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        <name>LEXINGTON-FAYETTE URBAN CNTY K</name>
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        <name>KENTON CNTY KY SCH DIST FIN CO</name>
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        <name>NTHRN KY UNIV GEN RECPTS</name>
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        <name>SHELBY CNTY KY SCH DIST FIN CO</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>KENTUCKY ST HGR EDU STUDENT LO</name>
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      <invstOrSec>
        <name>KENTUCKY ST UNIV COPS</name>
        <lei>N/A</lei>
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          <isin value="US491588AL30"/>
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        <valUSD>323454.00000000</valUSD>
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      <invstOrSec>
        <name>PULASKI CNTY KY SCH DIST FIN C</name>
        <lei>N/A</lei>
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          <isin value="US745474F276"/>
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        <curCd>USD</curCd>
        <valUSD>1585741.60000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2034-06-01</maturityDt>
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      <invstOrSec>
        <name>WARREN CNTY KY HOSP REVENUE</name>
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          <isin value="US934864AD18"/>
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        <curCd>USD</curCd>
        <valUSD>680571.20000000</valUSD>
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        <invCountry>US</invCountry>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>MURRAY KY ST UNIV GEN RECPTS</name>
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          <isin value="US627175FR86"/>
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        <curCd>USD</curCd>
        <valUSD>1881006.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</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>
        <debtSec>
          <maturityDt>2034-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <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="US49140NEQ60"/>
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        <curCd>USD</curCd>
        <valUSD>219836.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-02-01</maturityDt>
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          <annualizedRt>2.00000000</annualizedRt>
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        <name>KENTUCKY ST RURAL WTR FIN CORP</name>
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          <isin value="US49140MH775"/>
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        <curCd>USD</curCd>
        <valUSD>140105.00000000</valUSD>
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          <maturityDt>2029-02-01</maturityDt>
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        <name>NEWPORT KY</name>
        <lei>N/A</lei>
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          <isin value="US651894HZ35"/>
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        <valUSD>482093.40000000</valUSD>
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          <annualizedRt>2.00000000</annualizedRt>
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        <name>KENTUCKY ST ASSN OF CNTYS FIN</name>
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          <isin value="US4911962S97"/>
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        <name>ASHLAND KY MED CENTER REVENUE</name>
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          <isin value="US044293CB25"/>
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        <name>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
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        <name>KENTUCKY ST ASSN OF CNTYS FIN</name>
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        <name>ANDERSON CNTY KY SCH DIST FIN</name>
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        <name>MOREHEAD KY ST UNIV GEN RECPT</name>
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        <name>FAYETTE CNTY KY SCH DIST FIN C</name>
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        <name>ADAIR CNTY KY SCH DIST FIN COR</name>
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      </invstOrSec>
      <invstOrSec>
        <name>KENTUCKY ST HGR EDU STUDENT LO</name>
        <lei>N/A</lei>
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        <cusip>49130NGA1</cusip>
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          <isin value="US49130NGA19"/>
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        <curCd>USD</curCd>
        <valUSD>500165.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
        <lei>N/A</lei>
        <title>Kentucky State Property &amp; Building Commission</title>
        <cusip>49151FX88</cusip>
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          <isin value="US49151FX880"/>
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        <curCd>USD</curCd>
        <valUSD>1170310.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>KENTUCKY ST HSG CORP MF REVENU</name>
        <lei>549300NTBUU903EKQ287</lei>
        <title>Kentucky Housing Corp</title>
        <cusip>491312ER1</cusip>
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          <isin value="US491312ER17"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2996370.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.65000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>ASHLAND KY MED CENTER REVENUE</name>
        <lei>N/A</lei>
        <title>City of Ashland KY</title>
        <cusip>044293BU1</cusip>
        <identifiers>
          <isin value="US044293BU15"/>
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        <balance>450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>481284.00000000</valUSD>
        <pctVal>0.302942904351</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LOUISVILLE &amp; JEFFERSON CNTY KY</name>
        <lei>549300DJQHPGXYF1M317</lei>
        <title>Louisville &amp; Jefferson County Visitors and Convention Commission</title>
        <cusip>546604FU8</cusip>
        <identifiers>
          <isin value="US546604FU84"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>878120.00000000</valUSD>
        <pctVal>0.552730244864</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>KENTUCKY ST RURAL WTR FIN CORP</name>
        <lei>N/A</lei>
        <title>Kentucky Rural Water Finance Corp</title>
        <cusip>49140MJ59</cusip>
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          <isin value="US49140MJ599"/>
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        <balance>120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>120085.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CHRISTIAN CNTY KY SCH DIST FIN</name>
        <lei>N/A</lei>
        <title>Christian County School District Finance Corp</title>
        <cusip>170704TA8</cusip>
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          <isin value="US170704TA80"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2137320.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KENTUCKY ST HGR EDU STUDENT LO</name>
        <lei>N/A</lei>
        <title>Kentucky Higher Education Student Loan Corp</title>
        <cusip>49130NDK2</cusip>
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          <isin value="US49130NDK28"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>621744.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
        <lei>N/A</lei>
        <title>Kentucky State Property &amp; Building Commission</title>
        <cusip>49151FD49</cusip>
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          <isin value="US49151FD494"/>
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        <balance>1750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1779697.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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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>49140MH69</cusip>
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          <isin value="US49140MH692"/>
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        <balance>130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>130098.80000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>BOONE CNTY KY POLL CONTROL REV</name>
        <lei>N/A</lei>
        <title>County of Boone KY</title>
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          <isin value="US098792AQ71"/>
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        <curCd>USD</curCd>
        <valUSD>997250.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.70000000</annualizedRt>
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        <name>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
        <lei>N/A</lei>
        <title>Kentucky State Property &amp; Building Commission</title>
        <cusip>49151FU57</cusip>
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          <isin value="US49151FU571"/>
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        <curCd>USD</curCd>
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          <maturityDt>2033-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <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>
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          <annualizedRt>2.00000000</annualizedRt>
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        <name>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
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        <title>Kentucky State Property &amp; Building Commission</title>
        <cusip>49151FDR8</cusip>
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          <isin value="US49151FDR82"/>
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      <invstOrSec>
        <name>KENTUCKY ST HGR EDU STUDENT LO</name>
        <lei>N/A</lei>
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        <cusip>49130NFJ3</cusip>
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          <isin value="US49130NFJ37"/>
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        <name>KENTUCKY ST RURAL WTR FIN CORP</name>
        <lei>N/A</lei>
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        <cusip>49140MPR4</cusip>
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          <isin value="US49140MPR42"/>
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      <invstOrSec>
        <name>LOGAN CNTY KY SCH DIST FIN COR</name>
        <lei>N/A</lei>
        <title>Logan County School District Finance Corp</title>
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          <isin value="US540789CB80"/>
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        <balance>575000.00000000</balance>
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          <maturityDt>2033-04-01</maturityDt>
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      <invstOrSec>
        <name>CAMPBELLSVILLE KY INDEP SCH DI</name>
        <lei>N/A</lei>
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        <cusip>134515LC7</cusip>
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          <isin value="US134515LC73"/>
        </identifiers>
        <balance>870000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>892889.70000000</valUSD>
        <pctVal>0.562026992345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</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>BOYLE CNTY KY EDUCTNL FACS REV</name>
        <lei>N/A</lei>
        <title>County of Boyle KY</title>
        <cusip>10346PAL0</cusip>
        <identifiers>
          <isin value="US10346PAL04"/>
        </identifiers>
        <balance>2050000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2179150.00000000</valUSD>
        <pctVal>1.371660038601</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</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>1196199.60000000</valUSD>
        <pctVal>0.752944583673</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>Dreyfus Treasury Obligations Cash Management Fund</name>
        <lei>549300MKKM9KT7BF6329</lei>
        <title>Dreyfus Treasury Obligations Cash Management Fund</title>
        <cusip>261908107</cusip>
        <identifiers>
          <isin value="US2619081076"/>
          <ticker value="DTRXX"/>
        </identifiers>
        <balance>1770394.33000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1770394.33000000</valUSD>
        <pctVal>1.114369894237</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <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>2472604.80000000</valUSD>
        <pctVal>1.556374364047</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>2024-02-21</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>
