SPIRIT OF AMERICA ENERGY FUND

SCHEDULE OF INVESTMENTS | AUGUST 31, 2020 (UNAUDITED)

	Shares		Market Value
Master Limited Partnerships — Partnership Shares 47.90%
Biofuels 0.05%
Enviva Partners LP		2,200	$	90,794
Exploration & Production 3.85%
Black Stone Minerals LP		383,749		2,682,406
Viper Energy Partners LP		365,457		3,720,352
				6,402,758
Marine Shipping 1.16%
Teekay LNG Partners LP		175,101		1,938,368
Midstream - Oil & Gas 36.50%
BP Midstream Partners LP		139,496		1,644,658
Cheniere Energy Partners LP		224,619		8,128,962
CNX Midstream Partners LP		28,502		273,904
Energy Transfer LP		954,870		6,130,265
Enterprise Products Partners LP		600,594		10,546,430
Holly Energy Partners LP		35,419		506,138
Magellan Midstream Partners LP		243,115		9,240,801
MPLX LP		573,247		10,473,223
Phillips 66 Partners LP		261,441		7,037,992
Plains All American Pipeline LP		16,500		116,820
Shell Midstream Partners LP		402,298		4,179,876
TC PipeLines LP		77,719		2,360,326
Western Midstream Partners LP		10,300		93,421
				60,732,816
Oilfield Services & Equipment 3.64%
USA Compression Partners LP		548,624		6,056,809
Power Generation 0.82%
Brookfield Renewable Partners LP		28,850		1,310,944

See accompanying notes which are an integral part of this schedule of investments.

SPIRIT OF AMERICA ENERGY FUND

SCHEDULE OF INVESTMENTS | AUGUST 31, 2020 (UNAUDITED) (CONT.)

	Shares		Market Value
NextEra Energy Partners LP		1,000	$	60,320
				1,371,264
Refining & Marketing 1.88%
Sunoco LP		117,674		3,121,891
Total Master Limited Partnerships — Partnership Shares (Cost $114,907,535)				79,714,700
Common Stocks 52.65%
Electric Transmission & Distribution 0.24%
Algonquin Power & Utilities Corp.		15,500		214,365
Eversource Energy		2,200		188,562
				402,927
Exploration & Production 0.98%
EOG Resources, Inc.		1,000		45,340
Marathon Oil Corp.		46,273		244,321
Parsley Energy, Inc., Class A		112,000		1,204,000
Pioneer Natural Resources Co.		1,300		135,109
				1,628,770
Gas Utilities 2.59%
UGI Corp.		124,922		4,313,557
Integrated Electric Utilities 5.50%
Dominion Energy, Inc.		102,642		8,051,237
Duke Energy Corp.		2,800		224,952
NextEra Energy, Inc.		1,950		544,382
PPL Corp.		12,250		338,468
				9,159,039
Integrated Oils 6.38%
Chevron Corp.		100,030		8,395,518

See accompanying notes which are an integral part of this schedule of investments.

SPIRIT OF AMERICA ENERGY FUND

SCHEDULE OF INVESTMENTS | AUGUST 31, 2020 (UNAUDITED) (CONT.)

	Shares		Market Value
Exxon Mobil Corp.		55,870	$	2,231,448
				10,626,966
Midstream - Oil & Gas 27.90%
Antero Midstream Corporation		23,500		159,095
Cheniere Energy, Inc.(a)		20,025		1,042,301
Enbridge, Inc.		327,927		10,500,223
Hess Midstream LP, Class A		217,837		3,851,358
Kinder Morgan, Inc.		765,994		10,586,037
ONEOK, Inc.		200,921		5,521,309
TC Energy Corporation		100,400		4,684,664
Williams Cos, Inc. (The)		485,782		10,084,834
				46,429,821
Oilfield Services & Equipment 0.62%
Baker Hughes Co.		71,000		1,013,880
Halliburton Co.		1,000		16,180
				1,030,060
Power Generation 0.24%
Brookfield Renewable Corp., Class A		7,713		392,721
Refining & Marketing 8.05%
Marathon Petroleum Corp.		97,671		3,463,414
Phillips 66		81,432		4,761,329
Valero Energy Corp.		98,334		5,171,385
				13,396,128
Renewable Energy Equipment 0.07%
SolarEdge Technologies, Inc.(a)		500		110,575
Specialty REIT 0.08%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		3,250		137,995
Total Common Stocks (Cost $117,398,079)				87,628,559

See accompanying notes which are an integral part of this schedule of investments.

SPIRIT OF AMERICA ENERGY FUND

SCHEDULE OF INVESTMENTS | AUGUST 31, 2020 (UNAUDITED) (CONT.)

	Shares		Market Value
Money Market Funds 0.16%
Morgan Stanley Institutional Liquidity Fund, Institutional, 0.02%(b)		261,387	$	261,387
Total Money Market Funds (Cost $261,387)				261,387
Total Investments — 100.71% (Cost $232,567,001)				167,604,646
Liabilities in Excess of Other Assets — (0.71)%				(1,180,838	)
NET ASSETS - 100.00%			$	166,423,808

^(a) Non-income producing security.

^(b) Rate disclosed is the seven day effective yield as of August 31, 2020.

SPIRIT OF AMERICA ENERGY FUND

SCHEDULE OF WRITTEN OPTIONS | AUGUST 31, 2020 (UNAUDITED)

	Number of Contracts			Notional Amount			Exercise Price		Expiration Date	Value
Written Call Options — (0.00)%
MPLX LP (a)		(50	)	$	(91,350	)	$	20.00	September 2020	$	(750	)
Total Written Call Options— (0.00)%
(Premiums Received $1,948)										$	(750	)

(a) Non-income producing security.

At August 31, 2020, the net unrealized appreciation (depreciation) for tax purposes was as follows:

Gross unrealized appreciation	$	30,907,988
Gross unrealized depreciation		(56,816,536	)
Net unrealized appreciation	$	(25,908,548	)
Cost basis of investments	$	193,512,444

See accompanying notes which are an integral part of this schedule of investments.

SPIRIT OF AMERICA INVESTMENT FUND, INC.

NOTES TO SCHEDULES OF INVESTMENTS

August 31, 2020 (UNAUDITED)

The Spirit of America Energy Fund (the “Fund”) is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”) for investment companies.

A. Security Valuation: The offering price and NAV per share for the Fund are calculated as of the close of regular trading on the New York Stock Exchange (“NYSE”), currently 4:00 p.m., Eastern Time on each day the NYSE is open for trading. The Fund’s securities are valued at the official close or the last reported sales price on the principal exchange on which the security trades, or if no sales price is reported, the mean of the latest bid and asked prices is used. Securities traded over-the-counter are priced at the mean of the latest bid and asked prices. Unlisted securities traded in the over-the-counter market are valued using an evaluated quote provided by the independent pricing service, or, if an evaluated quote is unavailable, such securities are valued using prices received from dealers, provided that if the dealer supplies both bid and ask prices, the price to be used is the mean of the bid and asked prices. The independent pricing service derives an evaluated quote by obtaining dealer quotes, analyzing the listed markets, reviewing trade execution data and employing sensitivity analysis. Evaluated quotes may also reflect appropriate factors such as individual characteristics of the issue, communications with broker-dealers, and other market data. Fund securities for which market quotations are not readily available are valued at fair value as determined in good faith under procedures established by and under the supervision of the Board.

B. Fair Value Measurements: Various inputs are used in determining the fair value of investments which are as follows:

• Level 1 –	Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date.
• Level 2 –	Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
• Level 3 –	Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments).

SPIRIT OF AMERICA INVESTMENT FUND, INC.

NOTES TO SCHEDULES OF INVESTMENTS

August 31, 2020 (UNAUDITED)

The summary of inputs used to determine the fair valuation of the Fund’s investments as of August 31, 2020 is as follows:

	Value Inputs
	LEVEL 1			LEVEL 2		LEVEL 3		Total
Assets
Master Limited Partnership - Common Stocks	$	79,714,700		$	-	$	-	$	79,714,700
Common Stocks		87,628,559			-		-		87,628,559
Money Market Funds		261,387			-		-		261,387
Total	$	167,604,646		$	-	$	-	$	167,604,646
Liabilities
Written Call Options	$	(750	)	$	-	$	-	$	(750	)
Total	$	(750	)	$	-	$	-	$	(750	)

The Fund did not hold any investments at any time during the reporting period in which significant unobservable inputs were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.

For additional information regarding the accounting policies of the Spirit of America Investment Fund, Inc., refer to the most recent financial statements in the N-CSR filing at www.sec.gov.