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        <name>KENTUCKY ST HSG CORP CONDUIT M</name>
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        <fairValLevel>2</fairValLevel>
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        <name>KENTUCKY ST TURNPIKE AUTH ECON</name>
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        <name>KENTUCKY ST RURAL WTR FIN CORP</name>
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        <name>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
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        <name>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
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        <name>SHELBY CNTY KY SCH DIST FIN CO</name>
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        <name>KENTUCKY ST ASSET/LIABILITY CO</name>
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          <isin value="US49151FDS65"/>
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          <isin value="US491211AL27"/>
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        <name>RIVER CITY INC KY PKG AUTH REV</name>
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        <name>KENTUCKY BOND DEV CORP TRANSIE</name>
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        <name>KENTUCKY ST ASSN OF CNTYS FIN</name>
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        <name>ASHLAND KY MED CENTER REVENUE</name>
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        <name>LOUISVILLE &amp; JEFFERSON CNTY KY</name>
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      <invstOrSec>
        <name>KENTUCKY ST BOND CORP FING PRO</name>
        <lei>N/A</lei>
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          <isin value="US4912075Z58"/>
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      <invstOrSec>
        <name>MOREHEAD KY ST UNIV GEN RECPT</name>
        <lei>N/A</lei>
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          <isin value="US616640HB74"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>JEFFERSON CNTY KY CAPITAL PROJ</name>
        <lei>N/A</lei>
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          <isin value="US473020LY93"/>
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        <curCd>USD</curCd>
        <valUSD>1645920.40000000</valUSD>
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          <maturityDt>2028-06-01</maturityDt>
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          <annualizedRt>4.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BEECHWOOD KY INDEP SCH DIST FI</name>
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          <isin value="US077006LS15"/>
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        <valUSD>671844.90000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>NTHRN KY UNIV GEN RECPTS</name>
        <lei>N/A</lei>
        <title>Northern Kentucky University</title>
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          <isin value="US665304GR63"/>
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        <valUSD>798652.80000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>ROWAN CNTY KY</name>
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          <isin value="US779431DE25"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>KENTUCKY BOND DEV CORP EDUCTNL</name>
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        <title>Kentucky Bond Development Corp</title>
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          <isin value="US49120ABF57"/>
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        <balance>305000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>KENTUCKY ST RURAL WTR FIN CORP</name>
        <lei>N/A</lei>
        <title>Kentucky Rural Water Finance Corp</title>
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          <isin value="US49140MZY82"/>
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        <curCd>USD</curCd>
        <valUSD>100058.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>KENTUCKY ST RURAL WTR FIN CORP</name>
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          <isin value="US49140NEN30"/>
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        <curCd>USD</curCd>
        <valUSD>213725.15000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-02-01</maturityDt>
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          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>LOUISVILLE &amp; JEFFERSON CNTY KY</name>
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        <name>LOGAN CNTY KY SCH DIST FIN COR</name>
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          <isin value="US540789CC63"/>
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        <name>Dreyfus Treasury Obligations Cash Management Fund</name>
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          <ticker value="DTRXX"/>
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        <name>KENTUCKY ST HGR EDU STUDENT LO</name>
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          <isin value="US49130NEJ46"/>
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        <name>JEFFERSON CNTY KY CAPITAL PROJ</name>
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        <name>JEFFERSON CNTY KY SCH DIST FIN</name>
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        <name>KENTUCKY ST TURNPIKE AUTH ECON</name>
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        <name>SCOTT CNTY KY SCH DIST FIN COR</name>
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        <name>LOUISVILLE &amp; JEFFERSON CNTY KY</name>
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        <name>KENTUCKY ST ASSET/LIABILITY CO</name>
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      <invstOrSec>
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        <name>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
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          <isin value="US49151FNM85"/>
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        <name>BOWLING GREEN KY</name>
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          <isin value="US102637VF94"/>
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        <curCd>USD</curCd>
        <valUSD>1017923.10000000</valUSD>
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        <name>LOUISVILLE KY REGL ARPT AUTH A</name>
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          <isin value="US546850CS58"/>
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        <curCd>USD</curCd>
        <valUSD>2374476.00000000</valUSD>
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          <maturityDt>2026-07-01</maturityDt>
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        <name>LOUISVILLE &amp; JEFFERSON CNTY KY</name>
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          <isin value="US546604FU84"/>
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          <isin value="US49140MJ599"/>
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          <maturityDt>2026-02-01</maturityDt>
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          <maturityDt>2023-08-01</maturityDt>
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      <invstOrSec>
        <name>KENTUCKY ST HGR EDU STUDENT LO</name>
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          <isin value="US49130NDK28"/>
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        <name>WARREN CNTY KY HOSP REVENUE</name>
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          <isin value="US934864AD18"/>
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          <isin value="US49120AAR05"/>
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        <name>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
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        <name>KENTUCKY ST HGR EDU STUDENT LO</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
        <lei>N/A</lei>
        <title>Kentucky State Property &amp; Building Commission</title>
        <cusip>49151FNL0</cusip>
        <identifiers>
          <isin value="US49151FNL03"/>
        </identifiers>
        <balance>2040000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2187451.20000000</valUSD>
        <pctVal>1.316896953676</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-01</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>KENTUCKY ST HGR EDU STUDENT LO</name>
        <lei>N/A</lei>
        <title>Kentucky Higher Education Student Loan Corp</title>
        <cusip>49130NFM6</cusip>
        <identifiers>
          <isin value="US49130NFM65"/>
        </identifiers>
        <balance>350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>374619.00000000</valUSD>
        <pctVal>0.225529428903</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</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>MURRAY KY ST UNIV GEN RECPTS</name>
        <lei>N/A</lei>
        <title>Murray State University</title>
        <cusip>627175HH8</cusip>
        <identifiers>
          <isin value="US627175HH86"/>
        </identifiers>
        <balance>1230000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1110653.10000000</valUSD>
        <pctVal>0.668639229063</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-01</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>ASHLAND KY MED CENTER REVENUE</name>
        <lei>N/A</lei>
        <title>City of Ashland KY</title>
        <cusip>044293CB2</cusip>
        <identifiers>
          <isin value="US044293CB25"/>
        </identifiers>
        <balance>2600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2053818.00000000</valUSD>
        <pctVal>1.236446631406</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-02-01</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>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
        <lei>N/A</lei>
        <title>Kentucky State Property &amp; Building Commission</title>
        <cusip>49151FGN4</cusip>
        <identifiers>
          <isin value="US49151FGN42"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3121800.00000000</valUSD>
        <pctVal>1.879396856938</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</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. Class F inception date is 12/21/2022. The performance return presented is for a partial month." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2023-02-22</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>
