Supplement Dated November 8, 2000 to the
Prospectus Dated February 19, 1999
as previously supplemented January 28, 2000
Nuveen Investment Trust III
NUVEEN INCOME FUND
The second paragraph of the section titled
"How We Manage Your Money - Who Manages
the Fund" on page 4 of the prospectus is
hereby amended and replaced with the following:
Nuveen Institutional Advisory Corp. ("NIAC"),
333 West Wacker Drive, Chicago IL 60606,
serves as the investment adviser to the
fund and is responsible for the execution
of specific investment strategies and the
day-to-day operations of the fund. NIAC
manages the fund using a team of analysts
and portfolio managers that focus on a
pecific group of funds. While Edward F. Neild
and Richard A. Huber have been the fund's
portfolio managers since its inception,
Mr. Huber is now solely responsible for the
daily oversight for, and execution of, the
fund's investment activities. Mr. Huber is
a Vice President of Nuveen Institutional
Advisory Corp. and has been a Vice President
of the fund since its inception. Mr. Huber
previously was a Vice President and portfolio
manager of Flagship Financial. He currently
manages investments for five Nuveen-sponsored
investment companies.
PLEASE KEEP THIS WITH YOUR FUND PROSPECTUS
FOR FUTURE REFERENCE
