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      <invstOrSec>
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        <name>KENTUCKY ST ASSET/LIABILITY CO</name>
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        <name>KENTUCKY ST ASSN OF CNTYS FIN</name>
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          <isin value="US491196E563"/>
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        <name>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
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          <isin value="US49151FNL03"/>
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      <invstOrSec>
        <name>JEFFERSON CNTY KY SCH DIST FIN</name>
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        <name>ESTRN KY UNIV GEN RECPTS</name>
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        <name>BOYLE CNTY KY EDUCTNL FACS REV</name>
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        <name>LEXINGTON-FAYETTE URBAN CNTY K</name>
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        <name>KENTUCKY ST BOND CORP FING PRO</name>
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        <name>ROWAN CNTY KY</name>
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      <invstOrSec>
        <name>KENTUCKY ST ASSN OF CNTYS FINC</name>
        <lei>N/A</lei>
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          <isin value="US491196SS11"/>
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      <invstOrSec>
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      <invstOrSec>
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        <curCd>USD</curCd>
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      <invstOrSec>
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          <isin value="US546850CP10"/>
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        <curCd>USD</curCd>
        <valUSD>2316909.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isin value="US49151FTD23"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>KENTUCKY ST TURNPIKE AUTH ECON</name>
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        <title>Kentucky Turnpike Authority</title>
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          <isin value="US491552YD18"/>
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        <curCd>USD</curCd>
        <valUSD>5336650.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>KENTUCKY ST ASSET/LIABILITY CO</name>
        <lei>N/A</lei>
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          <isin value="US49118NER26"/>
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        <curCd>USD</curCd>
        <valUSD>2283020.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>UNIV OF LOUISVILLE KY</name>
        <lei>N/A</lei>
        <title>University of Louisville</title>
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          <isin value="US914391C886"/>
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        <curCd>USD</curCd>
        <valUSD>1051070.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>KENTUCKY ST HGR EDU STUDENT LO</name>
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          <isin value="US49130NDK28"/>
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        <curCd>USD</curCd>
        <valUSD>699240.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>KENTUCKY ST HSG CORP CONDUIT M</name>
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        <title>Kentucky Housing Corp</title>
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        <fairValLevel>2</fairValLevel>
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        <name>KENTUCKY ST RURAL WTR FIN CORP</name>
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          <isin value="US49140MPR42"/>
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        <name>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
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        <title>Kentucky State Property &amp; Building Commission</title>
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          <isin value="US49151FEQ90"/>
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        <name>FAYETTE COUNTY SCHOOL DISTRICT FINANCE CORP</name>
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          <isin value="US312432UR69"/>
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        <name>SHELBY CNTY KY SCH DIST FIN CO</name>
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        <name>KENTUCKY ST RURAL WTR FIN CORP</name>
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        <name>ROWAN CNTY KY</name>
        <lei>5493006LYPMGFH6CXI85</lei>
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          <maturityDt>2030-06-01</maturityDt>
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        <name>CAMPBELL &amp; KENTON CNTYS KY SAN</name>
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      <invstOrSec>
        <name>ASHLAND KY MED CENTER REVENUE</name>
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        <name>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
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          <isin value="US49151FVX58"/>
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        <name>KENTUCKY ASSOCIATION OF COUNTIES FINANCE CORP</name>
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          <isin value="US491196DA67"/>
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        <name>LOUISVILLE/JEFFERSON COUNTY METROPOLITAN GOVERNMENT</name>
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        <name>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
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          <isin value="US49151FVQ08"/>
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      <invstOrSec>
        <name>HARDIN CNTY KY HOSP REVENUE</name>
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          <isin value="US411854DV14"/>
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        <valUSD>562915.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>LEXINGTON-FAYETTE URBAN CNTY K</name>
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        <name>FRANKLIN CNTY KY SCH DIST FINC</name>
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        <name>KENTUCKY ST RURAL WTR FIN CORP</name>
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        <name>LOUISVILLE &amp; JEFFERSON CNTY KY</name>
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      <invstOrSec>
        <name>KENTUCKY ST HGR EDU STUDENT LO</name>
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      <invstOrSec>
        <name>JEFFERSON CNTY KY SCH DIST FIN</name>
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          <isin value="US4729042X82"/>
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        <valUSD>1816048.05000000</valUSD>
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          <maturityDt>2029-11-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
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          <isin value="US49151FSN14"/>
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        <curCd>USD</curCd>
        <valUSD>1601222.00000000</valUSD>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>ASHLAND KY MED CENTER REVENUE</name>
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          <isin value="US044293BT42"/>
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        <curCd>USD</curCd>
        <valUSD>552556.60000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>BOYLE CNTY KY EDUCTNL FACS REV</name>
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          <isin value="US10346PAL04"/>
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        <curCd>USD</curCd>
        <valUSD>2420045.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>KENTUCKY ST RURAL WTR FIN CORP</name>
        <lei>N/A</lei>
        <title>Kentucky Rural Water Finance Corp</title>
        <cusip>49140MPL7</cusip>
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          <isin value="US49140MPL71"/>
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        <curCd>USD</curCd>
        <valUSD>255670.65000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>KENTUCKY ST ASSN OF CNTYS FINC</name>
        <lei>N/A</lei>
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          <isin value="US491196ST93"/>
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        <valUSD>236847.10000000</valUSD>
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        <name>KENTUCKY ST TURNPIKE AUTH ECON</name>
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        <name>JEFFERSON COUNTY CAPITAL PROJECTS CORP</name>
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        <name>LEXINGTON-FAYETTE KY URBAN CNT</name>
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        <name>KENTUCKY ST ASSN OF CNTYS FIN</name>
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        <name>LOUISVILLE KY REGL ARPT AUTH A</name>
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        <name>NTHRN KY UNIV GEN RECPTS</name>
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        <name>JEFFERSON CNTY KY SCH DIST FIN</name>
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        <name>KENTUCKY ST HGR EDU STUDENT LO</name>
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          <isin value="US49130NDM83"/>
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        <name>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
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        <name>KENTUCKY ST HGR EDU STUDENT LO</name>
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        <name>SHELBY CNTY KY SCH DIST FIN CO</name>
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        <name>LOGAN CNTY KY SCH DIST FIN COR</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Dreyfus Treasury Obligations Cash Management Fund</name>
        <lei>549300MKKM9KT7BF6329</lei>
        <title>Dreyfus Treasury Obligations Cash Management Fund</title>
        <cusip>261908107</cusip>
        <identifiers>
          <isin value="US2619081076"/>
          <ticker value="DTRXX"/>
        </identifiers>
        <balance>585348.17000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>585348.17000000</valUSD>
        <pctVal>0.331677770385</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KENTUCKY ST COPS</name>
        <lei>549300F6MON81PRPVJ50</lei>
        <title>Commonwealth of Kentucky</title>
        <cusip>491449AR5</cusip>
        <identifiers>
          <isin value="US491449AR58"/>
        </identifiers>
        <balance>1640000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1908550.00000000</valUSD>
        <pctVal>1.081448001570</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HARDIN CNTY KY HOSP REVENUE</name>
        <lei>N/A</lei>
        <title>County of Hardin KY</title>
        <cusip>411854DT6</cusip>
        <identifiers>
          <isin value="US411854DT67"/>
        </identifiers>
        <balance>735000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>803788.65000000</valUSD>
        <pctVal>0.455453422350</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KENTUCKY ST HGR EDU STUDENT LO</name>
        <lei>N/A</lei>
        <title>Kentucky Higher Education Student Loan Corp</title>
        <cusip>49130NCT4</cusip>
        <identifiers>
          <isin value="US49130NCT46"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>448152.00000000</valUSD>
        <pctVal>0.253937850619</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-08-20</ncom:dateSigned>
      <ncom:nameOfApplicant>Aquila Municipal Trust</ncom:nameOfApplicant>
      <ncom:signature>Joseph DiMaggio</ncom:signature>
      <ncom:signerName>Joseph DiMaggio</ncom:signerName>
      <ncom:title>Chief Financial Officer &amp; Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
