0001752724-21-119773.txt : 20210601 0001752724-21-119773.hdr.sgml : 20210601 20210601112930 ACCESSION NUMBER: 0001752724-21-119773 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210331 FILED AS OF DATE: 20210601 PERIOD START: 20211231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SPIRIT OF AMERICA INVESTMENT FUND INC CENTRAL INDEX KEY: 0001039667 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-08231 FILM NUMBER: 21983656 BUSINESS ADDRESS: STREET 1: 477 JERICHO TURNPIKE CITY: SYOSSET STATE: NY ZIP: 11791 BUSINESS PHONE: 5163905555 MAIL ADDRESS: STREET 1: 477 JERICHO TURNPIKE CITY: SYOSSET STATE: NY ZIP: 11791 0001039667 S000021071 Spirit of America Municipal Tax Free Bond Fund C000059931 Class A Shares SOAMX C000167228 Class C SACFX C000219379 Institutional Shares SOIMX NPORT-P 1 primary_doc.xml NPORT-P false 0001039667 XXXXXXXX S000021071 C000219379 C000167228 C000059931 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9174362B2 5000.00000000 PA USD 5010.10000000 0.007272812593 Long DBT MUN US N 2 2033-01-01 Fixed 5.75000000 N N N N N N VERMONT HSG FIN AGY 549300RD7EYN90K0W008 Vermont Housing Finance Agency 924194PH0 245000.00000000 PA USD 249984.50000000 0.362885056154 Long DBT MUN US N 2 2037-08-15 Fixed 3.75000000 N N N N N N BISMARCK N D 5493004YS3DDNIKCWV33 City of Bismarck, ND Sanitary Sewer Revenue 091634AP0 100000.00000000 PA USD 107093.91000000 0.155460756743 Long DBT MUN US N 2 2029-05-01 Fixed 3.00000000 N N N N N N CONNECTICUT ST HSG FIN AUTH 5493003DXX0NRJKSH186 Connecticut Housing Finance Authority 20775BWX0 250000.00000000 PA USD 250562.95000000 0.363724751658 Long DBT MUN US N 2 2028-05-15 Fixed 3.35000000 N N N N N N TEXAS WATER DEV BRD N/A Texas Water Development Board 882854Q70 450000.00000000 PA USD 560099.07000000 0.813056739394 Long DBT MUN US N 2 2049-04-15 Fixed 5.00000000 N N N N N N MICHIGAN ST BLDG AUTH N/A Michigan State Building Authority 5946146X2 750000.00000000 PA USD 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250000.00000000 PA USD 255895.80000000 0.371466077907 Long DBT MUN US N 2 2029-07-15 Fixed 3.00000000 N N N N N N MUNSTER IND N/A Town of Munster, IN 626373BW3 2000000.00000000 PA USD 2023360.20000000 2.937170823784 Long DBT MUN US N 2 2031-01-15 Fixed 5.12500000 N N N N N N METROPOLITAN TRANSN AUTH N Y 5493000TKYODLXADQD60 Metropolitan Transportation Authority 59261ASL2 110000.00000000 PA USD 111879.14000000 0.162407141248 Long DBT MUN US N 2 2036-11-15 Fixed 4.75000000 N N N N N N NEW HAVEN CONN 549300U4OHEAZ124LQ06 City of New Haven, CT 6450203H9 230000.00000000 PA USD 269263.35000000 0.390870817531 Long DBT MUN US N 2 2036-08-15 Fixed 5.00000000 N N N N N N TRIBOROUGH BRDG & TUNL AUTH N Y 54930020ZN4LQF7K3456 Triborough Bridge & Tunnel Authority 89602RGP4 125000.00000000 PA USD 157018.28000000 0.227932481234 Long DBT MUN US N 2 2051-11-15 Fixed 5.00000000 N N N N N N NEW JERSEY ST TRANSN TR FD AUTH 549300YUVD5TEXR6L889 New Jersey Transportation Trust Fund Authority 646136ZV6 150000.00000000 PA USD 151419.48000000 0.219805093926 Long DBT MUN US N 2 2022-06-15 Fixed 5.00000000 N N N N N N CONNECTICUT ST HEALTH & EDL FACS AUTH 549300ZOQJ5U8YBS5Q35 Connecticut State Health & Educational Facility Authority 20774YKQ9 500000.00000000 PA USD 519922.60000000 0.754735361180 Long DBT MUN US N 2 2042-07-01 Fixed 5.00000000 N N N N N N NEW MEXICO ST HOSP EQUIP LN COUNCIL N/A New Mexico Hospital Equipment Loan Council 647370FM2 500000.00000000 PA USD 525759.30000000 0.763208091319 Long DBT MUN US N 2 2042-08-01 Fixed 4.00000000 N N N N N N METROPOLITAN TRANSN AUTH N Y 5493000TKYODLXADQD60 Metropolitan Transportation Authority 59259N8F3 250000.00000000 PA USD 303035.30000000 0.439895200932 Long DBT MUN US N 2 2037-11-15 Fixed 5.00000000 N N N N N N 2021-04-16 SPIRIT OF AMERICA INVESTMENT FUND INC Gregory Knoth Gregory Knoth SVP Fund Controller XXXX NPORT-EX 2 soanport.htm NPORT-EX SOA

 

 

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED)
 
  Shares Market Value
Common Stocks 97.13%    
     
Data Center REIT 22.26%
CoreSite Realty Corp. 28,425   $   3,406,737  
CyrusOne, Inc. 44,100   2,986,452  
Digital Realty Trust, Inc. 35,781   5,039,396  
Equinix, Inc. 5,175   3,516,878  
QTS Realty Trust, Inc., Class A 62,275   3,863,541  
    18,813,004  
Gaming REIT 1.22%
Gaming and Leisure Properties, Inc. 1,035   43,915  
MGM Growth Properties LLC, Class A 30,250   986,755  
    1,030,670  
Health Care REIT 3.20%
Global Medical REIT, Inc. 15,000   196,650  
Healthcare Trust of America, Inc., Class A 7,500   206,850  
Healthpeak Properties, Inc. 25,518   809,942  
Medical Properties Trust, Inc. 1,500   31,920  
Omega Healthcare Investors, Inc. 1,000   36,630  
Physicians Realty Trust 5,000   88,350  
Ventas, Inc. 5,050   269,367  
Welltower, Inc. 14,875   1,065,496  
    2,705,205  
Hotel REIT 1.97%
Apple Hospitality REIT, Inc. 8,810   128,362  
Host Hotels & Resorts, Inc.(a) 22,500   379,125  
Pebblebrook Hotel Trust 26,881   652,939  
Summit Hotel Properties, Inc.(a) 18,000   182,880  
Sunstone Hotel Investors, Inc.(a) 25,700   320,222  
    1,663,528  
Industrial REIT 23.96%
Americold Realty Trust 34,000   1,307,980  
Duke Realty Corp. 3,750   157,238  
Innovative Industrial Properties, Inc. 24,250   4,368,880  

 

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

 
 

 

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Shares Market Value
Industrial REIT (cont.)
Prologis, Inc. 96,170   $   10,194,020  
STAG Industrial, Inc. 48,950   1,645,209  
Terreno Realty Corp. 44,675   2,580,875  
    20,254,202  
Infrastructure REIT 2.76%
American Tower Corp., Class A 4,500   1,075,770  
Crown Castle International Corp. 7,300   1,256,549  
    2,332,319  
Mortgage Finance 0.36%
Blackstone Mortgage Trust, Inc., Class A 2,200   68,200  
Starwood Property Trust, Inc. 9,500   235,030  
    303,230  
Multi Asset Class REIT 1.96%
Lexington Realty Trust 2,700   29,997  
WP Carey, Inc. 22,950   1,623,942  
    1,653,939  
Office REIT 5.53%
Alexandria Real Estate Equities, Inc. 12,850   2,111,255  
Boston Properties, Inc. 6,965   705,276  
City Office REIT, Inc. 59,308   629,851  
Hudson Pacific Properties, Inc. 28,050   760,997  
Kilroy Realty Corp. 7,115   466,957  
    4,674,336  
Residential REIT 21.06%
Apartment Income REIT Corp.(a) 26,902   1,150,330  
AvalonBay Communities, Inc. 7,790   1,437,333  
Camden Property Trust 12,750   1,401,352  
Equity LifeStyle Properties, Inc. 38,200   2,431,048  
Equity Residential 22,915   1,641,401  
Essex Property Trust, Inc. 5,036   1,368,986  
Invitation Homes, Inc. 19,500   623,805  
Mid-America Apartment Communities, Inc. 15,172   2,190,230  
Sun Communities, Inc. 26,850   4,028,574  

 

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

 
 

 

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Shares Market Value
Residential REIT (cont.)
UDR, Inc. 34,750   $   1,524,135  
    17,797,194  
Retail REIT 7.12%
Brixmor Property Group, Inc. 29,675   600,325  
Federal Realty Investment Trust 9,750   989,138  
Kimco Realty Corp. 25,569   479,419  
National Retail Properties, Inc. 13,750   605,962  
Realty Income Corp. 23,530   1,494,155  
Regency Centers Corp. 10,700   606,797  
Simon Property Group, Inc. 10,000   1,137,700  
Spirit MTA REIT(b) 1,140   484  
STORE Capital Corp. 2,000   67,000  
VEREIT, Inc. 1,000   38,620  
    6,019,600  
Self-Storage REIT 4.42%
CubeSmart 16,750   633,653  
Extra Space Storage, Inc. 11,095   1,470,642  
Life Storage, Inc. 16,950   1,456,852  
Public Storage 700   172,732  
    3,733,879  
Specialty REIT 1.29%
Hannon Armstrong Sustainable Infrastructure Capital, Inc. 19,517   1,094,904  
     
Timber REIT 0.02%
Weyerhaeuser Co. 500   17,800  
     
Total REIT
(Cost $48,551,752)
82,093,810  
     

 

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

 
 

 

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Shares Market Value
Preferred Stocks 2.25%    
     
Data Center REIT 0.26%
Digital Realty Trust, Inc., Series J, 5.25% 4,000   $   106,080  
QTS Realty Trust, Inc., 7.13% 4,000   111,840  
    217,920  
Electric Transmission & Distribution 0.06%
Entergy Louisiana LLC, 4.88% 2,000   50,900  
     
Hotel REIT 0.70%
Ashford Hospitality Trust, Inc., Series F, 7.38% 6,000   143,490  
Hersha Hospitality Trust, Series D, 6.50% 5,000   121,450  
Hersha Hospitality Trust, Series E, 6.50% 5,000   121,450  
Pebblebrook Hotel Trust, Series F, 6.30% 2,500   60,625  
Sotherly Hotels, Inc., Series B, 8.00% 6,000   110,820  
Sotherly Hotels, Inc., Series C, 7.88% 2,000   36,420  
    594,255  
Industrial REIT 0.12%
Monmouth Real Estate Investment Corp., Series C, 6.13% 4,000   101,680  
     
Multi Asset Class REIT 0.08%
Vornado Realty Trust, Series M, 5.25% 2,500   63,425  
     
P&C Insurance 0.12%
Arch Capital Group Ltd., Series E, 5.25% 2,000   51,240  
Arch Capital Group Ltd., Series F, 5.45% 2,000   52,480  
    103,720  
Residential REIT 0.15%
American Homes 4 Rent, Series G, 5.88% 2,000   51,960  
Bluerock Residential Growth REIT, Inc., Series A, 7.13% 3,000   78,045  
    130,005  

 

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

 
 

 

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
  Shares Market Value
Retail REIT 0.53%
Federal Realty Investment Trust, Series C, 5.00% 6,500   $   171,535  
National Retail Properties, Inc., Series F, 5.20% 11,000   281,600  
    453,135  
Self-Storage REIT 0.23%
Public Storage, Series K, 4.75% 2,000   54,880  
Public Storage, Series M, 4.13% 1,167   30,120  
Public Storage, Series N, 3.88% 4,000   100,040  
    185,040  
Total Preferred Stocks
(Cost $1,870,997)
1,900,080  
     
  Principal Amount  
Municipal Bonds 0.23%    
Franklin County Convention Facilities Authority, Revenue Bonds,   6.54%, 12/1/2036 $    140,000   196,577  
     
Total Municipal Bonds
(Cost $162,209)
196,577  
     
  Shares  
Money Market Funds 0.04%    
Morgan Stanley Institutional Liquidity Fund, Institutional, 0.03%(c) 31,075   31,075  
     
Total Money Market Funds
(Cost $31,075)
31,075  
   
Total Investments — 99.65%
(Cost $50,616,033)
84,221,542  
Other Assets in Excess of Liabilities  0.35% 297,887  
NET ASSETS - 100.00% $   84,519,429  
 

 

 

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

 

 

 

(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, 2021.

 

 

 

SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED)
 
  Shares Market Value
Common Stocks 98.30%    
     
Communications 8.24%
Alphabet, Inc., Class A(a) 1,820   $   3,753,786  
AT&T, Inc. 14,400   435,888  
Comcast Corp., Class A 17,200   930,692  
Netflix, Inc.(a) 1,850   965,071  
Verizon Communications, Inc. 28,540   1,659,601  
Walt Disney Co. (The) 17,500   3,229,100  
    10,974,138  
Consumer Discretionary 6.82%
Amazon.com, Inc.(a) 645   1,995,682  
D.R. Horton, Inc. 7,550   672,856  
Home Depot, Inc. (The) 11,438   3,491,449  
Lennar Corp., Class A 4,650   470,720  
Lowe's Cos., Inc. 1,000   190,180  
Masco Corp. 11,500   688,850  
McDonald's Corp. 4,880   1,093,803  
NIKE, Inc., Class B 1,300   172,757  
Ross Stores, Inc. 2,000   239,820  
TJX Cos., Inc. (The) 1,000   66,150  
    9,082,267  
Consumer Staples 7.82%
Altria Group, Inc. 10,750   549,970  
Clorox Co. (The) 950   183,236  
Coca-Cola Co. (The) 7,400   390,054  
Colgate-Palmolive Co. 2,500   197,075  
Conagra Brands, Inc. 7,100   266,960  
Constellation Brands, Inc., Class A 150   34,200  
Costco Wholesale Corp. 5,001   1,762,752  
Kroger Co. (The) 9,000   323,910  

 

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

 
 

 

Lamb Weston Holdings, Inc. 4,300   333,164  
PepsiCo, Inc. 2,400   339,480  
Philip Morris International, Inc. 7,350   652,239  
Procter & Gamble Co. (The) 6,365   862,012  
Target Corp. 13,580   2,689,791  
SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Shares Market Value
Consumer Staples (cont.)
Wal-Mart Stores, Inc. 13,484   $   1,831,532  
    10,416,375  
Energy 2.40%
Cheniere Energy, Inc.(a) 2,250   162,022  
Chevron Corp. 9,510   996,553  
ConocoPhillips 9,800   519,106  
Exxon Mobil Corp. 6,100   340,563  
First Solar, Inc.(a) 1,000   87,300  
Kinder Morgan, Inc. 7,750   129,038  
Pioneer Natural Resources Co. 650   103,233  
Valero Energy Corp. 12,000   859,200  
    3,197,015  
Financials 9.50%
American Express Co. 10,250   1,449,760  
Bank of America Corp. 29,600   1,145,224  
Berkshire Hathaway, Inc., Class B(a) 1,620   413,861  
Blackstone Group, Inc. (The), Class A 8,250   614,872  
Carlyle Group, Inc. (The) 6,050   222,398  
Citigroup, Inc. 17,200   1,251,300  
CME Group, Inc. 1,404   286,739  
Goldman Sachs Group, Inc. (The) 2,815   920,505  
JPMorgan Chase & Co. 20,892   3,180,389  
Signature Bank 8,054   1,821,010  
SVB Financial Group(a) 2,723   1,344,236  
    12,650,294  
Health Care 10.88%
Abbott Laboratories 3,100   371,504  
AbbVie, Inc. 23,257   2,516,873  
Amgen, Inc. 3,200   796,192  

 

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

 
 

 

Bristol-Myers Squibb Co. 16,750   1,057,428  
Centene Corp.(a) 10,100   645,491  
CVS Health Corp. 7,611   572,576  
Edwards LifeSciences Corp.(a) 3,000   250,920  
Gilead Sciences, Inc. 4,500   290,835  

 

SPIRIT OF AMERICA LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Shares Market Value
Health Care (cont.)
Humana, Inc. 1,450   $   607,912  
Johnson & Johnson 4,597   755,517  
McKesson Corp. 2,250   438,840  
Medtronic PLC 7,469   882,313  
Merck & Co., Inc. 17,750   1,368,347  
Moderna, Inc.(a) 500   65,475  
Pfizer, Inc. 8,150   295,274  
Quest Diagnostics, Inc. 4,500   577,530  
Thermo Fisher Scientific, Inc. 2,290   1,045,110  
UnitedHealth Group, Inc. 2,725   1,013,891  
Vertex Pharmaceuticals, Inc.(a) 4,300   924,027  
Viatris, Inc.(a) 1,135   15,856  
    14,491,911  
Industrials 9.89%
3M Co. 1,290   248,557  
Boeing Co. (The) 3,355   854,586  
Caterpillar, Inc. 10,225   2,370,871  
CSX Corp. 14,175   1,366,754  
Cummins, Inc. 3,550   919,840  
Deere & Co. 4,700   1,758,458  
FedEx Corp. 4,950   1,405,998  
Honeywell International, Inc. 8,300   1,801,681  
Johnson Controls International PLC 8,253   492,457  
Raytheon Technologies Corp. 2,100   162,267  
Southwest Airlines Co.(a) 3,200   195,392  
United Parcel Service, Inc., Class B 1,000   169,990  
Waste Connections, Inc. 13,175   1,422,636  
    13,169,487  
Materials 1.23%
CF Industries Holdings, Inc. 7,700   349,426  

 

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

 
 

 

Corteva, Inc. 7,233   337,202  
Dow, Inc. 6,083   388,947  
DuPont de Nemours, Inc. 6,500   502,320  
International Paper Co. 500   27,035  

 

SPIRIT OF AMERICA LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Shares Market Value
Materials (cont.)
WestRock Co. 500   $   26,025  
    1,630,955  
Real Estate Investment Trusts (REITs) 3.99%
Alexandria Real Estate Equities, Inc. 1,550   254,665  
American Tower Corp., Class A 1,450   346,637  
CoreSite Realty Corp. 400   47,940  
Crown Castle International Corp. 3,120   537,046  
CyrusOne, Inc. 11,100   751,692  
Digital Realty Trust, Inc. 1,100   154,924  
Equinix, Inc. 1,425   968,416  
Prologis, Inc. 7,500   795,000  
QTS Realty Trust, Inc., Class A 9,400   583,176  
Realty Income Corp. 2,200   139,700  
Sun Communities, Inc. 3,700   555,148  
Terreno Realty Corp. 3,050   176,198  
    5,310,542  
Technology 35.24%
Accenture PLC, Class A 5,600   1,547,000  
Adobe, Inc.(a) 2,675   1,271,615  
Advanced Micro Devices, Inc.(a) 4,100   321,850  
Apple, Inc. 69,832   8,529,979  
Applied Materials, Inc. 17,970   2,400,792  
Box, Inc., Class A(a) 7,200   165,312  
Cisco Systems, Inc. 19,050   985,075  
Cognizant Technology Solutions Corp., Class A 5,450   425,754  
Corning, Inc. 14,000   609,140  
Dell Technologies, Inc., Class C(a) 1,624   143,156  
Fiserv, Inc.(a) 1,950   232,128  
Garmin Ltd. 1,900   250,515  
HP, Inc. 21,500   682,625  
International Business Machines Corp. 2,868   382,190  

 

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

 
 

 

MasterCard, Inc., Class A 5,200   1,851,460  
Microchip Technology, Inc. 3,225   500,584  
Microsoft Corp. 30,714   7,241,440  
NetApp, Inc. 2,600   188,942  

 

SPIRIT OF AMERICA LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Shares Market Value
Technology (cont.)
NortonLifeLock, Inc. 27,700   $   588,902  
NVIDIA Corp. 10,023   5,351,580  
Oracle Corp. 34,375   2,412,094  
Paychex, Inc. 3,850   377,377  
PayPal Holdings, Inc.(a) 1,475   358,189  
QUALCOMM, Inc. 7,250   961,277  
Texas Instruments, Inc. 14,875   2,811,226  
Visa, Inc., Class A 14,500   3,070,085  
Workday, Inc., Class A(a) 13,130   3,261,886  
    46,922,173  
Utilities 2.29%
AES Corp. 4,000   107,240  
American Electric Power Co., Inc. 1,850   156,695  
Brookfield Renewable Corp., Class A 563   26,325  
Brookfield Renewable Partners LP 2,250   95,850  
Edison International 1,100   64,460  
Eversource Energy 250   21,648  
NextEra Energy, Inc. 24,000   1,814,640  
WEC Energy Group, Inc. 8,200   767,438  
    3,054,296  
Total Common Stocks
(Cost $63,324,559)
130,899,453  
     
Preferred Stocks 1.60%    
     
Communications 0.16%
Telephone & Data Systems, Inc., 7.00% 4,000   101,480  
United States Cellular Corp., 7.25% 2,500   63,600  
United States Cellular Corp., 7.25% 2,000   50,960  
    216,040  

 

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

 
 

 

Financials 1.16%
Annaly Capital Management, Inc., Series F, 6.95% 2,000   50,000  
Ares Management Corp., Series A, 7.00% 2,500   63,875  

 

SPIRIT OF AMERICA LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
  Shares Market Value
Financials (cont.)
Athene Holding Ltd., Series C, 6.38% 2,000   $   56,200  
Bank of America Corp., Series EE, 6.00% 2,500   62,500  
Bank of America Corp., Series GG, 6.00% 4,000   108,800  
Bank of America Corp., Series HH, 5.88% 2,000   54,580  
Bank of America Corp., Series LL, 5.00% 2,000   52,940  
Bank of America Corp., Series PP, 4.13% 3,333   82,592  
Charles Schwab Corp. (The), Series C, 6.00% 2,000   50,640  
Charles Schwab Corp. (The), Series J, 4.45% 2,000   50,000  
First Republic Bank, Series L, 4.25% 2,000   51,640  
Globe Life, Inc., 6.13% 5,000   127,500  
Hancock Whitney Corp., 5.95% 2,500   64,025  
JPMorgan Chase & Co., Series EE, 6.00% 2,000   54,960  
JPMorgan Chase & Co., Series JJ, 4.55% 2,000   51,240  
KeyCorp, Series G, 5.63% 2,000   55,760  
KKR & Co. LP, Series B, 6.50% 2,000   51,340  
KKR Group Finance Co. IX LLC, 4.63% 2,000   49,800  
Ladenburg Thalmann Financial Services, Inc., Series A, 8.00% 7,000   140,000  
Northern Trust Corp., Series E, 4.70% 1,360   36,448  
Prudential Financial, Inc., 4.13% 705   17,858  
Prudential Financial, Inc., 5.63% 2,000   55,000  
US Bancorp, Series M, 4.00% 2,000   49,620  
Wells Fargo & Co., Series CC, 4.38% 4,000   100,000  
    1,537,318  
Real Estate 0.24%
Digital Realty Trust, Inc., Series L, 5.20% 2,000   53,300  
Public Storage, Series I, 4.88% 1,917   51,337  
Public Storage, Series K, 4.75% 2,000   54,880  
Public Storage, Series L, 4.63% 2,000   53,720  
QTS Realty Trust, Inc., 7.13% 4,000   111,840  
    325,077  

 

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

 
 

 

Utilities 0.04%
Brookfield Infrastructure Partners LP, 5.00% 2,000   50,460  
     
Total Preferred Stocks
(Cost $2,078,873)
2,128,895  
     
SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Shares Market Value
Money Market Funds 0.14%    
Morgan Stanley Institutional Liquidity Fund, Institutional, 0.03%(b) 185,434   $   185,434  
     
Total Money Market Funds
(Cost $185,434)
185,434  
   
Total Investments  — 100.04%  
(Cost $65,588,866) 133,213,782  
Liabilities in Excess of Other Assets  (0.04)%     (58,146 )
NET ASSETS - 100.00% $   133,155,636  
 

 

 

 

 

 

(a) Non-income producing security.
(b) Rate disclosed is the seven day effective yield as of March 31, 2021.

 

 

 

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

 

 

 

 

 

 

 

 
 

 

 

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED)
 
  Principal Amount Market Value
Municipal Bonds 97.28%    
     
Alaska 0.74%    
Northern Tobacco Securitization Corp., Refunding Revenue Bonds, (OID),   5.00%, 6/1/2032 $   500,000   $   507,417  
     
Arizona 0.89%    
City of Phoenix, AZ, General Obligation Unlimited, Callable 7/1/2026 @ 100,  5.00%, 7/1/2027 500,000   611,168  
     
California 4.49%    
California Educational Facilities Authority, Callable 10/1/2021 @ 100,  6.13%, 10/1/2030 130,000   133,782  
California State Public Works Board, Revenue Bonds, Callable 11/1/2026 @ 100,  5.00%, 11/1/2029 600,000   737,646  
City of Los Angeles, CA Wastewater System Revenue, Refunding Revenue Bonds, (OID), Callable 6/1/2022 @ 100,  3.38%, 6/1/2029 100,000   102,815  
Los Angeles CA Department of Water & Power, Revenue Bonds, Callable 1/1/2029 @ 100,  5.25%, 7/1/2049 200,000   250,820  
Los Angeles Community College District, General Obligation Unlimited, Callable 8/1/2026 @ 100,  4.00%, 8/1/2038 500,000   577,832  
Regents of the University of California Medical Center Pooled Revenue, Revenue Bond, Callable 5/15/2026 @ 100,  4.00%, 5/15/2037 145,000   163,203  
San Francisco City & County Public Utilities Commission Water Revenue, Revenue Bonds, Callable 11/1/2030 @ 100,  5.00%, 11/1/2050 500,000   637,343  
State of California, General Obligation Unlimited, Callable 8/1/2025 @ 100,  5.00%, 8/1/2029 250,000   295,939  
State of California, General Obligation Unlimited, Callable 9/1/2026 @ 100,  4.00%, 9/1/2036 175,000   199,880  
    3,099,260  
Connecticut 10.04%    
City of New Haven, CT, General Obligation Unlimited, Callable 8/15/2026 @ 100,  5.00%, 8/15/2036 230,000   269,263  
Connecticut Housing Finance Authority, Multi-Family Housing, Revenue Bonds, Callable 11/15/2025 @ 100,  3.25%, 11/15/2036 250,000   262,118  

 

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

 
 

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Principal Amount Market Value
Connecticut (cont.)    
Connecticut Housing Finance Authority, Multi-Family Housing, Revenue Bonds, (GO OF AUTH), Callable 5/15/2021 @ 100,  4.63%, 11/15/2041 $   215,000   $   215,585  
Connecticut Housing Finance Authority, Refunding Revenue Bonds, Callable 5/15/2021 @ 100,  3.25%, 11/15/2027 150,000   150,525  
Connecticut Housing Finance Authority, Refunding Revenue Bonds, Callable 5/15/2022 @ 100,  3.05%, 5/15/2031 195,000   198,987  
Connecticut Housing Finance Authority, Refunding Revenue Bonds, (GO OF AUTH), Callable 5/15/2021 @ 100,  3.35%, 5/15/2028 250,000   250,563  
Connecticut Housing Finance Authority, Refunding Revenue Bonds, (OID), Callable 11/15/2021 @ 100,  3.30%, 11/15/2037 250,000   252,568  
Connecticut Housing Finance Authority, Revenue Bonds, Callable 5/15/2027 @ 100,  3.40%, 11/15/2037 25,000   26,821  
Connecticut Housing Finance Authority, State Single-Family Housing, Revenue Bonds, Callable 5/15/2021 @ 100,  3.50%, 5/15/2031 250,000   250,944  
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   445,169  
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds, Callable 7/1/2022 @ 100,  4.50%, 7/1/2038 500,000   517,163  
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds, Callable 7/1/2022 @ 100,  5.00%, 7/1/2042 500,000   519,923  
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds, (OID), Callable 7/1/2022 @ 100,  4.25%, 7/1/2031 500,000   517,692  
Connecticut State Health & Educational Facility Authority, Private Primary Schools, Revenue Bonds, Callable 7/1/2022 @ 100,  4.00%, 7/1/2033 100,000   102,345  
Connecticut State Health & Educational Facility Authority, Revenue Bonds, Callable 7/1/2026 @ 100,  5.00%, 7/1/2034 250,000   293,662  
Connecticut State Health & Educational Facility Authority, Revenue Bonds, Callable 7/1/2024 @ 100,  5.00%, 7/1/2034 100,000   111,369  

 

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

 
 

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Principal Amount Market Value
Connecticut (cont.)    
Connecticut State Health & Educational Facility Authority, Revenue Bonds, (AGM) (OID), Callable 7/1/2021 @ 100,  4.00%, 7/1/2037 $   250,000   $   250,967  
State of Connecticut Special Tax Revenue, Highway Improvements, Revenue Bonds, Callable 10/1/2023 @ 100,  5.00%, 10/1/2030 250,000   277,088  
State of Connecticut Special Tax Revenue, Highway Improvements, Revenue Bonds, Callable 5/12/2021 @ 100,  5.00%, 11/1/2022 100,000   100,352  
State of Connecticut Special Tax Revenue, Public Improvements, Revenue Bonds, Callable 1/1/2023 @ 100,  5.00%, 1/1/2028 445,000   480,501  
State of Connecticut, General Obligation Unlimited,   5.00%, 6/15/2024 250,000   286,716  
State of Connecticut, General Obligation Unlimited, Callable 4/15/2027 @ 100,  5.00%, 4/15/2032 500,000   605,204  
State of Connecticut, Public Improvements, General Obligation Unlimited, Callable 4/15/2022 @ 100,  4.00%, 4/15/2032 250,000   257,146  
University of Connecticut, University & College Improvements, Revenue Bonds, Callable 2/15/2024 @ 100,  5.00%, 2/15/2034 250,000   278,551  
    6,921,222  
District of Columbia 1.60%    
District of Columbia Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (Fannie Mae),   4.45%, 6/15/2031 320,000   337,193  
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   286,252  
District of Columbia Water & Sewer Authority, Revenue Bonds, Callable 4/1/2026 @ 100,  5.00%, 10/1/2036 250,000   297,971  
District of Columbia Water & Sewer Authority, Revenue Bonds, Callable 4/1/2026 @ 100,  5.00%, 10/1/2034 150,000   179,590  
    1,101,006  
Florida 8.02%    
Central Florida Expressway Authority, Revenue Bonds, Callable 7/1/2026 @ 100,  4.00%, 7/1/2035 150,000   170,244  
City of Orlando, FL, Public Improvements, Revenue Bonds, Callable 10/1/2024 @ 100,  5.00%, 10/1/2046 1,000,000   1,137,423  
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   130,000  

 

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

 
 

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Principal Amount Market Value
Florida (cont.)    
Florida Municipal Loan Council, Water Utility Improvements, Revenue Bonds, (AGM) (OID), Callable 10/1/2021 @ 100,  5.50%, 10/1/2041 $   100,000   $   102,370  
Florida Municipal Loan Council, Water Utility Improvements, Revenue Bonds, (AGM) (OID), Callable 10/1/2021 @ 100,  5.25%, 10/1/2033 100,000   102,343  
FSU Financial Assistance, Inc., State Single-Family Housing, Refunding Revenue Bonds, Callable 10/1/2022 @ 100,  5.00%, 10/1/2030 500,000   529,955  
Greater Orlando Aviation Authority, Port, Airport & Marina Improvements, Revenue Bonds, Callable 6/7/2021 @ 100,  5.00%, 10/1/2025 200,000   200,680  
Hillsborough County Industrial Development Authority, School Improvements, Revenue Bonds,   5.13%, 5/15/2037 210,000   210,268  
Miami Dade County FL Transit System Sales Surtax Revenue, Revenue Bonds, Callable 7/1/2030 @ 100,  4.00%, 7/1/2050 500,000   575,709  
Miami Dade County FL Water & Sewage System, Revenue Bonds, Callable 10/1/2029 @ 100,  4.00%, 10/1/2049 500,000   579,354  
Miami Dade County FL Water & Sewage System, Revenue Bonds,   4.00%, 10/1/2044 150,000   175,904  
Miami-Dade County Educational Facilities Authority, University & College Improvements, Revenue Bonds, (AMBAC),   5.25%, 4/1/2031 260,000   344,618  
Palm Beach County School District, Refunding Bonds, Certificate of Participation,   5.00%, 8/1/2024 45,000   45,713  
School Board of Miami-Dade County (The), Certificate of Participation, Callable 2/1/2026 @ 100,  4.00%, 2/1/2033 1,000,000   1,119,432  
Tampa-Hillsborough County Expressway Authority, Refunding Revenue Bonds, Callable 7/1/2022 @ 100,  5.00%, 7/1/2037 100,000   106,000  
    5,530,013  
Georgia 1.84%    
Atlanta GA Water & Wastewater Revenue, Revenue Bonds, Callable 11/1/2029 @ 100,  3.00%, 11/1/2037 500,000   552,029  
Atlanta GA Water & Wastewater Revenue, Revenue Bonds, Callable 11/1/2027 @ 100,  5.00%, 11/1/2047 125,000   154,109  
Fulton County Development Authority, Georgia Tech Athletic Association, Refunding Revenue Bonds, (OID), Callable 10/1/2022 @ 100,  4.25%, 10/1/2037 100,000   104,685  

 

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

 
 

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Principal Amount Market Value
Georgia (cont.)    
Fulton County Development Authority, Georgia Tech Athletic Association, Revenue Bonds,   5.00%, 10/1/2022 $   145,000   $   155,342  
Fulton County Development Authority, Georgia Tech Athletic Association, Revenue Bonds,   5.00%, 10/1/2022 5,000   5,338  
Fulton County Development Authority, University & College Improvements, Revenue Bonds, (OID), Callable 4/1/2021 @ 100,  5.75%, 10/1/2041 250,000   250,000  
Fulton County Development Authority, University & College Improvements, Revenue Bonds, (OID), Callable 4/1/2021 @ 100,  5.75%, 10/1/2031 50,000   50,000  
    1,271,503  
Illinois 0.66%    
Illinois Finance Authority, Hospital Improvements, Revenue Bonds, (OID), Callable 8/15/2021 @ 100,  5.88%, 8/15/2034 100,000   101,642  
Railsplitter Tobacco Settlement Authority, Public Improvements, Revenue Bonds, (OID),   6.00%, 6/1/2028 250,000   252,293  
University of Illinois, University & College Improvements, Revenue Bonds, Callable 4/1/2021 @ 100,  5.50%, 4/1/2031 100,000   100,318  
    454,253  
Indiana 4.88%    
Indiana Finance Authority Wastewater Utility Revenue, Revenue Bonds, Callable 10/1/2026 @ 100,  5.00%, 10/1/2046 600,000   714,473  
Indiana Finance Authority Wastewater Utility Revenue, Revenue Bonds, Callable 10/1/2030 @ 100,  5.00%, 10/1/2050 500,000   628,868  
Town of Munster, IN, Public Improvements, Tax Allocation Bonds, (OID), Callable 7/15/2021 @ 100,  5.13%, 1/15/2031 2,000,000   2,023,360  
    3,366,701  
Iowa 0.44%    
State of Iowa, Revenue Bonds, Callable 6/1/2026 @ 100,  5.00%, 6/1/2027 250,000   304,803  
     
Louisiana 0.93%    
Louisiana Local Government Environmental Facilities & Community Development Authority, Sewer Improvements, Revenue Bonds, Callable 2/1/2023 @ 100,  4.00%, 2/1/2048 500,000   535,206  

 

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

 
 

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Principal Amount Market Value
Louisiana (cont.)    
Louisiana Local Government Environmental Facilities & Community Development Authority, Sewer Improvements, Revenue Bonds, Callable 2/1/2023 @ 100,  5.00%, 2/1/2035 $   100,000   $   108,861  
    644,067  
Maine 1.93%    
Maine Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (OID), Callable 7/1/2022 @ 100,  3.63%, 7/1/2041 500,000   521,625  
Maine Health & Higher Educational Facilities Authority, Revenue Bonds, Callable 7/1/2030 @ 100,  4.00%, 7/1/2045 385,000   439,907  
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, Callable 11/15/2024 @ 100,  3.75%, 11/15/2044 100,000   105,844  
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, Callable 11/15/2022 @ 100,  3.60%, 11/15/2036 100,000   102,154  
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, Callable 11/15/2022 @ 100,  3.45%, 11/15/2032 100,000   102,148  
Maine Turnpike Authority, Refunding Revenue Bonds, Callable 7/1/2025 @ 100,  5.00%, 7/1/2026 50,000   59,170  
    1,330,848  
Massachusetts 3.88%    
Massachusetts Educational Financing Authority, Refunding Revenue Bonds, (OID),   5.20%, 1/1/2027 20,000   20,086  
Massachusetts Educational Financing Authority, Refunding Revenue Bonds, (OID),   5.25%, 1/1/2029 10,000   10,064  
Massachusetts Housing Finance Agency, Callable 12/1/2027 @ 100,  3.25%, 12/1/2032 200,000   216,301  
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2025 @ 100,  3.25%, 12/1/2036 575,000   603,072  
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100,  3.75%, 12/1/2037 250,000   270,717  
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100,  3.55%, 12/1/2037 235,000   248,646  
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100,  3.25%, 12/1/2032 130,000   139,353  
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 6/1/2026 @ 100,  3.15%, 12/1/2026 120,000   131,195  

 

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

 
 

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Principal Amount Market Value
Massachusetts (cont.)    
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds,   5.13%, 12/1/2039 $   65,000   $   65,071  
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds,   4.85%, 12/1/2029 60,000   60,060  
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (FHA) (INS), Callable 6/1/2021 @ 100,  5.25%, 12/1/2035 175,000   176,219  
Massachusetts School Building Authority, Revenue Bonds, Callable 2/15/2028 @ 100,  5.25%, 2/15/2048 500,000   613,914  
Massachusetts School Building Authority, Revenue Bonds, Callable 8/15/2025 @ 100,  5.00%, 8/15/2026 100,000   119,395  
    2,674,093  
Michigan 3.05%    
Michigan Public Educational Facilities Authority, School Improvements, Refunding Revenue Bonds,   6.00%, 12/1/2035 500,000   500,321  
Michigan State Building Authority, Refunding Revenue Bonds, (OID), Callable 10/15/2021 @ 100,  5.20%, 10/15/2031 750,000   770,258  
Michigan State Building Authority, Refunding Revenue Bonds, (OID), Callable 10/15/2021 @ 100,  5.38%, 10/15/2036 100,000   102,794  
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   731,226  
    2,104,599  
Minnesota 0.96%    
Southern Minnesota Municipal Power Agency Power Supply System, Revenue Bonds, Callable 1/1/2026 @ 100,  5.00%, 1/1/2041 565,000   662,791  
     
Missouri 0.92%    
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   531,512  
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   102,383  
    633,895  

 

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

 
 

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Principal Amount Market Value
Nebraska 0.37%    
Nebraska Public Power District, Electric Lights & Power Improvements, Revenue Bonds,   5.00%, 1/1/2025 prerefunded 1/1/2022 @ 100 $   155,000   $   160,573  
Nebraska Public Power District, Electric Lights & Power Improvements, Revenue Bonds, Callable 1/1/2022 @ 100,  5.00%, 1/1/2025 95,000   98,186  
    258,759  
Nevada 1.18%    
Nevada System of Higher Education, Certification of Participation, Callable 7/1/2026 @ 100,  4.00%, 7/1/2027 700,000   812,033  
     
New Jersey 5.15%    
Borough of Seaside Heights, NJ, General Obligation Unlimited, Callable 4/1/2025 @ 100,  4.00%, 4/1/2026 125,000   140,868  
Hudson County Improvement Authority, Refunding Revenue Bonds, (AGM),   5.40%, 10/1/2025 150,000   181,882  
New Jersey Economic Development Authority, School Improvements, Refunding Revenue Bonds, Callable 3/1/2023 @ 100,  5.00%, 3/1/2031 300,000   321,816  
New Jersey Economic Development Authority, University & College Improvements, Revenue Bonds, Callable 6/15/2023 @ 100,  5.00%, 6/15/2030 250,000   276,203  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, (OID),   6.00%, 7/1/2037 200,000   202,817  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, (OID),   5.00%, 7/1/2027 15,000   15,047  
New Jersey Higher Education Student Assistance Authority, Refunding Revenue Bonds,   5.00%, 12/1/2036 65,000   65,037  
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Callable 11/1/2025 @ 100,  3.90%, 11/1/2050 175,000   184,554  
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Callable 11/1/2025 @ 100,  3.50%, 11/1/2036 500,000   526,602  
New Jersey St Transportation Trust Fund Authority, Revenue Bonds,   5.00%, 6/15/2021 150,000   151,387  
New Jersey St Transportation Trust Fund Authority, Revenue Bonds, Callable 12/15/2030 @ 100,  4.00%, 6/15/2045 100,000   111,874  

 

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

 
 

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Principal Amount Market Value
New Jersey (cont.)    
New Jersey Transportation Trust Fund Authority, Transit Improvements, Revenue Bonds, (State Appropriation), Callable 6/15/2021 @ 100,  5.00%, 6/15/2022 $   150,000   $   151,419  
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   221,859  
New Jersey Turnpike Authority, Highway Improvements, Revenue Bonds,   5.00%, 1/1/2031 200,000   212,130  
State of New Jersey, Public Improvements, General Obligation Unlimited, Callable 6/1/2025 @ 100,  4.00%, 6/1/2034 250,000   275,444  
Tenafly School District, Refunding Bonds, General Obligation Unlimited, (OID), Callable 7/15/2022 @ 100,  3.00%, 7/15/2029 250,000   255,896  
Tenafly School District, Refunding Bonds, General Obligation Unlimited, (OID), Callable 7/15/2022 @ 100,  3.00%, 7/15/2030 250,000   255,387  
    3,550,222  
New Mexico 1.09%    
New Mexico Hospital Equipment Loan Council, Hospital Improvements Revenue Bonds, (OID), Callable 8/1/2022 @ 100,  4.00%, 8/1/2042 500,000   525,760  
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 125,000   126,667  
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 100,000   101,776  
    754,203  
New York 20.43%    
City of New York NY, General Obligation Unlimited, Callable 4/1/2028 @ 100,  5.00%, 4/1/2040 305,000   370,703  
City of New York NY, General Obligation Unlimited, Callable 10/1/2029 @ 100,  5.00%, 10/1/2039 145,000   180,844  
City of New York NY, General Obligation Unlimited, Callable 3/1/2030 @ 100,  5.00%, 3/1/2043 150,000   185,794  
City of New York NY, General Obligation Unlimited, Callable 4/1/2028 @ 100,  5.00%, 4/1/2043 195,000   235,712  

 

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

 
 

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Principal Amount Market Value
New York (cont.)    
Hudson Yards Infrastructure Corp., Public Improvements, Revenue Bonds, Callable 2/15/2022 @ 100,  5.75%, 2/15/2047 $   95,000   $   95,367  
Hudson Yards Infrastructure Corp., Revenue Bonds, Callable 2/15/2022 @ 100,  5.25%, 2/15/2047 185,000   185,626  
Hudson Yards Infrastructure Corp., Revenue Bonds, Series A, Callable 2/15/2027 @ 100,  4.00%, 2/15/2044 575,000   635,085  
Metropolitan Transportation Authority, Refunding Revenue Bonds,   5.25%, 11/15/2028 50,000   56,629  
Metropolitan Transportation Authority, Refunding Revenue Bonds, Callable 11/15/2027 @ 100,  5.00%, 11/15/2037 250,000   303,035  
Metropolitan Transportation Authority, Revenue Bonds, Callable 11/15/2027 @ 100,  5.00%, 11/15/2035 250,000   304,872  
Metropolitan Transportation Authority, Revenue Bonds,   5.00%, 11/15/2028 250,000   313,154  
Metropolitan Transportation Authority, Revenue Bonds, (OID),   4.75%, 11/15/2036 110,000   111,879  
Metropolitan Transportation Authority, Revenue Bonds, (OID),   4.75%, 11/15/2036 140,000   144,002  
Metropolitan Transportation Authority, Transit Improvements, Refunding Revenue Bonds,   5.00%, 11/15/2028 250,000   296,506  
Metropolitan Transportation Authority, Transit Improvements, Revenue Bonds, Callable 5/15/2023 @ 100,  5.00%, 11/15/2033 100,000   107,516  
New York City Housing Development Corp., Revenue Bonds, Callable 11/1/2025 @ 100,  3.60%, 11/1/2031 250,000   274,772  
New York City Housing Development Corp., Revenue Bonds, Callable 5/1/2025 @ 100,  3.10%, 11/1/2032 250,000   266,623  
New York City Housing Development Corp., Revenue Bonds, Callable 2/1/2026 @ 100,  3.50%, 11/1/2032 150,000   161,123  
New York City Municipal Water Finance Authority Water & Sewer System Revenue, Revenue Bonds, Callable 12/15/2030 @ 100,  4.00%, 6/15/2050 250,000   291,921  
New York City Municipal Water Finance Authority Water & Sewer System Revenue, Revenue Bonds, Callable 12/15/2021 @ 100,  5.00%, 6/15/2045 215,000   221,994  

 

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

 
 

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Principal Amount Market Value
New York (cont.)    
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   $   290,456  
New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds,   5.00%, 7/15/2031 250,000   298,569  
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Callable 5/1/2027 @ 100,  4.00%, 5/1/2044 300,000   338,486  
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds,   5.00%, 8/1/2023 100,000   111,125  
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds,   5.00%, 8/1/2024 100,000   115,348  
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds, Callable 5/1/2031 @ 100,  4.00%, 11/1/2038 250,000   294,139  
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   29,629  
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds,   5.00%, 8/1/2021 100,000   101,588  
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   112,531  
New York City Water & Sewer System, Revenue Bonds, Callable 6/15/2027 @ 100,  5.00%, 6/15/2032 100,000   122,467  
New York City Water & Sewer System, Revenue Bonds, Callable 6/15/2028 @ 100,  5.00%, 6/15/2049 500,000   602,000  
New York City Water & Sewer System, Revenue Bonds,   5.00%, 6/15/2045 35,000   36,198  
New York State Dormitory Authority, Refunding Revenue Bonds, (State Aid Withholding), Callable 10/1/2022 @ 100,  3.25%, 4/1/2031 280,000   286,210  
New York State Dormitory Authority, Revenue Bonds,   5.00%, 8/15/2021 100,000   101,639  
New York State Dormitory Authority, Revenue Bonds,   4.75%, 10/1/2040 5,000   5,011  

 

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

 
 

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Principal Amount Market Value
New York (cont.)    
New York State Dormitory Authority, Revenue Bonds,   5.00%, 5/15/2022 $   165,000   $   173,900  
New York State Dormitory Authority, Revenue Bonds, Callable 2/15/2030 @ 100,  5.00%, 2/15/2048 500,000   615,507  
New York State Dormitory Authority, Revenue Bonds, Callable 3/15/2028 @ 100,  5.00%, 3/15/2043 250,000   302,814  
New York State Dormitory Authority, Revenue Bonds, Callable 2/15/2030 @ 100,  4.00%, 2/15/2047 500,000   566,296  
New York State Dormitory Authority, Revenue Bonds, Callable 7/1/2025 @ 100,  5.00%, 7/1/2037 385,000   439,783  
New York State Dormitory Authority, University & College Improvements, Revenue Bonds, (OID),   5.25%, 7/1/2031 40,000   40,490  
New York State Thruway Authority, Revenue Bonds, Callable 1/1/2026 @ 100,  4.00%, 1/1/2037 100,000   110,158  
New York, NY, General Obligation Unlimited, Callable 8/1/2029 @ 100,  4.00%, 8/1/2044 250,000   282,998  
New York, NY, General Obligation Unlimited, Callable 8/1/2029 @ 100,  5.00%, 8/1/2043 500,000   614,558  
Port Authority of New York & New Jersey, Revenue Bonds, Callable 11/15/2027 @ 100,  5.00%, 11/15/2037 250,000   305,534  
Port Authority of New York & New Jersey, Revenue Bonds, Callable 11/15/2027 @ 100,  5.00%, 11/15/2030 250,000   310,786  
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   1,008,913  
Triborough Bridge & Tunnel Authority, Revenue Bonds,   5.00%, 11/15/2023 100,000   112,291  
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2025 @ 100,  5.00%, 11/15/2035 250,000   295,242  
Triborough Bridge & Tunnel Authority, Revenue Bonds,   5.00%, 11/15/2021 50,000   51,500  
Triborough Bridge & Tunnel Authority, Revenue Bonds,   5.00%, 11/15/2027 100,000   120,690  
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2030 @ 100,  5.00%, 11/15/2049 500,000   623,467  

 

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

 
 

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Principal Amount Market Value
New York (cont.)    
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 5/15/2031 @ 100,  5.00%, 11/15/2051 $   125,000   $   157,018  
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2025 @ 100,  5.00%, 11/15/2040 310,000   363,194  
    14,083,692  
North Carolina 0.33%    
University of North Carolina at Charlotte (The), Revenue Bonds, Callable 10/1/2027 @ 100,  4.00%, 10/1/2037 100,000   112,909  
University of North Carolina at Charlotte (The), University & College Improvements, Revenue Bonds, Callable 4/1/2025 @ 100,  5.00%, 4/1/2040 100,000   114,691  
    227,600  
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   107,094  
     
Ohio 0.83%    
Hamilton County OH Hospital Facilities Revenue, Refunding Revenue Bonds, Callable 8/15/2030 @ 100,  4.00%, 8/15/2050 500,000   570,643  
     
Oklahoma 0.37%    
Oklahoma Municipal Power Authority, Electric Lights & Power Improvements, Revenue Bonds, Callable 1/1/2023 @ 100,  4.00%, 1/1/2047 250,000   258,095  
     
Oregon 0.05%    
Oregon Health & Science University, Refunding Revenue Bonds, Callable 7/1/2022 @ 100,  5.00%, 7/1/2032 35,000   37,123  
     
Pennsylvania 6.26%    
Allegheny County Sanitary Authority, Sewer Improvements, Revenue Bonds, Callable 12/1/2023 @ 100,  5.25%, 12/1/2044 500,000   561,044  
Chester County Health and Education, Revenue Bonds, Callable 9/1/2030 @ 100,  4.00%, 9/1/2050 500,000   576,864  

 

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

 
 

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Principal Amount Market Value
Pennsylvania (cont.)    
Lehigh County PA General Purpose Authority Hospital Revenue, Revenue Bonds, Callable 7/1/2029 @ 100,  4.00%, 7/1/2049 $   500,000   $   570,393  
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, Callable 11/1/2022 @ 100,  5.00%, 5/1/2037 100,000   102,504  
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, Callable 11/1/2022 @ 100,  5.00%, 5/1/2042 100,000   102,196  
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds (OID), Callable 11/1/2022 @ 100,  4.00%, 5/1/2032 100,000   100,787  
Pennsylvania Housing Finance Agency, Revenue Bonds, Callable 4/1/2027 @ 100,  3.65%, 10/1/2042 100,000   106,297  
Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100,  5.00%, 9/1/2034 190,000   227,302  
Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100,  5.00%, 9/1/2035 125,000   149,264  
Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100,  5.00%, 9/1/2036 100,000   119,194  
Pennsylvania Turnpike Commission, Revenue Bonds, Callable 12/1/2025 @ 100,  5.00%, 12/1/2045 500,000   581,926  
Pennsylvania Turnpike Commission, Revenue Bonds,   5.25%, 7/15/2028 150,000   195,305  
Philadelphia PA Water & Wastewater Revenue, Revenue Bonds, Callable 11/1/2030 @ 100,  5.00%, 11/1/2045 500,000   640,379  
West View Municipal Authority Water Revenue, Water Utility Improvements, Revenue Bonds, (OID), Callable 11/15/2024 @ 100,  4.00%, 11/15/2043 250,000   283,101  
    4,316,556  
Puerto Rico 0.83%    
Commonwealth of Puerto Rico, General Obligation Unlimited, (AGM) (OID), Callable 7/1/2021 @ 100,  5.25%, 7/1/2026 100,000   101,751  
Commonwealth of Puerto Rico, Refunding Bonds, General Obligation Unlimited (AGM),   5.00%, 7/1/2031 200,000   206,486  

 

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

 
 

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Principal Amount Market Value
Puerto Rico (cont.)    
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding Revenue Bonds,   5.00%, 7/1/2022 $   250,000   $   262,933  
    571,170  
Rhode Island 0.98%    
Rhode Island Housing & Mortgage Finance Corp., Refunding Revenue Bonds, Callable 4/1/2021 @ 100,  3.45%, 4/1/2026 500,000   500,845  
Rhode Island Housing & Mortgage Finance Corp., Refunding Revenue Bonds, Callable 4/1/2021 @ 100,  4.10%, 10/1/2037 45,000   45,091  
Rhode Island Housing & Mortgage Finance Corp., State Single-Family Housing, Revenue Bonds, (Freddie Mac) (Fannie Mae) (Ginnie Mae), Callable 4/1/2022 @ 100,  3.45%, 4/1/2035 130,000   132,101  
    678,037  
South Dakota 0.56%    
South Dakota Housing Development Authority, Revenue Bonds, Callable 11/1/2025 @ 100,  2.45%, 5/1/2027 250,000   264,134  
South Dakota Housing Development Authority, Revenue Bonds, Callable 11/1/2025 @ 100,  3.13%, 11/1/2036 115,000   120,122  
    384,256  
Tennessee 0.59%    
City of Memphis, TN, General Obligation Unlimited, Callable 4/1/2024 @ 100,  5.00%, 4/1/2044 100,000   112,790  
Metropolitan Government of Nashville & Davidson County Convention Center Authority, Public Improvements, Revenue Bonds, Callable 6/7/2021 @ 100,  5.00%, 7/1/2026 200,000   200,613  
Tennessee Housing Development Agency, Revenue Bonds, Callable 1/1/2027 @ 100,  3.40%, 7/1/2037 85,000   91,048  
    404,451  
Texas 8.96%    
Austin TX Electric Utility System Revenue, Revenue Bonds Series B, Callable 11/15/2029 @ 100,  5.00%, 11/15/2049 500,000   623,339  
City of Houston, TX, Refunding Revenue Bonds, Callable 3/1/2029 @ 100,  4.00%, 3/1/2049 500,000   562,938  
City of Houston, TX, Refunding Revenue Bonds, Callable 9/1/2021 @ 100,  5.25%, 9/1/2029 500,000   506,537  

 

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

 
 

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Principal Amount Market Value
Texas (cont.)    
City Public Service Board of San Antonio, TX, Revenue Bonds, Callable 8/1/2026 @ 100,  5.00%, 2/1/2032 $   250,000   $   301,969  
Clifton Higher Education Finance Corporation, School Improvements, Refunding Revenue Bonds,   4.00%, 8/15/2044 500,000   535,289  
Comal Independent School District, School Improvements, General Obligation Unlimited, Callable 2/1/2026 @ 100,  4.00%, 2/1/2034 250,000   285,262  
Fort Bend Grand Parkway Toll Road Authority, Refunding Revenue Bonds, Callable 3/1/2022 @ 100,  4.00%, 3/1/2046 250,000   255,925  
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds, Callable 5/15/2026 @ 100,  4.00%, 11/15/2030 130,000   143,119  
San Antonio Public Facilities Corp., Public Improvements, Refunding Revenue Bonds, (OID), Callable 9/15/2022 @ 100,  4.00%, 9/15/2042 250,000   260,330  
San Antonio Water System, Refunding Revenue Bonds, Callable 11/15/2029 @ 100,  5.00%, 5/15/2034 190,000   246,827  
San Antonio Water System, Revenue Bonds Series A, Callable 5/15/2030 @ 100,  5.00%, 5/15/2050 205,000   254,256  
Texas Public Finance Authority, Revenue Bonds, Callable 12/1/2026 @ 100,  4.00%, 12/1/2031 200,000   226,291  
Texas Water Development Board, Revenue Bonds, Callable 10/15/2029 @ 100,  4.00%, 10/15/2037 500,000   601,521  
Texas Water Development Board, Revenue Bonds, Callable 10/15/2030 @ 100,  4.00%, 4/15/2051 500,000   590,658  
Texas Water Development Board, Revenue Bonds, Callable 10/15/2028 @ 100,  5.00%, 4/15/2049 450,000   560,099  
White Oak, TX, Independent School District, General Obligation Unlimited, Callable 2/15/2027 @ 100,  4.00%, 2/15/2029 190,000   220,804  
    6,175,164  
Utah 1.33%    
University of Utah (The), University & College Improvements, Revenue Bonds,   5.00%, 8/1/2043 250,000   277,973  
Utah County Utah Hospital Revenue IHC Health Services, Revenue Bonds, Callable 5/15/2026 @ 100,  5.00%, 5/15/2050 500,000   624,840  
Utah Housing Corp., State Single-Family Housing, Revenue Bonds, Callable 5/27/2021 @ 100,  5.25%, 1/1/2025 10,000   10,018  

 

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

 
 

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Principal Amount Market Value
Utah (cont.)    
Utah Housing Corp., State Single-Family Housing, Revenue Bonds, Callable 5/27/2021 @ 100,  5.75%, 1/1/2033 $   5,000   $   5,010  
    917,841  
Vermont 0.36%    
Vermont Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, Callable 8/15/2022 @ 100,  3.75%, 8/15/2037 245,000   249,984  
     
Virgin Islands 0.11%    
Virgin Islands Public Finance Authority, Refunding Revenue Bonds,   5.00%, 10/1/2025 75,000   75,169  
     
Virginia 0.42%    
Virginia State Resource Authority Infrastructure, Revenue Bonds,, Callable 11/1/2025 @ 100,  4.00%, 11/1/2033 75,000   85,686  
Virginia State Resource Authority Infrastructure, Revenue Bonds, Prerefunded, Callable 11/1/2025 @ 100,  4.00%, 11/1/2033 175,000   202,481  
    288,167  
Washington 1.53%    
Spokane Public Facilities District, Public Improvements, Revenue Bonds, Callable 6/1/2023 @ 100,  5.00%, 5/1/2043 1,000,000   1,055,149  
     
Wisconsin 0.12%    
Wisconsin Housing & Economic Development Authority, State Multi-Family Housing, Revenue Bonds, (OID),   5.63%, 11/1/2035 80,000   80,199  
     
Total Municipal Bonds
(Cost $64,495,356)
67,073,246  
     

 

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

 
 

 

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Shares Market Value
Money Market Funds 2.32%    
Morgan Stanley Institutional Liquidity Fund, Institutional, 0.03%(a) 1,595,336   $   1,595,336  
     
Total Money Market Funds
(Cost $1,595,336)
1,595,336  
   
Total Investments — 99.60%
(Cost $66,090,692)
68,668,582  
Other Assets in Excess of Liabilities  0.40% 279,191  
NET ASSETS - 100.00% $   68,947,773  
 

 

 

 

 

(a) Rate disclosed is the seven day effective yield as of March 31, 2021.

 

 

 

AGM — Assured Guaranty Municipal Corp.

AMBAC — American Municipal Bond Assurance Corp.

FHA — Insured by Federal Housing Administration

GO — General Obligation

GTD — Guaranteed

INS — Insured

OID — Original Issue Discount

 

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

 
 

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED)
 
  Shares Market Value
Common Stocks 16.40%    
     
Communications 1.31%
AT&T, Inc. 18,000   $   $544,860  
Verizon Communications, Inc. 20,000   1,163,000  
    1,707,860  
Consumer Staples 0.75%
Philip Morris International, Inc. 11,000   976,140  
     
Energy 6.51%
Chevron Corp. 14,000   1,467,060  
Enbridge, Inc. 29,763   1,083,373  
Energy Transfer LP 30,000   230,400  
Enterprise Products Partners LP 20,000   440,400  
Kinder Morgan, Inc. 40,000   666,000  
Magellan Midstream Partners LP 8,700   377,232  
MPLX LP 24,269   622,015  
Phillips 66 10,000   $   815,400  
TC Energy Corp. 20,536   939,522  
Valero Energy Corp. 11,500   823,400  
Williams Cos, Inc. (The) 42,500   1,006,825  
    8,471,627  
Financials 1.78%
Blackstone Group, Inc. (The), Class A 4,600   342,838  
Blackstone Mortgage Trust, Inc., Class A 11,565   358,515  
Citigroup, Inc. 18,000   1,309,500  
JPMorgan Chase & Co. 2,000   304,460  
    2,315,313  
Health Care 2.07%
AbbVie, Inc. 17,000   1,839,740  
Gilead Sciences, Inc. 3,000   193,890  
Merck & Co., Inc. 6,000   462,540  
Pfizer, Inc. 5,000   181,150  
    2,677,320  

 

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

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
  Shares Market Value
Real Estate 1.78%
City Office REIT, Inc. 10,000       $106,200  
Hannon Armstrong Sustainable Infrastructure Capital, Inc. 35,000   1,963,500  
Medical Properties Trust, Inc. 2,000   42,560  
Physicians Realty Trust 2,000   35,340  
Spirit MTA REIT(a) 2,000   850  
Spirit Realty Capital, Inc. 4,000   170,000  
    2,318,450  
Utilities 2.20%
Brookfield Renewable Partners LP 5,000   213,000  
Dominion Energy, Inc. 14,000   1,063,440  
Duke Energy Corp. 10,500   1,013,565  
PPL Corp. 20,000   $   576,800  
    2,866,805  
Total REIT
(Cost $18,782,531)
21,333,515  
     
Preferred Stocks 19.82%    
     
Financials 11.83%
Affiliated Managers Group, Inc., 4.75% 10,000   252,900  
Allstate Corporation (The), Series I, 4.75% 20,000   530,200  
American Financial Group, Inc., 5.13% 15,000   401,250  
American Financial Group, Inc., 5.63% 20,000   553,000  
Arch Capital Group Ltd., 5.25% 20,000   512,400  
Athene Holding Ltd., Series C, 6.38% 10,000   281,000  
Athene Holding Ltd., Series D, 4.88% 20,000   505,000  
Bank of America Corp., Series HH, 5.88% 8,000   218,320  
Bank of America Corp., Series LL, 5.00% 20,000   529,400  
Bank of America Corp., Series NN, 4.38% 10,000   250,000  
Bank of America Corp., Series PP, 4.13% 16,667   413,008  
Brighthouse Financial, Inc., Series, C, 5.38% 20,000   532,000  
Capital One Financial Corp, Series J, 4.80% 10,000   251,400  
Capital One Financial Corp., Series K, 4.63% 12,334   313,900  
CNO Financial Group, Inc., 5.13% 2,000   50,400  

 

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

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
  Shares Market Value
Financials (cont.)
Equitable Holdings, Inc., Series C, 4.30% 20,000       $498,000  
First Republic Bank, Series J, 4.70% 20,000   512,200  
First Republic Bank, Series K, 4.13% 13,667   341,675  
First Republic Bank, Series L, 4.25% 10,000   258,200  
Fulton Financial Corp., Series, A, 5.13% 6,000   157,140  
Globe Life, Inc., 6.13% 10,000   255,000  
Hancock Whitney Corp., 5.95% 3,700   94,757  
Huntington Bancshares, Inc., Series H, 4.50% 10,000   252,900  
JPMorgan Chase & Co., Series EE, 6.00% 20,000   549,600  
JPMorgan Chase & Co., Series GG, 4.75% 20,000   528,400  
JPMorgan Chase & Co., Series JJ, 4.55% 10,000   256,200  
KeyCorp, Series G, 5.63% 15,000   418,200  
KKR & Co. LP, Series B, 6.50% 10,000   $   256,700  
MetLife, Inc., Series F, 4.75% 25,000   661,500  
Northern Trust Corp., Series E, 4.70% 18,640   499,552  
Prudential Financial, Inc., 4.13% 3,530   89,415  
Prudential Financial, Inc., 5.63% 10,000   275,000  
Selective Insurance Group, Inc., Series B, 4.60% 1,000   24,950  
State Street Corporation, 5.35% 1,000   28,870  
Truist Financial Corp., Series R, 4.75% 16,334   420,601  
U.S. Bancorp, Series F, 6.50% 7,300   189,873  
U.S. Bancorp, Series L, 3.75% 20,000   476,000  
U.S. Bancorp, Series M, 4.00% 10,000   248,100  
W.R. Berkley Corporation, 5.10% 20,000   529,800  
Washington Federal, Inc., Series A, 4.88% 10,000   254,900  
Wells Fargo & Co., Series AA, 4.70% 20,000   509,000  
Wells Fargo & Co., Series CC, 4.38% 20,000   500,000  
Wells Fargo & Co., Series Z, 4.75% 20,000   510,600  
Wells Fargo & Co., 5.20% 7,397   191,656  
    15,382,967  
Real Estate 3.83%
Brookfield Property Partners LP, Series A, 5.75% 7,500   186,225  
Diversified Healthcare Trust, 5.63% 26,660   615,846  
Federal Realty Investment Trust, 5.00% 7,500   197,925  
National Retail Properties, Inc., 5.20% 25,000   640,000  
PS Business Parks, Inc., 5.20% 10,000   259,800  
PS Business Parks, Inc., 5.20% 4,000   105,200  

 

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

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
  Shares Market Value
Real Estate (cont.)
PS Business Parks, Inc., 5.25% 10,000       $260,900  
Public Storage, 4.90% 20,000   516,800  
Public Storage, 4.95% 20,000   504,800  
Public Storage, 5.13% 10,000   256,100  
Public Storage, Series I, 4.88% 9,583   256,633  
Public Storage, Series L, 4.63% 10,000   268,600  
Public Storage, Series M, 4.13% 3,889   100,375  
Public Storage, Series N, 3.88% 20,000   500,200  
Vornado Realty Trust, 5.40% 12,298   311,754  
    4,981,158  
Technology 0.11%
Pitney Bowes, Inc., 6.70% 5,700   $   139,650  
     
Utilities 4.05%
Brookfield Infrastructure Partners LP, 5.00% 10,000   252,300  
Brookfield Infrastructure Partners LP, 5.13% 20,000   511,600  
DTE Energy Co., 5.38% 10,000   254,900  
DTE Energy Co., 6.00% 20,000   518,200  
DTE Energy Co., Series G, 4.38% 20,000   502,600  
Duke Energy Corp., 5.13% 9,030   233,877  
Entergy Arkansas, Inc., 4.88% 20,000   508,400  
Entergy Louisiana LLC, 4.88% 10,000   254,500  
Entergy Mississippi, Inc., 4.90% 30,000   766,500  
NextEra Energy Capital Holdings, Inc., 5.25% 10,000   253,600  
Southern Co., 4.95% 21,000   552,720  
Southern Co., 5.25% 20,000   509,600  
Southern Co., Series C, 4.20% 6,000   149,100  
    5,267,897  
Total Preferred Stocks
(Cost $24,962,986)
25,771,672  

 

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

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
  Principal Amount Market Value
Collateralized Mortgage Obligations 0.09%    
CHL Mortgage Pass-Through Trust, 2005-21, A27, 5.50%, 10/25/2035     $26,564       $22,132  
CHL Mortgage Pass-Through Trust, 2005-21, A7, 5.50%, 10/25/2035 28,718   23,927  
Citicorp Mortgage Securities, Inc., 1A12, 5.00%, 2/25/2035 67,802   68,816  
     
Total Collateralized Mortgage Obligations (Cost $88,265) 114,875  
   
Corporate Bonds 7.89%    
Bank of New York Mellon Corp. (The), 4.63%, 12/20/2049 500,000   528,750  
Bank of New York Mellon Corp. (The), 3.70%, 3/20/2169 $   100,000   $   103,255  
Entergy Texas, Inc., 5.15%, 6/1/2045 100,000   107,109  
Exelon Generation Co. LLC, 5.60%, 6/15/2042(a)(b) 400,000   396,373  
Fifth Third Bancorp, 8.25%, 3/1/2038 250,000   403,267  
General Electric Co., 3.51%, 12/29/2049 765,000   722,734  
Goldman Sachs Group, Inc. (The), 6.75%, 10/1/2037 850,000   1,197,699  
Goldman Sachs Group, Inc. (The), 6.45%, 5/1/2036 500,000   677,525  
Hospitality Properties Trust, 4.50%, 3/15/2025 500,000   493,437  
Kinder Morgan Energy Partners LP, 6.50%, 2/1/2037 250,000   316,293  
MetLife, Inc., 9.25%, 4/8/2038(b) 1,500,000   2,199,633  
MetLife, Inc., 10.75%, 8/1/2039 1,000,000   1,673,754  
PECO Energy Capital Trust IV, 5.75%, 6/15/2033 1,000,000   1,125,651  
Valero Energy Corporation, 8.75%, 6/15/2030 224,000   314,689  
     
Total Corporate Bonds
(Cost $8,866,645)
10,260,169  
     
Municipal Bonds 55.45%    
     
Alabama 1.92%    
Health Care Authority for Baptist Health (The), Refunding Revenue Bonds,   5.50%, 11/15/2043 2,000,000   2,490,201  
     
Arizona 0.39%    
Arizona School Facilities Board, School Improvements, Certificate of Participation,   6.00%, 9/1/2027 225,000   280,844  

 

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

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
  Principal Amount Market Value
Arizona (cont.)    
Phoenix Arizona Civic Improvement Corp. Excise Tax Revenue, Revenue Bonds, Callable 7/1/2030 @ 100,  2.70%, 7/1/2045 $   $250,000   $227,146  
    507,990  
California 4.59%    
Alhambra Unified School District, University & College Improvements, General Obligation Unlimited,   6.70%, 2/1/2026 465,000   539,641  
California State University, Revenue Bonds, Callable 5/1/2030 @ 100,  3.07%, 11/1/2042 50,000   50,396  
City & County of San Francisco, CA, General Obligation Unlimited,   6.26%, 6/15/2030 $ 450,000   $ 597,780  
County of San Bernardino, CA, Refunding Revenue Bonds,   6.02%, 8/1/2023 120,000   129,609  
Peralta Community College District, Refunding Revenue Bonds,   6.91%, 8/1/2025 500,000   623,234  
Peralta Community College District, Refunding Revenue Bonds,   7.31%, 8/1/2031 310,000   427,119  
San Bernardino City Unified School District, School Improvements, Certificate of Participation, (AGM) (OID),   8.05%, 2/1/2023 1,000,000   1,133,725  
San Bernardino City Unified School District, School Improvements, Certificate of Participation, (AGM) (OID),   8.25%, 2/1/2026 500,000   641,495  
University of California Revenues, Revenue Bonds, Callable 5/15/2030 @ 100,  6.30%, 5/15/2050 510,000   626,849  
University of California Revenues, Revenue Bonds,   4.13%, 5/15/2045 530,000   601,224  
University of California, University & College Improvements, Refunding Revenue Bonds,   3.66%, 5/15/2027 250,000   279,023  
West Contra Costa Unified School District, School Improvements, General Obligation Unlimited,   6.25%, 8/1/2030 250,000   324,117  
    5,974,212  
Colorado 0.56%    
Colorado Mesa University, University & College Improvements, Build America Revenue Bonds, (State Higher Education Intercept Program),   6.75%, 5/15/2042 500,000   733,318  
     
Connecticut 0.80%    
State of Connecticut, General Obligation Unlimited,   5.85%, 3/15/2032 780,000   1,036,297  

 

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

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
  Principal Amount Market Value
Florida 3.57%    
City of Miami Gardens, FL, Public Improvements, Build America Bonds, Certificate of Participation,   7.17%, 6/1/2026     $1,250,000       $1,390,632  
City of Tallahassee, FL, Utility System Revenue, Build America Revenue Bonds,   5.22%, 10/1/2040 300,000   390,275  
County of Miami-Dade, FL Transit System, Transit Improvements, Build America Revenue Bonds,   5.53%, 7/1/2032 500,000   598,860  
County of Miami-Dade, FL, Port, Airport & Marina Improvements, Build America Revenue Bonds, (AGM) (OID),   7.50%, 4/1/2040 $ 1,000,000   $  1,493,728  
County of Miami-Dade, FL, Recreational Facility Improvements, Revenue Bonds, (AGM),   7.08%, 10/1/2029 250,000   325,930  
Florida State Board of Governors, University & College Improvements, Build America Revenue Bonds,   7.50%, 11/1/2035 250,000   250,942  
Town of Miami Lakes, FL, Public Improvements, Build America Revenue Bonds,   7.59%, 12/1/2030 150,000   194,993  
    4,645,360  
Georgia 4.78%    
Cobb Marietta Georgia Coliseum, Revenue Bonds, Callable 1/1/2026 @ 100,  4.50%, 1/1/2047 600,000   655,062  
Municipal Electric Authority of Georgia, Electric Lights & Power Improvements, Build America Revenue Bonds,   7.06%, 4/1/2057 2,463,000   3,430,730  
State of Georgia, Public Improvements, General Obligation Unlimited, Callable 2/1/2024 @ 100,  3.84%, 2/1/2032 2,000,000   2,133,407  
    6,219,199  
Hawaii 0.42%    
State of Hawaii, General Obligation Unlimited, Callable 10/1/2025 @ 100,  4.05%, 10/1/2032 495,000   548,242  
     
Idaho 0.32%    
Idaho Water Resource Board, Water Utility Improvements, Revenue Bonds, (OID), Callable 9/1/2022 @ 100,  5.25%, 9/1/2024 400,000   418,774  
     
Illinois 1.68%    
City of Chicago, IL Waterworks Revenue, Water Utility Improvements, Build America Revenue Bonds, Callable 11/1/2031 @ 100,  6.74%, 11/1/2040 250,000   330,918  

 

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

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
  Principal Amount Market Value
Illinois (cont.)
Village of Glenwood, IL, Public Improvements, Build America Bonds, General Obligation Unlimited, (AGM),   7.03%, 12/1/2028     $1,500,000       $1,858,697  
    2,189,615  
Indiana 1.60%    
Anderson School Building Corporation, Refunding Bonds, General Obligation Limited, Callable 7/5/2023 @ 100,  3.95%, 7/5/2029 1,000,000   1,044,538  
Anderson School Building Corporation, Refunding Bonds, General Obligation Limited, (OID), Callable 7/5/2023 @ 100,  3.75%, 7/5/2028 $ 1,000,000   $  1,043,225  
    2,087,763  
Kansas 0.25%    
Wyandotte County Unified School District No. 500 Kansas City, General Obligation Unlimited, Callable 9/1/2030 @ 100,  3.17%, 9/1/2046 330,000   322,866  
     
Kentucky 0.34%    
Kentucky State Property & Building Commission, Economic Improvements, University & College Improvements, Build America Revenue Bonds,   5.37%, 11/1/2025 400,000   447,997  
     
Louisiana 0.26%    
Tangipahoa Parish Hospital Service District No. 1, Hospital Improvements, Build America Revenue Bonds,   7.20%, 2/1/2042 340,000   341,177  
     
Massachusetts 0.76%    
City of Worcester, MA, Pension Funding, General Obligation Limited, (AGM) (OID),   6.25%, 1/1/2028 140,000   160,408  
Commonwealth of Massachusetts,   2.51%, 7/1/2041 500,000   495,914  
Massachusetts Health & Educational Facilities Authority, Refunding Revenue Bonds,   6.43%, 10/1/2035 250,000   320,572  
University of Massachusetts Building Authority, University & College Improvements, Build America Revenue Bonds,   6.57%, 5/1/2039 15,000   15,046  
    991,940  
Michigan 1.21%    
Comstock Park Public Schools, School Improvements, General Obligation Unlimited, Callable 5/1/2021 @ 100,  6.20%, 5/1/2024 200,000   200,727  
County of Macomb, MI, Retirement Facilities, General Obligation Limited, Callable 11/1/2025 @ 100,  4.13%, 11/1/2030 250,000   286,215  

 

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

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
  Principal Amount Market Value
Michigan (cont.)
Michigan Finance Authority, Revenue Bonds, Callable 9/1/2025 @ 100,  3.90%, 9/1/2030     $250,000       $273,227  
Michigan Finance Authority, School Improvements, Revenue Bonds,   6.38%, 11/1/2025 500,000   501,299  
Michigan Finance Authority, School Improvements, Revenue Bonds, Callable 5/1/2021 @ 100,  6.20%, 5/1/2022 $   160,000   $ 160,635  
Onsted Community Schools, School Improvements, General Obligation Unlimited,   5.90%, 5/1/2027 150,000   150,428  
St Johns Public Schools, General Obligation Unlimited,   6.65%, 5/1/2040 5,000   5,014  
    1,577,545  
Mississippi 0.75%    
East Baton Rouge Parish, LA Sewerage Commission, Revenue Bonds Series B,   2.44%, 2/1/2039 100,000   94,951  
Mississippi Development Bank, Highway Improvements, Build America Revenue Bonds,   6.59%, 1/1/2035 650,000   877,901  
    972,852  
Missouri 3.11%    
City of Kansas City, MO, Revenue Bonds,   7.83%, 4/1/2040 2,410,000   3,310,605  
Missouri Joint Municipal Electric Utility Commission, Electric Lights & Power Improvements, Build America Revenue Bonds,   7.73%, 1/1/2039 475,000   725,376  
    4,035,981  
Nebraska 0.18%    
Nebraska Public Power District, Electric Lights & Power Improvements, Build America Revenue Bonds,   5.32%, 1/1/2030 200,000   236,940  
     
Nevada 1.00%    
County of Washoe, NV, Public Improvements, Build America Revenue Bonds,   7.97%, 2/1/2040 590,000   886,433  
County of Washoe, NV, Public Improvements, Build America Revenue Bonds,   7.88%, 2/1/2040 250,000   411,108  
    1,297,541  
New Jersey 2.06%    
New Jersey Economic Development Authority, Revenue Bonds,   7.42%, 2/15/2029 250,000   320,281  

 

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

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
  Principal Amount Market Value
New Jersey (cont.)
New Jersey Educational Facilities Authority, University & College Improvements, Build America Revenue Bonds, Callable 6/7/2021 @ 100,  6.19%, 7/1/2040     $500,000       $501,051  
Township of Brick, NJ, General Obligation Unlimited,   3.75%, 9/1/2028 $ 1,780,000   $  1,846,164  
    2,667,496  
New York 7.91%    
City of New York, NY, Public Improvements, Build America Bonds, General Obligation Unlimited,   5.21%, 10/1/2031 100,000   120,508  
City of New York, NY, Public Improvements, Build America Bonds, General Obligation Unlimited,   5.70%, 3/1/2027 145,000   178,227  
County of Nassau, NY, Public Improvements, Build America Bonds, General Obligation Unlimited,   5.38%, 10/1/2024 500,000   563,742  
Long Island Power Authority, Revenue Bonds, (OID),   5.85%, 5/1/2041 195,000   258,772  
Metropolitan Transportation Authority, Revenue Bonds,   5.87%, 11/15/2039 200,000   253,439  
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds,   6.20%, 11/15/2026 375,000   430,293  
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds,   5.99%, 11/15/2030 125,000   158,738  
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds,   6.59%, 11/15/2030 395,000   496,386  
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds,   6.69%, 11/15/2040 500,000   683,905  
New York City Industrial Development Agency, Recreational Facilities Improvements Revenue Bonds, (NATL-RE),   5.90%, 3/1/2046 580,000   665,456  
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   703,854  
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Build America Revenue Bonds,   5.47%, 5/1/2036 815,000   1,076,829  
New York State Dormitory Authority, Revenue Bonds, Callable 7/1/2029 @ 100,  4.30%, 7/1/2044 250,000   274,529  
New York State Dormitory Authority, Revenue Bonds, Callable 8/1/2028 @ 100,  4.95%, 8/1/2048 500,000   559,224  
Port Authority of New York & New Jersey, Callable 6/1/2025 @ 100,  4.82%, 6/1/2045 1,000,000   1,125,855  

 

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

 
 

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
  Principal Amount Market Value
New York (cont.)    
Port Authority of New York & New Jersey, Port, Airport & Marina Improvements, Revenue Bonds,   3.92%, 10/15/2028 $   $2,115,000   $   $2,328,313  
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2033 @ 100,  5.55%, 11/15/2040 150,000   190,651  
Western Nassau County Water Authority, Build America Revenue Bonds,   6.70%, 4/1/2040 150,000   208,166  
    10,276,887  
North Carolina 0.18%    
County of Cabarrus, NC, School Improvements, Revenue Bonds, Callable 4/1/2021 @ 100,  5.50%, 4/1/2026 235,000   235,521  
     
Ohio 2.82%    
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds,   7.50%, 2/15/2050 500,000   774,989  
American Municipal Power, Inc., Revenue Bonds,   6.27%, 2/15/2050 495,000   674,275  
Cincinnati City School District, Refunding Bonds, Certificate of Participation, (OID), Callable 12/15/2024 @ 100,  4.00%, 12/15/2032 200,000   214,728  
County of Cuyahoga, OH, Hospital Improvements, Build America Revenue Bonds,   8.22%, 2/15/2040 1,000,000   1,256,026  
Olentangy Local School District, Refunding Bonds, General Obligation Unlimited,   3.50%, 12/1/2029 500,000   529,343  
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   200,584  
    3,649,945  
Pennsylvania 3.13%    
Pennsylvania Turnpike Commission Turnpike Revenue, Revenue Bonds, Callable 12/1/2029 @ 100,  3.58%, 12/1/2043 890,000   897,508  
Pennsylvania Turnpike Commission, Build America Revenue Bonds,   6.38%, 12/1/2037 520,000   697,415  
Philadelphia Authority for Industrial Development, Pension Funding, Revenue Bonds, (AGM) (OID),   6.35%, 4/15/2028 630,000   757,557  
Philadelphia Municipal Authority, Public Improvements, Revenue Bonds,   5.09%, 3/15/2028 500,000   518,667  

 

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

 
 

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
  Principal Amount Market Value
Pennsylvania (cont.)    
Sports & Exhibition Authority of Pittsburgh and Allegheny County, Recreational Facilities Improvements, Revenue Bonds,   7.04%, 11/1/2039 $   $1,000,000   $   $1,195,537  
    4,066,684  
Rhode Island 0.37%    
Narragansett Bay Commission, Revenue Bonds,, Callable 9/1/2030 @ 100,  2.92%, 9/1/2043 500,000   487,116  
     
South Dakota 0.31%    
South Dakota State Building Authority, University & College Improvements, Build America Revenue Bonds, Callable 6/1/2021 @ 100,  6.15%, 6/1/2031 400,000   403,021  
     
Texas 1.91%    
Frisco Economic Development Corporation, Public Improvements, Revenue Bonds,   4.20%, 2/15/2034 1,000,000   1,057,798  
Grand Parkway Transportation Corp., Revenue Bonds, Callable 4/1/2030 @ 100,  3.24%, 10/1/2052 100,000   100,619  
Midland County Hospital District, Health, Hospital & Nursing Home Improvements, Build America Bonds, General Obligation Limited,   6.44%, 5/15/2039 260,000   354,693  
Texas Transportation Commission, General Obligation Unlimited, Callable 4/1/2030 @ 100,  2.56%, 4/1/2042 1,000,000   978,066  
    2,491,176  
Virgin Islands 1.69%    
Virgin Islands Water & Power Authority- Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM),   6.85%, 7/1/2035 1,000,000   1,233,058  
Virgin Islands Water & Power Authority- Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM),   6.65%, 7/1/2028 840,000   956,603  
    2,189,661  

 

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

 
 

 

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
  Principal Amount Market Value
Virginia 4.72%    
Tobacco Settlement Financing Corporation, Refunding Revenue Bonds, (OID),   6.71%, 6/1/2046 $   $5,850,000   $   $6,141,617  
     
Washington 1.78%    
City of Seattle, WA, Municipal Light & Power Revenue, Electric Lights & Power Improvements, Build America Revenue Bonds, (OID),   5.57%, 2/1/2040 250,000   311,411  
Douglas County Public Utility District No. 1, Electric Lights & Power Improvements, Revenue Bonds,   5.35%, 9/1/2030 250,000   295,386  
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   728,396  
Public Utility District No. 1 of Cowlitz County, WA, Electric Lights & Power Improvements, Build America Revenue Bonds,   6.88%, 9/1/2032 500,000   661,187  
Snohomish County Public Utility District No. 1, Electric Lights & Power Improvements, Build America Revenue Bonds, (OID),   5.68%, 12/1/2040 250,000   311,775  
    2,308,155  
Wisconsin 0.08%    
State of Wisconsin, General Obligation Unlimited,   2.35%, 5/1/2031 100,000   103,880  
     
Total Municipal Bonds
(Cost $61,960,596)
72,096,969  
     
Total Investments — 99.65%
(Cost $114,661,023)
129,577,200  
Other Assets in Excess of Liabilities  0.35% 454,974  
NET ASSETS - 100.00% $   130,032,174  
 

 

 

 

(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.

 

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

 
 

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 this schedule of investments.

 
 

 

 

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED)
 
  Shares Market Value
Common Stocks 39.52%    
     
Communications 7.00%
Alphabet, Inc., Class A(a) 250   $   515,630  
Alphabet, Inc., Class C(a) 190   393,040  
AT&T, Inc. 4,114   124,531  
Netflix, Inc.(a) 800   417,328  
Verizon Communications, Inc. 5,000   290,750  
    1,741,279  
Consumer Discretionary 4.24%
Amazon.com, Inc.(a) 150   464,112  
Home Depot, Inc. (The) 1,000   305,250  
Lennar Corp., Class A 2,800   283,444  
    1,052,806  
Energy 4.19%
Cheniere Energy Partners LP 2,300   95,565  
Energy Transfer LP 17,350   133,248  
Enterprise Products Partners LP 10,805   237,926  
Kinder Morgan, Inc. 7,500   124,875  
Magellan Midstream Partners LP 2,725   118,156  
MPLX LP 8,850   226,825  
Viper Energy Partners LP 3,200   46,592  
Williams Cos, Inc. (The) 2,500   59,225  
    1,042,412  
Financials 4.47%
Blackstone Group, Inc. (The), Class A 5,500   409,915  
Blackstone Mortgage Trust, Inc., Class A 3,207   99,417  
Citigroup, Inc. 3,000   218,250  
Fifth Third Bancorp 3,400   127,330  
JPMorgan Chase & Co. 1,000   152,230  
Starwood Property Trust, Inc. 4,175   103,289  
    1,110,431  

 

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

 
 

 

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Shares Market Value
Health Care 1.74%
AbbVie, Inc. 4,000   $   432,880  
     
Industrials 2.86%
Caterpillar, Inc. 700   162,309  
Deere & Co. 1,150   430,261  
Honeywell International, Inc. 550   119,388  
    711,958  
Materials 0.26%
Dow, Inc. 1,000   63,940  
     
Real Estate Investment Trusts (REITs) 4.05%
Prologis, Inc. 3,000   318,000  
Sun Communities, Inc. 714   107,129  
Terreno Realty Corp. 7,000   404,390  
Welltower, Inc. 1,160   83,091  
WP Carey, Inc. 1,340   94,818  
    1,007,428  
Technology 9.93%
Apple, Inc. 3,250   396,988  
Microsoft Corp. 2,000   471,540  
NVIDIA Corp. 2,045   1,091,887  
PayPal Holdings, Inc.(a) 2,100   509,964  
    2,470,379  
Utilities 0.78%
American Electric Power Co., Inc. 1,155   97,828  
Duke Energy Corp. 1,000   96,530  
    194,358  
Total Common Stocks
(Cost $6,772,897)
9,827,871  
     

 

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

 
 

 

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
 
  Shares Market Value
Preferred Stocks 10.15%    
     
Financials 5.26%
Bank of America Corp., 6.00% 3,800   $   95,000  
Capital One Financial Corp., Series K, 4.63% 6,166   156,925  
First Republic Bank, Series K, 4.13% 1,333   33,325  
Hancock Whitney Corp., 5.95% 9,200   235,612  
JPMorgan Chase & Co., Series JJ, 4.55% 5,000   128,100  
KKR & Company LP, 6.50% 6,481   166,367  
Prudential Financial, Inc., 4.13% 1,765   44,708  
Truist Financial Corp., Series R, 4.75% 8,166   210,274  
U.S. Bancorp, Series L, 3.75% 10,000   238,000  
    1,308,311  
Real Estate 1.35%
National Retail Properties, Inc., 5.20% 6,000   153,600  
Public Storage, 5.05% 5,000   131,400  
Public Storage, Series M, 4.13% 1,944   50,175  
    335,175  
Utilities 3.54%
Brookfield Infrastructure Partners LP, 5.13% 10,000   255,800  
Southern Co., 5.25% 14,000   370,300  
Southern Co., 5.25% 10,000   254,800  
    880,900  
Total Preferred Stocks
(Cost $2,486,056)
2,524,386  
     
  Principal Amount  
Corporate Bonds 2.08%    
Apple, Inc., 2.20%, 9/11/2029 $    250,000   253,432  
Microsoft Corp., 3.30%, 2/6/2027 240,000   264,544  
     
Total Corporate Bonds
(Cost $501,978)
517,976  
     

 

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

 
 

 

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
  Principal Amount Market Value
Municipal Bonds 43.15%    
     
Arizona 3.03%    
City of Tucson, AZ, Certificate of Participation, (AGM),   4.83%, 7/1/2034 $   620,000   $   752,849  
     
California 4.83%    
California State University, Revenue Bonds,, Callable 5/1/2030 @ 100,  3.07%, 11/1/2042 50,000   50,396  
City of Newport Beach, CA, Public Improvements, Certificate of Participation,   7.17%, 7/1/2040 800,000   1,152,136  
    1,202,532  
Florida 4.41%    
Pasco County School Board, School Improvements, Certificate of Participation,   5.00%, 12/1/2037 1,000,000   1,095,575  
     
Kansas 5.48%    
Kansas Development Finance Authority, Revenue Bonds,   4.73%, 4/15/2037 1,000,000   1,197,094  
Wyandotte County Unified School District No. 500 Kansas City, General Obligation Unlimited,, Callable 9/1/2030 @ 100,  3.17%, 9/1/2046 170,000   166,325  
    1,363,419  
Nevada 0.60%    
County of Washoe, NV, Public & Highway Improvements, Build America Revenue Bonds,   7.97%, 2/1/2040 100,000   150,243  
     
New York 5.77%    
New York City Transitional Finance Authority Building Aid Revenue, School Improvements, Miscellaneous Purposes Revenue Bonds,   5.00%, 7/15/2030 300,000   361,894  
New York State Dormitory Authority, Revenue Bonds, Callable 7/1/2026 @ 100,  3.88%, 7/1/2046 750,000   793,513  
Port Authority of New York & New Jersey, Callable 6/1/2025 @ 100,  4.82%, 6/1/2045 250,000   281,464  
    1,436,871  

 

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

 
 

 

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
Utilities (cont.)
  Principal Amount Market Value
Ohio 6.83%    
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds,   7.83%, 2/15/2041 $   1,000,000   $   1,556,382  
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds,   5.94%, 2/15/2047 100,000   140,923  
    1,697,305  
Pennsylvania 4.68%    
City of Reading, PA, General Obligation Unlimited, (AGM) (OID), Callable 11/1/2024 @ 100,  5.30%, 11/1/2033 1,000,000   1,162,881  
     
Rhode Island 1.96%    
Narragansett Bay Commission, Revenue Bonds,, Callable 9/1/2030 @ 100,  2.92%, 9/1/2043 500,000   487,116  
     
Tennessee 3.39%    
Metropolitan Government of Nashville & Davidson County Convention Center Authority, Public Improvements, Revenue Bonds,   7.43%, 7/1/2043 500,000   727,698  
Metropolitan Government of Nashville & Davidson County, General Obligation Unlimited,   3.49%, 7/1/2029 100,000   114,096  
    841,794  
Texas 2.17%    
Grand Parkway Transportation Corporation, Revenue Bonds,, Callable 4/1/2030 @ 100,  3.24%, 10/1/2052 50,000   50,310  
Texas Transportation Commission, General Obligation Unlimited, Callable 4/1/2030 @ 100,  2.56%, 4/1/2042 500,000   489,033  
    539,343  
Total Municipal Bonds
(Cost $8,961,740)
10,729,928  
     
U.S. Government & Agency Obligations 3.71%    
U.S. Treasury Notes 1.38%, 10/15/2022 250,000   254,795  
U.S. Treasury Notes 1.50%, 1/15/2023 400,000   409,672  
     

 

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

 
 

 

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.)
  Principal Amount Market Value
U.S. Treasury Notes 1.50%, 10/31/2024 $   250,000   $   258,510  
     
Total U.S. Government & Agency Obligations
(Cost $897,992)
922,977  
     
  Shares  
Money Market Funds 0.93%    
Morgan Stanley Institutional Liquidity Fund, Institutional, 0.03%(b) 229,941   229,941  
     
Total Money Market Funds
(Cost $229,941)
229,941  
   
Total Investments — 99.54%
(Cost $19,850,604)
24,753,079  
Other Assets in Excess of Liabilities  0.46% 114,476  
NET ASSETS - 100.00% $   24,867,555  
 

 

 

 

 

(a) Non-income producing security.
(b) Rate disclosed is the seven day effective yield as of March 31, 2021.

 

 

AGM — Assured Guaranty Municipal Corp.

OID — Original Issue Discount

 

 

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