# EDGAR Filing Document

**Accession Number:** 0001039667
**File Stem:** 0001752724-23-046650
**Filing Date:** 2023-2
**Character Count:** 45873
**Document Hash:** 335910324541a0dd1f2bebe9dfa0ac03
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-046650.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-046650

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPIRIT OF AMERICA INVESTMENT FUND INC
- **CENTRAL INDEX KEY:** 0001039667
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08231
- **FILM NUMBER:** 23682887

**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 Tunrpike

  - **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:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $90934025.46

**Total Liabilities:** $158598.16

**Net Assets:** $90775427.30

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000219377 | 4.59%                | 5.13%                | -5.01%               |
| Class ID C000003855 | -1.04%               | -0.40%               | -10.06%              |
| Class ID C000167226 | 3.45%                | 4.12%                | -6.09%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-381904.60              | $4509978.42                                |
| Month 2  | $622478.19               | $4280062.93                                |
| Month 3  | $438527.41               | $-5962885.70                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Innovative Industrial Propertes Inc                       | Innovative Industrial Properties, Inc.                              | CUSIP: 45781V101<br>LEI: 5493008BQ0545EZXRR30 | Long             | EC               | CORP              | US        |     13700 | NS      | $1388495.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial, Inc.                                     | STAG Industrial, Inc.                                               | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |     45950 | NS      | $1484644.50   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                                 | Host Hotels & Resorts, Inc.                                         | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |     45900 | NS      | $736695.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.                               | AvalonBay Communities, Inc.                                         | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     15390 | NS      | $2485792.80   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Midstream Partners LP                             | Western Midstream Partners LP                                       | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3750 | NS      | $100687.50    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corporation                                 | Kilroy Realty Corp.                                                 | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |      9015 | NS      | $348610.05    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Commercial Corp.                                | Gladstone Commercial Corp.                                          | CUSIP: 376536108<br>LEI: 529900EVVV534W8R0T32 | Long             | EC               | CORP              | US        |     22500 | NS      | $416250.00    | 0.46%             |  |  |  | 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      | $103260.00    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Sunstone Hotel Investors Inc.                             | Sunstone Hotel Investors, Inc.                                      | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |     15700 | NS      | $151662.00    | 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        |     17622 | NS      | $2766477.78   | 3.05%             |  |  |  | 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      | $77600.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Partners LP                                  | Viper Energy Partners LP                                            | CUSIP: 92763M105<br>LEI: 5299009LINL232255G03 | Long             | EC               | CORP              | US        |      6000 | NS      | $190740.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| One Liberty Properties Incorporation                      | One Liberty Properties, Inc.                                        | CUSIP: 682406103<br>LEI: 549300QII1CQZGZBZR14 | Long             | EC               | CORP              | US        |      2500 | NS      | $55550.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| W. P. Carey Inc                                           | WP Carey, Inc.                                                      | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |     30150 | NS      | $2356222.50   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Magellan Midstream Partners LP                            | Magellan Midstream Partners LP                                      | CUSIP: 559080106<br>LEI: MZF5TI8NFVZZNUSKDL39 | Long             | EC               | CORP              | US        |       600 | NS      | $30126.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corporation                                | Terreno Realty Corp.                                                | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41900 | NS      | $2382853.00   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                                         | Agree Realty Corp.                                                  | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8250 | NS      | $585172.50    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc                         | Gaming and Leisure Properties, Inc.                                 | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     33885 | NS      | $1765069.65   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Midstream LP                                         | Hess Midstream LP                                                   | CUSIP: 428103105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1000 | NS      | $29920.00     | 0.03%             |  |  |  | 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      | $129650.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Medical REIT Inc.                                  | Global Medical REIT, Inc.                                           | CUSIP: 37954A204<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EC               | CORP              | US        |     15000 | NS      | $142200.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties Inc                             | Hudson Pacific Properties, Inc.                                     | CUSIP: 444097109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4250 | NS      | $41352.50     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                            | Public Storage                                                      | CUSIP: 74460W511<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      4000 | NS      | $65080.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp.                                       | Realty Income Corp.                                                 | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     31485 | NS      | $1997093.55   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                            | Public Storage, Series Q, 3.95%                                     | CUSIP: 74460W446<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      4000 | NS      | $65680.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts Inc.                                | Park Hotels & Resorts, Inc.                                         | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |      9250 | NS      | $109057.50    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                                            | Blackstone Group LP/The                                             | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |      3300 | NS      | $244827.00    | 0.27%             |  |  |  | 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      | $84080.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                            | Public Storage, Series P, 4.00%                                     | CUSIP: 74460W461<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      2000 | NS      | $33260.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Physicians Realty Trust                                   | Physicians Realty Trust                                             | CUSIP: 71943U104<br>LEI: 549300ITOVH0OY7PZC34 | Long             | EC               | CORP              | US        |     16350 | NS      | $236584.50    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit Mta Reit                                           | Spirit MTA REIT                                                     | CUSIP: 84861U105<br>LEI: 5493001XMVHW4G48PP41 | Long             | EC               | CORP              | US        |      1140 | NS      | $0.00         | 0.00%             |  |  |  | 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      | $40700.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                     | Alexandria Real Estate Equities, Inc.                               | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     13750 | NS      | $2002962.50   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation                                | American Tower Corp.                                                | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      8060 | NS      | $1707591.60   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc.                                | American Assets Trust, Inc.                                         | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3500 | NS      | $92750.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                            | Public Storage, Inc., Series K, 4.75%                               | CUSIP: 74460W578<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      4000 | NS      | $80680.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Partners L P                              | Cheniere Energy Partners LP                                         | CUSIP: 16411Q101<br>LEI: 5493005UEC8AZ34LDV29 | Long             | EC               | CORP              | US        |     13500 | NS      | $767745.00    | 0.85%             |  |  |  | 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      | $71960.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| City Office REIT Inc                                      | City Office REIT, Inc.                                              | CUSIP: 178587101<br>LEI: 5493003J7157VP25NL57 | Long             | EC               | CORP              | US        |     30000 | NS      | $251400.00    | 0.28%             |  |  |  | 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      | $30500.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp.                                     | Regency Centers Corp.                                               | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |     30000 | NS      | $1875000.00   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust, Inc.                                | Essex Property Trust, Inc.                                          | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |      7236 | NS      | $1533453.12   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust                           | Federal Realty Investment Trust Series C, 5.00%                     | CUSIP: 313745200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      6500 | NS      | $131170.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                            | Public Storage, Series S, 4.1%                                      | CUSIP: 74460W396<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     10000 | NS      | $170800.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                            | Public Storage, Series M, 4.125%                                    | CUSIP: 74460W537<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      1167 | NS      | $20084.07     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                                   | UDR, Inc.                                                           | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |     47100 | NS      | $1824183.00   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                                     | American Homes 4 Rent                                               | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     15050 | NS      | $453607.00    | 0.50%             |  |  |  | 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      | $171300.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart L.P.                                            | CubeSmart                                                           | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20750 | NS      | $835187.50    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Vici Properties Inc                                       | VICI Properties, Inc.                                               | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     93297 | NS      | $3022822.80   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Incorporated                                | Iron Mountain, Inc.                                                 | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |     22500 | NS      | $1121625.00   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                                         | Getty Realty Corp.                                                  | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |      1000 | NS      | $33850.00     | 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      | $44500.00     | 0.05%             |  |  |  | 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      | $72800.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                            | Public Storage, Series R, 4.00%                                     | CUSIP: 74460W420<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      4000 | NS      | $66800.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Stone Minerals LP                                   | Black Stone Minerals, L.P.                                          | CUSIP: 09225M101<br>LEI: 0C0OFK66613BCRQJ7F34 | Long             | EC               | CORP              | US        |     19000 | NS      | $320530.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                            | Public Storage                                                      | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               | CORP              | US        |      9075 | NS      | $2542724.25   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc.                                     | Invitation Homes, Inc.                                              | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2000 | NS      | $59280.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                                        | Energy Transfer LP                                                  | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |     42500 | NS      | $504475.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Properties, Inc.                                   | Boston Properties, Inc.                                             | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |      7015 | NS      | $474073.70    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                                      | Lexington Realty Trust                                              | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |      2700 | NS      | $27054.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains GP Holdings LP                                     | Plains GP Holdings LP                                               | CUSIP: 72651A207<br>LEI: 549300O56BSKRD8FAM12 | Long             | EC               | CORP              | US        |      5000 | NS      | $62200.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hersha Hospitality Trust                                  | Hersha Hospitality Trust, Series E, 6.50%                           | CUSIP: 427825708<br>LEI: 549300DNC58BIN1VO064 | Long             | EP               | CORP              | US        |      5000 | NS      | $92500.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors, Inc.                          | Omega Healthcare Investors, Inc.                                    | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |     11000 | NS      | $307450.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Institutional Liquidity Funds              | Morgan Stanley Institutional Liquidity Fund  - Government Portfolio | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    109524 | PA      | $109523.76    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Hotel Properties, Inc.                             | Summit Hotel Properties, Inc.                                       | CUSIP: 866082100<br>LEI: 254900OBQWJK6X20LS71 | Long             | EC               | CORP              | US        |      9000 | NS      | $64980.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                                     | Camden Property Trust                                               | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     13600 | NS      | $1521568.00   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                                             | Prologis, Inc.                                                      | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     87451 | NS      | $9858351.23   | 10.86%            |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                                        | UMH Properties, Inc.                                                | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |     10500 | NS      | $169050.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                            | Public Storage                                                      | CUSIP: 74460W552<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      2000 | NS      | $38220.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc.                            | Rexford Industrial Realty, Inc.                                     | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     14500 | NS      | $792280.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc.                                  | Extra Space Storage, Inc.                                           | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        |     13395 | NS      | $1971476.10   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                                  | Simon Property Group, Inc.                                          | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     20700 | NS      | $2431836.00   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Hersha Hospitality Trust                                  | Hersha Hospitality Trust, Series D, 6.50%                           | CUSIP: 427825609<br>LEI: 549300DNC58BIN1VO064 | Long             | EP               | CORP              | US        |      5000 | NS      | $93525.00     | 0.10%             |  |  |  | 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      | $40150.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                                  | Digital Realty Trust, Inc.                                          | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     26581 | NS      | $2665276.87   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| National Retail Properties, Inc.                          | National Retail Properties, Inc.                                    | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     17750 | NS      | $812240.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                                 | Healthpeak Properties, Inc.                                         | CUSIP: 42250P103<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | EC               | CORP              | US        |     39568 | NS      | $991969.76    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Mortgage Trust, Inc                            | Blackstone Mortgage Trust, Inc.                                     | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               | CORP              | US        |     26700 | NS      | $565239.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Company                                      | Weyerhaeuser Co.                                                    | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |      3300 | NS      | $102300.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| HRTI LLC                                                  | Healthcare Realty Trust, Inc.                                       | CUSIP: 42226K105<br>LEI: 549300CB86LH2IOKHH22 | Long             | EC               | CORP              | US        |     10000 | NS      | $192700.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust, Inc.                             | Starwood Property Trust, Inc.                                       | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               | CORP              | US        |     28000 | NS      | $513240.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Incorporated                           | Cousins Properties, Inc.                                            | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |      1000 | NS      | $25290.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                                                   | MPLX LP                                                             | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |      9000 | NS      | $295560.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| FRANKLIN CNTY OHIO CONVENTION FACS AUTH                   | Franklin County Convention Facilities Authority                     | CUSIP: 353174FW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $150992.04    | 0.17%             | 2036-12-01      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| Ventas Inc.                                               | Ventas, Inc.                                                        | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |      6050 | NS      | $272552.50    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities, Inc.                                     | Sun Communities, Inc.                                               | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |     26850 | NS      | $3839550.00   | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corporation                                  | Kimco Realty Corp.                                                  | CUSIP: 49446R109<br>LEI: 549300EA7I6T15IBYS12 | Long             | EC               | CORP              | US        |     29569 | NS      | $626271.42    | 0.69%             |  |  |  | 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      | $40900.00     | 0.05%             |  |  |  | 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      | $126120.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality Reit Inc                                | Apple Hospitality REIT, Inc.                                        | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |     42710 | NS      | $673963.80    | 0.74%             |  |  |  | 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      | $99000.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Lifestyle Properties Inc                           | Equity LifeStyle Properties, Inc.                                   | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     34450 | NS      | $2225470.00   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                                | Americold Realty Trust                                              | CUSIP: 03064D108<br>LEI: 549300R7N1V5YV8MWH02 | Long             | EC               | CORP              | US        |      5700 | NS      | $161367.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Medical Properties Trust Inc.                             | Medical Properties Trust, Inc.                                      | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               | CORP              | US        |     29500 | NS      | $328630.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains All American Pipeline L.P./PAA Finance Corp.       | Plains All American Pipeline LP                                     | CUSIP: 726503105<br>LEI: 5521FA2ITF25TVH63740 | Long             | EC               | CORP              | US        |     11000 | NS      | $129360.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | Hannon Armstrong Sustainable Infrastructure Capital, Inc.           | CUSIP: 41068X100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4717 | NS      | $136698.66    | 0.15%             |  |  |  | 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      | $44320.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower OP LLC                                          | Welltower, Inc.                                                     | CUSIP: 95040Q104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21475 | NS      | $1407686.25   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                                   | Pebblebrook Hotel Trust                                             | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |     42281 | NS      | $566142.59    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Storage Inc                                          | Life Storage, Inc.                                                  | CUSIP: 53223X107<br>LEI: W9EE01AFDDF9DQCQZC68 | Long             | EC               | CORP              | US        |     25850 | NS      | $2546225.00   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc.                                         | Crown Castle International Corp.                                    | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |     13530 | NS      | $1835209.20   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Income Reit Corp                                | Apartment Income REIT Corp.                                         | CUSIP: 03750L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25902 | NS      | $888697.62    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| STORE Capital Corp.                                       | STORE Capital Corp.                                                 | CUSIP: 862121100<br>LEI: 5493004EA6C9IHDZ7N66 | Long             | EC               | CORP              | US        |      3000 | NS      | $96180.00     | 0.11%             |  |  |  | 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      | $50120.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential Properties Trust                       | Equity Residential                                                  | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     30715 | NS      | $1812185.00   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                                             | Equinix, Inc.                                                       | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      7010 | NS      | $4591760.30   | 5.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Factory Outlet Centers Incorporation               | Tanger Factory Outlet Centers, Inc.                                 | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |     25100 | NS      | $450294.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                                | Brixmor Property Group, Inc.                                        | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     47975 | NS      | $1087593.25   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners L.P.                         | Enterprise Products Partners LP                                     | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |      7000 | NS      | $168840.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust                           | Federal Realty Investment Trust                                     | CUSIP: 313745101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13700 | NS      | $1384248.00   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                            | Public Storage, Series I, 4.875%                                    | CUSIP: 74460W628<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      1917 | NS      | $38627.55     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

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

**Signature:** Gregory Knoth

**Name of Signer:** Gregory Knoth

**Title:** SVP, Mutual Fund Controller