# EDGAR Filing Document

**Accession Number:** 0001039667
**File Stem:** 0001752724-25-212423
**Filing Date:** 2025-8
**Character Count:** 61003
**Document Hash:** 4f95c78376651d6cda930574461d4d5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-212423.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001752724-25-212423

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08231
- **FILM NUMBER:** 251277728

**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 Turnpike

  - **City:** Syosset

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 11791

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

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

- **a. Name of Series:** SPIRIT OF AMERICA 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:** 2025-12-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $57665141.93

**Total Liabilities:** $758968.10

**Net Assets:** $56906173.83

**Cash Not Reported:** $6906.20

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 37.25261747 | **1-Year:** 834.35927735 | **5-Year:** 3901.18880814 | **10-Year:** 15171.48857751 | **30-Year:** 3363.90123372

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 1.79344659 | **10-Year:** 2026.33026610 | **30-Year:** 2107.53470543

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000219380 | -0.56%               | -0.30%               | 1.56%                |
| Class ID C000073513 | -5.34%               | -5.04%               | -3.39%               |
| Class ID C000167229 | -1.65%               | -1.37%               | 0.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-22478.39               | $-550930.58                                |
| Month 2  | $757951.41               | $-1198681.58                               |
| Month 3  | $5524.87                 | $572554.17                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CWMBS Inc                                          | CHL Mortgage Pass-Through Trust                                   | CUSIP: 126694CK2<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |     16469 | PA      | $8911.98      | 0.02%             | 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      | $203111.44    | 0.36%             | 2030-01-01      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| WaFd Inc                                           | Washington Federal, Inc., Series A, 4.875%                        | CUSIP: 938824307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     10000 | NS      | $154400.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                       | Metropolitan Transportation Authority                             | CUSIP: 59259YDB2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    145000 | PA      | $154109.09    | 0.27%             | 2030-11-15      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                 | Huntington Bancshares, Inc., Series H, 4.50%                      | CUSIP: 446150823<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |     10000 | NS      | $175600.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                                       | The Southern Co., 4.95%                                           | CUSIP: 842587800<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |     10000 | NS      | $198000.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp., Series HH, 5.875%                          | CUSIP: 060505195<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |      8000 | NS      | $196080.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| WASHOE CNTY NEV                                    | County of Washoe, NV                                              | CUSIP: 940839BM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $815158.82    | 1.43%             | 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        |    196899 | PA      | $203731.40    | 0.36%             | 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        |    240000 | PA      | $240402.48    | 0.42%             | 2025-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc          | Hannon Armstrong Sustainable Infrastructure Capital, Inc.         | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |      7000 | NS      | $188020.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| W.R. Berkley Corporation                           | WR Berkley Corp., 5.1%                                            | CUSIP: 084423805<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EP               | CORP              | US        |     20000 | NS      | $409000.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                           | Simon Property Group, Inc.                                        | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      3500 | NS      | $562660.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc.                                       | MetLife, Inc., Series F, 4.75%                                    | CUSIP: 59156R850<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               | CORP              | US        |     10000 | NS      | $194900.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| WASHOE CNTY NEV                                    | County of Washoe, NV                                              | CUSIP: 940839BL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $316811.15    | 0.56%             | 2040-02-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                | Constellation Energy LLC                                          | CUSIP: 30161MAM5<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    400000 | PA      | $350651.01    | 0.62%             | 2042-06-15      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| ONSTED CMNTY SCHOOLS MI                            | Onsted Community Schools                                          | CUSIP: 682871CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100873.13    | 0.18%             | 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      | $97500.00     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                      | Chevron Corp.                                                     | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2500 | NS      | $357975.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                        | Capital One Financial Corp, Series J, 4.80%                       | CUSIP: 14040H782<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |     10000 | NS      | $177700.00    | 0.31%             |  |  |  | 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      | $157600.00    | 0.28%             |  |  |  | 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      | $76147.11     | 0.13%             | 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        |     15000 | NS      | $226500.00    | 0.40%             |  |  |  | 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      | $285000.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust                    | Federal Realty Investment Trust Series C, 5.00%                   | CUSIP: 313745200<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EP               | CORP              | US        |      7500 | NS      | $150300.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                       | Metropolitan Transportation Authority                             | CUSIP: 59259YDK2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60662.27     | 0.11%             | 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      | $983747.40    | 1.73%             | 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      | $300613.94    | 0.53%             | 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      | $1057379.60   | 1.86%             | 2035-07-01      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY & CNTY                    | City & County of San Francisco, CA                                | CUSIP: 797646NH5<br>LEI: 213800P9VO3CSYYNM193 | Long             | DBT              | MUN               | US        |    450000 | PA      | $479767.82    | 0.84%             | 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      | $500690.00    | 0.88%             | 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      | $295800.00    | 0.52%             |  |  |  | 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      | $934684.52    | 1.64%             | 2037-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                       | City of New York, NY                                              | CUSIP: 64966HYK0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    145000 | PA      | $147687.37    | 0.26%             | 2027-03-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| South Bow Corp.                                    | SOUTH BOW CORP                                                    | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               | CORP              | CA        |      3000 | NS      | $77730.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon Corp.                  | Bank of New York Mellon Corp./The                                 | CUSIP: 064058AF7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497779.55    | 0.87%             | 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        |    190000 | PA      | $190579.60    | 0.33%             | 2026-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Realty Income Corporation                          | Realty Income Corp.                                               | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |      3048 | NS      | $175595.28    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| KANSAS CITY MO SPL OBLIG                           | City of Kansas City, MO                                           | CUSIP: 485106CN6<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |   2090000 | PA      | $2418498.68   | 4.25%             | 2040-04-01      | Fixed         | 7.83%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                      | Enbridge, Inc.                                                    | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |     12500 | NS      | $566500.00    | 1.00%             |  |  |  | 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      | $15014.40     | 0.03%             | 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      | $106248.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Texas Inc                                  | Entergy Texas, Inc.                                               | CUSIP: 29365TAD6<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91116.23     | 0.16%             | 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      | $221513.08    | 0.39%             | 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      | $222626.25    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                     | Public Storage                                                    | CUSIP: 74460W511<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     20000 | NS      | $306000.00    | 0.54%             |  |  |  | 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      | $277679.84    | 0.49%             | 2039-05-15      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                  | Wells Fargo & Co., Series Z, 4.75%                                | CUSIP: 94988U151<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     10000 | NS      | $190400.00    | 0.33%             |  |  |  | No            |                  1 | 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      | $254797.55    | 0.45%             | 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        |      7500 | NS      | $220500.00    | 0.39%             |  |  |  | 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      | $342000.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| GLENWOOD ILL                                       | Village of Glenwood, IL                                           | CUSIP: 379213ET4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $953039.57    | 1.67%             | 2028-12-01      | Fixed         | 7.03%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                       | Southern Co., 5.25%                                               | CUSIP: 842587404<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |      6000 | NS      | $127860.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILADELPHIA PA MUN AUTH                           | Philadelphia Municipal Authority                                  | CUSIP: 717904JP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $387654.65    | 0.68%             | 2028-03-15      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| CINCINNATI OHIO CITY SCH DIST                      | Cincinnati City School District                                   | CUSIP: 172253EL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $193389.40    | 0.34%             | 2032-12-15      | Fixed         | 4.00%                 | No            |                  2 | 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      | $981759.64    | 1.73%             | 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      | $1165128.60   | 2.05%             | 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: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    250000 | PA      | $268886.78    | 0.47%             | 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        |      7500 | NS      | $324525.00    | 0.57%             |  |  |  | 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      | $34460.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp.                                 | State Street Corp., Series G, 5.35%                               | CUSIP: 857477855<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EP               | CORP              | US        |      1000 | NS      | $21720.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                              | Bank Of America Corp., Series LL, 5.00%                           | CUSIP: 06055H202<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     15000 | NS      | $304650.00    | 0.54%             |  |  |  | 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      | $197066.14    | 0.35%             | 2041-05-01      | Fixed         | 5.85%                 | No            |                  2 | 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      | $90423.53     | 0.16%             | 2047-01-01      | Fixed         | 4.50%                 | No            |                  2 | 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      | $417867.75    | 0.73%             | 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      | $276524.28    | 0.49%             | 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      | $331657.59    | 0.58%             | 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      | $101219.44    | 0.18%             | 2031-10-01      | Fixed         | 5.21%                 | 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      | $510374.95    | 0.90%             | 2032-07-01      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| FRISCO TEX ECONOMIC DEV CORP                       | Frisco Economic Development Corp.                                 | CUSIP: 358782CQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976412.90    | 1.72%             | 2034-02-15      | Fixed         | 4.20%                 | 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      | $162995.09    | 0.29%             | 2040-04-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| KeyCorp                                            | KeyCorp, Series G, 5.625%                                         | CUSIP: 493267868<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |     15000 | NS      | $319200.00    | 0.56%             |  |  |  | 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      | $114304.35    | 0.20%             | 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        |    255000 | PA      | $259799.58    | 0.46%             | 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        |     15000 | NS      | $300900.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc.                                       | MetLife, Inc.                                                     | CUSIP: 59156RAV0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1341590.00   | 2.36%             | 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        |    585000 | PA      | $599770.26    | 1.05%             | 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      | $16660.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Arkansas LLC                               | Entergy Arkansas, Inc., 4.88%                                     | CUSIP: 29364D100<br>LEI: 549300A0I5ONUIFMLP35 | Long             | EP               | CORP              | US        |     10000 | NS      | $202000.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| The Allstate Corporation                           | The Allstate Corp., Series I, 4.75%                               | CUSIP: 020002812<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EP               | CORP              | US        |     10000 | NS      | $190600.00    | 0.33%             |  |  |  | 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      | $544894.30    | 0.96%             | 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      | $235100.00    | 0.41%             |  |  |  | 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      | $983261.20    | 1.73%             | 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      | $108600.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp., Series PP, 4.125%                          | CUSIP: 06055H608<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     16667 | NS      | $283005.66    | 0.50%             |  |  |  | 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      | $1875710.00   | 3.30%             | 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        |     25000 | NS      | $418250.00    | 0.73%             |  |  |  | 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      | $341000.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| NARRAGANSETT R I BAY COMMN REV                     | Narragansett Bay Commission                                       | CUSIP: 631060CZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $365159.95    | 0.64%             | 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        |    445000 | PA      | $457906.91    | 0.80%             | 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        |     10000 | NS      | $195600.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP VA                    | Tobacco Settlement Financing Corp.                                | CUSIP: 88880NAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5245000 | PA      | $4131867.29   | 7.26%             | 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      | $249627.65    | 0.44%             | 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      | $299451.70    | 0.53%             | 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      | $248407.53    | 0.44%             | 2027-05-15      | Fixed         | 3.66%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN                          | Pennsylvania Turnpike Commission                                  | CUSIP: 709224V71<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    390000 | PA      | $316504.23    | 0.56%             | 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        |      7500 | NS      | $365925.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                  | Wells Fargo & Co.                                                 | CUSIP: 94988U128<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     10000 | NS      | $188300.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ST JOHNS MICH PUB SCHS                             | St Johns Public Schools                                           | CUSIP: 790450GS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5013.06      | 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      | $557170.02    | 0.98%             | 2037-12-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                  | Wells Fargo & Co., Series CC, 4.375%                              | CUSIP: 95002Y202<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     10000 | NS      | $175600.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                          | Healthpeak Properties, Inc.                                       | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |      1348 | NS      | $23603.48     | 0.04%             |  |  |  | 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      | $171037.35    | 0.30%             | 2045-07-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corp., Series QQ, 4.25%                           | CUSIP: 06055H806<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     10000 | NS      | $173000.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| WORCESTER MASS                                     | City of Worcester, MA                                             | CUSIP: 981305SA4<br>LEI: 5493006DO0NOILRNNH68 | Long             | DBT              | MUN               | US        |     65000 | PA      | $67315.49     | 0.12%             | 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      | $485524.56    | 0.85%             | 2032-10-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| MIAMI LAKES FLA                                    | Town of Miami Lakes, FL                                           | CUSIP: 59356PAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $163439.52    | 0.29%             | 2030-12-01      | Fixed         | 7.59%                 | No            |                  2 | On Loan: No      |
| MIAMI GARDENS FLA                                  | City of Miami Gardens, FL                                         | CUSIP: 593563AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $235282.25    | 0.41%             | 2026-06-01      | Fixed         | 7.17%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST                                         | State of Georgia                                                  | CUSIP: 373384V37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978254.30    | 1.72%             | 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      | $200131.58    | 0.35%             | 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      | $169300.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN MUN PWR OHIO INC                          | American Municipal Power, Inc.                                    | CUSIP: 02765UDV3<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    490000 | PA      | $564708.49    | 0.99%             | 2050-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Renaissancere Holdings Ltd.                        | RenaissanceRE Holdings Ltd., Series G, 4.2%                       | CUSIP: G7498P127<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EP               | CORP              | BM        |       850 | NS      | $13217.50     | 0.02%             |  |  |  | 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      | $210172.82    | 0.37%             |  |  |  | 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      | $161100.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CUYAHOGA CNTY OHIO                                 | County of Cuyahoga, OH                                            | CUSIP: 2322655C8<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108388.90   | 1.95%             | 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        |     15234 | PA      | $8243.58      | 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        |    100000 | PA      | $74780.55     | 0.13%             | 2042-11-01      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                      | US Bancorp                                                        | CUSIP: 902973734<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |     20000 | NS      | $301000.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Energy Partners LP                   | Kinder Morgan Energy Partners LP                                  | CUSIP: 494550AV8<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |    250000 | PA      | $264916.88    | 0.47%             | 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      | $200300.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MESA ST COLLEGE COLO AUXILIARY FACS ENTERPRISE     | Colorado Mesa University                                          | CUSIP: 59067ACX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $468005.62    | 0.82%             | 2042-05-15      | Fixed         | 6.75%                 | No            |                  2 | 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      | $1058672.70   | 1.86%             | 2039-11-01      | Fixed         | 7.04%                 | No            |                  2 | On Loan: No      |
| Citicorp Mortgage Securities Inc.                  | Citicorp Mortgage Securities, Inc.                                | CUSIP: 172973N96<br>LEI: 549300ISEJNGWSXAKR30 | Long             | ABS-O            | CORP              | US        |     28942 | PA      | $28430.15     | 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      | $535223.70    | 0.94%             | 2036-05-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.                  | Bank of New York Mellon Corp./The                                 | CUSIP: 064058AJ9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99437.15     | 0.17%             | 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      | $417229.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO ILL                                        | City of Chicago, IL Waterworks Revenue                            | CUSIP: 167736YU5<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    250000 | PA      | $270815.68    | 0.48%             | 2040-11-01      | Fixed         | 6.74%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY INDL DEV AGY                     | New York City Industrial Development Agency                       | CUSIP: 64967BAA0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    500000 | PA      | $496238.45    | 0.87%             | 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      | $105420.00    | 0.19%             |  |  |  | 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      | $565076.63    | 0.99%             | 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        |    500000 | PA      | $354647.05    | 0.62%             | 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      | $162700.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp.                                | Valero Energy Corp.                                               | CUSIP: 91913YAB6<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |    224000 | PA      | $261526.10    | 0.46%             | 2030-06-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Public Storage                                     | Public Storage, Series S, 4.1%                                    | CUSIP: 74460W396<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     10000 | NS      | $162200.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL DEV                  | Philadelphia Authority for Industrial Development                 | CUSIP: 71781LAM1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    130000 | PA      | $135398.06    | 0.24%             | 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        |    470000 | PA      | $512137.76    | 0.90%             | 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        |     10000 | NS      | $200800.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                        | Capital One Financial Corp.                                       | CUSIP: 14040H774<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |     18500 | NS      | $323565.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc.                                       | MetLife, Inc.                                                     | CUSIP: 59156RBS6<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1781616.00   | 3.13%             | 2038-04-08      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| DTE Energy Co.                                     | DTE Energy Co., Series G, 4.375%                                  | CUSIP: 233331826<br>LEI: 549300IX8SD6XXD71I78 | Long             | EP               | CORP              | US        |     15000 | NS      | $258300.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MUNICIPAL ELEC AUTH GA                             | Municipal Electric Authority of Georgia                           | CUSIP: 626207YS7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1371000 | PA      | $1522246.39   | 2.68%             | 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      | $413000.00    | 0.73%             |  |  |  | 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      | $468850.15    | 0.82%             | 2026-02-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller