# EDGAR Filing Document

**Accession Number:** 0001039667
**File Stem:** 0000910472-26-003291
**Filing Date:** 2026-2
**Character Count:** 50822
**Document Hash:** e203df277a98776b6d9951269b06bb98
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-003291.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0000910472-26-003291

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**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:** 26695121

**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:** 2025-12-31

**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:** $48070967.15

**Total Liabilities:** $1039210.28

**Net Assets:** $47031756.87

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 32.34299707 | **1-Year:** 184.56091798 | **5-Year:** 3147.38007609 | **10-Year:** 13912.10717146 | **30-Year:** 3043.52122276

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 28.96026248 | **10-Year:** 2135.38263075 | **30-Year:** 2055.75402616

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000073513 | -4.86%               | -4.23%               | -4.62%               |
| Class ID C000167229 | -1.21%               | -0.62%               | -0.92%               |
| Class ID C000219380 | -0.13%               | 0.46%                | 0.14%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $43546.29                | $-306231.11                                |
| Month 2  | $-5495.56                | $49565.10                                  |
| Month 3  | $5175.93                 | $-222868.56                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Affiliated Managers Group, Inc.                    | Affiliated Managers Group, Inc.                                   | CUSIP: 008252835<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EP               | CORP              | US        |     15000 | NS      | $230550.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group, Inc.                    | Affiliated Managers Group, Inc.                                   | CUSIP: 008252843<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EP               | CORP              | US        |     10000 | NS      | $169600.00    | 0.36%             |  |  |  | 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      | $466101.03    | 0.99%             | 2026-02-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| The Allstate Corporation                           | Allstate Corporation (The)                                        | CUSIP: 020002812<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EP               | CORP              | US        |     10000 | NS      | $193800.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group, Inc.                     | American Financial Group Inc                                      | CUSIP: 025932872<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EP               | CORP              | US        |     20000 | NS      | $414600.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group, Inc.                     | American Financial Group Inc                                      | CUSIP: 025932880<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EP               | CORP              | US        |     15000 | NS      | $284850.00    | 0.61%             |  |  |  | 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      | $569714.52    | 1.21%             | 2050-02-15      | Fixed         | 7.50%                 | 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      | $460060.89    | 0.98%             | 2050-02-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Athene Holding Ltd                                 | Athene Holding Ltd.                                               | CUSIP: 04686J408<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |     20000 | NS      | $340600.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Bip Bermuda Holdings I Limited                     | BIP Bermuda Holdings I Ltd.                                       | CUSIP: 05554M100<br>LEI: 549300Y8SLOLKXX0MZ44 | Long             | EP               | CORP              | BM        |     10000 | NS      | $165300.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corporation                                       | CUSIP: 060505195<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |      8000 | NS      | $196240.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corporation                                       | CUSIP: 06055H608<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     16667 | NS      | $286172.39    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                              | Bank of America Corporation                                       | CUSIP: 06055H806<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     10000 | NS      | $176400.00    | 0.38%             |  |  |  | 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      | $497123.20    | 1.06%             | N/A             | Fixed         | 4.62%                 | 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      | $99759.56     | 0.21%             | N/A             | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| W.R. Berkley Corporation                           | W R Berkley Corporation                                           | CUSIP: 084423805<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EP               | CORP              | US        |     20000 | NS      | $392400.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Mortgage Trust, Inc                     | Blackstone Mortgage Trust, Inc.                                   | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               | CORP              | US        |     11565 | NS      | $221238.45    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Brighthouse Financial Inc.                         | Brighthouse Financial, Inc.                                       | CUSIP: 10922N707<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EP               | CORP              | US        |     20000 | NS      | $249600.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                          | CNO Financial Group, Inc.                                         | CUSIP: 12621E301<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EP               | CORP              | US        |      2000 | NS      | $38000.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CWMBS Inc                                          | CHL Mortgage Pass-Through Trust                                   | CUSIP: 126694CK2<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |     16101 | PA      | $8503.41      | 0.02%             | 2035-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CWMBS Inc                                          | CHL Mortgage Pass-Through Trust                                   | CUSIP: 126694DF2<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |     14893 | PA      | $7865.66      | 0.02%             | 2035-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CABARRUS CNTY N C                                  | County of Cabarrus, NC                                            | CUSIP: 126775TK1<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |    190000 | PA      | $190608.10    | 0.41%             | 2026-04-01      | 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      | $78604.99     | 0.17%             | 2042-11-01      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                        | Capital One Financial Corporation                                 | CUSIP: 14040H774<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |     18500 | NS      | $324120.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                        | Capital One Financial Corporation                                 | CUSIP: 14040H782<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |     10000 | NS      | $180900.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                      | Chevron Corporation                                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2500 | NS      | $381025.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO ILL                                        | City of Chicago, IL Waterworks Revenue                            | CUSIP: 167736YU5<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    250000 | PA      | $270375.58    | 0.57%             | 2040-11-01      | Fixed         | 6.74%                 | No            |                  2 | On Loan: No      |
| Citicorp Mortgage Securities Inc.                  | Citicorp Mortgage Securities, Inc.                                | CUSIP: 172973N96<br>LEI: 549300ISEJNGWSXAKR30 | Long             | ABS-O            | CORP              | US        |     26657 | PA      | $25850.89     | 0.05%             | 2035-02-25      | Fixed         | 5.00%                 | 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      | $91856.83     | 0.20%             | 2047-01-01      | Fixed         | 4.50%                 | No            |                  2 | 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      | $541753.00    | 1.15%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA CNTY OHIO                                 | County of Cuyahoga, OH                                            | CUSIP: 2322655C8<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1116711.90   | 2.37%             | 2040-02-15      | Fixed         | 8.22%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co.                                     | DTE Energy Company                                                | CUSIP: 233331826<br>LEI: 549300IX8SD6XXD71I78 | Long             | EP               | CORP              | US        |     15000 | NS      | $255750.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Diversified Healthcare Trust                       | Diversified Healthcare Trust                                      | CUSIP: 25525P206<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     26660 | NS      | $426826.60    | 0.91%             |  |  |  | No            |                  1 | 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        |    168214 | PA      | $174894.24    | 0.37%             | 2030-09-01      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                      | Enbridge, Inc.                                                    | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |     12500 | NS      | $597875.00    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Arkansas LLC                               | Entergy Arkansas, LLC                                             | CUSIP: 29364D100<br>LEI: 549300A0I5ONUIFMLP35 | Long             | EP               | CORP              | US        |     10000 | NS      | $207000.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Mississippi LLC                            | Entergy Mississippi, LLC                                          | CUSIP: 29364N108<br>LEI: 54930043I78H35DVVW89 | Long             | EP               | CORP              | US        |     15000 | NS      | $308100.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Louisiana LLC                              | Entergy Louisiana, LLC                                            | CUSIP: 29364W108<br>LEI: 0V5453U14HDZO63CGH17 | Long             | EP               | CORP              | US        |     10000 | NS      | $204500.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Texas Inc                                  | Entergy Texas, Inc.                                               | CUSIP: 29365TAD6<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95282.64     | 0.20%             | 2045-06-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Equitable Holdings Inc                             | Equitable Holdings, Inc.                                          | CUSIP: 29452E408<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EP               | CORP              | US        |     20000 | NS      | $325400.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Generation LLC                | Constellation Energy LLC                                          | CUSIP: 30161MAM5<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    400000 | PA      | $403014.88    | 0.86%             | 2042-06-15      | Fixed         | 5.60%                 | Yes           |                  2 | 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      | $150750.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                                | Fifth Third Bancorp                                               | CUSIP: 316773CH1<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    250000 | PA      | $308385.57    | 0.66%             | 2038-03-01      | Fixed         | 8.25%                 | 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      | $988021.10    | 2.10%             | 2034-02-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Fulton Financial Corporation                       | Fulton Financial Corporation                                      | CUSIP: 360271308<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EP               | CORP              | US        |      6000 | NS      | $112980.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GEORGIA ST                                         | State of Georgia                                                  | CUSIP: 373384V37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $276839.36    | 0.59%             | 2032-02-01      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| GLENWOOD ILL                                       | Village of Glenwood, IL                                           | CUSIP: 379213ET4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15658.81     | 0.03%             | 2028-12-01      | Fixed         | 7.03%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                          | Goldman Sachs Group, Inc./The                                     | CUSIP: 38141GFD1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    850000 | PA      | $951845.56    | 2.02%             | 2037-10-01      | Fixed         | 6.75%                 | 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      | $550600.23    | 1.17%             | 2036-05-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc          | HA Sustainable Infrastructure Capital, Inc. Capital, Inc.         | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |      7000 | NS      | $220010.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| HAWAII ST                                          | State of Hawaii                                                   | CUSIP: 419792DG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $489661.62    | 1.04%             | 2032-10-01      | Fixed         | 4.05%                 | No            |                  2 | 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      | $1906174.60   | 4.05%             | 2043-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Healthpeak Properties Inc                          | Healthpeak Properties, Inc.                                       | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |      1348 | NS      | $21675.84     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Incorporated                 | Huntington Bancshares Inc                                         | CUSIP: 446150823<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |     10000 | NS      | $170900.00    | 0.36%             |  |  |  | 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      | $2462004.74   | 5.23%             | 2040-04-01      | Fixed         | 7.83%                 | No            |                  2 | On Loan: No      |
| KeyCorp                                            | KeyCorporation                                                    | CUSIP: 493267868<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |     15000 | NS      | $318900.00    | 0.68%             |  |  |  | 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      | $273339.26    | 0.58%             | 2037-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LONG IS PWR AUTH N Y                               | Long Island Power Authority                                       | CUSIP: 542690W99<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    195000 | PA      | $198007.02    | 0.42%             | 2041-05-01      | Fixed         | 5.85%                 | 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      | $270973.15    | 0.58%             | 2035-10-01      | Fixed         | 6.43%                 | No            |                  2 | 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      | $467268.16    | 0.99%             | 2042-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MetLife Inc.                                       | MetLife, Inc.                                                     | CUSIP: 59156R850<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               | CORP              | US        |     10000 | NS      | $197300.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc.                                       | MetLife, Inc.                                                     | CUSIP: 59156RAV0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1338131.00   | 2.85%             | 2039-08-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| MetLife Inc.                                       | MetLife, Inc.                                                     | CUSIP: 59156RBS6<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1806369.00   | 3.84%             | 2038-04-08      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA                                | County of Miami-Dade, FL                                          | CUSIP: 59333NSW4<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    750000 | PA      | $880697.85    | 1.87%             | 2040-04-01      | Fixed         | 7.50%                 | 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      | $232775.34    | 0.49%             | 2026-06-01      | Fixed         | 7.17%                 | No            |                  2 | On Loan: No      |
| MIAMI LAKES FLA                                    | Town of Miami Lakes, FL                                           | CUSIP: 59356PAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $135139.15    | 0.29%             | 2030-12-01      | Fixed         | 7.59%                 | No            |                  2 | On Loan: No      |
| MIDLAND CNTY TEX HOSP DIST                         | Midland County Hospital District                                  | CUSIP: 597502BK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $279927.10    | 0.60%             | 2039-05-15      | Fixed         | 6.44%                 | No            |                  2 | 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      | $568479.34    | 1.21%             | 2039-01-01      | Fixed         | 7.73%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELEC AUTH GA                             | Municipal Electric Authority of Georgia                           | CUSIP: 626207YS7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1371000 | PA      | $1539622.44   | 3.27%             | 2057-04-01      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| NARRAGANSETT R I BAY COMMN REV                     | Narragansett Bay Commission                                       | CUSIP: 631060CZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $377932.05    | 0.80%             | 2043-09-01      | Fixed         | 2.92%                 | 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      | $426117.60    | 0.91%             | 2040-07-01      | Fixed         | 6.19%                 | 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      | $504319.00    | 1.07%             | 2046-03-01      | Fixed         | 5.90%                 | Yes           |                  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        |    465000 | PA      | $511840.52    | 1.09%             | 2040-07-15      | Fixed         | 6.83%                 | No            |                  2 | On Loan: No      |
| Northern Trust Corporation                         | Northern Trust Corporation                                        | CUSIP: 665859856<br>LEI: 549300GLF98S992BC502 | Long             | EP               | CORP              | US        |     10000 | NS      | $194200.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ONSTED CMNTY SCHOOLS MI                            | Onsted Community Schools                                          | CUSIP: 682871CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100838.87    | 0.21%             | 2027-05-01      | Fixed         | 5.90%                 | 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      | $990913.97    | 2.11%             | 2033-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN                          | Pennsylvania Turnpike Commission                                  | CUSIP: 709221TG0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    520000 | PA      | $566560.64    | 1.20%             | 2037-12-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN                          | Pennsylvania Turnpike Commission                                  | CUSIP: 709224V71<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    390000 | PA      | $316548.14    | 0.67%             | 2043-12-01      | Fixed         | 3.58%                 | 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      | $331995.62    | 0.71%             | 2031-08-01      | Fixed         | 7.31%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA MUN AUTH                           | Philadelphia Municipal Authority                                  | CUSIP: 717904JP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15125.42     | 0.03%             | 2028-03-15      | Fixed         | 5.09%                 | No            |                  2 | 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      | $174513.58    | 0.37%             | 2045-07-01      | Fixed         | 2.70%                 | 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      | $1077413.70   | 2.29%             | 2039-11-01      | Fixed         | 7.04%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                         | Prudential Financial, Inc.                                        | CUSIP: 744320805<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EP               | CORP              | US        |     10000 | NS      | $238200.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                     | Public Storage                                                    | CUSIP: 74460W396<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |     10000 | NS      | $162600.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                     | Public Storage                                                    | CUSIP: 74460W511<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |     20000 | NS      | $308600.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corporation                          | Realty Income Corporation                                         | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |      3048 | NS      | $171815.76    | 0.37%             |  |  |  | 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      | $5012.67      | 0.01%             | 2040-05-01      | Fixed         | 6.65%                 | 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      | $255736.39    | 0.54%             | 2026-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Selective Insurance Group Inc.                     | Selective Insurance Group, Inc.                                   | CUSIP: 816300503<br>LEI: 549300R3WGJWLE40R258 | Long             | EP               | CORP              | US        |      1000 | NS      | $16720.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                           | Simon Property Group, Inc.                                        | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      2000 | NS      | $370220.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| South Bow Corp.                                    | South Bow Corporation                                             | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               | CORP              | CA        |      3000 | NS      | $82410.00     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                                       | Southern Company (The)                                            | CUSIP: 842587404<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |      6000 | NS      | $129660.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                                       | Southern Company (The)                                            | CUSIP: 842587800<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |     10000 | NS      | $202400.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                                       | Southern Company (The)                                            | CUSIP: 842587883<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |      6000 | NS      | $106440.00    | 0.23%             |  |  |  | No            |                  1 | 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      | $200142.26    | 0.43%             | 2031-09-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                                 | State Street Corporation                                          | CUSIP: 857477855<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EP               | CORP              | US        |      1000 | NS      | $22450.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                                     | TC Energy Corporation                                             | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |      7500 | NS      | $412575.00    | 0.88%             |  |  |  | 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      | $4189444.27   | 8.91%             | 2046-06-01      | Fixed         | 6.71%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                      | US Bancorp                                                        | CUSIP: 902973718<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |     10000 | NS      | $163400.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                                      | US Bancorp                                                        | CUSIP: 902973734<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |     20000 | NS      | $306600.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVERSITY CALIF                                   | University of California                                          | CUSIP: 91412GXY6<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |    250000 | PA      | $229840.03    | 0.49%             | 2045-05-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY MASS BLDG AUTH                          | University of Massachusetts Building Authority                    | CUSIP: 914440KK7<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15014.87     | 0.03%             | 2039-05-01      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| Valero Energy Corp.                                | Valero Energy Corp.                                               | CUSIP: 91913YAB6<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |    224000 | PA      | $262391.35    | 0.56%             | 2030-06-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                        | Verizon Communications, Inc.                                      | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      7500 | NS      | $305475.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| VIRGIN ISLANDS WTR & PWR AUTH                      | Virgin Islands Water & Power Authority  - Electric System         | CUSIP: 927688FY2<br>LEI: 54930088RFCEK01GM855 | Long             | DBT              | MUN               | US        |    445000 | PA      | $455058.65    | 0.97%             | 2028-07-01      | Fixed         | 6.65%                 | 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      | $1086382.30   | 2.31%             | 2035-07-01      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Vornado Realty Trust                               | Vornado Realty Trust                                              | CUSIP: 929042844<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     12298 | NS      | $217305.66    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| WaFd Inc                                           | WaFd, Inc.                                                        | CUSIP: 938824307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     10000 | NS      | $167600.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| WASHOE CNTY NEV                                    | County of Washoe, NV                                              | CUSIP: 940839BL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $319874.23    | 0.68%             | 2040-02-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| WASHOE CNTY NEV                                    | County of Washoe, NV                                              | CUSIP: 940839BM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $818192.20    | 1.74%             | 2040-02-01      | Fixed         | 7.97%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                  | Wells Fargo & Company                                             | CUSIP: 94988U128<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     10000 | NS      | $193500.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                  | Wells Fargo & Company                                             | CUSIP: 94988U151<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     10000 | NS      | $194900.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                  | Wells Fargo & Company                                             | CUSIP: 95002Y202<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     10000 | NS      | $181200.00    | 0.39%             |  |  |  | No            |                  1 | 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      | $164239.05    | 0.35%             | 2040-04-01      | Fixed         | 6.70%                 | 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      | $378010.55    | 0.80%             | 2046-09-01      | Fixed         | 3.17%                 | No            |                  2 | On Loan: No      |
| Brookfield Property Partners LP                    | Brookfield Property Partners, L.P.                                | CUSIP: G16249164<br>LEI: 5493004J5Z0TZW83NU62 | Long             | EP               | CORP              | BM        |      7500 | NS      | $99750.00     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Infrastructure Partners LP              | Brookfield Infrastructure Partners, L.P.                          | CUSIP: G16252267<br>LEI: 549300WEH5R2OODI7Y90 | Long             | EP               | CORP              | BM        |     25000 | NS      | $418750.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Infrastructure Partners LP              | Brookfield Infrastructure Partners, L.P.  Series 14, 5.00%        | CUSIP: G16252275<br>LEI: 549300WEH5R2OODI7Y90 | Long             | EP               | CORP              | BM        |     10000 | NS      | $163800.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Renaissancere Holdings Ltd.                        | RenaissanceRe Holdings Ltd.                                       | CUSIP: G7498P127<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EP               | CORP              | BM        |       850 | NS      | $13413.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-31

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

**Signature:** Alan Chodosh

**Name of Signer:** Alan Chodosh

**Title:** Treasurer