To the Board of Directors of
Nuveen Flagship Municipal Trust:
In planning and performing our audit of the financial
statements of NUVEEN FLAGSHIP MUNICIPAL TRUST
(a Massachusetts business trust, comprising the Nuveen
Intermediate Duration Municipal Bond Fund, Nuveen
Insured Municipal Bond Fund, Nuveen Flagship All-
American Municipal Bond Fund, Nuveen Flagship
Intermediate Municipal Bond Fund, Nuveen Flagship
Limited Term Municipal Bond Fund and Nuveen High
Yield Municipal Bond Fund) for the year ended April 30,
2000, we considered its internal control, including control
activities for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide
assurance on internal control.
The management of Nuveen Flagship Municipal Trust is
responsible for establishing and maintaining internal
control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external
purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls
include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of
any evaluation of internal control to future periods is
subject to the risk that it may become inadequate because
of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control that
might be material weaknesses under standards established
by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or
operation of the internal control components does not
reduce to a relatively low level the risk that misstatements
caused by error or fraud in amounts that would be
material in relation to the financial statements being
audited may occur and not be detected by employees in
the normal course of performing their assigned functions.
However, we noted no matters involving internal control,
including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as of
April 30, 2000.
This report is intended solely for the information and use
of management and the Board of Directors of Nuveen
Flagship Municipal Trust and the Securities and Exchange
Commission.
ARTHUR ANDERSEN LLP
/s/ ARTHUR ANDERSEN LLP
Chicago, Illinois
June 20, 2000
