SPIRIT OF AMERICA ENERGY FUND
SCHEDULE OF INVESTMENTS | FEBRUARY 29, 2020 (UNAUDITED)
| | | Shares | | | Market Value | |
| Master Limited Partnership - Common Stocks 60.58% | | | | | | | | |
| | | | | | | | | |
| Oil & Gas Equipment & Services 4.26% |
| USA Compression Partners LP | | | 835,420 | | | $ | 11,428,546 | |
| | | | | | | | | |
| Oil & Gas Exploration & Production 4.09% |
| Black Stone Minerals LP | | | 402,749 | | | | 3,564,329 | |
| Viper Energy Partners LP | | | 415,457 | | | | 7,407,598 | |
| | | | | | | | 10,971,927 | |
| Oil & Gas Storage & Transportation 52.09% |
| BP Midstream Partners LP | | | 139,496 | | | | 1,858,087 | |
| Cheniere Energy Partners LP(a) | | | 351,519 | | | | 11,916,494 | |
| CNX Midstream Partners LP | | | 374,825 | | | | 4,389,201 | |
| Crestwood Equity Partners LP | | | 393,694 | | | | 8,204,583 | |
| DCP Midstream LP | | | 40,930 | | | | 638,099 | |
| Enable Midstream Partners LP | | | 444,318 | | | | 2,754,772 | |
| Energy Transfer Equity LP | | | 1,083,870 | | | | 12,009,280 | |
| Enterprise Products Partners LP | | | 609,594 | | | | 14,227,924 | |
| EQT Midstream Partners LP | | | 134,843 | | | | 2,340,874 | |
| Genesis Energy LP | | | 137,582 | | | | 1,366,189 | |
| Global Partners LP | | | 86,297 | | | | 1,669,847 | |
| Holly Energy Partners LP | | | 60,419 | | | | 1,253,090 | |
| Magellan Midstream Partners LP | | | 246,065 | | | | 13,422,846 | |
| MPLX LP | | | 707,997 | | | | 14,365,259 | |
| Noble Midstream Partners LP | | | 179,844 | | | | 2,760,605 | |
| PBF Logistics LP | | | 103,900 | | | | 1,970,983 | |
| Phillips 66 Partners LP | | | 300,814 | | | | 16,355,257 | |
| Plains All American Pipeline LP | | | 305,112 | | | | 4,170,881 | |
| Shell Midstream Partners LP | | | 547,698 | | | | 9,371,113 | |
| Sprague Resources LP | | | 157,382 | | | | 1,934,225 | |
| Sunoco LP | | | 162,374 | | | | 4,388,969 | |
| Tallgrass Energy LP | | | 180,662 | | | | 3,987,210 | |
| TC PipeLines LP | | | 58,919 | | | | 2,235,976 | |
| Teekay LNG Partners LP | | | 175,101 | | | | 2,201,019 | |
| | | | | | | | 139,792,783 | |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA ENERGY FUND
SCHEDULE OF INVESTMENTS | FEBRUARY 29, 2020 (UNAUDITED) (CONT.)
| | | Shares | | | Market Value | |
| Renewable Electricity 0.14% |
| Brookfield Renewable Partners LP | | | 7,500 | | | $ | 373,950 | |
| | | | | | | | | |
| Total Master Limited Partnership - Common Stocks (Cost $189,572,149) | | | | | | | 162,567,206 | |
| | | | | | | | | |
| Common Stocks 39.79% | | | | | | | | |
| | | | | | | | | |
| Electric Utilities 0.04% |
| NextEra Energy, Inc. | | | 400 | | | | 101,104 | |
| | | | | | | | | |
| Gas Utilities 1.68% |
| UGI Corporation | | | 124,922 | | | | 4,502,189 | |
| | | | | | | | | |
| Industrial REITs 0.02% |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | 1,250 | | | | 42,437 | |
| | | | | | | | | |
| Integrated Oil & Gas 4.25% |
| Chevron Corporation | | | 77,230 | | | | 7,208,648 | |
| Exxon Mobil Corporation | | | 54,370 | | | | 2,796,793 | |
| Occidental Petroleum Corporation | | | 42,955 | | | | 1,406,347 | |
| | | | | | | | 11,411,788 | |
| Multi-Utilities 2.24% |
| Dominion Energy, Inc. | | | 76,892 | | | | 6,011,417 | |
| | | | | | | | | |
| Oil & Gas Equipment & Services 0.37% |
| Baker Hughes Company | | | 62,000 | | | | 997,580 | |
| | | | | | | | | |
| Oil & Gas Exploration & Production 0.91% |
| Marathon Oil Corporation | | | 114,273 | | | | 946,180 | |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA ENERGY FUND
SCHEDULE OF INVESTMENTS | FEBRUARY 29, 2020 (UNAUDITED) (CONT.)
| | | Shares | | | Market Value | |
| Parsley Energy, Inc., Class A | | | 112,500 | | | $ | 1,507,500 | |
| | | | | | | | 2,453,680 | |
| Oil & Gas Refining & Marketing 6.25% |
| Marathon Petroleum Corporation | | | 111,171 | | | | 5,271,729 | |
| Phillips 66 | | | 71,282 | | | | 5,336,171 | |
| Valero Energy Corporation | | | 92,934 | | | | 6,156,877 | |
| | | | | | | | 16,764,777 | |
| Oil & Gas Storage & Transportation 24.03% |
| Cheniere Energy, Inc.(b) | | | 20,025 | | | | 1,027,082 | |
| Enbridge, Inc. | | | 329,177 | | | | 12,321,095 | |
| Hess Midstream LP, Class A | | | 233,537 | | | | 4,455,886 | |
| Kinder Morgan, Inc.(a) | | | 858,494 | | | | 16,457,330 | |
| ONEOK, Inc. | | | 205,921 | | | | 13,739,049 | |
| Plains GP Holdings, LP, Class A | | | 44,830 | | | | 617,309 | |
| Targa Resources Corporation | | | 187,960 | | | | 6,089,904 | |
| TC Energy Corporation | | | 21,550 | | | | 1,128,142 | |
| Williams Companies, Inc. (The) | | | 454,932 | | | | 8,666,455 | |
| | | | | | | | 64,502,252 | |
| Total Common Stocks (Cost $121,229,029) | | | | | | | 106,787,224 | |
| | | | | | | | | |
| | | | | | | | | |
| Money Market Funds 0.11% | | | | | | | | |
| Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Class, 1.48%(c) | | | 307,452 | | | | 307,452 | |
| | | | | | | | | |
| Total Money Market Funds (Cost $307,452) | | | | | | | 307,452 | |
| | | | | | | | | |
| Total Investments — 100.48% (Cost $311,108,630) | | | | | | | 269,661,882 | |
| Liabilities in Excess of Other Assets — (0.48)% | | | | | | | (1,274,860 | ) |
| NET ASSETS - 100.00% | | | | | | $ | 268,387,022 | |
|
| (a) | All or a portion of the security is held as collateral for written call options. |
| (b) | Non-income producing security. |
| (c) | Rate disclosed is the seven day effective yield as of February 29, 2020. |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA ENERGY FUND
SCHEDULE OF WRITTEN OPTIONS | FEBRUARY 29, 2020 (UNAUDITED)
| | | Number of Contracts | | | Notional Amount | | | Exercise Price | | | Expiration Date | | Value | |
| Written Call Options — (0.00)% |
| Cheniere Energy Partners LP (a) | | | (30 | ) | | $ | (101,700 | ) | | $ | 43.00 | | | March 2020 | | $ | (600 | ) |
| Kinder Morgan, Inc. (a) | | | (50 | ) | | | (95,850 | ) | | $ | 21.00 | | | March 2020 | | | (900 | ) |
| Total Written Call Options— (0.00)% |
| (Premiums Received $3,747) | | | | | | | | | | | | | | | | $ | (1,500 | ) |
| (a) | Non-income producing security. |
At February 29, 2020, the net unrealized appreciation (depreciation) for tax purposes was as follows:
| Gross unrealized appreciation | | $ | 56,495,810 | |
| Gross unrealized depreciation | | | (47,037,706 | ) |
| Net unrealized appreciation | | $ | 9,458,104 | |
| | | | | |
| Cost basis of investments | | $ | 260,202,278 | |
The sectors shown on the schedule of investments are based on the Global Industry Classification Standard, or GICS® ("GICS"). The GICS was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by Ultimus Fund Solutions, LLC.
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA INVESTMENT FUND, INC.
NOTES TO SCHEDULES OF INVESTMENTS
February 29, 2020 (UNAUDITED)
The Spirit of America Energy Fund (the “Fund”) is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its 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 Fund 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. The 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 asked prices is used. Securities traded over-the-counter are priced at the mean of the latest bid and asked 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 asked 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. |
| B. | Fair Value Measurements: Various inputs are used in determining the fair value of investments which are as follows: |
| • | Level 1 – | Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement 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 the Fund’s own assumptions used in determining the fair value of investments). |
The summary of inputs used to determine the fair valuation of the Fund’s investments as of February 29, 2020 is as follows:
| | | Value Inputs | |
| | | LEVEL 1 | | | LEVEL 2 | | | LEVEL 3 | | | Total | |
| Assets | | | | | | | | | | | | | | | | |
| Master Limited Partnership - Common Stocks | | $ | 162,567,206 | | | $ | - | | | $ | - | | | $ | 162,567,206 | |
| Common Stocks | | | 106,787,224 | | | | - | | | | - | | | | 106,787,224 | |
| Money Market Funds | | | 307,452 | | | | - | | | | - | | | | 307,452 | |
| Total | | $ | 269,661,882 | | | $ | - | | | $ | - | | | $ | 269,661,882 | |
| | | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | | | | |
| Written Call Options | | $ | (1,500 | ) | | $ | - | | | $ | - | | | $ | (1,500 | ) |
| Total | | $ | (1,500 | ) | | $ | - | | | $ | - | | | $ | (1,500 | ) |
The Fund did not hold any investments at any time during the reporting period in which significant unobservable inputs were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.
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.
