SECURITIES AND EXCHANGE COMMISSION FORM N-CSR Certified annual shareholder report of registered management investment companies filed on Form N-CSR Filing Date: 2021-06-04 | Period of Report: 2021-03-31 SEC Accession No. 0001193125-21-182565 (HTML Version on secdatabase.com) FILER NUVEEN MUNICIPAL TRUST/MA Mailing Address Business Address NUVEEN INVESTMENTS NUVEEN INVESTMENTS CIK:1020660| IRS No.: 000000000 | State of Incorp.:MA | Fiscal Year End: 0430 333 W WACKER DR 33RD 333 W WACKER DRIVE 33RD Type: N-CSR | Act: 40 | File No.: 811-07873 | Film No.: 21995570 FLOOR FLOOR CHICAGO IL 60606 CHICAGO IL 60606 3129178146 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-07873 Nuveen Municipal Trust (Exact name of registrant as specified in charter) Nuveen Investments 333 West Wacker Drive, Chicago, IL 60606 (Address of principal executive offices) (Zip code) Mark J. Czarniecki Vice President and Secretary 333 West Wacker Drive, Chicago, IL 60606 (Name and address of agent for service) Registrants telephone number, including area code: (312) 917-7700 Date of fiscal year end: March 31 Date of reporting period: March 31, 2021 Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (OMB) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507. Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ITEM 1. REPORTS TO STOCKHOLDERS. Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Mutual Funds 31 March 2021 Nuveen Municipal Bond Funds Class Class Class Class Fund Name A C C2 R6 Class I Nuveen All-American Municipal Bond Fund FLAAX FACCX FAACX FAAWX FAARX Nuveen Intermediate Duration Municipal Bond Fund NMBAX NNCCX NNSCX — NUVBX Nuveen Limited Term Municipal Bond Fund FLTDX FAFJX FLTCX — FLTRX Nuveen Short Term Municipal Bond Fund FSHAX NAAEX NSVCX — FSHYX As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' annual and semi-annual shareholder reports will not be sent to you by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds' website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document You may elect to receive shareholder reports and other communications from the Funds electronically at any time by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by enrolling at www.nuveen.com/e-reports. You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary or, if you are a direct investor, by calling 800-257-8787 and selecting option #1. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Nuveen Funds and any other directly held funds within the same group of related investment companies. Annual Report Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Life is Complex. Nuveen makes things e-simple. It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready. No more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish. Free e-Reports right to your e-mail! www.investordelivery.com If you receive your Nuveen Fund distributions and statements from your financial professional or brokerage account. or www.nuveen.com/client-access If you receive your Nuveen Fund distributions and statements directly from Nuveen. Must be preceded by or accompanied by a prospectus. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Table of Contents Chair’s Letter to Shareholders 4 Portfolio Managers’ Comments 5 Risk Considerations and Dividend Information 13 Fund Performance, Expense Ratios and Effective Leverage Ratios 15 Yields 20 Holding Summaries 22 Expense Examples 26 Report of Independent Registered Public Accounting Firm 28 Portfolios of Investments 29 Statement of Assets and Liabilities 279 Statement of Operations 281 Statement of Changes in Net Assets 282 Financial Highlights 284 Notes to Financial Statements 292 Additional Fund Information 307 Glossary of Terms Used in this Report 308 Annual Investment Management Agreement Approval Process 311 Trustees and Officers (Unaudited) 318 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 3 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Table of Contents Chair’s Letter to Shareholders Dear Shareholders, More than a year has passed since the World Health Organization declared COVID-19 a global pandemic in March 2020: a year of global economic recession, financial market turbulence and some immeasurable losses. A year later the health crisis persists but the widespread distribution of vaccines in the U.S. is enabling us to look forward to what our “new normal” might be. In the meantime, extraordinary economic interventions by governments and central banks around the world are helping to bridge the gap. With vaccine progress and economic stimulus beginning to provide real benefits to the global economy, markets are anticipating a strong rebound in growth, especially in the U.S. To extend relief programs enacted earlier in the crisis, the U.S. government passed $900 billion in aid to individuals and businesses in late December 2020. Another $1.9 trillion relief package was signed into law in March 2021 providing extended unemployment benefits, direct payments to individuals and families, assistance to state and local municipalities, grants to education and public health, and other support. Additional stimulus proposals are set to be discussed in Congress. The U.S. Federal Reserve, along with other central banks around the world, has pledged to keep monetary conditions accommodative for as long as necessary, as they consider the recent increase in inflation risks as transitory. While the markets’ longer-term outlook has brightened, we expect intermittent bouts of volatility to continue. COVID-19 cases are still elevated in some regions, as more virulent strains have spread and vaccination rollouts have been uneven around the world. The recovery hinges on controlling the virus, and estimates vary considerably on when economic activity might be fully restored. Achieving sufficient inoculation of the population depends on many variables, including logistics, public confidence, real-world efficacy and the emergence of variant virus strains, as well as whether young children can safely and effectively be vaccinated. In the U.S., the recent slowdown in vaccine demand is prompting a shift from mass distribution to outreach. On the political front, the Biden administration’s full policy agenda and the potential for Congressional gridlock remain to be seen, either of which could cause investment outlooks to shift. Short-term market fluctuations can provide your Fund opportunities to invest in new ideas as well as upgrade existing positioning while providing long-term value for shareholders. For more than 120 years, the careful consideration of risk and reward has guided Nuveen’s focus on delivering long-term results to our shareholders. If you have concerns about what’s coming next, it can be an opportune time to assess your portfolio. We encourage you to review your time horizon, risk tolerance and investment goals with your financial professional. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing