# EDGAR Filing Document

**Accession Number:** 0000784056
**File Stem:** 0000784056-23-000009
**Filing Date:** 2023-3
**Character Count:** 2799
**Document Hash:** 9e138febe3a24813a9b50b3f7c612503
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000784056-23-000009.hdr.sgml**: 20230320

**ACCESSION NUMBER**: 0000784056-23-000009

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230320

**DATE AS OF CHANGE**: 20230320

**EFFECTIVENESS DATE**: 20230320

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-01857
- **FILM NUMBER:** 23746005

**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           |

**<u>Aquila Municipal Trust</u>**

**Aquila Tax-Free Fund of Colorado<br> Aquila Tax-Free Trust of Oregon**

**Supplement dated March 20, 2023<br> to each Fund's Summary Prospectus, Prospectus and Statement of Additional Information<br> dated July 26, 2022**

Effective April 14, 2023, the following disclosure replaces any contrary information in each Fund's Summary Prospectus, Prospectus and Statement of Additional Information:

**Redemption of CDSC Class A Shares**

Effective April 14, 2023, the CDSC rate and holding period applicable to the redemption of CDSC Class A Shares originally purchased on or after April 14, 2023 will be calculated according to the following table:

---

| | | |
|:---|:---|:---|
| | **CDSC Rate on Shares Redeemed** | **CDSC Rate on Shares Redeemed** |
| **Value of All Aquila Fund Shares<br> at Time Shares Being Redeemed<br> were Originally Purchased** | **During First Year <br> After Purchase** | **During 13 to 18 Months<br> After Purchase** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$250,000 and up to $2,499,999 | 0.75% | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.5 million and up to $4,999,999 | 0.50% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5 million and more | 0.25% |  |

---

The CDSC will not apply to CDSC Class A Shares held for longer than 18 months.

AQL-COORPS-0323