# EDGAR Filing Document

**Accession Number:** 0000784056
**File Stem:** 0001752724-23-042970
**Filing Date:** 2023-2
**Character Count:** 79795
**Document Hash:** 4788ce983ebbf86440c25331a99c7e86
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-042970.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-042970

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AQUILA MUNICIPAL TRUST
- **CENTRAL INDEX KEY:** 0000784056
- **IRS NUMBER:** 136864349
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04503
- **FILM NUMBER:** 23673871

**BUSINESS ADDRESS:**
- **STREET 1:** 120 WEST 45TH STREET
- **STREET 2:** STE 3600
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 2126976666

**MAIL ADDRESS:**
- **STREET 1:** 120 WEST 45TH STREET
- **STREET 2:** SUITE 3600
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TAX-FREE TRUST OF ARIZONA
- **DATE OF NAME CHANGE:** 20060126

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TAX FREE TRUST OF ARIZONA
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Aquila Churchill Tax-Free Fund of Kentucky (Series ID: S000041641)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000129275 | Class A      | CHTFX           |
| C000129276 | Class C      | CHKCX           |
| C000129277 | Class I      | CHKIX           |
| C000129278 | Class Y      | CHKYX           |
| C000188813 | Class F      | CHKFX           |

## Nport-Ex

**AQUILA CHURCHILL TAX-FREE FUND OF KENTUCKY**

SCHEDULE OF INVESTMENTS

**December 31, 2022**

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **General Obligation Bonds (5.7%)** | **Ratings<br> Moody's, S&P<br> and Fitch** | **Value** | **(a)** |
|  | Bowling Green, Kentucky |  |  |  |
| $1605000 | 2.000%, 09/01/44 Series 2021A | Aa1/NR/NR | $1017923 |  |
|  | Lexington-Fayette Urban County, Kentucky |  |  |  |
| 3600000 | 4.000%, 09/01/29 | Aa2/AA/NR | 3665196 |  |
|  | Louisville/Jefferson County, Kentucky Metro Government |  |  |  |
| 2000000 | 4.000%, 04/01/35 Series 2022A | Aa1/NR/AAA | 2090280 |  |
|  | Newport, Kentucky |  |  |  |
| 620000 | 2.000%, 02/01/38 Series 2021 AGMC Insured | NR/AA/NR | 450349 |  |
|  | Rowan County, Kentucky |  |  |  |
| 835000 | 4.000%, 06/01/30 AGMC Insured | A1/AA/NR | 860893 |  |
| 865000 | 4.000%, 06/01/31 AGMC Insured | A1/AA/NR | 889601 |  |
|  | Warren County, Kentucky |  |  |  |
| 695000 | 1.750%, 12/01/35 Series 2020 | Aa1/NR/NR | 522911 |  |
|  | Total General Obligation Bonds |  | 9497153 |  |
|  | **Revenue Bonds (88.4%)** |  |  |  |
|  | State Agency (26.1%) |  |  |  |
|  | Kentucky Asset & Liability Commission Federal Highway Notes |  |  |  |
| 2000000 | 5.250%, 09/01/25 Series A | A2/AA/A+ | 2026080 |  |
| 2000000 | 5.000%, 09/01/26 Series A | A2/AA/A+ | 2062580 |  |
| 1000000 | 5.000%, 09/01/27 Series A | A2/AA/A+ | 1049280 |  |
|  | Kentucky Rural Water Finance Corp. |  |  |  |
| 240000 | 4.500%, 08/01/23 NPFG Insured | Baa2/A+/NR | 240216 |  |
| 255000 | 4.500%, 08/01/24 NPFG Insured | Baa2/A+/NR | 255247 |  |
| 290000 | 4.500%, 08/01/27 NPFG Insured | Baa2/A+/NR | 290264 |  |
| 245000 | 4.600%, 08/01/28 NPFG Insured | Baa2/A+/NR | 245225 |  |
| 315000 | 4.625%, 08/01/29 NPFG Insured | Baa2/A+/NR | 315299 |  |
| 175000 | 4.000%, 02/01/28 Series 2012C | NR/A+/NR | 175103 |  |
| 100000 | 4.000%, 02/01/29 Series 2012C | NR/A+/NR | 100058 |  |
| 120000 | 4.000%, 02/01/26 Series 2012F | NR/A+/NR | 120083 |  |
| 125000 | 4.000%, 02/01/27 Series 2012F | NR/A+/NR | 125078 |  |
| 130000 | 4.000%, 02/01/28 Series 2012F | NR/A+/NR | 130077 |  |
| 140000 | 4.000%, 02/01/29 Series 2012F | NR/A+/NR | 140081 |  |
| 265000 | 2.000%, 02/01/35 Series 2020I | NR/A+/NR | 213725 |  |
| 475000 | 2.000%, 02/01/36 Series 2020I | NR/A+/NR | 367622 |  |
| 280000 | 2.000%, 02/01/37 Series 2020I | NR/A+/NR | 207248 |  |
| 615000 | 3.000%, 08/01/31 Series 2021D | NR/A+/NR | 590449 |  |
| 625000 | 3.000%, 08/01/32 Series 2021D | NR/A+/NR | 594975 |  |
| 580000 | 3.000%, 08/01/33 Series 2021D | NR/A+/NR | 543553 |  |
|  | Kentucky State Office Building COP |  |  |  |
| 2250000 | 4.000%, 04/15/27 | A1/NR/NR | 2335838 |  |
| 1640000 | 5.000%, 06/15/34 | A1/NR/NR | 1718015 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **Revenue Bonds (continued)** | **Ratings<br> Moody's, S&P<br> and Fitch** | **Value** | **(a)** |
|  | State Agency (continued) |  |  |  |
|  | Kentucky State Property and Buildings Commission |  |  |  |
| $625000 | 4.000%, 04/01/26 Project 105 | A1/A-/A+ | $626863 |  |
| 655000 | 4.000%, 04/01/27 Project 105 | A1/A-/A+ | 656801 |  |
| 3000000 | 5.000%, 08/01/33 Project 108 | A1/A-/A+ | 3121800 |  |
| 5000000 | 5.000%, 08/01/32 Project 110 | A1/A-/A+ | 5211800 |  |
| 2040000 | 5.000%, 11/01/27 Project 112 | A1/A-/A+ | 2187451 |  |
| 1425000 | 5.000%, 11/01/28 Project 112 | A1/A-/A+ | 1527472 |  |
| 2500000 | 5.000%, 02/01/31 Project 112 | A1/A-/A+ | 2641950 |  |
| 1400000 | 4.000%, 10/01/30 Project 114 | A1/A-/A+ | 1446298 |  |
| 1000000 | 5.000%, 04/01/29 Project 115 | A1/A-/A+ | 1081630 |  |
| 2000000 | 5.000%, 05/01/30 Project 117 | A1/NR/A+ | 2165620 |  |
| 500000 | 5.000%, 05/01/36 Project 117 | A1/NR/A+ | 532460 |  |
| 1490000 | 5.000%, 05/01/24 Project 119 | A1/A-/A+ | 1531631 |  |
| 1015000 | 5.000%, 05/01/25 Project 119 | A1/A-/A+ | 1060949 |  |
| 1000000 | 5.000%, 02/01/28 Project 121 | A1/NR/A+ | 1095310 |  |
| 1000000 | 5.000%, 05/01/33 Project 126 | A1/NR/A+ | 1152370 |  |
| 3000000 | 5.000%, 06/01/33 Project 127A | A1/NR/A+ | 3456840 |  |
|  | Total State Agency |  | 43343341 |  |
|  | Airports (3.9%) |  |  |  |
|  | Louisville, Kentucky Regional Airport Authority |  |  |  |
| 2070000 | 5.000%, 07/01/23 AMT | NR/A+/A+ | 2086374 |  |
| 2325000 | 5.000%, 07/01/26 AMT | NR/A+/A+ | 2374476 |  |
| 1895000 | 5.000%, 07/01/27 Series A AMT | NR/A+/A+ | 1933203 |  |
|  | Total Airports |  | 6394053 |  |
|  | City (1.1%) |  |  |  |
|  | River City Parking Authority of River City, Inc., Kentucky First Mortgage Refunding |  |  |  |
| 780000 | 2.000%, 12/01/33 Series 2021A | Aa3/AA-/NR | 640177 |  |
| 800000 | 2.000%, 12/01/34 Series 2021A | Aa3/AA-/NR | 636328 |  |
| 810000 | 2.000%, 12/01/35 Series 2021A | Aa3/AA-/NR | 620160 |  |
|  | Total City |  | 1896665 |  |
|  | City & County (0.5%) |  |  |  |
|  | Louisville & Jefferson County Visitors & Convention Commission (Kentucky International Convention Center Expansion Project) |  |  |  |
| 1000000 | 3.125%, 06/01/41 Series 2016 | Aa3/A/NR | 829780 |  |
|  | Excise Tax (1.0%) |  |  |  |
|  | Kentucky Bond Development Corp. Transient Room Tax Revenue (Lexington Center Corporation) Subordinate |  |  |  |
| 1585000 | 5.000%, 09/01/27 Series 2018B | A3/NR/NR | 1711023 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **Revenue Bonds (continued)** | **Ratings<br> Moody's, S&P<br> and Fitch** | **Value** | **(a)** |
|  | Healthcare (6.3%) |  |  |  |
|  | City of Ashland, Kentucky, Medical Center (King's Daughter) |  |  |  |
| $460000 | 5.000%, 02/01/31 Series 2019 | Baa1/BBB+/A- | $488594 |  |
| 450000 | 5.000%, 02/01/32 Series 2019 | Baa1/BBB+/A- | 476852 |  |
| 2600000 | 3.000%, 02/01/40 Series 2019 AGMC Insured | A1/AA/A- | 2053818 |  |
|  | Louisville & Jefferson County, Kentucky Metropolitan Government Health System, Norton Healthcare, Inc. |  |  |  |
| 2710000 | 5.000%, 10/01/27 Series A | NR/A/A+ | 2735881 |  |
| 3500000 | 5.000%, 10/01/31 Series A | NR/A/A+ | 3660055 |  |
|  | Louisville & Jefferson County, Kentucky Metropolitan Government, Louisville Medical Center, Laundry Facility Project |  |  |  |
| 355000 | 4.250%, 05/01/23 Series 2012 | NR/BBB+/NR | 355895 |  |
|  | Warren County, Kentucky, Warren County Community Hospital Corp. |  |  |  |
| 680000 | 4.000%, 10/01/29 | NR/AA-/NR | 680408 |  |
|  | Total Healthcare |  | 10451503 |  |
|  | Higher Education (13.6%) |  |  |  |
|  | Boyle County, Kentucky Educational Facilities Refunding (Centre College) |  |  |  |
| 2050000 | 5.000%, 06/01/28 Series 2017 | A3/A/NR | 2196698 |  |
| 1000000 | 5.000%, 06/01/29 Series 2017 | A3/A/NR | 1071340 |  |
|  | Eastern Kentucky University General Receipts |  |  |  |
| 1230000 | 5.000%, 10/01/30 Series A | A1/NR/NR | 1347723 |  |
| 870000 | 4.500%, 04/01/32 Series A | A1/NR/NR | 891306 |  |
|  | Kentucky Bond Development Corp. Educational Facilities, City of Danville (Centre College) |  |  |  |
| 305000 | 4.000%, 06/01/34 Series 2021 | A3/A/NR | 306302 |  |
|  | Kentucky Bond Development Corp. Educational Facilities Revenue Refunding, City of Stamping Ground (Transylvania University Project) |  |  |  |
| 645000 | 3.000%, 03/01/38 Series 2021A | NR/A-/NR | 526346 |  |
|  | Kentucky Bond Development Corp. Industrial Building Revenue, City of Stamping Ground (Transylvania University Project) |  |  |  |
| 510000 | 4.000%, 03/01/33 Series 2019B | NR/A-/NR | 516003 |  |
| 610000 | 4.000%, 03/01/34 Series 2019B | NR/A-/NR | 613928 |  |
|  | Kentucky State University COP |  |  |  |
| 300000 | 4.000%, 11/01/34 Series 2021 BAMI Insured | NR/AA/NR | 315690 |  |
| 310000 | 4.000%, 11/01/36 Series 2021 BAMI Insured | NR/AA/NR | 317738 |  |
| 740000 | 4.000%, 11/01/38 Series 2021 BAMI Insured | NR/AA/NR | 733125 |  |
|  | Louisville & Jefferson County, Kentucky Metropolitan Government College Improvement (Bellarmine University Project) |  |  |  |
| 2270000 | 5.000%, 05/01/33 | Ba1/NR/NR | 2198223 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **Revenue Bonds (continued)** | **Ratings<br> Moody's, S&P<br> and Fitch** | **Value** | **(a)** |
|  | Higher Education (continued) |  |  |  |
|  | Morehead State University, Kentucky General Receipts |  |  |  |
| $1000000 | 5.000%, 04/01/29 Series A | A1/NR/NR | $1041570 |  |
| 1000000 | 4.000%, 04/01/31 Series A | A1/NR/NR | 1022190 |  |
|  | Murray State University Project, Kentucky General Receipts |  |  |  |
| 1850000 | 4.500%, 03/01/30 Series A | A1/NR/NR | 1907868 |  |
| 1230000 | 3.000%, 09/01/35 Series 2022A | A1/NR/NR | 1110653 |  |
|  | Northern Kentucky University, Kentucky General Receipts |  |  |  |
| 990000 | 3.000%, 09/01/40 Series A AGMC Insured | A1/AA/NR | 798653 |  |
|  | University of Kentucky COP |  |  |  |
| 1000000 | 4.000%, 05/01/39 2011 Series 2019A | Aa3/AA/NR | 1011760 |  |
|  | University of Kentucky, Kentucky General Receipts |  |  |  |
| 2715000 | 3.000%, 04/01/39 Series A | Aa2/AA+/NR | 2361426 |  |
|  | University of Louisville, Kentucky General Receipts |  |  |  |
| 1235000 | 3.000%, 09/01/32 Series 2021B BAMI Insured | A1/AA/NR | 1179413 |  |
| 1275000 | 3.000%, 09/01/33 Series 2021B BAMI Insured | A1/AA/NR | 1200884 |  |
|  | Total Higher Education |  | 22668839 |  |
|  | Housing (2.4%) |  |  |  |
|  | Kentucky Housing Corp. Multifamily (Churchill Park) |  |  |  |
| 3000000 | 4.650%, 05/01/25 144A | NR/NR/NR\* | 2999820 |  |
|  | Kentucky Housing Multifamily Mortgage Revenue |  |  |  |
| 1010000 | 5.000%, 06/01/35 AMT (mandatory put 6/01/23) | NR/NR/NR\* | 1011303 |  |
|  | Total Housing |  | 4011123 |  |
|  | Local Public Property (6.3%) |  |  |  |
|  | Jefferson County, Kentucky Capital Projects |  |  |  |
| 1950000 | 4.375%, 06/01/24 AGMC Insured | A1/NR/AA+ | 1952145 |  |
| 1640000 | 4.375%, 06/01/28 AGMC Insured | A1/NR/AA+ | 1645920 |  |
| 1070000 | 4.375%, 06/01/27 Series A AGMC Insured | A1/NR/AA+ | 1073852 |  |
|  | Kentucky Association of Counties Finance Corp. Financing Program |  |  |  |
| 515000 | 4.000%, 02/01/25 | NR/AA-/NR | 515443 |  |
| 30000 | 4.250%, 02/01/24 Series A | NR/AA-/NR | 30022 |  |
| 345000 | 5.000%, 02/01/24 Series B | NR/AA-/NR | 351631 |  |
| 365000 | 5.000%, 02/01/25 Series B | NR/AA-/NR | 379892 |  |
| 385000 | 5.000%, 02/01/26 Series B | NR/AA-/NR | 408139 |  |
| 380000 | 3.000%, 02/01/30 Series C | NR/AA-/NR | 375398 |  |
| 460000 | 3.000%, 02/01/32 Series D | NR/AA-/NR | 440767 |  |
| 470000 | 3.000%, 02/01/33 Series D | NR/AA-/NR | 444357 |  |
| 1210000 | 3.000%, 02/01/38 Series E | NR/AA-/NR | 1028064 |  |
|  | Kentucky Bond Corp. Financing Program |  |  |  |
| 575000 | 2.000%, 02/01/37 First Series A | NR/AA-/NR | 411579 |  |
| 590000 | 2.000%, 02/01/38 First Series A | NR/AA-/NR | 412699 |  |
| 600000 | 2.000%, 02/01/39 First Series A | NR/AA-/NR | 409398 |  |
| 730000 | 3.000%, 02/01/41 Series F | NR/AA-/NR | 587044 |  |
|  | Total Local Public Property |  | 10466350 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **Revenue Bonds (continued)** | **Ratings<br> Moody's, S&P<br> and Fitch** | **Value** | **(a)** |
|  | School Building (15.4%) |  |  |  |
|  | Beechwood, Kentucky Independent School District Finance Corp. |  |  |  |
| $645000 | 4.000%, 08/01/31 Series 2022 | A1/NR/NR | $671845 |  |
|  | Bullitt County, Kentucky School District Finance Corp. |  |  |  |
| 970000 | 1.875%, 12/01/36 Series 2020 | A1/NR/NR | 738413 |  |
|  | Fayette County, Kentucky School District Finance Corp. |  |  |  |
| 3000000 | 5.000%, 08/01/31 | Aa3/AA-/NR | 3133110 |  |
|  | Hopkins County, Kentucky School District Finance Corp. |  |  |  |
| 1500000 | 2.000%, 02/01/39 Series 2021 | A1/NR/NR | 1065495 |  |
|  | Jefferson County, Kentucky School District Finance Corp. |  |  |  |
| 805000 | 5.000%, 04/01/28 Series A | Aa3/AA-/NR | 840420 |  |
| 1075000 | 4.500%, 04/01/32 Series A | Aa3/AA-/NR | 1110733 |  |
| 4000000 | 4.000%, 07/01/26 Series B | Aa3/AA-/NR | 4024280 |  |
| 1655000 | 4.000%, 11/01/29 Series C | Aa3/AA-/NR | 1671500 |  |
|  | Kenton County, Kentucky School District Finance Corp. |  |  |  |
| 2040000 | 3.000%, 02/01/31 Series 2022 | A1/NR/NR | 1974394 |  |
|  | Lewis County, Kentucky School District Finance Corp. |  |  |  |
| 1600000 | 2.000%, 02/01/39 Series 2021 | A1/NR/NR | 1161392 |  |
|  | Logan County, Kentucky School District Finance Corp., Energy Conservation Revenue Bonds |  |  |  |
| 575000 | 4.000%, 04/01/33 Series 2016 | A1/NR/NR | 589128 |  |
| 615000 | 4.000%, 04/01/34 Series 2016 | A1/NR/NR | 628702 |  |
|  | Scott County, Kentucky School District Finance Corp. School Building |  |  |  |
| 2000000 | 4.000%, 02/01/32 | Aa3/NR/NR | 2106220 |  |
|  | Shelby County, Kentucky School District Finance Corp. School Building |  |  |  |
| 3200000 | 4.000%, 02/01/28 | A1/NR/NR | 3316672 |  |
| 2440000 | 4.000%, 02/01/29 | A1/NR/NR | 2527254 |  |
|  | Total School Building |  | 25559558 |  |
|  | Student Loan (2.3%) |  |  |  |
|  | Kentucky Higher Education Student Loan |  |  |  |
| 400000 | 5.000%, 06/01/24 Senior Series A AMT | NR/A/A | 408384 |  |
| 600000 | 5.000%, 06/01/26 Senior Series A AMT | NR/A/A | 629790 |  |
| 500000 | 4.000%, 06/01/34 Senior Series A AMT | NR/A/A | 480480 |  |
| 750000 | 5.000%, 06/01/28 Senior Series 2019A-1 AMT | NR/A/A | 795330 |  |
| 1000000 | 5.000%, 06/01/28 Senior Series 2021A-1 AMT | NR/A/A | 1057940 |  |
| 350000 | 5.000%, 06/01/31 Senior Series 2021A-1 AMT | NR/A/A | 374619 |  |
|  | Total Student Loan |  | 3746543 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **Revenue Bonds (continued)** | **Ratings<br> Moody's, S&P<br> and Fitch** | **Value** | **(a)** |
|  | Turnpike/Highway (7.0%) |  |  |  |
|  | Kentucky State Turnpike Authority |  |  |  |
| $4030000 | 5.000%, 07/01/30 Series A | Aa3/A-/A+ | $4220498 |  |
| 1200000 | 5.000%, 07/01/31 Series A | Aa3/NR/NR | 1392480 |  |
| 1715000 | 5.000%, 07/01/31 Series B | Aa3/A-/NR | 1827710 |  |
| 2925000 | 5.000%, 07/01/33 Series B | Aa3/A-/NR | 3114248 |  |
| 900000 | 5.000%, 07/01/28 Series 2022B | Aa3/NR/NR | 998964 |  |
|  | Total Turnpike/Highway |  | 11553900 |  |
|  | Utilities (2.5%) |  |  |  |
|  | Boone County, Kentucky Pollution Control |  |  |  |
| 1000000 | 3.700%, 08/01/27 Series 2008A | Baa1/BBB+/NR | 986320 |  |
|  | Louisville & Jefferson County, Kentucky Metropolitan Sewer District |  |  |  |
| 1920000 | 4.500%, 05/15/30 Series A | Aa3/AA/NR | 1978483 |  |
|  | Murray, Kentucky Electric Plant Board |  |  |  |
| 1380000 | 3.000%, 12/01/35 Series 2021 AGMC Insured | A1/AA/NR | 1250542 |  |
|  | Total Utilities |  | 4215345 |  |
|  | Total Revenue Bonds |  | 146848023 |  |
|  | **Pre-Refunded\ Escrowed to Maturity Bonds (3.7%)††** |  |  |  |
|  | Pre-Refunded Revenue Bonds\ Escrowed to Maturity Bonds (3.7%) |  |  |  |
|  | Healthcare (3.7%) |  |  |  |
|  | Hardin County, Kentucky, Hardin Memorial Hospital |  |  |  |
| 675000 | 5.500%, 08/01/23 AGMC Insured ETM | A1/AA/NR | 684416 |  |
| 500000 | 5.250%, 08/01/24 AGMC Insured | A1/AA/NR | 506265 |  |
|  | Warren County, Kentucky, Warren County Community Hospital Corp. |  |  |  |
| 4975000 | 5.000%, 04/01/28 | NR/AA-/NR | 4999179 |  |
|  | Total Pre-Refunded\ Escrowed to Maturity Bonds |  | 6189860 |  |
|  | Total Municipal Bonds (cost $170,374,846) |  | 162535036 |  |
| **Shares** | **Short-Term Investment (1.3%)** |  |  |  |
| 2085380 | Dreyfus Treasury Obligations Cash Management - <br> Institutional Shares, 4.17%\*\* (cost $2,085,380) | Aaa-mf/AAAm/NR | 2085380 |  |
|  | Total Investments <br> (cost $172,460,226-note b) | 99.1% | 164620416 |  |
|  | Other assets less liabilities | 0.9 | 1528592 |  |
|  | Net Assets | 100.0% | $166149008 |  |
|  |  | **Percent of** |  |  |
|  | **Portfolio Distribution By Quality Rating** | **Investments<sup>†</sup>** |  |  |
|  | AAA of Fitch | 1.3% |  |  |
|  | Pre-refunded bonds\ ETM bonds†† | 3.8 |  |  |
|  | Aa of Moody's or AA of S&P or Fitch | 39.4 |  |  |
|  | A of Moody's or S&P or Fitch | 50.8 |  |  |
|  | Baa of Moody's or BBB of S&P | 0.8 |  |  |
|  | Ba1 of Moody's | 1.4 |  |  |
|  | Not Rated\* | 2.5 |  |  |
|  |  | 100.0% |  |  |

---

---

| |
|:---|
| **PORTFOLIO ABBREVIATIONS:** |
| AGMC - Assured Guaranty Municipal Corp. |
| AMT - Alternative Minimum Tax |
| BAMI - Build America Mutual Insurance |
| COP - Certificates of Participation |
| ETM - Escrowed to Maturity |
| NPFG - National Public Finance Guarantee |
| NR - Not Rated |

---

---

| | |
|:---|:---|
| \* | Any security not rated ("NR") by any of the Nationally Recognized Statistical Rating Organizations ("NRSRO") has been determined by the Investment Adviser to have sufficient quality to be ranked in the top four credit ratings if a credit rating were to be assigned by a NRSRO. |
| \*\* | The rate is an annualized seven-day yield at period end. |
| † | Where applicable, calculated using the highest rating of the three NRSRO. Percentages in this table do not include the Short-Term Investment. |
| †† | Pre-refunded bonds are bonds for which U.S. Government Obligations usually have been placed in escrow to retire the bonds at their earliest call date. Escrowed to Maturity bonds are bonds where money has been placed in the escrow account which is used to pay principal and interest through the bond's originally scheduled maturity date. Escrowed to Maturity are shown as ETM. All other securities in the category are pre-refunded. |
|  | Note: 144A – Private placement subject to SEC rule 144A, which modifies a two-year holding period requirement to permit qualified institutional buyers to trade these securities among themselves, thereby significantly improving the liquidity of these securities. |

---

See accompanying notes to financial statements.

**AQUILA CHURCHILL TAX-FREE FUND OF KENTUCKY**

NOTES TO FINANCIAL STATEMENTS

**December 31, 2022**

(unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities valuation policies and other investment related disclosures are hereby incorporated by reference
in the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At December 31, 2022, the net unrealized depreciation on investments, based on cost for federal income
tax purposes of $172,460,226 amounted to of $7,839,810, which consisted of aggregate gross unrealized appreciation of $423,411 and aggregate
gross unrealized depreciation of $8,263,221.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Fair Value Measurements: The Fund follows a fair value hierarchy that distinguishes between market data
obtained from independent sources (observable inputs) and the Fund's own market assumptions (unobservable inputs). These inputs
are used in determining the value of the Fund's investments and are summarized in the following fair value hierarchy:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Level 1 – | &nbsp;&nbsp;Unadjusted quoted prices in inactive markets for identical assets or liabilities that the Fund has the ability to access. |
| &nbsp;&nbsp;Level 2 – | &nbsp;&nbsp;Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| &nbsp;&nbsp;Level 3 – | &nbsp;&nbsp;Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |

---

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the valuation inputs, representing 100% of the Fund's investments, used to value the Fund's net assets as of December 31, 2022:

---

| | |
|:---|:---|
| **Valuation Inputs**+ | **Investments in<br> Securities** |
| Level 1 – Quoted Prices - Short-Term Investment | $2085380 |
| Level 2 – Other Significant Observable Inputs - Municipal Bonds | 162535036 |
| Level 3 – Significant Unobservable Inputs |  |
| Total | $164620416 |

---

+ See schedule of investments for a detailed listing of securities.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Aquila Municipal Trust

- **b. Investment Company Act file number:** 811-04503

- **c. CIK number of Registrant:** 0000784056

- **d. LEI of Registrant:** 5493000LE8UHAHYCT855

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 120 West 45th Street

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

  - **Telephone number:** 212-697-6666

**Item A.2. Information about the Series.**

- **a. Name of Series:** Aquila Churchill Tax-Free Fund of Kentucky

- **b. EDGAR series identifier (if any):** S000041641

- **c. LEI of Series:** 5493006NP5K5HF23TZ89

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $167193210.50

**Total Liabilities:** $1086728.60

**Net Assets:** $166106481.90

**Cash Not Reported:** $930269.50

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 671.10578000 | **1-Year:** 11689.70164000 | **5-Year:** 21695.01799000 | **10-Year:** 32010.79543000 | **30-Year:** 2542.28731000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 866.33706000 | **10-Year:** 738.58525000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000129278 | -0.31%               | 3.55%                | 0.26%                |
| Class ID C000129276 | -0.39%               | 3.36%                | 0.18%                |
| Class ID C000188813 |  |  | -0.06%               |
| Class ID C000129277 | -0.33%               | 3.42%                | 0.24%                |
| Class ID C000129275 | -0.32%               | 3.43%                | 0.25%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-22779.01               | $-791890.94                                |
| Month 2  | $10886.57                | $5196798.91                                |
| Month 3  | $0.00                    | $109094.97                                 |

### Schedule of Portfolio Investments

| Name                                              | Title                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| WARREN CNTY KY HOSP REVENUE                       | County of Warren KY                                              | CUSIP: 934864AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4975000 | PA      | $4999178.50   | 3.01%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEWIS CNTY KY SCH DIST FIN COR                    | Lewis County School District Finance Corp                        | CUSIP: 527759RH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1161392.00   | 0.70%             | 2039-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WARREN CNTY KY                                    | County of Warren KY                                              | CUSIP: 934850ML9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $522911.05    | 0.31%             | 2035-12-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C                    | Kentucky State Property & Building Commission                    | CUSIP: 49151FS27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1152370.00   | 0.69%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARDIN CNTY KY HOSP REVENUE                       | County of Hardin KY                                              | CUSIP: 411854DU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $684416.25    | 0.41%             | 2023-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST RURAL WTR FIN CORP                    | Kentucky Rural Water Finance Corp                                | CUSIP: 49140NEP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $367621.50    | 0.22%             | 2036-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST RURAL WTR FIN CORP                    | Kentucky Rural Water Finance Corp                                | CUSIP: 49140MPR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $315299.25    | 0.19%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| UNIV OF LOUISVILLE KY                             | University of Louisville                                         | CUSIP: 914391V87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1179412.65   | 0.71%             | 2032-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST RURAL WTR FIN CORP                    | Kentucky Rural Water Finance Corp                                | CUSIP: 49140NJM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $543552.80    | 0.33%             | 2033-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST RURAL WTR FIN CORP                    | Kentucky Rural Water Finance Corp                                | CUSIP: 49140MH51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125077.50    | 0.08%             | 2027-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF KENTUCKY KY COPS                          | University of Kentucky                                           | CUSIP: 914374AH6<br>LEI: 549300CXE3YQ1HXYCQ71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011760.00   | 0.61%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST COPS                                  | Commonwealth of Kentucky                                         | CUSIP: 491449AR5<br>LEI: 549300F6MON81PRPVJ50 | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1718014.80   | 1.03%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER CITY INC KY PKG AUTH REV                    | Parking Authority of River City Inc                              | CUSIP: 76804ADS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $636328.00    | 0.38%             | 2034-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ASSN OF CNTYS FIN                     | Kentucky Association of Counties Finance Corp                    | CUSIP: 491196E31<br>LEI: 549300QRG70ZNLRZTP71 | Long             | DBT              | MUN               | US        |    345000 | PA      | $351630.90    | 0.21%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY BOND DEV CORP INDL BL                    | Kentucky Bond Development Corp                                   | CUSIP: 491211AM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $613928.40    | 0.37%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST RURAL WTR FIN CORP                    | Kentucky Rural Water Finance Corp                                | CUSIP: 49140MH77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140081.20    | 0.08%             | 2029-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST BOND CORP FING PRO                    | Kentucky Bond Corp                                               | CUSIP: 4912075Y8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $411579.25    | 0.25%             | 2037-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST UNIV COPS                             | Kentucky State University                                        | CUSIP: 491588AN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $317737.60    | 0.19%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST BOND CORP FING PRO                    | Kentucky Bond Corp                                               | CUSIP: 4912074X1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $587044.10    | 0.35%             | 2041-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HOPKINS CNTY KY SCH DIST FIN C                    | Hopkins County School District Finance Corp                      | CUSIP: 439767XT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1065495.00   | 0.64%             | 2039-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ASSN OF CNTYS FIN                     | Kentucky Association of Counties Finance Corp                    | CUSIP: 491196E56<br>LEI: 549300QRG70ZNLRZTP71 | Long             | DBT              | MUN               | US        |    385000 | PA      | $408138.50    | 0.25%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROWAN CNTY KY                                     | County of Rowan KY                                               | CUSIP: 779431DF9<br>LEI: 5493006LYPMGFH6CXI85 | Long             | DBT              | MUN               | US        |    865000 | PA      | $889600.60    | 0.54%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST TURNPIKE AUTH ECON                    | Kentucky Turnpike Authority                                      | CUSIP: 491552L94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2925000 | PA      | $3114247.50   | 1.87%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY KY SCH DIST FIN                    | Jefferson County School District Finance Corp                    | CUSIP: 4729045L1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1110733.00   | 0.67%             | 2032-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNIV OF LOUISVILLE KY                             | University of Louisville                                         | CUSIP: 914391V95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1200884.25   | 0.72%             | 2033-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ASSET/LIABILITY CO                    | Kentucky Asset Liability Commission                              | CUSIP: 49118NFK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049280.00   | 0.63%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C                    | Kentucky State Property & Building Commission                    | CUSIP: 49151FMK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2641950.00   | 1.59%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MURRAY KY ELEC PLANT BRD                          | Murray Electric Plant Board                                      | CUSIP: 627085EZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1250542.20   | 0.75%             | 2035-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ASSN OF CNTYS FIN COR                    | Kentucky Association of Counties                                 | CUSIP: 491197CQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $440767.40    | 0.27%             | 2032-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST RURAL WTR FIN CORP                    | Kentucky Rural Water Finance Corp                                | CUSIP: 49140MZX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175103.25    | 0.11%             | 2028-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C                    | Kentucky State Property & Building Commission                    | CUSIP: 49151FDR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $626862.50    | 0.38%             | 2026-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C                    | Kentucky State Property & Building Commission                    | CUSIP: 49151FSN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1446298.00   | 0.87%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C                    | Kentucky State Property & Building Commission                    | CUSIP: 49151FYV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1060949.05   | 0.64%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY                    | Louisville and Jefferson County Metropolitan Sewer District      | CUSIP: 546589VN9<br>LEI: 5493004O4I11L8BK0A22 | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1978483.20   | 1.19%             | 2030-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RIVER CITY INC KY PKG AUTH REV                    | Parking Authority of River City Inc                              | CUSIP: 76804ADR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $640177.20    | 0.39%             | 2033-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY KY SCH DIST FIN                    | Jefferson County School District Finance Corp                    | CUSIP: 4729045G2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $840420.00    | 0.51%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST RURAL WTR FIN CORP                    | Kentucky Rural Water Finance Corp                                | CUSIP: 49140MPQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $245225.40    | 0.15%             | 2028-08-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ASSN OF CNTYS FIN                     | Kentucky Association of Counties Finance Corp                    | CUSIP: 491196E49<br>LEI: 549300QRG70ZNLRZTP71 | Long             | DBT              | MUN               | US        |    365000 | PA      | $379892.00    | 0.23%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWPORT KY                                        | City of Newport KY                                               | CUSIP: 651894HZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $450349.40    | 0.27%             | 2038-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C                    | Kentucky State Property & Building Commission                    | CUSIP: 49151FA59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095310.00   | 0.66%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY KY SCH DIST FIN CO                    | Shelby County School District Finance Corp                       | CUSIP: 821622PM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3316672.00   | 2.00%             | 2028-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST HGR EDU STUDENT LO                    | Kentucky Higher Education Student Loan Corp                      | CUSIP: 49130NDP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $480480.00    | 0.29%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST UNIV COPS                             | Kentucky State University                                        | CUSIP: 491588AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $315690.00    | 0.19%             | 2034-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST UNIV COPS                             | Kentucky State University                                        | CUSIP: 491588AP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $733125.40    | 0.44%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST HSG CORP CONDUIT M                    | Kentucky Housing Corp                                            | CUSIP: 49130RAL4<br>LEI: 549300NTBUU903EKQ287 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1011302.90   | 0.61%             | 2035-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY KY CAPITAL PROJ                    | Jefferson County Kentucky Capital Projects Corp                  | CUSIP: 473020LX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1073852.00   | 0.65%             | 2027-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST TURNPIKE AUTH ECON                    | Kentucky Turnpike Authority                                      | CUSIP: 491552L78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1827709.80   | 1.10%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST RURAL WTR FIN CORP                    | Kentucky Rural Water Finance Corp                                | CUSIP: 49140NEQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $207247.60    | 0.12%             | 2037-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C                    | Kentucky State Property & Building Commission                    | CUSIP: 49151FYU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1531630.60   | 0.92%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C                    | Kentucky State Property & Building Commission                    | CUSIP: 49151FVQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2165620.00   | 1.30%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOYLE CNTY KY EDUCTNL FACS REV                    | County of Boyle KY                                               | CUSIP: 10346PAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2196698.00   | 1.32%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOGAN CNTY KY SCH DIST FIN COR                    | Logan County School District Finance Corp                        | CUSIP: 540789CB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $589127.75    | 0.35%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MURRAY KY ST UNIV GEN RECPTS                      | Murray State University                                          | CUSIP: 627175FR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1907868.00   | 1.15%             | 2030-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C                    | Kentucky State Property & Building Commission                    | CUSIP: 49151FVX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $532460.00    | 0.32%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ASSN OF CNTYS FIN                     | Kentucky Association of Counties Finance Corp                    | CUSIP: 491196WX5<br>LEI: 549300QRG70ZNLRZTP71 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30022.20     | 0.02%             | 2024-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C                    | Kentucky State Property & Building Commission                    | CUSIP: 49151FTD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081630.00   | 0.65%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY                    | Louisville/Jefferson County Metropolitan Government              | CUSIP: 54675QBW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $355894.60    | 0.21%             | 2023-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST TURNPIKE AUTH ECON                    | Kentucky Turnpike Authority                                      | CUSIP: 491552D44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4030000 | PA      | $4220498.10   | 2.54%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY KY SCH DIST FIN CO                    | Shelby County School District Finance Corp                       | CUSIP: 821622PN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2440000 | PA      | $2527254.40   | 1.52%             | 2029-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ASHLAND KY MED CENTER REVENUE                     | City of Ashland KY                                               | CUSIP: 044293BU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $476851.50    | 0.29%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ASSET/LIABILITY CO                    | Kentucky Asset Liability Commission                              | CUSIP: 49118NEH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2026080.00   | 1.22%             | 2025-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C                    | Kentucky State Property & Building Commission                    | CUSIP: 49151FDS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $656801.25    | 0.40%             | 2027-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF KENTUCKY KY GEN RECPTS                    | University of Kentucky                                           | CUSIP: 914378NY6<br>LEI: 549300CXE3YQ1HXYCQ71 | Long             | DBT              | MUN               | US        |   2715000 | PA      | $2361425.55   | 1.42%             | 2039-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY BOND DEV CORP INDL BL                    | Kentucky Bond Development Corp                                   | CUSIP: 491211AL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $516002.70    | 0.31%             | 2033-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVER CITY INC KY PKG AUTH REV                    | Parking Authority of River City Inc                              | CUSIP: 76804ADT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $620160.30    | 0.37%             | 2035-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY BOND DEV CORP TRANSIE                    | Kentucky Bond Development Corp                                   | CUSIP: 491214BG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1711023.35   | 1.03%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ASSN OF CNTYS FIN                     | Kentucky Association of Counties Finance Corp                    | CUSIP: 491196DA6<br>LEI: 549300QRG70ZNLRZTP71 | Long             | DBT              | MUN               | US        |    515000 | PA      | $515442.90    | 0.31%             | 2025-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEXINGTON-FAYETTE URBAN CNTY K                    | Lexington-Fayette Urban County Government                        | CUSIP: 52908EXW8<br>LEI: 549300CQQJVZ2ZU0TG79 | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3665196.00   | 2.21%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST HSG CORP MF REVENU                    | Kentucky Housing Corp                                            | CUSIP: 491312ER1<br>LEI: 549300NTBUU903EKQ287 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2999820.00   | 1.81%             | 2025-05-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST COPS                                  | Commonwealth of Kentucky                                         | CUSIP: 491449BC7<br>LEI: 549300F6MON81PRPVJ50 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2335837.50   | 1.41%             | 2027-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FAYETTE CNTY KY SCH DIST FIN C                    | Fayette County School District Finance Corp                      | CUSIP: 312432ZQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3133110.00   | 1.89%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST TURNPIKE AUTH ECON                    | Kentucky Turnpike Authority                                      | CUSIP: 491552R56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1392480.00   | 0.84%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ASHLAND KY MED CENTER REVENUE                     | City of Ashland KY                                               | CUSIP: 044293BT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $488593.60    | 0.29%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY                    | Louisville/Jefferson County Metropolitan Government              | CUSIP: 54659LAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2710000 | PA      | $2735880.50   | 1.65%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST BOND CORP FING PRO                    | Kentucky Bond Corp                                               | CUSIP: 4912075Z5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $412699.10    | 0.25%             | 2038-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MOREHEAD KY ST UNIV GEN RECPT                     | Morehead State University                                        | CUSIP: 616640HB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022190.00   | 0.62%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY KY CAPITAL PROJ                    | Jefferson County Kentucky Capital Projects Corp                  | CUSIP: 473020LY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1645920.40   | 0.99%             | 2028-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BEECHWOOD KY INDEP SCH DIST FI                    | Beechwood Independent School District Finance Corp               | CUSIP: 077006LS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $671844.90    | 0.40%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NTHRN KY UNIV GEN RECPTS                          | Northern Kentucky University                                     | CUSIP: 665304GR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $798652.80    | 0.48%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ROWAN CNTY KY                                     | County of Rowan KY                                               | CUSIP: 779431DE2<br>LEI: 5493006LYPMGFH6CXI85 | Long             | DBT              | MUN               | US        |    835000 | PA      | $860893.35    | 0.52%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY BOND DEV CORP EDUCTNL                    | Kentucky Bond Development Corp                                   | CUSIP: 49120ABF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $306302.35    | 0.18%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST RURAL WTR FIN CORP                    | Kentucky Rural Water Finance Corp                                | CUSIP: 49140MZY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100058.00    | 0.06%             | 2029-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST RURAL WTR FIN CORP                    | Kentucky Rural Water Finance Corp                                | CUSIP: 49140NEN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $213725.15    | 0.13%             | 2035-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY                    | Louisville/Jefferson County Metropolitan Government              | CUSIP: 546585VN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2090280.00   | 1.26%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOGAN CNTY KY SCH DIST FIN COR                    | Logan County School District Finance Corp                        | CUSIP: 540789CC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $628702.20    | 0.38%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dreyfus Treasury Obligations Cash Management Fund | Dreyfus Treasury Obligations Cash Management Fund                | CUSIP: 261908107<br>LEI: 549300MKKM9KT7BF6329 | Long             | STIV             | RF                | US        |   1155110 | NS      | $1155110.41   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| KENTUCKY ST HGR EDU STUDENT LO                    | Kentucky Higher Education Student Loan Corp                      | CUSIP: 49130NEJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $795330.00    | 0.48%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY KY CAPITAL PROJ                    | Jefferson County Kentucky Capital Projects Corp                  | CUSIP: 473020LU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1952145.00   | 1.18%             | 2024-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY KY SCH DIST FIN                    | Jefferson County School District Finance Corp                    | CUSIP: 4729042F7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4024280.00   | 2.42%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST TURNPIKE AUTH ECON                    | Kentucky Turnpike Authority                                      | CUSIP: 491552U29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $998964.00    | 0.60%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCOTT CNTY KY SCH DIST FIN COR                    | Scott County School District Finance Corp                        | CUSIP: 809545ZJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2106220.00   | 1.27%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY                    | Louisville/Jefferson County Metropolitan Government              | CUSIP: 54659LBP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3660055.00   | 2.20%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST RURAL WTR FIN CORP                    | Kentucky Rural Water Finance Corp                                | CUSIP: 49140MPP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $290263.90    | 0.17%             | 2027-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ESTRN KY UNIV GEN RECPTS                          | Eastern Kentucky University                                      | CUSIP: 276552DL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $891306.30    | 0.54%             | 2032-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BOYLE CNTY KY EDUCTNL FACS REV                    | County of Boyle KY                                               | CUSIP: 10346PAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071340.00   | 0.64%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ASSN OF CNTYS FIN                     | Kentucky Association of Counties Finance Corp                    | CUSIP: 4911962S9<br>LEI: 549300QRG70ZNLRZTP71 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1028064.40   | 0.62%             | 2038-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY                    | Louisville/Jefferson County Metropolitan Government              | CUSIP: 54675RDC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2198222.60   | 1.32%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTON CNTY KY SCH DIST FIN CO                    | Kenton County School District Finance Corp                       | CUSIP: 491089A40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2040000 | PA      | $1974393.60   | 1.19%             | 2031-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY KY SCH DIST FIN                    | Jefferson County School District Finance Corp                    | CUSIP: 4729042X8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1671500.35   | 1.01%             | 2029-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE KY REGL ARPT AUTH A                    | Louisville Regional Airport Authority                            | CUSIP: 546850CT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1895000 | PA      | $1933203.20   | 1.16%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ASSET/LIABILITY CO                    | Kentucky Asset Liability Commission                              | CUSIP: 49118NER2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2062580.00   | 1.24%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOREHEAD KY ST UNIV GEN RECPT                     | Morehead State University                                        | CUSIP: 616640GZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041570.00   | 0.63%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C                    | Kentucky State Property & Building Commission                    | CUSIP: 49151FLH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5211800.00   | 3.14%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BULLITT CNTY KY SCH DIST FIN C                    | Bullitt County School District Finance Corp                      | CUSIP: 120280ZU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $738412.50    | 0.44%             | 2036-12-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ASSN OF CNTYS FIN COR                    | Kentucky Association of Counties                                 | CUSIP: 491197CR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $444356.80    | 0.27%             | 2033-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST RURAL WTR FIN CORP                    | Kentucky Rural Water Finance Corp                                | CUSIP: 49140MH69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130076.70    | 0.08%             | 2028-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ASSN OF CNTYS FIN COR                    | Kentucky Association of Counties                                 | CUSIP: 491197BX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $375398.20    | 0.23%             | 2030-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST RURAL WTR FIN CORP                    | Kentucky Rural Water Finance Corp                                | CUSIP: 49140MPL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $255247.35    | 0.15%             | 2024-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ESTRN KY UNIV GEN RECPTS                          | Eastern Kentucky University                                      | CUSIP: 276552FQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1347723.30   | 0.81%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE KY REGL ARPT AUTH A                    | Louisville Regional Airport Authority                            | CUSIP: 546850CP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2070000 | PA      | $2086373.70   | 1.26%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARDIN CNTY KY HOSP REVENUE                       | County of Hardin KY                                              | CUSIP: 411854DV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506265.00    | 0.30%             | 2024-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C                    | Kentucky State Property & Building Commission                    | CUSIP: 49151FNM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1527471.75   | 0.92%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOWLING GREEN KY                                  | City of Bowling Green KY                                         | CUSIP: 102637VF9<br>LEI: 54930080VGM7PSGOKL96 | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1017923.10   | 0.61%             | 2044-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE KY REGL ARPT AUTH A                    | Louisville Regional Airport Authority                            | CUSIP: 546850CS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2374476.00   | 1.43%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY                    | Louisville & Jefferson County Visitors and Convention Commission | CUSIP: 546604FU8<br>LEI: 549300DJQHPGXYF1M317 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $829780.00    | 0.50%             | 2041-06-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST RURAL WTR FIN CORP                    | Kentucky Rural Water Finance Corp                                | CUSIP: 49140MJ59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120082.80    | 0.07%             | 2026-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST RURAL WTR FIN CORP                    | Kentucky Rural Water Finance Corp                                | CUSIP: 49140MPK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240216.00    | 0.14%             | 2023-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST HGR EDU STUDENT LO                    | Kentucky Higher Education Student Loan Corp                      | CUSIP: 49130NDK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $629790.00    | 0.38%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WARREN CNTY KY HOSP REVENUE                       | County of Warren KY                                              | CUSIP: 934864AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $680408.00    | 0.41%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY BOND DEV CORP EDUCTNL                    | Kentucky Bond Development Corp                                   | CUSIP: 49120AAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $526345.80    | 0.32%             | 2038-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST BOND CORP FING PRO                    | Kentucky Bond Corp                                               | CUSIP: 4912076A9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $409398.00    | 0.25%             | 2039-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C                    | Kentucky State Property & Building Commission                    | CUSIP: 49151FU57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3456840.00   | 2.08%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST RURAL WTR FIN CORP                    | Kentucky Rural Water Finance Corp                                | CUSIP: 49140NJL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $594975.00    | 0.36%             | 2032-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST HGR EDU STUDENT LO                    | Kentucky Higher Education Student Loan Corp                      | CUSIP: 49130NCT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $408384.00    | 0.25%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST HGR EDU STUDENT LO                    | Kentucky Higher Education Student Loan Corp                      | CUSIP: 49130NFJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057940.00   | 0.64%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST RURAL WTR FIN CORP                    | Kentucky Rural Water Finance Corp                                | CUSIP: 49140NJK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $590449.20    | 0.36%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BOONE CNTY KY POLL CONTROL REV                    | County of Boone KY                                               | CUSIP: 098792AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986320.00    | 0.59%             | 2027-08-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C                    | Kentucky State Property & Building Commission                    | CUSIP: 49151FNL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2040000 | PA      | $2187451.20   | 1.32%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST HGR EDU STUDENT LO                    | Kentucky Higher Education Student Loan Corp                      | CUSIP: 49130NFM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $374619.00    | 0.23%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MURRAY KY ST UNIV GEN RECPTS                      | Murray State University                                          | CUSIP: 627175HH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1110653.10   | 0.67%             | 2035-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ASHLAND KY MED CENTER REVENUE                     | City of Ashland KY                                               | CUSIP: 044293CB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2053818.00   | 1.24%             | 2040-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C                    | Kentucky State Property & Building Commission                    | CUSIP: 49151FGN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3121800.00   | 1.88%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** Aquila Municipal Trust

**Signature:** Joseph DiMaggio

**Name of Signer:** Joseph DiMaggio

**Title:** Chief Financial Officer & Treasurer