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        <name>JORDAN VLY UT WTR CONSERVANCY</name>
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        <valUSD>2010166.20000000</valUSD>
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          <maturityDt>2031-01-01</maturityDt>
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        <name>BROWNSVILLE TX</name>
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          <maturityDt>2028-02-15</maturityDt>
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        <name>S JORDAN UT SPL ASSMNT</name>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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          <maturityDt>2029-04-15</maturityDt>
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        <name>HARRIS CNTY TX HLTH FACS DEV C</name>
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        <name>UTAH CNTY UT HOSP REVENUE</name>
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      <invstOrSec>
        <name>SALT LAKE CITY UT ARPT REVENUE</name>
        <lei>N/A</lei>
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          <isin value="US795576GW13"/>
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        <valUSD>1214160.00000000</valUSD>
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        <name>RIVERTON CITY UT FRANCHISE SAL</name>
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        <name>SAINT GEORGE PLACE TX REDEV AU</name>
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          <isin value="US789555BS79"/>
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        <curCd>USD</curCd>
        <valUSD>674006.30000000</valUSD>
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        <name>SALT LAKE CITY UT PUBLIC UTILS</name>
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          <isin value="US795604AR87"/>
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          <maturityDt>2033-02-01</maturityDt>
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        <name>WEBER CNTY UT SPL ASSMNT</name>
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          <isin value="US947664AV02"/>
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        <curCd>USD</curCd>
        <valUSD>4584917.40000000</valUSD>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <valUSD>571195.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-04-15</maturityDt>
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        <name>MIAMI GARDENS FL</name>
        <lei>N/A</lei>
        <title>City of Miami Gardens FL</title>
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          <isin value="US593561AQ62"/>
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        <fairValLevel>2</fairValLevel>
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        <name>UNIV OF UTAH UT REVENUES</name>
        <lei>N/A</lei>
        <title>University of Utah/The</title>
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          <isin value="US915183WT09"/>
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        <fairValLevel>2</fairValLevel>
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        <name>HEBER UT LIGHT &amp; PWR COMPANY E</name>
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        <name>WASHINGTON CNTY UT MUNI BLDG A</name>
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        <name>SALT LAKE CITY UT PUBLIC UTILS</name>
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        <name>DAVIE FL WTR &amp; SWR REVENUE</name>
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        <name>UNIV OF UTAH UT REVENUES</name>
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        <name>SALT LAKE CITY UT ARPT REVENUE</name>
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        <name>Dreyfus Treasury Obligations Cash Management Fund</name>
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        <name>COTTONWOOD HEIGHTS UT SALES TA</name>
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        <name>SALT LAKE CNTY UT SALES TAX RE</name>
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        <name>CLARK CNTY NV</name>
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        <name>NORTH DAKOTA ST HSG FIN AGY</name>
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        <name>SALT LAKE CITY UT LOCAL BLDG A</name>
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        <curCd>USD</curCd>
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          <maturityDt>2035-04-15</maturityDt>
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      <invstOrSec>
        <name>HEBER UT LIGHT &amp; PWR COMPANY E</name>
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          <isin value="US42249TDD81"/>
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        <curCd>USD</curCd>
        <valUSD>774135.45000000</valUSD>
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        <debtSec>
          <maturityDt>2038-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>MIAMI-DADE CNTY FL PUBLIC FACS</name>
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        <title>County of Miami-Dade FL</title>
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          <isin value="US59333TDY38"/>
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        <curCd>USD</curCd>
        <valUSD>1170470.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>ALASKA ST MUNI BOND BANK AUTH</name>
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          <isin value="US01179RYR82"/>
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        <balance>565000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>688006.15000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>VANCOUVER WA HSG AUTH</name>
        <lei>N/A</lei>
        <title>Vancouver Housing Authority</title>
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          <isin value="US921626NT03"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>572225.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>UNIV OF ALASKA AK REVENUES</name>
        <lei>549300HX0P0XT4OEJZ25</lei>
        <title>University of Alaska</title>
        <cusip>914046VT1</cusip>
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          <isin value="US914046VT18"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>551562.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>MIAMI-DADE CNTY FL AVIATION RE</name>
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        <title>County of Miami-Dade FL Aviation Revenue</title>
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          <isin value="US59333PXX13"/>
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        <valUSD>1691632.75000000</valUSD>
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          <couponKind>Fixed</couponKind>
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        <name>UTAH ST TRANSIT AUTH SALES TAX</name>
        <lei>N/A</lei>
        <title>Utah Transit Authority</title>
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        <name>RENO NV</name>
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        <name>TEXAS ST DEPT OF HSG &amp; CMNTY A</name>
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        <title>Utah Municipal Power Agency</title>
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        <name>UTAH ST BRD OF RGTS REVENUE</name>
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        <title>Utah State Board of Regents</title>
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        <name>UTAH CNTY UT HOSP REVENUE</name>
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        <name>LOWER COLORADO RIVER TX AUTH R</name>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <name>ENERGY N W WA ELEC REVENUE</name>
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        <name>SALT LAKE CNTY UT CLG REVENUE</name>
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        <name>PLEASANT GROVE CITY UTAH STORM</name>
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        <name>LEWIS CNTY WA SCH DIST #302 CH</name>
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          <maturityDt>2023-07-01</maturityDt>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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          <maturityDt>2037-03-15</maturityDt>
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      <invstOrSec>
        <name>UNIV OF UTAH UT REVENUES</name>
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          <isin value="US915183YN11"/>
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        <name>CLARK CNTY NV HIGHWAY IMPT REV</name>
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          <isin value="US181000NQ94"/>
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        <valUSD>2337580.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>SALT LAKE CITY UT LOCAL BLDG A</name>
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        <name>UTAH CNTY UT EXCISE TAX REVENU</name>
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          <isin value="US917343CP83"/>
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        <name>UTAH ST BLDG OWNERSHIP AUTH LE</name>
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        <name>CLARK CNTY NV SCH DIST</name>
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        <name>S E AK PWR AGY ELEC REVENUE</name>
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        <name>HOUSTON TX</name>
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        <name>UTAH ST TRANSIT AUTH SALES TAX</name>
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        <name>WASHINGTON CNTY UT SCH DIST SA</name>
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        <name>W JORDAN UT MUNI BLDG AUTH LEA</name>
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        <name>N SLOPE BORO AK SVC AREA 10 WT</name>
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          <isin value="US662529AM86"/>
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        <curCd>USD</curCd>
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          <maturityDt>2027-06-30</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>W VLY CITY UT REDEV AGY REVENU</name>
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          <isin value="US95641RAR66"/>
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        <curCd>USD</curCd>
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          <maturityDt>2036-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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          <isin value="US91754TSZ74"/>
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        <curCd>USD</curCd>
        <valUSD>4785574.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.60000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GRAND CNTY SCH DIST LOCAL BLDG</name>
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          <isin value="US385375AP52"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>UTAH ST TRANSIT AUTH SALES TAX</name>
        <lei>N/A</lei>
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          <isin value="US917567EQ89"/>
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        <balance>2950000.00000000</balance>
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        <valUSD>3545723.00000000</valUSD>
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          <maturityDt>2034-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SALT LAKE CITY UT ARPT REVENUE</name>
        <lei>N/A</lei>
        <title>Salt Lake City Corp Airport Revenue</title>
        <cusip>795576GX9</cusip>
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          <isin value="US795576GX95"/>
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        <curCd>USD</curCd>
        <valUSD>1239910.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>MIAMI-DADE CNTY FL WTR &amp; SWR R</name>
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          <isin value="US59334DHE76"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WEST VLY CITY UT MUNI BLDG AUT</name>
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          <isin value="US95640EHP34"/>
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        <name>VANCOUVER HOUSING AUTHORITY</name>
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        <name>MIDVALE UT REDEV AGY TAX INCR</name>
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        <name>UTAH ST WTR FIN AGY REVENUE</name>
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        <title>Utah Water Finance Agency</title>
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        <name>UNIV OF UTAH UT REVENUES</name>
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        <name>SALT LAKE CNTY UT CLG REVENUE</name>
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          <isin value="US79567PEM14"/>
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        <name>TARRANT CNTY TX CULTURAL EDU F</name>
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        <name>LOWER COLORADO RIVER TX AUTH T</name>
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        <name>CLARK CNTY NV SCH DIST</name>
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        <name>SALT LAKE CITY UT ARPT REVENUE</name>
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        <name>LEHI UT SALES TAX REVENUE</name>
        <lei>N/A</lei>
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          <isin value="US52469PCN78"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>UTAH ST ASSOCIATED MUNI PWR SY</name>
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          <isin value="US917328RJ75"/>
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      <invstOrSec>
        <name>PORT OLYMPIA WA</name>
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      <invstOrSec>
        <name>UTAH ST TRANSIT AUTH SALES TAX</name>
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          <isin value="US917567BV02"/>
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        <name>ORANGE CNTY FL TOURIST DEV TAX</name>
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          <isin value="US684545YV24"/>
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        <name>SALT LAKE CITY UT LOCAL BLDG A</name>
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        <name>MIDVALE UT REDEV AGY TAX INCR</name>
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        <name>HOOPER WTR IMPT DIST UT WTR RE</name>
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        <name>OLD SPANISH TRAIL-ALMEDA CORRI</name>
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        <name>SALT LAKE CITY UT ARPT REVENUE</name>
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      <invstOrSec>
        <name>WEST VLY CITY UT MUNI BLDG AUT</name>
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      <invstOrSec>
        <name>GRANITE UT SCH DIST SALT LAKE</name>
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        <name>WYLIE TX INDEP SCH DIST</name>
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          <isin value="US983068Y500"/>
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          <couponKind>None</couponKind>
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        <name>TEXAS ST WTR DEV BRD</name>
        <lei>N/A</lei>
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          <isin value="US882854G890"/>
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        <name>SALT LAKE CNTY UT CLG REVENUE</name>
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          <isin value="US79567PDX87"/>
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        <name>SAN ANTONIO TX ELEC &amp; GAS REVE</name>
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        <title>City of San Antonio TX Electric &amp; Gas Systems Revenue</title>
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          <isin value="US7962534V18"/>
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        <valUSD>1407650.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-01</maturityDt>
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      <invstOrSec>
        <name>BREVARD CNTY FL HLTH FACS AUTH</name>
        <lei>N/A</lei>
        <title>Brevard County Health Facilities Authority</title>
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          <isin value="US10741LDF04"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
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        <name>UTAH ST BRD OF RGTS REVENUE</name>
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        <title>Utah State Board of Regents</title>
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          <isin value="US91754RA238"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-06-01</maturityDt>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <title>Utah Charter School Finance Authority</title>
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        <name>DOWNTOWN REDEV AUTH TX TAX INC</name>
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        <name>ALASKA ST MUNI BOND BANK AUTH</name>
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        <name>UTAH INFRASTRUCTURE AGY TELECO</name>
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          <isin value="US917467AN20"/>
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        <name>JORDANELLE UT SPL SVC DIST COP</name>
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        <name>SALT LAKE CITY UT ARPT REVENUE</name>
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          <isin value="US795576FL66"/>
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        <name>SOUTH DAKOTA ST BRD OF RGTS HS</name>
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        <name>CENTRL PUGET SOUND WA REGL TRA</name>
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        <name>WASHINGTON ST HGR EDU FACS AUT</name>
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        <name>KING CNTY WA HSG AUTH</name>
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        <name>WEBER BASIN UT WTR CONSERVANCY</name>
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      <invstOrSec>
        <name>MAGNA UT WTR DIST</name>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>BLUFFDALE UT LOCAL BLDG AUTH L</name>
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          <isin value="US09627CAU18"/>
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          <maturityDt>2035-03-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <name>UTAH ST BLDG OWNERSHIP AUTH LE</name>
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          <isin value="US917547VQ18"/>
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        <name>RIO GRANDE CITY TX CONSOL INDE</name>
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          <isin value="US767057RE43"/>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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          <isin value="US91754TEQ22"/>
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      <invstOrSec>
        <name>CLARK CNTY NV SCH DIST</name>
        <lei>N/A</lei>
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        <name>CLARK CNTY NV HIGHWAY IMPT REV</name>
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        <name>SALT LAKE CITY UT ARPT REVENUE</name>
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          <isin value="US795576GZ44"/>
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        <name>SALT LAKE CITY UT ARPT REVENUE</name>
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          <isin value="US79567PDT75"/>
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        <name>CLARK CNTY NV SCH DIST</name>
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          <isin value="US181059UC83"/>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <name>SARASOTA CNTY FL UTILITY SYS R</name>
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        <name>ALVIN TX INDEP SCH DIST</name>
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        <name>SALT LAKE CITY UT LOCAL BLDG A</name>
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        <name>SALT LAKE CNTY UT CLG REVENUE</name>
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        <name>EAGLE MOUNTAIN UT GAS &amp; ELEC R</name>
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          <isin value="US26970NBG43"/>
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        <curCd>USD</curCd>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <title>Utah Charter School Finance Authority</title>
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          <isin value="US91754TWB50"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CENTRL UT WTR CONSERVANCY DIST</name>
        <lei>5493001AT8W3NBIEDB45</lei>
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          <isin value="US155674HP27"/>
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        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>MIAMI-DADE CNTY FL TRANSIT SAL</name>
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        <title>County of Miami-Dade FL Transit System</title>
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          <isin value="US59334PFQ54"/>
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        <name>UTAH ST HSG CORP SF MTGE REVEN</name>
        <lei>549300YXWQEI0S47WI02</lei>
        <title>Utah Housing Corp</title>
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          <isin value="US917436W371"/>
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          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.60000000</annualizedRt>
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      <invstOrSec>
        <name>WEBER UT ST UNIV REVENUE</name>
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          <isin value="US947673GQ69"/>
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        <name>CAPE CORAL FL SPL OBLIG REVENU</name>
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        <name>EAGLE MOUNTAIN UT WTR &amp; SWR RE</name>
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        <name>S JORDAN UT SPL ASSMNT</name>
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        <name>UTAH ST TRANSIT AUTH SALES TAX</name>
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        <name>UTAH INFRASTRUCTURE AGY TELECO</name>
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        <name>SALT LAKE CITY UT ARPT REVENUE</name>
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      <invstOrSec>
        <name>FLORIDA ST GOVTL UTILITY AUTHU</name>
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        <name>SAINT AUGUSTINE FL CAPITAL IMP</name>
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        <name>UTAH ST ASSOCIATED MUNI PWR SY</name>
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        <name>RENO NV SALES TAX REVENUE</name>
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        <valUSD>561920.00000000</valUSD>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>WASHINGTON CNTY UT MUNI BLDG A</name>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <name>BRIGHAM UT SPL ASSMNT</name>
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        <name>UNIV OF UTAH UT REVENUES</name>
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          <isin value="US915183WV54"/>
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        <name>WEATHERFORD TX INDEP SCH DIST</name>
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        <name>CIVICVENTURES AK</name>
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        <name>SALT LAKE CNTY UT SALES TAX RE</name>
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        <name>UTAH ST ASSOCIATED MUNI PWR SY</name>
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        <name>UTAH ST TRANSIT AUTH SALES TAX</name>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <name>UTAH ST</name>
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      <invstOrSec>
        <name>TOOELE CNTY UT MUNI BLDG AUTH</name>
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      <invstOrSec>
        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <name>BROWARD CNTY FL PORT FACS REVE</name>
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          <maturityDt>2038-09-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>LAKEWOOD WA WTR DIST</name>
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          <isin value="US512714EW25"/>
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        <name>HERRIMAN CITY UT SALES &amp; FRANC</name>
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          <isin value="US427754BT25"/>
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        <name>SALT LAKE CITY UT ARPT REVENUE</name>
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          <isin value="US795576GQ45"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UNIV OF UTAH UT REVENUES</name>
        <lei>N/A</lei>
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          <isin value="US915183XW29"/>
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          <maturityDt>2036-08-01</maturityDt>
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        <name>UTAH ST ASSOCIATED MUNI PWR SY</name>
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          <isin value="US917328RN87"/>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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          <isin value="US91754TKC61"/>
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      <invstOrSec>
        <name>WEBER UT ST UNIV REVENUE</name>
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          <isin value="US947673GR43"/>
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        <name>LEANDER TX INDEP SCH DIST</name>
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          <isin value="US521841DS29"/>
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          <maturityDt>2047-08-15</maturityDt>
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        <name>UTAH ST BRD OF RGTS REVENUE</name>
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        <name>OKALOOSA CNTY FL WTR &amp; SWR REV</name>
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          <isin value="US678252FT91"/>
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        <name>UTAH ST UNIV REVENUE</name>
        <lei>N/A</lei>
        <title>Utah State University</title>
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          <isin value="US917563RQ39"/>
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        <name>SUMMIT CNTY UT TRANSPRTN SALES</name>
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          <isin value="US86607RAM88"/>
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        <name>PLEASANT GROVE CITY UTAH STORM</name>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UTAH ST</name>
        <lei>N/A</lei>
        <title>State of Utah</title>
        <cusip>917542WU2</cusip>
        <identifiers>
          <isin value="US917542WU24"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1118940.00000000</valUSD>
        <pctVal>0.256914423978</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>UTAH ST HSG CORP SF MTGE REVEN</name>
        <lei>549300YXWQEI0S47WI02</lei>
        <title>Utah Housing Corp</title>
        <cusip>9174366X0</cusip>
        <identifiers>
          <isin value="US9174366X01"/>
        </identifiers>
        <balance>850000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>911174.50000000</valUSD>
        <pctVal>0.209210388234</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>MIAMI-DADE CNTY FL WTR &amp; SWR R</name>
        <lei>N/A</lei>
        <title>County of Miami-Dade FL Water &amp; Sewer System Revenue</title>
        <cusip>59334DHZ0</cusip>
        <identifiers>
          <isin value="US59334DHZ06"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2426820.00000000</valUSD>
        <pctVal>0.557210451319</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</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>
      <invstOrSec>
        <name>SALT LAKE CITY UT LOCAL BLDG A</name>
        <lei>N/A</lei>
        <title>Salt Lake City Local Building Authority</title>
        <cusip>795589CA6</cusip>
        <identifiers>
          <isin value="US795589CA67"/>
        </identifiers>
        <balance>395000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>449194.00000000</valUSD>
        <pctVal>0.103137270778</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>W PALM BEACH FL CMNTY REDEV AG</name>
        <lei>N/A</lei>
        <title>West Palm Beach Community Redevelopment Agency</title>
        <cusip>955070CR6</cusip>
        <identifiers>
          <isin value="US955070CR64"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1814655.00000000</valUSD>
        <pctVal>0.416654194187</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>SALT LAKE CITY UT MOSQUITO ABA</name>
        <lei>N/A</lei>
        <title>Salt Lake City Mosquito Abatement District Local Building Authority</title>
        <cusip>79559PAL7</cusip>
        <identifiers>
          <isin value="US79559PAL76"/>
        </identifiers>
        <balance>810000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1010207.70000000</valUSD>
        <pctVal>0.231948924289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</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>WASHOE CNTY NV SCH DIST</name>
        <lei>N/A</lei>
        <title>Washoe County School District/NV</title>
        <cusip>940859HV6</cusip>
        <identifiers>
          <isin value="US940859HV62"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1189130.00000000</valUSD>
        <pctVal>0.273030411805</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>UTAH ST CHRT SCH FIN AUTH CHRT</name>
        <lei>N/A</lei>
        <title>Utah Charter School Finance Authority</title>
        <cusip>91754TDJ9</cusip>
        <identifiers>
          <isin value="US91754TDJ97"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1040340.00000000</valUSD>
        <pctVal>0.238867456558</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.05000000</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>UTAH ST CHRT SCH FIN AUTH CHRT</name>
        <lei>N/A</lei>
        <title>Utah Charter School Finance Authority</title>
        <cusip>91754TJY0</cusip>
        <identifiers>
          <isin value="US91754TJY01"/>
        </identifiers>
        <balance>1095000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1250796.60000000</valUSD>
        <pctVal>0.287189382811</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-15</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>WYOMING ST CMNTY DEV AUTH HSG</name>
        <lei>549300UQ62NB8FGTHW65</lei>
        <title>Wyoming Community Development Authority</title>
        <cusip>98322QRK5</cusip>
        <identifiers>
          <isin value="US98322QRK57"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>558770.00000000</valUSD>
        <pctVal>0.128296488360</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>ALPINE UT SCH DIST LOCAL BLDG</name>
        <lei>N/A</lei>
        <title>Local Building Authority of Alpine School District</title>
        <cusip>02108TAJ2</cusip>
        <identifiers>
          <isin value="US02108TAJ25"/>
        </identifiers>
        <balance>985000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1173026.65000000</valUSD>
        <pctVal>0.269332999174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>UTAH INFRASTRUCTURE AGY TELECO</name>
        <lei>549300WD2FDRNXU16V82</lei>
        <title>Utah Infrastructure Agency</title>
        <cusip>917467AC6</cusip>
        <identifiers>
          <isin value="US917467AC64"/>
        </identifiers>
        <balance>1660000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1669727.60000000</valUSD>
        <pctVal>0.383378111922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>W VLY CITY UT SALES TAX REVENU</name>
        <lei>N/A</lei>
        <title>City of West Valley City UT</title>
        <cusip>95640TCS9</cusip>
        <identifiers>
          <isin value="US95640TCS96"/>
        </identifiers>
        <balance>3500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1993460.00000000</valUSD>
        <pctVal>0.457708749016</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>LEHI UT ELEC UTILITY REVENUE</name>
        <lei>N/A</lei>
        <title>City of Lehi UT Electric Revenue</title>
        <cusip>524684DD6</cusip>
        <identifiers>
          <isin value="US524684DD61"/>
        </identifiers>
        <balance>520000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>667940.00000000</valUSD>
        <pctVal>0.153362486238</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</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>
      <invstOrSec>
        <name>UTAH ST MUNI PWR AGY PWR SPLY</name>
        <lei>549300ZRZ5YVJ6KNNV32</lei>
        <title>Utah Municipal Power Agency</title>
        <cusip>91756TAF8</cusip>
        <identifiers>
          <isin value="US91756TAF84"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3596490.00000000</valUSD>
        <pctVal>0.825772746254</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-01</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>
      <invstOrSec>
        <name>UTAH ST</name>
        <lei>N/A</lei>
        <title>State of Utah</title>
        <cusip>917542VG4</cusip>
        <identifiers>
          <isin value="US917542VG49"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1292530.00000000</valUSD>
        <pctVal>0.296771587774</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</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>
