NPORT-EX 2 ultimus_5515.htm
Spirit
of
America
Real
Estate
Income
and
Growth
Fund
Schedule
of
Investments
March
31,
2024
(Unaudited)
1
Common
Stocks
96.99%
Shares
Market
Value
Communications
0.04%
DigitalBridge
Group,
Inc.
1,500‌
$
28,905‌
Data
Center
REITs
12.05%
Digital
Realty
Trust,
Inc.
25,381‌
3,655,879‌
Equinix,
Inc.
6,160‌
5,084,033‌
8,739,912‌
Energy
1.10%
Cheniere
Energy
Partners
LP
2,463‌
121,648‌
Energy
Transfer
LP
20,000‌
314,600‌
Enterprise
Products
Partners
LP
6,000‌
175,080‌
MPLX
LP
4,500‌
187,020‌
798,348‌
Gaming
REITs
6.03%
Gaming
and
Leisure
Properties,
Inc.
33,385‌
1,538,047‌
VICI
Properties,
Inc.
95,297‌
2,838,898‌
4,376,945‌
Health
Care
REITs
6.20%
Global
Medical
REIT,
Inc.
15,000‌
131,250‌
Healthcare
Realty
Trust,
Inc.
10,000‌
141,500‌
Healthpeak
Properties,
Inc.
18,869‌
353,794‌
Omega
Healthcare
Investors,
Inc.
12,000‌
380,040‌
Ventas,
Inc.
7,550‌
328,727‌
Welltower,
Inc.
33,875‌
3,165,280‌
4,500,591‌
Hotel
REITs
3.86%
Apple
Hospitality
REIT,
Inc.
45,210‌
740,540‌
Host
Hotels
&
Resorts,
Inc.
48,900‌
1,011,252‌
Park
Hotels
&
Resorts,
Inc.
9,250‌
161,783‌
Pebblebrook
Hotel
Trust
42,281‌
651,550‌
Summit
Hotel
Properties,
Inc.
9,000‌
58,590‌
Sunstone
Hotel
Investors,
Inc.
15,700‌
174,898‌
2,798,613‌
Industrial
REITs
14.75%
Americold
Realty
Trust
4,700‌
117,124‌
Plymouth
Industrial
REIT
Inc.
1,500‌
33,750‌
Prologis,
Inc.
38,801‌
5,052,666‌
Rexford
Industrial
Realty,
Inc.
19,500‌
980,850‌
STAG
Industrial,
Inc.
45,950‌
1,766,318‌
Terreno
Realty
Corp.
41,400‌
2,748,960‌
10,699,668‌
Infrastructure
REITs
0.84%
American
Tower
Corp.,
Class
A
1,720‌
339,855‌
Spirit
of
America
Real
Estate
Income
and
Growth
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
2
Common
Stocks
96.99%
(continued)
Shares
Market
Value
Infrastructure
REITs
0.84%
(continued)
Crown
Castle
International
Corp.
2,540‌
$
268,808‌
608,663‌
Midstream
-
Oil
&
Gas
0.12%
Plains
All
American
Pipeline
LP
2,000‌
35,120‌
Plains
GP
Holdings
LP,
Class
A
(a)
3,000‌
54,750‌
89,870‌
Mortgage
Finance
0.78%
Blackstone
Mortgage
Trust,
Inc.,
Class
A
13,200‌
262,812‌
Starwood
Property
Trust,
Inc.
15,000‌
304,950‌
567,762‌
Multi
Asset
Class
REITs
1.68%
Lexington
Realty
Trust
2,700‌
24,354‌
One
Liberty
Properties,
Inc.
2,500‌
56,475‌
WP
Carey,
Inc.
20,200‌
1,140,088‌
1,220,917‌
Office
REITs
2.65%
Alexandria
Real
Estate
Equities,
Inc.
7,100‌
915,261‌
Boston
Properties,
Inc.
6,715‌
438,556‌
Cousins
Properties,
Inc.
8,500‌
204,340‌
Empire
State
Realty
Trust,
Inc.,
Class
A
9,000‌
91,170‌
Hudson
Pacific
Properties,
Inc.
11,000‌
70,950‌
Kilroy
Realty
Corp.
4,265‌
155,374‌
Net
Lease
Office
Properties
1,872‌
44,562‌
1,920,213‌
Residential
REITs
21.47%
American
Homes
4
Rent,
Class
A
35,300‌
1,298,334‌
Apartment
Income
REIT
Corp.
25,902‌
841,038‌
AvalonBay
Communities,
Inc.
15,190‌
2,818,656‌
Camden
Property
Trust
13,200‌
1,298,880‌
Equity
LifeStyle
Properties,
Inc.
24,550‌
1,581,020‌
Equity
Residential
30,715‌
1,938,424‌
Essex
Property
Trust,
Inc.
5,936‌
1,453,192‌
Invitation
Homes,
Inc.
1,000‌
35,610‌
Mid-America
Apartment
Communities,
Inc.
7,672‌
1,009,482‌
Sun
Communities,
Inc.
13,000‌
1,671,540‌
UDR,
Inc.
43,600‌
1,631,076‌
15,577,252‌
Retail
REITs
12.72%
Agree
Realty
Corp.
8,250‌
471,240‌
Brixmor
Property
Group,
Inc.
47,475‌
1,113,289‌
Federal
Realty
Investment
Trust
12,100‌
1,235,652‌
Four
Corners
Property
Trust,
Inc.
5,000‌
122,350‌
Getty
Realty
Corp.
1,000‌
27,350‌
Spirit
of
America
Real
Estate
Income
and
Growth
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
3
Common
Stocks
96.99%
(continued)
Shares
Market
Value
Retail
REITs
12.72%
(continued)
Kimco
Realty
Corp.
27,569‌
$
540,628‌
National
Retail
Properties,
Inc.
17,750‌
758,635‌
Realty
Income
Corp.
29,985‌
1,622,188‌
Regency
Centers
Corp.
14,800‌
896,288‌
Simon
Property
Group,
Inc.
13,500‌
2,112,615‌
Spirit
MTA
REIT
(a)(b)
1,140‌
–‌
Tanger
Factory
Outlet
Centers,
Inc.
11,000‌
324,830‌
9,225,065‌
Self-Storage
REITs
9.09%
CubeSmart
21,450‌
969,969‌
Extra
Space
Storage,
Inc.
20,530‌
3,017,910‌
Public
Storage
8,975‌
2,603,288‌
6,591,167‌
Specialty
REITs
3.35%
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
2,717‌
77,163‌
Iron
Mountain,
Inc.
28,800‌
2,310,048‌
Postal
Realty
Trust,
Inc.
3,000‌
42,960‌
2,430,171‌
Timber
REITs
0.26%
Weyerhaeuser
Co.
5,300‌
190,323‌
Total
Common
Stocks
(Cost $59,882,955)
70,364,385‌
Preferred
Stocks
2.66%
Shares
Market
Value
Data
Center
REITs
0.12%
Digital
Realty
Trust,
Inc.,
Series
J,
5.25%
4,000‌
88,200‌
Hotel
REITs
1.16%
Ashford
Hospitality
Trust,
Inc.,
Series
F,
7.38%
6,000‌
84,000‌
Pebblebrook
Hotel
Trust,
Series
F,
6.30%
2,500‌
51,000‌
Pebblebrook
Hotel
Trust,
Series
G,
6.38%
4,000‌
82,440‌
Pebblebrook
Hotel
Trust,
Series
H,
6.38%
6,000‌
112,800‌
Sotherly
Hotels,
Inc.,
Series
B,
8.00%
6,000‌
113,160‌
Sotherly
Hotels,
Inc.,
Series
C,
7.88%
2,000‌
37,700‌
Summit
Hotel
Properties,
Inc.,
Series
F,
5.88%
10,000‌
195,700‌
Sunstone
Hotel
Investors,
Inc.,
Series
H,
6.13%
4,000‌
84,840‌
Sunstone
Hotel
Investors,
Inc.,
Series
I,
5.70%
4,000‌
79,440‌
841,080‌
Mortgage
Finance
0.05%
New
York
Mortgage
Trust
Inc.,
Series
G,
7.00%
2,000‌
36,000‌
Spirit
of
America
Real
Estate
Income
and
Growth
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
4
Preferred
Stocks
2.66%
(continued)
Multi
Asset
Class
REITs
0.05%
Vornado
Realty
Trust,
Series
M,
5.25%
2,500‌
$
38,250‌
Office
REITs
0.08%
Hudson
Pacific
Properties
Inc.,
Series
C,
4.75%
4,000‌
55,280‌
Residential
REITs
0.06%
American
Homes
4
Rent,
Series
G,
5.88%
2,000‌
45,980‌
Retail
REITs
0.26%
CTO
Realty
Growth,
Inc.,
Series
A,
6.38%
2,000‌
40,500‌
Federal
Realty
Investment
Trust,
Series
C,
5.00%
6,500‌
142,675‌
183,175‌
Self-Storage
REITs
0.88%
Public
Storage,
Series
I,
4.88%
1,917‌
43,669‌
Public
Storage,
Series
K,
4.75%
4,000‌
86,560‌
Public
Storage,
Series
L,
4.63%
2,000‌
42,780‌
Public
Storage,
Series
M,
4.13%
1,167‌
22,628‌
Public
Storage,
Series
N,
3.88%
4,000‌
71,240‌
Public
Storage,
Series
P,
4.00%
2,000‌
37,000‌
Public
Storage,
Series
Q,
3.95%
4,000‌
72,480‌
Public
Storage,
Series
R,
4.00%
4,000‌
73,920‌
Public
Storage,
Series
S,
4.10%
10,000‌
188,900‌
639,177‌
Total
Preferred
Stocks
(Cost $2,516,326)
1,927,142‌
Total
Investments
—
99.65%
(Cost
$62,399,281)
72,291,527‌
Other
Assets
in
Excess
of
Liabilities 
—
0.35%
251,091‌
NET
ASSETS
-
100.00%
$
72,542,618‌
(a)
Non-income
producing
security.
(b)
Security
is
currently
being
valued
according
to
the
fair
value
procedures
approved
by
the
Board
of
Directors.
Spirit
of
America
Large
Cap
Value
Fund
Schedule
of
Investments
March
31,
2024
(Unaudited)
5
Common
Stocks
99.46%
Shares
Market
Value
Communications
6.12%
Alphabet,
Inc.,
Class
A
(a)
43,500‌
$
6,565,455‌
AT&T,
Inc.
9,500‌
167,200‌
Netflix,
Inc.
(a)
600‌
364,398‌
Verizon
Communications,
Inc.
28,540‌
1,197,538‌
Walt
Disney
Co.
(The)
20,600‌
2,520,616‌
10,815,207‌
Consumer
Discretionary
6.52%
Amazon.com,
Inc.
(a)
21,350‌
3,851,113‌
Chipotle
Mexican
Grill,
Inc.
(a)
885‌
2,572,491‌
Home
Depot,
Inc.
(The)
6,138‌
2,354,537‌
Lowe's
Companies,
Inc.
3,400‌
866,082‌
Masco
Corp.
8,500‌
670,480‌
McDonald's
Corp.
2,580‌
727,431‌
NIKE,
Inc.,
Class
B
700‌
65,786‌
Tesla,
Inc.
(a)
2,300‌
404,317‌
11,512,237‌
Consumer
Staples
8.29%
Altria
Group,
Inc.
12,650‌
551,793‌
Coca-Cola
Co.
(The)
7,900‌
483,322‌
Colgate-Palmolive
Co.
1,500‌
135,075‌
Conagra
Brands,
Inc.
5,100‌
151,164‌
Constellation
Brands,
Inc.,
Class
A
1,400‌
380,464‌
Costco
Wholesale
Corp.
6,831‌
5,004,596‌
Kroger
Co.
(The)
9,000‌
514,170‌
Lamb
Weston
Holdings,
Inc.
4,300‌
458,079‌
PepsiCo,
Inc.
2,400‌
420,024‌
Philip
Morris
International,
Inc.
7,350‌
673,407‌
Procter
&
Gamble
Co.
(The)
7,265‌
1,178,746‌
Target
Corp.
11,130‌
1,972,347‌
Wal-Mart
Stores,
Inc.
45,252‌
2,722,813‌
14,646,000‌
Energy
9.69%
Antero
Midstream
Corp.
5,000‌
70,300‌
Baker
Hughes
Co.
8,750‌
293,125‌
Cheniere
Energy,
Inc.
9,650‌
1,556,352‌
Chevron
Corp.
13,260‌
2,091,632‌
CNX
Resources
Corp.
(a)
4,000‌
94,880‌
ConocoPhillips
5,300‌
674,584‌
Devon
Energy
Corp.
7,800‌
391,404‌
Diamondback
Energy,
Inc.
2,650‌
525,150‌
Enbridge,
Inc.
2,000‌
72,360‌
EOG
Resources,
Inc.
4,400‌
562,496‌
Exxon
Mobil
Corp.
7,550‌
877,612‌
Halliburton
Co.
2,500‌
98,550‌
Spirit
of
America
Large
Cap
Value
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
6
Common
Stocks
99.46%
(continued)
Shares
Market
Value
Energy
9.69%
(continued)
Kinder
Morgan,
Inc.
21,750‌
$
398,895‌
Marathon
Oil
Corp.
2,000‌
56,680‌
Marathon
Petroleum
Corp.
1,150‌
231,725‌
Occidental
Petroleum
Corp.
6,500‌
422,435‌
ONEOK,
Inc.
2,000‌
160,340‌
Phillips
66
7,250‌
1,184,215‌
Pioneer
Natural
Resources
Co.
6,675‌
1,752,188‌
Targa
Resources
Corp.
5,600‌
627,144‌
Valero
Energy
Corp.
16,065‌
2,742,135‌
Williams
Companies,
Inc.
(The)
57,000‌
2,221,290‌
17,105,492‌
Financials
7.23%
American
Express
Co.
5,000‌
1,138,450‌
Bank
of
America
Corp.
24,850‌
942,312‌
Berkshire
Hathaway,
Inc.,
Class
B
(a)
3,970‌
1,669,464‌
Blackstone
Group,
Inc.
(The),
Class
A
11,550‌
1,517,324‌
Carlyle
Group,
Inc.
(The)
6,050‌
283,806‌
Citigroup,
Inc.
18,700‌
1,182,588‌
CME
Group,
Inc.
1,404‌
302,267‌
Goldman
Sachs
Group,
Inc.
(The)
2,715‌
1,134,028‌
JPMorgan
Chase
&
Co.
20,992‌
4,204,698‌
Morgan
Stanley
3,000‌
282,480‌
Wells
Fargo
&
Co.
2,000‌
115,920‌
12,773,337‌
Health
Care
10.18%
Abbott
Laboratories
3,100‌
352,346‌
AbbVie,
Inc.
24,357‌
4,435,410‌
Amgen,
Inc.
750‌
213,240‌
Bristol-Myers
Squibb
Co.
16,650‌
902,930‌
Centene
Corp.
(a)
7,300‌
572,904‌
CVS
Health
Corp.
1,811‌
144,445‌
Edwards
LifeSciences
Corp.
(a)
3,000‌
286,680‌
Eli
Lilly
&
Co.
3,250‌
2,528,370‌
Humana,
Inc.
1,350‌
468,072‌
McKesson
Corp.
4,845‌
2,601,038‌
Medtronic
PLC
7,069‌
616,063‌
Merck
&
Co.,
Inc.
18,350‌
2,421,283‌
Quest
Diagnostics,
Inc.
4,500‌
598,995‌
Thermo
Fisher
Scientific,
Inc.
1,090‌
633,519‌
UnitedHealth
Group,
Inc.
2,350‌
1,162,545‌
Vertex
Pharmaceuticals,
Inc.
(a)
100‌
41,801‌
17,979,641‌
Industrials
9.03%
Boeing
Co.
(The)
(a)
3,155‌
608,883‌
Caterpillar,
Inc.
11,490‌
4,210,281‌
Spirit
of
America
Large
Cap
Value
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
7
Common
Stocks
99.46%
(continued)
Shares
Market
Value
Industrials
9.03%
(continued)
CSX
Corp.
36,600‌
$
1,356,762‌
Cummins,
Inc.
3,550‌
1,046,007‌
Deere
&
Co.
6,410‌
2,632,843‌
FedEx
Corp.
1,800‌
521,532‌
Honeywell
International,
Inc.
8,900‌
1,826,725‌
Johnson
Controls
International
PLC
8,753‌
571,746‌
Lockheed
Martin
Corp.
650‌
295,666‌
Raytheon
Technologies
Corp.
2,100‌
204,813‌
United
Parcel
Service,
Inc.,
Class
B
2,550‌
379,007‌
Waste
Connections,
Inc.
13,375‌
2,300,634‌
15,954,899‌
Materials
1.45%
CF
Industries
Holdings,
Inc.
8,200‌
682,322‌
Corteva,
Inc.
7,233‌
417,127‌
Dow,
Inc.
6,083‌
352,388‌
DuPont
de
Nemours,
Inc.
6,500‌
498,355‌
New
Linde
PLC
1,300‌
603,616‌
2,553,808‌
Real
Estate
Investment
Trusts
(REITs)
1.54%
Digital
Realty
Trust,
Inc.
2,650‌
381,706‌
Equinix,
Inc.
1,100‌
907,863‌
Mid-America
Apartment
Communities,
Inc.
250‌
32,895‌
Prologis,
Inc.
6,300‌
820,386‌
Sun
Communities,
Inc.
2,600‌
334,308‌
Terreno
Realty
Corp.
2,075‌
137,780‌
VICI
Properties,
Inc.
3,073‌
91,545‌
Weyerhaeuser
Co.
500‌
17,955‌
2,724,438‌
Technology
37.43%
Accenture
PLC,
Class
A
3,825‌
1,325,783‌
Adobe,
Inc.
(a)
1,350‌
681,210‌
Advanced
Micro
Devices,
Inc.
(a)
6,500‌
1,173,185‌
Apple,
Inc.
46,982‌
8,056,473‌
Applied
Materials,
Inc.
14,220‌
2,932,591‌
ARM
Holdings
PLC  ADR
(a)
200‌
24,998‌
Broadcom,
Inc.
100‌
132,541‌
Cisco
Systems,
Inc.
16,750‌
835,992‌
Cognizant
Technology
Solutions
Corp.,
Class
A
4,600‌
337,134‌
Corning,
Inc.
8,000‌
263,680‌
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
2,100‌
673,239‌
Dell
Technologies,
Inc.,
Class
C
1,624‌
185,315‌
Garmin
Ltd.
1,000‌
148,870‌
HP,
Inc.
15,600‌
471,432‌
International
Business
Machines
Corp.
2,668‌
509,481‌
MasterCard,
Inc.,
Class
A
2,400‌
1,155,768‌
Spirit
of
America
Large
Cap
Value
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
8
Common
Stocks
99.46%
(continued)
Shares
Market
Value
Technology
37.43%
(continued)
Microchip
Technology,
Inc.
6,450‌
$
578,629‌
Microsoft
Corp.
19,499‌
8,203,619‌
NetApp,
Inc.
2,600‌
272,922‌
NortonLifeLock,
Inc.
24,700‌
553,280‌
NVIDIA
Corp.
28,417‌
25,676,465‌
Oracle
Corp.
26,875‌
3,375,769‌
Palo
Alto
Networks,
Inc.
(a)
2,300‌
653,499‌
Paychex,
Inc.
3,850‌
472,780‌
QUALCOMM,
Inc.
3,550‌
601,015‌
ServiceNow,
Inc.
(a)
630‌
480,312‌
Texas
Instruments,
Inc.
10,425‌
1,816,139‌
Visa,
Inc.,
Class
A
7,450‌
2,079,146‌
Workday,
Inc.,
Class
A
(a)
7,380‌
2,012,895‌
Zscaler,
Inc.
(a)
2,250‌
433,418‌
66,117,580‌
Utilities
1.98%
AES
Corp.
7,000‌
125,510‌
American
Electric
Power
Company,
Inc.
1,850‌
159,285‌
Dominion
Energy,
Inc.
11,500‌
565,685‌
Duke
Energy
Corp.
2,000‌
193,420‌
Edison
International
2,600‌
183,898‌
NextEra
Energy,
Inc.
22,025‌
1,407,618‌
UGI
Corp.
1,000‌
24,540‌
WEC
Energy
Group,
Inc.
10,100‌
829,412‌
3,489,368‌
Total
Common
Stocks
(Cost $75,730,435)
175,672,007‌
Preferred
Stocks
0.59%
Shares
Market
Value
Financials
0.52%
Arch
Capital
Group
Ltd.,
Series
F,
5.45%
2,000‌
47,260‌
Arch
Capital
Group
Ltd.,
Series
G,
4.55%
2,000‌
41,380‌
Athene
Holding
Ltd.,
Series
C,
6.38%
2,000‌
49,720‌
Bank
of
America
Corp.,
Series
GG,
6.00%
4,000‌
100,480‌
Bank
of
America
Corp.,
Series
HH,
5.88%
2,000‌
49,780‌
Bank
of
America
Corp.,
Series
LL,
5.00%
2,000‌
44,840‌
Bank
of
America
Corp.,
Series
SS,
4.75%
2,000‌
44,200‌
Charles
Schwab
Corp.
(The),
Series
J,
4.45%
2,000‌
42,800‌
Globe
Life,
Inc.,
4.25%
1,000‌
20,770‌
JPMorgan
Chase
&
Co.,
Series
EE,
6.00%
2,000‌
50,360‌
JPMorgan
Chase
&
Co.,
Series
JJ,
4.55%
2,000‌
42,820‌
JPMorgan
Chase
&
Co.,
Series
LL
4.63%
6,000‌
130,680‌
JPMorgan
Chase
&
Co.,
Series
MM,
4.20%
6,000‌
120,960‌
Northern
Trust
Corp.,
Series
E,
4.70%
1,360‌
30,695‌
Prudential
Financial,
Inc.,
5.63%
2,000‌
50,080‌
Spirit
of
America
Large
Cap
Value
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
9
Preferred
Stocks
0.59%
(continued)
Shares
Market
Value
Financials
0.52%
(continued)
RenaissanceRE
Holdings
Ltd.,
Series
G,
4.20%
150‌
$
2,839‌
U.S.
Bancorp,
Series
O,
4.50%
2,000‌
41,820‌
911,484‌
Utilities
0.07%
Brookfield
Infrastructure
Partners
LP,
5.00%
2,000‌
35,520‌
DTE
Energy
Co.,
4.38%
2,000‌
40,720‌
Entergy
Louisiana
LLC,
4.88%
2,000‌
45,240‌
121,480‌
Total
Preferred
Stocks
(Cost $1,167,070)
1,032,964‌
Money
Market
Funds
0.02%
Morgan
Stanley
Institutional
Liquidity
Funds
Government
Portfolio,
Institutional
Class,
5.22%
(b)
43,268‌
43,268‌
Total
Money
Market
Funds
(Cost $43,268)
43,268‌
Total
Investments
—
100.07%
(Cost
$76,940,773)
176,748,239‌
Liabilities
in
Excess
of
Other
Assets 
—
(0.07)%
(121,299‌)
NET
ASSETS
-
100.00%
$
176,626,940‌
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
March
31,
2024.
ADR
-
American
Depositary
Receipt
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
March
31,
2024
(Unaudited)
10
Municipal
Bonds
98.90%
Principal
Amount
Market
Value
Arizona
1.52%
City
of
Phoenix,
AZ,
General
Obligation
Unlimited
,
Callable
7/1/2026
@
100,
  5.00%,
7/1/2027
$
500,000‌
$
522,129‌
California
6.46%
California
Health
Facilities
Financing
,
Callable
11/15/2027
@
100,
  5.00%,
11/15/2056
250,000‌
258,614‌
California
State
Public
Works
Board,
Revenue
Bonds
,
Callable
11/1/2026
@
100,
  5.00%,
11/1/2029
600,000‌
631,256‌
Los
Angeles
Community
College
District,
General
Obligation
Refunding
Bonds
Unlimited
,
Callable
8/1/2026
@
100,
  4.00%,
8/1/2038
500,000‌
504,229‌
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue,
Revenue
Bond
,
Callable
5/15/2026
@
100,
  4.00%,
5/15/2037
145,000‌
146,161‌
San
Francisco
City
&
County
Public
Utilities
Commission
Water
Revenue,
Revenue
Bonds
Series
2020
A
,
Callable
4/1/2028
@
100,
  4.00%,
10/1/2043
100,000‌
99,587‌
State
of
California,
General
Obligation
Unlimited
,
Callable
8/1/2025
@
100,
  5.00%,
8/1/2029
250,000‌
256,212‌
State
of
California,
General
Obligation
Unlimited
,
Callable
9/1/2026
@
100,
  4.00%,
9/1/2036
175,000‌
177,228‌
University
of
California
,
Callable
5/15/2024
@
100,
  5.00%,
5/15/2044
150,000‌
150,216‌
2,223,503‌
Colorado
1.76%
City
&
County
of
Denver
CO
Pledged
Excise
Tax
,
Callable
8/1/2026
@
100,
  5.00%,
8/1/2044
100,000‌
102,030‌
City
of
Colorado
Springs
CO
Utilities
System
,
  5.00%,
11/15/2044
500,000‌
502,109‌
604,139‌
Connecticut
4.74%
City
of
New
Haven,
CT,
General
Obligation
Unlimited
,
Callable
8/15/2026
@
100,
  5.00%,
8/15/2036
230,000‌
237,301‌
Connecticut
Housing
Finance
Authority,
Multi-Family
Housing,
Revenue
Bonds
,
Callable
11/15/2025
@
100,
  3.25%,
11/15/2036
250,000‌
231,822‌
Connecticut
Housing
Finance
Authority,
Revenue
Bonds
,
Callable
5/15/2027
@
100,
  3.40%,
11/15/2037
25,000‌
24,214‌
Connecticut
State
Health
&
Educational
Facility
Authority,
Revenue
Bonds
,
Callable
7/1/2026
@
100,
  5.00%,
7/1/2034
250,000‌
258,045‌
Connecticut
State
Health
&
Educational
Facility
Authority,
Revenue
Bonds
,
Callable
7/1/2024
@
100,
  5.00%,
7/1/2034
100,000‌
100,160‌
State
of
Connecticut,
General
Obligation
Unlimited
,
Callable
4/15/2027
@
100,
  5.00%,
4/15/2032
500,000‌
529,119‌
State
of
Connecticut,
General
Obligation
Unlimited
,
  5.00%,
6/15/2024
250,000‌
250,659‌
1,631,320‌
Delaware
0.66%
Delaware
Transportation
Authority
,
Callable
6/1/2025
@
100,
  5.00%,
6/1/2055
225,000‌
226,567‌
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
11
Municipal
Bonds 
98.90%
(continued)
Principal
Amount
Market
Value
District
of
Columbia
2.32%
District
of
Columbia
Housing
Finance
Agency,
State
Multi-Family
Housing,
Revenue
Bonds,
(Fannie
Mae)
,
  4.45%,
6/15/2031
$
320,000‌
$
321,371‌
District
of
Columbia
Water
&
Sewer
Authority,
Revenue
Bonds
,
Callable
4/1/2026
@
100,
  5.00%,
10/1/2036
250,000‌
256,807‌
District
of
Columbia
Water
&
Sewer
Authority,
Revenue
Bonds
,
Callable
4/1/2026
@
100,
  5.00%,
10/1/2034
150,000‌
154,787‌
District
of
Columbia
Water
&
Sewer
Authority,
Revenue
Bonds
,
Callable
10/1/2029
@
100,
  4.00%,
10/1/2049
65,000‌
64,085‌
797,050‌
Florida
10.09%
Central
Florida
Expressway
Authority,
Revenue
Bonds
,
Callable
7/1/2026
@
100,
  4.00%,
7/1/2035
150,000‌
151,787‌
City
of
Orlando,
FL,
Public
Improvements,
Revenue
Bonds
,
Callable
10/1/2024
@
100,
  5.00%,
10/1/2046
1,000,000‌
1,004,165‌
Florida
Keys
Aqueduct
Authority
,
  5.00%,
9/1/2049
150,000‌
151,406‌
FSU
Financial
Assistance,
Inc.,
State
Single-Family
Housing,
Refunding
Revenue
Bonds
,
  5.00%,
10/1/2030
500,000‌
500,771‌
Miami-Dade
County
Educational
Facilities
Authority,
University
&
College
Improvements,
Revenue
Bonds,
(AMBAC)
,
  5.25%,
4/1/2031
260,000‌
294,380‌
Miami-Dade
County
Expressway
Authority
,
  5.00%,
7/1/2040
350,000‌
351,080‌
School
Board
of
Miami-Dade
County
(The),
Certificates
of
Participation
,
Callable
2/1/2026
@
100,
  4.00%,
2/1/2033
1,000,000‌
1,015,987‌
3,469,576‌
Georgia
2.46%
Atlanta
GA
Water
&
Wastewater
Revenue,
Revenue
Bonds
,
Callable
11/1/2029
@
100,
  3.00%,
11/1/2037
500,000‌
464,453‌
Atlanta
GA
Water
&
Wastewater
Revenue,
Revenue
Bonds
,
Callable
11/1/2027
@
100,
  5.00%,
11/1/2047
125,000‌
129,507‌
Municipal
Electric
Authority
of
Georgia
,
Callable
7/1/2025
@
100,
  5.00%,
7/1/2060
250,000‌
251,129‌
845,089‌
Illinois
4.74%
Chicago
Transit
Authority
Sales
,
Callable
12/1/2029
@
100,
  4.00%,
12/1/2055
250,000‌
231,491‌
City
of
Chicago
IL
Waterworks
Revenue
,
  5.00%,
11/1/2044
500,000‌
502,145‌
City
of
Chicago
IL
Waterworks
Revenue
,
Callable
11/1/2024
@
100,
  5.00%,
11/1/2039
150,000‌
150,953‌
Illinois
State
Finance
Authority,
Revenue
Bonds
Series
2020
A
,
Callable
4/1/2030
@
100,
  4.00%,
4/1/2050
85,000‌
81,113‌
Illinois
State
Toll
Highway
Authority
,
  5.00%,
1/1/2041
300,000‌
306,740‌
University
of
Illinois
,
Callable
4/1/2024
@
100,
  5.00%,
4/1/2044
250,000‌
247,670‌
University
of
Illinois
,
Callable
4/1/2024
@
100,
  5.00%,
4/1/2039
110,000‌
109,401‌
1,629,513‌
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
12
Municipal
Bonds 
98.90%
(continued)
Principal
Amount
Market
Value
Iowa
0.75%
State
of
Iowa,
Revenue
Bonds
,
Callable
6/1/2026
@
100,
  5.00%,
6/1/2027
$
250,000‌
$
259,482‌
Louisiana
0.41%
City
of
Shreveport
LA
Water
&
Sewer
Revenue
,
Callable
12/1/2028
@
100,
  4.00%,
12/1/2049
150,000‌
140,948‌
Maine
0.80%
Maine
State
Housing
Authority,
State
Single-Family
Housing,
Revenue
Bonds
,
Callable
11/15/2024
@
100,
  3.75%,
11/15/2044
100,000‌
91,788‌
Maine
State
Housing
Authority,
State
Single-Family
Housing,
Revenue
Bonds
,
  3.60%,
11/15/2036
95,000‌
90,212‌
Maine
State
Housing
Authority,
State
Single-Family
Housing,
Revenue
Bonds
,
  3.45%,
11/15/2032
45,000‌
43,540‌
Maine
Turnpike
Authority,
Refunding
Revenue
Bonds
,
Callable
7/1/2025
@
100,
  5.00%,
7/1/2026
50,000‌
51,067‌
276,607‌
Massachusetts
6.52%
Commonwealth
of
Massachusetts
,
  5.00%,
6/1/2044
250,000‌
250,295‌
Massachusetts
Bay
Transportation
Authority
Sales
,
Callable
7/1/2025
@
100,
  5.00%,
7/1/2045
150,000‌
152,180‌
Massachusetts
Development
,
  5.00%,
12/1/2046
250,000‌
255,138‌
Massachusetts
Housing
Finance
Agency,
Revenue
Bonds
,
Callable
12/1/2025
@
100,
  3.25%,
12/1/2036
575,000‌
531,939‌
Massachusetts
Housing
Finance
Agency,
Revenue
Bonds
,
Callable
12/1/2026
@
100,
  3.75%,
12/1/2037
250,000‌
246,541‌
Massachusetts
Housing
Finance
Agency,
Revenue
Bonds
,
Callable
12/1/2027
@
100,
  3.25%,
12/1/2032
200,000‌
194,790‌
Massachusetts
Housing
Finance
Agency,
Revenue
Bonds
,
Callable
12/1/2026
@
100,
  3.55%,
12/1/2037
85,000‌
79,158‌
Massachusetts
Housing
Finance
Agency,
Revenue
Bonds
,
Callable
6/1/2026
@
100,
  3.15%,
12/1/2026
40,000‌
39,657‌
Massachusetts
Housing
Finance
Agency,
State
Multi-Family
Housing,
Revenue
Bonds
,
  5.13%,
12/1/2039
65,000‌
65,040‌
Massachusetts
Housing
Finance
Agency,
State
Multi-Family
Housing,
Revenue
Bonds
,
  4.85%,
12/1/2029
60,000‌
60,027‌
Massachusetts
School
Building
Authority,
Revenue
Bonds
,
Callable
8/15/2025
@
100,
  5.00%,
8/15/2026
100,000‌
102,586‌
Massachusetts
State
,
  5.00%,
5/1/2047
250,000‌
263,970‌
2,241,321‌
Michigan
2.89%
Michigan
Finance
Authority
Revenue
,
Callable
11/1/2025
@
100,
  5.00%,
11/1/2044
250,000‌
253,600‌
Michigan
Public
Educational
Facilities
Authority,
School
Improvements,
Refunding
Revenue
Bonds
,
  6.00%,
12/1/2035
500,000‌
484,483‌
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
13
Municipal
Bonds 
98.90%
(continued)
Principal
Amount
Market
Value
Michigan
2.89%
(continued)
Michigan
State
Building
Authority
,
Callable
10/15/2026
@
100,
  5.00%,
10/15/2051
$
250,000‌
$
255,002‌
993,085‌
Minnesota
1.67%
Southern
Minnesota
Municipal
Power
Agency
Power
Supply
System,
Revenue
Bonds
,
Callable
1/1/2026
@
100,
  5.00%,
1/1/2041
565,000‌
574,872‌
Missouri
1.68%
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
481,240‌
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri,
Healthcare,
Hospital
&
Nursing
Home
Improvements,
Revenue
Bonds,
(OID)
,
  3.75%,
11/15/2039
100,000‌
96,750‌
577,990‌
Nebraska
2.08%
Omaha
Public
Power
District
Nebraska
City
Station
,
Callable
2/1/2026
@
100,
  5.00%,
2/1/2049
125,000‌
126,864‌
University
of
Nebraska
Facilities
Corp.
(The)
,
  4.00%,
7/15/2062
630,000‌
590,455‌
717,319‌
Nevada
2.76%
Las
Vegas
Convention
&
Visitors
Authority
,
Callable
7/1/2028
@
100,
  4.00%,
7/1/2049
250,000‌
236,210‌
Nevada
System
of
Higher
Education,
Certificates
of
Participation
,
Callable
7/1/2026
@
100,
  4.00%,
7/1/2027
700,000‌
712,516‌
948,726‌
New
Jersey
3.49%
Borough
of
Seaside
Heights,
NJ,
General
Obligation
Unlimited
,
Callable
4/1/2025
@
100,
  4.00%,
4/1/2026
125,000‌
126,040‌
Hudson
County
Improvement
Authority,
Refunding
Revenue
Bonds,
(AGM)
,
  5.40%,
10/1/2025
150,000‌
154,891‌
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
(OID)
,
  5.00%,
7/1/2027
15,000‌
15,010‌
New
Jersey
Housing
&
Mortgage
Finance
Agency,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
  3.50%,
11/1/2036
500,000‌
493,694‌
New
Jersey
Housing
&
Mortgage
Finance
Agency,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
  3.90%,
11/1/2050
175,000‌
159,167‌
State
of
New
Jersey,
Public
Improvements,
General
Obligation
Unlimited
,
Callable
6/1/2025
@
100,
  4.00%,
6/1/2034
250,000‌
252,146‌
1,200,948‌
New
Mexico
0.74%
New
Mexico
Finance
Authority
,
Callable
6/1/2025
@
100,
  5.25%,
6/1/2053
250,000‌
253,392‌
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
14
Municipal
Bonds 
98.90%
(continued)
Principal
Amount
Market
Value
New
York
17.57%
Hudson
Yards
Infrastructure
Corp.,
Revenue
Bonds
Series
2017
A
,
Callable
2/15/2027
@
100,
  4.00%,
2/15/2044
$
470,000‌
$
460,560‌
Metropolitan
Transportation
Authority,
Refunding
Revenue
Bonds
,
Callable
11/15/2027
@
100,
  5.00%,
11/15/2037
250,000‌
263,659‌
Metropolitan
Transportation
Authority,
Revenue
Bonds
,
  5.00%,
11/15/2028
250,000‌
273,849‌
Metropolitan
Transportation
Authority,
Revenue
Bonds
,
Callable
11/15/2027
@
100,
  5.00%,
11/15/2035
250,000‌
265,587‌
Metropolitan
Transportation
Authority,
Transit
Improvements,
Refunding
Revenue
Bonds
,
  5.00%,
11/15/2028
250,000‌
254,760‌
New
York
City
Housing
Development
Corp.,
Revenue
Bonds
,
Callable
2/1/2026
@
100,
  3.50%,
11/1/2032
150,000‌
150,261‌
New
York
City
Housing
Development
Corp.,
Revenue
Bonds
,
Callable
5/1/2025
@
100,
  3.10%,
11/1/2032
250,000‌
238,157‌
New
York
City
Housing
Development
Corp.,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
  3.60%,
11/1/2031
250,000‌
248,760‌
New
York
City
Transitional
Finance
Authority
,
Callable
8/1/2024
@
100,
  5.00%,
8/1/2042
150,000‌
148,674‌
New
York
City
Transitional
Finance
Authority
,
  5.00%,
8/1/2024
40,000‌
40,159‌
New
York
City
Transitional
Finance
Authority
,
  5.00%,
8/1/2024
60,000‌
60,233‌
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
252,978‌
New
York
City
Transitional
Finance
Authority
Building
Aid
Revenue,
Revenue
Bonds
,
  5.00%,
7/15/2031
250,000‌
256,721‌
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
25,502‌
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
101,273‌
New
York
City
Water
&
Sewer
System,
Revenue
Bonds
,
Callable
6/15/2027
@
100,
  5.00%,
6/15/2032
100,000‌
106,438‌
New
York
State
Dormitory
Authority
,
  5.00%,
3/15/2044
250,000‌
250,581‌
New
York
State
Dormitory
Authority
,
Callable
7/1/2030
@
100,
  4.00%,
7/1/2052
230,000‌
209,060‌
New
York
State
Dormitory
Authority
,
  5.00%,
3/15/2039
100,000‌
100,233‌
New
York
State
Dormitory
Authority,
Refunding
Revenue
Bonds,
(State
Aid
Withholding)
,
  3.25%,
4/1/2031
280,000‌
278,769‌
New
York
State
Dormitory
Authority,
Revenue
Bonds
,
  4.75%,
10/1/2040
5,000‌
5,003‌
New
York
State
Dormitory
Authority,
Revenue
Bonds
,
Callable
7/1/2025
@
100,
  5.00%,
7/1/2037
135,000‌
137,845‌
New
York
State
Thruway
Authority
,
Callable
1/1/2026
@
100,
  5.00%,
1/1/2046
250,000‌
253,019‌
New
York
State
Thruway
Authority,
Revenue
Bonds
,
Callable
1/1/2026
@
100,
  4.00%,
1/1/2037
100,000‌
100,623‌
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
15
Municipal
Bonds 
98.90%
(continued)
Principal
Amount
Market
Value
New
York
17.57%
(continued)
New
York,
NY,
General
Obligation
Unlimited
,
Callable
8/1/2029
@
100,
  5.00%,
8/1/2043
$
30,000‌
$
31,965‌
Port
Authority
of
New
York
&
New
Jersey,
Revenue
Bonds
,
Callable
11/15/2027
@
100,
  5.00%,
11/15/2030
250,000‌
269,323‌
Port
Authority
of
New
York
&
New
Jersey,
Revenue
Bonds
,
Callable
11/15/2027
@
100,
  5.00%,
11/15/2037
250,000‌
266,288‌
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
Callable
5/15/2031
@
100,
  5.00%,
11/15/2051
60,000‌
64,074‌
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
Callable
11/15/2025
@
100,
  5.00%,
11/15/2035
250,000‌
256,043‌
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
Callable
11/15/2025
@
100,
  5.00%,
11/15/2040
310,000‌
314,947‌
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
  5.00%,
11/15/2027
100,000‌
103,100‌
TSASC,
Inc./NY
,
Callable
6/1/2027
@
100,
  5.00%,
6/1/2041
250,000‌
254,961‌
6,043,405‌
North
Carolina
1.31%
North
Carolina
Turnpike
Authority
,
Callable
1/1/2034
@
100,
  5.00%,
1/1/2058
125,000‌
133,261‌
North
Carolina
Turnpike
Authority
,
Callable
1/1/2030
@
100,
  5.00%,
1/1/2049
110,000‌
115,218‌
University
of
North
Carolina
at
Charlotte
(The),
Revenue
Bonds
,
Callable
10/1/2027
@
100,
  4.00%,
10/1/2037
100,000‌
101,749‌
University
of
North
Carolina
at
Charlotte
(The),
University
&
College
Improvements,
Revenue
Bonds
,
Callable
4/1/2025
@
100,
  5.00%,
4/1/2040
100,000‌
101,672‌
451,900‌
North
Dakota
0.29%
City
of
Bismarck,
ND,
Sanitary
Sewer
Revenue,
Revenue
Bonds
,
Callable
5/1/2025
@
100,
  3.00%,
5/1/2029
100,000‌
99,393‌
Oklahoma
0.29%
Grand
River
Dam
Authority
,
Callable
6/1/2024
@
100,
  5.00%,
6/1/2039
100,000‌
100,042‌
Pennsylvania
7.93%
City
of
Philadelphia
PA
Water
&
Wastewater
Revenue
,
  5.00%,
10/1/2052
450,000‌
461,403‌
Geisinger
PA
Authority
Health
System
,
  5.00%,
2/15/2045
145,000‌
147,962‌
Pennsylvania
Higher
Educational
Facilities
,
Callable
8/15/2027
@
100,
  5.00%,
8/15/2047
250,000‌
254,381‌
Pennsylvania
Higher
Educational
Facilities
Authority,
Hospital
Improvements,
Revenue
Bonds
,
  5.00%,
5/1/2037
100,000‌
88,364‌
Pennsylvania
Higher
Educational
Facilities
Authority,
Hospital
Improvements,
Revenue
Bonds
,
  5.00%,
5/1/2042
100,000‌
82,147‌
Pennsylvania
Higher
Educational
Facilities
Authority,
Hospital
Improvements,
Revenue
Bonds,
(OID)
,
  4.00%,
5/1/2032
100,000‌
87,219‌
Pennsylvania
Housing
Finance
Agency
,
Callable
4/1/2033
@
100,
  5.45%,
4/1/2051
150,000‌
158,878‌
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
16
Municipal
Bonds 
98.90%
(continued)
Principal
Amount
Market
Value
Pennsylvania
7.93%
(continued)
Pennsylvania
Housing
Finance
Agency,
Revenue
Bonds
,
Callable
4/1/2027
@
100,
  3.65%,
10/1/2042
$
100,000‌
$
92,902‌
Pennsylvania
State
Turnpike
Authority
,
Callable
12/1/2025
@
100,
  5.00%,
12/1/2045
250,000‌
252,972‌
Pennsylvania
State
University,
Revenue
Bonds
,
Callable
9/1/2026
@
100,
  5.00%,
9/1/2034
190,000‌
197,954‌
Pennsylvania
State
University,
Revenue
Bonds
,
Callable
9/1/2026
@
100,
  5.00%,
9/1/2035
125,000‌
130,115‌
Pennsylvania
State
University,
Revenue
Bonds
,
Callable
9/1/2026
@
100,
  5.00%,
9/1/2036
100,000‌
103,714‌
Pennsylvania
Turnpike
Commission,
Revenue
Bonds
,
Callable
12/1/2025
@
100,
  5.00%,
12/1/2045
500,000‌
506,049‌
Pennsylvania
Turnpike
Commission,
Revenue
Refunding
Bonds
Series
2005
A
,
  5.25%,
7/15/2028
150,000‌
164,773‌
2,728,833‌
Rhode
Island
0.76%
Rhode
Island
Housing
&
Mortgage
Finance
Corp
,
Callable
10/1/2032
@
100,
  5.45%,
10/1/2053
250,000‌
261,829‌
South
Dakota
0.81%
South
Dakota
Housing
Development
Authority,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
  2.45%,
5/1/2027
250,000‌
238,946‌
South
Dakota
Housing
Development
Authority,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
  3.13%,
11/1/2036
45,000‌
41,275‌
280,221‌
Tennessee
1.02%
City
of
Memphis,
TN
,
Callable
4/1/2024
@
100,
  5.00%,
4/1/2044
80,000‌
80,047‌
City
of
Memphis,
TN
,
  5.00%,
4/1/2044
20,000‌
20,000‌
Metropolitan
Government
of
Nashville
&
Davidson
County
Convention
Center
Authority,
Public
Improvements,
Revenue
Bonds
,
  5.00%,
7/1/2026
200,000‌
200,282‌
Tennessee
Housing
Development
Agency,
Revenue
Bonds
,
Callable
1/1/2027
@
100,
  3.40%,
7/1/2037
55,000‌
51,476‌
351,805‌
Texas
8.25%
Austin
TX
Electric
Utility
System
Revenue,
Revenue
Bonds
Series
2019
B
,
Callable
11/15/2029
@
100,
  5.00%,
11/15/2049
15,000‌
15,838‌
City
of
Austin
TX
Electric
Utility
Revenue
,
Callable
11/15/2025
@
100,
  5.00%,
11/15/2045
250,000‌
254,186‌
City
of
Houston
TX
Combined
Utility
System
,
Callable
11/15/2024
@
100,
  5.00%,
11/15/2044
250,000‌
250,933‌
City
Public
Service
Board
of
San
Antonio,
TX,
Revenue
Bonds
,
Callable
8/1/2026
@
100,
  5.00%,
2/1/2032
250,000‌
260,059‌
Clifton
Higher
Education
Finance
Corp.,
School
Improvements,
Refunding
Revenue
Bonds
,
  4.00%,
8/15/2044
500,000‌
484,889‌
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
17
Municipal
Bonds 
98.90%
(continued)
Principal
Amount
Market
Value
Texas
8.25%
(continued)
Comal
Independent
School
District,
Unlimited
Tax
School
Building
Bonds
,
Callable
2/1/2026
@
100,
  4.00%,
2/1/2034
$
250,000‌
$
252,003‌
Harris
County
Cultural
Education
Facilities
Finance
Corp.,
Revenue
Bonds
,
Callable
5/15/2026
@
100,
  4.00%,
11/15/2030
130,000‌
130,742‌
North
Texas
Tollway
Authority
,
Callable
1/1/2028
@
100,
  5.00%,
1/1/2048
250,000‌
256,983‌
San
Antonio
Public
Facilities
Corp.,
Public
Improvements,
Refunding
Revenue
Bonds,
(OID)
,
  4.00%,
9/15/2042
250,000‌
243,806‌
San
Antonio
Water
System,
Refunding
Revenue
Bonds
,
Callable
11/15/2029
@
100,
  5.00%,
5/15/2034
190,000‌
210,551‌
San
Antonio
Water
System,
Revenue
Bonds
Series
2020
A
,
Callable
5/15/2030
@
100,
  5.00%,
5/15/2050
40,000‌
42,158‌
Texas
Public
Finance
Authority,
Revenue
Bonds
,
Callable
12/1/2026
@
100,
  4.00%,
12/1/2031
200,000‌
202,855‌
Texas
State
Water
Development
Board,
Revenue
Bonds
,
Callable
10/15/2028
@
100,
  5.00%,
4/15/2049
35,000‌
36,725‌
White
Oak,
TX,
Independent
School
District,
Unlimited
Tax
School
Building
Bonds
,
Callable
2/15/2027
@
100,
  4.00%,
2/15/2029
190,000‌
195,337‌
2,837,065‌
Vermont
0.45%
Vermont
Housing
Finance
Agency,
State
Multi-Family
Housing,
Revenue
Bonds
,
  3.75%,
8/15/2037
155,000‌
153,456‌
Virginia
0.73%
Virginia
State
Resource
Authority
Infrastructure,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
  4.00%,
11/1/2033
75,000‌
75,657‌
Virginia
State
Resource
Authority
Infrastructure,
Revenue
Bonds,
Pre-
Refunded
,
Callable
11/1/2025
@
100,
  4.00%,
11/1/2033
175,000‌
177,051‌
252,708‌
Washington
0.74%
Snohomish
County
Public
Utility
District
No.1
,
  5.00%,
12/1/2045
250,000‌
253,005‌
Wisconsin
0.21%
Wisconsin
Housing
&
Economic
Development
Authority,
State
Multi-Family
Housing,
Revenue
Bonds,
(OID)
,
  5.63%,
11/1/2035
70,000‌
71,328‌
Total
Municipal
Bonds
(Cost $34,510,115)
34,018,566‌
Total
Investments
—
98.90%
(Cost
$34,510,115)
34,018,566‌
Other
Assets
in
Excess
of
Liabilities 
—
1.10%
379,485‌
NET
ASSETS
-
100.00%
$
34,398,051‌
AGM
-
Assured
Guaranty
Municipal
Corp.
AMBAC
-
American
Municipal
Bond
Assurance
Corp.
OID
-
Original
Issue
Discount
Spirit
of
America
Income
Fund
Schedule
of
Investments
March
31,
2024
(Unaudited)
18
Common
Stocks
9.18%
Shares
Market
Value
Communications
0.44%
Verizon
Communications,
Inc.
7,500‌
$
314,700‌
Consumer
Staples
1.03%
Philip
Morris
International,
Inc.
8,000‌
732,960‌
Energy
4.74%
Chevron
Corp.
4,500‌
709,830‌
Enbridge,
Inc.
20,000‌
723,600‌
Kinder
Morgan,
Inc.
40,000‌
733,600‌
TC
Energy
Corp.
15,000‌
603,000‌
Williams
Companies,
Inc.
(The)
15,000‌
584,550‌
3,354,580‌
Financials
0.33%
Blackstone
Mortgage
Trust,
Inc.,
Class
A
11,565‌
230,259‌
Health
Care
0.90%
AbbVie,
Inc.
3,500‌
637,350‌
Real
Estate
1.47%
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
8,000‌
227,200‌
Healthpeak
Properties,
Inc.
1,348‌
25,275‌
Realty
Income
Corp.
3,048‌
164,897‌
Simon
Property
Group,
Inc.
4,000‌
625,960‌
Spirit
MTA
REIT
(a)(b)
2,000‌
–‌
1,043,332‌
Utilities
0.27%
Duke
Energy
Corp.
2,000‌
193,420‌
Total
Common
Stocks
(Cost $5,392,204)
6,506,601‌
Preferred
Stocks
19.42%
Shares
Market
Value
Financials
13.20%
Affiliated
Managers
Group,
Inc.,
4.20%
15,000‌
263,850‌
Affiliated
Managers
Group,
Inc.,
4.75%
10,000‌
192,000‌
Allstate
Corp.
(The),
Series
I,
4.75%
10,000‌
226,700‌
American
Financial
Group,
Inc.,
5.13%
15,000‌
343,050‌
American
Financial
Group,
Inc.,
5.63%
20,000‌
496,400‌
Athene
Holding
Ltd.,
Series
C,
6.38%
10,000‌
248,600‌
Athene
Holding
Ltd.,
Series
D,
4.88%
20,000‌
371,800‌
Bank
of
America
Corp.,
Series
HH,
5.88%
8,000‌
199,120‌
Bank
of
America
Corp.,
Series
LL,
5.00%
20,000‌
448,400‌
Bank
of
America
Corp.,
Series
PP,
4.13%
16,667‌
324,006‌
Bank
of
America
Corp.,
Series
QQ,
4.25%
10,000‌
198,000‌
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
19
Preferred
Stocks
19.42%
(continued)
Shares
Market
Value
Financials
13.20%
(continued)
Brighthouse
Financial,
Inc.,
Series
C,
5.38%
20,000‌
$
410,400‌
Capital
One
Financial
Corp.,
Series
J,
4.80%
10,000‌
194,600‌
Capital
One
Financial
Corp.,
Series
K,
4.63%
18,500‌
353,535‌
CNO
Financial
Group,
Inc.,
5.13%
2,000‌
43,620‌
Equitable
Holdings,
Inc.,
Series
C,
4.30%
20,000‌
370,200‌
Fulton
Financial
Corp.,
Series
A,
5.13%
6,000‌
111,600‌
Huntington
Bancshares,
Inc.,
Series
H,
4.50%
10,000‌
194,100‌
JPMorgan
Chase
&
Co.,
Series
EE,
6.00%
20,000‌
503,600‌
JPMorgan
Chase
&
Co.,
Series
GG,
4.75%
10,000‌
224,600‌
KeyCorp,
Series
G,
5.63%
15,000‌
326,850‌
MetLife,
Inc.,
Series
F,
4.75%
10,000‌
213,000‌
Northern
Trust
Corp.,
Series
E,
4.70%
18,640‌
420,705‌
Prudential
Financial,
Inc.,
5.63%
10,000‌
250,400‌
Prudential
Financial,
Inc.,
5.95%
10,000‌
256,500‌
RenaissanceRE
Holdings
Ltd.,
Series
G,
4.20%
850‌
16,090‌
Selective
Insurance
Group,
Inc.,
Series
B,
4.60%
1,000‌
18,860‌
State
Street
Corp.,
5.35%
1,000‌
24,490‌
U.S.
Bancorp,
Series
L,
3.75%
20,000‌
352,800‌
U.S.
Bancorp,
Series
M,
4.00%
10,000‌
188,500‌
W.R.
Berkley
Corp.,
5.10%
20,000‌
453,200‌
Washington
Federal,
Inc.,
Series
A,
4.88%
10,000‌
157,800‌
Wells
Fargo
&
Co.,
Series
AA,
4.70%
15,000‌
322,500‌
Wells
Fargo
&
Co.,
Series
CC,
4.38%
15,000‌
304,500‌
Wells
Fargo
&
Co.,
Series
Z,
4.75%
15,000‌
325,500‌
9,349,876‌
Real
Estate
2.34%
Brookfield
Property
Partners
LP,
Series
A,
5.75%
7,500‌
95,700‌
Diversified
Healthcare
Trust,
5.63%
26,660‌
381,771‌
Federal
Realty
Investment
Trust,
Series
C,
5.00%
7,500‌
164,625‌
Public
Storage,
Series
I,
4.88%
4,583‌
104,401‌
Public
Storage,
Series
L,
4.63%
5,000‌
106,950‌
Public
Storage,
Series
M,
4.13%
3,889‌
75,408‌
Public
Storage,
Series
N,
3.88%
20,000‌
356,200‌
Public
Storage,
Series
S,
4.10%
10,000‌
188,900‌
Vornado
Realty
Trust,
5.40%
12,298‌
184,839‌
1,658,794‌
Technology
0.15%
Pitney
Bowes,
Inc.,
6.70%
5,700‌
106,305‌
Utilities
3.73%
BIP
Bermuda
Holdings
I
Ltd.,
5.13%
10,000‌
195,800‌
Brookfield
Infrastructure
Partners
LP,
5.00%
10,000‌
177,600‌
Brookfield
Infrastructure
Partners
LP,
5.13%
25,000‌
453,500‌
DTE
Energy
Co.,
Series
G,
4.38%
20,000‌
412,000‌
Entergy
Arkansas,
Inc.,
4.88%
10,000‌
226,300‌
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
20
Preferred
Stocks
19.42%
(continued)
Shares
Market
Value
Utilities
3.73%
(continued)
Entergy
Louisiana
LLC,
4.88%
10,000‌
$
226,200‌
Entergy
Mississippi,
Inc.,
4.90%
15,000‌
347,850‌
Southern
Co.,
4.95%
21,000‌
482,790‌
Southern
Co.,
Series
C,
4.20%
6,000‌
120,840‌
2,642,880‌
Total
Preferred
Stocks
(Cost $16,662,389)
13,757,855‌
Collateralized
Mortgage
Obligations
0.07%
Principal
Amount
Market
Value
CHL
Mortgage
Pass-Through
Trust,
Series
2005-21,
Class
A7,
5.50%,
10/25/2035
$
17,111‌
9,742‌
CHL
Mortgage
Pass-Through
Trust,
Series
2005-21,
Class
A27,
5.50%,
10/25/2035
15,828‌
9,012‌
Citicorp
Mortgage
Securities,
Inc.,
Class
1A12,
5.00%,
2/25/2035
33,125‌
31,153‌
Total
Collateralized
Mortgage
Obligations 
(Cost $49,537)
49,907‌
Corporate
Bonds
11.14%
Principal
Amount
Market
Value
Bank
of
New
York
Mellon
Corp.
(The),
4.63%,
12/20/2049
500,000‌
472,838‌
Bank
of
New
York
Mellon
Corp.
(The),
3.70%,
3/20/2169
100,000‌
94,692‌
Entergy
Texas,
Inc.,
5.15%,
6/1/2045
100,000‌
93,642‌
Exelon
Generation
Co.
LLC,
5.60%,
6/15/2042
(b)(c)
400,000‌
356,045‌
Fifth
Third
Bancorp,
8.25%,
3/1/2038
250,000‌
300,335‌
Goldman
Sachs
Group,
Inc.
(The),
6.75%,
10/1/2037
850,000‌
929,377‌
Goldman
Sachs
Group,
Inc.
(The),
6.45%,
5/1/2036
500,000‌
533,849‌
Hospitality
Properties
Trust,
4.50%,
3/15/2025
500,000‌
488,948‌
Kinder
Morgan
Energy
Partners
LP,
6.50%,
2/1/2037
250,000‌
261,869‌
MetLife,
Inc.,
9.25%,
4/8/2038
(c)
1,500,000‌
1,760,152‌
MetLife,
Inc.,
10.75%,
8/1/2039
1,000,000‌
1,360,266‌
PECO
Energy
Capital
Trust
IV,
5.75%,
6/15/2033
1,000,000‌
975,768‌
Valero
Energy
Corp.,
8.75%,
6/15/2030
224,000‌
263,595‌
Total
Corporate
Bonds
(Cost $8,124,866)
7,891,376‌
Municipal
Bonds
59.48%
Principal
Amount
Market
Value
Alabama
2.72%
Health
Care
Authority
for
Baptist
Health
(The),
Refunding
Revenue
Bonds
,
  5.50%,
11/15/2043
2,000,000‌
1,925,687‌
Arizona
0.58%
Arizona
School
Facilities
Board,
School
Improvements,
Certificates
of
Participation
,
  6.00%,
9/1/2027
225,000‌
231,493‌
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
21
Municipal
Bonds 
59.48%
(continued)
Principal
Amount
Market
Value
Arizona
0.58%
(continued)
Phoenix
Arizona
Civic
Improvement
Corp.
Excise
Tax
Revenue,
Revenue
Bonds
,
Callable
7/1/2030
@
100,
  2.70%,
7/1/2045
$
250,000‌
$
173,978‌
405,471‌
California
4.04%
Alhambra
Unified
School
District,
University
&
College
Improvements,
General
Obligation
Unlimited
,
  6.70%,
2/1/2026
465,000‌
474,843‌
California
State
University,
Revenue
Bonds
Series
2020
B
,
Callable
5/1/2030
@
100,
  3.07%,
11/1/2042
100,000‌
77,642‌
City
&
County
of
San
Francisco,
CA,
General
Obligation
Unlimited
,
  6.26%,
6/15/2030
450,000‌
485,908‌
Peralta
Community
College
District,
Refunding
Revenue
Bonds
,
  6.91%,
8/1/2025
500,000‌
505,759‌
Peralta
Community
College
District,
Refunding
Revenue
Bonds
,
  7.31%,
8/1/2031
310,000‌
329,311‌
San
Bernardino
City
Unified
School
District,
School
Improvements,
Certificates
of
Participation,
(AGM)
(OID)
,
  8.25%,
2/1/2026
500,000‌
515,517‌
University
of
California
Revenues,
Revenue
Bonds
,
  4.13%,
5/15/2045
250,000‌
230,735‌
University
of
California,
University
&
College
Improvements,
Refunding
Revenue
Bonds
,
  3.66%,
5/15/2027
250,000‌
242,789‌
2,862,504‌
Colorado
0.81%
Colorado
Mesa
University,
University
&
College
Improvements,
Build
America
Revenue
Bonds,
(State
Higher
Education
Intercept
Program)
,
  6.75%,
5/15/2042
500,000‌
572,487‌
Connecticut
0.41%
State
of
Connecticut,
General
Obligation
Unlimited
,
  5.85%,
3/15/2032
280,000‌
293,556‌
Florida
4.42%
City
of
Miami
Gardens,
FL,
Public
Improvements,
Build
America
Bonds,
Certificates
of
Participation
,
  7.17%,
6/1/2026
670,000‌
682,438‌
City
of
Tallahassee,
FL,
Utility
System
Revenue,
Build
America
Revenue
Bonds
,
  5.22%,
10/1/2040
300,000‌
299,448‌
County
of
Miami-Dade,
FL
Transit
System,
Transit
Improvements,
Build
America
Revenue
Bonds
,
  5.53%,
7/1/2032
500,000‌
511,882‌
County
of
Miami-Dade,
FL,
Port,
Airport
&
Marina
Improvements,
Build
America
Revenue
Bonds,
(AGM)
(OID)
,
  7.50%,
4/1/2040
1,000,000‌
1,202,009‌
County
of
Miami-Dade,
FL,
Recreational
Facility
Improvements,
Revenue
Bonds,
(AGM)
,
  7.08%,
10/1/2029
250,000‌
276,541‌
Town
of
Miami
Lakes,
FL,
Public
Improvements,
Build
America
Revenue
Bonds
,
  7.59%,
12/1/2030
150,000‌
165,533‌
3,137,851‌
Georgia
3.75%
Cobb
Marietta
Georgia
Coliseum,
Revenue
Bonds
,
Callable
1/1/2026
@
100,
  4.50%,
1/1/2047
100,000‌
90,174‌
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
22
Municipal
Bonds 
59.48%
(continued)
Principal
Amount
Market
Value
Georgia
3.75%
(continued)
Municipal
Electric
Authority
of
Georgia,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
  7.06%,
4/1/2057
$
1,406,000‌
$
1,603,276‌
State
of
Georgia,
Public
Improvements,
General
Obligation
Unlimited
,
  3.84%,
2/1/2032
1,000,000‌
961,150‌
2,654,600‌
Hawaii
0.67%
State
of
Hawaii,
General
Obligation
Unlimited
,
Callable
10/1/2025
@
100,
  4.05%,
10/1/2032
495,000‌
476,209‌
Idaho
0.24%
Idaho
Water
Resource
Board,
Water
Utility
Improvements,
Revenue
Bonds,
(OID)
,
  5.25%,
9/1/2024
170,000‌
169,867‌
Illinois
2.08%
City
of
Chicago,
IL
Waterworks
Revenue,
Water
Utility
Improvements,
Build
America
Revenue
Bonds
,
  6.74%,
11/1/2040
250,000‌
284,713‌
Village
of
Glenwood,
IL,
Public
Improvements,
Build
America
Bonds,
General
Obligation
Unlimited,
(AGM)
,
  7.03%,
12/1/2028
1,130,000‌
1,192,674‌
1,477,387‌
Indiana
2.70%
Anderson
School
Building
Corp.,
Refunding
Bonds,
General
Obligation
Limited
,
Callable
7/5/2024
@
100,
  3.95%,
7/5/2029
1,000,000‌
954,078‌
Anderson
School
Building
Corp.,
Refunding
Bonds,
General
Obligation
Limited,
(OID)
,
Callable
7/5/2024
@
100,
  3.75%,
7/5/2028
1,000,000‌
955,042‌
1,909,120‌
Kansas
0.53%
Wyandotte
County
Unified
School
District
No.
500
Kansas
City,
General
Obligation
Unlimited
Series
2020
B
,
Callable
9/1/2030
@
100,
  3.17%,
9/1/2046
500,000‌
372,638‌
Kentucky
0.29%
Kentucky
State
Property
&
Building
Commission,
Economic
Improvements,
University
&
College
Improvements,
Build
America
Revenue
Bonds
Series
2010
C
,
  5.37%,
11/1/2025
207,000‌
206,863‌
Louisiana
0.10%
East
Baton
Rouge
Parish,
LA
Sewerage
Commission,
Revenue
Refunding
Bonds
Series
2020
B
,
  2.44%,
2/1/2039
100,000‌
73,886‌
Massachusetts
0.52%
City
of
Worcester,
MA,
Pension
Funding,
General
Obligation
Limited,
(AGM)
(OID)
,
  6.25%,
1/1/2028
85,000‌
87,981‌
Massachusetts
Health
&
Educational
Facilities
Authority,
Refunding
Revenue
Bonds
,
  6.43%,
10/1/2035
250,000‌
271,752‌
University
of
Massachusetts
Building
Authority,
University
&
College
Improvements,
Build
America
Revenue
Bonds
,
  6.57%,
5/1/2039
15,000‌
15,014‌
374,747‌
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
23
Municipal
Bonds 
59.48%
(continued)
Principal
Amount
Market
Value
Michigan
1.21%
Comstock
Park
Public
Schools,
School
Improvements,
General
Obligation
Unlimited
,
  6.20%,
5/1/2024
$
200,000‌
$
200,110‌
Michigan
Finance
Authority,
School
Improvements,
Revenue
Bonds
,
  6.38%,
11/1/2025
500,000‌
500,398‌
Onsted
Community
Schools,
School
Improvements,
General
Obligation
Unlimited
,
  5.90%,
5/1/2027
150,000‌
151,054‌
St.
Johns
Public
Schools,
General
Obligation
Unlimited
,
  6.65%,
5/1/2040
5,000‌
5,026‌
856,588‌
Mississippi
1.00%
Mississippi
Development
Bank,
Highway
Improvements,
Build
America
Revenue
Bonds
,
  6.59%,
1/1/2035
650,000‌
706,365‌
Missouri
4.50%
City
of
Kansas
City,
MO,
Revenue
Bonds
,
  7.83%,
4/1/2040
2,235,000‌
2,610,878‌
Missouri
Joint
Municipal
Electric
Utility
Commission,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
  7.73%,
1/1/2039
475,000‌
584,108‌
3,194,986‌
Nebraska
0.29%
Nebraska
Public
Power
District,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
  5.32%,
1/1/2030
200,000‌
204,632‌
Nevada
1.66%
County
of
Washoe,
NV,
Public
Improvements,
Build
America
Revenue
Bonds
,
  7.97%,
2/1/2040
690,000‌
848,344‌
County
of
Washoe,
NV,
Public
Improvements,
Build
America
Revenue
Bonds
,
  7.88%,
2/1/2040
250,000‌
324,290‌
1,172,634‌
New
Jersey
0.57%
New
Jersey
Educational
Facilities
Authority,
University
&
College
Improvements,
Build
America
Revenue
Bonds
,
  6.19%,
7/1/2040
500,000‌
404,362‌
New
York
4.72%
City
of
New
York,
NY,
Public
Improvements,
Build
America
Bonds,
General
Obligation
Unlimited
,
  5.70%,
3/1/2027
145,000‌
148,020‌
City
of
New
York,
NY,
Public
Improvements,
Build
America
Bonds,
General
Obligation
Unlimited
,
  5.21%,
10/1/2031
100,000‌
100,408‌
Long
Island
Power
Authority,
Revenue
Bonds,
(OID)
,
  5.85%,
5/1/2041
195,000‌
208,628‌
Metropolitan
Transportation
Authority,
Revenue
Bonds
,
  5.87%,
11/15/2039
200,000‌
205,501‌
Metropolitan
Transportation
Authority,
Transit
Improvements,
Build
America
Revenue
Bonds
,
  6.59%,
11/15/2030
145,000‌
154,220‌
Metropolitan
Transportation
Authority,
Transit
Improvements,
Build
America
Revenue
Bonds
,
  5.99%,
11/15/2030
125,000‌
130,285‌
Metropolitan
Transportation
Authority,
Transit
Improvements,
Build
America
Revenue
Bonds
,
  6.20%,
11/15/2026
85,000‌
86,017‌
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
24
Municipal
Bonds 
59.48%
(continued)
Principal
Amount
Market
Value
New
York
4.72%
(continued)
New
York
City
Industrial
Development
Agency,
Recreational
Facilities
Improvements
Revenue
Bonds,
(NATL-RE)
,
  5.90%,
3/1/2046
$
500,000‌
$
502,661‌
New
York
City
Transitional
Finance
Authority
Building
Aid
Revenue,
School
Improvements,
Build
America
Revenue
Bonds,
(State
Aid
Withholding)
,
  6.83%,
7/15/2040
485,000‌
542,880‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
Public
Improvements,
Build
America
Revenue
Bonds
,
  5.47%,
5/1/2036
815,000‌
830,262‌
Port
Authority
of
New
York
&
New
Jersey,
Port,
Airport
&
Marina
Improvements,
Revenue
Bonds
,
  3.92%,
10/15/2028
115,000‌
112,108‌
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
Callable
11/15/2033
@
100,
  5.55%,
11/15/2040
150,000‌
154,527‌
Western
Nassau
County
Water
Authority,
Build
America
Revenue
Bonds
,
  6.70%,
4/1/2040
150,000‌
166,891‌
3,342,408‌
North
Carolina
0.33%
County
of
Cabarrus,
NC,
School
Improvements,
Revenue
Bonds
,
  5.50%,
4/1/2026
235,000‌
235,644‌
Ohio
3.67%
American
Municipal
Power,
Inc.,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
  7.50%,
2/15/2050
495,000‌
601,706‌
American
Municipal
Power,
Inc.,
Revenue
Bonds
,
  6.27%,
2/15/2050
455,000‌
484,659‌
Cincinnati
City
School
District,
Refunding
Bonds,
Certificates
of
Participation,
(OID)
,
Callable
12/15/2024
@
100,
  4.00%,
12/15/2032
200,000‌
188,475‌
County
of
Cuyahoga,
OH,
Hospital
Improvements,
Build
America
Revenue
Bonds
,
  8.22%,
2/15/2040
1,000,000‌
1,127,256‌
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
200,057‌
2,602,153‌
Pennsylvania
4.31%
City
of
Reading,
PA
,
Callable
11/1/2024
@
100,
  5.30%,
11/1/2033
500,000‌
499,308‌
Pennsylvania
Turnpike
Commission
Turnpike
Revenue,
Revenue
Bonds
,
Callable
12/1/2029
@
100,
  3.58%,
12/1/2043
390,000‌
312,202‌
Pennsylvania
Turnpike
Commission,
Build
America
Revenue
Bonds
,
  6.38%,
12/1/2037
520,000‌
563,911‌
Philadelphia
Authority
for
Industrial
Development,
Pension
Funding,
Revenue
Bonds,
(AGM)
(OID)
,
  6.35%,
4/15/2028
130,000‌
137,067‌
Philadelphia
Municipal
Authority,
Public
Improvements,
Revenue
Bonds
,
  5.09%,
3/15/2028
500,000‌
497,386‌
Sports
&
Exhibition
Authority
of
Pittsburgh
and
Allegheny
County,
Recreational
Facilities
Improvements,
Revenue
Bonds
,
  7.04%,
11/1/2039
1,000,000‌
1,047,078‌
3,056,952‌
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
25
Municipal
Bonds 
59.48%
(continued)
Principal
Amount
Market
Value
Rhode
Island
0.53%
Narragansett
Bay
Commission,
Revenue
Bonds
Series
2020
A
,
Callable
9/1/2030
@
100,
  2.92%,
9/1/2043
$
500,000‌
$
373,473‌
Texas
1.75%
Frisco
Economic
Development
Corp.,
Public
Improvements,
Revenue
Bonds
,
  4.20%,
2/15/2034
1,000,000‌
958,205‌
Midland
County
Hospital
District,
Health,
Hospital
&
Nursing
Home
Improvements,
Build
America
Bonds,
General
Obligation
Limited
,
  6.44%,
5/15/2039
260,000‌
283,709‌
1,241,914‌
Virgin
Islands
2.65%
Virgin
Islands
Water
&
Power
Authority
-
Electric
System,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds,
(AGM)
,
  6.85%,
7/1/2035
1,000,000‌
1,130,299‌
Virgin
Islands
Water
&
Power
Authority
-
Electric
System,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds,
(AGM)
,
  6.65%,
7/1/2028
715,000‌
742,275‌
1,872,574‌
Virginia
6.60%
Tobacco
Settlement
Financing
Corp.,
Refunding
Revenue
Bonds,
(OID)
,
Callable
6/1/2025
@
100,
  6.71%,
6/1/2046
5,420,000‌
4,676,748‌
Washington
1.83%
City
of
Seattle,
WA,
Municipal
Light
&
Power
Revenue,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds,
(OID)
,
  5.57%,
2/1/2040
250,000‌
259,562‌
Douglas
County
Public
Utility
District
No.
1,
Electric
Lights
&
Power
Improvements,
Revenue
Bonds
,
  5.35%,
9/1/2030
224,100‌
230,271‌
Public
Utility
District
No.
1
of
Cowlitz
County,
WA,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
  6.88%,
9/1/2032
500,000‌
549,102‌
Snohomish
County
Public
Utility
District
No.
1,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds,
(OID)
,
  5.68%,
12/1/2040
250,000‌
254,371‌
1,293,306‌
Total
Municipal
Bonds
(Cost $42,893,745)
42,147,612‌
Total
Investments
—
99.29%
(Cost
$73,122,741)
70,353,351‌
Other
Assets
in
Excess
of
Liabilities 
—
0.71%
505,429‌
NET
ASSETS
-
100.00%
$
70,858,780‌
(a)
Non-income
producing
security.
(b)
Security
is
currently
being
valued
according
to
the
fair
value
procedures
approved
by
the
Board
of
Directors.
(c)
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.
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
26
AGM
-
Assured
Guaranty
Municipal
Corp.
NATL-RE
-
Insured
by
National
Public
Finance
Guarantee
Corp.
OID
-
Original
Issue
Discount
Spirit
of
America
Utilities
Fund
Schedule
of
Investments
March
31,
2024
(Unaudited)
27
Common
Stocks
92.25%
Shares
Market
Value
Energy
0.61%
Williams
Companies,
Inc.
(The)
2,500‌
$
97,425‌
Industrials
0.33%
Waste
Management,
Inc.
250‌
53,287‌
Utilities
91.31%
AES
Corp.
20,000‌
358,600‌
Alliant
Energy
Corp.
3,650‌
183,960‌
Ameren
Corp.
8,450‌
624,962‌
American
Electric
Power
Company,
Inc.
9,150‌
787,815‌
American
Water
Works
Company,
Inc.
1,200‌
146,652‌
Atmos
Energy
Corp.
2,900‌
344,723‌
Brookfield
Renewable
Corp.,
Class
A
1,150‌
28,255‌
CenterPoint
Energy,
Inc.
15,000‌
427,350‌
Chesapeake
Utilities
Corp.
550‌
59,015‌
Clearway
Energy,
Inc.,
Class
C
5,800‌
133,690‌
CMS
Energy
Corp.
8,900‌
537,026‌
Constellation
Energy
Corp.
4,050‌
748,642‌
Dominion
Energy,
Inc.
2,600‌
127,894‌
DTE
Energy
Co.
6,700‌
751,338‌
Duke
Energy
Corp.
6,500‌
628,615‌
Edison
International
4,350‌
307,675‌
Entergy
Corp.
7,750‌
819,020‌
Essential
Utilities,
Inc.
13,200‌
489,060‌
Evergy,
Inc.
1,850‌
98,753‌
Eversource
Energy
8,300‌
496,091‌
Exelon
Corp.
12,300‌
462,111‌
FirstEnergy
Corp.
12,700‌
490,474‌
IDACORP,
Inc.
900‌
83,601‌
National
Fuel
Gas
Co.
850‌
45,662‌
NextEra
Energy,
Inc.
15,350‌
981,019‌
Nisource,
Inc.
19,000‌
525,540‌
Northwest
Natural
Holdings
Co.
1,900‌
70,718‌
NorthWestern
Corp.
1,000‌
50,930‌
Portland
General
Electric
Co.
2,250‌
94,500‌
PPL
Corp.
22,250‌
612,543‌
Public
Service
Enterprise
Group,
Inc.
10,350‌
691,173‌
Sempra
Energy
10,250‌
736,258‌
Southern
Co.
3,250‌
233,155‌
Southwest
Gas
Corp.
2,400‌
182,712‌
Vistra
Energy
Corp.
6,000‌
417,900‌
WEC
Energy
Group,
Inc.
6,650‌
546,098‌
Spirit
of
America
Utilities
Fund
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
28
Common
Stocks
92.25%
(continued)
Shares
Market
Value
Utilities
91.31%
(continued)
Xcel
Energy,
Inc.
6,700‌
$
360,125‌
14,683,655‌
Total
Common
Stocks
(Cost $14,687,970)
14,834,367‌
Preferred
Stocks
0.91%
Shares
Market
Value
Utilities
0.91%
Southern
Co.,
5.25%
6,000‌
146,340‌
Total
Preferred
Stocks
(Cost $146,850)
146,340‌
Shares
Market
Value
Money
Market
Funds
5.52%
Morgan
Stanley
Institutional
Liquidity
Funds
Government
Portfolio,
Institutional
Class,
5.22%
(a)
887,186‌
887,186‌
Total
Money
Market
Funds
(Cost $887,186)
887,186‌
Total
Investments
—
98.68%
(Cost
$15,722,006)
15,867,893‌
Other
Assets
in
Excess
of
Liabilities 
—
1.32%
212,721‌
NET
ASSETS
-
100.00%
$
16,080,614‌
(a)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
March
31,
2024.