The vegetation and flora of the wetland and aquatic habitats of Sleeping Bear Dunes National Lakeshore was surveyed during the summers of 1986 and 1987. This report, the third in a series on the vegetation of the National Lakeshore, provides descriptions of the various lakes, streams, and their associated wetlands and includes a catalogue of 338 vascular plant species. The National Lakeshore distribution of Berula erecta, a species listed as threatened by the State of Michigan, is mapped. Locations of fragile aquatic and wetland habitats within the National Lakeshore are noted. Recommendations concerning the public use of, future research in, and monitoring of aquatic and wetland areas are made.