# EDGAR Filing Document

**Accession Number:** 0001039667
**File Stem:** 0000910472-25-004815
**Filing Date:** 2025-11
**Character Count:** 111179
**Document Hash:** 84baefe1978e91a416dda1d87af922ad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004815.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000910472-25-004815

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**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:** 251532927

**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           |

## Nport-Ex

Spirit

of

America

Real

Estate

Income

and

Growth

Fund

Schedule

of

Investments

September

30,

2025

(Unaudited)

Common

Stocks

97.37%

Shares

Market

Value

Communications

0.53%

DigitalBridge

Group,

Inc.

33,000

$

386,100

Consumer

Discretionary

1.57%

Amazon.com,

Inc.

(a) 4,400

966,108

D.R.

Horton,

Inc.

1,000

169,470

1,135,578

Data

Center

REITs

11.08%

Digital

Realty

Trust,

Inc.

22,881

3,955,667

Equinix,

Inc.

5,160

4,041,519

7,997,186

Energy

0.97%

Cheniere

Energy

Partners

LP

1,613

86,812

Energy

Transfer

LP

16,000

274,560

Enterprise

Products

Partners

LP

6,000

187,620

MPLX

LP

3,000

149,850

698,842

Financials

0.90%

Blackstone

Group,

Inc.

(The),

Class

A

2,000

341,700

KKR

&

Co.

LP

2,350

305,382

647,082

Gaming

REITs

5.58%

Gaming

and

Leisure

Properties,

Inc.

28,885

1,346,330

VICI

Properties,

Inc.

82,297

2,683,705

4,030,035

Health

Care

REITs

13.98%

American

Healthcare

REIT,

Inc.

1,000

42,010

CareTrust

REIT,

Inc.

5,000

173,400

Healthcare

Realty

Trust,

Inc.

8,000

144,240

Healthpeak

Properties,

Inc.

18,869

361,341

Omega

Healthcare

Investors,

Inc.

42,000

1,773,240

Ventas,

Inc.

18,950

1,326,310

Welltower,

Inc.

35,175

6,266,075

10,086,616

Homebuilding

0.41%

Lennar

Corp.,

Class

A

925

116,587

Millrose

Properties,

Inc.

15,528

Toll

Brothers,

Inc.

1,175

162,314

294,429

Hotel

REITs

1.24%

Host

Hotels

&

Resorts,

Inc.

39,900

679,098

Park

Hotels

&

Resorts,

Inc.

9,250

102,490

Spirit

of

America

Real

Estate

Income

and

Growth

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Common

Stocks

97.37%

(continued)

Shares

Market

Value

Hotel

REITs

1.24%

(continued)

Summit

Hotel

Properties,

Inc.

6,000

$

32,940

Sunstone

Hotel

Investors,

Inc.

8,700

81,519

896,047

Industrial

REITs

8.77%

Lineage,

Inc.

2,100

81,144

Plymouth

Industrial

REIT,

Inc.

1,500

33,495

Prologis,

Inc.

23,551

2,697,061

Rexford

Industrial

Realty,

Inc.

10,500

431,655

STAG

Industrial,

Inc.

38,950

1,374,545

Terreno

Realty

Corp.

30,150

1,711,013

6,328,913

Industrials

0.90%

Vertiv

Holdings

Co.

4,300

648,698

Infrastructure

REITs

1.11%

American

Tower

Corp.,

Class

A

2,320

446,182

Crown

Castle

International

Corp.

3,690

356,048

802,230

Midstream

-

Oil

&

Gas

0.05%

Plains

All

American

Pipeline

LP

2,000

34,120

Mortgage

Finance

0.18%

Blackstone

Mortgage

Trust,

Inc.,

Class

A

2,200

40,502

Starwood

Property

Trust,

Inc.

4,500

87,165

127,667

Multi

Asset

Class

REITs

0.97%

Lexington

Realty

Trust

2,700

24,192

One

Liberty

Properties,

Inc.

2,500

55,300

WP

Carey,

Inc.

9,200

621,644

701,136

Office

REITs

2.34%

Alexandria

Real

Estate

Equities,

Inc.

3,950

329,193

Boston

Properties,

Inc.

6,915

514,061

COPT

Defense

Properties

12,000

348,720

Cousins

Properties,

Inc.

6,500

188,110

Empire

State

Realty

Trust,

Inc.

1,000

7,660

Highwoods

Properties,

Inc.

2,000

63,640

Kilroy

Realty

Corp.

4,265

180,196

Net

Lease

Office

Properties

(a) 1,872

55,524

1,687,104

Residential

REITs

21.76%

American

Homes

Rent,

Class

A

36,300

1,206,975

Spirit

of

America

Real

Estate

Income

and

Growth

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Common

Stocks

97.37%

(continued)

Shares

Market

Value

Residential

REITs

21.76%

(continued)

AvalonBay

Communities,

Inc.

17,040

$

3,291,617

Camden

Property

Trust

10,000

1,067,800

Equity

LifeStyle

Properties,

Inc.

17,550

1,065,285

Equity

Residential

36,515

2,363,616

Essex

Property

Trust,

Inc.

9,736

2,605,938

Invitation

Homes,

Inc.

6,500

190,645

Mid-America

Apartment

Communities,

Inc.

7,222

1,009,130

Sun

Communities,

Inc.

8,400

1,083,600

UDR,

Inc.

48,850

1,820,151

15,704,757

Retail

REITs

13.77%

Agree

Realty

Corp.

8,100

575,424

Brixmor

Property

Group,

Inc.

41,475

1,148,028

Federal

Realty

Investment

Trust

9,700

982,707

Four

Corners

Property

Trust,

Inc.

5,000

122,000

Getty

Realty

Corp.

1,000

26,830

Kimco

Realty

Corp.

25,569

558,683

National

Retail

Properties,

Inc.

17,750

755,617

Realty

Income

Corp.

27,585

1,676,892

Regency

Centers

Corp.

13,400

976,860

Simon

Property

Group,

Inc.

14,450

2,711,832

Tanger

Factory

Outlet

Centers,

Inc.

12,000

406,080

9,940,953

Self-Storage

REITs

6.28%

CubeSmart

18,450

750,177

Extra

Space

Storage,

Inc.

10,580

1,491,145

Public

Storage

7,925

2,289,136

4,530,458

Specialty

REITs

4.80%

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

717

22,012

Iron

Mountain,

Inc.

33,300

3,394,602

Postal

Realty

Trust,

Inc.,

Class

A

3,000

47,070

3,463,684

Timber

REITs

0.18%

Weyerhaeuser

Co.

5,300

131,387

Total

Common

Stocks

(Cost $58,160,026)

70,273,022

Preferred

Stocks

2.22%

Shares

Market

Value

Data

Center

REITs

0.12%

Digital

Realty

Trust,

Inc.,

Series

J,

5.25%

4,000

89,600

Spirit

of

America

Real

Estate

Income

and

Growth

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Preferred

Stocks

2.22%

(continued)

Shares

Market

Value

Hotel

REITs

1.08%

Ashford

Hospitality

Trust,

Inc.,

Series

F,

7.38%

6,000

$

87,960

Pebblebrook

Hotel

Trust,

Series

F,

6.30%

2,500

50,500

Pebblebrook

Hotel

Trust,

Series

G,

6.38%

4,000

79,600

Pebblebrook

Hotel

Trust,

Series

H,

6.38%

6,000

108,180

Sotherly

Hotels,

Inc.,

Series

B,

8.00%

6,000

68,220

Sotherly

Hotels,

Inc.,

Series

C,

7.88%

2,000

23,120

Summit

Hotel

Properties,

Inc.,

Series

F,

5.88%

10,000

192,400

Sunstone

Hotel

Investors,

Inc.,

Series

H,

6.13%

4,000

85,200

Sunstone

Hotel

Investors,

Inc.,

Series

I,

5.70%

4,000

84,440

779,620

Mortgage

Finance

0.06%

New

York

Mortgage

Trust

Inc.,

Series

G,

7.00%

2,000

39,600

Multi

Asset

Class

REITs

0.06%

Vornado

Realty

Trust,

Series

M,

5.25%

2,500

45,350

Office

REITs

0.08%

Hudson

Pacific

Properties

Inc.,

Series

C,

4.75%

4,000

57,040

Residential

REITs

0.07%

American

Homes

Rent,

Series

G,

5.88%

2,000

47,800

Retail

REITs

0.25%

CTO

Realty

Growth,

Inc.,

Series

A,

6.38%

2,000

42,600

Federal

Realty

Investment

Trust,

Series

C,

5.00%

6,500

139,100

181,700

Self-Storage

REITs

0.50%

Public

Storage,

Series

I,

4.88%

1,917

40,065

Public

Storage,

Series

K,

4.75%

4,000

81,760

Public

Storage,

Series

L,

4.63%

2,000

39,260

Public

Storage,

Series

M,

4.13%

1,167

20,458

Public

Storage,

Series

S,

4.10%

10,000

176,500

358,043

Total

Preferred

Stocks

(Cost $2,166,326)

1,598,753

Spirit

of

America

Real

Estate

Income

and

Growth

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Shares

Market

Value

Money

Market

Funds

0.22%

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio,

Institutional

Class,

4.05%

(b) 159,851

$

159,851

Total

Money

Market

Funds

(Cost $159,851)

159,851

Total

Investments

—

99.81%

(Cost

$60,486,203)

72,031,626

Other

Assets

in

Excess

of

Liabilities

—

0.19%

139,452

NET

ASSETS

-

100.00%

$

72,171,078

(a) Non-income

producing

security.

(b) Rate

disclosed

is

the

seven

day

effective

yield

as

of

September

30,

2025. Spirit

of

America

Large

Cap

Value

Fund

Schedule

of

Investments

September

30,

2025

(Unaudited)

Common

Stocks

99.86%

Shares

Market

Value

Communications

8.85%

Alphabet,

Inc.,

Class

A

44,400

$

10,793,640

Alphabet,

Inc.,

Class

C

3,450

840,248

AT&T,

Inc.

9,500

268,280

DigitalBridge

Group,

Inc.

13,000

152,100

Meta

Platforms,

Inc.,

Class

A

2,080

1,527,510

Netflix,

Inc.

(a) 1,880

2,253,970

Uber

Technologies,

Inc.

(a) 1,800

176,346

Verizon

Communications,

Inc.

26,540

1,166,433

Walt

Disney

Co.

(The)

14,500

1,660,250

18,838,777

Consumer

Discretionary

6.94%

Amazon.com,

Inc.

(a) 28,100

6,169,917

Chipotle

Mexican

Grill,

Inc.

(a) 40,200

1,575,438

Home

Depot,

Inc.

(The)

6,138

2,487,056

Lowe's

Companies,

Inc.

3,200

804,192

Masco

Corp.

7,500

527,925

McDonald's

Corp.

2,580

784,036

NIKE,

Inc.,

Class

B

1,500

104,595

Starbucks

Corp.

2,750

232,650

Tesla,

Inc.

(a) 4,275

1,901,178

TKO

Group

Holdings,

Inc.

900

181,764

14,768,751

Consumer

Staples

6.40%

Altria

Group,

Inc.

12,650

835,659

Coca-Cola

Co.

(The)

7,600

504,032

Costco

Wholesale

Corp.

6,756

6,253,556

Kroger

Co.

(The)

9,000

606,690

PepsiCo,

Inc.

2,200

308,968

Philip

Morris

International,

Inc.

4,800

778,560

Procter

&

Gamble

Co.

(The)

6,015

924,205

Target

Corp.

830

74,451

Wal-Mart

Stores,

Inc.

32,252

3,323,891

13,610,012

Energy

3.34%

Antero

Midstream

Corp.

3,000

58,320

Baker

Hughes

Co.

4,750

231,420

Cheniere

Energy,

Inc.

5,500

1,292,390

Chevron

Corp.

3,460

537,303

ConocoPhillips

527

49,849

Diamondback

Energy,

Inc.

1,550

221,805

EOG

Resources,

Inc.

2,250

252,270

Exxon

Mobil

Corp.

5,658

637,939

Kinder

Morgan,

Inc.

7,750

219,403

Marathon

Petroleum

Corp.

550

106,007

Spirit

of

America

Large

Cap

Value

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Common

Stocks

99.86%

(continued)

Shares

Market

Value

Energy

3.34%

(continued)

Phillips

3,900

$

530,478

Targa

Resources

Corp.

3,700

619,898

Valero

Energy

Corp.

4,765

811,289

Williams

Companies,

Inc.

(The)

24,350

1,542,573

7,110,944

Financials

9.62%

American

Express

Co.

5,000

1,660,800

Bank

of

America

Corp.

24,850

1,282,011

Berkshire

Hathaway,

Inc.,

Class

B

(a) 4,120

2,071,289

Blackstone

Group,

Inc.

(The),

Class

A

14,000

2,391,900

Carlyle

Group,

Inc.

(The)

6,050

379,335

Citigroup,

Inc.

20,750

2,106,125

CME

Group,

Inc.

1,404

379,347

Coinbase

Global,

Inc.,

Class

A

(a) 550

185,619

Goldman

Sachs

Group,

Inc.

(The)

2,715

2,162,090

JPMorgan

Chase

&

Co.

21,992

6,936,937

KKR

&

Co.

LP

2,000

259,900

Morgan

Stanley

3,000

476,880

Wells

Fargo

&

Co.

2,000

167,640

20,459,873

Health

Care

7.10%

Abbott

Laboratories

3,100

415,214

AbbVie,

Inc.

20,550

4,758,147

Bristol-Myers

Squibb

Co.

4,500

202,950

Eli

Lilly

&

Co.

3,365

2,567,495

Humana,

Inc.

1,350

351,229

McKesson

Corp.

4,670

3,607,762

Medtronic

PLC

7,069

673,252

Merck

&

Co.,

Inc.

9,950

835,103

Quest

Diagnostics,

Inc.

3,800

724,204

Thermo

Fisher

Scientific,

Inc.

1,090

528,672

UnitedHealth

Group,

Inc.

1,150

397,095

Vertex

Pharmaceuticals,

Inc.

(a) 100

39,164

15,100,287

Industrials

8.42%

AeroVironment,

Inc.

(a) 300

94,467

Caterpillar,

Inc.

11,090

5,291,593

CSX

Corp.

36,600

1,299,666

Cummins,

Inc.

3,550

1,499,413

Deere

&

Co.

5,660

2,588,092

FedEx

Corp.

1,800

424,458

GE

Vernova

LLC

1,875

1,152,938

Honeywell

International,

Inc.

8,850

1,862,925

ITT,

Inc.

53,628

Johnson

Controls

International

PLC

8,253

907,417

Spirit

of

America

Large

Cap

Value

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Common

Stocks

99.86%

(continued)

Shares

Market

Value

Industrials

8.42%

(continued)

Lockheed

Martin

Corp.,

Class

B

1,000

$

499,210

Raytheon

Technologies

Corp.

2,100

351,393

United

Parcel

Service,

Inc.,

Class

B

2,550

213,002

Vertiv

Holdings

Co.

3,250

490,295

Waste

Connections,

Inc.

6,775

1,191,045

17,919,542

Materials

1.07%

CF

Industries

Holdings,

Inc.

7,200

645,840

Corteva,

Inc.

7,233

489,168

DuPont

de

Nemours,

Inc.

1,500

116,850

Freeport-McMoRan,

Inc.

3,500

137,270

New

Linde

PLC

1,400

665,000

Newmont

Goldcorp

Corp.

2,100

177,051

Nucor

Corp.

54,172

2,285,351

Real

Estate

Investment

Trusts

(REITs)

1.94%

AvalonBay

Communities,

Inc.

48,292

Digital

Realty

Trust,

Inc.

3,800

656,944

Equinix,

Inc.

1,350

1,057,374

Iron

Mountain,

Inc.

5,650

575,961

Prologis,

Inc.

5,350

612,682

Sun

Communities,

Inc.

1,600

206,400

Terreno

Realty

Corp.

1,075

61,006

VICI

Properties,

Inc.

2,073

67,601

Welltower,

Inc.

4,650

828,351

Weyerhaeuser

Co.

500

12,395

4,127,006

Technology

40.26%

Accenture

PLC,

Class

A

3,725

918,585

Adobe,

Inc.

(a) 650

229,287

Advanced

Micro

Devices,

Inc.

(a) 8,700

1,407,573

Apple,

Inc.

35,882

9,136,634

Applied

Materials,

Inc.

12,520

2,563,345

ARM

Holdings

PLC ADR

(a) 950

134,415

Broadcom,

Inc.

4,800

1,583,568

Cisco

Systems,

Inc.

17,150

1,173,403

Cognizant

Technology

Solutions

Corp.,

Class

A

4,600

308,522

CoreWeave,

Inc.,

Class

A

(a) 2,700

369,495

Corning,

Inc.

8,000

656,240

Crowdstrike

Holdings,

Inc.,

Class

A

(a) 4,375

2,145,413

Dell

Technologies,

Inc.,

Class

C

1,624

230,234

Garmin

Ltd.

1,150

283,153

HP,

Inc.

500

13,615

International

Business

Machines

Corp.

2,668

752,803

MasterCard,

Inc.,

Class

A

2,450

1,393,585

Spirit

of

America

Large

Cap

Value

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Common

Stocks

99.86%

(continued)

Shares

Market

Value

Technology

40.26%

(continued)

Microchip

Technology,

Inc.

6,450

$

414,219

Microsoft

Corp.

19,299

9,995,917

NetApp,

Inc.

2,600

307,996

NortonLifeLock,

Inc.

24,700

701,233

NVIDIA

Corp.

169,220

31,573,068

Oracle

Corp.

29,375

8,261,425

Palantir

Technologies,

Inc.,

Class

A

(a) 6,100

1,112,762

Palo

Alto

Networks,

Inc.

(a) 5,650

1,150,453

Paychex,

Inc.

3,850

488,026

QUALCOMM,

Inc.

3,750

623,850

ServiceNow,

Inc.

(a) 1,130

1,039,916

Taiwan

Semiconductor

Manufacturing

Co.

Ltd. ADR

1,050

293,255

Texas

Instruments,

Inc.

9,175

1,685,723

Visa,

Inc.,

Class

A

7,550

2,577,419

Workday,

Inc.,

Class

A

(a) 6,480

1,559,930

Zscaler,

Inc.

(a) 1,900

569,354

85,654,416

Utilities

5.92%

AES

Corp.

3,000

39,480

American

Electric

Power

Company,

Inc.

2,250

253,125

Constellation

Energy

Corp.

7,000

2,303,490

Dominion

Energy,

Inc.

12,000

734,040

Duke

Energy

Corp.

2,250

278,437

Edison

International

2,600

143,728

Entergy

Corp.

4,050

377,420

IDACORP,

Inc.

700

92,505

NextEra

Energy,

Inc.

23,725

1,791,000

NRG

Energy,

Inc.

500

80,975

Oklo,

Inc.

(a) 15,450

1,724,684

PPL

Corp.

2,000

74,320

Sempra

Energy

22,495

Talen

Energy

Corp.

(a) 3,100

1,318,678

UGI

Corp.

1,000

33,260

Vistra

Energy

Corp.

11,050

2,164,916

WEC

Energy

Group,

Inc.

10,100

1,157,359

12,589,912

Total

Common

Stocks

(Cost $82,773,199)

212,464,871

Preferred

Stocks

0.18%

Shares

Market

Value

Financials

0.18%

Bank

of

America

Corp.,

Series

GG,

6.00%

4,000

101,040

Bank

of

America

Corp.,

Series

HH,

5.88%

2,000

50,200

Bank

of

America

Corp.,

Series

LL,

5.00%

2,000

42,640

Bank

of

America

Corp.,

Series

SS,

4.75%

2,000

40,940

Spirit

of

America

Large

Cap

Value

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Preferred

Stocks

0.18%

(continued)

Shares

Market

Value

Financials

0.18%

(continued)

JPMorgan

Chase

&

Co.,

Series

EE,

6.00%

2,000

$

50,720

Prudential

Financial,

Inc.,

5.63%

2,000

49,740

RenaissanceRE

Holdings

Ltd.,

Series

G,

4.20%

2,512

U.S.

Bancorp,

Series

O,

4.50%

2,000

39,480

377,272

Total

Preferred

Stocks

(Cost $403,750)

377,272

Money

Market

Funds

0.07%

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio,

Institutional

Class,

4.05%

(b) 144,505

144,505

Total

Money

Market

Funds

(Cost $144,505)

144,505

Total

Investments

—

100.11%

(Cost

$83,321,454)

212,986,648

Liabilities

in

Excess

of

Other

Assets

—

(0.11)%

(226,274)

NET

ASSETS

-

100.00%

$

212,760,374

(a) Non-income

producing

security.

(b) Rate

disclosed

is

the

seven

day

effective

yield

as

of

September

30,

2025. ADR

—

American

Depositary

Receipt

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

September

30,

2025

(Unaudited)

Municipal

Bonds

98.67%

Principal

Amount

Market

Value

California

4.39%

California

Health

Facilities

Financing

,

Callable

11/15/2027

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

11/15/2056

$

250,000

$

251,318

Los

Angeles

Department

of

Water

&

Power

,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

7/1/2054

250,000

255,697

Los

Angeles

Department

of

Water

&

Power

,

Callable

1/1/2027

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

7/1/2042

250,000

251,402

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue,

Revenue

Bonds

,

Callable

5/15/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;4.00%,

5/15/2037

15,000

15,033

Southern

California

Public

Power

Authority

,

Callable

7/1/2034

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

7/1/2053

100,000

102,754

State

of

California,

General

Obligation

Unlimited

,

Callable

8/1/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

8/1/2029

250,000

250,461

1,126,665

Colorado

1.38%

City

&

County

of

Denver

CO

Pledged

Excise

Tax

,

Callable

8/1/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

8/1/2044

100,000

100,377

Colorado

Health

Facilities

Authority

,

Callable

5/15/2028

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

11/15/2048

250,000

253,186

353,563

Connecticut

1.45%

Connecticut

Housing

Finance

Authority,

Multi-Family

Housing,

Revenue

Bonds

,

Callable

11/15/2025

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;3.25%,

11/15/2036

250,000

233,733

Connecticut

Housing

Finance

Authority,

Revenue

Bonds

,

Callable

5/15/2027

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;3.40%,

11/15/2037

25,000

23,863

Connecticut

State

Health

&

Educational

Facility

Authority,

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

7/1/2034

100,000

100,097

Connecticut

State

Health

&

Educational

Facility

Authority,

Revenue

Bonds

,

Callable

7/1/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

7/1/2034

15,000

15,127

372,820

Delaware

0.88%

Delaware

Transportation

Authority

,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

6/1/2055

225,000

224,997

District

of

Columbia

1.21%

District

of

Columbia

Housing

Finance

Agency,

State

Multi-Family

Housing,

Revenue

Bonds,

(Fannie

Mae)

,

&nbsp;&nbsp;&nbsp;&nbsp;4.45%,

6/15/2031

310,000

311,606

Florida

9.76%

City

of

Orlando

FL

Public

Improvements,

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

10/1/2046

1,000,000

1,001,025

City

of

Tampa

FL

,

Callable

5/15/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

11/15/2046

250,000

250,851

Florida

Keys

Aqueduct

Authority

,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

9/1/2049

150,000

150,032

FSU

Financial

Assistance,

Inc.,

State

Single-Family

Housing,

Refunding

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

10/1/2030

500,000

500,961

Miami-Dade

County

Expressway

Authority

,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

7/1/2040

350,000

351,567

School

Board

of

Miami-Dade

County

(The),

Certificates

of

Participation

,

Callable

2/1/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;4.00%,

2/1/2033

250,000

250,833

2,505,269

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Municipal

Bonds

98.67%

(continued)

Principal

Amount

Market

Value

Georgia

3.20%

Atlanta

GA

Water

&

Wastewater

Revenue,

Revenue

Bonds

,

Callable

11/1/2029

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;3.00%,

11/1/2037

$

350,000

$

318,970

Main

Street

Natural

Gas,

Inc.

,

Callable

5/15/2029

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

5/15/2043

250,000

253,326

Municipal

Electric

Authority

of

Georgia

,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

7/1/2060

250,000

249,437

821,733

Illinois

5.40%

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

,

Callable

12/1/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

12/1/2046

250,000

250,697

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

,

Callable

12/1/2029

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;4.00%,

12/1/2055

250,000

223,958

City

of

Chicago

IL

Waterworks

Revenue

,

Callable

5/1/2033

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.25%,

11/1/2053

250,000

258,468

Illinois

State

Finance

Authority,

Revenue

Bonds

Series

2020

A

,

Callable

4/1/2030

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;4.00%,

4/1/2050

5,000

4,591

Illinois

State

Toll

Highway

Authority

,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

1/1/2041

300,000

301,641

Metropolitan

Pier

&

Exposition

Authority

,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

6/15/2050

350,000

345,603

1,384,958

Louisiana

1.52%

City

of

New

Orleans

LA

,

Callable

12/1/2030

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

12/1/2050

250,000

255,445

City

of

Shreveport

LA

Water

&

Sewer

Revenue

,

Callable

12/1/2028

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;4.00%,

12/1/2049

150,000

134,272

389,717

Maine

0.89%

Maine

State

Housing

Authority,

State

Single-Family

Housing,

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;3.75%,

11/15/2044

100,000

91,371

Maine

State

Housing

Authority,

State

Single-Family

Housing,

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;3.60%,

11/15/2036

95,000

91,117

Maine

State

Housing

Authority,

State

Single-Family

Housing,

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;3.45%,

11/15/2032

45,000

45,009

227,497

Maryland

0.98%

City

of

Baltimore

MD

,

Callable

1/1/2027

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

7/1/2046

250,000

251,435

Massachusetts

5.86%

Massachusetts

Development

Finance

Agency

,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

12/1/2046

300,000

301,040

Massachusetts

Housing

Finance

Agency,

Revenue

Bonds

,

Callable

12/1/2025

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;3.25%,

12/1/2036

575,000

533,038

Massachusetts

Housing

Finance

Agency,

Revenue

Bonds

,

Callable

12/1/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;3.75%,

12/1/2037

250,000

247,273

Massachusetts

Housing

Finance

Agency,

Revenue

Bonds

,

Callable

12/1/2027

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;3.25%,

12/1/2032

200,000

200,030

Massachusetts

Housing

Finance

Agency,

Revenue

Bonds

,

Callable

12/1/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;3.55%,

12/1/2037

85,000

82,111

Massachusetts

Housing

Finance

Agency,

Revenue

Bonds

,

Callable

6/1/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;3.15%,

12/1/2026

40,000

40,035

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Municipal

Bonds

98.67%

(continued)

Principal

Amount

Market

Value

Massachusetts

5.86%

(continued)

Massachusetts

School

Building

Authority,

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

8/15/2026

$

100,000

$

100,117

1,503,644

Michigan

3.83%

Michigan

Finance

Authority

Revenue

,

Callable

11/1/2025

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

11/1/2044

250,000

250,077

Michigan

Public

Educational

Facilities

Authority,

School

Improvements,

Refunding

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;6.00%,

12/1/2035

500,000

482,296

Michigan

State

Building

Authority

,

Callable

10/15/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

10/15/2051

250,000

251,273

983,646

Minnesota

1.37%

Southern

Minnesota

Municipal

Power

Agency

Power

Supply

System,

Revenue

Bonds

,

Callable

1/1/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

1/1/2041

350,000

351,495

Missouri

3.12%

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

Healthcare,

Hospital

&

Nursing

Home

Improvements,

Revenue

Bonds,

(OID)

,

Callable

11/15/2025

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;4.00%,

11/15/2045

500,000

453,031

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

Healthcare,

Hospital

&

Nursing

Home

Improvements,

Revenue

Bonds,

(OID)

,

&nbsp;&nbsp;&nbsp;&nbsp;3.75%,

11/15/2039

100,000

92,532

St.

Louis

Municipal

Finance

Corp.

,

Callable

10/1/2030

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

10/1/2049

250,000

254,772

800,335

Nebraska

2.68%

Omaha

Public

Power

District

Nebraska

City

Station

,

Callable

2/1/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

2/1/2049

125,000

124,779

University

of

Nebraska

Facilities

Corp.

(The)

,

&nbsp;&nbsp;&nbsp;&nbsp;4.00%,

7/15/2062

630,000

563,586

688,365

Nevada

1.87%

Las

Vegas

Convention

&

Visitors

Authority

,

Callable

7/1/2028

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;4.00%,

7/1/2049

250,000

226,421

Nevada

System

of

Higher

Education,

Certificates

of

Participation

,

Callable

7/1/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;4.00%,

7/1/2027

250,000

252,719

479,140

New

Jersey

7.11%

Borough

of

Seaside

Heights

NJ,

General

Obligation

Unlimited

,

&nbsp;&nbsp;&nbsp;&nbsp;4.00%,

4/1/2026

125,000

125,145

Hudson

County

Improvement

Authority,

Refunding

Revenue

Bonds,

(AGM)

,

&nbsp;&nbsp;&nbsp;&nbsp;5.40%,

10/1/2025

150,000

150,000

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Callable

7/1/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

7/1/2043

250,000

251,016

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

(OID)

,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

7/1/2027

5,000

5,006

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Municipal

Bonds

98.67%

(continued)

Principal

Amount

Market

Value

New

Jersey

7.11%

(continued)

New

Jersey

Housing

&

Mortgage

Finance

Agency,

Revenue

Bonds

,

Callable

11/1/2025

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;3.50%,

11/1/2036

$

500,000

$

491,040

New

Jersey

Housing

&

Mortgage

Finance

Agency,

Revenue

Bonds

,

Callable

11/1/2025

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;3.90%,

11/1/2050

175,000

157,783

New

Jersey

Turnpike

Authority

,

Callable

7/1/2035

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;4.75%,

1/1/2050

250,000

255,083

Tobacco

Settlement

Financing

Corp.

,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

6/1/2046

400,000

391,002

1,826,075

New

Mexico

0.98%

New

Mexico

Finance

Authority

,

&nbsp;&nbsp;&nbsp;&nbsp;5.25%,

6/1/2053

250,000

251,006

New

York

13.54%

City

of

New

York

NY

,

Callable

8/1/2031

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

8/1/2047

250,000

255,715

Metropolitan

Transportation

Authority

,

Callable

5/15/2030

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.25%,

11/15/2055

250,000

254,981

Metropolitan

Transportation

Authority

,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

11/15/2050

250,000

252,147

New

York

City

Housing

Development

Corp.,

Revenue

Bonds

,

Callable

11/1/2025

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;3.60%,

11/1/2031

250,000

250,091

New

York

City

Housing

Development

Corp.,

Revenue

Bonds

,

Callable

5/1/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;3.10%,

11/1/2032

250,000

250,007

New

York

City

Housing

Development

Corp.,

Revenue

Bonds

,

Callable

2/1/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;3.50%,

11/1/2032

150,000

150,175

New

York

State

Dormitory

Authority

,

Callable

7/1/2030

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;4.00%,

7/1/2052

230,000

210,762

New

York

State

Dormitory

Authority,

Refunding

Revenue

Bonds,

(State

Aid

Withholding)

,

&nbsp;&nbsp;&nbsp;&nbsp;3.25%,

4/1/2031

280,000

280,018

New

York

State

Dormitory

Authority,

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;4.75%,

10/1/2040

5,000

5,002

New

York

State

Thruway

Authority

,

Callable

1/1/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

1/1/2046

250,000

249,963

New

York

State

Thruway

Authority

,

Callable

1/1/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

1/1/2051

250,000

249,813

Triborough

Bridge

&

Tunnel

Authority,

Revenue

Bonds

,

Callable

11/15/2025

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

11/15/2040

310,000

310,868

Triborough

Bridge

&

Tunnel

Authority,

Revenue

Bonds

,

Callable

11/15/2030

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

11/15/2054

250,000

254,926

Triborough

Bridge

&

Tunnel

Authority,

Revenue

Bonds

,

Callable

11/15/2025

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

11/15/2035

250,000

250,700

TSASC,

Inc./NY

,

Callable

6/1/2027

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

6/1/2041

250,000

250,181

3,475,349

North

Carolina

2.02%

North

Carolina

Turnpike

Authority

,

Callable

1/1/2034

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

1/1/2058

300,000

307,451

North

Carolina

Turnpike

Authority

,

Callable

1/1/2030

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

1/1/2049

110,000

111,595

University

of

North

Carolina

at

Charlotte

(The),

Revenue

Bonds

,

Callable

10/1/2027

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;4.00%,

10/1/2037

100,000

100,344

519,390

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Municipal

Bonds

98.67%

(continued)

Principal

Amount

Market

Value

North

Dakota

0.39%

City

of

Bismarck

ND

Sanitary

Sewer

Revenue,

Revenue

Bonds

,

Callable

5/1/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;3.00%,

5/1/2029

$

100,000

$

99,648

Ohio

0.99%

Franklin

County

Convention

Facilities

Authority

,

Callable

12/1/2029

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

12/1/2046

250,000

252,944

Pennsylvania

9.08%

City

of

Philadelphia

PA

Water

&

Wastewater

Revenue

,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

10/1/2052

450,000

450,745

Geisinger

PA

Authority

Health

System

,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

2/15/2045

145,000

146,119

Pennsylvania

Higher

Educational

Facilities

Authority,

Hospital

Improvements,

Revenue

Bonds

,

Callable

8/15/2027

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

8/15/2047

250,000

251,703

Pennsylvania

Higher

Educational

Facilities

Authority,

Hospital

Improvements,

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

5/1/2037

100,000

77,480

Pennsylvania

Higher

Educational

Facilities

Authority,

Hospital

Improvements,

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

5/1/2042

100,000

70,126

Pennsylvania

Higher

Educational

Facilities

Authority,

Hospital

Improvements,

Revenue

Bonds,

(OID)

,

&nbsp;&nbsp;&nbsp;&nbsp;4.00%,

5/1/2032

100,000

82,347

Pennsylvania

Housing

Finance

Agency,

Revenue

Bonds

,

Callable

4/1/2033

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.45%,

4/1/2051

150,000

156,176

Pennsylvania

Housing

Finance

Agency,

Revenue

Bonds

,

Callable

4/1/2027

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;3.65%,

10/1/2042

100,000

90,788

Pennsylvania

State

Turnpike

Authority

,

Callable

12/1/2025

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

12/1/2045

250,000

250,941

Pennsylvania

Turnpike

Commission,

Revenue

Bonds

,

Callable

12/1/2025

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

12/1/2045

500,000

500,389

Philadelphia

Gas

Works

Co.

,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

8/1/2050

250,000

254,661

2,331,475

Rhode

Island

1.02%

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

,

Callable

10/1/2032

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.45%,

10/1/2053

250,000

260,728

South

Carolina

0.78%

South

Carolina

Public

Service

Authority

,

Callable

12/1/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

12/1/2041

200,000

201,289

South

Dakota

1.13%

South

Dakota

Housing

Development

Authority,

Revenue

Bonds

,

Callable

11/1/2025

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;2.45%,

5/1/2027

250,000

247,576

South

Dakota

Housing

Development

Authority,

Revenue

Bonds

,

Callable

11/1/2025

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;3.13%,

11/1/2036

45,000

41,455

289,031

Tennessee

0.98%

Metropolitan

Government

of

Nashville

&

Davidson

County

Convention

Center

Authority,

Public

Improvements,

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

7/1/2026

200,000

200,376

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Municipal

Bonds

98.67%

(continued)

Principal

Amount

Market

Value

Tennessee

0.98%

(continued)

Tennessee

Housing

Development

Agency,

Revenue

Bonds

,

Callable

1/1/2027

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;3.40%,

7/1/2037

$

55,000

$

52,093

252,469

Texas

8.72%

Austin

TX

Electric

Utility

System

Revenue,

Revenue

Bonds

Series

2019

B

,

Callable

11/15/2029

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

11/15/2049

15,000

15,357

City

of

Austin

TX

Electric

Utility

Revenue

,

Callable

11/15/2025

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

11/15/2045

250,000

249,964

City

of

Houston

TX

Combined

Utility

System

,

Callable

11/15/2025

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

11/15/2044

250,000

250,023

Clifton

Higher

Education

Finance

Corp.,

School

Improvements,

Refunding

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;4.00%,

8/15/2044

500,000

465,913

Comal

Independent

School

District,

Unlimited

Tax

School

Building

Bonds

,

Callable

2/1/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;4.00%,

2/1/2034

250,000

250,453

Harris

County

Cultural

Education

Facilities

Finance

Corp.,

Revenue

Bonds

,

Callable

5/15/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;4.00%,

11/15/2030

130,000

130,747

North

Texas

Tollway

Authority

,

Callable

1/1/2028

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

1/1/2048

250,000

252,231

San

Antonio

Public

Facilities

Corp.,

Public

Improvements,

Refunding

Revenue

Bonds,

(OID)

,

&nbsp;&nbsp;&nbsp;&nbsp;4.00%,

9/15/2042

250,000

228,798

Texas

Public

Finance

Authority,

Revenue

Bonds

,

Callable

12/1/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;4.00%,

12/1/2031

200,000

201,887

White

Oak

Independent

School

District,

Unlimited

Tax

School

Building

Bonds

,

Callable

2/15/2027

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;4.00%,

2/15/2029

190,000

193,904

2,239,277

Vermont

0.19%

Vermont

Housing

Finance

Agency,

State

Multi-Family

Housing,

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;3.75%,

8/15/2037

50,000

49,559

Virginia

0.97%

Virginia

State

Resource

Authority

Infrastructure,

Revenue

Bonds

,

Callable

11/1/2025

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;4.00%,

11/1/2033

75,000

75,041

Virginia

State

Resource

Authority

Infrastructure,

Revenue

Bonds,

Pre-

Refunded

,

Callable

11/1/2025

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;4.00%,

11/1/2033

175,000

175,196

250,237

Washington

0.98%

Snohomish

County

Public

Utility

District

No.1

,

&nbsp;&nbsp;&nbsp;&nbsp;5.00%,

12/1/2045

250,000

250,983

Total

Municipal

Bonds

(Cost $25,651,673)

25,326,345

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Money

Market

Funds

0.20%

Shares

Market

Value

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio,

Institutional

Class,

4.05%

(a) 51,860

$

51,860

Total

Money

Market

Funds

(Cost $51,860)

51,860

Total

Investments

—

98.87%

(Cost

$25,703,533)

25,378,205

Other

Assets

in

Excess

of

Liabilities

—

1.13%

290,646

NET

ASSETS

-

100.00%

$

25,668,851

(a) Rate

disclosed

is

the

seven

day

effective

yield

as

of

September

30,

2025. AGM

-

Assured

Guaranty

Municipal

Corp.

OID

-

Original

Issue

Discount

Spirit

of

America

Income

Fund

Schedule

of

Investments

September

30,

2025

(Unaudited)

Common

Stocks

6.20%

Shares

Market

Value

Communications

0.61%

Verizon

Communications,

Inc.

7,500

$

329,625

Energy

3.19%

Chevron

Corp.

2,500

388,225

Enbridge,

Inc.

12,500

630,750

Kinder

Morgan,

Inc.

7,500

212,325

South

Bow

Corp.

3,000

84,870

TC

Energy

Corp.

7,500

408,075

1,724,245

Financials

0.39%

Blackstone

Mortgage

Trust,

Inc.,

Class

A

11,565

212,912

Real

Estate

2.01%

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

7,000

214,900

Healthpeak

Properties,

Inc.

1,348

25,814

Realty

Income

Corp.

3,048

185,288

Simon

Property

Group,

Inc.

3,500

656,845

1,082,847

Total

Common

Stocks

(Cost $2,708,318)

3,349,629

Preferred

Stocks

20.34%

Shares

Market

Value

Financials

13.27%

Affiliated

Managers

Group,

Inc.,

4.20%

15,000

241,200

Affiliated

Managers

Group,

Inc.,

4.75%

10,000

180,300

Allstate

Corp.

(The),

Series

I,

4.75%

10,000

208,300

American

Financial

Group,

Inc.,

5.13%

15,000

307,350

American

Financial

Group,

Inc.,

5.63%

20,000

442,000

Athene

Holding

Ltd.,

Series

D,

4.88%

20,000

363,600

Bank

of

America

Corp.,

Series

HH,

5.88%

8,000

200,800

Bank

of

America

Corp.,

Series

LL,

5.00%

15,000

319,800

Bank

of

America

Corp.,

Series

PP,

4.13%

16,667

292,839

Bank

of

America

Corp.,

Series

QQ,

4.25%

10,000

180,700

Brighthouse

Financial,

Inc.,

Series

C,

5.38%

20,000

270,600

Capital

One

Financial

Corp.,

Series

J,

4.80%

10,000

192,700

Capital

One

Financial

Corp.,

Series

K,

4.63%

18,500

345,950

CNO

Financial

Group,

Inc.,

5.13%

2,000

40,380

Equitable

Holdings,

Inc.,

Series

C,

4.30%

20,000

351,600

Fulton

Financial

Corp.,

Series

A,

5.13%

6,000

118,020

Huntington

Bancshares,

Inc.,

Series

H,

4.50%

10,000

185,800

JPMorgan

Chase

&

Co.,

Series

GG,

4.75%

10,000

209,800

KeyCorp,

Series

G,

5.63%

15,000

344,550

MetLife,

Inc.,

Series

F,

4.75%

10,000

208,600

Northern

Trust

Corp.,

Series

E,

4.70%

10,000

203,100

Prudential

Financial,

Inc.,

5.63%

10,000

248,700

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Preferred

Stocks

20.34%

(continued)

Shares

Market

Value

Financials

13.27%

(continued)

RenaissanceRE

Holdings

Ltd.,

Series

G,

4.20%

850

$

14,238

Selective

Insurance

Group,

Inc.,

Series

B,

4.60%

1,000

18,550

State

Street

Corp.,

5.35%

1,000

23,260

U.S.

Bancorp,

Series

L,

3.75%

20,000

319,200

U.S.

Bancorp,

Series

M,

4.00%

10,000

168,500

W.R.

Berkley

Corp.,

5.10%

20,000

428,000

Washington

Federal,

Inc.,

Series

A,

4.88%

10,000

162,800

Wells

Fargo

&

Co.,

Series

AA,

4.70%

10,000

195,900

Wells

Fargo

&

Co.,

Series

CC,

4.38%

10,000

181,900

Wells

Fargo

&

Co.,

Series

Z,

4.75%

10,000

197,400

7,166,437

Real

Estate

2.67%

Brookfield

Property

Partners

LP,

Series

A,

5.75%

7,500

100,500

Diversified

Healthcare

Trust,

5.63%

26,660

445,222

Federal

Realty

Investment

Trust,

Series

C,

5.00%

7,500

160,500

Public

Storage,

Series

N,

3.88%

20,000

337,400

Public

Storage,

Series

S,

4.10%

10,000

176,500

Vornado

Realty

Trust,

5.40%

12,298

219,027

1,439,149

Technology

0.20%

Pitney

Bowes,

Inc.,

6.70%

5,700

110,409

Utilities

4.20%

BIP

Bermuda

Holdings

I

Ltd.,

5.13%

10,000

171,500

Brookfield

Infrastructure

Partners

LP,

5.00%

10,000

174,000

Brookfield

Infrastructure

Partners

LP,

5.13%

25,000

441,000

DTE

Energy

Co.,

Series

G,

4.38%

15,000

277,650

Entergy

Arkansas,

Inc.,

4.88%

10,000

211,700

Entergy

Louisiana

LLC,

4.88%

10,000

212,000

Entergy

Mississippi,

Inc.,

4.90%

15,000

324,150

Southern

Co.,

4.95%

10,000

209,800

Southern

Co.,

5.25%

6,000

136,320

Southern

Co.,

Series

C,

4.20%

6,000

111,240

2,269,360

Total

Preferred

Stocks

(Cost $14,362,309)

10,985,355

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Collateralized

Mortgage

Obligations

0.08%

Principal

Amount

Market

Value

CHL

Mortgage

Pass-Through

Trust,

Series

2005-21,

Class

A27,

5.50%,

10/25/2035

$

14,893

$

7,920

CHL

Mortgage

Pass-Through

Trust,

Series

2005-21,

Class

A7,

5.50%,

10/25/2035

16,101

8,563

Citicorp

Mortgage

Securities,

Inc.,

Class

1A12,

5.00%,

2/25/2035

28,393

27,967

Total

Collateralized

Mortgage

Obligations

(Cost $45,723)

44,450

Corporate

Bonds

13.94%

Bank

of

New

York

Mellon

Corp.

(The),

4.63%,

12/20/2049

500,000

497,164

Bank

of

New

York

Mellon

Corp.

(The),

3.70%,

3/20/2169

100,000

99,120

Entergy

Texas,

Inc.,

5.15%,

6/1/2045

100,000

95,489

Exelon

Generation

Co.

LLC,

5.60%,

6/15/2042

(a)(b) 400,000

366,067

Fifth

Third

Bancorp,

8.25%,

3/1/2038

250,000

309,449

Goldman

Sachs

Group,

Inc.

(The),

6.75%,

10/1/2037

850,000

952,711

Goldman

Sachs

Group,

Inc.

(The),

6.45%,

5/1/2036

500,000

550,651

Kinder

Morgan

Energy

Partners

LP,

6.50%,

2/1/2037

250,000

271,915

MetLife,

Inc.,

9.25%,

4/8/2038

(b) 1,500,000

1,801,326

MetLife,

Inc.,

10.75%,

8/1/2039

1,000,000

1,337,387

PECO

Energy

Capital

Trust

IV,

5.75%,

6/15/2033

1,000,000

989,166

Valero

Energy

Corp.,

8.75%,

6/15/2030

224,000

260,950

Total

Corporate

Bonds

(Cost $7,599,116)

7,531,395

Municipal

Bonds

59.31%

Principal

Amount

Market

Value

Alabama

3.57%

Health

Care

Authority

for

Baptist

Health

(The),

Refunding

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;5.50%,

11/15/2043

2,000,000

1,927,851

Arizona

0.33%

Phoenix

Arizona

Civic

Improvement

Corp.

Excise

Tax

Revenue,

Revenue

Bonds

,

Callable

7/1/2030

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;2.70%,

7/1/2045

250,000

177,028

California

2.52%

Alhambra

Unified

School

District,

University

&

College

Improvements,

General

Obligation

Unlimited

,

&nbsp;&nbsp;&nbsp;&nbsp;6.70%,

2/1/2026

465,000

469,460

California

State

University,

Revenue

Bonds

Series

2020

B

,

Callable

5/1/2030

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;3.07%,

11/1/2042

100,000

77,611

Peralta

Community

College

District,

Refunding

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;7.31%,

8/1/2031

310,000

332,323

San

Bernardino

City

Unified

School

District,

School

Improvements,

Certificates

of

Participation,

(AGM)(OID)

,

&nbsp;&nbsp;&nbsp;&nbsp;8.25%,

2/1/2026

255,000

258,014

University

of

California

Revenues,

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;4.13%,

5/15/2045

250,000

227,697

1,365,105

Colorado

0.87%

Colorado

Mesa

University

,

&nbsp;&nbsp;&nbsp;&nbsp;6.75%,

5/15/2042

425,000

470,523

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Municipal

Bonds

59.31%

(continued)

Principal

Amount

Market

Value

Connecticut

0.46%

State

of

Connecticut,

General

Obligation

Unlimited

,

&nbsp;&nbsp;&nbsp;&nbsp;5.85%,

3/15/2032

$

230,000

$

247,466

Florida

3.30%

City

of

Miami

Gardens

FL

Public

Improvements,

Build

America

Bonds,

Certificates

of

Participation

,

&nbsp;&nbsp;&nbsp;&nbsp;7.17%,

6/1/2026

230,000

234,264

County

of

Miami-Dade

FL,

Port,

Airport

&

Marina

Improvements,

Build

America

Revenue

Bonds,

(AGM)(OID)

,

&nbsp;&nbsp;&nbsp;&nbsp;7.50%,

4/1/2040

960,000

1,129,847

County

of

Miami-Dade

FL,

Transit

System,

Transit

Improvements,

Build

America

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;5.53%,

7/1/2032

250,000

257,063

Town

of

Miami

Lakes

FL,

Public

Improvements,

Build

America

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;7.59%,

12/1/2030

150,000

162,914

1,784,088

Georgia

4.87%

Cobb

Marietta

Georgia

Coliseum,

Revenue

Bonds

,

Callable

1/1/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;4.50%,

1/1/2047

100,000

92,350

Municipal

Electric

Authority

of

Georgia,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;7.06%,

4/1/2057

1,371,000

1,544,413

State

of

Georgia,

Public

Improvements,

General

Obligation

Unlimited

,

&nbsp;&nbsp;&nbsp;&nbsp;3.84%,

2/1/2032

1,000,000

993,126

2,629,889

Hawaii

0.90%

State

of

Hawaii,

General

Obligation

Unlimited

,

Callable

10/1/2025

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;4.05%,

10/1/2032

495,000

488,456

Illinois

2.26%

City

of

Chicago

IL

Waterworks

Revenue,

Water

Utility

Improvements,

Build

America

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;6.74%,

11/1/2040

250,000

273,074

Village

of

Glenwood

IL,

Public

Improvements,

Build

America

Bonds,

General

Obligation

Unlimited,

(AGM)

,

&nbsp;&nbsp;&nbsp;&nbsp;7.03%,

12/1/2028

915,000

949,220

1,222,294

Indiana

3.66%

Anderson

School

Building

Corp.,

Refunding

Bonds,

General

Obligation

Limited

,

Callable

7/5/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;3.95%,

7/5/2029

1,000,000

988,112

Anderson

School

Building

Corp.,

Refunding

Bonds,

General

Obligation

Limited,

(OID)

,

Callable

7/5/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;3.75%,

7/5/2028

1,000,000

988,167

1,976,279

Kansas

0.70%

Wyandotte

County

Unified

School

District

No.

500

Kansas

City,

General

Obligation

Unlimited

Series

2020

B

,

Callable

9/1/2030

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;3.17%,

9/1/2046

500,000

378,572

Louisiana

0.15%

East

Baton

Rouge

Parish,

LA

Sewerage

Commission,

Revenue

Refunding

Bonds

Series

2020

B

,

&nbsp;&nbsp;&nbsp;&nbsp;2.44%,

2/1/2039

100,000

79,237

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Municipal

Bonds

59.31%

(continued)

Principal

Amount

Market

Value

Massachusetts

0.53%

Massachusetts

Health

&

Educational

Facilities

Authority,

Refunding

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;6.43%,

10/1/2035

$

250,000

$

270,934

University

of

Massachusetts

Building

Authority,

University

&

College

Improvements,

Build

America

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;6.57%,

5/1/2039

15,000

15,017

285,951

Michigan

0.64%

Michigan

Finance

Authority,

School

Improvements,

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;6.38%,

11/1/2025

240,000

240,453

Onsted

Community

Schools,

School

Improvements,

General

Obligation

Unlimited

,

&nbsp;&nbsp;&nbsp;&nbsp;5.90%,

5/1/2027

100,000

100,858

St.

Johns

Public

Schools,

General

Obligation

Unlimited

,

&nbsp;&nbsp;&nbsp;&nbsp;6.65%,

5/1/2040

5,000

5,013

346,324

Missouri

5.59%

City

of

Kansas

City

MO,

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;7.83%,

4/1/2040

2,090,000

2,447,085

Missouri

Joint

Municipal

Electric

Utility

Commission,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;7.73%,

1/1/2039

475,000

571,342

3,018,427

Nevada

2.11%

County

of

Washoe

NV,

Public

Improvements,

Build

America

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;7.97%,

2/1/2040

690,000

823,380

County

of

Washoe

NV,

Public

Improvements,

Build

America

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;7.88%,

2/1/2040

250,000

320,280

1,143,660

New

Jersey

0.79%

New

Jersey

Educational

Facilities

Authority,

University

&

College

Improvements,

Build

America

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;6.19%,

7/1/2040

500,000

424,594

New

York

2.67%

Long

Island

Power

Authority,

Revenue

Bonds,

(OID)

,

&nbsp;&nbsp;&nbsp;&nbsp;5.85%,

5/1/2041

195,000

199,086

Metropolitan

Transportation

Authority,

Transit

Improvements,

Build

America

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;6.20%,

11/15/2026

60,000

60,603

New

York

City

Industrial

Development

Agency,

Recreational

Facilities

Improvements

Revenue

Bonds,

(NATL-RE)

,

&nbsp;&nbsp;&nbsp;&nbsp;5.90%,

3/1/2046

500,000

505,646

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue,

School

Improvements,

Build

America

Revenue

Bonds,

(State

Aid

Withholding)

,

&nbsp;&nbsp;&nbsp;&nbsp;6.83%,

7/15/2040

465,000

513,789

Western

Nassau

County

Water

Authority,

Build

America

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;6.70%,

4/1/2040

150,000

165,022

1,444,146

North

Carolina

0.35%

County

of

Cabarrus

NC,

School

Improvements,

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;5.50%,

4/1/2026

190,000

190,611

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Municipal

Bonds

59.31%

(continued)

Principal

Amount

Market

Value

Ohio

4.74%

American

Municipal

Power,

Inc.,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;7.50%,

2/15/2050

$

490,000

$

575,802

American

Municipal

Power,

Inc.,

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;6.27%,

2/15/2050

445,000

464,863

Cincinnati

City

School

District,

Refunding

Bonds,

Certificates

of

Participation,

(OID)

,

Callable

12/15/2025

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;4.00%,

12/15/2032

200,000

195,114

County

of

Cuyahoga

OH,

Hospital

Improvements,

Build

America

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;8.22%,

2/15/2040

1,000,000

1,121,986

Springfield

Local

School

District/Summit

County,

School

Improvements,

Build

America

Bonds,

General

Obligation

Unlimited

(School

District

Credit

Program)

,

&nbsp;&nbsp;&nbsp;&nbsp;5.65%,

9/1/2031

200,000

200,143

2,557,908

Pennsylvania

3.67%

Pennsylvania

Turnpike

Commission

Turnpike

Revenue,

Revenue

Bonds

,

Callable

12/1/2029

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;3.58%,

12/1/2043

390,000

322,131

Pennsylvania

Turnpike

Commission,

Build

America

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;6.38%,

12/1/2037

520,000

564,836

Philadelphia

Municipal

Authority,

Public

Improvements,

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;5.09%,

3/15/2028

15,000

15,120

Sports

&

Exhibition

Authority

of

Pittsburgh

and

Allegheny

County,

Recreational

Facilities

Improvements,

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;7.04%,

11/1/2039

1,000,000

1,077,537

1,979,624

Rhode

Island

0.70%

Narragansett

Bay

Commission,

Revenue

Bonds

Series

2020

A

,

Callable

9/1/2030

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;2.92%,

9/1/2043

500,000

376,764

Texas

2.35%

Frisco

Economic

Development

Corp.,

Public

Improvements,

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;4.20%,

2/15/2034

1,000,000

986,891

Midland

County

Hospital

District,

Health,

Hospital

&

Nursing

Home

Improvements,

Build

America

Bonds,

General

Obligation

Limited

,

&nbsp;&nbsp;&nbsp;&nbsp;6.44%,

5/15/2039

260,000

281,054

1,267,945

Virgin

Islands

2.84%

Virgin

Islands

Water

&

Power

Authority

-

Electric

System,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds,

(AGM)

,

&nbsp;&nbsp;&nbsp;&nbsp;6.85%,

7/1/2035

1,000,000

1,075,104

Virgin

Islands

Water

&

Power

Authority

-

Electric

System,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds,

(AGM)

,

&nbsp;&nbsp;&nbsp;&nbsp;6.65%,

7/1/2028

445,000

457,316

1,532,420

Virginia

7.41%

Tobacco

Settlement

Financing

Corp.,

Refunding

Revenue

Bonds,

(OID)

,

Callable

6/1/2026

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;6.71%,

6/1/2046

5,245,000

4,004,878

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Municipal

Bonds

59.31%

(continued)

Principal

Amount

Market

Value

Washington

1.33%

Douglas

County

Public

Utility

District

No.

1,

Electric

Lights

&

Power

Improvements,

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;5.35%,

9/1/2030

$

168,214

$

175,189

Public

Utility

District

No.

of

Cowlitz

County,

WA,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds

,

&nbsp;&nbsp;&nbsp;&nbsp;6.88%,

9/1/2032

500,000

546,933

722,122

Total

Municipal

Bonds

(Cost $32,998,607)

32,042,162

Total

Investments

—

99.87%

(Cost

$57,714,073)

53,952,991

Other

Assets

in

Excess

of

Liabilities

—

0.13%

68,714

NET

ASSETS

-

100.00%

$

54,021,705

(a) Security

is

currently

being

valued

according

to

the

fair

value

procedures

approved

by

the

Board

of

Directors.

(b) Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933. The

security

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

AGM

-

Assured

Guaranty

Municipal

Corp.

NATL-RE

-

Insured

by

National

Public

Finance

Guarantee

Corp.

OID

-

Original

Issue

Discount

Spirit

of

America

Utilities

Fund

Schedule

of

Investments

September

30,

2025

(Unaudited)

Common

Stocks

97.37%

Shares

Market

Value

Energy

2.41%

Kinder

Morgan,

Inc.

8,000

$

226,480

ONEOK,

Inc.

3,275

238,977

Targa

Resources

Corp.

1,725

289,006

Williams

Companies,

Inc.

(The)

5,800

367,430

1,121,893

Industrials

2.51%

NuScale

Power

Corp.

(a) 4,500

162,000

Republic

Services,

Inc.

1,750

401,590

Waste

Management,

Inc.

2,750

607,283

1,170,873

Utilities

92.45%

AES

Corp.

31,500

414,540

Alliant

Energy

Corp.

6,600

444,906

Ameren

Corp.

13,750

1,435,225

American

Electric

Power

Company,

Inc.

14,050

1,580,625

American

Water

Works

Company,

Inc.

2,250

313,177

Atmos

Energy

Corp.

5,600

956,200

Brookfield

Renewable

Corp.,

Class

A

5,900

203,078

California

Water

Service

Group

6,500

298,285

CenterPoint

Energy,

Inc.

21,750

843,900

Chesapeake

Utilities

Corp.

4,000

538,760

Clearway

Energy,

Inc.,

Class

C

20,800

587,600

CMS

Energy

Corp.

19,550

1,432,233

Constellation

Energy

Corp.

6,100

2,007,327

Dominion

Energy,

Inc.

7,100

434,307

DTE

Energy

Co.

13,450

1,902,233

Duke

Energy

Corp.

15,700

1,942,875

Edison

International

10,858

600,230

Entergy

Corp.

20,750

1,933,692

Essential

Utilities,

Inc.

32,600

1,300,740

Evergy,

Inc.

13,800

1,049,076

Eversource

Energy

20,050

1,426,357

Exelon

Corp.

25,600

1,152,256

FirstEnergy

Corp.

31,100

1,425,002

IDACORP,

Inc.

4,350

574,852

National

Fuel

Gas

Co.

3,950

364,862

New

Jersey

Resources

Corp.

9,500

457,425

NextEra

Energy,

Inc.

31,550

2,381,710

Nisource,

Inc.

32,500

1,407,250

Northwest

Natural

Holdings

Co.

11,300

507,709

NorthWestern

Corp.

8,700

509,907

NRG

Energy,

Inc.

5,050

817,848

Pinnacle

West

Capital

Corp.

3,700

331,742

PNM

Resources,

Inc.

5,600

316,680

Portland

General

Electric

Co.

16,900

743,600

Spirit

of

America

Utilities

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Common

Stocks

97.37%

(continued)

Shares

Market

Value

Utilities

92.45%

(continued)

PPL

Corp.

47,700

$

1,772,532

Public

Service

Enterprise

Group,

Inc.

16,450

1,372,917

Sempra

Energy

17,250

1,552,155

Southern

Co.

8,600

815,022

Southwest

Gas

Corp.

3,450

270,273

Talen

Energy

Corp.

(a) 550

233,959

Vistra

Energy

Corp.

9,800

1,920,016

WEC

Energy

Group,

Inc.

7,900

905,261

Xcel

Energy,

Inc.

20,150

1,625,098

43,103,442

Total

Common

Stocks

(Cost $37,557,766)

45,396,208

Money

Market

Funds

2.42%

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio,

Institutional

Class,

4.05%

(b) 1,128,566

1,128,566

Total

Money

Market

Funds

(Cost $1,128,566)

1,128,566

Total

Investments

—

99.79%

(Cost

$38,686,332)

46,524,774

Other

Assets

in

Excess

of

Liabilities

—

0.21%

97,251

NET

ASSETS

-

100.00%

$

46,622,025

(a) Non-income

producing

security.

(b) Rate

disclosed

is

the

seven

day

effective

yield

as

of

September

30,

2025.

## 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:** 2025-09-30

**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:** $54860657.26

**Total Liabilities:** $917353.28

**Net Assets:** $53943303.98

**Cash Not Reported:** $6906.20

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 39.10200025 | **1-Year:** 558.55811960 | **5-Year:** 3529.06566614 | **10-Year:** 14668.97755868 | **30-Year:** 3263.24480470

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 15.64645631 | **10-Year:** 2006.68628786 | **30-Year:** 1993.54384425

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000219380 | 0.48%                | 1.14%                | 1.86%                |
| Class ID C000073513 | -4.20%               | -3.65%               | -3.11%               |
| Class ID C000167229 | -0.51%               | 0.06%                | 0.68%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-18969.66               | $110105.76                                 |
| Month 2  | $8467.68                 | $369081.18                                 |
| Month 3  | $24063.45                | $686578.91                                 |

### 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        |     16101 | PA      | $8562.61      | 0.02%             | 2035-10-25      | Fixed         | 5.50%                 | 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      | $162800.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Incorporated                 | Huntington Bancshares, Inc., Series H, 4.50%                      | CUSIP: 446150823<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |     10000 | NS      | $185800.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                                       | The Southern Co., 4.95%                                           | CUSIP: 842587800<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |     10000 | NS      | $209800.00    | 0.39%             |  |  |  | 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      | $200800.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| WASHOE CNTY NEV                                    | County of Washoe, NV                                              | CUSIP: 940839BM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $823379.76    | 1.53%             | 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        |    168214 | PA      | $175189.18    | 0.32%             | 2030-09-01      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH                                  | Michigan Finance Authority                                        | CUSIP: 59447PDQ1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    240000 | PA      | $240453.14    | 0.45%             | 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      | $214900.00    | 0.40%             |  |  |  | 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      | $428000.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                           | Simon Property Group, Inc.                                        | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      3500 | NS      | $656845.00    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc.                                       | MetLife, Inc., Series F, 4.75%                                    | CUSIP: 59156R850<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               | CORP              | US        |     10000 | NS      | $208600.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| WASHOE CNTY NEV                                    | County of Washoe, NV                                              | CUSIP: 940839BL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $320280.15    | 0.59%             | 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      | $366066.72    | 0.68%             | 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      | $100857.70    | 0.19%             | 2027-05-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Brookfield Property Partners LP                    | Brookfield Property Partners LP, Series A, 5.75%                  | CUSIP: G16249164<br>LEI: 5493004J5Z0TZW83NU62 | Long             | EP               | CORP              | BM        |      7500 | NS      | $100500.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                      | Chevron Corp.                                                     | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2500 | NS      | $388225.00    | 0.72%             |  |  |  | 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      | $192700.00    | 0.36%             |  |  |  | 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      | $174000.00    | 0.32%             |  |  |  | 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      | $79236.61     | 0.15%             | 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      | $241200.00    | 0.45%             |  |  |  | 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      | $307350.00    | 0.57%             |  |  |  | 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      | $160500.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                       | Metropolitan Transportation Authority                             | CUSIP: 59259YDK2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60603.40     | 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      | $988166.80    | 1.83%             | 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        |    230000 | PA      | $247465.65    | 0.46%             | 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      | $1075103.90   | 1.99%             | 2035-07-01      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Brighthouse Financial Inc.                         | Brighthouse Financial, Inc.                                       | CUSIP: 10922N707<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EP               | CORP              | US        |     20000 | NS      | $270600.00    | 0.50%             |  |  |  | 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      | $952710.60    | 1.77%             | 2037-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| South Bow Corp.                                    | SOUTH BOW CORP                                                    | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               | CORP              | CA        |      3000 | NS      | $84870.00     | 0.16%             |  |  |  | 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      | $497164.50    | 0.92%             | 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      | $190611.06    | 0.35%             | 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      | $185287.92    | 0.34%             |  |  |  | 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      | $2447085.07   | 4.54%             | 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      | $630750.00    | 1.17%             |  |  |  | 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      | $15016.95     | 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      | $110409.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Texas Inc                                  | Entergy Texas, Inc.                                               | CUSIP: 29365TAD6<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95489.52     | 0.18%             | 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      | $227697.08    | 0.42%             | 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      | $212911.65    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                     | Public Storage                                                    | CUSIP: 74460W511<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |     20000 | NS      | $337400.00    | 0.63%             |  |  |  | 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      | $281054.18    | 0.52%             | 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      | $197400.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                                | Kinder Morgan, Inc.                                               | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |      7500 | NS      | $212325.00    | 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      | $363600.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| GLENWOOD ILL                                       | Village of Glenwood, IL                                           | CUSIP: 379213ET4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $949220.27    | 1.76%             | 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      | $136320.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILADELPHIA PA MUN AUTH                           | Philadelphia Municipal Authority                                  | CUSIP: 717904JP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15120.08     | 0.03%             | 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      | $195113.58    | 0.36%             | 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      | $989166.17    | 1.83%             | 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        |    960000 | PA      | $1129846.56   | 2.09%             | 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      | $270933.73    | 0.50%             | 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      | $329625.00    | 0.61%             |  |  |  | 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      | $40380.00     | 0.07%             |  |  |  | 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      | $23260.00     | 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      | $319800.00    | 0.59%             |  |  |  | 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      | $199086.28    | 0.37%             | 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      | $92349.55     | 0.17%             | 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      | $424594.35    | 0.79%             | 2040-07-01      | Fixed         | 6.19%                 | 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      | $332323.10    | 0.62%             | 2031-08-01      | Fixed         | 7.31%                 | 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        |    250000 | PA      | $257062.70    | 0.48%             | 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      | $986891.20    | 1.83%             | 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      | $165022.23    | 0.31%             | 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      | $344550.00    | 0.64%             |  |  |  | No            |                  1 | 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      | $258014.33    | 0.48%             | 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      | $324150.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc.                                       | MetLife, Inc.                                                     | CUSIP: 59156RAV0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1337387.00   | 2.48%             | 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        |    445000 | PA      | $457315.95    | 0.85%             | 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      | $18550.00     | 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      | $211700.00    | 0.39%             |  |  |  | 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      | $208300.00    | 0.39%             |  |  |  | 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      | $546933.25    | 1.01%             | 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      | $248700.00    | 0.46%             |  |  |  | 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      | $988112.20    | 1.83%             | 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      | $118020.00    | 0.22%             |  |  |  | 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      | $292839.19    | 0.54%             |  |  |  | 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      | $1927851.40   | 3.57%             | 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      | $441000.00    | 0.82%             |  |  |  | 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      | $351600.00    | 0.65%             |  |  |  | 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      | $376763.80    | 0.70%             | 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      | $464863.20    | 0.86%             | 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      | $203100.00    | 0.38%             |  |  |  | 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      | $4004877.97   | 7.42%             | 2046-06-01      | Fixed         | 6.71%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                | Fifth Third Bancorp                                               | CUSIP: 316773CH1<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    250000 | PA      | $309448.70    | 0.57%             | 2038-03-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN                          | Pennsylvania Turnpike Commission                                  | CUSIP: 709224V71<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    390000 | PA      | $322131.23    | 0.60%             | 2043-12-01      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| TC Energy Corp                                     | TC Energy Corp.                                                   | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |      7500 | NS      | $408075.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                  | Wells Fargo & Co.                                                 | CUSIP: 94988U128<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     10000 | NS      | $195900.00    | 0.36%             |  |  |  | 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      | $5013.30      | 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      | $564835.91    | 1.05%             | 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      | $181900.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                          | Healthpeak Properties, Inc.                                       | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |      1348 | NS      | $25814.20     | 0.05%             |  |  |  | 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      | $177027.98    | 0.33%             | 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      | $180700.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| HAWAII ST                                          | State of Hawaii                                                   | CUSIP: 419792DG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $488456.30    | 0.91%             | 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      | $162913.73    | 0.30%             | 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      | $234264.06    | 0.43%             | 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      | $993125.50    | 1.84%             | 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      | $200142.84    | 0.37%             | 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      | $180300.00    | 0.33%             |  |  |  | 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      | $575801.99    | 1.07%             | 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      | $14237.50     | 0.03%             |  |  |  | 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      | $219027.38    | 0.41%             |  |  |  | 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      | $168500.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CUYAHOGA CNTY OHIO                                 | County of Cuyahoga, OH                                            | CUSIP: 2322655C8<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1121986.00   | 2.08%             | 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        |     14893 | PA      | $7920.42      | 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      | $77611.01     | 0.14%             | 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      | $319200.00    | 0.59%             |  |  |  | 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      | $271914.61    | 0.50%             | 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      | $212000.00    | 0.39%             |  |  |  | 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      | $470523.11    | 0.87%             | 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      | $1077537.00   | 2.00%             | 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        |     28393 | PA      | $27966.46     | 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      | $550651.23    | 1.02%             | 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      | $99119.86     | 0.18%             | 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      | $445222.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO ILL                                        | City of Chicago, IL Waterworks Revenue                            | CUSIP: 167736YU5<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    250000 | PA      | $273073.85    | 0.51%             | 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      | $505645.85    | 0.94%             | 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      | $111240.00    | 0.21%             |  |  |  | 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      | $571341.50    | 1.06%             | 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      | $378572.25    | 0.70%             | 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      | $171500.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp.                                | Valero Energy Corp.                                               | CUSIP: 91913YAB6<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |    224000 | PA      | $260950.54    | 0.48%             | 2030-06-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Public Storage                                     | Public Storage, Series S, 4.1%                                    | CUSIP: 74460W396<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |     10000 | NS      | $176500.00    | 0.33%             |  |  |  | No            |                  1 | 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      | $513789.01    | 0.95%             | 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      | $209800.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                        | Capital One Financial Corp.                                       | CUSIP: 14040H774<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |     18500 | NS      | $345950.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc.                                       | MetLife, Inc.                                                     | CUSIP: 59156RBS6<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1801326.00   | 3.34%             | 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      | $277650.00    | 0.51%             |  |  |  | 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      | $1544413.27   | 2.86%             | 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      | $442000.00    | 0.82%             |  |  |  | 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      | $469459.77    | 0.87%             | 2026-02-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

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

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller