# EDGAR Filing Document

**Accession Number:** 0001039667
**File Stem:** 0000910472-26-007682
**Filing Date:** 2026-5
**Character Count:** 89606
**Document Hash:** fc492a18690e6cb9c7f1fab3a67ad85f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-007682.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000910472-26-007682

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**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:** 261029982

**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           |

## Nport-Ex

Spirit

of

America

Real

Estate

Income

and

Growth

Fund

Schedule

of

Investments

March

31,

2026

(Unaudited)

Common

Stocks

97.40%

Shares

Market

Value

Communications

0.79%

DigitalBridge

Group,

Inc.

33,000

$

508,860

Meta

Platforms,

Inc.,

Class

A

28,606

537,466

Consumer

Discretionary

1.66%

Amazon.com,

Inc.

(a) 4,900

1,020,523

D.R.

Horton,

Inc.

800

109,776

1,130,299

Data

Center

REITs

11.43%

Digital

Realty

Trust,

Inc.

20,031

3,609,787

Equinix,

Inc.

4,260

4,175,822

7,785,609

Energy

0.45%

Cheniere

Energy

Partners

LP

613

39,618

Energy

Transfer

LP

8,000

154,400

Enterprise

Products

Partners

LP

1,500

56,760

MPLX

LP

1,000

57,070

307,848

Financials

0.66%

Blackstone

Group,

Inc.

(The),

Class

A

2,000

229,980

KKR

&

Co.

LP

2,350

217,375

447,355

Gaming

REITs

5.18%

Gaming

and

Leisure

Properties,

Inc.

28,885

1,281,627

VICI

Properties,

Inc.

82,297

2,248,354

3,529,981

Health

Care

REITs

19.21%

American

Healthcare

REIT,

Inc.

1,500

70,740

CareTrust

REIT,

Inc.

25,000

916,250

Healthcare

Realty

Trust,

Inc.

8,000

135,920

Healthpeak

Properties,

Inc.

18,869

310,018

Omega

Healthcare

Investors,

Inc.

47,000

2,059,540

Ventas,

Inc.

32,350

2,645,583

Welltower,

Inc.

35,175

6,954,449

13,092,500

Homebuilding

0.31%

Lennar

Corp.,

Class

A

925

80,327

Millrose

Properties,

Inc.

12,936

Toll

Brothers,

Inc.

875

119,411

212,674

Hotel

REITs

1.85%

Host

Hotels

&

Resorts,

Inc.

35,900

687,844

Spirit

of

America

Real

Estate

Income

and

Growth

Fund

Schedule

of

Investments

(continued)

March

31,

2026

(Unaudited)

Common

Stocks

97.40%

(continued)

Shares

Market

Value

Hotel

REITs

1.85%

(continued)

Park

Hotels

&

Resorts,

Inc.

9,250

$

97,403

Ryman

Hospitality

Properties,

Inc.

4,305

397,222

Sunstone

Hotel

Investors,

Inc.

8,700

78,387

1,260,856

Industrial

REITs

10.23%

EastGroup

Properties,

Inc.

1,750

323,908

Lineage,

Inc.

2,100

68,796

LXP

Industrial

Trust

540

24,980

Prologis,

Inc.

24,301

3,212,106

Rexford

Industrial

Realty,

Inc.

10,500

343,665

STAG

Industrial,

Inc.

38,950

1,404,537

Terreno

Realty

Corp.

25,875

1,589,243

6,967,235

Industrials

1.68%

Vertiv

Holdings

Co.,

Class

A

4,575

1,146,404

Infrastructure

REITs

1.28%

American

Tower

Corp.,

Class

A

3,170

547,078

Crown

Castle

International

Corp.

3,990

324,427

871,505

Midstream

-

Oil

&

Gas

0.07%

Plains

All

American

Pipeline

LP

2,000

44,660

Mortgage

Finance

0.17%

Blackstone

Mortgage

Trust,

Inc.,

Class

A

2,200

42,130

Starwood

Property

Trust,

Inc.

4,500

77,490

119,620

Multi

Asset

Class

REITs

1.00%

One

Liberty

Properties,

Inc.

2,500

53,650

WP

Carey,

Inc.

9,200

625,232

678,882

Office

REITs

1.76%

Alexandria

Real

Estate

Equities,

Inc.

3,000

139,260

Boston

Properties,

Inc.

6,915

358,889

COPT

Defense

Properties

12,000

367,200

Cousins

Properties,

Inc.

6,500

146,705

Highwoods

Properties,

Inc.

2,000

42,820

Kilroy

Realty

Corp.

4,265

120,316

Net

Lease

Office

Properties

(a) 1,872

21,565

1,196,755

Residential

REITs

12.75%

American

Homes

Rent,

Class

A

17,300

483,016

Spirit

of

America

Real

Estate

Income

and

Growth

Fund

Schedule

of

Investments

(continued)

March

31,

2026

(Unaudited)

Common

Stocks

97.40%

(continued)

Shares

Market

Value

Residential

REITs

12.75%

(continued)

AvalonBay

Communities,

Inc.

8,590

$

1,403,176

Camden

Property

Trust

6,300

615,258

Equity

LifeStyle

Properties,

Inc.

17,050

1,064,261

Equity

Residential

20,115

1,189,802

Essex

Property

Trust,

Inc.

4,836

1,170,312

Invitation

Homes,

Inc.

2,500

62,125

Mid-America

Apartment

Communities,

Inc.

5,022

613,287

Sun

Communities,

Inc.

8,950

1,127,342

UDR,

Inc.

28,350

957,663

8,686,242

Retail

REITs

15.50%

Agree

Realty

Corp.

8,100

610,578

Brixmor

Property

Group,

Inc.

41,475

1,194,480

Essential

Properties

Realty

Trust,

Inc.

4,000

121,440

Federal

Realty

Investment

Trust

9,700

1,030,237

Four

Corners

Property

Trust,

Inc.

5,000

118,250

Getty

Realty

Corp.

1,000

31,800

Kimco

Realty

Corp.

24,569

552,065

National

Retail

Properties,

Inc.

17,750

746,033

Realty

Income

Corp.

28,585

1,748,830

Regency

Centers

Corp.

16,300

1,233,258

Simon

Property

Group,

Inc.

14,850

2,769,971

Tanger

Factory

Outlet

Centers,

Inc.

12,000

407,760

10,564,702

Self-Storage

REITs

6.24%

CubeSmart

18,450

676,193

Extra

Space

Storage,

Inc.

10,880

1,426,694

Public

Storage

7,925

2,146,724

4,249,611

Specialty

REITs

4.99%

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

717

26,350

Iron

Mountain,

Inc.

32,500

3,319,550

Postal

Realty

Trust,

Inc.,

Class

A

3,000

55,680

3,401,580

Timber

REITs

0.19%

Weyerhaeuser

Co.

5,300

129,479

Total

Common

Stocks

(Cost $55,524,327)

66,361,263

Spirit

of

America

Real

Estate

Income

and

Growth

Fund

Schedule

of

Investments

(continued)

March

31,

2026

(Unaudited)

Preferred

Stocks

1.67%

Shares

Market

Value

Data

Center

REITs

0.12%

Digital

Realty

Trust,

Inc.,

Series

J,

5.25%

4,000

$

81,040

Hotel

REITs

1.02%

Ashford

Hospitality

Trust,

Inc.,

Series

F,

7.38%

6,000

40,380

Pebblebrook

Hotel

Trust,

Series

F,

6.30%

2,500

48,250

Pebblebrook

Hotel

Trust,

Series

G,

6.38%

4,000

77,600

Pebblebrook

Hotel

Trust,

Series

H,

6.38%

6,000

104,340

Sotherly

Hotels,

Inc.,

Series

B,

8.00%

6,000

78,300

Sotherly

Hotels,

Inc.,

Series

C,

7.88%

2,000

25,820

Summit

Hotel

Properties,

Inc.,

Series

F,

5.88%

10,000

172,900

Sunstone

Hotel

Investors,

Inc.,

Series

H,

6.13%

4,000

77,160

Sunstone

Hotel

Investors,

Inc.,

Series

I,

5.70%

4,000

74,880

699,630

Mortgage

Finance

0.05%

New

York

Mortgage

Trust

Inc.,

Series

G,

7.00%

2,000

35,420

Multi

Asset

Class

REITs

0.06%

Vornado

Realty

Trust,

Series

M,

5.25%

2,500

40,475

Residential

REITs

0.07%

American

Homes

Rent,

Series

G,

5.88%

2,000

44,640

Retail

REITs

0.25%

CTO

Realty

Growth,

Inc.,

Series

A,

6.38%

2,000

40,440

Federal

Realty

Investment

Trust,

Series

C,

5.00%

6,500

125,385

165,825

Self-Storage

REITs

0.10%

Public

Storage,

Series

I,

4.88%

1,917

35,675

Public

Storage,

Series

L,

4.63%

2,000

35,040

70,715

Total

Preferred

Stocks

(Cost $1,681,311)

1,137,745

Spirit

of

America

Real

Estate

Income

and

Growth

Fund

Schedule

of

Investments

(continued)

March

31,

2026

(Unaudited)

Shares

Market

Value

Money

Market

Funds

0.75%

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio,

Institutional

Class,

3.57%

(b) 515,833

$

515,833

Total

Money

Market

Funds

(Cost $515,833)

515,833

Total

Investments

—

99.82%

(Cost

$57,721,471)

68,014,841

Other

Assets

in

Excess

of

Liabilities

—

0.18%

120,382

NET

ASSETS

-

100.00%

$

68,135,223

(a) Non-income

producing

security.

(b) Rate

disclosed

is

the

seven

day

effective

yield

as

of

March

31,

2026. Spirit

of

America

Large

Cap

Value

Fund

Schedule

of

Investments

March

31,

2026

(Unaudited)

Common

Stocks

99.61%

Shares

Market

Value

Communications

10.25%

Alphabet,

Inc.,

Class

A

44,300

$

12,738,908

Alphabet,

Inc.,

Class

C

3,550

1,018,353

AT&T,

Inc.

9,500

275,405

DigitalBridge

Group,

Inc.

13,000

200,460

Meta

Platforms,

Inc.,

Class

A

3,530

2,019,619

Netflix,

Inc.

(a) 21,650

2,081,647

Uber

Technologies,

Inc.

(a) 2,800

201,404

Verizon

Communications,

Inc.

26,540

1,332,308

Walt

Disney

Co.

(The)

14,500

1,397,510

21,265,614

Consumer

Discretionary

6.17%

Amazon.com,

Inc.

(a) 31,050

6,466,783

Home

Depot,

Inc.

(The)

5,638

1,854,282

Lowe's

Companies,

Inc.

3,100

732,468

McDonald's

Corp.

2,580

801,838

NIKE,

Inc.,

Class

B

1,500

79,230

Starbucks

Corp.

4,450

398,676

Tesla,

Inc.

(a) 6,125

2,276,969

TKO

Group

Holdings,

Inc.

900

181,485

12,791,731

Consumer

Staples

5.69%

Altria

Group,

Inc.

12,650

834,773

Coca-Cola

Co.

(The)

7,600

577,980

Costco

Wholesale

Corp.

4,681

4,664,289

Kroger

Co.

(The)

4,000

289,440

PepsiCo,

Inc.

2,200

341,638

Philip

Morris

International,

Inc.

4,800

793,632

Procter

&

Gamble

Co.

(The)

5,615

811,031

Wal-Mart

Stores,

Inc.

28,102

3,492,517

11,805,300

Energy

5.18%

Baker

Hughes

Co.

9,250

564,712

Cheniere

Energy,

Inc.

5,100

1,447,176

Chevron

Corp.

3,510

726,219

ConocoPhillips

1,777

234,564

Diamondback

Energy,

Inc.

1,550

306,575

EOG

Resources,

Inc.

2,000

289,140

Exxon

Mobil

Corp.

7,508

1,273,807

Kinder

Morgan,

Inc.

7,750

259,858

Marathon

Petroleum

Corp.

2,500

610,450

Phillips

4,100

746,938

Targa

Resources

Corp.

3,500

877,555

Texas

Pacific

Land

Corp.

94,912

Valero

Energy

Corp.

6,165

1,523,248

Spirit

of

America

Large

Cap

Value

Fund

Schedule

of

Investments

(continued)

March

31,

2026

(Unaudited)

Common

Stocks

99.61%

(continued)

Shares

Market

Value

Energy

5.18%

(continued)

Williams

Companies,

Inc.

(The)

24,750

$

1,801,305

10,756,459

Financials

9.56%

American

Express

Co.

5,000

1,512,400

Bank

of

America

Corp.

25,350

1,235,812

Berkshire

Hathaway,

Inc.,

Class

B

(a) 4,395

2,106,084

Blackstone

Group,

Inc.

(The),

Class

A

14,000

1,609,860

Carlyle

Group,

Inc.

(The)

6,050

292,760

Citigroup,

Inc.

21,250

2,409,962

CME

Group,

Inc.

1,604

473,741

Coinbase

Global,

Inc.,

Class

A

(a) 850

148,419

Goldman

Sachs

Group,

Inc.

(The)

2,765

2,339,162

JPMorgan

Chase

&

Co.

23,092

6,792,743

KKR

&

Co.

LP

2,000

185,000

Morgan

Stanley

3,000

493,710

Wells

Fargo

&

Co.

3,000

238,830

19,838,483

Health

Care

7.13%

Abbott

Laboratories

3,100

318,277

AbbVie,

Inc.

18,500

4,023,565

Bristol-Myers

Squibb

Co.

4,500

272,925

Eli

Lilly

&

Co.

3,015

2,773,107

Humana,

Inc.

1,150

199,398

McKesson

Corp.

4,620

3,997,963

Medtronic

PLC

7,069

612,529

Merck

&

Co.,

Inc.

8,950

1,076,595

Quest

Diagnostics,

Inc.

3,800

744,724

Thermo

Fisher

Scientific,

Inc.

1,090

535,768

UnitedHealth

Group,

Inc.

750

202,943

Vertex

Pharmaceuticals,

Inc.

(a) 100

44,654

14,802,448

Industrials

11.16%

AeroVironment,

Inc.

(a) 500

91,525

Caterpillar,

Inc.

11,190

7,927,667

CSX

Corp.

32,600

1,338,230

Cummins,

Inc.

3,600

1,936,872

Deere

&

Co.

5,560

3,131,948

FedEx

Corp.

1,800

641,124

GE

Vernova

LLC

2,875

2,509,587

Honeywell

International,

Inc.

8,850

2,000,366

ITT,

Inc.

1,300

247,689

Johnson

Controls

International

PLC

8,253

1,080,730

Lockheed

Martin

Corp.,

Class

B

1,050

634,610

Raytheon

Technologies

Corp.

2,100

405,090

United

Parcel

Service,

Inc.,

Class

B

1,050

103,299

Spirit

of

America

Large

Cap

Value

Fund

Schedule

of

Investments

(continued)

March

31,

2026

(Unaudited)

Common

Stocks

99.61%

(continued)

Shares

Market

Value

Industrials

11.16%

(continued)

Vertiv

Holdings

Co.,

Class

A

3,825

$

958,469

Waste

Connections,

Inc.

975

158,379

23,165,585

Materials

1.67%

CF

Industries

Holdings,

Inc.

6,300

817,992

Corteva,

Inc.

7,233

605,474

DuPont

de

Nemours,

Inc.

1,100

50,380

Freeport-McMoRan,

Inc.

4,500

264,510

MP

Materials

Corp.

(a) 2,800

135,128

New

Linde

PLC

1,400

694,064

Newmont

Goldcorp

Corp.

5,300

573,725

Nucor

Corp.

67,640

Qnity

Electronics,

Inc.

550

63,459

Ramaco

Resources,

Inc.,

Class

A

2,100

32,466

Solstice

Advanced

Materials,

Inc.

(a) 2,212

168,466

3,473,304

Real

Estate

Investment

Trusts

(REITs)

1.92%

Digital

Realty

Trust,

Inc.

2,400

432,504

Equinix,

Inc.

900

882,216

Iron

Mountain,

Inc.

5,950

607,733

Prologis,

Inc.

5,350

707,163

VICI

Properties,

Inc.

4,073

111,274

Welltower,

Inc.

6,250

1,235,688

3,976,578

Technology

35.70%

Accenture

PLC,

Class

A

3,725

738,630

Advanced

Micro

Devices,

Inc.

(a) 9,100

1,851,213

Apple,

Inc.

35,682

9,055,735

Applied

Materials,

Inc.

11,920

4,074,137

ARM

Holdings

PLC ADR

(a) 1,300

196,664

Broadcom,

Inc.

6,025

1,864,798

Cisco

Systems,

Inc.

17,450

1,353,945

Cognizant

Technology

Solutions

Corp.,

Class

A

4,600

282,210

CoreWeave

,

Inc.,

Class

A

(a) 3,400

263,398

Corning,

Inc.

8,300

1,128,551

Crowdstrike

Holdings,

Inc.,

Class

A

(a) 5,625

2,196,056

Dell

Technologies,

Inc.,

Class

C

1,624

266,547

D-Wave

Quantum,

Inc.

(a) 3,500

50,505

Garmin

Ltd.

1,150

266,811

HP,

Inc.

500

9,605

International

Business

Machines

Corp.

2,668

646,697

MasterCard,

Inc.,

Class

A

2,450

1,224,167

Microchip

Technology,

Inc.

6,450

416,734

Microsoft

Corp.

19,299

7,143,911

NetApp,

Inc.

2,600

266,214

Spirit

of

America

Large

Cap

Value

Fund

Schedule

of

Investments

(continued)

March

31,

2026

(Unaudited)

Common

Stocks

99.61%

(continued)

Shares

Market

Value

Technology

35.70%

(continued)

NortonLifeLock

,

Inc.

24,700

$

465,101

NVIDIA

Corp.

162,120

28,273,728

Oracle

Corp.

31,025

4,564,088

Palantir

Technologies,

Inc.,

Class

A

(a) 6,600

965,448

Palo

Alto

Networks,

Inc.

(a) 5,900

945,888

QUALCOMM,

Inc.

4,050

521,559

ServiceNow,

Inc.

(a) 6,500

679,575

Taiwan

Semiconductor

Manufacturing

Co.

Ltd. ADR

1,050

354,848

Texas

Instruments,

Inc.

8,100

1,572,534

Visa,

Inc.,

Class

A

7,450

2,251,688

Zscaler,

Inc.

(a) 1,400

196,406

74,087,391

Utilities

5.18%

AES

Corp.

3,000

42,270

American

Electric

Power

Company,

Inc.

2,250

294,930

Constellation

Energy

Corp.

7,675

2,143,244

Duke

Energy

Corp.

2,250

294,615

Edison

International

2,600

190,268

Entergy

Corp.

4,650

522,474

IDACORP,

Inc.

700

100,079

NextEra

Energy,

Inc.

23,725

2,203,578

NRG

Energy,

Inc.

500

73,070

Oklo

,

Inc.

(a) 16,150

800,878

PPL

Corp.

2,000

76,400

Talen

Energy

Corp.

(a) 3,450

1,101,344

Vistra

Energy

Corp.

11,600

1,743,828

WEC

Energy

Group,

Inc.

10,100

1,169,277

10,756,255

Total

Common

Stocks

(Cost $85,722,865)

206,719,148

Preferred

Stocks

0.17%

Financials

0.17%

Bank

of

America

Corp.,

Series

GG,

6.00%

4,000

98,920

Bank

of

America

Corp.,

Series

HH,

5.88%

2,000

49,200

Bank

of

America

Corp.,

Series

LL,

5.00%

2,000

40,340

Bank

of

America

Corp.,

Series

SS,

4.75%

2,000

38,060

JPMorgan

Chase

&

Co.,

Series

EE,

6.00%

2,000

49,620

Prudential

Financial,

Inc.,

5.63%

2,000

45,040

RenaissanceRE

Holdings

Ltd.,

Series

G,

4.20%

2,266

U.S.

Bancorp,

Series

O,

4.50%

2,000

34,700

358,146

Total

Preferred

Stocks

(Cost $403,750)

358,146

Spirit

of

America

Large

Cap

Value

Fund

Schedule

of

Investments

(continued)

March

31,

2026

(Unaudited)

Shares

Market

Value

Money

Market

Funds

0.33%

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio,

Institutional

Class,

3.57%

(b) 687,199

$

687,199

Total

Money

Market

Funds

(Cost $687,199)

687,199

Total

Investments

—

100.11%

(Cost

$86,813,814)

207,764,493

Liabilities

in

Excess

of

Other

Assets

—

(0.11)%

(236,571)

NET

ASSETS

-

100.00%

$

207,527,922

(a) Non-income

producing

security.

(b) Rate

disclosed

is

the

seven

day

effective

yield

as

of

March

31,

2026. ADR

—

American

Depositary

Receipt

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

March

31,

2026

(Unaudited)

Municipal

Bonds

98.59%

Principal

Amount

Market

Value

California

3.82%

California

Health

Facilities

Financing

,

Callable

11/15/2027

@

100,

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

11/15/2056

$

250,000

$

251,101

Los

Angeles

Department

of

Water

&

Power

,

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

7/1/2054

250,000

254,696

Los

Angeles

Department

of

Water

&

Power

,

Callable

1/1/2027

@

100,

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

7/1/2042

250,000

251,951

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue,

Revenue

Bonds

,

Callable

5/15/2026

@

100,

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

5/15/2037

15,000

15,028

Southern

California

Public

Power

Authority

,

Callable

7/1/2034

@

100,

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

7/1/2053

100,000

102,079

874,855

Colorado

1.54%

City

&

County

of

Denver

CO

Pledged

Excise

Tax

,

Callable

8/1/2026

@

100,

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

8/1/2044

100,000

100,304

Colorado

Health

Facilities

Authority

,

Callable

5/15/2028

@

100,

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

11/15/2048

250,000

252,590

352,894

Connecticut

0.17%

Connecticut

Housing

Finance

Authority,

Revenue

Bonds

,

Callable

5/15/2027

@

100,

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

11/15/2037

25,000

23,169

Connecticut

State

Health

&

Educational

Facility

Authority,

Revenue

Bonds

,

Callable

7/1/2026

@

100,

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

7/1/2034

15,000

15,036

38,205

Delaware

0.98%

Delaware

Transportation

Authority

,

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

6/1/2055

225,000

224,990

District

of

Columbia

1.36%

District

of

Columbia

Housing

Finance

Agency,

State

Multi-Family

Housing,

Revenue

Bonds,

(Fannie

Mae)

,

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

6/15/2031

310,000

311,603

Florida

5.53%

City

of

Tampa

FL

,

Callable

5/15/2026

@

100,

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

11/15/2046

250,000

250,132

Florida

Keys

Aqueduct

Authority

,

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

9/1/2049

150,000

150,024

FSU

Financial

Assistance,

Inc.,

State

Single-Family

Housing,

Refunding

Revenue

Bonds

,

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

10/1/2030

500,000

500,929

Miami-Dade

County

Expressway

Authority

,

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

7/1/2040

350,000

350,275

School

Board

of

Miami-Dade

County

(The),

Certificates

of

Participation

,

Callable

2/1/2027

@

100,

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

2/1/2033

15,000

15,010

1,266,370

Georgia

3.69%

Atlanta

GA

Water

&

Wastewater

Revenue,

Revenue

Bonds

,

Callable

11/1/2029

@

100,

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

11/1/2037

100,000

90,698

Georgia

Housing

&

Finance

Authority

,

Callable

6/1/2033

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.15%,

6/1/2055

250,000

252,206

Main

Street

Natural

Gas,

Inc.

,

Callable

5/15/2029

@

100,

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

5/15/2043

250,000

251,914

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

March

31,

2026

(Unaudited)

Municipal

Bonds

98.59%

(continued)

Principal

Amount

Market

Value

Georgia

3.69%

(continued)

Municipal

Electric

Authority

of

Georgia

,

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

7/1/2060

$

250,000

$

249,930

844,748

Illinois

8.82%

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

,

Callable

12/1/2026

@

100,

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

12/1/2046

250,000

250,719

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

,

Callable

12/1/2029

@

100,

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

12/1/2055

250,000

212,783

City

of

Chicago

IL

Waterworks

Revenue

,

Callable

5/1/2033

@

100,

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

11/1/2053

250,000

256,364

Illinois

Finance

Authority

,

Callable

8/15/2032

@

100,

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

8/15/2052

250,000

248,840

Illinois

Finance

Authority

,

Callable

8/15/2032

@

100,

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

8/15/2051

250,000

248,248

Illinois

State

Finance

Authority,

Revenue

Bonds

Series

2020

A

,

Callable

4/1/2030

@

100,

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

4/1/2050

5,000

4,364

Illinois

State

Toll

Highway

Authority

,

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

1/1/2041

300,000

300,889

Metropolitan

Pier

&

Exposition

Authority

,

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

6/15/2050

500,000

498,274

2,020,481

Louisiana

1.66%

City

of

New

Orleans

LA

,

Callable

12/1/2030

@

100,

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

12/1/2050

250,000

249,294

City

of

Shreveport

LA

Water

&

Sewer

Revenue

,

Callable

12/1/2028

@

100,

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

12/1/2049

150,000

131,267

380,561

Maine

0.99%

Maine

State

Housing

Authority,

State

Single-Family

Housing,

Revenue

Bonds

,

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

11/15/2044

100,000

92,678

Maine

State

Housing

Authority,

State

Single-Family

Housing,

Revenue

Bonds

,

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

11/15/2036

90,000

88,792

Maine

State

Housing

Authority,

State

Single-Family

Housing,

Revenue

Bonds

,

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

11/15/2032

45,000

44,837

226,307

Maryland

2.19%

City

of

Baltimore

MD

,

Callable

1/1/2027

@

100,

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

7/1/2046

250,000

250,462

Montgomery

County

Housing

Opportunities

Commission

,

Callable

1/1/2034

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.15%,

1/1/2071

250,000

252,186

502,648

Massachusetts

6.10%

Massachusetts

Development

Finance

Agency

,

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

12/1/2046

300,000

300,941

Massachusetts

Housing

Finance

Agency,

Revenue

Bonds

,

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

12/1/2036

575,000

532,676

Massachusetts

Housing

Finance

Agency,

Revenue

Bonds

,

Callable

12/1/2026

@

100,

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

12/1/2037

250,000

244,674

Massachusetts

Housing

Finance

Agency,

Revenue

Bonds

,

Callable

12/1/2027

@

100,

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

12/1/2032

200,000

199,512

Massachusetts

Housing

Finance

Agency,

Revenue

Bonds

,

Callable

12/1/2026

@

100,

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

12/1/2037

85,000

80,850

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

March

31,

2026

(Unaudited)

Municipal

Bonds

98.59%

(continued)

Principal

Amount

Market

Value

Massachusetts

6.10%

(continued)

Massachusetts

Housing

Finance

Agency,

Revenue

Bonds

,

Callable

6/1/2026

@

100,

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

12/1/2026

$

40,000

$

40,008

1,398,661

Michigan

4.96%

Michigan

Finance

Authority

Revenue

,

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

11/1/2044

250,000

249,992

Michigan

Public

Educational

Facilities

Authority,

School

Improvements,

Refunding

Revenue

Bonds

,

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

12/1/2035

500,000

485,272

Michigan

State

Building

Authority

,

Callable

10/15/2026

@

100,

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

10/15/2051

250,000

250,658

Michigan

State

Housing

Development

Authority

,

Callable

6/1/2032

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;4.90%,

12/1/2048

150,000

151,036

1,136,958

Missouri

3.50%

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

Healthcare,

Hospital

&

Nursing

Home

Improvements,

Revenue

Bonds,

(OID)

,

Callable

11/15/2026

@

100,

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

11/15/2045

500,000

454,249

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

Healthcare,

Hospital

&

Nursing

Home

Improvements,

Revenue

Bonds,

(OID)

,

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

11/15/2039

100,000

94,185

St.

Louis

Municipal

Finance

Corp.

,

Callable

10/1/2030

@

100,

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

10/1/2049

250,000

252,659

801,093

Nebraska

2.34%

University

of

Nebraska

Facilities

Corp.

(The)

,

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

7/15/2062

630,000

536,847

Nevada

0.97%

Las

Vegas

Convention

&

Visitors

Authority

,

Callable

7/1/2028

@

100,

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

7/1/2049

250,000

221,622

New

Jersey

8.38%

Borough

of

Seaside

Heights

NJ,

General

Obligation

Unlimited

,

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

4/1/2026

125,000

125,000

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Callable

7/1/2026

@

100,

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

7/1/2043

250,000

250,795

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

(OID)

,

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

7/1/2027

5,000

5,009

New

Jersey

Housing

&

Mortgage

Finance

Agency,

Revenue

Bonds

,

Callable

11/1/2026

@

100,

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

11/1/2036

500,000

489,614

New

Jersey

Housing

&

Mortgage

Finance

Agency,

Revenue

Bonds

,

Callable

11/1/2026

@

100,

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

11/1/2050

175,000

156,851

New

Jersey

Turnpike

Authority

,

Callable

7/1/2035

@

100,

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

1/1/2050

250,000

254,155

Tobacco

Settlement

Financing

Corp.

,

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

6/1/2046

400,000

389,563

Tobacco

Settlement

Financing

Corp.

,

Callable

6/1/2028

@

100,

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

6/1/2046

250,000

249,211

1,920,198

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

March

31,

2026

(Unaudited)

Municipal

Bonds

98.59%

(continued)

Principal

Amount

Market

Value

New

Mexico

1.09%

New

Mexico

Finance

Authority

,

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

6/1/2053

$

250,000

$

250,170

New

York

14.44%

City

of

New

York

NY

,

Callable

8/1/2031

@

100,

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

8/1/2047

250,000

257,317

Metropolitan

Transportation

Authority

,

Callable

5/15/2030

@

100,

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

11/15/2055

250,000

253,321

Metropolitan

Transportation

Authority

,

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

11/15/2050

250,000

251,676

New

York

City

Housing

Development

Corp.

,

Callable

5/1/2026

@

100,

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

5/1/2056

500,000

501,506

New

York

City

Housing

Development

Corp.

,

Callable

5/1/2032

@

100,

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

11/1/2060

250,000

249,122

New

York

City

Housing

Development

Corp.

,

Callable

5/1/2032

@

100,

&nbsp;&nbsp;&nbsp;&nbsp;5.05%,

11/1/2065

200,000

200,705

New

York

City

Housing

Development

Corp.,

Revenue

Bonds

,

Callable

11/1/2026

@

100,

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

11/1/2031

250,000

250,060

New

York

City

Housing

Development

Corp.,

Revenue

Bonds

,

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

11/1/2032

150,000

150,017

New

York

State

Dormitory

Authority

,

Callable

7/1/2030

@

100,

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

7/1/2052

230,000

204,470

New

York

State

Dormitory

Authority

,

Callable

10/1/2034

@

100,

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

10/1/2049

200,000

200,923

New

York

State

Dormitory

Authority,

Refunding

Revenue

Bonds,

(State

Aid

Withholding)

,

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

4/1/2031

280,000

278,954

New

York

State

Dormitory

Authority,

Revenue

Bonds

,

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

10/1/2040

5,000

5,003

Triborough

Bridge

&

Tunnel

Authority,

Revenue

Bonds

,

Callable

11/15/2030

@

100,

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

11/15/2054

250,000

255,003

TSASC,

Inc./NY

,

Callable

6/1/2027

@

100,

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

6/1/2041

250,000

251,588

3,309,665

North

Carolina

2.22%

North

Carolina

Turnpike

Authority

,

Callable

1/1/2034

@

100,

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

1/1/2058

300,000

300,144

North

Carolina

Turnpike

Authority

,

Callable

1/1/2030

@

100,

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

1/1/2049

110,000

110,993

University

of

North

Carolina

at

Charlotte

(The),

Revenue

Bonds

,

Callable

10/1/2027

@

100,

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

10/1/2037

100,000

98,783

509,920

North

Dakota

0.65%

City

of

Grand

Forks

ND

,

Callable

12/1/2033

@

100,

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

12/1/2053

150,000

150,158

Ohio

2.19%

Franklin

County

Convention

Facilities

Authority

,

Callable

12/1/2029

@

100,

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

12/1/2046

250,000

252,814

Port

of

Greater

Cincinnati

Development

Authority

,

Callable

6/1/2034

@

100,

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

12/1/2063

250,000

248,669

501,483

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

March

31,

2026

(Unaudited)

Municipal

Bonds

98.59%

(continued)

Principal

Amount

Market

Value

Pennsylvania

6.85%

City

of

Philadelphia

PA

Water

&

Wastewater

Revenue

,

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

10/1/2052

$

450,000

$

452,641

Geisinger

PA

Authority

Health

System

,

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

2/15/2045

145,000

145,864

Pennsylvania

Higher

Educational

Facilities

Authority,

Hospital

Improvements,

Revenue

Bonds

,

Callable

8/15/2027

@

100,

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

8/15/2047

250,000

251,088

Pennsylvania

Higher

Educational

Facilities

Authority,

Hospital

Improvements,

Revenue

Bonds

,

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

5/1/2037

100,000

73,345

Pennsylvania

Higher

Educational

Facilities

Authority,

Hospital

Improvements,

Revenue

Bonds

,

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

5/1/2042

100,000

67,140

Pennsylvania

Higher

Educational

Facilities

Authority,

Hospital

Improvements,

Revenue

Bonds,

(OID)

,

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

5/1/2032

100,000

79,385

Pennsylvania

Housing

Finance

Agency,

Revenue

Bonds

,

Callable

4/1/2033

@

100,

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

4/1/2051

150,000

153,761

Pennsylvania

Housing

Finance

Agency,

Revenue

Bonds

,

Callable

4/1/2027

@

100,

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

10/1/2042

100,000

93,213

Philadelphia

Gas

Works

Co.

,

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

8/1/2050

250,000

254,085

1,570,522

Rhode

Island

1.12%

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

,

Callable

10/1/2032

@

100,

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

10/1/2053

250,000

257,582

South

Carolina

0.88%

South

Carolina

Public

Service

Authority

,

Callable

12/1/2026

@

100,

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

12/1/2041

200,000

201,315

South

Dakota

1.26%

South

Dakota

Housing

Development

Authority,

Revenue

Bonds

,

Callable

11/1/2026

@

100,

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

5/1/2027

250,000

247,858

South

Dakota

Housing

Development

Authority,

Revenue

Bonds

,

Callable

11/1/2026

@

100,

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

11/1/2036

45,000

40,886

288,744

Tennessee

1.10%

Metropolitan

Government

of

Nashville

&

Davidson

County

Convention

Center

Authority,

Public

Improvements,

Revenue

Bonds

,

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

7/1/2026

200,000

200,404

Tennessee

Housing

Development

Agency,

Revenue

Bonds

,

Callable

1/1/2027

@

100,

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

7/1/2037

55,000

51,719

252,123

Texas

6.68%

City

of

Houston

TX

Combined

Utility

System

,

Callable

11/15/2026

@

100,

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

11/15/2044

250,000

250,185

Clifton

Higher

Education

Finance

Corp.,

School

Improvements,

Refunding

Revenue

Bonds

,

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

8/15/2044

500,000

471,142

Harris

County

Cultural

Education

Facilities

Finance

Corp.,

Revenue

Bonds

,

Callable

5/15/2026

@

100,

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

11/15/2030

130,000

130,096

North

Texas

Tollway

Authority

,

Callable

1/1/2028

@

100,

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

1/1/2048

250,000

252,039

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

March

31,

2026

(Unaudited)

Municipal

Bonds

98.59%

(continued)

Principal

Amount

Market

Value

Texas

6.68%

(continued)

San

Antonio

Public

Facilities

Corp.,

Public

Improvements,

Refunding

Revenue

Bonds,

(OID)

,

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

9/15/2042

$

250,000

$

235,575

White

Oak

Independent

School

District,

Unlimited

Tax

School

Building

Bonds

,

Callable

2/15/2027

@

100,

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

2/15/2029

190,000

191,872

1,530,909

Vermont

0.17%

Vermont

Housing

Finance

Agency,

State

Multi-Family

Housing,

Revenue

Bonds

,

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

8/15/2037

40,000

39,264

Virginia

0.33%

Virginia

State

Resource

Authority

Infrastructure,

Revenue

Bonds

,

Callable

11/1/2026

@

100,

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

11/1/2033

75,000

75,035

Washington

1.70%

Washington

State

Convention

Center

Public

,

Callable

7/1/2028

@

100,

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

7/1/2058

250,000

240,267

Washington

State

Convention

Center

Public

Facilities

District

,

Callable

7/1/2028

@

100,

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

7/1/2048

150,000

149,376

389,643

Wisconsin

0.91%

Wisconsin

Health

&

Educational

Facilities

,

Callable

12/1/2031

@

100,

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

12/1/2051

250,000

209,682

Total

Municipal

Bonds

(Cost $22,993,269)

22,595,256

Money

Market

Funds

0.01%

Shares

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio,

Institutional

Class,

3.57%

(a) 1,482

1,482

Total

Money

Market

Funds

(Cost $1,482)

1,482

Total

Investments

—

98.60%

(Cost

$22,994,751)

22,596,738

Other

Assets

in

Excess

of

Liabilities

—

1.40%

320,808

NET

ASSETS

-

100.00%

$

22,917,546

(a) Rate

disclosed

is

the

seven

day

effective

yield

as

of

March

31,

2026. OID

—

Original

Issue

Discount

Spirit

of

America

Income

Fund

Schedule

of

Investments

March

31,

2026

(Unaudited)

Common

Stocks

4.96%

Shares

Market

Value

Communications

0.87%

Verizon

Communications,

Inc.

7,500

$

376,500

Energy

1.65%

Chevron

Corp.

1,000

206,900

Enbridge,

Inc.

7,500

406,050

South

Bow

Corp.

3,000

99,960

712,910

Financials

0.51%

Blackstone

Mortgage

Trust,

Inc.,

Class

A

11,565

221,470

Real

Estate

1.93%

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

7,000

257,250

Healthpeak

Properties,

Inc.

1,348

22,147

Realty

Income

Corp.

3,048

186,477

Simon

Property

Group,

Inc.

2,000

373,060

838,934

Total

Common

Stocks

(Cost $1,811,102)

2,149,814

Preferred

Stocks

22.44%

Shares

Market

Value

Financials

13.98%

Affiliated

Managers

Group,

Inc.,

4.20%

15,000

219,300

Affiliated

Managers

Group,

Inc.,

4.75%

10,000

160,700

Allstate

Corp.

(The),

Series

I,

4.75%

10,000

185,600

American

Financial

Group,

Inc.,

5.13%

15,000

271,050

American

Financial

Group,

Inc.,

5.63%

20,000

391,600

Athene

Holding

Ltd.,

Series

D,

4.88%

20,000

324,400

Bank

of

America

Corp.,

Series

HH,

5.88%

8,000

196,800

Bank

of

America

Corp.,

Series

PP,

4.13%

16,667

277,339

Bank

of

America

Corp.,

Series

QQ,

4.25%

10,000

170,000

Brighthouse

Financial,

Inc.,

Series

C,

5.38%

20,000

240,000

Capital

One

Financial

Corp.,

Series

J,

4.80%

10,000

178,300

Capital

One

Financial

Corp.,

Series

K,

4.63%

18,500

313,760

CNO

Financial

Group,

Inc.,

5.13%

2,000

35,940

Equitable

Holdings,

Inc.,

Series

C,

4.30%

20,000

319,200

Fulton

Financial

Corp.,

Series

A,

5.13%

6,000

106,740

Huntington

Bancshares,

Inc.,

Series

H,

4.50%

10,000

170,400

KeyCorp,

Series

G,

5.63%

15,000

314,400

MetLife,

Inc.,

Series

F,

4.75%

10,000

183,600

Northern

Trust

Corp.,

Series

E,

4.70%

10,000

187,000

Prudential

Financial,

Inc.,

5.63%

10,000

225,200

RenaissanceRE

Holdings

Ltd.,

Series

G,

4.20%

850

12,844

Selective

Insurance

Group,

Inc.,

Series

B,

4.60%

1,000

15,820

State

Street

Corp.,

5.35%

1,000

21,620

U.S.

Bancorp,

Series

L,

3.75%

20,000

295,400

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

March

31,

2026

(Unaudited)

Preferred

Stocks

22.44%

(continued)

Shares

Market

Value

Financials

13.98%

(continued)

U.S.

Bancorp,

Series

M,

4.00%

10,000

$

156,000

W.R.

Berkley

Corp.,

5.10%

20,000

377,800

Washington

Federal,

Inc.,

Series

A,

4.88%

10,000

161,200

Wells

Fargo

&

Co.,

Series

AA,

4.70%

10,000

188,800

Wells

Fargo

&

Co.,

Series

CC,

4.38%

10,000

174,500

Wells

Fargo

&

Co.,

Series

Z,

4.75%

10,000

190,000

6,065,313

Real

Estate

3.06%

Brookfield

Property

Partners

LP,

Series

A,

5.75%

7,500

99,525

Diversified

Healthcare

Trust,

5.63%

26,660

431,359

Federal

Realty

Investment

Trust,

Series

C,

5.00%

7,500

144,675

Public

Storage,

Series

N,

3.88%

20,000

294,000

Public

Storage,

Series

S,

4.10%

10,000

157,900

Vornado

Realty

Trust,

5.40%

12,298

199,227

1,326,686

Utilities

5.40%

BIP

Bermuda

Holdings

I

Ltd.,

5.13%

10,000

158,500

Brookfield

Infrastructure

Partners

LP,

5.00%

10,000

158,800

Brookfield

Infrastructure

Partners

LP,

5.13%

25,000

403,750

DTE

Energy

Co.,

Series

G,

4.38%

15,000

244,950

Entergy

Arkansas,

Inc.,

4.88%

10,000

196,800

Entergy

Louisiana

LLC,

4.88%

10,000

201,500

Entergy

Mississippi,

Inc.,

4.90%

15,000

305,250

NextEra

Energy

Capital

Holdings,

Inc.

10,000

249,600

Southern

Co.,

4.95%

10,000

193,000

Southern

Co.,

5.25%

6,000

124,560

Southern

Co.,

Series

C,

4.20%

6,000

101,700

2,338,410

Total

Preferred

Stocks

(Cost $13,847,408)

9,730,409

Collateralized

Mortgage

Obligations

0.10%

Principal

Amount

Market

Value

CHL

Mortgage

Pass-Through

Trust,

Series

2005-21,

Class

A27,

5.50%,

10/25/2035

14,814

7,712

CHL

Mortgage

Pass-Through

Trust,

Series

2005-21,

Class

A7,

5.50%,

10/25/2035

16,015

8,337

Citicorp

Mortgage

Securities,

Inc.,

Class

1A12,

5.00%,

2/25/2035

$

26,110

25,220

Total

Collateralized

Mortgage

Obligations

(Cost $44,231)

41,269

Corporate

Bonds

15.86%

Principal

Amount

Market

Value

Bank

of

New

York

Mellon

Corp.

(The),

4.63%,

12/20/2049

500,000

498,270

Bank

of

New

York

Mellon

Corp.

(The),

3.70%,

3/20/2169

100,000

100,795

Entergy

Texas,

Inc.,

5.15%,

6/1/2045

100,000

92,517

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

March

31,

2026

(Unaudited)

Corporate

Bonds

15.86%

(continued)

Principal

Amount

Market

Value

Exelon

Generation

Co.

LLC,

5.60%,

6/15/2042

(a) $

400,000

$

394,073

Fifth

Third

Bancorp,

8.25%,

3/1/2038

250,000

301,360

Goldman

Sachs

Group,

Inc.

(The),

6.75%,

10/1/2037

850,000

917,019

Kinder

Morgan

Energy

Partners

LP,

6.50%,

2/1/2037

250,000

271,090

MetLife,

Inc.,

9.25%,

4/8/2038

(a) 1,500,000

1,758,870

MetLife,

Inc.,

10.75%,

8/1/2039

1,000,000

1,296,667

PECO

Energy

Capital

Trust

IV,

5.75%,

6/15/2033

1,000,000

990,125

Valero

Energy

Corp.,

8.75%,

6/15/2030

224,000

257,698

Total

Corporate

Bonds

(Cost $7,095,189)

6,878,484

Municipal

Bonds

55.61%

Principal

Amount

Market

Value

Alabama

4.39%

Health

Care

Authority

for

Baptist

Health

(The),

Refunding

Revenue

Bonds

,

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

11/15/2043

2,000,000

1,901,534

Arizona

0.40%

Phoenix

Arizona

Civic

Improvement

Corp.

Excise

Tax

Revenue,

Revenue

Bonds

,

Callable

7/1/2030

@

100,

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

7/1/2045

250,000

173,367

California

1.46%

California

State

University,

Revenue

Bonds

Series

2020

B

,

Callable

5/1/2030

@

100,

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

11/1/2042

100,000

77,084

Peralta

Community

College

District,

Refunding

Revenue

Bonds

,

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

8/1/2031

310,000

330,297

University

of

California

Revenues,

Revenue

Bonds

,

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

5/15/2045

250,000

226,259

633,640

Colorado

1.07%

Colorado

Mesa

University

,

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

5/15/2042

425,000

462,941

Florida

2.02%

City

of

Miami

Gardens

FL

Public

Improvements,

Build

America

Bonds,

Certificates

of

Participation

,

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

6/1/2026

230,000

231,078

County

of

Miami-Dade

FL,

Port,

Airport

&

Marina

Improvements,

Build

America

Revenue

Bonds,

(AGM)(OID)

,

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

4/1/2040

555,000

645,842

876,920

Georgia

3.71%

Cobb

Marietta

Georgia

Coliseum,

Revenue

Bonds

,

Callable

1/1/2027

@

100,

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

1/1/2047

100,000

91,607

Municipal

Electric

Authority

of

Georgia,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds

,

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

4/1/2057

1,371,000

1,517,463

1,609,070

Hawaii

1.12%

State

of

Hawaii,

General

Obligation

Unlimited

,

Callable

10/1/2026

@

100,

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

10/1/2032

495,000

487,195

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

March

31,

2026

(Unaudited)

Municipal

Bonds

55.61%

(continued)

Principal

Amount

Market

Value

Illinois

0.67%

City

of

Chicago

IL

Waterworks

Revenue,

Water

Utility

Improvements,

Build

America

Revenue

Bonds

,

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

11/1/2040

$

250,000

$

273,773

Village

of

Glenwood

IL,

Public

Improvements,

Build

America

Bonds,

General

Obligation

Unlimited,

(AGM)

,

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

12/1/2028

15,000

15,508

289,281

Kansas

0.85%

Wyandotte

County

Unified

School

District

No.

500

Kansas

City,

General

Obligation

Unlimited

Series

2020

B

,

Callable

9/1/2030

@

100,

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

9/1/2046

500,000

367,946

Massachusetts

0.65%

Massachusetts

Health

&

Educational

Facilities

Authority,

Refunding

Revenue

Bonds

,

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

10/1/2035

250,000

268,381

University

of

Massachusetts

Building

Authority,

University

&

College

Improvements,

Build

America

Revenue

Bonds

,

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

5/1/2039

15,000

15,015

283,396

Michigan

0.24%

Onsted

Community

Schools,

School

Improvements,

General

Obligation

Unlimited

,

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

5/1/2027

100,000

100,881

St.

Johns

Public

Schools,

General

Obligation

Unlimited

,

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

5/1/2040

5,000

5,013

105,894

Missouri

6.93%

City

of

Kansas

City

MO,

Revenue

Bonds

,

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

4/1/2040

2,090,000

2,442,050

Missouri

Joint

Municipal

Electric

Utility

Commission,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds

,

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

1/1/2039

475,000

562,960

3,005,010

Nevada

2.60%

County

of

Washoe

NV,

Public

Improvements,

Build

America

Revenue

Bonds

,

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

2/1/2040

690,000

810,874

County

of

Washoe

NV,

Public

Improvements,

Build

America

Revenue

Bonds

,

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

2/1/2040

250,000

318,316

1,129,190

New

Jersey

1.02%

New

Jersey

Educational

Facilities

Authority,

University

&

College

Improvements,

Build

America

Revenue

Bonds

,

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

7/1/2040

500,000

441,726

New

York

2.65%

Long

Island

Power

Authority,

Revenue

Bonds,

(OID)

,

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

5/1/2041

195,000

196,287

New

York

City

Industrial

Development

Agency,

Recreational

Facilities

Improvements

Revenue

Bonds,

(NATL-RE)

,

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

3/1/2046

500,000

497,802

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue,

School

Improvements,

Build

America

Revenue

Bonds,

(State

Aid

Withholding)

,

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

7/15/2040

265,000

289,483

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

March

31,

2026

(Unaudited)

Municipal

Bonds

55.61%

(continued)

Principal

Amount

Market

Value

New

York

2.65%

(continued)

Western

Nassau

County

Water

Authority,

Build

America

Revenue

Bonds

,

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

4/1/2040

$

150,000

$

162,935

1,146,507

North

Carolina

0.44%

County

of

Cabarrus

NC,

School

Improvements,

Revenue

Bonds

,

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

4/1/2026

190,000

190,000

Ohio

5.39%

American

Municipal

Power,

Inc.,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds

,

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

2/15/2050

485,000

559,143

American

Municipal

Power,

Inc.,

Revenue

Bonds

,

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

2/15/2050

435,000

445,988

County

of

Cuyahoga

OH,

Hospital

Improvements,

Build

America

Revenue

Bonds

,

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

2/15/2040

1,000,000

1,129,946

Springfield

Local

School

District/Summit

County,

School

Improvements,

Build

America

Bonds,

General

Obligation

Unlimited

(School

District

Credit

Program)

,

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

9/1/2031

200,000

200,122

2,335,199

Pennsylvania

4.52%

Pennsylvania

Turnpike

Commission

Turnpike

Revenue,

Revenue

Bonds

,

Callable

12/1/2029

@

100,

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

12/1/2043

390,000

319,236

Pennsylvania

Turnpike

Commission,

Build

America

Revenue

Bonds

,

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

12/1/2037

520,000

558,926

Philadelphia

Municipal

Authority,

Public

Improvements,

Revenue

Bonds

,

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

3/15/2028

10,000

10,062

Sports

&

Exhibition

Authority

of

Pittsburgh

and

Allegheny

County,

Recreational

Facilities

Improvements,

Revenue

Bonds

,

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

11/1/2039

1,000,000

1,071,708

1,959,932

Rhode

Island

0.88%

Narragansett

Bay

Commission,

Revenue

Bonds

Series

2020

A

,

Callable

9/1/2030

@

100,

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

9/1/2043

500,000

383,442

Texas

0.64%

Midland

County

Hospital

District,

Health,

Hospital

&

Nursing

Home

Improvements,

Build

America

Bonds,

General

Obligation

Limited

,

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

5/15/2039

260,000

277,825

Virgin

Islands

3.51%

Virgin

Islands

Water

&

Power

Authority

-

Electric

System,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds,

(AGM)

,

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

7/1/2035

1,000,000

1,067,238

Virgin

Islands

Water

&

Power

Authority

-

Electric

System,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds,

(AGM)

,

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

7/1/2028

445,000

453,167

1,520,405

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

March

31,

2026

(Unaudited)

Municipal

Bonds

55.61%

(continued)

Principal

Amount

Market

Value

Virginia

9.43%

Tobacco

Settlement

Financing

Corp.,

Refunding

Revenue

Bonds,

(OID)

,

Callable

6/1/2026

@

100,

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

6/1/2046

$

5,245,000

$

4,089,619

Washington

1.02%

Douglas

County

Public

Utility

District

No.

1,

Electric

Lights

&

Power

Improvements,

Revenue

Bonds

,

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

9/1/2030

168,214

173,273

Public

Utility

District

No.

of

Cowlitz

County,

WA,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds

,

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

9/1/2032

250,000

268,504

441,777

Total

Municipal

Bonds

(Cost $25,229,767)

24,111,816

Total

Investments

—

98.97%

(Cost

$48,027,697)

42,911,792

Other

Assets

in

Excess

of

Liabilities

—

1.03%

448,626

NET

ASSETS

-

100.00%

$

43,360,418

(a) Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933. The

security

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

AGM

—

Assured

Guaranty

Municipal

Corp.

NATL-RE

—

Insured

by

National

Public

Finance

Guarantee

Corp.

OID

—

Original

Issue

Discount

Spirit

of

America

Utilities

Fund

Schedule

of

Investments

March

31,

2026

(Unaudited)

Common

Stocks

97.48%

Shares

Market

Value

Energy

2.43%

Kinder

Morgan,

Inc.

8,000

$

268,240

ONEOK,

Inc.

3,275

296,027

Targa

Resources

Corp.

1,725

432,509

Williams

Companies,

Inc.

(The)

5,800

422,124

1,418,900

Industrials

2.17%

NuScale

Power

Corp.

(a) 4,500

48,780

Republic

Services,

Inc.

2,200

481,844

Waste

Management,

Inc.

3,200

735,328

1,265,952

Utilities

92.88%

AES

Corp.

31,500

443,835

Alliant

Energy

Corp.

7,750

556,140

Ameren

Corp.

16,450

1,808,184

American

Electric

Power

Company,

Inc.

15,450

2,025,186

American

Water

Works

Company,

Inc.

2,250

306,202

Atmos

Energy

Corp.

5,600

1,034,432

Brookfield

Renewable

Corp.,

Class

A

5,900

234,997

California

Water

Service

Group

7,150

324,181

CenterPoint

Energy,

Inc.

27,500

1,186,900

Chesapeake

Utilities

Corp.

5,350

676,079

Clearway

Energy,

Inc.,

Class

C

24,076

945,946

CMS

Energy

Corp.

23,000

1,784,340

Constellation

Energy

Corp.

7,350

2,052,488

Dominion

Energy,

Inc.

7,600

469,832

DTE

Energy

Co.

15,700

2,295,654

Duke

Energy

Corp.

19,400

2,540,236

Edison

International

10,858

794,588

Entergy

Corp.

24,300

2,730,348

Essential

Utilities,

Inc.

34,350

1,383,275

Evergy

,

Inc.

17,750

1,454,080

Eversource

Energy

20,050

1,389,064

Exelon

Corp.

31,300

1,534,326

FirstEnergy

Corp.

35,450

1,795,897

IDACORP,

Inc.

5,550

793,484

National

Fuel

Gas

Co.

4,650

436,914

New

Jersey

Resources

Corp.

11,650

639,818

NextEra

Energy,

Inc.

35,350

3,283,308

Nisource

,

Inc.

37,300

1,740,418

Northwest

Natural

Holdings

Co.

12,450

662,589

NorthWestern

Corp.

8,700

573,678

NRG

Energy,

Inc.

7,450

1,088,743

Oklo

,

Inc.

(a) 2,000

99,180

PG&E

Corp.

4,500

79,065

Pinnacle

West

Capital

Corp.

4,000

403,000

Spirit

of

America

Utilities

Fund

Schedule

of

Investments

(continued)

March

31,

2026

(Unaudited)

Common

Stocks

97.48%

(continued)

Shares

Market

Value

Utilities

92.88%

(continued)

PNM

Resources,

Inc.

5,600

$

327,376

Portland

General

Electric

Co.

16,900

891,813

PPL

Corp.

59,450

2,270,990

Public

Service

Enterprise

Group,

Inc.

21,100

1,708,045

Sempra

Energy

19,800

1,923,966

Southern

Co.

12,100

1,167,892

Southwest

Gas

Corp.

4,800

417,120

Talen

Energy

Corp.

(a) 2,200

702,306

Vistra

Energy

Corp.

12,500

1,879,125

WEC

Energy

Group,

Inc.

11,200

1,296,624

Xcel

Energy,

Inc.

25,500

2,025,720

54,177,384

Total

Common

Stocks

(Cost $46,320,163)

56,862,236

Money

Market

Funds

3.37%

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio,

Institutional

Class,

3.57%

(b) 1,965,184

1,965,184

Total

Money

Market

Funds

(Cost $1,965,184)

1,965,184

Total

Investments

—

100.85%

(Cost

$48,285,347)

58,827,420

Liabilities

in

Excess

of

Other

Assets

—

(0.85)%

(494,407)

NET

ASSETS

-

100.00%

$

58,333,013

(a) Non-income

producing

security.

(b) Rate

disclosed

is

the

seven

day

effective

yield

as

of

March

31,

2026.

## 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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $68342201.90

**Total Liabilities:** $105534.70

**Net Assets:** $68236667.20

**Cash Not Reported:** $7717.95

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003855 | -2.49%               | 1.96%                | -10.60%              |
| Class ID C000167226 | 1.94%                | 6.58%                | -6.60%               |
| Class ID C000219377 | 2.98%                | 7.67%                | -5.61%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-148372.80              | $1995185.94                                |
| Month 2  | $-55266.62               | $5123654.65                                |
| Month 3  | $7760.20                 | $-4404573.13                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Agree Realty Corp                            | Agree Realty Corporation                                            | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |      8100 | NS      | $610578.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.        | Alexandria Real Estate Equities, Inc.                               | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |      3000 | NS      | $139260.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                             | Amazon.com, Inc.                                                    | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      4900 | NS      | $1020523.00   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                        | American Homes 4 Rent                                               | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     17300 | NS      | $483016.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                        | American Homes 4 Rent                                               | CUSIP: 02665T876<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        |      2000 | NS      | $44640.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation                   | American Tower Corporation                                          | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      3170 | NS      | $547078.60    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashford Hospitality Trust Inc                | Ashford Hospitality Trust, Inc.                                     | CUSIP: 044103604<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      6000 | NS      | $40380.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.                  | AvalonBay Communities, Inc.                                         | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |      8590 | NS      | $1403176.50   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Mortgage Trust, Inc               | Blackstone Mortgage Trust, Inc.                                     | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               | CORP              | US        |      2200 | NS      | $42130.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                               | Blackstone, Inc.                                                    | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |      2000 | NS      | $229980.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                      | BXP, Inc.                                                           | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |      6915 | NS      | $358888.50    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                   | Brixmor Property Group, Inc.                                        | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     41475 | NS      | $1194480.00   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                        | Camden Property Trust                                               | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |      6300 | NS      | $615258.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Caretrust Reit Inc                           | CareTrust REIT, Inc.                                                | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |     25000 | NS      | $916250.00    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Partners Lp                  | Cheniere Energy Partners, L.P.                                      | CUSIP: 16411Q101<br>LEI: 5493005UEC8AZ34LDV29 | Long             | EC               | CORP              | US        |       613 | NS      | $39618.19     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                      | COPT Defense Properties                                             | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |     12000 | NS      | $367200.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc.                      | Cousins Properties, Inc.                                            | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |      6500 | NS      | $146705.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc.                            | Crown Castle, Inc.                                                  | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |      3990 | NS      | $324426.90    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CTO Realty Growth Inc New                    | CTO Realty Growth, Inc.                                             | CUSIP: 22948Q200<br>LEI: 254900ZQ99OFO1WXS678 | Long             | EP               | CORP              | US        |      2000 | NS      | $40440.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart (Maryland)                         | CubeSmart                                                           | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18450 | NS      | $676192.50    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| D.R. Horton, Inc.                            | DR Horton, Inc.                                                     | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |       800 | NS      | $109776.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc.                    | Digital Realty Trust, Inc.                                          | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     20031 | NS      | $3609786.51   | 5.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc.                    | Digital Realty Trust, Inc.                                          | CUSIP: 253868855<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        |      4000 | NS      | $81040.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                      | DigitalBridge Group, Inc.                                           | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |     33000 | NS      | $508860.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastgroup Properties, Inc.                   | EastGroup Properties, Inc.                                          | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |      1750 | NS      | $323907.50    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                           | Energy Transfer, L.P.                                               | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |      8000 | NS      | $154400.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners L.P.            | Enterprise Products Partners, L.P.                                  | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |      1500 | NS      | $56760.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix, Inc.                                | Equinix, Inc.                                                       | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      4260 | NS      | $4175822.40   | 6.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Lifestyle Properties Inc              | Equity LifeStyle Properties, Inc.                                   | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     17050 | NS      | $1064261.00   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                           | Equity Residential                                                  | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     20115 | NS      | $1189802.25   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Trust Inc.       | Essential Properties Realty Trust, Inc.                             | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |      4000 | NS      | $121440.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust, Inc.                   | Essex Property Trust, Inc.                                          | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |      4836 | NS      | $1170312.00   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc.                     | Extra Space Storage, Inc.                                           | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        |     10880 | NS      | $1426694.40   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                           | Meta Platforms, Inc.                                                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |        50 | NS      | $28606.50     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust              | Federal Realty Investment Trust                                     | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |      9700 | NS      | $1030237.00   | 1.51%             |  |  |  | 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      | $125385.00    | 0.18%             |  |  |  | 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      | $118250.00    | 0.17%             |  |  |  | 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      | $1281627.45   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                            | Getty Realty Corporation                                            | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |      1000 | NS      | $31800.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc.                | American Healthcare REIT, Inc.                                      | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |      1500 | NS      | $70740.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc    | HA Sustainable Infrastructure Capital, Inc. Capital, Inc.           | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |       717 | NS      | $26349.75     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HRTI LLC                                     | Healthcare Realty Trust, Inc.                                       | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |      8000 | NS      | $135920.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                    | Healthpeak Properties, Inc.                                         | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |     18869 | NS      | $310017.67    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties, Inc.                   | Highwoods Properties, Inc.                                          | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |      2000 | NS      | $42820.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                    | Host Hotels & Resorts, Inc.                                         | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |     35900 | NS      | $687844.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc.                        | Invitation Homes, Inc.                                              | CUSIP: 46187W107<br>LEI: 984500FE452E665C9F85 | Long             | EC               | CORP              | US        |      2500 | NS      | $62125.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc.                           | Iron Mountain, Inc.                                                 | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |     32500 | NS      | $3319550.00   | 4.86%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc.                                | KKR & Company, Inc.                                                 | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |      2350 | NS      | $217375.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corporation                    | Kilroy Realty Corporation                                           | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |      4265 | NS      | $120315.65    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corporation                     | Kimco Realty Corporation                                            | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |     24569 | NS      | $552065.43    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp.                                 | Lennar Corporation                                                  | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |       925 | NS      | $80327.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                         | LXP Industrial Trust                                                | CUSIP: 529043408<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |       540 | NS      | $24980.40     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Lineage Inc                                  | Lineage, Inc.                                                       | CUSIP: 53566V106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2100 | NS      | $68796.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                                      | MPLX, L.P.                                                          | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |      1000 | NS      | $57070.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communities, Inc.      | Mid-America Apartment Communities, Inc.                             | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |      5022 | NS      | $613286.64    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Millrose Properties Inc.                     | Millrose Properties, Inc.                                           | CUSIP: 601137102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       462 | NS      | $12936.00     | 0.02%             |  |  |  | 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        |    515833 | PA      | $515833.01    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                                 | NNN REIT, Inc.                                                      | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     17750 | NS      | $746032.50    | 1.09%             |  |  |  | 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      | $21565.44     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Adamas Trust Inc.                            | Adamas Trust, Inc.                                                  | CUSIP: 649604857<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EP               | CORP              | US        |      2000 | NS      | $35420.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors, Inc.             | Omega Healthcare Investors, Inc.                                    | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |     47000 | NS      | $2059540.00   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| One Liberty Properties Inc.                  | One Liberty Properties, Inc.                                        | CUSIP: 682406103<br>LEI: 549300QII1CQZGZBZR14 | Long             | EC               | CORP              | US        |      2500 | NS      | $53650.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts Inc.                   | Park Hotels & Resorts, Inc.                                         | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |      9250 | NS      | $97402.50     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                      | Pebblebrook Hotel Trust                                             | CUSIP: 70509V704<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |      2500 | NS      | $48250.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                      | Pebblebrook Hotel Trust                                             | CUSIP: 70509V803<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |      4000 | NS      | $77600.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                      | Pebblebrook Hotel Trust                                             | CUSIP: 70509V886<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |      6000 | NS      | $104340.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains All American Pipeline L.P.            | Plains All American Pipeline, L.P.                                  | CUSIP: 726503105<br>LEI: 5521FA2ITF25TVH63740 | Long             | EC               | CORP              | US        |      2000 | NS      | $44660.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Postal Realty Trust Inc                      | Postal Realty Trust, Inc.                                           | CUSIP: 73757R102<br>LEI: 5493007B7ZZSIJRGWC41 | Long             | EC               | CORP              | US        |      3000 | NS      | $55680.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                                | Prologis, Inc.                                                      | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     24301 | NS      | $3212106.18   | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                               | Public Storage                                                      | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      7925 | NS      | $2146724.00   | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                               | Public Storage                                                      | CUSIP: 74460W552<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |      2000 | NS      | $35040.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                               | Public Storage                                                      | CUSIP: 74460W628<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EP               | CORP              | US        |      1917 | NS      | $35675.37     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corporation                    | Realty Income Corporation                                           | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     28585 | NS      | $1748830.30   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp.                        | Regency Centers Corporation                                         | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |     16300 | NS      | $1233258.00   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc.               | Rexford Industrial Realty, Inc.                                     | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     10500 | NS      | $343665.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc             | Ryman Hospitality Properties, Inc.                                  | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |      4305 | NS      | $397222.35    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                     | Simon Property Group, Inc.                                          | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     14850 | NS      | $2769970.50   | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sotherly Hotels Inc                          | Sotherly Hotels, Inc.                                               | CUSIP: 83600C301<br>LEI: 549300IYTT21F61LSR10 | Long             | EP               | CORP              | US        |      6000 | NS      | $78300.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Sotherly Hotels Inc                          | Sotherly Hotels, Inc.                                               | CUSIP: 83600C400<br>LEI: 549300IYTT21F61LSR10 | Long             | EP               | CORP              | US        |      2000 | NS      | $25820.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial, Inc.                        | STAG Industrial, Inc.                                               | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |     38950 | NS      | $1404537.00   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust, Inc.                | Starwood Property Trust, Inc.                                       | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               | CORP              | US        |      4500 | NS      | $77490.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Hotel Properties, Inc.                | Summit Hotel Properties, Inc.                                       | CUSIP: 866082704<br>LEI: 254900OBQWJK6X20LS71 | Long             | EP               | CORP              | US        |     10000 | NS      | $172900.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities, Inc.                        | Sun Communities, Inc.                                               | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |      8950 | NS      | $1127342.00   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc.                | Sunstone Hotel Investors, Inc.                                      | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |      8700 | NS      | $78387.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc.                | Sunstone Hotel Investors, Inc.                                      | CUSIP: 867892804<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EP               | CORP              | US        |      4000 | NS      | $77160.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc.                | Sunstone Hotel Investors, Inc.                                      | CUSIP: 867892887<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EP               | CORP              | US        |      4000 | NS      | $74880.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc.                                  | Tanger, Inc.                                                        | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |     12000 | NS      | $407760.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corporation                   | Terreno Realty Corporation                                          | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25875 | NS      | $1589242.50   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers, Inc.                          | Toll Brothers, Inc.                                                 | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |       875 | NS      | $119411.25    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                      | UDR, Inc.                                                           | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |     28350 | NS      | $957663.00    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc.                                  | Ventas, Inc.                                                        | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     32350 | NS      | $2645583.00   | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                           | Vertiv Holdings Company                                             | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      4575 | NS      | $1146403.50   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Vici Properties Inc                          | VICI Properties, Inc.                                               | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     82297 | NS      | $2248354.04   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                         | Vornado Realty Trust                                                | CUSIP: 929042828<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      2500 | NS      | $40475.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| W. P. Carey Inc                              | WP Carey, Inc.                                                      | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |      9200 | NS      | $625232.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc.                               | Welltower, Inc.                                                     | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     35175 | NS      | $6954449.25   | 10.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Company                         | Weyerhaeuser Company                                                | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |      5300 | NS      | $129479.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

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

**Signature:** Alan Chodosh

**Name of Signer:** Alan Chodosh

**Title:** Treasurer