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SUPPLEMENT DATED JANUARY 11, 1999 TO THE
PROSPECTUS DATED SEPTEMBER 30, 1998
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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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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
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SUPPLEMENT DATED JANUARY 11, 1999 TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED SEPTEMBER 30, 1998
----------------
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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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
