# EDGAR Filing Document

**Accession Number:** 0000784056
**File Stem:** 0001752724-23-042966
**Filing Date:** 2023-2
**Character Count:** 71178
**Document Hash:** 30d3e5e73b5d0b33cbc390c7abc1870d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-042966.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-042966

**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:** 23673868

**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 Tax-Free Fund of Colorado (Series ID: S000041640)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000129271 | Class A      | COTFX           |
| C000129272 | Class C      | COTCX           |
| C000129274 | Class Y      | COTYX           |

## Nport-Ex

**AQUILA TAX-FREE FUND OF COLORADO** 

SCHEDULE OF INVESTMENTS

**December 31, 2022**

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **General Obligation Bonds (43.7%)** | **Ratings Moody's,<br> S&P and Fitch** | **Value** | **(a)** |
|  | City & County (3.3%) |  |  |  |
|  | Crested Butte, Colorado Fire Protection District |  |  |  |
| $1040000 | 4.000%, 12/01/36 Series 2022 | A1/NR/NR | $1053322 |  |
|  | Denver, Colorado City & County Elevate |  |  |  |
| 2000000 | 5.000%, 08/01/33 Series 2022A | Aaa/AAA/AAA | 2380540 |  |
|  | Englewood, Colorado |  |  |  |
| 1000000 | 5.000%, 12/01/30 | NR/AA+/NR | 1096750 |  |
|  | Wheat Ridge, Colorado Urban Renewal Authority Tax Increment |  |  |  |
| 1270000 | 5.000%, 12/01/31 | NR/AA-/NR | 1461287 |  |
|  | Total City & County |  | 5991899 |  |
|  | Lease (0.6%) |  |  |  |
|  | Colorado State Rural COP |  |  |  |
| 1000000 | 4.000%, 12/15/35 Series 2020A | Aa2/AA-/NR | 1027100 |  |
|  | Metropolitan District (3.4%) |  |  |  |
|  | Denver, Colorado Urban Renewal Authority, Tax Increment Revenue, Stapleton Senior |  |  |  |
| 2600000 | 5.000%, 12/01/25 Series A-1 | NR/NR/AA- | 2602314 |  |
|  | Denver, Colorado Urban Renewal Authority, Tax Increment Revenue, Stapleton Senior |  |  |  |
| 1000000 | 5.000%, 12/01/25 Series B-1 | Aa3/NR/NR | 1061130 |  |
|  | Midcities Metropolitan District No.2 Colorado, Special Revenue |  |  |  |
| 2365000 | 5.000%, 12/01/31 Series 2022 AGMC Insured | A1/AA/NR | 2681744 |  |
|  | Total Metropolitan District |  | 6345188 |  |
|  | School Districts (35.7%) |  |  |  |
|  | Adams 12 Five Star Schools, Colorado |  |  |  |
| 3000000 | 5.000%, 12/15/25 | Aa1/AA/NR | 3136980 |  |
| 1000000 | 5.000%, 12/15/25 | Aa1/AA/NR | 1069320 |  |
| 1435000 | 5.000%, 12/15/29 | Aa1/AA/NR | 1560806 |  |
| 1000000 | 5.500%, 12/15/31 | Aa1/AA/NR | 1152450 |  |
|  | Adams & Arapahoe Counties, Colorado Joint School District #28J |  |  |  |
| 1000000 | 5.000%, 12/01/30 | Aa1/NR/AA | 1086470 |  |
|  | Adams & Weld Counties, Colorado School District #27J |  |  |  |
| 2000000 | 5.000%, 12/01/24 | Aa2/AA/NR | 2003320 |  |
| 1000000 | 5.000%, 12/01/25 | Aa2/AA/NR | 1042160 |  |
| 1060000 | 5.000%, 12/01/28 | Aa2/AA/NR | 1126621 |  |
| 3895000 | 5.000%, 12/01/29 | Aa2/AA/NR | 4139801 |  |
| 1150000 | 5.000%, 12/01/29 | Aa2/AA/NR | 1269577 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **General Obligation Bonds (continued)** | **Ratings Moody's,<br> S&P and Fitch** | **Value** | **(a)** |
|  | School Districts (continued) |  |  |  |
|  | Arapahoe County, Colorado School District #001 Englewood |  |  |  |
| $1465000 | 5.000%, 12/01/27 | Aa2/NR/NR | $1556665 |  |
|  | Arapahoe County, Colorado School District #006 Littleton |  |  |  |
| 1000000 | 5.000%, 12/01/27 | Aa1/NR/NR | 1077350 |  |
|  | Boulder, Larimer & Weld Counties, Colorado Series A |  |  |  |
| 2000000 | 5.000%, 12/15/24 | Aa1/AA+/NR | 2087820 |  |
|  | Boulder, Larimer & Weld Counties, Colorado Series C |  |  |  |
| 2000000 | 5.000%, 12/15/28 | Aa1/AA+/NR | 2173000 |  |
|  | Boulder, Larimer & Weld Counties, Colorado, St. Vrain Valley School District RE-1J |  |  |  |
| 1000000 | 5.000%, 12/15/29 Series C | Aa1/AA+/NR | 1085720 |  |
|  | Costilla County, Colorado School District No. R-30 Sierra Grande |  |  |  |
| 2180000 | 5.000%, 12/01/32 | Aa2/NR/NR | 2465558 |  |
|  | Denver, Colorado City & County School District No. 1 |  |  |  |
| 2000000 | 5.000%, 12/01/29 | Aa1/AA+/AA+ | 2175260 |  |
| 1000000 | 5.000%, 12/01/34 Series 2022A | Aa1/AA+/AA+ | 1166600 |  |
|  | Denver, Colorado City & County School District No. 1 |  |  |  |
| 2000000 | 5.000%, 12/01/25 Series B | Aa1/AA+/AA+ | 2086980 |  |
| 4000000 | 5.000%, 12/01/27 Series B | Aa1/AA+/AA+ | 4169400 |  |
|  | Eagle County School District, Colorado, Eagle, Garfield & Routt School District #50J |  |  |  |
| 1000000 | 5.000%, 12/01/29 | Aa1/AA/NR | 1084530 |  |
|  | El Paso County, Colorado School District #2, Harrison |  |  |  |
| 2000000 | 5.000%, 12/01/31 | Aa2/AA/NR | 2248980 |  |
|  | El Paso County, Colorado School District #20 Refunding |  |  |  |
| 2255000 | 5.000%, 12/15/29 | Aa1/NR/NR | 2449178 |  |
|  | Jefferson County, Colorado School District #R-1 Refunding |  |  |  |
| 2225000 | 5.000%, 12/15/30 | Aa1/AA/NR | 2461317 |  |
| 1500000 | 5.000%, 12/15/30 | Aa1/AA/NR | 1695480 |  |
| 2600000 | 5.000%, 12/15/31 | Aa1/AA/NR | 2933034 |  |
|  | La Plata County, Colorado School District #9-R Durango Refunding |  |  |  |
| 3000000 | 4.500%, 11/01/23 | Aa2/NR/NR | 3003510 |  |
|  | Larimer County, Colorado School District No. R 1 Poudre |  |  |  |
| 1000000 | 5.000%, 12/15/30 | Aa1/NR/AA+ | 1126210 |  |
| 800000 | 5.000%, 12/15/30 | Aa1/NR/NR | 900968 |  |
|  | Larimer, Weld & Boulder Counties, Colorado School District No. R-2J, Thompson |  |  |  |
| 520000 | 5.000%, 12/15/34 | Aa2/AA/NR | 577366 |  |
| 1100000 | 5.000%, 12/15/35 | Aa2/AA/NR | 1212475 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **General Obligation Bonds (continued)** | **Ratings Moody's,<br> S&P and Fitch** | **Value** | **(a)** |
|  | School Districts (continued) |  |  |  |
|  | Larimer, Weld & Boulder Counties, Colorado School District No. R-2J, Thompson Refunding |  |  |  |
| $1500000 | 4.250%, 12/15/24 | Aa2/NR/NR | $1501650 |  |
|  | Mesa County, Colorado Valley School District No. 051, Grand Junction |  |  |  |
| 3000000 | 5.000%, 12/01/23 | Aa2/NR/NR | 3057870 |  |
|  | Pueblo County, Colorado School District No. 70 |  |  |  |
| 1500000 | 4.000%, 12/01/33 Series 2021A | Aa2/AA/NR | 1603065 |  |
|  | Summit County, Colorado School District No. RE 1 Refunding |  |  |  |
| 2000000 | 5.000%, 12/01/28 | Aaa/NR/NR | 2172940 |  |
|  | Total School Districts |  | 65660431 |  |
|  | Water & Sewer (0.7%) |  |  |  |
|  | Central Colorado Water Conservancy District, Adams Morgan & Weld Counties |  |  |  |
| 1185000 | 5.000%, 12/01/24 | NR/A/NR | 1207693 |  |
|  | Total General Obligation Bonds |  | 80232311 |  |
|  | **Revenue Bonds (50.6%)** |  |  |  |
|  | City & County (1.5%) |  |  |  |
|  | Denver, Colorado City & County COP, Convention Center Expansion Project |  |  |  |
| 1500000 | 5.000%, 06/01/30 Series 2018A | Aa2/AA+/AA+ | 1601355 |  |
|  | Grand Junction, Colorado COP |  |  |  |
| 1000000 | 5.000%, 12/01/31 | NR/AA-/NR | 1130220 |  |
|  | Total City & County |  | 2731575 |  |
|  | Electric (2.0%) |  |  |  |
|  | Colorado Springs, Colorado Utilities Revenue, Refunding |  |  |  |
| 1000000 | 5.000%, 11/15/27 Series A | Aa2/AA+/AA | 1065250 |  |
|  | Colorado Springs, Colorado Utilities Revenue Refunding |  |  |  |
| 450000 | 5.000%, 11/15/33 Series 2022B | Aa2/AA+/NR | 530807 |  |
| 450000 | 5.000%, 11/15/34 Series 2022B | Aa2/AA+/NR | 526203 |  |
|  | Estes Park, Colorado Power & Communications Enterprise Revenue Refunding & Improvement |  |  |  |
| 1310000 | 5.000%, 11/01/30 Series 2019A | NR/A+/NR | 1490623 |  |
|  | Total Electric |  | 3612883 |  |
|  | Higher Education (14.7%) |  |  |  |
|  | Colorado Educational & Cultural Facility Authority, University of Denver Project |  |  |  |
| 845000 | 4.000%, 03/01/24 | A1/NR/NR | 846411 |  |
| 7000000 | 5.250%, 03/01/25 NPFG Insured | A1/A+/NR | 7237930 |  |
|  | Colorado Educational & Cultural Facility Authority Refunding, University of Denver Project |  |  |  |
| 1000000 | 5.250%, 03/01/26 NPFG Insured | A1/A+/NR | 1073180 |  |
|  | Colorado School of Mines Institutional Enterprise |  |  |  |
| 1845000 | 5.000%, 12/01/29 Series B | A1/A+/NR | 2028725 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **Revenue Bonds (continued)** | **Ratings Moody's,<br> S&P and Fitch** | **Value** | **(a)** |
|  | Higher Education (continued) |  |  |  |
|  | Colorado Mountain College COP |  |  |  |
| $685000 | 4.000%, 12/01/33 Series 2021 | Aa3/NR/NR | $712242 |  |
|  | Colorado State Board Community Colleges & Occupational Education, Refunding & Improvement, Arapahoe Community College |  |  |  |
| 1000000 | 5.000%, 11/01/30 Series 2017A | Aa3/NR/NR | 1095370 |  |
|  | Colorado State Board Community Colleges & Occupational Education, Refunding & Improvement, System Wide Refunding |  |  |  |
| 1710000 | 5.000%, 11/01/32 Series 2019A | Aa3/NR/NR | 1937550 |  |
| 835000 | 5.000%, 11/01/33 Series 2019A | Aa3/NR/NR | 943300 |  |
| 2905000 | 5.000%, 03/01/26 Series C SHEIP Insured | Aa2/AA/NR | 3037178 |  |
| 1250000 | 5.000%, 03/01/28 Series C SHEIP Insured | Aa2/AA/NR | 1367950 |  |
| 2100000 | 5.000%, 03/01/29 Series C SHEIP Insured | Aa2/AA/NR | 2297757 |  |
| 1165000 | 5.000%, 06/01/26 Series A NPFG Insured | Aa1/NR/AA+ | 1255893 |  |
|  | University of Colorado Enterprise System |  |  |  |
| 2000000 | 5.000%, 06/01/28 Series A-1 | Aa1/NR/AA+ | 2234900 |  |
|  | University of Northern Colorado Greeley Institutional Enterprise Refunding |  |  |  |
| 1000000 | 5.000%, 06/01/25 Series A SHEIP Insured | Aa2/AA/NR | 1027080 |  |
|  | Total Higher Education |  | 27095466 |  |
|  | Hospital (1.8%) |  |  |  |
|  | Colorado Health Facilities Authority, Sanford |  |  |  |
| 1000000 | 5.000%, 11/01/32 Series 2019A | NR/A+/AA- | 1084580 |  |
| 2165000 | 5.000%, 11/01/34 Series 2019A | NR/A+/AA- | 2306613 |  |
|  | Total Hospital |  | 3391193 |  |
|  | Lease (13.1%) |  |  |  |
|  | Arapahoe County, Colorado School District No. 5 Cherry Creek COP |  |  |  |
| 2295000 | 5.000%, 12/15/33 Series 2022 | NR/AA/NR | 2687560 |  |
|  | Arvada, Colorado COP |  |  |  |
| 1190000 | 4.000%, 12/01/29 | NR/AA+/NR | 1241896 |  |
|  | Colorado State BEST COP |  |  |  |
| 3500000 | 5.000%, 03/15/30 Series K | Aa2/AA-/NR | 3795925 |  |
| 2500000 | 5.000%, 03/15/31 Series K | Aa2/AA-/NR | 2705200 |  |
|  | Colorado State BEST COP |  |  |  |
| 2000000 | 5.000%, 03/15/31 Series M | Aa2/AA-/NR | 2203480 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **Revenue Bonds (continued)** | **Ratings Moody's,<br> S&P and Fitch** | **Value** | **(a)** |
|  | Lease (continued) |  |  |  |
|  | Colorado State Higher Education Capital Construction Lease |  |  |  |
| $1690000 | 5.000%, 11/01/26 | Aa2/AA-/NR | $1834461 |  |
|  | Denver, Colorado City & County COP (Fire Station & Library Facilities) |  |  |  |
| 1065000 | 5.000%, 12/01/25 | Aa1/AA+/AA+ | 1133171 |  |
|  | Douglas County, Colorado COP (Libraries) |  |  |  |
| 1570000 | 5.000%, 12/01/27 | Aa2/NR/NR | 1629063 |  |
|  | Foothills Park and Recreation District, Colorado COP |  |  |  |
| 1405000 | 4.000%, 12/01/35 Series 2021 | NR/AA-/NR | 1457547 |  |
|  | Foothills Park and Recreation District, Colorado COP Refunding & Improvement |  |  |  |
| 1380000 | 5.000%, 12/01/26 AGMC Insured | NR/AA/NR | 1465546 |  |
|  | Jefferson County, Colorado School District No. R-1 COP |  |  |  |
| 1000000 | 5.000%, 12/15/27 | Aa3/AA-/NR | 1061130 |  |
|  | South Suburban Park and Recreation District, Colorado COP |  |  |  |
| 1000000 | 5.000%, 12/15/31 | NR/AA-/NR | 1107770 |  |
| 1010000 | 4.000%, 12/15/35 Series 2021 | NR/AA-/NR | 1031755 |  |
|  | Thompson School District No R2-J (Larimer, Weld And Boulder Counties, Colorado COP |  |  |  |
| 750000 | 4.500%, 12/01/26 Series 2014 | A1/NR/NR | 769163 |  |
|  | Total Lease |  | 24123667 |  |
|  | Sales Tax (3.1%) |  |  |  |
|  | Broomfield, Colorado Sales & Use Tax |  |  |  |
| 1000000 | 5.000%, 12/01/30 | Aa3/NR/NR | 1098190 |  |
|  | City of Fruita, Colorado Sales & Use Tax |  |  |  |
| 1110000 | 4.000%, 10/01/33 | NR/AA-/NR | 1161693 |  |
|  | Commerce City, Colorado Sales & Use Tax |  |  |  |
| 1000000 | 5.000%, 08/01/26 BAMAC Insured | Aa3/AA/NR | 1056040 |  |
|  | Denver, Colorado City & County Dedicated Tax Revenue |  |  |  |
| 1165000 | 4.000%, 08/01/33 Series 2021A | Aa3/AA-/AA- | 1260483 |  |
| 1000000 | 4.000%, 08/01/36 Series 2021A | Aa3/AA-/AA- | 1041870 |  |
|  | Total Sales Tax |  | 5618276 |  |
|  | Tax Increment (0.8%) |  |  |  |
|  | Park Creek, Colorado Metropolitan District Senior Limited Property Tax Supported |  |  |  |
| 1475000 | 4.000%, 12/01/35 AGMC Insured | NR/AA/A | 1504677 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **Revenue Bonds (continued)** | **Ratings Moody's,<br> S&P and Fitch** | **Value** | **(a)** |
|  | Transportation (5.0%) |  |  |  |
|  | E-470 Public Highway Authority, Colorado Senior Revenue |  |  |  |
| $1265000 | 5.000%, 09/01/36 | A2/A/NR | $1393423 |  |
| 1250000 | 5.000%, 09/01/35 Series 2020A | A2/A/NR | 1389013 |  |
|  | Regional Transportation District, Colorado COP |  |  |  |
| 2000000 | 5.000%, 06/01/26 Series A | A1/AA/AA- | 2099220 |  |
|  | Regional Transportation District, Colorado Sales Tax Refunding, Fastracks Project |  |  |  |
| 3000000 | 5.000%, 11/01/32 Series 2013A | Aa2/AA+/AA | 3551820 |  |
|  | Roaring Fork Transportation Authority Property Tax Revenue |  |  |  |
| 650000 | 4.000%, 12/01/34 Series 2021A | NR/AA-/NR | 691925 |  |
|  | Total Transportation |  | 9125401 |  |
|  | Water & Sewer (8.6%) |  |  |  |
|  | Arapahoe, Colorado Water & Wastewater Public Improvement District |  |  |  |
| 1320000 | 5.000%, 12/01/24 | NR/AA-/NR | 1376654 |  |
| 1020000 | 5.000%, 12/01/25 | NR/AA-/NR | 1062422 |  |
|  | Arvada, Colorado Wastewater Enterprise |  |  |  |
| 1090000 | 5.000%, 12/01/35 | NR/AA-/AA | 1268607 |  |
|  | Arvada, Colorado Water Enterprise |  |  |  |
| 1355000 | 5.000%, 12/01/35 | NR/AA+/AA+ | 1577030 |  |
|  | Broomfield, Colorado Sewer and Waste Water |  |  |  |
| 1550000 | 5.000%, 12/01/24 AGMC Insured | Aa3/AA/NR | 1552589 |  |
|  | Central Weld County, Colorado Water District |  |  |  |
| 200000 | 4.000%, 12/01/33 AGMC Insured | NR/AA/NR | 213162 |  |
|  | Colorado Water Resource & Power Development Authority |  |  |  |
| 925000 | 5.000%, 09/01/25 | Aaa/AAA/AAA | 981286 |  |
|  | Denver, Colorado City and County Board Water Commissioners |  |  |  |
| 850000 | 5.000%, 09/15/29 Series B | Aaa/AAA/AAA | 941180 |  |
|  | Greeley, Colorado Water Revenue |  |  |  |
| 1705000 | 5.000%, 08/01/28 | Aa2/AA+/NR | 1842986 |  |
|  | Parker, Colorado Water & Sanitation District Water & Sewer Enterprise Refunding & Improvement |  |  |  |
| 500000 | 5.000%, 11/01/33 Series 2022 | NR/AA+/NR | 587245 |  |
| 865000 | 5.000%, 11/01/34 Series 2022 | NR/AA+/NR | 1011367 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **Revenue Bonds (continued)** | **Ratings Moody's,<br> S&P and Fitch** | **Value** | **(a)** |
|  | Water & Sewer (continued) |  |  |  |
|  | St. Vrain, Colorado Sanitation District Wastewater Revenue Refunding and Improvement Bonds |  |  |  |
| $800000 | 4.000%, 12/01/31 Series 2020 | NR/AA/NR | $857976 |  |
|  | Thornton, Colorado Water Enterprise Revenue |  |  |  |
| 1970000 | 4.000%, 12/01/24 Series 2013 | Aa2/AA/NR | 1992793 |  |
|  | Upper Eagle Regional Water Authority, Eagle County, Colorado Refunding and Improvement |  |  |  |
| 500000 | 4.000%, 12/01/32 AGMC Insured | NR/AA/NR | 538860 |  |
|  | Total Water & Sewer |  | 15804157 |  |
|  | Total Revenue Bonds |  | 93007295 |  |
|  | **Pre-Refunded Bonds (3.5%)††** |  |  |  |
|  | Pre-Refunded General Obligation Bonds (0.6%) |  |  |  |
|  | School Districts (0.6%) |  |  |  |
|  | Larimer County, Colorado School District No. R 1 Poudre |  |  |  |
| 1000000 | 5.000%, 12/15/27 | Aa1/NR/NR | 1066600 |  |
|  | Pre-Refunded Revenue Bonds (2.9%) |  |  |  |
|  | Higher Education (1.5%) |  |  |  |
|  | University of Colorado Enterprise System, Series A |  |  |  |
| 2620000 | 5.000%, 06/01/29 | Aa1/NR/AA+ | 2764388 |  |
|  | Lease (1.4%) |  |  |  |
|  | Rangeview Library District Project, Colorado COP |  |  |  |
| 2515000 | 5.000%, 12/15/27 AGMC Insured | Aa2/AA/NR | 2682499 |  |
|  | Total Pre-Refunded Revenue Bonds |  | 5446887 |  |
|  | Total Pre-Refunded Bonds |  | 6513487 |  |
|  | Total Municipal Bonds (cost $182,845,434) |  | 179753093 |  |
| **Shares** | **Short-Term Investment (1.6%)** |  |  |  |
| 2857909 | Dreyfus Treasury Obligations Cash Management - <br> Institutional Shares, 4.17%\* (cost $2,857,909) | Aaa-mf/AAAm/NR | 2857909 |  |
|  | Total Investments <br> (cost $185,703,343-note b) | 99.4% | 182611002 |  |
|  | Other assets less liabilities | 0.6 | 1146492 |  |
|  | Net Assets | 100.0% | $183757494 |  |
|  |  | **Percent of** |  |  |
|  | **Portfolio Distribution By Quality Rating** | **Investments†** |  |  |
|  | Aaa of Moody's or AAA of S&P or Fitch | 3.6% |  |  |
|  | Prerefunded bonds\ ETM bonds †† | 3.6 |  |  |
|  | Aa of Moody's or AA of S&P or Fitch | 82.5 |  |  |
|  | A of Moody's or S&P | 10.3 |  |  |
|  |  | 100.0% |  |  |

---

---

| |
|:---|
| **PORTFOLIO ABBREVIATIONS:** |
| &nbsp;&nbsp;AGMC - Assured Guaranty Municipal Corp. |
| &nbsp;&nbsp;BAMAC - Build America Mutual Assurance Company |
| &nbsp;&nbsp;BEST - Building Excellent Schools Today |
| &nbsp;&nbsp;COP - Certificates of Participation |
| &nbsp;&nbsp;NPFG - National Public Finance Guarantee |
| &nbsp;&nbsp;NR - Not Rated |
| &nbsp;&nbsp;SHEIP - State Higher Education Intercept Program |

---

---

| | |
|:---|:---|
| \* | 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. |

---

See accompanying notes to financial statements.

**AQUILA TAX-FREE FUND OF COLORADO** 

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 $185,665,636 amounted to $3,054,634, which consisted of aggregate gross unrealized appreciation of $673,146 and aggregate
gross unrealized depreciation of $3,727,780.

&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 | $2857909 |
| Level 2 – Other Significant Observable Inputs- Municipal Bonds+ | 179753093 |
| Level 3 – Significant Unobservable Inputs |  |
| Total | $182611002 |

---

+ 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 Tax-Free Fund of Colorado

- **b. EDGAR series identifier (if any):** S000041640

- **c. LEI of Series:** 549300W57BN2TZ4PAH04

**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:** $184398393.39

**Total Liabilities:** $1067033.48

**Net Assets:** $183331359.91

**Cash Not Reported:** $504979.39

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 170.84775000 | **1-Year:** 13261.39922000 | **5-Year:** 38532.54826000 | **10-Year:** 23252.89141000 | **30-Year:** 49.35511000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000129271 | -0.16%               | 2.90%                | 0.38%                |
| Class ID C000129274 | -0.15%               | 2.90%                | 0.39%                |
| Class ID C000129272 | -0.24%               | 2.72%                | 0.30%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-415744.25              | $-123146.12                                |
| Month 2  | $-588869.45              | $5611313.88                                |
| Month 3  | $-390420.31              | $897043.83                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| COLORADO ST EDUCTNL & CULTURAL                    | Colorado Educational & Cultural Facilities Authority                          | CUSIP: 19645RSK8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    845000 | PA      | $846411.15    | 0.46%             | 2024-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ADAMS CO 12 FIVE STAR SCHS                        | Adams 12 Five Star Schools                                                    | CUSIP: 006449FF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3136980.00   | 1.71%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIDCITIES MET DIST #2 CO SPL R                    | Midcities Metropolitan District No 2                                          | CUSIP: 59564YAL3<br>LEI: 549300GUCDIZBGNZO679 | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2681744.45   | 1.46%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY LIBRARIES CO COPS                    | Douglas County Libraries                                                      | CUSIP: 25888UAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1629063.40   | 0.89%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARVADA CO COPS                                    | City of Arvada CO                                                             | CUSIP: 043217BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1241895.90   | 0.68%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO CITY & CNTY COPS                        | City & County of Denver CO                                                    | CUSIP: 249183XA7<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1133170.65   | 0.62%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARAPAHOE CNTY CO WTR & WSTWTRP                    | Arapahoe County Water & Wastewater Public Improvement District                | CUSIP: 03871LCB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1062421.80   | 0.58%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREELEY CO WTR REVENUE                            | City of Greeley CO Water Revenue                                              | CUSIP: 392546FP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1842985.65   | 1.01%             | 2028-08-01      | Fixed         | 5.00%                 | 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        |   2350733 | NS      | $2350732.95   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ARVADA CO WSTWTR ENTERPRISE RE                    | City of Arvada CO Wastewater Revenue                                          | CUSIP: 043257AN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1268607.40   | 0.69%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| E-470 CO PUBLIC HIGHWAY AUTH                      | E-470 Public Highway Authority                                                | CUSIP: 26822LMS0<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1389012.50   | 0.76%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EAGLE CNTY CO SCH DIST RE50 JT                    | Eagle County School District No Re50J                                         | CUSIP: 269479JG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084530.00   | 0.59%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LARIMER CNTY CO SCH DIST #R-1P                    | Larimer County School District No R-1 Poudre                                  | CUSIP: 517138YS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $900968.00    | 0.49%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & WELD CNTYS CO SCH DIST                    | Adams & Weld Counties School District No 27J Brighton/CO                      | CUSIP: 005518WN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1269577.00   | 0.69%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BRD OF GOVERNORS U                    | Board of Governors of Colorado State University System                        | CUSIP: 196707VT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1367950.00   | 0.75%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO UTILITIES                     | City of Colorado Springs CO Utilities System Revenue                          | CUSIP: 1966323V3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $526203.00    | 0.29%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BRD FOR CMNTY CLGS                    | Colorado State Board for Community Colleges & Occupational Educational System | CUSIP: 196696PY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095370.00   | 0.60%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BRD OF GOVERNORS U                    | Board of Governors of Colorado State University System                        | CUSIP: 196707SE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2905000 | PA      | $3037177.50   | 1.66%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS CO 12 FIVE STAR SCHS                        | Adams 12 Five Star Schools                                                    | CUSIP: 006449GU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1560806.45   | 0.85%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO UTILITIES                     | City of Colorado Springs CO Utilities System Revenue                          | CUSIP: 1966323U5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $530806.50    | 0.29%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARKER CO WTR & SANTN DIST WTR                    | Parker Water & Sanitation District/CO                                         | CUSIP: 70105RDB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $587245.00    | 0.32%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY CO SCH DIST #R-                    | Jefferson County School District R-1                                          | CUSIP: 472737FX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061130.00   | 0.58%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOOTHILLS CO PARK & RECREATION                    | Foothills Park & Recreation District                                          | CUSIP: 34511PBN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1465546.20   | 0.80%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOULDER LARIMER & WELD CNTYS C                    | Boulder Larimer & Weld Counties St Vrain Valley School District Re1J          | CUSIP: 101565H85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085720.00   | 0.59%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN DIST CO SALES T                    | Regional Transportation District Sales Tax Revenue                            | CUSIP: 759136SB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3551820.00   | 1.94%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO                             | City & County of Denver CO                                                    | CUSIP: 249164RJ5<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2380540.00   | 1.30%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EL PASO CNTY CO SCH DIST #20                      | El Paso County School District No 20 Academy                                  | CUSIP: 283461F71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2255000 | PA      | $2449178.05   | 1.34%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO MOUNTAIN CLG CO COPS                     | Colorado Mountain College                                                     | CUSIP: 19652WAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $712242.45    | 0.39%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RANGEVIEW CO LIBRARY DIST                         | Rangeview Library District                                                    | CUSIP: 75289FBF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2515000 | PA      | $2682499.00   | 1.46%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMMERCE CITY CO SALES & USE T                    | City of Commerce City CO Sales & Use Tax Revenue                              | CUSIP: 200588NB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056040.00   | 0.58%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROOMFIELD CO SALES & USE TAX                     | City & County of Broomfield CO Sales & Use Tax Revenue                        | CUSIP: 114760FT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1098190.00   | 0.60%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BLDG EXCELLENT SCH                    | State of Colorado                                                             | CUSIP: 19668QKG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2203480.00   | 1.20%             | 2031-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS CO 12 FIVE STAR SCHS                        | Adams 12 Five Star Schools                                                    | CUSIP: 006449EU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069320.00   | 0.58%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND JUNCTION CO COPS                            | City of Grand Junction CO                                                     | CUSIP: 385786BY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1130220.00   | 0.62%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO SCH DIST                    | Denver City & County School District No 1                                     | CUSIP: 249174YE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1166600.00   | 0.64%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                    | Colorado Health Facilities Authority                                          | CUSIP: 19648FPM0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2306612.65   | 1.26%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO BRD OF W                    | Board of Water Commissioners City & County of Denver/The                      | CUSIP: 24916PGC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $941179.50    | 0.51%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOULDER LARIMER & WELD CNTYS C                    | Boulder Larimer & Weld Counties St Vrain Valley School District Re1J          | CUSIP: 101565D22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2087820.00   | 1.14%             | 2024-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOOTHILLS CO PARK & RECREATION                    | Foothills Park & Recreation District                                          | CUSIP: 34511PCG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1457547.00   | 0.80%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRL WELD CNTY CO WTR DIST R                    | Central Weld County Water District                                            | CUSIP: 156024BT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $213162.00    | 0.12%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARAPAHOE CNTY CO SCH DIST #5 C                    | Arapahoe County School District No 5 Cherry Creek                             | CUSIP: 038683BZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2295000 | PA      | $2687559.75   | 1.47%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO CITY & CNTY DEDICATE                    | City & County of Denver CO Dedicated Excise Tax Revenue                       | CUSIP: 24917DCH4<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041870.00   | 0.57%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SUMMIT CNTY CO SCH DIST #RE001                    | Summit County School District No Re-1 Summit                                  | CUSIP: 866045MY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2172940.00   | 1.19%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THORNTON CO WTR ENTERPRISE REV                    | City of Thornton CO Water Revenue                                             | CUSIP: 885318BC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1970000 | PA      | $1992792.90   | 1.09%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARAPAHOE CNTY CO WTR & WSTWTRP                    | Arapahoe County Water & Wastewater Public Improvement District                | CUSIP: 03871LCA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1376654.40   | 0.75%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARK CREEK CO MET DIST REVENUE                    | Park Creek Metropolitan District                                              | CUSIP: 700387GX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1504677.00   | 0.82%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST COPS                                  | State of Colorado                                                             | CUSIP: 196711SF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027100.00   | 0.56%             | 2035-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF COLORADO CO ENTERPRISE                    | University of Colorado                                                        | CUSIP: 91417KJX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1255893.30   | 0.69%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST WTR RESOURCES & PW                    | Colorado Water Resources & Power Development Authority                        | CUSIP: 19679PFW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $981286.25    | 0.54%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CRESTED BUTTE CO FIRE PROT DIS                    | Gunnison County Crested Butte Fire Protection District                        | CUSIP: 22611JBF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1053322.40   | 0.57%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BRD FOR CMNTY CLGS                    | Colorado State Board for Community Colleges & Occupational Educational System | CUSIP: 196696RN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $943299.50    | 0.51%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MESA CNTY CO VLY SCH DIST #51                     | Mesa County Valley School District No 51 Grand Junction/CO                    | CUSIP: 590621JY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3057870.00   | 1.67%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROOMFIELD CO CITY & CO SWR AC                    | City & County of Broomfield CO                                                | CUSIP: 114751AW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1552588.50   | 0.85%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & WELD CNTYS CO SCH DIST                    | Adams & Weld Counties School District No 27J Brighton/CO                      | CUSIP: 005518UF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003320.00   | 1.09%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                    | Colorado Health Facilities Authority                                          | CUSIP: 19648FPK4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084580.00   | 0.59%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WHEAT RIDGE CO URBAN RENEWAL A                    | City of Wheat Ridge CO                                                        | CUSIP: 96254WAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1461287.40   | 0.80%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LARIMER WELD & BOULDER CNTY CO                    | Larimer Weld & Boulder County School District R-2J Thompson                   | CUSIP: 517210XG0<br>LEI: 549300S0MXGSC6YRX497 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1212475.00   | 0.66%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO URBAN RENEWAL AUTH T                    | Denver Urban Renewal Authority                                                | CUSIP: 249301FL1<br>LEI: 54930040L61W75KRAG79 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2602314.00   | 1.42%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BLDG EXCELLENT SCH                    | State of Colorado                                                             | CUSIP: 19668QJD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3795925.00   | 2.07%             | 2030-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LA PLATA CNTY CO SCH DIST #9-R                    | Durango School District No 9-R                                                | CUSIP: 503768LZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3003510.00   | 1.64%             | 2023-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DENVER CO CITY & CNTY DEDICATE                    | City & County of Denver CO Dedicated Excise Tax Revenue                       | CUSIP: 24917DCE1<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1260483.40   | 0.69%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UPPER EAGLE CO REGL WTR AUTH R                    | Upper Eagle Regional Water Authority                                          | CUSIP: 915770HB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $538860.00    | 0.29%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LARIMER CNTY CO SCH DIST #R-1P                    | Larimer County School District No R-1 Poudre                                  | CUSIP: 517138XU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1126210.00   | 0.61%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL                    | Colorado Educational & Cultural Facilities Authority                          | CUSIP: 1964584Q3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7237930.00   | 3.95%             | 2025-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO SCH DIST                    | Denver City & County School District No 1                                     | CUSIP: 249174TT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4169400.00   | 2.27%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO SCH DIST                    | Denver City & County School District No 1                                     | CUSIP: 249174VH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2175260.00   | 1.19%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOULDER LARIMER & WELD CNTYS C                    | Boulder Larimer & Weld Counties St Vrain Valley School District Re1J          | CUSIP: 101565H77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2173000.00   | 1.19%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LARIMER WELD & BOULDER CNTY CO                    | Larimer Weld & Boulder County School District R-2J Thompson                   | CUSIP: 517214BJ0<br>LEI: 549300S0MXGSC6YRX497 | Long             | DBT              | MUN               | US        |    750000 | PA      | $769162.50    | 0.42%             | 2026-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DENVER CO URBAN RENEWAL AUTH T                    | Denver Urban Renewal Authority                                                | CUSIP: 249301FW7<br>LEI: 54930040L61W75KRAG79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061130.00   | 0.58%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HGR EDU CAPITAL CO                    | Colorado Higher Education                                                     | CUSIP: 196734BM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1834461.20   | 1.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & WELD CNTYS CO SCH DIST                    | Adams & Weld Counties School District No 27J Brighton/CO                      | CUSIP: 005518VE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3895000 | PA      | $4139800.75   | 2.26%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| E-470 CO PUBLIC HIGHWAY AUTH                      | E-470 Public Highway Authority                                                | CUSIP: 26822LMT8<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1393422.80   | 0.76%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BRD OF GOVERNORS U                    | Board of Governors of Colorado State University System                        | CUSIP: 196707VU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2297757.00   | 1.25%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARVADA CO WTR ENTERPRISE REVEN                    | City of Arvada CO Water Revenue                                               | CUSIP: 043260BC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1577030.30   | 0.86%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRUITA CO SALES & USE TAX REVE                    | City of Fruita CO Sales Tax Revenue                                           | CUSIP: 359430BA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1161692.70   | 0.63%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO SCH DIST                    | Denver City & County School District No 1                                     | CUSIP: 249174TR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2086980.00   | 1.14%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY CO SCH DIST #R-                    | Jefferson County School District R-1                                          | CUSIP: 472736V61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2461317.25   | 1.34%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT VRAIN CO SANTN DIST WSTW                    | St Vrain Sanitation District                                                  | CUSIP: 793711BC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $857976.00    | 0.47%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL CO WTR CONSERVANCY DIS                    | Central Colorado Water Conservancy District                                   | CUSIP: 15317PAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1207692.75   | 0.66%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESTES PARK CO PWR & COMMUNICAT                    | Town of Estes Park CO Power & Communications Enterprise                       | CUSIP: 29747TAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1490622.80   | 0.81%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY CO SCH DIST #R-                    | Jefferson County School District R-1                                          | CUSIP: 472736X69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1695480.00   | 0.92%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARKER CO WTR & SANTN DIST WTR                    | Parker Water & Sanitation District/CO                                         | CUSIP: 70105RDC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $1011366.65   | 0.55%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENGLEWOOD CO                                      | City of Englewood CO                                                          | CUSIP: 293065TT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096750.00   | 0.60%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO CITY & CNTY COPS                        | City & County of Denver CO                                                    | CUSIP: 249183XX7<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1601355.00   | 0.87%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COSTILLA CNTY CO SCH DIST #R-3                    | Costilla County School District No R-30 Sierra Grande                         | CUSIP: 22161EBU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2465558.20   | 1.34%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY CO SCH DIST #R-                    | Jefferson County School District R-1                                          | CUSIP: 472736X77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2933034.00   | 1.60%             | 2031-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH SUBURBAN PARK & RECREATI                    | South Suburban Park & Recreation District                                     | CUSIP: 84049EAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107770.00   | 0.60%             | 2031-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & WELD CNTYS CO SCH DIST                    | Adams & Weld Counties School District No 27J Brighton/CO                      | CUSIP: 005518VD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1126621.00   | 0.61%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS CO 12 FIVE STAR SCHS                        | Adams 12 Five Star Schools                                                    | CUSIP: 006449HK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1152450.00   | 0.63%             | 2031-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ADAMS & WELD CNTYS CO SCH DIST                    | Adams & Weld Counties School District No 27J Brighton/CO                      | CUSIP: 005518UW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042160.00   | 0.57%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BLDG EXCELLENT SCH                    | State of Colorado                                                             | CUSIP: 19668QJE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2705200.00   | 1.48%             | 2031-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUEBLO CNTY CO SCH DIST #70                       | Pueblo County School District No 70                                           | CUSIP: 744890TN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1603065.00   | 0.87%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROARING FORK TRANSN AUTH CO PP                    | Roaring Fork Transportation Authority Property Tax Revenue                    | CUSIP: 77016CAN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $691925.00    | 0.38%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF COLORADO CO ENTERPRISE                    | University of Colorado                                                        | CUSIP: 91417KH61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2620000 | PA      | $2764388.20   | 1.51%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN DIST CO COPS                       | Regional Transportation District                                              | CUSIP: 75913TJJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2099220.00   | 1.15%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & ARAPAHOE CNTYS CO JT S                    | Adams & Arapahoe Joint School District 28J Aurora                             | CUSIP: 0054823K8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086470.00   | 0.59%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST SCH OF MINES INSTN                    | Colorado School of Mines                                                      | CUSIP: 19658QCX3<br>LEI: 549300TQMFMDZTM5HY46 | Long             | DBT              | MUN               | US        |   1845000 | PA      | $2028725.10   | 1.11%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH SUBURBAN PARK & RECREATI                    | South Suburban Park & Recreation District                                     | CUSIP: 84049EBK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1031755.40   | 0.56%             | 2035-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARAPAHOE CNTY CO SCH DIST #1 E                    | Arapahoe County School District No 1 Englewood                                | CUSIP: 038663FV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1556665.05   | 0.85%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BRD FOR CMNTY CLGS                    | Colorado State Board for Community Colleges & Occupational Educational System | CUSIP: 196696RM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1937549.70   | 1.06%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EL PASO CNTY CO SCH DIST #2 HA                    | El Paso County School District No 2 Harrison                                  | CUSIP: 283371PP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2248980.00   | 1.23%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY NORTHN COLO GREELEY                    | University of Northern Colorado                                               | CUSIP: 914733BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027080.00   | 0.56%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL                    | Colorado Educational & Cultural Facilities Authority                          | CUSIP: 1964584R1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073180.00   | 0.59%             | 2026-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNIV OF COLORADO CO ENTERPRISE                    | University of Colorado                                                        | CUSIP: 91417KU82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2234900.00   | 1.22%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LARIMER WELD & BOULDER CNTY CO                    | Larimer Weld & Boulder County School District R-2J Thompson                   | CUSIP: 517210WH9<br>LEI: 549300S0MXGSC6YRX497 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501650.00   | 0.82%             | 2024-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LARIMER WELD & BOULDER CNTY CO                    | Larimer Weld & Boulder County School District R-2J Thompson                   | CUSIP: 517210XF2<br>LEI: 549300S0MXGSC6YRX497 | Long             | DBT              | MUN               | US        |    520000 | PA      | $577366.40    | 0.31%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO UTILITIES                     | City of Colorado Springs CO Utilities System Revenue                          | CUSIP: 196632WF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065250.00   | 0.58%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LARIMER CNTY CO SCH DIST #R-1P                    | Larimer County School District No R-1 Poudre                                  | CUSIP: 517138XD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066600.00   | 0.58%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARAPAHOE CNTY CO SCH DIST #6 L                    | Arapahoe County School District No 6 Littleton                                | CUSIP: 038699TA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077350.00   | 0.59%             | 2027-12-01      | 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