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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Clackamas County Hospital Facility Authority</name>
        <lei>N/A</lei>
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          <isin value="US179027YN14"/>
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        <curCd>USD</curCd>
        <valUSD>100443.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>State of Oregon Housing &amp; Community Services Department</name>
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          <isin value="US68608EJS28"/>
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        <balance>870000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>881579.70000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Newport OR</name>
        <lei>N/A</lei>
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          <isin value="US652300LD49"/>
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        <balance>1225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1058571.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Redmond OR</name>
        <lei>N/A</lei>
        <title>REDMOND OR</title>
        <cusip>757657WW7</cusip>
        <identifiers>
          <isin value="US757657WW72"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1068430.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Oregon Coast Community College District</name>
        <lei>N/A</lei>
        <title>OREGON COAST OR CMNTY CLG DIST</title>
        <cusip>68583NCL3</cusip>
        <identifiers>
          <isin value="US68583NCL38"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>263710.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Portland OR Water System Revenue</name>
        <lei>N/A</lei>
        <title>PORTLAND OR WTR SYS REVENUE</title>
        <cusip>736754TJ1</cusip>
        <identifiers>
          <isin value="US736754TJ13"/>
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        <balance>2350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2712111.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>Deschutes Public Library District</name>
        <lei>N/A</lei>
        <title>DESCHUTES OR PUBLIC LIBRARY DIST</title>
        <cusip>250353BK4</cusip>
        <identifiers>
          <isin value="US250353BK41"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1357245.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-01</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Home Forward</name>
        <lei>N/A</lei>
        <title>PORTLAND OR HSG AUTH REVENUE</title>
        <cusip>736703FU8</cusip>
        <identifiers>
          <isin value="US736703FU81"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>828840.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Lake Oswego OR</name>
        <lei>N/A</lei>
        <title>LAKE OSWEGO OR</title>
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        <identifiers>
          <isin value="US510390M950"/>
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        <balance>2790000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3081806.10000000</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>2049-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Port of Portland OR Airport Revenue</name>
        <lei>N/A</lei>
        <title>PORT OF PORTLAND OR ARPT REVENUE</title>
        <cusip>7352403F8</cusip>
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          <isin value="US7352403F85"/>
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        <balance>2325000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2549316.00000000</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>5.25000000</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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        <identifiers>
          <isin value="US68608JYQ83"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>165581.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.65900000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Multnomah &amp; Clackamas Counties School District No 51JT Riverdale</name>
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        <cusip>625487EQ2</cusip>
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          <isin value="US625487EQ28"/>
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        <balance>1215000.00000000</balance>
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        <curCd>USD</curCd>
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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>2030-06-15</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
        <lei>N/A</lei>
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        <cusip>74529JPX7</cusip>
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          <isin value="US74529JPX71"/>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Umatilla County School District No 8R Hermiston</name>
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          <isin value="US904121PL88"/>
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        <valUSD>1178592.80000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-06-15</maturityDt>
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      <invstOrSec>
        <name>Oregon Health &amp; Science University</name>
        <lei>549300XTWOAGON8L2G98</lei>
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          <isin value="US685869HD48"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>State of Oregon</name>
        <lei>549300R5SUGZRD8KP359</lei>
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          <isin value="US68609TLP11"/>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2044-05-01</maturityDt>
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      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
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        <balance>750000.00000000</balance>
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        <valUSD>836617.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>Oregon State Facilities Authority</name>
        <lei>N/A</lei>
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        <name>Linn County Community School District No 9 Lebanon/OR</name>
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        <name>Washington County School District No 13 Banks</name>
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        <name>Oregon State Business Development Commission</name>
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      <invstOrSec>
        <name>Clackamas County School District No 12 North Clackamas</name>
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      <invstOrSec>
        <name>Tualatin Valley Water District</name>
        <lei>N/A</lei>
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          <isin value="US89855PEV13"/>
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      <invstOrSec>
        <name>City of Hermiston OR</name>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Medford Hospital Facilities Authority</name>
        <lei>N/A</lei>
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        <cusip>584283HA6</cusip>
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          <isin value="US584283HA69"/>
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        <curCd>USD</curCd>
        <valUSD>4753170.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-08-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>American Samoa Economic Development Authority</name>
        <lei>N/A</lei>
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          <isin value="US02936TAH41"/>
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        <curCd>USD</curCd>
        <valUSD>202196.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Warm Springs Reservation Confederated Tribe</name>
        <lei>N/A</lei>
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          <isin value="US934312AT67"/>
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        <curCd>USD</curCd>
        <valUSD>1260562.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37000000</annualizedRt>
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      <invstOrSec>
        <name>City of Redmond OR</name>
        <lei>N/A</lei>
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          <isin value="US757657UH24"/>
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        <balance>605000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>605520.30000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Oregon State University</name>
        <lei>549300UBMR6O3SFCEV73</lei>
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        <identifiers>
          <isin value="US68608WAV46"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2024200.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-04-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Oregon State Facilities Authority</name>
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        <name>Clackamas County School District No 35 Molalla River</name>
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        <name>City of Cannon Beach OR</name>
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        <name>Oregon Coast Community College District</name>
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        <name>Douglas County School District No 116 Winston-Dillard</name>
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      <invstOrSec>
        <name>Oregon State University</name>
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        <name>Oregon Coast Community College District</name>
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        <name>State of Oregon</name>
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      <invstOrSec>
        <name>Oregon State Facilities Authority</name>
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        <name>Home Forward</name>
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      <invstOrSec>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Hillsboro Economic Development Council</name>
        <lei>N/A</lei>
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          <isin value="US432094AR19"/>
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        <valUSD>1030960.00000000</valUSD>
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      <invstOrSec>
        <name>Yamhill &amp; Polk Counties School District No 4-J Amity</name>
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          <isin value="US984645DX61"/>
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        <name>Benton &amp; Polk School District No 17J</name>
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        <name>Lane County School District No 40 Creswell</name>
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        <name>Hospital Facilities Authority of Multnomah County Oregon</name>
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        <name>Hillsboro School District No 1J</name>
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        <name>Deschutes &amp; Jefferson Counties School District No 2J Redmond/OR</name>
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        <name>Oregon City School District No 62</name>
        <lei>N/A</lei>
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      <invstOrSec>
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        <name>Commonwealth of Puerto Rico</name>
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          <maturityDt>2029-07-01</maturityDt>
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      <invstOrSec>
        <name>Oregon State Facilities Authority</name>
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          <isin value="US68608JYU95"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-01</maturityDt>
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        <name>City of Portland OR Water System Revenue</name>
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        <name>Redmond Area Park &amp; Recreation District</name>
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        <name>Medford Water Commission</name>
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        <name>State of Oregon Housing &amp; Community Services Department</name>
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        <name>University of Oregon</name>
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        <name>Salem Hospital Facility Authority</name>
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        <name>State of Oregon Housing &amp; Community Services Department</name>
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        <name>State of Oregon Housing &amp; Community Services Department</name>
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        <curCd>USD</curCd>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>Multnomah County School District No 40</name>
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      <invstOrSec>
        <name>Hillsboro School District No 1J</name>
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      <invstOrSec>
        <name>Benton &amp; Polk School District No 17J</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Oregon Health &amp; Science University</name>
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        <curCd>USD</curCd>
        <valUSD>2104536.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Yamhill OR</name>
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      <invstOrSec>
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        <lei>N/A</lei>
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      <invstOrSec>
        <name>Tualatin Valley Water District</name>
        <lei>N/A</lei>
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          <isin value="US89855PFB40"/>
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        <name>Hillsboro School District No 1J</name>
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      <invstOrSec>
        <name>Washington County School District No 15 Forest Grove</name>
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        <name>Columbia County School District No 502</name>
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        <name>University of Oregon</name>
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        <name>Lane County School District No 40 Creswell</name>
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        <name>Multnomah-Clackamas Counties Centennial School District No 28JT/OR</name>
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        <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>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>290952.75000000</valUSD>
        <pctVal>0.140331946469</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>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>503345.00000000</valUSD>
        <pctVal>0.242772696238</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>Medford Water Commission</name>
        <lei>N/A</lei>
        <title>MEDFORD OR WTR COMMISSION WTR REVENUE</title>
        <cusip>584299AK7</cusip>
        <identifiers>
          <isin value="US584299AK74"/>
        </identifiers>
        <balance>2575000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2821942.50000000</valUSD>
        <pctVal>1.361075583058</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-15</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>Tualatin Valley Water District</name>
        <lei>N/A</lei>
        <title>TUALATIN VLY OR WTR DIST WTR REVENUE</title>
        <cusip>89855PEU3</cusip>
        <identifiers>
          <isin value="US89855PEU30"/>
        </identifiers>
        <balance>3595000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3980563.75000000</valUSD>
        <pctVal>1.919900255563</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>699022.50000000</valUSD>
        <pctVal>0.337151609842</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>
      <invstOrSec>
        <name>City of Bend OR</name>
        <lei>N/A</lei>
        <title>BEND OR</title>
        <cusip>081617VY5</cusip>
        <identifiers>
          <isin value="US081617VY59"/>
        </identifiers>
        <balance>1580000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1780976.00000000</valUSD>
        <pctVal>0.858997994329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2024-12-26</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>
