FLAGSHIP ADMIRAL FUNDS INC.
The Golden Rainbow A James Advised Mutual Fund
SUPPLEMENT DATED AUGUST 1, 1996 TO THE PROSPECTUS DATED
OCTOBER 26, 1995 AS SUPPLEMENTED BY SUPPLEMENTS DATED
JANUARY 2, 1996 AND JULY 17, 1996. As of August 1, 1996,
The Golden Rainbow A James Advised Mutual Fund (the
"Fund"), a series of Flagship Admiral Funds Inc., has
retained the State Street Bank and Trust Company ("State
Street") of Boston, Massachusetts, as custodian and
transfer agent for the Fund. State Street will be
replacing the Fifth Third Bank of Cincinnati, Ohio.
Accordingly, in lieu of the Fifth Third Bank, for
shareholder services please contact Boston Financial Data
Services, Inc., a subsidiary of State Street, at the
following address and telephone number: The BFDS
Building, Two Heritage Drive, Quincy, MA 02171; tel:
(617) 328-5000.
SUPPLEMENT DATED JULY 17, 1996 TO THE PROSPECTUS DATED
OCTOBER 26, 1995 AS SUPPLEMENTED JANUARY 2, 1996. On
July 16, 1996, Flagship Resources Inc. ("Flagship"),
parent of the Manager for The Golden Rainbow A James
Advised Mutual Fund (the "Fund"), a series of Flagship
Admiral Funds Inc., signed an Agreement and Plan of
Merger with The John Nuveen Company, pursuant to which
Flagship shall be merged with and into The John Nuveen
Company. The transaction is expected to close on or
about September 30, 1996. Your board of directors has
approved the transaction, which is contingent upon
shareholder approval of new advisory agreements. It is
anticipated that after the transaction, the same
management team will continue to manage the Fund, and
there will be no changes in portfolio investment
objectives or policies.
SUPPLEMENT DATED JANUARY 2, 1996 TO THE PROSPECTUS DATED
OCTOBER 26, 1995. In the section "General Information--
Description of Shares" on page 13, the third sentence
describing the authorized capital stock of Flagship
Admiral Funds Inc. (the "Corporation") is hereby replaced
by the following text:
The authorized capital stock of the Corporation consists
of 600,000,000 shares of stock, par value $.001 per
share, which are divided into five (5) portfolio classes;
namely, the Flagship Utility Income Fund Portfolio Stock,
The Golden Rainbow-A James Advised Mutual Fund Portfolio
Stock, the Flagship Short Term U.S. Government Fund
Portfolio Stock, the Flagship Limited Term U.S.
Government Fund Portfolio Stock and the Flagship
Intermediate U.S. Government Fund Portfolio Stock.
The Flagship Utility Income Fund Portfolio Stock consists
of 200,000,000 shares, which are divided into five (5)
subclasses, designated respectively as the Flagship
Utility Income Fund Portfolio Stock, consisting of
3,500,000 shares, and the Flagship Utility Income Fund
Portfolio Stock--Class A, Class B, Class C and Class Y,
each consisting of 49,125,000 shares. The Golden
Rainbow-A James Advised Mutual Fund Portfolio Stock
consists of 100,000,000 shares which are divided into
five (5) sub classes, designated respectively as The
Golden Rainbow-A James Advised Mutual Fund Portfolio
Stock, consisting of 15,000,000 shares, and The Golden
Rainbow- A James Advised Mutual Fund Portfolio Stock--
Class A, Class B, Class C and Class Y, each consisting of
21,250,000 shares. The Flagship Short Term U.S.
Government Fund Portfolio Stock consists of 100,000,000
shares which are designated as the Flagship Short Term
U.S. Government Fund Portfolio Stock. The Flagship
Limited Term U.S. Government Fund Portfolio Stock
consists of 100,000,000 shares which are divided into
five (5) subclasses, designated respectively as the
Flagship Limited Term U.S. Government Fund Portfolio
Stock, consisting of 2,000,000 shares and the Flagship
Limited Term U.S. Government Fund Portfolio Stock--Class
A, Class B, Class C and Class Y, each consisting of
24,500,000 shares. The Flagship Intermediate U.S.
Government Fund Portfolio Stock consists of 100,000,000
shares which are divided into five (5) subclasses,
designated respectively as the Flagship Intermediate Term
U.S. Government Fund Portfolio Stock consisting of
2,000,000 shares and the Flagship Intermediate Term U.S.
Government Fund Portfolio Stock--Class A, Class B, Class
C and Class Y, each consisting of 24,500,000 shares.
