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        <name>WEST VLY CITY UT MUNI BLDG AUT</name>
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          <maturityDt>2046-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>LEWIS CNTY WA SCH DIST #302 CH</name>
        <lei>N/A</lei>
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          <isin value="US527860ES54"/>
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        <curCd>USD</curCd>
        <valUSD>1046590.00000000</valUSD>
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          <maturityDt>2034-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>HARRIS CNTY-HOUSTON TX SPORTS</name>
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          <isin value="US413890DE17"/>
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        <valUSD>308361.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>SALT LAKE CITY UT PUBLIC UTILS</name>
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          <isin value="US795604AR87"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>UTAH ST TRANSIT AUTH SALES TAX</name>
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          <isin value="US917567EU91"/>
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        <curCd>USD</curCd>
        <valUSD>3647125.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ALASKA ST MUNI BOND BANK AUTH</name>
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        <cusip>01179R3V3</cusip>
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          <isin value="US01179R3V30"/>
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        <balance>215000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>217506.90000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>INTERMOUNTAIN PWR AGY UT PWR S</name>
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        <cusip>45884AA86</cusip>
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          <isin value="US45884AA863"/>
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        <curCd>USD</curCd>
        <valUSD>436815.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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          <isin value="US91754TSX27"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>UTAH CNTY UT HOSP REVENUE</name>
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          <isin value="US917393CE85"/>
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        <name>TOOELE CNTY UT MUNI BLDG AUTH</name>
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        <title>Tooele County Municipal Building Authority</title>
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          <isin value="US890342AW86"/>
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        <name>MURRAY CITY UT MUNI BLDG AUTH</name>
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          <isin value="US626857CH70"/>
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        <name>LEHI UT ELEC UTILITY REVENUE</name>
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          <isin value="US524684DF10"/>
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        <name>MET WASHINGTON DC ARPTS AUTH A</name>
        <lei>N/A</lei>
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          <isin value="US592647GK13"/>
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        <name>HILLSBOROUGH CNTY FL AVIATION</name>
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          <isin value="US432308M841"/>
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        <name>UNIV OF UTAH UT REVENUES</name>
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          <isin value="US915183WV54"/>
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        <name>PARK CITY UT WTR REVENUE</name>
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          <isin value="US700251EK37"/>
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        <name>WATERTOWN SD SALES TAX REVENUE</name>
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          <isin value="US94216PGU57"/>
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        <name>HOLLADAY UT SALES TAX REVENUE</name>
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          <isin value="US43510MBT09"/>
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          <maturityDt>2033-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>EAGLE MOUNTAIN UT WTR &amp; SWR RE</name>
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          <isin value="US26970TCW53"/>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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          <isin value="US91754TSY00"/>
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        <name>LEHI UT FRANCHISE &amp; SALES TAX</name>
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          <isin value="US52469SAD53"/>
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          <maturityDt>2027-02-01</maturityDt>
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        <name>SALT LAKE CITY UT LOCAL BLDG A</name>
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          <isin value="US795589AJ94"/>
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        <fairValLevel>2</fairValLevel>
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        <name>MIDVALE UT REDEV AGY TAX INCR</name>
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        <name>SALT LAKE CITY UT PUBLIC UTILS</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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          <isin value="US795576GW13"/>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <name>MIAMI-DADE CNTY FL TRANSIT SAL</name>
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        <name>UTAH ST BRD OF RGTS REVENUE</name>
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        <name>PLEASANT GROVE CITY UTAH STORM</name>
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        <name>HEBER UT LIGHT &amp; PWR COMPANY E</name>
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      <invstOrSec>
        <name>WEBER UT ST UNIV REVENUE</name>
        <lei>N/A</lei>
        <title>Weber State University</title>
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          <isin value="US947673GQ69"/>
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        <name>SALT LAKE CITY UT MOSQUITO ABA</name>
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          <isCashCollateral>N</isCashCollateral>
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        <name>SALT LAKE CITY UT ARPT REVENUE</name>
        <lei>N/A</lei>
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          <isin value="US795576GQ45"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>TEXAS ST</name>
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          <isin value="US882723XN45"/>
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        <curCd>USD</curCd>
        <valUSD>1054160.00000000</valUSD>
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          <maturityDt>2030-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CENTRL UT WTR CONSERVANCY DIST</name>
        <lei>5493001AT8W3NBIEDB45</lei>
        <title>Central Utah Water Conservancy District</title>
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          <isin value="US15567RBV42"/>
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        <name>UTAH ST HSG CORP SF MTGE REVEN</name>
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        <title>Utah Housing Corp</title>
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          <isin value="US9174366X01"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>EAGLE MOUNTAIN UT SALES TAX RE</name>
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          <isin value="US26970PAG00"/>
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          <maturityDt>2029-02-01</maturityDt>
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        <name>LEHI UT LOCAL BLDG AUTH LEASE</name>
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          <isin value="US52475CAG50"/>
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          <couponKind>Fixed</couponKind>
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        <name>SALT LAKE CITY UT PUBLIC UTILS</name>
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        <title>City of Salt Lake City UT Public Utilities Revenue</title>
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        <name>KING CNTY WA PUBLIC HOSP DIST</name>
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        <name>EAGLE MOUNTAIN UT SPL ASSMNT</name>
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        <name>HOUSTON TX ARPT SYS REVENUE</name>
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        <name>SALT LAKE CNTY UT CLG REVENUE</name>
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        <name>PROVIDENCE CITY UT FRANCHISE &amp;</name>
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          <isin value="US74373DAA37"/>
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        <name>SALT LAKE CITY UT ARPT REVENUE</name>
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        <name>UTAH ST BLDG OWNERSHIP AUTH LE</name>
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        <name>GTR ORLANDO FL AVIATION AUTH A</name>
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        <name>WASHOE CNTY NV</name>
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        <name>UTAH ST ASSOCIATED MUNI PWR SY</name>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <name>LEHI UT ELEC UTILITY REVENUE</name>
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        <name>W JORDAN UT MUNI BLDG AUTH LEA</name>
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          <isin value="US953527CE63"/>
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        <name>UTAH ST WTR FIN AGY REVENUE</name>
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        <name>WEST VLY CITY UT MUNI BLDG AUT</name>
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        <name>OGDEN CITY UT SCH DIST MUNI BL</name>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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      <invstOrSec>
        <name>UTAH CNTY UT EXCISE TAX REVENU</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <valUSD>3279901.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2044-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85000000</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="US921626NU75"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>435945.00000000</valUSD>
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        <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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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>W HARRIS CNTY TX REGL WTR AUTH</name>
        <lei>N/A</lei>
        <title>West Harris County Regional Water Authority</title>
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          <isin value="US95308RLE70"/>
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        <balance>815000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>866165.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SALT LAKE CITY UT LOCAL BLDG A</name>
        <lei>N/A</lei>
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          <isin value="US795589CU22"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>653796.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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="US795604BK26"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>513140.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UTAH ST INFRASTRUCTURE AGY TEL</name>
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          <isin value="US917471BG89"/>
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        <balance>905000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>914710.65000000</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNIF FIRE SVC AREA UT LOCAL BL</name>
        <lei>549300TUIG1YUHRDJ718</lei>
        <title>Unified Fire Service Area</title>
        <cusip>90470PAQ9</cusip>
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          <isin value="US90470PAQ90"/>
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        <balance>2350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2435587.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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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>
        <cusip>795576GY7</cusip>
        <identifiers>
          <isin value="US795576GY78"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1085610.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DAVIS CNTY UT MUNI BLDG AUTH L</name>
        <lei>N/A</lei>
        <title>Davis County Municipal Building Authority</title>
        <cusip>239007DE4</cusip>
        <identifiers>
          <isin value="US239007DE40"/>
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        <balance>1085000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1177962.80000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MANATEE CNTY FL REVENUE</name>
        <lei>N/A</lei>
        <title>County of Manatee FL</title>
        <cusip>561852GX6</cusip>
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          <isin value="US561852GX62"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>606835.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UTAH ST TRANSIT AUTH SALES TAX</name>
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        <title>Utah Transit Authority</title>
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          <isin value="US917567CJ64"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2148510.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-15</maturityDt>
          <couponKind>None</couponKind>
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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>480798AK3</cusip>
        <identifiers>
          <isin value="US480798AK30"/>
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        <balance>299000.00000000</balance>
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        <curCd>USD</curCd>
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          <maturityDt>2023-11-15</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>UTAH ST BLDG OWNERSHIP AUTH LE</name>
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          <isin value="US917547VQ18"/>
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          <maturityDt>2024-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SPEARFISH SD SALES TAX REVENUE</name>
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        <identifiers>
          <isin value="US847327EZ21"/>
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        <balance>975000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>MINNEHAHA CNTY SD COPS</name>
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          <isin value="US603850JK58"/>
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        <balance>400000.00000000</balance>
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          <maturityDt>2029-12-01</maturityDt>
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        <name>MATANUSKA-SUSITNA BORO AK LEAS</name>
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          <isin value="US576553BV28"/>
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        <balance>735000.00000000</balance>
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        <valUSD>765068.85000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2032-09-01</maturityDt>
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      <invstOrSec>
        <name>UTAH ST ASSOCIATED MUNI PWR SY</name>
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        <name>LOCKHART TX INDEP SCH DIST</name>
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        <name>JORDAN VLY UT WTR CONSERVANCY</name>
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        <name>UTAH ST TRANSIT AUTH SALES TAX</name>
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        <name>LOWER COLORADO RIVER TX AUTH T</name>
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        <name>UTAH ST ASSOCIATED MUNI PWR SY</name>
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          <isin value="US26410TAQ85"/>
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        <name>SALT LAKE CITY UT ARPT REVENUE</name>
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          <isin value="US795576HU48"/>
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        <fairValLevel>2</fairValLevel>
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        <name>SALT LAKE CITY UT ARPT REVENUE</name>
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          <isin value="US795576GH46"/>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <name>W VLY CITY UT REDEV AGY REVENU</name>
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        <name>WATERTOWN SD SALES TAX REVENUE</name>
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        <name>WEBER BASIN UT WTR CONSERVANCY</name>
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        <name>S JORDAN UT SPL ASSMNT</name>
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        <name>UTAH ST</name>
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        <name>SALT LAKE CNTY UT CLG REVENUE</name>
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        <name>S JORDAN UT REDEV AGY SALES TA</name>
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        <name>PORT OLYMPIA WA</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>HEBER UT LIGHT &amp; PWR COMPANY E</name>
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          <isin value="US890342AX69"/>
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          <couponKind>Fixed</couponKind>
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        <name>UTAH CNTY UT TRANSPRTN SALES T</name>
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          <isin value="US890342AY43"/>
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        <name>WASATCH CNTY UT MUNI BLDG AUTH</name>
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          <isin value="US936778CN71"/>
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        <curCd>USD</curCd>
        <valUSD>638515.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INTERMOUNTAIN PWR AGY UT PWR S</name>
        <lei>N/A</lei>
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        <cusip>45884AA37</cusip>
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          <isin value="US45884AA376"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>294617.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PLEASANT GROVE CITY UTAH STORM</name>
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          <isin value="US728267CK99"/>
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        <curCd>USD</curCd>
        <valUSD>217781.75000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SAN JACINTO RIVER TX AUTH</name>
        <lei>N/A</lei>
        <title>San Jacinto River Authority</title>
        <cusip>798055TQ2</cusip>
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          <isin value="US798055TQ28"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1008510.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <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>83756CC29</cusip>
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          <isin value="US83756CC298"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>449880.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.40000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ALASKA ST MUNI BOND BANK AUTH</name>
        <lei>N/A</lei>
        <title>Alaska Municipal Bond Bank Authority</title>
        <cusip>01179RYR8</cusip>
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          <isin value="US01179RYR82"/>
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        <balance>565000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>607149.00000000</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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          <isCashCollateral>N</isCashCollateral>
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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="US91754TJY01"/>
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        <balance>1095000.00000000</balance>
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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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          <isin value="US91754TKC61"/>
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        <balance>1655000.00000000</balance>
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        <name>CNTRL VLY WTR RECLAMATION FAC</name>
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          <isin value="US155796AM79"/>
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        <name>CANYONS UT SCH DIST</name>
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          <isin value="US139078GU76"/>
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        <name>UTAH ST INFRASTRUCTURE AGY TEL</name>
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          <isin value="US917466CS16"/>
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        <name>ALASKA ST MUNI BOND BANK AUTH</name>
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          <isin value="US01179R4F70"/>
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          <maturityDt>2037-12-01</maturityDt>
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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>HOOPER WTR IMPT DIST UT WTR RE</name>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <name>SALT LAKE CNTY UT CLG REVENUE</name>
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      <invstOrSec>
        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
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        <name>JACKSONVILLE FL SPL REVENUE</name>
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          <isin value="US469487TY81"/>
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        <curCd>USD</curCd>
        <valUSD>1164100.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-10-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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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="US917563JT69"/>
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        <valUSD>1140857.25000000</valUSD>
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        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
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      <invstOrSec>
        <name>ALASKA ST MUNI BOND BANK AUTH</name>
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          <isin value="US01179RYQ00"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>RENO NV SALES TAX REVENUE</name>
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          <isin value="US759861DC85"/>
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        <curCd>USD</curCd>
        <valUSD>526835.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UTAH ST TRANSIT AUTH SALES TAX</name>
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        <title>Utah Transit Authority</title>
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          <isin value="US917567DP16"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Dreyfus Treasury Obligations Cash Management Fund</name>
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          <isin value="US2619081076"/>
          <ticker value="DTRXX"/>
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        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>INTERMOUNTAIN PWR AGY UT PWR S</name>
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          <isin value="US45884AA608"/>
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        <name>UTAH ST BLDG OWNERSHIP AUTH LE</name>
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        <name>UTAH ST TRANSIT AUTH SALES TAX</name>
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        <title>Utah Transit Authority</title>
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        <name>CNTRL VLY WTR RECLAMATION FAC</name>
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        <name>BROWNSVILLE TX</name>
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        <name>UTAH ST INFRASTRUCTURE AGY TEL</name>
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        <name>WEST VLY CITY UT MUNI BLDG AUT</name>
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        <name>FLORIDA ST GOVTL UTILITY AUTHU</name>
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        <name>SAINT LUCIE CNTY FL SCH BRD CO</name>
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        <name>SUMMIT CNTY UT TRANSPRTN SALES</name>
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        <name>SOUTH DAKOTA ST HSG DEV AUTH</name>
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          <isin value="US83756CB530"/>
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        <name>UTAH ST WTR FIN AGY REVENUE</name>
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          <isin value="US917572WU92"/>
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        <name>S E AK PWR AGY ELEC REVENUE</name>
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        <name>BREVARD CNTY FL HLTH FACS AUTH</name>
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        <name>UTAH ST UNIV REVENUE</name>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MIAMI-DADE CNTY FL PUBLIC FACS</name>
        <lei>549300QG0NBD9HULR263</lei>
        <title>County of Miami-Dade FL</title>
        <cusip>59333TDY3</cusip>
        <identifiers>
          <isin value="US59333TDY38"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1044060.00000000</valUSD>
        <pctVal>0.314889301775</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>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>879020.10000000</valUSD>
        <pctVal>0.265113140562</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>MIAMI-DADE CNTY FL SEAPORT REV</name>
        <lei>N/A</lei>
        <title>County of Miami-Dade Seaport Department</title>
        <cusip>59335KEM5</cusip>
        <identifiers>
          <isin value="US59335KEM53"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1114070.00000000</valUSD>
        <pctVal>0.336004371807</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</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>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>85000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>85315.35000000</valUSD>
        <pctVal>0.025731175403</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>CANYONS SCH DIST LOCAL BLDG AU</name>
        <lei>N/A</lei>
        <title>Canyons School District Local Building Authority</title>
        <cusip>139083AL3</cusip>
        <identifiers>
          <isin value="US139083AL35"/>
        </identifiers>
        <balance>725000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>786342.25000000</valUSD>
        <pctVal>0.237161429476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</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>W JORDAN UT MUNI BLDG AUTH LEA</name>
        <lei>N/A</lei>
        <title>West Jordan Municipal Building Authority</title>
        <cusip>953527CK2</cusip>
        <identifiers>
          <isin value="US953527CK24"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1074990.00000000</valUSD>
        <pctVal>0.324217813646</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>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>LITTLE ELM TX INDEP SCH DIST</name>
        <lei>N/A</lei>
        <title>Little Elm Independent School District</title>
        <cusip>5370966W4</cusip>
        <identifiers>
          <isin value="US5370966W46"/>
        </identifiers>
        <balance>1960000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2022543.60000000</valUSD>
        <pctVal>0.610000710701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-15</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>SALT LAKE CNTY UT SALES TAX RE</name>
        <lei>N/A</lei>
        <title>County of Salt Lake UT Sales Tax Revenue</title>
        <cusip>795685GN0</cusip>
        <identifiers>
          <isin value="US795685GN04"/>
        </identifiers>
        <balance>525000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>525950.25000000</valUSD>
        <pctVal>0.158627001313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-02-01</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>2023-05-15</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>
