Nuveen Limited Term Municipal Bond Fund
Nuveen Municipal Trust · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Nuveen Limited Term 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 target weighted average maturity of three to seven years, emphasizing investment-grade securities rated BBB/Baa or higher at purchase or judged by the sub-adviser to be of comparable quality; the sub-adviser pursues a value-oriented approach, seeking higher-yielding and undervalued bonds. The fund may hold up to 20% in below-investment-grade municipal bonds and up to 15% in inverse floaters, which provide leveraged exposure and are speculative. Because performance depends on the sub-adviser's credit judgments and security selection, results will diverge from the broader municipal bond market.
| Share class | Expense ratio |
|---|---|
| FLTDX | 0.63% |
| FLTRX | 0.43% |
| FAFJX | 1.43% |
Portfolio turnover 27.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 97.75% |
Latest quarter
What changed since the fund's previous filing
Largest new: Arkansas Development Finance Authority, Single Family Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2026A, Ohio State, Major New State Infrastructure Project Revenue Bonds, Refunding Series 2026-1, Pennsylvania State, General Obligation Bonds, First Series 2018, Saint John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation Project, Refunding Series 2017D, Delaware State, General Obligation Bonds, Series 2026A ×2, Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Contractual Obligations Series 2026, Washington State, General Obligation Bonds, Motor Vehicle Fuel Tax & Related Fees, Refunding Series R-2026D
Largest exited: Saint John the Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation Project, Refunding Series 2017A-3, Florida Municipal Power Agency, Power Supply Revenue Bonds, All Requirements Project, Series 2025A, Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 20, Fairfax County, Virginia, General Obligation Bonds, Public Improvement Series 2026A, Central Texas Regional Mobility Authority, Revenue Bonds, Anticipation Notes Subordinate Lien Series 2021C, Colorado State Education Loan Program, Tax and Revenue Anticipation Notes, Series 2025B, Board of Regents of the University of Texas System, Revenue Financing System Bonds, Series 2024B, Connecticut State, General Obligation Bonds, Refunding Series 2025D
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 |
|---|---|---|---|---|---|
| +4.48% | +9.36% | +6.66% | 2.33% | -1.99% | |
| +4.57% | +9.92% | +7.67% | 2.32% | -2.03% | |
| +3.55% | +6.70% | +2.51% | 2.31% | -2.28% |
These classes hold the same portfolio, so the 5.16pp spread over 5 years is the cost difference between them — roughly 1.03pp 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 | 79.9% |
| Floating rate | 20.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 6.7% |
| 1-3y | 21.3% |
| 3-5y | 19.3% |
| 5-10y | 22.4% |
| 10y+ | 30.4% |
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 | +3.08 yr |
| High yield | +0.18 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 | 3% |
| 1 yr | 0.74 yr | 21% |
| 5 yr | 1.59 yr | 46% |
| 10 yr | 1.01 yr | 29% |
| 30 yr | 0.03 yr | 1% |
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.54 yr | 16% |
| 5 yr | 1.30 yr | 40% |
| 10 yr | 1.35 yr | 42% |
| 30 yr | 0.05 yr | 1% |
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 | $10.1k | $232 |
| 1 yr | +0.74 | +0.52 | +0.01 | $208.6k | $5.0k |
| 5 yr | +1.59 | +1.24 | +0.05 | $494.2k | $21.9k |
| 10 yr | +1.01 | +1.25 | +0.10 | $498.9k | $39.9k |
| 30 yr | +0.03 | +0.03 | +0.01 | $12.7k | $5.5k |
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 |
|---|---|---|---|---|
| — | New York City, New York, General Obligation Bonds, Fiscal 2020 Series C-15.00% · due 2027-08-01 | 0.71% | $28.28M | — |
| — | Carroll County, Kentucky, Pollution Control Revenue Bonds, Kentucky Utilities Company Project, Refunding Series 2016A1.55% floating · due 2042-09-01 | 0.65% | $25.90M | — |
| — | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-10.00% · due 2031-07-01 | 0.58% | $23.28M | — |
| — | Indiana Finance Authority, Environmental Improvement Revenue Bonds, Southern Indiana Gas & Electric Company, Refunding Series 2013A4.00% floating · due 2043-05-01 | 0.53% | $21.16M | — |
| — | Sweetwater County, Wyoming, Pollution Control Revenue Refunding Bonds, Idaho Power Company Project, Series 20061.70% · due 2026-07-15 | 0.52% | $20.54M | — |
| — | Alaska Housing Finance Corporation, Mortgage Revenue Bonds, General Series 2020B-II2.00% · due 2035-12-01 | 0.50% | $19.86M | — |
| — | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A3.00% · due 2030-12-31 | 0.48% | $19.30M | — |
| — | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019B-25.00% floating · due 2049-08-01 | 0.47% | $18.71M | — |
| — | Trimble County, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2016A1.30% floating · due 2044-09-01 | 0.45% | $17.86M | — |
| — | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2019A5.00% · due 2027-10-01 | 0.44% | $17.55M | — |
Top 10 positions are 5.34% of net assets, top 25 10.84%, across 742 issuers.
See more of this fund's book
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