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      <invstOrSec>
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      <invstOrSec>
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          <isin value="US26444CKL53"/>
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      <invstOrSec>
        <name>City of Eden Prairie MN</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-02-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Eden Prairie MN</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-02-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Edgerton Independent School District No 581</name>
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          <isin value="US280191BQ97"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-02-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Edina MN</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-02-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Fergus Falls MN</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2038-02-01</maturityDt>
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      <invstOrSec>
        <name>Forest Lake Independent School District No 831</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-02-01</maturityDt>
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      <invstOrSec>
        <name>Gibbon Independent School District No 2365/MN</name>
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      <invstOrSec>
        <name>Hawley Independent School District No 150</name>
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        <name>County of Hennepin MN</name>
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        <name>Hutchinson Utilities Commission</name>
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      <invstOrSec>
        <name>Jordan Independent School District No 717</name>
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        <name>City of Lakeville MN</name>
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      <invstOrSec>
        <name>Maple River Independent School District No 2135/MN</name>
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          <maturityDt>2045-02-01</maturityDt>
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      <invstOrSec>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Minneapolis-St Paul Metropolitan Airports Commission</name>
        <lei>N/A</lei>
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        <cusip>603827Q58</cusip>
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          <isin value="US603827Q588"/>
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        <curCd>USD</curCd>
        <valUSD>3447224.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Minnesota Municipal Gas Agency</name>
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        <cusip>60406UAM9</cusip>
        <identifiers>
          <isin value="US60406UAM99"/>
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        <curCd>USD</curCd>
        <valUSD>2032614.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-12-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>Minnesota Municipal Gas Agency</name>
        <lei>549300SISI6N1C6S3136</lei>
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        <identifiers>
          <isin value="US60406UAN72"/>
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        <curCd>USD</curCd>
        <valUSD>2005122.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-12-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.86100000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>State of Minnesota</name>
        <lei>N/A</lei>
        <title>MINNESOTA ST</title>
        <cusip>60412AH48</cusip>
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          <isin value="US60412AH488"/>
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        <balance>1410000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1543130.23000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of Minnesota</name>
        <lei>N/A</lei>
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        <cusip>60412ATT0</cusip>
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          <isin value="US60412ATT06"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1609216.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of Minnesota</name>
        <lei>N/A</lei>
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        <cusip>60412AWW9</cusip>
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          <isin value="US60412AWW97"/>
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        <balance>1690000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1713542.38000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Minnesota Municipal Power Agency</name>
        <lei>5493007DGBKI6ICBXO38</lei>
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        <cusip>60412PDX5</cusip>
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          <isin value="US60412PDX50"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>250313.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Minnesota Municipal Power Agency</name>
        <lei>5493007DGBKI6ICBXO38</lei>
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        <cusip>60412PEX4</cusip>
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          <isin value="US60412PEX42"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>250287.43000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Minnesota Municipal Power Agency</name>
        <lei>5493007DGBKI6ICBXO38</lei>
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          <isin value="US60412PEY25"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>200206.16000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Minnesota Municipal Power Agency</name>
        <lei>5493007DGBKI6ICBXO38</lei>
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        <cusip>60412PFW5</cusip>
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          <isin value="US60412PFW59"/>
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        <valUSD>2415523.33000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-10-01</maturityDt>
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      <invstOrSec>
        <name>Minnesota Municipal Power Agency</name>
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          <isin value="US60412PFX33"/>
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        <valUSD>3214238.81000000</valUSD>
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          <maturityDt>2047-10-01</maturityDt>
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        <name>Minnesota Health &amp; Education Facilities Authority</name>
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        <name>Minnesota Health &amp; Education Facilities Authority</name>
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        <name>Minnesota Health &amp; Education Facilities Authority</name>
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        <name>Minnesota Health &amp; Education Facilities Authority</name>
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        <name>Minnesota Health &amp; Education Facilities Authority</name>
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      </invstOrSec>
      <invstOrSec>
        <name>City of Moorhead MN</name>
        <lei>N/A</lei>
        <title>MOORHEAD MN</title>
        <cusip>616142WY7</cusip>
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          <isin value="US616142WY71"/>
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        <balance>1085000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1213062.88000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Moorhead MN</name>
        <lei>N/A</lei>
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        <cusip>616142XL4</cusip>
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          <isin value="US616142XL42"/>
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        <balance>675000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>700143.62000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of North Oaks MN</name>
        <lei>N/A</lei>
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          <isin value="US66126TAT34"/>
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        <balance>1680000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1679933.64000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Northern Municipal Power Agency</name>
        <lei>254900QIGSDY3UDQ9778</lei>
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        <cusip>665444LB9</cusip>
        <identifiers>
          <isin value="US665444LB99"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>376166.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Northern Municipal Power Agency</name>
        <lei>254900QIGSDY3UDQ9778</lei>
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        <cusip>665444LC7</cusip>
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          <isin value="US665444LC72"/>
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        <balance>640000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>654991.68000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Northern Municipal Power Agency</name>
        <lei>254900QIGSDY3UDQ9778</lei>
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        <cusip>665444LD5</cusip>
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          <isin value="US665444LD55"/>
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        <balance>475000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>497162.84000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Northern Municipal Power Agency</name>
        <lei>254900QIGSDY3UDQ9778</lei>
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        <cusip>665444LE3</cusip>
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          <isin value="US665444LE39"/>
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        <balance>1025000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1094383.17000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Northern Municipal Power Agency</name>
        <lei>254900QIGSDY3UDQ9778</lei>
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        <cusip>665444LG8</cusip>
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          <isin value="US665444LG86"/>
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        <balance>575000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>637204.54000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Oakdale MN</name>
        <lei>N/A</lei>
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          <isin value="US672088MX65"/>
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        <balance>1820000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1767289.89000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pequot Lakes Independent School District No 186</name>
        <lei>N/A</lei>
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          <isin value="US713567KD63"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1079382.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Commonwealth of Puerto Rico</name>
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          <isin value="US74514L3H80"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1602480.45000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <balance>1150000.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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        <cusip>74529JPX7</cusip>
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          <isin value="US74529JPX71"/>
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      <invstOrSec>
        <name>County of Ramsey MN</name>
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      <invstOrSec>
        <name>County of Rice MN</name>
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      <invstOrSec>
        <name>City of Rochester MN Electric Utility Revenue</name>
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          <isin value="US77158PGE60"/>
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      <invstOrSec>
        <name>City of Rochester MN</name>
        <lei>549300006EX3INSHXA95</lei>
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      <invstOrSec>
        <name>City of Rochester MN</name>
        <lei>549300006EX3INSHXA95</lei>
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      <invstOrSec>
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      <invstOrSec>
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        <valUSD>4500000.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-02-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <curCd>USD</curCd>
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        <name>Rosemount-Apple Valley-Eagan Independent School District No 196</name>
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      <invstOrSec>
        <name>Round Lake-Brewster Independent School District No 2907</name>
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          <maturityDt>2046-02-01</maturityDt>
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        <name>City of St Cloud MN</name>
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      <invstOrSec>
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      <invstOrSec>
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        <name>St Paul Independent School District No 625</name>
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        <name>City of St Paul MN Sewer Revenue</name>
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      <invstOrSec>
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          <isin value="US79307TEL08"/>
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      <invstOrSec>
        <name>St Paul Port Authority</name>
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          <isin value="US79308GAA58"/>
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          <isin value="US79308GAB32"/>
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        <name>St Paul Port Authority</name>
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          <isin value="US79308GAN79"/>
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        <name>St Peter Independent School District No 508</name>
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        <name>St Peter Independent School District No 508</name>
        <lei>N/A</lei>
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          <isin value="US793181KN77"/>
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      <invstOrSec>
        <name>Sartell-St Stephen Independent School District No 748</name>
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          <isin value="US803820LA59"/>
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        <fairValLevel>2</fairValLevel>
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          <isin value="US803820LF47"/>
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        <fairValLevel>2</fairValLevel>
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          <isin value="US803820LZ01"/>
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      <invstOrSec>
        <name>South Washington County Independent School District No 833/MN</name>
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        <name>Southern Minnesota Municipal Power Agency</name>
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      <invstOrSec>
        <name>Housing &amp; Redevelopment Authority of The City of St Paul Minnesota</name>
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      <invstOrSec>
        <name>Housing &amp; Redevelopment Authority of The City of St Paul Minnesota</name>
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          <isin value="US85236DAL29"/>
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        <balance>885000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>897640.46000000</valUSD>
        <pctVal>0.381725780164</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-01</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>Stillwater Independent School District No 834</name>
        <lei>N/A</lei>
        <title>STILLWATER MN INDEP SCH DIST #834</title>
        <cusip>860758TD3</cusip>
        <identifiers>
          <isin value="US860758TD39"/>
        </identifiers>
        <balance>1425000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1434686.58000000</valUSD>
        <pctVal>0.610107140270</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-01</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>University of Minnesota</name>
        <lei>N/A</lei>
        <title>UNIV OF MINNESOTA MN</title>
        <cusip>914460QH6</cusip>
        <identifiers>
          <isin value="US914460QH65"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1540749.60000000</valUSD>
        <pctVal>0.655210932780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-01</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>University of Minnesota</name>
        <lei>N/A</lei>
        <title>UNIV OF MINNESOTA MN</title>
        <cusip>914460QJ2</cusip>
        <identifiers>
          <isin value="US914460QJ22"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1025807.80000000</valUSD>
        <pctVal>0.436229537551</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-01</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>University of Minnesota</name>
        <lei>N/A</lei>
        <title>UNIV OF MINNESOTA MN</title>
        <cusip>914460UV0</cusip>
        <identifiers>
          <isin value="US914460UV04"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2113369.80000000</valUSD>
        <pctVal>0.898720335846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-01</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>County of Washington MN</name>
        <lei>N/A</lei>
        <title>WASHINGTON CNTY MN</title>
        <cusip>937785WS8</cusip>
        <identifiers>
          <isin value="US937785WS89"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1094177.70000000</valUSD>
        <pctVal>0.465304155486</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-02-01</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>Watertown-Mayer Independent School District No 111</name>
        <lei>54930063VDFCOT0H1836</lei>
        <title>WATERTOWN MN INDEP SCH DIST #111</title>
        <cusip>942078PF7</cusip>
        <identifiers>
          <isin value="US942078PF71"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>656753.20000000</valUSD>
        <pctVal>0.279287352583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>Western Minnesota Municipal Power Agency</name>
        <lei>549300LFJK9CQSN2NJ11</lei>
        <title>WSTRN MN MUNI PWR AGY</title>
        <cusip>958697KE3</cusip>
        <identifiers>
          <isin value="US958697KE33"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>802698.64000000</valUSD>
        <pctVal>0.341351329674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-01</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>Western Minnesota Municipal Power Agency</name>
        <lei>549300LFJK9CQSN2NJ11</lei>
        <title>WSTRN MN MUNI PWR AGY</title>
        <cusip>958697LK8</cusip>
        <identifiers>
          <isin value="US958697LK83"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>821589.15000000</valUSD>
        <pctVal>0.349384606904</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-01</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>Western Minnesota Municipal Power Agency</name>
        <lei>549300LFJK9CQSN2NJ11</lei>
        <title>WSTRN MN MUNI PWR AGY</title>
        <cusip>958697LP7</cusip>
        <identifiers>
          <isin value="US958697LP70"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>700089.60000000</valUSD>
        <pctVal>0.297716358223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-01</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>Western Minnesota Municipal Power Agency</name>
        <lei>549300LFJK9CQSN2NJ11</lei>
        <title>WSTRN MN MUNI PWR AGY</title>
        <cusip>958697LQ5</cusip>
        <identifiers>
          <isin value="US958697LQ53"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>880108.43000000</valUSD>
        <pctVal>0.374270202872</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-01</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>Western Minnesota Municipal Power Agency</name>
        <lei>549300LFJK9CQSN2NJ11</lei>
        <title>WSTRN MN MUNI PWR AGY</title>
        <cusip>958697LR3</cusip>
        <identifiers>
          <isin value="US958697LR37"/>
        </identifiers>
        <balance>695000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>817481.52000000</valUSD>
        <pctVal>0.347637818143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-01</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>2025-11-25</ncom:dateSigned>
      <ncom:nameOfApplicant>Eaton Vance Municipals Trust</ncom:nameOfApplicant>
      <ncom:signature>James Kirchner</ncom:signature>
      <ncom:signerName>James Kirchner</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
