As filed with the U.S. Securities and

Exchange Commission on May 27, 2020

Registration Nos. 33-1857 and 811-4503

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933	[ X ]
Pre-Effective Amendment No.	[    ]
Post-Effective Amendment No. 60	[ X ]
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940	[ X ]
Amendment No. 61	[ X ]

AQUILA MUNICIPAL TRUST*

(Exact Name of Registrant as Specified in Charter)

120 West 45th Street, Suite 3600

New York, New York 10036

(Address of Principal Executive Offices)

(212) 697-6666

(Registrant's Telephone Number)

Diana P. Herrmann

Aquila Investment Management LLC

120 West 45th Street, Suite 3600

New York, New York 10036

(Name and Address of Agent for Service)

Copy to:

Roger P. Joseph, Esq.

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, Massachusetts 02110

It is proposed that this filing will become effective:

☐	immediately upon filing pursuant to paragraph (b)
☒	on June 5, 2020 pursuant to paragraph (b)
☐	60 days after filing pursuant to paragraph (a)(1)
☐	on (date) pursuant to paragraph (a)(1)
☐	75 days after filing pursuant to paragraph (a)(2)
☐	on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

☒ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

* This filing relates solely to Aquila Tax-Free Trust of Oregon, a series of the Registrant.

Part A – Prospectus, Part B – Statement of Additional Information and Part C of Aquila Tax-Free Trust of Oregon are incorporated by reference to Post-Effective Amendment No. 57 to the Registrant’s Registration Statement, as filed with the Securities and Exchange Commission on January 16, 2020 (Accession No. 0000784056-20-000008).  This filing is being made pursuant to Rule 485(b)(1)(iii) under the Securities Act of 1933 to delay the effectiveness of the Registration Statement until June 5, 2020.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant hereby certifies that it meets all the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and State of New York, on the 27th day of May, 2020.

AQUILA MUNICIPAL TRUST

(Registrant)

By:/s/ Diana P. Herrmann

Diana P. Herrmann, President

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities indicated below on May 27, 2020.

SIGNATURE	TITLE
/s/ Diana P. Herrmann*
Diana P. Herrmann	Trustee, Vice Chair of the Board and President
/s/ Ernest Calderón *
Ernest Calderón	Trustee
/s/ Thomas A. Christopher *
Thomas A. Christopher	Chair of the Board of Trustees
/s/ Gary C. Cornia *
Gary C. Cornia	Trustee
/s/ Grady Gammage, Jr.*
Grady Gammage, Jr.	Trustee
/s/ Glenn P. O’Flaherty *
Glenn P. O’Flaherty	Trustee
/s/ Laureen L. White *
Laureen L. White	Trustee
/s/ Joseph P. DiMaggio
Joseph P. DiMaggio	Chief Financial Officer and Treasurer

* By:       /s/ Diana P. Herrmann

Diana P. Herrmann

*Attorney-in-Fact, pursuant to Power of Attorney