Spirit Of America Investment Fund NPORT-P Spirit of America Large Cap Value Fund (Sep 2019 report)

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED)

	Shares		Market Value
Common Stocks 96.53%
Diversified REITs 3.39%
American Assets Trust, Inc.		8,400	$	392,616
Lexington Realty Trust		2,700		27,675
Liberty Property Trust		10,250		526,132
STORE Capital Corporation		3,780		141,410
VEREIT, Inc.		5,000		48,900
WP Carey, Inc.		22,600		2,022,700
				3,159,433
Energy3.78%
Cheniere Energy Partners LP		7,100		322,908
Enterprise Products Partners LP		48,677		1,391,188
Exxon Mobil Corporation		750		52,957
Kinder Morgan, Inc.		3,500		72,135
Magellan Midstream Partners LP		8,200		543,414
Marathon Petroleum Corporation		2,109		128,122
MPLX LP		12,386		346,932
Parsley Energy, Inc., Class A		500		8,400
Phillips 66		1,750		179,200
USA Compression Partners, LP		3,000		51,810
Valero Energy Corporation		2,100		179,004
Western Midstream Partners LP		9,975		248,278
				3,524,348
Health Care REITs 4.56%
Global Medical REIT, Inc.		15,000		171,000
HCP, Inc.		14,018		499,461
Healthcare Trust of America, Inc., Class A		5,000		146,900
Omega Healthcare Investors, Inc.		1,000		41,790
Senior Housing Properties Trust		2,900		26,839
Ventas, Inc.		12,650		923,830
Welltower, Inc.		26,875		2,436,219
				4,246,039
Hotel & Resort REITs 6.41%
Apple Hospitality REIT, Inc.		58,210		965,122

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

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Shares		Market Value
Hotel & Resort REITs (cont.)
Braemar Hotels & Resorts, Inc.		17,400	$	163,386
DiamondRock Hospitality Company		172,947		1,772,707
Hersha Hospitality Trust		15,500		230,640
Pebblebrook Hotel Trust		48,381		1,345,959
RLJ Lodging Trust		68,634		1,166,092
Sotherly Hotels, Inc.		49,000		327,810
				5,971,716
Industrial REITs 10.82%
Prologis, Inc.		92,338		7,869,045
STAG Industrial, Inc.		25,500		751,740
Terreno Realty Corporation		28,625		1,462,451
				10,083,236
Mortgage REITs 2.56%
Blackstone Mortgage Trust, Inc., Class A		28,200		1,010,970
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		15,767		459,608
Starwood Property Trust, Inc.		37,550		909,461
				2,380,039
Office REITs 8.84%
Alexandria Real Estate Equities, Inc.		5,600		862,624
Boston Properties, Inc.		13,015		1,687,525
City Office REIT, Inc.		102,558		1,475,810
Hudson Pacific Properties, Inc.		43,600		1,458,856
Kilroy Realty Corporation		16,615		1,294,142
SL Green Realty Corporation		14,300		1,169,025
Vornado Realty Trust		4,600		292,882
				8,240,864
Real Estate Operating Companies 0.15%
Brookfield Property Partners, LP		7,000		142,100
Residential REITs 24.70%
American Campus Communities, Inc.		3,550		170,684
Apartment Investment & Management Company, Class A		40,150		2,093,421
AvalonBay Communities, Inc.		12,740		2,743,304

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

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Shares		Market Value
Residential REITs (cont.)
Camden Property Trust		15,250	$	1,692,903
Equity LifeStyle Properties, Inc.		20,300		2,712,080
Equity Residential		33,665		2,903,943
Essex Property Trust, Inc.		9,336		3,049,604
Mid-America Apartment Communities, Inc.		12,522		1,627,985
Sun Communities, Inc.		25,500		3,785,475
UDR, Inc.		46,081		2,234,007
				23,013,406
Retail REITs 6.60%
Brixmor Property Group, Inc.		31,425		637,613
Federal Realty Investment Trust		9,925		1,351,190
Kimco Realty Corporation		38,819		810,541
Realty Income Corporation		14,330		1,098,824
Regency Centers Corporation		12,400		861,676
Simon Property Group, Inc.		8,193		1,275,240
Spirit MTA REIT		1,140		9,622
Spirit Realty Capital, Inc.		2,280		109,121
				6,153,827
Specialized REITs 24.72%
American Tower Corporation		2,300		508,599
CoreSite Realty Corporation		30,925		3,768,211
Crown Castle International Corporation		2,100		291,921
CubeSmart		17,750		619,475
CyrusOne, Inc.		42,700		3,377,570
Digital Realty Trust, Inc.		40,031		5,196,424
Equinix, Inc.		5,325		3,071,460
Extra Space Storage, Inc.		12,995		1,518,076
Gaming and Leisure Properties, Inc.		1,000		38,240
Life Storage, Inc.		12,450		1,312,354
QTS Realty Trust, Inc., Class A		64,650		3,323,657
Weyerhaeuser Company		500		13,850
				23,039,837
Total Common Stocks (Cost $54,104,368)				89,954,845

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

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Shares		Market Value
Preferred Stocks 2.95%
Financial Exchanges & Data 0.16%
Arch Capital Group Ltd., Series E, 5.25%		2,000	$	50,720
Arch Capital Group Ltd., Series F, 5.45%		2,000		51,580
Carlyle Group LP (The), Series A, 5.88%		2,000		50,640
				152,940
Hotel & Resort REITs 0.69%
Ashford Hospitality Trust, Inc., Series F, 7.38%		6,000		132,000
Hersha Hospitality Trust, Series D, 6.50%		5,000		123,750
Hersha Hospitality Trust, Series E, 6.50%		5,000		127,000
Pebblebrook Hotel Trust, Series F, 6.30%		2,500		63,400
Sotherly Hotels, Inc., Series B, 8.00%		6,000		152,700
Sotherly Hotels, Inc., Series C, 7.88%		2,000		52,000
				650,850
Office REITs 0.07%
Vornado Realty Trust, Series M, 5.25%		2,500		64,625
Residential REITs 0.14%
American Homes 4 Rent, Series G, 5.88%		2,000		52,780
Bluerock Residential Growth REIT, Inc., Series A, 7.13%		3,000		75,376
				128,156
Retail REITs 1.30%
Federal Realty Investment Trust, Series C, 5.00%		6,500		164,190
Monmouth Real Estate Investment Corporation, Series C, 6.13%		4,000		100,200
National Retail Properties, Inc., Series E, 5.70%		26,364		660,682
National Retail Properties, Inc., Series F, 5.20%		11,000		284,130
				1,209,202
Specialized REITs 0.53%
Digital Realty Trust, Inc., Series I, 6.35%		11,018		285,036
Digital Realty Trust, Inc., Series J, 5.25%		4,000		103,640
QTS Realty Trust, Inc., 7.13%		4,000		106,040
				494,716

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

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Shares		Market Value
Water Utilities 0.06%
Entergy Louisiana LLC, 4.88%		2,000	$	52,920
Total Preferred Stocks (Cost $2,682,675)				2,753,409

	Principal Amount
Municipal Bonds 0.21%
Franklin County Convention Facilities Authority, Revenue Bonds,   6.54%, 12/1/2036	$	140,000		199,933
Total Municipal Bonds (Cost $163,938)				199,933
Total Investments —99.69% (Cost $56,950,981)				92,908,187
Other Assets in Excess of Liabilities — 0.31%				284,646
NET ASSETS - 100.00%			$	93,192,833

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

SPIRIT OF AMERICA LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED)

	Shares		Market Value
Common Stocks 97.92%
Communication Services 5.46%
AT&T, Inc.		18,100	$	684,904
CBS Corporation, Class B		3,050		123,129
Comcast Corporation, Class A		30,000		1,352,400
Verizon Communications, Inc.		22,640		1,366,550
Walt Disney Company (The)		16,150		2,104,668
				5,631,651
Consumer Discretionary 7.22%
D.R. Horton, Inc.		7,550		397,961
Home Depot, Inc. (The)		12,688		2,943,870
Lennar Corporation, Class A		5,500		307,175
McDonald's Corporation		7,930		1,702,650
MGM Resorts International		6,600		182,952
Ross Stores, Inc.		6,000		659,100
Royal Caribbean Cruises Ltd.		600		64,998
Target Corporation		7,850		839,243
TJX Companies, Inc. (The)		6,400		356,736
				7,454,685
Consumer Staples 5.48%
Altria Group, Inc.		10,750		439,675
Coca-Cola Company (The)		10,900		593,396
Colgate-Palmolive Company		2,500		183,775
Conagra Brands, Inc.		7,100		217,828
Constellation Brands, Inc., Class A		150		31,092
Costco Wholesale Corporation		3,501		1,008,673
Kroger Company (The)		3,000		77,340
Lamb Weston Holdings, Inc.		4,800		349,056
PepsiCo, Inc.		2,400		329,040
Philip Morris International, Inc.		7,350		558,086
Procter & Gamble Company (The)		4,700		584,586
Walmart, Inc.		10,834		1,285,779
				5,658,326

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

SPIRIT OF AMERICA LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Shares		Market Value
Energy3.95%
Chevron Corporation		8,260	$	979,636
ConocoPhillips		8,550		487,179
Devon Energy Corporation		3,000		72,180
EOG Resources, Inc.		8,700		645,714
Exxon Mobil Corporation		8,850		624,899
Kinder Morgan, Inc.		5,750		118,507
Marathon Petroleum Corporation		1,579		95,924
Valero Energy Corporation		12,350		1,052,714
				4,076,753
Financials13.39%
American Express Company		9,650		1,141,402
Bank of America Corporation		45,300		1,321,401
BankUnited, Inc.		15,350		516,067
Blackstone Group LP (The)		16,700		815,628
Carlyle Group LP (The)		20,950		535,482
Citigroup, Inc.		13,200		911,856
CME Group, Inc.		1,504		317,855
Fifth Third Bancorp		15,400		421,652
Goldman Sachs Group, Inc. (The)		4,215		873,474
Hartford Financial Services Group, Inc. (The)		15,000		909,150
Huntington Bancshares, Inc.		34,750		495,883
JPMorgan Chase & Company		16,042		1,887,983
KeyCorp		34,575		616,818
Lazard Ltd., Class A		10,975		384,125
M&T Bank Corporation		2,200		347,534
Prudential Financial, Inc.		4,500		404,775
SVB Financial Group(a)		5,003		1,045,377
Travelers Companies, Inc. (The)		1,400		208,166
U.S. Bancorp		12,000		664,080
				13,818,708
Health Care 11.41%
AbbVie, Inc.		5,800		439,176
Allergan plc		3,300		555,357
Amgen, Inc.		3,250		628,908

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

SPIRIT OF AMERICA LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Shares		Market Value
Health Care (cont.)
Bristol-Myers Squibb Company		14,000	$	709,940
Centene Corporation(a)		7,600		328,776
CVS Health Corporation		2,961		186,750
Edwards LifeSciences Corporation(a)		1,000		219,910
Gilead Sciences, Inc.		5,300		335,914
Humana, Inc.		2,800		715,876
Johnson & Johnson		7,122		921,444
McKesson Corporation		2,250		307,485
Medtronic plc		7,469		811,283
Merck & Company, Inc.		13,400		1,128,012
Pfizer, Inc.		16,900		607,217
Quest Diagnostics, Inc.		4,500		481,635
Thermo Fisher Scientific, Inc.		2,700		786,429
UnitedHealth Group, Inc.		9,350		2,031,942
Vertex Pharmaceuticals, Inc.(a)		3,400		576,028
				11,772,082
Industrials10.46%
3M Company		2,090		343,596
American Airlines Group, Inc.		1,000		26,970
Boeing Company (The)		4,605		1,752,064
Caterpillar, Inc.		10,075		1,272,573
CSX Corporation		23,325		1,615,723
Cummins, Inc.		2,350		382,275
Deere & Company		5,900		995,212
FedEx Corporation		7,535		1,096,870
Honeywell International, Inc.		4,750		803,700
Johnson Controls International plc		8,253		362,224
Masco Corporation		11,500		479,320
United Technologies Corporation		3,500		477,820
Waste Connections, Inc.		12,825		1,179,900
				10,788,247
Information Technology 30.81%
Accenture plc, Class A		6,950		1,336,832
Adobe, Inc.(a)		3,850		1,063,562
Apple, Inc.		19,383		4,341,211

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

SPIRIT OF AMERICA LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Shares		Market Value
Information Technology (cont.)
Applied Materials, Inc.		18,970	$	946,603
Box, Inc., Class A(a)		7,200		119,232
Cisco Systems, Inc.		39,150		1,934,401
Cognizant Technology Solutions Corporation, Class A		6,150		370,630
Corning, Inc.		19,000		541,880
Dell Technologies, Inc., Class C(a)		3,624		187,941
DXC Technology Company		3,528		104,076
Fiserv, Inc.(a)		1,750		181,283
Hewlett Packard Enterprise Company		14,300		216,931
HP, Inc.		26,000		491,920
Intel Corporation		11,340		584,350
International Business Machines Corporation		3,208		466,507
Mastercard, Inc., Class A		7,400		2,009,618
Microchip Technology, Inc.		2,050		190,466
Microsoft Corporation		32,809		4,561,435
NetApp, Inc.		5,600		294,056
NVIDIA Corporation		7,148		1,244,252
Oracle Corporation		32,475		1,787,099
Paychex, Inc.		8,850		732,514
Perspecta, Inc.		764		19,956
QUALCOMM, Inc.		7,570		577,440
Symantec Corporation		26,200		619,106
Texas Instruments, Inc.		15,125		1,954,755
Visa, Inc., Class A		17,800		3,061,778
Workday, Inc., Class A(a)		10,930		1,857,663
				31,797,497
Materials1.54%
AdvanSix, Inc.(a)		4,448		114,403
CF Industries Holdings, Inc.		7,700		378,840
Corteva, Inc.		7,233		202,524
Dow, Inc.		7,583		361,330
DuPont de Nemours, Inc.		6,894		491,611
International Paper Company		500		20,910
WestRock Company		500		18,225
				1,587,843

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

SPIRIT OF AMERICA LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Shares		Market Value
Real Estate Investment Trusts (REITs) 5.81%
Alexandria Real Estate Equities, Inc.		2,050	$	315,782
American Tower Corporation		850		187,961
Apple Hospitality REIT, Inc.		5,550		92,019
Brixmor Property Group, Inc.		11,000		223,190
CoreSite Realty Corporation		550		67,017
Crown Castle International Corporation		1,700		236,317
CyrusOne, Inc.		11,100		878,010
DiamondRock Hospitality Company		7,500		76,875
Digital Realty Trust, Inc.		2,300		298,563
Equinix, Inc.		1,550		894,040
Essex Property Trust, Inc.		300		97,995
Pebblebrook Hotel Trust		1,500		41,730
Prologis, Inc.		6,400		545,408
QTS Realty Trust, Inc., Class A		13,600		699,176
Realty Income Corporation		3,400		260,712
Simon Property Group, Inc.		250		38,913
Sun Communities, Inc.		4,100		608,645
Terreno Realty Corporation		3,100		158,379
Welltower, Inc.		3,050		276,482
				5,997,214
Utilities2.39%
AES Corporation		8,000		130,720
American Electric Power Company, Inc.		1,750		163,958
Edison International		1,100		82,962
NextEra Energy, Inc.		5,600		1,304,744
WEC Energy Group, Inc.		8,200		779,820
				2,462,204
Total Common Stocks (Cost $58,633,783)				101,045,210
Preferred Stocks2.11%
Communication Services 0.28%
Qwest Corporation, 7.00%		2,500		67,175
Telephone & Data Systems, Inc., 7.00%		4,000		100,520

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

SPIRIT OF AMERICA LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Shares		Market Value
Communication Services (cont.)
United States Cellular Corporation, 7.25%		2,000	$	52,180
United States Cellular Corporation, 7.25%		2,500		66,475
				286,350
Financials1.46%
AGNC Investment Corporation, Series B, 7.75%		6,000		152,940
American Financial Group, Inc., 6.00%		5,300		137,906
Annaly Capital Management, Inc., Series F, 6.95%		2,000		51,500
Ares Management Corporation, Series A, 7.00%		2,500		67,550
Bank of America Corporation, Series EE, 6.00%		2,500		64,675
Bank of America Corporation, Series GG, 6.00%		4,000		108,320
Bank of America Corporation, Series HH, 5.88%		2,000		55,080
Bank of America Corporation, Series LL, 5.00%		2,000		51,320
Capital One Financial Corporation, Series D, 6.70%		2,000		50,640
Carlyle Group LP (The), Series A, 5.88%		3,000		75,960
Charles Schwab Corporation (the), Series C, 6.00%		2,000		52,760
Globe Life, Inc., 6.13%		5,000		134,250
Hancock Holding Company, 5.95%		2,500		64,100
JPMorgan Chase & Company, Series EE, 6.00%		2,000		56,280
KKR & Company LP, Series B, 6.50%		2,000		54,000
Ladenburg Thalmann Financial Services, Inc., Series A, 8.00%		7,000		173,250
Prospect Capital Corporation, 6.25%		4,000		101,200
Prudential Financial, Inc., 5.63%		2,000		55,600
				1,507,331
Industrials0.05%
KeyCorp, Series G, 5.63%		2,000		53,940
Information Technology 0.11%
eBay, Inc., 6.00%		4,000		109,720
Real Estate 0.21%
Digital Realty Trust, Inc., Series I, 6.35%		2,500		64,675
Public Storage, Series I, 4.88%		1,917		50,340

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

SPIRIT OF AMERICA LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Shares		Market Value
Real Estate (cont.)
QTS Realty Trust, Inc., 7.13%		4,000	$	106,040
				221,055
Total Preferred Stocks (Cost $2,071,672)				2,178,396
Money Market Funds 0.22%
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Class, 1.80%(b)		231,774		231,774
Total Money Market Funds (Cost $231,774)				231,774
Total Investments — 100.25% (Cost $60,937,229)				103,455,380
Liabilities in Excess of Other Assets — (0.25)%				(257,360	)
NET ASSETS - 100.00%			$	103,198,020

(a) Non-income producing security.

(b) Rate disclosed is the seven day effective yield as of September 30, 2019.

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED)

	Principal Amount		Market Value
Municipal Bonds 98.78%
Alaska0.82%
Alaska Housing Finance Corporation, State Single-Family Housing, Revenue Bonds, (OID),Callable 6/1/2021 @ 100,  4.13%, 12/1/2037	$	70,000	$	71,967
Northern Tobacco Securitization Corporation, Refunding Revenue Bonds, (OID),   5.00%, 6/1/2032		500,000		500,800
				572,767
Arizona1.03%
City of Phoenix, AZ, General Obligation Unlimited,Callable 7/1/2026 @ 100,  5.00%, 7/1/2027		500,000		616,915
State of Arizona Lottery Revenue, Public Improvements Revenue Bonds, (AGM),Callable 1/1/2020 @ 100,  5.00%, 7/1/2028		100,000		100,903
				717,818
California3.53%
California Educational Facilities Authority, Revenue Bonds,Callable 10/1/2021 @ 100,  6.13%, 10/1/2030		130,000		142,978
California State Public Works Board, Revenue Bonds,Callable 11/1/2026 @ 100,  5.00%, 11/1/2029		600,000		740,124
City of Los Angeles, CA Wastewater System Revenue, Refunding Revenue Bonds, (OID),Callable 6/1/2022 @ 100,  3.38%, 6/1/2029		100,000		104,912
Los Angeles Community College District, General Obligation Unlimited,Callable 8/1/2026 @ 100,  4.00%, 8/1/2038		500,000		560,430
Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds,Callable 5/15/2026 @ 100,  4.00%, 5/15/2037		145,000		161,600
State of California, General Obligation Unlimited,Callable 8/1/2025 @ 100,  5.00%, 8/1/2029		250,000		300,487
State of California, General Obligation Unlimited,Callable 9/1/2026 @ 100,  4.00%, 9/1/2036		175,000		197,610
State of California, Port, Airport & Marina Improvements, General Obligation Unlimited, (OID),Callable 11/1/2020 @ 100,  5.25%, 11/1/2030		250,000		260,620
				2,468,761

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Colorado0.14%
Colorado Health Facilities Authority, Refunding Revenue Bonds,Callable 1/1/2020 @ 100,  5.25%, 1/1/2030	$	100,000	$	100,964
Connecticut10.59%
City of New Haven, CT, General Obligation Unlimited,Callable 8/15/2026 @ 100,  5.00%, 8/15/2036		230,000		268,946
Connecticut Housing Finance Authority, Multi-Family Housing, Revenue Bonds,Callable 11/15/2025 @ 100,  3.25%, 11/15/2036		250,000		258,135
Connecticut Housing Finance Authority, Multi-Family Housing, Revenue Bonds, (GO OF AUTH),Callable 5/15/2021 @ 100,  4.63%, 11/15/2041		215,000		222,267
Connecticut Housing Finance Authority, Refunding Revenue Bonds,Callable 5/15/2021 @ 100,  3.25%, 11/15/2027		150,000		153,029
Connecticut Housing Finance Authority, Refunding Revenue Bonds,Callable 5/15/2022 @ 100,  3.05%, 5/15/2031		200,000		203,924
Connecticut Housing Finance Authority, Refunding Revenue Bonds, (GO OF AUTH),Callable 5/15/2020 @ 100,  4.88%, 11/15/2046		100,000		101,614
Connecticut Housing Finance Authority, Refunding Revenue Bonds, (GO OF AUTH),Callable 5/15/2021 @ 100,  3.35%, 5/15/2028		250,000		255,183
Connecticut Housing Finance Authority, Refunding Revenue Bonds, (OID),Callable 11/15/2021 @ 100,  3.30%, 11/15/2037		250,000		253,895
Connecticut Housing Finance Authority, Revenue Bonds,Callable 5/15/2027 @ 100,  3.40%, 11/15/2037		25,000		26,163
Connecticut Housing Finance Authority, State Single-Family Housing, Revenue Bonds,Callable 5/15/2021 @ 100,  3.88%, 11/15/2038		30,000		30,101
Connecticut Housing Finance Authority, State Single-Family Housing, Revenue Bonds,Callable 5/15/2021 @ 100,  3.50%, 5/15/2031		250,000		254,122
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		464,622
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds,Callable 7/1/2022 @ 100,  4.50%, 7/1/2038		500,000		521,635

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Connecticut (cont.)
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds,Callable 7/1/2022 @ 100,  5.00%, 7/1/2042	$	500,000	$	532,695
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds, (OID),Callable 7/1/2022 @ 100,  4.25%, 7/1/2031		500,000		528,660
Connecticut State Health & Educational Facility Authority, Private Primary Schools, Revenue Bonds,Callable 7/1/2022 @ 100,  4.00%, 7/1/2033		100,000		104,577
Connecticut State Health & Educational Facility Authority, Revenue Bonds,Callable 7/1/2024 @ 100,  5.00%, 7/1/2034		100,000		113,132
Connecticut State Health & Educational Facility Authority, Revenue Bonds,Callable 7/1/2026 @ 100,  5.00%, 7/1/2034		250,000		294,865
Connecticut State Health & Educational Facility Authority, Revenue Bonds, (AGM) OID),Callable 7/1/2021 @ 100,  4.00%, 7/1/2037		250,000		256,742
Connecticut State Health & Educational Facility Authority, University & College Improvements, Revenue Bonds,Callable 7/1/2020 @ 100,  5.00%, 7/1/2028		100,000		102,498
State of Connecticut Special Tax Revenue, Highway Improvements, Revenue Bonds,Callable 10/1/2023 @ 100,  5.00%, 10/1/2030		250,000		282,188
State of Connecticut Special Tax Revenue, Highway Improvements, Revenue Bonds,Callable 11/1/2020 @ 100,  5.00%, 11/1/2022		100,000		103,749
State of Connecticut Special Tax Revenue, Public Improvements, Revenue Bonds,Callable 1/1/2023 @ 100,  5.00%, 1/1/2028		445,000		493,425
State of Connecticut, General Obligation Unlimited,Callable 4/15/2022 @ 100,  5.00%, 6/15/2024		250,000		289,212
State of Connecticut, General Obligation Unlimited,Callable 4/15/2027 @ 100,  5.00%, 4/15/2032		500,000		604,465
State of Connecticut, General Obligation Unlimited,   5.00%, 11/1/2020		100,000		103,868
State of Connecticut, Public Improvements, General Obligation Unlimited,Callable 4/15/2022 @ 100,  4.00%, 4/15/2032		250,000		262,305
University of Connecticut, University & College Improvements, Revenue Bonds,Callable 2/15/2024 @ 100,  5.00%, 2/15/2034		250,000		281,513

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Connecticut (cont.)
University of Connecticut, University & College Improvements, Revenue Bonds, (GO OF UNIVERSITY),Callable 2/15/2020 @ 100,  5.00%, 2/15/2028	$	50,000	$	50,598
				7,418,128
District of Columbia1.60%
District of Columbia Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (Fannie Mae),   4.45%, 6/15/2031		320,000		344,058
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		298,410
District of Columbia Water & Sewer Authority, Revenue Bonds,Callable 4/1/2026 @ 100,  5.00%, 10/1/2034		150,000		180,423
District of Columbia Water & Sewer Authority, Revenue Bonds,Callable 4/1/2026 @ 100,  5.00%, 10/1/2036		250,000		299,470
				1,122,361
Florida8.78%
Central Florida Expressway Authority, Revenue Bonds,Callable 7/1/2026 @ 100,  4.00%, 7/1/2035		150,000		168,451
Citizens Property Insurance Corporation, Miscellaneous Purposes, Revenue Bonds,   4.75%, 6/1/2020		150,000		153,246
City of Miami, FL, Parking Facility Improvements, Revenue Bonds, (AGM) (OID),Callable 7/1/2020 @ 100,  5.25%, 7/1/2035		105,000		108,024
City of Miami, FL, Parking Facility Improvements, Revenue Bonds, (AGM) (OID),Callable 7/1/2020 @ 100,  5.25%, 7/1/2039		125,000		128,534
City of Orlando, FL, Public Improvements, Revenue Bonds,Callable 10/1/2024 @ 100,  5.00%, 10/1/2046		1,000,000		1,161,070
Escambia County Health Facilities Authority, Hospital Improvements, Revenue Bonds (OID),Callable 8/15/2020 @ 100,  5.75%, 8/15/2029		160,000		165,354
Escambia County Health Facilities Authority, Hospital Improvements, Revenue Bonds, (OID),Callable 8/15/2020 @ 100,  5.50%, 8/15/2024		250,000		258,313
Florida Gulf Coast University Financing Corporation, University & College Improvements, Revenue Bonds,Callable 2/1/2021 @ 100,  5.00%, 2/1/2028		100,000		104,453

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Florida (cont.)
Florida Higher Educational Facilities Financial Authority, University & College Improvements, Refunding Revenue Bonds, (OID),Callable 4/1/2021 @ 100,  6.00%, 4/1/2026	$	130,000	$	137,973
Florida Municipal Loan Council, Water Utility Improvements, Revenue Bonds, (AGM) (OID),Callable 10/1/2021 @ 100,  5.50%, 10/1/2041		100,000		107,436
Florida Municipal Loan Council, Water Utility Improvements, Revenue Bonds, (AGM) (OID),Callable 10/1/2021 @ 100,  5.25%, 10/1/2033		100,000		107,458
FSU Financial Assistance, Inc., State Single-Family Housing, Refunding Revenue Bonds,Callable 10/1/2022 @ 100,  5.00%, 10/1/2030		500,000		545,245
Greater Orlando Aviation Authority, Port, Airport & Marina Improvements, Revenue Bonds,Callable 10/1/2020 @ 100,  5.00%, 10/1/2025		200,000		207,674
Hillsborough County Industrial Development Authority, School Improvements, Revenue Bonds,   5.13%, 5/15/2037		210,000		210,181
JEA Water & Sewer System Revenue, Revenue Bonds, (OID),   3.88%, 10/1/2037		250,000		250,277
Miami-Dade County Aviation Revenue, Revenue Bonds, (OID),Callable 10/1/2020 @ 100,  5.25%, 10/1/2030		115,000		119,579
Miami-Dade County Aviation Revenue, Revenue Bonds, (OID),   5.25%, 10/1/2030		35,000		36,376
Miami-Dade County Educational Facilities Authority, University & College Improvements, Revenue Bonds, (AMBAC),   5.25%, 4/1/2031		260,000		339,349
North Sumter County Utility Dependent District, Water & Utility Improvements, Revenue Bonds, (AGM) (OID),Callable 10/1/2020 @ 100,  5.38%, 10/1/2040		400,000		415,528
Orange County Health Facilities Authority, Hospital Improvements, Revenue Bonds,   5.25%, 10/1/2019		160,000		160,000
Palm Beach County School District, Refunding Bonds, Certificate of Participation,   5.00%, 8/1/2024		45,000		48,069
School Board of Miami-Dade County/The, Certificate of Participation,Callable 2/1/2026 @ 100,  4.00%, 2/1/2033		1,000,000		1,107,720
Tampa-Hillsborough County Expressway Authority, Refunding Revenue Bonds,Callable 7/1/2022 @ 100,  5.00%, 7/1/2037		100,000		109,093
				6,149,403

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Georgia 2.79%
Albany-Dougherty Inner City Authority, University & College Improvements, Revenue Bonds,Callable 7/1/2020 @ 100,  5.00%, 7/1/2035	$	250,000	$	255,905
Albany-Dougherty Payroll Development Authority, University & College Improvements, Revenue Bonds, (AGM) (OID),Callable 6/15/2020 @ 100,  5.50%, 6/15/2036		325,000		333,489
City of Atlanta GA Water & Wastewater Revenue, Revenue Bonds,Callable 11/1/2029 @ 100,  3.00%, 11/1/2037		500,000		521,320
City of Atlanta, GA Water and Wastewater Revenue, Revenue Bonds, (AGM) (OID),   5.38%, 11/1/2039		165,000		165,544
City of Atlanta, GA Water and Wastewater Revenue, Revenue Bonds, (AGM) (OID),Callable 11/1/2019 @ 100,  5.38%, 11/1/2039		85,000		85,280
Fulton County Development Authority, Refunding Revenue Bonds,   5.00%, 10/1/2022		150,000		165,980
Fulton County Development Authority, Refunding Revenue Bonds, (OID),Callable 10/1/2022 @ 100,  4.25%, 10/1/2037		100,000		105,600
Fulton County Development Authority, University & College Improvements, Revenue Bonds, (OID),Callable 4/1/2021 @ 100,  5.75%, 10/1/2031		50,000		53,327
Fulton County Development Authority, University & College Improvements, Revenue Bonds, (OID),Callable 4/1/2021 @ 100,  5.75%, 10/1/2041		250,000		266,635
				1,953,080
Hawaii 0.06%
Hawai'i Pacific Health, Hospital Improvements, Revenue Bonds, (OID),   5.75%, 7/1/2040		40,000		41,309
Illinois 0.69%
Illinois Finance Authority, Hospital Improvements, Revenue Bonds, (OID),Callable 8/15/2021 @ 100,  5.88%, 8/15/2034		100,000		107,397
Railsplitter Tobacco Settlement Authority, Public Improvements, Revenue Bonds, (OID),   6.00%, 6/1/2028		250,000		269,145
University of Illinois, University & College Improvements, Revenue Bonds,Callable 4/1/2021 @ 100,  5.50%, 4/1/2031		100,000		105,382
				481,924

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND 

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Indiana 3.04%
Town of Munster, IN, Public Improvements, Tax Allocation Bonds, (OID),Callable 7/15/2021 @ 100,  5.13%, 1/15/2031	$	2,000,000	$	2,128,560
Iowa 0.44%
State of Iowa, Revenue Bonds,Callable 6/1/2026 @ 100,  5.00%, 6/1/2027		250,000		306,410
Kansas 0.05%
Kansas Development Finance Authority, Revenue Bonds,Callable 1/1/2020 @ 100,  5.00%, 1/1/2035		35,000		35,320
Kentucky 0.48%
Kentucky Municipal Power Agency, Electric Lights & Power Improvements, Revenue Bonds, (AGM),Callable 9/1/2020 @ 100,  5.00%, 9/1/2023		325,000		335,826
Louisiana 0.90%
Louisiana Local Government Environmental Facilities & Community Development Authority, Sewer Improvements, Revenue Bonds,Callable 2/1/2023 @ 100,  5.00%, 2/1/2035		100,000		110,765
Louisiana Local Government Environmental Facilities & Community Development Authority, Sewer Improvements, Revenue Bonds,Callable 2/1/2023 @ 100,  4.00%, 2/1/2048		500,000		522,170
				632,935
Maine 1.42%
Maine Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (OID),Callable 7/1/2022 @ 100,  3.63%, 7/1/2041		500,000		513,610
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds,Callable 11/15/2022 @ 100,  3.45%, 11/15/2032		100,000		102,913
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds,Callable 11/15/2022 @ 100,  3.60%, 11/15/2036		100,000		102,795
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds,Callable 11/15/2022 @ 100,  4.50%, 11/15/2037		105,000		110,585
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds,Callable 11/15/2024 @ 100,  3.75%, 11/15/2044		100,000		104,457

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND 

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Maine (cont.)
Maine Turnpike Authority, Refunding Revenue Bonds,Callable 11/15/2022 @ 100,  5.00%, 7/1/2026	$	50,000	$	59,869
				994,229
Maryland 0.59%
Maryland Health & Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, (OID),   4.63%, 5/15/2035		60,000		61,237
Montgomery County Housing Opportunities Commission, Revenue Bonds, (Freddie Mac) (Fannie Mae) (Ginnie Mae),Callable 1/1/2022 @ 100,  3.63%, 7/1/2033		345,000		353,259
				414,496
Massachusetts 3.46%
Massachusetts Educational Financing Authority, Refunding Revenue Bonds, (OID),Callable 1/1/2020 @ 100,  5.20%, 1/1/2027		40,000		40,394
Massachusetts Educational Financing Authority, Refunding Revenue Bonds, (OID),Callable 1/1/2020 @ 100,  5.25%, 1/1/2029		15,000		15,151
Massachusetts Health & Educational Facilities Authority, Healthcare, Hospital & Nursing Home Improvements, Refunding Revenue Bonds, (OID),Callable 7/1/2020 @ 100,  5.00%, 7/1/2030		130,000		133,689
Massachusetts Housing Finance Agency, Revenue Bonds,Callable 6/1/2026 @ 100,  3.15%, 12/1/2026		120,000		129,475
Massachusetts Housing Finance Agency, Revenue Bonds,Callable 12/1/2026 @ 100,  3.75%, 12/1/2037		250,000		267,648
Massachusetts Housing Finance Agency, Revenue Bonds,Callable 12/1/2025 @ 100,  3.25%, 12/1/2036		575,000		597,080
Massachusetts Housing Finance Agency, Revenue Bonds,Callable 12/1/2026 @ 100,  3.55%, 12/1/2037		250,000		264,573
Massachusetts Housing Finance Agency, Revenue Bonds,Callable 12/1/2027 @ 100,  3.25%, 12/1/2032		200,000		211,398
Massachusetts Housing Finance Agency, Revenue Bonds,Callable 12/1/2026 @ 100,  3.25%, 12/1/2032		250,000		262,650
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds,   4.85%, 12/1/2029		100,000		100,111
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds,   5.13%, 12/1/2039		100,000		100,126

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND 

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Massachusetts (cont.)
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (FHA) (INS),Callable 6/1/2020 @ 100,  5.25%, 12/1/2035	$	175,000	$	179,581
Massachusetts School Building Authority, Revenue Bonds,Callable 8/15/2025 @ 100,  5.00%, 8/15/2026		100,000		120,824
				2,422,700
Michigan 4.29%
Michigan Public Educational Facilities Authority, School Improvements, Refunding Revenue Bonds,   6.00%, 12/1/2035		500,000		500,225
Michigan State Building Authority, Refunding Revenue Bonds, (OID),Callable 10/15/2021 @ 100,  5.38%, 10/15/2036		100,000		107,495
Michigan State Building Authority, Refunding Revenue Bonds, (OID),Callable 10/15/2021 @ 100,  5.20%, 10/15/2031		750,000		802,500
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		741,304
Michigan Tobacco Settlement Finance Authority, Miscellaneous Purposes, Revenue Bonds, OID),   6.00%, 6/1/2048		595,000		598,790
Michigan Tobacco Settlement Finance Authority, Refunding Revenue Bonds,   6.88%, 6/1/2042		250,000		253,153
				3,003,467
Mississippi 0.36%
Mississippi Hospital Equipment & Facilities Authority, Refunding Revenue Bonds,Callable 1/1/2020 @ 100,  5.25%, 1/1/2030		250,000		252,315
Missouri 1.30%
Hanley Road Corridor Transportation Development District, Refunding Revenue Bonds, (OID),Callable 10/1/2019 @ 100,  5.88%, 10/1/2036		275,000		275,776
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		103,480

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND 

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	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,  4.00%, 11/15/2045	$	500,000	$	532,975
				912,231
Nebraska 0.39%
Nebraska Public Power District, Electric Lights & Power Improvements, Revenue Bonds,Callable 1/1/2022 @ 100,  5.00%, 1/1/2025		250,000		269,672
Nevada 1.17%
City of Reno, NV, Revenue Bonds, (AMBAC) (OID),Callable 6/1/2020 @ 100,  5.50%, 6/1/2028		5,000		5,014
Nevada Housing Division, State Single-Family Housing, Revenue Bonds, (Ginnie Mae),Callable 4/1/2020 @ 100,  4.40%, 4/1/2027		10,000		10,086
Nevada System of Higher Education, Certification of Participation,Callable 7/1/2026 @ 100,  4.00%, 7/1/2027		700,000		804,097
				819,197
New Hampshire 0.14%
New Hampshire Health and Education Facilities Authority Act, Refunding Revenue Bonds, (FHA),   6.25%, 4/1/2026		100,000		100,000
New Jersey 6.45%
Borough of Seaside Heights, NJ, General Obligation Unlimited,Callable 4/1/2025 @ 100,  4.00%, 4/1/2026		125,000		138,951
Essex County Improvement Authority, Public Improvements, Revenue Bonds, (AGM) (OID),   5.75%, 11/1/2030		250,000		261,703
Hudson County Improvement Authority, Refunding Revenue Bonds, (AGM),   5.40%, 10/1/2025		150,000		184,548
New Jersey Economic Development Authority, Refunding Revenue Bonds, (State Appropriation) (OID),Callable 3/1/2021 @ 100,  5.25%, 9/1/2026		420,000		441,584
New Jersey Economic Development Authority, School Improvements, Refunding Revenue Bonds,Callable 3/1/2023 @ 100,  5.00%, 3/1/2031		300,000		325,806
New Jersey Economic Development Authority, School Improvements, Revenue Bonds,Callable 6/15/2020 @ 100,  5.00%, 12/15/2032		100,000		102,098

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND 

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
New Jersey (cont.)
New Jersey Economic Development Authority, University & College Improvements, Revenue Bonds,Callable 6/15/2023 @ 100,  5.00%, 6/15/2030	$	250,000	$	279,295
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, (OID),   5.00%, 7/1/2027		15,000		15,048
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, (OID),   6.00%, 7/1/2037		200,000		216,254
New Jersey Higher Education Student Assistance Authority, Refunding Revenue Bonds,Callable 12/1/2019 @ 100,  5.25%, 12/1/2028		115,000		115,707
New Jersey Higher Education Student Assistance Authority, Refunding Revenue Bonds,Callable 12/1/2019 @ 100,  5.25%, 12/1/2032		100,000		100,605
New Jersey Higher Education Student Assistance Authority, Refunding Revenue Bonds,Callable 12/1/2020 @ 100,  5.00%, 12/1/2036		65,000		67,658
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds,Callable 11/1/2025 @ 100,  3.50%, 11/1/2036		500,000		525,220
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds,Callable 11/1/2025 @ 100,  3.90%, 11/1/2050		175,000		183,223
New Jersey Transportation Trust Fund Authority, Revenue Bonds,   5.00%, 6/15/2021		150,000		158,451
New Jersey Transportation Trust Fund Authority, Transit Improvements, Revenue Bonds, (State Appropriation),Callable 6/15/2021 @ 100,  5.00%, 6/15/2022		150,000		158,426
New Jersey Transportation Trust Fund Authority, Transit Improvements, Revenue Bonds, (State Appropriation) (OID),Callable 6/15/2021 @ 100,  5.25%, 6/15/2031		220,000		232,441
New Jersey Turnpike Authority, Highway Improvements, Revenue Bonds,   5.00%, 1/1/2031		200,000		220,360
State of New Jersey, Public Improvements, General Obligation Unlimited,Callable 6/1/2025 @ 100,  4.00%, 6/1/2034		250,000		274,445
Tenafly School District, Refunding Bonds, General Obligation Unlimited, (OID),Callable 7/15/2022 @ 100,  3.00%, 7/15/2029		250,000		256,715
Tenafly School District, Refunding Bonds, General Obligation Unlimited, (OID),Callable 7/15/2022 @ 100,  3.00%, 7/15/2030		250,000		256,503
				4,515,041

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND 

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
New Mexico 1.24%
New Mexico Hospital Equipment Loan Council, Hospital Improvements Revenue Bonds, (OID),Callable 8/1/2022 @ 100,  4.00%, 8/1/2042	$	500,000	$	519,990
New Mexico Mortgage Finance Authority, Revenue Bonds, (Freddie Mac) (Fannie Mae) (Ginnie Mae) (GTD) (INS),Callable 3/1/2022 @ 100,  3.25%, 9/1/2027		110,000		113,490
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		155,000		159,021
Village of Los Ranchos de Albuquerque, NM, Refunding Revenue Bonds, OID),Callable 9/1/2020 @ 100,  4.50%, 9/1/2040		75,000		76,483
				868,984
New York 22.59%
Hudson Yards Infrastructure Corporation, Public Improvements, Revenue Bonds,Callable 2/15/2021 @ 100,  5.75%, 2/15/2047		95,000		100,408
Hudson Yards Infrastructure Corporation, Revenue Bonds,Callable 2/15/2021 @ 100,  5.25%, 2/15/2047		190,000		199,948
Hudson Yards Infrastructure Corporation, Revenue Bonds,   5.25%, 2/15/2047		10,000		10,546
Hudson Yards Infrastructure Corporation, Revenue Bonds, Series A,Callable 2/15/2027 @ 100,  4.00%, 2/15/2044		575,000		640,573
Metropolitan Transportation Authority, Refunding Revenue Bonds,   5.25%, 11/15/2028		50,000		58,356
Metropolitan Transportation Authority, Refunding Revenue Bonds,Callable 11/15/2027 @ 100,  5.00%, 11/15/2037		250,000		307,640
Metropolitan Transportation Authority, Revenue Bonds,Callable 11/15/2027 @ 100,  5.00%, 11/15/2035		250,000		309,903
Metropolitan Transportation Authority, Revenue Bonds,   5.00%, 11/15/2028		250,000		320,170
Metropolitan Transportation Authority, Revenue Bonds, (OID),   4.75%, 11/15/2036		110,000		117,096
Metropolitan Transportation Authority, Revenue Bonds, (OID),   4.75%, 11/15/2036		140,000		150,766
Metropolitan Transportation Authority, Transit Improvements, Refunding Revenue Bonds,   5.00%, 11/15/2028		250,000		302,380

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND 

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
New York (cont.)
Metropolitan Transportation Authority, Transit Improvements, Revenue Bonds,Callable 5/15/2023 @ 100,  5.00%, 11/15/2033	$	100,000	$	111,261
Monroe County Industrial Development Corporation, Hospital Improvements, Revenue Bonds, (INS),Callable 2/15/2021 @ 100,  5.75%, 8/15/2035		250,000		265,430
New York City Housing Development Corporation, Local Multi-Family Housing Revenue Bonds,Callable 11/1/2020 @ 100,  4.75%, 5/1/2041		250,000		257,675
New York City Housing Development Corporation, Local Multi-Family Housing, Revenue Bonds,Callable 3/16/2020 @ 100,  4.90%, 11/1/2040		250,000		253,200
New York City Housing Development Corporation, Local Multi-Family Housing, Revenue Bonds,Callable 11/1/2019 @ 100,  4.95%, 5/1/2047		500,000		501,505
New York City Housing Development Corporation, Local Multi-Family Housing, Revenue Bonds,Callable 5/1/2020 @ 100,  4.85%, 11/1/2035		250,000		254,920
New York City Housing Development Corporation, Local Multi-Family Housing, Revenue Bonds,   5.00%, 5/1/2020		150,000		153,180
New York City Housing Development Corporation, Revenue Bonds,Callable 2/1/2026 @ 100,  3.50%, 11/1/2032		150,000		160,343
New York City Housing Development Corporation, Revenue Bonds,Callable 11/1/2025 @ 100,  3.60%, 11/1/2031		250,000		269,382
New York City Housing Development Corporation, Revenue Bonds,Callable 5/1/2025 @ 100,  3.10%, 11/1/2032		250,000		260,120
New York City Industrial Development Agency, Recreational Facility Improvements, Revenue Bonds, (FGIC),   5.00%, 3/1/2031		145,000		146,211
New York City Industrial Development Agency, Recreational Facility Improvements, Revenue Bonds, (FGIC),   5.00%, 3/1/2046		1,500,000		1,547,625
New York City Industrial Development Agency, Recreational Facility Improvements, Revenue Bonds, (FGIC) (OID),   4.50%, 3/1/2039		100,000		100,170
New York City Industrial Development Agency, Recreational Facility Improvements, Revenue Bonds, (NATL-RE),   5.00%, 3/1/2036		115,000		115,319

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND 

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
New York (cont.)
New York City Industrial Development Agency, Recreational Facility Improvements, Revenue Bonds, (OID),Callable 1/1/2020 @ 100,  6.50%, 1/1/2046	$	650,000	$	652,607
New York City Transitional Finance AuthFuture Tax Secured Revenue,Callable 5/1/2027 @ 100,  4.00%, 5/1/2044		300,000		333,282
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		296,360
New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds,   5.00%, 7/15/2031		250,000		300,910
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds,   5.00%, 8/1/2023		100,000		113,858
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		113,308
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds,   5.00%, 8/1/2024		100,000		117,210
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		30,061
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds,Callable 11/1/2020 @ 100,  5.00%, 8/1/2021		100,000		106,821
New York City Water & Sewer System, Revenue Bonds,   5.00%, 6/15/2045		35,000		37,866
New York City Water & Sewer System, Revenue Bonds,Callable 6/15/2027 @ 100,  5.00%, 6/15/2032		100,000		124,407
New York City Water & Sewer System, Revenue Bonds,Callable 12/15/2021 @ 100,  5.00%, 6/15/2045		215,000		230,716
New York Liberty Development Corporation, Refunding Revenue Bonds,Callable 1/15/2020 @ 100,  5.63%, 7/15/2047		250,000		253,225
New York State Dormitory Authority, Refunding Revenue Bonds, (State Aid Withholding),Callable 10/1/2022 @ 100,  3.25%, 4/1/2031		280,000		289,005
New York State Dormitory Authority, Revenue Bonds,   5.00%, 5/15/2020		100,000		102,356

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND 

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
New York (cont.)
New York State Dormitory Authority, Revenue Bonds,   5.00%, 8/15/2021	$	100,000	$	107,253
New York State Dormitory Authority, Revenue Bonds,   5.00%, 5/15/2022		165,000		181,031
New York State Dormitory Authority, Revenue Bonds,Callable 7/1/2025 @ 100,  5.00%, 7/1/2037		385,000		451,224
New York State Dormitory Authority, Revenue Bonds,Callable 3/15/2028 @ 100,  5.00%, 3/15/2043		250,000		304,358
New York State Dormitory Authority, Revenue Bonds,   4.75%, 10/1/2040		5,000		5,153
New York State Dormitory Authority, Revenue Bonds,   4.75%, 10/1/2040		160,000		165,792
New York State Dormitory Authority, University & College Improvements, Revenue Bonds, (OID),   5.25%, 7/1/2031		40,000		42,886
New York State Housing Finance Agency, State Multi-Family Housing, Revenue Bonds,Callable 5/1/2020 @ 100,  4.85%, 11/1/2036		100,000		101,386
New York State Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (SONYMA),Callable 5/1/2020 @ 100,  5.20%, 5/1/2042		500,000		509,000
New York State Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (SONYMA),Callable 5/1/2020 @ 100,  4.75%, 5/1/2031		200,000		203,400
New York State Thruway Authority, Revenue Bonds,Callable 1/1/2026 @ 100,  4.00%, 1/1/2037		100,000		109,982
New York State Urban Development Corporation, Public Improvements, Revenue Bonds,   5.00%, 3/15/2020		100,000		101,682
New York, NY,Callable 8/1/2029 @ 100,  5.00%, 8/1/2043		500,000		622,190
New York, NY,Callable 8/1/2029 @ 100,  4.00%, 8/1/2044		250,000		284,263
Port Authority of New York & New Jersey, Revenue Bonds,Callable 11/15/2027 @ 100,  5.00%, 11/15/2037		250,000		309,547
Port Authority of New York & New Jersey, Revenue Bonds,Callable 11/15/2027 @ 100,  5.00%, 11/15/2030		250,000		316,542
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		1,025,780

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
New York (cont.)
Triborough Bridge & Tunnel Authority, Revenue Bonds,   5.00%, 11/15/2027	$	100,000	$	122,619
Triborough Bridge & Tunnel Authority, Revenue Bonds,   5.00%, 11/15/2023		100,000		115,297
Triborough Bridge & Tunnel Authority, Revenue Bonds,Callable 11/15/2025 @ 100,  5.00%, 11/15/2040		310,000		367,595
Triborough Bridge & Tunnel Authority, Revenue Bonds,Callable 11/15/2025 @ 100,  5.00%, 11/15/2035		250,000		298,830
Triborough Bridge & Tunnel Authority, Revenue Bonds,   5.00%, 11/15/2021		50,000		54,010
				15,815,939
North Carolina 0.33%
University of North Carolina at Charlotte/The, Revenue Bonds,Callable 10/1/2027 @ 100,  4.00%, 10/1/2037		100,000		112,388
University of North Carolina at Charlotte/The, University & College Improvements, Revenue Bonds,Callable 4/1/2025 @ 100,  5.00%, 4/1/2040		100,000		116,322
				228,710
North Dakota 0.15%
City of Bismarck, ND, Sanitary Sewer Revenue, Revenue Bonds,Callable 5/1/2025 @ 100,  3.00%, 5/1/2029		100,000		105,619
Ohio1.09%
Buckeye Tobacco Settlement Financing Authority, Miscellaneous Purposes, Revenue Bonds,   6.50%, 6/1/2047		80,000		82,127
Buckeye Tobacco Settlement Financing Authority, Miscellaneous Purposes, Revenue Bonds, (OID),   6.00%, 6/1/2042		420,000		422,797
Ohio Higher Educational Facility Commission, Revenue Bonds, (OID),Callable 7/1/2020 @ 100,  5.00%, 7/1/2044		165,000		168,909
Ohio Higher Educational Facility Commission, Revenue Bonds, (OID),   5.00%, 7/1/2044		85,000		87,316
				761,149

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Oklahoma 0.37%
Oklahoma Municipal Power Authority, Electric Lights & Power Improvements, Revenue Bonds,Callable 1/1/2023 @ 100,  4.00%, 1/1/2047	$	250,000	$	261,345
Oregon 0.49%
Medford Hospital Facilities Authority, Refunding Revenue Bonds, (AGM),Callable 8/15/2020 @ 100,  5.00%, 8/15/2021		100,000		103,258
Oregon Health & Science University, Refunding Revenue Bonds,Callable 7/1/2022 @ 100,  5.00%, 7/1/2032		35,000		38,126
Oregon State Facilities Authority, Refunding Revenue Bonds,   5.00%, 11/1/2039		200,000		200,580
				341,964
Pennsylvania 3.81%
Allegheny County Sanitary Authority, Sewer Improvements, Revenue Bonds,Callable 12/1/2023 @ 100,  5.25%, 12/1/2044		500,000		571,495
City of Philadelphia, PA, Refunding Bonds, General Obligation Unlimited, (AGM) (OID),   5.25%, 8/1/2026		135,000		139,479
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds,Callable 11/1/2022 @ 100,  5.00%, 5/1/2037		100,000		106,497
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds,Callable 11/1/2022 @ 100,  5.00%, 5/1/2042		100,000		105,958
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds (OID),Callable 11/1/2022 @ 100,  4.00%, 5/1/2032		100,000		102,500
Pennsylvania Housing Finance Agency, Revenue Bonds,Callable 4/1/2027 @ 100,  3.65%, 10/1/2042		100,000		105,227
Pennsylvania State University, Revenue Bonds,Callable 9/1/2026 @ 100,  5.00%, 9/1/2035		125,000		151,841
Pennsylvania State University, Revenue Bonds,Callable 9/1/2026 @ 100,  5.00%, 9/1/2036		100,000		121,219
Pennsylvania State University, Revenue Bonds,Callable 9/1/2026 @ 100,  5.00%, 9/1/2034		190,000		231,329

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Pennsylvania (cont.)
Pennsylvania Turnpike Commission, Revenue Bonds,Callable 12/1/2025 @ 100,  5.00%, 12/1/2045	$	500,000	$	570,505
Pennsylvania Turnpike Commission, Revenue Bonds,   5.25%, 7/15/2028		150,000		196,770
West View Municipal Authority Water Revenue, Water Utility Improvements, Revenue Bonds, (OID),Callable 11/15/2024 @ 100,  4.00%, 11/15/2043		250,000		268,725
				2,671,545
Puerto Rico 0.81%
Commonwealth of Puerto Rico, General Obligation Unlimited, (AGM) (OID),Callable 7/1/2021 @ 100,  5.25%, 7/1/2026		100,000		104,581
Commonwealth of Puerto Rico, Refunding Bonds, General Obligation Unlimited (AGM),Callable 1/1/2020 @ 100,  5.00%, 7/1/2031		200,000		202,898
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding Revenue Bonds,   5.00%, 7/1/2022		250,000		262,500
				569,979
Rhode Island 1.96%
Rhode Island Housing & Mortgage Finance Corporation, Refunding Revenue Bonds,Callable 4/1/2021 @ 100,  4.10%, 10/1/2037		80,000		80,609
Rhode Island Housing & Mortgage Finance Corporation, Refunding Revenue Bonds,Callable 4/1/2021 @ 100,  3.45%, 4/1/2026		500,000		511,870
Rhode Island Housing & Mortgage Finance Corporation, State Single-Family Housing, Revenue Bonds, (Freddie Mac) (Fannie Mae) (Ginnie Mae),Callable 4/1/2022 @ 100,  3.45%, 4/1/2035		235,000		241,178
Rhode Island Student Loan Authority, Refunding Revenue Bonds,Callable 12/1/2019 @ 100,  6.35%, 12/1/2030		500,000		504,285
Rhode Island Turnpike & Bridge Authority, Highway Improvements, Revenue Bonds, (OID),Callable 12/1/2020 @ 100,  5.00%, 12/1/2039		35,000		36,378
				1,374,320
South Dakota 0.59%
South Dakota Housing Development Authority, Revenue Bonds,Callable 11/1/2025 @ 100,  3.13%, 11/1/2036		150,000		154,336
South Dakota Housing Development Authority, Revenue Bonds,Callable 11/1/2025 @ 100,  2.45%, 5/1/2027		250,000		255,933
				410,269

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Tennessee 0.61%
City of Memphis, TN, General Obligation Unlimited,Callable 4/1/2024 @ 100,  5.00%, 4/1/2044	$	100,000	$	112,759
Metropolitan Government of Nashville & Davidson County Convention Center Authority, Public Improvements, Revenue Bonds,Callable 7/1/2020 @ 100,  5.00%, 7/1/2026		200,000		205,268
Tennessee Housing Development Agency, Revenue Bonds,Callable 1/1/2027 @ 100,  3.40%, 7/1/2037		100,000		106,117
				424,144
Texas 5.81%
City of Houston, TX, Refunding Revenue Bonds,Callable 9/1/2021 @ 100,  5.25%, 9/1/2029		500,000		534,655
City of Houston, TX, Refunding Revenue Bonds,Callable 3/1/2029 @ 100,  4.00%, 3/1/2049		500,000		563,555
City Public Service Board of San Antonio, TX, Revenue Bonds,Callable 8/1/2026 @ 100,  5.00%, 2/1/2032		250,000		303,160
Clifton Higher Education Finance Corporation, School Improvements, Refunding Revenue Bonds,   4.00%, 8/15/2044		500,000		535,715
Comal Independent School District, School Improvements, General Obligation Unlimited,Callable 2/1/2026 @ 100,  4.00%, 2/1/2034		250,000		277,977
Fort Bend Grand Parkway Toll Road Authority, Refunding Revenue Bonds,Callable 3/1/2022 @ 100,  4.00%, 3/1/2046		250,000		261,300
Harris County Cultural Education Facilities Finance Corporation, Refunding Revenue Bonds,   5.00%, 10/1/2019		120,000		120,000
Harris County Cultural Education Facilities Finance Corporation, Refunding Revenue Bonds, (OID),Callable 10/1/2019 @ 100,  4.75%, 10/1/2025		175,000		175,000
Harris County Cultural Education Facilities Finance Corporation, Revenue Bonds,Callable 5/15/2026 @ 100,  4.00%, 11/15/2030		130,000		146,086
San Antonio Public Facilities Corporation, Public Improvements, Refunding Revenue Bonds, (OID),Callable 9/15/2022 @ 100,  4.00%, 9/15/2042		250,000		262,363
San Antonio Water System, Refunding Revenue Bonds,Callable 11/15/2029 @ 100,  5.00%, 5/15/2034		190,000		243,090

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Texas (cont.)
Tarrant County Health Facilities Development Corporation, Hospital Improvements, Revenue Bonds,Callable 12/1/2019 @ 100,  5.00%, 12/1/2023	$	100,000	$	100,585
Texas A&M University, Refunding Revenue Bonds,   5.00%, 5/15/2039		100,000		102,324
Texas Public Finance Authority, Revenue Bonds,Callable 12/1/2026 @ 100,  4.00%, 12/1/2031		200,000		226,244
White Oak, TX, Independent School District, General Obligation Unlimited,Callable 2/15/2027 @ 100,  4.00%, 2/15/2029		190,000		218,129
				4,070,183
Utah 0.45%
University of Utah/The, University & College Improvements, Revenue Bonds,   5.00%, 8/1/2043		250,000		285,155
Utah Housing Corporation, State Single-Family Housing, Revenue Bonds,Callable 1/1/2021 @ 100,  5.25%, 1/1/2025		15,000		15,063
Utah Housing Corporation, State Single-Family Housing, Revenue Bonds,Callable 1/1/2021 @ 100,  5.75%, 1/1/2033		15,000		15,128
				315,346
Vermont 0.36%
Vermont Housing Finance Agency, State Multi-Family Housing, Revenue Bonds,Callable 8/15/2022 @ 100,  3.75%, 8/15/2037		245,000		251,647
Virgin Islands 0.14%
Virgin Islands Public Finance Authority, Refunding Revenue Bonds,Callable 10/1/2019 @ 100,  5.00%, 10/1/2025		100,000		100,188
Virginia 0.71%
Virginia Housing Development Authority, State Single-Family Housing, Revenue Bonds,Callable 4/1/2020 @ 100,  4.50%, 10/1/2045		215,000		218,051
Virginia Resources Authority, Revenue Bonds,Callable 11/1/2025 @ 100,  4.00%, 11/1/2033		250,000		281,515
				499,566
Washington 1.92%
Spokane Public Facilities District, Public Improvements, Revenue Bonds,Callable 6/1/2023 @ 100,  5.00%, 5/1/2043		1,000,000		1,095,840

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Washington (cont.)
Washington Health Care Facilities Authority, Revenue Bonds,   5.00%, 11/1/2028	$	250,000	$	250,735
				1,346,575
Wisconsin 0.12%
Wisconsin Housing & Economic Development Authority, State Multi-Family Housing, Revenue Bonds, (OID),Callable 5/1/2020 @ 100,  5.63%, 11/1/2035		80,000		81,448
Wyoming 0.72%
Wyoming Community Development Authority, State Single-Family Housing, Revenue Bonds,Callable 5/1/2020 @ 100,  3.70%, 6/1/2039		485,000		504,657
Total Municipal Bonds (Cost $65,934,758)				69,172,491

	Shares
Money Market Funds 0.27%
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Class, 1.80%(a)		189,101		189,101
Total Money Market Funds (Cost $189,101)				189,101
Total Investments — 99.05% (Cost $66,123,859)				69,361,592
Other Assets in Excess of Liabilities — 0.95%				665,682
NET ASSETS - 100.00%			$	70,027,274

(a) Rate disclosed is the seven day effective yield as of September 30, 2019.

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

AGM — Assured Guaranty Municipal Corp.

AMBAC — American Municipal Bond Assurance Corp.

FHA — Insured by Federal Housing Administration

GO — General Obligation

GTD — Guaranteed

INS — Insured

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

OID — Original Issue Discount

SONYMA — State of New York Mortgage Agency

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

SPIRIT OF AMERICA INCOME FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED)

	Shares		Market Value
Common Stocks9.23%
Communication Services0.96%
AT&T, Inc.		18,000	$	681,120
Verizon Communications, Inc.		10,000		603,600
				1,284,720
Energy5.71%
Buckeye Partners LP		8,903		365,824
CNX Midstream Partners LP		8,500		119,850
Enbridge, Inc.		29,763		1,044,086
Energy Transfer Equity LP		64,571		844,589
EnLink Midstream, LLC		38,945		331,032
Enterprise Products Partners LP		42,400		1,211,792
Global Partners LP		7,215		141,486
Magellan Midstream Partners LP		11,700		775,359
MPLX LP		39,269		1,099,925
Plains All American Pipeline LP		3,200		66,400
Targa Resources Corporation		12,739		511,726
TC PipeLines LP		7,195		292,621
USA Compression Partners LP		8,796		151,907
Western Midstream Partners LP		24,782		616,824
				7,573,421
Financials0.26%
Blackstone Group LP (The)		7,100		346,764
Real Estate Investment Trusts (REITs)2.30%
Apple Hospitality REIT, Inc.		32,539		539,496
Blackstone Mortgage Trust, Inc., Class A		11,565		414,605
City Office REIT, Inc.		20,000		287,800
DiamondRock Hospitality Company		25,953		266,018
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		37,792		1,101,637
Pebblebrook Hotel Trust		8,806		244,983
Spirit MTA REIT		2,000		16,880

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

SPIRIT OF AMERICA INCOME FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Shares		Market Value
Real Estate Investment Trusts (REITs) (cont.)
Spirit Realty Capital, Inc.		4,000	$	191,440
				3,062,859
Total Common Stocks (Cost $9,209,445)				12,267,764
Preferred Stocks12.28%
Financials3.94%
American Financial Group, Inc., 6.00%		8,700		226,374
Arch Capital Group Ltd., 5.25%		20,000		507,200
Bank of America Corporation, 5.88%		8,000		220,320
Bank of America Corporation, Series LL, 5.00%		15,000		384,900
Bank of New York Mellon Corporation (The), 5.20%		8,700		223,068
First Republic Bank, 5.70%		9,000		237,780
Globe Life, Inc., 6.13%		10,000		268,500
Hancock Holding Company, 5.95%		3,700		94,868
JPMorgan Chase & Company, 5.45%		4,480		113,926
JPMorgan Chase & Company, Series EE, 6.00%		20,000		562,800
KeyCorp, Series G, 5.63%		15,000		404,550
KKR & Compnay LP, Series B, 6.50%		10,000		270,000
PNC Financial Services Group, Inc. (The), 5.38%		4,250		109,990
Prudential Financial, Inc., 5.63%		10,000		278,000
State Street Corporation, 5.25%		8,050		202,941
State Street Corporation, 5.35%		1,000		26,760
U.S. Bancorp, Series F, 6.50%		7,300		199,655
Wells Fargo & Company, 5.20%		15,850		395,616
Wells Fargo & Company, 5.70%		20,000		512,600
				5,239,848
Industrials0.49%
Pitney Bowes, Inc., 6.70%		5,700		120,555
Stanley Black & Decker, Inc., 5.75%		20,687		528,967
				649,522

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

SPIRIT OF AMERICA INCOME FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Real Estate5.10%
Digital Realty Trust, Inc., 6.35%		25,450	$	658,392
Federal Realty Investment Trust, 5.00%		7,500		189,450
Kimco Realty Corporation, 5.50%		39,809		1,003,983
National Retail Properties, Inc., 5.20%		25,000		645,750
PS Business Parks, Inc., 5.20%		4,000		104,560
PS Business Parks, Inc., 5.20%		10,000		254,200
PS Business Parks, Inc., 5.25%		10,000		262,700
PS Business Parks, Inc., 5.70%		6,498		167,323
Public Storage, 4.90%		20,000		515,000
Public Storage, 4.95%		20,000		513,600
Public Storage, 5.13%		10,000		260,500
Public Storage, 5.88%		7,076		179,164
Public Storage, Series I, 4.88%		9,583		251,650
Senior Housing Properties Trust, 5.63%		26,660		641,173
SITE Centers Corp., Series J, 6.50%		9,184		231,896
Taubman Centers, Inc., 6.25%		13,046		336,978
Taubman Centers, Inc., 6.50%		9,416		245,287
Vornado Realty Trust, 5.40%		12,298		307,573
				6,769,179
Utilities2.75%
DTE Energy Company, 5.38%		10,000		262,200
DTE Energy Company, 6.00%		20,000		558,600
Duke Energy Corporation, 5.13%		9,030		233,335
Entergy Arkansas, Inc., 4.88%		20,000		534,600
Entergy Louisiana LLC, 4.88%		10,000		264,600
Entergy Mississippi, Inc., 4.90%		30,000		820,500
NextEra Energy Capital Holdings, Inc., 5.00%		6,700		170,448
NextEra Energy Capital Holdings, Inc., 5.25%		10,000		273,600
Southern Company, 5.25%		20,000		535,200
				3,653,083
Total Preferred Stocks (Cost $15,677,237)				16,311,632

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

SPIRIT OF AMERICA INCOME FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Collateralized Mortgage Obligations 0.13%
CHL Mortgage Pass-Through Trust	$	33,710	$	29,171
CHL Mortgage Pass-Through Trust		36,443		32,234
Citicorp Mortgage Securities, Inc.		106,098		108,628
Total Collateralized Mortgage Obligations (Cost $124,203)				170,033
Corporate Bonds 10.12%
Bank of New York Mellon Corporation (The),4.63%, 12/20/2049		500,000		511,740
Choice Hotels International, Inc.,5.70%, 8/28/2020		200,000		206,500
Dow Chemical Company (The),3.05%, 2/15/2022		1,000,000		995,157
Duke Realty LP,4.38%, 6/15/2022		250,000		262,721
Entergy Texas, Inc.,5.15%, 6/1/2045		100,000		106,879
Exelon Generation Company LLC,5.60%, 6/15/2042(a)(b)		400,000		428,568
Fifth Third Bancorp,8.25%, 3/1/2038		250,000		385,060
General Electric Company,5.00%, 12/29/2049		765,000		723,790
Goldman Sachs Group, Inc. (The),6.45%, 5/1/2036		500,000		650,982
Goldman Sachs Group, Inc. (The),6.75%, 10/1/2037		850,000		1,148,856
Hospitality Properties Trust,4.50%, 3/15/2025		500,000		506,679
Kinder Morgan Energy Partners LP,6.50%, 2/1/2037		250,000		310,945
MetLife, Inc.,9.25%, 4/8/2068(a)		1,500,000		2,181,143
MetLife, Inc.,10.75%, 8/1/2039		1,000,000		1,611,865
PECO Energy Capital Trust IV,5.75%, 6/15/2033		1,000,000		1,056,250
Qwest Corporation,7.13%, 11/15/2043		1,000,000		1,013,302
SL Green Realty Corporation,7.75%, 3/15/2020		1,000,000		1,023,428
Valero Energy Corporation,8.75%, 6/15/2030		224,000		313,023
Total Corporate Bonds (Cost $12,245,702)				13,436,888

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

SPIRIT OF AMERICA INCOME FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Municipal Bonds 66.10%
Alabama2.90%
Health Care Authority for Baptist Health (The), Refunding Revenue Bonds,   5.50%, 11/15/2043	$	2,000,000	$	2,600,600
University of Alabama (The), University & College Improvements, Build America Revenue Bonds,Callable 6/1/2020 @ 100,  6.13%, 6/1/2042		500,000		511,925
University of Alabama (The), University & College Improvements, Build America Revenue Bonds,Callable 6/1/2020 @ 100,  6.13%, 6/1/2039		715,000		732,653
				3,845,178
Arizona2.12%
Arizona School Facilities Board, School Improvements, Certificate of Participation,   6.00%, 9/1/2027		225,000		280,555
Northern Arizona University, University & College Improvements, Build America Revenue Bonds,Callable 8/1/2020 @ 100,  5.92%, 8/1/2022		1,365,000		1,406,646
University of Arizona, University & College Improvements, Build America Revenue Bonds,Callable 8/1/2020 @ 100,  6.64%, 8/1/2044		1,085,000		1,126,512
				2,813,713
California4.24%
Alhambra Unified School District, University & College Improvements, General Obligation Unlimited,   6.70%, 2/1/2026		465,000		556,414
City & County of San Francisco, CA, General Obligation Unlimited,Callable 6/1/2023 @ 100,  6.26%, 6/15/2030		450,000		607,851
County of San Bernardino, CA, Refunding Revenue Bonds,   6.02%, 8/1/2023		145,000		159,897
Oakland Redevelopment Agency Successor Agency, Economic Improvements, Tax Allocation Bonds,   8.50%, 9/1/2020		170,000		179,693
Peralta Community College District, Refunding Revenue Bonds,   7.31%, 8/1/2031		310,000		416,001
Peralta Community College District, Refunding Revenue Bonds,   6.91%, 8/1/2025		500,000		605,980
San Bernardino City Unified School District, School Improvements, Certificate of Participation, (AGM) (OID),   8.05%, 2/1/2023		1,000,000		1,171,420

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

SPIRIT OF AMERICA INCOME FUND 

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
California (cont.)
San Bernardino City Unified School District, School Improvements, Certificate of Participation, (AGM) (OID),   8.25%, 2/1/2026	$	500,000	$	644,115
University of California, Revenue Bonds,Callable 5/15/2030 @ 100,  6.30%, 5/15/2050		510,000		652,652
University of California, University & College Improvements, Refunding Revenue Bonds,Callable 2/15/2020 @ 100,  3.66%, 5/15/2027		250,000		274,170
West Contra Costa Unified School District, School Improvements, General Obligation Unlimited,   6.25%, 8/1/2030		250,000		342,035
				5,610,228
Colorado 0.96%
City of Brighton, CO, Public Improvements, Build America Bonds, Certificate of Participation, (AGM) (OID),Callable 12/1/2020 @ 100,  6.75%, 12/1/2035		250,000		262,183
Colorado Mesa University, University & College Improvements, Build America Revenue Bonds, (State Higher Education Intercept Program),   6.75%, 5/15/2042		500,000		753,385
County of Gunnison, CO, Public Improvements, Build America Bonds, Certificate of Participation,Callable 7/15/2020 @ 100,  5.95%, 7/15/2030		250,000		257,888
				1,273,456
Connecticut 0.67%
City of Waterbury, CT, Public Improvements, General Obligation Unlimited, (AGM),Callable 9/1/2020 @ 100,  6.10%, 9/1/2030		500,000		517,915
State of Connecticut, General Obligation Unlimited,Callable 6/15/2025 @ 100,  5.85%, 3/15/2032		280,000		368,634
				886,549
Florida 4.71%
City of Lake City, FL Utility System Revenue, Water Utility Improvements, Build America Revenue Bonds, (AGM),Callable 7/1/2020 @ 100,  6.28%, 7/1/2040		200,000		205,220
City of Lake City, FL Utility System Revenue, Water Utility Improvements, Build America Revenue Bonds, (AGM),Callable 7/1/2020 @ 100,  6.03%, 7/1/2030		100,000		102,466
City of Miami Gardens, FL, Public Improvements, Build America Bonds, Certificate of Participation,   7.17%, 6/1/2026		1,250,000		1,452,588

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

SPIRIT OF AMERICA INCOME FUND 

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Florida (cont.)
City of Oakland Park, FL Water & Sewer Revenue, Sewer Improvements, Build America Revenue Bonds, (AGM),Callable 9/1/2020 @ 100,  6.14%, 9/1/2035	$	300,000	$	312,177
City of Orlando, FL, Recreational Facilities Improvements, Build America Revenue Bonds,Callable 10/1/2019 @ 100,  7.10%, 10/1/2039		165,000		165,751
City of Orlando, FL, Recreational Facilities Improvements, Build America Revenue Bonds,Callable 10/1/2019 @ 100,  6.85%, 10/1/2029		250,000		251,130
City of Tallahassee, FL, Utility System Revenue, Build America Revenue Bonds,   5.22%, 10/1/2040		300,000		403,485
County of Miami-Dade, FL Transit System, Transit Improvements, Build America Revenue Bonds,   5.53%, 7/1/2032		500,000		606,995
County of Miami-Dade, FL, Port, Airport & Marina Improvements, Build America Revenue Bonds, (AGM) (OID),   7.50%, 4/1/2040		1,000,000		1,539,350
County of Miami-Dade, FL, Public Improvements, Build America Revenue Bonds,Callable 4/1/2020 @ 100,  6.54%, 4/1/2030		250,000		255,448
County of Miami-Dade, FL, Recreational Facility Improvements, Revenue Bonds, (AGM),   7.08%, 10/1/2029		250,000		324,900
Florida Atlantic University Finance Corporation, University & College Improvements, Build America Revenue Bonds,   7.64%, 7/1/2040		165,000		171,876
Florida State Board of Governors, University & College Improvements, Build America Revenue Bonds,Callable 11/1/2020 @ 100,  7.50%, 11/1/2035		250,000		265,283
Town of Miami Lakes, FL, Public Improvements, Build America Revenue Bonds,   7.59%, 12/1/2030		150,000		210,921
				6,267,590
Georgia 4.75%
Cobb Marietta Georgia Coliseum, Revenue Bonds,Callable 1/1/2026 @ 100,  4.50%, 1/1/2047		600,000		647,466
Municipal Electric Authority of Georgia, Electric Lights & Power Improvements, Build America Revenue Bonds,   7.06%, 4/1/2057		2,487,000		3,509,928
State of Georgia, Public Improvements, General Obligation Unlimited,Callable 2/1/2024 @ 100,  3.84%, 2/1/2032		2,000,000		2,149,700
				6,307,094

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

SPIRIT OF AMERICA INCOME FUND 

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Hawaii 0.41%
State of Hawaii, General Obligation Unlimited,Callable 10/1/2025 @ 100,  4.05%, 10/1/2032	$	495,000	$	540,198
Idaho 0.33%
Idaho Water Resource Board, Water Utility Improvements, Revenue Bonds, (OID),Callable 9/1/2022 @ 100,  5.25%, 9/1/2024		400,000		431,564
Illinois 3.82%
City of Chicago Heights, IL, Refunding Bonds, General Obligation Unlimited, (AGM) (OID),Callable 1/15/2021 @ 100,  6.00%, 1/15/2028		150,000		156,689
City of Chicago, IL Waterworks Revenue, Water Utility Improvements, Build America Revenue Bonds,   6.74%, 11/1/2040		250,000		359,983
Henry Hospital District, Hospital Improvements, Build America Bonds, General Obligation Unlimited, (AGM),Callable 12/1/2019 @ 100,  6.65%, 12/1/2029		840,000		845,888
Lake County Community Unit School District No. 187 North Chicago, School Improvements, General Obligation Unlimited, (AGM) (OID),   7.13%, 1/1/2035		1,000,000		1,012,690
Northern Illinois University, University & College Improvements, Build America Revenue Bonds, (AGM),Callable 4/1/2020 @ 100,  7.75%, 4/1/2030		250,000		256,190
Northern Illinois University, University & College Improvements, Build America Revenue Bonds, (AGM),Callable 4/1/2020 @ 100,  8.15%, 4/1/2041		570,000		584,672
Village of Glenwood, IL, Public Improvements, Build America Bonds, General Obligation Unlimited, (AGM),   7.03%, 12/1/2028		1,500,000		1,857,570
				5,073,682
Indiana 1.80%
Anderson School Building Corporation, Refunding Bonds, General Obligation Limited,Callable 8/1/2020 @ 100,  3.95%, 7/5/2029		1,000,000		1,039,200
Anderson School Building Corporation, Refunding Bonds, General Obligation Limited, (OID),Callable 8/1/2020 @ 100,  3.75%, 7/5/2028		1,000,000		1,036,880

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

SPIRIT OF AMERICA INCOME FUND 

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Indiana (cont.)
Evansville Redevelopment Authority, Recreational Facility Improvements, Build America Refunding Revenue Bonds,Callable 8/1/2020 @ 100,  7.21%, 2/1/2039	$	300,000	$	312,303
				2,388,383
Kansas 0.29%
Kansas Development Finance Authority, Public Improvements, Build America Revenue Bonds,Callable 11/1/2019 @ 100,  6.26%, 11/1/2028		390,000		391,416
Kentucky 0.54%
Kentucky Municipal Power Agency, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM),Callable 9/1/2020 @ 100,  6.49%, 9/1/2037		250,000		260,225
Kentucky State Property & Building Commission, Economic Improvements, University & College Improvements, Build America Revenue Bonds,Callable 12/1/2021 @ 100,  5.37%, 11/1/2025		400,000		454,092
				714,317
Louisiana 0.26%
Tangipahoa Parish Hospital Service District No. 1, Hospital Improvements, Build America Revenue Bonds,Callable 2/1/2020 @ 100,  7.20%, 2/1/2042		340,000		344,491
Massachusetts 0.41%
City of Worcester, MA, Pension Funding, General Obligation Limited, (AGM) (OID),   6.25%, 1/1/2028		175,000		205,121
Massachusetts Health & Educational Facilities Authority, Refunding Revenue Bonds,   6.43%, 10/1/2035		250,000		338,107
University of Massachusetts Building Authority, University & College Improvements, Build America Revenue Bonds,   6.57%, 5/1/2039		15,000		15,054
				558,282
Michigan 3.42%
Avondale School District, School Improvements, Build America Bonds, General Obligation Unlimited, (AGM),Callable 5/1/2020 @ 100,  5.75%, 5/1/2032		500,000		508,570

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

SPIRIT OF AMERICA INCOME FUND 

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Michigan (cont.)
Comstock Park Public Schools, School Improvements, General Obligation Unlimited,Callable 5/1/2021 @ 100,  6.20%, 5/1/2024	$	200,000	$	213,610
County of Macomb, MI, Retirement Facilities, General Obligation Limited,Callable 2/1/2023 @ 100,  4.13%, 11/1/2030		250,000		275,943
Michigan Finance Authority, Revenue Bonds,Callable 9/1/2025 @ 100,  3.90%, 9/1/2030		250,000		265,173
Michigan Finance Authority, School Improvements, Revenue Bonds,Callable 5/1/2021 @ 100,  6.20%, 5/1/2022		245,000		256,765
Michigan Finance Authority, School Improvements, Revenue Bonds,Callable 11/1/2020 @ 100,  6.38%, 11/1/2025		500,000		517,975
Michigan Tobacco Settlement Finance Authority, Miscellaneous Purposes Revenue Bonds, (OID),   7.31%, 6/1/2034		2,315,000		2,345,998
Onsted Community Schools, School Improvements, General Obligation Unlimited,Callable 5/1/2020 @ 100,  5.90%, 5/1/2027		150,000		153,297
St Johns Public Schools, General Obligation Unlimited,Callable 5/1/2020 @ 100,  6.65%, 5/1/2040		5,000		5,128
				4,542,459
Mississippi 0.68%
Mississippi Development Bank, Highway Improvements, Build America Revenue Bonds,   6.59%, 1/1/2035		650,000		908,973
Missouri 3.64%
City of Kansas City, MO, Revenue Bonds,   7.83%, 4/1/2040		2,455,000		3,561,100
City of Sedalia, MO, Sewer Improvements, Build America Bonds, Certificate of Participation, (AGM),Callable 6/1/2020 @ 100,  6.50%, 6/1/2024		250,000		257,513
City of St. Charles, MO, Water Utility Improvements Build America Bonds, Certificate of Participation,Callable 8/1/2020 @ 100,  5.65%, 2/1/2030		275,000		282,945
Missouri Joint Municipal Electric Utility Commission, Electric Lights & Power Improvements, Build America Revenue Bonds,   7.73%, 1/1/2039		475,000		740,544
				4,842,102

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

SPIRIT OF AMERICA INCOME FUND 

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Nebraska 0.18%
Nebraska Public Power District, Electric Lights & Power Improvements, Build America Revenue Bonds,   5.32%, 1/1/2030	$	200,000	$	242,554
Nevada 1.22%
County of Washoe, NV, Public Improvements, Build America Revenue Bonds,   7.88%, 2/1/2040		250,000		435,812
County of Washoe, NV, Public Improvements, Build America Revenue Bonds,   7.97%, 2/1/2040		590,000		953,652
Pershing County School District, School Improvements, Build America Bonds, General Obligation Limited, (GTD),Callable 4/1/2020 @ 100,  6.25%, 4/1/2030		220,000		223,359
				1,612,823
New Jersey 2.44%
New Jersey Economic Development Authority, Revenue Bonds,   7.43%, 2/15/2029		250,000		319,542
New Jersey Economic Development Authority, School Improvements, Build America Revenue Bonds,Callable 6/15/2020 @ 100,  6.43%, 12/15/2035		500,000		512,665
New Jersey Educational Facilities Authority, University & College Improvements, Build America Revenue Bonds,Callable 7/1/2020 @ 100,  6.19%, 7/1/2040		500,000		512,965
Township of Brick, NJ, General Obligation Unlimited,   3.75%, 9/1/2028		1,780,000		1,880,677
				3,225,849
New York 8.04%
City of New York, NY, Public Improvements, Build America Bonds, General Obligation Unlimited,   5.70%, 3/1/2027		145,000		177,248
City of New York, NY, Public Improvements, Build America Bonds, General Obligation Unlimited,Callable 12/14/2028 @ 100,  5.21%, 10/1/2031		100,000		120,834
County of Nassau, NY, Public Improvements, Build America Bonds, General Obligation Unlimited,   5.38%, 10/1/2024		500,000		575,765
Long Island Power Authority, Revenue Bonds, (OID),   5.85%, 5/1/2041		195,000		268,496
Metropolitan Transportation Authority, Revenue Bonds,   5.87%, 11/15/2039		200,000		263,396

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

SPIRIT OF AMERICA INCOME FUND 

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
New York (cont.)
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds,   5.99%, 11/15/2030	$	125,000	$	160,308
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds,   6.20%, 11/15/2026		375,000		444,615
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds,   6.59%, 11/15/2030		395,000		513,907
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds,   6.69%, 11/15/2040		500,000		719,990
New York City Industrial Development Agency, Recreational Facilities Improvements Revenue Bonds, (NATL-RE),   5.90%, 3/1/2046		680,000		817,081
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		715,915
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Build America Revenue Bonds,Callable 11/24/2034 @ 100,  5.47%, 5/1/2036		815,000		1,093,616
New York City Water & Sewer System, Build America Refunding Revenue Bonds,Callable 6/15/2020 @ 100,  6.49%, 6/15/2042		200,000		206,150
New York Municipal Bond Bank Agency, Build America Refunding Revenue Bonds,Callable 12/15/2019 @ 100,  6.88%, 12/15/2034		500,000		504,215
New York State Dormitory Authority, Revenue Bonds,Callable 7/1/2029 @ 100,  4.29%, 7/1/2044		250,000		278,977
Port Authority of New York & New Jersey, Port, Airport & Marina Improvements, Revenue Bonds,   3.92%, 10/15/2028		2,115,000		2,291,391
Port Authority of New York & New Jersey, Revenue Bonds,Callable 6/1/2025 @ 100,  4.82%, 6/1/2045		1,000,000		1,118,390
Triborough Bridge & Tunnel Authority, Revenue Bonds,Callable 11/15/2033 @ 100,  5.55%, 11/15/2040		150,000		204,048
Western Nassau County Water Authority, Build America Revenue Bonds,   6.70%, 4/1/2040		150,000		208,244
				10,682,586
North Carolina 0.18%
County of Cabarrus, NC, School Improvements, Revenue Bonds,Callable 4/1/2021 @ 100,  5.50%, 4/1/2026		235,000		244,825

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

SPIRIT OF AMERICA INCOME FUND 

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Ohio 3.15%
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds,   7.50%, 2/15/2050	$	500,000	$	809,760
American Municipal Power, Inc., Revenue Bonds,   6.27%, 2/15/2050		500,000		689,960
Cincinnati City School District, Refunding Bonds, Certificate of Participation, (OID),Callable 2/15/2020 @ 100,  4.00%, 12/15/2032		200,000		213,646
County of Cuyahoga, OH, Hospital Improvements, Build America Revenue Bonds,   8.22%, 2/15/2040		1,000,000		1,381,100
Madison Local School District/Lake County, School Improvements, Build America Revenue Bonds,Callable 10/1/2020 @ 100,  5.70%, 4/1/2035		250,000		256,457
Mariemont City School District, Build America Bonds, General Obligation Unlimited,Callable 12/1/2020 @ 100,  5.90%, 12/1/2030		110,000		112,359
Olentangy Local School District, Refunding Bonds, General Obligation Unlimited,   3.50%, 12/1/2029		500,000		525,525
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		200,498
				4,189,305
Oklahoma 0.39%
Bryan County Independent School District No. 72 Durant, School Improvements, Build America Bonds, Certificate of Participation,Callable 12/1/2019 @ 100,  6.80%, 12/1/2033		500,000		513,890
Oregon 0.19%
State of Oregon Department of Administrative Services, Hospital Improvements, Build America Bonds, Certificate of Participation,Callable 5/1/2020 @ 100,  6.18%, 5/1/2035		250,000		256,347
Pennsylvania 2.55%
Pennsylvania Turnpike Commission, Build America Revenue Bonds,   6.38%, 12/1/2037		520,000		731,089
Philadelphia Authority for Industrial Development, Pension Funding, Revenue Bonds, (AGM) (OID),   6.35%, 4/15/2028		630,000		792,124
Philadelphia Municipal Authority, Public Improvements, Revenue Bonds,   5.09%, 3/15/2028		500,000		522,190

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

SPIRIT OF AMERICA INCOME FUND 

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Pennsylvania (cont.)
Sports & Exhibition Authority of Pittsburgh and Allegheny County, Recreational Facilities Improvements, Revenue Bonds,   7.04%, 11/1/2039	$	1,000,000	$	1,344,930
				3,390,333
South Carolina 0.20%
Moncks Corner Regional Recreation Corporation, Recreational Facility Improvements, Build America Revenue Bonds,Callable 12/1/2020 @ 100,  6.55%, 12/1/2039		250,000		262,027
South Dakota 0.32%
South Dakota State Building Authority, University & College Improvements, Build America Revenue Bonds,Callable 6/1/2021 @ 100,  6.15%, 6/1/2031		400,000		425,080
Texas 1.92%
City of Lancaster, TX, Public Improvements, Build America Bonds, General Obligation Limited,Callable 2/15/2020 @ 100,  6.53%, 2/15/2040		750,000		761,738
Ector County Hospital District, Hospital Improvements, Build America Revenue Bonds,Callable 9/15/2020 @ 100,  7.18%, 9/15/2035		250,000		253,035
Frisco Economic Development Corporation, Public Improvements, Revenue Bonds,   4.20%, 2/15/2034		1,000,000		1,054,680
Midland County Hospital District, Health, Hospital & Nursing Home Improvements, Build America Bonds, General Obligation Limited,   6.44%, 5/15/2039		260,000		377,762
Orchard Cultural Education Facilities Finance Corporation, Recreational Facility Improvements, Revenue Bonds,   6.48%, 11/15/2034		110,000		115,623
				2,562,838
Virgin Islands 1.68%
Virgin Islands Water & Power Authority- Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM),   6.65%, 7/1/2028		840,000		979,793

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

SPIRIT OF AMERICA INCOME FUND 

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Virgin Islands (cont.)
Virgin Islands Water & Power Authority- Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM),   6.85%, 7/1/2035	$	1,000,000	$	1,254,230
				2,234,023
Virginia 4.29%
Tobacco Settlement Financing Corporation, Refunding Revenue Bonds, (OID),   6.71%, 6/1/2046		5,910,000		5,695,171
Washington 1.81%
City of Seattle, WA, Municipal Light & Power Revenue, Electric Lights & Power Improvements, Build America Revenue Bonds, (OID),   5.57%, 2/1/2040		250,000		334,125
Douglas County Public Utility District No. 1, Electric Lights & Power Improvements, Revenue Bonds,   5.35%, 9/1/2030		250,000		299,915
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		743,782
Public Utility District No. 1 of Cowlitz County, WA, Electric Lights & Power Improvements, Build America Revenue Bonds,   6.88%, 9/1/2032		500,000		694,260
Snohomish County Public Utility District No. 1, Electric Lights & Power Improvements, Build America Revenue Bonds, (OID),   5.68%, 12/1/2040		250,000		334,160
				2,406,242
West Virginia 1.59%
Tobacco Settlement Finance Authority, Miscellaneous Purposes Revenue Bonds,   7.47%, 6/1/2047		2,040,000		2,112,869
Total Municipal Bonds (Cost $76,709,502)				87,796,437

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

SPIRIT OF AMERICA INCOME FUND 

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Shares		Market Value
Money Market Funds 1.10%
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Class, 1.80%(c)		1,454,615	$	1,454,615
Total Money Market Funds (Cost $1,454,615)				1,454,615
Total Investments — 98.96% (Cost $115,420,704)				131,437,369
Other Assets in Excess of Liabilities — 1.04%				1,376,138
NET ASSETS - 100.00%			$	132,813,507

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

(b) Non-income producing security.

(c) Rate disclosed is the seven day effective yield as of September 30, 2019.

AGM — Assured Guaranty Municipal Corp. 

AMBAC — American Municipal Bond Assurance Corp. 

FHA — Insured by Federal Housing Administration 

GO — General Obligation 

GTD — Guaranteed 

INS — Insured 

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

OID — Original Issue Discount 

SONYMA — State of New York Mortgage Agency

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

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED)

	Shares		Market Value
Common Stocks 29.16%
Communication Services 3.22%
Alphabet, Inc., Class C(a)		190	$	231,610
AT&T, Inc.		4,114		155,674
Netflix, Inc.(a)		661		176,897
Verizon Communications, Inc.		3,420		206,431
				770,612
Consumer Discretionary 2.50%
Amazon.com, Inc.(a)		121		210,045
Lennar Corporation, Class A		3,800		212,230
Toll Brothers, Inc.		4,285		175,899
				598,174
Energy10.92%
Cheniere Energy Partners LP		9,300		422,964
Energy Transfer Equity LP		17,350		226,938
EnLink Midstream, LLC		17,756		150,926
Enterprise Products Partners LP		10,805		308,807
Exxon Mobil Corporation		2,095		147,928
Kinder Morgan, Inc.		7,500		154,575
Magellan Midstream Partners LP		2,725		180,586
MPLX LP		13,850		387,939
Targa Resources Corporation		3,805		152,847
USA Compression Partners LP		9,666		166,932
Viper Energy Partners, LP		7,200		199,224
Western Midstream Partners LP		4,500		112,005
				2,611,671
Financials2.07%
Blackstone Group LP (The)		5,545		270,818
Blackstone Mortgage Trust, Inc., Class A		3,207		114,971
Starwood Property Trust, Inc.		4,595		111,291
				497,080

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

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Shares		Market Value
Industrials0.81%
Deere & Company		1,150	$	193,982
Information Technology 3.26%
Apple, Inc.		690		154,539
NVIDIA Corporation		2,045		355,973
PayPal Holdings, Inc.(a)		2,590		268,298
				778,810
Real Estate Investment Trusts (REITs) 4.88%
Apple Hospitality REIT, Inc.		9,550		158,339
Sun Communities, Inc.		1,894		281,164
Terreno Realty Corporation		5,412		276,499
Welltower, Inc.		2,950		267,417
WP Carey, Inc.		2,055		183,923
				1,167,342
Utilities1.50%
American Electric Power Company, Inc.		2,515		235,630
Consolidated Edison, Inc.		1,310		123,756
				359,386
Total Common Stocks (Cost $5,242,235)				6,977,057
Preferred Stocks11.25%
Financials4.08%
Bank of America Corporation, 6.00%		3,800		98,306
Capital One Financial Corporation, Series D, 6.70%		9,050		229,146
First Republic Bank, 5.70%		9,000		237,780
Hancock Holding Company, 5.95%		9,200		235,888
KKR & Company LP, 6.50%		6,481		174,987
				976,107

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

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Shares		Market Value
Industrials1.07%
Stanley Black & Decker 5.75%		10,000	$	255,700
Information Technology 1.15%
eBay, Inc., 6.00%		10,000		274,300
Real Estate 2.27%
National Retail Properties, Inc., 5.20%		6,000		154,980
Public Storage, 5.05%		5,000		129,850
Public Storage, Series B, 5.40%		10,000		257,800
				542,630
Utilities2.69%
Southern Company, 5.25%		10,000		267,600
Southern Company, 5.25%		14,000		376,460
				644,060
Total Preferred Stocks (Cost $2,575,561)				2,692,797
		Principal Amount
Corporate Bonds 1.43%
McLaren Health Care Corporation,4.53%, 5/15/2038	$	290,000		341,847
Total Corporate Bonds (Cost $290,000)				341,847
Municipal Bonds 52.38%
Arizona3.20%
City of Tucson, AZ, Certificate of Participation, (AGM),   4.83%, 7/1/2034		620,000		765,905

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

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
California5.04%
City of Newport Beach, CA, Public Improvements, Certificate of Participation,   7.17%, 7/1/2040	$	800,000	$	1,204,968
Florida4.56%
Pasco County School Board, School Improvements, Certificate of Participation,   5.00%, 12/1/2037		1,000,000		1,092,200
Kansas5.20%
Kansas Development Finance Authority, Revenue Bonds,   4.73%, 4/15/2037		1,000,000		1,243,200
Michigan4.63%
County of Macomb, MI, Retirement Facilities, General Obligation Limited,   4.42%, 11/1/2035		1,000,000		1,109,140
Nevada0.68%
County of Washoe, NV, Public & Highway Improvements, Build America Revenue Bonds,   7.97%, 2/1/2040		100,000		161,636
New York 5.96%
New York City Transitional Finance Authority Building Aid Revenue, School Improvements, Miscellaneous Purposes Revenue Bonds,   5.00%, 7/15/2030		300,000		357,246
New York State Dormitory Authority, Revenue Bonds,Callable 7/1/2026 @ 100,  3.88%, 7/1/2046		750,000		788,895
Port Authority of New York & New Jersey, Revenue Bonds,Callable 6/1/2025 @ 100,  4.82%, 6/1/2045		250,000		279,597
				1,425,738
Ohio14.89%
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds,   5.94%, 2/15/2047		100,000		144,666
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds,   7.83%, 2/15/2041		1,000,000		1,628,440

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

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Principal Amount		Market Value
Ohio (cont.)
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds,   8.08%, 2/15/2050	$	1,000,000	$	1,792,150
				3,565,256
Pennsylvania4.60%
City of Reading, PA, General Obligation Unlimited, (AGM) (OID),Callable 11/1/2024 @ 100,  5.30%, 11/1/2033		1,000,000		1,100,480
Tennessee3.62%
Metropolitan Government of Nashville & Davidson County Convention Center Authority, Public Improvements, Revenue Bonds,   7.43%, 7/1/2043		500,000		757,830
Metropolitan Government of Nashville & Davidson County, General Obligation Unlimited,   3.49%, 7/1/2029		100,000		108,164
				865,994
Total Municipal Bonds (Cost $10,835,368)				12,534,517
U.S. Government & Agency Obligations 1.64%
U.S. Treasury Notes 3.13%, 11/15/2028		350,000		392,991
Total U.S. Government & Agency Obligations (Cost $360,631)				392,991

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

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2019 (UNAUDITED) (CONT.)

	Shares		Market Value
Money Market Funds 2.38%
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Class, 1.80%(b)	$	568,842		568,842
Total Money Market Funds (Cost $568,842)				568,842
Total Investments— 98.24% (Cost $19,872,637)				23,508,051
Other Assets in Excess of Liabilities — 1.76%				420,792
NET ASSETS - 100.00%			$	23,928,843

(a) Non-income producing security.

(b) Rate disclosed is the seven day effective yield as of September 30, 2019.

AGM — Assured Guaranty Municipal Corp. 

OID — Original Issue Discount

The adjusted cost basis of investment and gross unrealized appreciation and depreciation of investments for federal income tax purposes for each of the Funds as of September 30, 2019, were as follows:

Fund	Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation		Cost Basis of Investments
Real Estate Fund	$	38,236,868	$	(2,278,486	)		35,958,382	$	56,949,805
Value Fund		44,877,986		(2,289,601	)		42,588,385		60,866,994
Municipal Fund		3,251,874		(16,416	)		3,235,458		66,126,135
Income Fund		18,245,133		(2,212,374	)		16,032,759		115,404,610
Opportunity Fund		3,951,543		(312,781	)		3,638,762		18,869,289

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

SPIRIT OF AMERICA INVESTMENT FUND, INC.

NOTES TO SCHEDULES OF INVESTMENTS

September 30, 2019

(UNAUDITED)

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

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

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

● Level 1 – Unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date.

● Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

● Level 3 - Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including each Fund’s own assumptions in determining the fair value of investments).

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

SPIRIT OF AMERICA INVESTMENT FUND, INC.

NOTES TO SCHEDULES OF INVESTMENTS

September 30, 2019

(UNAUDITED)

The summary of inputs used to determine the fair valuation of the Funds’ investments as of September 30, 2019, is as follows:

	Value Inputs
	LEVEL 1		LEVEL 2		LEVEL 3		Total
Real Estate Fund
Assets:
Common Stocks*	$	89,954,845	$	-	$	-	$	89,954,845
Preferred Stocks*		2,753,409		-		-		2,753,409
Municipal Bonds		-		199,933		-		199,933
Total	$	92,708,254	$	199,933	$	-	$	92,908,187
Value Fund
Assets:
Common Stocks*	$	101,045,210	$	-	$	-	$	101,045,210
Preferred Stocks*		2,178,396		-		-		2,178,396
Money Market Funds		231,774		-		-		231,774
Total	$	103,455,380	$	-	$	-	$	103,455,380
Municipal Fund
Assets:
Municipal Bonds	$	-	$	69,172,491	$	-	$	69,172,491
Money Market Funds		189,101		-		-		189,101
Total	$	189,101	$	69,172,491	$	-	$	69,361,592
Income Fund
Assets:
Common Stocks*	$	12,267,764	$	-	$	-	$	12,267,764
Preferred Stocks*		16,311,632		-		-		16,311,632
Collateralized Mortgage Obligations		-		170,033		-		170,033
Corporate Bonds		-		13,008,320		428,568		13,436,888
Municipal Bonds		-		87,796,437		-		87,796,437
Money Market Funds		1,454,615		-		-		1,454,615
Total	$	30,034,011	$	100,974,790	$	428,568	$	131,437,369
Opportunity Fund
Assets:
Common Stocks*	$	6,977,057	$	-	$	-	$	6,977,057
Preferred Stocks*		2,692,797		-		-		2,692,797
Corporate Bonds		-		341,847		-		341,847
Municipal Bonds		-		12,534,517		-		12,534,517
U.S. Government & Agency Obligations		-		392,991		-		392,991
Money Market Funds		568,842		-		-		568,842
Total	$	10,238,696	$	13,269,355	$	-	$	23,508,051

* Refer to Schedule of Investments for industry classifications.

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

● Last sales price

● Price given by pricing service

● Last quoted bid & asked price

● Third party bid & asked price

● Indicated opening range

SPIRIT OF AMERICA INVESTMENT FUND, INC.

NOTES TO SCHEDULES OF INVESTMENTS

September 30, 2019

(UNAUDITED)

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

The following provides quantitative information about the Income Fund’s significant Level 3 fair value measurements as of September 30, 2019:

Quantitative Information about Significant Level 3 Fair Value Measurements
Asset Category	Fair Value At September 30, 2019	Valuation Techniques	Unobservable Input(s)	Range
Corporate Bonds	428,568	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 Income Fund:

	Balance as of December 31, 2018		Amortization/ Accretion		Change in unrealized appreciation (depreciation)		Balance as of September 30, 2019
Corporate Bonds	$	351,597	$	357	$	76,614	$	428,568

C. Restricted Securities: Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Funds or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid. The Funds will not incur any registration costs upon such resale. The Funds’ restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined by the Board. At September 30, 2019, the Income Fund held illiquid restricted securities representing 2% of net assets, as listed below:

Issuer Description	Acquisition Date	Principal Amount		Amortized Cost		Market Value
Corporate Bonds
Exelon Generation Co. LLC, 5.60%, 06/15/42	7/12/2012	$	400,000	$	420,173	$	428,568
MetLife Capital, Inc., 9.25%, 04/08/38	6/4/2013	$	1,500,000	$	2,116,875	$	2,181,143

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