Nuveen Intermediate Duration Municipal Bond Fund
Nuveen Municipal Trust · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Nuveen Intermediate Duration Municipal Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q3
The investment objective of the Fund is to provide you with as high a level of current interest income exempt from regular federal income taxes as is consistent with preservation of capital.
The fund invests at least 80% of its net assets in municipal bonds exempt from regular federal income tax, with a weighted average effective duration between 4.5 and 7 years, and maintains at least 80% in investment-grade bonds rated BBB/Baa or higher or judged by the sub-adviser to be of comparable quality; the sub-adviser pursues a value strategy, seeking higher-yielding and undervalued municipal bonds. The fund may invest up to 20% in below-investment-grade municipal bonds and up to 15% in inverse floaters, which provide leveraged exposure and are speculative. Because the fund's returns depend on the sub-adviser's credit judgments and security selection, performance will diverge from any benchmark.
| Share class | Expense ratio |
|---|---|
| NMBAX | 0.64% |
| NUVBX | 0.44% |
| NNCCX | 1.44% |
Portfolio turnover 27.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 99.45% |
| Securitized | 0.35% |
| Loans | 0.00% |
| Stocks | 0.00% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
Latest quarter
What changed since the fund's previous filing
Largest new: University of Michigan, General Revenue Bonds, Variable Rate Demand Obligation Series 2012A, Michigan State Building Authority, Revenue Bonds, Facilities Program, Multi-Modal Series 2024I, Saint John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation Project, Refunding Series 2017D, Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Honor Health, Series 2024C, Texas Department of Housing and Community Affairs, Residential Mortgage Revenue Bonds, PAC Series 2026B, Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2019A, Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Climate Bond Certified, Refunding Green Series 2016B-2, Nevada State, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2017
Largest exited: Colorado State Education Loan Program, Tax and Revenue Anticipation Notes, Series 2025B, Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second Series 2016B-2, Whiting, Indiana, Environmental Facilities Refunding Revenue Bonds, BP Products North America Inc. Project, Refunidng Series 2019A, City of Jacksonville FL, Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2021B, North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2015C, Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2016A-2, Central Texas Regional Mobility Authority, Revenue Bonds, Anticipation Notes Subordinate Lien Series 2021C
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.53% | +10.78% | +4.99% | 3.58% | -4.05% | |
| +5.72% | +11.42% | +6.07% | 3.55% | -4.10% | |
| +4.67% | +8.10% | +0.81% | 3.59% | -4.26% |
These classes hold the same portfolio, so the 5.25pp spread over 5 years is the cost difference between them — roughly 1.05pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 86.1% |
| Floating rate | 13.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.9% |
| 1-3y | 6.0% |
| 3-5y | 8.5% |
| 5-10y | 30.3% |
| 10y+ | 51.2% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 52% |
| Credit spreads | 48% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +4.69 yr |
| High yield | +0.37 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.11 yr | 2% |
| 1 yr | 0.51 yr | 9% |
| 5 yr | 1.69 yr | 31% |
| 10 yr | 2.68 yr | 50% |
| 30 yr | 0.42 yr | 8% |
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.21 yr | 4% |
| 5 yr | 1.15 yr | 23% |
| 10 yr | 2.94 yr | 58% |
| 30 yr | 0.73 yr | 14% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.11 | +0.03 | +0.00 | $29.5k | $151 |
| 1 yr | +0.51 | +0.20 | +0.01 | $189.0k | $7.9k |
| 5 yr | +1.69 | +1.10 | +0.05 | $1.05m | $49.2k |
| 10 yr | +2.68 | +2.72 | +0.23 | $2.61m | $216.5k |
| 30 yr | +0.42 | +0.65 | +0.08 | $620.5k | $80.5k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-10.00% · due 2031-07-01 | 0.50% | $47.78M | — |
| — | Washington State Housing Finance Commission, Social Municipal Certificates Multifamily Revenue Bonds, Series 2021-1 Class A3.50% · due 2035-12-20 | 0.39% | $37.44M | — |
| — | University of Michigan, General Revenue Bonds, Variable Rate Demand Obligation Series 2012A2.45% floating · due 2036-04-01 | 0.39% | $37.08M | — |
| — | New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2019A2.20% floating · due 2039-10-01 | 0.37% | $35.81M | — |
| — | Michigan State Building Authority, Revenue Bonds, Facilities Program, Multi-Modal Series 2024I1.67% floating · due 2059-04-15 | 0.36% | $34.20M | — |
| — | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019B-25.00% floating · due 2049-08-01 | 0.35% | $33.76M | — |
| — | Richmond Hospital Authority, Indiana, Revenue Bonds, Reid Hospital Project, Refunding Series 2018B5.00% · due 2036-01-01 | 0.35% | $33.18M | — |
| — | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A0.00% · due 2046-06-15 | 0.34% | $32.19M | — |
| — | California State, General Obligation Bonds, Refunding Various Purpose Series 20265.00% · due 2039-10-01 | 0.33% | $31.49M | — |
| — | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A5.25% · due 2050-01-01 | 0.30% | $29.21M | — |
Top 10 positions are 3.67% of net assets, top 25 7.34%, across 1.4K issuers.
See more of this fund's book
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