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        <name>NTHRN KY UNIV GEN RECPTS</name>
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        <name>KENTUCKY ST ASSN OF CNTYS FIN</name>
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        <name>KENTUCKY ST HGR EDU STUDENT LO</name>
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      <invstOrSec>
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          <isin value="US491214BG61"/>
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        <name>SHELBY CNTY KY SCH DIST FIN CO</name>
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          <isin value="US49140MH510"/>
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        <name>KENTUCKY ST UNIV COPS</name>
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        <name>KENTUCKY ST RURAL WTR FIN CORP</name>
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          <isin value="US49140NJM02"/>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>KENTUCKY ST BOND CORP FING PRO</name>
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          <isin value="US4912076A98"/>
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        <name>BULLITT CNTY KY SCH DIST FIN C</name>
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          <isin value="US120280ZU93"/>
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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 UNIV COPS</name>
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        <name>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
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      <invstOrSec>
        <name>KENTUCKY ST RURAL WTR FIN CORP</name>
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          <isin value="US49140MH692"/>
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      <invstOrSec>
        <name>KENTUCKY ST HSG CORP MF REVENU</name>
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          <maturityDt>2025-05-01</maturityDt>
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      <invstOrSec>
        <name>KENTUCKY ASSN OF CNTYS FIN COR</name>
        <lei>N/A</lei>
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          <isin value="US491197CQ02"/>
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        <curCd>USD</curCd>
        <valUSD>447147.60000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>RIVER CITY INC KY PKG AUTH REV</name>
        <lei>N/A</lei>
        <title>Parking Authority of River City Inc</title>
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          <isin value="US76804ADR32"/>
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        <curCd>USD</curCd>
        <valUSD>659068.80000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>ASHLAND KY MED CENTER REVENUE</name>
        <lei>N/A</lei>
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          <isin value="US044293BU15"/>
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        <curCd>USD</curCd>
        <valUSD>474916.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>KENTUCKY ST ASSET/LIABILITY CO</name>
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        <title>Kentucky Asset Liability Commission</title>
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          <isin value="US49118NEH44"/>
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        <curCd>USD</curCd>
        <valUSD>2005980.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
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        <title>Kentucky State Property &amp; Building Commission</title>
        <cusip>49151FDS6</cusip>
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          <isin value="US49151FDS65"/>
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        <curCd>USD</curCd>
        <valUSD>655451.95000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
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        <title>Kentucky State Property &amp; Building Commission</title>
        <cusip>49151FGN4</cusip>
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          <isin value="US49151FGN42"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3076470.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>KENTUCKY ST RURAL WTR FIN CORP</name>
        <lei>N/A</lei>
        <title>Kentucky Rural Water Finance Corp</title>
        <cusip>49140MZX0</cusip>
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          <isin value="US49140MZX00"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>175094.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>RIVER CITY INC KY PKG AUTH REV</name>
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        <title>Parking Authority of River City Inc</title>
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          <isin value="US76804ADT97"/>
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        <balance>810000.00000000</balance>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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        <name>KENTUCKY ST BOND CORP FING PRO</name>
        <lei>N/A</lei>
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          <isin value="US4912075Y83"/>
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        <name>KENTUCKY ST ASSN OF CNTYS FIN</name>
        <lei>549300QRG70ZNLRZTP71</lei>
        <title>Kentucky Association of Counties Finance Corp</title>
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          <isin value="US491196DA67"/>
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      <invstOrSec>
        <name>JEFFERSON CNTY KY SCH DIST FIN</name>
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          <isin value="US4729042X82"/>
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        <name>KENTUCKY ST HGR EDU STUDENT LO</name>
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        <name>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
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          <isin value="US49151FYV65"/>
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      <invstOrSec>
        <name>PULASKI CNTY KY SCH DIST FIN C</name>
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        <name>LOUISVILLE &amp; JEFFERSON CNTY KY</name>
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        <name>KENTUCKY ST TURNPIKE AUTH ECON</name>
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      <invstOrSec>
        <name>MURRAY KY ST UNIV GEN RECPTS</name>
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          <isin value="US627175HH86"/>
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          <couponKind>Fixed</couponKind>
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        <name>KENTUCKY ST BOND CORP FING PRO</name>
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          <isin value="US4912075Z58"/>
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          <maturityDt>2038-02-01</maturityDt>
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          <isin value="US49140MPL71"/>
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        <name>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
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          <isin value="US49151FVX58"/>
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        <fairValLevel>2</fairValLevel>
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        <name>ASHLAND KY MED CENTER REVENUE</name>
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          <isin value="US044293CB25"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>JOHNSON CNTY KY SCH DIST FIN C</name>
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          <isin value="US478799UQ09"/>
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        <fairValLevel>2</fairValLevel>
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        <name>KENTUCKY ST RURAL WTR FIN CORP</name>
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          <isin value="US49140NEQ60"/>
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        <fairValLevel>2</fairValLevel>
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        <name>JEFFERSON CNTY KY SCH DIST FIN</name>
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          <isin value="US4729042F76"/>
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        <name>KENTUCKY ST UNIV COPS</name>
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        <name>UNIV OF KENTUCKY KY COPS</name>
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        <name>SCOTT CNTY KY SCH DIST FIN COR</name>
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        <name>LOGAN CNTY KY SCH DIST FIN COR</name>
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        <name>MOREHEAD KY ST UNIV GEN RECPT</name>
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        <name>KENTUCKY ST BOND CORP FING PRO</name>
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        <name>KENTUCKY BOND DEV CORP EDUCTNL</name>
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        <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>
      <invstOrSec>
        <name>UNIV OF LOUISVILLE KY</name>
        <lei>N/A</lei>
        <title>University of Louisville</title>
        <cusip>914391V87</cusip>
        <identifiers>
          <isin value="US914391V878"/>
        </identifiers>
        <balance>1235000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1192886.50000000</valUSD>
        <pctVal>0.723612790388</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-01</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>KENTUCKY ST RURAL WTR FIN CORP</name>
        <lei>N/A</lei>
        <title>Kentucky Rural Water Finance Corp</title>
        <cusip>49140NJK4</cusip>
        <identifiers>
          <isin value="US49140NJK46"/>
        </identifiers>
        <balance>615000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>602946.00000000</valUSD>
        <pctVal>0.365751006079</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</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>49151FVQ0</cusip>
        <identifiers>
          <isin value="US49151FVQ08"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2130760.00000000</valUSD>
        <pctVal>1.292533019066</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</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 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>2165500.80000000</valUSD>
        <pctVal>1.313607016658</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>MURRAY KY ELEC PLANT BRD</name>
        <lei>N/A</lei>
        <title>Murray Electric Plant Board</title>
        <cusip>627085EZ2</cusip>
        <identifiers>
          <isin value="US627085EZ29"/>
        </identifiers>
        <balance>1380000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1282751.40000000</valUSD>
        <pctVal>0.778125429308</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>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>HARDIN CNTY KY HOSP REVENUE</name>
        <lei>N/A</lei>
        <title>County of Hardin KY</title>
        <cusip>411854DV1</cusip>
        <identifiers>
          <isin value="US411854DV14"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>500670.00000000</valUSD>
        <pctVal>0.303709712335</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WARREN CNTY KY HOSP REVENUE</name>
        <lei>N/A</lei>
        <title>County of Warren KY</title>
        <cusip>934864AD1</cusip>
        <identifiers>
          <isin value="US934864AD18"/>
        </identifiers>
        <balance>680000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>680414.80000000</valUSD>
        <pctVal>0.412744089273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIV OF KENTUCKY KY GEN RECPTS</name>
        <lei>549300CXE3YQ1HXYCQ71</lei>
        <title>University of Kentucky</title>
        <cusip>914378NY6</cusip>
        <identifiers>
          <isin value="US914378NY68"/>
        </identifiers>
        <balance>2715000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2408286.45000000</valUSD>
        <pctVal>1.460882387502</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-04-01</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>
    </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>2023-08-17</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>
