# EDGAR Filing Document

**Accession Number:** 0001039667
**File Stem:** 0001752724-23-046646
**Filing Date:** 2023-2
**Character Count:** 80736
**Document Hash:** 63984a8e76fa856c428c92fd96ed62ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-046646.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-046646

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPIRIT OF AMERICA INVESTMENT FUND INC
- **CENTRAL INDEX KEY:** 0001039667
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08231
- **FILM NUMBER:** 23682884

**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 Income Fund (Series ID: S000024753)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000073513 | Class A              | SOAIX           |
| C000167229 | Class C              | SACTX           |
| C000219380 | Institutional Shares | SOITX           |

## 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 Tunrpike

  - **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 INCOME FUND

- **b. EDGAR series identifier (if any):** S000024753

- **c. LEI of Series:** 549300C7KFCEM3QBIB19

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $79967927.35

**Total Liabilities:** $1682134.80

**Net Assets:** $78285792.55

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 54.23091900 | **1-Year:** 985.25392900 | **5-Year:** 3594.26948500 | **10-Year:** 21490.15346300 | **30-Year:** 6374.74213500

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

- **3-Month:** 0.00000000 | **1-Year:** 52.15341800 | **5-Year:** 22.47551700 | **10-Year:** 1407.94993700 | **30-Year:** 2455.08941400

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000219380 | -0.70%               | 4.62%                | -1.71%               |
| Class ID C000073513 | -5.34%               | -0.49%               | -6.34%               |
| Class ID C000167229 | -1.77%               | 3.54%                | -2.74%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $99327.59                | $-945964.46                                |
| Month 2  | $418797.01               | $2872759.87                                |
| Month 3  | $92945.31                | $-1830254.13                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| METROPOLITAN TRANSN AUTH N Y                              | Metropolitan Transportation Authority                                   | CUSIP: 59259YBF5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    200000 | PA      | $193046.62    | 0.25%             | 2039-11-15      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| CWMBS Inc                                                 | CHL Mortgage Pass-Through Trust                                         | CUSIP: 126694CK2<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |     18238 | PA      | $11248.40     | 0.01%             | 2035-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEBRASKA PUB PWR DIST                                     | Nebraska Public Power District                                          | CUSIP: 63968AQQ1<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |    200000 | PA      | $199794.30    | 0.26%             | 2030-01-01      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Washington Federal Inc                                    | Washington Federal, Inc., Series A, 4.875%                              | CUSIP: 938824307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     10000 | NS      | $176500.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                              | Metropolitan Transportation Authority                                   | CUSIP: 59259YDB2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    145000 | PA      | $148791.43    | 0.19%             | 2030-11-15      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                | Prudential Financial, Inc., 5.95%                                       | CUSIP: 744320870<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EP               | CORP              | US        |     10000 | NS      | $242200.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                      | JPMorgan Chase & Co., Series JJ, 4.55%                                  | CUSIP: 48128B580<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |     10000 | NS      | $186100.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Incorporated                        | Huntington Bancshares, Inc., Series H, 4.50%                            | CUSIP: 446150823<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |     10000 | NS      | $169600.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                                              | The Southern Co., 4.95%                                                 | CUSIP: 842587800<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |     21000 | NS      | $412440.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| PS Business Parks Inc. (California)                       | PS Business Parks, Inc., 5.25%                                          | CUSIP: 69360J594<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     10000 | NS      | $134500.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIBOROUGH BRDG & TUNL AUTH N Y                           | Triborough Bridge & Tunnel Authority                                    | CUSIP: 89602NVM3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151210.77    | 0.19%             | 2040-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Bank of America Corporation                               | Bank of America Corp., Series HH, 5.875%                                | CUSIP: 060505195<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |      8000 | NS      | $185600.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| WASHOE CNTY NEV                                           | County of Washoe, NV                                                    | CUSIP: 940839BM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $724319.70    | 0.93%             | 2040-02-01      | Fixed         | 7.97%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY WASH PUB UTIL DIST NO 1                      | Douglas County Public Utility District No. 1                            | CUSIP: 259561PH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253403.63    | 0.32%             | 2030-09-01      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH                                         | Michigan Finance Authority                                              | CUSIP: 59447PDQ1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500405.20    | 0.64%             | 2025-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | Hannon Armstrong Sustainable Infrastructure Capital, Inc.               | CUSIP: 41068X100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $289800.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| MISSISSIPPI DEV BK                                        | Mississippi Development Bank                                            | CUSIP: 60534RMF3<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    650000 | PA      | $715702.33    | 0.91%             | 2035-01-01      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| W.R. Berkley Corporation                                  | WR Berkley Corp., 5.1%                                                  | CUSIP: 084423805<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EP               | CORP              | US        |     20000 | NS      | $405600.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                                  | Simon Property Group, Inc.                                              | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      3000 | NS      | $352440.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SAN BERNARDINO CNTY CALIF                                 | County of San Bernardino, CA                                            | CUSIP: 796839BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45239.54     | 0.06%             | 2023-08-01      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| MetLife Inc.                                              | MetLife, Inc., Series F, 4.75%                                          | CUSIP: 59156R850<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               | CORP              | US        |     25000 | NS      | $488750.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| WASHOE CNTY NEV                                           | County of Washoe, NV                                                    | CUSIP: 940839BL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $320693.85    | 0.41%             | 2040-02-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Exelon Generation Company, LLC                            | Exelon Generation Co. LLC                                               | CUSIP: 30161MAM5<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    400000 | PA      | $348895.77    | 0.45%             | 2042-06-15      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| PS Business Parks Inc. (California)                       | PS Business Parks, Inc., Series Y, 5.20%                                | CUSIP: 69360J578<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      4000 | NS      | $53400.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ONSTED CMNTY SCHOOLS MI                                   | Onsted Community Schools                                                | CUSIP: 682871CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151039.89    | 0.19%             | 2027-05-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Brookfield Property Partners LP                           | Brookfield Property Partners LP, Series A, 5.75%                        | CUSIP: G16249164<br>LEI: 5493004J5Z0TZW83NU62 | Long             | EP               | CORP              | BM        |      7500 | NS      | $101475.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TALLAHASSEE FLA                                           | City of Tallahassee, FL, Utility System Revenue                         | CUSIP: 874461GK6<br>LEI: 549300MPY4HDPK8B1G15 | Long             | DBT              | MUN               | US        |    300000 | PA      | $293532.51    | 0.37%             | 2040-10-01      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Chevron Corporation                                       | Chevron Corp.                                                           | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6500 | NS      | $1166685.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corporation                         | Capital One Financial Corp, Series J, 4.80%                             | CUSIP: 14040H782<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |     10000 | NS      | $174000.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Infrastructure Partners LP                     | Brookfield Infrastructure Partners LP,  Series 14, 5.00%                | CUSIP: G16252275<br>LEI: 549300WEH5R2OODI7Y90 | Long             | EP               | CORP              | US        |     10000 | NS      | $153900.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| EAST BATON ROUGE LA SEW COMMN                             | East Baton Rouge Sewerage Commission                                    | CUSIP: 270618GX3<br>LEI: 5493006BC84VNIRSCG97 | Long             | DBT              | MUN               | US        |    100000 | PA      | $70641.49     | 0.09%             | 2039-02-01      | Fixed         | 2.44%                 | No            |                  2 | On Loan: No      |
| Affiliated Managers Group, Inc.                           | Affiliated Managers Group, Inc., 4.2%                                   | CUSIP: 008252835<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EP               | CORP              | US        |     10000 | NS      | $147400.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group, Inc.                            | American Financial Group, Inc., 5.125%                                  | CUSIP: 025932880<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EP               | CORP              | US        |     15000 | NS      | $309150.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                              | Metropolitan Transportation Authority                                   | CUSIP: 59259NZM8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    125000 | PA      | $129496.41    | 0.17%             | 2030-11-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Federal Realty Investment Trust                           | Federal Realty Investment Trust Series C, 5.00%                         | CUSIP: 313745200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      7500 | NS      | $151350.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| First Republic Bank San Francisco                         | First Republic Bank/CA                                                  | CUSIP: 33616C761<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EP               | CORP              | US        |     13667 | NS      | $218672.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                              | Metropolitan Transportation Authority                                   | CUSIP: 59259YDK2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    105000 | PA      | $106795.53    | 0.14%             | 2026-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| ANDERSON IND SCH BLDG CORP                                | Anderson School Building Corp.                                          | CUSIP: 033896KR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $943075.50    | 1.20%             | 2028-07-05      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                            | State of Connecticut                                                    | CUSIP: 20772GF45<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    280000 | PA      | $295914.16    | 0.38%             | 2032-03-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| VIRGIN ISLANDS WTR & PWR AUTH                             | Virgin Islands Water & Power Authority  - Electric System               | CUSIP: 927688FZ9<br>LEI: 54930088RFCEK01GM855 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1118749.50   | 1.43%             | 2035-07-01      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| City Office REIT Inc                                      | City Office REIT, Inc.                                                  | CUSIP: 178587101<br>LEI: 5493003J7157VP25NL57 | Long             | EC               | CORP              | US        |     10000 | NS      | $83800.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SAN FRANCISCO CALIF CITY & CNTY                           | City & County of San Francisco, CA                                      | CUSIP: 797646NH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $483296.36    | 0.62%             | 2030-06-15      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| PERALTA CALIF CMNTY COLLEGE DIST                          | Peralta Community College District                                      | CUSIP: 713575TE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516430.85    | 0.66%             | 2025-08-01      | Fixed         | 6.91%                 | No            |                  2 | On Loan: No      |
| Brighthouse Financial Inc.                                | Brighthouse Financial, Inc.                                             | CUSIP: 10922N707<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EP               | CORP              | US        |     20000 | NS      | $348200.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                                 | Goldman Sachs Group, Inc./The                                           | CUSIP: 38141GFD1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    850000 | PA      | $907852.31    | 1.16%             | 2037-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Public Storage                                            | Public Storage, Series M, 4.125%                                        | CUSIP: 74460W537<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      3889 | NS      | $66929.69     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| First Republic Bank San Francisco                         | First Republic Bank, Series J, 4.7%                                     | CUSIP: 33616C787<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EP               | CORP              | US        |     20000 | NS      | $371000.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK N Y                                              | City of New York, NY                                                    | CUSIP: 64966HYK0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    145000 | PA      | $149081.58    | 0.19%             | 2027-03-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                | Prudential Financial, Inc., 4.125%                                      | CUSIP: 744320888<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EP               | CORP              | US        |      3530 | NS      | $64069.50     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon Corporation                   | Bank of New York Mellon Corp./The                                       | CUSIP: 064058AF7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    500000 | PA      | $427620.00    | 0.55%             | N/A             | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CABARRUS CNTY N C                                         | County of Cabarrus, NC                                                  | CUSIP: 126775TK1<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |    235000 | PA      | $235663.26    | 0.30%             | 2026-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO SPL OBLIG                                  | City of Kansas City, MO                                                 | CUSIP: 485106CN6<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |   2295000 | PA      | $2596051.22   | 3.32%             | 2040-04-01      | Fixed         | 7.83%                 | No            |                  2 | On Loan: No      |
| Valero Energy Corporation                                 | Valero Energy Corp.                                                     | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      3000 | NS      | $380580.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Incorporation                                    | Enbridge, Inc.                                                          | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |     25000 | NS      | $977500.00    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVERSITY MASS BLDG AUTH                                 | University of Massachusetts Building Authority                          | CUSIP: 914440KK7<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15012.53     | 0.02%             | 2039-05-01      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| Pitney Bowes Inc.                                         | Pitney Bowes, Inc., 6.70%                                               | CUSIP: 724479506<br>LEI: 549300N2O26NW4ST6W55 | Long             | EP               | CORP              | US        |      5700 | NS      | $93765.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Texas Inc                                         | Entergy Texas, Inc.                                                     | CUSIP: 29365TAD6<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88536.52     | 0.11%             | 2045-06-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY CALIF                                          | University of California                                                | CUSIP: 91412GXY6<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |    250000 | PA      | $214208.00    | 0.27%             | 2045-05-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Blackstone Mortgage Trust, Inc                            | Blackstone Mortgage Trust, Inc.                                         | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               | CORP              | US        |     11565 | NS      | $244831.05    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                            | Public Storage                                                          | CUSIP: 74460W511<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     20000 | NS      | $325400.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| MIDLAND CNTY TEX HOSP DIST                                | Midland County Hospital District                                        | CUSIP: 597502BK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $285675.13    | 0.36%             | 2039-05-15      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| Athene Holding Ltd                                        | Athene Holding Ltd.                                                     | CUSIP: 04686J309<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |     10000 | NS      | $239400.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corporation                              | Truist Financial Corp.                                                  | CUSIP: 89832Q695<br>LEI: 549300DRQQI75D2JP341 | Long             | EP               | CORP              | US        |     16334 | NS      | $311816.06    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVERSITY CALIF                                          | University of California                                                | CUSIP: 91412GEA9<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |    260000 | PA      | $271822.54    | 0.35%             | 2050-05-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Company                                     | Wells Fargo & Co., Series Z, 4.75%                                      | CUSIP: 94988U151<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     20000 | NS      | $366400.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Company                                  | General Electric Co.                                                    | CUSIP: 369604BQ5<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |    765000 | PA      | $754437.27    | 0.96%             | N/A             | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| SEATTLE WASH                                              | City of Seattle, WA, Municipal Light & Power Revenue                    | CUSIP: 812643DB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252620.10    | 0.32%             | 2040-02-01      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                       | Kinder Morgan, Inc.                                                     | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     40000 | NS      | $723200.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Athene Holding Ltd                                        | Athene Holding Ltd., Series D, 4.875%                                   | CUSIP: 04686J408<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | BM        |     20000 | NS      | $340800.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| GLENWOOD ILL                                              | Village of Glenwood, IL                                                 | CUSIP: 379213ET4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1419190.73   | 1.81%             | 2028-12-01      | Fixed         | 7.03%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA MUN AUTH                                  | Philadelphia Municipal Authority                                        | CUSIP: 717904JP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $484441.35    | 0.62%             | 2028-03-15      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Warner Bros. Discovery Inc.                               | Warner Bros Discovery, Inc.                                             | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |        19 | NS      | $180.12       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CINCINNATI OHIO CITY SCH DIST                             | Cincinnati City School District                                         | CUSIP: 172253EL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $185754.52    | 0.24%             | 2032-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Blackstone Inc                                            | Blackstone Group LP/The                                                 | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |      3750 | NS      | $278212.50    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PECO Energy Capital Trust IV                              | PECO Energy Capital Trust IV                                            | CUSIP: 69335GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $901366.63    | 1.15%             | 2033-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA                                       | County of Miami-Dade, FL                                                | CUSIP: 59333NSW4<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1186213.90   | 1.52%             | 2040-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HEALTH & EDL FACS AUTH                   | Massachusetts Health & Educational Facilities Authority                 | CUSIP: 57586ETQ4<br>LEI: 549300MV50RWQFTX5223 | Long             | DBT              | MUN               | US        |    250000 | PA      | $266969.05    | 0.34%             | 2035-10-01      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                               | Verizon Communications, Inc.                                            | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     10000 | NS      | $394000.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                                 | CNO Financial Group, Inc., 5.125%                                       | CUSIP: 12621E301<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EP               | CORP              | US        |      2000 | NS      | $33820.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corporation                                  | State Street Corp., Series G, 5.35%                                     | CUSIP: 857477855<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EP               | CORP              | US        |      1000 | NS      | $23510.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corporation                               | Bank Of America Corp., Series LL, 5.00%                                 | CUSIP: 06055H202<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     20000 | NS      | $389000.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| LONG IS PWR AUTH N Y                                      | Long Island Power Authority                                             | CUSIP: 542690W99<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    195000 | PA      | $201464.95    | 0.26%             | 2041-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| First Republic Bank San Francisco                         | First Republic Bank/CA, Series N, 4.5%                                  | CUSIP: 33616C696<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EP               | CORP              | US        |     10000 | NS      | $172600.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| COBB-MARIETTA GA COLISEUM & EXHIBIT HALL AUTH             | Cobb Marietta Georgia Coliseum                                          | CUSIP: 190760HT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $91273.99     | 0.12%             | 2047-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| First Republic Bank San Francisco                         | First Republic Bank/CA, Series L, 4.25%                                 | CUSIP: 33616C746<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EP               | CORP              | US        |     10000 | NS      | $164300.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH                               | New Jersey Educational Facilities Authority                             | CUSIP: 646065G97<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $468602.95    | 0.60%             | 2040-07-01      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA                                       | County of Miami-Dade, FL                                                | CUSIP: 59333HCC8<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    250000 | PA      | $278232.85    | 0.36%             | 2029-10-01      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| PERALTA CALIF CMNTY COLLEGE DIST                          | Peralta Community College District                                      | CUSIP: 713575TG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $330377.66    | 0.42%             | 2031-08-01      | Fixed         | 7.31%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                              | City of New York, NY                                                    | CUSIP: 64966HMV9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101208.31    | 0.13%             | 2031-10-01      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| SAN BERNARDINO CALIF CITY UNI SCH DIST                    | San Bernardino City Unified School District                             | CUSIP: 796714DF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001857.10   | 1.28%             | 2023-02-01      | Fixed         | 8.05%                 | No            |                  2 | On Loan: No      |
| MIAMI DADE CNTY FLA                                       | County of Miami-Dade, FL Transit System                                 | CUSIP: 59334PCZ8<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509421.20    | 0.65%             | 2032-07-01      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Medical Properties Trust Inc.                             | Medical Properties Trust, Inc.                                          | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               | CORP              | US        |      5000 | NS      | $55700.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| FRISCO TEX ECONOMIC DEV CORP                              | Frisco Economic Development Corp.                                       | CUSIP: 358782CQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $940584.40    | 1.20%             | 2034-02-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| GRAND PKWY TRANSN CORP TEX                                | Grand Parkway Transportation Corp.                                      | CUSIP: 38611TDL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $71136.56     | 0.09%             | 2052-10-01      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| WESTERN NASSAU CNTY N Y WTR AUTH                          | Western Nassau County Water Authority                                   | CUSIP: 958792CF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $165037.98    | 0.21%             | 2040-04-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| MESA ST COLLEGE COLO AUXILIARY FACS ENTERPRISE            | Colorado Mesa University                                                | CUSIP: 59067ACT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $557620.20    | 0.71%             | 2042-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| KeyCorp                                                   | KeyCorp, Series G, 5.625%                                               | CUSIP: 493267868<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |     15000 | NS      | $311400.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| PORT AUTH N Y & N J                                       | Port Authority of New York & New Jersey                                 | CUSIP: 73358WUH5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    115000 | PA      | $107093.91    | 0.14%             | 2028-10-15      | Fixed         | 3.92%                 | No            |                  2 | On Loan: No      |
| SAN BERNARDINO CALIF CITY UNI SCH DIST                    | San Bernardino City Unified School District                             | CUSIP: 796714DH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $537981.50    | 0.69%             | 2026-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Entergy Mississippi LLC                                   | Entergy Mississippi, Inc., 4.90%                                        | CUSIP: 29364N108<br>LEI: 54930043I78H35DVVW89 | Long             | EP               | CORP              | US        |     30000 | NS      | $611100.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| WISCONSIN ST                                              | State of Wisconsin                                                      | CUSIP: 97705MQR9<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |    100000 | PA      | $82660.50     | 0.11%             | 2031-05-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| The Williams Companies, Inc.                              | Williams Cos, Inc./The                                                  | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     42500 | NS      | $1398250.00   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc.                                              | MetLife, Inc.                                                           | CUSIP: 59156RAV0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1330780.00   | 1.70%             | 2039-08-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| VIRGIN ISLANDS WTR & PWR AUTH                             | Virgin Islands Water & Power Authority  - Electric System               | CUSIP: 927688FY2<br>LEI: 54930088RFCEK01GM855 | Long             | DBT              | MUN               | US        |    840000 | PA      | $884362.75    | 1.13%             | 2028-07-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Selective Insurance Group Inc.                            | Selective Insurance Group, Inc.                                         | CUSIP: 816300503<br>LEI: 549300R3WGJWLE40R258 | Long             | EP               | CORP              | US        |      1000 | NS      | $16750.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                            | Public Storage                                                          | CUSIP: 74460W552<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     10000 | NS      | $191100.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Arkansas LLC                                      | Entergy Arkansas, Inc., 4.88%                                           | CUSIP: 29364D100<br>LEI: 549300A0I5ONUIFMLP35 | Long             | EP               | CORP              | US        |     20000 | NS      | $402000.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| The Allstate Corporation                                  | The Allstate Corp., Series I, 4.75%                                     | CUSIP: 020002812<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EP               | CORP              | US        |     20000 | NS      | $400200.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| COWLITZ CNTY WASH PUB UTIL DIST NO 001                    | Public Utility District No. 1 of Cowlitz County, WA                     | CUSIP: 223777CN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $555622.90    | 0.71%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                | Prudential Financial, Inc., 5.625%                                      | CUSIP: 744320805<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EP               | CORP              | US        |     10000 | NS      | $244800.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                            | Morgan Stanley, Series O, 4.25%                                         | CUSIP: 61762V861<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     10000 | NS      | $171800.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                               | AbbVie, Inc.                                                            | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      7000 | NS      | $1131270.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ANDERSON IND SCH BLDG CORP                                | Anderson School Building Corp.                                          | CUSIP: 033896KS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $942079.70    | 1.20%             | 2029-07-05      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Fulton Financial Corporation                              | Fulton Financial Corp.                                                  | CUSIP: 360271308<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EP               | CORP              | US        |      6000 | NS      | $117780.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corporation                               | Bank of America Corp., Series PP, 4.125%                                | CUSIP: 06055H608<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     16667 | NS      | $278338.90    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTH CARE AUTH FOR BAPTIST HEALTH ALA                   | Health Care Authority for Baptist Health/The                            | CUSIP: 42219UBQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1789610.60   | 2.29%             | 2043-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Brookfield Infrastructure Partners LP                     | Brookfield Infrastructure Partners LP                                   | CUSIP: G16252267<br>LEI: 549300WEH5R2OODI7Y90 | Long             | EP               | CORP              | BM        |     20000 | NS      | $320998.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc                                    | Equitable Holdings, Inc., Series C, 4.30%                               | CUSIP: 29452E408<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EP               | CORP              | US        |     20000 | NS      | $353800.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| NARRAGANSETT R I BAY COMMN REV                            | Narragansett Bay Commission                                             | CUSIP: 631060CZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $172108.55    | 0.22%             | 2043-09-01      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUN PWR OHIO INC                                 | American Municipal Power, Inc.                                          | CUSIP: 02765UEQ3<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    480000 | PA      | $508482.19    | 0.65%             | 2050-02-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Northern Trust Corporation                                | Northern Trust Corp., Series E, 4.70%                                   | CUSIP: 665859856<br>LEI: 549300GLF98S992BC502 | Long             | EP               | CORP              | US        |     18640 | NS      | $369072.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP VA                           | Tobacco Settlement Financing Corp.                                      | CUSIP: 88880NAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5540000 | PA      | $4996211.33   | 6.38%             | 2046-06-01      | Fixed         | 6.71%                 | No            |                  2 | On Loan: No      |
| SNOHOMISH CNTY WASH PUB UTIL DIST NO 1                    | Snohomish County Public Utility District No. 1                          | CUSIP: 833116BU9<br>LEI: 549300LU0VT11TQC1877 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252730.35    | 0.32%             | 2040-12-01      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                       | Fifth Third Bancorp                                                     | CUSIP: 316773CH1<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    250000 | PA      | $311904.58    | 0.40%             | 2038-03-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY CALIF                                          | University of California                                                | CUSIP: 91412GXS9<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |    250000 | PA      | $236792.60    | 0.30%             | 2027-05-15      | Fixed         | 3.66%                 | No            |                  2 | On Loan: No      |
| Physicians Realty Trust                                   | Physicians Realty Trust                                                 | CUSIP: 71943U104<br>LEI: 549300ITOVH0OY7PZC34 | Long             | EC               | CORP              | US        |      2000 | NS      | $28940.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN                                 | Pennsylvania Turnpike Commission                                        | CUSIP: 709224V71<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    390000 | PA      | $294693.75    | 0.38%             | 2043-12-01      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| TC Energy Corp                                            | TC Energy Corp.                                                         | CUSIP: 89353D107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |     15000 | NS      | $597900.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Company                                     | Wells Fargo & Co.                                                       | CUSIP: 94988U128<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     20000 | NS      | $367800.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| NASSAU CNTY N Y                                           | County of Nassau, NY                                                    | CUSIP: 63165TAQ8<br>LEI: 549300ICRCGQYCPS7T40 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502557.90    | 0.64%             | 2024-10-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ST JOHNS MICH PUB SCHS                                    | St Johns Public Schools                                                 | CUSIP: 790450GS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5123.72      | 0.01%             | 2040-05-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN                                 | Pennsylvania Turnpike Commission                                        | CUSIP: 709221TG0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    520000 | PA      | $574962.34    | 0.73%             | 2037-12-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Spirit Realty Capital Inc                                 | Spirit Realty Capital, Inc.                                             | CUSIP: 84860W300<br>LEI: 549300LTU6LVPZSHMJ25 | Long             | EC               | CORP              | US        |      4000 | NS      | $159720.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                      | JPMorgan Chase & Co., Series EE, 6.00%                                  | CUSIP: 48128B648<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |     20000 | NS      | $495200.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co New                                      | Wells Fargo & Co., Series CC, 4.375%                                    | CUSIP: 95002Y202<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     20000 | NS      | $340600.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| PHOENIX ARIZ CIVIC IMPT CORP                              | City of Phoenix Civic Improvement Corp.                                 | CUSIP: 71884AG60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $167033.13    | 0.21%             | 2045-07-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Bank of America Corporation                               | Bank of America Corp., Series QQ, 4.25%                                 | CUSIP: 06055H806<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     10000 | NS      | $169500.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| WORCESTER MASS                                            | City of Worcester, MA                                                   | CUSIP: 981305SA4<br>LEI: 5493006DO0NOILRNNH68 | Long             | DBT              | MUN               | US        |    125000 | PA      | $127435.08    | 0.16%             | 2028-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                                                 | State of Hawaii                                                         | CUSIP: 419792DG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $462254.02    | 0.59%             | 2032-10-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Public Storage                                            | Public Storage, Series I, 4.875%                                        | CUSIP: 74460W628<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      9583 | NS      | $193097.45    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                          | Philip Morris International, Inc.                                       | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     10000 | NS      | $1012100.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MIAMI LAKES FLA                                           | Town of Miami Lakes, FL                                                 | CUSIP: 59356PAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $170415.27    | 0.22%             | 2030-12-01      | Fixed         | 7.59%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PPTY & BLDGS COMMN                            | Kentucky State Property & Building Commission                           | CUSIP: 49151E7C1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $306593.75    | 0.39%             | 2025-11-01      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| MIAMI GARDENS FLA                                         | City of Miami Gardens, FL                                               | CUSIP: 593563AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $908222.18    | 1.16%             | 2026-06-01      | Fixed         | 7.17%                 | No            |                  2 | On Loan: No      |
| ARIZONA SCH FACS BRD                                      | Arizona School Facilities Board                                         | CUSIP: 04057PJA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $231581.66    | 0.30%             | 2027-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COMSTOCK PARK MICH PUB SCHS                               | Comstock Park Public Schools                                            | CUSIP: 205759GV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200203.42    | 0.26%             | 2024-05-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST                                                | State of Georgia                                                        | CUSIP: 373384V37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $932705.50    | 1.19%             | 2032-02-01      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| SPRINGFIELD OHIO LOC SCH DIST SUMMIT CNTY                 | Springfield Local School District/Summit County                         | CUSIP: 851239AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200187.76    | 0.26%             | 2031-09-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Affiliated Managers Group, Inc.                           | Affiliated Managers Group, Inc., 4.75%                                  | CUSIP: 008252843<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EP               | CORP              | US        |     10000 | NS      | $168200.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN MUN PWR OHIO INC                                 | American Municipal Power, Inc.                                          | CUSIP: 02765UDV3<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    500000 | PA      | $601482.00    | 0.77%             | 2050-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Service Properties Trust                                  | Hospitality Properties Trust                                            | CUSIP: 44106MAT9<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    500000 | PA      | $432063.45    | 0.55%             | 2025-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Renaissancere Holdings Ltd.                               | RenaissanceRE Holdings Ltd., Series G, 4.2%                             | CUSIP: G7498P127<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EP               | CORP              | BM        |       500 | NS      | $8115.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                                      | Vornado Realty Trust, Series L, 5.40%                                   | CUSIP: 929042844<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     12298 | NS      | $198858.66    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                                             | US Bancorp, Series M, 4.00%                                             | CUSIP: 902973718<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |     10000 | NS      | $162400.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CUYAHOGA CNTY OHIO                                        | County of Cuyahoga, OH                                                  | CUSIP: 2322655C8<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1153854.50   | 1.47%             | 2040-02-15      | Fixed         | 8.22%                 | No            |                  2 | On Loan: No      |
| CWMBS Inc                                                 | CHL Mortgage Pass-Through Trust                                         | CUSIP: 126694DF2<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |     16870 | PA      | $10404.76     | 0.01%             | 2035-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST UNIV                                        | California State University                                             | CUSIP: 13077DKT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $37004.83     | 0.05%             | 2042-11-01      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| IDAHO ST WTR RES BRD                                      | Idaho Water Resource Board                                              | CUSIP: 451484AW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400077.48    | 0.51%             | 2024-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                             | US Bancorp                                                              | CUSIP: 902973734<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |     20000 | NS      | $310000.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH                   | New York City Transitional Finance Authority Future Tax Secured Revenue | CUSIP: 64971MS78<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    815000 | PA      | $816932.77    | 1.04%             | 2036-05-01      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan Energy Partners LP                          | Kinder Morgan Energy Partners LP                                        | CUSIP: 494550AV8<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254074.97    | 0.32%             | 2037-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Entergy Louisiana, LLC                                    | Entergy Louisiana LLC, Series *, 4.88%                                  | CUSIP: 29364W108<br>LEI: 0V5453U14HDZO63CGH17 | Long             | EP               | CORP              | US        |     10000 | NS      | $202700.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PITTSBURGH & ALLEGHENY CNTY PA SPORTS & EXHIB AUTH        | Sports & Exhibition Authority of Pittsburgh and Allegheny County        | CUSIP: 724790AH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011128.50   | 1.29%             | 2039-11-01      | Fixed         | 7.04%                 | No            |                  2 | On Loan: No      |
| Citicorp Mortgage Securities                              | Citicorp Mortgage Securities, Inc.                                      | CUSIP: 172973N96<br>LEI: 549300ISEJNGWSXAKR30 | Long             | ABS-O            | CORP              | US        |     41784 | PA      | $37431.86     | 0.05%             | 2035-02-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                 | Goldman Sachs Group, Inc./The                                           | CUSIP: 38143YAC7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    500000 | PA      | $522912.45    | 0.67%             | 2036-05-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corporation                   | Bank of New York Mellon Corp./The                                       | CUSIP: 064058AJ9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89491.29     | 0.11%             | N/A             | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Diversified Healthcare Trust                              | Diversified Healthcare Trust, 5.625%                                    | CUSIP: 25525P206<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     26660 | NS      | $287928.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO ILL                                               | City of Chicago, IL Waterworks Revenue                                  | CUSIP: 167736YU5<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    250000 | PA      | $273144.45    | 0.35%             | 2040-11-01      | Fixed         | 6.74%                 | No            |                  2 | On Loan: No      |
| BRICK TWP N J                                             | Township of Brick, NJ                                                   | CUSIP: 107889TL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $774254.13    | 0.99%             | 2028-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY INDL DEV AGY                            | New York City Industrial Development Agency                             | CUSIP: 64967BAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $569760.27    | 0.73%             | 2046-03-01      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Southern Co.                                              | Souther Co./The                                                         | CUSIP: 842587883<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |      6000 | NS      | $104100.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MISSOURI JT MUN ELEC UTIL COMMN PWR                       | Missouri Joint Municipal Electric Utility Commission                    | CUSIP: 606092EF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $574640.89    | 0.73%             | 2039-01-01      | Fixed         | 7.73%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE CNTY KANS UNI SCH DIST NO 500                   | Wyandotte County Unifed School District No 500 Kansas City              | CUSIP: 982696SF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $234042.86    | 0.30%             | 2046-09-01      | Fixed         | 3.17%                 | No            |                  2 | On Loan: No      |
| Bip Bermuda Holdings I Limited                            | BIP Bernuda Holdings I Ltd, 5.125%                                      | CUSIP: 05554M100<br>LEI: 549300Y8SLOLKXX0MZ44 | Long             | EP               | CORP              | US        |     10000 | NS      | $162000.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corporation                               | Bank of America Corp.                                                   | CUSIP: 06055H400<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     10000 | NS      | $175500.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corporation                                 | Valero Energy Corp.                                                     | CUSIP: 91913YAB6<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |    224000 | PA      | $265615.70    | 0.34%             | 2030-06-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Public Storage                                            | Public Storage, Series S, 4.1%                                          | CUSIP: 74460W396<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     10000 | NS      | $170800.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                                          | Duke Energy Corp.                                                       | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      3000 | NS      | $308970.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILADELPHIA PA AUTH                                      | Philadelphia Authority for Industrial Development                       | CUSIP: 71781LAM1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    130000 | PA      | $134993.22    | 0.17%             | 2028-04-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH                   | New York City Transitional Finance Authority Building Aid Revenue       | CUSIP: 64972HRB0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    500000 | PA      | $561110.70    | 0.72%             | 2040-07-15      | Fixed         | 6.83%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                      | JPMorgan Chase & Co.                                                    | CUSIP: 48128B622<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |     20000 | NS      | $385200.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corporation                         | Capital One Financial Corp.                                             | CUSIP: 14040H774<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |     12334 | NS      | $215832.67    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc.                                              | MetLife, Inc.                                                           | CUSIP: 59156RBS6<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1749454.89   | 2.23%             | 2038-04-08      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| DTE Energy Company                                        | DTE Energy Co., Series G, 4.375%                                        | CUSIP: 233331826<br>LEI: 549300IX8SD6XXD71I78 | Long             | EP               | CORP              | US        |     20000 | NS      | $381600.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit Mta Reit                                           | Spirit MTA REIT                                                         | CUSIP: 84861U105<br>LEI: 5493001XMVHW4G48PP41 | Long             | EC               | CORP              | US        |      2000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MUNICIPAL ELEC AUTH GA                                    | Municipal Electric Authority of Georgia                                 | CUSIP: 626207YS7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1422000 | PA      | $1443564.35   | 1.84%             | 2057-04-01      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| American Financial Group, Inc.                            | American Financial Group, Inc./OH, 5.625%                               | CUSIP: 025932872<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EP               | CORP              | US        |     20000 | NS      | $430200.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                                               | Phillips 66                                                             | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      6000 | NS      | $624480.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| ALHAMBRA CALIF UNI SCH DIST                               | Alhambra Unified School District                                        | CUSIP: 016066BK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $482312.37    | 0.62%             | 2026-02-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

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

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller