# EDGAR Filing Document

**Accession Number:** 0001039667
**File Stem:** 0001752724-23-046648
**Filing Date:** 2023-2
**Character Count:** 70462
**Document Hash:** e195177dc71fc41b875663432934e659
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-046648.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-046648

**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:** 23682885

**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 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 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:** 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:** $40146692.12

**Total Liabilities:** $734819.02

**Net Assets:** $39411873.10

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 58.58402300 | **1-Year:** 2581.50391500 | **5-Year:** 8572.54102700 | **10-Year:** 7092.09852500 | **30-Year:** 7458.03555400

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 6.87426300 | **10-Year:** 393.45636400 | **30-Year:** 92.94139100

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000219379 | -1.04%               | 5.01%                | -0.29%               |
| Class ID C000167228 | -2.12%               | 4.06%                | -1.38%               |
| Class ID C000059931 | -5.66%               | 0.04%                | -5.01%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1093.66                 | $-471195.15                                |
| Month 2  | $-340919.73              | $2234862.48                                |
| Month 3  | $-66739.18               | $-107794.38                                |

### 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      | $89662.40     | 0.23%             | 2044-11-15      | Fixed         | 3.75%                 | 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      | $454365.00    | 1.15%             | 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      | $208026.00    | 0.53%             | 2031-12-01      | Fixed         | 4.00%                 | 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        |     15000 | PA      | $15011.10     | 0.04%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH                                      | Illinois Finance Authority                                                            | CUSIP: 45204FAD7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    900000 | PA      | $839782.44    | 2.13%             | 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      | $474122.90    | 1.20%             | 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      | $485531.25    | 1.23%             | 2044-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY MUN WTR FIN AUTH                     | New York City Water & Sewer System                                                    | CUSIP: 64972GSH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523579.75    | 1.33%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH                | New YorkCity Transitional Finance Auth Future Tax Secured Revenue                     | CUSIP: 64971W7C8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $282408.42    | 0.72%             | 2044-05-01      | Fixed         | 4.00%                 | 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      | $145622.98    | 0.37%             | 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      | $177673.48    | 0.45%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                         | State of Connecticut                                                                  | CUSIP: 20772J6S6<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    500000 | PA      | $541961.30    | 1.38%             | 2032-04-15      | 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: 64971X3B2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75812.53     | 0.19%             | 2023-08-01      | Fixed         | 5.00%                 | 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      | $591159.78    | 1.50%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CALIF CMNTY COLLEGE DIST                   | Los Angeles Community College District                                                | CUSIP: 54438CWQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503650.55    | 1.28%             | 2038-08-01      | Fixed         | 4.00%                 | 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      | $262062.63    | 0.66%             | 2034-07-01      | Fixed         | 5.00%                 | 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      | $235992.30    | 0.60%             | 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      | $204129.84    | 0.52%             | 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      | $192683.66    | 0.49%             | 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      | $106601.77    | 0.27%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH N Y & N J                                    | Port Authority of New York & New Jersey                                               | CUSIP: 73358WM84<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    250000 | PA      | $276172.63    | 0.70%             | 2030-11-15      | 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      | $242987.93    | 0.62%             | 2027-05-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HEALTH & EDL FACS AUTH                     | Health & Educational Facilities Authority State of Missouri                           | CUSIP: 60637AMK5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    360000 | PA      | $318218.87    | 0.81%             | 2049-11-15      | Fixed         | 4.00%                 | 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      | $44017.74     | 0.11%             | 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      | $260931.65    | 0.66%             | 2027-07-15      | Fixed         | 5.00%                 | 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      | $5002.76      | 0.01%             | 2040-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST UNIV                                   | Pennsylvania State University                                                         | CUSIP: 709235XD2<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |    125000 | PA      | $134160.93    | 0.34%             | 2035-09-01      | Fixed         | 5.00%                 | 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      | $261938.48    | 0.66%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS WATER DEV BRD                                    | Texas Water Development Board                                                         | CUSIP: 882854Z39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507059.85    | 1.29%             | 2037-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TEX                                             | City of Austin TX Electric Utility Revenue                                            | CUSIP: 052414SS9<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    500000 | PA      | $527067.75    | 1.34%             | 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: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149490.99    | 0.38%             | 2032-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LEHIGH CNTY PA GEN PURP HOSP                           | County of Lehigh PA                                                                   | CUSIP: 52480GDW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $436258.85    | 1.11%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAINE HEALTH & HIGHER EDL FACS AUTH                    | Maine Helath & Higher Educational Facilities Authority                                | CUSIP: 56042RYH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $348245.59    | 0.88%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH FING AUTH PA.                             | Commonwealth Financing Authority                                                      | CUSIP: 20282EAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $246262.08    | 0.62%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY N C                                         | University of North Carolina at Charlotte/The                                         | CUSIP: 914716E50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105111.86    | 0.27%             | 2040-04-01      | 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      | $238462.40    | 0.61%             | 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      | $508095.55    | 1.29%             | 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        |    250000 | PA      | $267651.28    | 0.68%             | 2037-11-15      | 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      | $500764.65    | 1.27%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST                                                | State of Iowa                                                                         | CUSIP: 46257TEE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $267816.58    | 0.68%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY & CNTY PUB UTILS COMMN        | San Franscisco City & County Public Utilities Commission                              | CUSIP: 79765R5J4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535680.20    | 1.36%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                           | City of New York NY                                                                   | CUSIP: 64966QJZ4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    150000 | PA      | $158503.44    | 0.40%             | 2043-03-01      | 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      | $98401.82     | 0.25%             | 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      | $280059.05    | 0.71%             | 2031-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MEMPHIS TENN                                           | City of Memphis, TN                                                                   | CUSIP: 5861453Q5<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81278.06     | 0.21%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY                           | Massachusetts Housing Finance Agency                                                  | CUSIP: 57586PVA1<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65037.97     | 0.17%             | 2039-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                           | City of New York NY                                                                   | CUSIP: 64966QFM7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    145000 | PA      | $155111.62    | 0.39%             | 2039-10-01      | Fixed         | 5.00%                 | 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      | $231613.95    | 0.59%             | 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        |    315000 | PA      | $296389.42    | 0.75%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH                                    | Indiana Finance Authority                                                             | CUSIP: 45505MJA5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $529530.15    | 1.34%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA EDL FACS AUTH                      | Miami-Dade County Educational Facilities Authority                                    | CUSIP: 59333AGU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $295722.54    | 0.75%             | 2031-04-01      | Fixed         | 5.25%                 | 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      | $515266.13    | 1.31%             | 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      | $23433.95     | 0.06%             | 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      | $160593.15    | 0.41%             | 2025-10-01      | Fixed         | 5.40%                 | 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      | $128472.55    | 0.33%             | 2026-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MEMPHIS TENN                                           | City of Memphis, TN                                                                   | CUSIP: 5861453N2<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20525.62     | 0.05%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH                | New York City Transitional Finance Authority Building Aid Revenue                     | CUSIP: 64972HYP1<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265569.23    | 0.67%             | 2031-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST RES AUTH                                   | Virginia Resource Authority                                                           | CUSIP: 92818NYU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76724.70     | 0.19%             | 2033-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL FLA EXPWY AUTH                                 | Central Florida Expressway Authority                                                  | CUSIP: 153476BQ8<br>LEI: 549300JL23Z3Z64M6K65 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151637.24    | 0.38%             | 2035-07-01      | 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      | $107113.09    | 0.27%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREATER ORLANDO AVIATION AUTH ORLANDO FLA              | Greater Orlando Aviation Authority                                                    | CUSIP: 392274YX8<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |    120000 | PA      | $120197.65    | 0.30%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                         | State of Connecticut Special Tax Revenue                                              | CUSIP: 207758RW5<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253835.83    | 0.64%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                         | State of Connecticut                                                                  | CUSIP: 20772JF72<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257913.25    | 0.65%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD                                           | City of Baltimore MD                                                                  | CUSIP: 05922KB81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $380002.75    | 0.96%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                        | City of Philadelphia PA Water & Wastewater Revenue                                    | CUSIP: 717893W72<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    500000 | PA      | $530870.50    | 1.35%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX ARIZ                                           | City of Phoenix, AZ                                                                   | CUSIP: 718814Q58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $539752.55    | 1.37%             | 2027-07-01      | 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: 64971WWJ5<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103549.36    | 0.26%             | 2024-08-01      | Fixed         | 5.00%                 | 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      | $99674.40     | 0.25%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                                  | New York State Dormatory Authority                                                    | CUSIP: 64990AHY4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262354.50    | 0.67%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                         | State of Connecticut Special Tax Revenue                                              | CUSIP: 207758NY5<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    445000 | PA      | $445000.00    | 1.13%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST SCH BLDG AUTH                         | Massachusetts School Building Authority                                               | CUSIP: 576000WE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $531421.40    | 1.35%             | 2048-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HSG & ECONOMIC DEV AUTH                      | Wisconsin Housing & Economic Development Authority                                    | CUSIP: 976904TU6<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81497.46     | 0.21%             | 2035-11-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA WTR & SWR AUTH                       | District of Columbia Water & Sewer Authority                                          | CUSIP: 254845MN7<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |    250000 | PA      | $263175.10    | 0.67%             | 2036-10-01      | 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      | $1028420.30   | 2.61%             | 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      | $197602.45    | 0.50%             | 2029-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH                                    | Indiana Finance Authority                                                             | CUSIP: 45505MFE1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    600000 | PA      | $626037.84    | 1.59%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                            | City of Houston, TX                                                                   | CUSIP: 4423315N0<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    500000 | PA      | $458743.65    | 1.16%             | 2049-03-01      | Fixed         | 4.00%                 | 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      | $322218.37    | 0.82%             | 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      | $181664.68    | 0.46%             | 2033-11-01      | 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        |    320000 | PA      | $320510.14    | 0.81%             | 2031-06-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA                                    | County of Miami-Dade FL Water & Sewage System Revenue                                 | CUSIP: 59334DLT9<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    150000 | PA      | $139598.12    | 0.35%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN                              | Pennsylvania Turnpike Commission                                                      | CUSIP: 709222CW1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    150000 | PA      | $169080.74    | 0.43%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOUISIANA LOC GOVT ENVIRONMENTAL FACS & CMNTY DEV AUTH | Louisiana Local Government Environmental Facilities & Community Development Authority | CUSIP: 546282UR3<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100140.32    | 0.25%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                           | New York, NY                                                                          | CUSIP: 64966QCX6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $526633.05    | 1.34%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUB WKS BRD                              | California State Public Works Board                                                   | CUSIP: 13068LYW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $653856.60    | 1.66%             | 2029-11-01      | 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      | $88581.36     | 0.22%             | 2042-10-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                        | New Jersey Transportation Trust Fund Authority                                        | CUSIP: 6461367J4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    100000 | PA      | $87448.72     | 0.22%             | 2045-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                        | City of Philadephia PA Water & Wastewater Revenue                                     | CUSIP: 717893Q46<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    500000 | PA      | $528829.15    | 1.34%             | 2045-11-01      | 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      | $26407.51     | 0.07%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY MUN WTR FIN AUTH                     | New York City Water & Sewer System                                                    | CUSIP: 64972GPQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $109197.30    | 0.28%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUDSON YDS INFRASTRUCTURE CORP N Y                     | Hudson Yards Infrastructure Corp.                                                     | CUSIP: 44420RBF6<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |    575000 | PA      | $531806.46    | 1.35%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                           | New Jersey Economic Development Authority                                             | CUSIP: 645918U43<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50145.59     | 0.13%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FING AUTH                    | Pennsylvania Economic Development Financing Authority                                 | CUSIP: 70870JBA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $350330.44    | 0.89%             | 2047-11-15      | Fixed         | 4.00%                 | 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      | $250643.23    | 0.64%             | 2031-11-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                           | Metropolitan Transportation Authority                                                 | CUSIP: 59259N8D8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $269663.93    | 0.68%             | 2035-11-15      | Fixed         | 5.00%                 | 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      | $101812.31    | 0.26%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA                                             | City of Atlanta GA Water & Wastewater Revenue                                         | CUSIP: 047870QT0<br>LEI: 549300GHLQ0J51NUBM84 | Long             | DBT              | MUN               | US        |    125000 | PA      | $131301.16    | 0.33%             | 2047-11-01      | 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      | $256276.13    | 0.65%             | 2034-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                           | Metropolitan Transportation Authority                                                 | CUSIP: 59259YZW2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100236.34    | 0.25%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                           | City of New York NY                                                                   | CUSIP: 64966MZY8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    195000 | PA      | $205276.64    | 0.52%             | 2043-04-01      | Fixed         | 5.00%                 | 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        |    250000 | PA      | $267859.73    | 0.68%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH TEX TWY AUTH                                     | North Texas Tollway Authority                                                         | CUSIP: 66285WWC6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    470000 | PA      | $442591.72    | 1.12%             | 2043-01-01      | Fixed         | 4.00%                 | 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      | $87234.19     | 0.22%             | 2032-05-01      | Fixed         | 4.00%                 | 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      | $133146.27    | 0.34%             | 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        |    190000 | PA      | $213226.61    | 0.54%             | 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      | $89407.53     | 0.23%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA HEALTH & ED FACS AUTH                  | Chester County Health and Education Facilities Authority                              | CUSIP: 16557HFM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $444135.00    | 1.13%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY                           | Massachusetts Housing Finance Agency                                                  | CUSIP: 57586PUZ7<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60026.77     | 0.15%             | 2029-12-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY                           | Massachusetts Housing Finance Agency                                                  | CUSIP: 57587AVN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $88242.93     | 0.22%             | 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      | $155598.68    | 0.39%             | 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      | $264457.98    | 0.67%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH BRDG & TUNL AUTH N Y                        | Triborough Bridge & Tunnel Authority                                                  | CUSIP: 89602N3P7<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101801.64    | 0.26%             | 2023-11-15      | 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      | $84492.88     | 0.21%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                           | City of New York NY                                                                   | CUSIP: 64966MZX0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    305000 | PA      | $322591.45    | 0.82%             | 2040-04-01      | 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      | $52794.59     | 0.13%             | 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      | $142545.39    | 0.36%             | 2037-07-01      | 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      | $44286.66     | 0.11%             | 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      | $39860.04     | 0.10%             | 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        |    150000 | PA      | $158805.68    | 0.40%             | 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      | $235935.60    | 0.60%             | 2032-11-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH                | New York City Transitional Finance Authority Future Tax Secured Revenue               | CUSIP: 64971WS92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101622.98    | 0.26%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CALIF DEPT WTR & PWR                       | Los Angeles Department of Water & Power System Revenue                                | CUSIP: 5444956V1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    200000 | PA      | $215334.62    | 0.55%             | 2049-07-01      | Fixed         | 5.25%                 | 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      | $200331.64    | 0.51%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS WATER DEV BRD                                    | Texas Water Development Board                                                         | CUSIP: 882854Z88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $474592.65    | 1.20%             | 2054-10-15      | Fixed         | 4.00%                 | 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      | $53162.86     | 0.13%             | 2037-07-01      | Fixed         | 3.40%                 | 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      | $91499.81     | 0.23%             | 2039-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH                | New York City Transitional Finance Authority  Future Tax Secured Revenue              | CUSIP: 64971X3C0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25306.65     | 0.06%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | 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      | $1022435.20   | 2.59%             | 2033-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH                                    | Indiana Finance Authority                                                             | CUSIP: 45470YCJ8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    200000 | PA      | $180350.70    | 0.46%             | 2051-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH CNTY UTAH                                         | County of Utah UT                                                                     | CUSIP: 917393DD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517050.65    | 1.31%             | 2050-05-15      | Fixed         | 5.00%                 | 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      | $106040.38    | 0.27%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA                                             | City of Atlanta GA Water & Wastewater Revenue                                         | CUSIP: 047870SA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $433459.15    | 1.10%             | 2037-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                           | Metropolitan Transportation Authority                                                 | CUSIP: 59261ANL7<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $261251.40    | 0.66%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX                                        | San Antonio Water System                                                              | CUSIP: 79642GHU9<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    205000 | PA      | $216869.93    | 0.55%             | 2050-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                           | Metropolitan Transportation Authority                                                 | CUSIP: 59259Y4Y2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $263493.55    | 0.67%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST                                          | State of New Jersey                                                                   | CUSIP: 646039VN4<br>LEI: 213800HFVBUBETRKVY63 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253829.83    | 0.64%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEVADA ST                                              | Nevada System of Higher Education                                                     | CUSIP: 641494CH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $729153.60    | 1.85%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY CONN                                        | University of Connecticut                                                             | CUSIP: 914233ZE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254497.23    | 0.65%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERMONT HSG FIN AGY                                    | Vermont Housing Finance Agency                                                        | CUSIP: 924194PH0<br>LEI: 549300RD7EYN90K0W008 | Long             | DBT              | MUN               | US        |    225000 | PA      | $225021.31    | 0.57%             | 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      | $100341.18    | 0.25%             | 2029-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TEXAS WATER DEV BRD                                    | Texas Water Development Board                                                         | CUSIP: 882854Q70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $474734.70    | 1.20%             | 2049-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUTH                        | Allegheny County Hospital Development Authority                                       | CUSIP: 01728A3Z7<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    150000 | PA      | $136397.72    | 0.35%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAINE ST HSG AUTH                                      | Maine State Housing Authority                                                         | CUSIP: 56052E5L8<br>LEI: 549300SO05LH6D240016 | Long             | DBT              | MUN               | US        |     95000 | PA      | $91047.09     | 0.23%             | 2036-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                           | Metropolitan Transportation Authority                                                 | CUSIP: 59259YG52<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51016.11     | 0.13%             | 2028-11-15      | Fixed         | 5.25%                 | 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      | $461190.45    | 1.17%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY & CNTY PUB UTILS COMMN        | San Francisco City & County Utilities Commission Wastewater Revenue                   | CUSIP: 79768HET1<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98181.39     | 0.25%             | 2043-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HAVEN CONN                                         | City of New Haven, CT                                                                 | CUSIP: 6450203H9<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |    230000 | PA      | $242209.41    | 0.61%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH BRDG & TUNL AUTH N Y                        | Triborough Bridge & Tunnel Authority                                                  | CUSIP: 89602RGP4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    125000 | PA      | $132188.76    | 0.34%             | 2051-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                        | City of Philadelphia PA Water & Wastewater Revenue                                    | CUSIP: 717893W80<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    500000 | PA      | $451018.15    | 1.14%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF MUN TRANSN AGY                     | San Francisco Municipal Transportation Agency                                         | CUSIP: 797686EH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $194129.70    | 0.49%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                           | Metropolitan Transportation Authority                                                 | CUSIP: 59259N8F3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $266647.83    | 0.68%             | 2037-11-15      | Fixed         | 5.00%                 | 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