# EDGAR Filing Document

**Accession Number:** 0001039667
**File Stem:** 0001752724-25-212426
**Filing Date:** 2025-8
**Character Count:** 57938
**Document Hash:** 3f1cd0150bbf5b370419f267750e4ab3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-212426.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001752724-25-212426

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPIRIT OF AMERICA INVESTMENT FUND INC
- **CENTRAL INDEX KEY:** 0001039667

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08231
- **FILM NUMBER:** 251277731

**BUSINESS ADDRESS:**
- **STREET 1:** 477 JERICHO TURNPIKE
- **CITY:** SYOSSET
- **STATE:** NY
- **ZIP:** 11791
- **BUSINESS PHONE:** 5163905555

**MAIL ADDRESS:**
- **STREET 1:** 477 JERICHO TURNPIKE
- **CITY:** SYOSSET
- **STATE:** NY
- **ZIP:** 11791

## Series and Classes Contracts Data

### Spirit of America Municipal Tax Free Bond Fund (Series ID: S000021071)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000059931 | Class A Shares       | SOAMX           |
| C000167228 | Class C              | SACFX           |
| C000219379 | Institutional Shares | SOIMX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Spirit of America Investment Fund, Inc.

- **b. Investment Company Act file number:** 811-08231

- **c. CIK number of Registrant:** 0001039667

- **d. LEI of Registrant:** 549300PJ84G8FJU36634

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 477 Jericho Turnpike

  - **City:** Syosset

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 11791

  - **Telephone number:** 516-390-5555

**Item A.2. Information about the Series.**

- **a. Name of Series:** SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

- **b. EDGAR series identifier (if any):** S000021071

- **c. LEI of Series:** 549300NDW7M3DZWH7J46

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $27737931.86

**Total Liabilities:** $121987.41

**Net Assets:** $27615944.45

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 739.47611835 | **1-Year:** 1343.39026813 | **5-Year:** 1770.63383602 | **10-Year:** 5265.91861543 | **30-Year:** 5556.27879069

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 117.24747763 | **10-Year:** 312.32096315 | **30-Year:** 15.86249955

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000219379 | -0.34%               | -0.09%               | 0.51%                |
| Class ID C000167228 | -1.42%               | -1.29%               | -0.45%               |
| Class ID C000059931 | -5.05%               | -4.84%               | -4.28%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6887.25                | $-170922.31                                |
| Month 2  | $-53929.49               | $-60839.01                                 |
| Month 3  | $-44772.35               | $129251.33                                 |

### Schedule of Portfolio Investments

| Name                                             | Title                                                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MAINE ST HSG AUTH                                | Maine State Housing Authority                                                      | CUSIP: 56052FAC9<br>LEI: 549300SO05LH6D240016 | Long             | DBT              | MUN               | US        |    100000 | PA      | $85592.26     | 0.31%             | 2044-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GEISINGER AUTH PA                                | Geisinger PA Authority Health Systems                                              | CUSIP: 368497HP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $143263.67    | 0.52%             | 2045-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN PUB EDL FACS AUTH                       | Michigan Public Educational Facilities Authority                                   | CUSIP: 594569AS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $477621.50    | 1.73%             | 2035-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PUB FIN AUTH                            | Texas Public Finance Authority                                                     | CUSIP: 8827567Z6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201004.58    | 0.73%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD                                     | City of Baltimore MD                                                               | CUSIP: 05922KZS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99593.39     | 0.36%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING  AUTH           | New Jersey Health Care Facilities Financing Authority                              | CUSIP: 645790ED4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10009.55     | 0.04%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                  | City of Philadelphia PA Water & Wastewater Revenue                                 | CUSIP: 717893D24<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    450000 | PA      | $435389.31    | 1.58%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH                                | Illinois Finance Authority                                                         | CUSIP: 45204FAD7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     85000 | PA      | $72865.31     | 0.26%             | 2050-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTG FIN AGY                  | New Jersey Housing & Mortgage Finance Agency                                       | CUSIP: 646108SU5<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    500000 | PA      | $469898.95    | 1.70%             | 2036-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CLIFTON TEX HIGHER ED FIN CORP                   | Clifton Higher Education Finance Corp.                                             | CUSIP: 187145DC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $444187.60    | 1.61%             | 2044-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELEC AUTH GA                           | Municipal Electric Authority of Georgia                                            | CUSIP: 62620HFN7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    250000 | PA      | $249172.80    | 0.90%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO FIN AUTH                              | New Mexico Finance Authority                                                       | CUSIP: 64711PNA4<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250042.75    | 0.91%             | 2053-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA PUB SVC AUTH                      | South Carolina Public Service Authority                                            | CUSIP: 837151RR2<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200072.26    | 0.72%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                     | Metropolitan Transportation Authority                                              | CUSIP: 59261AG43<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $247903.03    | 0.90%             | 2050-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV CALIF REGTS MED CTR                         | Regents of the University of California Medical Center Pooled Revenue              | CUSIP: 913366HP8<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |    145000 | PA      | $144501.69    | 0.52%             | 2037-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                    | State of California                                                                | CUSIP: 13063CE30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $174054.93    | 0.63%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN MINN MUN PWR AGY                        | Southern Minnesota Municipal Power Agency                                          | CUSIP: 843375C87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $569121.00    | 2.06%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH & EDL FACS AUTH            | Connecticut State Health & Educational Facility Authority                          | CUSIP: 20774YC47<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251466.00    | 0.91%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL TRAN AUTH                            | Chicago Transit Auhtority Sales Tax Receipts Fund                                  | CUSIP: 16772PCG9<br>LEI: 549300CB8XLRGIPN3E12 | Long             | DBT              | MUN               | US        |    250000 | PA      | $210393.38    | 0.76%             | 2055-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY                     | Massachusetts Housing Finance Agency                                               | CUSIP: 57587AVC9<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    250000 | PA      | $233867.83    | 0.85%             | 2037-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST UNIV                             | Pennsylvania State University                                                      | CUSIP: 709235XC4<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |    190000 | PA      | $193735.50    | 0.70%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY                     | Massachusetts Housing Finance Agency                                               | CUSIP: 57587AXD5<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    200000 | PA      | $194268.94    | 0.70%             | 2032-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH BRDG & TUNL AUTH N Y                  | Triborough Bridge & Tunnel Authority                                               | CUSIP: 89602N4D3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100812.01    | 0.37%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA HSG DEV AUTH                        | South Dakota Housing Development Authority                                         | CUSIP: 83756CNJ0<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    250000 | PA      | $245789.73    | 0.89%             | 2027-05-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA HSG DEV AUTH                        | South Dakota Housing Development Authority                                         | CUSIP: 83756CNL5<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |     45000 | PA      | $39567.50     | 0.14%             | 2036-11-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH          | New York City Transitional Finance Authority Building Aid Revenue                  | CUSIP: 64972HVF6<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250387.05    | 0.91%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH                        | Colorado Health Facilities Authority                                               | CUSIP: 19648FGP3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    250000 | PA      | $247527.58    | 0.90%             | 2048-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NEV CONVENTION & VISITORS AUTH         | Las Vegas Convention & Visitors Authority                                          | CUSIP: 51771FAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $213758.28    | 0.77%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                            | New York State Dormitory Authority                                                 | CUSIP: 64990C3B5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |      5000 | PA      | $4997.59      | 0.02%             | 2040-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH BRDG & TUNL AUTH N Y                  | Triborough Bridge & Tunnel Authority                                               | CUSIP: 89602N4H4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251380.03    | 0.91%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TEX                                       | City of Austin TX Electric Utility Revenue                                         | CUSIP: 052414SS9<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15140.04     | 0.05%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY HSG DEV CORP                   | New York City Housing Development Corp.                                            | CUSIP: 64972CG56<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150006.11    | 0.54%             | 2032-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL TRAN AUTH                            | Chicago Transit Authority Sales Tax Receipts Fund                                  | CUSIP: 16772PBU9<br>LEI: 549300CB8XLRGIPN3E12 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250285.65    | 0.91%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX PUB FACS CORP                    | San Antonio Public Facilities Corp.                                                | CUSIP: 796334AS9<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    250000 | PA      | $227166.88    | 0.82%             | 2042-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN                        | Pennsylvania Turnpike Commission                                                   | CUSIP: 709224JH3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500149.15    | 1.81%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH N Y & N J                              | Port Authority of New York & New Jersey                                            | CUSIP: 73358WN75<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |     65000 | PA      | $66680.90     | 0.24%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN PIER & EXPOSITION AUTH ILL          | Metropollitan Pier & Exposition Authority                                          | CUSIP: 592250DM3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    250000 | PA      | $244805.85    | 0.89%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FSU FINL ASSISTANCE INC FLA                      | FSU Financial Assistance, Inc.                                                     | CUSIP: 302644ED7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500793.35    | 1.81%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA TPK AUTH                          | North Carolina Turnpike Authority                                                  | CUSIP: 65830RDA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300614.37    | 1.09%             | 2058-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HWY AUTH                        | Illinois State Toll Highway Authority                                              | CUSIP: 452252LX5<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    300000 | PA      | $298633.56    | 1.08%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TWY AUTH                             | New York State Thruway Authority                                                   | CUSIP: 650010AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99987.18     | 0.36%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                            | New York State Dormitory Authority                                                 | CUSIP: 649907DT6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    280000 | PA      | $274121.34    | 0.99%             | 2031-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING  AUTH           | New Jersey Health Care Facilities Financing Auth                                   | CUSIP: 645790FR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $248491.58    | 0.90%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHREVEPORT LA                                    | City of Shreveport LA Water & Sewer Revenue                                        | CUSIP: 825485XQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $126924.95    | 0.46%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH                      | Connecticut Housing Finance Authority                                              | CUSIP: 20775CEH3<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    250000 | PA      | $223186.05    | 0.81%             | 2036-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA WTR & SWR AUTH                 | District of Columbia Water & Sewer Authority                                       | CUSIP: 254845QF0<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |     65000 | PA      | $57066.43     | 0.21%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY                     | Massachusetts Housing Finance Agency                                               | CUSIP: 57587ARH3<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    575000 | PA      | $512340.47    | 1.86%             | 2036-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH                      | Connecticut Housing Finance Authority                                              | CUSIP: 20775CVV3<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |     25000 | PA      | $22569.03     | 0.08%             | 2037-11-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| HUDSON CNTY N J IMPT AUTH                        | Hudson County Improvement Authority                                                | CUSIP: 44372BEF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150874.94    | 0.55%             | 2025-10-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA TPK AUTH                          | North Carolina Turnpike Authority                                                  | CUSIP: 65830RCT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110114.04    | 0.40%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SEASIDE HEIGHTS N J                              | Borough of Seaside Heights, NJ                                                     | CUSIP: 812489QZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125130.90    | 0.45%             | 2026-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST RES AUTH                             | Virginia Resource Authority                                                        | CUSIP: 92818NYU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75057.24     | 0.27%             | 2033-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST UNIV                             | Pennsylvania State University                                                      | CUSIP: 709235XE0<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101758.79    | 0.37%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TWY AUTH                             | New York State Thruway Authority                                                   | CUSIP: 650010BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $246859.98    | 0.89%             | 2051-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST                                 | Massachusetts State                                                                | CUSIP: 57582RWZ5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201529.54    | 0.73%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND HSG & MTG FIN CORP                  | Rhode Island Housing & Mortgage Finance Corp                                       | CUSIP: 76221SAN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256034.05    | 0.93%             | 2053-10-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY N C                                   | University of North Carolina at Charlotte/The                                      | CUSIP: 914716H40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99438.16     | 0.36%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SNOHOMISH CNTY WASH PUB UTIL DIST NO 1           | Snohomish County Public Utility District No 1                                      | CUSIP: 833116CH7<br>LEI: 549300LU0VT11TQC1877 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250743.78    | 0.91%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORLANDO FLA                                      | City of Orlando, FL                                                                | CUSIP: 68641HJW5<br>LEI: G8GZFWRIKS3AFD6AWU52 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001189.50   | 3.63%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WHITE OAK TEX INDPT SCH DIST                     | White Oak Independent School District                                              | CUSIP: 964219FG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $193537.04    | 0.70%             | 2029-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN                        | Pennsylvania State Turnpike Commission                                             | CUSIP: 709224KX6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250142.08    | 0.91%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH BRDG & TUNL AUTH N Y                  | Triborough Bridge & Tunnel Authority                                               | CUSIP: 89602N4B7<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    310000 | PA      | $311135.93    | 1.13%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST RES AUTH                             | Virginia Resource Authority                                                        | CUSIP: 92818NYP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175572.92    | 0.64%             | 2033-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY NEB FACS CORP                         | University of Nebraska Facilities Corp/The                                         | CUSIP: 914639LF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $532484.19    | 1.93%             | 2062-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA HSG FIN AGY                    | District of Columbia Housing Finance Agency                                        | CUSIP: 25477TAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $311537.23    | 1.13%             | 2031-06-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| OMAHA PUB PWR DIST NEB                           | Omaha Public Power District Nebraska City Station Unit 2                           | CUSIP: 682004FJ0<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125204.28    | 0.45%             | 2049-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HSG FIN AGY                         | Pennsylvania Housing Finance Agency                                                | CUSIP: 7087968F7<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    100000 | PA      | $87429.34     | 0.32%             | 2042-10-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST BLDG AUTH                            | Michigan State Building Authority Revenue                                          | CUSIP: 594615FX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250631.38    | 0.91%             | 2051-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA KEYS AQUEDUCT AUTH                       | Florida Keys Aqueduct Authority                                                    | CUSIP: 340765HQ2<br>LEI: 549300EMJ277J3MYQ645 | Long             | DBT              | MUN               | US        |    150000 | PA      | $148196.73    | 0.54%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH          | New York City Transitional Finance Authority Future Tax Secured Revenue            | CUSIP: 64971WVR8<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25041.68     | 0.09%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TSASC INC N Y                                    | TSASC Inc/NY                                                                       | CUSIP: 898526FF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $243878.45    | 0.88%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY HSG DEV CORP                   | New York City Housing Development Corp.                                            | CUSIP: 64972CZY2<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250121.23    | 0.91%             | 2031-11-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH & EDL FACS AUTH            | Connecticut State Health & Educational Facility Authority                          | CUSIP: 20774YQJ9<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100053.72    | 0.36%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS BAY TRANSN AUTH MASS               | Massachusetts Bay Transportation Authority Sales Tax Revenue                       | CUSIP: 575579YW1<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150045.99    | 0.54%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMAL TEX INDPT SCH DIST                         | Comal Independent School District                                                  | CUSIP: 1998203J8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250148.85    | 0.91%             | 2034-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX                                  | City Public Service Board of San Antonio, TX                                       | CUSIP: 7962535U2<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    150000 | PA      | $152822.90    | 0.55%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HIGHER EDL FACS AUTH             | Pennsylvania Higher Educational Facilities Authority                               | CUSIP: 70917R7E9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $81591.48     | 0.30%             | 2032-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                     | City of New York NY                                                                | CUSIP: 64966QXW5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253688.35    | 0.92%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TEX CULTURAL ED FACS FIN CORP        | Harris County Cultural Education Facilities Finance Corp.                          | CUSIP: 414008CD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130565.64    | 0.47%             | 2030-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX                                  | San Antonio Water System                                                           | CUSIP: 79642GGN6<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42834.38     | 0.16%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HIGHER EDL FACS AUTH             | Pennsylvania Higher Educational Facilities Authority                               | CUSIP: 70917R7F6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $77369.42     | 0.28%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL                                      | City of Chicago IL Waterworks Revenue                                              | CUSIP: 167736U96<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253552.45    | 0.92%             | 2053-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY                     | Massachusetts Housing Finance Agency                                               | CUSIP: 57587AVN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $77564.87     | 0.28%             | 2037-12-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTG FIN AGY                  | New Jersey Housing & Mortgage Finance Agency                                       | CUSIP: 646108ST8<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    175000 | PA      | $145923.93    | 0.53%             | 2050-11-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                    | State of California                                                                | CUSIP: 13063CVM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250304.20    | 0.91%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OHIO CONVENTION FACS AUTH          | Franklin County Convention Facilities Authority                                    | CUSIP: 35317EAS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250373.78    | 0.91%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HIGHER EDL FACS AUTH             | Pennsylvania Higher Educational Facilities Authority                               | CUSIP: 70917R7G4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $70467.67     | 0.26%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH BRDG & TUNL AUTH N Y                  | Triborough Bridge & Tunnel Authority                                               | CUSIP: 89602RGA7<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252379.08    | 0.91%             | 2054-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TEX                                       | City of Austin TX Electric Utility Revenue                                         | CUSIP: 052414PU7<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250260.18    | 0.91%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAINE ST TPK AUTH                                | Maine Turnpike Authority                                                           | CUSIP: 560551NX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.18%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                            | New York State Dormitory Authority                                                 | CUSIP: 64990BUZ4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    135000 | PA      | $135000.00    | 0.49%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TWY AUTH                             | New York State Thruway Authority                                                   | CUSIP: 650010AZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $249678.73    | 0.90%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH TEX TWY AUTH                               | North Texas Tollway Authority                                                      | CUSIP: 66285WXZ4<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250148.95    | 0.91%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAINE ST HSG AUTH                                | Maine State Housing Authority                                                      | CUSIP: 56052E5J3<br>LEI: 549300SO05LH6D240016 | Long             | DBT              | MUN               | US        |     45000 | PA      | $44924.13     | 0.16%             | 2032-11-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY                     | Massachusetts Housing Finance Agency                                               | CUSIP: 57587ATU2<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |     40000 | PA      | $39849.43     | 0.14%             | 2026-12-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA WTR & SWR AUTH                 | District of Columbia Water & Sewer Authority                                       | CUSIP: 254845MT4<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25311.84     | 0.09%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY HSG DEV CORP                   | New York City Housing Development Corp.                                            | CUSIP: 64972CL35<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    250000 | PA      | $242926.40    | 0.88%             | 2032-11-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN GOVT NASHVILLE & DAVIDSON CNTY TENN | Metropolitan Government of Nashville & Davidson County Convention Center Authority | CUSIP: 592125AZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200358.60    | 0.73%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FACS FING AUTH                 | California Health Facilities Financing Authority                                   | CUSIP: 13032UPX0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    250000 | PA      | $249192.98    | 0.90%             | 2056-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY                            | Tennessee Housing Development Agency                                               | CUSIP: 880461QV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $49453.95     | 0.18%             | 2037-07-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| TAMPA FLA                                        | City of Tampa FL                                                                   | CUSIP: 87515ECB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250016.78    | 0.91%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH                                | Michigan St Fin Auth Revenue                                                       | CUSIP: 59447THF3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    250000 | PA      | $249075.95    | 0.90%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HEALTH & EDL FACS AUTH               | Health & Educational Facilities Authority of the State of Missouri                 | CUSIP: 60637ACX8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    100000 | PA      | $89098.94     | 0.32%             | 2039-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Institutional Liquidity Funds     | Morgan Stanley Institutional Liquidity Fund  - Government Portfolio                | CUSIP: 61747C707<br>LEI: 5493000A332Y142SOW84 | Long             | STIV             | RF                | US        |    187116 | PA      | $187116.30    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| MIAMI-DADE CNTY FLA SCH BRD                      | School Board of Miami-Dade County/The                                              | CUSIP: 59333MU52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004125.20   | 3.64%             | 2033-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HSG FIN AGY                         | Pennsylvania Housing Finance Agency                                                | CUSIP: 70879QUL5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    150000 | PA      | $153884.13    | 0.56%             | 2051-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST SCH BLDG AUTH                   | Massachusetts School Building Authority                                            | CUSIP: 576000RS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100273.35    | 0.36%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA                                       | City of Atlanta GA Water & Wastewater Revenue                                      | CUSIP: 047870SA9<br>LEI: 549300GHLQ0J51NUBM84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $441102.45    | 1.60%             | 2037-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA                          | Main Street Natural Gas, Inc.                                                      | CUSIP: 56035DBV3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250410.50    | 0.91%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HIGHER EDL FACS AUTH             | Pennsylvania Higher Educational Facilities  Authority                              | CUSIP: 70917SS87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $245702.20    | 0.89%             | 2047-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER COLO CITY & CNTY                          | City & County of Denver CO Pledged Excise Tax Revenue                              | CUSIP: 24917DAT0<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100739.98    | 0.36%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEVADA ST                                        | Nevada System of Higher Education                                                  | CUSIP: 641494CH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $607394.28    | 2.20%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                            | New York State Dormitory Authority                                                 | CUSIP: 65000BKS6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    230000 | PA      | $198873.23    | 0.72%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VERMONT HSG FIN AGY                              | Vermont Housing Finance Agency                                                     | CUSIP: 924194PH0<br>LEI: 549300RD7EYN90K0W008 | Long             | DBT              | MUN               | US        |     70000 | PA      | $65738.73     | 0.24%             | 2037-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BISMARCK N D                                     | City of Bismarck, ND Sanitary Sewer Revenue                                        | CUSIP: 091634AP0<br>LEI: 5493004YS3DDNIKCWV33 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99997.39     | 0.36%             | 2029-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE TRANSN AUTH                             | Delaware Transportation Authority                                                  | CUSIP: 246430AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225018.56    | 0.81%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                     | Massachusetts Development Finance Agency                                           | CUSIP: 57584XNZ0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300058.53    | 1.09%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAINE ST HSG AUTH                                | Maine State Housing Authority                                                      | CUSIP: 56052E5L8<br>LEI: 549300SO05LH6D240016 | Long             | DBT              | MUN               | US        |     95000 | PA      | $86790.65     | 0.31%             | 2036-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                      | City of Houston TX Combined Utility System Revenue                                 | CUSIP: 4424355Y5<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250220.98    | 0.91%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HEALTH & EDL FACS AUTH               | Health & Educational Facilities Authority of the State of Missouri                 | CUSIP: 60637AGP1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    500000 | PA      | $435908.10    | 1.58%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TPK AUTH                           | New Jersey Turnpike Authority                                                      | CUSIP: 646140JE4<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    250000 | PA      | $247903.05    | 0.90%             | 2050-01-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW HAVEN CONN                                   | City of New Haven, CT                                                              | CUSIP: 6450203H9<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |    230000 | PA      | $232741.88    | 0.84%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CALIF DEPT WTR & PWR                 | Los Angeles Department of Water & Power                                            | CUSIP: 544495Z64<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250241.43    | 0.91%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA EXPWY AUTH                   | Miami-Dade County Expressway Authority                                             | CUSIP: 59334KFW3<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350000.70    | 1.27%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA                                   | City of New Orleans LA                                                             | CUSIP: 64763FZN2<br>LEI: 54930084B6KHR5PR2651 | Long             | DBT              | MUN               | US        |    250000 | PA      | $243778.33    | 0.88%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Spirit of America Investment Fund, Inc.

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller