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        <name>DRAPER UT SALES TAX REVENUE</name>
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        <name>OGDEN CITY UT FRANCHISE TAX RE</name>
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        <name>DOWNTOWN REDEV AUTH TX TAX INC</name>
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        <name>UTAH ST HSG CORP SF MTGE REVEN</name>
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        <name>RIVERTON CITY UT FRANCHISE SAL</name>
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        <name>PLEASANT GROVE CITY UTAH STORM</name>
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        <name>KING CNTY WA HSG AUTH</name>
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        <name>S JORDAN UT REDEV AGY SALES TA</name>
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        <name>UNIV OF UTAH UT REVENUES</name>
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        <name>KING CNTY WA HSG AUTH</name>
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        <name>LEHI UT SALES TAX REVENUE</name>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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          <maturityDt>2035-06-15</maturityDt>
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        <name>W VLY CITY UT REDEV AGY REVENU</name>
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          <isin value="US95641RAR66"/>
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        <name>SALT LAKE CNTY UT CLG REVENUE</name>
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          <isin value="US79567PDX87"/>
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        <name>SALT LAKE CITY UT ARPT REVENUE</name>
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          <isin value="US795576JR90"/>
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        <name>HERRIMAN CITY UT SALES &amp; FRANC</name>
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          <isin value="US427754BU97"/>
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        <name>WEST VLY CITY UT MUNI BLDG AUT</name>
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        <name>NORTH LAS VEGAS NV</name>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>VINEYARD REDEV AGY UT TAX INCR</name>
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          <isin value="US92743FBM68"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>DUCHESNE UT SCH DIST MUNI BLDG</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>CANYONS UT SCH DIST</name>
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          <isin value="US139078GP81"/>
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        <valUSD>342820.50000000</valUSD>
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          <maturityDt>2031-06-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>UNIV OF UTAH UT REVENUES</name>
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          <isin value="US915183WW38"/>
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        <valUSD>480750.00000000</valUSD>
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          <maturityDt>2036-08-01</maturityDt>
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        <name>PARK CITY UT WTR REVENUE</name>
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          <isin value="US700251EK37"/>
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        <valUSD>876950.00000000</valUSD>
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          <maturityDt>2033-12-15</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>WASHINGTON CNTY UT MUNI BLDG A</name>
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          <isin value="US938714BD36"/>
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        <name>UTAH ST ASSOCIATED MUNI PWR SY</name>
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          <isin value="US917328SB31"/>
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        <name>LEHI UT FRANCHISE &amp; SALES TAX</name>
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        <name>WEST VLY CITY UT MUNI BLDG AUT</name>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <name>JORDAN VLY UT WTR CONSERVANCY</name>
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        <name>SALT LAKE CNTY UT CLG REVENUE</name>
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          <isin value="US79567PEJ84"/>
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        <name>WASHINGTON CNTY UT MUNI BLDG A</name>
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        <name>HEBER UT LIGHT &amp; PWR COMPANY E</name>
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        <name>CANYONS SCH DIST LOCAL BLDG AU</name>
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        <name>LEHI UT ELEC UTILITY REVENUE</name>
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        <name>S E AK PWR AGY ELEC REVENUE</name>
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        <name>SALT LAKE CNTY UT CLG REVENUE</name>
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        <curCd>USD</curCd>
        <valUSD>790000.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>SALT LAKE CITY UT PUBLIC UTILS</name>
        <lei>N/A</lei>
        <title>City of Salt Lake City UT Public Utilities Revenue</title>
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          <isin value="US795604CJ44"/>
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        <curCd>USD</curCd>
        <valUSD>476495.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SUMMIT CNTY UT TRANSPRTN SALES</name>
        <lei>N/A</lei>
        <title>Summit County UT Transportation Sales Tax Revenue</title>
        <cusip>86607RAM8</cusip>
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          <isin value="US86607RAM88"/>
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        <balance>1450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1485916.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UTAH ST HSG CORP SF MTGE REVEN</name>
        <lei>549300YXWQEI0S47WI02</lei>
        <title>Utah Housing Corp</title>
        <cusip>917436V46</cusip>
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          <isin value="US917436V464"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5002.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CLARK CNTY NV</name>
        <lei>N/A</lei>
        <title>County of Clark NV</title>
        <cusip>180848F81</cusip>
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          <isin value="US180848F810"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>816520.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WEBER UT ST UNIV REVENUE</name>
        <lei>N/A</lei>
        <title>Weber State University</title>
        <cusip>947673JA8</cusip>
        <identifiers>
          <isin value="US947673JA80"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>836310.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VANCOUVER WA HSG AUTH</name>
        <lei>N/A</lei>
        <title>Vancouver Housing Authority</title>
        <cusip>921626NU7</cusip>
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          <isin value="US921626NU75"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>397115.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
        <lei>N/A</lei>
        <title>Utah Charter School Finance Authority</title>
        <cusip>91754TZE6</cusip>
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          <isin value="US91754TZE62"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>759370.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JORDANELLE UT SPL SVC DIST COP</name>
        <lei>N/A</lei>
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        <cusip>480798AJ6</cusip>
        <identifiers>
          <isin value="US480798AJ66"/>
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        <balance>283000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>282484.94000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.80000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SOUTH DAKOTA ST HSG DEV AUTH</name>
        <lei>549300G853EK61667C18</lei>
        <title>South Dakota Housing Development Authority</title>
        <cusip>83756CB95</cusip>
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          <isin value="US83756CB951"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>434120.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.35000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>UTAH ST INFRASTRUCTURE AGY TEL</name>
        <lei>549300WD2FDRNXU16V82</lei>
        <title>Utah Infrastructure Agency</title>
        <cusip>917471BD5</cusip>
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          <isin value="US917471BD58"/>
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        <balance>1010000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>942178.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>UTAH ST INFRASTRUCTURE AGY TEL</name>
        <lei>549300WD2FDRNXU16V82</lei>
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        <cusip>917471BG8</cusip>
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          <isin value="US917471BG89"/>
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        <balance>905000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>837477.95000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>RENO NV</name>
        <lei>549300M4R5WWSUWY8D52</lei>
        <title>City of Reno NV</title>
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          <isin value="US759829A465"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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          <maturityDt>2028-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
        <lei>N/A</lei>
        <title>Utah Charter School Finance Authority</title>
        <cusip>91754TKD4</cusip>
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          <isin value="US91754TKD45"/>
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        <balance>3280000.00000000</balance>
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          <maturityDt>2044-11-15</maturityDt>
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          <annualizedRt>5.85000000</annualizedRt>
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        <name>LEHI UT FRANCHISE &amp; SALES TAX</name>
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        <title>City of Lehi UT Sales Tax Revenue</title>
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          <isin value="US52469SAM52"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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          <maturityDt>2035-02-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>SALT LAKE CITY UT ARPT REVENUE</name>
        <lei>N/A</lei>
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          <isin value="US795576GW13"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1032030.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>WATERTOWN SD SALES TAX REVENUE</name>
        <lei>N/A</lei>
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        <cusip>94216PHE0</cusip>
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          <isin value="US94216PHE07"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>366873.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BROWNSVILLE TX</name>
        <lei>N/A</lei>
        <title>City of Brownsville TX</title>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <name>MAPLETON CITY UT MUNI ENERGY S</name>
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        <name>WEST VLY CITY UT MUNI BLDG AUT</name>
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        <name>W HARRIS CNTY TX REGL WTR AUTH</name>
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        <name>OLD SPANISH TRAIL-ALMEDA CORRI</name>
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        <name>CARSON CITY NV</name>
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        <name>ALASKA ST MUNI BOND BANK AUTH</name>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <name>WEBER UT ST UNIV REVENUE</name>
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          <isin value="US795576FT92"/>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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          <isin value="US91754TH973"/>
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        <name>DUCHESNE UT SCH DIST MUNI BLDG</name>
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        <name>UTAH ST BLDG OWNERSHIP AUTH LE</name>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <name>SALT LAKE CITY UT ARPT REVENUE</name>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>UTAH ST BRD OF RGTS REVENUE</name>
        <lei>549300SAYC054T80UK17</lei>
        <title>Utah Board of Higher Education</title>
        <cusip>91754RK97</cusip>
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          <isin value="US91754RK971"/>
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        <curCd>USD</curCd>
        <valUSD>1116692.50000000</valUSD>
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        <debtSec>
          <maturityDt>2036-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SALT LAKE CITY UT ARPT REVENUE</name>
        <lei>N/A</lei>
        <title>City of Salt Lake City UT Airport Revenue</title>
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          <isin value="US795576JM04"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HEBER UT LIGHT &amp; PWR COMPANY E</name>
        <lei>N/A</lei>
        <title>Heber Light &amp; Power Co</title>
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          <isin value="US42249TDB26"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>490405.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PHARR TX INTL TOLL BRIDGE SYST</name>
        <lei>N/A</lei>
        <title>City of Pharr TX Toll Bridge Revenue</title>
        <cusip>717194AL8</cusip>
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          <isin value="US717194AL83"/>
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        <curCd>USD</curCd>
        <valUSD>923930.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UTAH ST TRANSIT AUTH SALES TAX</name>
        <lei>N/A</lei>
        <title>Utah Transit Authority</title>
        <cusip>917567FB0</cusip>
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          <isin value="US917567FB02"/>
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        <balance>1560000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1633678.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>UTAH ST TRANSIT AUTH SALES TAX</name>
        <lei>N/A</lei>
        <title>Utah Transit Authority</title>
        <cusip>917567DP1</cusip>
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          <isin value="US917567DP16"/>
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        <curCd>USD</curCd>
        <valUSD>1075850.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>HERRIMAN CITY UT SALES &amp; FRANC</name>
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        <title>City of Herriman City UT</title>
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        <identifiers>
          <isin value="US427754BV70"/>
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        <balance>1515000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1569327.90000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>MATANUSKA-SUSITNA BORO AK LEAS</name>
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        <title>Borough of Matanuska-Susitna AK</title>
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          <isin value="US576553BV28"/>
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        <balance>1085000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1116215.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>OGDEN CITY UT STORM DRAIN REVE</name>
        <lei>N/A</lei>
        <title>City of Ogden City UT</title>
        <cusip>676305AQ8</cusip>
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          <isin value="US676305AQ82"/>
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        <curCd>USD</curCd>
        <valUSD>507115.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-15</maturityDt>
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      <invstOrSec>
        <name>PLEASANT GROVE CITY UTAH STORM</name>
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          <isin value="US728267CM55"/>
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        <name>JACKSONVILLE FL SPL REVENUE</name>
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          <isin value="US469487HN54"/>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <title>Utah Charter School Finance Authority</title>
        <cusip>91754TV83</cusip>
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          <isin value="US91754TV834"/>
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        <name>MIDVALE UT REDEV AGY TAX INCR</name>
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          <isin value="US598113BA53"/>
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        <name>WASATCH CNTY UT MUNI BLDG AUTH</name>
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          <isin value="US936778CM98"/>
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        <name>ORANGE CNTY FL TOURIST DEV TAX</name>
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          <isin value="US684545YV24"/>
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      <invstOrSec>
        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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          <isin value="US91754TV917"/>
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      <invstOrSec>
        <name>UNIV OF UTAH UT REVENUES</name>
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        <title>University of Utah/The</title>
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          <isin value="US915183WT09"/>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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      <invstOrSec>
        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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      <invstOrSec>
        <name>SALT LAKE CITY UT LOCAL BLDG A</name>
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          <maturityDt>2035-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>UTAH ST HSG CORP SF MTGE REVEN</name>
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          <isin value="US9174366W28"/>
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        <curCd>USD</curCd>
        <valUSD>1893909.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2031-01-01</maturityDt>
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          <annualizedRt>3.85000000</annualizedRt>
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        <name>SALT LAKE CITY UT ARPT REVENUE</name>
        <lei>N/A</lei>
        <title>City of Salt Lake City UT Airport Revenue</title>
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          <isin value="US795576GZ44"/>
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          <maturityDt>2029-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>HILLSBOROUGH CNTY FL AVIATION</name>
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        <title>Hillsborough County Aviation Authority</title>
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          <isin value="US432308M841"/>
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        <valUSD>1573890.00000000</valUSD>
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          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RIO GRANDE CITY TX</name>
        <lei>N/A</lei>
        <title>City of Rio Grande City TX</title>
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          <isin value="US76705NKR79"/>
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        <balance>855000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>857385.45000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>UTAH ST UNIV REVENUE</name>
        <lei>N/A</lei>
        <title>Utah State University</title>
        <cusip>917563RQ3</cusip>
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          <isin value="US917563RQ39"/>
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        <balance>2055000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1676941.65000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ALVIN TX INDEP SCH DIST</name>
        <lei>N/A</lei>
        <title>Alvin Independent School District/TX</title>
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          <isin value="US022447N775"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-02-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>W JORDAN UT MUNI BLDG AUTH LEA</name>
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          <isin value="US953527CK24"/>
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        <name>SAINT GEORGE UT ELEC REVENUE</name>
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          <isin value="US78955PCT03"/>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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          <isin value="US91754TJX28"/>
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          <maturityDt>2029-10-15</maturityDt>
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        <name>UNIV OF UTAH UT REVENUES</name>
        <lei>N/A</lei>
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        <name>HOUSTON TX ARPT SYS REVENUE</name>
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          <isin value="US442349CE48"/>
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        <name>BRIAN HEAD UT WTR REVENUE</name>
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          <isin value="US10778CAL63"/>
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          <maturityDt>2036-04-01</maturityDt>
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        <name>NORTH DAVIS FIRE DIST UT LOCAL</name>
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        <name>CLARK CNTY NV</name>
        <lei>N/A</lei>
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          <isin value="US180848F737"/>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MAPLETON CITY UT MUNI ENERGY S</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>SALT LAKE CITY UT MOSQUITO ABA</name>
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      <invstOrSec>
        <name>FLORIDA ST GOVTL UTILITY AUTHU</name>
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        <name>CONSOL MUNI ELEC PWR SYS WY JT</name>
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          <isin value="US210295DX64"/>
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        <name>CNTRL VLY WTR RECLAMATION FAC</name>
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          <isin value="US795576GJ02"/>
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        <name>SAINT LUCIE CNTY FL SCH BRD CO</name>
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          <isin value="US792075MD29"/>
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        <name>CLARK CNTY NV SCH DIST</name>
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        <title>Clark County School District</title>
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          <isin value="US181059B218"/>
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        <name>HALE CENTER TX EDU FACS CORP R</name>
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        <name>SALT LAKE CITY UT ARPT REVENUE</name>
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        <name>UTAH ST WTR FIN AGY REVENUE</name>
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        <name>CLARK CNTY NV SCH DIST</name>
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        <name>UTAH ST TRANSIT AUTH SALES TAX</name>
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        <name>WASHINGTON ST HGR EDU FACS AUT</name>
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        <name>CIVICVENTURES AK</name>
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        <name>UTAH ST ASSOCIATED MUNI PWR SY</name>
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          <isin value="US917328RE88"/>
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        <name>SUMMIT CNTY UT TRANSPRTN SALES</name>
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        <name>UTAH ST ASSOCIATED MUNI PWR SY</name>
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          <isin value="US917328RN87"/>
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        <name>LEHI UT ELEC UTILITY REVENUE</name>
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        <name>MURRAY CITY UT MUNI BLDG AUTH</name>
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        <name>JORDAN VLY UT WTR CONSERVANCY</name>
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        <name>SALT LAKE CITY UT LOCAL BLDG A</name>
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        <name>BREVARD CNTY FL HLTH FACS AUTH</name>
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        <name>KING CNTY WA PUBLIC HOSP DIST</name>
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          <isin value="US494782KY07"/>
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        <name>DAVIS CNTY UT MUNI BLDG AUTH L</name>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <name>SALT LAKE CITY UT MOSQUITO ABA</name>
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          <maturityDt>2029-02-15</maturityDt>
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        <name>WEST UNIV PLACE TX</name>
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        <name>FAIRVIEW UT WTR &amp; SWR REVENUE</name>
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        <name>W VLY CITY UT SALES TAX REVENU</name>
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        <name>WEST VLY CITY UT MUNI BLDG AUT</name>
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        <name>GTR ORLANDO FL AVIATION AUTH A</name>
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        <name>UNIV OF UTAH UT REVENUES</name>
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        <name>UTAH ST INFRASTRUCTURE AGY TEL</name>
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        <name>UTAH ST UNIV REVENUE</name>
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        <name>EAGLE MOUNTAIN UT SALES TAX RE</name>
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      <invstOrSec>
        <name>ALPINE UT SCH DIST LOCAL BLDG</name>
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      <invstOrSec>
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          <maturityDt>2042-10-15</maturityDt>
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      <invstOrSec>
        <name>CORSICANA TX</name>
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        <valUSD>422558.30000000</valUSD>
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          <maturityDt>2029-02-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>TEXAS ST</name>
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          <isin value="US882723XN45"/>
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      <invstOrSec>
        <name>UTAH ST TRANSIT AUTH SALES TAX</name>
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        <name>UTAH ST BLDG OWNERSHIP AUTH LE</name>
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          <maturityDt>2029-05-15</maturityDt>
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      <invstOrSec>
        <name>USF FING CORP FL COPS</name>
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          <isin value="US90341UDM18"/>
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          <maturityDt>2031-07-01</maturityDt>
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        <name>EAGLE MOUNTAIN UT SPL ASSMNT</name>
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          <maturityDt>2028-05-01</maturityDt>
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        <name>KING CNTY WA HSG AUTH</name>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <name>LEANDER TX INDEP SCH DIST</name>
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        <name>MINNEHAHA CNTY SD COPS</name>
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        <name>UTAH ST INFRASTRUCTURE AGY TEL</name>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <name>UTAH ST TRANSIT AUTH SALES TAX</name>
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        <name>UTAH ST BLDG OWNERSHIP AUTH LE</name>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <name>CENTRL UT WTR CONSERVANCY DIST</name>
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      <invstOrSec>
        <name>INTERMOUNTAIN PWR AGY UT PWR S</name>
        <lei>N/A</lei>
        <title>Intermountain Power Agency</title>
        <cusip>45884AA86</cusip>
        <identifiers>
          <isin value="US45884AA863"/>
        </identifiers>
        <balance>375000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>411483.75000000</valUSD>
        <pctVal>0.114070522482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</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>LEHI UT FRANCHISE &amp; SALES TAX</name>
        <lei>N/A</lei>
        <title>City of Lehi UT Sales Tax Revenue</title>
        <cusip>52469SAK9</cusip>
        <identifiers>
          <isin value="US52469SAK96"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1019820.00000000</valUSD>
        <pctVal>0.282712015330</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-01</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>NORTH DAKOTA ST HSG FIN AGY</name>
        <lei>549300DVQAGW0B16JX70</lei>
        <title>North Dakota Housing Finance Agency</title>
        <cusip>658909QN9</cusip>
        <identifiers>
          <isin value="US658909QN93"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>395824.00000000</valUSD>
        <pctVal>0.109729364746</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</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>HOOPER WTR IMPT DIST UT WTR RE</name>
        <lei>N/A</lei>
        <title>Hooper Water Improvement District</title>
        <cusip>439124AM0</cusip>
        <identifiers>
          <isin value="US439124AM05"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>985390.00000000</valUSD>
        <pctVal>0.273167414628</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>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 TRANSIT AUTH SALES TAX</name>
        <lei>N/A</lei>
        <title>Utah Transit Authority</title>
        <cusip>917567EQ8</cusip>
        <identifiers>
          <isin value="US917567EQ89"/>
        </identifiers>
        <balance>2950000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2952920.50000000</valUSD>
        <pctVal>0.818601425413</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-15</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>WEBER CNTY UT SPL ASSMNT</name>
        <lei>N/A</lei>
        <title>County of Weber UT</title>
        <cusip>947664AU2</cusip>
        <identifiers>
          <isin value="US947664AU29"/>
        </identifiers>
        <balance>1520000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1529636.80000000</valUSD>
        <pctVal>0.424042186318</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</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>PORT VANCOUVER WA</name>
        <lei>N/A</lei>
        <title>Port of Vancouver WA</title>
        <cusip>735524NR7</cusip>
        <identifiers>
          <isin value="US735524NR77"/>
        </identifiers>
        <balance>555000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>577422.00000000</valUSD>
        <pctVal>0.160071519793</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-01</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>MESQUITE NV SPL IMPT DIST</name>
        <lei>N/A</lei>
        <title>City of Mesquite NV</title>
        <cusip>590739AR9</cusip>
        <identifiers>
          <isin value="US590739AR98"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100281.00000000</valUSD>
        <pctVal>0.027799654457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</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>LEWIS &amp; THURSTON CNTYS WA SCH</name>
        <lei>N/A</lei>
        <title>Lewis &amp; Thurston Counties School District No 401 Centralia</title>
        <cusip>527665AW3</cusip>
        <identifiers>
          <isin value="US527665AW34"/>
        </identifiers>
        <balance>1230000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1288474.20000000</valUSD>
        <pctVal>0.357187678005</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-01</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 ASSOCIATED MUNI PWR SY</name>
        <lei>N/A</lei>
        <title>Utah Associated Municipal Power Systems</title>
        <cusip>917328RP3</cusip>
        <identifiers>
          <isin value="US917328RP36"/>
        </identifiers>
        <balance>445000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>464895.95000000</valUSD>
        <pctVal>0.128877322413</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-01</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>PLEASANT GROVE CITY UTAH STORM</name>
        <lei>N/A</lei>
        <title>City of Pleasant Grove City UT Stormwater Revenue</title>
        <cusip>728267CK9</cusip>
        <identifiers>
          <isin value="US728267CK99"/>
        </identifiers>
        <balance>205000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>210906.05000000</valUSD>
        <pctVal>0.058466861250</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-15</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>TOOELE CNTY UT MUNI BLDG AUTH</name>
        <lei>N/A</lei>
        <title>Tooele County Municipal Building Authority</title>
        <cusip>890342AY4</cusip>
        <identifiers>
          <isin value="US890342AY43"/>
        </identifiers>
        <balance>920000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>941675.20000000</valUSD>
        <pctVal>0.261048904295</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-15</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>
    </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>2022-11-18</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>
</edgarSubmission>
