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Supplement to the Statement of Additional Information dated September 29, 1999
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NUVEEN FLAGSHIP MULTISTATE TRUST III
Nuveen Flagship Georgia Municipal Bond Fund
Nuveen Flagship Louisiana Municipal Bond Fund
Nuveen Flagship North Carolina Municipal Bond Fund
Nuveen Flagship Tennessee Municipal Bond Fund
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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
shareholder.
PLEASE RETAIN FOR FUTURE REFERENCE
VGN-S-5-SAI 12-99
