Spirit Of America Investment Fund NPORT-P Spirit of America Real Estate Income & Growth Fund (Mar 2020 report)

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED)
	Shares		Market Value
Common Stocks 94.48%
Diversified REITs 2.20%
American Assets Trust, Inc.	3,900	$	97,500
Lexington Realty Trust	2,700		26,811
STORE Capital Corporation	4,080		73,929
VEREIT, Inc.	5,000		24,450
WP Carey, Inc.	22,600		1,312,608
			1,535,298
Energy 1.54%
Enterprise Products Partners LP	41,677		595,981
Kinder Morgan, Inc.	2,500		34,800
Magellan Midstream Partners LP	6,950		253,606
Phillips 66	1,750		93,887
Valero Energy Corporation	2,100		95,256
			1,073,530
Financials 0.00%
Ashford, Inc.(a)	81		466
Health Care REITs 3.40%
Global Medical REIT, Inc.	15,000		151,800
Healthcare Trust of America, Inc., Class A	5,000		121,400
Healthpeak Properties, Inc.	25,018		596,679
Omega Healthcare Investors, Inc.	1,000		26,540
Ventas, Inc.	11,650		312,220
Welltower, Inc.	25,350		1,160,523
			2,369,162
Hotel & Resort REITs 2.42%
Apple Hospitality REIT, Inc.	46,210		423,746
DiamondRock Hospitality Company	96,847		491,983
Pebblebrook Hotel Trust	27,331		297,635
RLJ Lodging Trust	52,134		402,474
Sotherly Hotels, Inc.	17,702		28,323

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 | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Hotel & Resort REITs (cont.)
Summit Hotel Properties, Inc.(a)	9,500	$	40,090
			1,684,251
Industrial REITs 16.19%
Americold Realty Trust	13,950		474,858
Duke Realty Corporation	1,000		32,380
Innovative Industrial Properties, Inc.	2,300		174,639
Prologis, Inc.	98,620		7,926,090
STAG Industrial, Inc.	42,350		953,722
Terreno Realty Corporation	33,275		1,721,981
			11,283,670
Mortgage REITs 1.79%
Blackstone Mortgage Trust, Inc., Class A	26,700		497,154
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	18,017		367,727
Starwood Property Trust, Inc.	37,550		384,887
			1,249,768
Office REITs 7.29%
Alexandria Real Estate Equities, Inc.	8,750		1,199,275
Boston Properties, Inc.	12,865		1,186,539
City Office REIT, Inc.	79,808		577,012
Hudson Pacific Properties, Inc.	39,100		991,576
Kilroy Realty Corporation	13,615		867,275
SL Green Realty Corporation	6,000		258,600
			5,080,277
Residential REITs 23.41%
American Campus Communities, Inc.	3,000		83,250
Apartment Investment & Management Company, Class A	40,050		1,407,757
AvalonBay Communities, Inc.	11,690		1,720,417
Camden Property Trust	15,150		1,200,486
Equity LifeStyle Properties, Inc.	39,600		2,276,208
Equity Residential	32,715		2,018,843
Essex Property Trust, Inc.	7,636		1,681,753
Mid-America Apartment Communities, Inc.	12,522		1,290,142
Sun Communities, Inc.	25,200		3,146,220

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 | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Residential REITs (cont.)
UDR, Inc.	41,000	$	1,498,140
			16,323,216
Retail REITs 4.07%
Brixmor Property Group, Inc.	43,175		410,163
Federal Realty Investment Trust	7,225		539,057
Kimco Realty Corporation	28,069		271,427
Realty Income Corporation	19,780		986,231
Regency Centers Corporation	11,700		449,631
Simon Property Group, Inc.	3,300		181,038
Spirit MTA REIT(b)	1,140		858
			2,838,405
Specialized REITs 32.17%
American Tower Corporation	2,950		642,363
CoreSite Realty Corporation	29,425		3,410,358
Crown Castle International Corporation	5,150		743,660
CubeSmart	17,750		475,523
CyrusOne, Inc.	40,450		2,497,788
Digital Realty Trust, Inc.	37,231		5,171,758
Equinix, Inc.	5,425		3,388,292
Extra Space Storage, Inc.	12,395		1,186,945
Gaming and Leisure Properties, Inc.	1,000		27,710
Life Storage, Inc.	12,050		1,139,327
QTS Realty Trust, Inc., Class A	64,350		3,732,943
Weyerhaeuser Company	500		8,475
			22,425,142
Total Common Stocks (Cost $52,485,749)			65,863,185
Preferred Stocks 2.20%
Financial Exchanges & Data 0.13%
Arch Capital Group Ltd., Series E, 5.25%	2,000		45,880
Arch Capital Group Ltd., Series F, 5.45%	2,000		44,500
			90,380

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 | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Hotel & Resort REITs 0.27%
Ashford Hospitality Trust, Inc., Series F, 7.38%	6,000	$	39,600
Hersha Hospitality Trust, Series D, 6.50%	5,000		31,100
Hersha Hospitality Trust, Series E, 6.50%	5,000		31,550
Pebblebrook Hotel Trust, Series F, 6.30%	2,500		39,325
Sotherly Hotels, Inc., Series B, 8.00%	6,000		38,940
Sotherly Hotels, Inc., Series C, 7.88%	2,000		12,200
			192,715
Office REITs 0.07%
Vornado Realty Trust, Series M, 5.25%	2,500		48,900
Residential REITs 0.13%
American Homes 4 Rent, Series G, 5.88%	2,000		46,100
Bluerock Residential Growth REIT, Inc., Series A, 7.13%	3,000		51,652
			97,752
Retail REITs 0.69%
Federal Realty Investment Trust, Series C, 5.00%	6,500		146,185
Monmouth Real Estate Investment Corporation, Series C, 6.13%	4,000		89,360
National Retail Properties, Inc., Series F, 5.20%	11,000		241,450
			476,995
Specialized REITs 0.84%
Digital Realty Trust, Inc., Series I, 6.35%	13,518		336,733
Digital Realty Trust, Inc., Series J, 5.25%	4,000		95,120
Public Storage, Series K, 4.75%	2,000		47,140
QTS Realty Trust, Inc., 7.13%	4,000		101,840
			580,833
Water Utilities 0.07%
Entergy Louisiana LLC, 4.88%	2,000		49,580
Total Preferred Stocks (Cost $2,082,618)			1,537,155

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 | MARCH 31, 2020 (UNAUDITED) (CONT.)
		Principal Amount		Market Value
Municipal Bonds 0.29%
Franklin County Convention Facilities Authority, Revenue Bonds, 6.54%, 12/1/2036	$	140,000	$	199,096
Total Municipal Bonds (Cost $163,375)				199,096

	Shares
Money Market Funds 2.04%
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Class, 0.25%(c)	1,422,397		1,422,397
Total Money Market Funds (Cost $1,422,397)			1,422,397
Total Investments — 99.01% (Cost $56,154,139)			69,021,833
Other Assets in Excess of Liabilities — 0.99%			688,156
NET ASSETS - 100.00%		$	69,709,989

(a)	Non-income producing security.
(b)	Security is currently being valued according to the fair value procedures approved by the Board of Directors.
(c)	Rate disclosed is the seven day effective yield as of March 31, 2020.

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

SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED)
	Shares		Market Value
Common Stocks 96.00%
Communication Services 5.96%
Alphabet, Inc., Class A(a)	700	$	813,365
AT&T, Inc.	18,100		527,615
Comcast Corporation, Class A	30,000		1,031,400
Verizon Communications, Inc.	26,040		1,399,129
Walt Disney Company (The)	18,450		1,782,270
			5,553,779
Consumer Discretionary 6.11%
D.R. Horton, Inc.	7,550		256,700
Garmin Ltd.	950		71,212
Home Depot, Inc. (The)	12,338		2,303,628
Lennar Corporation, Class A	6,000		229,200
McDonald's Corporation	6,980		1,154,143
Ross Stores, Inc.	3,500		304,395
Target Corporation	12,430		1,155,617
TJX Companies, Inc. (The)	4,400		210,364
			5,685,259
Consumer Staples 6.69%
Altria Group, Inc.	10,750		415,702
Coca-Cola Company (The)	11,900		526,575
Colgate-Palmolive Company	2,500		165,900
Conagra Brands, Inc.	7,100		208,314
Constellation Brands, Inc., Class A	150		21,504
Costco Wholesale Corporation	4,751		1,354,653
Kroger Company (The)	8,000		240,960
Lamb Weston Holdings, Inc.	4,800		274,080
PepsiCo, Inc.	2,400		288,240
Philip Morris International, Inc.	7,350		536,256
Procter & Gamble Company (The)	5,300		583,000
Walmart, Inc.	14,184		1,611,586
			6,226,770

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

SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Energy 2.27%
Chevron Corporation	8,260	$	598,520
ConocoPhillips	8,550		263,340
EOG Resources, Inc.	8,700		312,504
Exxon Mobil Corporation	7,100		269,587
Kinder Morgan, Inc.	7,750		107,880
Valero Energy Corporation	12,350		560,196
			2,112,027
Financials 8.90%
American Express Company	10,600		907,466
Bank of America Corporation	30,600		649,638
BankUnited, Inc.	15,350		287,045
Berkshire Hathaway, Inc., Class B(a)	720		131,638
Blackstone Group, Inc. (The), Class A	16,700		761,019
Carlyle Group, Inc. (The)	10,550		228,407
Citigroup, Inc.	13,200		555,984
CME Group, Inc.	1,404		242,766
Fifth Third Bancorp	13,400		198,990
Goldman Sachs Group, Inc. (The)	3,015		466,089
Hartford Financial Services Group, Inc. (The)	5,600		197,344
Huntington Bancshares, Inc.	34,750		285,297
JPMorgan Chase & Company	17,042		1,534,291
KeyCorp	34,575		358,543
Lazard Ltd., Class A	6,175		145,483
M&T Bank Corporation	2,200		227,546
Prudential Financial, Inc.	2,000		104,280
Signature Bank	1,900		152,741
SVB Financial Group(a)	2,923		441,607
Travelers Companies, Inc. (The)	1,400		139,090
U.S. Bancorp	7,725		266,126
			8,281,390
Health Care 13.94%
AbbVie, Inc.	11,450		872,375
Allergan plc	3,300		584,430
Amgen, Inc.	3,250		658,873
Bristol-Myers Squibb Company	17,250		961,515
Centene Corporation(a)	11,200		665,392

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

SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Health Care (cont.)
CVS Health Corporation	5,611	$	332,901
Edwards LifeSciences Corporation(a)	1,000		188,620
Gilead Sciences, Inc.	10,450		781,242
Humana, Inc.	2,800		879,256
Johnson & Johnson	4,797		629,031
McKesson Corporation	2,250		304,335
Medtronic plc	7,469		673,554
Merck & Company, Inc.	16,700		1,284,898
Pfizer, Inc.	9,150		298,656
Quest Diagnostics, Inc.	4,500		361,350
Thermo Fisher Scientific, Inc.	2,900		822,440
UnitedHealth Group, Inc.	7,000		1,745,660
Vertex Pharmaceuticals, Inc.(a)	3,900		928,005
			12,972,533
Industrials 8.82%
3M Company	1,790		244,353
Boeing Company (The)	3,405		507,822
Caterpillar, Inc.	10,225		1,186,509
CSX Corporation	23,325		1,336,522
Cummins, Inc.	3,300		446,556
Deere & Company	6,100		842,776
FedEx Corporation	6,900		836,694
Honeywell International, Inc.	5,850		782,672
Johnson Controls International plc	8,253		222,501
Masco Corporation	11,500		397,555
United Technologies Corporation	4,100		386,753
Waste Connections, Inc.	13,175		1,021,062
			8,211,775
Information Technology 33.25%
Accenture plc, Class A	6,950		1,134,657
Adobe, Inc.(a)	3,850		1,225,224
Apple, Inc.	18,683		4,750,900
Applied Materials, Inc.	18,970		869,205
Box, Inc., Class A(a)	7,200		101,088
Cisco Systems, Inc.	38,450		1,511,469
Cognizant Technology Solutions Corporation, Class A	6,150		285,791

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

SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Information Technology (cont.)
Corning, Inc.	19,000	$	390,260
Cognizant Technology Solutions Corporation, Class A	6,150		285,791
Corning, Inc.	19,000		390,260
Dell Technologies, Inc., Class C(a)	2,624		103,779
Fiserv, Inc.(a)	1,950		185,231
Hewlett Packard Enterprise Company	8,900		86,419
HP, Inc.	26,000		451,360
Intel Corporation	12,840		694,901
International Business Machines Corporation	3,368		373,612
Mastercard, Inc., Class A	6,500		1,570,140
Microchip Technology, Inc.	2,575		174,585
Microsoft Corporation	32,659		5,150,651
NetApp, Inc.	5,600		233,464
NortonLifeLock, Inc.	26,200		490,202
NVIDIA Corporation	8,973		2,365,283
Oracle Corporation	33,875		1,637,179
Paychex, Inc.	8,850		556,842
Perspecta, Inc.	764		13,935
QUALCOMM, Inc.	8,320		562,848
Texas Instruments, Inc.	15,025		1,501,448
Visa, Inc., Class A	18,050		2,908,216
Workday, Inc., Class A(a)	12,480		1,625,146
			30,953,835
Materials 0.90%
CF Industries Holdings, Inc.	7,700		209,440
Corteva, Inc.	7,233		169,976
Dow, Inc.	6,583		192,487
DuPont de Nemours, Inc.	6,894		235,085
International Paper Company	500		15,565
WestRock Company	500		14,130
			836,683
Real Estate Investment Trusts (REITs) 6.46%
Alexandria Real Estate Equities, Inc.	2,200		301,532
American Tower Corporation	1,450		315,737
Apple Hospitality REIT, Inc.	4,050		37,138
Brixmor Property Group, Inc.	13,500		128,250

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

SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Real Estate Investment Trusts (REITs) (cont.)
CoreSite Realty Corporation	550	$	63,745
Crown Castle International Corporation	3,350		483,740
CyrusOne, Inc.	11,000		679,250
Digital Realty Trust, Inc.	2,450		340,330
Equinix, Inc.	1,850		1,155,455
Prologis, Inc.	8,500		683,145
QTS Realty Trust, Inc., Class A	14,100		817,941
Realty Income Corporation	3,550		177,003
Sun Communities, Inc.	4,100		511,885
Terreno Realty Corporation	3,600		186,300
Welltower, Inc.	2,875		131,617
			6,013,068
Utilities 2.70%
AES Corporation	4,000		54,400
American Electric Power Company, Inc.	1,850		147,963
Brookfield Renewable Partners, LP	1,500		63,735
Edison International	1,100		60,269
Eversource Energy	250		19,552
NextEra Energy, Inc.	6,000		1,443,720
WEC Energy Group, Inc.	8,200		722,666
			2,512,305
Total Common Stocks (Cost $62,880,096)			89,359,424
Preferred Stocks 1.83%
Communication Services 0.26%
Qwest Corporation, 7.00%	2,500		57,325
Telephone & Data Systems, Inc., 7.00%	4,000		85,000
United States Cellular Corporation, 7.25%	2,500		55,325
United States Cellular Corporation, 7.25%	2,000		43,420
			241,070
Financials 1.15%
American Financial Group, Inc., 6.00%	5,300		128,790
Annaly Capital Management, Inc., Series F, 6.95%	2,000		35,500

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

SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Financials (cont.)
Ares Management Corporation, Series A, 7.00%	2,500	$	61,025
Bank of America Corporation, Series EE, 6.00%	2,500		62,625
Bank of America Corporation, Series GG, 6.00%	4,000		102,600
Bank of America Corporation, Series HH, 5.88%	2,000		50,540
Bank of America Corporation, Series LL, 5.00%	2,000		46,960
Charles Schwab Corporation (the), Series C, 6.00%	2,000		50,500
Globe Life, Inc., 6.13%	5,000		116,300
Hancock Holding Company, 5.95%	2,500		53,775
JPMorgan Chase & Company, Series EE, 6.00%	2,000		52,300
KKR & Company LP, Series B, 6.50%	2,000		49,640
Ladenburg Thalmann Financial Services, Inc., Series A, 8.00%	7,000		98,000
Northern Trust Corporation, Series E, 4.70%	1,360		32,531
Prospect Capital Corporation, 6.25%	4,000		82,880
Prudential Financial, Inc., 5.63%	2,000		50,260
			1,074,226
Industrials 0.05%
KeyCorp, Series G, 5.63%	2,000		48,300
Information Technology 0.11%
eBay, Inc., 6.00%	4,000		98,960
Real Estate 0.26%
Digital Realty Trust, Inc., Series L, 5.20%	2,000		46,100
Public Storage, Series I, 4.88%	1,917		45,222
Public Storage, Series K, 4.75%	2,000		47,140
QTS Realty Trust, Inc., 7.13%	4,000		101,840
			240,302
Total Preferred Stocks (Cost $1,871,184)			1,702,858

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

SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Money Market Funds 1.94%
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Class, 0.25%(b)	1,805,734	$	1,805,734
Total Money Market Funds (Cost $1,805,734)			1,805,734
Total Investments — 99.77% (Cost $66,557,014)			92,868,016
Other Assets in Excess of Liabilities — 0.23%			209,788
NET ASSETS - 100.00%		$	93,077,804

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day effective yield as of March 31, 2020.

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED)
	Principal Amount		Market Value
Municipal Bonds 98.35%
Alaska 0.78%
Alaska Housing Finance Corporation, State Single-Family Housing, Revenue Bonds, (OID),Callable 6/1/2021 @ 100,4.13%, 12/1/2037	$	25,000	$	25,481
Northern Tobacco Securitization Corporation, Refunding Revenue Bonds, (OID), 5.00%, 6/1/2032		500,000		500,055
				525,536
Arizona 0.89%
City of Phoenix, AZ, General Obligation Unlimited,Callable 7/1/2026 @ 100,5.00%, 7/1/2027		500,000		600,575
California 3.63%
California Educational Facilities Authority, Revenue Bonds,Callable 10/1/2021 @ 100,6.13%, 10/1/2030		130,000		139,090
California State Public Works Board, Revenue Bonds,Callable 11/1/2026 @ 100,5.00%, 11/1/2029		600,000		732,162
City of Los Angeles, CA Wastewater System Revenue, Refunding Revenue Bonds, (OID),Callable 6/1/2022 @ 100,3.38%, 6/1/2029		100,000		103,480
Los Angeles Community College District, General Obligation Unlimited,Callable 8/1/2026 @ 100,4.00%, 8/1/2038		500,000		555,895
Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds,Callable 5/15/2026 @ 100,4.00%, 5/15/2037		145,000		157,389
State of California, General Obligation Unlimited,Callable 8/1/2025 @ 100,5.00%, 8/1/2029		250,000		297,042
State of California, General Obligation Unlimited,Callable 9/1/2026 @ 100,4.00%, 9/1/2036		175,000		195,876
State of California, Port, Airport & Marina Improvements, General Obligation Unlimited, (OID),Callable 11/1/2020 @ 100,5.25%, 11/1/2030		250,000		255,617
				2,436,551
Connecticut 10.78%
City of New Haven, CT, General Obligation Unlimited,Callable 8/15/2026 @ 100,5.00%, 8/15/2036		230,000		254,688

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Connecticut (cont.)
Connecticut Housing Finance Authority, Multi-Family Housing, Revenue Bonds,Callable 11/15/2025 @ 100,3.25%, 11/15/2036	$	250,000	$	258,895
Connecticut Housing Finance Authority, Multi-Family Housing, Revenue Bonds, (GO OF AUTH),Callable 5/15/2021 @ 100,4.63%, 11/15/2041		215,000		220,068
Connecticut Housing Finance Authority, Refunding Revenue Bonds,Callable 5/15/2022 @ 100,3.05%, 5/15/2031		195,000		198,639
Connecticut Housing Finance Authority, Refunding Revenue Bonds,Callable 5/15/2021 @ 100,3.25%, 11/15/2027		150,000		152,159
Connecticut Housing Finance Authority, Refunding Revenue Bonds, (GO OF AUTH),Callable 5/15/2021 @ 100,3.35%, 5/15/2028		250,000		253,820
Connecticut Housing Finance Authority, Refunding Revenue Bonds, (GO OF AUTH),Callable 5/15/2020 @ 100,4.88%, 11/15/2046		100,000		100,340
Connecticut Housing Finance Authority, Refunding Revenue Bonds, (OID),Callable 11/15/2021 @ 100,3.30%, 11/15/2037		250,000		253,695
Connecticut Housing Finance Authority, Revenue Bonds,Callable 5/15/2027 @ 100,3.40%, 11/15/2037		25,000		26,437
Connecticut Housing Finance Authority, State Single-Family Housing, Revenue Bonds,Callable 5/15/2021 @ 100,3.50%, 5/15/2031		250,000		253,170
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		458,097
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds,Callable 7/1/2022 @ 100,4.50%, 7/1/2038		500,000		506,460
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds,Callable 7/1/2022 @ 100,5.00%, 7/1/2042		500,000		510,180
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds, (OID),Callable 7/1/2022 @ 100,4.25%, 7/1/2031		500,000		506,950
Connecticut State Health & Educational Facility Authority, Private Primary Schools, Revenue Bonds,Callable 7/1/2022 @ 100,4.00%, 7/1/2033		100,000		103,663

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Connecticut (cont.)
Connecticut State Health & Educational Facility Authority, Revenue Bonds,Callable 7/1/2026 @ 100,5.00%, 7/1/2034	$	250,000	$	288,130
Connecticut State Health & Educational Facility Authority, Revenue Bonds,Callable 7/1/2024 @ 100,5.00%, 7/1/2034		100,000		113,424
Connecticut State Health & Educational Facility Authority, Revenue Bonds, (AGM) (OID),Callable 7/1/2021 @ 100,4.00%, 7/1/2037		250,000		254,282
Connecticut State Health & Educational Facility Authority, University & College Improvements, Revenue Bonds,Callable 7/1/2020 @ 100,5.00%, 7/1/2028		100,000		100,727
State of Connecticut Special Tax Revenue, Highway Improvements, Revenue Bonds,Callable 10/1/2023 @ 100,5.00%, 10/1/2030		250,000		275,585
State of Connecticut Special Tax Revenue, Highway Improvements, Revenue Bonds,Callable 11/1/2020 @ 100,5.00%, 11/1/2022		100,000		102,038
State of Connecticut Special Tax Revenue, Public Improvements, Revenue Bonds,Callable 1/1/2023 @ 100,5.00%, 1/1/2028		445,000		483,857
State of Connecticut, General Obligation Unlimited, 5.00%, 6/15/2024		250,000		283,533
State of Connecticut, General Obligation Unlimited, 5.00%, 11/1/2020		100,000		102,032
State of Connecticut, General Obligation Unlimited,Callable 4/15/2027 @ 100,5.00%, 4/15/2032		500,000		595,265
State of Connecticut, Public Improvements, General Obligation Unlimited,Callable 4/15/2022 @ 100,4.00%, 4/15/2032		250,000		257,270
University of Connecticut, University & College Improvements, Revenue Bonds,Callable 2/15/2024 @ 100,5.00%, 2/15/2034		250,000		279,847
University of Connecticut, University & College Improvements, Revenue Bonds, (GO OF UNIVERSITY), 5.00%, 2/15/2028		50,000		50,145
				7,243,396
District of Columbia 1.65%
District of Columbia Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (Fannie Mae), 4.45%, 6/15/2031		320,000		340,538
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		294,053
District of Columbia Water & Sewer Authority, Revenue Bonds,Callable 4/1/2026 @ 100,5.00%, 10/1/2036		250,000		296,475

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
District of Columbia (cont.)
District of Columbia Water & Sewer Authority, Revenue Bonds,Callable 4/1/2026 @ 100,5.00%, 10/1/2034	$	150,000	$	178,638
				1,109,704
Florida 8.78%
Central Florida Expressway Authority, Revenue Bonds,Callable 7/1/2026 @ 100,4.00%, 7/1/2035		150,000		166,158
Citizens Property Insurance Corporation, Miscellaneous Purposes, Revenue Bonds, 4.75%, 6/1/2020		150,000		150,864
City of Miami, FL, Parking Facility Improvements, Revenue Bonds, (AGM) (OID),Callable 7/1/2020 @ 100,5.25%, 7/1/2035		105,000		106,094
City of Miami, FL, Parking Facility Improvements, Revenue Bonds, (AGM) (OID),Callable 7/1/2020 @ 100,5.25%, 7/1/2039		125,000		126,303
City of Orlando, FL, Public Improvements, Revenue Bonds,Callable 10/1/2024 @ 100,5.00%, 10/1/2046		1,000,000		1,137,750
Escambia County Health Facilities Authority, Hospital Improvements, Revenue Bonds (OID),Callable 8/15/2020 @ 100,5.75%, 8/15/2029		160,000		162,211
Escambia County Health Facilities Authority, Hospital Improvements, Revenue Bonds, (OID),Callable 8/15/2020 @ 100,5.50%, 8/15/2024		250,000		253,510
Florida Gulf Coast University Financing Corporation, University & College Improvements, Revenue Bonds,Callable 2/1/2021 @ 100,5.00%, 2/1/2028		100,000		102,977
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		135,065
Florida Municipal Loan Council, Water Utility Improvements, Revenue Bonds, (AGM) (OID),Callable 10/1/2021 @ 100,5.50%, 10/1/2041		100,000		105,724
Florida Municipal Loan Council, Water Utility Improvements, Revenue Bonds, (AGM) (OID),Callable 10/1/2021 @ 100,5.25%, 10/1/2033		100,000		105,646
FSU Financial Assistance, Inc., State Single-Family Housing, Refunding Revenue Bonds,Callable 10/1/2022 @ 100,5.00%, 10/1/2030		500,000		544,015
Greater Orlando Aviation Authority, Port, Airport & Marina Improvements, Revenue Bonds,Callable 10/1/2020 @ 100,5.00%, 10/1/2025		200,000		203,374

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Florida (cont.)
Hillsborough County Industrial Development Authority, School Improvements, Revenue Bonds, 5.13%, 5/15/2037	$	210,000	$	210,029
JEA Water & Sewer System Revenue, Revenue Bonds, (OID), 3.88%, 10/1/2037		250,000		250,300
Miami-Dade County Aviation Revenue, Revenue Bonds, (OID),Callable 10/1/2020 @ 100,5.25%, 10/1/2030		115,000		117,354
Miami-Dade County Aviation Revenue, Revenue Bonds, (OID), 5.25%, 10/1/2030		35,000		35,717
Miami-Dade County Educational Facilities Authority, University & College Improvements, Revenue Bonds, (AMBAC), 5.25%, 4/1/2031		260,000		327,249
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		408,212
Palm Beach County School District, Refunding Bonds, Certificate of Participation, 5.00%, 8/1/2024		45,000		47,372
School Board of Miami-Dade County/The, Certificate of Participation,Callable 2/1/2026 @ 100,4.00%, 2/1/2033		1,000,000		1,095,630
Tampa-Hillsborough County Expressway Authority, Refunding Revenue Bonds,Callable 7/1/2022 @ 100,5.00%, 7/1/2037		100,000		107,748
				5,899,302
Georgia 2.52%
Albany-Dougherty Inner City Authority, University & College Improvements, Revenue Bonds,Callable 7/1/2020 @ 100,5.00%, 7/1/2035		250,000		252,050
Albany-Dougherty Payroll Development Authority, University & College Improvements, Revenue Bonds, (AGM) (OID),Callable 6/15/2020 @ 100,5.50%, 6/15/2036		325,000		327,584
City of Atlanta GA Water & Wastewater Revenue, Revenue Bonds,Callable 11/1/2029 @ 100,3.00%, 11/1/2037		500,000		532,115
Fulton County Development Authority, 5.00%, 10/1/2022		145,000		158,779
Fulton County Development Authority, 5.00%, 10/1/2022		5,000		5,429
Fulton County Development Authority, Refunding Revenue Bonds, (OID),Callable 10/1/2022 @ 100,4.25%, 10/1/2037		100,000		104,072

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Georgia (cont.)
Fulton County Development Authority, University & College Improvements, Revenue Bonds, (OID),Callable 4/1/2021 @ 100,5.75%, 10/1/2041	$	250,000	$	261,625
Fulton County Development Authority, University & College Improvements, Revenue Bonds, (OID),Callable 4/1/2021 @ 100,5.75%, 10/1/2031		50,000		52,325
				1,693,979
Hawaii 0.06%
Hawai'i Pacific Health, Hospital Improvements, Revenue Bonds, (OID), 5.75%, 7/1/2040		40,000		40,440
Illinois 0.70%
Illinois Finance Authority, Hospital Improvements, Revenue Bonds, (OID),Callable 8/15/2021 @ 100,5.88%, 8/15/2034		100,000		105,478
Railsplitter Tobacco Settlement Authority, Public Improvements, Revenue Bonds, (OID), 6.00%, 6/1/2028		250,000		263,972
University of Illinois, University & College Improvements, Revenue Bonds,Callable 4/1/2021 @ 100,5.50%, 4/1/2031		100,000		103,611
	��			473,061
Indiana 3.13%
Town of Munster, IN, Public Improvements, Tax Allocation Bonds, (OID),Callable 7/15/2021 @ 100,5.13%, 1/15/2031		2,000,000		2,099,860
Iowa 0.45%
State of Iowa, Revenue Bonds,Callable 6/1/2026 @ 100,5.00%, 6/1/2027		250,000		304,348
Kentucky 0.49%
Kentucky Municipal Power Agency, Electric Lights & Power Improvements, Revenue Bonds, (AGM),Callable 9/1/2020 @ 100,5.00%, 9/1/2023		325,000		330,203

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Louisiana 0.94%
Louisiana Local Government Environmental Facilities & Community Development Authority, Sewer Improvements, Revenue Bonds,Callable 2/1/2023 @ 100,4.00%, 2/1/2048	$	500,000	$	520,080
Louisiana Local Government Environmental Facilities & Community Development Authority, Sewer Improvements, Revenue Bonds,Callable 2/1/2023 @ 100,5.00%, 2/1/2035		100,000		109,610
				629,690
Maine 1.50%
Maine Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (OID),Callable 7/1/2022 @ 100,3.63%, 7/1/2041		500,000		527,710
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds,Callable 11/15/2022 @ 100,4.50%, 11/15/2037		105,000		109,982
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds,Callable 11/15/2024 @ 100,3.75%, 11/15/2044		100,000		104,507
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds,Callable 11/15/2022 @ 100,3.45%, 11/15/2032		100,000		102,921
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds,Callable 11/15/2022 @ 100,3.60%, 11/15/2036		100,000		102,602
Maine Turnpike Authority, Refunding Revenue Bonds,Callable 7/1/2025 @ 100,5.00%, 7/1/2026		50,000		59,024
				1,006,746
Maryland 0.61%
Maryland Health & Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, (OID), 4.63%, 5/15/2035		60,000		60,251
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		351,607
				411,858
Massachusetts 3.46%
Massachusetts Educational Financing Authority, Refunding Revenue Bonds, (OID),Callable 5/4/2020 @ 100,5.20%, 1/1/2027		30,000		30,029
Massachusetts Educational Financing Authority, Refunding Revenue Bonds, (OID),Callable 5/4/2020 @ 100,5.25%, 1/1/2029		10,000		10,010

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Massachusetts (cont.)
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	$	131,255
Massachusetts Housing Finance Agency, Revenue Bonds,Callable 12/1/2025 @ 100,3.25%, 12/1/2036		575,000		595,562
Massachusetts Housing Finance Agency, Revenue Bonds,Callable 12/1/2026 @ 100,3.75%, 12/1/2037		250,000		267,238
Massachusetts Housing Finance Agency, Revenue Bonds,Callable 12/1/2026 @ 100,3.25%, 12/1/2032		250,000		265,457
Massachusetts Housing Finance Agency, Revenue Bonds,Callable 12/1/2026 @ 100,3.55%, 12/1/2037		250,000		262,635
Massachusetts Housing Finance Agency, Revenue Bonds,Callable 12/1/2027 @ 100,3.25%, 12/1/2032		200,000		214,070
Massachusetts Housing Finance Agency, Revenue Bonds,Callable 6/1/2026 @ 100,3.15%, 12/1/2026		120,000		128,264
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, 5.13%, 12/1/2039		65,000		65,081
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, 4.85%, 12/1/2029		60,000		60,065
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (FHA) (INS),Callable 6/1/2020 @ 100,5.25%, 12/1/2035		175,000		176,152
Massachusetts School Building Authority, Revenue Bonds,Callable 8/15/2025 @ 100,5.00%, 8/15/2026		100,000		119,486
				2,325,304
Michigan 4.35%
Michigan Public Educational Facilities Authority, School Improvements, Refunding Revenue Bonds, 6.00%, 12/1/2035		500,000		467,230
Michigan State Building Authority, Refunding Revenue Bonds, (OID),Callable 10/15/2021 @ 100,5.20%, 10/15/2031		750,000		792,022
Michigan State Building Authority, Refunding Revenue Bonds, (OID),Callable 10/15/2021 @ 100,5.38%, 10/15/2036		100,000		105,962
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		737,335

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Michigan (cont.)
Michigan Tobacco Settlement Finance Authority, Miscellaneous Purposes, Revenue Bonds, (OID), 6.00%, 6/1/2048	$	595,000	$	571,855
Michigan Tobacco Settlement Finance Authority, Refunding Revenue Bonds, 6.88%, 6/1/2042		250,000		250,003
				2,924,407
Missouri 1.32%
Hanley Road Corridor Transportation Development District, Refunding Revenue Bonds, (OID), 5.88%, 10/1/2036		245,000		245,488
Health & Educational Facilities Authority of the State of Missouri, Healthcare, Hospital & Nursing Home Improvements, Revenue Bonds, (OID),Callable 11/15/2024 @ 100,4.00%, 11/15/2045		500,000		536,235
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		103,217
				884,940
Nebraska 0.40%
Nebraska Public Power District, Electric Lights & Power Improvements, Revenue Bonds,Callable 1/1/2022 @ 100,5.00%, 1/1/2025		155,000		165,625
Nebraska Public Power District, Electric Lights & Power Improvements, Revenue Bonds,Callable 1/1/2022 @ 100,5.00%, 1/1/2025		95,000		101,251
				266,876
Nevada 1.22%
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		10,019
Nevada System of Higher Education, Certification of Participation,Callable 7/1/2026 @ 100,4.00%, 7/1/2027		700,000		801,311
				816,344
New Jersey 6.59%
Borough of Seaside Heights, NJ, General Obligation Unlimited,Callable 4/1/2025 @ 100,4.00%, 4/1/2026		125,000		137,621
Essex County Improvement Authority, Public Improvements, Revenue Bonds, (AGM) (OID), 5.75%, 11/1/2030		250,000		256,618

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
New Jersey (cont.)
Hudson County Improvement Authority, Refunding Revenue Bonds, (AGM), 5.40%, 10/1/2025	$	150,000	$	182,555
New Jersey Economic Development Authority, Refunding Revenue Bonds, (State Appropriation) (OID),Callable 3/1/2021 @ 100,5.25%, 9/1/2026		420,000		433,574
New Jersey Economic Development Authority, School Improvements, Refunding Revenue Bonds,Callable 3/1/2023 @ 100,5.00%, 3/1/2031		300,000		309,954
New Jersey Economic Development Authority, School Improvements, Revenue Bonds,Callable 6/15/2020 @ 100,5.00%, 12/15/2032		100,000		100,210
New Jersey Economic Development Authority, University & College Improvements, Revenue Bonds,Callable 6/15/2023 @ 100,5.00%, 6/15/2030		250,000		276,398
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, (OID), 6.00%, 7/1/2037		200,000		212,102
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, (OID), 5.00%, 7/1/2027		15,000		15,050
New Jersey Higher Education Student Assistance Authority, Refunding Revenue Bonds,Callable 12/1/2020 @ 100,5.00%, 12/1/2036		65,000		66,501
New Jersey Higher Education Student Assistance Authority, Refunding Revenue Bonds,Callable 12/1/2020 @ 100,5.25%, 12/1/2032		100,000		100,092
New Jersey Higher Education Student Assistance Authority, Refunding Revenue Bonds,Callable 12/1/2020 @ 100,5.25%, 12/1/2028		95,000		95,087
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds,Callable 11/1/2025 @ 100,3.90%, 11/1/2050		175,000		183,328
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds,Callable 11/1/2025 @ 100,3.50%, 11/1/2036		500,000		522,060
New Jersey Transportation Trust Fund Authority, Revenue Bonds, 5.00%, 6/15/2021		150,000		154,158
New Jersey Transportation Trust Fund Authority, Transit Improvements, Revenue Bonds, (State Appropriation),Callable 6/15/2021 @ 100,5.00%, 6/15/2022		150,000		157,061
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		223,711

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
New Jersey (cont.)
New Jersey Turnpike Authority, Highway Improvements, Revenue Bonds, 5.00%, 1/1/2031	$	200,000	$	217,590
State of New Jersey, Public Improvements, General Obligation Unlimited,Callable 6/1/2025 @ 100,4.00%, 6/1/2034		250,000		270,765
Tenafly School District, Refunding Bonds, General Obligation Unlimited, (OID),Callable 7/15/2022 @ 100,3.00%, 7/15/2030		250,000		257,223
Tenafly School District, Refunding Bonds, General Obligation Unlimited, (OID),Callable 7/15/2022 @ 100,3.00%, 7/15/2029		250,000		257,745
				4,429,403
New Mexico 1.30%
New Mexico Hospital Equipment Loan Council, Hospital Improvements Revenue Bonds, (OID),Callable 8/1/2022 @ 100,4.00%, 8/1/2042		500,000		533,625
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		150,000		153,382
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		112,807
Village of Los Ranchos de Albuquerque, NM, Refunding Revenue Bonds, (OID),Callable 9/1/2020 @ 100,4.50%, 9/1/2040		75,000		75,811
				875,625
New York 23.59%
Hudson Yards Infrastructure Corporation, Public Improvements, Revenue Bonds,Callable 2/15/2021 @ 100,5.75%, 2/15/2047		95,000		98,297
Hudson Yards Infrastructure Corporation, Revenue Bonds, 5.25%, 2/15/2047		10,000		10,357
Hudson Yards Infrastructure Corporation, Revenue Bonds,Callable 2/15/2021 @ 100,5.25%, 2/15/2047		190,000		195,810
Hudson Yards Infrastructure Corporation, Revenue Bonds, Series A,Callable 2/15/2027 @ 100,4.00%, 2/15/2044		575,000		622,507
Metropolitan Transportation Authority, Refunding Revenue Bonds, 5.25%, 11/15/2028		50,000		57,439
Metropolitan Transportation Authority, Refunding Revenue Bonds,Callable 11/15/2027 @ 100,5.00%, 11/15/2037		250,000		298,213

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
New York (cont.)
Metropolitan Transportation Authority, Revenue Bonds, 5.00%, 11/15/2028	$	250,000	$	278,570
Metropolitan Transportation Authority, Revenue Bonds,Callable 11/15/2027 @ 100,5.00%, 11/15/2035		250,000		299,908
Metropolitan Transportation Authority, Revenue Bonds, (OID), 4.75%, 11/15/2036		140,000		148,295
Metropolitan Transportation Authority, Revenue Bonds, (OID), 4.75%, 11/15/2036		110,000		114,857
Metropolitan Transportation Authority, Transit Improvements, Refunding Revenue Bonds, 5.00%, 11/15/2028		250,000		297,715
Metropolitan Transportation Authority, Transit Improvements, Revenue Bonds,Callable 5/15/2023 @ 100,5.00%, 11/15/2033		100,000		106,301
Monroe County Industrial Development Corporation, Hospital Improvements, Revenue Bonds, (INS),Callable 2/15/2021 @ 100,5.75%, 8/15/2035		250,000		258,025
New York City Housing Development Corporation, Local Multi-Family Housing Revenue Bonds,Callable 11/1/2020 @ 100,4.75%, 5/1/2041		250,000		252,912
New York City Housing Development Corporation, Local Multi-Family Housing, Revenue Bonds,Callable 5/1/2020 @ 100,4.85%, 11/1/2035		250,000		250,672
New York City Housing Development Corporation, Local Multi-Family Housing, Revenue Bonds,Callable 5/26/2020 @ 100,4.90%, 11/1/2040		250,000		250,432
New York City Housing Development Corporation, Local Multi-Family Housing, Revenue Bonds, 5.00%, 5/1/2020		150,000		150,450
New York City Housing Development Corporation, Revenue Bonds,Callable 5/1/2025 @ 100,3.10%, 11/1/2032		250,000		259,622
New York City Housing Development Corporation, Revenue Bonds,Callable 2/1/2026 @ 100,3.50%, 11/1/2032		150,000		161,100
New York City Housing Development Corporation, Revenue Bonds,Callable 11/1/2025 @ 100,3.60%, 11/1/2031		250,000		269,515
New York City Industrial Development Agency, Recreational Facility Improvements, Revenue Bonds, (FGIC), 5.00%, 3/1/2031		145,000		142,418

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
New York (cont.)
New York City Industrial Development Agency, Recreational Facility Improvements, Revenue Bonds, (FGIC), 5.00%, 3/1/2046	$	1,500,000	$	1,473,150
New York City Industrial Development Agency, Recreational Facility Improvements, Revenue Bonds, (FGIC) (OID), 4.50%, 3/1/2039		100,000		98,205
New York City Industrial Development Agency, Recreational Facility Improvements, Revenue Bonds, (NATL-RE), 5.00%, 3/1/2036		115,000		113,021
New York City Industrial Development Agency, Recreational Facility Improvements, Revenue Bonds, (OID),Callable 1/1/2021 @ 100,6.50%, 1/1/2046		650,000		652,678
New York City Transitional Finance Authority Building Aid Revenue, Public Improvements, Revenue Bonds, (State Aid Withholding),Callable 1/15/2025 @ 100,5.00%, 7/15/2027		250,000		290,702
New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds, 5.00%, 7/15/2031		250,000		294,567
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds,Callable 5/1/2027 @ 100,4.00%, 5/1/2044		300,000		331,050
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds, 5.00%, 8/1/2023		100,000		112,000
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		111,446
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		104,972
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds, 5.00%, 8/1/2024		100,000		115,330
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds,Callable 8/1/2025 @ 100,5.00%, 8/1/2027		25,000		29,506
New York City Water & Sewer System, Revenue Bonds,Callable 12/15/2021 @ 100,5.00%, 6/15/2045		215,000		226,922
New York City Water & Sewer System, Revenue Bonds, 5.00%, 6/15/2045		35,000		37,290
New York City Water & Sewer System, Revenue Bonds,Callable 6/15/2027 @ 100,5.00%, 6/15/2032		100,000		123,036

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
New York (cont.)
New York State Dormitory Authority, Refunding Revenue Bonds, (State Aid Withholding),Callable 10/1/2022 @ 100,3.25%, 4/1/2031	$	280,000	$	288,764
New York State Dormitory Authority, Revenue Bonds, 5.00%, 8/15/2021		100,000		105,369
New York State Dormitory Authority, Revenue Bonds, 5.00%, 5/15/2020		100,000		100,470
New York State Dormitory Authority, Revenue Bonds, 4.75%, 10/1/2040		5,000		5,074
New York State Dormitory Authority, Revenue Bonds, 4.75%, 10/1/2040		160,000		162,784
New York State Dormitory Authority, Revenue Bonds,Callable 2/15/2030 @ 100,5.00%, 2/15/2048		500,000		620,045
New York State Dormitory Authority, Revenue Bonds,Callable 2/15/2030 @ 100,4.00%, 2/15/2047		500,000		562,945
New York State Dormitory Authority, Revenue Bonds,Callable 3/15/2028 @ 100,5.00%, 3/15/2043		250,000		303,607
New York State Dormitory Authority, Revenue Bonds,Callable 7/1/2025 @ 100,5.00%, 7/1/2037		385,000		441,664
New York State Dormitory Authority, Revenue Bonds, 5.00%, 5/15/2022		165,000		178,532
New York State Dormitory Authority, University & College Improvements, Revenue Bonds, (OID), 5.25%, 7/1/2031		40,000		42,045
New York State Housing Finance Agency, State Multi-Family Housing, Revenue Bonds,Callable 5/1/2020 @ 100,4.85%, 11/1/2036		100,000		100,184
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		501,230
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		200,464
New York State Thruway Authority, Revenue Bonds,Callable 1/1/2026 @ 100,4.00%, 1/1/2037		100,000		107,370
New York, NY, General Obligation Unlimited,Callable 8/1/2029 @ 100,4.00%, 8/1/2044		250,000		282,860

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
New York (cont.)
New York, NY, General Obligation Unlimited,Callable 8/1/2029 @ 100,5.00%, 8/1/2043	$	500,000	$	614,400
Port Authority of New York & New Jersey, Revenue Bonds,Callable 11/15/2027 @ 100,5.00%, 11/15/2037		250,000		308,057
Port Authority of New York & New Jersey, Revenue Bonds,Callable 11/15/2027 @ 100,5.00%, 11/15/2030		250,000		316,445
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		1,023,600
Triborough Bridge & Tunnel Authority, Revenue Bonds,Callable 11/15/2025 @ 100,5.00%, 11/15/2040		310,000		358,816
Triborough Bridge & Tunnel Authority, Revenue Bonds, 5.00%, 11/15/2027		100,000		121,195
Triborough Bridge & Tunnel Authority, Revenue Bonds, 5.00%, 11/15/2023		100,000		113,762
Triborough Bridge & Tunnel Authority, Revenue Bonds, 5.00%, 11/15/2021		50,000		53,171
Triborough Bridge & Tunnel Authority, Revenue Bonds,Callable 11/15/2025 @ 100,5.00%, 11/15/2035		250,000		294,015
				15,844,158
North Carolina 0.34%
University of North Carolina at Charlotte/The, Revenue Bonds,Callable 10/1/2027 @ 100,4.00%, 10/1/2037		100,000		112,479
University of North Carolina at Charlotte/The, University & College Improvements, Revenue Bonds,Callable 4/1/2025 @ 100,5.00%, 4/1/2040		100,000		114,315
				226,794
North Dakota 0.16%
City of Bismarck, ND, Sanitary Sewer Revenue, Revenue Bonds,Callable 5/1/2025 @ 100,3.00%, 5/1/2029		100,000		105,524
Ohio 0.38%
Ohio Higher Educational Facility Commission, Revenue Bonds, (OID),Callable 7/1/2020 @ 100,5.00%, 7/1/2044		165,000		166,556

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Ohio (cont.)
Ohio Higher Educational Facility Commission, Revenue Bonds, (OID), 5.00%, 7/1/2044	$	85,000	$	85,802
				252,358
Oklahoma 0.39%
Oklahoma Municipal Power Authority, Electric Lights & Power Improvements, Revenue Bonds,Callable 1/1/2023 @ 100,4.00%, 1/1/2047		250,000		261,195
Oregon 0.21%
Medford Hospital Facilities Authority, Refunding Revenue Bonds, (AGM),Callable 8/15/2020 @ 100,5.00%, 8/15/2021		100,000		101,455
Oregon Health & Science University, Refunding Revenue Bonds,Callable 7/1/2022 @ 100,5.00%, 7/1/2032		35,000		38,037
				139,492
Pennsylvania 3.97%
Allegheny County Sanitary Authority, Sewer Improvements, Revenue Bonds,Callable 12/1/2023 @ 100,5.25%, 12/1/2044		500,000		564,290
City of Philadelphia, PA, Refunding Bonds, General Obligation Unlimited, (AGM) (OID), 5.25%, 8/1/2026		135,000		136,882
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds,Callable 11/1/2022 @ 100,5.00%, 5/1/2037		100,000		103,759
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds,Callable 11/1/2022 @ 100,5.00%, 5/1/2042		100,000		103,374
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds (OID),Callable 11/1/2022 @ 100,4.00%, 5/1/2032		100,000		101,131
Pennsylvania Housing Finance Agency, Revenue Bonds,Callable 4/1/2027 @ 100,3.65%, 10/1/2042		100,000		105,728
Pennsylvania State University, Revenue Bonds,Callable 9/1/2026 @ 100,5.00%, 9/1/2034		190,000		229,754
Pennsylvania State University, Revenue Bonds,Callable 9/1/2026 @ 100,5.00%, 9/1/2035		125,000		150,815

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Pennsylvania (cont.)
Pennsylvania State University, Revenue Bonds,Callable 9/1/2026 @ 100,5.00%, 9/1/2036	$	100,000	$	120,381
Pennsylvania Turnpike Commission, Revenue Bonds,Callable 12/1/2025 @ 100,5.00%, 12/1/2045		500,000		568,940
Pennsylvania Turnpike Commission, Revenue Bonds, 5.25%, 7/15/2028		150,000		196,815
West View Municipal Authority Water Revenue, Water Utility Improvements, Revenue Bonds, (OID),Callable 11/15/2024 @ 100,4.00%, 11/15/2043		250,000		282,565
				2,664,434
Puerto Rico 0.80%
Commonwealth of Puerto Rico, General Obligation Unlimited, (AGM) (OID),Callable 7/1/2021 @ 100,5.25%, 7/1/2026		100,000		103,028
Commonwealth of Puerto Rico, Refunding Bonds, General Obligation Unlimited (AGM),Callable 1/1/2021 @ 100,5.00%, 7/1/2031		200,000		200,756
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding Revenue Bonds, 5.00%, 7/1/2022		250,000		235,625
				539,409
Rhode Island 1.24%
Rhode Island Housing & Mortgage Finance Corporation, Refunding Revenue Bonds,Callable 4/1/2021 @ 100,3.45%, 4/1/2026		500,000		508,195
Rhode Island Housing & Mortgage Finance Corporation, Refunding Revenue Bonds,Callable 4/1/2021 @ 100,4.10%, 10/1/2037		45,000		45,465
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		240,264
Rhode Island Turnpike & Bridge Authority, Highway Improvements, Revenue Bonds, (OID),Callable 12/1/2020 @ 100,5.00%, 12/1/2039		35,000		35,897
				829,821
South Dakota 0.61%
South Dakota Housing Development Authority, Revenue Bonds,Callable 11/1/2025 @ 100,2.45%, 5/1/2027		250,000		256,935
South Dakota Housing Development Authority, Revenue Bonds,Callable 11/1/2025 @ 100,3.13%, 11/1/2036		150,000		154,345
				411,280

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Tennessee 0.63%
City of Memphis, TN, General Obligation Unlimited,Callable 4/1/2024 @ 100,5.00%, 4/1/2044	$	100,000	$	111,774
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		201,846
Tennessee Housing Development Agency, Revenue Bonds,Callable 1/1/2027 @ 100,3.40%, 7/1/2037		100,000		106,561
				420,181
Texas 6.30%
City of Houston, TX, Refunding Revenue Bonds,Callable 3/1/2029 @ 100,4.00%, 3/1/2049		500,000		559,545
City of Houston, TX, Refunding Revenue Bonds,Callable 9/1/2021 @ 100,5.25%, 9/1/2029		500,000		526,905
City Public Service Board of San Antonio, TX, Revenue Bonds,Callable 8/1/2026 @ 100,5.00%, 2/1/2032		250,000		300,540
Clifton Higher Education Finance Corporation, School Improvements, Refunding Revenue Bonds, 4.00%, 8/15/2044		500,000		527,990
Comal Independent School District, School Improvements, General Obligation Unlimited,Callable 2/1/2026 @ 100,4.00%, 2/1/2034		250,000		276,102
Fort Bend Grand Parkway Toll Road Authority, Refunding Revenue Bonds,Callable 3/1/2022 @ 100,4.00%, 3/1/2046		250,000		259,063
Harris County Cultural Education Facilities Finance Corporation, Revenue Bonds,Callable 5/15/2026 @ 100,4.00%, 11/15/2030		130,000		144,204
San Antonio Public Facilities Corporation, Public Improvements, Refunding Revenue Bonds, (OID),Callable 9/15/2022 @ 100,4.00%, 9/15/2042		250,000		258,267
San Antonio Water System, Refunding Revenue Bonds,Callable 11/15/2029 @ 100,5.00%, 5/15/2034		190,000		244,777
Texas A&M University, Refunding Revenue Bonds, 5.00%, 5/15/2039		100,000		100,474
Texas Public Finance Authority, Revenue Bonds,Callable 12/1/2026 @ 100,4.00%, 12/1/2031		200,000		224,462
Texas Water Development Board, Revenue Bonds,Callable 10/15/2029 @ 100,4.00%, 10/15/2037		500,000		592,695

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Texas (cont.)
White Oak, TX, Independent School District, General Obligation Unlimited,Callable 2/15/2027 @ 100,4.00%, 2/15/2029	$	190,000	$	220,265
				4,235,289
Utah 0.46%
University of Utah/The, University & College Improvements, Revenue Bonds, 5.00%, 8/1/2043		250,000		281,883
Utah Housing Corporation, State Single-Family Housing, Revenue Bonds,Callable 1/1/2021 @ 100,5.25%, 1/1/2025		15,000		15,142
Utah Housing Corporation, State Single-Family Housing, Revenue Bonds,Callable 1/1/2021 @ 100,5.75%, 1/1/2033		10,000		10,109
				307,134
Vermont 0.37%
Vermont Housing Finance Agency, State Multi-Family Housing, Revenue Bonds,Callable 8/15/2022 @ 100,3.75%, 8/15/2037		245,000		251,431
Virgin Islands 0.15%
Virgin Islands Public Finance Authority, Refunding Revenue Bonds,Callable 10/1/2020 @ 100,5.00%, 10/1/2025		100,000		98,216
Virginia 0.73%
Virginia Housing Development Authority, State Single-Family Housing, Revenue Bonds,Callable 4/1/2020 @ 100,4.50%, 10/1/2045		215,000		215,000
Virginia Resources Authority, Revenue Bonds,Callable 11/1/2025 @ 100,4.00%, 11/1/2033		250,000		278,092
				493,092
Washington 1.60%
Spokane Public Facilities District, Public Improvements, Revenue Bonds,Callable 6/1/2023 @ 100,5.00%, 5/1/2043		1,000,000		1,077,040
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		80,197

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Wyoming 0.75%
Wyoming Community Development Authority, State Single-Family Housing, Revenue Bonds,Callable 6/1/2024 @ 100,3.70%, 6/1/2039	$	485,000	$	504,589
Total Municipal Bonds (Cost $63,666,925)				66,069,782

	Shares
Money Market Funds 0.56%
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Class, 0.25%(a)	376,367		376,367
Total Money Market Funds (Cost $376,367)			376,367
Total Investments — 98.91% (Cost $64,043,292)			66,446,149
Other Assets in Excess of Liabilities — 1.09%			730,602
NET ASSETS - 100.00%		$	67,176,751

(a) Rate disclosed is the seven day effective yield as of March 31, 2020.

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 | MARCH 31, 2020 (UNAUDITED)
	Shares		Market Value
Common Stocks 5.49%
Communication Services 1.09%
AT&T, Inc.		18,000	$	524,700
Verizon Communications, Inc.		15,000	$	805,950
				1,330,650
Energy 2.40%
CNX Midstream Partners LP		8,500		68,850
Enbridge, Inc.		29,763		865,806
Energy Transfer Equity LP		64,571		297,027
Enterprise Products Partners LP		42,400		606,320
Global Partners LP		2,215		19,536
Magellan Midstream Partners LP		11,700		426,933
MPLX LP		29,269		340,106
Plains All American Pipeline LP		3,200		16,896
Targa Resources Corporation		7,739		53,476
TC PipeLines LP		7,195		197,719
USA Compression Partners LP		4,796		27,145
Western Midstream Partners LP		2,782		9,014
				2,928,828
Financials 0.44%
Blackstone Group, Inc. (The), Class A		7,100		323,547
Citigroup, Inc.		5,000		210,600
				534,147
Health Care 0.19%
AbbVie, Inc.		3,000		228,570
Real Estate Investment Trusts (REITs) 1.37%
Apple Hospitality REIT, Inc.		22,539		206,683
Blackstone Mortgage Trust, Inc., Class A		11,565		215,340
City Office REIT, Inc.		20,000		144,600
DiamondRock Hospitality Company		25,953		131,841
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		37,792		771,335
Pebblebrook Hotel Trust		8,806		95,897
Spirit MTA REIT(a)		2,000		1,505

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

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Real Estate Investment Trusts (REITs) (cont.)
Spirit Realty Capital, Inc.		4,000	$	104,600
				1,671,801
Total Common Stocks (Cost $10,919,725)				6,693,996
Preferred Stocks 12.98%
Financials 6.05%
Allstate Corporation (The), Series I, 4.75%		20,000		460,200
American Financial Group, Inc., 5.13%		15,000		331,800
American Financial Group, Inc., 6.00%		8,700		211,410
Arch Capital Group Ltd., 5.25%		20,000		458,800
Bank of America Corporation, 5.88%		8,000		202,160
Bank of America Corporation, Series LL, 5.00%		15,000		352,200
Bank of New York Mellon Corporation (The), 5.20%		8,700		211,062
First Republic Bank, 5.70%		9,000		223,830
First Republic Bank, Series J, 4.70%		15,000		337,200
Globe Life, Inc., 6.13%		10,000		232,600
Hancock Holding Company, 5.95%		3,700		79,587
JPMorgan Chase & Company, Series EE, 6.00%		20,000		523,000
KeyCorp, Series G, 5.63%		15,000		362,250
KKR & Compnay LP, Series B, 6.50%		10,000		248,200
MetLife, Inc., Series F, 4.75%		25,000		534,000
Northern Trust Corporation, Series E, 4.70%		13,640		326,269
PNC Financial Services Group, Inc. (The), 5.38%		4,250		103,275
Prudential Financial, Inc., 5.63%		10,000		251,300
State Street Corporation, 5.35%		1,000		24,550
U.S. Bancorp, Series F, 6.50%		7,300		188,048
W.R. Berkley Corporation, 5.10%		20,000		431,000
Wells Fargo & Co., Series Z, 4.75%		20,000		420,000
Wells Fargo & Company, 5.20%		15,850		371,682
Wells Fargo & Company, 5.70%		20,000		495,000
				7,379,423

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

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Industrials 0.04%
Pitney Bowes, Inc., 6.70%		5,700	$	51,585
Real Estate 3.76%
Brookfield Property Partners LP, Series A, 5.75%		7,500		105,000
Digital Realty Trust, Inc., 6.35%		25,450		633,959
Diversified Healthcare Trust, 5.63%		26,660		425,760
Federal Realty Investment Trust, 5.00%		7,500		168,675
National Retail Properties, Inc., 5.20%		25,000		548,750
PS Business Parks, Inc., 5.20%		10,000		229,600
PS Business Parks, Inc., 5.20%		4,000		91,920
PS Business Parks, Inc., 5.25%		10,000		229,900
Public Storage, 4.90%		20,000		469,400
Public Storage, 4.95%		20,000		472,200
Public Storage, 5.13%		10,000		241,900
Public Storage, Series I, 4.88%		9,583		226,063
Taubman Centers, Inc., 6.25%		13,046		286,751
Taubman Centers, Inc., 6.50%		9,416		205,269
Vornado Realty Trust, 5.40%		12,298		248,420
				4,583,567
Utilities 3.13%
DTE Energy Company, 5.38%		10,000		238,700
DTE Energy Company, 6.00%		20,000		497,200
Duke Energy Corporation, 5.13%		9,030		222,770
Entergy Arkansas, Inc., 4.88%		20,000		492,800
Entergy Louisiana LLC, 4.88%		10,000		247,900
Entergy Mississippi, Inc., 4.90%		30,000		742,800
NextEra Energy Capital Holdings, Inc., 5.00%		6,700		163,614
NextEra Energy Capital Holdings, Inc., 5.25%		10,000		244,400
Southern Company, 4.95%		21,000		470,190
Southern Company, 5.25%		20,000		492,200
				3,812,574
Total Preferred Stocks (Cost $17,166,878)				15,827,149

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

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
Utilities (cont.)
	Principal Amount		Market Value
Collateralized Mortgage Obligations 0.12%
CHL Mortgage Pass-Through Trust, 2005-21, A27, 5.50%, 10/25/2035	$	30,662	$	25,536
CHL Mortgage Pass-Through Trust, 2005-21, A7, 5.50%, 10/25/2035		33,148		27,607
Citicorp Mortgage Securities, Inc., 1A12, 5.00%, 2/25/2035		95,461		92,404
Total Collateralized Mortgage Obligations (Cost $112,944)				145,547
Corporate Bonds 8.12%
Bank of New York Mellon Corporation (The),4.63%, 12/20/2049		500,000		451,668
Dow Chemical Company (The),3.05%, 2/15/2022		1,000,000		993,860
Entergy Texas, Inc.,5.15%, 6/1/2045		100,000		104,849
Exelon Generation Company LLC,5.60%, 6/15/2042(a)(b)		400,000		347,827
Fifth Third Bancorp,8.25%, 3/1/2038		250,000		330,648
General Electric Company,5.00%, 12/29/2049		765,000		632,559
Goldman Sachs Group, Inc. (The),6.75%, 10/1/2037		850,000		1,128,371
Goldman Sachs Group, Inc. (The),6.45%, 5/1/2036		500,000		611,668
Hospitality Properties Trust,4.50%, 3/15/2025		500,000		366,197
Kinder Morgan Energy Partners LP,6.50%, 2/1/2037		250,000		258,316
MetLife, Inc.,9.25%, 4/8/2038(a)(b)		1,500,000		1,877,048
MetLife, Inc.,10.75%, 8/1/2039		1,000,000		1,393,776
PECO Energy Capital Trust IV,5.75%, 6/15/2033		1,000,000		1,128,076
Valero Energy Corporation,8.75%, 6/15/2030		224,000		277,030
Total Corporate Bonds (Cost $9,771,334)				9,901,893

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

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Municipal Bonds 67.51%
Alabama 3.10%
Health Care Authority for Baptist Health (The), Refunding Revenue Bonds, 5.50%, 11/15/2043	$	2,000,000	$	2,565,800
University of Alabama (The), University & College Improvements, Build America Revenue Bonds,Callable 6/1/2020 @ 100,6.13%, 6/1/2039		715,000		719,769
University of Alabama (The), University & College Improvements, Build America Revenue Bonds,Callable 6/1/2020 @ 100,6.13%, 6/1/2042		500,000		503,335
				3,788,904
Arizona 2.28%
Arizona School Facilities Board, School Improvements, Certificate of Participation, 6.00%, 9/1/2027		225,000		283,558
Northern Arizona University, University & College Improvements, Build America Revenue Bonds,Callable 8/1/2020 @ 100,5.92%, 8/1/2022		1,365,000		1,387,727
University of Arizona, University & College Improvements, Build America Revenue Bonds,Callable 8/1/2020 @ 100,6.64%, 8/1/2044		1,085,000		1,105,029
				2,776,314
California 4.59%
Alhambra Unified School District, University & College Improvements, General Obligation Unlimited, 6.70%, 2/1/2026		465,000		553,838
California State University, Revenue Bonds Series B,Callable 5/1/2030 @ 100,3.07%, 11/1/2042		50,000		51,166
City & County of San Francisco, CA, General Obligation Unlimited, 6.26%, 6/15/2030		450,000		590,378
County of San Bernardino, CA, Refunding Revenue Bonds, 6.02%, 8/1/2023		145,000		158,494
Oakland Redevelopment Agency Successor Agency, Economic Improvements, Tax Allocation Bonds, 8.50%, 9/1/2020		170,000		175,120
Peralta Community College District, Refunding Revenue Bonds, 6.91%, 8/1/2025		500,000		608,850
Peralta Community College District, Refunding Revenue Bonds, 7.31%, 8/1/2031		310,000		414,858
San Bernardino City Unified School District, School Improvements, Certificate of Participation, (AGM) (OID), 8.05%, 2/1/2023		1,000,000		1,163,530

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

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (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	$	642,830
University of California, Revenue Bonds,Callable 5/15/2030 @ 100,6.30%, 5/15/2050		510,000		635,276
University of California, University & College Improvements, Refunding Revenue Bonds, 3.66%, 5/15/2027		250,000		279,010
West Contra Costa Unified School District, School Improvements, General Obligation Unlimited, 6.25%, 8/1/2030		250,000		337,353
				5,610,703
Colorado 1.03%
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		257,072
Colorado Mesa University, University & College Improvements, Build America Revenue Bonds, (State Higher Education Intercept Program), 6.75%, 5/15/2042		500,000		741,540
County of Gunnison, CO, Public Improvements, Build America Bonds, Certificate of Participation,Callable 7/15/2020 @ 100,5.95%, 7/15/2030		250,000		253,608
				1,252,220
Connecticut 0.70%
City of Waterbury, CT, Public Improvements, General Obligation Unlimited, (AGM),Callable 9/1/2020 @ 100,6.10%, 9/1/2030		500,000		509,525
State of Connecticut, General Obligation Unlimited, 5.85%, 3/15/2032		280,000		344,285
				853,810
Florida 4.76%
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		201,716
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		100,873
City of Miami Gardens, FL, Public Improvements, Build America Bonds, Certificate of Participation, 7.17%, 6/1/2026		1,250,000		1,448,175

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

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (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	$	306,519
City of Tallahassee, FL, Utility System Revenue, Build America Revenue Bonds, 5.22%, 10/1/2040		300,000		394,692
County of Miami-Dade, FL Transit System, Transit Improvements, Build America Revenue Bonds, 5.53%, 7/1/2032		500,000		603,435
County of Miami-Dade, FL, Port, Airport & Marina Improvements, Build America Revenue Bonds, (AGM) (OID), 7.50%, 4/1/2040		1,000,000		1,512,320
County of Miami-Dade, FL, Public Improvements, Build America Revenue Bonds,Callable 4/1/2020 @ 100,6.54%, 4/1/2030		250,000		250,000
County of Miami-Dade, FL, Recreational Facility Improvements, Revenue Bonds, (AGM), 7.08%, 10/1/2029		250,000		346,005
Florida Atlantic University Finance Corporation, University & College Improvements, Build America Revenue Bonds, 7.64%, 7/1/2040		165,000		167,450
Florida State Board of Governors, University & College Improvements, Build America Revenue Bonds,Callable 11/1/2020 @ 100,7.50%, 11/1/2035		250,000		258,293
Town of Miami Lakes, FL, Public Improvements, Build America Revenue Bonds, 7.59%, 12/1/2030		150,000		210,715
				5,800,193
Georgia 4.96%
Cobb Marietta Georgia Coliseum, Revenue Bonds,Callable 1/1/2026 @ 100,4.50%, 1/1/2047		600,000		647,364
Municipal Electric Authority of Georgia, Electric Lights & Power Improvements, Build America Revenue Bonds, 7.06%, 4/1/2057		2,487,000		3,279,557
State of Georgia, Public Improvements, General Obligation Unlimited,Callable 2/1/2024 @ 100,3.84%, 2/1/2032		2,000,000		2,125,400
				6,052,321
Hawaii 0.44%
State of Hawaii, General Obligation Unlimited,Callable 10/1/2025 @ 100,4.05%, 10/1/2032		495,000		539,288

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

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Idaho 0.35%
Idaho Water Resource Board, Water Utility Improvements, Revenue Bonds, (OID),Callable 9/1/2022 @ 100,5.25%, 9/1/2024	$	400,000	$	430,968
Illinois 2.62%
City of Chicago Heights, IL, Refunding Bonds, General Obligation Unlimited, (AGM) (OID),Callable 1/15/2021 @ 100,6.00%, 1/15/2028		150,000		154,470
City of Chicago, IL Waterworks Revenue, Water Utility Improvements, Build America Revenue Bonds, 6.74%, 11/1/2040		250,000		356,662
Northern Illinois University, University & College Improvements, Build America Revenue Bonds, (AGM),Callable 4/1/2020 @ 100,8.15%, 4/1/2041		570,000		570,000
Northern Illinois University, University & College Improvements, Build America Revenue Bonds, (AGM),Callable 4/1/2020 @ 100,7.75%, 4/1/2030		250,000		250,000
Village of Glenwood, IL, Public Improvements, Build America Bonds, General Obligation Unlimited, (AGM), 7.03%, 12/1/2028		1,500,000		1,856,625
				3,187,757
Indiana 1.98%
Anderson School Building Corporation, Refunding Bonds, General Obligation Limited,Callable 7/5/2023 @ 100,3.95%, 7/5/2029		1,000,000		1,055,840
Anderson School Building Corporation, Refunding Bonds, General Obligation Limited, (OID),Callable 7/5/2023 @ 100,3.75%, 7/5/2028		1,000,000		1,052,450
Evansville Redevelopment Authority, Recreational Facility Improvements, Build America Refunding Revenue Bonds,Callable 8/1/2020 @ 100,7.21%, 2/1/2039		300,000		306,036
				2,414,326
Kansas 0.27%
Wyandotte County Unified School District No. 500 Kansas City, General Obligation Unlimited Series B,Callable 9/1/2030 @ 100,3.17%, 9/1/2046		330,000		330,805

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

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Kentucky 0.58%
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	$	253,905
Kentucky State Property & Building Commission, Economic Improvements, University & College Improvements, Build America Revenue Bonds, 5.37%, 11/1/2025		400,000		453,708
				707,613
Louisiana 0.28%
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		341,068
Massachusetts 0.43%
City of Worcester, MA, Pension Funding, General Obligation Limited, (AGM) (OID), 6.25%, 1/1/2028		160,000		188,312
Massachusetts Health & Educational Facilities Authority, Refunding Revenue Bonds, 6.43%, 10/1/2035		250,000		330,240
University of Massachusetts Building Authority, University & College Improvements, Build America Revenue Bonds, 6.57%, 5/1/2039		15,000		15,054
				533,606
Michigan 3.66%
Avondale School District, School Improvements, Build America Bonds, General Obligation Unlimited, (AGM),Callable 5/1/2020 @ 100,5.75%, 5/1/2032		500,000		501,850
Comstock Park Public Schools, School Improvements, General Obligation Unlimited,Callable 5/1/2021 @ 100,6.20%, 5/1/2024		200,000		210,466
County of Macomb, MI, Retirement Facilities, General Obligation Limited,Callable 11/1/2025 @ 100,4.13%, 11/1/2030		250,000		279,238
Michigan Finance Authority, Revenue Bonds,Callable 9/1/2025 @ 100,3.90%, 9/1/2030		250,000		266,502
Michigan Finance Authority, School Improvements, Revenue Bonds,Callable 11/1/2020 @ 100,6.38%, 11/1/2025		500,000		510,880
Michigan Finance Authority, School Improvements, Revenue Bonds,Callable 5/1/2021 @ 100,6.20%, 5/1/2022		245,000		254,741

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

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Michigan (cont.)
Michigan Tobacco Settlement Finance Authority, Miscellaneous Purposes Revenue Bonds, (OID), 7.31%, 6/1/2034	$	2,315,000	$	2,292,568
Onsted Community Schools, School Improvements, General Obligation Unlimited,Callable 5/1/2020 @ 100,5.90%, 5/1/2027		150,000		150,498
St Johns Public Schools, General Obligation Unlimited,Callable 5/1/2020 @ 100,6.65%, 5/1/2040		5,000		5,018
				4,471,761
Mississippi 0.73%
Mississippi Development Bank, Highway Improvements, Build America Revenue Bonds, 6.59%, 1/1/2035		650,000		888,452
Missouri 3.93%
City of Kansas City, MO, Revenue Bonds, 7.83%, 4/1/2040		2,455,000		3,525,184
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		251,740
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		277,783
Missouri Joint Municipal Electric Utility Commission, Electric Lights & Power Improvements, Build America Revenue Bonds, 7.73%, 1/1/2039		475,000		734,915
				4,789,622
Nebraska 0.19%
Nebraska Public Power District, Electric Lights & Power Improvements, Build America Revenue Bonds, 5.32%, 1/1/2030		200,000		237,214
Nevada 1.29%
County of Washoe, NV, Public Improvements, Build America Revenue Bonds, 7.97%, 2/1/2040		590,000		929,280
County of Washoe, NV, Public Improvements, Build America Revenue Bonds, 7.88%, 2/1/2040		250,000		431,548

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

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Nevada (cont.)
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	$	220,000
				1,580,828
New Jersey 2.62%
New Jersey Economic Development Authority, Revenue Bonds, 7.43%, 2/15/2029		250,000		298,587
New Jersey Economic Development Authority, School Improvements, Build America Revenue Bonds,Callable 6/15/2020 @ 100,6.43%, 12/15/2035		500,000		503,780
New Jersey Educational Facilities Authority, University & College Improvements, Build America Revenue Bonds,Callable 7/1/2020 @ 100,6.19%, 7/1/2040		500,000		504,265
Township of Brick, NJ, General Obligation Unlimited, 3.75%, 9/1/2028		1,780,000		1,884,504
				3,191,136
New York 8.17%
City of New York, NY, Public Improvements, Build America Bonds, General Obligation Unlimited, 5.21%, 10/1/2031		100,000		117,321
City of New York, NY, Public Improvements, Build America Bonds, General Obligation Unlimited, 5.70%, 3/1/2027		145,000		170,632
County of Nassau, NY, Public Improvements, Build America Bonds, General Obligation Unlimited, 5.38%, 10/1/2024		500,000		579,370
Long Island Power Authority, Revenue Bonds, (OID), 5.85%, 5/1/2041		195,000		266,635
Metropolitan Transportation Authority, Revenue Bonds, 5.87%, 11/15/2039		200,000		262,506
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 5.99%, 11/15/2030		125,000		173,029
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 6.59%, 11/15/2030		395,000		518,643
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 6.20%, 11/15/2026		375,000		444,060
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 6.69%, 11/15/2040		500,000		650,680
New York City Industrial Development Agency, Recreational Facilities Improvements Revenue Bonds, (NATL-RE), 5.90%, 3/1/2046		680,000		805,412

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

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
New York (cont.)
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	$	701,415
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Build America Revenue Bonds, 5.47%, 5/1/2036		815,000		1,077,520
New York City Water & Sewer System, Build America Refunding Revenue Bonds,Callable 6/15/2020 @ 100,6.49%, 6/15/2042		200,000		201,554
New York State Dormitory Authority, Revenue Bonds,Callable 7/1/2029 @ 100,4.29%, 7/1/2044		250,000		276,032
Port Authority of New York & New Jersey, Port, Airport & Marina Improvements, Revenue Bonds, 3.92%, 10/15/2028		2,115,000		2,193,530
Port Authority of New York & New Jersey, Revenue Bonds,Callable 6/1/2025 @ 100,4.82%, 6/1/2045		1,000,000		1,102,770
Triborough Bridge & Tunnel Authority, Revenue Bonds,Callable 11/15/2033 @ 100,5.55%, 11/15/2040		150,000		182,977
Western Nassau County Water Authority, Build America Revenue Bonds, 6.70%, 4/1/2040		150,000		216,329
				9,940,415
North Carolina 0.20%
County of Cabarrus, NC, School Improvements, Revenue Bonds,Callable 4/1/2021 @ 100,5.50%, 4/1/2026		235,000		242,518
Ohio 3.14%
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds, 7.50%, 2/15/2050		500,000		778,265
American Municipal Power, Inc., Revenue Bonds, 6.27%, 2/15/2050		500,000		669,040
Cincinnati City School District, Refunding Bonds, Certificate of Participation, (OID),Callable 12/15/2024 @ 100,4.00%, 12/15/2032		200,000		214,104
County of Cuyahoga, OH, Hospital Improvements, Build America Revenue Bonds, 8.22%, 2/15/2040		1,000,000		1,329,260
Mariemont City School District, General Obligation Unlimited,Callable 12/1/2020 @ 100,5.90%, 12/1/2030		105,000		108,430

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

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Ohio (cont.)
Mariemont City School District, General Obligation Unlimited,Callable 12/1/2020 @ 100,5.90%, 12/1/2030	$	5,000	$	5,127
Olentangy Local School District, Refunding Bonds, General Obligation Unlimited, 3.50%, 12/1/2029		500,000		529,600
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		200,428
				3,834,254
Oregon 0.21%
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		250,762
Pennsylvania 2.79%
Pennsylvania Turnpike Commission, Build America Revenue Bonds, 6.38%, 12/1/2037		520,000		727,085
Philadelphia Authority for Industrial Development, Pension Funding, Revenue Bonds, (AGM) (OID), 6.35%, 4/15/2028		630,000		804,491
Philadelphia Municipal Authority, Public Improvements, Revenue Bonds, 5.09%, 3/15/2028		500,000		529,395
Sports & Exhibition Authority of Pittsburgh and Allegheny County, Recreational Facilities Improvements, Revenue Bonds, 7.04%, 11/1/2039		1,000,000		1,336,970
				3,397,941
Rhode Island 0.40%
Narragansett Bay Commission, Revenue Bonds, Series A,Callable 9/1/2030 @ 100,2.92%, 9/1/2043		500,000		486,955
South Carolina 0.21%
Moncks Corner Regional Recreation Corporation, Recreational Facility Improvements, Build America Revenue Bonds,Callable 12/1/2020 @ 100,6.55%, 12/1/2039		250,000		259,237

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

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
South Dakota 0.34%
South Dakota State Building Authority, University & College Improvements, Build America Revenue Bonds,Callable 6/1/2021 @ 100,6.15%, 6/1/2031	$	400,000	$	419,584
Texas 1.54%
Ector County Hospital District, Hospital Improvements, Build America Revenue Bonds,Callable 9/15/2020 @ 100,7.18%, 9/15/2035		250,000		250,088
Frisco Economic Development Corporation, Public Improvements, Revenue Bonds, 4.20%, 2/15/2034		1,000,000		1,051,630
Grand Parkway Transportation Corporation, Revenue Bonds Series B,Callable 4/1/2030 @ 100,3.24%, 10/1/2052		100,000		97,491
Midland County Hospital District, Health, Hospital & Nursing Home Improvements, Build America Bonds, General Obligation Limited, 6.44%, 5/15/2039		260,000		371,166
Orchard Cultural Education Facilities Finance Corporation, Recreational Facility Improvements, Revenue Bonds, 6.48%, 11/15/2034		110,000		113,825
				1,884,200
Virgin Islands 1.85%
Virgin Islands Water & Power Authority- Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM), 6.85%, 7/1/2035		1,000,000		1,282,000
Virgin Islands Water & Power Authority- Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM), 6.65%, 7/1/2028		840,000		979,474
				2,261,474
Virginia 4.20%
Tobacco Settlement Financing Corporation, Refunding Revenue Bonds, (OID), 6.71%, 6/1/2046		5,910,000		5,117,351
Washington 1.96%
City of Seattle, WA, Municipal Light & Power Revenue, Electric Lights & Power Improvements, Build America Revenue Bonds, (OID), 5.57%, 2/1/2040		250,000		301,003
Douglas County Public Utility District No. 1, Electric Lights & Power Improvements, Revenue Bonds, 5.35%, 9/1/2030		250,000		300,692

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

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Washington (cont.)
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	$	754,794
Public Utility District No. 1 of Cowlitz County, WA, Electric Lights & Power Improvements, Build America Revenue Bonds, 6.88%, 9/1/2032		500,000		691,030
Snohomish County Public Utility District No. 1, Electric Lights & Power Improvements, Build America Revenue Bonds, (OID), 5.68%, 12/1/2040		250,000		329,955
				2,377,474
West Virginia 1.62%
Tobacco Settlement Finance Authority, Miscellaneous Purposes Revenue Bonds, 7.47%, 6/1/2047		2,035,000		1,973,970
Wisconsin 0.09%
State of Wisconsin, General Obligation Unlimited,Callable 02/11/2020 @ 100,2.35%, 5/1/2031		100,000		104,016
Total Municipal Bonds (Cost $73,049,555)				82,329,060
		Shares
Money Market Funds 4.72%
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Class, 0.25%(c)		5,754,412		5,754,412
Total Money Market Funds (Cost $5,754,412)				5,754,412
Total Investments — 98.94% (Cost $116,774,848)				120,652,057
Other Assets in Excess of Liabilities — 1.06%				1,292,673
NET ASSETS - 100.00%			$	121,944,730

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

(a)	Security is currently being valued according to the fair value procedures approved by the Board of Directors.
(b)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c)	Rate disclosed is the seven day effective yield as of March 31, 2020.

AGM — Assured Guaranty Municipal Corp.

GTD — Guaranteed

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

OID — Original Issue Discount

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

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED)
	Shares		Market Value
Common Stocks 27.07%
Communication Services 4.95%
Alphabet, Inc., Class A(a)		250	$	290,488
Alphabet, Inc., Class C(a)		190		220,934
AT&T, Inc.		4,114		119,923
Netflix, Inc.(a)		351		131,800
Verizon Communications, Inc.		5,000		268,650
				1,031,795
Consumer Discretionary 3.16%
Amazon.com, Inc.(a)		125		243,715
Home Depot, Inc. (The)		1,000		186,710
Lennar Corporation, Class A		3,800		145,160
Toll Brothers, Inc.		4,285		82,486
				658,071
Energy 3.75%
Cheniere Energy Partners LP		4,300		116,143
Energy Transfer Equity LP		17,350		79,810
Enterprise Products Partners LP		10,805		154,512
Exxon Mobil Corporation		2,095		79,547
Kinder Morgan, Inc.		7,500		104,400
Magellan Midstream Partners LP		2,725		99,435
MPLX LP		8,850		102,837
Targa Resources Corporation		1,305		9,018
USA Compression Partners LP		2,666		15,090

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

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Energy (cont.)
Viper Energy Partners, LP		3,200	$	21,216
				782,008
Financials 3.25%
Blackstone Group, Inc. (The), Class A		7,675		349,750
Blackstone Mortgage Trust, Inc., Class A		3,207		59,714
Citigroup, Inc.		2,000		84,240
Fifth Third Bancorp		3,400		50,490
JPMorgan Chase & Company		1,000		90,030
Starwood Property Trust, Inc.		4,175		42,794
				677,018
Health Care 0.73%
AbbVie, Inc.		2,000		152,380
Industrials 1.51%
Caterpillar, Inc.		700		81,228
Deere & Company		1,150		158,884
Honeywell International, Inc.		550		73,585
				313,697
Information Technology 4.39%
Apple, Inc.		690		175,460
NVIDIA Corporation		2,045		539,062
PayPal Holdings, Inc.(a)		2,100		201,054
				915,576
Materials 0.27%
Dow, Inc.		1,900		55,556
Real Estate Investment Trusts (REITs) 4.13%
Apple Hospitality REIT, Inc.		6,250		57,312
Prologis, Inc.		2,500		200,925

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

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Real Estate Investment Trusts (REITs) (cont.)
Sun Communities, Inc.		714	$	89,143
Terreno Realty Corporation		7,362		380,983
Welltower, Inc.		1,160		53,105
WP Carey, Inc.		1,340		77,827
				859,295
Utilities 0.93%
American Electric Power Company, Inc.		1,155		92,377
Consolidated Edison, Inc.		1,310		102,180
				194,557
Total Common Stocks (Cost $6,437,319)				5,639,953
Preferred Stocks 9.66%
Financials 3.25%
Bank of America Corporation, 6.00%		3,800		95,190
First Republic Bank, 5.70%		9,000		223,830
Hancock Holding Company, 5.95%		9,200		197,892
KKR & Company LP, 6.50%		6,481		160,859
				677,771
Information Technology 1.19%
eBay, Inc., 6.00%		10,000		247,400
Real Estate 2.39%
National Retail Properties, Inc., 5.20%		6,000		131,700
Public Storage, 5.05%		5,000		121,300
Public Storage, Series B, 5.40%		10,000		245,100
				498,100
Utilities 2.83%
Southern Company, 5.25%		14,000		344,400

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

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Utilities (cont.)
Southern Company, 5.25%		10,000	$	246,100
				590,500
Total Preferred Stocks (Cost $2,100,456)				2,013,771

		Principal Amount
Corporate Bonds 2.51%
Apple Inc,2.20%, 9/11/2029	$	250,000	256,878
Microsoft Corporation,3.30%, 2/6/2027		240,000	266,959
Total Corporate Bonds (Cost $504,156)			523,837
Municipal Bonds 53.79%
Arizona 3.62%
City of Tucson, AZ, Certificate of Participation, (AGM), 4.83%, 7/1/2034		620,000	755,352
California 5.91%
California State University, Revenue Bonds, Series B,Callable 5/1/2030 @ 100,3.07%, 11/1/2042		50,000	51,166
City of Newport Beach, CA, Public Improvements, Certificate of Participation, 7.17%, 7/1/2040		800,000	1,178,544
			1,229,710
Florida 5.20%
Pasco County School Board, School Improvements, Certificate of Participation, 5.00%, 12/1/2037		1,000,000	1,084,200
Kansas 6.66%
Kansas Development Finance Authority, Revenue Bonds, 4.73%, 4/15/2037		1,000,000	1,217,200

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

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Kansas (cont.)
Wyandotte County Unified School District No. 500 Kansas City, General Obligation Unlimited, Series B,Callable 9/1/2030 @ 100,3.17%, 9/1/2046	$	170,000	$	170,415
				1,387,615
Michigan 5.24%
County of Macomb, MI, Retirement Facilities, General Obligation Limited, 4.42%, 11/1/2035		1,000,000		1,091,650
Nevada 0.76%
County of Washoe, NV, Public & Highway Improvements, Build America Revenue Bonds, 7.97%, 2/1/2040		100,000		157,505
New York 6.79%
New York City Transitional Finance Authority Building Aid Revenue, School Improvements, Miscellaneous Purposes Revenue Bonds, 5.00%, 7/15/2030		300,000		359,514
New York State Dormitory Authority, Revenue Bonds,Callable 7/1/2026 @ 100,3.88%, 7/1/2046		750,000		780,495
Port Authority of New York & New Jersey, Revenue Bonds,Callable 6/1/2025 @ 100,4.82%, 6/1/2045		250,000		275,692
				1,415,701
Ohio 7.66%
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds, 7.83%, 2/15/2041		1,000,000		1,458,670
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds, 5.94%, 2/15/2047		100,000		138,440
				1,597,110
Pennsylvania 5.25%
City of Reading, PA, General Obligation Unlimited, (AGM) (OID),Callable 11/1/2024 @ 100,5.30%, 11/1/2033		1,000,000		1,094,910
Rhode Island 2.34%
Narragansett Bay Commission, Revenue Bonds, Series A,Callable 9/1/2030 @ 100,2.92%, 9/1/2043		500,000		486,955

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

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | MARCH 31, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Tennessee 4.13%
Metropolitan Government of Nashville & Davidson County Convention Center Authority, Public Improvements, Revenue Bonds, 7.43%, 7/1/2043	$	500,000	$	750,580
Metropolitan Government of Nashville & Davidson County, General Obligation Unlimited, 3.49%, 7/1/2029		100,000		109,845
				860,425
Texas 0.23%
Grand Parkway Transportation Corporation, Revenue Bonds, Series B,Callable 4/1/2030 @ 100,3.24%, 10/1/2052		50,000		48,746
Total Municipal Bonds (Cost $9,953,010)				11,209,879
U.S. Government & Agency Obligations 5.98%
U.S. Treasury Notes 1.38%, 10/15/2022		350,000		359,919
U.S. Treasury Notes 1.50%, 1/15/2023		500,000		517,178
U.S. Treasury Notes 1.50%, 10/31/2024		350,000		368,142
Total U.S. Government & Agency Obligations (Cost $1,195,995)				1,245,239

	Shares
Money Market Funds 0.36%
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Class, 0.25%(b)	74,565		74,565
Total Money Market Funds (Cost $74,565)			74,565
Total Investments — 99.37% (Cost $20,265,501)			20,707,244
Other Assets in Excess of Liabilities — 0.63%			131,430
NET ASSETS - 100.00%		$	20,838,674

(a) Non-income producing security.

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

(b) Rate disclosed is the seven day effective yield as of March 31, 2020.

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 March 31, 2020, were as follows:

Fund	Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation		Cost Basis of Investments
Real Estate Fund	$	24,293,913	$	(8,557,936	)	$	15,735,977	$	53,285,856
Value Fund		32,137,347		(5,660,192	)		26,477,155		66,390,861
Municipal Fund		2,544,268		(143,687	)		2,400,581		64,045,568
Income Fund		13,727,904		(7,343,903	)		6,384,001		114,268,056
Opportunity Fund		2,510,425		(1,430,338	)		1,080,087		19,627,157

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

SPIRIT OF AMERICA INVESTMENT FUND, INC.

NOTES TO SCHEDULES OF INVESTMENTS

March 31, 2020

(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

March 31, 2020

(UNAUDITED)

The summary of inputs used to value each Fund’s net assets as of March 31, 2020, is as follows:

	Value Inputs
	LEVEL 1		LEVEL 2		LEVEL 3		Total
Real Estate Fund
Assets:
Common Stocks*	$	65,862,327	$	-	$	858	$	65,863,185
Preferred Stocks*		1,537,155		-		-		1,537,155
Municipal Bonds		-		199,096		-		199,096
Money Market Funds		1,422,397		-		-		1,422,397
Total	$	68,821,879	$	199,096	$	858	$	69,021,833
Value Fund
Assets:
Common Stocks*	$	89,359,424	$	-	$	-	$	89,359,424
Preferred Stocks*		1,702,858		-		-		1,702,858
Money Market Funds		1,805,734		-		-		1,805,734
Total	$	92,868,016	$	-	$	-	$	92,868,016
Municipal Fund
Assets:
Municipal Bonds	$	-	$	66,069,782	$	-	$	66,069,782
Money Market Funds		376,367		-		-		376,367
Total	$	376,367	$	66,069,782	$	-	$	66,446,149
Income Fund
Assets:
Common Stocks*	$	6,692,491	$	-	$	1,505	$	6,693,996
Preferred Stocks*		15,827,149		-		-		15,827,149
Collateralized Mortgage Obligations		-		145,547		-		145,547
Corporate Bonds		-		9,554,066		347,827		9,901,893
Municipal Bonds		-		82,329,060		-		82,329,060
Money Market Funds		5,754,412		-		-		5,754,412
Total	$	28,274,052	$	92,028,673	$	349,332	$	120,652,057
Opportunity Fund
Assets:
Common Stocks*	$	5,639,953	$	-	$	-	$	5,639,953
Preferred Stocks*		2,013,771		-		-		2,013,771
Corporate Bonds		-		523,837		-		523,837
Municipal Bonds		-		11,209,879		-		11,209,879
U.S. Government & Agency Obligations		-		1,245,239		-		1,245,239
Money Market Funds		74,565		-		-		74,565
Total	$	7,728,289	$	12,978,955	$	-	$	20,707,244

* 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

March 31, 2020

(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 Real Estate Fund’s significant Level 3 fair value measurements as of March 31, 2020:
Quantitative Information about Significant Level 3 Fair Value Measurements
Asset Category		Fair Value At March 31, 2020		Valuation Techniques		Unobservable Input(s)		Range
Common Stocks	$	858		Adjusted Broker Quotes		Non-Binding Broker Quotes		N/A
The following provides quantitative information about the Income Fund’s significant Level 3 fair value measurements as of March 31, 2020:
Quantitative Information about Significant Level 3 Fair Value Measurements
Asset Category		Fair Value At March 31, 2020		Valuation Techniques		Unobservable Input(s)		Range
Common Stocks	$	1,505		Adjusted Broker Quotes		Non-Binding Broker Quotes		N/A
Corporate Bonds	$	347,827		Comparable Security Analysis		Discount for Lack of Marketability		1%-20%
Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for the Real Estate Fund
		Balance as of December 31, 2019		Amortization/Accretion		Change in unrealized appreciation (depreciation)		Balance as of March 31, 2020
Common Stocks	$	875	$	-	$	(17)	$	858
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, 2019		Amortization/Accretion		Change in unrealized appreciation (depreciation)		Balance as of March 31, 2020
Common Stocks	$	1,535	$	-	$	(30)	$	1,505
Corporate Bonds	$	412,146	$	(123)	$	(64,196)	$	347,827

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 March 31, 2020, 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	$419,926	$347,827
MetLife Capital, Inc., 9.25%, 04/08/38	6/4/2013	$1,500,000	$2,106,440	$1,877,048

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.