# EDGAR Filing Document

**Accession Number:** 0001039667
**File Stem:** 0001752724-25-212424
**Filing Date:** 2025-8
**Character Count:** 40774
**Document Hash:** 35a37c42774f236c8f0a40144bcd3181
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-212424.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001752724-25-212424

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08231
- **FILM NUMBER:** 251277729

**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 REAL ESTATE INCOME AND GROWTH FUND (Series ID: S000001448)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000003855 | CLASS A              | SOAAX           |
| C000167226 | Class C              | SACRX           |
| C000219377 | Institutional Shares | SOIAX           |

## 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 REAL ESTATE INCOME & GROWTH FUND

- **b. EDGAR series identifier (if any):** S000001448

- **c. LEI of Series:** 549300M8IIG0R36CBU02

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $74150333.87

**Total Liabilities:** $3669191.64

**Net Assets:** $70481142.23

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000219377 | -1.97%               | 2.01%                | -0.26%               |
| Class ID C000003855 | -7.16%               | -3.27%               | -5.61%               |
| Class ID C000167226 | -3.05%               | 1.00%                | -1.38%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-1487378.68                               |
| Month 2  | $154829.20               | $1262084.23                                |
| Month 3  | $17851.84                | $-657063.41                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Postal Realty Trust Inc                      | Postal Realty Trust, Inc.                                           | CUSIP: 73757R102<br>LEI: 5493007B7ZZSIJRGWC41 | Long             | EC               | CORP              | US        |      3000 | NS      | $44190.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial, Inc.                        | STAG Industrial, Inc.                                               | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |     41950 | NS      | $1521946.00   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                    | Host Hotels & Resorts, Inc.                                         | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |     39900 | NS      | $612864.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.                  | AvalonBay Communities, Inc.                                         | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     17040 | NS      | $3467640.00   | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corporation                    | Kilroy Realty Corp.                                                 | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |      4265 | NS      | $146332.15    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashford Hospitality Trust Inc                | Ashford Hospitality Trust, Inc., Series F, 7.38%                    | CUSIP: 044103604<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      6000 | NS      | $79020.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc.                | Sunstone Hotel Investors, Inc.                                      | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |     13700 | NS      | $118916.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communities, Inc.      | Mid-America Apartment Communities, Inc.                             | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |      7872 | NS      | $1165134.72   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties, Inc.                   | Highwoods Properties, Inc.                                          | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |      2000 | NS      | $62180.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc.                | Sunstone Hotel Inestors, Inc., Series H 6.125%                      | CUSIP: 867892804<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EP               | CORP              | US        |      4000 | NS      | $80480.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc.                                | KKR & Co. LP                                                        | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |      2150 | NS      | $286014.50    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers, Inc.                          | Toll Brothers, Inc.                                                 | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |      1175 | NS      | $134102.75    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| One Liberty Properties Inc.                  | One Liberty Properties, Inc.                                        | CUSIP: 682406103<br>LEI: 549300QII1CQZGZBZR14 | Long             | EC               | CORP              | US        |      2500 | NS      | $59650.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| D.R. Horton, Inc.                            | D.R. Horton, Inc.                                                   | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |      1000 | NS      | $128920.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| W. P. Carey Inc                              | WP Carey, Inc.                                                      | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |      9200 | NS      | $573896.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                           | Vertiv Holdings Co.                                                 | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      4300 | NS      | $552163.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corporation                   | Terreno Realty Corp.                                                | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38900 | NS      | $2181123.00   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                            | Agree Realty Corp.                                                  | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |      8100 | NS      | $591786.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc            | Gaming and Leisure Properties, Inc.                                 | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     28885 | NS      | $1348351.80   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc.             | Four Corners Property Trust, Inc.                                   | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |      5000 | NS      | $134550.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Net Lease Office Properties                  | NET Lease Office Properties                                         | CUSIP: 64110Y108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1872 | NS      | $60933.60     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Medical REIT Inc.                     | Global Medical REIT, Inc.                                           | CUSIP: 37954A204<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EC               | CORP              | US        |     15000 | NS      | $103950.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                      | DigitalBridge Group, Inc.                                           | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |     33000 | NS      | $341550.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc.                | American Healthcare REIT Inc                                        | CUSIP: 398182303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1000 | NS      | $36740.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corporation                    | Realty Income Corp.                                                 | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     27085 | NS      | $1560366.85   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts Inc.                   | Park Hotels & Resorts, Inc.                                         | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |      9250 | NS      | $94627.50     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                               | Blackstone Group LP/The                                             | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |      1800 | NS      | $269244.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc.                    | Digital Realty Trust, Inc., Series J, 5.25%                         | CUSIP: 253868855<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        |      4000 | NS      | $84240.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Sotherly Hotels Inc                          | Sotherly Hotels, Inc., Series C, 7.88%                              | CUSIP: 83600C400<br>LEI: 549300IYTT21F61LSR10 | Long             | EP               | CORP              | US        |      2000 | NS      | $32800.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.        | Alexandria Real Estate Equities, Inc.                               | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |      4350 | NS      | $315940.50    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation                   | American Tower Corp.                                                | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      2170 | NS      | $479613.40    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                               | Public Storage, Inc., Series K, 4.75%                               | CUSIP: 74460W578<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      4000 | NS      | $75680.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Partners Lp                  | Cheniere Energy Partners LP                                         | CUSIP: 16411Q101<br>LEI: 5493005UEC8AZ34LDV29 | Long             | EC               | CORP              | US        |      1613 | NS      | $90408.65     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc.                | Sunstone Hotel Investors, Inc., Series I, 5.7%                      | CUSIP: 867892887<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EP               | CORP              | US        |      4000 | NS      | $74560.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp.                                 | Lennar Corp.                                                        | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |       925 | NS      | $102314.25    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mortgage Trust Inc                  | New York Mortgage Trust Inc., Series G, 7.00%                       | CUSIP: 649604857<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EP               | CORP              | US        |      2000 | NS      | $37540.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp.                        | Regency Centers Corp.                                               | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |     13400 | NS      | $954482.00    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust, Inc.                   | Essex Property Trust, Inc.                                          | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |      9636 | NS      | $2730842.40   | 3.87%             |  |  |  | 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        |      6500 | NS      | $130260.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                               | Public Storage, Series S, 4.1%                                      | CUSIP: 74460W396<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     10000 | NS      | $162200.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                               | Public Storage, Series M, 4.125%                                    | CUSIP: 74460W537<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      1167 | NS      | $19348.86     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                      | UDR, Inc.                                                           | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |     48850 | NS      | $1994545.50   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                        | American Homes 4 Rent                                               | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     36300 | NS      | $1309341.00   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Hotel Properties, Inc.                | Summit Hotel Properties, Inc., Series F, 5.875%                     | CUSIP: 866082704<br>LEI: 254900OBQWJK6X20LS71 | Long             | EP               | CORP              | US        |     10000 | NS      | $177600.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                      | COPT Defense Properties                                             | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |     12000 | NS      | $330960.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart (Maryland)                         | CubeSmart                                                           | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19450 | NS      | $826625.00    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vici Properties Inc                          | VICI Properties, Inc.                                               | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     83297 | NS      | $2715482.20   | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc.                           | Iron Mountain, Inc.                                                 | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |     36900 | NS      | $3784833.00   | 5.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                            | Getty Realty Corp.                                                  | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |      1000 | NS      | $27640.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                      | Pebblebrook Hotel Trust, Series F, 6.30%                            | CUSIP: 70509V704<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |      2500 | NS      | $43875.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                      | Pebblebrook Hotel Trust, Series G 6.375%                            | CUSIP: 70509V803<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |      4000 | NS      | $70200.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Caretrust Reit Inc                           | CareTrust REIT, Inc.                                                | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |      5000 | NS      | $153000.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                             | Amazon.com, Inc.                                                    | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      4400 | NS      | $965316.00    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                               | Public Storage                                                      | CUSIP: 74460D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7925 | NS      | $2325353.50   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc.                        | Invitation Homes, Inc.                                              | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |      6000 | NS      | $196800.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                           | Energy Transfer LP                                                  | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |     16000 | NS      | $290080.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                      | Boston Properties, Inc.                                             | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |      6915 | NS      | $466555.05    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                         | Lexington Realty Trust                                              | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |      2700 | NS      | $22302.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire State Realty Trust Inc                | Empire State Realty Trust, Inc.                                     | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               | CORP              | US        |      1000 | NS      | $8090.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors, Inc.             | Omega Healthcare Investors, Inc.                                    | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |     39500 | NS      | $1447675.00   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Institutional Liquidity Funds | Morgan Stanley Institutional Liquidity Fund  - Government Portfolio | CUSIP: 61747C707<br>LEI: 5493000A332Y142SOW84 | Long             | STIV             | RF                | US        |   1152158 | PA      | $1152158.22   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Hotel Properties, Inc.                | Summit Hotel Properties, Inc.                                       | CUSIP: 866082100<br>LEI: 254900OBQWJK6X20LS71 | Long             | EC               | CORP              | US        |      6000 | NS      | $30540.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                        | Camden Property Trust                                               | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     10000 | NS      | $1126900.00   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                                | Prologis, Inc.                                                      | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     25051 | NS      | $2633361.12   | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                               | Public Storage                                                      | CUSIP: 74460W552<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      2000 | NS      | $36520.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc.               | Rexford Industrial Realty, Inc.                                     | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     10500 | NS      | $373485.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc.                     | Extra Space Storage, Inc.                                           | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        |     11980 | NS      | $1766331.20   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                     | Simon Property Group, Inc.                                          | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     14100 | NS      | $2266716.00   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Plymouth Industrial REIT Inc.                | Plymouth Industrial REIT Inc.                                       | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1500 | NS      | $24090.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                         | Vornado Realty Trust, Series M, 5.25%                               | CUSIP: 929042828<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      2500 | NS      | $41375.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc.                    | Digital Realty Trust, Inc.                                          | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     25181 | NS      | $4389803.73   | 6.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                                 | National Retail Properties, Inc.                                    | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     17750 | NS      | $766445.00    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                    | Healthpeak Properties, Inc.                                         | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |     16869 | NS      | $295376.19    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Mortgage Trust, Inc               | Blackstone Mortgage Trust, Inc.                                     | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               | CORP              | US        |      2200 | NS      | $42350.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Company                         | Weyerhaeuser Co.                                                    | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |      5300 | NS      | $136157.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| HRTI LLC                                     | Healthcare Realty Trust, Inc.                                       | CUSIP: 42226K105<br>LEI: 549300CB86LH2IOKHH22 | Long             | EC               | CORP              | US        |      8000 | NS      | $126880.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Millrose Properties Inc.                     | Millrose Properties Inc                                             | CUSIP: 601137102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       462 | NS      | $13171.62     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust, Inc.                | Starwood Property Trust, Inc.                                       | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               | CORP              | US        |      4500 | NS      | $90315.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc.                      | Cousins Properties, Inc.                                            | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |      6500 | NS      | $195195.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                                      | MPLX LP                                                             | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |      3000 | NS      | $154530.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc.                                  | Ventas, Inc.                                                        | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     15950 | NS      | $1007242.50   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities, Inc.                        | Sun Communities, Inc.                                               | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |      8400 | NS      | $1062516.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corporation                     | Kimco Realty Corp.                                                  | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |     25569 | NS      | $537460.38    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CTO Realty Growth Inc New                    | CTO Realty Growth, Inc., Series A, 6.375%                           | CUSIP: 22948Q200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      2000 | NS      | $40260.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sotherly Hotels Inc                          | Sotherly Hotels, Inc., Series B, 8.00%                              | CUSIP: 83600C301<br>LEI: 549300IYTT21F61LSR10 | Long             | EP               | CORP              | US        |      6000 | NS      | $98760.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality Reit Inc                   | Apple Hospitality REIT, Inc.                                        | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |      6860 | NS      | $80056.20     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                      | Pebblebrook Hotel Trust, Series H , 6.375%                          | CUSIP: 70509V886<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |      6000 | NS      | $98220.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Lifestyle Properties Inc              | Equity LifeStyle Properties, Inc.                                   | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     17550 | NS      | $1082308.50   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains All American Pipeline L.P.            | Plains All American Pipeline LP                                     | CUSIP: 726503105<br>LEI: 5521FA2ITF25TVH63740 | Long             | EC               | CORP              | US        |      2000 | NS      | $36640.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc    | Hannon Armstrong Sustainable Infrastructure Capital, Inc.           | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |       717 | NS      | $19258.62     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                        | American Homes 4 Rent, 5.88%                                        | CUSIP: 02665T876<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        |      2000 | NS      | $45660.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower OP LLC                             | Welltower, Inc.                                                     | CUSIP: 95040Q104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35175 | NS      | $5407452.75   | 7.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Lineage Inc                                  | Lineage, Inc.                                                       | CUSIP: 53566V106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2100 | NS      | $91392.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc.                            | Crown Castle International Corp.                                    | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |      3690 | NS      | $379073.70    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties Inc                | Hudson Pacific Properties Inc., Series C, 4.75%                     | CUSIP: 444097307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      4000 | NS      | $59440.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                           | Equity Residential                                                  | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     36515 | NS      | $2464397.35   | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                                | Equinix, Inc.                                                       | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      6110 | NS      | $4860321.70   | 6.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc.                                  | Tanger Factory Outlet Centers, Inc.                                 | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |     12000 | NS      | $366960.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                   | Brixmor Property Group, Inc.                                        | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     41475 | NS      | $1080009.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners L.P.            | Enterprise Products Partners LP                                     | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |      6000 | NS      | $186060.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust              | Federal Realty Investment Trust                                     | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |      9700 | NS      | $921403.00    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                               | Public Storage, Series I, 4.875%                                    | CUSIP: 74460W628<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      1917 | NS      | $36653.04     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller