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      </invstOrSec>
      <invstOrSec>
        <name>Coos County School District No 9 Coos Bay</name>
        <lei>N/A</lei>
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          <isin value="US21709ECP25"/>
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        <valUSD>1053379.50000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <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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        <curCd>USD</curCd>
        <valUSD>1510374.40000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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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>293847.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.16500000</annualizedRt>
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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>2043080.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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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>
        <lei>N/A</lei>
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          <isin value="US388379AJ84"/>
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        <curCd>USD</curCd>
        <valUSD>1118570.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>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>
        <lei>N/A</lei>
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          <isin value="US259507CA71"/>
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        <valUSD>165869.10000000</valUSD>
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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>Salem-Keizer School District No 24J</name>
        <lei>N/A</lei>
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          <isin value="US794173FV15"/>
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        <valUSD>905845.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
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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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        <valUSD>233964.00000000</valUSD>
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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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        <balance>160000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>184883.20000000</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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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Newport OR</name>
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        <curCd>USD</curCd>
        <valUSD>890470.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>City of Beaverton OR Special Revenue</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-06-01</maturityDt>
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      <invstOrSec>
        <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>
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      <invstOrSec>
        <name>Oregon State Facilities Authority</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>Clackamas County School District No 86 Canby</name>
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      <invstOrSec>
        <name>Hospital Facilities Authority of Multnomah County Oregon</name>
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      <invstOrSec>
        <name>Lane County School District No 4J Eugene</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>Clackamas River Water</name>
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          <isin value="US17939MBX83"/>
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          <maturityDt>2029-11-01</maturityDt>
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      <invstOrSec>
        <name>City of Eugene OR Electric Utility System Revenue</name>
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      <invstOrSec>
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        <curCd>USD</curCd>
        <valUSD>574866.00000000</valUSD>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Clackamas County School District No 12 North Clackamas</name>
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        <name>Washington &amp; Clackamas Counties School District No 23J Tigard-Tualatin</name>
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        <name>Lane &amp; Douglas Counties School District No 28J Fern Ridge</name>
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        <name>Oregon State Facilities Authority</name>
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        <name>American Samoa Economic Development Authority</name>
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      <invstOrSec>
        <name>Salem Hospital Facility Authority</name>
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      <invstOrSec>
        <name>Medford Hospital Facilities Authority</name>
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        <name>Oregon State Facilities Authority</name>
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        <name>Oregon State Lottery</name>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Oregon State Facilities Authority</name>
        <lei>N/A</lei>
        <title>OREGON ST FACS AUTH REVENUE</title>
        <cusip>68608JYS4</cusip>
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          <isin value="US68608JYS40"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>168638.75000000</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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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Oregon State Facilities Authority</name>
        <lei>N/A</lei>
        <title>OREGON ST FACS AUTH REVENUE</title>
        <cusip>68608JYW5</cusip>
        <identifiers>
          <isin value="US68608JYW51"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>992580.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50800000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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>250343KF6</cusip>
        <identifiers>
          <isin value="US250343KF65"/>
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        <balance>220000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>228894.60000000</valUSD>
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        <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>3.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <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>685091.00000000</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>2033-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Multnomah &amp; Clackamas Counties School District No 51JT Riverdale</name>
        <lei>N/A</lei>
        <title>MULTNOMAH-CLACKAMAS CNTYS OR RIVERDALE SCH DIST #51JT</title>
        <cusip>625487EP4</cusip>
        <identifiers>
          <isin value="US625487EP45"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>868330.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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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        <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>580460.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Home Forward</name>
        <lei>N/A</lei>
        <title>PORTLAND OR HSG AUTH REVENUE</title>
        <cusip>736703GT0</cusip>
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          <isin value="US736703GT00"/>
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        <balance>2740000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2745123.80000000</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>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Klamath County School District</name>
        <lei>N/A</lei>
        <title>KLAMATH CNTY OR SCH DIST</title>
        <cusip>498368EF2</cusip>
        <identifiers>
          <isin value="US498368EF27"/>
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        <balance>1130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1097388.20000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.71000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Benton &amp; Polk School District No 17J</name>
        <lei>N/A</lei>
        <title>PHILOMATH OR SCH DIST #17J BENTON &amp; POLK CNTYS</title>
        <cusip>718781CH8</cusip>
        <identifiers>
          <isin value="US718781CH84"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>590856.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Yamhill OR</name>
        <lei>N/A</lei>
        <title>YAMHILL CNTY OR REVENUE</title>
        <cusip>98464TAX7</cusip>
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          <isin value="US98464TAX72"/>
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        <balance>1235000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1403083.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of Oregon Housing &amp; Community Services Department</name>
        <lei>549300N3PYWYJ0Z8N757</lei>
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        <cusip>686087WV5</cusip>
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          <isin value="US686087WV58"/>
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        <balance>990000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1008087.30000000</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>3.45000000</annualizedRt>
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      <invstOrSec>
        <name>Hospital Facilities Authority of Multnomah County Oregon</name>
        <lei>549300GAP0JIG7V33754</lei>
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          <isin value="US62551PDC86"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>460965.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.20000000</annualizedRt>
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      <invstOrSec>
        <name>Multnomah County School District No 7 Reynolds</name>
        <lei>N/A</lei>
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          <isin value="US625574PX04"/>
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        <balance>125000.00000000</balance>
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          <maturityDt>2033-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Deschutes &amp; Jefferson Counties School District No 2J Redmond/OR</name>
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          <isin value="US250343GG94"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-15</maturityDt>
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        <name>Clackamas County School District No 12 North Clackamas</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Grants Pass OR Wastewater Revenue</name>
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          <isin value="US388379AH29"/>
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        <assetCat>DBT</assetCat>
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          <maturityDt>2036-12-01</maturityDt>
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      <invstOrSec>
        <name>Clackamas County School District No 12 North Clackamas</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2035-06-15</maturityDt>
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      <invstOrSec>
        <name>Deschutes &amp; Jefferson Counties School District No 2J Redmond/OR</name>
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      <invstOrSec>
        <name>Oregon State Facilities Authority</name>
        <lei>N/A</lei>
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          <isin value="US68608JYU95"/>
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      <invstOrSec>
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        <name>Tri-County Metropolitan Transportation District of Oregon</name>
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          <isin value="US89546RQR83"/>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Clatsop County School District No 30 Warrenton-Hammond</name>
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        <valUSD>1225240.00000000</valUSD>
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          <maturityDt>2032-06-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Salem Hospital Facility Authority</name>
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          <isin value="US794458FV60"/>
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      <invstOrSec>
        <name>Medford Hospital Facilities Authority</name>
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      <invstOrSec>
        <name>Warm Springs Reservation Confederated Tribe</name>
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          <maturityDt>2036-11-01</maturityDt>
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      <invstOrSec>
        <name>Lane County School District No 52 Bethel</name>
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        <curCd>USD</curCd>
        <valUSD>259787.50000000</valUSD>
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        <name>Benton &amp; Linn Counties Consolidated School District No 509J &amp; 509A Corvallis</name>
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        <name>Hillsboro School District No 1J</name>
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        <name>Oregon Health &amp; Science University</name>
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        <name>Multnomah County School District No 40</name>
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        <name>Hospital Facilities Authority of Multnomah County Oregon</name>
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        <curCd>USD</curCd>
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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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        <valUSD>370053.00000000</valUSD>
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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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      <invstOrSec>
        <name>Salem Hospital Facility Authority</name>
        <lei>N/A</lei>
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          <isin value="US794458FZ74"/>
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        <valUSD>116779.30000000</valUSD>
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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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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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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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        <debtSec>
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      <invstOrSec>
        <name>Multnomah &amp; Clackamas Counties School District No 10JT Gresham-Barlow</name>
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        <cusip>625482HN7</cusip>
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          <isin value="US625482HN72"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-15</maturityDt>
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      <invstOrSec>
        <name>Port of Portland OR Airport Revenue</name>
        <lei>N/A</lei>
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          <isin value="US7352402S16"/>
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        <curCd>USD</curCd>
        <valUSD>2421920.00000000</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>2052-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Washington County School District No 15 Forest Grove</name>
        <lei>N/A</lei>
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          <isin value="US938361MZ25"/>
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        <balance>1975000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1831615.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-15</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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          <isin value="US74526QPM86"/>
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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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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Portland Community College District</name>
        <lei>N/A</lei>
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        <balance>795000.00000000</balance>
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        <valUSD>905234.70000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2032-06-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Oregon State Lottery</name>
        <lei>N/A</lei>
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        <name>Clatsop County School District No 1-C</name>
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        <name>Astoria Hospital Facilities Authority</name>
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        <name>Auburn School District No 408 of King &amp; Pierce Counties</name>
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        <name>City of Forest Grove OR</name>
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        <name>Multnomah-Clackamas Counties Centennial School District No 28JT/OR</name>
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        <name>Umatilla County School District No 16R Pendleton</name>
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          <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>331421.75000000</valUSD>
        <pctVal>0.188055769878</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>1277098.75000000</valUSD>
        <pctVal>0.724653070119</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>887122.50000000</valUSD>
        <pctVal>0.503372228026</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>550665.00000000</valUSD>
        <pctVal>0.312459066189</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>1136060.00000000</valUSD>
        <pctVal>0.644624675139</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>252141.25000000</valUSD>
        <pctVal>0.143070323196</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>1175857.75000000</valUSD>
        <pctVal>0.667206767339</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>677691.00000000</valUSD>
        <pctVal>0.384536327940</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>
      <invstOrSec>
        <name>Salem Hospital Facility Authority</name>
        <lei>N/A</lei>
        <title>SALEM OR HOSP FAC AUTH REVENUE</title>
        <cusip>794458GJ2</cusip>
        <identifiers>
          <isin value="US794458GJ24"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>805222.50000000</valUSD>
        <pctVal>0.456900421172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-15</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>
    </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>2022-03-14</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>
</edgarSubmission>
