NPORT-EX 2 fp0054153_nportex.htm NPORTEX - SPIRIT OF AMERICA

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED)
 
     Shares      Market Value  
Common Stocks 94.48%          
           
Diversified REITs 2.20%
American Assets Trust, Inc.   3,900   $97,500 
Lexington Realty Trust   2,700    26,811 
STORE Capital Corporation   4,080    73,929 
VEREIT, Inc.   5,000    24,450 
WP Carey, Inc.   22,600    1,312,608 
         1,535,298 
Energy 1.54%
Enterprise Products Partners LP   41,677    595,981 
Kinder Morgan, Inc.   2,500    34,800 
Magellan Midstream Partners LP   6,950    253,606 
Phillips 66   1,750    93,887 
Valero Energy Corporation   2,100    95,256 
         1,073,530 
Financials 0.00%
Ashford, Inc.(a)   81    466 
           
Health Care REITs 3.40%
Global Medical REIT, Inc.   15,000    151,800 
Healthcare Trust of America, Inc., Class A   5,000    121,400 
Healthpeak Properties, Inc.   25,018    596,679 
Omega Healthcare Investors, Inc.   1,000    26,540 
Ventas, Inc.   11,650    312,220 
Welltower, Inc.   25,350    1,160,523 
         2,369,162 
Hotel & Resort REITs 2.42%
Apple Hospitality REIT, Inc.   46,210    423,746 
DiamondRock Hospitality Company   96,847    491,983 
Pebblebrook Hotel Trust   27,331    297,635 
RLJ Lodging Trust   52,134    402,474 
Sotherly Hotels, Inc.   17,702    28,323 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
     Shares      Market Value  
Hotel & Resort REITs (cont.)
Summit Hotel Properties, Inc.(a)   9,500   $40,090 
         1,684,251 
Industrial REITs 16.19%
Americold Realty Trust   13,950    474,858 
Duke Realty Corporation   1,000    32,380 
Innovative Industrial Properties, Inc.   2,300    174,639 
Prologis, Inc.   98,620    7,926,090 
STAG Industrial, Inc.   42,350    953,722 
Terreno Realty Corporation   33,275    1,721,981 
         11,283,670 
Mortgage REITs 1.79%
Blackstone Mortgage Trust, Inc., Class A   26,700    497,154 
Hannon Armstrong Sustainable Infrastructure Capital, Inc.   18,017    367,727 
Starwood Property Trust, Inc.   37,550    384,887 
         1,249,768 
Office REITs 7.29%
Alexandria Real Estate Equities, Inc.   8,750    1,199,275 
Boston Properties, Inc.   12,865    1,186,539 
City Office REIT, Inc.   79,808    577,012 
Hudson Pacific Properties, Inc.   39,100    991,576 
Kilroy Realty Corporation   13,615    867,275 
SL Green Realty Corporation   6,000    258,600 
         5,080,277 
Residential REITs 23.41%
American Campus Communities, Inc.   3,000    83,250 
Apartment Investment & Management Company, Class A   40,050    1,407,757 
AvalonBay Communities, Inc.   11,690    1,720,417 
Camden Property Trust   15,150    1,200,486 
Equity LifeStyle Properties, Inc.   39,600    2,276,208 
Equity Residential   32,715    2,018,843 
Essex Property Trust, Inc.   7,636    1,681,753 
Mid-America Apartment Communities, Inc.   12,522    1,290,142 
Sun Communities, Inc.   25,200    3,146,220 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
     Shares      Market Value  
Residential REITs (cont.)
UDR, Inc.   41,000   $1,498,140 
         16,323,216 
Retail REITs 4.07%
Brixmor Property Group, Inc.   43,175    410,163 
Federal Realty Investment Trust   7,225    539,057 
Kimco Realty Corporation   28,069    271,427 
Realty Income Corporation   19,780    986,231 
Regency Centers Corporation   11,700    449,631 
Simon Property Group, Inc.   3,300    181,038 
Spirit MTA REIT(b)   1,140    858 
         2,838,405 
Specialized REITs 32.17%
American Tower Corporation   2,950    642,363 
CoreSite Realty Corporation   29,425    3,410,358 
Crown Castle International Corporation   5,150    743,660 
CubeSmart   17,750    475,523 
CyrusOne, Inc.   40,450    2,497,788 
Digital Realty Trust, Inc.   37,231    5,171,758 
Equinix, Inc.   5,425    3,388,292 
Extra Space Storage, Inc.   12,395    1,186,945 
Gaming and Leisure Properties, Inc.   1,000    27,710 
Life Storage, Inc.   12,050    1,139,327 
QTS Realty Trust, Inc., Class A   64,350    3,732,943 
Weyerhaeuser Company   500    8,475 
         22,425,142 
Total Common Stocks (Cost $52,485,749)        65,863,185 
           
Preferred Stocks 2.20%          
           
Financial Exchanges & Data 0.13%
Arch Capital Group Ltd., Series E, 5.25%   2,000    45,880 
Arch Capital Group Ltd., Series F, 5.45%   2,000    44,500 
         90,380 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
     Shares      Market Value  
Hotel & Resort REITs 0.27%
Ashford Hospitality Trust, Inc., Series F, 7.38%   6,000   $39,600 
Hersha Hospitality Trust, Series D, 6.50%   5,000    31,100 
Hersha Hospitality Trust, Series E, 6.50%   5,000    31,550 
Pebblebrook Hotel Trust, Series F, 6.30%   2,500    39,325 
Sotherly Hotels, Inc., Series B, 8.00%   6,000    38,940 
Sotherly Hotels, Inc., Series C, 7.88%   2,000    12,200 
         192,715 
Office REITs 0.07%
Vornado Realty Trust, Series M, 5.25%   2,500    48,900 
           
Residential REITs 0.13%
American Homes 4 Rent, Series G, 5.88%   2,000    46,100 
Bluerock Residential Growth REIT, Inc., Series A, 7.13%   3,000    51,652 
         97,752 
Retail REITs 0.69%
Federal Realty Investment Trust, Series C, 5.00%   6,500    146,185 
Monmouth Real Estate Investment Corporation, Series C, 6.13%   4,000    89,360 
National Retail Properties, Inc., Series F, 5.20%   11,000    241,450 
         476,995 
Specialized REITs 0.84%
Digital Realty Trust, Inc., Series I, 6.35%   13,518    336,733 
Digital Realty Trust, Inc., Series J, 5.25%   4,000    95,120 
Public Storage, Series K, 4.75%   2,000    47,140 
QTS Realty Trust, Inc., 7.13%   4,000    101,840 
         580,833 
Water Utilities 0.07%
Entergy Louisiana LLC, 4.88%   2,000    49,580 
           
Total Preferred Stocks (Cost $2,082,618)        1,537,155 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
       
     Principal Amount      Market Value  
Municipal Bonds 0.29%          
Franklin County Convention Facilities Authority, Revenue Bonds, 6.54%, 12/1/2036  $140,000   $199,096 
           
Total Municipal Bonds (Cost $163,375)        199,096 

 

    Shares     
Money Market Funds 2.04%          
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Class, 0.25%(c)   1,422,397    1,422,397 
           
Total Money Market Funds (Cost $1,422,397)        1,422,397 
           
Total Investments — 99.01% (Cost $56,154,139)        69,021,833 
Other Assets in Excess of Liabilities — 0.99%        688,156 
NET ASSETS - 100.00%       $69,709,989 

 

(a) Non-income producing security.
(b) Security is currently being valued according to the fair value procedures approved by the Board of Directors.
(c) Rate disclosed is the seven day effective yield as of March 31, 2020.

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED)
 
     Shares      Market Value  
Common Stocks 96.00%          
           
Communication Services 5.96%
Alphabet, Inc., Class A(a)   700   $813,365 
AT&T, Inc.   18,100    527,615 
Comcast Corporation, Class A   30,000    1,031,400 
Verizon Communications, Inc.   26,040    1,399,129 
Walt Disney Company (The)   18,450    1,782,270 
         5,553,779 
Consumer Discretionary 6.11%
D.R. Horton, Inc.   7,550    256,700 
Garmin Ltd.   950    71,212 
Home Depot, Inc. (The)   12,338    2,303,628 
Lennar Corporation, Class A   6,000    229,200 
McDonald's Corporation   6,980    1,154,143 
Ross Stores, Inc.   3,500    304,395 
Target Corporation   12,430    1,155,617 
TJX Companies, Inc. (The)   4,400    210,364 
         5,685,259 
Consumer Staples 6.69%
Altria Group, Inc.   10,750    415,702 
Coca-Cola Company (The)   11,900    526,575 
Colgate-Palmolive Company   2,500    165,900 
Conagra Brands, Inc.   7,100    208,314 
Constellation Brands, Inc., Class A   150    21,504 
Costco Wholesale Corporation   4,751    1,354,653 
Kroger Company (The)   8,000    240,960 
Lamb Weston Holdings, Inc.   4,800    274,080 
PepsiCo, Inc.   2,400    288,240 
Philip Morris International, Inc.   7,350    536,256 
Procter & Gamble Company (The)   5,300    583,000 
Walmart, Inc.   14,184    1,611,586 
         6,226,770 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
     Shares      Market Value  
Energy 2.27%
Chevron Corporation   8,260   $598,520 
ConocoPhillips   8,550    263,340 
EOG Resources, Inc.   8,700    312,504 
Exxon Mobil Corporation   7,100    269,587 
Kinder Morgan, Inc.   7,750    107,880 
Valero Energy Corporation   12,350    560,196 
         2,112,027 
Financials 8.90%
American Express Company   10,600    907,466 
Bank of America Corporation   30,600    649,638 
BankUnited, Inc.   15,350    287,045 
Berkshire Hathaway, Inc., Class B(a)   720    131,638 
Blackstone Group, Inc. (The), Class A   16,700    761,019 
Carlyle Group, Inc. (The)   10,550    228,407 
Citigroup, Inc.   13,200    555,984 
CME Group, Inc.   1,404    242,766 
Fifth Third Bancorp   13,400    198,990 
Goldman Sachs Group, Inc. (The)   3,015    466,089 
Hartford Financial Services Group, Inc. (The)   5,600    197,344 
Huntington Bancshares, Inc.   34,750    285,297 
JPMorgan Chase & Company   17,042    1,534,291 
KeyCorp   34,575    358,543 
Lazard Ltd., Class A   6,175    145,483 
M&T Bank Corporation   2,200    227,546 
Prudential Financial, Inc.   2,000    104,280 
Signature Bank   1,900    152,741 
SVB Financial Group(a)   2,923    441,607 
Travelers Companies, Inc. (The)   1,400    139,090 
U.S. Bancorp   7,725    266,126 
         8,281,390 
Health Care 13.94%
AbbVie, Inc.   11,450    872,375 
Allergan plc   3,300    584,430 
Amgen, Inc.   3,250    658,873 
Bristol-Myers Squibb Company   17,250    961,515 
Centene Corporation(a)   11,200    665,392 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
     Shares      Market Value  
Health Care (cont.)
CVS Health Corporation   5,611   $332,901 
Edwards LifeSciences Corporation(a)   1,000    188,620 
Gilead Sciences, Inc.   10,450    781,242 
Humana, Inc.   2,800    879,256 
Johnson & Johnson   4,797    629,031 
McKesson Corporation   2,250    304,335 
Medtronic plc   7,469    673,554 
Merck & Company, Inc.   16,700    1,284,898 
Pfizer, Inc.   9,150    298,656 
Quest Diagnostics, Inc.   4,500    361,350 
Thermo Fisher Scientific, Inc.   2,900    822,440 
UnitedHealth Group, Inc.   7,000    1,745,660 
Vertex Pharmaceuticals, Inc.(a)   3,900    928,005 
         12,972,533 
Industrials 8.82%
3M Company   1,790    244,353 
Boeing Company (The)   3,405    507,822 
Caterpillar, Inc.   10,225    1,186,509 
CSX Corporation   23,325    1,336,522 
Cummins, Inc.   3,300    446,556 
Deere & Company   6,100    842,776 
FedEx Corporation   6,900    836,694 
Honeywell International, Inc.   5,850    782,672 
Johnson Controls International plc   8,253    222,501 
Masco Corporation   11,500    397,555 
United Technologies Corporation   4,100    386,753 
Waste Connections, Inc.   13,175    1,021,062 
         8,211,775 
Information Technology 33.25%
Accenture plc, Class A   6,950    1,134,657 
Adobe, Inc.(a)   3,850    1,225,224 
Apple, Inc.   18,683    4,750,900 
Applied Materials, Inc.   18,970    869,205 
Box, Inc., Class A(a)   7,200    101,088 
Cisco Systems, Inc.   38,450    1,511,469 
Cognizant Technology Solutions Corporation, Class A   6,150    285,791 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
     Shares      Market Value  
Information Technology (cont.)
Corning, Inc.   19,000   $390,260 
Cognizant Technology Solutions Corporation, Class A   6,150    285,791 
Corning, Inc.   19,000    390,260 
Dell Technologies, Inc., Class C(a)   2,624    103,779 
Fiserv, Inc.(a)   1,950    185,231 
Hewlett Packard Enterprise Company   8,900    86,419 
HP, Inc.   26,000    451,360 
Intel Corporation   12,840    694,901 
International Business Machines Corporation   3,368    373,612 
Mastercard, Inc., Class A   6,500    1,570,140 
Microchip Technology, Inc.   2,575    174,585 
Microsoft Corporation   32,659    5,150,651 
NetApp, Inc.   5,600    233,464 
NortonLifeLock, Inc.   26,200    490,202 
NVIDIA Corporation   8,973    2,365,283 
Oracle Corporation   33,875    1,637,179 
Paychex, Inc.   8,850    556,842 
Perspecta, Inc.   764    13,935 
QUALCOMM, Inc.   8,320    562,848 
Texas Instruments, Inc.   15,025    1,501,448 
Visa, Inc., Class A   18,050    2,908,216 
Workday, Inc., Class A(a)   12,480    1,625,146 
         30,953,835 
Materials 0.90%
CF Industries Holdings, Inc.   7,700    209,440 
Corteva, Inc.   7,233    169,976 
Dow, Inc.   6,583    192,487 
DuPont de Nemours, Inc.   6,894    235,085 
International Paper Company   500    15,565 
WestRock Company   500    14,130 
         836,683 
Real Estate Investment Trusts (REITs) 6.46%
Alexandria Real Estate Equities, Inc.   2,200    301,532 
American Tower Corporation   1,450    315,737 
Apple Hospitality REIT, Inc.   4,050    37,138 
Brixmor Property Group, Inc.   13,500    128,250 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
     Shares      Market Value  
Real Estate Investment Trusts (REITs) (cont.)
CoreSite Realty Corporation   550   $63,745 
Crown Castle International Corporation   3,350    483,740 
CyrusOne, Inc.   11,000    679,250 
Digital Realty Trust, Inc.   2,450    340,330 
Equinix, Inc.   1,850    1,155,455 
Prologis, Inc.   8,500    683,145 
QTS Realty Trust, Inc., Class A   14,100    817,941 
Realty Income Corporation   3,550    177,003 
Sun Communities, Inc.   4,100    511,885 
Terreno Realty Corporation   3,600    186,300 
Welltower, Inc.   2,875    131,617 
         6,013,068 
Utilities 2.70%
AES Corporation   4,000    54,400 
American Electric Power Company, Inc.   1,850    147,963 
Brookfield Renewable Partners, LP   1,500    63,735 
Edison International   1,100    60,269 
Eversource Energy   250    19,552 
NextEra Energy, Inc.   6,000    1,443,720 
WEC Energy Group, Inc.   8,200    722,666 
         2,512,305 
Total Common Stocks (Cost $62,880,096)        89,359,424 
           
Preferred Stocks 1.83%          
           
Communication Services 0.26%
Qwest Corporation, 7.00%   2,500    57,325 
Telephone & Data Systems, Inc., 7.00%   4,000    85,000 
United States Cellular Corporation, 7.25%   2,500    55,325 
United States Cellular Corporation, 7.25%   2,000    43,420 
         241,070 
Financials 1.15%
American Financial Group, Inc., 6.00%   5,300    128,790 
Annaly Capital Management, Inc., Series F, 6.95%   2,000    35,500 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
     Shares      Market Value  
Financials (cont.)   

 
Ares Management Corporation, Series A, 7.00%   2,500   $61,025 
Bank of America Corporation, Series EE, 6.00%   2,500    62,625 
Bank of America Corporation, Series GG, 6.00%   4,000    102,600 
Bank of America Corporation, Series HH, 5.88%   2,000    50,540 
Bank of America Corporation, Series LL, 5.00%   2,000    46,960 
Charles Schwab Corporation (the), Series C, 6.00%   2,000    50,500 
Globe Life, Inc., 6.13%   5,000    116,300 
Hancock Holding Company, 5.95%   2,500    53,775 
JPMorgan Chase & Company, Series EE, 6.00%   2,000    52,300 
KKR & Company LP, Series B, 6.50%   2,000    49,640 
Ladenburg Thalmann Financial Services, Inc., Series A, 8.00%   7,000    98,000 
Northern Trust Corporation, Series E, 4.70%   1,360    32,531 
Prospect Capital Corporation, 6.25%   4,000    82,880 
Prudential Financial, Inc., 5.63%   2,000    50,260 
         1,074,226 
Industrials 0.05%
KeyCorp, Series G, 5.63%   2,000    48,300 
           
Information Technology 0.11%
eBay, Inc., 6.00%   4,000    98,960 
           
Real Estate 0.26%
Digital Realty Trust, Inc., Series L, 5.20%   2,000    46,100 
Public Storage, Series I, 4.88%   1,917    45,222 
Public Storage, Series K, 4.75%   2,000    47,140 
QTS Realty Trust, Inc., 7.13%   4,000    101,840 
         240,302 
Total Preferred Stocks (Cost $1,871,184)        1,702,858 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
     Shares      Market Value  
Money Market Funds 1.94%          
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Class, 0.25%(b)   1,805,734   $1,805,734 
           
Total Money Market Funds (Cost $1,805,734)        1,805,734 
           
Total Investments — 99.77% (Cost $66,557,014)        92,868,016 
Other Assets in Excess of Liabilities — 0.23%        209,788 
NET ASSETS - 100.00%       $93,077,804 

 

(a) Non-income producing security.
(b) Rate disclosed is the seven day effective yield as of March 31, 2020.

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED)
 
   Principal Amount   Market Value 
Municipal Bonds 98.35%          
           
Alaska 0.78%          
Alaska Housing Finance Corporation, State Single-Family Housing, Revenue Bonds, (OID), Callable 6/1/2021 @ 100, 4.13%, 12/1/2037  $25,000   $25,481 
Northern Tobacco Securitization Corporation, Refunding Revenue Bonds, (OID), 5.00%, 6/1/2032   500,000    500,055 
         525,536 
Arizona 0.89%          
City of Phoenix, AZ, General Obligation Unlimited, Callable 7/1/2026 @ 100, 5.00%, 7/1/2027   500,000    600,575 
           
California 3.63%          
California Educational Facilities Authority, Revenue Bonds, Callable 10/1/2021 @ 100, 6.13%, 10/1/2030   130,000    139,090 
California State Public Works Board, Revenue Bonds, Callable 11/1/2026 @ 100, 5.00%, 11/1/2029   600,000    732,162 
City of Los Angeles, CA Wastewater System Revenue, Refunding Revenue Bonds, (OID), Callable 6/1/2022 @ 100, 3.38%, 6/1/2029   100,000    103,480 
Los Angeles Community College District, General Obligation Unlimited, Callable 8/1/2026 @ 100, 4.00%, 8/1/2038   500,000    555,895 
Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds, Callable 5/15/2026 @ 100, 4.00%, 5/15/2037   145,000    157,389 
State of California, General Obligation Unlimited, Callable 8/1/2025 @ 100, 5.00%, 8/1/2029   250,000    297,042 
State of California, General Obligation Unlimited, Callable 9/1/2026 @ 100, 4.00%, 9/1/2036   175,000    195,876 
State of California, Port, Airport & Marina Improvements, General Obligation Unlimited, (OID), Callable 11/1/2020 @ 100, 5.25%, 11/1/2030   250,000    255,617 
         2,436,551 
Connecticut 10.78%          
City of New Haven, CT, General Obligation Unlimited, Callable 8/15/2026 @ 100, 5.00%, 8/15/2036   230,000    254,688 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
Connecticut (cont.)          
Connecticut Housing Finance Authority, Multi-Family Housing, Revenue Bonds, Callable 11/15/2025 @ 100, 3.25%, 11/15/2036  $250,000   $258,895 
Connecticut Housing Finance Authority, Multi-Family Housing, Revenue Bonds, (GO OF AUTH), Callable 5/15/2021 @ 100, 4.63%, 11/15/2041   215,000    220,068 
Connecticut Housing Finance Authority, Refunding Revenue Bonds, Callable 5/15/2022 @ 100, 3.05%, 5/15/2031   195,000    198,639 
Connecticut Housing Finance Authority, Refunding Revenue Bonds, Callable 5/15/2021 @ 100, 3.25%, 11/15/2027   150,000    152,159 
Connecticut Housing Finance Authority, Refunding Revenue Bonds, (GO OF AUTH), Callable 5/15/2021 @ 100, 3.35%, 5/15/2028   250,000    253,820 
Connecticut Housing Finance Authority, Refunding Revenue Bonds, (GO OF AUTH), Callable 5/15/2020 @ 100, 4.88%, 11/15/2046   100,000    100,340 
Connecticut Housing Finance Authority, Refunding Revenue Bonds, (OID), Callable 11/15/2021 @ 100, 3.30%, 11/15/2037   250,000    253,695 
Connecticut Housing Finance Authority, Revenue Bonds, Callable 5/15/2027 @ 100, 3.40%, 11/15/2037   25,000    26,437 
Connecticut Housing Finance Authority, State Single-Family Housing, Revenue Bonds, Callable 5/15/2021 @ 100, 3.50%, 5/15/2031   250,000    253,170 
Connecticut State Health & Educational Facility Authority, Healthcare, Hospital, & Nursing Home Improvements, Refunding Revenue Bonds, Callable 7/1/2021 @ 100, 5.00%, 7/1/2032   440,000    458,097 
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds, Callable 7/1/2022 @ 100, 4.50%, 7/1/2038   500,000    506,460 
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds, Callable 7/1/2022 @ 100, 5.00%, 7/1/2042   500,000    510,180 
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds, (OID), Callable 7/1/2022 @ 100, 4.25%, 7/1/2031   500,000    506,950 
Connecticut State Health & Educational Facility Authority, Private Primary Schools, Revenue Bonds, Callable 7/1/2022 @ 100, 4.00%, 7/1/2033   100,000    103,663 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
Connecticut (cont.)          
Connecticut State Health & Educational Facility Authority, Revenue Bonds, Callable 7/1/2026 @ 100, 5.00%, 7/1/2034  $250,000   $288,130 
Connecticut State Health & Educational Facility Authority, Revenue Bonds, Callable 7/1/2024 @ 100, 5.00%, 7/1/2034   100,000    113,424 
Connecticut State Health & Educational Facility Authority, Revenue Bonds, (AGM) (OID), Callable 7/1/2021 @ 100, 4.00%, 7/1/2037   250,000    254,282 
Connecticut State Health & Educational Facility Authority, University & College Improvements, Revenue Bonds, Callable 7/1/2020 @ 100, 5.00%, 7/1/2028   100,000    100,727 
State of Connecticut Special Tax Revenue, Highway Improvements, Revenue Bonds, Callable 10/1/2023 @ 100, 5.00%, 10/1/2030   250,000    275,585 
State of Connecticut Special Tax Revenue, Highway Improvements, Revenue Bonds, Callable 11/1/2020 @ 100, 5.00%, 11/1/2022   100,000    102,038 
State of Connecticut Special Tax Revenue, Public Improvements, Revenue Bonds, Callable 1/1/2023 @ 100, 5.00%, 1/1/2028   445,000    483,857 
State of Connecticut, General Obligation Unlimited, 5.00%, 6/15/2024   250,000    283,533 
State of Connecticut, General Obligation Unlimited, 5.00%, 11/1/2020   100,000    102,032 
State of Connecticut, General Obligation Unlimited, Callable 4/15/2027 @ 100, 5.00%, 4/15/2032   500,000    595,265 
State of Connecticut, Public Improvements, General Obligation Unlimited, Callable 4/15/2022 @ 100, 4.00%, 4/15/2032   250,000    257,270 
University of Connecticut, University & College Improvements, Revenue Bonds, Callable 2/15/2024 @ 100, 5.00%, 2/15/2034   250,000    279,847 
University of Connecticut, University & College Improvements, Revenue Bonds, (GO OF UNIVERSITY), 5.00%, 2/15/2028   50,000    50,145 
         7,243,396 
District of Columbia 1.65%          
District of Columbia Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (Fannie Mae), 4.45%, 6/15/2031   320,000    340,538 
District of Columbia Housing Finance Agency, State Single-Family Housing, Revenue Bonds, (Fannie Mae), Callable 12/1/2021 @ 100, 4.90%, 6/1/2040   280,000    294,053 
District of Columbia Water & Sewer Authority, Revenue Bonds, Callable 4/1/2026 @ 100, 5.00%, 10/1/2036   250,000    296,475 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
District of Columbia (cont.)          
District of Columbia Water & Sewer Authority, Revenue Bonds, Callable 4/1/2026 @ 100, 5.00%, 10/1/2034  $150,000   $178,638 
         1,109,704 
Florida 8.78%          
Central Florida Expressway Authority, Revenue Bonds, Callable 7/1/2026 @ 100, 4.00%, 7/1/2035   150,000    166,158 
Citizens Property Insurance Corporation, Miscellaneous Purposes, Revenue Bonds, 4.75%, 6/1/2020   150,000    150,864 
City of Miami, FL, Parking Facility Improvements, Revenue Bonds, (AGM) (OID), Callable 7/1/2020 @ 100, 5.25%, 7/1/2035   105,000    106,094 
City of Miami, FL, Parking Facility Improvements, Revenue Bonds, (AGM) (OID), Callable 7/1/2020 @ 100, 5.25%, 7/1/2039   125,000    126,303 
City of Orlando, FL, Public Improvements, Revenue Bonds, Callable 10/1/2024 @ 100, 5.00%, 10/1/2046   1,000,000    1,137,750 
Escambia County Health Facilities Authority, Hospital Improvements, Revenue Bonds (OID), Callable 8/15/2020 @ 100, 5.75%, 8/15/2029   160,000    162,211 
Escambia County Health Facilities Authority, Hospital Improvements, Revenue Bonds, (OID), Callable 8/15/2020 @ 100, 5.50%, 8/15/2024   250,000    253,510 
Florida Gulf Coast University Financing Corporation, University & College Improvements, Revenue Bonds, Callable 2/1/2021 @ 100, 5.00%, 2/1/2028   100,000    102,977 
Florida Higher Educational Facilities Financial Authority, University & College Improvements, Refunding Revenue Bonds, (OID), Callable 4/1/2021 @ 100, 6.00%, 4/1/2026   130,000    135,065 
Florida Municipal Loan Council, Water Utility Improvements, Revenue Bonds, (AGM) (OID), Callable 10/1/2021 @ 100, 5.50%, 10/1/2041   100,000    105,724 
Florida Municipal Loan Council, Water Utility Improvements, Revenue Bonds, (AGM) (OID), Callable 10/1/2021 @ 100, 5.25%, 10/1/2033   100,000    105,646 
FSU Financial Assistance, Inc., State Single-Family Housing, Refunding Revenue Bonds, Callable 10/1/2022 @ 100, 5.00%, 10/1/2030   500,000    544,015 
Greater Orlando Aviation Authority, Port, Airport & Marina Improvements, Revenue Bonds, Callable 10/1/2020 @ 100, 5.00%, 10/1/2025   200,000    203,374 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
Florida (cont.)          
Hillsborough County Industrial Development Authority, School Improvements, Revenue Bonds, 5.13%, 5/15/2037  $210,000   $210,029 
JEA Water & Sewer System Revenue, Revenue Bonds, (OID), 3.88%, 10/1/2037   250,000    250,300 
Miami-Dade County Aviation Revenue, Revenue Bonds, (OID), Callable 10/1/2020 @ 100, 5.25%, 10/1/2030   115,000    117,354 
Miami-Dade County Aviation Revenue, Revenue Bonds, (OID), 5.25%, 10/1/2030   35,000    35,717 
Miami-Dade County Educational Facilities Authority, University & College Improvements, Revenue Bonds, (AMBAC), 5.25%, 4/1/2031   260,000    327,249 
North Sumter County Utility Dependent District, Water & Utility Improvements, Revenue Bonds, (AGM) (OID), Callable 10/1/2020 @ 100, 5.38%, 10/1/2040   400,000    408,212 
Palm Beach County School District, Refunding Bonds, Certificate of Participation, 5.00%, 8/1/2024   45,000    47,372 
School Board of Miami-Dade County/The, Certificate of Participation, Callable 2/1/2026 @ 100, 4.00%, 2/1/2033   1,000,000    1,095,630 
Tampa-Hillsborough County Expressway Authority, Refunding Revenue Bonds, Callable 7/1/2022 @ 100, 5.00%, 7/1/2037   100,000    107,748 
         5,899,302 
Georgia 2.52%          
Albany-Dougherty Inner City Authority, University & College Improvements, Revenue Bonds, Callable 7/1/2020 @ 100, 5.00%, 7/1/2035   250,000    252,050 
Albany-Dougherty Payroll Development Authority, University & College Improvements, Revenue Bonds, (AGM) (OID), Callable 6/15/2020 @ 100, 5.50%, 6/15/2036   325,000    327,584 
City of Atlanta GA Water & Wastewater Revenue, Revenue Bonds, Callable 11/1/2029 @ 100, 3.00%, 11/1/2037   500,000    532,115 
Fulton County Development Authority, 5.00%, 10/1/2022   145,000    158,779 
Fulton County Development Authority, 5.00%, 10/1/2022   5,000    5,429 
Fulton County Development Authority, Refunding Revenue Bonds, (OID), Callable 10/1/2022 @ 100, 4.25%, 10/1/2037   100,000    104,072 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
Georgia (cont.)          
Fulton County Development Authority, University & College Improvements, Revenue Bonds, (OID), Callable 4/1/2021 @ 100, 5.75%, 10/1/2041  $250,000   $261,625 
Fulton County Development Authority, University & College Improvements, Revenue Bonds, (OID), Callable 4/1/2021 @ 100, 5.75%, 10/1/2031   50,000    52,325 
         1,693,979 
Hawaii 0.06%          
Hawai'i Pacific Health, Hospital Improvements, Revenue Bonds, (OID), 5.75%, 7/1/2040   40,000    40,440 
           
Illinois 0.70%          
Illinois Finance Authority, Hospital Improvements, Revenue Bonds, (OID), Callable 8/15/2021 @ 100, 5.88%, 8/15/2034   100,000    105,478 
Railsplitter Tobacco Settlement Authority, Public Improvements, Revenue Bonds, (OID), 6.00%, 6/1/2028   250,000    263,972 
University of Illinois, University & College Improvements, Revenue Bonds, Callable 4/1/2021 @ 100, 5.50%, 4/1/2031   100,000    103,611 
         473,061 
Indiana 3.13%          
Town of Munster, IN, Public Improvements, Tax Allocation Bonds, (OID), Callable 7/15/2021 @ 100, 5.13%, 1/15/2031   2,000,000    2,099,860 
           
Iowa 0.45%          
State of Iowa, Revenue Bonds, Callable 6/1/2026 @ 100, 5.00%, 6/1/2027   250,000    304,348 
           
Kentucky 0.49%          
Kentucky Municipal Power Agency, Electric Lights & Power Improvements, Revenue Bonds, (AGM), Callable 9/1/2020 @ 100, 5.00%, 9/1/2023   325,000    330,203 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
Louisiana 0.94%          
Louisiana Local Government Environmental Facilities & Community Development Authority, Sewer Improvements, Revenue Bonds, Callable 2/1/2023 @ 100, 4.00%, 2/1/2048  $500,000   $520,080 
Louisiana Local Government Environmental Facilities & Community Development Authority, Sewer Improvements, Revenue Bonds, Callable 2/1/2023 @ 100, 5.00%, 2/1/2035   100,000    109,610 
         629,690 
Maine 1.50%          
Maine Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (OID), Callable 7/1/2022 @ 100, 3.63%, 7/1/2041   500,000    527,710 
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, Callable 11/15/2022 @ 100, 4.50%, 11/15/2037   105,000    109,982 
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, Callable 11/15/2024 @ 100, 3.75%, 11/15/2044   100,000    104,507 
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, Callable 11/15/2022 @ 100, 3.45%, 11/15/2032   100,000    102,921 
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, Callable 11/15/2022 @ 100, 3.60%, 11/15/2036   100,000    102,602 
Maine Turnpike Authority, Refunding Revenue Bonds, Callable 7/1/2025 @ 100, 5.00%, 7/1/2026   50,000    59,024 
         1,006,746 
Maryland 0.61%          
Maryland Health & Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, (OID), 4.63%, 5/15/2035   60,000    60,251 
Montgomery County Housing Opportunities Commission, Revenue Bonds, (Freddie Mac) (Fannie Mae) (Ginnie Mae), Callable 1/1/2022 @ 100, 3.63%, 7/1/2033   345,000    351,607 
         411,858 
Massachusetts 3.46%          
Massachusetts Educational Financing Authority, Refunding Revenue Bonds, (OID), Callable 5/4/2020 @ 100, 5.20%, 1/1/2027   30,000    30,029 
Massachusetts Educational Financing Authority, Refunding Revenue Bonds, (OID), Callable 5/4/2020 @ 100, 5.25%, 1/1/2029   10,000    10,010 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
Massachusetts (cont.)          
Massachusetts Health & Educational Facilities Authority, Healthcare, Hospital & Nursing Home Improvements, Refunding Revenue Bonds, (OID), Callable 7/1/2020 @ 100, 5.00%, 7/1/2030  $130,000   $131,255 
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2025 @ 100, 3.25%, 12/1/2036   575,000    595,562 
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100, 3.75%, 12/1/2037   250,000    267,238 
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100, 3.25%, 12/1/2032   250,000    265,457 
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100, 3.55%, 12/1/2037   250,000    262,635 
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2027 @ 100, 3.25%, 12/1/2032   200,000    214,070 
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 6/1/2026 @ 100, 3.15%, 12/1/2026   120,000    128,264 
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, 5.13%, 12/1/2039   65,000    65,081 
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, 4.85%, 12/1/2029   60,000    60,065 
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (FHA) (INS), Callable 6/1/2020 @ 100, 5.25%, 12/1/2035   175,000    176,152 
Massachusetts School Building Authority, Revenue Bonds, Callable 8/15/2025 @ 100, 5.00%, 8/15/2026   100,000    119,486 
         2,325,304 
Michigan 4.35%          
Michigan Public Educational Facilities Authority, School Improvements, Refunding Revenue Bonds, 6.00%, 12/1/2035   500,000    467,230 
Michigan State Building Authority, Refunding Revenue Bonds, (OID), Callable 10/15/2021 @ 100, 5.20%, 10/15/2031   750,000    792,022 
Michigan State Building Authority, Refunding Revenue Bonds, (OID), Callable 10/15/2021 @ 100, 5.38%, 10/15/2036   100,000    105,962 
Michigan State Housing Development Authority, State Multi-Family Housing, Revenue Bonds, (GO OF AUTH), Callable 4/1/2022 @ 100, 4.50%, 10/1/2036   710,000    737,335 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
Michigan (cont.)          
Michigan Tobacco Settlement Finance Authority, Miscellaneous Purposes, Revenue Bonds, (OID), 6.00%, 6/1/2048  $595,000   $571,855 
Michigan Tobacco Settlement Finance Authority, Refunding Revenue Bonds, 6.88%, 6/1/2042   250,000    250,003 
         2,924,407 
Missouri 1.32%          
Hanley Road Corridor Transportation Development District, Refunding Revenue Bonds, (OID), 5.88%, 10/1/2036   245,000    245,488 
Health & Educational Facilities Authority of the State of Missouri, Healthcare, Hospital & Nursing Home Improvements, Revenue Bonds, (OID), Callable 11/15/2024 @ 100, 4.00%, 11/15/2045   500,000    536,235 
Health & Educational Facilities Authority of the State of Missouri, Healthcare, Hospital & Nursing Home Improvements, Revenue Bonds, (OID), Callable 11/15/2022 @ 100, 3.75%, 11/15/2039   100,000    103,217 
         884,940 
Nebraska 0.40%          
Nebraska Public Power District, Electric Lights & Power Improvements, Revenue Bonds, Callable 1/1/2022 @ 100, 5.00%, 1/1/2025   155,000    165,625 
Nebraska Public Power District, Electric Lights & Power Improvements, Revenue Bonds, Callable 1/1/2022 @ 100, 5.00%, 1/1/2025   95,000    101,251 
         266,876 
Nevada 1.22%          
City of Reno, NV, Revenue Bonds, (AMBAC) (OID), Callable 6/1/2020 @ 100, 5.50%, 6/1/2028   5,000    5,014 
Nevada Housing Division, State Single-Family Housing, Revenue Bonds, (Ginnie Mae), Callable 4/1/2020 @ 100, 4.40%, 4/1/2027   10,000    10,019 
Nevada System of Higher Education, Certification of Participation, Callable 7/1/2026 @ 100, 4.00%, 7/1/2027   700,000    801,311 
         816,344 
New Jersey 6.59%          
Borough of Seaside Heights, NJ, General Obligation Unlimited, Callable 4/1/2025 @ 100, 4.00%, 4/1/2026   125,000    137,621 
Essex County Improvement Authority, Public Improvements, Revenue Bonds, (AGM) (OID), 5.75%, 11/1/2030   250,000    256,618 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
New Jersey (cont.)          
Hudson County Improvement Authority, Refunding Revenue Bonds, (AGM), 5.40%, 10/1/2025  $150,000   $182,555 
New Jersey Economic Development Authority, Refunding Revenue Bonds, (State Appropriation) (OID), Callable 3/1/2021 @ 100, 5.25%, 9/1/2026   420,000    433,574 
New Jersey Economic Development Authority, School Improvements, Refunding Revenue Bonds, Callable 3/1/2023 @ 100, 5.00%, 3/1/2031   300,000    309,954 
New Jersey Economic Development Authority, School Improvements, Revenue Bonds, Callable 6/15/2020 @ 100, 5.00%, 12/15/2032   100,000    100,210 
New Jersey Economic Development Authority, University & College Improvements, Revenue Bonds, Callable 6/15/2023 @ 100, 5.00%, 6/15/2030   250,000    276,398 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, (OID), 6.00%, 7/1/2037   200,000    212,102 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, (OID), 5.00%, 7/1/2027   15,000    15,050 
New Jersey Higher Education Student Assistance Authority, Refunding Revenue Bonds, Callable 12/1/2020 @ 100, 5.00%, 12/1/2036   65,000    66,501 
New Jersey Higher Education Student Assistance Authority, Refunding Revenue Bonds, Callable 12/1/2020 @ 100, 5.25%, 12/1/2032   100,000    100,092 
New Jersey Higher Education Student Assistance Authority, Refunding Revenue Bonds, Callable 12/1/2020 @ 100, 5.25%, 12/1/2028   95,000    95,087 
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Callable 11/1/2025 @ 100, 3.90%, 11/1/2050   175,000    183,328 
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Callable 11/1/2025 @ 100, 3.50%, 11/1/2036   500,000    522,060 
New Jersey Transportation Trust Fund Authority, Revenue Bonds, 5.00%, 6/15/2021   150,000    154,158 
New Jersey Transportation Trust Fund Authority, Transit Improvements, Revenue Bonds, (State Appropriation), Callable 6/15/2021 @ 100, 5.00%, 6/15/2022   150,000    157,061 
New Jersey Transportation Trust Fund Authority, Transit Improvements, Revenue Bonds, (State Appropriation) (OID), Callable 6/15/2021 @ 100, 5.25%, 6/15/2031   220,000    223,711 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
New Jersey (cont.)          
New Jersey Turnpike Authority, Highway Improvements, Revenue Bonds, 5.00%, 1/1/2031  $200,000   $217,590 
State of New Jersey, Public Improvements, General Obligation Unlimited, Callable 6/1/2025 @ 100, 4.00%, 6/1/2034   250,000    270,765 
Tenafly School District, Refunding Bonds, General Obligation Unlimited, (OID), Callable 7/15/2022 @ 100, 3.00%, 7/15/2030   250,000    257,223 
Tenafly School District, Refunding Bonds, General Obligation Unlimited, (OID), Callable 7/15/2022 @ 100, 3.00%, 7/15/2029   250,000    257,745 
         4,429,403 
New Mexico 1.30%          
New Mexico Hospital Equipment Loan Council, Hospital Improvements Revenue Bonds, (OID), Callable 8/1/2022 @ 100, 4.00%, 8/1/2042   500,000    533,625 
New Mexico Mortgage Finance Authority, Revenue Bonds, (Freddie Mac) (Fannie Mae) (Ginnie Mae) (GTD) (INS), Callable 3/1/2022 @ 100, 3.55%, 9/1/2032   150,000    153,382 
New Mexico Mortgage Finance Authority, Revenue Bonds, (Freddie Mac) (Fannie Mae) (Ginnie Mae) (GTD) (INS), Callable 3/1/2022 @ 100, 3.25%, 9/1/2027   110,000    112,807 
Village of Los Ranchos de Albuquerque, NM, Refunding Revenue Bonds, (OID), Callable 9/1/2020 @ 100, 4.50%, 9/1/2040   75,000    75,811 
         875,625 
New York 23.59%          
Hudson Yards Infrastructure Corporation, Public Improvements, Revenue Bonds, Callable 2/15/2021 @ 100, 5.75%, 2/15/2047   95,000    98,297 
Hudson Yards Infrastructure Corporation, Revenue Bonds, 5.25%, 2/15/2047   10,000    10,357 
Hudson Yards Infrastructure Corporation, Revenue Bonds, Callable 2/15/2021 @ 100, 5.25%, 2/15/2047   190,000    195,810 
Hudson Yards Infrastructure Corporation, Revenue Bonds, Series A, Callable 2/15/2027 @ 100, 4.00%, 2/15/2044   575,000    622,507 
Metropolitan Transportation Authority, Refunding Revenue Bonds, 5.25%, 11/15/2028   50,000    57,439 
Metropolitan Transportation Authority, Refunding Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2037   250,000    298,213 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
New York (cont.)          
Metropolitan Transportation Authority, Revenue Bonds, 5.00%, 11/15/2028  $250,000   $278,570 
Metropolitan Transportation Authority, Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2035   250,000    299,908 
Metropolitan Transportation Authority, Revenue Bonds, (OID), 4.75%, 11/15/2036   140,000    148,295 
Metropolitan Transportation Authority, Revenue Bonds, (OID), 4.75%, 11/15/2036   110,000    114,857 
Metropolitan Transportation Authority, Transit Improvements, Refunding Revenue Bonds, 5.00%, 11/15/2028   250,000    297,715 
Metropolitan Transportation Authority, Transit Improvements, Revenue Bonds, Callable 5/15/2023 @ 100, 5.00%, 11/15/2033   100,000    106,301 
Monroe County Industrial Development Corporation, Hospital Improvements, Revenue Bonds, (INS), Callable 2/15/2021 @ 100, 5.75%, 8/15/2035   250,000    258,025 
New York City Housing Development Corporation, Local Multi-Family Housing Revenue Bonds, Callable 11/1/2020 @ 100, 4.75%, 5/1/2041   250,000    252,912 
New York City Housing Development Corporation, Local Multi-Family Housing, Revenue Bonds, Callable 5/1/2020 @ 100, 4.85%, 11/1/2035   250,000    250,672 
New York City Housing Development Corporation, Local Multi-Family Housing, Revenue Bonds, Callable 5/26/2020 @ 100, 4.90%, 11/1/2040   250,000    250,432 
New York City Housing Development Corporation, Local Multi-Family Housing, Revenue Bonds, 5.00%, 5/1/2020   150,000    150,450 
New York City Housing Development Corporation, Revenue Bonds, Callable 5/1/2025 @ 100, 3.10%, 11/1/2032   250,000    259,622 
New York City Housing Development Corporation, Revenue Bonds, Callable 2/1/2026 @ 100, 3.50%, 11/1/2032   150,000    161,100 
New York City Housing Development Corporation, Revenue Bonds, Callable 11/1/2025 @ 100, 3.60%, 11/1/2031   250,000    269,515 
New York City Industrial Development Agency, Recreational Facility Improvements, Revenue Bonds, (FGIC), 5.00%, 3/1/2031   145,000    142,418 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
New York (cont.)          
New York City Industrial Development Agency, Recreational Facility Improvements, Revenue Bonds, (FGIC), 5.00%, 3/1/2046  $1,500,000   $1,473,150 
New York City Industrial Development Agency, Recreational Facility Improvements, Revenue Bonds, (FGIC) (OID), 4.50%, 3/1/2039   100,000    98,205 
New York City Industrial Development Agency, Recreational Facility Improvements, Revenue Bonds, (NATL-RE), 5.00%, 3/1/2036   115,000    113,021 
New York City Industrial Development Agency, Recreational Facility Improvements, Revenue Bonds, (OID), Callable 1/1/2021 @ 100, 6.50%, 1/1/2046   650,000    652,678 
New York City Transitional Finance Authority Building Aid Revenue, Public Improvements, Revenue Bonds, (State Aid Withholding), Callable 1/15/2025 @ 100, 5.00%, 7/15/2027   250,000    290,702 
New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds, 5.00%, 7/15/2031   250,000    294,567 
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Callable 5/1/2027 @ 100, 4.00%, 5/1/2044   300,000    331,050 
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds, 5.00%, 8/1/2023   100,000    112,000 
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds, Callable 8/1/2026 @ 100, 4.00%, 8/1/2035   100,000    111,446 
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds, Callable 11/1/2020 @ 100, 5.00%, 8/1/2021   100,000    104,972 
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds, 5.00%, 8/1/2024   100,000    115,330 
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds, Callable 8/1/2025 @ 100, 5.00%, 8/1/2027   25,000    29,506 
New York City Water & Sewer System, Revenue Bonds, Callable 12/15/2021 @ 100, 5.00%, 6/15/2045   215,000    226,922 
New York City Water & Sewer System, Revenue Bonds, 5.00%, 6/15/2045   35,000    37,290 
New York City Water & Sewer System, Revenue Bonds, Callable 6/15/2027 @ 100, 5.00%, 6/15/2032   100,000    123,036 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
New York (cont.)          
New York State Dormitory Authority, Refunding Revenue Bonds, (State Aid Withholding), Callable 10/1/2022 @ 100, 3.25%, 4/1/2031  $280,000   $288,764 
New York State Dormitory Authority, Revenue Bonds, 5.00%, 8/15/2021   100,000    105,369 
New York State Dormitory Authority, Revenue Bonds, 5.00%, 5/15/2020   100,000    100,470 
New York State Dormitory Authority, Revenue Bonds, 4.75%, 10/1/2040   5,000    5,074 
New York State Dormitory Authority, Revenue Bonds, 4.75%, 10/1/2040   160,000    162,784 
New York State Dormitory Authority, Revenue Bonds, Callable 2/15/2030 @ 100, 5.00%, 2/15/2048   500,000    620,045 
New York State Dormitory Authority, Revenue Bonds, Callable 2/15/2030 @ 100, 4.00%, 2/15/2047   500,000    562,945 
New York State Dormitory Authority, Revenue Bonds, Callable 3/15/2028 @ 100, 5.00%, 3/15/2043   250,000    303,607 
New York State Dormitory Authority, Revenue Bonds, Callable 7/1/2025 @ 100, 5.00%, 7/1/2037   385,000    441,664 
New York State Dormitory Authority, Revenue Bonds, 5.00%, 5/15/2022   165,000    178,532 
New York State Dormitory Authority, University & College Improvements, Revenue Bonds, (OID), 5.25%, 7/1/2031   40,000    42,045 
New York State Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, Callable 5/1/2020 @ 100, 4.85%, 11/1/2036   100,000    100,184 
New York State Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (SONYMA), Callable 5/1/2020 @ 100, 5.20%, 5/1/2042   500,000    501,230 
New York State Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (SONYMA), Callable 5/1/2020 @ 100, 4.75%, 5/1/2031   200,000    200,464 
New York State Thruway Authority, Revenue Bonds, Callable 1/1/2026 @ 100, 4.00%, 1/1/2037   100,000    107,370 
New York, NY, General Obligation Unlimited, Callable 8/1/2029 @ 100, 4.00%, 8/1/2044   250,000    282,860 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
New York (cont.)          
New York, NY, General Obligation Unlimited, Callable 8/1/2029 @ 100, 5.00%, 8/1/2043  $500,000   $614,400 
Port Authority of New York & New Jersey, Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2037   250,000    308,057 
Port Authority of New York & New Jersey, Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2030   250,000    316,445 
State of New York Mortgage Agency, State Single-Family Housing, Revenue Bonds, Callable 10/1/2021 @ 100, 3.75%, 10/1/2032   1,000,000    1,023,600 
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2025 @ 100, 5.00%, 11/15/2040   310,000    358,816 
Triborough Bridge & Tunnel Authority, Revenue Bonds, 5.00%, 11/15/2027   100,000    121,195 
Triborough Bridge & Tunnel Authority, Revenue Bonds, 5.00%, 11/15/2023   100,000    113,762 
Triborough Bridge & Tunnel Authority, Revenue Bonds, 5.00%, 11/15/2021   50,000    53,171 
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2025 @ 100, 5.00%, 11/15/2035   250,000    294,015 
         15,844,158 
North Carolina 0.34%          
University of North Carolina at Charlotte/The, Revenue Bonds, Callable 10/1/2027 @ 100, 4.00%, 10/1/2037   100,000    112,479 
University of North Carolina at Charlotte/The, University & College Improvements, Revenue Bonds, Callable 4/1/2025 @ 100, 5.00%, 4/1/2040   100,000    114,315 
         226,794 
North Dakota 0.16%          
City of Bismarck, ND, Sanitary Sewer Revenue, Revenue Bonds, Callable 5/1/2025 @ 100, 3.00%, 5/1/2029   100,000    105,524 
           
Ohio 0.38%          
Ohio Higher Educational Facility Commission, Revenue Bonds, (OID), Callable 7/1/2020 @ 100, 5.00%, 7/1/2044   165,000    166,556 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
Ohio (cont.)          
Ohio Higher Educational Facility Commission, Revenue Bonds, (OID), 5.00%, 7/1/2044  $85,000   $85,802 
         252,358 
Oklahoma 0.39%          
Oklahoma Municipal Power Authority, Electric Lights & Power Improvements, Revenue Bonds, Callable 1/1/2023 @ 100, 4.00%, 1/1/2047   250,000    261,195 
           
Oregon 0.21%          
Medford Hospital Facilities Authority, Refunding Revenue Bonds, (AGM), Callable 8/15/2020 @ 100, 5.00%, 8/15/2021   100,000    101,455 
Oregon Health & Science University, Refunding Revenue Bonds, Callable 7/1/2022 @ 100, 5.00%, 7/1/2032   35,000    38,037 
         139,492 
Pennsylvania 3.97%          
Allegheny County Sanitary Authority, Sewer Improvements, Revenue Bonds, Callable 12/1/2023 @ 100, 5.25%, 12/1/2044   500,000    564,290 
City of Philadelphia, PA, Refunding Bonds, General Obligation Unlimited, (AGM) (OID), 5.25%, 8/1/2026   135,000    136,882 
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, Callable 11/1/2022 @ 100, 5.00%, 5/1/2037   100,000    103,759 
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, Callable 11/1/2022 @ 100, 5.00%, 5/1/2042   100,000    103,374 
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds (OID), Callable 11/1/2022 @ 100, 4.00%, 5/1/2032   100,000    101,131 
Pennsylvania Housing Finance Agency, Revenue Bonds, Callable 4/1/2027 @ 100, 3.65%, 10/1/2042   100,000    105,728 
Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100, 5.00%, 9/1/2034   190,000    229,754 
Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100, 5.00%, 9/1/2035   125,000    150,815 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
Pennsylvania (cont.)          
Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100, 5.00%, 9/1/2036  $100,000   $120,381 
Pennsylvania Turnpike Commission, Revenue Bonds, Callable 12/1/2025 @ 100, 5.00%, 12/1/2045   500,000    568,940 
Pennsylvania Turnpike Commission, Revenue Bonds, 5.25%, 7/15/2028   150,000    196,815 
West View Municipal Authority Water Revenue, Water Utility Improvements, Revenue Bonds, (OID), Callable 11/15/2024 @ 100, 4.00%, 11/15/2043   250,000    282,565 
         2,664,434 
Puerto Rico 0.80%          
Commonwealth of Puerto Rico, General Obligation Unlimited, (AGM) (OID), Callable 7/1/2021 @ 100, 5.25%, 7/1/2026   100,000    103,028 
Commonwealth of Puerto Rico, Refunding Bonds, General Obligation Unlimited (AGM), Callable 1/1/2021 @ 100, 5.00%, 7/1/2031   200,000    200,756 
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding Revenue Bonds, 5.00%, 7/1/2022   250,000    235,625 
         539,409 
Rhode Island 1.24%          
Rhode Island Housing & Mortgage Finance Corporation, Refunding Revenue Bonds, Callable 4/1/2021 @ 100, 3.45%, 4/1/2026   500,000    508,195 
Rhode Island Housing & Mortgage Finance Corporation, Refunding Revenue Bonds, Callable 4/1/2021 @ 100, 4.10%, 10/1/2037   45,000    45,465 
Rhode Island Housing & Mortgage Finance Corporation, State Single-Family Housing, Revenue Bonds, (Freddie Mac) (Fannie Mae) (Ginnie Mae), Callable 4/1/2022 @ 100, 3.45%, 4/1/2035   235,000    240,264 
Rhode Island Turnpike & Bridge Authority, Highway Improvements, Revenue Bonds, (OID), Callable 12/1/2020 @ 100, 5.00%, 12/1/2039   35,000    35,897 
         829,821 
South Dakota 0.61%          
South Dakota Housing Development Authority, Revenue Bonds, Callable 11/1/2025 @ 100, 2.45%, 5/1/2027   250,000    256,935 
South Dakota Housing Development Authority, Revenue Bonds, Callable 11/1/2025 @ 100, 3.13%, 11/1/2036   150,000    154,345 
         411,280 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
Tennessee 0.63%          
City of Memphis, TN, General Obligation Unlimited, Callable 4/1/2024 @ 100, 5.00%, 4/1/2044  $100,000   $111,774 
Metropolitan Government of Nashville & Davidson County Convention Center Authority, Public Improvements, Revenue Bonds, Callable 7/1/2020 @ 100, 5.00%, 7/1/2026   200,000    201,846 
Tennessee Housing Development Agency, Revenue Bonds, Callable 1/1/2027 @ 100, 3.40%, 7/1/2037   100,000    106,561 
         420,181 
Texas 6.30%          
City of Houston, TX, Refunding Revenue Bonds, Callable 3/1/2029 @ 100, 4.00%, 3/1/2049   500,000    559,545 
City of Houston, TX, Refunding Revenue Bonds, Callable 9/1/2021 @ 100, 5.25%, 9/1/2029   500,000    526,905 
City Public Service Board of San Antonio, TX, Revenue Bonds, Callable 8/1/2026 @ 100, 5.00%, 2/1/2032   250,000    300,540 
Clifton Higher Education Finance Corporation, School Improvements, Refunding Revenue Bonds, 4.00%, 8/15/2044   500,000    527,990 
Comal Independent School District, School Improvements, General Obligation Unlimited, Callable 2/1/2026 @ 100, 4.00%, 2/1/2034   250,000    276,102 
Fort Bend Grand Parkway Toll Road Authority, Refunding Revenue Bonds, Callable 3/1/2022 @ 100, 4.00%, 3/1/2046   250,000    259,063 
Harris County Cultural Education Facilities Finance Corporation, Revenue Bonds, Callable 5/15/2026 @ 100, 4.00%, 11/15/2030   130,000    144,204 
San Antonio Public Facilities Corporation, Public Improvements, Refunding Revenue Bonds, (OID), Callable 9/15/2022 @ 100, 4.00%, 9/15/2042   250,000    258,267 
San Antonio Water System, Refunding Revenue Bonds, Callable 11/15/2029 @ 100, 5.00%, 5/15/2034   190,000    244,777 
Texas A&M University, Refunding Revenue Bonds, 5.00%, 5/15/2039   100,000    100,474 
Texas Public Finance Authority, Revenue Bonds, Callable 12/1/2026 @ 100, 4.00%, 12/1/2031   200,000    224,462 
Texas Water Development Board, Revenue Bonds, Callable 10/15/2029 @ 100, 4.00%, 10/15/2037   500,000    592,695 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
Texas (cont.)          
White Oak, TX, Independent School District, General Obligation Unlimited, Callable 2/15/2027 @ 100, 4.00%, 2/15/2029  $190,000   $220,265 
         4,235,289 
Utah 0.46%          
University of Utah/The, University & College Improvements, Revenue Bonds, 5.00%, 8/1/2043   250,000    281,883 
Utah Housing Corporation, State Single-Family Housing, Revenue Bonds, Callable 1/1/2021 @ 100, 5.25%, 1/1/2025   15,000    15,142 
Utah Housing Corporation, State Single-Family Housing, Revenue Bonds, Callable 1/1/2021 @ 100, 5.75%, 1/1/2033   10,000    10,109 
         307,134 
Vermont 0.37%          
Vermont Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, Callable 8/15/2022 @ 100, 3.75%, 8/15/2037   245,000    251,431 
           
Virgin Islands 0.15%          
Virgin Islands Public Finance Authority, Refunding Revenue Bonds, Callable 10/1/2020 @ 100, 5.00%, 10/1/2025   100,000    98,216 
           
Virginia 0.73%          
Virginia Housing Development Authority, State Single-Family Housing, Revenue Bonds, Callable 4/1/2020 @ 100, 4.50%, 10/1/2045   215,000    215,000 
Virginia Resources Authority, Revenue Bonds, Callable 11/1/2025 @ 100, 4.00%, 11/1/2033   250,000    278,092 
         493,092 
Washington 1.60%          
Spokane Public Facilities District, Public Improvements, Revenue Bonds, Callable 6/1/2023 @ 100, 5.00%, 5/1/2043   1,000,000    1,077,040 
           
Wisconsin 0.12%          
Wisconsin Housing & Economic Development Authority, State Multi-Family Housing, Revenue Bonds, (OID), Callable 5/1/2020 @ 100, 5.63%, 11/1/2035   80,000    80,197 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
Wyoming 0.75%          
Wyoming Community Development Authority, State Single-Family Housing, Revenue Bonds, Callable 6/1/2024 @ 100, 3.70%, 6/1/2039  $485,000   $504,589 
           
Total Municipal Bonds (Cost $63,666,925)        66,069,782 

 

    Shares      
Money Market Funds 0.56%          
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Class, 0.25%(a)   376,367    376,367 
           
Total Money Market Funds (Cost $376,367)        376,367 
           
Total Investments — 98.91% (Cost $64,043,292)        66,446,149 
Other Assets in Excess of Liabilities — 1.09%        730,602 
NET ASSETS - 100.00%       $67,176,751 

 

(a) Rate disclosed is the seven day effective yield as of March 31, 2020.

 

AGM — Assured Guaranty Municipal Corp.

AMBAC — American Municipal Bond Assurance Corp.

FHA — Insured by Federal Housing Administration

GO — General Obligation

GTD — Guaranteed

INS — Insured

NATL-RE — Insured by National Public Finance Guarantee Corp.

OID — Original Issue Discount

SONYMA — State of New York Mortgage Agency

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED)
 
   Shares   Market Value 
Common Stocks 5.49%          
Communication Services 1.09%
AT&T, Inc.   18,000   $524,700 
Verizon Communications, Inc.   15,000   $805,950 
         1,330,650 
Energy 2.40%
CNX Midstream Partners LP   8,500    68,850 
Enbridge, Inc.   29,763    865,806 
Energy Transfer Equity LP   64,571    297,027 
Enterprise Products Partners LP   42,400    606,320 
Global Partners LP   2,215    19,536 
Magellan Midstream Partners LP   11,700    426,933 
MPLX LP   29,269    340,106 
Plains All American Pipeline LP   3,200    16,896 
Targa Resources Corporation   7,739    53,476 
TC PipeLines LP   7,195    197,719 
USA Compression Partners LP   4,796    27,145 
Western Midstream Partners LP   2,782    9,014 
         2,928,828 
Financials 0.44%
Blackstone Group, Inc. (The), Class A   7,100    323,547 
Citigroup, Inc.   5,000    210,600 
         534,147 
Health Care 0.19%
AbbVie, Inc.   3,000    228,570 
           
Real Estate Investment Trusts (REITs) 1.37%
Apple Hospitality REIT, Inc.   22,539    206,683 
Blackstone Mortgage Trust, Inc., Class A   11,565    215,340 
City Office REIT, Inc.   20,000    144,600 
DiamondRock Hospitality Company   25,953    131,841 
Hannon Armstrong Sustainable Infrastructure Capital, Inc.   37,792    771,335 
Pebblebrook Hotel Trust   8,806    95,897 
Spirit MTA REIT(a)   2,000    1,505 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Shares   Market Value 
Real Estate Investment Trusts (REITs) (cont.)
Spirit Realty Capital, Inc.   4,000   $104,600 
         1,671,801 
Total Common Stocks (Cost $10,919,725)        6,693,996 
           
Preferred Stocks 12.98%          
           
Financials 6.05%
Allstate Corporation (The), Series I, 4.75%   20,000    460,200 
American Financial Group, Inc., 5.13%   15,000    331,800 
American Financial Group, Inc., 6.00%   8,700    211,410 
Arch Capital Group Ltd., 5.25%   20,000    458,800 
Bank of America Corporation, 5.88%   8,000    202,160 
Bank of America Corporation, Series LL, 5.00%   15,000    352,200 
Bank of New York Mellon Corporation (The), 5.20%   8,700    211,062 
First Republic Bank, 5.70%   9,000    223,830 
First Republic Bank, Series J, 4.70%   15,000    337,200 
Globe Life, Inc., 6.13%   10,000    232,600 
Hancock Holding Company, 5.95%   3,700    79,587 
JPMorgan Chase & Company, Series EE, 6.00%   20,000    523,000 
KeyCorp, Series G, 5.63%   15,000    362,250 
KKR & Compnay LP, Series B, 6.50%   10,000    248,200 
MetLife, Inc., Series F, 4.75%   25,000    534,000 
Northern Trust Corporation, Series E, 4.70%   13,640    326,269 
PNC Financial Services Group, Inc. (The), 5.38%   4,250    103,275 
Prudential Financial, Inc., 5.63%   10,000    251,300 
State Street Corporation, 5.35%   1,000    24,550 
U.S. Bancorp, Series F, 6.50%   7,300    188,048 
W.R. Berkley Corporation, 5.10%   20,000    431,000 
Wells Fargo & Co., Series Z, 4.75%   20,000    420,000 
Wells Fargo & Company, 5.20%   15,850    371,682 
Wells Fargo & Company, 5.70%   20,000    495,000 
         7,379,423 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Shares   Market Value 
Industrials 0.04%
Pitney Bowes, Inc., 6.70%   5,700   $51,585 
           
Real Estate 3.76%
Brookfield Property Partners LP, Series A, 5.75%   7,500    105,000 
Digital Realty Trust, Inc., 6.35%   25,450    633,959 
Diversified Healthcare Trust, 5.63%   26,660    425,760 
Federal Realty Investment Trust, 5.00%   7,500    168,675 
National Retail Properties, Inc., 5.20%   25,000    548,750 
PS Business Parks, Inc., 5.20%   10,000    229,600 
PS Business Parks, Inc., 5.20%   4,000    91,920 
PS Business Parks, Inc., 5.25%   10,000    229,900 
Public Storage, 4.90%   20,000    469,400 
Public Storage, 4.95%   20,000    472,200 
Public Storage, 5.13%   10,000    241,900 
Public Storage, Series I, 4.88%   9,583    226,063 
Taubman Centers, Inc., 6.25%   13,046    286,751 
Taubman Centers, Inc., 6.50%   9,416    205,269 
Vornado Realty Trust, 5.40%   12,298    248,420 
         4,583,567 
Utilities 3.13%
DTE Energy Company, 5.38%   10,000    238,700 
DTE Energy Company, 6.00%   20,000    497,200 
Duke Energy Corporation, 5.13%   9,030    222,770 
Entergy Arkansas, Inc., 4.88%   20,000    492,800 
Entergy Louisiana LLC, 4.88%   10,000    247,900 
Entergy Mississippi, Inc., 4.90%   30,000    742,800 
NextEra Energy Capital Holdings, Inc., 5.00%   6,700    163,614 
NextEra Energy Capital Holdings, Inc., 5.25%   10,000    244,400 
Southern Company, 4.95%   21,000    470,190 
Southern Company, 5.25%   20,000    492,200 
         3,812,574 
Total Preferred Stocks (Cost $17,166,878)        15,827,149 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
Utilities (cont.)
 
   Principal Amount   Market Value 
Collateralized Mortgage Obligations 0.12%          
CHL Mortgage Pass-Through Trust, 2005-21, A27, 5.50%, 10/25/2035  $30,662   $25,536 
CHL Mortgage Pass-Through Trust, 2005-21, A7, 5.50%, 10/25/2035   33,148    27,607 
Citicorp Mortgage Securities, Inc., 1A12, 5.00%, 2/25/2035   95,461    92,404 
           
Total Collateralized Mortgage Obligations (Cost $112,944)        145,547 
           
Corporate Bonds 8.12%          
Bank of New York Mellon Corporation (The), 4.63%, 12/20/2049   500,000    451,668 
Dow Chemical Company (The), 3.05%, 2/15/2022   1,000,000    993,860 
Entergy Texas, Inc., 5.15%, 6/1/2045   100,000    104,849 
Exelon Generation Company LLC, 5.60%, 6/15/2042(a)(b)   400,000    347,827 
Fifth Third Bancorp, 8.25%, 3/1/2038   250,000    330,648 
General Electric Company, 5.00%, 12/29/2049   765,000    632,559 
Goldman Sachs Group, Inc. (The), 6.75%, 10/1/2037   850,000    1,128,371 
Goldman Sachs Group, Inc. (The), 6.45%, 5/1/2036   500,000    611,668 
Hospitality Properties Trust, 4.50%, 3/15/2025   500,000    366,197 
Kinder Morgan Energy Partners LP, 6.50%, 2/1/2037   250,000    258,316 
MetLife, Inc., 9.25%, 4/8/2038(a)(b)   1,500,000    1,877,048 
MetLife, Inc., 10.75%, 8/1/2039   1,000,000    1,393,776 
PECO Energy Capital Trust IV, 5.75%, 6/15/2033   1,000,000    1,128,076 
Valero Energy Corporation, 8.75%, 6/15/2030   224,000    277,030 
           
Total Corporate Bonds (Cost $9,771,334)        9,901,893 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
Municipal Bonds 67.51%          
Alabama 3.10%          
Health Care Authority for Baptist Health (The), Refunding Revenue Bonds, 5.50%, 11/15/2043  $2,000,000   $2,565,800 
University of Alabama (The), University & College Improvements, Build America Revenue Bonds, Callable 6/1/2020 @ 100, 6.13%, 6/1/2039   715,000    719,769 
University of Alabama (The), University & College Improvements, Build America Revenue Bonds, Callable 6/1/2020 @ 100, 6.13%, 6/1/2042   500,000    503,335 
         3,788,904 
Arizona 2.28%          
Arizona School Facilities Board, School Improvements, Certificate of Participation, 6.00%, 9/1/2027   225,000    283,558 
Northern Arizona University, University & College Improvements, Build America Revenue Bonds, Callable 8/1/2020 @ 100, 5.92%, 8/1/2022   1,365,000    1,387,727 
University of Arizona, University & College Improvements, Build America Revenue Bonds, Callable 8/1/2020 @ 100, 6.64%, 8/1/2044   1,085,000    1,105,029 
         2,776,314 
California 4.59%          
Alhambra Unified School District, University & College Improvements, General Obligation Unlimited, 6.70%, 2/1/2026   465,000    553,838 
California State University, Revenue Bonds Series B, Callable 5/1/2030 @ 100, 3.07%, 11/1/2042   50,000    51,166 
City & County of San Francisco, CA, General Obligation Unlimited, 6.26%, 6/15/2030   450,000    590,378 
County of San Bernardino, CA, Refunding Revenue Bonds, 6.02%, 8/1/2023   145,000    158,494 
Oakland Redevelopment Agency Successor Agency, Economic Improvements, Tax Allocation Bonds, 8.50%, 9/1/2020   170,000    175,120 
Peralta Community College District, Refunding Revenue Bonds, 6.91%, 8/1/2025   500,000    608,850 
Peralta Community College District, Refunding Revenue Bonds, 7.31%, 8/1/2031   310,000    414,858 
San Bernardino City Unified School District, School Improvements, Certificate of Participation, (AGM) (OID), 8.05%, 2/1/2023   1,000,000    1,163,530 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
California (cont.)          
San Bernardino City Unified School District, School Improvements, Certificate of Participation, (AGM) (OID), 8.25%, 2/1/2026  $500,000   $642,830 
University of California, Revenue Bonds, Callable 5/15/2030 @ 100, 6.30%, 5/15/2050   510,000    635,276 
University of California, University & College Improvements, Refunding Revenue Bonds, 3.66%, 5/15/2027   250,000    279,010 
West Contra Costa Unified School District, School Improvements, General Obligation Unlimited, 6.25%, 8/1/2030   250,000    337,353 
         5,610,703 
Colorado 1.03%          
City of Brighton, CO, Public Improvements, Build America Bonds, Certificate of Participation, (AGM) (OID), Callable 12/1/2020 @ 100, 6.75%, 12/1/2035   250,000    257,072 
Colorado Mesa University, University & College Improvements, Build America Revenue Bonds, (State Higher Education Intercept Program), 6.75%, 5/15/2042   500,000    741,540 
County of Gunnison, CO, Public Improvements, Build America Bonds, Certificate of Participation, Callable 7/15/2020 @ 100, 5.95%, 7/15/2030   250,000    253,608 
         1,252,220 
Connecticut 0.70%          
City of Waterbury, CT, Public Improvements, General Obligation Unlimited, (AGM), Callable 9/1/2020 @ 100, 6.10%, 9/1/2030   500,000    509,525 
State of Connecticut, General Obligation Unlimited, 5.85%, 3/15/2032   280,000    344,285 
         853,810 
Florida 4.76%          
City of Lake City, FL Utility System Revenue, Water Utility Improvements, Build America Revenue Bonds, (AGM), Callable 7/1/2020 @ 100, 6.28%, 7/1/2040   200,000    201,716 
City of Lake City, FL Utility System Revenue, Water Utility Improvements, Build America Revenue Bonds, (AGM), Callable 7/1/2020 @ 100, 6.03%, 7/1/2030   100,000    100,873 
City of Miami Gardens, FL, Public Improvements, Build America Bonds, Certificate of Participation, 7.17%, 6/1/2026   1,250,000    1,448,175 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
Florida (cont.)          
City of Oakland Park, FL Water & Sewer Revenue, Sewer Improvements, Build America Revenue Bonds, (AGM), Callable 9/1/2020 @ 100, 6.14%, 9/1/2035  $300,000   $306,519 
City of Tallahassee, FL, Utility System Revenue, Build America Revenue Bonds, 5.22%, 10/1/2040   300,000    394,692 
County of Miami-Dade, FL Transit System, Transit Improvements, Build America Revenue Bonds, 5.53%, 7/1/2032   500,000    603,435 
County of Miami-Dade, FL, Port, Airport & Marina Improvements, Build America Revenue Bonds, (AGM) (OID), 7.50%, 4/1/2040   1,000,000    1,512,320 
County of Miami-Dade, FL, Public Improvements, Build America Revenue Bonds, Callable 4/1/2020 @ 100, 6.54%, 4/1/2030   250,000    250,000 
County of Miami-Dade, FL, Recreational Facility Improvements, Revenue Bonds, (AGM), 7.08%, 10/1/2029   250,000    346,005 
Florida Atlantic University Finance Corporation, University & College Improvements, Build America Revenue Bonds, 7.64%, 7/1/2040   165,000    167,450 
Florida State Board of Governors, University & College Improvements, Build America Revenue Bonds, Callable 11/1/2020 @ 100, 7.50%, 11/1/2035   250,000    258,293 
Town of Miami Lakes, FL, Public Improvements, Build America Revenue Bonds, 7.59%, 12/1/2030   150,000    210,715 
         5,800,193 
Georgia 4.96%          
Cobb Marietta Georgia Coliseum, Revenue Bonds, Callable 1/1/2026 @ 100, 4.50%, 1/1/2047   600,000    647,364 
Municipal Electric Authority of Georgia, Electric Lights & Power Improvements, Build America Revenue Bonds, 7.06%, 4/1/2057   2,487,000    3,279,557 
State of Georgia, Public Improvements, General Obligation Unlimited, Callable 2/1/2024 @ 100, 3.84%, 2/1/2032   2,000,000    2,125,400 
         6,052,321 
Hawaii 0.44%          
State of Hawaii, General Obligation Unlimited, Callable 10/1/2025 @ 100, 4.05%, 10/1/2032   495,000    539,288 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
Idaho 0.35%          
Idaho Water Resource Board, Water Utility Improvements, Revenue Bonds, (OID), Callable 9/1/2022 @ 100, 5.25%, 9/1/2024  $400,000   $430,968 
           
Illinois 2.62%          
City of Chicago Heights, IL, Refunding Bonds, General Obligation Unlimited, (AGM) (OID), Callable 1/15/2021 @ 100, 6.00%, 1/15/2028   150,000    154,470 
City of Chicago, IL Waterworks Revenue, Water Utility Improvements, Build America Revenue Bonds, 6.74%, 11/1/2040   250,000    356,662 
Northern Illinois University, University & College Improvements, Build America Revenue Bonds, (AGM), Callable 4/1/2020 @ 100, 8.15%, 4/1/2041   570,000    570,000 
Northern Illinois University, University & College Improvements, Build America Revenue Bonds, (AGM), Callable 4/1/2020 @ 100, 7.75%, 4/1/2030   250,000    250,000 
Village of Glenwood, IL, Public Improvements, Build America Bonds, General Obligation Unlimited, (AGM), 7.03%, 12/1/2028   1,500,000    1,856,625 
         3,187,757 
Indiana 1.98%          
Anderson School Building Corporation, Refunding Bonds, General Obligation Limited, Callable 7/5/2023 @ 100, 3.95%, 7/5/2029   1,000,000    1,055,840 
Anderson School Building Corporation, Refunding Bonds, General Obligation Limited, (OID), Callable 7/5/2023 @ 100, 3.75%, 7/5/2028   1,000,000    1,052,450 
Evansville Redevelopment Authority, Recreational Facility Improvements, Build America Refunding Revenue Bonds, Callable 8/1/2020 @ 100, 7.21%, 2/1/2039   300,000    306,036 
         2,414,326 
Kansas 0.27%          
Wyandotte County Unified School District No. 500 Kansas City, General Obligation Unlimited Series B, Callable 9/1/2030 @ 100, 3.17%, 9/1/2046   330,000    330,805 
           

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
Kentucky 0.58%          
Kentucky Municipal Power Agency, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM), Callable 9/1/2020 @ 100, 6.49%, 9/1/2037  $250,000   $253,905 
Kentucky State Property & Building Commission, Economic Improvements, University & College Improvements, Build America Revenue Bonds, 5.37%, 11/1/2025   400,000    453,708 
         707,613 
Louisiana 0.28%          
Tangipahoa Parish Hospital Service District No. 1, Hospital Improvements, Build America Revenue Bonds, Callable 2/1/2020 @ 100, 7.20%, 2/1/2042   340,000    341,068 
           
Massachusetts 0.43%          
City of Worcester, MA, Pension Funding, General Obligation Limited, (AGM) (OID), 6.25%, 1/1/2028   160,000    188,312 
Massachusetts Health & Educational Facilities Authority, Refunding Revenue Bonds, 6.43%, 10/1/2035   250,000    330,240 
University of Massachusetts Building Authority, University & College Improvements, Build America Revenue Bonds, 6.57%, 5/1/2039   15,000    15,054 
         533,606 
Michigan 3.66%          
Avondale School District, School Improvements, Build America Bonds, General Obligation Unlimited, (AGM), Callable 5/1/2020 @ 100, 5.75%, 5/1/2032   500,000    501,850 
Comstock Park Public Schools, School Improvements, General Obligation Unlimited, Callable 5/1/2021 @ 100, 6.20%, 5/1/2024   200,000    210,466 
County of Macomb, MI, Retirement Facilities, General Obligation Limited, Callable 11/1/2025 @ 100, 4.13%, 11/1/2030   250,000    279,238 
Michigan Finance Authority, Revenue Bonds, Callable 9/1/2025 @ 100, 3.90%, 9/1/2030   250,000    266,502 
Michigan Finance Authority, School Improvements, Revenue Bonds, Callable 11/1/2020 @ 100, 6.38%, 11/1/2025   500,000    510,880 
Michigan Finance Authority, School Improvements, Revenue Bonds, Callable 5/1/2021 @ 100, 6.20%, 5/1/2022   245,000    254,741 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
Michigan (cont.)          
Michigan Tobacco Settlement Finance Authority, Miscellaneous Purposes Revenue Bonds, (OID), 7.31%, 6/1/2034  $2,315,000   $2,292,568 
Onsted Community Schools, School Improvements, General Obligation Unlimited, Callable 5/1/2020 @ 100, 5.90%, 5/1/2027   150,000    150,498 
St Johns Public Schools, General Obligation Unlimited, Callable 5/1/2020 @ 100, 6.65%, 5/1/2040   5,000    5,018 
         4,471,761 
Mississippi 0.73%          
Mississippi Development Bank, Highway Improvements, Build America Revenue Bonds, 6.59%, 1/1/2035   650,000    888,452 
           
Missouri 3.93%          
City of Kansas City, MO, Revenue Bonds, 7.83%, 4/1/2040   2,455,000    3,525,184 
City of Sedalia, MO, Sewer Improvements, Build America Bonds, Certificate of Participation, (AGM), Callable 6/1/2020 @ 100, 6.50%, 6/1/2024   250,000    251,740 
City of St. Charles, MO, Water Utility Improvements Build America Bonds, Certificate of Participation, Callable 8/1/2020 @ 100, 5.65%, 2/1/2030   275,000    277,783 
Missouri Joint Municipal Electric Utility Commission, Electric Lights & Power Improvements, Build America Revenue Bonds, 7.73%, 1/1/2039   475,000    734,915 
         4,789,622 
Nebraska 0.19%          
Nebraska Public Power District, Electric Lights & Power Improvements, Build America Revenue Bonds, 5.32%, 1/1/2030   200,000    237,214 
           
Nevada 1.29%          
County of Washoe, NV, Public Improvements, Build America Revenue Bonds, 7.97%, 2/1/2040   590,000    929,280 
County of Washoe, NV, Public Improvements, Build America Revenue Bonds, 7.88%, 2/1/2040   250,000    431,548 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
Nevada (cont.)          
Pershing County School District, School Improvements, Build America Bonds, General Obligation Limited, (GTD), Callable 4/1/2020 @ 100, 6.25%, 4/1/2030  $220,000   $220,000 
         1,580,828 
New Jersey 2.62%          
New Jersey Economic Development Authority, Revenue Bonds, 7.43%, 2/15/2029   250,000    298,587 
New Jersey Economic Development Authority, School Improvements, Build America Revenue Bonds, Callable 6/15/2020 @ 100, 6.43%, 12/15/2035   500,000    503,780 
New Jersey Educational Facilities Authority, University & College Improvements, Build America Revenue Bonds, Callable 7/1/2020 @ 100, 6.19%, 7/1/2040   500,000    504,265 
Township of Brick, NJ, General Obligation Unlimited, 3.75%, 9/1/2028   1,780,000    1,884,504 
         3,191,136 
New York 8.17%          
City of New York, NY, Public Improvements, Build America Bonds, General Obligation Unlimited, 5.21%, 10/1/2031   100,000    117,321 
City of New York, NY, Public Improvements, Build America Bonds, General Obligation Unlimited, 5.70%, 3/1/2027   145,000    170,632 
County of Nassau, NY, Public Improvements, Build America Bonds, General Obligation Unlimited, 5.38%, 10/1/2024   500,000    579,370 
Long Island Power Authority, Revenue Bonds, (OID), 5.85%, 5/1/2041   195,000    266,635 
Metropolitan Transportation Authority, Revenue Bonds, 5.87%, 11/15/2039   200,000    262,506 
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 5.99%, 11/15/2030   125,000    173,029 
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 6.59%, 11/15/2030   395,000    518,643 
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 6.20%, 11/15/2026   375,000    444,060 
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 6.69%, 11/15/2040   500,000    650,680 
New York City Industrial Development Agency, Recreational Facilities Improvements Revenue Bonds, (NATL-RE), 5.90%, 3/1/2046   680,000    805,412 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
New York (cont.)          
New York City Transitional Finance Authority Building Aid Revenue, School Improvements, Build America Revenue Bonds, (State Aid Withholding), 6.83%, 7/15/2040  $500,000   $701,415 
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Build America Revenue Bonds, 5.47%, 5/1/2036   815,000    1,077,520 
New York City Water & Sewer System, Build America Refunding Revenue Bonds, Callable 6/15/2020 @ 100, 6.49%, 6/15/2042   200,000    201,554 
New York State Dormitory Authority, Revenue Bonds, Callable 7/1/2029 @ 100, 4.29%, 7/1/2044   250,000    276,032 
Port Authority of New York & New Jersey, Port, Airport & Marina Improvements, Revenue Bonds, 3.92%, 10/15/2028   2,115,000    2,193,530 
Port Authority of New York & New Jersey, Revenue Bonds, Callable 6/1/2025 @ 100, 4.82%, 6/1/2045   1,000,000    1,102,770 
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2033 @ 100, 5.55%, 11/15/2040   150,000    182,977 
Western Nassau County Water Authority, Build America Revenue Bonds, 6.70%, 4/1/2040   150,000    216,329 
         9,940,415 
North Carolina 0.20%          
County of Cabarrus, NC, School Improvements, Revenue Bonds, Callable 4/1/2021 @ 100, 5.50%, 4/1/2026   235,000    242,518 
           
Ohio 3.14%          
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds, 7.50%, 2/15/2050   500,000    778,265 
American Municipal Power, Inc., Revenue Bonds, 6.27%, 2/15/2050   500,000    669,040 
Cincinnati City School District, Refunding Bonds, Certificate of Participation, (OID), Callable 12/15/2024 @ 100, 4.00%, 12/15/2032   200,000    214,104 
County of Cuyahoga, OH, Hospital Improvements, Build America Revenue Bonds, 8.22%, 2/15/2040   1,000,000    1,329,260 
Mariemont City School District, General Obligation Unlimited, Callable 12/1/2020 @ 100, 5.90%, 12/1/2030   105,000    108,430 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
Ohio (cont.)          
Mariemont City School District, General Obligation Unlimited, Callable 12/1/2020 @ 100, 5.90%, 12/1/2030  $5,000   $5,127 
Olentangy Local School District, Refunding Bonds, General Obligation Unlimited, 3.50%, 12/1/2029   500,000    529,600 
Springfield Local School District/Summit County, School Improvements, Build America Bonds, General Obligation Unlimited, (School District Credit Program), 5.65%, 9/1/2031   200,000    200,428 
         3,834,254 
Oregon 0.21%          
State of Oregon Department of Administrative Services, Hospital Improvements, Build America Bonds, Certificate of Participation, Callable 5/1/2020 @ 100, 6.18%, 5/1/2035   250,000    250,762 
           
Pennsylvania 2.79%          
Pennsylvania Turnpike Commission, Build America Revenue Bonds, 6.38%, 12/1/2037   520,000    727,085 
Philadelphia Authority for Industrial Development, Pension Funding, Revenue Bonds, (AGM) (OID), 6.35%, 4/15/2028   630,000    804,491 
Philadelphia Municipal Authority, Public Improvements, Revenue Bonds, 5.09%, 3/15/2028   500,000    529,395 
Sports & Exhibition Authority of Pittsburgh and Allegheny County, Recreational Facilities Improvements, Revenue Bonds, 7.04%, 11/1/2039   1,000,000    1,336,970 
         3,397,941 
Rhode Island 0.40%          
Narragansett Bay Commission, Revenue Bonds, Series A, Callable 9/1/2030 @ 100, 2.92%, 9/1/2043   500,000    486,955 
           
South Carolina 0.21%          
Moncks Corner Regional Recreation Corporation, Recreational Facility Improvements, Build America Revenue Bonds, Callable 12/1/2020 @ 100, 6.55%, 12/1/2039   250,000    259,237 
           

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
South Dakota 0.34%          
South Dakota State Building Authority, University & College Improvements, Build America Revenue Bonds, Callable 6/1/2021 @ 100, 6.15%, 6/1/2031  $400,000   $419,584 
           
Texas 1.54%          
Ector County Hospital District, Hospital Improvements, Build America Revenue Bonds, Callable 9/15/2020 @ 100, 7.18%, 9/15/2035   250,000    250,088 
Frisco Economic Development Corporation, Public Improvements, Revenue Bonds, 4.20%, 2/15/2034   1,000,000    1,051,630 
Grand Parkway Transportation Corporation, Revenue Bonds Series B, Callable 4/1/2030 @ 100, 3.24%, 10/1/2052   100,000    97,491 
Midland County Hospital District, Health, Hospital & Nursing Home Improvements, Build America Bonds, General Obligation Limited, 6.44%, 5/15/2039   260,000    371,166 
Orchard Cultural Education Facilities Finance Corporation, Recreational Facility Improvements, Revenue Bonds, 6.48%, 11/15/2034   110,000    113,825 
         1,884,200 
Virgin Islands 1.85%          
Virgin Islands Water & Power Authority- Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM), 6.85%, 7/1/2035   1,000,000    1,282,000 
Virgin Islands Water & Power Authority- Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM), 6.65%, 7/1/2028   840,000    979,474 
         2,261,474 
Virginia 4.20%          
Tobacco Settlement Financing Corporation, Refunding Revenue Bonds, (OID), 6.71%, 6/1/2046   5,910,000    5,117,351 
           
Washington 1.96%          
City of Seattle, WA, Municipal Light & Power Revenue, Electric Lights & Power Improvements, Build America Revenue Bonds, (OID), 5.57%, 2/1/2040   250,000    301,003 
Douglas County Public Utility District No. 1, Electric Lights & Power Improvements, Revenue Bonds, 5.35%, 9/1/2030   250,000    300,692 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
Washington (cont.)          
Klickitat County Public Utility District No. 1, Electric Lights & Power Improvements, Refunding Revenue Bonds, Callable 12/1/2021 @ 100, 5.25%, 12/1/2029  $705,000   $754,794 
Public Utility District No. 1 of Cowlitz County, WA, Electric Lights & Power Improvements, Build America Revenue Bonds, 6.88%, 9/1/2032   500,000    691,030 
Snohomish County Public Utility District No. 1, Electric Lights & Power Improvements, Build America Revenue Bonds, (OID), 5.68%, 12/1/2040   250,000    329,955 
         2,377,474 
West Virginia 1.62%          
Tobacco Settlement Finance Authority, Miscellaneous Purposes Revenue Bonds, 7.47%, 6/1/2047   2,035,000    1,973,970 
           
Wisconsin 0.09%          
State of Wisconsin, General Obligation Unlimited, Callable 02/11/2020 @ 100, 2.35%, 5/1/2031   100,000    104,016 
           
Total Municipal Bonds (Cost $73,049,555)        82,329,060 
           
    Shares      
Money Market Funds 4.72%          
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Class, 0.25%(c)   5,754,412    5,754,412 
           
Total Money Market Funds (Cost $5,754,412)        5,754,412 
           
Total Investments — 98.94% (Cost $116,774,848)        120,652,057 
Other Assets in Excess of Liabilities — 1.06%        1,292,673 
NET ASSETS - 100.00%       $121,944,730 

 

See accompanying notes which are an integral part of these schedules of investments.

 

(a)

Security is currently being valued according to the fair value procedures approved by the Board of Directors.

(b) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c) Rate disclosed is the seven day effective yield as of March 31, 2020.

 

AGM — Assured Guaranty Municipal Corp.

GTD — Guaranteed

NATL-RE — Insured by National Public Finance Guarantee Corp.

OID — Original Issue Discount

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED)
 
   Shares   Market Value 
Common Stocks 27.07%          
           
Communication Services 4.95%
Alphabet, Inc., Class A(a)   250   $290,488 
Alphabet, Inc., Class C(a)   190    220,934 
AT&T, Inc.   4,114    119,923 
Netflix, Inc.(a)   351    131,800 
Verizon Communications, Inc.   5,000    268,650 
         1,031,795 
Consumer Discretionary 3.16%
Amazon.com, Inc.(a)   125    243,715 
Home Depot, Inc. (The)   1,000    186,710 
Lennar Corporation, Class A   3,800    145,160 
Toll Brothers, Inc.   4,285    82,486 
         658,071 
Energy 3.75%
Cheniere Energy Partners LP   4,300    116,143 
Energy Transfer Equity LP   17,350    79,810 
Enterprise Products Partners LP   10,805    154,512 
Exxon Mobil Corporation   2,095    79,547 
Kinder Morgan, Inc.   7,500    104,400 
Magellan Midstream Partners LP   2,725    99,435 
MPLX LP   8,850    102,837 
Targa Resources Corporation   1,305    9,018 
USA Compression Partners LP   2,666    15,090 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Shares   Market Value 
Energy (cont.)
Viper Energy Partners, LP   3,200   $21,216 
         782,008 
Financials 3.25%
Blackstone Group, Inc. (The), Class A   7,675    349,750 
Blackstone Mortgage Trust, Inc., Class A   3,207    59,714 
Citigroup, Inc.   2,000    84,240 
Fifth Third Bancorp   3,400    50,490 
JPMorgan Chase & Company   1,000    90,030 
Starwood Property Trust, Inc.   4,175    42,794 
         677,018 
Health Care 0.73%
AbbVie, Inc.   2,000    152,380 
           
Industrials 1.51%
Caterpillar, Inc.   700    81,228 
Deere & Company   1,150    158,884 
Honeywell International, Inc.   550    73,585 
         313,697 
Information Technology 4.39%
Apple, Inc.   690    175,460 
NVIDIA Corporation   2,045    539,062 
PayPal Holdings, Inc.(a)   2,100    201,054 
         915,576 
Materials 0.27%
Dow, Inc.   1,900    55,556 
           
Real Estate Investment Trusts (REITs) 4.13%
Apple Hospitality REIT, Inc.   6,250    57,312 
Prologis, Inc.   2,500    200,925 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Shares   Market Value 
Real Estate Investment Trusts (REITs) (cont.)
Sun Communities, Inc.   714   $89,143 
Terreno Realty Corporation   7,362    380,983 
Welltower, Inc.   1,160    53,105 
WP Carey, Inc.   1,340    77,827 
         859,295 
Utilities 0.93%
American Electric Power Company, Inc.   1,155    92,377 
Consolidated Edison, Inc.   1,310    102,180 
         194,557 
Total Common Stocks (Cost $6,437,319)        5,639,953 
           
Preferred Stocks 9.66%          
           
Financials 3.25%
Bank of America Corporation, 6.00%   3,800    95,190 
First Republic Bank, 5.70%   9,000    223,830 
Hancock Holding Company, 5.95%   9,200    197,892 
KKR & Company LP, 6.50%   6,481    160,859 
         677,771 
Information Technology 1.19%
eBay, Inc., 6.00%   10,000    247,400 
           
Real Estate 2.39%
National Retail Properties, Inc., 5.20%   6,000    131,700 
Public Storage, 5.05%   5,000    121,300 
Public Storage, Series B, 5.40%   10,000    245,100 
         498,100 
Utilities 2.83%
Southern Company, 5.25%   14,000    344,400 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Shares   Market Value 
Utilities (cont.)
Southern Company, 5.25%   10,000   $246,100 
         590,500 
Total Preferred Stocks (Cost $2,100,456)        2,013,771 

 

    Principal Amount      
Corporate Bonds 2.51%          
Apple Inc, 2.20%, 9/11/2029  $250,000    256,878 
Microsoft Corporation, 3.30%, 2/6/2027   240,000    266,959 
           
Total Corporate Bonds (Cost $504,156)        523,837 
           
Municipal Bonds 53.79%          
           
Arizona 3.62%          
City of Tucson, AZ, Certificate of Participation, (AGM), 4.83%, 7/1/2034   620,000    755,352 
           
California 5.91%          
California State University, Revenue Bonds, Series B, Callable 5/1/2030 @ 100, 3.07%, 11/1/2042   50,000    51,166 
City of Newport Beach, CA, Public Improvements, Certificate of Participation, 7.17%, 7/1/2040   800,000    1,178,544 
         1,229,710 
Florida 5.20%          
Pasco County School Board, School Improvements, Certificate of Participation, 5.00%, 12/1/2037   1,000,000    1,084,200 
           
Kansas 6.66%          
Kansas Development Finance Authority, Revenue Bonds, 4.73%, 4/15/2037   1,000,000    1,217,200 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
Kansas (cont.)          
Wyandotte County Unified School District No. 500 Kansas City, General Obligation Unlimited, Series B, Callable 9/1/2030 @ 100, 3.17%, 9/1/2046  $170,000   $170,415 
         1,387,615 
Michigan 5.24%          
County of Macomb, MI, Retirement Facilities, General Obligation Limited, 4.42%, 11/1/2035   1,000,000    1,091,650 
           
Nevada 0.76%          
County of Washoe, NV, Public & Highway Improvements, Build America Revenue Bonds, 7.97%, 2/1/2040   100,000    157,505 
           
New York 6.79%          
New York City Transitional Finance Authority Building Aid Revenue, School Improvements, Miscellaneous Purposes Revenue Bonds, 5.00%, 7/15/2030   300,000    359,514 
New York State Dormitory Authority, Revenue Bonds, Callable 7/1/2026 @ 100, 3.88%, 7/1/2046   750,000    780,495 
Port Authority of New York & New Jersey, Revenue Bonds, Callable 6/1/2025 @ 100, 4.82%, 6/1/2045   250,000    275,692 
         1,415,701 
Ohio 7.66%          
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds, 7.83%, 2/15/2041   1,000,000    1,458,670 
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds, 5.94%, 2/15/2047   100,000    138,440 
         1,597,110 
Pennsylvania 5.25%          
City of Reading, PA, General Obligation Unlimited, (AGM) (OID), Callable 11/1/2024 @ 100, 5.30%, 11/1/2033   1,000,000    1,094,910 
           
Rhode Island 2.34%          
Narragansett Bay Commission, Revenue Bonds, Series A, Callable 9/1/2030 @ 100, 2.92%, 9/1/2043   500,000    486,955 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
 
   Principal Amount   Market Value 
Tennessee 4.13%          
Metropolitan Government of Nashville & Davidson County Convention Center Authority, Public Improvements, Revenue Bonds, 7.43%, 7/1/2043  $500,000   $750,580 
Metropolitan Government of Nashville & Davidson County, General Obligation Unlimited, 3.49%, 7/1/2029   100,000    109,845 
         860,425 
Texas 0.23%          
Grand Parkway Transportation Corporation, Revenue Bonds, Series B, Callable 4/1/2030 @ 100, 3.24%, 10/1/2052   50,000    48,746 
           
Total Municipal Bonds (Cost $9,953,010)        11,209,879 
           
U.S. Government & Agency Obligations 5.98%          
U.S. Treasury Notes 1.38%, 10/15/2022   350,000    359,919 
U.S. Treasury Notes 1.50%, 1/15/2023   500,000    517,178 
U.S. Treasury Notes 1.50%, 10/31/2024   350,000    368,142 
           
Total U.S. Government & Agency Obligations (Cost $1,195,995)        1,245,239 

 

    Shares      
Money Market Funds 0.36%          
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Class, 0.25%(b)   74,565    74,565 
           
Total Money Market Funds (Cost $74,565)        74,565 
           
Total Investments — 99.37% (Cost $20,265,501)        20,707,244 
Other Assets in Excess of Liabilities — 0.63%        131,430 
NET ASSETS - 100.00%       $20,838,674 

  

(a) Non-income producing security.

 

See accompanying notes which are an integral part of these schedules of investments.

 

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

 

AGM — Assured Guaranty Municipal Corp.

OID — Original Issue Discount

 

The adjusted cost basis of investment and gross unrealized appreciation and depreciation of investments for federal income tax purposes for each of the Funds as of March 31, 2020, were as follows:

 

Fund   Gross Unrealized Appreciation   Gross Unrealized Depreciation   Net Unrealized Appreciation   Cost Basis of Investments 
Real Estate Fund   $24,293,913   $(8,557,936)  $15,735,977   $53,285,856 
Value Fund    32,137,347    (5,660,192)   26,477,155    66,390,861 
Municipal Fund    2,544,268    (143,687)   2,400,581    64,045,568 
Income Fund    13,727,904    (7,343,903)   6,384,001    114,268,056 
Opportunity Fund    2,510,425    (1,430,338)   1,080,087    19,627,157 

 

See accompanying notes which are an integral part of these schedules of investments.

 

SPIRIT OF AMERICA INVESTMENT FUND, INC.

NOTES TO SCHEDULES OF INVESTMENTS

March 31, 2020

(UNAUDITED)

 

The Spirit of America Real Estate Income and Growth Fund (“Real Estate Fund”), Spirit of America Large Cap Value Fund (“Value Fund”), Spirit of America Municipal Tax Free Bond Fund (Municipal Tax Free Bond Fund”), Spirit of America Income Fund (“Income Fund”) and Spirit of America Income and Opportunity Fund (“Opportunity Fund”) (each a “Fund” and collectively, the “Funds”) are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”) for investment companies.

 

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

 

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

 

•Level 1 – Unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date.
•Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
•Level 3 - Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including each Fund’s own assumptions in determining the fair value of investments).

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

 

SPIRIT OF AMERICA INVESTMENT FUND, INC.

NOTES TO SCHEDULES OF INVESTMENTS

March 31, 2020

(UNAUDITED)

  

The summary of inputs used to value each Fund’s net assets as of March 31, 2020, is as follows:

 

   Value Inputs 
   LEVEL 1   LEVEL 2   LEVEL 3   Total 
Real Estate Fund                    
Assets:                    
Common Stocks*  $65,862,327   $-   $858   $65,863,185 
Preferred Stocks*   1,537,155    -    -    1,537,155 
Municipal Bonds   -    199,096    -    199,096 
Money Market Funds   1,422,397    -    -    1,422,397 
Total  $68,821,879   $199,096   $858   $69,021,833 
                     
Value Fund                    
Assets:                    
Common Stocks*  $89,359,424   $-   $-   $89,359,424 
Preferred Stocks*   1,702,858    -    -    1,702,858 
Money Market Funds   1,805,734    -    -    1,805,734 
Total  $92,868,016   $-   $-   $92,868,016 
                     
Municipal Fund                    
Assets:                    
Municipal Bonds  $-   $66,069,782   $-   $66,069,782 
Money Market Funds   376,367    -    -    376,367 
Total  $376,367   $66,069,782   $-   $66,446,149 
                     
Income Fund                    
Assets:                    
Common Stocks*  $6,692,491   $-   $1,505   $6,693,996 
Preferred Stocks*   15,827,149    -    -    15,827,149 
Collateralized Mortgage Obligations   -    145,547    -    145,547 
Corporate Bonds   -    9,554,066    347,827    9,901,893 
Municipal Bonds   -    82,329,060    -    82,329,060 
Money Market Funds   5,754,412    -    -    5,754,412 
Total  $28,274,052   $92,028,673   $349,332   $120,652,057 
                     
Opportunity Fund                    
Assets:                    
Common Stocks*  $5,639,953   $-   $-   $5,639,953 
Preferred Stocks*   2,013,771    -    -    2,013,771 
Corporate Bonds   -    523,837    -    523,837 
Municipal Bonds   -    11,209,879    -    11,209,879 
U.S. Government & Agency Obligations   -    1,245,239    -    1,245,239 
Money Market Funds   74,565    -    -    74,565 
Total  $7,728,289   $12,978,955   $-   $20,707,244 

 

*Refer to Schedule of Investments for industry classifications.

 

In the absence of a listed price quote, or a supplied price quote which is deemed to be unrepresentative of the actual market price, the Adviser shall use any or all of the following criteria to value Level 3 securities:

 

•Last sales price
•Price given by pricing service
•Last quoted bid & asked price
•Third party bid & asked price
•Indicated opening range

 

 

SPIRIT OF AMERICA INVESTMENT FUND, INC.

NOTES TO SCHEDULES OF INVESTMENTS

March 31, 2020

(UNAUDITED)

 

The significant unobservable inputs that may be used in the fair value measurement of the Fund’s investments in common stock, corporate bonds and convertible corporate bonds for which market quotations are not readily available include: broker quotes, discounts from the most recent trade or “stale price” and estimates from trustees (in bankruptcies) on disbursements. A change in the assumption used for each of the inputs listed above may indicate a directionally similar change in the fair value of the investment.

 

The following provides quantitative information about the Real Estate Fund’s significant Level 3 fair value measurements as of March 31, 2020: 
                 
Quantitative Information about Significant Level 3 Fair Value Measurements 
Asset Category   Fair Value At March 31, 2020   Valuation Techniques    Unobservable Input(s)   Range 
Common Stocks  $858   Adjusted Broker Quotes    Non-Binding Broker Quotes   N/A 
                   
The following provides quantitative information about the Income Fund’s significant Level 3 fair value measurements as of March 31, 2020:
                   
Quantitative Information about Significant Level 3 Fair Value Measurements
Asset Category   Fair Value At March 31, 2020   Valuation Techniques    Unobservable Input(s)   Range 
Common Stocks  $1,505   Adjusted Broker Quotes    Non-Binding Broker Quotes   N/A 
Corporate Bonds  $347,827   Comparable Security Analysis    Discount for Lack of Marketability   1%-20% 
                   
Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for the Real Estate Fund
                   
    Balance as of December 31, 2019   Amortization/Accretion    Change in unrealized appreciation (depreciation)   Balance as of March 31, 2020 
Common Stocks  $875 $ -  $ (17)  $858 
                   
Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for the Income Fund 
                   
    Balance as of December 31, 2019   Amortization/Accretion    Change in unrealized appreciation (depreciation)   Balance as of March 31, 2020 
Common Stocks  $1,535 $ - $ (30)  $1,505 
Corporate Bonds  $412,146 $ (123)  $ (64,196)  $347,827 

 

C. Restricted Securities: Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Funds or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid. The Funds will not incur any registration costs upon such resale. The Funds’ restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined by the Board. At March 31, 2020, the Income Fund held illiquid restricted securities representing 2% of net assets, as listed below:

 

 

Issuer Description

Acquisition

Date

Principal

Amount

Amortized

Cost

 

Market Value

Corporate Bonds        

Exelon Generation Co. LLC, 5.60%, 06/15/42

7/12/2012

$400,000

  $419,926

$347,827

MetLife Capital, Inc., 9.25%, 04/08/38 6/4/2013 $1,500,000 $2,106,440  $1,877,048

 

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