UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number : 811-08231
SPIRIT OF AMERICA INVESTMENT FUND, INC.
(Exact name of registrant as specified in charter)
477 Jericho Turnpike
P.O. Box 9006
Syosset, NY 11791-9006
(Address of principal executive offices) (Zip code)
Mr. David Lerner
David Lerner Associates
477 Jericho Turnpike
P.O. Box 9006
Syosset, NY 11791-9006
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-516-390-5565
Date of fiscal year end: December 31
Date of reporting period: June 30, 2021
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
(a) |
SEMI-ANNUAL REPORT
June 30, 2021
Spirit of America Real Estate Income and Growth Fund | |
Spirit of America Large Cap Value Fund | |
Spirit of America Municipal Tax Free Bond Fund | |
Spirit of America Income Fund | |
Spirit of America Income & Opportunity Fund | |
SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
PERFORMANCE UPDATE (UNAUDITED)
Summary of Portfolio Holdings (Unaudited)
As of June 30, 2021
Residential REITs | 21.65 | % | $ | 21,998,152 | ||||
Industrial REITs | 21.30 | % | 21,633,844 | |||||
Data Center (REITs) | 21.01 | % | 21,338,557 | |||||
Retail REITs | 10.08 | % | 10,239,210 | |||||
Self-Storage REITs | 5.91 | % | 6,000,995 | |||||
Office REITs | 5.02 | % | 5,098,788 | |||||
Health Care REITs | 3.46 | % | 3,512,375 | |||||
Infrastructure REITs | 2.93 | % | 2,976,333 | |||||
Hotel REITs | 2.72 | % | 2,767,074 | |||||
Multi Asset Class REITs | 1.85 | % | 1,882,844 | |||||
Gaming REITs | 1.49 | % | 1,509,187 | |||||
Money Market | 0.92 | % | 930,159 | |||||
Specialty REITs | 0.56 | % | 573,685 | |||||
Consumer Discretionary | 0.53 | % | 533,471 | |||||
Mortage Finance | 0.31 | % | 318,773 | |||||
Municipal Bonds | 0.20 | % | 200,790 | |||||
Timber REITs | 0.06 | % | 61,956 | |||||
Total Investments | 100.00 | % | $ | 101,576,193 |
1 |
SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
PERFORMANCE UPDATE (UNAUDITED) (CONT.)
Average Annual Returns (Unaudited)
For the periods ended June 30, 2021
Six Months | 1 Year | 5 Year | 10 Year | Expense Ratios4 | |
Class A Shares - with load | 10.74% | 21.69% | 5.44% | 7.10% | 1.59% |
Class A Shares - no load | 16.89% | 28.45% | 6.59% | 7.68% | 1.59% |
Class C Shares - with load1 | 15.46% | 26.51% | 5.82% | 6.92% | 2.29% |
Class C Shares - no load1 | 16.46% | 27.51% | 5.82% | 6.92% | 2.29% |
Institutional Class Shares2 | 17.00% | 28.88% | 6.91% | 8.00% | 1.29% |
MSCI US REIT Index3 | 21.81% | 38.06% | 6.32% | 9.38% |
The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns, with load, include the 5.25% maximum sales charge for the Class A Shares or the 1.00% maximum deferred sales charge for the Class C Shares. Total returns for periods less than one year are not annualized.
1 | Class C Shares commenced operations on March 15, 2016. Prior to March 15, 2016, performance is based on the performance of Class A Shares adjusted for the Class C Shares’ 12b-1 fees and contingent deferred sales charge. |
2 | Institutional Shares commenced operations on May 1, 2020. Prior to May 1, 2020, performance is based on the performance of Class A Shares. |
3 | The Morgan Stanley Capital International (“MSCI”) US REIT Index is an unmanaged index. The MSCI US REIT Index is a free float- adjusted market capitalization weighted index that is comprised of equity Real Estate Investment Trusts (“REITs”) that are included in the MSCI US Investable Market 2500 Index, with the exception of specialty equity REITs that do not generate a majority of their revenue and income from real estate rental and leasing operations. The index represents approximately 85% of the US REIT universe. The performance of an index assumes no transaction costs, taxes, management fees or other expenses. A direct investment in an index is not possible. |
4 | Reflects the expense ratio as disclosed in the Fund’s prospectus dated May 1, 2021. Additional information pertaining to the Fund’s expense ratios as of June 30, 2021, can be found in the financial highlights. |
Fixed Distribution Policy (Unaudited)
The Board of Directors of the Fund has set a fixed distribution policy whereby the Fund will declare semi-annual distributions comprised of income earned, if any, realized long-term capital gains, if any, and to the extent necessary, return of capital, payable as of June 30 and December 31 of each year in the annual aggregate minimum amount of $0.85 per share. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of these distributions. The Fund’s total return based on net asset value is presented on the prior page as well as in the Financial Highlights tables.
2 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA LARGE CAP VALUE FUND
PERFORMANCE UPDATE (UNAUDITED)
Summary of Portfolio Holdings (Unaudited)
As of June 30, 2021
Technology | 33.94 | % | $ | 49,690,718 | ||||
Financials | 11.58 | % | 16,947,758 | |||||
Health Care | 9.92 | % | 14,529,590 | |||||
Industrials | 9.19 | % | 13,451,097 | |||||
Consumer Staples | 8.18 | % | 11,974,134 | |||||
Communications | 7.70 | % | 11,270,551 | |||||
Consumer Discretionary | 6.57 | % | 9,618,783 | |||||
Real Estate | 4.29 | % | 6,275,933 | |||||
Energy | 3.76 | % | 5,511,297 | |||||
Utilities | 2.80 | % | 4,103,928 | |||||
Materials | 1.41 | % | 2,067,051 | |||||
Money Market | 0.66 | % | 965,662 | |||||
Total Investments | 100.00 | % | $ | 146,406,502 |
3 |
SPIRIT OF AMERICA LARGE CAP VALUE FUND
PERFORMANCE UPDATE (UNAUDITED) (CONT.)
Average Annual Returns (Unaudited)
For the periods ended June 30, 2021
Six Months | 1 Year | 5 Year | 10 Year | Expense Ratios4 | |
Class A Shares - with load | 8.83% | 31.51% | 13.83% | 11.17% | 1.53% |
Class A Shares - no load | 14.88% | 38.77% | 15.06% | 11.77% | 1.53% |
Class C Shares - with load1 | 13.47% | 36.76% | 14.24% | 10.97% | 2.23% |
Class C Shares - no load1 | 14.47% | 37.76% | 14.24% | 10.97% | 2.23% |
Institutional Class Shares2 | 15.04% | 39.17% | 15.41% | 12.11% | 1.23% |
S&P 500 Index3 | 15.25% | 40.79% | 17.65% | 14.84% |
The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns, with load, include the 5.25% maximum sales charge for the Class A Shares or the 1.00% maximum deferred sales charge for the Class C Shares. Total returns for periods less than one year are not annualized.
1 | Class C Shares commenced operations on March 15, 2016. Prior to March 15, 2016, performance is based on the performance of Class A Shares adjusted for the Class C Shares’ 12b-1 fees and contingent deferred sales charge. |
2 | Institutional Shares commenced operations on May 1, 2020. Prior to May 1, 2020, performance is based on the performance of Class A Shares. |
3 | S&P 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure the performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The performance of an index assumes no transaction costs, taxes, management fees or other expenses. A direct investment in an index is not possible. |
4 | Reflects the expense ratio as disclosed in the Fund’s prospectus dated May 1, 2021. Additional information pertaining to the Fund’s expense ratios as of June 30, 2021, can be found in the financial highlights. |
Fixed Distribution Policy (Unaudited)
The Board of Directors of the Fund has set a fixed distribution policy whereby the Fund will declare semi-annual distributions comprised of income earned, if any, realized long-term capital gains, if any, and to the extent necessary, return of capital, payable as of June 30 and December 31 of each year in the annual aggregate minimum amount of $1.40 per share. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of these distributions. The Fund’s total return based on net asset value is presented in the table above as well as in the Financial Highlights tables.
4 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
PERFORMANCE UPDATE (UNAUDITED)
Summary of Portfolio Holdings (Unaudited)
As of June 30, 2021
New York | 21.12 | % | $ | 14,255,441 | Louisiana | 0.95 | % | $ | 638,031 | |||||||||
Texas | 9.23 | % | 6,231,953 | Arizona | 0.90 | % | 608,991 | |||||||||||
Connecticut | 8.80 | % | 5,939,557 | Ohio | 0.86 | % | 582,168 | |||||||||||
Florida | 8.05 | % | 5,427,510 | Puerto Rico | 0.85 | % | 570,438 | |||||||||||
Pennsylvania | 6.45 | % | 4,349,061 | Alaska | 0.74 | % | 500,777 | |||||||||||
Indiana | 4.99 | % | 3,366,662 | Tennessee | 0.59 | % | 399,089 | |||||||||||
California | 4.63 | % | 3,120,432 | South Dakota | 0.57 | % | 385,040 | |||||||||||
Money Market | 4.46 | % | 3,007,159 | Iowa | 0.45 | % | 303,518 | |||||||||||
New Jersey | 4.39 | % | 2,961,530 | Virginia | 0.43 | % | 287,116 | |||||||||||
Massachusetts | 3.93 | % | 2,649,662 | Oklahoma | 0.39 | % | 264,195 | |||||||||||
Michigan | 3.11 | % | 2,096,029 | Nebraska | 0.38 | % | 255,875 | |||||||||||
Maine | 1.98 | % | 1,333,343 | Vermont | 0.37 | % | 251,932 | |||||||||||
District of Columbia | 1.63 | % | 1,098,516 | North Carolina | 0.34 | % | 230,599 | |||||||||||
Washington | 1.62 | % | 1,090,029 | Illinois | 0.30 | % | 200,938 | |||||||||||
Georgia | 1.45 | % | 976,959 | North Dakota | 0.16 | % | 107,266 | |||||||||||
Utah | 1.37 | % | 925,926 | Wisconsin | 0.12 | % | 81,576 | |||||||||||
Nevada | 1.20 | % | 809,703 | Virgin Islands | 0.11 | % | 75,189 | |||||||||||
New Mexico | 1.09 | % | 738,458 | Oregon | 0.05 | % | 36,698 | |||||||||||
Minnesota | 0.98 | % | 660,818 | Total Investments | 100.00 | % | $ | 67,463,522 | ||||||||||
Missouri | 0.96 | % | 645,338 |
5 |
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
PERFORMANCE UPDATE (UNAUDITED) (CONT.)
Average Annual Returns (Unaudited)
For the periods ended June 30, 2021
Expense Ratios4 | ||||||
With Applicable | ||||||
Six Months | 1 Year | 5 Year | 10 Year | Gross | Waivers | |
Class A Shares - with load | (4.10)% | (2.16)% | 1.14% | 3.23% | 1.11% | 0.90% |
Class A Shares - no load | 0.73% | 2.69% | 2.12% | 3.73% | 1.11% | 0.90% |
Class C Shares - with load1 | (0.69)% | 0.83% | 1.22% | 2.83% | 1.96% | 1.75% |
Class C Shares - no load1 | 0.31% | 1.83% | 1.22% | 2.83% | 1.96% | 1.75% |
Institutional Class Shares2 | 0.81% | 2.85% | 2.28% | 3.89% | 0.96% | 0.75% |
Bloomberg Barclays Municipal Bond Index3 | 1.06% | 4.17% | 3.25% | 4.28% |
The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns, with load, include the 4.75% maximum sales charge for the Class A Shares or the 1.00% maximum deferred sales charge for the Class C Shares. Total returns for periods less than one year are not annualized.
1 | Class C Shares commenced operations on March 15, 2016. Prior to March 15, 2016, performance is based on the performance of Class A Shares adjusted for the Class C Shares’ 12b-1 fees and contingent deferred sales charge. |
2 | Institutional Shares commenced operations on May 1, 2020. Prior to May 1, 2020, performance is based on the performance of Class A Shares. |
3 | The Bloomberg Barclays Municipal Bond Index is an unmanaged index. The performance of an index assumes no transaction costs, taxes, management fees or other expenses. A direct investment in an index is not possible. |
4 | Reflects the expense ratio as disclosed in the Fund’s prospectus dated May 1, 2021. Spirit of America Management Corp. (the “Adviser”) has contractually agreed to waive advisory fees and/or reimburse expenses under an Operating Expenses Agreement so that the total operating expenses will not exceed 0.90%, 1.75% and 0.75% of the Class A Shares, Class C Shares and Institutional Shares average daily net assets, respectively, through April 30, 2022. The waiver does not include front end or contingent deferred loads, taxes, interest, dividend expenses, brokerage commissions or expenses incurred in connection with any merger, reorganization, or extraordinary expenses such as litigation. Any amounts waived or reimbursed by the Adviser are subject to reimbursement by the Fund within the following three years, provided the Fund is able to make such reimbursement and remain in compliance with the expense limitations stated above. The Operating Expense Agreement may be terminated at any time, by the Board of Directors, on behalf of the Fund, upon sixty days written notice to the Adviser. Additional information pertaining to the Fund’s expense ratios as of June 30, 2021, can be found in the financial highlights. |
6 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA INCOME FUND
PERFORMANCE UPDATE (UNAUDITED)
Summary of Portfolio Holdings (Unaudited)
As of June 30, 2021
Municipal Bonds | 55.56 | % | 71,640,110 | |||||
Preferred Stocks | 19.80 | % | 25,522,488 | |||||
Common Stocks | 16.24 | % | 20,932,637 | |||||
Corporate Bonds | 8.32 | % | 10,729,227 | |||||
Collateralized Mortgage Obligations | 0.08 | % | 106,717 | |||||
Total Investments | 100.00 | % | $ | 128,931,179 |
Average Annual Returns (Unaudited)
For the periods ended June 30, 2021
Expense Ratios4 | ||||||
With Applicable | ||||||
Six Months | 1 Year | 5 Year | 10 Year | Gross | Waivers | |
Class A Shares - with load | (1.61)% | 4.99% | 3.79% | 5.56% | 1.16% | 1.11% |
Class A Shares - no load | 3.29% | 10.21% | 4.81% | 6.07% | 1.16% | 1.11% |
Class C Shares - with load1 | 1.82% | 8.40% | 4.01% | 5.27% | 1.91% | 1.86% |
Class C Shares - no load1 | 2.82% | 9.40% | 4.01% | 5.27% | 1.91% | 1.86% |
Institutional Class Shares2 | 3.41% | 10.45% | 5.06% | 6.33% | 0.91% | 0.86% |
Bloomberg Barclays U.S. Aggregate Bond Index3 | (1.60)% | (0.33)% | 3.03% | 3.39% |
The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns, with load, include the 4.75% maximum sales charge for the Class A Shares or the 1.00% maximum deferred sales charge for the Class C Shares. Total returns for periods less than one year are not annualized.
1 | Class C Shares commenced operations on March 15, 2016. Prior to March 15, 2016, performance is based on the performance of Class A Shares adjusted for the Class C Shares’ 12b-1 fees and contingent deferred sales charge. |
2 | Institutional Shares commenced operations on May 1, 2020. Prior to May 1, 2020, performance is based on the performance of Class A Shares. |
3 | The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index. The performance of an index assumes no transaction costs, taxes, management fees or other expenses. A direct investment in an index is not possible. |
4 | Reflects the expense ratio as disclosed in the Fund’s prospectus dated May 1, 2021. Spirit of America Management Corp. (the “Adviser”) has contractually agreed to waive advisory fees and/or reimburse expenses under an Operating Expenses Agreement so that the total operating expenses will not exceed 1.10%, 1.85% and 0.85% of the Class A Shares, Class C Shares and Institutional Shares average daily net assets, respectively, through April 30, 2022. The waiver does not include front end or contingent deferred loads, taxes, interest, dividend expenses, brokerage commissions or expenses incurred in connection with any merger, reorganization, or extraordinary expenses such as litigation. Any amounts waived or reimbursed by the Adviser are subject to reimbursement by the Fund within the following three years, provided the Fund is able to make such reimbursement and remain in compliance with the expense limitations stated above. The Operating Expense Agreement may be terminated at any time, by the Board of Directors, on behalf of the Fund, upon sixty days written notice to the Adviser. Additional information pertaining to the Fund’s expense ratios as of June 30, 2021, can be found in the financial highlights. |
7 |
SPIRIT OF AMERICA INCOME & OPPORTUNITY FUND
PERFORMANCE UPDATE (UNAUDITED)
Summary of Portfolio Holdings (Unaudited)
As of June 30, 2021
Common Stocks | 41.49 | % | $ | 11,383,906 | ||||
Municipal Bonds | 40.33 | % | 11,067,534 | |||||
Preferred Stocks | 9.32 | % | 2,557,400 | |||||
Money Market | 3.59 | % | 983,915 | |||||
U.S. Government & Agency Obligations | 3.35 | % | 920,187 | |||||
Corporate Bonds | 1.92 | % | 527,895 | |||||
Total Investments | 100.00 | % | $ | 27,440,837 |
Average Annual Returns (Unaudited)
For the periods ended June 30, 2021
Expense Ratios4 | ||||||
Since | ||||||
Inception | With | |||||
(July 8, | Applicable | |||||
Six Months | 1 Year | 5 Year | 2013) | Gross | Waivers | |
Class A Shares - with load | 3.71% | 13.51% | 5.73% | 5.24% | 1.47% | 1.26% |
Class A Shares - no load | 8.88% | 19.17% | 6.76% | 5.89% | 1.47% | 1.26% |
Class C Shares - with load1 | 7.54% | 17.29% | 5.99% | 5.04% | 2.22% | 2.01% |
Class C Shares - no load1 | 8.54% | 18.29% | 5.99% | 5.04% | 2.22% | 2.01% |
Institutional Class Shares2 | 9.05% | 19.56% | 7.04% | 6.16% | 1.22% | 1.01% |
Bloomberg Barclays U.S. Aggregate Bond Index3 | (1.60)% | (0.33)% | 3.03% | 3.50% |
The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns, with load, include the 4.75% maximum sales charge for the Class A Shares or the 1.00% maximum deferred sales charge for the Class C Shares. Total returns for periods less than one year are not annualized.
1 | Class C Shares commenced operations on March 15, 2016. Prior to March 15, 2016, performance is based on the performance of Class A Shares adjusted for the Class C Shares’ 12b-1 fees and contingent deferred sales charge. |
2 | Institutional Shares commenced operations on May 1, 2020. Prior to May 1, 2020, performance is based on the performance of Class A Shares. |
3 | The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index. The performance of an index assumes no transaction costs, taxes, management fees or other expenses. A direct investment in an index is not possible. |
4 | Reflects the expense ratio as disclosed in the Fund’s prospectus dated May 1, 2021. Spirit of America Management Corp. (the “Adviser”) has contractually agreed to waive advisory fees and/or reimburse expenses under an Operating Expenses Agreement so that the total operating expenses will not exceed 1.25%, 2.00% and 1.00% of the Class A Shares, Class C Shares and Institutional Shares average daily net assets, respectively, through April 30, 2022. The waiver does not include front end or contingent deferred loads, taxes, interest, dividend expenses, brokerage commissions or expenses incurred in connection with any merger, reorganization, or extraordinary expenses such as litigation. Any amounts waived or reimbursed by the Adviser are subject to reimbursement by the Fund within the following three years, provided the Fund is able to make such reimbursement and remain in compliance with the expense limitations stated above. The Operating Expense Agreement may be terminated at any time, by the Board of Directors, on behalf of the Fund, upon sixty days written notice to the Adviser. Additional information pertaining to the Fund’s expense ratios as of June 30, 2021, can be found in the financial highlights. |
8 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA INCOME & OPPORTUNITY FUND
PERFORMANCE UPDATE (UNAUDITED) (CONT.)
Fixed Distribution Policy (Unaudited)
The Board of Directors of the Fund has set a fixed distribution policy whereby the Fund will declare semi-annual distributions comprised of income earned, if any, realized long-term capital gains, if any, and to the extent necessary, return of capital, payable as of June 30 and December 31 of each year in the annual aggregate minimum amount of $0.60 per share. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of these distributions. The Fund’s total return based on net asset value is presented on the prior page as well as in the Financial Highlights tables.
9 |
SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND |
SCHEDULE OF INVESTMENTS | JUNE 30, 2021 (UNAUDITED) |
Shares | Market Value | |||||||
Common Stocks 97.14% | ||||||||
Data Center REITs 20.91% | ||||||||
CoreSite Realty Corp. | 28,425 | $ | 3,826,005 | |||||
CyrusOne, Inc. | 44,100 | 3,154,032 | ||||||
Digital Realty Trust, Inc. | 35,081 | 5,278,287 | ||||||
Equinix, Inc. | 5,125 | 4,113,325 | ||||||
QTS Realty Trust, Inc., Class A | 61,575 | 4,759,748 | ||||||
21,131,397 | ||||||||
Gaming REITs 1.49% | ||||||||
Gaming and Leisure Properties, Inc. | 3,685 | 170,726 | ||||||
MGM Growth Properties LLC, Class A | 36,550 | 1,338,461 | ||||||
1,509,187 | ||||||||
Health Care REITs 3.47% | ||||||||
Global Medical REIT, Inc. | 15,000 | 221,400 | ||||||
Healthcare Trust of America, Inc., Class A | 7,500 | 200,250 | ||||||
Healthpeak Properties, Inc. | 33,668 | 1,120,808 | ||||||
Medical Properties Trust, Inc. | 12,500 | 251,250 | ||||||
Omega Healthcare Investors, Inc. | 1,000 | 36,290 | ||||||
Physicians Realty Trust | 5,850 | 108,049 | ||||||
Ventas, Inc. | 5,050 | 288,355 | ||||||
Welltower, Inc. | 15,475 | 1,285,973 | ||||||
3,512,375 | ||||||||
Homebuilding 0.53% | ||||||||
D.R. Horton, Inc. | 500 | 45,185 | ||||||
Lennar Corp., Class A | 2,500 | 248,375 | ||||||
Toll Brothers, Inc. | 4,150 | 239,911 | ||||||
533,471 | ||||||||
Hotel REITs 1.91% | ||||||||
Apple Hospitality REIT, Inc. | 10,210 | 155,805 | ||||||
Host Hotels & Resorts, Inc.(a) | 25,000 | 427,250 | ||||||
Park Hotels & Resorts, Inc.(a) | 7,750 | 159,727 | ||||||
Pebblebrook Hotel Trust(a) | 29,581 | 696,633 | ||||||
Summit Hotel Properties, Inc.(a) | 18,000 | 167,940 | ||||||
Sunstone Hotel Investors, Inc. | 25,700 | 319,194 | ||||||
1,926,549 | ||||||||
Industrial REITs 21.30% | ||||||||
Americold Realty Trust | 30,200 | 1,143,070 | ||||||
Duke Realty Corp. | 3,750 | 177,562 | ||||||
Innovative Industrial Properties, Inc. | 24,050 | 4,594,031 | ||||||
Prologis, Inc. | 93,970 | 11,232,234 | ||||||
STAG Industrial, Inc. | 44,950 | 1,682,479 | ||||||
Terreno Realty Corp. | 41,900 | 2,703,388 | ||||||
21,532,764 | ||||||||
Infrastructure REITs 2.94% | ||||||||
American Tower Corp., Class A | 5,110 | 1,380,415 | ||||||
Crown Castle International Corp. | 8,180 | 1,595,918 | ||||||
2,976,333 |
See accompanying notes which are an integral part of these financial statements.
10 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Shares | Market Value | |||||||
Mortgage Finance 0.32% | ||||||||
Blackstone Mortgage Trust, Inc., Class A | 2,200 | $ | 70,158 | |||||
Starwood Property Trust, Inc. | 9,500 | 248,615 | ||||||
318,773 | ||||||||
Multi Asset Class REITs 1.80% | ||||||||
Lexington Realty Trust | 2,700 | 32,265 | ||||||
One Liberty Properties, Inc. | 2,500 | 70,975 | ||||||
WP Carey, Inc. | 22,950 | 1,712,529 | ||||||
1,815,769 | ||||||||
Office REITs 5.04% | ||||||||
Alexandria Real Estate Equities, Inc. | 12,650 | 2,301,541 | ||||||
Boston Properties, Inc. | 6,965 | 798,119 | ||||||
City Office REIT, Inc. | 59,308 | 737,198 | ||||||
Hudson Pacific Properties, Inc. | 27,550 | 766,441 | ||||||
Kilroy Realty Corp. | 7,115 | 495,489 | ||||||
5,098,788 | ||||||||
Residential REITs 21.63% | ||||||||
American Campus Communities, Inc. | 1,000 | 46,720 | ||||||
American Homes 4 Rent, Class A | 1,500 | 58,275 | ||||||
Apartment Income REIT Corp. | 25,902 | 1,228,532 | ||||||
AvalonBay Communities, Inc. | 10,190 | 2,126,551 | ||||||
Camden Property Trust | 12,750 | 1,691,543 | ||||||
Equity LifeStyle Properties, Inc. | 35,000 | 2,600,850 | ||||||
Equity Residential | 25,415 | 1,956,955 | ||||||
Essex Property Trust, Inc. | 6,286 | 1,885,863 | ||||||
Invitation Homes, Inc. | 32,800 | 1,223,112 | ||||||
Mid-America Apartment Communities, Inc. | 17,072 | 2,875,266 | ||||||
Sun Communities, Inc. | 26,100 | 4,473,540 | ||||||
UDR, Inc. | 34,750 | 1,702,055 | ||||||
21,869,262 | ||||||||
Retail REITs 9.63% | ||||||||
Agree Realty Corp. | 1,500 | 105,735 | ||||||
Brixmor Property Group, Inc. | 35,175 | 805,156 | ||||||
Federal Realty Investment Trust | 11,300 | 1,324,021 | ||||||
Four Corners Property Trust, Inc. | 2,000 | 55,220 | ||||||
Kimco Realty Corp. | 26,069 | 543,539 | ||||||
National Retail Properties, Inc. | 14,750 | 691,480 | ||||||
Realty Income Corp. | 24,280 | 1,620,447 | ||||||
Regency Centers Corp. | 23,300 | 1,492,831 | ||||||
Simon Property Group, Inc. | 20,900 | 2,727,032 | ||||||
Spirit MTA REIT(b) | 1,140 | 484 | ||||||
STORE Capital Corp. | 3,000 | 103,530 | ||||||
Tanger Factory Outlet Centers, Inc. | 11,500 | 216,775 | ||||||
VEREIT, Inc. | 1,000 | 45,930 | ||||||
9,732,180 | ||||||||
Self-Storage REITs 5.54% | ||||||||
CubeSmart | 19,750 | 914,820 | ||||||
Extra Space Storage, Inc. | 11,645 | 1,907,684 | ||||||
Life Storage, Inc. | 17,750 | 1,905,462 | ||||||
Public Storage | 2,900 | 872,001 | ||||||
5,599,967 |
See accompanying notes which are an integral part of these financial statements.
11 |
SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Shares | Market Value | |||||||
Specialty REITs 0.57% | ||||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 10,217 | $ | 573,685 | |||||
Timber REITs 0.06% | ||||||||
Weyerhaeuser Co. | 1,800 | 61,956 | ||||||
Total Common Stocks | ||||||||
(Cost $56,017,763) | 98,192,456 | |||||||
Preferred Stocks 2.23% | ||||||||
Data Center REITs 0.20% | ||||||||
Digital Realty Trust, Inc., Series J, 5.25% | 4,000 | 104,000 | ||||||
QTS Realty Trust, Inc., 7.13% | 4,000 | 103,160 | ||||||
207,160 | ||||||||
Hotel REITs 0.84% | ||||||||
Ashford Hospitality Trust, Inc., Series F, 7.38% | 6,000 | 159,900 | ||||||
Hersha Hospitality Trust, Series D, 6.50% | 5,000 | 117,750 | ||||||
Hersha Hospitality Trust, Series E, 6.50% | 5,000 | 117,750 | ||||||
Pebblebrook Hotel Trust, Series F, 6.30% | 2,500 | 63,225 | ||||||
Pebblebrook Hotel Trust, Series G, 6.38% | 4,000 | 109,040 | ||||||
Sotherly Hotels, Inc., Series B, 8.00% | 6,000 | 120,000 | ||||||
Sotherly Hotels, Inc., Series C, 7.88% | 2,000 | 39,300 | ||||||
Sunstone Hotel Investors, Inc., Series H 6.13% | 4,000 | 113,560 | ||||||
840,525 | ||||||||
Industrial REITs 0.10% | ||||||||
Monmouth Real Estate Investment Corp., Series C, 6.13% | 4,000 | 101,080 | ||||||
Multi Asset Class REITs 0.07% | ||||||||
Vornado Realty Trust, Series M, 5.25% | 2,500 | 67,075 | ||||||
Residential REITs 0.13% | ||||||||
American Homes 4 Rent, Series G, 5.88% | 2,000 | 51,640 | ||||||
Bluerock Residential Growth REIT, Inc., Series A, 7.13% | 3,000 | 77,250 | ||||||
128,890 | ||||||||
Retail REITs 0.50% | ||||||||
CTO Realty Growth, Inc., Series A, 6.38% | 2,000 | 50,840 | ||||||
Federal Realty Investment Trust, Series C, 5.00% | 6,500 | 171,730 | ||||||
National Retail Properties, Inc., Series F, 5.20% | 11,000 | 284,460 | ||||||
507,030 | ||||||||
Self-Storage REITs 0.39% | ||||||||
Public Storage, Series I, 4.88% | 1,917 | 52,948 | ||||||
Public Storage, Series K, 4.75% | 4,000 | 110,320 | ||||||
Public Storage, Series L, 4.63% | 2,000 | 55,080 | ||||||
Public Storage, Series M, 4.13% | 1,167 | 30,400 | ||||||
Public Storage, Series N, 3.88% | 4,000 | 101,720 | ||||||
Public Storage, Series P, 4.00% | 2,000 | 50,560 | ||||||
401,028 | ||||||||
Total Preferred Stocks | ||||||||
(Cost $2,184,818) | 2,252,788 |
See accompanying notes which are an integral part of these financial statements.
12 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Principal | ||||||||
Amount | Market Value | |||||||
Municipal Bonds 0.20% | ||||||||
Franklin County Convention Facilities Authority, Revenue Bonds, 6.54%, 12/1/2036 | $ | 140,000 | $ | 200,790 | ||||
Total Municipal Bonds | ||||||||
(Cost $161,908) | 200,790 | |||||||
Shares | ||||||||
Money Market Funds 0.92% | ||||||||
Morgan Stanley Institutional Liquidity Fund, Institutional Class, 0.03%(c) | 930,159 | 930,159 | ||||||
Total Money Market Funds | ||||||||
(Cost $930,159) | 930,159 | |||||||
Total Investments — 100.49% | ||||||||
(Cost $59,294,648) | 101,576,193 | |||||||
Liabilities in Excess of Other Assets — (0.49)% | (494,278 | ) | ||||||
NET ASSETS — 100.00% | $ | 101,081,915 |
(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 June 30, 2021. |
See accompanying notes which are an integral part of these financial statements.
13 |
SPIRIT OF AMERICA LARGE CAP VALUE FUND |
SCHEDULE OF INVESTMENTS | JUNE 30, 2021 (UNAUDITED) |
Shares | Market Value | |||||||
Common Stocks 98.68% | ||||||||
Communications 7.75% | ||||||||
Alphabet, Inc., Class A(a) | 1,820 | $ | 4,444,058 | |||||
Comcast Corp., Class A | 16,200 | 923,724 | ||||||
Netflix, Inc.(a) | 1,750 | 924,367 | ||||||
Uber Technologies, Inc.(a) | 5,000 | 250,600 | ||||||
Verizon Communications, Inc. | 28,540 | 1,599,096 | ||||||
Walt Disney Co. (The) | 17,800 | 3,128,706 | ||||||
11,270,551 | ||||||||
Consumer Discretionary 6.62% | ||||||||
Amazon.com, Inc.(a) | 645 | 2,218,903 | ||||||
D.R. Horton, Inc. | 8,050 | 727,478 | ||||||
Home Depot, Inc. (The) | 10,388 | 3,312,629 | ||||||
Lennar Corp., Class A | 6,850 | 680,548 | ||||||
Lowe’s Cos., Inc. | 1,750 | 339,448 | ||||||
Masco Corp. | 11,500 | 677,465 | ||||||
McDonald’s Corp. | 4,880 | 1,127,231 | ||||||
NIKE, Inc., Class B | 1,100 | 169,939 | ||||||
TJX Cos., Inc. (The) | 1,000 | 67,420 | ||||||
Toll Brothers, Inc. | 5,150 | 297,722 | ||||||
9,618,783 | ||||||||
Consumer Staples 8.24% | ||||||||
Altria Group, Inc. | 11,250 | 536,400 | ||||||
Clorox Co. (The) | 950 | 170,914 | ||||||
Coca-Cola Co. (The) | 7,400 | 400,414 | ||||||
Colgate-Palmolive Co. | 2,500 | 203,375 | ||||||
Conagra Brands, Inc. | 7,100 | 258,298 | ||||||
Constellation Brands, Inc., Class A | 650 | 152,028 | ||||||
Costco Wholesale Corp. | 5,901 | 2,334,849 | ||||||
Kroger Co. (The) | 9,000 | 344,790 | ||||||
Lamb Weston Holdings, Inc. | 4,300 | 346,838 | ||||||
PepsiCo, Inc. | 2,400 | 355,608 | ||||||
Philip Morris International, Inc. | 7,600 | 753,236 | ||||||
Procter & Gamble Co. (The) | 6,915 | 933,041 | ||||||
Target Corp. | 13,580 | 3,282,829 | ||||||
Wal-Mart Stores, Inc. | 13,484 | 1,901,514 | ||||||
11,974,134 | ||||||||
Energy 3.79% | ||||||||
Antero Midstream Corp. | 5,000 | 51,950 | ||||||
Baker Hughes Co. | 1,000 | 22,870 | ||||||
Cheniere Energy, Inc.(a) | 3,650 | 316,601 | ||||||
Chevron Corp. | 13,010 | 1,362,667 | ||||||
ConocoPhillips | 10,300 | 627,270 | ||||||
EOG Resources, Inc. | 900 | 75,096 | ||||||
Exxon Mobil Corp. | 6,100 | 384,788 | ||||||
First Solar, Inc.(a) | 1,000 | 90,510 | ||||||
Halliburton Co. | 1,000 | 23,120 | ||||||
Kinder Morgan, Inc. | 22,750 | 414,733 | ||||||
Pioneer Natural Resources Co. | 1,400 | 227,528 | ||||||
Targa Resources Corp. | 3,600 | 160,020 |
See accompanying notes which are an integral part of these financial statements.
14 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA LARGE CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Shares | Market Value | |||||||
Energy (cont.) | ||||||||
Valero Energy Corp. | 13,115 | $ | 1,024,019 | |||||
Williams Cos, Inc. (The) | 27,500 | 730,125 | ||||||
5,511,297 | ||||||||
Financials 10.52% | ||||||||
American Express Co. | 10,250 | 1,693,607 | ||||||
Bank of America Corp. | 29,600 | 1,220,408 | ||||||
Berkshire Hathaway, Inc., Class B(a) | 3,020 | 839,318 | ||||||
Blackstone Group, Inc. (The), Class A | 8,250 | 801,405 | ||||||
Carlyle Group, Inc. (The) | 6,050 | 281,204 | ||||||
Citigroup, Inc. | 17,200 | 1,216,900 | ||||||
CME Group, Inc. | 1,404 | 298,603 | ||||||
Goldman Sachs Group, Inc. (The) | 2,815 | 1,068,377 | ||||||
JPMorgan Chase & Co. | 20,892 | 3,249,542 | ||||||
Morgan Stanley | 3,000 | 275,070 | ||||||
Signature Bank | 10,500 | 2,579,325 | ||||||
SVB Financial Group(a) | 2,723 | 1,515,159 | ||||||
Wells Fargo & Co. | 5,500 | 249,095 | ||||||
15,288,013 | ||||||||
Health Care 9.99% | ||||||||
Abbott Laboratories | 3,100 | 359,383 | ||||||
AbbVie, Inc. | 22,957 | 2,585,876 | ||||||
Amgen, Inc. | 2,900 | 706,875 | ||||||
Bristol-Myers Squibb Co. | 16,250 | 1,085,825 | ||||||
Centene Corp.(a) | 10,100 | 736,593 | ||||||
CVS Health Corp. | 7,611 | 635,062 | ||||||
Edwards LifeSciences Corp.(a) | 3,000 | 310,710 | ||||||
Gilead Sciences, Inc. | 2,750 | 189,365 | ||||||
Humana, Inc. | 1,450 | 641,944 | ||||||
Johnson & Johnson | 4,597 | 757,310 | ||||||
McKesson Corp. | 2,250 | 430,290 | ||||||
Medtronic PLC | 7,069 | 877,475 | ||||||
Merck & Co., Inc. | 17,750 | 1,380,417 | ||||||
Moderna, Inc.(a) | 500 | 117,490 | ||||||
Pfizer, Inc. | 8,150 | 319,154 | ||||||
Quest Diagnostics, Inc. | 4,500 | 593,865 | ||||||
Thermo Fisher Scientific, Inc. | 2,140 | 1,079,566 | ||||||
UnitedHealth Group, Inc. | 2,725 | 1,091,199 | ||||||
Vertex Pharmaceuticals, Inc.(a) | 3,050 | 614,972 | ||||||
Viatris, Inc.(a) | 1,135 | 16,219 | ||||||
14,529,590 | ||||||||
Industrials 9.25% | ||||||||
3M Co. | 1,290 | 256,233 | ||||||
Boeing Co. (The) | 3,355 | 803,724 | ||||||
Caterpillar, Inc. | 10,225 | 2,225,267 | ||||||
CSX Corp. | 42,525 | 1,364,202 | ||||||
Cummins, Inc. | 3,550 | 865,525 | ||||||
Deere & Co. | 4,975 | 1,754,732 | ||||||
FedEx Corp. | 4,950 | 1,476,734 | ||||||
Honeywell International, Inc. | 8,300 | 1,820,605 | ||||||
Johnson Controls International PLC | 8,253 | 566,403 | ||||||
Raytheon Technologies Corp. | 2,100 | 179,151 |
See accompanying notes which are an integral part of these financial statements.
15 |
SPIRIT OF AMERICA LARGE CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Shares | Market Value | |||||||
Industrials (cont.) | ||||||||
Southwest Airlines Co. | 3,200 | $ | 169,888 | |||||
United Parcel Service, Inc., Class B | 1,900 | 395,143 | ||||||
Waste Connections, Inc. | 13,175 | 1,573,490 | ||||||
13,451,097 | ||||||||
Materials 1.42% | ||||||||
CF Industries Holdings, Inc. | 7,700 | 396,165 | ||||||
Corteva, Inc. | 7,233 | 320,784 | ||||||
Dow, Inc. | 6,083 | 384,932 | ||||||
DuPont de Nemours, Inc. | 6,500 | 503,165 | ||||||
International Paper Co. | 500 | 30,655 | ||||||
Linde PLC | 1,400 | 404,740 | ||||||
WestRock Co. | 500 | 26,610 | ||||||
2,067,051 | ||||||||
Real Estate Investment Trusts (REITs) 4.17% | ||||||||
Alexandria Real Estate Equities, Inc. | 1,550 | 282,007 | ||||||
American Tower Corp., Class A | 1,040 | 280,946 | ||||||
CoreSite Realty Corp. | 400 | 53,840 | ||||||
Crown Castle International Corp. | 2,540 | 495,554 | ||||||
CyrusOne, Inc. | 11,100 | 793,872 | ||||||
Digital Realty Trust, Inc. | 1,100 | 165,506 | ||||||
Equinix, Inc. | 1,425 | 1,143,705 | ||||||
Invitation Homes, Inc. | 1,000 | 37,290 | ||||||
MGM Growth Properties LLC, Class A | 2,250 | 82,395 | ||||||
Mid-America Apartment Communities, Inc. | 500 | 84,210 | ||||||
Prologis, Inc. | 7,500 | 896,475 | ||||||
QTS Realty Trust, Inc., Class A | 9,400 | 726,620 | ||||||
Realty Income Corp. | 2,200 | 146,828 | ||||||
Simon Property Group, Inc. | 700 | 91,336 | ||||||
Sun Communities, Inc. | 3,700 | 634,180 | ||||||
Terreno Realty Corp. | 2,075 | 133,879 | ||||||
Weyerhaeuser Co. | 500 | 17,210 | ||||||
6,065,853 | ||||||||
Technology 34.18% | ||||||||
Accenture PLC, Class A | 4,325 | 1,274,967 | ||||||
Adobe, Inc.(a) | 1,700 | 995,588 | ||||||
Advanced Micro Devices, Inc.(a) | 2,100 | 197,253 | ||||||
Apple, Inc. | 65,332 | 8,947,871 | ||||||
Applied Materials, Inc. | 17,970 | 2,558,928 | ||||||
Cisco Systems, Inc. | 19,050 | 1,009,650 | ||||||
Cognizant Technology Solutions Corp., Class A | 5,100 | 353,226 | ||||||
Corning, Inc. | 10,000 | 409,000 | ||||||
Crowdstrike Holdings, Inc., Class A(a) | 500 | 125,655 | ||||||
Dell Technologies, Inc., Class C(a) | 1,624 | 161,864 | ||||||
Fiserv, Inc.(a) | 1,950 | 208,435 | ||||||
Garmin Ltd. | 1,900 | 274,816 | ||||||
HP, Inc. | 20,500 | 618,895 | ||||||
International Business Machines Corp. | 2,868 | 420,420 | ||||||
MasterCard, Inc., Class A | 5,200 | 1,898,468 | ||||||
Microchip Technology, Inc. | 3,225 | 482,912 | ||||||
Microsoft Corp. | 28,039 | 7,595,765 | ||||||
NetApp, Inc. | 2,600 | 212,732 |
See accompanying notes which are an integral part of these financial statements.
16 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA LARGE CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Shares | Market Value | |||||||
Technology (cont.) | ||||||||
NortonLifeLock, Inc. | 27,700 | $ | 753,994 | |||||
NVIDIA Corp. | 9,923 | 7,939,392 | ||||||
Oracle Corp. | 33,375 | 2,597,910 | ||||||
Paychex, Inc. | 3,850 | 413,105 | ||||||
PayPal Holdings, Inc.(a) | 1,475 | 429,933 | ||||||
QUALCOMM, Inc. | 4,700 | 671,771 | ||||||
Texas Instruments, Inc. | 13,775 | 2,648,933 | ||||||
Visa, Inc., Class A | 14,500 | 3,390,390 | ||||||
Workday, Inc., Class A(a) | 12,980 | 3,098,845 | ||||||
49,690,718 | ||||||||
Utilities 2.75% | ||||||||
AES Corp. | 4,000 | 104,280 | ||||||
American Electric Power Co., Inc. | 1,850 | 156,492 | ||||||
Brookfield Renewable Corp., Class A | 563 | 23,591 | ||||||
Brookfield Renewable Partners LP | 2,250 | 86,783 | ||||||
Dominion Energy, Inc. | 11,000 | 809,270 | ||||||
Duke Energy Corp. | 950 | 93,784 | ||||||
Edison International | 2,100 | 121,422 | ||||||
Eversource Energy | 250 | 20,060 | ||||||
NextEra Energy, Inc. | 25,325 | 1,855,816 | ||||||
WEC Energy Group, Inc. | 8,200 | 729,390 | ||||||
4,000,888 | ||||||||
Total Common Stocks | ||||||||
(Cost $68,499,321) | 143,467,975 | |||||||
Preferred Stocks 1.36% | ||||||||
Financials 1.14% | ||||||||
Annaly Capital Management, Inc., Series F, 6.95% | 2,000 | 52,180 | ||||||
Arch Capital Group Ltd., Series E, 5.25% | 2,000 | 50,780 | ||||||
Arch Capital Group Ltd., Series F, 5.45% | 2,000 | 52,340 | ||||||
Arch Capital Group Ltd., Series G, 4.55% | 2,000 | 51,620 | ||||||
Athene Holding Ltd., Series C, 6.38% | 2,000 | 56,460 | ||||||
Bank of America Corp., Series GG, 6.00% | 4,000 | 109,520 | ||||||
Bank of America Corp., Series HH, 5.88% | 2,000 | 54,960 | ||||||
Bank of America Corp., Series LL, 5.00% | 2,000 | 54,600 | ||||||
Bank of America Corp., Series PP, 4.13% | 3,333 | 87,191 | ||||||
Charles Schwab Corp. (The), Series J, 4.45% | 2,000 | 53,000 | ||||||
First Republic Bank, Series L, 4.25% | 2,000 | 53,460 | ||||||
Globe Life, Inc., 4.25% | 1,000 | 26,110 | ||||||
Globe Life, Inc., 6.13% | 5,000 | 125,600 | ||||||
JPMorgan Chase & Co., Series EE, 6.00% | 2,000 | 57,660 | ||||||
JPMorgan Chase & Co., Series JJ, 4.55% | 2,000 | 53,240 | ||||||
JPMorgan Chase & Co., Series LL 4.63% | 6,000 | 159,780 | ||||||
KeyCorp, Series G, 5.63% | 2,000 | 56,960 | ||||||
KKR & Co. LP, Series B, 6.50% | 2,000 | 50,640 | ||||||
KKR Group Finance Co. IX LLC, 4.63% | 2,000 | 51,620 | ||||||
Ladenburg Thalmann Financial Services, Inc., Series A, 8.00% | 7,000 | 136,430 | ||||||
Northern Trust Corp., Series E, 4.70% | 1,360 | 37,726 | ||||||
Prudential Financial, Inc., 4.13% | 705 | 18,408 | ||||||
Prudential Financial, Inc., 5.63% | 2,000 | 55,900 | ||||||
US Bancorp, Series M, 4.00% | 2,000 | 52,000 |
See accompanying notes which are an integral part of these financial statements.
17 |
SPIRIT OF AMERICA LARGE CAP VALUE FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Shares | Market Value | |||||||
Financials (cont.) | ||||||||
Wells Fargo & Co., Series CC, 4.38% | 4,000 | $ | 101,560 | |||||
1,659,745 | ||||||||
Real Estate 0.14% | ||||||||
Digital Realty Trust, Inc., Series L, 5.20% | 2,000 | 56,360 | ||||||
Public Storage, Series P, 4.00% | 2,000 | 50,560 | ||||||
QTS Realty Trust, Inc., 7.13% | 4,000 | 103,160 | ||||||
210,080 | ||||||||
Utilities 0.08% | ||||||||
Brookfield Infrastructure Partners LP, 5.00% | 2,000 | 52,020 | ||||||
Entergy Louisiana LLC, 4.88% | 2,000 | 51,020 | ||||||
103,040 | ||||||||
Total Preferred Stocks | ||||||||
(Cost $1,914,270) | 1,972,865 | |||||||
Money Market Funds 0.67% | ||||||||
Morgan Stanley Institutional Liquidity Fund, Institutional Class, 0.03%(b) | 965,662 | 965,662 | ||||||
Total Money Market Funds | ||||||||
(Cost $965,662) | 965,662 | |||||||
Total Investments — 100.71% | ||||||||
(Cost $71,379,253) | 146,406,502 | |||||||
Liabilities in Excess of Other Assets — (0.71)% | (1,026,190 | ) | ||||||
NET ASSETS — 100.00% | $ | 145,380,312 |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day effective yield as of June 30, 2021. |
See accompanying notes which are an integral part of these financial statements.
18 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
SCHEDULE OF INVESTMENTS | JUNE 30, 2021 (UNAUDITED) |
Principal | ||||||||
Amount | Market Value | |||||||
Municipal Bonds 94.68% | ||||||||
Alaska 0.74% | ||||||||
Northern Tobacco Securitization Corp., Refunding Revenue Bonds, (OID), 5.00%, 6/1/2032 | $ | 500,000 | $ | 500,777 | ||||
Arizona 0.89% | ||||||||
City of Phoenix, AZ, General Obligation Unlimited, Callable 7/1/2026 @ 100, 5.00%, 7/1/2027 | 500,000 | 608,991 | ||||||
California 4.58% | ||||||||
California Educational Facilities Authority, Callable 10/1/2021 @ 100, 6.13%, 10/1/2030 | 130,000 | 131,899 | ||||||
California State Public Works Board, Revenue Bonds, Callable 11/1/2026 @ 100, 5.00%, 11/1/2029 | 600,000 | 737,303 | ||||||
City of Los Angeles, CA Wastewater System Revenue, Refunding Revenue Bonds, (OID), Callable 6/1/2022 @ 100, 3.38%, 6/1/2029 | 100,000 | 102,322 | ||||||
Los Angeles CA Department of Water & Power, Revenue Bonds, Callable 1/1/2029 @ 100, 5.25%, 7/1/2049 | 200,000 | 257,010 | ||||||
Los Angeles Community College District, General Obligation Unlimited, Callable 8/1/2026 @ 100, 4.00%, 8/1/2038 | 500,000 | 580,136 | ||||||
Regents of the University of California Medical Center Pooled Revenue, Revenue Bond, Callable 5/15/2026 @ 100, 4.00%, 5/15/2037 | 145,000 | 163,947 | ||||||
San Francisco City & County Public Utilities Commission Water Revenue, Revenue Bonds, Callable 11/1/2030 @ 100, 5.00%, 11/1/2050 | 500,000 | 649,922 | ||||||
State of California, General Obligation Unlimited, Callable 8/1/2025 @ 100, 5.00%, 8/1/2029 | 250,000 | 295,884 | ||||||
State of California, General Obligation Unlimited, Callable 9/1/2026 @ 100, 4.00%, 9/1/2036 | 175,000 | 202,009 | ||||||
3,120,432 | ||||||||
Connecticut 8.72% | ||||||||
City of New Haven, CT, General Obligation Unlimited, Callable 8/15/2026 @ 100, 5.00%, 8/15/2036 | 230,000 | 272,594 | ||||||
Connecticut Housing Finance Authority, Multi-Family Housing, Revenue Bonds, Callable 11/15/2025 @ 100, 3.25%, 11/15/2036 | 250,000 | 263,743 | ||||||
Connecticut Housing Finance Authority, Refunding Revenue Bonds, Callable 5/15/2022 @ 100, 3.05%, 5/15/2031 | 195,000 | 198,321 | ||||||
Connecticut Housing Finance Authority, Refunding Revenue Bonds, (OID), Callable 11/15/2021 @ 100, 3.30%, 11/15/2037 | 250,000 | 252,591 | ||||||
Connecticut Housing Finance Authority, Revenue Bonds, Callable 5/15/2027 @ 100, 3.40%, 11/15/2037 | 25,000 | 27,063 | ||||||
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 | 440,000 | ||||||
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds, Callable 7/1/2022 @ 100, 5.00%, 7/1/2042 | 500,000 | 517,432 | ||||||
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds, Callable 7/1/2022 @ 100, 4.50%, 7/1/2038 | 500,000 | 515,061 | ||||||
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds, (OID), Callable 7/1/2022 @ 100, 4.25%, 7/1/2031 | 500,000 | 515,004 | ||||||
Connecticut State Health & Educational Facility Authority, Private Primary Schools, Revenue Bonds, Callable 7/1/2022 @ 100, 4.00%, 7/1/2033 | 100,000 | 102,044 | ||||||
Connecticut State Health & Educational Facility Authority, Revenue Bonds, Callable 7/1/2024 @ 100, 5.00%, 7/1/2034 | 100,000 | 110,818 | ||||||
Connecticut State Health & Educational Facility Authority, Revenue Bonds, Callable 7/1/2026 @ 100, 5.00%, 7/1/2034 | 250,000 | 294,504 |
See accompanying notes which are an integral part of these financial statements.
19 |
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
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 | $ | 250,000 | ||||
State of Connecticut Special Tax Revenue, Highway Improvements, Revenue Bonds, Callable 10/1/2023 @ 100, 5.00%, 10/1/2030 | 250,000 | 274,671 | ||||||
State of Connecticut Special Tax Revenue, Public Improvements, Revenue Bonds, Callable 1/1/2023 @ 100, 5.00%, 1/1/2028 | 445,000 | 475,602 | ||||||
State of Connecticut, General Obligation Unlimited, 5.00%, 6/15/2024 | 250,000 | 284,487 | ||||||
State of Connecticut, General Obligation Unlimited, Callable 4/15/2027 @ 100, 5.00%, 4/15/2032 | 500,000 | 611,465 | ||||||
State of Connecticut, Public Improvements, General Obligation Unlimited, Callable 4/15/2022 @ 100, 4.00%, 4/15/2032 | 250,000 | 256,310 | ||||||
University of Connecticut, University & College Improvements, Revenue Bonds, Callable 2/15/2024 @ 100, 5.00%, 2/15/2034 | 250,000 | 277,847 | ||||||
5,939,557 | ||||||||
District of Columbia 1.61% | ||||||||
District of Columbia Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (Fannie Mae), 4.45%, 6/15/2031 | 320,000 | 336,065 | ||||||
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 | 284,215 | ||||||
District of Columbia Water & Sewer Authority, Revenue Bonds, Callable 4/1/2026 @ 100, 5.00%, 10/1/2036 | 250,000 | 298,801 | ||||||
District of Columbia Water & Sewer Authority, Revenue Bonds, Callable 4/1/2026 @ 100, 5.00%, 10/1/2034 | 150,000 | 179,435 | ||||||
1,098,516 | ||||||||
Florida 7.97% | ||||||||
Central Florida Expressway Authority, Revenue Bonds, Callable 7/1/2026 @ 100, 4.00%, 7/1/2035 | 150,000 | 172,220 | ||||||
City of Orlando, FL, Public Improvements, Revenue Bonds, Callable 10/1/2024 @ 100, 5.00%, 10/1/2046 | 1,000,000 | 1,132,722 | ||||||
Florida Municipal Loan Council, Water Utility Improvements, Revenue Bonds, (AGM) (OID), Callable 10/1/2021 @ 100, 5.50%, 10/1/2041 | 100,000 | 101,213 | ||||||
Florida Municipal Loan Council, Water Utility Improvements, Revenue Bonds, (AGM) (OID), Callable 10/1/2021 @ 100, 5.25%, 10/1/2033 | 100,000 | 101,199 | ||||||
FSU Financial Assistance, Inc., State Single-Family Housing, Refunding Revenue Bonds, Callable 10/1/2022 @ 100, 5.00%, 10/1/2030 | 500,000 | 525,811 | ||||||
Greater Orlando Aviation Authority, Port, Airport & Marina Improvements, Revenue Bonds, Callable 8/23/2021 @ 100, 5.00%, 10/1/2025 | 200,000 | 200,786 | ||||||
Hillsborough County Industrial Development Authority, School Improvements, Revenue Bonds, 5.13%, 5/15/2037 | 210,000 | 210,538 | ||||||
Miami Dade County FL Transit System Sales Surtax Revenue, Revenue Bonds, Callable 7/1/2030 @ 100, 4.00%, 7/1/2050 | 500,000 | 594,292 | ||||||
Miami Dade County FL Water & Sewage System, Revenue Bonds, Callable 10/1/2029 @ 100, 4.00%, 10/1/2049 | 500,000 | 589,635 | ||||||
Miami Dade County FL Water & Sewage System, Revenue Bonds, 4.00%, 10/1/2044 | 150,000 | 178,513 | ||||||
Miami-Dade County Educational Facilities Authority, University & College Improvements, Revenue Bonds, (AMBAC), 5.25%, 4/1/2031 | 260,000 | 350,090 | ||||||
Palm Beach County School District, Refunding Bonds, Certificate of Participation, 5.00%, 8/1/2024 | 45,000 | 45,178 | ||||||
School Board of Miami-Dade County (The), Certificate of Participation, Callable 2/1/2026 @ 100, 4.00%, 2/1/2033 | 1,000,000 | 1,120,461 |
See accompanying notes which are an integral part of these financial statements.
20 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Principal | ||||||||
Amount | Market Value | |||||||
Florida (cont.) | ||||||||
Tampa-Hillsborough County Expressway Authority, Refunding Revenue Bonds, Callable 7/1/2022 @ 100, 5.00%, 7/1/2037 | $ | 100,000 | $ | 104,852 | ||||
5,427,510 | ||||||||
Georgia 1.43% | ||||||||
Atlanta GA Water & Wastewater Revenue, Revenue Bonds, Callable 11/1/2029 @ 100, 3.00%, 11/1/2037 | 500,000 | 559,470 | ||||||
Atlanta GA Water & Wastewater Revenue, Revenue Bonds, Callable 11/1/2027 @ 100, 5.00%, 11/1/2047 | 125,000 | 154,657 | ||||||
Fulton County Development Authority, Georgia Tech Athletic Association, Refunding Revenue Bonds, (OID), Callable 10/1/2022 @ 100, 4.25%, 10/1/2037 | 100,000 | 103,929 | ||||||
Fulton County Development Authority, Georgia Tech Athletic Association, Revenue Bonds, 5.00%, 10/1/2022 | 145,000 | 153,609 | ||||||
Fulton County Development Authority, Georgia Tech Athletic Association, Revenue Bonds, 5.00%, 10/1/2022 | 5,000 | 5,294 | ||||||
976,959 | ||||||||
Illinois 0.29% | ||||||||
Illinois Finance Authority, Hospital Improvements, Revenue Bonds, (OID), Callable 8/15/2021 @ 100, 5.88%, 8/15/2034 | 100,000 | 100,685 | ||||||
University of Illinois, University & College Improvements, Revenue Bonds, Callable 7/19/2021 @ 100, 5.50%, 4/1/2031 | 100,000 | 100,253 | ||||||
200,938 | ||||||||
Indiana 4.95% | ||||||||
Indiana Finance Authority Wastewater Utility Revenue, Revenue Bonds, Callable 10/1/2026 @ 100, 5.00%, 10/1/2046 | 600,000 | 718,375 | ||||||
Indiana Finance Authority Wastewater Utility Revenue, Revenue Bonds, Callable 10/1/2030 @ 100, 5.00%, 10/1/2050 | 500,000 | 644,689 | ||||||
Town of Munster, IN, Public Improvements, Tax Allocation Bonds, (OID), Callable 7/15/2021 @ 100, 5.13%, 1/15/2031 | 2,000,000 | 2,003,598 | ||||||
3,366,662 | ||||||||
Iowa 0.45% | ||||||||
State of Iowa, Revenue Bonds, Callable 6/1/2026 @ 100, 5.00%, 6/1/2027 | 250,000 | 303,518 | ||||||
Louisiana 0.94% | ||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, Sewer Improvements, Revenue Bonds, Callable 2/1/2023 @ 100, 4.00%, 2/1/2048 | 500,000 | 530,378 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, Sewer Improvements, Revenue Bonds, Callable 2/1/2023 @ 100, 5.00%, 2/1/2035 | 100,000 | 107,653 | ||||||
638,031 | ||||||||
Maine 1.96% | ||||||||
Maine Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (OID), Callable 7/1/2022 @ 100, 3.63%, 7/1/2041 | 500,000 | 517,256 | ||||||
Maine Health & Higher Educational Facilities Authority, Revenue Bonds, Callable 7/1/2030 @ 100, 4.00%, 7/1/2045 | 385,000 | 451,699 | ||||||
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, Callable 11/15/2024 @ 100, 3.75%, 11/15/2044 | 100,000 | 106,356 | ||||||
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, Callable 11/15/2022 @ 100, 3.60%, 11/15/2036 | 100,000 | 102,120 | ||||||
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, Callable 11/15/2022 @ 100, 3.45%, 11/15/2032 | 95,000 | 96,922 |
See accompanying notes which are an integral part of these financial statements.
21 |
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Principal | ||||||||
Amount | Market Value | |||||||
Maine (cont.) | ||||||||
Maine Turnpike Authority, Refunding Revenue Bonds, Callable 7/1/2025 @ 100, 5.00%, 7/1/2026 | $ | 50,000 | $ | 58,990 | ||||
1,333,343 | ||||||||
Massachusetts 3.89% | ||||||||
Massachusetts Educational Financing Authority, Refunding Revenue Bonds, (OID), 5.20%, 1/1/2027 | 20,000 | 20,129 | ||||||
Massachusetts Educational Financing Authority, Refunding Revenue Bonds, (OID), 5.25%, 1/1/2029 | 10,000 | 10,097 | ||||||
Massachusetts Housing Finance Agency, Callable 12/1/2027 @ 100, 3.25%, 12/1/2032 | 200,000 | 217,533 | ||||||
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2025 @ 100, 3.25%, 12/1/2036 | 575,000 | 606,921 | ||||||
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100, 3.75%, 12/1/2037 | 250,000 | 272,780 | ||||||
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100, 3.55%, 12/1/2037 | 235,000 | 250,769 | ||||||
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100, 3.25%, 12/1/2032 | 130,000 | 138,783 | ||||||
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 6/1/2026 @ 100, 3.15%, 12/1/2026 | 120,000 | 131,088 | ||||||
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, 5.13%, 12/1/2039 | 65,000 | 65,096 | ||||||
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, 4.85%, 12/1/2029 | 60,000 | 60,079 | ||||||
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (FHA) (INS), Callable 8/13/2021 @ 100, 5.25%, 12/1/2035 | 125,000 | 126,047 | ||||||
Massachusetts School Building Authority, Revenue Bonds, Callable 2/15/2028 @ 100, 5.25%, 2/15/2048 | 500,000 | 631,807 | ||||||
Massachusetts School Building Authority, Revenue Bonds, Callable 8/15/2025 @ 100, 5.00%, 8/15/2026 | 100,000 | 118,533 | ||||||
2,649,662 | ||||||||
Michigan 3.08% | ||||||||
Michigan Public Educational Facilities Authority, School Improvements, Refunding Revenue Bonds, 6.00%, 12/1/2035 | 500,000 | 500,557 | ||||||
Michigan State Building Authority, Refunding Revenue Bonds, (OID), Callable 10/15/2021 @ 100, 5.20%, 10/15/2031 | 750,000 | 760,960 | ||||||
Michigan State Building Authority, Refunding Revenue Bonds, (OID), Callable 10/15/2021 @ 100, 5.38%, 10/15/2036 | 100,000 | 101,512 | ||||||
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 | 733,000 | ||||||
2,096,029 | ||||||||
Minnesota 0.97% | ||||||||
Southern Minnesota Municipal Power Agency Power Supply System, Revenue Bonds, Callable 1/1/2026 @ 100, 5.00%, 1/1/2041 | 565,000 | 660,818 | ||||||
Missouri 0.95% | ||||||||
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 | 542,007 |
See accompanying notes which are an integral part of these financial statements.
22 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Principal | ||||||||
Amount | Market Value | |||||||
Missouri (cont.) | ||||||||
Health & Educational Facilities Authority of the State of Missouri, Healthcare, Hospital & Nursing Home Improvements, Revenue Bonds, (OID), Callable 11/15/2022 @ 100, 3.75%, 11/15/2039 | $ | 100,000 | $ | 103,331 | ||||
645,338 | ||||||||
Nebraska 0.38% | ||||||||
Nebraska Public Power District, Electric Lights & Power Improvements, Revenue Bonds, 5.00%, 1/1/2025 prerefunded 1/1/2022 @ 100 | 155,000 | 158,735 | ||||||
Nebraska Public Power District, Electric Lights & Power Improvements, Revenue Bonds, Callable 1/1/2022 @ 100, 5.00%, 1/1/2025 | 95,000 | 97,140 | ||||||
255,875 | ||||||||
Nevada 1.19% | ||||||||
Nevada System of Higher Education, Certification of Participation, Callable 7/1/2026 @ 100, 4.00%, 7/1/2027 | 700,000 | 809,703 | ||||||
New Jersey 4.35% | ||||||||
Borough of Seaside Heights, NJ, General Obligation Unlimited, Callable 4/1/2025 @ 100, 4.00%, 4/1/2026 | 125,000 | 140,967 | ||||||
Hudson County Improvement Authority, Refunding Revenue Bonds, (AGM), 5.40%, 10/1/2025 | 150,000 | 180,680 | ||||||
New Jersey Economic Development Authority, School Improvements, Refunding Revenue Bonds, Callable 3/1/2023 @ 100, 5.00%, 3/1/2031 | 300,000 | 321,536 | ||||||
New Jersey Economic Development Authority, University & College Improvements, Revenue Bonds, Callable 6/15/2023 @ 100, 5.00%, 6/15/2030 | 250,000 | 273,221 | ||||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, (OID), 6.00%, 7/1/2037 | 200,000 | 200,000 | ||||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, (OID), 5.00%, 7/1/2027 | 15,000 | 15,056 | ||||||
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Callable 11/1/2025 @ 100, 3.50%, 11/1/2036 | 500,000 | 529,640 | ||||||
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Callable 11/1/2025 @ 100, 3.90%, 11/1/2050 | 175,000 | 186,044 | ||||||
New Jersey St Transportation Trust Fund Authority, Revenue Bonds, Callable 12/15/2030 @ 100, 4.00%, 6/15/2045 | 100,000 | 116,779 | ||||||
New Jersey Turnpike Authority, Highway Improvements, Revenue Bonds, 5.00%, 1/1/2031 | 200,000 | 209,704 | ||||||
State of New Jersey, Public Improvements, General Obligation Unlimited, Callable 6/1/2025 @ 100, 4.00%, 6/1/2034 | 250,000 | 276,631 | ||||||
Tenafly School District, Refunding Bonds, General Obligation Unlimited, (OID), Callable 7/15/2022 @ 100, 3.00%, 7/15/2029 | 250,000 | 255,708 | ||||||
Tenafly School District, Refunding Bonds, General Obligation Unlimited, (OID), Callable 7/15/2022 @ 100, 3.00%, 7/15/2030 | 250,000 | 255,564 | ||||||
2,961,530 | ||||||||
New Mexico 1.08% | ||||||||
New Mexico Hospital Equipment Loan Council, Hospital Improvements Revenue Bonds, (OID), Callable 8/1/2022 @ 100, 4.00%, 8/1/2042 | 500,000 | 520,887 | ||||||
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 | 120,000 | 121,285 | ||||||
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 | 95,000 | 96,286 | ||||||
738,458 |
See accompanying notes which are an integral part of these financial statements.
23 |
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Principal | ||||||||
Amount | Market Value | |||||||
New York 20.94% | ||||||||
City of New York NY, General Obligation Unlimited, Callable 10/1/2029 @ 100, 5.00%, 10/1/2039 | $ | 145,000 | $ | 184,907 | ||||
City of New York NY, General Obligation Unlimited, Callable 3/1/2030 @ 100, 5.00%, 3/1/2043 | 150,000 | 190,547 | ||||||
City of New York NY, General Obligation Unlimited, Callable 4/1/2028 @ 100, 5.00%, 4/1/2043 | 195,000 | 239,479 | ||||||
City of New York NY, General Obligation Unlimited, Callable 4/1/2028 @ 100, 5.00%, 4/1/2040 | 305,000 | 375,913 | ||||||
Hudson Yards Infrastructure Corp., Public Improvements, Revenue Bonds, Callable 2/15/2022 @ 100, 5.75%, 2/15/2047 | 85,000 | 85,366 | ||||||
Hudson Yards Infrastructure Corp., Revenue Bonds, Callable 2/15/2022 @ 100, 5.25%, 2/15/2047 | 180,000 | 180,680 | ||||||
Hudson Yards Infrastructure Corp., Revenue Bonds, Series A, Callable 2/15/2027 @ 100, 4.00%, 2/15/2044 | 575,000 | 646,671 | ||||||
Metropolitan Transportation Authority, Refunding Revenue Bonds, 5.25%, 11/15/2028 | 50,000 | 56,004 | ||||||
Metropolitan Transportation Authority, Refunding Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2037 | 250,000 | 305,945 | ||||||
Metropolitan Transportation Authority, Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2035 | 250,000 | 307,349 | ||||||
Metropolitan Transportation Authority, Revenue Bonds, 5.00%, 11/15/2028 | 250,000 | 319,884 | ||||||
Metropolitan Transportation Authority, Revenue Bonds, (OID), 4.75%, 11/15/2036 | 110,000 | 111,669 | ||||||
Metropolitan Transportation Authority, Revenue Bonds, (OID), 4.75%, 11/15/2036 | 140,000 | 142,409 | ||||||
Metropolitan Transportation Authority, Transit Improvements, Refunding Revenue Bonds, 5.00%, 11/15/2028 | 250,000 | 294,322 | ||||||
Metropolitan Transportation Authority, Transit Improvements, Revenue Bonds, Callable 5/15/2023 @ 100, 5.00%, 11/15/2033 | 100,000 | 107,235 | ||||||
New York City Housing Development Corp., Revenue Bonds, Callable 5/1/2025 @ 100, 3.10%, 11/1/2032 | 250,000 | 267,019 | ||||||
New York City Housing Development Corp., Revenue Bonds, Callable 11/1/2025 @ 100, 3.60%, 11/1/2031 | 250,000 | 274,849 | ||||||
New York City Housing Development Corp., Revenue Bonds, Callable 2/1/2026 @ 100, 3.50%, 11/1/2032 | 150,000 | 162,931 | ||||||
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 | 219,699 | ||||||
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 | 296,706 | ||||||
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 | 290,613 | ||||||
New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds, 5.00%, 7/15/2031 | 250,000 | 297,580 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Callable 5/1/2027 @ 100, 4.00%, 5/1/2044 | 300,000 | 341,593 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds, 5.00%, 8/1/2021 | 100,000 | 100,395 | ||||||
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 | 29,555 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds, 5.00%, 8/1/2023 | 100,000 | 110,011 | ||||||
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 | 114,557 |
See accompanying notes which are an integral part of these financial statements.
24 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Principal | ||||||||
Amount | Market Value | |||||||
New York (cont.) | ||||||||
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 | $ | 303,448 | ||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds, 5.00%, 8/1/2024 | 100,000 | 114,442 | ||||||
New York City Water & Sewer System, Revenue Bonds, Callable 6/15/2027 @ 100, 5.00%, 6/15/2032 | 100,000 | 123,855 | ||||||
New York City Water & Sewer System, Revenue Bonds, Callable 6/15/2028 @ 100, 5.00%, 6/15/2049 | 500,000 | 623,564 | ||||||
New York City Water & Sewer System, Revenue Bonds, 5.00%, 6/15/2045 | 35,000 | 35,778 | ||||||
New York State Dormitory Authority, Refunding Revenue Bonds, (State Aid Withholding), Callable 10/1/2022 @ 100, 3.25%, 4/1/2031 | 280,000 | 287,508 | ||||||
New York State Dormitory Authority, Revenue Bonds, 5.00%, 8/15/2021 | 100,000 | 100,584 | ||||||
New York State Dormitory Authority, Revenue Bonds, Callable 8/23/2021 @ 100, 4.75%, 10/1/2040 | 5,000 | 5,013 | ||||||
New York State Dormitory Authority, Revenue Bonds, 5.00%, 5/15/2022 | 165,000 | 171,996 | ||||||
New York State Dormitory Authority, Revenue Bonds, Callable 2/15/2030 @ 100, 5.00%, 2/15/2048 | 500,000 | 633,667 | ||||||
New York State Dormitory Authority, Revenue Bonds, Callable 3/15/2028 @ 100, 5.00%, 3/15/2043 | 250,000 | 312,098 | ||||||
New York State Dormitory Authority, Revenue Bonds, Callable 2/15/2030 @ 100, 4.00%, 2/15/2047 | 500,000 | 586,211 | ||||||
New York State Dormitory Authority, Revenue Bonds, Callable 7/1/2025 @ 100, 5.00%, 7/1/2037 | 385,000 | 448,065 | ||||||
New York State Dormitory Authority, University & College Improvements, Revenue Bonds, (OID), 5.25%, 7/1/2031 | 40,000 | 40,000 | ||||||
New York State Thruway Authority, Revenue Bonds, Callable 1/1/2026 @ 100, 4.00%, 1/1/2037 | 100,000 | 111,446 | ||||||
New York, NY, General Obligation Unlimited, Callable 8/1/2029 @ 100, 4.00%, 8/1/2044 | 250,000 | 293,097 | ||||||
New York, NY, General Obligation Unlimited, Callable 8/1/2029 @ 100, 5.00%, 8/1/2043 | 500,000 | 630,532 | ||||||
Port Authority of New York & New Jersey, Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2037 | 250,000 | 311,431 | ||||||
Port Authority of New York & New Jersey, Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2030 | 250,000 | 313,888 | ||||||
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 | 1,004,833 | ||||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, 5.00%, 11/15/2023 | 100,000 | 111,250 | ||||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2025 @ 100, 5.00%, 11/15/2035 | 250,000 | 295,844 | ||||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, 5.00%, 11/15/2021 | 50,000 | 50,907 | ||||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, 5.00%, 11/15/2027 | 100,000 | 119,857 | ||||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2030 @ 100, 5.00%, 11/15/2049 | 500,000 | 646,133 | ||||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 5/15/2031 @ 100, 5.00%, 11/15/2051 | 125,000 | 162,764 | ||||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2025 @ 100, 5.00%, 11/15/2040 | 310,000 | 363,342 | ||||||
14,255,441 |
See accompanying notes which are an integral part of these financial statements.
25 |
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Principal | ||||||||
Amount | Market Value | |||||||
North Carolina 0.34% | ||||||||
University of North Carolina at Charlotte (The), Revenue Bonds, Callable 10/1/2027 @ 100, 4.00%, 10/1/2037 | $ | 100,000 | $ | 115,842 | ||||
University of North Carolina at Charlotte (The), University & College Improvements, Revenue Bonds, Callable 4/1/2025 @ 100, 5.00%, 4/1/2040 | 100,000 | 114,757 | ||||||
230,599 | ||||||||
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 | 107,266 | ||||||
Ohio 0.86% | ||||||||
Hamilton County OH Hospital Facilities Revenue, Refunding Revenue Bonds, Callable 8/15/2030 @ 100, 4.00%, 8/15/2050 | 500,000 | 582,168 | ||||||
Oklahoma 0.39% | ||||||||
Oklahoma Municipal Power Authority, Electric Lights & Power Improvements, Revenue Bonds, Callable 1/1/2023 @ 100, 4.00%, 1/1/2047 | 250,000 | 264,195 | ||||||
Oregon 0.05% | ||||||||
Oregon Health & Science University, Refunding Revenue Bonds, Callable 7/1/2022 @ 100, 5.00%, 7/1/2032 | 35,000 | 36,698 | ||||||
Pennsylvania 6.39% | ||||||||
Allegheny County Sanitary Authority, Sewer Improvements, Revenue Bonds, Callable 12/1/2023 @ 100, 5.25%, 12/1/2044 | 500,000 | 556,911 | ||||||
Chester County Health and Education, Revenue Bonds, Callable 9/1/2030 @ 100, 4.00%, 9/1/2050 | 500,000 | 588,018 | ||||||
Lehigh County PA General Purpose Authority Hospital Revenue, Revenue Bonds, Callable 7/1/2029 @ 100, 4.00%, 7/1/2049 | 500,000 | 580,200 | ||||||
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, Callable 11/1/2022 @ 100, 5.00%, 5/1/2037 | 100,000 | 103,355 | ||||||
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, Callable 11/1/2022 @ 100, 5.00%, 5/1/2042 | 100,000 | 103,155 | ||||||
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds (OID), Callable 11/1/2022 @ 100, 4.00%, 5/1/2032 | 100,000 | 101,856 | ||||||
Pennsylvania Housing Finance Agency, Revenue Bonds, Callable 4/1/2027 @ 100, 3.65%, 10/1/2042 | 100,000 | 107,252 | ||||||
Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100, 5.00%, 9/1/2034 | 190,000 | 228,457 | ||||||
Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100, 5.00%, 9/1/2035 | 125,000 | 150,011 | ||||||
Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100, 5.00%, 9/1/2036 | 100,000 | 119,961 | ||||||
Pennsylvania Turnpike Commission, Revenue Bonds, Callable 12/1/2025 @ 100, 5.00%, 12/1/2045 | 500,000 | 585,992 | ||||||
Pennsylvania Turnpike Commission, Revenue Bonds, 5.25%, 7/15/2028 | 150,000 | 195,253 | ||||||
Philadelphia PA Water & Wastewater Revenue, Revenue Bonds, Callable 11/1/2030 @ 100, 5.00%, 11/1/2045 | 500,000 | 647,474 | ||||||
West View Municipal Authority Water Revenue, Water Utility Improvements, Revenue Bonds, (OID), Callable 11/15/2024 @ 100, 4.00%, 11/15/2043 | 250,000 | 281,166 | ||||||
4,349,061 |
See accompanying notes which are an integral part of these financial statements.
26 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Principal | ||||||||
Amount | Market Value | |||||||
Puerto Rico 0.84% | ||||||||
Commonwealth of Puerto Rico, General Obligation Unlimited, (AGM) (OID), Callable 7/1/2021 @ 100, 5.25%, 7/1/2026 | $ | 100,000 | $ | 100,590 | ||||
Commonwealth of Puerto Rico, Refunding Bonds, General Obligation Unlimited (AGM), 5.00%, 7/1/2031 | 200,000 | 206,000 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding Revenue Bonds, 5.00%, 7/1/2022 | 250,000 | 263,848 | ||||||
570,438 | ||||||||
South Dakota 0.57% | ||||||||
South Dakota Housing Development Authority, Revenue Bonds, Callable 11/1/2025 @ 100, 2.45%, 5/1/2027 | 250,000 | 264,171 | ||||||
South Dakota Housing Development Authority, Revenue Bonds, Callable 11/1/2025 @ 100, 3.13%, 11/1/2036 | 115,000 | 120,869 | ||||||
385,040 | ||||||||
Tennessee 0.59% | ||||||||
City of Memphis, TN, General Obligation Unlimited, Callable 4/1/2024 @ 100, 5.00%, 4/1/2044 | 100,000 | 112,049 | ||||||
Metropolitan Government of Nashville & Davidson County Convention Center Authority, Public Improvements, Revenue Bonds, Callable 8/23/2021 @ 100, 5.00%, 7/1/2026 | 200,000 | 200,705 | ||||||
Tennessee Housing Development Agency, Revenue Bonds, Callable 1/1/2027 @ 100, 3.40%, 7/1/2037 | 80,000 | 86,335 | ||||||
399,089 | ||||||||
Texas 9.15% | ||||||||
Austin TX Electric Utility System Revenue, Revenue Bonds Series B, Callable 11/15/2029 @ 100, 5.00%, 11/15/2049 | 500,000 | 638,761 | ||||||
City of Houston, TX, Refunding Revenue Bonds, Callable 3/1/2029 @ 100, 4.00%, 3/1/2049 | 500,000 | 579,401 | ||||||
City of Houston, TX, Refunding Revenue Bonds, Callable 9/1/2021 @ 100, 5.25%, 9/1/2029 | 500,000 | 503,223 | ||||||
City Public Service Board of San Antonio, TX, Revenue Bonds, Callable 8/1/2026 @ 100, 5.00%, 2/1/2032 | 250,000 | 301,418 | ||||||
Clifton Higher Education Finance Corporation, School Improvements, Refunding Revenue Bonds, 4.00%, 8/15/2044 | 500,000 | 533,807 | ||||||
Comal Independent School District, School Improvements, General Obligation Unlimited, Callable 2/1/2026 @ 100, 4.00%, 2/1/2034 | 250,000 | 284,314 | ||||||
Fort Bend Grand Parkway Toll Road Authority, Refunding Revenue Bonds, Callable 3/1/2022 @ 100, 4.00%, 3/1/2046 | 250,000 | 254,513 | ||||||
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds, Callable 5/15/2026 @ 100, 4.00%, 11/15/2030 | 130,000 | 144,835 | ||||||
San Antonio Public Facilities Corp., Public Improvements, Refunding Revenue Bonds, (OID), Callable 9/15/2022 @ 100, 4.00%, 9/15/2042 | 250,000 | 258,613 | ||||||
San Antonio Water System, Refunding Revenue Bonds, Callable 11/15/2029 @ 100, 5.00%, 5/15/2034 | 190,000 | 249,382 | ||||||
San Antonio Water System, Revenue Bonds Series A, Callable 5/15/2030 @ 100, 5.00%, 5/15/2050 | 205,000 | 260,131 | ||||||
Texas Public Finance Authority, Revenue Bonds, Callable 12/1/2026 @ 100, 4.00%, 12/1/2031 | 200,000 | 230,419 | ||||||
Texas Water Development Board, Revenue Bonds, Callable 10/15/2029 @ 100, 4.00%, 10/15/2037 | 500,000 | 607,590 | ||||||
Texas Water Development Board, Revenue Bonds, Callable 10/15/2030 @ 100, 4.00%, 4/15/2051 | 500,000 | 598,522 | ||||||
Texas Water Development Board, Revenue Bonds, Callable 10/15/2028 @ 100, 5.00%, 4/15/2049 | 450,000 | 565,223 |
See accompanying notes which are an integral part of these financial statements.
27 |
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Principal | ||||||||
Amount | Market Value | |||||||
Texas (cont.) | ||||||||
White Oak, TX, Independent School District, General Obligation Unlimited, Callable 2/15/2027 @ 100, 4.00%, 2/15/2029 | $ | 190,000 | $ | 221,801 | ||||
6,231,953 | ||||||||
Utah 1.36% | ||||||||
University of Utah (The), University & College Improvements, Revenue Bonds, 5.00%, 8/1/2043 | 250,000 | 275,012 | ||||||
Utah County Utah Hospital Revenue IHC Health Services, Revenue Bonds, Callable 5/15/2026 @ 100, 5.00%, 5/15/2050 | 500,000 | 635,880 | ||||||
Utah Housing Corp., State Single-Family Housing, Revenue Bonds, Callable 8/13/2021 @ 100, 5.25%, 1/1/2025 | 10,000 | 10,022 | ||||||
Utah Housing Corp., State Single-Family Housing, Revenue Bonds, Callable 8/13/2021 @ 100, 5.75%, 1/1/2033 | 5,000 | 5,012 | ||||||
925,926 | ||||||||
Vermont 0.37% | ||||||||
Vermont Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, Callable 8/15/2022 @ 100, 3.75%, 8/15/2037 | 245,000 | 251,932 | ||||||
Virgin Islands 0.11% | ||||||||
Virgin Islands Public Finance Authority, Refunding Revenue Bonds, 5.00%, 10/1/2025 | 75,000 | 75,189 | ||||||
Virginia 0.42% | ||||||||
Virginia State Resource Authority Infrastructure, Revenue Bonds, Callable 11/1/2025 @ 100, 4.00%, 11/1/2033 | 75,000 | 85,666 | ||||||
Virginia State Resource Authority Infrastructure, Revenue Bonds, Prerefunded, Callable 11/1/2025 @ 100, 4.00%, 11/1/2033 | 175,000 | 201,450 | ||||||
287,116 | ||||||||
Washington 1.60% | ||||||||
Spokane Public Facilities District, Public Improvements, Revenue Bonds, Callable 6/1/2023 @ 100, 5.00%, 5/1/2043 | 1,000,000 | 1,090,029 | ||||||
Wisconsin 0.12% | ||||||||
Wisconsin Housing & Economic Development Authority, State Multi-Family Housing, Revenue Bonds, (OID), 5.63%, 11/1/2035 | 80,000 | 81,576 | ||||||
Total Municipal Bonds | ||||||||
(Cost $61,352,231) | 64,456,363 |
See accompanying notes which are an integral part of these financial statements.
28 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Shares | Market Value | |||||||
Money Market Funds 4.42% | ||||||||
Federated Hermes Government Obligations Fund, Institutional Class, 0.01%(a) | 94,841 | $ | 94,841 | |||||
Morgan Stanley Institutional Liquidity Fund, Institutional Class, 0.03%(a) | 2,912,318 | 2,912,318 | ||||||
Total Money Market Funds | ||||||||
(Cost $3,007,159) | 3,007,159 | |||||||
Total Investments — 99.10% | ||||||||
(Cost $64,359,390) | 67,463,522 | |||||||
Other Assets in Excess of Liabilities — 0.90% | 610,619 | |||||||
NET ASSETS — 100.00% | $ | 68,074,141 |
(a) | Rate disclosed is the seven day effective yield as of June 30, 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 these financial statements.
29 |
SPIRIT OF AMERICA INCOME FUND |
SCHEDULE OF INVESTMENTS | JUNE 30, 2021 UNAUDITED |
Shares | Market Value | |||||||
Common Stocks 16.19% | ||||||||
Communications 1.27% | ||||||||
AT&T, Inc. | 18,000 | $ | 518,040 | |||||
Verizon Communications, Inc. | 20,000 | 1,120,600 | ||||||
1,638,640 | ||||||||
Consumer Staples 0.84% | ||||||||
Philip Morris International, Inc. | 11,000 | 1,090,210 | ||||||
Energy 7.08% | ||||||||
Chevron Corp. | 14,000 | 1,466,360 | ||||||
Enbridge, Inc. | 29,763 | 1,191,710 | ||||||
Energy Transfer LP | 30,000 | 318,900 | ||||||
Enterprise Products Partners LP | 20,000 | 482,600 | ||||||
Kinder Morgan, Inc. | 40,000 | 729,200 | ||||||
Magellan Midstream Partners LP | 8,700 | 425,517 | ||||||
MPLX LP | 24,269 | 718,605 | ||||||
Phillips 66 | 9,000 | 772,380 | ||||||
TC Energy Corp. | 20,536 | 1,016,943 | ||||||
Valero Energy Corp. | 11,500 | 897,920 | ||||||
Williams Cos, Inc. (The) | 42,500 | 1,128,375 | ||||||
9,148,510 | ||||||||
Financials 1.65% | ||||||||
Blackstone Group, Inc. (The), Class A | 4,600 | 446,844 | ||||||
Blackstone Mortgage Trust, Inc., Class A | 11,565 | 368,808 | ||||||
Citigroup, Inc. | 16,000 | 1,132,000 | ||||||
JPMorgan Chase & Co. | 1,250 | 194,425 | ||||||
2,142,077 | ||||||||
Health Care 2.15% | ||||||||
AbbVie, Inc. | 17,000 | 1,914,880 | ||||||
Gilead Sciences, Inc. | 3,000 | 206,580 | ||||||
Merck & Co., Inc. | 6,000 | 466,620 | ||||||
Pfizer, Inc. | 5,000 | 195,800 | ||||||
2,783,880 | ||||||||
Real Estate 1.23% | ||||||||
City Office REIT, Inc. | 10,000 | 124,300 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 20,000 | 1,123,000 | ||||||
Medical Properties Trust, Inc. | 5,000 | 100,500 | ||||||
Physicians Realty Trust | 2,000 | 36,940 | ||||||
Spirit MTA REIT(a) | 2,000 | 850 | ||||||
Spirit Realty Capital, Inc. | 4,000 | 191,360 | ||||||
1,576,950 | ||||||||
Utilities 1.97% | ||||||||
Dominion Energy, Inc. | 13,000 | 956,410 | ||||||
Duke Energy Corp. | 10,500 | 1,036,560 | ||||||
PPL Corp. | 20,000 | 559,400 | ||||||
2,552,370 | ||||||||
Total Common Stocks (Cost $18,186,898) | 20,932,637 |
See accompanying notes which are an integral part of these financial statements.
30 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA INCOME FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Shares | Market Value | |||||||
Preferred Stocks 19.74% | ||||||||
Financials 12.01% | ||||||||
Affiliated Managers Group, Inc., 4.75% | 10,000 | $ | 259,800 | |||||
Allstate Corporation (The), Series I, 4.75% | 20,000 | 551,800 | ||||||
American Financial Group, Inc., 5.13% | 15,000 | 405,900 | ||||||
American Financial Group, Inc., 5.63% | 20,000 | 569,800 | ||||||
Arch Capital Group Ltd., 5.25% | 20,000 | 507,800 | ||||||
Athene Holding Ltd., Series C, 6.38% | 10,000 | 282,300 | ||||||
Athene Holding Ltd., Series D, 4.88% | 20,000 | 516,600 | ||||||
Bank of America Corp., Series HH, 5.88% | 8,000 | 219,840 | ||||||
Bank of America Corp., Series LL, 5.00% | 20,000 | 546,000 | ||||||
Bank of America Corp., Series NN, 4.38% | 10,000 | 262,000 | ||||||
Bank of America Corp., Series PP, 4.13% | 16,667 | 436,009 | ||||||
Brighthouse Financial, Inc., Series, C, 5.38% | 20,000 | 544,200 | ||||||
Capital One Financial Corp, Series J, 4.80% | 10,000 | 263,900 | ||||||
Capital One Financial Corp., Series K, 4.63% | 12,334 | 330,304 | ||||||
CNO Financial Group, Inc., 5.13% | 2,000 | 53,900 | ||||||
Equitable Holdings, Inc., Series C, 4.30% | 20,000 | 506,200 | ||||||
First Republic Bank, Series J, 4.70% | 20,000 | 548,400 | ||||||
First Republic Bank, Series K, 4.13% | 13,667 | 350,559 | ||||||
First Republic Bank, Series L, 4.25% | 10,000 | 267,300 | ||||||
Fulton Financial Corp., Series, A, 5.13% | 6,000 | 160,980 | ||||||
Globe Life, Inc., 6.13% | 10,000 | 251,200 | ||||||
Huntington Bancshares, Inc., Series H, 4.50% | 10,000 | 260,000 | ||||||
JPMorgan Chase & Co., Series EE, 6.00% | 20,000 | 576,600 | ||||||
JPMorgan Chase & Co., Series GG, 4.75% | 20,000 | 546,200 | ||||||
JPMorgan Chase & Co., Series JJ, 4.55% | 10,000 | 266,200 | ||||||
KeyCorp, Series G, 5.63% | 15,000 | 427,200 | ||||||
KKR & Co. LP, Series B, 6.50% | 10,000 | 253,200 | ||||||
MetLife, Inc., Series F, 4.75% | 25,000 | 674,750 | ||||||
Northern Trust Corp., Series E, 4.70% | 18,640 | 517,074 | ||||||
Prudential Financial, Inc., 4.13% | 3,530 | 92,168 | ||||||
Prudential Financial, Inc., 5.63% | 10,000 | 279,500 | ||||||
Selective Insurance Group, Inc., Series B, 4.60% | 1,000 | 25,430 | ||||||
State Street Corporation, 5.35% | 1,000 | 30,090 | ||||||
Truist Financial Corp., Series R, 4.75% | 16,334 | 434,811 | ||||||
U.S. Bancorp, Series F, 6.50% | 7,300 | 188,997 | ||||||
U.S. Bancorp, Series L, 3.75% | 20,000 | 499,400 | ||||||
US Bancorp, Series M, 4.00% | 10,000 | 260,000 | ||||||
W.R. Berkley Corporation, 5.10% | 20,000 | 541,000 | ||||||
Washington Federal, Inc., Series A, 4.88% | 10,000 | 267,500 | ||||||
Wells Fargo & Co., Series AA, 4.70% | 20,000 | 523,000 | ||||||
Wells Fargo & Co., Series CC, 4.38% | 20,000 | 507,800 | ||||||
Wells Fargo & Co., Series Z, 4.75% | 20,000 | 523,000 | ||||||
15,528,712 | ||||||||
Real Estate 3.70% | ||||||||
Brookfield Property Partners LP, Series A, 5.75% | 7,500 | 187,275 | ||||||
Diversified Healthcare Trust, 5.63% | 26,660 | 644,905 | ||||||
Federal Realty Investment Trust, 5.00% | 7,500 | 198,150 | ||||||
National Retail Properties, Inc., 5.20% | 25,000 | 646,500 | ||||||
PS Business Parks, Inc., 5.20% | 10,000 | 254,900 | ||||||
PS Business Parks, Inc., 5.20% | 4,000 | 106,840 |
See accompanying notes which are an integral part of these financial statements.
31 |
SPIRIT OF AMERICA INCOME FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Shares | Market Value | |||||||
Real Estate (cont.) | ||||||||
PS Business Parks, Inc., 5.25% | 10,000 | $ | 265,700 | |||||
Public Storage, 4.90% | 20,000 | 510,200 | ||||||
Public Storage, 4.95% | 20,000 | 501,600 | ||||||
Public Storage, Series I, 4.88% | 9,583 | 264,683 | ||||||
Public Storage, Series L, 4.63% | 10,000 | 275,400 | ||||||
Public Storage, Series M, 4.13% | 3,889 | 101,308 | ||||||
Public Storage, Series N, 3.88% | 20,000 | 508,600 | ||||||
Vornado Realty Trust, 5.40% | 12,298 | 319,010 | ||||||
4,785,071 | ||||||||
Technology 0.11% | ||||||||
Pitney Bowes, Inc., 6.70% | 5,700 | 143,070 | ||||||
Utilities 3.92% | ||||||||
Brookfield Infrastructure Partners LP, 5.00% | 10,000 | 260,100 | ||||||
Brookfield Infrastructure Partners LP, 5.13% | 20,000 | 523,200 | ||||||
DTE Energy Co., Series F, 6.00% | 20,000 | 513,400 | ||||||
DTE Energy Co., Series G, 4.38% | 20,000 | 519,000 | ||||||
Duke Energy Corp., 5.13% | 9,030 | 239,295 | ||||||
Entergy Arkansas, Inc., 4.88% | 20,000 | 511,600 | ||||||
Entergy Louisiana LLC, 4.88% | 10,000 | 255,100 | ||||||
Entergy Mississippi, Inc., 4.90% | 30,000 | 761,400 | ||||||
NextEra Energy Capital Holdings, Inc., 5.25% | 10,000 | 253,600 | ||||||
Southern Co., 4.95% | 21,000 | 563,220 | ||||||
Southern Co., 5.25% | 20,000 | 510,800 | ||||||
Southern Co., Series C, 4.20% | 6,000 | 154,920 | ||||||
5,065,635 | ||||||||
Total Preferred Stocks (Cost $24,187,552) | 25,522,488 | |||||||
Principal | ||||||||
Amount | ||||||||
Collateralized Mortgage Obligations 0.08% | ||||||||
CHL Mortgage Pass-Through Trust, 2005-21, A27, 5.50%, 10/25/2035 | $ | 25,116 | 20,763 | |||||
CHL Mortgage Pass-Through Trust, 2005-21, A7, 5.50%, 10/25/2035 | 27,153 | 22,446 | ||||||
Citicorp Mortgage Securities, Inc., 1A12, 5.00%, 2/25/2035 | 62,571 | 63,508 | ||||||
Total Collateralized Mortgage Obligations (Cost $82,621) | 106,717 | |||||||
Corporate Bonds 8.30% | ||||||||
Bank of New York Mellon Corp. (The), 4.63%, 12/20/2049 | 500,000 | 552,100 | ||||||
Bank of New York Mellon Corp. (The), 3.70%, 3/20/2169 | 100,000 | 104,500 | ||||||
Entergy Texas, Inc., 5.15%, 6/1/2045 | 100,000 | 110,920 | ||||||
Exelon Generation Co. LLC, 5.60%, 6/15/2042(a)(b) | 400,000 | 423,084 | ||||||
Fifth Third Bancorp, 8.25%, 3/1/2038 | 250,000 | 418,309 | ||||||
General Electric Co., 3.45%, 12/29/2049 | 765,000 | 753,334 | ||||||
Goldman Sachs Group, Inc. (The), 6.75%, 10/1/2037 | 850,000 | 1,239,701 | ||||||
Goldman Sachs Group, Inc. (The), 6.45%, 5/1/2036 | 500,000 | 712,621 | ||||||
Hospitality Properties Trust, 4.50%, 3/15/2025 | 500,000 | 498,500 | ||||||
Kinder Morgan Energy Partners LP, 6.50%, 2/1/2037 | 250,000 | 343,962 | ||||||
MetLife, Inc., 9.25%, 4/8/2038(b) | 1,500,000 | 2,277,954 |
See accompanying notes which are an integral part of these financial statements.
32 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA INCOME FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Principal | ||||||||
Amount | Market Value | |||||||
Corporate Bonds (cont.) | ||||||||
MetLife, Inc., 10.75%, 8/1/2039 | $ | 1,000,000 | $ | 1,732,990 | ||||
PECO Energy Capital Trust IV, 5.75%, 6/15/2033 | 1,000,000 | 1,224,934 | ||||||
Valero Energy Corporation, 8.75%, 6/15/2030 | 224,000 | 336,318 | ||||||
Total Corporate Bonds (Cost $8,863,867) | 10,729,227 | |||||||
Municipal Bonds 55.40% | ||||||||
Alabama 2.01% | ||||||||
Health Care Authority for Baptist Health (The), Refunding Revenue Bonds, 5.50%, 11/15/2043 | 2,000,000 | 2,593,511 | ||||||
Arizona 0.41% | ||||||||
Arizona School Facilities Board, School Improvements, Certificate of Participation, 6.00%, 9/1/2027 | 225,000 | 281,660 | ||||||
Phoenix Arizona Civic Improvement Corp. Excise Tax Revenue, Revenue Bonds, Callable 7/1/2030 @ 100, 2.70%, 7/1/2045 | 250,000 | 242,718 | ||||||
524,378 | ||||||||
California 4.65% | ||||||||
Alhambra Unified School District, University & College Improvements, General Obligation Unlimited, 6.70%, 2/1/2026 | 465,000 | 534,814 | ||||||
California State University, Revenue Bonds, Callable 5/1/2030 @ 100, 3.07%, 11/1/2042 | 50,000 | 51,531 | ||||||
City & County of San Francisco, CA, General Obligation Unlimited, 6.26%, 6/15/2030 | 450,000 | 606,237 | ||||||
County of San Bernardino, CA, Refunding Revenue Bonds, 6.02%, 8/1/2023 | 120,000 | 127,927 | ||||||
Peralta Community College District, Refunding Revenue Bonds, 6.91%, 8/1/2025 | 500,000 | 617,165 | ||||||
Peralta Community College District, Refunding Revenue Bonds, 7.31%, 8/1/2031 | 310,000 | 432,807 | ||||||
San Bernardino City Unified School District, School Improvements, Certificate of Participation, (AGM) (OID), 8.05%, 2/1/2023 | 1,000,000 | 1,117,058 | ||||||
San Bernardino City Unified School District, School Improvements, Certificate of Participation, (AGM) (OID), 8.25%, 2/1/2026 | 500,000 | 637,919 | ||||||
University of California Revenues, Revenue Bonds, Callable 5/15/2030 @ 100, 6.30%, 5/15/2050 | 510,000 | 645,698 | ||||||
University of California Revenues, Revenue Bonds, 4.13%, 5/15/2045 | 530,000 | 634,249 | ||||||
University of California, University & College Improvements, Refunding Revenue Bonds, 3.66%, 5/15/2027 | 250,000 | 281,860 | ||||||
West Contra Costa Unified School District, School Improvements, General Obligation Unlimited, 6.25%, 8/1/2030 | 250,000 | 338,516 | ||||||
6,025,781 | ||||||||
Colorado 0.59% | ||||||||
Colorado Mesa University, University & College Improvements, Build America Revenue Bonds, (State Higher Education Intercept Program), 6.75%, 5/15/2042 | 500,000 | 762,975 | ||||||
Connecticut 0.80% | ||||||||
State of Connecticut, General Obligation Unlimited, 5.85%, 3/15/2032 | 780,000 | 1,040,001 | ||||||
Florida 3.54% | ||||||||
City of Miami Gardens, FL, Public Improvements, Build America Bonds, Certificate of Participation, 7.17%, 6/1/2026 | 1,065,000 | 1,227,907 |
See accompanying notes which are an integral part of these financial statements.
33 |
SPIRIT OF AMERICA INCOME FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Principal | ||||||||
Amount | Market Value | |||||||
Florida (cont.) | ||||||||
City of Tallahassee, FL, Utility System Revenue, Build America Revenue Bonds, 5.22%, 10/1/2040 | $ | 300,000 | $ | 404,439 | ||||
County of Miami-Dade, FL Transit System, Transit Improvements, Build America Revenue Bonds, 5.53%, 7/1/2032 | 500,000 | 618,648 | ||||||
County of Miami-Dade, FL, Port, Airport & Marina Improvements, Build America Revenue Bonds, (AGM) (OID), 7.50%, 4/1/2040 | 1,000,000 | 1,535,653 | ||||||
County of Miami-Dade, FL, Recreational Facility Improvements, Revenue Bonds, (AGM), 7.08%, 10/1/2029 | 250,000 | 348,825 | ||||||
Florida State Board of Governors, University & College Improvements, Build America Revenue Bonds, 7.50%, 11/1/2035 | 250,000 | 250,607 | ||||||
Town of Miami Lakes, FL, Public Improvements, Build America Revenue Bonds, 7.59%, 12/1/2030 | 150,000 | 197,123 | ||||||
4,583,202 | ||||||||
Georgia 4.97% | ||||||||
Cobb Marietta Georgia Coliseum, Revenue Bonds, Callable 1/1/2026 @ 100, 4.50%, 1/1/2047 | 600,000 | 668,555 | ||||||
Municipal Electric Authority of Georgia, Electric Lights & Power Improvements, Build America Revenue Bonds, 7.06%, 4/1/2057 | 2,438,000 | 3,609,494 | ||||||
State of Georgia, Public Improvements, General Obligation Unlimited, Callable 2/1/2024 @ 100, 3.84%, 2/1/2032 | 2,000,000 | 2,145,935 | ||||||
6,423,984 | ||||||||
Hawaii 0.43% | ||||||||
State of Hawaii, General Obligation Unlimited, Callable 10/1/2025 @ 100, 4.05%, 10/1/2032 | 495,000 | 552,592 | ||||||
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 | 415,367 | ||||||
Illinois 1.72% | ||||||||
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 | 356,213 | ||||||
Village of Glenwood, IL, Public Improvements, Build America Bonds, General Obligation Unlimited, (AGM), 7.03%, 12/1/2028 | 1,500,000 | 1,858,493 | ||||||
2,214,706 | ||||||||
Indiana 1.62% | ||||||||
Anderson School Building Corporation, Refunding Bonds, General Obligation Limited, Callable 7/5/2023 @ 100, 3.95%, 7/5/2029 | 1,000,000 | 1,044,946 | ||||||
Anderson School Building Corporation, Refunding Bonds, General Obligation Limited, (OID), Callable 7/5/2023 @ 100, 3.75%, 7/5/2028 | 1,000,000 | 1,043,159 | ||||||
2,088,105 | ||||||||
Kansas 0.26% | ||||||||
Wyandotte County Unified School District No. 500 Kansas City, General Obligation Unlimited, Callable 9/1/2030 @ 100, 3.17%, 9/1/2046 | 330,000 | 334,985 | ||||||
Kentucky 0.35% | ||||||||
Kentucky State Property & Building Commission, Economic Improvements, University & College Improvements, Build America Revenue Bonds, 5.37%, 11/1/2025 | 400,000 | 447,290 |
See accompanying notes which are an integral part of these financial statements.
34 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA INCOME FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Principal | ||||||||
Amount | Market Value | |||||||
Louisiana 0.27% | ||||||||
Tangipahoa Parish Hospital Service District No. 1, Hospital Improvements, Build America Revenue Bonds, 7.20%, 2/1/2042 | $ | 340,000 | $ | 352,870 | ||||
Massachusetts 0.40% | ||||||||
City of Worcester, MA, Pension Funding, General Obligation Limited, (AGM) (OID), 6.25%, 1/1/2028 | 140,000 | 164,783 | ||||||
Massachusetts Health & Educational Facilities Authority, Refunding Revenue Bonds, 6.43%, 10/1/2035 | 250,000 | 342,163 | ||||||
University of Massachusetts Building Authority, University & College Improvements, Build America Revenue Bonds, 6.57%, 5/1/2039 | 15,000 | 15,060 | ||||||
522,006 | ||||||||
Michigan 1.16% | ||||||||
Comstock Park Public Schools, School Improvements, General Obligation Unlimited, Callable 8/23/2021 @ 100, 6.20%, 5/1/2024 | 200,000 | 200,919 | ||||||
County of Macomb, MI, Retirement Facilities, General Obligation Limited, Callable 11/1/2025 @ 100, 4.13%, 11/1/2030 | 250,000 | 285,643 | ||||||
Michigan Finance Authority, Revenue Bonds, Callable 9/1/2025 @ 100, 3.90%, 9/1/2030 | 250,000 | 276,036 | ||||||
Michigan Finance Authority, School Improvements, Revenue Bonds, 6.38%, 11/1/2025 | 500,000 | 502,069 | ||||||
Michigan Finance Authority, School Improvements, Revenue Bonds, Callable 8/23/2021 @ 100, 6.20%, 5/1/2022 | 80,000 | 80,354 | ||||||
Onsted Community Schools, School Improvements, General Obligation Unlimited, 5.90%, 5/1/2027 | 150,000 | 150,499 | ||||||
St Johns Public Schools, General Obligation Unlimited, 6.65%, 5/1/2040 | 5,000 | 5,019 | ||||||
1,500,539 | ||||||||
Mississippi 0.79% | ||||||||
East Baton Rouge Parish, LA Sewerage Commission, Revenue Bonds Series B, 2.44%, 2/1/2039 | 100,000 | 99,726 | ||||||
Mississippi Development Bank, Highway Improvements, Build America Revenue Bonds, 6.59%, 1/1/2035 | 650,000 | 912,740 | ||||||
1,012,466 | ||||||||
Missouri 3.25% | ||||||||
City of Kansas City, MO, Revenue Bonds, 7.83%, 4/1/2040 | 2,355,000 | 3,444,158 | ||||||
Missouri Joint Municipal Electric Utility Commission, Electric Lights & Power Improvements, Build America Revenue Bonds, 7.73%, 1/1/2039 | 475,000 | 762,201 | ||||||
4,206,359 | ||||||||
Nebraska 0.19% | ||||||||
Nebraska Public Power District, Electric Lights & Power Improvements, Build America Revenue Bonds, 5.32%, 1/1/2030 | 200,000 | 242,958 | ||||||
Nevada 1.03% | ||||||||
County of Washoe, NV, Public Improvements, Build America Revenue Bonds, 7.97%, 2/1/2040 | 590,000 | 908,750 | ||||||
County of Washoe, NV, Public Improvements, Build America Revenue Bonds, 7.88%, 2/1/2040 | 250,000 | 425,489 | ||||||
1,334,239 | ||||||||
New Jersey 2.08% | ||||||||
New Jersey Economic Development Authority, Revenue Bonds, 7.43%, 2/15/2029 | 250,000 | 324,693 | ||||||
New Jersey Educational Facilities Authority, University & College Improvements, Build America Revenue Bonds, Callable 8/23/2021 @ 100, 6.19%, 7/1/2040 | 500,000 | 501,304 |
See accompanying notes which are an integral part of these financial statements.
35 |
SPIRIT OF AMERICA INCOME FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Principal | ||||||||
Amount | Market Value | |||||||
New Jersey (cont.) | ||||||||
Township of Brick, NJ, General Obligation Unlimited, 3.75%, 9/1/2028 | $ | 1,780,000 | $ | 1,863,828 | ||||
2,689,825 | ||||||||
New York 8.09% | ||||||||
City of New York, NY, Public Improvements, Build America Bonds, General Obligation Unlimited, 5.21%, 10/1/2031 | 100,000 | 122,639 | ||||||
City of New York, NY, Public Improvements, Build America Bonds, General Obligation Unlimited, 5.70%, 3/1/2027 | 145,000 | 178,885 | ||||||
County of Nassau, NY, Public Improvements, Build America Bonds, General Obligation Unlimited, 5.38%, 10/1/2024 | 500,000 | 558,763 | ||||||
Long Island Power Authority, Revenue Bonds, (OID), 5.85%, 5/1/2041 | 195,000 | 268,997 | ||||||
Metropolitan Transportation Authority, Revenue Bonds, 5.87%, 11/15/2039 | 200,000 | 267,653 | ||||||
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 6.20%, 11/15/2026 | 375,000 | 433,327 | ||||||
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 5.99%, 11/15/2030 | 125,000 | 160,314 | ||||||
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 6.59%, 11/15/2030 | 395,000 | 514,730 | ||||||
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 6.69%, 11/15/2040 | 500,000 | 727,193 | ||||||
New York City Industrial Development Agency, Recreational Facilities Improvements Revenue Bonds, (NATL-RE), 5.90%, 3/1/2046 | 580,000 | 687,587 | ||||||
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 | 721,311 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Build America Revenue Bonds, 5.47%, 5/1/2036 | 815,000 | 1,097,919 | ||||||
New York State Dormitory Authority, Revenue Bonds, Callable 7/1/2029 @ 100, 4.29%, 7/1/2044 | 250,000 | 282,659 | ||||||
New York State Dormitory Authority, Revenue Bonds, Callable 8/1/2028 @ 100, 4.95%, 8/1/2048 | 500,000 | 573,272 | ||||||
Port Authority of New York & New Jersey, Callable 6/1/2025 @ 100, 4.82%, 6/1/2045 | 1,000,000 | 1,131,438 | ||||||
Port Authority of New York & New Jersey, Port, Airport & Marina Improvements, Revenue Bonds, 3.92%, 10/15/2028 | 2,115,000 | 2,306,802 | ||||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2033 @ 100, 5.55%, 11/15/2040 | 150,000 | 205,771 | ||||||
Western Nassau County Water Authority, Build America Revenue Bonds, 6.70%, 4/1/2040 | 150,000 | 224,097 | ||||||
10,463,357 | ||||||||
North Carolina 0.18% | ||||||||
County of Cabarrus, NC, School Improvements, Revenue Bonds, | ||||||||
Callable 8/23/2021 @ 100, 5.50%, 4/1/2026 | 235,000 | 235,599 | ||||||
Ohio 2.96% | ||||||||
American Municipal Power, Inc., Electric Lights & Power Improvements, | ||||||||
Build America Revenue Bonds, 7.50%, 2/15/2050 | 500,000 | 815,828 | ||||||
American Municipal Power, Inc., Revenue Bonds, 6.27%, 2/15/2050 | 495,000 | 698,578 | ||||||
Cincinnati City School District, Refunding Bonds, Certificate of Participation, (OID), Callable 12/15/2024 @ 100, 4.00%, 12/15/2032 | 200,000 | 216,044 | ||||||
County of Cuyahoga, OH, Hospital Improvements, Build America Revenue Bonds, 8.22%, 2/15/2040 | 1,000,000 | 1,356,322 |
See accompanying notes which are an integral part of these financial statements.
36 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA INCOME FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Principal | ||||||||
Amount | Market Value | |||||||
Ohio (cont.) | ||||||||
Olentangy Local School District, Refunding Bonds, General Obligation Unlimited, 3.50%, 12/1/2029 | $ | 500,000 | $ | 532,810 | ||||
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 | 200,709 | ||||||
3,820,291 | ||||||||
Pennsylvania 3.27% | ||||||||
Pennsylvania Turnpike Commission Turnpike Revenue, Revenue Bonds, Callable 12/1/2029 @ 100, 3.58%, 12/1/2043 | 890,000 | 944,773 | ||||||
Pennsylvania Turnpike Commission, Build America Revenue Bonds, 6.38%, 12/1/2037 | 520,000 | 732,992 | ||||||
Philadelphia Authority for Industrial Development, Pension Funding, Revenue Bonds, (AGM) (OID), 6.35%, 4/15/2028 | 630,000 | 796,223 | ||||||
Philadelphia Municipal Authority, Public Improvements, Revenue Bonds, 5.09%, 3/15/2028 | 500,000 | 522,966 | ||||||
Sports & Exhibition Authority of Pittsburgh and Allegheny County, Recreational Facilities Improvements, Revenue Bonds, 7.04%, 11/1/2039 | 1,000,000 | 1,231,383 | ||||||
4,228,337 | ||||||||
Rhode Island 0.39% | ||||||||
Narragansett Bay Commission, Revenue Bonds, Callable 9/1/2030 @ 100, 2.92%, 9/1/2043 | 500,000 | 510,376 | ||||||
South Dakota 0.24% | ||||||||
South Dakota State Building Authority, University & College Improvements, Build America Revenue Bonds, Callable 8/23/2021 @ 100, 6.15%, 6/1/2031 | 315,000 | 316,310 | ||||||
Texas 1.18% | ||||||||
Frisco Economic Development Corporation, Public Improvements, Revenue Bonds, 4.20%, 2/15/2034 | 1,000,000 | 1,061,809 | ||||||
Grand Parkway Transportation Corp., Revenue Bonds, Callable 4/1/2030 @ 100, 3.24%, 10/1/2052 | 100,000 | 102,327 | ||||||
Midland County Hospital District, Health, Hospital & Nursing Home Improvements, Build America Bonds, General Obligation Limited, 6.44%, 5/15/2039 | 260,000 | 364,924 | ||||||
1,529,060 | ||||||||
Virgin Islands 1.70% | ||||||||
Virgin Islands Water & Power Authority- Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM), 6.85%, 7/1/2035 | 1,000,000 | 1,247,368 | ||||||
Virgin Islands Water & Power Authority- Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM), 6.65%, 7/1/2028 | 840,000 | 954,624 | ||||||
2,201,992 | ||||||||
Virginia 4.64% | ||||||||
Tobacco Settlement Financing Corporation, Refunding Revenue Bonds, (OID), 6.71%, 6/1/2046 | 5,710,000 | 6,000,301 | ||||||
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 | 328,195 | ||||||
Douglas County Public Utility District No. 1, Electric Lights & Power Improvements, Revenue Bonds, 5.35%, 9/1/2030 | 250,000 | 298,018 | ||||||
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 | 719,748 |
See accompanying notes which are an integral part of these financial statements.
37 |
SPIRIT OF AMERICA INCOME FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Principal | ||||||||
Amount | Market Value | |||||||
Washington (cont.) | ||||||||
Public Utility District No. 1 of Cowlitz County, WA, Electric Lights & Power Improvements, Build America Revenue Bonds, 6.88%, 9/1/2032 | $ | 500,000 | $ | 683,283 | ||||
Snohomish County Public Utility District No. 1, Electric Lights & Power Improvements, Build America Revenue Bonds, (OID), 5.68%, 12/1/2040 | 250,000 | 331,137 | ||||||
2,360,381 | ||||||||
Wisconsin 0.08% | ||||||||
State of Wisconsin, General Obligation Unlimited, 2.35%, 5/1/2031 | 100,000 | 105,967 | ||||||
Total Municipal Bonds (Cost $59,844,990) | 71,640,110 | |||||||
Total Investments — 99.71% (Cost $111,165,928) | 128,931,179 | |||||||
Other Assets in Excess of Liabilities — 0.29% | 378,876 | |||||||
NET ASSETS — 100.00% | $ | 129,310,055 |
(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. |
AGM — Assured Guaranty Municipal Corp.
NATL-RE — Insured by National Public Finance Guarantee Corp.
OID — Original Issue Discount
See accompanying notes which are an integral part of these financial statements.
38 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA INCOME & OPPORTUNITY FUND |
SCHEDULE OF INVESTMENTS | JUNE 30, 2021 UNAUDITED |
Shares | Market Value | |||||||
Common Stocks 41.69% | ||||||||
Communications 7.45% | ||||||||
Alphabet, Inc., Class A(a) | 250 | $ | 610,447 | |||||
Alphabet, Inc., Class C(a) | 190 | 476,201 | ||||||
AT&T, Inc. | 4,114 | 118,401 | ||||||
Netflix, Inc.(a) | 800 | 422,568 | ||||||
Uber Technologies, Inc.(a) | 2,500 | 125,300 | ||||||
Verizon Communications, Inc. | 5,000 | 280,150 | ||||||
2,033,067 | ||||||||
Consumer Discretionary 4.08% | ||||||||
Amazon.com, Inc.(a) | 150 | 516,024 | ||||||
Home Depot, Inc. (The) | 1,000 | 318,890 | ||||||
Lennar Corp., Class A | 2,800 | 278,180 | ||||||
1,113,094 | ||||||||
Energy 4.40% | ||||||||
Cheniere Energy Partners LP | 2,300 | 101,867 | ||||||
Energy Transfer LP | 17,350 | 184,430 | ||||||
Enterprise Products Partners LP | 10,805 | 260,725 | ||||||
Kinder Morgan, Inc. | 7,500 | 136,725 | ||||||
Magellan Midstream Partners LP | 2,725 | 133,280 | ||||||
MPLX LP | 8,850 | 262,049 | ||||||
Viper Energy Partners LP | 3,200 | 60,256 | ||||||
Williams Cos, Inc. (The) | 2,500 | 66,375 | ||||||
1,205,707 | ||||||||
Financials 4.70% | ||||||||
Blackstone Group, Inc. (The), Class A | 5,500 | 534,270 | ||||||
Blackstone Mortgage Trust, Inc., Class A | 3,207 | 102,271 | ||||||
Citigroup, Inc. | 3,500 | 247,625 | ||||||
Fifth Third Bancorp | 3,400 | 129,982 | ||||||
JPMorgan Chase & Co. | 1,000 | 155,540 | ||||||
Starwood Property Trust, Inc. | 4,175 | 109,260 | ||||||
1,278,948 | ||||||||
Health Care 1.65% | ||||||||
AbbVie, Inc. | 4,000 | 450,560 | ||||||
Industrials 2.49% | ||||||||
Caterpillar, Inc. | 700 | 152,341 | ||||||
Deere & Co. | 1,150 | 405,616 | ||||||
Honeywell International, Inc. | 550 | 120,643 | ||||||
678,600 | ||||||||
Materials 0.23% | ||||||||
Dow, Inc. | 1,000 | 63,280 | ||||||
Real Estate Investment Trusts (REITs) 4.13% | ||||||||
Prologis, Inc. | 3,000 | 358,590 | ||||||
Sun Communities, Inc. | 714 | 122,379 | ||||||
Terreno Realty Corp. | 7,000 | 451,640 | ||||||
Welltower, Inc. | 1,160 | 96,396 | ||||||
WP Carey, Inc. | 1,340 | 99,991 | ||||||
1,128,996 |
See accompanying notes which are an integral part of these financial statements.
39 |
SPIRIT OF AMERICA INCOME & OPPORTUNITY FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Shares | Market Value | |||||||
Technology 11.84% | ||||||||
Apple, Inc. | 3,250 | $ | 445,120 | |||||
Microsoft Corp. | 2,000 | 541,800 | ||||||
NVIDIA Corp. | 2,045 | 1,636,205 | ||||||
PayPal Holdings, Inc.(a) | 2,100 | 612,108 | ||||||
3,235,233 | ||||||||
Utilities 0.72% | ||||||||
American Electric Power Co., Inc. | 1,155 | 97,701 | ||||||
Duke Energy Corp. | 1,000 | 98,720 | ||||||
196,421 | ||||||||
Total Common Stocks (Cost $6,930,739) | 11,383,906 | |||||||
Preferred Stocks 9.37% | ||||||||
Financials 4.85% | ||||||||
Arch Capital Group Ltd., Series G, 4.55% | 5,000 | 129,050 | ||||||
Capital One Financial Corp., Series K, 4.63% | 6,166 | 165,126 | ||||||
First Republic Bank, Series K, 4.13% | 1,333 | 34,191 | ||||||
Globe Life, Inc., 4.25% | 1,000 | 26,110 | ||||||
JPMorgan Chase & Co., Series JJ, 4.55% | 5,000 | 133,100 | ||||||
JPMorgan Chase & Co., Series LL 4.63% | 6,000 | 159,780 | ||||||
KKR & Company LP, 6.50% | 6,481 | 164,099 | ||||||
Prudential Financial, Inc., 4.13% | 1,765 | 46,084 | ||||||
Truist Financial Corp., Series R, 4.75% | 8,166 | 217,379 | ||||||
U.S. Bancorp, Series L, 3.75% | 10,000 | 249,700 | ||||||
1,324,619 | ||||||||
Real Estate 1.24% | ||||||||
National Retail Properties, Inc., 5.20% | 6,000 | 155,160 | ||||||
Public Storage, 5.05% | 5,000 | 132,400 | ||||||
Public Storage, Series M, 4.13% | 1,944 | 50,641 | ||||||
338,201 | ||||||||
Utilities 3.28% | ||||||||
Brookfield Infrastructure Partners LP, 5.13% | 10,000 | 261,600 | ||||||
Southern Co., 5.25% | 14,000 | 377,580 | ||||||
Southern Co., 5.25% | 10,000 | 255,400 | ||||||
894,580 | ||||||||
Total Preferred Stocks (Cost $2,459,989) | 2,557,400 | |||||||
Principal | ||||||||
Amount | ||||||||
Corporate Bonds 1.93% | ||||||||
Apple, Inc., 2.20%, 9/11/2029 | $ | 250,000 | 260,743 | |||||
Microsoft Corp., 3.30%, 2/6/2027 | 240,000 | 267,152 | ||||||
Total Corporate Bonds (Cost $501,420) | 527,895 |
See accompanying notes which are an integral part of these financial statements.
40 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA INCOME & OPPORTUNITY FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Principal | ||||||||
Amount | Market Value | |||||||
Municipal Bonds 40.53% | ||||||||
Arizona 2.89% | ||||||||
City of Tucson, AZ, Certificate of Participation, (AGM), 4.83%, 7/1/2034 | $ | 620,000 | $ | 788,383 | ||||
California 4.61% | ||||||||
California State University, Revenue Bonds, Callable 5/1/2030 @ 100, 3.07%, 11/1/2042 | 50,000 | 51,531 | ||||||
City of Newport Beach, CA, Public Improvements, Certificate of Participation, 7.17%, 7/1/2040 | 800,000 | 1,206,340 | ||||||
1,257,871 | ||||||||
Florida 4.03% | ||||||||
Pasco County School Board, School Improvements, Certificate of Participation, 5.00%, 12/1/2037 | 1,000,000 | 1,101,022 | ||||||
Kansas 5.14% | ||||||||
Kansas Development Finance Authority, Revenue Bonds, 4.73%, 4/15/2037 | 1,000,000 | 1,231,259 | ||||||
Wyandotte County Unified School District No. 500 Kansas City, General Obligation Unlimited, Callable 9/1/2030 @ 100, 3.17%, 9/1/2046 | 170,000 | 172,568 | ||||||
1,403,827 | ||||||||
Nevada 0.56% | ||||||||
County of Washoe, NV, Public & Highway Improvements, Build America Revenue Bonds, 7.97%, 2/1/2040 | 100,000 | 154,025 | ||||||
New York 5.39% | ||||||||
New York City Transitional Finance Authority Building Aid Revenue, School | ||||||||
Improvements, Miscellaneous Purposes Revenue Bonds, 5.00%, 7/15/2030 | 300,000 | 368,008 | ||||||
New York State Dormitory Authority, Revenue Bonds, Callable 7/1/2026 @ 100, 3.88%, 7/1/2046 | 750,000 | 823,090 | ||||||
Port Authority of New York & New Jersey, Callable 6/1/2025 @ 100, 4.82%, 6/1/2045 | 250,000 | 282,859 | ||||||
1,473,957 | ||||||||
Ohio 6.61% | ||||||||
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds, 7.83%, 2/15/2041 | 1,000,000 | 1,656,721 | ||||||
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds, 5.94%, 2/15/2047 | 100,000 | 147,317 | ||||||
1,804,038 | ||||||||
Pennsylvania 4.21% | ||||||||
City of Reading, PA, General Obligation Unlimited, (AGM) (OID), Callable 11/1/2024 @ 100, 5.30%, 11/1/2033 | 1,000,000 | 1,150,767 | ||||||
Rhode Island 1.87% | ||||||||
Narragansett Bay Commission, Revenue Bonds, Callable 9/1/2030 @ 100, 2.92%, 9/1/2043 | 500,000 | 510,376 | ||||||
Tennessee 3.17% | ||||||||
Metropolitan Government of Nashville & Davidson County Convention Center Authority, Public Improvements, Revenue Bonds, 7.43%, 7/1/2043 | 500,000 | 749,975 | ||||||
Metropolitan Government of Nashville & Davidson County, General Obligation Unlimited, 3.49%, 7/1/2029 | 100,000 | 114,935 | ||||||
864,910 |
See accompanying notes which are an integral part of these financial statements.
41 |
SPIRIT OF AMERICA INCOME & OPPORTUNITY FUND |
SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED) |
Principal | ||||||||
Amount | Market Value | |||||||
Texas 2.05% | ||||||||
Grand Parkway Transportation Corporation, Revenue Bonds, Callable 4/1/2030 @ 100, 3.24%, 10/1/2052 | $ | 50,000 | $ | 51,164 | ||||
Texas Transportation Commission, General Obligation Unlimited, Callable 4/1/2030 @ 100, 2.56%, 4/1/2042 | 500,000 | 507,194 | ||||||
558,358 | ||||||||
Total Municipal Bonds (Cost $8,956,211) | 11,067,534 | |||||||
U.S. Government & Agency Obligations 3.37% | ||||||||
U.S. Treasury Notes 1.38%, 10/15/2022 | 250,000 | 253,984 | ||||||
U.S. Treasury Notes 1.50%, 1/15/2023 | 400,000 | 408,156 | ||||||
U.S. Treasury Notes 1.50%, 10/31/2024 | 250,000 | 258,047 | ||||||
Total U.S. Government & Agency Obligations (Cost $898,236) | 920,187 | |||||||
Shares | ||||||||
Money Market Funds 3.60% | ||||||||
Morgan Stanley Institutional Liquidity Fund, Institutional Class, 0.03%(b) | �� | 983,915 | 983,915 | |||||
Total Money Market Funds (Cost $983,915) | 983,915 | |||||||
Total Investments — 100.49% (Cost $20,730,510) | 27,440,837 | |||||||
Liabilities in Excess of Other Assets — (0.49)% | (133,406 | ) | ||||||
NET ASSETS — 100.00% | $ | 27,307,431 |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day effective yield as of June 30, 2021. |
AGM — Assured Guaranty Municipal Corp.
OID — Original Issue Discount
See accompanying notes which are an integral part of these financial statements.
42 | SPIRIT OF AMERICA |
STATEMENTS OF ASSETS AND LIABILITIES |
JUNE 30, 2021 (UNAUDITED) |
Spirit of America | Spirit of America | Spirit of America | Spirit of America | |||||||||||||||||
Real Estate Income | Large Cap Value | Municipal Tax Free | Spirit of America | Income & | ||||||||||||||||
and Growth Fund | Fund | Bond Fund | Income Fund | Opportunity Fund | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Investments in securities at fair value (cost $59,294,648, $71,379,253, $64,359,390, $111,165,928 and $20,730,510) | $ | 101,576,193 | $ | 146,406,502 | $ | 67,463,522 | $ | 128,931,179 | $ | 27,440,837 | ||||||||||
Cash | 73,700 | 8,792 | — | 533,422 | 3,969 | |||||||||||||||
Receivable for investments sold | — | — | — | — | — | |||||||||||||||
Receivable for Fund shares sold | 207,706 | 9,570 | — | 24,337 | 7,144 | |||||||||||||||
Dividends and interest receivable | 377,832 | 80,550 | 735,150 | 1,134,253 | 179,555 | |||||||||||||||
Prepaid expenses | 31,104 | 34,524 | 33,055 | 39,961 | 23,068 | |||||||||||||||
TOTAL ASSETS | 102,266,535 | 146,539,938 | 68,231,727 | 130,663,152 | 27,654,573 | |||||||||||||||
LIABILITIES | ||||||||||||||||||||
Line of credit payable | — | — | — | 735,956 | — | |||||||||||||||
Payable for Fund shares redeemed | 50,290 | 92,123 | 20,000 | 274,350 | — | |||||||||||||||
Payable for investments purchased | 50,000 | — | — | — | — | |||||||||||||||
Payable for distributions to shareholders | 911,974 | 837,747 | 40,340 | 168,049 | 279,147 | |||||||||||||||
Payable for investment advisory fees | 79,039 | 114,724 | 22,258 | 60,060 | 10,470 | |||||||||||||||
Payable for distribution (12b-1) fees | 24,483 | 35,618 | 8,660 | 26,961 | 5,920 | |||||||||||||||
Payable for accounting and administration fees | 4,263 | 6,708 | 3,725 | 6,897 | 1,342 | |||||||||||||||
Chief Compliance Officer | 279 | 439 | 246 | 465 | 87 | |||||||||||||||
Payable for transfer agent fees | 2,409 | 2,357 | 1,204 | 4,218 | 1,933 | |||||||||||||||
Other accrued expenses | 61,883 | 69,910 | 61,153 | 76,141 | 48,243 | |||||||||||||||
TOTAL LIABILITIES | 1,184,620 | 1,159,626 | 157,586 | 1,353,097 | 347,142 | |||||||||||||||
NET ASSETS | $ | 101,081,915 | $ | 145,380,312 | $ | 68,074,141 | $ | 129,310,055 | $ | 27,307,431 | ||||||||||
SOURCE OF NET ASSETS | ||||||||||||||||||||
As of June 30, 2021, net assets consisted of: | ||||||||||||||||||||
Paid-in capital | $ | 61,320,620 | $ | 66,831,182 | $ | 72,677,521 | $ | 110,204,917 | $ | 22,550,361 | ||||||||||
Accumulated earnings (deficits) | 39,761,295 | 78,549,130 | (4,603,380 | ) | 19,105,138 | 4,757,070 | ||||||||||||||
NET ASSETS | $ | 101,081,915 | $ | 145,380,312 | $ | 68,074,141 | $ | 129,310,055 | $ | 27,307,431 | ||||||||||
NET ASSETS: | ||||||||||||||||||||
Class A Shares | $ | 100,993,866 | $ | 145,121,774 | $ | 67,725,836 | $ | 128,851,388 | $ | 26,712,408 | ||||||||||
Class C Shares | $ | 71,265 | $ | 243,206 | $ | 338,834 | $ | 446,166 | $ | 584,274 | ||||||||||
Institutional Shares | $ | 16,784 | $ | 15,332 | $ | 9,471 | $ | 12,501 | $ | 10,749 | ||||||||||
SHARES OUTSTANDING ($0.001 par value, 500,000,000 authorized shares): | ||||||||||||||||||||
Class A Shares | 8,565,569 | 5,294,160 | 7,120,319 | 10,204,016 | 2,516,976 | |||||||||||||||
Class C Shares | 6,127 | 8,869 | 35,705 | 35,313 | 55,216 | |||||||||||||||
Institutional Shares | 1,455 | 560 | 998 | 987 | 1,018 | |||||||||||||||
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE | ||||||||||||||||||||
Class A Shares(a) | $ | 11.79 | $ | 27.41 | $ | 9.51 | $ | 12.63 | $ | 10.61 | ||||||||||
Class C Shares(b) | $ | 11.63 | $ | 27.42 | $ | 9.49 | $ | 12.63 | $ | 10.58 | ||||||||||
Institutional Shares | $ | 11.54 | $ | 27.40 | (c) | $ | 9.49 | $ | 12.67 | $ | 10.56 | |||||||||
OFFERING PRICE PER SHARE (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share: | ||||||||||||||||||||
Class A Shares | $ | 12.44 | $ | 28.93 | $ | 9.98 | $ | 13.26 | $ | 11.14 | ||||||||||
MAXIMUM SALES CHARGE: | ||||||||||||||||||||
Class A Shares | 5.25 | % | 5.25 | % | 4.75 | % | 4.75 | % | 4.75 | % |
(a) | A contingent deferred sales charge (“CDSC”) of 1.00% may be charged on shares held less than one year where an indirect commission was paid. |
(b) | A contingent deferred sales charge (“CDSC”) of 1.00% may be charged on shares held less than 13 months. |
(c) | Per share amounts may not recalculate due to rounds of net assets and/or shares outstanding. |
See accompanying notes which are an integral part of these financial statements.
43 |
STATEMENTS OF OPERATIONS |
SIX MONTHS ENDED JUNE 30, 2021 (UNAUDITED) |
Spirit of America | Spirit of America | Spirit of America | Spirit of America | |||||||||||||||||
Real Estate Income | Large Cap Value | Municipal Tax Free | Spirit of America | Income & | ||||||||||||||||
and Growth Fund | Fund | Bond Fund | Income Fund | Opportunity Fund | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||
Dividends | $ | 1,340,587 | $ | 1,091,702 | $ | 217 | $ | 1,169,778 | $ | 184,484 | ||||||||||
Foreign dividend taxes withheld | (32 | ) | (1,242 | ) | — | (10,635 | ) | (2 | ) | |||||||||||
Interest | 3,955 | — | 1,032,100 | 1,974,811 | 232,517 | |||||||||||||||
TOTAL INVESTMENT INCOME | 1,344,510 | 1,090,460 | 1,032,317 | 3,133,954 | 416,999 | |||||||||||||||
EXPENSES | ||||||||||||||||||||
Investment advisory | 420,862 | 652,002 | 206,284 | 391,436 | 82,360 | |||||||||||||||
Distribution (12b-1) — Class A | 129,918 | 201,263 | 51,314 | 162,513 | 30,983 | |||||||||||||||
Distribution (12b-1) — Class C | 740 | 1,221 | 1,665 | 2,277 | 2,723 | |||||||||||||||
Accounting and Administration | 27,274 | 42,648 | 22,412 | 42,699 | 8,067 | |||||||||||||||
Registration | 19,381 | 18,456 | 23,910 | 27,134 | 17,147 | |||||||||||||||
Auditing | 13,142 | 13,142 | 13,142 | 13,142 | 13,142 | |||||||||||||||
Transfer agent | 11,916 | 13,791 | 5,982 | 20,079 | 4,815 | |||||||||||||||
Sub transfer agent | 10,499 | 12,170 | 5,097 | 17,336 | 4,474 | |||||||||||||||
Printing | 9,911 | 13,992 | 6,984 | 15,632 | 2,988 | |||||||||||||||
Directors | 7,456 | 11,657 | 6,186 | 11,759 | 2,223 | |||||||||||||||
Insurance | 7,383 | 11,063 | 6,779 | 12,464 | 2,235 | |||||||||||||||
Legal | 5,166 | 8,101 | 4,198 | 7,988 | 1,504 | |||||||||||||||
Custodian | 4,959 | 6,648 | 3,110 | 5,209 | 2,388 | |||||||||||||||
Chief Compliance Officer | 1,638 | 2,568 | 1,349 | 2,561 | 485 | |||||||||||||||
Line of credit | 869 | 1,344 | 667 | 1,263 | 253 | |||||||||||||||
Interest | 785 | 1,327 | — | 4,035 | 188 | |||||||||||||||
Pricing | 306 | 683 | 18,603 | 10,850 | 2,255 | |||||||||||||||
Other | 7,615 | 9,006 | 8,763 | 11,457 | 7,807 | |||||||||||||||
TOTAL EXPENSES | 679,820 | 1,021,082 | 386,445 | 759,834 | 186,037 | |||||||||||||||
Fees waived by Adviser | — | — | (75,023 | ) | (35,385 | ) | (25,097 | ) | ||||||||||||
NET EXPENSES | 679,820 | 1,021,082 | 311,422 | 724,449 | 160,940 | |||||||||||||||
NET INVESTMENT INCOME | 664,690 | 69,378 | 720,895 | 2,409,505 | 256,059 | |||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||||||
Net realized gain from investment transactions | 1,888,837 | 7,092,738 | 12,754 | 749,205 | 39,818 | |||||||||||||||
Net realized gain (loss) on foreign currency transactions | — | (2 | ) | — | 445 | — | ||||||||||||||
Net realized gain on written option transactions | 570 | 1,734 | — | — | — | |||||||||||||||
Net change in unrealized appreciation (depreciation) of investments | 11,121,920 | 11,622,175 | (257,960 | ) | 993,113 | 1,926,273 | ||||||||||||||
Net change in unrealized depreciation of foreign currency transactions | — | (1 | ) | — | (5 | ) | — | |||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | 13,011,327 | 18,716,644 | (245,206 | ) | 1,742,758 | 1,966,091 | ||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 13,676,017 | $ | 18,786,022 | $ | 475,689 | $ | 4,152,263 | $ | 2,222,150 |
See accompanying notes which are an integral part of these financial statements.
44 | SPIRIT OF AMERICA |
[THIS PAGE INTENTIONALLY LEFT BLANK]
45 |
STATEMENTS OF CHANGES IN NET ASSETS |
Spirit of America Real Estate Income | ||||||||||||||||
and Growth Fund | Spirit of America Large Cap Value Fund | |||||||||||||||
For the Six Months | For the Six Months | |||||||||||||||
Ended | For the Year | Ended | For the Year | |||||||||||||
June 30, 2021 | Ended | June 30, 2021 | Ended | |||||||||||||
(Unaudited) | December 31, 2020 | (Unaudited) | December 31, 2020 | |||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 664,690 | $ | 843,781 | $ | 69,378 | $ | 944,409 | ||||||||
Net realized gain (loss) on investment transactions | 1,889,407 | (1,992,756 | ) | 7,094,470 | 4,577,878 | |||||||||||
Net change in unrealized appreciation (depreciation) of investments | 11,121,920 | (3,570,120 | ) | 11,622,174 | 12,628,249 | |||||||||||
Net increase (decrease) in net assets resulting from operations | 13,676,017 | (4,719,095 | ) | 18,786,022 | 18,150,536 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM | ||||||||||||||||
Earnings: | ||||||||||||||||
Class A | (3,539,930 | ) | (1,176,494 | ) | (3,636,455 | ) | (5,524,631 | ) | ||||||||
Class C | (1,923 | ) | (2,935 | ) | (5,299 | ) | (10,923 | ) | ||||||||
Institutional | (617 | ) | (191 | ) | (402 | ) | (579 | ) | ||||||||
Return of capital: | ||||||||||||||||
Class A | — | (5,306,367 | ) | — | (1,741,930 | ) | ||||||||||
Class C | — | (13,238 | ) | — | (3,444 | ) | ||||||||||
Institutional | — | (862 | ) | — | (183 | ) | ||||||||||
Total distributions to shareholders | (3,542,470 | ) | (6,500,087 | ) | (3,642,156 | ) | (7,281,690 | ) | ||||||||
CAPITAL TRANSACTIONS | ||||||||||||||||
Class A: | ||||||||||||||||
Shares sold | 11,411,431 | 13,163,566 | 13,627,784 | 22,784,053 | ||||||||||||
Shares issued from reinvestment of distributions | 2,628,828 | 5,113,338 | 2,802,290 | 5,846,628 | ||||||||||||
Shares redeemed | (5,768,642 | ) | (15,159,168 | ) | (15,102,017 | ) | (24,604,410 | ) | ||||||||
Total – Class A | 8,271,617 | 3,117,736 | 1,328,057 | 4,026,271 | ||||||||||||
Class C: | ||||||||||||||||
Shares sold | 657 | 35,222 | — | 273,081 | ||||||||||||
Shares issued from reinvestment of distributions | 1,052 | 12,083 | 1,716 | 7,270 | ||||||||||||
Shares redeemed | (170,986 | ) | (4,225 | ) | (49,707 | ) | (89,410 | ) | ||||||||
Total – Class C | (169,277 | ) | 43,080 | (47,991 | ) | 190,941 | ||||||||||
Institutional: | ||||||||||||||||
Shares sold | — | 12,763 | (a) | — | 10,000 | (a) | ||||||||||
Shares issued from reinvestment of distributions | 617 | 932 | (a) | 402 | 762 | (a) | ||||||||||
Total – Institutional | 617 | 13,695 | (a) | 402 | 10,762 | (a) | ||||||||||
Increase (decrease) in net assets derived from capital share transactions | 8,102,957 | 3,174,511 | 1,280,468 | 4,227,974 | ||||||||||||
Total increase (decrease) in Net Assets | 18,236,504 | (8,044,671 | ) | 16,424,334 | 15,096,820 | |||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 82,845,411 | 90,890,082 | 128,955,978 | 113,859,158 | ||||||||||||
End of period | $ | 101,081,915 | $ | 82,845,411 | $ | 145,380,312 | $ | 128,955,978 | ||||||||
SHARE TRANSACTIONS | ||||||||||||||||
Class A: | ||||||||||||||||
Shares sold | 969,350 | 1,266,841 | 514,429 | 1,049,085 | ||||||||||||
Shares issued from reinvestment of distributions | 222,971 | 505,292 | 102,236 | 260,881 | ||||||||||||
Shares redeemed | (528,827 | ) | (1,450,729 | ) | (581,514 | ) | (1,102,953 | ) | ||||||||
Total – Class A | 663,494 | 321,404 | 35,151 | 207,013 | ||||||||||||
Class C: | ||||||||||||||||
Shares sold | 61 | 2,883 | — | 12,786 | ||||||||||||
Shares issued from reinvestment of distributions | 90 | 1,214 | 62 | 329 | ||||||||||||
Shares redeemed | (15,675 | ) | (351 | ) | (1,944 | ) | (4,134 | ) | ||||||||
Total – Class C | (15,524 | ) | 3,746 | (1,882 | ) | 8,981 | ||||||||||
Institutional: | ||||||||||||||||
Shares sold | — | 1,307 | (a) | — | 511 | (a) | ||||||||||
Shares issued from reinvestment of distributions | 54 | 94 | (a) | 15 | 34 | (a) | ||||||||||
Total – Institutional | 54 | 1,401 | (a) | 15 | 545 | (a) |
(a) | For the period May 1, 2020 (commencement of operations) to December 31, 2020. |
See accompanying notes which are an integral part of these financial statements.
46 | SPIRIT OF AMERICA |
STATEMENTS OF CHANGES IN NET ASSETS (CONT.) |
Spirit of America Municipal Tax Free | Spirit of America Income & | |||||||||||||||||||||
Bond Fund | Spirit of America Income Fund | Opportunity Fund | ||||||||||||||||||||
For the Six Months | For the Six Months | For the Six Months | ||||||||||||||||||||
Ended | For the Year | Ended | For the Year | Ended | For the Year | |||||||||||||||||
June 30, 2021 | Ended | June 30, 2021 | Ended | June 30, 2021 | Ended | |||||||||||||||||
(Unaudited) | December 31, 2020 | (Unaudited) | December 31, 2020 | (Unaudited) | December 31, 2020 | |||||||||||||||||
$ | 720,895 | $ | 1,748,466 | $ | 2,409,505 | $ | 4,827,835 | $ | 256,059 | $ | 519,948 | |||||||||||
12,754 | 309,266 | 749,650 | 310,694 | 39,818 | 95,498 | |||||||||||||||||
(257,960 | ) | 363,720 | 993,108 | 2,605,172 | 1,926,273 | 1,731,895 | ||||||||||||||||
475,689 | 2,421,452 | 4,152,263 | 7,743,701 | 2,222,150 | 2,347,341 | |||||||||||||||||
(718,697 | ) | (1,742,505 | ) | (2,239,623 | ) | (5,097,767 | ) | (741,809 | ) | (537,720 | ) | |||||||||||
(2,093 | ) | (5,802 | ) | (6,137 | ) | (11,007 | ) | (14,154 | ) | (10,400 | ) | |||||||||||
(105 | ) | (159 | ) | (224 | ) | (306 | ) | (309 | ) | (223 | ) | |||||||||||
— | — | — | — | — | (880,041 | ) | ||||||||||||||||
— | — | — | — | — | (17,022 | ) | ||||||||||||||||
— | — | — | — | — | (365 | ) | ||||||||||||||||
(720,895 | ) | (1,748,466 | ) | (2,245,984 | ) | (5,109,080 | ) | (756,272 | ) | (1,445,771 | ) | |||||||||||
4,138,114 | 13,562,033 | 7,116,209 | 28,349,690 | 2,525,527 | 6,260,421 | |||||||||||||||||
459,786 | 1,099,127 | 1,407,106 | 3,273,733 | 462,662 | 863,165 | |||||||||||||||||
(7,575,285 | ) | (13,384,849 | ) | (16,734,506 | ) | (31,249,733 | ) | (2,298,910 | ) | (6,444,521 | ) | |||||||||||
(2,977,385 | ) | 1,276,311 | (8,211,191 | ) | 373,690 | 689,279 | 679,065 | |||||||||||||||
4,700 | 15,780 | 30,000 | 218,970 | 11,735 | 75,434 | |||||||||||||||||
1,972 | 5,294 | 4,126 | 7,763 | 14,154 | 27,422 | |||||||||||||||||
(150 | ) | (26,541 | ) | (58,474 | ) | (195,241 | ) | (30,222 | ) | (1,085 | ) | |||||||||||
6,522 | (5,467 | ) | (24,348 | ) | 31,492 | (4,333 | ) | 101,771 | ||||||||||||||
— | 9,000 | (a) | — | 11,000 | (a) | — | 8,500 | (a) | ||||||||||||||
105 | 160 | (a) | 224 | 305 | (a) | 309 | 588 | (a) | ||||||||||||||
105 | 9,160 | (a) | 224 | 11,305 | (a) | 309 | 9,088 | (a) | ||||||||||||||
(2,970,758 | ) | 1,280,004 | (8,235,315 | ) | 416,487 | 685,255 | 789,924 | |||||||||||||||
(3,215,964 | ) | 1,952,990 | (6,329,036 | ) | 3,051,108 | 2,151,133 | 1,691,494 | |||||||||||||||
71,290,105 | 69,337,115 | 135,639,091 | 132,587,983 | 25,156,298 | 23,464,804 | |||||||||||||||||
$ | 68,074,141 | $ | 71,290,105 | $ | 129,310,055 | $ | 135,639,091 | $ | 27,307,431 | $ | 25,156,298 | |||||||||||
435,316 | 1,432,204 | 572,597 | 2,358,638 | 241,752 | 644,138 | |||||||||||||||||
48,474 | 115,975 | 113,500 | 272,382 | 43,606 | 88,940 | |||||||||||||||||
(797,487 | ) | (1,416,136 | ) | (1,346,596 | ) | (2,588,672 | ) | (222,929 | ) | (668,175 | ) | |||||||||||
(313,697 | ) | 132,043 | (660,499 | ) | 42,348 | 62,429 | 64,903 | |||||||||||||||
501 | 1,668 | 2,407 | 18,306 | 1,107 | 7,803 | |||||||||||||||||
208 | 560 | 332 | 645 | 1,338 | 2,830 | |||||||||||||||||
(16 | ) | (2,796 | ) | (4,744 | ) | (16,149 | ) | (3,019 | ) | (113 | ) | |||||||||||
693 | (568 | ) | (2,005 | ) | 2,802 | (574 | ) | 10,520 | ||||||||||||||
— | 970 | (a) | — | 944 | (a) | — | 928 | (a) | ||||||||||||||
11 | 17 | (a) | 18 | 25 | (a) | 29 | 61 | (a) | ||||||||||||||
11 | 987 | (a) | 18 | 969 | (a) | 29 | 989 | (a) |
See accompanying notes which are an integral part of these financial statements.
47 |
SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND |
CLASS A |
FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented. |
For the | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, 2021 | For the Year Ended December 31 | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 10.45 | $ | 11.96 | $ | 10.03 | $ | 11.65 | $ | 11.67 | $ | 11.81 | ||||||||||||
From Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.09 | 0.15 | 1 | 0.09 | 0.15 | 1 | 0.14 | 1 | 0.21 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.68 | (0.81 | ) | 2.69 | (0.92 | ) | 0.64 | 0.45 | ||||||||||||||||
Total from investment operations | 1.77 | (0.66 | ) | 2.78 | (0.77 | ) | 0.78 | 0.66 | ||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.43 | ) | (0.11 | ) | (0.09 | ) | (0.40 | ) | (0.80 | ) | (0.21 | ) | ||||||||||||
Distributions from net capital gains | — | (0.04 | ) | (0.76 | ) | (0.45 | ) | — | (0.59 | ) | ||||||||||||||
Distributions from return of capital | — | (0.70 | ) | — | — | — | — | |||||||||||||||||
Total distributions | (0.43 | ) | (0.85 | ) | (0.85 | ) | (0.85 | ) | (0.80 | ) | (0.80 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 11.79 | $ | 10.45 | $ | 11.96 | $ | 10.03 | $ | 11.65 | $ | 11.67 | ||||||||||||
Total Return2 | 16.89 | % 3 | (5.13 | )% | 28.06 | % | (6.85 | )% | 6.79 | % | 5.66 | % | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 100,994 | $ | 82,609 | $ | 90,679 | $ | 80,761 | $ | 107,101 | $ | 108,790 | ||||||||||||
Ratio of net expenses to average net assets | 1.56 | % 4 | 1.59 | % | 1.54 | % | 1.54 | % | 1.48 | % | 1.54 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.53 | % 4 | 1.05 | % | 0.74 | % | 1.35 | % | 1.18 | % | 1.65 | % | ||||||||||||
Portfolio turnover rate | 6 | % 3 | 18 | % | 4 | % | 4 | % | 8 | % | 10 | % |
1 | Calculated based on the average number of shares outstanding during the period. |
2 | Calculation does not reflect sales load. |
3 | Not annualized. |
4 | Annualized. |
See accompanying notes which are an integral part of these financial statements.
48 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND |
CLASS C |
FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented. |
For the | ||||||||||||||||||||||||
Six Months | For the | |||||||||||||||||||||||
Ended | Period Ended | |||||||||||||||||||||||
June 30, 2021 | For the Year Ended December 31 | December 31, | ||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016* | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 10.26 | $ | 11.77 | $ | 9.90 | $ | 11.56 | $ | 11.61 | $ | 11.73 | ||||||||||||
From Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.09 | 0.08 | 1 | 0.08 | 0.11 | 1 | 0.07 | 1 | 0.10 | 1 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.60 | (0.81 | ) | 2.57 | (0.94 | ) | 0.63 | 0.55 | ||||||||||||||||
Total from investment operations | 1.69 | (0.73 | ) | 2.65 | (0.83 | ) | 0.70 | 0.65 | ||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.32 | ) | (0.10 | ) | (0.08 | ) | (0.38 | ) | (0.75 | ) | (0.18 | ) | ||||||||||||
Distributions from net capital gains | — | (0.04 | ) | (0.70 | ) | (0.45 | ) | — | (0.59 | ) | ||||||||||||||
Distributions from return of capital | — | (0.64 | ) | — | — | — | — | |||||||||||||||||
Total distributions | (0.32 | ) | (0.78 | ) | (0.78 | ) | (0.83 | ) | (0.75 | ) | (0.77 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 11.63 | $ | 10.26 | $ | 11.77 | $ | 9.90 | $ | 11.56 | $ | 11.61 | ||||||||||||
Total Return2 | 16.46 | % 3 | (5.85 | )% | 27.15 | % | (7.44 | )% | 6.10 | % | 5.69 | % 3 | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 71 | $ | 222 | $ | 211 | $ | 118 | $ | 41 | $ | 10 | ||||||||||||
Ratio of net expenses to average net assets | 2.26 | % 4 | 2.29 | % | 2.24 | % | 2.24 | % | 2.18 | % | 2.24 | % 4 | ||||||||||||
Ratio of net investment income to average net assets | 0.69 | % 4 | 0.41 | % | 0.16 | % | 0.97 | % | 0.59 | % | 1.07 | % 4 | ||||||||||||
Portfolio turnover rate | 6 | % 3 | 18 | % | 4 | % | 4 | % | 8 | % | 10 | % 3 |
* | For the period March 15, 2016 (commencement of operations) to December 31, 2016. |
1 | Calculated based on the average number of shares outstanding during the period. |
2 | Calculation does not reflect CDSC. |
3 | Not annualized. |
4 | Annualized. |
See accompanying notes which are an integral part of these financial statements.
49 |
SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND |
INSTITUTIONAL CLASS |
FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented. |
For the | ||||||||
Six Months | For the | |||||||
Ended | Period Ended | |||||||
June 30, 2021 | December 31, | |||||||
(Unaudited) | 2020* | |||||||
Net Asset Value, Beginning of Period | $ | 10.24 | $ | 9.67 | ||||
From Investment Operations: | ||||||||
Net investment income | 0.11 | 0.14 | 1 | |||||
Net realized and unrealized gain on investments | 1.63 | 1.31 | ||||||
Total from investment operations | 1.74 | 1.45 | ||||||
Less Distributions: | ||||||||
Distributions from net investment income | (0.44 | ) | (0.12 | ) | ||||
Distributions from net capital gains | — | (0.04 | ) | |||||
Distributions from return of capital | — | (0.72 | ) | |||||
Total distributions | (0.44 | ) | (0.88 | ) | ||||
Net Asset Value, End of Period | $ | 11.54 | $ | 10.24 | ||||
Total Return | 17.00 | % 1 | 15.52 | % 1 | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (000) | $ | 17 | $ | 14 | ||||
Ratio of net expenses to average net assets | 1.26 | % 2 | 1.29 | % 2 | ||||
Ratio of net investment income to average net assets | 1.79 | % 2 | 1.53 | % 2 | ||||
Portfolio turnover rate | 6 | % 1 | 18 | % 1 |
* | For the period May 1, 2020 (commencement of operations) to December 31, 2020. |
1 | Not annualized. |
2 | Annualized. |
See accompanying notes which are an integral part of these financial statements.
50 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA LARGE CAP VALUE FUND |
CLASS A |
FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented. |
For the | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, 2021 | For the Year Ended December 31 | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 24.47 | $ | 22.53 | $ | 18.53 | $ | 21.59 | $ | 19.01 | $ | 18.63 | ||||||||||||
From Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.03 | 1.08 | 1 | 0.13 | 1 | 0.15 | 1 | 0.22 | 1 | 0.29 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.61 | 2.26 | 5.27 | (1.81 | ) | 3.56 | 1.29 | |||||||||||||||||
Total from investment operations | 3.64 | 3.34 | 5.40 | (1.66 | ) | 3.78 | 1.58 | |||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.70 | ) | (0.17 | ) | (0.13 | ) | (0.15 | ) | (0.24 | ) | (0.25 | ) | ||||||||||||
Distributions from net capital gains | — | (0.90 | ) | (0.80 | ) | (0.78 | ) | (0.24 | ) | (0.95 | ) | |||||||||||||
Distributions from return of capital | — | (0.33 | ) | (0.47 | ) | (0.47 | ) | (0.72 | ) | — | ||||||||||||||
Total distributions | (0.70 | ) | (1.40 | ) | (1.40 | ) | (1.40 | ) | (1.20 | ) | (1.20 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 27.41 | $ | 24.47 | $ | 22.53 | $ | 18.53 | $ | 21.59 | $ | 19.01 | ||||||||||||
Total Return2 | 14.88 | % 3 | 15.49 | % | 29.54 | % | (7.87 | )% | 20.22 | % | 8.49 | % | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 145,122 | $ | 128,680 | $ | 113,819 | $ | 88,939 | $ | 101,054 | $ | 77,579 | ||||||||||||
Ratio of net expenses to average net assets | 1.52 | % 4 | 1.53 | % | 1.52 | % | 1.52 | % | 1.47 | % | 1.57 | % | ||||||||||||
Ratio of net investment income to average net assets | 0.10 | % 4 | 0.82 | % | 0.60 | % | 0.70 | % | 1.05 | % | 1.56 | % | ||||||||||||
Portfolio turnover rate | 8 | % 3 | 15 | % | 8 | % | 13 | % | 3 | % | 24 | % |
1 | Calculated based on the average number of shares outstanding during the period. |
2 | Calculation does not reflect sales load. |
3 | Not annualized. |
4 | Annualized. |
See accompanying notes which are an integral part of these financial statements.
51 |
SPIRIT OF AMERICA LARGE CAP VALUE FUND |
CLASS C |
FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented. |
For the | ||||||||||||||||||||||||
Six Months | For the | |||||||||||||||||||||||
Ended | Period Ended | |||||||||||||||||||||||
June 30, 2021 | For the Year Ended December 31 | December 31, | ||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016* | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 24.48 | $ | 22.59 | $ | 18.52 | $ | 21.62 | $ | 19.14 | $ | 18.29 | ||||||||||||
From Investment Operations: | ||||||||||||||||||||||||
Net investment income (loss) | (0.08 | ) | 0.88 | 1 | (0.02 | ) 1 | — | 1,2 | 0.08 | 1 | 0.10 | 1 | ||||||||||||
Net realized and unrealized gain (loss) on investments | 3.62 | 2.30 | 5.26 | (1.80 | ) | 3.57 | 1.70 | |||||||||||||||||
Total from investment operations | 3.54 | 3.18 | 5.24 | (1.80 | ) | 3.65 | 1.80 | |||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.60 | ) | (0.13 | ) | (0.08 | ) | (0.12 | ) | (0.23 | ) | — | |||||||||||||
Distributions from net capital gains | — | (0.90 | ) | (0.80 | ) | (0.78 | ) | (0.24 | ) | (0.95 | ) | |||||||||||||
Distributions from return of capital | — | (0.26 | ) | (0.29 | ) | (0.40 | ) | (0.70 | ) | — | ||||||||||||||
Total distributions | (0.60 | ) | (1.29 | ) | (1.17 | ) | (1.30 | ) | (1.17 | ) | (0.95 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 27.42 | $ | 24.48 | $ | 22.59 | $ | 18.52 | $ | 21.62 | $ | 19.14 | ||||||||||||
Total Return3 | 14.47 | % 4 | 14.70 | % | 28.59 | % | (8.50 | )% | 19.37 | % | 9.65 | % 4 | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 243 | $ | 263 | $ | 40 | $ | 83 | $ | 39 | $ | 1 | ||||||||||||
Ratio of net expenses to average net assets | 2.22 | % 5 | 2.23 | % | 2.22 | % | 2.22 | % | 2.17 | % | 2.27 | % 5 | ||||||||||||
Ratio of net investment income (loss) to average net assets | (0.59 | )% 5 | (0.09 | )% | (0.10 | )% | 0.01 | % | 0.39 | % | 0.64 | % 5 | ||||||||||||
Portfolio turnover rate | 8 | % 4 | 15 | % | 8 | % | 13 | % | 3 | % | 24 | % 4 |
* | For the period March 15, 2016 (commencement of operations) to December 31, 2016. |
1 | Calculated based on the average number of shares outstanding during the period. |
2 | Rounds to less than 0.005 per share. |
3 | Calculation does not reflect CDSC. |
4 | Not annualized. |
5 | Annualized. |
See accompanying notes which are an integral part of these financial statements.
52 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA LARGE CAP VALUE FUND |
INSTITUTIONAL CLASS |
FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented. |
For the | ||||||||
Six Months | For the | |||||||
Ended | Period Ended | |||||||
June 30, 2021 | December 31, | |||||||
(Unaudited) | 2020* | |||||||
Net Asset Value, Beginning of Period | $ | 24.46 | $ | 19.57 | ||||
From Investment Operations: | ||||||||
Net investment income | 0.07 | 1.02 | 1 | |||||
Net realized and unrealized gain on investments | 3.61 | 5.34 | ||||||
Total from investment operations | 3.68 | 6.36 | ||||||
Less Distributions: | ||||||||
Distributions from net investment income | (0.74 | ) | (0.19 | ) | ||||
Distributions from net capital gains | — | (0.90 | ) | |||||
Distributions from return of capital | — | (0.38 | ) | |||||
Total distributions | (0.74 | ) | (1.47 | ) | ||||
Net Asset Value, End of Period | $ | 27.40 | $ | 24.46 | ||||
Total Return | 15.04 | % 2 | 33.28 | % 2 | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (000) | $ | 15 | $ | 13 | ||||
Ratio of net expenses to average net assets | 1.22 | % 3 | 1.23 | % 3 | ||||
Ratio of net investment income to average net assets | 0.41 | % 3 | 0.80 | % 3 | ||||
Portfolio turnover rate | 8 | % 2 | 15 | % 2 |
* | For the period May 1, 2020 (commencement of operations) to December 31, 2020. |
1 | Calculated based on the average number of shares outstanding during the period. |
2 | Not annualized. |
3 | Annualized. |
See accompanying notes which are an integral part of these financial statements.
53 |
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
CLASS A |
FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented. |
For the | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, 2021 | For the Year Ended December 31 | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 9.54 | $ | 9.45 | $ | 9.26 | $ | 9.47 | $ | 9.33 | $ | 9.57 | ||||||||||||
From Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.10 | 0.24 | 0.27 | 0.30 | 0.30 | 0.31 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.03 | ) | 0.09 | 0.19 | (0.21 | ) | 0.14 | (0.24 | ) | |||||||||||||||
Total from investment operations | 0.07 | 0.33 | 0.46 | 0.09 | 0.44 | 0.07 | ||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.10 | ) | (0.24 | ) | (0.27 | ) | (0.30 | ) | (0.30 | ) | (0.31 | ) | ||||||||||||
Total distributions | (0.10 | ) | (0.24 | ) | (0.27 | ) | (0.30 | ) | (0.30 | ) | (0.31 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 9.51 | $ | 9.54 | $ | 9.45 | $ | 9.26 | $ | 9.47 | $ | 9.33 | ||||||||||||
Total Return1 | 0.73 | % 2 | 3.56 | % | 5.06 | % | 0.96 | % | 4.75 | % | 0.64 | % | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 67,726 | $ | 70,947 | $ | 69,002 | $ | 72,818 | $ | 99,159 | $ | 106,984 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense waiver or recoupment | 1.12 | % 3 | 1.11 | % | 1.13 | % 5 | 1.11 | % 5 | 1.02 | % 4 | 1.04 | % | ||||||||||||
After expense waiver or recoupment | 0.90 | % 3 | 0.90 | % | 0.92 | % 5 | 0.92 | % 5 | 0.91 | % 4 | 0.90 | % | ||||||||||||
Ratio of net investment income to average net assets | 2.10 | % 3 | 2.55 | % | 2.92 | % | 3.21 | % | 3.16 | % | 3.17 | % | ||||||||||||
Portfolio turnover rate | 2 | % 2 | 18 | % | 6 | % | — | % | 5 | % | 10 | % |
1 | Calculation does not reflect sales load. |
2 | Not annualized. |
3 | Annualized. |
4 | Includes interest expense of 0.01%. |
5 | Includes interest expense of 0.02%. |
See accompanying notes which are an integral part of these financial statements.
54 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
CLASS C |
FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented. |
For the | ||||||||||||||||||||||||
Six Months | For the | |||||||||||||||||||||||
Ended | Period Ended | |||||||||||||||||||||||
June 30, 2021 | For the Year Ended December 31 | December 31, | ||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016* | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 9.52 | $ | 9.43 | $ | 9.23 | $ | 9.45 | $ | 9.31 | $ | 9.59 | ||||||||||||
From Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.06 | 0.16 | 0.19 | 0.22 | 0.22 | 0.17 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.03 | ) | 0.09 | 0.20 | (0.22 | ) | 0.14 | (0.28 | ) | |||||||||||||||
Total from investment operations | 0.03 | 0.25 | 0.39 | — | 0.36 | (0.11 | ) | |||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.06 | ) | (0.16 | ) | (0.19 | ) | (0.22 | ) | (0.22 | ) | (0.17 | ) | ||||||||||||
Total distributions | (0.06 | ) | (0.16 | ) | (0.19 | ) | (0.22 | ) | (0.22 | ) | (0.17 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 9.49 | $ | 9.52 | $ | 9.43 | $ | 9.23 | $ | 9.45 | $ | 9.31 | ||||||||||||
Total Return1 | 0.31 | % 2 | 2.70 | % | 4.30 | % | 0.00 | % | 3.87 | % | (1.19 | )% 2 | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 339 | $ | 333 | $ | 335 | $ | 155 | $ | 80 | $ | 28 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense waiver or recoupment | 1.97 | % 3 | 1.96 | % | 1.98 | % 4 | 1.96 | % 4 | 1.87 | % 5 | 1.89 | % 3 | ||||||||||||
After expense waiver or recoupment | 1.75 | % 3 | 1.75 | % | 1.77 | % 4 | 1.77 | % 4 | 1.76 | % 5 | 1.75 | % 3 | ||||||||||||
Ratio of net investment income to average net assets | 1.26 | % 3 | 1.71 | % | 2.03 | % | 2.27 | % | 2.31 | % | 2.19 | % 3 | ||||||||||||
Portfolio turnover rate | 2 | % 2 | 18 | % | 6 | % | — | % | 5 | % | 10 | % 2 |
* | For the period March 15, 2016 (commencement of operations) to December 31, 2016. |
1 | Calculation does not reflect CDSC. |
2 | Not annualized. |
3 | Annualized. |
4 | Includes interest expense of 0.02%. |
5 | Includes interest expense of 0.01%. |
See accompanying notes which are an integral part of these financial statements.
55 |
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
INSTITUTIONAL CLASS |
FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented. |
For the | ||||||||
Six Months | For the | |||||||
Ended | Period Ended | |||||||
June 30, 2021 | December 31, | |||||||
(Unaudited) | 2020* | |||||||
Net Asset Value, Beginning of Period | $ | 9.52 | $ | 9.28 | ||||
From Investment Operations: | ||||||||
Net investment income | 0.11 | 0.16 | ||||||
Net realized and unrealized gain (loss) on investments | (0.03 | ) | 0.24 | |||||
Total from investment operations | 0.08 | 0.40 | ||||||
Less Distributions: | ||||||||
Distributions from net investment income | (0.11 | ) | (0.16 | ) | ||||
Total distributions | (0.11 | ) | (0.16 | ) | ||||
Net Asset Value, End of Period | $ | 9.49 | $ | 9.52 | ||||
Total Return | 0.81 | % 1 | 4.37 | % 1 | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (000) | $ | 9 | $ | 9 | ||||
Ratio of expenses to average net assets: | ||||||||
Before expense waiver or recoupment | 0.97 | % 2 | 0.96 | % 2 | ||||
After expense waiver or recoupment | 0.75 | % 2 | 0.75 | % 2 | ||||
Ratio of net investment income to average net assets | 2.25 | % 2 | 2.60 | % 2 | ||||
Portfolio turnover rate | 2 | % 1 | 18 | % 1 |
* | For the period May 1, 2020 (commencement of operations) to December 31, 2020. |
1 | Not annualized. |
2 | Annualized. |
See accompanying notes which are an integral part of these financial statements.
56 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA INCOME FUND |
CLASS A |
FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented. |
For the | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, 2021 | For the Year Ended December 31 | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 12.44 | $ | 12.21 | $ | 11.42 | $ | 12.06 | $ | 11.72 | $ | 11.66 | ||||||||||||
From Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.23 | 0.44 | 0.44 | 0.44 | 0.48 | 0.46 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.17 | 0.26 | 0.87 | (0.54 | ) | 0.39 | 0.13 | |||||||||||||||||
Total from investment operations | 0.40 | 0.70 | 1.31 | (0.10 | ) | 0.87 | 0.59 | |||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.21 | ) | (0.43 | ) | (0.39 | ) | (0.48 | ) | (0.48 | ) | (0.46 | ) | ||||||||||||
Distributions from net capital gains | — | (0.04 | ) | (0.07 | ) | — | — | — | ||||||||||||||||
Distributions from return of capital | — | — | (0.06 | ) | (0.06 | ) | (0.05 | ) | (0.07 | ) | ||||||||||||||
Total distributions | (0.21 | ) | (0.47 | ) | (0.52 | ) | (0.54 | ) | (0.53 | ) | (0.53 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 12.63 | $ | 12.44 | $ | 12.21 | $ | 11.42 | $ | 12.06 | $ | 11.72 | ||||||||||||
Total Return1 | 3.29 | % 2 | 5.95 | % | 11.64 | % | (0.87 | )% | 7.51 | % | 4.99 | % | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 128,851 | $ | 135,162 | $ | 132,166 | $ | 136,223 | $ | 205,138 | $ | 222,220 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense waiver or recoupment | 1.16 | % 3,4 | 1.15 | % | 1.14 | % 4 | 1.13 | % 5 | 1.05 | % | 1.09 | % | ||||||||||||
After expense waiver or recoupment | 1.11 | % 3,4 | 1.10 | % | 1.11 | % 4 | 1.12 | % 5 | 1.10 | % | 1.10 | % | ||||||||||||
Ratio of net investment income to average net assets | 3.70 | % 3 | 3.70 | % | 3.74 | % | 3.87 | % | 4.00 | % | 3.75 | % | ||||||||||||
Portfolio turnover rate | 3 | % 2 | 20 | % | 3 | % | 1 | % | — | % | 4 | % |
1 | Calculation does not reflect sales load. |
2 | Not annualized. |
3 | Annualized. |
4 | Includes interest expense of 0.01%. |
5 | Includes interest expense of 0.02%. |
See accompanying notes which are an integral part of these financial statements.
57 |
SPIRIT OF AMERICA INCOME FUND |
CLASS C |
FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented. |
For the | ||||||||||||||||||||||||
Six Months | For the | |||||||||||||||||||||||
Ended | Period Ended | |||||||||||||||||||||||
June 30, 2021 | For the Year Ended December 31 | December 31, | ||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016* | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 12.45 | $ | 12.22 | $ | 11.43 | $ | 12.08 | $ | 11.73 | $ | 11.78 | ||||||||||||
From Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.19 | 0.36 | 0.38 | 0.38 | 0.39 | 0.28 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.16 | 0.25 | 0.84 | (0.58 | ) | 0.39 | 0.01 | |||||||||||||||||
Total from investment operations | 0.35 | 0.61 | 1.22 | (0.20 | ) | 0.78 | 0.29 | |||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.17 | ) | (0.34 | ) | (0.32 | ) | (0.40 | ) | (0.39 | ) | (0.29 | ) | ||||||||||||
Distributions from net capital gains | — | (0.04 | ) | (0.07 | ) | — | — | — | ||||||||||||||||
Distributions from return of capital | — | — | (0.04 | ) | (0.05 | ) | (0.04 | ) | (0.05 | ) | ||||||||||||||
Total distributions | (0.17 | ) | (0.38 | ) | (0.43 | ) | (0.45 | ) | (0.43 | ) | (0.34 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 12.63 | $ | 12.45 | $ | 12.22 | $ | 11.43 | $ | 12.08 | $ | 11.73 | ||||||||||||
Total Return1 | 2.82 | % 2 | 5.18 | % | 10.79 | % | (1.69 | )% | 6.77 | % | 2.43 | % 2 | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 446 | $ | 465 | $ | 422 | $ | 293 | $ | 132 | $ | 95 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense waiver or recoupment | 1.91 | % 3,4 | 1.90 | % | 1.89 | % 4 | 1.88 | % 5 | 1.80 | % | 1.84 | % 3 | ||||||||||||
After expense waiver or recoupment | 1.86 | % 3,4 | 1.85 | % | 1.86 | % 4 | 1.87 | % 5 | 1.85 | % | 1.85 | % 3 | ||||||||||||
Ratio of net investment income to average net assets | 2.95 | % 3 | 2.92 | % | 2.97 | % | 3.12 | % | 3.24 | % | 2.77 | % 3 | ||||||||||||
Portfolio turnover rate | 3 | % 2 | 20 | % | 3 | % | 1 | % | — | % | 4 | % 2 |
* | For the period March 15, 2016 (commencement of operations) to December 31, 2016. |
1 | Calculation does not reflect CDSC. |
2 | Not annualized. |
3 | Annualized. |
4 | Includes interest expense of 0.01%. |
5 | Includes interest expense of 0.02%. |
See accompanying notes which are an integral part of these financial statements.
58 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA INCOME FUND |
INSTITUTIONAL CLASS |
FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented. |
For the | ||||||||
Six Months | For the | |||||||
Ended | Period Ended | |||||||
June 30, 2021 | December 31, | |||||||
(Unaudited) | 2020* | |||||||
Net Asset Value, Beginning of Period | $ | 12.48 | $ | 11.66 | ||||
From Investment Operations: | ||||||||
Net investment income | 0.24 | 0.31 | ||||||
Net realized and unrealized gain on investments | 0.18 | 0.83 | ||||||
Total from investment operations | 0.42 | 1.14 | ||||||
Less Distributions: | ||||||||
Distributions from net investment income | (0.23 | ) | (0.28 | ) | ||||
Distributions from net capital gains | — | (0.04 | ) | |||||
Total distributions | (0.23 | ) | (0.32 | ) | ||||
Net Asset Value, End of Period | $ | 12.67 | $ | 12.48 | ||||
Total Return | 3.41 | % 1 | 9.89 | % 1 | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (000) | $ | 13 | $ | 12 | ||||
Ratio of expenses to average net assets: | ||||||||
Before expense waiver or recoupment | 0.91 | % 2,3 | 0.90 | % 2 | ||||
After expense waiver or recoupment | 0.86 | % 2,3 | 0.85 | % 2 | ||||
Ratio of net investment income to average net assets | 3.94 | % 2 | 3.80 | % 2 | ||||
Portfolio turnover rate | 3 | % 1 | 20 | % 1 |
* | For the period May 1, 2020 (commencement of operations) to December 31, 2020. |
1 | Not annualized. |
2 | Annualized. |
3 | Includes interest expense of 0.01%. |
See accompanying notes which are an integral part of these financial statements.
59 |
SPIRIT OF AMERICA INCOME & OPPORTUNITY FUND |
CLASS A |
FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented. |
For the | ||||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, 2021 | For the Year Ended December 31 | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 10.02 | $ | 9.64 | $ | 9.12 | $ | 9.87 | $ | 9.50 | $ | 9.16 | ||||||||||||
From Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.11 | 0.22 | 0.38 | 0.16 | 0.32 | 0.19 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.78 | 0.76 | 0.74 | (0.52 | ) | 0.47 | 0.58 | |||||||||||||||||
Total from investment operations | 0.89 | 0.98 | 1.12 | (0.36 | ) | 0.79 | 0.77 | |||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.30 | ) | (0.23 | ) | (0.33 | ) | (0.16 | ) | (0.33 | ) | (0.19 | ) | ||||||||||||
Distributions from return of capital | — | (0.37 | ) | (0.27 | ) | (0.23 | ) | (0.09 | ) | (0.24 | ) | |||||||||||||
Total distributions | (0.30 | ) | (0.60 | ) | (0.60 | ) | (0.39 | ) | (0.42 | ) | (0.43 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 10.61 | $ | 10.02 | $ | 9.64 | $ | 9.12 | $ | 9.87 | $ | 9.50 | ||||||||||||
Total Return1 | 8.88 | % 2 | 10.46 | % | 12.37 | % | (3.70 | )% | 8.41 | % | 8.40 | % | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 26,712 | $ | 24,589 | $ | 23,029 | $ | 25,177 | $ | 52,523 | $ | 57,829 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense waiver or recoupment | 1.45 | % 3 | 1.46 | % | 1.43 | % 4 | 1.33 | % 5 | 1.15 | % | 1.22 | % | ||||||||||||
After expense waiver or recoupment | 1.25 | % 3 | 1.25 | % | 1.26 | % 4 | 1.27 | % 5 | 1.25 | % | 1.25 | % | ||||||||||||
Ratio of net investment income to average net assets | 2.04 | % 3 | 2.22 | % | 3.82 | % | 1.89 | % | 3.24 | % | 1.93 | % | ||||||||||||
Portfolio turnover rate | 2 | % 2 | 19 | % | 23 | % | 4 | % | 6 | % | 12 | % |
1 | Calculation does not reflect sales load. |
2 | Not annualized. |
3 | Annualized. |
4 | Includes interest expense of 0.01%. |
5 | Includes interest expense of 0.02%. |
See accompanying notes which are an integral part of these financial statements.
60 | SPIRIT OF AMERICA |
SPIRIT OF AMERICA INCOME & OPPORTUNITY FUND |
CLASS C |
FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented. |
For the | ||||||||||||||||||||||||
Six Months | For the | |||||||||||||||||||||||
Ended | Period Ended | |||||||||||||||||||||||
June 30, 2021 | For the Year Ended December 31 | December 31, | ||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016* | |||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 9.99 | $ | 9.62 | $ | 9.10 | $ | 9.85 | $ | 9.48 | $ | 9.14 | ||||||||||||
From Investment Operations: | ||||||||||||||||||||||||
Net investment income | 0.07 | 0.14 | 0.34 | 0.12 | 0.24 | 0.18 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.78 | 0.76 | 0.70 | (0.55 | ) | 0.47 | 0.44 | |||||||||||||||||
Total from investment operations | 0.85 | 0.90 | 1.04 | (0.43 | ) | 0.71 | 0.62 | |||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Distributions from net investment income | (0.26 | ) | (0.20 | ) | (0.29 | ) | (0.13 | ) | (0.27 | ) | (0.12 | ) | ||||||||||||
Distributions from return of capital | — | (0.33 | ) | (0.23 | ) | (0.19 | ) | (0.07 | ) | (0.16 | ) | |||||||||||||
Total distributions | (0.26 | ) | (0.53 | ) | (0.52 | ) | (0.32 | ) | (0.34 | ) | (0.28 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 10.58 | $ | 9.99 | $ | 9.62 | $ | 9.10 | $ | 9.85 | $ | 9.48 | ||||||||||||
Total Return1 | 8.54 | % 2 | 9.62 | % | 11.58 | % | (4.43 | )% | 7.61 | % | 6.59 | % 2 | ||||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 584 | $ | 557 | $ | 435 | $ | 394 | $ | 285 | $ | 194 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense waiver or recoupment | 2.20 | % 3 | 2.21 | % | 2.18 | % 4 | 2.08 | % 5 | 1.90 | % | 1.97 | % 3 | ||||||||||||
After expense waiver or recoupment | 2.00 | % 3 | 2.00 | % | 2.01 | % 4 | 2.02 | % 5 | 2.00 | % | 2.00 | % 3 | ||||||||||||
Ratio of net investment income to average net assets | 1.30 | % 3 | 1.48 | % | 3.08 | % | 1.14 | % | 2.50 | % | 0.65 | % 3 | ||||||||||||
Portfolio turnover rate | 2 | % 2 | 19 | % | 23 | % | 4 | % | 6 | % | 12 | % 2 |
* | For the period March 15, 2016 (commencement of operations) to December 31, 2016. |
1 | Calculation does not reflect CDSC. |
2 | Not annualized. |
3 | Annualized. |
4 | Includes interest expense of 0.01%. |
5 | Includes interest expense of 0.02%. |
See accompanying notes which are an integral part of these financial statements.
61 |
SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND |
INSTITUTIONAL CLASS |
FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented. |
For the | ||||||||
Six Months | For the | |||||||
Ended | Period Ended | |||||||
June 30, 2021 | December 31, | |||||||
(Unaudited) | 2020* | |||||||
Net Asset Value, Beginning of Period | $ | 9.97 | $ | 9.16 | ||||
From Investment Operations: | ||||||||
Net investment income | 0.12 | 0.15 | ||||||
Net realized and unrealized gain on investments | 0.78 | 1.28 | ||||||
Total from investment operations | 0.90 | 1.43 | ||||||
Less Distributions: | ||||||||
Distributions from net investment income | (0.31 | ) | (0.23 | ) | ||||
Distributions from return of capital | — | (0.39 | ) | |||||
Total distributions | (0.31 | ) | (0.62 | ) | ||||
Net Asset Value, End of Period | $ | 10.56 | $ | 9.97 | ||||
Total Return | 9.05 | % 1 | 15.99 | % 1 | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (000) | $ | 11 | $ | 10 | ||||
Ratio of expenses to average net assets: | ||||||||
Before expense waiver or recoupment | 1.20 | % 2 | 1.21 | % 2 | ||||
After expense waiver or recoupment | 1.00 | % 2 | 1.00 | % 2 | ||||
Ratio of net investment income to average net assets | 2.30 | % 2 | 2.27 | % 2 | ||||
Portfolio turnover rate | 2 | % 1 | 19 | % 1 |
* | For the period May 1, 2020 (commencement of operations) to December 31, 2020. |
1 | Not annualized. |
2 | Annualized. |
See accompanying notes which are an integral part of these financial statements.
62 | SPIRIT OF AMERICA |
NOTES TO FINANCIAL STATEMENTS | JUNE 30, 2021 (UNAUDITED)
Note 1 – Organization
Spirit of America Investment Fund, Inc. (the “Company”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company was incorporated under the laws of Maryland on May 15, 1997. The Company offers 6 separate series, or mutual funds (the “Spirit of America Funds”), each with its own investment objective and strategy. This report includes the following funds, each operating as a diversified fund as defined by the 1940 Act (individually, a “Fund”, or collectively, the “Funds”):
Spirit of America Real Estate Income and Growth Fund (the “Real Estate Fund”) commenced operations on January 9, 1998. The Real Estate Fund seeks current income and growth of capital by investing in equity real estate investment trusts (“REITs”) and the equity securities of real estate industry companies.
Spirit of America Large Cap Value Fund (the “Value Fund”) commenced operations on August 1, 2002. The Value Fund seeks capital appreciation with a secondary objective of current income by investing in equity securities in the large cap value segment of the U.S. equity market.
Spirit of American Municipal Tax Free Bond Fund (the “Municipal Fund”) commenced operations on February 29, 2008. The Municipal Fund seeks high current income that is exempt from federal income tax, including the alternative minimum tax (“AMT”), investing at least 80% of its assets in municipal bonds.
Spirit of America Income Fund (the “Income Fund”) commenced operations on December 31, 2008. The Income Fund seeks high current income, investing at least 80% of its assets in a portfolio of taxable municipal bonds, income producing convertible securities, preferred stocks, high yield U.S. corporate bonds (frequently called “junk” bonds), and collateralized mortgage obligations (“CMOs”).
Spirit of America Income & Opportunity Fund (the “Opportunity Fund”) commenced operations on July 8, 2013. The Opportunity Fund seeks to achieve its investment objective of providing shareholders with current income and the potential for capital appreciation by investing a substantial percentage of its total assets in a portfolio of common and preferred stocks, fixed income securities of any grade, as well non-rated fixed income securities, both short-term and long-term, including zero-coupon securities, taxable and tax-free municipal bonds, income producing convertible securities, corporate bonds, including high-yield U.S. corporate bonds, floating rate bonds and step coupon bonds, municipal lease agreements, certificates of participation and collateralized mortgage obligations (“CMOs”), U.S. government agency securities, including securities issued by the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”), and the Government National Mortgage Association (“GNMA”), equity real estate investment companies (“REITs”), which are subject to federal income tax, and Master Limited Partnerships (“MLPs”).
Each Fund currently offers Class A Shares, Class C Shares and Institutional Shares. Each class of shares for each Fund has identical rights and privileges except with respect to distribution (12b-1) and service fees, voting rights on matters affecting a single class of shares, exchange privileges of each class of shares and sales charges. The price at which the Funds will offer or redeem shares is the net asset value (“NAV”) per share next determined after the order is considered received, subject to any applicable front end or contingent deferred sales charges. Class A shares have a maximum sales charge on purchases of 5.25% for Real Estate Fund and Value Fund, and 4.75% for Municipal Fund, Income Fund and Opportunity Fund, as a percentage of the original purchase price. A Contingent Deferred Sales Charge (“CDSC”) of 1.00% may be imposed on redemptions of $1 million or more of Class A shares that were purchased within one year of the redemption date where an indirect commission was paid. CDSC on Class C Shares applies to shares sold within 13 months of purchase.
Note 2 – Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”) for investment companies.
63 |
NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)
A. Security Valuation: The offering price and NAV per share for the Funds are calculated as of the close of regular trading on the New York Stock Exchange (“NYSE”), currently 4:00 p.m., Eastern Time on each day the NYSE is open for trading. Each Fund’s securities are valued at the official close or the last reported sales price on the principal exchange on which the security trades, or if no sales price is reported, the mean of the latest bid and ask prices is used. Securities traded over-the-counter are priced at the mean of the latest bid and ask prices. Unlisted securities traded in the over-the-counter market are valued using an evaluated quote provided by the independent pricing service, or, if an evaluated quote is unavailable, such securities are valued using prices received from dealers, provided that if the dealer supplies both bid and ask prices, the price to be used is the mean of the bid and ask prices. The independent pricing service derives an evaluated quote by obtaining dealer quotes, analyzing the listed markets, reviewing trade execution data and employing sensitivity analysis. Evaluated quotes may also reflect appropriate factors such as individual characteristics of the issue, communications with broker-dealers, and other market data. Fund securities for which market quotations are not readily available are valued at fair value as determined in good faith under procedures established by and under the supervision of the Board of Directors (the “Board”).
B. Fair Value Measurements: Various inputs are used in determining the fair value of investments which are as follows:
● | Level 1 – Unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date. |
● | Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
● | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including each Fund’s own assumptions used in determining the fair value of investments). |
The summary of inputs used to value each Fund’s net assets as of June 30, 2021 is as follows:
Value Inputs | ||||||||||||||||
Real Estate Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks* | $ | 98,191,972 | $ | — | $ | 484 | $ | 98,192,456 | ||||||||
Preferred Stocks* | 2,252,788 | — | — | 2,252,788 | ||||||||||||
Municipal Bonds | — | 200,790 | — | 200,790 | ||||||||||||
Money Market Funds | 930,159 | — | — | 930,159 | ||||||||||||
Total | $ | 101,374,919 | $ | 200,790 | $ | 484 | $ | 101,576,193 | ||||||||
Value Fund | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks* | $ | 143,467,975 | $ | — | $ | — | $ | 143,467,975 | ||||||||
Preferred Stocks* | 1,972,865 | — | — | 1,972,865 | ||||||||||||
Money Market Funds | 965,662 | — | — | 965,662 | ||||||||||||
Total | $ | 146,406,502 | $ | — | $ | — | $ | 146,406,502 | ||||||||
Municipal Fund | ||||||||||||||||
Assets: | ||||||||||||||||
Municipal Bonds | $ | — | $ | 64,456,363 | $ | — | $ | 64,456,363 | ||||||||
Money Market Funds | 3,007,159 | — | — | 3,007,159 | ||||||||||||
Total | $ | 3,007,159 | $ | 64,456,363 | $ | — | $ | 67,463,522 | ||||||||
64 | SPIRIT OF AMERICA |
NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)
Value Inputs | ||||||||||||||||
Income Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks* | $ | 20,931,787 | $ | — | $ | 850 | $ | 20,932,637 | ||||||||
Preferred Stocks* | 25,522,488 | — | — | 25,522,488 | ||||||||||||
Collateralized Mortgage Obligations | — | 106,717 | — | 106,717 | ||||||||||||
Corporate Bonds | — | 10,306,143 | 423,084 | 10,729,227 | ||||||||||||
Municipal Bonds | — | 71,640,110 | — | 71,640,110 | ||||||||||||
Total | $ | 46,454,275 | $ | 82,052,970 | $ | 423,934 | $ | 128,931,179 | ||||||||
Opportunity Fund | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks* | $ | 11,383,906 | $ | — | $ | — | $ | 11,383,906 | ||||||||
Preferred Stocks* | 2,557,400 | — | — | 2,557,400 | ||||||||||||
Corporate Bonds | — | 527,895 | — | 527,895 | ||||||||||||
Municipal Bonds | — | 11,067,534 | — | 11,067,534 | ||||||||||||
U.S. Government & Agency Obligations | — | 920,187 | — | 920,187 | ||||||||||||
Money Market Funds | 983,915 | — | — | 983,915 | ||||||||||||
Total | $ | 14,925,221 | $ | 12,515,616 | $ | — | $ | 27,440,837 | ||||||||
* | Refer to Schedule of Investments for sector/industry classification. |
In the absence of a listed price quote, or a supplied price quote which is deemed to be unrepresentative of the actual market price, the Adviser shall use any or all of the following criteria to value Level 3 securities:
● | Last sales price |
● | Price given by pricing service |
● | Last quoted bid & asked price |
● | Third party bid & asked price |
● | Indicated opening range |
The significant unobservable inputs that may be used in the fair value measurement of the Fund’s investments in common stock, corporate bonds and convertible corporate bonds for which market quotations are not readily available include: broker quotes, discounts from the most recent trade or “stale price” and estimates from trustees (in bankruptcies) on disbursements. A change in the assumption used for each of the inputs listed above may indicate a directionally similar change in the fair value of the investment.
The following provides quantitative information about the Real Estate Fund’s significant Level 3 fair value measurements as of June 30, 2021:
Quantitative Information about Significant Level 3 Fair Value Measurements | ||||||||
Fair Value At | ||||||||
Asset Category | June 30, 2021 | Valuation Techniques | Unobservable Input(s) | Range | ||||
Common Stocks | $484 | Asset Liquidation Analysis | Liquidation Proceeds | N/A | ||||
65 |
NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)
The following provides quantitative information about the Income Fund’s significant Level 3 fair value measurements as of June 30, 2021:
Quantitative Information about Significant Level 3 Fair Value Measurements | ||||||||
Fair Value At | ||||||||
Asset Category | June 30, 2021 | Valuation Techniques | Unobservable Input(s) | Range | ||||
Common Stocks | $850 | Asset Liquidation Analysis | Liquidation Proceeds | N/A | ||||
Corporate Bonds | $423,084 | Comparable Security Analysis | Discount for Lack of Marketability | 1%-20% | ||||
Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for the Real Estate Fund:
Change in | ||||||||||||
Balance as of | unrealized | |||||||||||
December 31, | appreciation | Balance as of | ||||||||||
2020 | (depreciation) | June 30, 2021 | ||||||||||
Common Stocks | $ | 858 | $ | (374 | ) | $ | 484 | |||||
Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for the Income Fund:
Change in | ||||||||||||||||
Balance as of | unrealized | |||||||||||||||
December 31, | Amortization/ | appreciation | Balance as of | |||||||||||||
2020 | Accretion | (depreciation) | June 30, 2021 | |||||||||||||
Common Stocks | $ | 1,506 | $ | — | $ | (656 | ) | $ | 850 | |||||||
Corporate Bonds | 410,353 | (261 | ) | 12,992 | 423,084 | |||||||||||
C. Investment Income and Securities Transactions: Security transactions are accounted for on the date the securities are purchased or sold (trade date) for financial reporting purposes. Cost is determined and gains and losses are based on the identified cost basis for both financial statement and federal income tax purposes. Dividend income and distributions to shareholders are reported on the ex-dividend date. Interest income and expenses are accrued daily.
D. Federal Income Taxes: The Funds intend to comply with all requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.
E. Use of Estimates: In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
F. Distributions to Shareholders: The Funds intend to distribute substantially all of its net investment income and capital gains to shareholders each year. The Real Estate Fund intends to pay two semi-annual income dividends and other distributions on June 30 and December 31 in the annual minimum amount of $.85 per share. The Value Fund intends to pay two semi-annual income dividends and other distributions on June 30 and December 31 in the annual minimum amount of $1.40 per share. The Opportunity Fund intends to pay two semi-annual income dividends and other distributions on June 30 and December 31 in the annual minimum amount of $.60 per share. For the Income Fund and Municipal Fund, income distributions will typically be declared daily and paid monthly. Capital gains, if any, for all the Funds, will be distributed annually in December, but may be distributed more frequently if deemed advisable by the Board. All such distributions are taxable to the shareholders whether received in cash or reinvested in shares.
66 | SPIRIT OF AMERICA |
NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)
The Real Estate Fund, Value Fund and Opportunity Fund have made certain investments in REITs which pay distributions to their shareholders based upon available funds from operations. Each REIT reports annually the tax character of its distributions. It is quite common for these distributions to exceed the REIT’s taxable earnings and profits resulting in the excess portion of such distributions being designated as a return of capital or long-term capital gain. The Funds intend to include the gross distributions from such REITs in its distributions to its shareholders; accordingly, a portion of the distributions paid to the Funds and subsequently distributed to shareholders may be re-characterized based on the prior calendar year’s actual reported return of capital. The final determination of the amount of each Fund’s return of capital distribution for the period will be made after the end of each calendar year.
G. Allocation of Income, Expenses, Gains and Losses. Expenses incurred by the Company that do not relate to a specific fund of the Company are allocated to the individual funds by or under the direction of the Board in such a manner as the Board determine to be fair and equitable. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.
Note 3 – Derivative Transactions
Written Options Contracts – The Real Estate Fund, Value Fund and Opportunity Fund may write options contracts for which premiums received are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. Investing in written options contracts exposes a Fund to equity price risk.
The Funds’ use of derivatives for the six months ended June 30, 2021, was limited to written options.
Following is a summary of how these derivatives are treated in the financial statements and their impact on the Funds. The month-end average notional amount for the six months ended June 30, 2021 was $35,307 and $37,703 for Real Estate Fund and Value Fund, respectively. Following is a summary of how these derivatives are treated in the financial statements and their impact on the Funds. There were no derivatives outstanding as of June 30, 2021.
Statements of Operations | ||||||||||
Amount of | Amount of | |||||||||
Realized | Unrealized | |||||||||
Fund/Financial Instrument Type | Location of Gain (Loss) on Derivatives Recognized | Gain (Loss) | Gain (Loss) | |||||||
Real Estate Fund | ||||||||||
Written Call Options (Equity Contracts) | Net realized gain from written option transactions | $ | 570 | |||||||
Net change in unrealized appreciation of written option contracts | $ | — | ||||||||
Value Fund | ||||||||||
Written Call Options (Equity Contracts) | Net realized gain from written option transactions | $ | 1,734 | |||||||
Net change in unrealized appreciation of written option contracts | $ | — | ||||||||
Note 4 – Purchases and Sales of Securities
Purchases and proceeds from the sales of securities for the six months ended June 30, 2021, excluding short-term investments, were as follows:
Fund | Purchases | Sales | ||||||
Real Estate Fund | $ | 9,893,770 | $ | 5,662,221 | ||||
Value Fund | 10,406,532 | 13,288,274 | ||||||
Municipal Fund | 1,072,151 | 4,995,000 | ||||||
Income Fund | 3,849,354 | 7,596,194 | ||||||
Opportunity Fund | 582,842 | 1,197,293 | ||||||
67 |
NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)
There were no purchases or sales of Long Term U.S. Government Obligations during the six months ended June 30, 2021.
Note 5 – Investment Management Fee and Other Transactions with Affiliates
Spirit of America Management Corp. (the “Adviser”) has been retained to act as the Company’s investment adviser pursuant to an Investment Advisory Agreement (the “Advisory Agreement”). The Adviser was incorporated in 1997 and is a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser, under the terms of the Advisory Agreement with respect to each Fund, manages the Funds’ investments. As compensation for its management services, each Fund is obligated to pay the Adviser a fee based on each Fund’s average daily net assets as follows:
Advisory | ||||||
Fund | Fee Rate | Fees Earned | ||||
Real Estate Fund | 0.97% | $ | 420,862 | |||
Value Fund | 0.97% | 652,002 | ||||
Municipal Fund | 0.60% | 206,284 | ||||
Income Fund | 0.60% | 391,436 | ||||
Opportunity Fund | 0.65% | 82,360 | ||||
The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses for the following funds (based on average daily net assets) through April 30, 2022 so that the total operating expenses will not exceed the amounts presented in the table below. The waiver does not include, front end or contingent deferred loads, taxes, interest, dividend expenses, brokerage commissions or expenses incurred in connection with any merger, reorganization, or extraordinary expenses such as litigation. Additionally, for the six months ended June 30, 2021, the Adviser waived advisory fees, as indicated:
Fees | ||||||||||
Recouped | ||||||||||
Fund | Class A | Class C | Institutional Shares | (Waived) | ||||||
Municipal Fund | 0.90% | 1.75% | 0.75% | $ | (75,023 | ) | ||||
Income Fund | 1.10% | 1.85% | 0.85% | (35,385 | ) | |||||
Opportunity Fund | 1.25% | 2.00% | 1.00% | (25,097 | ) | |||||
Any amounts waived or reimbursed by the Adviser are subject to repayment by a Fund within a period of three years after such waivers or expenses were incurred, provided the Fund is able to make such repayments and remain in compliance with the expense limitation as stated above.
The amounts subject to repayment by the Funds, pursuant to the aforementioned conditions are as follows:
Municipal | Income | Opportunity | ||||||||||
Recoverable through | Fund | Fund | Fund | |||||||||
December 31, 2021 | $ | 83,027 | $ | 22,960 | $ | 19,462 | ||||||
December 31, 2022 | 145,082 | 35,800 | 40,653 | |||||||||
December 31, 2023 | 146,088 | 60,762 | 49,944 | |||||||||
June 30, 2024 | 75,023 | 35,385 | 25,097 | |||||||||
The Funds’ Class A and Class C Shares have adopted a plan of distribution pursuant to Rule 12b-1 (the “Plan”). The Plan permits each Fund’s Class A and Class C Shares to pay David Lerner Associates, Inc. (the “Distributor”) an annual fee, accrued daily and paid monthly based on each Class of each Fund’s average daily net assets for the Distributor’s services
68 | SPIRIT OF AMERICA |
NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)
and expenses in distributing shares of each Fund and providing personal services and/or maintaining shareholder accounts. For the six months ended June 30, 2021, the annual fee rate and the fees paid to the Distributor under the Plan were as follows:
Class A | Class C | |||||||||||
Fund | Annual Rate | Fees Paid | Annual Rate | Fees Paid | ||||||||
Real Estate Fund | 0.30% | $ | 129,918 | 1.00% | $ | 740 | ||||||
Value Fund | 0.30% | 201,263 | 1.00% | 1,221 | ||||||||
Municipal Fund | 0.15% | 51,314 | 1.00% | 1,665 | ||||||||
Income Fund | 0.25% | 162,513 | 1.00% | 2,277 | ||||||||
Opportunity Fund | 0.25% | 30,983 | 1.00% | 2,723 | ||||||||
Each Fund’s Class A Shares are subject to an initial sales charge imposed at the time of purchase, in accordance with the Fund’s current prospectus. A CDSC of 1.00% may be imposed on redemptions of $1 million or more of Class A shares that were purchased within one year of the redemption date where an indirect commission was paid. CDSC on Class C Shares applies to shares sold within 13 months of purchase. For the six months ended June 30, 2021, sales charges received by the Distributor from each of the Funds were as follows:
Front-End Sales | CDSC Fees | |||||||
Charges Received | Received by | |||||||
Fund | by Distributor | Distributor | ||||||
Real Estate Fund | $ | 511,133 | $ | — | ||||
Value Fund | 519,537 | 27 | ||||||
Municipal Fund | 149,922 | — | ||||||
Income Fund | 304,922 | — | ||||||
Opportunity Fund | 110,124 | 24 | ||||||
Certain Officers and Directors of the Company are “affiliated persons”, as that term is defined in the 1940 Act, of the Adviser or the Distributor. Each Director of the Company, who is not an affiliated person of the Adviser or Distributor, receives a quarterly retainer of $6,000, $1,500 for each Board meeting attended, $500 for each special meeting attended, and $500 for each committee meeting attended plus reimbursement for certain travel and other out-of-pocket expenses incurred in connection with attending Board meetings. The Company does not compensate the Officers for the services they provide. There are no Directors’ fees paid to Interested Directors of the Company. For the six months ended June 30, 2021, the Funds were allocated $8,601 of the Chief Compliance Officer’s salary.
Note 6 – Concentration and Other Risks
The performance of the Municipal Fund, Income Fund and Opportunity Fund could be adversely affected by interest rate risk, which is the possibility that overall bond prices will decline because of rising interest rates. Interest rate risk is expected to be high for the Funds because they invest mainly in long-term bonds, whose prices are much more sensitive to interest fluctuations than are the prices of short-term bonds.
The Municipal Fund, Income Fund and Opportunity Fund may be affected by credit risk, which is the possibility that the issuer of a bond will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. This risk may be greater to the extent that the Funds may invest in junk bonds.
The Municipal Fund, Income Fund and Opportunity Fund may be affected by credit risk of lower grade securities, which is the possibility that taxable fixed income or municipal securities rated below investment grade, or unrated of similar quality, (frequently called “junk bonds”), may be subject to greater price fluctuations and risks of loss of income and principal than investment-grade taxable fixed income or municipal securities. Securities that are (or that have fallen) below investment-grade have a greater risk that the issuers may not meet their debt obligations. These types of securities are generally considered speculative in relation to the issuer’s ongoing ability to make principal and interest payments. During
69 |
NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)
periods of rising interest rates or economic downturn, the trading market for these securities may not be active and may reduce the Fund’s ability to sell these securities at an acceptable price. If the issuer of securities is in default in payment of interest or principal, the Fund may lose its entire investment in those securities.
The Real Estate Fund invests primarily in real estate related securities. A fund that concentrates its investments among fewer sectors is subject to greater risk of loss than a fund that has more sector diversification. Investments in real estate and real estate-related equity securities involve risks different from, and in certain cases greater than, the risks presented by equity securities generally. The main risks are those presented by direct ownership of real estate or real estate industry securities, including possible declines in the value of real estate, environmental problems and changes in interest rates.
To the extent that assets underlying the Fund’s investments are concentrated geographically, by property type or in certain other respects, the Fund may be subject to these risks to a greater extent. The stocks purchased by the Fund may not appreciate in value as the Adviser anticipates. In addition, if the Fund receives rental income or income from the disposition of real property acquired as a result of a default on securities the Fund owns, its ability to retain its tax status as a regulated investment company may be adversely affected.
The Value Fund may, at times, concentrate its investments in a particular sector, such as information technology, if the Adviser believes stocks in that particular sector are performing more favorably. If the Fund invests a significant portion of its total assets in certain sectors, its investment portfolio will be more susceptible to the financial, economic, business, and political developments that affect those sectors.
Other risks to the Funds may include income risk, liquidity risk, prepayment risk on collateralized mortgage obligations, municipal project specific risk, municipal lease obligation risk, zero coupon securities risk, market risk, manager risk, taxability risk, state-specific risk and exchange traded funds risk. The Funds’ prospectus contains more information regarding these risks and other risks related to the Funds as well as other information about the Funds, and should be read carefully before investing.
Note 7 – Restricted Securities
Securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Funds or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid. The Funds will not incur any registration costs upon such resale. The Funds’ restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined by the Board. At June 30, 2021, the Income Fund held illiquid restricted securities representing 2% of net assets, as listed below:
Issuer Description | Acquisition | Principal | ||||||||||||
Corporate Bonds | Date | Amount | Cost | Value | ||||||||||
Exelon Generation Co. LLC, 5.60%, 06/15/42 | 7/12/2012 | $ | 400,000 | $ | 419,283 | $ | 423,084 | |||||||
MetLife Capital Trust X, 9.25%, 04/08/38 | 6/4/2013 | $ | 1,500,000 | $ | 2,103,986 | $ | 2,277,954 | |||||||
70 | SPIRIT OF AMERICA |
NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)
Note 8 – Federal Income Taxes
The adjusted cost basis of investment and gross unrealized appreciation and depreciation of investments for federal income tax purposes for each of the Funds as of June 30, 2021, were as follows:
Net | ||||||||||||||||
Gross | Gross | Unrealized | ||||||||||||||
Unrealized | Unrealized | Appreciation/ | Cost Basis of | |||||||||||||
Fund | Appreciation | Depreciation | (Depreciation) (a) | Investments | ||||||||||||
Real Estate Fund | $ | 42,652,034 | $ | (430,633 | ) | $ | 42,221,401 | $ | 59,354,792 | |||||||
Value Fund | 75,377,251 | (324,580 | ) | 75,052,671 | 71,353,831 | |||||||||||
Municipal Fund | 3,101,856 | — | 3,101,856 | 64,361,666 | ||||||||||||
Income Fund | 18,909,072 | (1,179,129 | ) | 17,729,943 | 111,201,236 | |||||||||||
Opportunity Fund | 6,964,337 | (269,991 | ) | 6,694,346 | 20,746,491 | |||||||||||
(a) | The difference between book-basis and tax-basis net unrealized appreciation/(depreciation) is primarily due to wash sales, tax treatment of Trust Preferred securities and partnership investments. |
The tax character of distributions paid by each of the Funds for the year ended December 31, 2020, was as follows:
Ordinary | Tax Exempt | Net Long-Term | Return of | Total | ||||||||||||||||
Fund | Income | Income | Capital Gains | Capital | Distributions | |||||||||||||||
Real Estate Fund | $ | 841,065 | $ | — | $ | 338,555 | $ | 5,320,467 | $ | 6,500,087 | ||||||||||
Value Fund | 874,399 | — | 4,661,734 | 1,745,557 | 7,281,690 | |||||||||||||||
Municipal Fund | 13,284 | 1,735,182 | — | — | 1,748,466 | |||||||||||||||
Income Fund | 4,864,925 | — | 410,724 | — | 5,275,649 | |||||||||||||||
Opportunity Fund | 548,343 | — | — | 897,428 | 1,445,771 | |||||||||||||||
Distribution classifications may differ from the Statements of Changes in Net Assets as a result of the treatment of short-term capital gains as ordinary income for tax purposes.
At December 31, 2020, the components of accumulated distributable earnings for each Fund on a tax basis were as follows:
Total | ||||||||||||||||||||||||
Undistributed | Undistributed | Accumulated | Unrealized | Accumulated | ||||||||||||||||||||
Ordinary | Long-Term | Distributions | Capital and | Appreciation | Earnings | |||||||||||||||||||
Fund | Income | Capital Gains | Payable | Other Losses | (Depreciation) | (Losses) | ||||||||||||||||||
Real Estate Fund | $ | — | $ | — | $ | — | $ | (1,471,733 | ) | $ | 31,099,481 | $ | 29,627,748 | |||||||||||
Value Fund | 7,738 | — | — | (32,972 | ) | 63,430,497 | 63,405,263 | |||||||||||||||||
Municipal Fund | 2 | — | — | (7,717,992 | ) | 3,359,816 | (4,358,174 | ) | ||||||||||||||||
Income Fund | — | 462,018 | — | — | 16,736,841 | 17,198,859 | ||||||||||||||||||
Opportunity Fund | — | — | — | (1,476,881 | ) | 4,768,072 | 3,291,191 | |||||||||||||||||
At December 31, 2020, for federal income tax purposes and the treatment of distributions payable, the following Funds had capital loss carryforwards available to offset future gains, if any, to the extent provided by the Treasury regulations:
No Expiration | ||||||||||||
Fund | Short-Term | Long-Term | Total | |||||||||
Real Estate Fund | $ | — | $ | 1,471,733 | $ | 1,471,733 | ||||||
Municipal Fund | 2,770,180 | 4,947,812 | 7,717,992 | |||||||||
Opportunity Fund | 1,476,880 | — | 1,476,880 | |||||||||
71 |
NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)
Certain capital and qualified late year losses incurred after October 31 and within the current taxable year are deemed to arise on the first business day of the Funds’ following taxable year. For the tax year ended December 31, 2020, the following Fund’s deferred post October capital and late year ordinary losses as follows:
Qualified | ||||||||
Post-October | Late Year | |||||||
Fund | Capital Losses | Ordinary Losses | ||||||
Value Fund | $ | 32,972 | $ | — | ||||
Management of the Funds have reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last three tax year ends and the interim tax period since then). Management believes there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.
Note 9 – Line of Credit
The Company participates in a short-term credit agreement (“Line of Credit) with The Huntington National Bank, the custodian of the Funds’ investments expiring on May 19, 2022. Borrowings under this agreement bear interest at London Interbank Offered Rate (“LIBOR”) plus 1.500%. Maximum borrowings for the Company is the lesser of $3,000,000 or 10% of the Spirit of America Funds’ daily market value. At June 30, 2021, the Income Fund had outstanding borrowings of $735,956. During the six months ended June 30, 2021, each Fund’s borrowing activity was as follows:
Real Estate | Income & | |||||||||||||||||||
Income and | Large Cap | Municipal Tax | Income | Opportunity | ||||||||||||||||
Growth Fund | Value Fund | Free Bond Fund | Fund | Fund | ||||||||||||||||
Total bank line of credit as of June 30, 2021 | $ | 3,000,000 | $ | 3,000,000 | $ | 3,000,000 | $ | 2,264,044 | $ | 3,000,000 | ||||||||||
Average borrowings during period | $ | 92,402 | $ | 98,525 | $ | — | $ | 122,187 | $ | 33,481 | ||||||||||
Number of days outstanding* | 22 | 32 | — | 64 | 18 | |||||||||||||||
Average interest rate during period | 2.000 | % | 2.000 | % | 2.000 | % | 2.000 | % | 2.000 | % | ||||||||||
Highest balance drawn during period | $ | 284,088 | $ | 502,878 | $ | — | $ | 465,313 | $ | 166,168 | ||||||||||
Highest balance interest rate | 2.000 | % | 2.000 | % | 2.000 | % | 2.000 | % | 2.000 | % | ||||||||||
Interest expense incurred | $ | 785 | $ | 1,327 | $ | — | $ | 4,035 | $ | 188 | ||||||||||
Interest rate at June 30, 2021 | 2.000 | % | 2.000 | % | 2.000 | % | 2.000 | % | 2.000 | % | ||||||||||
* | Number of days outstanding represents the total days during the six months ended June 30, 2021 that each Fund utilized the line of credit. |
Note 10 – Commitments and Contingencies
The Company indemnifies its officers and trustees for certain liabilities that may arise from their performance of their duties to the Company or the Funds. Additionally, in the normal course of business, the Company enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred.
Note 11 – Coronovirus (COVID-19) Pandemic
COVID-19 pandemic has caused financial markets to experience periods of increased volatility due to uncertainty that exists around its long-term effects. COVID-19 has resulted in varying levels of travel restrictions, quarantines, disruptions to supply chains and customer activity, leading to general concern and economic uncertainty. The full impact and duration of the pandemic cannot necessarily be foreseen. Management continues to monitor developments and navigate accordingly, further evaluating the anticipated impact to financial markets.
Note 12 – Subsequent Events
Management of the Funds has evaluated the need for disclosures resulting from subsequent events through the date these financial statements were issued. Management has determined that there were no additional items requiring additional disclosure.
72 | SPIRIT OF AMERICA |
NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)
Liquidity Risk Management Program (Unaudited)
The Funds have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940. The Program is reasonably designed to assess and manage the Funds’ liquidity risk, taking into consideration, among other factors, each Fund’s investment strategy and the liquidity of their portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Board approved the appointment of an Administrator, who is responsible for the Program’s administration in conjunction with the Adviser’s Liquidity Risk Committee. The Administrator maintains Program oversight and reports to the Board on at least an annual basis regarding the Program’s operational effectiveness through a written report (the “Report”). The Report outlined the operation of the Program and the adequacy and effectiveness of the Program’s implementation and was presented to the Board for consideration at its meeting held on May 12, 2021. During the review period, the Funds did not experience unusual stress or disruption to its operations related to purchase and redemption activity. Also, during the review period the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. The Report concluded that (i) the Program was adequately designed and (ii) the Program has been effectively implemented.
73 |
DISCLOSURE OF FUND EXPENSES (UNAUDITED)
FOR THE SIX MONTH PERIOD JANUARY 1, 2021 TO JUNE 30, 2021 (UNAUDITED)
We believe it is important for you to understand the impact of fees regarding your investment. All mutual funds have operating expenses. As a shareholder of a Fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from the Fund’s gross income, directly reduce the investment return of the Fund.
Each Fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing fees (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the six month period, January 1, 2021 to June 30, 2021.
Actual Fund Return: This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, the third column shows the period’s annualized expense ratio, and the last column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund at the beginning of the period. You may use the information here, together with your account value, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”
Hypothetical 5% Return: This section is intended to help you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had a return of 5% before expenses during the period shown, but that the expense ratio is unchanged. In this case, because the return used is not the Fund’s actual return, the results do not apply to your investment. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), or redemption fees.
74 | SPIRIT OF AMERICA |
DISCLOSURE OF FUND EXPENSES (UNAUDITED) (CONT.)
FOR THE SIX MONTH PERIOD JULY 1, 2020 TO JUNE 30, 2021 (UNAUDITED)
Beginning | Ending | Expenses | ||||||||
Account Value | Account Value | Annualized | Paid During | |||||||
January 1, 2021 | June 30, 2021 | Expense Ratio | the Period1 | |||||||
Spirit of America Real Estate Income and Growth Fund | ||||||||||
Class A | Actual | $1,000.00 | $1,168.90 | 1.56% | $8.39 | |||||
Hypothetical2 | $1,000.00 | $1,017.06 | 1.56% | $7.80 | ||||||
Class C | Actual | $1,000.00 | $1,164.60 | 2.26% | $12.13 | |||||
Hypothetical2 | $1,000.00 | $1,013.59 | 2.26% | $11.28 | ||||||
Institutional Class Shares | Actual | $1,000.00 | $1,170.00 | 1.26% | $6.78 | |||||
Hypothetical2 | $1,000.00 | $1,018.55 | 1.26% | $6.31 | ||||||
Spirit of America Large Cap Value Fund | ||||||||||
Class A | Actual | $1,000.00 | $1,148.80 | 1.52% | $8.10 | |||||
Hypothetical2 | $1,000.00 | $1,017.26 | 1.52% | $7.60 | ||||||
Class C | Actual | $1,000.00 | $1,144.70 | 2.22% | $11.81 | |||||
Hypothetical2 | $1,000.00 | $1,013.79 | 2.22% | $11.08 | ||||||
Institutional Class Shares | Actual | $1,000.00 | $1,150.40 | 1.22% | $6.50 | |||||
Hypothetical2 | $1,000.00 | $1,018.74 | 1.22% | $6.11 | ||||||
Spirit of America Municipal Tax Free Bond Fund | ||||||||||
Class A | Actual | $1,000.00 | $1,007.30 | 0.90% | $4.48 | |||||
Hypothetical2 | $1,000.00 | $1,020.33 | 0.90% | $4.51 | ||||||
Class C | Actual | $1,000.00 | $1,003.10 | 1.75% | $8.69 | |||||
Hypothetical2 | $1,000.00 | $1,016.12 | 1.75% | $8.75 | ||||||
Institutional Class Shares | Actual | $1,000.00 | $1,008.10 | 0.75% | $3.73 | |||||
Hypothetical2 | $1,000.00 | $1,021.08 | 0.75% | $3.76 | ||||||
Spirit of America Income Fund | ||||||||||
Class A | Actual | $1,000.00 | $1,032.90 | 1.11% | $5.59 | |||||
Hypothetical2 | $1,000.00 | $1,019.29 | 1.11% | $5.56 | ||||||
Class C | Actual | $1,000.00 | $1,028.20 | 1.86% | $9.35 | |||||
Hypothetical2 | $1,000.00 | $1,015.57 | 1.86% | $9.30 | ||||||
Institutional Class Shares | Actual | $1,000.00 | $1,034.10 | 0.86% | $4.34 | |||||
Hypothetical2 | $1,000.00 | $1,020.53 | 0.86% | $4.31 | ||||||
Spirit of America Income & Opportunity Fund | ||||||||||
Class A | Actual | $1,000.00 | $1,088.80 | 1.25% | $6.47 | |||||
Hypothetical2 | $1,000.00 | $1,018.60 | 1.25% | $6.26 | ||||||
Class C | Actual | $1,000.00 | $1,085.40 | 2.00% | $10.34 | |||||
Hypothetical2 | $1,000.00 | $1,014.88 | 2.00% | $9.99 | ||||||
Institutional Class Shares | Actual | $1,000.00 | $1,090.50 | 1.00% | $5.18 | |||||
Hypothetical2 | $1,000.00 | $1,019.84 | 1.00% | $5.01 | ||||||
1 | Expenses are equal to each Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The annualized expense ratios reflect reimbursement/recoupment of expenses by the Funds’ Adviser for the period beginning January 1, 2021 to June 30, 2021. The “Financial Highlights” tables in the Funds’ financial statements, included in the report, also show the gross expense ratios, without such reimbursements. |
2 | Assumes a 5% annual return before expenses. |
75 |
APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT (UNAUDITED)
The Investment Company Act of 1940, as amended (the “1940 Act”) requires that the continuance of a registered management investment company’s investment advisory agreement be approved annually by both the board of directors and also by a majority of its directors who are not parties to the investment advisory agreement or “interested persons” (as defined by the 1940 Act) of any such party (the “Independent Directors”). At a meeting held on May 12, 2021, the Board of Directors (the “Board” or “Directors”) of Spirit of America Investment Fund, Inc. (the “Company”) met telephonically (the “Meeting”) to, among other things, consider the approval of the Investment Advisory Agreement (the “Advisory Agreement”) by and between Spirit of America Management Corp. (the “Adviser”) and the Company, on behalf of Spirit of America Municipal Tax Free Bond Fund (the “Municipal Fund”), Spirit of America Income Fund (the “Income Fund”), Spirit of America Real Estate Income and Growth Fund (the “Real Estate Fund”), Spirit of America Large Cap Value Fund (the “Value Fund”), and Spirit of America Income & Opportunity Fund (the “Opportunity Fund”) (each a “Fund”; collectively, the “Funds”). The Directors noted that the Meeting was held telephonically in accordance with relief granted by the U.S. Securities and Exchange Commission (the “SEC”) to ease certain governance obligations in light of travel concerns related to the COVID-19 pandemic and acknowledged that all actions that required a vote of the Directors at an in-person meeting, including the approval of the Advisory Agreement, would be ratified at the Board’s next in-person meeting, as required by the SEC’s relief. At the Meeting, after determining that the Adviser’s compensation continues to be fair and reasonable pursuant to the terms of the Advisory Agreement, the Board concluded that the approval of the Advisory Agreement would be in the best interests of each Fund’s shareholders and the Board, including the Independent Directors voting separately, approved the Advisory Agreement. The Board’s approval was based on consideration and evaluation of the information and materials provided to the Board and a variety of specific factors discussed at the Meeting and at prior meetings of the Board, including the factors described below.
As part of the approval process and oversight of the advisory relationship, counsel to the Independent Directors (“Independent Counsel”) sent a questionnaire to the Adviser seeking certain relevant information, and the Directors received for their review in advance of the Meeting, the Adviser’s responses. In addition, the Directors were provided with the opportunity to request additional information and materials. In advance of the Meeting, the Board including the Independent Directors, requested and received materials provided by the Adviser and Independent Counsel, including, among other things, the following: (i) Independent Counsel’s 15(c) questionnaire and the responses provided by the Adviser; (ii) comparative information on the investment performance of the Funds, relevant indices and Morningstar category peer funds in the form of reports generated by the Funds’ administrator; (iii) graphs of fee comparisons for the minimum fee, maximum fee, average fee and median fee in the form of reports generated by the Funds’ administrator; (iv) graphs of performance comparisons for the minimum performing fund, maximum performing fund, average performing fund and median performing fund for various time periods in the form of reports generated by the Funds’ administrator; (v) the allocation of the Funds’ brokerage commissions, (vi) the record of compliance with the Funds’ investment policies and restrictions and with the Funds’ Code of Ethics as well as the structure and responsibilities of the Adviser’s compliance department; (vii) the profitability of the Funds’ investment advisory business to the Adviser taking into account both advisory fees and any other potential direct or indirect benefits; (viii) the Adviser’s Form ADV; and (ix) a memorandum from Independent Counsel regarding the responsibilities of the Independent Directors related to the approval of the Advisory Agreement.
In evaluating the Advisory Agreement, the Board, including the Independent Directors, requested, reviewed and considered materials furnished by the Adviser and questioned personnel of the Adviser, including the Funds’ portfolio managers, with respect to, among other things, personnel, each Fund’s performance, operations and the financial condition of the Adviser. Among other information, the Board, including the Independent Directors, requested and was provided information regarding:
● | The investment performance of each Fund over various time periods both by itself and in relation to relevant indices; |
● | The fees charged by the Adviser for investment advisory services, as well as the compensation received by the Adviser and its affiliates; |
● | The waiver of fees and reimbursements of expenses at various times by the Adviser with respect to certain Funds under the Operating Expenses Agreement; |
● | The investment performance, fees and total expenses of mutual funds with similar objectives and strategies managed by other investment advisers; |
76 | SPIRIT OF AMERICA |
APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT (UNAUDITED) (CONT.)
● | The investment management staffing and the experience of the Adviser, as well as the Adviser’s administrative and other personnel providing services to the Funds and the historical quality of the services provided by the Adviser; and |
● | The profitability to the Adviser of managing and to its affiliate of distributing the Funds, and the methodology in allocating expenses to the management of the Funds. |
At the Meeting, Independent Counsel also referred to the “Gartenberg Memorandum” which had been distributed to each Director in advance of the Meeting, outlining the legal standards applicable to the Independent Directors under the 1940 Act with respect to the approval of the continuation of the Advisory Agreement on behalf of each of the Funds. Independent Counsel explained that the Board must consider: (1) the nature, extent and quality of services to be provided by the Adviser to the Funds; (2) the investment performance of each Fund independently; (3) the costs of the services provided and profits realized by the Adviser and its affiliates from the relationship with each Fund; (4) the extent to which economies of scale have been realized as each Fund grows; (5) whether fee levels reflect these economies of scale for the benefit of each Fund’s investors; and (6) any other relevant considerations that the Board deems appropriate.
The following is a summary of the Board’s discussion and views regarding the factors it considered in evaluating the continuation of the Advisory Agreement.
1. Nature, Extent, and Quality of Services.
The Board, including the Independent Directors, evaluated the nature, extent and quality of advisory, administrative and shareholder services provided by the Adviser, which encompassed the following: determination and execution of investment decisions for each Fund; regulatory filings and disclosure to the Funds’ shareholders, general oversight of the Funds’ service providers, coordination of Fund marketing initiatives, review of Fund legal issues and other services. The Board, including the Independent Directors, acknowledged the ever-increasing responsibilities of the Adviser in response to the increasing regulations of the mutual fund industry. The Board also noted that there was no significant disruption or impact to services provided to the Funds by the Adviser as a result of the COVID-19 pandemic as the Adviser was able to operate effectively under its business continuity plan. The Board, including the Independent Directors, determined that the services provided to the Funds are extensive in nature, that the Adviser delivered a high level of service to each Fund and that the Adviser is positioned to continue providing such quality of service in the future.
2. Investment Performance of the Funds and the Adviser.
The Board, including the Independent Directors, reviewed the Funds’ short-term and long-term investment performance over various periods of time as compared to both relevant indices and the performance of such Funds’ peer groups. The Municipal Fund’s performance for the 1-year period ended March 31, 2021 was 2.98% as compared to the median of its peer group of 5.20%. The Income Fund’s performance for the 1-year period ended March 31, 2021 was 11.65% as compared to the median of its peer group of 11.64%. The Real Estate Fund’s performance for the 1-year period ended March 31, 2021 was 27.22% as compared to the median of its peer group of 35.70%. The Value Fund’s performance for the 1-year period was 53.37% as compared to the median of its peer group of 53.33%. The Opportunity Fund’s performance for the 1-year period ended March 31, 2021 was 21.92% as compared to the median of its peer group of 24.23%. The Board then determined that each Fund was delivering reasonable performance results, especially over the long-term, and that each Fund’s results were consistent with the investment strategies followed by each Fund.
3. Costs of Services and Profits Realized by the Adviser.
a. Fund Fees and Performance. The Board, including the Independent Directors, reviewed the information (as of March 31, 2021) provided by the Funds’ administrator, including the comparative graphs, regarding each Fund’s management fee and overall expense ratio relative to industry averages for each Fund’s peer group category and the advisory fees charged by the Adviser to other accounts. The Municipal Fund had a management fee of 0.60% as compared to the median in its peer group of 0.43%. The Income Fund had a management fee of 0.60% as compared to the median in its peer group of 0.60%. The Real Estate Fund had a management fee of 0.97% as compared to the median in its peer group of 0.80%. The Value Fund had a management fee of 0.97% as compared to the median in its peer group of 0.75%. The Opportunity Fund had a management fee of 0.65% as compared to the median in its peer group of 0.55%. The Board viewed favorably the current and historic willingness of the Adviser to limit the overall expense ratios of the Funds, as appropriate. Acknowledging that the fees paid by the Funds were higher than certain of the comparable funds and, except in the case of the Income Fund,
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APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT (UNAUDITED) (CONT.)
higher than the medians in the Funds’ peer groups, the Board nevertheless noted that the fees were still close enough to the medians in each case. The Board noted that, although higher than the fees of certain other funds in their respective groups, the fees were not unreasonable.
b. Profitability and Costs of Services to the Adviser. The Board, including the Independent Directors, reviewed estimates of the Adviser’s profitability and costs attributable to the Funds through 2020. The Board noted that, in recent years, increased fixed costs and, in particular, legal and audit fees in response to increasing regulations, have had a greater impact on small fund families, such as the Funds, than on larger fund complexes, and overall expenses of the Funds may compare unfavorably to the overall expenses of some funds identified as peers. Additionally, the Board considered whether the amount of the Adviser’s profit is a fair profit for managing the Funds and observed that the Adviser has devoted a large amount of its resources to the Funds throughout the years. The Adviser’s management noted that the fund-by-fund expense analysis does not reflect all of the overhead costs paid by its affiliate, David Lerner & Associates, Inc. (“DLA”), which may be attributed to the Adviser. The Board, including the Independent Directors, then determined that the Adviser’s profitability was at a fair and acceptable level, especially given the quality of the services being provided to the Funds, and that it bore a reasonable relationship to the services rendered.
4. Extent of Economies of Scale as the Funds Grow.
The Board, including the Independent Directors, considered whether there had been economies of scale regarding the management of the Funds and whether the Funds would appropriately benefit from any economies of scale. However, due to the relatively small size of each Fund, the Board did not believe that significant (if any) economies of scale had been achieved at this time.
5. Whether Fee Levels Reflect Economies of Scale.
The Board, including the Independent Directors, discussed the fact that the Adviser does not at this time offer breakpoints in its fees that would otherwise allow investors to benefit directly from economies of scale in the form of lower fees as Fund assets grow. The Board observed, however, that the Adviser had provided enhancements in personnel and services to the Funds, without any fee increase. The Board stated that it would continue to review the concept of breakpoints in future years as the Funds’ assets grow.
6. Other Relevant Considerations.
a. Personnel and Methods. The Board, including the Independent Directors, reviewed the Adviser’s Form ADV, with the Adviser responding to the Board’s questions regarding the size, experience and education of the Adviser’s staff, its fundamental research capabilities, and its approach to recruiting, training and retaining portfolio managers and other research and management personnel. The Board then concluded that such factors allow the Adviser to provide a high level of service to the Funds. In addition, the Board members considered the history, reputation, qualifications and background of the Adviser as well as the qualifications of the Adviser’s personnel.
b. Other Benefits. The Board, including the Independent Directors, then considered the character and amount of other direct and incidental benefits received by the Adviser and its affiliates due to their association with the Funds, including the benefits received by DLA, the affiliated distributor. The Board concluded that potential “fall-out” benefits that the Adviser and its affiliates might receive, which might include greater name recognition or increased ability to obtain research services (although the Board noted that the Adviser currently does not use soft dollars for research services), seemed to be reasonable, and in some instances might benefit the Funds.
Conclusions. The Board, including the Independent Directors, considered the aforementioned factors and other factors collectively in light of the Funds’ surrounding circumstances and did not identify any factor as all-important or all-controlling. Each Independent Director gave the weight to each factor that he deemed appropriate in his own judgment. The Independent Directors considered the renewal of the Advisory Agreement on a Fund-by-Fund basis and determined that the renewal of the Advisory Agreement was in the best interests of the shareholders of each Fund. The Independent Directors also determined that the fees charged to each Fund for the services provided were not unreasonable. Therefore, the Board, including the Independent Directors, determined that continuation of the Advisory Agreement was in the best interests of each Fund and its shareholders.
78 | SPIRIT OF AMERICA |
The following notice does not constitute part of and is not |
incorporated into the prospectus of the Funds. |
PRIVACY NOTICE |
Rev. 5/2018 |
FACTS | WHAT DO THE SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND, SPIRIT OF AMERICA LARGE CAP VALUE FUND, SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND, SPIRIT OF AMERICA INCOME FUND AND SPIRIT OF AMERICA INCOME & OPPORTUNITY FUND (THE “FUNDS”) DO WITH YOUR PERSONAL INFORMATION? | ||
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | ||
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:
● Social Security number
● account balances
● account transactions
● transaction history
● wire transfer instructions
● checking account information
When you are no longer our customer, we continue to share your information as described in this notice. | ||
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Spirit of America Investment Fund, Inc. chooses to share; and whether you can limit this sharing. | ||
Reasons we can share your personal information | Do the Funds share? | Can you limit this sharing? | |
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No | |
For our marketing purposes – to offer our products and services to you | No | We don’t share | |
For joint marketing with other financial companies | No | We don’t share | |
For our affiliates’ everyday business purposes – information about your transactions and experiences | Yes | No | |
For our affiliates’ everyday business purposes – information about your creditworthiness | No | We don’t share | |
For our affiliates to market to you | No | We don’t share | |
For non-affiliates to market to you | No | We don’t share | |
Questions? | Call (516) 390-5565 | ||
79 |
What we do | |
Who is providing this notice? | Funds advised by Spirit of America Management Corp. A complete list is included below. |
How do the Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
How do the Funds collect my personal information? | We collect your personal information, typically through David Lerner Associates, Inc., (“DLA”) for example, when you
● open an account
● provide account information
● give DLA your contact information
● make a wire transfer
● tell DLA where to send the money
DLA may collect your information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only
● sharing for affiliates’ everyday business purposes – information about your creditworthiness
● affiliates from using your information to market to you
● sharing for non-affiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and non-financial companies.
● Our affiliates include: Spirit of America Management Corp; David Lerner Associates, Inc.; The Great Art Fund, LLC; and SRLA, Inc. |
Non-affiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.
● The Funds do not share with non-affiliates so they can market to you. |
Joint Marketing | ● The Funds do not jointly market. |
List of funds providing this notice | |
Spirit of America Real Estate Income and Growth Fund Spirit of America Large Cap Value Fund Spirit of America Municipal Tax Free Bond Fund Spirit of America Income Fund Spirit of America Income & Opportunity Fund |
80 | SPIRIT OF AMERICA |
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Proxy Voting Information
The Funds’ Statement of Additional Information (“SAI”) containing a description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, along with the Funds’ proxy voting record relating to portfolio securities held during the 12-month period ended June 30 are available (i) without charge, upon request, by calling (516) 390-5565; and (ii) on the SEC’s website at http://www.sec.gov.
Portfolio Disclosure
The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. | Investment Adviser
Distributor
Shareholder Services
Custodian
Independent Registered
Counsel |
For additional information about the Funds, call (800) 452-4892 or (610) 382-7819.
This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective Prospectus which includes details regarding each Fund’s objectives, risks, policies, expenses, and other information.
©Copyright 2021 Spirit of America | SOAFunds-SAR-21 |
(b)Not | applicable. |
Item 2. Code of Ethics. NOT APPLICABLE – disclosed with annual report
Item 3. Audit Committee Financial Expert. NOT APPLICABLE- disclosed with annual report
Item 4. Principle Accountant Fees and Services. NOT APPLICABLE – disclosed with annual report
Item 5. Audit Committee of Listed Companies. NOT APPLICABLE – applies to listed companies only
Item 6. Schedule of Investments. Schedule filed with Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. NOT APPLICABLE – applies to closed-end funds only
Item 8. Portfolio Managers of Closed-End Investment Companies. NOT APPLICABLE – applies to closed-end funds only
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. NOT APPLICABLE – applies to closed-end funds only
Item 10. Submission of Matters to a Vote of Security Holders.
NOT APPLICABLE
Item 11. Controls and Procedures.
(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-2 under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Investment Companies.
Not Applicable.
Item 13. Exhibits.
(a)(1) Not Applicable – filed with annual report
(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Spirit of America Investment Fund, Inc.
By (Signature and Title) /s/ David Lerner
David Lerner, Principal Executive Officer
Date 8/30/2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) /s/ David Lerner
David Lerner, Principal Executive Officer
Date8/30/2021
By (Signature and Title /s/ Alan P. Chodosh
Alan P. Chodosh, Principal Financial Officer
Date8/30/2021