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        <name>CAMPBELLSVILLE KY INDEP SCH DI</name>
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        <name>ASHLAND KY MED CENTER REVENUE</name>
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        <name>ASHLAND KY MED CENTER REVENUE</name>
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        <name>BOYLE CNTY KY EDUCTNL FACS REV</name>
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        <name>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
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          <isin value="US49151FYV65"/>
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        <name>WARREN CNTY KY HOSP REVENUE</name>
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          <isin value="US934864AD18"/>
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        <name>MURRAY KY ELEC PLANT BRD</name>
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          <isin value="US627085EZ29"/>
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      <invstOrSec>
        <name>KENTUCKY ST ASSN OF CNTYS FIN</name>
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        <name>PULASKI CNTY KY SCH DIST FIN C</name>
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        <name>KENTUCKY ST BOND CORP FING PRO</name>
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        <name>RIVER CITY INC KY PKG AUTH REV</name>
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        <name>KENTUCKY ST HGR EDU STUDENT LO</name>
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        <name>BOONE CNTY KY POLL CONTROL REV</name>
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        <name>KENTUCKY ST ASSN OF CNTYS FIN</name>
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        <name>KENTUCKY ST ASSET/LIABILITY CO</name>
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        <name>UNIV OF LOUISVILLE KY</name>
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        <name>KENTON CNTY KY SCH DIST FIN CO</name>
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        <name>JEFFERSON CNTY KY SCH DIST FIN</name>
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          <isin value="US49140MH510"/>
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        <name>KENTUCKY ST HGR EDU STUDENT LO</name>
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        <name>ESTRN KY UNIV GEN RECPTS</name>
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          <isin value="US033678QW63"/>
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          <isin value="US49140NEQ60"/>
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          <maturityDt>2036-02-01</maturityDt>
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        <name>CHRISTIAN CNTY KY SCH DIST FIN</name>
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          <isin value="US170704TA80"/>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>KENTUCKY ST HGR EDU STUDENT LO</name>
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          <isin value="US49130NDP15"/>
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        <fairValLevel>2</fairValLevel>
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        <name>KENTUCKY ASSN OF CNTYS FIN COR</name>
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        <curCd>USD</curCd>
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        <name>ADAIR CNTY KY SCH DIST FIN COR</name>
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        <name>KENTUCKY ST HGR EDU STUDENT LO</name>
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        <name>BOYLE CNTY KY EDUCTNL FACS REV</name>
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        <name>KENTUCKY ST BOND CORP FING PRO</name>
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          <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>49140MH77</cusip>
        <identifiers>
          <isin value="US49140MH775"/>
        </identifiers>
        <balance>140000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>140050.40000000</valUSD>
        <pctVal>0.099271373533</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BEECHWOOD KY INDEP SCH DIST FI</name>
        <lei>N/A</lei>
        <title>Beechwood Independent School District Finance Corp</title>
        <cusip>077006LS1</cusip>
        <identifiers>
          <isin value="US077006LS15"/>
        </identifiers>
        <balance>645000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>655739.25000000</valUSD>
        <pctVal>0.464805070371</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>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>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>1129791.90000000</valUSD>
        <pctVal>0.800825943521</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>UNIV OF LOUISVILLE KY</name>
        <lei>N/A</lei>
        <title>University of Louisville</title>
        <cusip>914391V95</cusip>
        <identifiers>
          <isin value="US914391V951"/>
        </identifiers>
        <balance>1275000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1183748.25000000</valUSD>
        <pctVal>0.839071610619</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-01</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>SHELBY CNTY KY SCH DIST FIN CO</name>
        <lei>N/A</lei>
        <title>Shelby County School District Finance Corp</title>
        <cusip>821622PM3</cusip>
        <identifiers>
          <isin value="US821622PM38"/>
        </identifiers>
        <balance>3200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3236544.00000000</valUSD>
        <pctVal>2.294146738481</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KENTUCKY ST RURAL WTR FIN CORP</name>
        <lei>N/A</lei>
        <title>Kentucky Rural Water Finance Corp</title>
        <cusip>49140NJM0</cusip>
        <identifiers>
          <isin value="US49140NJM02"/>
        </identifiers>
        <balance>580000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>535630.00000000</valUSD>
        <pctVal>0.379668503667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>ESTRN KY UNIV GEN RECPTS</name>
        <lei>N/A</lei>
        <title>Eastern Kentucky University</title>
        <cusip>276552DL7</cusip>
        <identifiers>
          <isin value="US276552DL75"/>
        </identifiers>
        <balance>870000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>874254.30000000</valUSD>
        <pctVal>0.619694232782</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</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>KENTUCKY ST HGR EDU STUDENT LO</name>
        <lei>N/A</lei>
        <title>Kentucky Higher Education Student Loan Corp</title>
        <cusip>49130NGA1</cusip>
        <identifiers>
          <isin value="US49130NGA19"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>480465.00000000</valUSD>
        <pctVal>0.340566113948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-01</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>
    </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>2024-08-21</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>
