
currently a Vice President of Nuveen Advisory Corp., and formerly a Vice
President of Flagship Financial Inc.
PLEASE RETAIN FOR FUTURE REFERENCE
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SUPPLEMENT DATED JUNE 29, 1998
TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED SEPTEMBER 26, 1997
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NUVEEN FLAGSHIP MULTISTATE TRUST III
Nuveen Flagship Alabama Municipal Bond Fund
Nuveen Flagship Georgia Municipal Bond Fund
Nuveen Flagship Louisiana Municipal Bond Fund
Nuveen Flagship North Carolina Municipal Bond Fund
Nuveen Flagship South Carolina Municipal Bond Fund
Nuveen Flagship Tennessee 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-43 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-41, 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
