U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
1. Name and address of issuer:
NUVEEN FLAGSHIP MULTISTATE TRUST I
333 West Wacker Drive
Chicago, Illinois 60606
2. Name of each series or class of funds for which this
notice is filed:
Nuveen Flagship Arizona Municipal Bond Fund, Classes A, B, C & R
Nuveen Flagship Colorado Municipal Bond Fund, Classes A, B, C & R
Nuveen Flagship Florida Municipal Bond Fund, Classes A, B, C & R
Nuveen Flagship Florida Intermediate Municipal Bond Fund, Classes A, C & R
Nuveen Maryland Municipal Bond Fund, Classes A, B, C & R
Nuveen Flagship New Mexico Municipal Bond Fund, Classes A, B, C & R
Nuveen Flagship Pennsylvania Municipal Bond Fund, Classes A, B, C & R
Nuveen Flagship Virginia Municipal Bond Fund, Classes A, B, C & R
3. Investment Company Act File Number: 811-07747
Securities Act File Number: 333-16617
4. Last day of fiscal year for which this notice is filed: May 31, 1997
5. Check box if this notice is being filed more than 180
days after the close of the issuer's fiscal year for
purposes of reporting securities sold after the close of
the fiscal year but before termination of the issuer's
24f-2 declaration;
[ ]
6. Date of termination of issuer's declaration under rule
24f-2(a)(1), if applicable: N/A
NUVEEN FLAGSHIP ARIZONA MUNICIPAL BOND FUND, Classes A, B, C & R
7. Number and amount of securities of the same class or
series which had been registered under the Securities Act
of 1933 other than pursuant to rule 24f-2 in a prior
fiscal year, but which remained unsold at the beginning of
the fiscal year:
$ 0.00
8. Number and amount of securities registered during the
fiscal year other than pursuant to rule 24f-2:
$ 0.00
9. Number and aggregate sale price of securities sold
during the fiscal year:
$36,661,723
10. Number and aggregate sales price of securities sold
during the fiscal year in reliance upon registration
pursuant to rule 24f-2:
$36,661,723
11. Number and aggregate sale price of securities issued
during the fiscal year in connection with dividend
reinvestment plans; if applicable:
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the
fiscal year in reliance on rule 24f-2 (from Item 10):
$36,661,723
(ii) Aggregate price of shares issued in connection
with dividend reinvestment plans (from Item 11, if
applicable):
N/A
(iii) Aggregate price of shares redeemed or repurchased
during the fiscal year (if applicable):
$15,241,517
(iv) Aggregate price of shares redeemed or repurchased
and previously applied as a reduction to filing fees
pursuant to rule 24e-2 (if applicable):
$
(v) Net aggregate price of securities sold and issued
during the fiscal year in reliance on rule 24f-2 [line
(i), plus line (ii), less line (iii), plus (iv)] (if applicable):
$ 21,420,206.00
(vi) Multiplier prescribed by Section 6(b) of the
Securities Act of 1933 or other applicable law or regulation:
1/3300
(vii) Fee due:
$6,490.97
NUVEEN FLAGSHIP COLORADO MUNICIPAL BOND FUND, Classes A, B, C & R
7. Number and amount of securities of the same class or
series which had been registered under the Securities Act
of 1933 other than pursuant to rule 24f-2 in a prior
fiscal year, but which remained unsold at the beginning of
the fiscal year:
$ 0.00
8. Number and amount of securities registered during the
fiscal year other than pursuant to rule 24f-2:
$ 0.00
9. Number and aggregate sale price of securities sold
during the fiscal year:
$6,158,251
10. Number and aggregate sales price of securities sold
during the fiscal year in reliance upon registration
pursuant to rule 24f-2:
$6,158,251
11. Number and aggregate sale price of securities issued
during the fiscal year in connection with dividend
reinvestment plans; if applicable:
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the
fiscal year in reliance on rule 24f-2 (from Item 10):
$6,158,251
(ii) Aggregate price of shares issued in connection
with dividend reinvestment plans (from Item 11, if
applicable):
N/A
(iii) Aggregate price of shares redeemed or repurchased
during the fiscal year (if applicable):
$ 8,789,634
(iv) Aggregate price of shares redeemed or repurchased
and previously applied as a reduction to filing fees
pursuant to rule 24e-2 (if applicable):
$
(v) Net aggregate price of securities sold and issued
during the fiscal year in reliance on rule 24f-2 [line
(i), plus line (ii), less line (iii), plus (iv)] (if applicable):
$ 0.00
NUVEEN FLAGSHIP FLORIDA MUNICIPAL BOND FUND, Classes A, B, C & R
7. Number and amount of securities of the same class or
series which had been registered under the Securities Act
of 1933 other than pursuant to rule 24f-2 in a prior
fiscal year, but which remained unsold at the beginning of
the fiscal year:
$ 0.00
8. Number and amount of securities registered during the
fiscal year other than pursuant to rule 24f-2:
$ 0.00
9. Number and aggregate sale price of securities sold
during the fiscal year:
$101,782,715
10. Number and aggregate sales price of securities sold
during the fiscal year in reliance upon registration
pursuant to rule 24f-2:
$101,782,715
11. Number and aggregate sale price of securities issued
during the fiscal year in connection with dividend
reinvestment plans; if applicable:
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the
fiscal year in reliance on rule 24f-2 (from Item 10):
$101,782,715
(ii) Aggregate price of shares issued in connection
with dividend reinvestment plans (from Item 11, if
applicable):
N/A
(iii) Aggregate price of shares redeemed or repurchased
during the fiscal year (if applicable):
$70,527,219
(iv) Aggregate price of shares redeemed or repurchased
and previously applied as a reduction to filing fees
pursuant to rule 24e-2 (if applicable):
$
(v) Net aggregate price of securities sold and issued
during the fiscal year in reliance on rule 24f-2 [line
(i), plus line (ii), less line (iii), plus (iv)] (if applicable):
$31,255,496
(vi) Multiplier prescribed by Section 6(b) of the
Securities Act of 1933 or other applicable law or
regulation:
1/3300
(vii) Fee due [line (i) or line (v) multiplied by line
(vi)]:
$9,471.36
NUVEEN FLAGSHIP FLORIDA INTERMEDIATE MUNICIPAL BOND FUND,
Classes A, C & R
7. Number and amount of securities of the same class or
series which had been registered under the Securities Act
of 1933 other than pursuant to rule 24f-2 in a prior
fiscal year, but which remained unsold at the beginning of
the fiscal year:
$ 0.00
8. Number and amount of securities registered during the
fiscal year other than pursuant to rule 24f-2:
$ 0.00
9. Number and aggregate sale price of securities sold
during the fiscal year:
$13,802,572
10. Number and aggregate sales price of securities sold
during the fiscal year in reliance upon registration
pursuant to rule 24f-2:
$13,802,572
11. Number and aggregate sale price of securities issued
during the fiscal year in connection with dividend
reinvestment plans; if applicable:
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the
fiscal year in reliance on rule 24f-2 (from Item 10):
$13,802,572
(ii) Aggregate price of shares issued in connection
with dividend reinvestment plans (from Item 11, if
applicable):
N/A
(iii) Aggregate price of shares redeemed or repurchased
during the fiscal year (if applicable):
$5,846,919
(iv) Aggregate price of shares redeemed or repurchased
and previously applied as a reduction to filing fees
pursuant to rule 24e-2 (if applicable):
$
(v) Net aggregate price of securities sold and issued
during the fiscal year in reliance on rule 24f-2 [line
(i), plus line (ii), less line (iii), plus (iv)] (if applicable):
$ 7,955,653
(vi) Multiplier prescribed by Section 6(b) of the Securities
Act of 1933 or other applicable law or regulation:
1/3300
(vii) Fee Due:
$2,410.80
NUVEEN MARYLAND MUNICIPAL BOND FUND, Classes A, B, C & R
7. Number and amount of securities of the same class or
series which had been registered under the Securities Act
of 1933 other than pursuant to rule 24f-2 in a prior
fiscal year, but which remained unsold at the beginning of
the fiscal year:
$ 0.00
8. Number and amount of securities registered during the
fiscal year other than pursuant to rule 24f-2:
$ 0.00
9. Number and aggregate sale price of securities sold
during the fiscal year:
$3,636,026
10. Number and aggregate sales price of securities sold
during the fiscal year in reliance upon registration
pursuant to rule 24f-2:
$3,636,026
11. Number and aggregate sale price of securities issued
during the fiscal year in connection with dividend
reinvestment plans; if applicable:
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the
fiscal year in reliance on rule 24f-2 (from Item 10):
$3,636,026
(ii) Aggregate price of shares issued in connection
with dividend reinvestment plans (from Item 11, if
applicable):
N/A
(iii) Aggregate price of shares redeemed or repurchased
during the fiscal year (if applicable):
$2,607,528
(iv) Aggregate price of shares redeemed or repurchased
and previously applied as a reduction to filing fees
pursuant to rule 24e-2 (if applicable):
$
(v) Net aggregate price of securities sold and issued
during the fiscal year in reliance on rule 24f-2 [line
(i), plus line (ii), less line (iii), plus (iv)] (if applicable):
$ 1,028,498
(vi) Multiplier prescribed by Section 6(b) of the Securities Act of
1933 or other applicable law or regulation:
1/3300
(vii) Fee due:
$311.67
NUVEEN FLAGSHIP NEW MEXICO MUNICIPAL BOND FUND, Classes A, B, C & R
7. Number and amount of securities of the same class or
series which had been registered under the Securities Act
of 1933 other than pursuant to rule 24f-2 in a prior
fiscal year, but which remained unsold at the beginning of
the fiscal year:
$ 0.00
8. Number and amount of securities registered during the
fiscal year other than pursuant to rule 24f-2:
$ 0.00
9. Number and aggregate sale price of securities sold
during the fiscal year:
$8,362,216
10. Number and aggregate sales price of securities sold
during the fiscal year in reliance upon registration
pursuant to rule 24f-2:
$8,362,216
11. Number and aggregate sale price of securities issued
during the fiscal year in connection with dividend
reinvestment plans; if applicable:
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the
fiscal year in reliance on rule 24f-2 (from Item 10):
$8,362,216
(ii) Aggregate price of shares issued in connection
with dividend reinvestment plans (from Item 11, if
applicable):
N/A
(iii) Aggregate price of shares redeemed or repurchased
during the fiscal year (if applicable):
$9,396,878
(iv) Aggregate price of shares redeemed or repurchased
and previously applied as a reduction to filing fees
pursuant to rule 24e-2 (if applicable):
$
(v) Net aggregate price of securities sold and issued
during the fiscal year in reliance on rule 24f-2 [line
(i), plus line (ii), less line (iii), plus (iv)] (if applicable):
$ 0.00
NUVEEN FLAGSHIP PENNSYLVANIA MUNICIPAL BOND FUND, Classes A, B, C & R
7. Number and amount of securities of the same class or
series which had been registered under the Securities Act
of 1933 other than pursuant to rule 24f-2 in a prior
fiscal year, but which remained unsold at the beginning of
the fiscal year:
$ 0.00
8. Number and amount of securities registered during the
fiscal year other than pursuant to rule 24f-2:
$ 0.00
9. Number and aggregate sale price of securities sold
during the fiscal year:
$77,601,325
10. Number and aggregate sales price of securities sold
during the fiscal year in reliance upon registration
pursuant to rule 24f-2:
$77,601,325
11. Number and aggregate sale price of securities issued
during the fiscal year in connection with dividend
reinvestment plans; if applicable:
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the
fiscal year in reliance on rule 24f-2 (from Item 10):
$77,601,325
(ii) Aggregate price of shares issued in connection
with dividend reinvestment plans (from Item 11, if
applicable):
N/A
(iii) Aggregate price of shares redeemed or repurchased
during the fiscal year (if applicable):
$8,401,239
(iv) Aggregate price of shares redeemed or repurchased
and previously applied as a reduction to filing fees
pursuant to rule 24e-2 (if applicable):
$
(v) Net aggregate price of securities sold and issued
during the fiscal year in reliance on rule 24f-2 [line
(i), plus line (ii), less line (iii), plus (iv)] (if applicable):
$ 69,200,086
(vi) Multiplier prescribed by Section 6(b) of the Securities Act
of 1933 or other applicable law or regulation:
1/3300
(vii) Fee due:
$20,969.72
NUVEEN FLAGSHIP VIRGINIA MUNICIPAL BOND FUND, Classes A, B, C & R
7. Number and amount of securities of the same class or
series which had been registered under the Securities Act
of 1933 other than pursuant to rule 24f-2 in a prior
fiscal year, but which remained unsold at the beginning of
the fiscal year:
$ 0.00
8. Number and amount of securities registered during the
fiscal year other than pursuant to rule 24f-2:
$ 0.00
9. Number and aggregate sale price of securities sold
during the fiscal year:
$86,007,904
10. Number and aggregate sales price of securities sold
during the fiscal year in reliance upon registration
pursuant to rule 24f-2:
$86,007,904
11. Number and aggregate sale price of securities issued
during the fiscal year in connection with dividend
reinvestment plans; if applicable:
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the
fiscal year in reliance on rule 24f-2 (from Item 10):
$86,007,904
(ii) Aggregate price of shares issued in connection
with dividend reinvestment plans (from Item 11, if
applicable):
N/A
(iii) Aggregate price of shares redeemed or repurchased
during the fiscal year (if applicable):
$26,796,317
(iv) Aggregate price of shares redeemed or repurchased
and previously applied as a reduction to filing fees
pursuant to rule 24e-2 (if applicable):
$
(v) Net aggregate price of securities sold and issued
during the fiscal year in reliance on rule 24f-2 [line
(i), plus line (ii), less line (iii), plus (iv)] (if applicable):
$ 59,211,587
(vi) Multiplier prescribed by Section 6(b) of the Securities Act
of 1933 or other applicable law or regulation:
1/3300
(vii) Fee due:
$17,942.91
13. Check box if fees are being remitted to the
Commission's lockbox depository as described in section
3a of the Commission's Rules of Informal and Other
Procedures (17 CFR 202.3a). [ X ]
Date of mailing or wire transfer of filing fees to the
Commission's lockbox depository: July 30, 1997
SIGNATURES
This report has been signed below by the following persons on behalf of the
issuer and in the capacities and on the dates indicated.
By:
Gifford R. Zimmerman
Vice President and Assistant Secretary
Date: July 30, 1997
Exhibit: Opinion of Counsel
July 30, 1997
NUVEEN FLAGSHIP MULTISTATE TRUST I
333 West Wacker Drive
Chicago, Illinois 60606
RE: Rule 24f-2 Notice
Ladies and Gentlemen:
We have acted as special counsel to Nuveen Flagship Multistate Trust I, a
Massachusetts business trust (the "Trust"), with respect to the Class A Shares,
Class B Shares, Class C Shares and Class R Shares of the Nuveen Flagship
Arizona Municipal Bond Fund, the Nuveen Flagship Colorado Municipal Bond
Fund, the Nuveen Flagship Florida Municipal Bond Fund, the Nuveen
Maryland Municipal Bond Fund, the Nuveen Flagship New Mexico Municipal Bond
Fund, the Nuveen Flagship Pennsylvania Municipal Bond Fund and the Nuveen
Flagship Virginia Municipal Bond Fund, and the Class A Shares, Class C
Shares and Class R Shares of the Nuveen Flagship Florida Intermediate Municipal
Bond Fund (collectively, the "Nuveen Flagship Shares"); and the Class A and
Class C Shares (where applicable) of the Flagship Arizona Double Tax Exempt
Fund, the Flagship Colorado Double Tax Exempt Fund, the Flagship Florida Double
Tax Exempt Fund, the Flagship Florida Intermediate Tax Exempt Fund, the Flagship
New Mexico Double Tax Exempt Fund, the Flagship Pennsylvania Triple Tax Exempt
Fund, and the Flagship Virginia Double Term Tax Exempt Fund (collectively,
the "Flagship Shares" and together with the Nuveen Flagship Shares, the
"Shares") of the Flagship Tax Exempt Funds Trust (the "Flagship Trust"), in
connection with the Trust's registration, pursuant to Rule 24f-2 under the
Investment Company Act of 1940, as amended (the "1940 Act"), of
an indefinite number of its Shares of Beneficial Interest, par value $.01 per
share, under the Securities Act of 1933, as amended (the "1933 Act"). We
understand that, pursuant to Rule 24f-2, the Trust proposes to file a notice
for the above series (the "Notice") with the Securities and Exchange
Commission (the "Commission") with respect to the fiscal year ended
May 31, 1997, in order to make definite in number the registration of Shares
in the aggregate amount of $334,012,732. This opinion is being delivered to
you in connection with the Trust's filing of such Notice.
In connection with this opinion, we have reviewed, among other things,
executed copies of the following documents:
(a) a certificate of the Secretary of State of the Commonwealth of
Massachusetts as to the existence of the Trust;
(b) copies, certified by the Secretary of State of the Commonwealth of
Massachusetts, of the Trust's Declaration of Trust, including all amendments
and other supplements thereto on file in the office of the Secretary of State
(the "Trust Charter");
(c) a certificate executed by H. William Stabenow, the Treasurer of the Trust,
as to the issuance of the Nuveen Flagship Shares in accordance with the Trust
Charter and By-Laws, (the "Trust By-Laws"), and as to the receipt
by the Trust of the net asset value of the Nuveen Flagship Shares covered
by the Notice;
(d) a certificate executed by Karen L. Healy, an Assistant Secretary of the
Trust, certifying as to, and attaching copies of, the Trust Charter
and the Trust By-Laws, and certain resolutions of the Board of Trustees of the
Trust authorizing the issuance of the Nuveen Flagship Shares
covered by the Notice;
(e) a certificate of the Secretary of State of the
Commonwealth of Massachusetts as to the existence of the Flagship Trust;
(f) copies, certified by the Secretary of State of the Commonwealth of
Massachusetts, of the Flagship Trust's Declaration of Trust, including all
amendments and other supplements thereto on file in the office of the
Secretary of State (the "Flagship Trust Charter");
(g) a certificate executed by Richard P. Davis, the President of the Flagship
Trust, as to the issuance of the Flagship Shares in accordance with the
Flagship Trust Charter and By-Laws, as amended (the "Flagship Trust By-Laws"),
and as to the receipt by the Flagship Trust of the net asset value of the
Flagship Shares covered by the Notice; and
(h) a certificate executed by Michael D. Kalbfleisch, Secretary of the Flagship
Trust, certifying as to, and attaching copies of, the Flagship Trust Charter,
Flagship Trust By-Laws, and certain resolutions of the Board of Trustees of
the Flagship Trust authorizing the issuance of the Flagship Shares covered by
the Notice.
In our capacity as counsel to the Trust, we have examined the originals, or
certified, conformed or reproduced copies, of all records, agreements,
instruments and documents as we have deemed relevant or necessary as the
basis for the opinion hereinafter expressed. In all such examinations, we
have assumed the legal capacity of all natural persons executing documents,
the genuineness of all signatures, the authenticity of all original or
certified copies, and the conformity to original or certified copies of all
copies submitted to us as conformed or reproduced copies. As to various
questions of fact relevant to such opinion, we have relied upon, and assume
the accuracy of, certificates and oral or written statements of public
officials and officers or representatives of the Trust and the Flagship Trust.
Based upon and subject to, the limitations set forth herein, we are of the
opinion that the Shares covered by the Notice, when issued, in the aggregate
amount of $334,012,732, were legally issued, fully paid, and nonassessable
except that, as set forth in the registration statements relating to the
Shares as currently in effect or as filed with the Commission pursuant to
the 1933 Act, holders of the Shares may, under certain circumstances, be
held personally liable for the obligations of the Trust (or, in the case
of the holders of the Flagship Shares prior to February 1, 1997, the
Flagship Trust).
The opinion expressed herein is limited to the laws of the Commonwealth of
Massachusetts.
Very truly yours,
FRIED, FRANK, HARRIS, SHRIVER & JACOBSON
Thomas S. Harman
