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
