# EDGAR Filing Document

**Accession Number:** 0000784056
**File Stem:** 0001752724-23-042969
**Filing Date:** 2023-2
**Character Count:** 96049
**Document Hash:** 8fad0a06228fed25a45d943c008b9f2c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-042969.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-042969

**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:** 23673872

**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 TRUST OF ARIZONA (Series ID: S000009132)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000024833 | Class A      | AZTFX           |
| C000024834 | Class C      | AZTCX           |
| C000024836 | Class Y      | AZTYX           |

## Nport-Ex

**AQUILA TAX-FREE TRUST OF ARIZONA**

SCHEDULE OF INVESTMENTS

**December 31, 2022**

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **General Obligation Bonds (37.1%)** | **Ratings<br> Moody's, S&P<br> and Fitch** | **Value** | **(a)** |
|  | City (4.7%) |  |  |  |
|  | Buckeye Jackrabbit Trail Sanitary Sewer Improvement District |  |  |  |
| $199000 | 6.250%, 01/01/29 | NR/A-/NR | $202158 |  |
|  | Gilbert Improvement District No. 20 |  |  |  |
| 460000 | 5.100%, 01/01/29 | Aa1/AA-/NR | 465166 |  |
|  | Goodyear McDowell Road Commercial Corridor Improvement District |  |  |  |
| 840000 | 3.250%, 01/01/27 BAMAC Insured | Aa2/AA/NR | 857119 |  |
|  | Mesa, Arizona |  |  |  |
| 425000 | 4.000%, 07/01/32 | Aa2/AA/AAA | 444686 |  |
|  | Phoenix, Arizona |  |  |  |
| 3000000 | 5.000%, 07/01/27 | Aa1/AA+/AAA | 3296790 |  |
|  | Tempe Improvement District (Pier Town Lake) |  |  |  |
| 1000000 | 5.000%, 01/01/29 | Aa2/NR/NR | 1013390 |  |
|  | Tucson, Arizona |  |  |  |
| 3000000 | 5.000%, 07/01/24 | Aa3/AA/AAA | 3097290 |  |
|  | Total City |  | 9376599 |  |
|  | Community College (0.8%) |  |  |  |
|  | Pinal Co. Community College District |  |  |  |
| 500000 | 4.000%, 07/01/33 | NR/AA-/NR | 536515 |  |
| 1000000 | 3.000%, 07/01/34 | NR/AA-/NR | 972920 |  |
|  | Total Community College |  | 1509435 |  |
|  | County (8.5%) |  |  |  |
|  | Maricopa Co. Daisy Mountain Fire District |  |  |  |
| 340000 | 4.000%, 07/01/27 AGMC Insured | NR/AA/NR | 353488 |  |
|  | Maricopa Co. Special Health Care District |  |  |  |
| 2500000 | 5.000%, 07/01/25 | Aa3/NR/AA- | 2636025 |  |
| 3000000 | 5.000%, 07/01/32 | Aa3/NR/AA- | 3313230 |  |
| 1500000 | 5.000%, 07/01/34 | Aa3/NR/AA- | 1630320 |  |
| 4345000 | 5.000%, 07/01/34 | Aa3/NR/AA- | 4902116 |  |
|  | Yavapai Co. Jail District |  |  |  |
| 1180000 | 5.000%, 07/01/30 BAMAC Insured | NR/AA/AA | 1325175 |  |
| 1650000 | 4.000%, 07/01/33 BAMAC Insured | NR/AA/AA | 1734051 |  |
|  | Yuma Co. Free Library District |  |  |  |
| 1000000 | 4.000%, 07/01/29 | Aa3/NR/AAA | 1032120 |  |
|  | Total County |  | 16926525 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **General Obligation Bonds (continued)** | **Ratings<br> Moody's, S&P<br> and Fitch** | **Value** | **(a)** |
|  | School District (21.0%) |  |  |  |
|  | Gila Co. Unified School District No. 10 (Payson) |  |  |  |
| $1000000 | 5.000%, 07/01/28 | Aa2/NR/NR | $1030940 |  |
|  | Glendale Union High School District No. 205 |  |  |  |
| 525000 | 5.000%, 07/01/27 BAMAC Insured | NR/AA/NR | 529998 |  |
|  | Maricopa Co. Elementary School District No. 1 (Phoenix) |  |  |  |
| 500000 | 4.000%, 07/01/31 BAMAC Insured | NR/AA/NR | 521925 |  |
| 460000 | 4.000%, 07/01/32 BAMAC Insured | NR/AA/NR | 479453 |  |
|  | Maricopa Co. Elementary School District No. 2 (Riverside) |  |  |  |
| 1000000 | 5.000%, 07/01/30 BAMAC Insured | NR/AA/NR | 1128710 |  |
|  | Maricopa Co. Elementary School District No. 3 (Tempe) |  |  |  |
| 500000 | 5.000%, 07/01/30 | Aa1/NR/NR | 543935 |  |
| 5615000 | 5.000%, 07/01/31 | Aa1/NR/NR | 6243038 |  |
|  | Maricopa Co. Elementary School District No. 8 (Osborn) |  |  |  |
| 500000 | 5.000%, 07/01/31 AGMC Insured | NR/AA/NR | 545475 |  |
|  | Maricopa Co. Elementary School District No. 25 (Liberty) |  |  |  |
| 350000 | 4.000%, 07/01/35 AGMC Insured | NR/AA/NR | 365673 |  |
| 300000 | 4.000%, 07/01/36 AGMC Insured | NR/AA/NR | 310662 |  |
| 375000 | 4.000%, 07/01/37 AGMC Insured | NR/AA/NR | 385826 |  |
|  | Maricopa Co. Elementary School District No. 40 (Glendale) |  |  |  |
| 2050000 | 2.000%, 07/01/35 AGMC Insured | NR/AA/AA+ | 1656503 |  |
|  | Maricopa Co. Elementary School District No. 62 (Union) |  |  |  |
| 315000 | 4.000%, 07/01/29 BAMAC Insured | NR/AA/NR | 331941 |  |
| 580000 | 4.000%, 07/01/32 BAMAC Insured | NR/AA/NR | 610989 |  |
| 300000 | 4.000%, 07/01/33 BAMAC Insured | NR/AA/NR | 315432 |  |
| 375000 | 4.000%, 07/01/34 BAMAC Insured | NR/AA/NR | 393720 |  |
|  | Maricopa Co. Elementary School District No. 65 (Littleton) |  |  |  |
| 125000 | 3.000%, 07/01/35 BAMAC Insured | Aa3/AA/NR | 112006 |  |
|  | Maricopa Co. High School District No. 210 (Phoenix) |  |  |  |
| 500000 | 4.000%, 07/01/26 | Aa1/AA/AAA | 516255 |  |
|  | Maricopa Co. High School District No. 214 (Tolleson) |  |  |  |
| 200000 | 3.000%, 07/01/35 | Aaa/AA/NR | 189384 |  |
|  | Maricopa Co. Unified School District No. 4 (Mesa) |  |  |  |
| 4000000 | 5.000%, 07/01/29 | Aa2/AA-/NR | 4557240 |  |
|  | Maricopa Co. Unified School District No. 11 (Peoria) |  |  |  |
| 1490000 | 4.000%, 07/01/25 | Aa3/AA-/NR | 1491445 |  |
| 675000 | 4.500%, 07/01/33 AGMC Insured | Aa3/AA/NR | 697187 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **General Obligation Bonds (continued)** | **Ratings<br> Moody's, S&P<br> and Fitch** | **Value** | **(a)** |
|  | School District (continued) |  |  |  |
|  | Maricopa Co. Unified School District No. 41 (Gilbert) |  |  |  |
| $3000000 | 5.000%, 07/01/26 | Aa1/AA-/NR | $3234360 |  |
|  | Maricopa Co. Unified School District No. 48 (Scottsdale) |  |  |  |
| 2350000 | 3.000%, 07/01/34 | Aa1/AA/NR | 2304034 |  |
|  | Maricopa Co. Unified School District No. 60 (Higley) |  |  |  |
| 1615000 | 5.000%, 07/01/29 | Aa2/AA-/NR | 1664500 |  |
|  | Maricopa Co. Unified School District No. 66 (Roosevelt) |  |  |  |
| 910000 | 4.000%, 07/01/31 BAMAC Insured | A1/AA/NR | 951851 |  |
|  | Maricopa Co. Unified School District No. 69 (Paradise Valley) |  |  |  |
| 1500000 | 5.000%, 07/01/27 | Aa1/NR/AAA | 1648395 |  |
| 425000 | 4.000%, 07/01/35 | Aa1/NR/AAA | 443942 |  |
|  | Maricopa Co. Unified School District No. 80 (Chandler) |  |  |  |
| 545000 | 4.000%, 07/01/36 | Aaa/AA/NR | 560827 |  |
|  | Maricopa Co. Unified School District No. 89 (Dysart) |  |  |  |
| 500000 | 4.000%, 07/01/28 | NR/A+/AAA | 507425 |  |
|  | Navajo Co. Unified School District No. 10 (Show Low) |  |  |  |
| 500000 | 4.000%, 07/01/31 AGMC Insured | NR/AA/NR | 521495 |  |
|  | Navajo Co. Unified School District No. 32 (Blue Ridge) |  |  |  |
| 400000 | 5.000%, 07/01/29 AGMC Insured | NR/AA/NR | 434272 |  |
|  | Pima Co. Unified School District No. 6 (Marana) |  |  |  |
| 955000 | 5.000%, 07/01/25 | NR/A/NR | 965266 |  |
| 950000 | 5.250%, 07/01/25 AGMC Insured | NR/AA/NR | 961362 |  |
| 1000000 | 4.250%, 07/01/32 AGMC Insured | NR/AA/NR | 1034010 |  |
| 1000000 | 4.000%, 07/01/37 AGMC Insured | NR/AA/NR | 1021080 |  |
|  | Pima Co. Unified School District No. 8 (Flowing Wells) |  |  |  |
| 1000000 | 4.500%, 07/01/37 AGMC Insured | NR/AA/NR | 1038240 |  |
| 250000 | 4.000%, 07/01/28 BAMAC Insured | NR/AA/NR | 264425 |  |
|  | Pima Co. Unified School District No. 12 (Sunnyside) |  |  |  |
| 1050000 | 4.000%, 07/01/28 BAMAC Insured | NR/AA/NR | 1057529 |  |
|  | Santa Cruz Co. Unified School District No. 35 (Santa Cruz Valley) |  |  |  |
| 300000 | 3.000%, 07/01/36 AGMC Insured | NR/AA/NR | 283398 |  |
|  | Total School District |  | 41854148 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **General Obligation Bonds (continued)** | **Ratings<br> Moody's, S&P<br> and Fitch** | **Value** | **(a)** |
|  | Special District (2.1%) |  |  |  |
|  | Eastmark Community Facilities District No. 1 |  |  |  |
| $345000 | 4.000%, 07/15/33 AGMC Insured | NR/AA/NR | $357644 |  |
| 360000 | 4.000%, 07/15/34 AGMC Insured | NR/AA/NR | 372607 |  |
|  | Estrella Mountain Ranch Community Facilities District |  |  |  |
| 155000 | 5.000%, 07/15/32 AGMC Insured | NR/AA/NR | 167088 |  |
|  | Gladden Farms Phase II Community Facilities District |  |  |  |
| 300000 | 5.000%, 07/15/47 BAMAC Insured | NR/AA/NR | 311184 |  |
|  | Goodyear Community Facilities Utilities District No. 1 |  |  |  |
| 500000 | 4.000%, 07/15/28 | A1/A-/NR | 505515 |  |
| 460000 | 4.000%, 07/15/32 | A1/A-/NR | 473570 |  |
|  | Merrill Ranch Community Facilities District #2 |  |  |  |
| 680000 | 6.750%, 07/15/38 | NR/BBB/NR | 692451 |  |
|  | Verrado Community Facilities Utilities District No. 1 |  |  |  |
| 500000 | 6.000%, 07/15/33 144A | NR/NR/NR\* | 500580 |  |
|  | Vistancia Community Facilities District |  |  |  |
| 850000 | 4.000%, 07/15/25 BAMAC Insured | A1/AA/NR | 872117 |  |
|  | Total Special District |  | 4252756 |  |
|  | Total General Obligation Bonds |  | 73919463 |  |
|  | **Revenue Bonds (55.9%)** |  |  |  |
|  | Airport (7.1%) |  |  |  |
|  | Phoenix Civic Improvement Corp. Airport Bonds |  |  |  |
| 4000000 | 4.000%, 07/01/40 | A1/A+/NR | 3879560 |  |
| 2595000 | 5.000%, 07/01/27 AMT | Aa3/AA-/NR | 2755553 |  |
| 185000 | 5.000%, 07/01/30 AMT | Aa3/AA-/NR | 195286 |  |
| 3850000 | 5.000%, 07/01/31 AMT | Aa3/AA-/NR | 4057130 |  |
| 2900000 | 5.000%, 07/01/31 AMT | Aa3/AA-/NR | 3087427 |  |
| 200000 | 5.000%, 07/01/33 AMT | Aa3/AA-/NR | 212060 |  |
|  | Total Airport |  | 14187016 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **Revenue Bonds (continued)** | **Ratings<br> Moody's, S&P<br> and Fitch** | **Value** | **(a)** |
|  | Charter Schools (3.9%) |  |  |  |
|  | Arizona Industrial Development Authority (Basis Schools) |  |  |  |
| $240000 | 5.000%, 07/01/37 State Enhanced | NR/AA-/NR | $249362 |  |
|  | Arizona Industrial Development Authority (Candeo Schools) |  |  |  |
| 500000 | 3.375%, 07/01/41 State Enhanced | NR/AA-/NR | 417015 |  |
|  | Arizona Industrial Development Authority (Equitable Schools) |  |  |  |
| 1000000 | 4.000%, 11/01/36 | NR/A/NR | 959820 |  |
| 2000000 | 4.000%, 11/01/38 | NR/A/NR | 1883440 |  |
| 2000000 | 4.000%, 11/01/40 | NR/A/NR | 1842260 |  |
|  | Arizona Industrial Development Authority (Greathearts Academies) |  |  |  |
| 1000000 | 3.000%, 07/01/37 State Enhanced | NR/AA-/NR | 840490 |  |
|  | Maricopa Co. Industrial Development Authority (Great Hearts Arizona Projects) |  |  |  |
| 250000 | 5.000%, 07/01/26 State Enhanced | NR/AA-/NR | 262535 |  |
| 315000 | 5.000%, 07/01/37 State Enhanced | NR/AA-/NR | 327159 |  |
|  | Phoenix Industrial Development Authority (Macombs Facility Project) |  |  |  |
| 315000 | 5.000%, 07/01/33 | NR/BBB-/NR | 331834 |  |
| 325000 | 4.000%, 07/01/34 | NR/BBB-/NR | 310001 |  |
| 315000 | 4.000%, 07/01/35 | NR/BBB-/NR | 295961 |  |
|  | Total Charter Schools |  | 7719877 |  |
|  | Excise Tax (7.3%) |  |  |  |
|  | Buckeye Excise Tax |  |  |  |
| 400000 | 4.000%, 07/01/36 | NR/AA/AA | 410684 |  |
|  | Buckeye Roosevelt Street Improvement District |  |  |  |
| 85000 | 4.000%, 01/01/32 | NR/A-/NR | 85408 |  |
|  | Cottonwood Pledged Revenue Obligations |  |  |  |
| 500000 | 5.000%, 07/01/30 AGMC Insured | NR/AA/NR | 525970 |  |
|  | Flagstaff Pledged Revenue |  |  |  |
| 1395000 | 4.250%, 07/01/33 | NR/AA/NR | 1459616 |  |
|  | Gila Co. Pledged Revenue Obligations |  |  |  |
| 555000 | 4.000%, 07/01/30 | NR/AA/NR | 588256 |  |
|  | Marana Pledged Excise Tax |  |  |  |
| 275000 | 4.000%, 07/01/30 | NR/AA/NR | 276235 |  |
|  | Phoenix Civic Improvement Corp. (Civic Plaza) |  |  |  |
| 2000000 | 5.500%, 07/01/27 BHAC/FGIC Insured | Aa1/AA+/NR | 2230960 |  |
| 2000000 | 5.500%, 07/01/30 BHAC/FGIC Insured | Aa1/AA+/NR | 2360200 |  |
| 1000000 | 5.500%, 07/01/23 NPFG/FGIC Insured | Aa2/AA/NR | 1012040 |  |
| 2300000 | 5.500%, 07/01/33 NPFG/FGIC Insured | Aa2/AA/NR | 2785691 |  |
|  | Santa Cruz Co. Jail District |  |  |  |
| 1655000 | 5.000%, 07/01/28 AGMC Insured | NR/AA/NR | 1784504 |  |
| 885000 | 5.000%, 07/01/31 AGMC Insured | NR/AA/NR | 946596 |  |
|  | Total Excise Tax |  | 14466160 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **Revenue Bonds (continued)** | **Ratings<br> Moody's, S&P<br> and Fitch** | **Value** | **(a)** |
|  | Healthcare (5.8%) |  |  |  |
|  | Maricopa Co. Industrial Development Authority (Banner Health) |  |  |  |
| $500000 | 4.000%, 01/01/48 | NR/AA-/AA- | $460435 |  |
| 1000000 | 5.000%, 01/01/48 | NR/AA-/AA- | 1028080 |  |
|  | Maricopa Co. Industrial Development Authority (HonorHealth) |  |  |  |
| 2250000 | 4.125%, 09/01/38 | A2/NR/A+ | 2243723 |  |
|  | Phoenix Industrial Development Authority (Mayo Clinic) VRDO\*\*\* |  |  |  |
| 2650000 | 3.540%, 11/15/52 | Aa2/AA/NR | 2650000 |  |
|  | Pima Co. Industrial Development Authority (Tucson Medical Center) |  |  |  |
| 1150000 | 5.000%, 04/01/33 | NR/A/NR | 1261251 |  |
| 880000 | 4.000%, 04/01/37 | NR/A/NR | 851022 |  |
| 250000 | 3.000%, 04/01/51 | NR/A/NR | 177788 |  |
|  | Yavapai Co. Industrial Development Authority (Yavapai Regional Medical Center) |  |  |  |
| 1000000 | 5.250%, 08/01/33 | A2/NR/A+ | 1007910 |  |
|  | Yuma Industrial Development Authority (Yuma Regional Medical Center) |  |  |  |
| 1635000 | 5.000%, 08/01/23 | NR/A/NR | 1650189 |  |
| 200000 | 5.000%, 08/01/32 | NR/A/NR | 203166 |  |
|  | Total Healthcare |  | 11533564 |  |
|  | Higher Education (7.5%) |  |  |  |
|  | Arizona Board of Regents (Arizona State University System) Green Bonds |  |  |  |
| 1500000 | 5.000%, 07/01/36 | Aa2/AA/NR | 1721430 |  |
|  | Arizona Board of Regents (Arizona State University System) VRDO\*\*\* |  |  |  |
| 5630000 | 3.550%, 07/01/34 | Aa2/AA/NR | 5630000 |  |
|  | Arizona Board of Regents (Northern Arizona University) Speed Stimulus Plan for Economic & Educational Development |  |  |  |
| 2090000 | 5.000%, 08/01/29 AGMC Insured | A1/AA/NR | 2344249 |  |
|  | Arizona Board of Regents (University of Arizona System) Speed Stimulus Plan for Economic & Educational Development |  |  |  |
| 1000000 | 3.125%, 08/01/39 | Aa3/A+/NR | 842650 |  |
|  | Arizona Board of Regents (University of Arizona System) |  |  |  |
| 105000 | 4.000%, 06/01/38 | Aa2/AA-/NR | 106274 |  |
|  | Arizona Industrial Development Authority (North Carolina Central University Student Housing) |  |  |  |
| 250000 | 4.000%, 06/01/34 BAMAC Insured | Baa3/AA/NR | 255965 |  |
| 700000 | 4.000%, 06/01/39 BAMAC Insured | Baa3/AA/NR | 691999 |  |
|  | Phoenix Industrial Development Authority (Downtown Phoenix Student Housing) |  |  |  |
| 200000 | 5.000%, 07/01/26 | Baa3/NR/NR | 205800 |  |
| 400000 | 5.000%, 07/01/33 | Baa3/NR/NR | 407880 |  |
| 1250000 | 5.000%, 07/01/42 | Baa3/NR/NR | 1230125 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **Revenue Bonds (continued)** | **Ratings<br> Moody's, S&P<br> and Fitch** | **Value** | **(a)** |
|  | Higher Education (continued) |  |  |  |
|  | Phoenix Industrial Development Authority (Downtown Phoenix Student Housing II) |  |  |  |
| $100000 | 5.000%, 07/01/26 | Baa3/NR/NR | $102900 |  |
| 250000 | 5.000%, 07/01/27 | Baa3/NR/NR | 258420 |  |
| 150000 | 5.000%, 07/01/28 | Baa3/NR/NR | 155607 |  |
| 200000 | 5.000%, 07/01/30 | Baa3/NR/NR | 207168 |  |
| 300000 | 5.000%, 07/01/32 | Baa3/NR/NR | 308361 |  |
|  | Pima Co. Community College District |  |  |  |
| 500000 | 4.000%, 07/01/38 | Aa3/NR/AA- | 505790 |  |
|  | Total Higher Education |  | 14974618 |  |
|  | Housing (1.8%) |  |  |  |
|  | Arizona Industrial Development Authority Green Bond MTEB (Chandler Village Apartments Project) |  |  |  |
| 4824102 | 2.120%, 07/01/37 FNMA Insured Series 2020 | Aaa/NR/NR | 3565735 |  |
|  | Lease (2.5%) |  |  |  |
|  | Arizona Board of Regents (Northern Arizona University) COP |  |  |  |
| 600000 | 5.000%, 09/01/27 | A2/A/NR | 601038 |  |
|  | Nogales Municipal Development Authority, Inc. |  |  |  |
| 845000 | 4.000%, 06/01/36 | NR/AA-/NR | 860345 |  |
| 615000 | 5.000%, 06/01/28 AGMC Insured | NR/AA/NR | 656734 |  |
| 810000 | 4.000%, 06/01/33 AGMC Insured | NR/AA/NR | 849690 |  |
| 2000000 | 4.000%, 06/01/39 AGMC Insured | NR/AA/NR | 2011400 |  |
|  | State of Arizona COP |  |  |  |
| 100000 | 5.000%, 09/01/27 | Aa2/AA-/NR | 105610 |  |
|  | Total Lease |  | 5084817 |  |
|  | Pollution Control (0.7%) |  |  |  |
|  | Maricopa Co. Pollution Control (El Paso Electric Co.) |  |  |  |
| 375000 | 3.600%, 02/01/40 | Baa2/NR/BBB+ | 328309 |  |
| 250000 | 3.600%, 04/01/40 | Baa2/NR/BBB+ | 218668 |  |
|  | Maricopa Co. Pollution Control (Southern California Edison Co.) |  |  |  |
| 1000000 | 2.400%, 06/01/35 | A3/A-/BBB+ | 761430 |  |
|  | Total Pollution Control |  | 1308407 |  |
|  | Resource Recovery (4.7%) |  |  |  |
|  | Chandler Industrial Development Authority (Intel Corporation Project) |  |  |  |
| 4250000 | 2.700%, 12/01/37 AMT (Mandatory Put Date 8/14/23) | A1/A+/NR | 4222333 |  |
| 3000000 | 5.000%, 09/01/52 AMT | A1/A+/NR | 3131910 |  |
|  | Maricopa Co. Industrial Development Authority, (Waste Management Inc. Project) |  |  |  |
| 1500000 | 3.375%, 12/01/31 AMT (Mandatory Put Date 6/03/24) | NR/A-/NR | 1473075 |  |
|  | Yavapai Co. Industrial Development Authority, (Waste Management Inc. Project) |  |  |  |
| 520000 | 2.200%, 03/01/28 AMT (Mandatory Put Date 06/03/24) | NR/A-/NR | 502408 |  |
|  | Total Resource Recovery |  | 9329726 |  |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **Revenue Bonds (continued)** | **Ratings<br> Moody's, S&P<br> and Fitch** | **Value** | **(a)** |
|  | Sales Tax (3.3%) |  |  |  |
|  | Arizona Sports & Tourism Authority (Multipurpose Stadium Facility Project) |  |  |  |
| $6000000 | 5.000%, 07/01/30 BAMAC Insured | A1/AA/A | $6686220 |  |
|  | Senior Living Facilities (1.1%) |  |  |  |
|  | Arizona Industrial Development Authority, Second Tier (Great Lakes Senior Living Communities) |  |  |  |
| 620000 | 5.000%, 01/01/28 | NR/CCC+/NR | 494735 |  |
| 555000 | 5.000%, 01/01/29 | NR/CCC+/NR | 436530 |  |
| 1205000 | 5.000%, 01/01/30 | NR/CCC+/NR | 922500 |  |
| 655000 | 4.000%, 01/01/33 | NR/CCC+/NR | 415624 |  |
|  | Total Senior Living Facilities |  | 2269389 |  |
|  | Utility (5.3%) |  |  |  |
|  | Greater Arizona Development Authority Revenue |  |  |  |
| 500000 | 5.000%, 08/01/28 AGMC Insured | A1/AA/NR | 509875 |  |
|  | Mesa Utility System |  |  |  |
| 5000000 | 5.000%, 07/01/36 | Aa3/A+/NR | 5821250 |  |
|  | Salt Verde Finance Corp. Gas Revenue |  |  |  |
| 3000000 | 5.250%, 12/01/28 | A3/BBB+/NR | 3151080 |  |
|  | Yuma Utility System |  |  |  |
| 1000000 | 4.000%, 07/01/34 BAMAC Insured | NR/AA/AA- | 1044690 |  |
|  | Total Utility |  | 10526895 |  |
|  | Water/Sewer (4.9%) |  |  |  |
|  | Glendale Water & Sewer Revenue Refunding Senior Lien |  |  |  |
| 6120000 | 3.000%, 07/01/24 | A1/AA/NR | 6142093 |  |
|  | Phoenix Civic Improvement Corp. Wastewater Revenue |  |  |  |
| 1500000 | 5.500%, 07/01/24 NPFG/FGIC Insured | Aa2/AAA/NR | 1559970 |  |
|  | Pima Co. Sewer System Revenue Refunding |  |  |  |
| 2000000 | 5.000%, 07/01/26 | NR/AA/AA | 2156240 |  |
|  | Total Water/Sewer |  | 9858303 |  |
|  | Total Revenue Bonds |  | 111510727 |  |
|  | **Pre-Refunded Bonds (4.1%)††** |  |  |  |
|  | Pre-Refunded General Obligation Bonds (0.7%) |  |  |  |
|  | City (0.1%) |  |  |  |
|  | Glendale, Arizona |  |  |  |
| 200000 | 5.000%, 07/01/33 | NR/AA/AAA | 224370 |  |
|  | School District (0.1%) |  |  |  |
|  | Maricopa Co. Elementary School District No. 28 (Kyrene Elementary) |  |  |  |
| 250000 | 5.500%, 07/01/30 | Aaa/AA/NR | 253158 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount** | **Pre-Refunded Bonds (continued)** | **Ratings<br> Moody's, S&P<br> and Fitch** | **Value** | **(a)** |
|  | Special District (0.5%) |  |  |  |
|  | Estrella Mountain Ranch Community Facilities District |  |  |  |
| $845000 | 5.000%, 07/15/32 AGMC Insured | NR/AA/NR | $927751 |  |
|  | Goodyear Community Facilities Utilities District No. 1 |  |  |  |
| 40000 | 4.000%, 07/15/32 | NR/NR/NR\* | 41763 |  |
|  | Total Special District |  | 969514 |  |
|  | Total Pre-Refunded General Obligation Bonds |  | 1447042 |  |
|  | Pre-Refunded Revenue Bonds (3.4%) |  |  |  |
|  | Excise Tax (0.2%) |  |  |  |
|  | Scottsdale Municipal Property Corp. |  |  |  |
| 375000 | 5.000%, 07/01/34 | Aa1/AAA/AA+ | 396424 |  |
|  | Healthcare (2.5%) |  |  |  |
|  | Arizona Health Facilities Authority (Banner Health) |  |  |  |
| 2000000 | 5.000%, 01/01/44 | NR/AA-/NR | 2042360 |  |
|  | Maricopa Co. Hospital Revenue (Sun Health) |  |  |  |
| 705000 | 5.000%, 04/01/25 | NR/NR/NR\* | 716999 |  |
| 2125000 | 5.000%, 04/01/35 | NR/NR/NR\* | 2182163 |  |
|  | Total Healthcare |  | 4941522 |  |
|  | Higher Education (0.7%) |  |  |  |
|  | Northern Arizona University Speed Stimulus Plan for Economic & Educational Development |  |  |  |
| 1445000 | 5.000%, 08/01/38 | A2/A/NR | 1462311 |  |
|  | Total Pre-Refunded Revenue Bonds |  | 6800257 |  |
|  | Total Pre-Refunded Bonds |  | 8247299 |  |
|  | Total Municipal Bonds (cost $200,920,090) |  | 193677489 |  |
| **Shares** | **Short-Term Investment (1.2%)** |  |  |  |
| 2263661 | Dreyfus Treasury Obligations Cash Management - <br> Institutional Shares, 4.17%\*\* (cost $2,263,661) | Aaa-mf/AAAm/NR | 2263661 |  |
|  | Total Investments <br> (cost $203,183,751-note b) | 98.3% | 195941150 |  |
|  | Other assets less liabilities | 1.7 | 3468834 |  |
|  | Net Assets | 100.0% | $199409984 |  |
|  |  | **Percent of** |  |  |
|  | **Portfolio Distribution By Quality Rating** | **Investments†** |  |  |
|  | Aaa of Moody's or AAA of S&P or Fitch | 8.7% |  |  |
|  | Pre-refunded bonds†† | 4.3 |  |  |
|  | Aa of Moody's or AA of S&P or Fitch | 66.4 |  |  |
|  | A of Moody's or S&P or Fitch | 16.5 |  |  |
|  | Baa of Moody's or BBB of S&P or Fitch | 2.6 |  |  |
|  | CCC of S&P | 1.2 |  |  |
|  | Not Rated\* | 0.3 |  |  |
|  |  | 100.0% |  |  |

---

---

| |
|:---|
| **PORTFOLIO ABBREVIATIONS** |
| AGMC - Assured Guaranty Municipal Corp. |
| AMT - Alternative Minimum Tax |
| BAMAC - Build America Mutual Assurance Co. |
| BHAC - Berkshire Hathaway Assurance Corp. |
| COP- Certificates of Participation |
| FGIC - Financial Guaranty Insurance Co. |
| FNMA - Federal National Mortgage Association |
| MTEB- Multifamily Tax-Exempt Mortgage-Backed Bonds |
| NPFG - National Public Finance Guarantee |
| NR - Not Rated |
| VRDO - Variable Rate Demand Obligation |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\*\* | Variable rate demand obligations (VRDOs) are payable upon demand within the same day for securities with daily liquidity or seven days for securities with weekly liquidity. |
| † | 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. |
|  | 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 TAX-FREE TRUST OF ARIZONA**

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 $202,689,633 amounted to $6,748,483, which consisted of aggregate gross unrealized appreciation of $2,505,953 and aggregate
gross unrealized depreciation of $9,254,436.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Fair Value Measurements: The Trust follows a fair value hierarchy that distinguishes between market
data obtained from independent sources (observable inputs) and the Trust's own market assumptions (unobservable inputs). These inputs
are used in determining the value of the Trust'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 Trust 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 Trust'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 Trust's investments, used to value the Trust's net assets as of December 31, 2022:

---

| | |
|:---|:---|
| **Valuation Inputs**+ | **Investments in<br> Securities** |
| Level 1 – Quoted Prices – Short-Term Investment | $2263661 |
| Level 2 – Other Significant Observable Inputs - Municipal Bonds | 193677489 |
| Level 3 – Significant Unobservable Inputs |  |
| Total | $195941150 |

---

+ 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 Trust of Arizona

- **b. EDGAR series identifier (if any):** S000009132

- **c. LEI of Series:** 5493004W54KX4KGU7D32

**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:** $203540791.71

**Total Liabilities:** $3334365.40

**Net Assets:** $200206426.31

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 525.09951000 | **1-Year:** 8688.42912000 | **5-Year:** 37954.70580000 | **10-Year:** 47577.61206000 | **30-Year:** 2003.67697000

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

- **3-Month:** 0.00000000 | **1-Year:** 38.39433000 | **5-Year:** 998.06424000 | **10-Year:** 228.13663000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000024834 | -0.51%               | 3.62%                | 0.11%                |
| Class ID C000024836 | -0.53%               | 3.81%                | 0.20%                |
| Class ID C000024833 | -0.54%               | 3.80%                | 0.08%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-248229.43              | $-1196124.68                               |
| Month 2  | $-1072843.58             | $8304530.97                                |
| Month 3  | $-23474.94               | $-51789.80                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PIMA CNTY AZ INDL DEV AUTH                        | Industrial Development Authority of the County of Pima/The             | CUSIP: 721901KM7<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1261251.00   | 0.63%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EASTMARK CMNTY FACS DIST #1 AZ                    | Eastmark Community Facilities District No 1                            | CUSIP: 277482BK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $372607.20    | 0.19%             | 2034-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP                    | City of Phoenix Civic Improvement Corp                                 | CUSIP: 71883MNL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $3087427.00   | 1.54%             | 2031-07-01      | 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        |   2278889 | NS      | $2278888.78   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MARANA AZ PLEDGED EXCISE TAX R                    | Town of Marana AZ Pledged Excise Revenue                               | CUSIP: 56574CAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $276234.75    | 0.14%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| YUMA AZ INDL DEV AUTH HOSP REV                    | Yuma Industrial Development Authority                                  | CUSIP: 988514CD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203166.00    | 0.10%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE                    | Industrial Development Authority of the City of Phoenix/The            | CUSIP: 71885DCR1<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    200000 | PA      | $205800.00    | 0.10%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ HIGH SCH DIST                    | Maricopa County High School District No 214 Tolleson Union High School | CUSIP: 567527UW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $189384.00    | 0.09%             | 2035-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH                        | Industrial Development Authority of the County of Pima/The             | CUSIP: 721901KX3<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    250000 | PA      | $177787.50    | 0.09%             | 2051-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| YAVAPAI CNTY AZ INDL DEV AUTH                     | Industrial Development Authority of the County of Yavapai/The          | CUSIP: 98521UAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $502408.40    | 0.25%             | 2028-03-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO                    | Arizona Industrial Development Authority                               | CUSIP: 04052FCQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1842260.00   | 0.92%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE                    | Industrial Development Authority of the City of Phoenix/The            | CUSIP: 71885DDQ2<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102900.00    | 0.05%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ HOSP REVENUE                     | County of Maricopa AZ                                                  | CUSIP: 566761MZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2182162.50   | 1.09%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ UNIF SCH DIST                    | Maricopa County Unified School District No 4 Mesa                      | CUSIP: 566897XU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4557240.00   | 2.28%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO                    | Arizona Industrial Development Authority                               | CUSIP: 04052TBE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $494735.20    | 0.25%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESTRELLA MOUNTAIN RANCH AZ CMN                    | Estrella Mountain Ranch Community Facilities District                  | CUSIP: 29758ABN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $167088.45    | 0.08%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ UNIF SCH DIST #6                     | Pima County Unified School District No 6 Marana/AZ                     | CUSIP: 721812MM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $961362.00    | 0.48%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VISTANCIA AZ CMNTY FACS DIST                      | Vistancia Community Facilities District                                | CUSIP: 92839NCQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $872117.00    | 0.44%             | 2025-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA BRD OF RGTS                               | Arizona Board of Regents                                               | CUSIP: 040664GY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1721430.00   | 0.86%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EASTMARK CMNTY FACS DIST #1 AZ                    | Eastmark Community Facilities District No 1                            | CUSIP: 277482BJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $357644.25    | 0.18%             | 2033-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ ELEM SCH DIST                    | Maricopa County School District No 66 Roosevelt Elementary             | CUSIP: 567337RQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $951850.90    | 0.48%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ SWR REVENUE                          | County of Pima AZ Sewer System Revenue                                 | CUSIP: 721876VF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2156240.00   | 1.08%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ HIGH SCH DIST                    | Maricopa County Union High School District No 210-Phoenix              | CUSIP: 567505MZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516255.00    | 0.26%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA BRD OF RGTS ST UNIV SY                    | Arizona State University                                               | CUSIP: 04048RAA4<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |   5630000 | PA      | $5630000.00   | 2.81%             | 2034-07-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP DIS                    | City of Phoenix Civic Improvement Corp                                 | CUSIP: 71884WCW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2360200.00   | 1.18%             | 2030-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MESA AZ                                           | City of Mesa AZ                                                        | CUSIP: 590485Q43<br>LEI: 549300L1QYAKFHSIGE94 | Long             | DBT              | MUN               | US        |    425000 | PA      | $444686.00    | 0.22%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GTR AZ DEV AUTH INFRASTRUCTURE                    | Greater Arizona Development Authority                                  | CUSIP: 391577UV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509875.00    | 0.25%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ ELEM SCH DIST                    | Maricopa County Elementary School District No 62 Union                 | CUSIP: 56756MBV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $393720.00    | 0.20%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NAVAJO CNTY AZ UNIF SCH DIST #                    | Navajo County Unified School District No 32 Blue Ridge                 | CUSIP: 639149GT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $434272.00    | 0.22%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NOGALES MUNI DEV AUTH INC AZ M                    | Nogales Municipal Development Authority Inc                            | CUSIP: 655275KC8<br>LEI: 549300YV67RLHO77IW67 | Long             | DBT              | MUN               | US        |    810000 | PA      | $849690.00    | 0.42%             | 2033-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GILA CNTY AZ UNIF SCH DIST #10                    | Gila County Unified School District No 10-Payson                       | CUSIP: 375233GP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030940.00   | 0.51%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE AZ JACKRABBIT TRAIL SA                    | Buckeye Jackrabbit Trail Sanitary Sewer District                       | CUSIP: 118089AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    199000 | PA      | $202158.13    | 0.10%             | 2029-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP WTR                    | City of Phoenix Civic Improvement Corp                                 | CUSIP: 71883REG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1559970.00   | 0.78%             | 2024-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GLADDEN FARMS PHASE II CMNTY F                    | Gladden Farms Phase II Community Facilities District                   | CUSIP: 37642NBM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $311184.00    | 0.16%             | 2047-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ ELEM SCH DIST                    | Maricopa County Elementary School District No 40 Glendale              | CUSIP: 567201PS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $1656502.50   | 0.83%             | 2035-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ ELEM SCH DIST                    | Maricopa County Elementary School District No 25-Liberty               | CUSIP: 567134FT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $385826.25    | 0.19%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                    | Maricopa County Industrial Development Authority                       | CUSIP: 56681NBQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $327159.00    | 0.16%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP                    | City of Phoenix Civic Improvement Corp                                 | CUSIP: 71883MNN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $212060.00    | 0.11%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ ELEM SCH DIST                    | Kyrene Elementary School District No 28                                | CUSIP: 567137C93<br>LEI: 54930076HGOXEKIIH691 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253157.50    | 0.13%             | 2030-07-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| YUMA CNTY AZ LIBRARY DIST                         | Yuma County Library District                                           | CUSIP: 988589CN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032120.00   | 0.52%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE                    | Industrial Development Authority of the City of Phoenix/The            | CUSIP: 71885DDU3<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    200000 | PA      | $207168.00    | 0.10%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERRADO AZ CMNTY FACS DIST #1                     | Verrado Community Facilities District No 1                             | CUSIP: 92511QBL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500580.00    | 0.25%             | 2033-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DAISY MTN FIRE DIST AZ MARICOP                    | Daisy Mountain Fire District                                           | CUSIP: 23404CAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $353487.80    | 0.18%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE                    | Industrial Development Authority of the City of Phoenix/The            | CUSIP: 71885DCY6<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    400000 | PA      | $407880.00    | 0.20%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ ELEM SCH DIST                    | Maricopa County Elementary School District No 1-Phoenix Elementary     | CUSIP: 566865KC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $479453.40    | 0.24%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GOODYEAR AZ CMNTY FACS UTILITI                    | Goodyear Community Facilities Utilities District No 1                  | CUSIP: 38251NGN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41762.80     | 0.02%             | 2032-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ SPL HLTH CARE                    | Maricopa County Special Health Care District                           | CUSIP: 56756TAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2636025.00   | 1.32%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ UNIF SCH DIST                    | Maricopa County Unified School District No 41 Gilbert                  | CUSIP: 567219YZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3234360.00   | 1.62%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP DIS                    | City of Phoenix Civic Improvement Corp                                 | CUSIP: 71884WAM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012040.00   | 0.51%             | 2023-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NAVAJO CNTY AZ UNIF SCH DIST #                    | Navajo County Unified School District No 10 Show Low                   | CUSIP: 639137HJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $521495.00    | 0.26%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COTTONWOOD AZ PLEDGED REVENUE                     | City of Cottonwood AZ                                                  | CUSIP: 221821AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525970.00    | 0.26%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ ELEM SCH DIST                    | Maricopa County Elementary School District No 25-Liberty               | CUSIP: 567134FR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $365673.00    | 0.18%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ UNIF SCH DIST                    | Maricopa County Unified School District No 60 Higley                   | CUSIP: 567313EM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1664499.75   | 0.83%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH STUDENT                     | Arizona Industrial Development Authority                               | CUSIP: 04052VAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255965.00    | 0.13%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST HLTH FACS AUTH                         | Arizona Health Facilities Authority                                    | CUSIP: 040507NR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2042360.00   | 1.02%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCOTTSDALE AZ MUNI PROPERTY CO                    | Scottsdale Municipal Property Corp                                     | CUSIP: 810489RW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $396423.75    | 0.20%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH                        | Industrial Development Authority of the County of Pima/The             | CUSIP: 721901KR6<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    880000 | PA      | $851021.60    | 0.43%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANTA CRUZ CNTY AZ JAIL DIST P                    | Santa Cruz County Jail District                                        | CUSIP: 80182JAP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $946596.00    | 0.47%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST COPS                                   | State of Arizona                                                       | CUSIP: 040588K53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105610.00    | 0.05%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA CRUZ CNTY AZ JAIL DIST P                    | Santa Cruz County Jail District                                        | CUSIP: 80182JAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1784503.75   | 0.89%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOODYEAR AZ CMNTY FACS UTILITI                    | Goodyear Community Facilities Utilities District No 1                  | CUSIP: 38251NET8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505515.00    | 0.25%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ ELEM SCH DIST                    | Maricopa County Elementary School District No 2 Riverside              | CUSIP: 566747FM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1128710.00   | 0.56%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ ELEM SCH DIST                    | Maricopa County Elementary School District No 62 Union                 | CUSIP: 56756MBT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $610989.40    | 0.31%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANTA CRUZ CNTY AZ UNIF SCH DI                    | Santa Cruz County Unified School District No 35 Santa Cruz Valley      | CUSIP: 801815HS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $283398.00    | 0.14%             | 2036-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PINAL CNTY AZ CMNTY CLG DIST                      | Pinal County Community College District                                | CUSIP: 722035EZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972920.00    | 0.49%             | 2034-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NOGALES MUNI DEV AUTH INC AZ M                    | Nogales Municipal Development Authority Inc                            | CUSIP: 655275KD6<br>LEI: 549300YV67RLHO77IW67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011400.00   | 1.00%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ ELEM SCH DIST                    | Maricopa County Elementary School District No 8 Osborn                 | CUSIP: 56674MCC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $545475.00    | 0.27%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ UNIF SCH DIST                    | Maricopa County Unified School District No 48 Scottsdale               | CUSIP: 567288UY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2304034.00   | 1.15%             | 2034-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ UNIF SCH DIST #8                     | Pima County Unified School District No 8 Flowing Wells/AZ              | CUSIP: 721815GM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038240.00   | 0.52%             | 2037-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ UNIF SCH DIST                    | Maricopa County Unified School District No 69 Paradise Valley          | CUSIP: 567373M44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1648395.00   | 0.82%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE                    | Industrial Development Authority of the City of Phoenix/The            | CUSIP: 71885DDW9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    300000 | PA      | $308361.00    | 0.15%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLENDALE AZ WTR & SWR REVENUE                     | City of Glendale AZ Water & Sewer Revenue                              | CUSIP: 378352PL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6120000 | PA      | $6142093.20   | 3.07%             | 2024-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE AZ EXCISE TAX REVENUE                     | City of Buckeye AZ Excise Tax Revenue                                  | CUSIP: 118087CX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $410684.00    | 0.21%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP                    | City of Phoenix Civic Improvement Corp                                 | CUSIP: 71883MNG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2595000 | PA      | $2755552.65   | 1.38%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ UNIF SCH DIST                    | Maricopa County Unified School District No 11-Peoria                   | CUSIP: 567090YT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1491445.30   | 0.74%             | 2025-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP DIS                    | City of Phoenix Civic Improvement Corp                                 | CUSIP: 71884WCL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2230960.00   | 1.11%             | 2027-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TUCSON AZ                                         | City of Tucson AZ                                                      | CUSIP: 898711R57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3097290.00   | 1.55%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO                    | Arizona Industrial Development Authority                               | CUSIP: 04052TBG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $922499.80    | 0.46%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                    | Maricopa County Industrial Development Authority                       | CUSIP: 56682HCX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $460435.00    | 0.23%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ UNIF SCH DIST #12                    | Pima County Unified School District No 12 Sunnyside                    | CUSIP: 721849KM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1057528.50   | 0.53%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE                    | Industrial Development Authority of the City of Phoenix/The            | CUSIP: 71885DDR0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258420.00    | 0.13%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                    | Arizona Industrial Development Authority                               | CUSIP: 04052BQB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $331833.60    | 0.17%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA BRD OF RGTS UNIV ARIZO                    | University of Arizona/The                                              | CUSIP: 040484WX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $842650.00    | 0.42%             | 2039-08-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ UNIF SCH DIST                    | Maricopa County Unified School District No 69 Paradise Valley          | CUSIP: 567373L29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $443942.25    | 0.22%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| YUMA AZ INDL DEV AUTH HOSP REV                    | Yuma Industrial Development Authority                                  | CUSIP: 988514BW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1650189.15   | 0.82%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ SPL HLTH CARE                    | Maricopa County Special Health Care District                           | CUSIP: 56756TAN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3313230.00   | 1.65%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH STUDENT                     | Arizona Industrial Development Authority                               | CUSIP: 04052VAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $691999.00    | 0.35%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GILBERT AZ IMPT DIST #20                          | Gilbert Improvement District No 20                                     | CUSIP: 37528TAT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $465165.80    | 0.23%             | 2029-01-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ CMNTY CLG DIST                       | Pima County Community College District/AZ                              | CUSIP: 721666CE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505790.00    | 0.25%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                    | Maricopa County Industrial Development Authority                       | CUSIP: 56678PAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2243722.50   | 1.12%             | 2038-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                    | Arizona Industrial Development Authority                               | CUSIP: 04052BQC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $310001.25    | 0.15%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ESTRELLA MOUNTAIN RANCH AZ CMN                    | Estrella Mountain Ranch Community Facilities District                  | CUSIP: 29758ABM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $927750.85    | 0.46%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                    | Maricopa County Industrial Development Authority                       | CUSIP: 56682FAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1473075.00   | 0.74%             | 2031-12-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| NOGALES MUNI DEV AUTH INC AZ M                    | Nogales Municipal Development Authority Inc                            | CUSIP: 655275KB0<br>LEI: 549300YV67RLHO77IW67 | Long             | DBT              | MUN               | US        |    615000 | PA      | $656733.90    | 0.33%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                    | Maricopa County Industrial Development Authority                       | CUSIP: 56682HCN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028080.00   | 0.51%             | 2048-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PINAL CNTY AZ CMNTY CLG DIST                      | Pinal County Community College District                                | CUSIP: 722035EY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $536515.00    | 0.27%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                    | Arizona Industrial Development Authority                               | CUSIP: 04052BNK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $840490.00    | 0.42%             | 2037-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ UNIF SCH DIST #6                     | Pima County Unified School District No 6 Marana/AZ                     | CUSIP: 721812ME2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $965266.25    | 0.48%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YAVAPAI CNTY AZ JAIL DIST REVE                    | Yavapai County Jail District                                           | CUSIP: 98521SAY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1734051.00   | 0.87%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                    | Arizona Industrial Development Authority                               | CUSIP: 04052BQD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $295961.40    | 0.15%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ ELEM SCH DIST                    | Maricopa County Elementary School District No 1-Phoenix Elementary     | CUSIP: 566865KB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $521925.00    | 0.26%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP                    | City of Phoenix Civic Improvement Corp                                 | CUSIP: 71883MKW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $195286.00    | 0.10%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO                    | Arizona Industrial Development Authority                               | CUSIP: 04052TBF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $436529.70    | 0.22%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YAVAPAI CNTY AZ JAIL DIST REVE                    | Yavapai County Jail District                                           | CUSIP: 98521SAV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1325175.40   | 0.66%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA BRD OF RGTS UNIV ARIZO                    | University of Arizona/The                                              | CUSIP: 040484C39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $106273.65    | 0.05%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AZ UNIV COPS                                | Northern Arizona University                                            | CUSIP: 664751CT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $601038.00    | 0.30%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ HOSP REVENUE                     | County of Maricopa AZ                                                  | CUSIP: 566761MX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $716999.10    | 0.36%             | 2025-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ SPL HLTH CARE                    | Maricopa County Special Health Care District                           | CUSIP: 56756TAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1630320.00   | 0.81%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ ELEM SCH DIST                    | Maricopa County School District No 3 Tempe Elementary                  | CUSIP: 566880WH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $543935.00    | 0.27%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ ELEM SCH DIST                    | Maricopa County Elementary School District No 25-Liberty               | CUSIP: 567134FS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $310662.00    | 0.16%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST SPORTS & TOURISM AU                    | Arizona Sports & Tourism Authority                                     | CUSIP: 040583BW5<br>LEI: 5493000FS1Q9KGAM2L28 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6686220.00   | 3.34%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ ELEM SCH DIST                    | Maricopa County Elementary School District No 62 Union                 | CUSIP: 56756MBU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $315432.00    | 0.16%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GOODYEAR AZ CMNTY FACS UTILITI                    | Goodyear Community Facilities Utilities District No 1                  | CUSIP: 38251NGT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $473570.00    | 0.24%             | 2032-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NOGALES MUNI DEV AUTH INC AZ M                    | Nogales Municipal Development Authority Inc                            | CUSIP: 655275HH1<br>LEI: 549300YV67RLHO77IW67 | Long             | DBT              | MUN               | US        |    845000 | PA      | $860345.20    | 0.43%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MERRILL RANCH AZ CMNTY FACS DI                    | Merrill Ranch Community Facilities District No 2                       | CUSIP: 590206BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $692450.80    | 0.35%             | 2038-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ POLL CONTROLC                    | Maricopa County Pollution Control Corp                                 | CUSIP: 566854EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $761430.00    | 0.38%             | 2035-06-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP DIS                    | City of Phoenix Civic Improvement Corp                                 | CUSIP: 71884WAX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2785691.00   | 1.39%             | 2033-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ                                        | City of Phoenix AZ                                                     | CUSIP: 718814W44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3296790.00   | 1.65%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLENDALE AZ UNION SCH DIST #20                    | Glendale Union High School District No 205                             | CUSIP: 378334LP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $529998.00    | 0.26%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE                    | Industrial Development Authority of the City of Phoenix/The            | CUSIP: 71885DDS8<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    150000 | PA      | $155607.00    | 0.08%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                    | Chandler Industrial Development Authority                              | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3131910.00   | 1.56%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S                    | Salt Verde Financial Corp                                              | CUSIP: 79575EAP3<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3151080.00   | 1.57%             | 2028-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MESA AZ UTILITY SYS REVENUE                       | City of Mesa AZ Utility System Revenue                                 | CUSIP: 590545Y94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5821250.00   | 2.91%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YUMA AZ UTIL SYS REV OBLIGS                       | City of Yuma AZ Water & Sewer Revenue                                  | CUSIP: 988522AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044690.00   | 0.52%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                    | Arizona Industrial Development Authority                               | CUSIP: 04052BLH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $417015.00    | 0.21%             | 2041-07-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ ELEM SCH DIST                    | Maricopa County Elementary School District No 65-Littleton             | CUSIP: 567320GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $112006.25    | 0.06%             | 2035-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP                    | City of Phoenix Civic Improvement Corp                                 | CUSIP: 71883MMX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3879560.00   | 1.94%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ ELEM SCH DIST                    | Maricopa County Elementary School District No 62 Union                 | CUSIP: 56756MBQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $331940.70    | 0.17%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                    | Maricopa County Industrial Development Authority                       | CUSIP: 56681NCD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $262535.00    | 0.13%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ SPL HLTH CARE                    | Maricopa County Special Health Care District                           | CUSIP: 56756TBH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4345000 | PA      | $4902115.90   | 2.45%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLENDALE AZ                                       | City of Glendale AZ                                                    | CUSIP: 378280UU3<br>LEI: 5493002BC35ZY7XRQ949 | Long             | DBT              | MUN               | US        |    200000 | PA      | $224370.00    | 0.11%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH REVEN                    | Arizona Industrial Development Authority                               | CUSIP: 04052AEB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4824102 | PA      | $3565735.06   | 1.78%             | 2037-07-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ UNIF SCH DIST                    | Maricopa County Unified School District No 80 Chandler                 | CUSIP: 567389XN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $560826.80    | 0.28%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ ELEM SCH DIST                    | Maricopa County School District No 3 Tempe Elementary                  | CUSIP: 566880WU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5615000 | PA      | $6243037.75   | 3.12%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP                    | City of Phoenix Civic Improvement Corp                                 | CUSIP: 71883MKX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3850000 | PA      | $4057130.00   | 2.03%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ UNIF SCH DIST #6M                    | Pima County Unified School District No 6 Marana/AZ                     | CUSIP: 721812NL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034010.00   | 0.52%             | 2032-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ UNIF SCH DIST                    | Maricopa County Unified School District No 89-Dysart/AZ                | CUSIP: 567423ME5<br>LEI: 549300BQUWR69ZZ87I66 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507425.00    | 0.25%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                    | Arizona Industrial Development Authority                               | CUSIP: 04052BES9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $249362.40    | 0.12%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ UNIF SCH DIST #8                     | Pima County Unified School District No 8 Flowing Wells/AZ              | CUSIP: 721815GU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264425.00    | 0.13%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AZ UNIV                                     | Northern Arizona University                                            | CUSIP: 664754Z27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1462311.10   | 0.73%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ UNIF SCH DIST                    | Maricopa County Unified School District No 11-Peoria                   | CUSIP: 567090C52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $697187.25    | 0.35%             | 2033-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GILA CNTY AZ REVENUE OBLIGS                       | County of Gila AZ                                                      | CUSIP: 37524PBS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $588255.60    | 0.29%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO                    | Arizona Industrial Development Authority                               | CUSIP: 04052FCN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1883440.00   | 0.94%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH HLTHC                    | Industrial Development Authority of the City of Phoenix/The            | CUSIP: 71884SAA8<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2650000.00   | 1.32%             | 2052-11-15      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| YAVAPAI CNTY AZ INDL DEV AUTH                     | Industrial Development Authority of the County of Yavapai/The          | CUSIP: 985900DH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007910.00   | 0.50%             | 2033-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEMPE AZ                                          | City of Tempe AZ                                                       | CUSIP: 879709F24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013390.00   | 0.51%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOODYEAR AZ MCDOWELL ROAD COMM                    | Goodyear McDowell Road Commercial Corridor Improvement District        | CUSIP: 38251UBH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $857119.20    | 0.43%             | 2027-01-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE                    | Industrial Development Authority of the City of Phoenix/The            | CUSIP: 71885DDH2<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1230125.00   | 0.61%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE AZ ROOSEVELT STREET IM                    | City of Buckeye AZ Roosevelt Street Improvement District               | CUSIP: 11808PAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85408.00     | 0.04%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO                    | Arizona Industrial Development Authority                               | CUSIP: 04052FBP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $959820.00    | 0.48%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO                    | Arizona Industrial Development Authority                               | CUSIP: 04052TBK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $415623.70    | 0.21%             | 2033-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL                    | Chandler Industrial Development Authority                              | CUSIP: 158862BY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4222332.50   | 2.11%             | 2037-12-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ POLL CONTROLC                    | Maricopa County Pollution Control Corp                                 | CUSIP: 566854EF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $218667.50    | 0.11%             | 2040-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ POLL CONTROLC                    | Maricopa County Pollution Control Corp                                 | CUSIP: 566854EE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $328308.75    | 0.16%             | 2040-02-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| NTHRN AZ UNIV                                     | Northern Arizona University                                            | CUSIP: 6647547G7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2090000 | PA      | $2344248.50   | 1.17%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLAGSTAFF AZ PLEDGED REVENUE                      | City of Flagstaff AZ Pledged Revenue                                   | CUSIP: 338444BU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1459616.40   | 0.73%             | 2033-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ UNIF SCH DIST #6M                    | Pima County Unified School District No 6 Marana/AZ                     | CUSIP: 721812PX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021080.00   | 0.51%             | 2037-07-01      | Fixed         | 4.00%                 | 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