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      <invstOrSec>
        <name>Coos County School District No 9 Coos Bay</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Benton &amp; Linn Counties Consolidated School District No 509J &amp; 509A Corvallis</name>
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      <invstOrSec>
        <name>Warm Springs Reservation Confederated Tribe</name>
        <lei>N/A</lei>
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          <isin value="US934312AS84"/>
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        <curCd>USD</curCd>
        <valUSD>301470.00000000</valUSD>
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      <invstOrSec>
        <name>Tri-County Metropolitan Transportation District of Oregon</name>
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          <isin value="US89546RKF00"/>
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        <curCd>USD</curCd>
        <valUSD>2072220.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Grants Pass OR Wastewater Revenue</name>
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          <isin value="US388379AJ84"/>
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          <maturityDt>2037-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Douglas County School District No 116 Winston-Dillard</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Salem-Keizer School District No 24J</name>
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      <invstOrSec>
        <name>Auburn School District No 408 of King &amp; Pierce Counties</name>
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          <isin value="US494619FZ77"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-12-01</maturityDt>
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      <invstOrSec>
        <name>Multnomah County School District No 7 Reynolds</name>
        <lei>N/A</lei>
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          <isin value="US625574PW21"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>City of Newport OR</name>
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        <name>City of Beaverton OR Special Revenue</name>
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      <invstOrSec>
        <name>Clackamas County School District No 86 Canby</name>
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        <name>Clackamas County Hospital Facility Authority</name>
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        <name>State of Oregon Housing &amp; Community Services Department</name>
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        <name>Jackson County School District No 6 Central Point</name>
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        <name>Oregon State Facilities Authority</name>
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      <invstOrSec>
        <name>City of Newport OR</name>
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      <invstOrSec>
        <name>City of Lake Oswego OR</name>
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      <invstOrSec>
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      <invstOrSec>
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          <isin value="US68608JYQ83"/>
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        <name>Klamath Falls Intercommunity Hospital Authority</name>
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        <name>Douglas County School District No 116 Winston-Dillard</name>
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        <name>Lane County School District No 4J Eugene</name>
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        <name>Washington &amp; Clackamas Counties School District No 23J Tigard-Tualatin</name>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Benton &amp; Linn Counties Consolidated School District No 509J &amp; 509A Corvallis</name>
        <lei>N/A</lei>
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          <isin value="US082744DY63"/>
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        <curCd>USD</curCd>
        <valUSD>844886.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Douglas County School District No 116 Winston-Dillard</name>
        <lei>N/A</lei>
        <title>DOUGLAS CNTY OR SCH DIST #116</title>
        <cusip>259507CB5</cusip>
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          <isin value="US259507CB54"/>
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        <curCd>USD</curCd>
        <valUSD>314992.20000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-15</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Deschutes &amp; Jefferson Counties School District No 2J Redmond/OR</name>
        <lei>N/A</lei>
        <title>DESCHUTES &amp; JEFFERSON CNTYS OR SCH DIST #2J REDMOND</title>
        <cusip>250343GE4</cusip>
        <identifiers>
          <isin value="US250343GE47"/>
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        <balance>460000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>449935.20000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <cusip>74526QPS5</cusip>
        <identifiers>
          <isin value="US74526QPS56"/>
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        <balance>2120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2308764.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>City of St Helens OR</name>
        <lei>N/A</lei>
        <title>SAINT HELENS OR</title>
        <cusip>789789BQ6</cusip>
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          <isin value="US789789BQ61"/>
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        <balance>2285000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2763319.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Oregon State Facilities Authority</name>
        <lei>N/A</lei>
        <title>OREGON ST FACS AUTH REVENUE</title>
        <cusip>68608JYS4</cusip>
        <identifiers>
          <isin value="US68608JYS40"/>
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        <balance>175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>175089.25000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Oregon State Facilities Authority</name>
        <lei>N/A</lei>
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        <cusip>68608JYW5</cusip>
        <identifiers>
          <isin value="US68608JYW51"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1046030.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50800000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Deschutes &amp; Jefferson Counties School District No 2J Redmond/OR</name>
        <lei>N/A</lei>
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        <cusip>250343KF6</cusip>
        <identifiers>
          <isin value="US250343KF65"/>
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        <balance>220000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>234649.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Oregon State Bond Bank</name>
        <lei>N/A</lei>
        <title>OREGON ST BOND BANK REVENUE</title>
        <cusip>68607KF38</cusip>
        <identifiers>
          <isin value="US68607KF389"/>
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        <balance>610000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>710686.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Multnomah &amp; Clackamas Counties School District No 51JT Riverdale</name>
        <lei>N/A</lei>
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        <cusip>625487EP4</cusip>
        <identifiers>
          <isin value="US625487EP45"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>907810.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Benton &amp; Linn Counties Consolidated School District No 509J &amp; 509A Corvallis</name>
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        <cusip>082744DV2</cusip>
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          <isin value="US082744DV25"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>607195.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Home Forward</name>
        <lei>N/A</lei>
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          <isin value="US736703GT00"/>
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      <invstOrSec>
        <name>Klamath County School District</name>
        <lei>N/A</lei>
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          <isin value="US498368EF27"/>
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          <annualizedRt>1.71000000</annualizedRt>
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      <invstOrSec>
        <name>Benton &amp; Polk School District No 17J</name>
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        <cusip>718781CH8</cusip>
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      <invstOrSec>
        <name>Lane County School District No 52 Bethel</name>
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      <invstOrSec>
        <name>County of Yamhill OR</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>State of Oregon Housing &amp; Community Services Department</name>
        <lei>549300N3PYWYJ0Z8N757</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-01</maturityDt>
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          <annualizedRt>3.45000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
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      <invstOrSec>
        <name>Multnomah County School District No 7 Reynolds</name>
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        <name>Clackamas County School District No 12 North Clackamas</name>
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        <name>City of Grants Pass OR Wastewater Revenue</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Klamath County School District</name>
        <lei>N/A</lei>
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          <isin value="US498368ED78"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Benton &amp; Linn Counties Consolidated School District No 509J &amp; 509A Corvallis</name>
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          <isin value="US082744DW08"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Milton-Freewater OR</name>
        <lei>N/A</lei>
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          <isin value="US60183MBZ68"/>
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        <curCd>USD</curCd>
        <valUSD>680853.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Hillsboro School District No 1J</name>
        <lei>N/A</lei>
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          <isin value="US939307JJ41"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Benton &amp; Polk School District No 17J</name>
        <lei>N/A</lei>
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        <cusip>718781CF2</cusip>
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          <isin value="US718781CF29"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>County of Yamhill OR</name>
        <lei>N/A</lei>
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          <isin value="US98464TAY55"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1776915.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Multnomah County School District No 40</name>
        <lei>N/A</lei>
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        <cusip>625693GW0</cusip>
        <identifiers>
          <isin value="US625693GW02"/>
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        <balance>1640000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1619368.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-15</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Hospital Facilities Authority of Multnomah County Oregon</name>
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        <cusip>62551PCE5</cusip>
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          <isin value="US62551PCE51"/>
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        <balance>260000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>275769.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Oregon State Facilities Authority</name>
        <lei>N/A</lei>
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          <isin value="US68608JYG02"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>389400.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Hillsboro School District No 1J</name>
        <lei>N/A</lei>
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          <isin value="US939307JD70"/>
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        <curCd>USD</curCd>
        <valUSD>2448980.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Jackson County School District No 6 Central Point</name>
        <lei>N/A</lei>
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          <isin value="US467754HT74"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Deschutes &amp; Jefferson Counties School District No 2J Redmond/OR</name>
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          <isin value="US250343KE90"/>
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        <name>Multnomah &amp; Clackamas Counties School District No 10JT Gresham-Barlow</name>
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      <invstOrSec>
        <name>Washington County School District No 15 Forest Grove</name>
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          <isin value="US938361MZ25"/>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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      <invstOrSec>
        <name>City of Portland OR Water System Revenue</name>
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          <isin value="US736754PE61"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Portland Community College District</name>
        <lei>N/A</lei>
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        <balance>795000.00000000</balance>
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        <invCountry>US</invCountry>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Oregon State Lottery</name>
        <lei>N/A</lei>
        <title>OREGON ST DEPT OF ADMIN SVCS LOTTERY REVENUE</title>
        <cusip>68607VU60</cusip>
        <identifiers>
          <isin value="US68607VU609"/>
        </identifiers>
        <balance>1280000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1546508.80000000</valUSD>
        <pctVal>0.862738745796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</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>Clatsop County School District No 1-C</name>
        <lei>N/A</lei>
        <title>CLATSOP CNTY OR SCH DIST #1</title>
        <cusip>182810CH2</cusip>
        <identifiers>
          <isin value="US182810CH21"/>
        </identifiers>
        <balance>1380000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1751910.00000000</valUSD>
        <pctVal>0.977324303714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Astoria Hospital Facilities Authority</name>
        <lei>N/A</lei>
        <title>ASTORIA OR HOSP FACS AUTH</title>
        <cusip>046279BZ7</cusip>
        <identifiers>
          <isin value="US046279BZ70"/>
        </identifiers>
        <balance>310000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>360548.60000000</valUSD>
        <pctVal>0.201136422219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-01</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>Lane Community College</name>
        <lei>N/A</lei>
        <title>LANE OR CMNTY CLG</title>
        <cusip>515182EZ2</cusip>
        <identifiers>
          <isin value="US515182EZ28"/>
        </identifiers>
        <balance>3795000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4564626.00000000</valUSD>
        <pctVal>2.546432138160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Auburn School District No 408 of King &amp; Pierce Counties</name>
        <lei>N/A</lei>
        <title>KING &amp; PIERCE CNTY WA SCH DIST #408 AUBURN</title>
        <cusip>494619FW4</cusip>
        <identifiers>
          <isin value="US494619FW47"/>
        </identifiers>
        <balance>70000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>86692.20000000</valUSD>
        <pctVal>0.048362298292</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-01</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>City of Forest Grove OR</name>
        <lei>N/A</lei>
        <title>FOREST GROVE OR REVENUE</title>
        <cusip>345648CZ0</cusip>
        <identifiers>
          <isin value="US345648CZ04"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1020270.00000000</valUSD>
        <pctVal>0.569170030053</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-01</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>Multnomah-Clackamas Counties Centennial School District No 28JT/OR</name>
        <lei>N/A</lei>
        <title>MULTNOMAH-CLACKAMAS CNTYS OR CENTENNIAL SCH DIST #28JT</title>
        <cusip>625485DQ7</cusip>
        <identifiers>
          <isin value="US625485DQ70"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3833100.00000000</valUSD>
        <pctVal>2.138341460786</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Umatilla County School District No 16R Pendleton</name>
        <lei>N/A</lei>
        <title>UMATILLA CNTY OR SCH DIST #16 R PENDLETON</title>
        <cusip>904139BJ0</cusip>
        <identifiers>
          <isin value="US904139BJ05"/>
        </identifiers>
        <balance>1220000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1362788.80000000</valUSD>
        <pctVal>0.760248309028</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Oregon State Facilities Authority</name>
        <lei>N/A</lei>
        <title>OREGON ST FACS AUTH REVENUE</title>
        <cusip>68608JYH8</cusip>
        <identifiers>
          <isin value="US68608JYH84"/>
        </identifiers>
        <balance>275000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>348359.00000000</valUSD>
        <pctVal>0.194336305585</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Salem-Keizer School District No 24J</name>
        <lei>N/A</lei>
        <title>MARION &amp; POLK CNTYS OR SCH DIST #24J SALEM</title>
        <cusip>569203PH9</cusip>
        <identifiers>
          <isin value="US569203PH94"/>
        </identifiers>
        <balance>1025000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1334878.00000000</valUSD>
        <pctVal>0.744677929741</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Floating</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>Clackamas &amp; Washington Counties School District No 3</name>
        <lei>N/A</lei>
        <title>CLACKAMAS &amp; WASHINGTON CNTYS OR JT SCH DIST #3 WEST LINN-WIL</title>
        <cusip>178882MW3</cusip>
        <identifiers>
          <isin value="US178882MW39"/>
        </identifiers>
        <balance>1375000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>951032.50000000</valUSD>
        <pctVal>0.530545048473</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-15</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>Oregon State Facilities Authority</name>
        <lei>N/A</lei>
        <title>OREGON ST FACS AUTH REVENUE</title>
        <cusip>68608JSH5</cusip>
        <identifiers>
          <isin value="US68608JSH58"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>567555.00000000</valUSD>
        <pctVal>0.316617460482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</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>Port of Portland OR Airport Revenue</name>
        <lei>N/A</lei>
        <title>PORT OF PORTLAND OR ARPT REVENUE</title>
        <cusip>735240M42</cusip>
        <identifiers>
          <isin value="US735240M428"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1186040.00000000</valUSD>
        <pctVal>0.661646840977</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</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>Metro/OR</name>
        <lei>N/A</lei>
        <title>MET OR DEDICATED TAX REVENUE</title>
        <cusip>59165CAM2</cusip>
        <identifiers>
          <isin value="US59165CAM29"/>
        </identifiers>
        <balance>215000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>263052.50000000</valUSD>
        <pctVal>0.146747036892</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>County of Gilliam OR</name>
        <lei>N/A</lei>
        <title>GILLIAM CNTY OR SOL WST DISP REVENUE</title>
        <cusip>37580TAD8</cusip>
        <identifiers>
          <isin value="US37580TAD81"/>
        </identifiers>
        <balance>1175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1176868.25000000</valUSD>
        <pctVal>0.656530268675</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.40000000</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>City of Forest Grove OR</name>
        <lei>N/A</lei>
        <title>FOREST GROVE OR REVENUE</title>
        <cusip>345648EM7</cusip>
        <identifiers>
          <isin value="US345648EM72"/>
        </identifiers>
        <balance>620000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>700513.20000000</valUSD>
        <pctVal>0.390789809654</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-05-01</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>2021-12-23</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>
