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

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED)
	Shares		Market Value
Common Stocks 97.40%
Data Center Reit 25.73%
CoreSite Realty Corp.		28,675	$	3,408,884
CyrusOne, Inc.		44,100		3,088,323
Digital Realty Trust, Inc.		37,181		5,456,684
Equinix, Inc.		5,425		4,123,705
QTS Realty Trust, Inc., Class A		64,250		4,049,035
				20,126,631
Energy 0.65%
Enterprise Products Partners LP		32,177		508,075
Financials 0.00%
Ashford Inc.(a)		81		470
Gaming Reit 0.72%
Gaming and Leisure Properties, Inc.		1,012		37,373
MGM Growth Properties LLC, Class A		18,750		524,625
				561,998
Health Care Reit 3.07%
Global Medical REIT, Inc.		15,000		202,500
Healthcare Trust of America, Inc., Class A		7,500		195,000
Healthpeak Properties, Inc.		25,518		692,813
Medical Properties Trust, Inc.		1,500		26,445
Omega Healthcare Investors, Inc.		1,000		29,940
Physicians Realty Trust		1,500		26,865
Ventas, Inc.		6,050		253,858
Welltower, Inc.		17,675		973,716
				2,401,137
Hotel Reit 1.28%
Apple Hospitality REIT, Inc.		10,810		103,884
Host Hotels & Resorts, Inc.(a)		21,000		226,590
Pebblebrook Hotel Trust		28,081		351,855

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Hotel Reit (cont.)
Summit Hotel Properties, Inc.(a)		26,000	$	134,680
Sunstone Hotel Investors, Inc.(a)		22,700		180,238
				997,247
Industrial Reit 23.81%
Americold Realty Trust		48,550		1,735,663
Duke Realty Corp.		3,750		138,375
Innovative Industrial Properties, Inc.		22,400		2,780,064
Prologis, Inc.(b)		98,570		9,918,113
STAG Industrial, Inc.		50,350		1,535,171
Terreno Realty Corp.		45,875		2,512,115
				18,619,501
Infrastructure Reit 2.94%
American Tower Corp.		4,500		1,087,785
Crown Castle International Corp.		7,300		1,215,450
				2,303,235
Mortgage Finance 0.58%
Starwood Property Trust, Inc.		30,000		452,700
Multi Asset Class Reit 2.09%
Lexington Realty Trust		2,700		28,215
WP Carey, Inc.		24,600		1,602,936
				1,631,151
Office Reit 5.39%
Alexandria Real Estate Equities, Inc.		12,600		2,016,000
American Assets Trust, Inc.		3,400		81,906
Boston Properties, Inc.		10,365		832,310
Hudson Pacific Properties, Inc.		37,100		813,603
Kilroy Realty Corp.		9,115		473,615
				4,217,434
Real Estate 2.29%
Blackstone Mortgage Trust, Inc., Class A		19,700		432,809
City Office REIT, Inc.		73,808		555,036

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Real Estate (cont.)
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		19,017	$	803,849
Spirit MTA REIT		1,140		858
				1,792,552
Residential Reit 20.72%
Apartment Investment & Management Co., Class A		27,050		912,126
AvalonBay Communities, Inc.		11,290		1,686,049
Camden Property Trust		14,850		1,321,353
Equity LifeStyle Properties, Inc.		39,600		2,427,480
Equity Residential		29,215		1,499,606
Essex Property Trust, Inc.		7,336		1,472,995
Invitation Homes, Inc.		10,500		293,895
Mid-America Apartment Communities, Inc.		12,772		1,480,913
Sun Communities, Inc.		26,850		3,775,379
UDR, Inc.		41,000		1,337,010
				16,206,806
Retail Reit 4.38%
Brixmor Property Group, Inc.		29,675		346,901
Federal Realty Investment Trust		7,275		534,276
Kimco Realty Corp.		28,069		316,057
National Retail Properties, Inc.		6,500		224,315
Realty Income Corp.		23,430		1,423,372
Regency Centers Corp.		10,700		406,814
Simon Property Group, Inc.		1,400		90,552
STORE Capital Corp.		2,000		54,860
VEREIT, Inc.		5,000		32,500
				3,429,647
Self-Storage Reit 3.73%
CubeSmart		16,750		541,193
Extra Space Storage, Inc.		11,095		1,187,054
Life Storage, Inc.		11,300		1,189,551
				2,917,798

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Timber Reit 0.02%
Weyerhaeuser Co.		500	$	14,260
Total Common Stocks (Cost $52,524,597)				76,180,642
Preferred Stocks 2.01%
Data Center Reit 0.28%
Digital Realty Trust, Inc., Series J, 5.25%		4,000		106,000
QTS Realty Trust, Inc., 7.13%		4,000		108,400
				214,400
Electric Transmission & Dist 0.07%
Entergy Louisiana LLC, 4.88%		2,000		51,500
Hotel Reit 0.33%
Ashford Hospitality Trust, Inc., Series F, 7.38%		6,000		24,420
Hersha Hospitality Trust, Series D, 6.50%		5,000		71,850
Hersha Hospitality Trust, Series E, 6.50%		5,000		71,900
Pebblebrook Hotel Trust, Series F, 6.30%		2,500		56,775
Sotherly Hotels, Inc., Series B, 8.00%		6,000		32,160
Sotherly Hotels, Inc., Series C, 7.88%		2,000		10,920
				268,025
Industrial Reit 0.13%
Monmouth Real Estate Investment Corp., Series C, 6.13%		4,000		99,120
Multi Asset Class Reit 0.08%
Vornado Realty Trust, Series M, 5.25%		2,500		63,400
P&C Insurance 0.13%
Arch Capital Group Ltd., Series E, 5.25%		2,000		50,620

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
P&C Insurance (cont.)
Arch Capital Group Ltd., Series F, 5.45%	2,000	$	51,720
			102,340
Residential Reit 0.17%
American Homes 4 Rent, Series G, 5.88%	2,000		53,460
Bluerock Residential Growth REIT, Inc., Series A, 7.13%	3,000		76,029
			129,489
Retail Reit 0.58%
Federal Realty Investment Trust, Series C, 5.00%	6,500		174,655
National Retail Properties, Inc., Series F, 5.20%	11,000		282,480
			457,135
Self-Storage Reit 0.24%
Public Storage, Series K, 4.75%	2,000		54,620
Public Storage, Series M, 4.13%	1,167		30,260
Public Storage, Series N, 3.88%	4,000		99,200
			184,080
Total Preferred Stocks
(Cost $1,870,997)			1,569,489

	Principal Amount
Municipal Bonds 0.26%
Franklin County Convention Facilities Authority, Revenue Bonds,   6.54%, 12/1/2036	140,000	207,827
Total Municipal Bonds
(Cost $162,798)		207,827

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Money Market Funds 0.04%
Morgan Stanley Institutional Liquidity Fund, Institutional, 0.02%(c)		29,469	$	29,469
Total Money Market Funds
(Cost $29,469)				29,469
Total Investments — 99.71%
(Cost $54,587,861)				77,987,427
Other Assets in Excess of Liabilities — 0.29%				226,400
NET ASSETS - 100.00%			$	78,213,827

(a) Non-income producing security.

(b) All or a portion of the security is held as collateral for written call options.

(c) Rate disclosed is the seven day effective yield as of September 30, 2020.

	Number of Contracts			Notional Amount			Exercise Price		Expiration Date	Value
Written Call Options — (0.00)%
Prologis, Inc.(a)		(20	)	$	(201,240	)	$	110.00	November 2020	$	(2,600	)
Total Written Call Options— (0.00)%
(Premiums Received $2,159)										$	(2,600	)

(a) Non-income producing security.

SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED)
	Shares		Market Value
Common Stocks 98.18%
Communications 7.61%
Alphabet, Inc., Class A(a)		1,820	$	2,667,392
AT&T, Inc.		14,400		410,544
Comcast Corp., Class A		29,500		1,364,670
Netflix, Inc.(a)		1,850		925,055
Verizon Communications, Inc.		28,540		1,697,845
Walt Disney Co. (The)(b)		17,700		2,196,216
				9,261,722
Consumer Discretionary 6.96%
Amazon.com, Inc.(a)		625		1,967,956
D.R. Horton, Inc.		7,550		571,007
Home Depot, Inc. (The)		12,488		3,468,042
Lennar Corp., Class A		2,650		216,452
Masco Corp.		11,500		633,995
McDonald's Corp.		4,880		1,071,111
NIKE, Inc., Class B		1,300		163,202
Ross Stores, Inc.		2,000		186,640
TJX Cos., Inc. (The)		3,500		194,775
				8,473,180
Consumer Staples 8.45%
Altria Group, Inc.		10,750		415,380
Clorox Co. (The)		950		199,662
Coca-Cola Co. (The)		10,400		513,448
Colgate-Palmolive Co.		2,500		192,875
Conagra Brands, Inc.		7,100		253,541
Constellation Brands, Inc., Class A		150		28,426
Costco Wholesale Corp.		5,151		1,828,605
Kroger Co. (The)		9,000		305,190
Lamb Weston Holdings, Inc.		4,800		318,096
PepsiCo, Inc.		2,400		332,640
Philip Morris International, Inc.		7,350		551,176
Procter & Gamble Co. (The)		6,715		933,318
Target Corp.		13,580		2,137,764

SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Consumer Staples (cont.)
Wal-Mart Stores, Inc.		16,334	$	2,285,290
				10,295,411
Energy 1.66%
Chevron Corp.		8,760		630,720
ConocoPhillips		9,300		305,412
EOG Resources, Inc.		5,200		186,888
Exxon Mobil Corp.		5,600		192,248
Kinder Morgan, Inc.		7,750		95,558
TC Energy Corp.		1,000		42,020
Valero Energy Corp.		13,000		563,160
				2,016,006
Financials 6.60%
American Express Co.		11,200		1,122,800
Bank of America Corp.		29,600		713,064
BankUnited, Inc.		13,350		292,498
Berkshire Hathaway, Inc., Class B(a)		720		153,317
Blackstone Group, Inc. (The), Class A		16,700		871,740
Carlyle Group, Inc. (The)		8,050		198,594
Citigroup, Inc.		15,200		655,272
CME Group, Inc.		1,404		234,903
Goldman Sachs Group, Inc. (The)		2,815		565,731
JPMorgan Chase & Co.		20,442		1,967,951
Signature Bank		4,854		402,833
SVB Financial Group(a)		2,673		643,177
U.S. Bancorp		5,775		207,034
				8,028,914
Health Care 12.90%
Abbott Laboratories		3,100		337,373
AbbVie, Inc.		22,257		1,949,491
Amgen, Inc.		3,850		978,516
Bristol-Myers Squibb Co.		17,250		1,040,003
Centene Corp.(a)		12,700		740,791
CVS Health Corp.		7,611		444,482
Edwards LifeSciences Corp.(a)		3,000		239,460

SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Health Care (cont.)
Gilead Sciences, Inc.		12,450	$	786,716
Humana, Inc.		2,800		1,158,892
Johnson & Johnson		4,597		684,401
McKesson Corp.		2,250		335,092
Medtronic PLC		7,469		776,178
Merck & Co., Inc.		18,200		1,509,690
Moderna, Inc.(a)		500		35,375
Pfizer, Inc.		9,150		335,805
Quest Diagnostics, Inc.		4,500		515,205
Thermo Fisher Scientific, Inc.		2,900		1,280,408
UnitedHealth Group, Inc.		4,450		1,387,377
Vertex Pharmaceuticals, Inc.(a)		4,300		1,170,116
				15,705,371
Industrials 8.65%
3M Co.		1,540		246,677
Boeing Co. (The)		3,405		562,711
Caterpillar, Inc.		10,225		1,525,059
CSX Corp.		17,275		1,341,749
Cummins, Inc.		3,550		749,618
Deere & Co.		4,700		1,041,661
FedEx Corp.		7,100		1,785,792
Honeywell International, Inc.		8,300		1,366,263
Johnson Controls International PLC		8,253		337,135
Raytheon Technologies Corp.		3,600		207,144
Waste Connections, Inc.		13,175		1,367,565
				10,531,374
Materials 0.94%
CF Industries Holdings, Inc.		7,700		236,467
Corteva, Inc.		7,233		208,383
Dow, Inc.		6,083		286,205
DuPont de Nemours, Inc.		6,894		382,479
International Paper Co.		500		20,270
WestRock Co.		500		17,370
				1,151,174

SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Real Estate Investment Trusts (REITs) 5.60%
Alexandria Real Estate Equities, Inc.		2,200	$	352,000
American Tower Corp.		1,550		374,681
CoreSite Realty Corp.		550		65,384
Crown Castle International Corp.		3,350		557,775
CyrusOne, Inc.		12,150		850,865
Digital Realty Trust, Inc.		2,800		410,928
Equinix, Inc.		1,875		1,425,244
Prologis, Inc.		9,000		905,580
QTS Realty Trust, Inc., Class A		14,100		888,582
Realty Income Corp.		3,550		215,662
Sun Communities, Inc.		4,100		576,501
Terreno Realty Corp.		3,600		197,136
				6,820,338
Technology 36.47%
Accenture PLC, Class A		5,600		1,265,544
Adobe, Inc.(a)		3,850		1,888,156
Advanced Micro Devices, Inc.(a)		3,650		299,263
Apple, Inc.		69,932		8,098,825
Applied Materials, Inc.		17,970		1,068,316
Box, Inc., Class A(a)		7,200		124,992
Cisco Systems, Inc.		32,200		1,268,358
Cognizant Technology Solutions Corp., Class A		6,150		426,933
Corning, Inc.		14,000		453,740
Dell Technologies, Inc., Class C(a)		1,624		109,929
Fiserv, Inc.(a)		1,950		200,948
Garmin Ltd.		1,450		137,547
Hewlett Packard Enterprise Co.		3,900		36,543
HP, Inc.		26,000		493,740
Intel Corp.		7,590		393,010
International Business Machines Corp.		2,868		348,950
MasterCard, Inc., Class A		6,500		2,198,105
Microchip Technology, Inc.		2,975		305,711
Microsoft Corp.		33,514		7,049,000
NetApp, Inc.		2,600		113,984
NortonLifeLock, Inc.		27,700		577,268
NVIDIA Corp.		9,923		5,370,526

SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Technology (cont.)
Oracle Corp.		34,375	$	2,052,187
Paychex, Inc.		3,850		307,114
PayPal Holdings, Inc.(a)		1,000		197,030
Perspecta, Inc.		764		14,860
QUALCOMM, Inc.		8,320		979,098
Texas Instruments, Inc.		15,025		2,145,420
Visa, Inc., Class A		18,050		3,609,458
Workday, Inc., Class A(a)		13,380		2,878,439
				44,412,994
Utilities 2.34%
AES Corp.		4,000		72,440
American Electric Power Co., Inc.		1,850		151,200
Brookfield Renewable Corp., Class A		375		21,975
Brookfield Renewable Partners, LP		1,500		78,825
Edison International		1,100		55,924
Eversource Energy		250		20,888
NextEra Energy, Inc.		6,000		1,665,360
WEC Energy Group, Inc.		8,200		794,580
				2,861,192
Total Common Stocks
(Cost $66,844,479)				119,557,676
Preferred Stocks 1.65%
Communications 0.23%
Qwest Corp., 7.00%		2,500		63,850
Telephone & Data Systems, Inc., 7.00%		4,000		102,360
United States Cellular Corp., 7.25%		2,500		64,100
United States Cellular Corp., 7.25%		2,000		52,000
				282,310

SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Consumer Discretionary 0.08%
eBay, Inc., 6.00%		4,000	$	102,440
Financials 1.07%
American Financial Group, Inc., 6.00%		5,300		134,143
Annaly Capital Management, Inc., Series F, 6.95%		2,000		45,040
Ares Management Corp., Series A, 7.00%		2,500		64,500
Athene Holding Ltd., Series C, 6.38%		2,000		54,200
Bank of America Corp., Series EE, 6.00%		2,500		64,700
Bank of America Corp., Series GG, 6.00%		4,000		109,240
Bank of America Corp., Series HH, 5.88%		2,000		54,640
Bank of America Corp., Series LL, 5.00%		2,000		52,480
Charles Schwab Corp. (The), Series C, 6.00%		2,000		50,900
Globe Life, Inc., 6.13%		5,000		128,650
Hancock Whitney Corp., 5.95%		2,500		66,525
JPMorgan Chase & Co., Series EE, 6.00%		2,000		54,880
KeyCorp, Series G, 5.63%		2,000		54,180
KKR & Company LP, Series B, 6.50%		2,000		52,280
Ladenburg Thalmann Financial Services, Inc., Series A, 8.00%		7,000		104,300
Northern Trust Corp., Series E, 4.70%		1,360		36,734
Prospect Capital Corp., 6.25%		4,000		102,960
Prudential Financial, Inc., 4.13%		705		17,942
Prudential Financial, Inc., 5.63%		2,000		54,780
				1,303,074
Real Estate 0.27%
Digital Realty Trust, Inc., Series L, 5.20%		2,000		54,360
Public Storage, Series I, 4.88%		1,917		51,836
Public Storage, Series K, 4.75%		2,000		54,620
Public Storage, Series L, 4.63%		2,000		53,840
QTS Realty Trust, Inc., 7.13%		4,000		108,400
				323,056
Total Preferred Stocks
(Cost $1,988,809)				2,010,880

SPIRIT OF AMERICA LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Money Market Funds 0.49%
Morgan Stanley Institutional Liquidity Fund, Institutional, 0.02%(c)		590,118	$	590,118
Total Money Market Funds
(Cost $590,118)				590,118
Total Investments  — 100.32%
(Cost $69,423,406)				122,158,674
Liabilities in Excess of Other Assets — (0.32)%				(384,524	)
NET ASSETS - 100.00%			$	121,774,150

(a)	Non-income producing security.
(b)	All or a portion of the security is held as collateral for written call options.
(c)	Rate disclosed is the seven day effective yield as of September 30, 2020.

	Number of Contracts			Notional Amount			Exercise Price		Expiration Date	Value
Written Call Options — (0.00)%
Walt Disney Co. (The) (a)		(10	)	$	(124,080	)	$	140.00	November 2020	$	(1,610	)
Total Written Call Options— (0.00)%
(Premiums Received $2,210)										$	(1,610	)

(a) Non-income producing security.

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED)
	Principal Amount		Market Value
Municipal Bonds 96.85%
Alaska 0.73%
Northern Tobacco Securitization Corp., Refunding Revenue Bonds, (OID),   5.00%, 6/1/2032	$	500,000	$	500,150
Arizona 0.91%
City of Phoenix, AZ, General Obligation Unlimited, Callable 7/1/2026 @ 100,  5.00%, 7/1/2027		500,000		626,120
California 3.98%
California Educational Facilities Authority, Revenue Bonds, Callable 10/1/2021 @ 100,  6.13%, 10/1/2030		130,000		137,562
California State Public Works Board, Revenue Bonds, Callable 11/1/2026 @ 100,  5.00%, 11/1/2029		600,000		748,920
City of Los Angeles, CA Wastewater System Revenue, Refunding Revenue Bonds, (OID), Callable 6/1/2022 @ 100,  3.38%, 6/1/2029		100,000		103,683
Los Angeles Community College District, General Obligation Unlimited, Callable 8/1/2026 @ 100,  4.00%, 8/1/2038		500,000		569,345
Los Angeles Department of Water & Power, Revenue Bonds, Callable 1/1/2029 @ 100,  5.25%, 7/1/2049		200,000		254,168
Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds, Callable 5/15/2026 @ 100,  4.00%, 5/15/2037		145,000		164,101
State of California, General Obligation Unlimited, Callable 8/1/2025 @ 100,  5.00%, 8/1/2029		250,000		300,768
State of California, General Obligation Unlimited, Callable 9/1/2026 @ 100,  4.00%, 9/1/2036		175,000		201,591
State of California, Port, Airport & Marina Improvements, General Obligation Unlimited, (OID), Callable 11/1/2020 @ 100,  5.25%, 11/1/2030		250,000		251,037
				2,731,175
Connecticut 10.68%
City of New Haven, CT, General Obligation Unlimited, Callable 8/15/2026 @ 100,  5.00%, 8/15/2036		230,000		269,652

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Connecticut (cont.)
Connecticut Housing Finance Authority, Callable 5/15/2027 @ 100,  3.40%, 11/15/2037	$	25,000	$	26,957
Connecticut Housing Finance Authority, Multi-Family Housing, Revenue Bonds, Callable 11/15/2025 @ 100,  3.25%, 11/15/2036		250,000		265,372
Connecticut Housing Finance Authority, Multi-Family Housing, Revenue Bonds, (GO OF AUTH), Callable 5/15/2021 @ 100,  4.63%, 11/15/2041		215,000		218,262
Connecticut Housing Finance Authority, Refunding Revenue Bonds, Callable 5/15/2021 @ 100,  3.25%, 11/15/2027		150,000		151,900
Connecticut Housing Finance Authority, Refunding Revenue Bonds, Callable 5/15/2022 @ 100,  3.05%, 5/15/2031		195,000		199,413
Connecticut Housing Finance Authority, Refunding Revenue Bonds, (GO OF AUTH), Callable 11/15/2020 @ 100,  4.88%, 11/15/2046		100,000		100,255
Connecticut Housing Finance Authority, Refunding Revenue Bonds, (GO OF AUTH), Callable 5/15/2021 @ 100,  3.35%, 5/15/2028		250,000		253,220
Connecticut Housing Finance Authority, Refunding Revenue Bonds, (OID), Callable 11/15/2021 @ 100,  3.30%, 11/15/2037		250,000		253,505
Connecticut Housing Finance Authority, State Single-Family Housing, Revenue Bonds, Callable 5/15/2021 @ 100,  3.50%, 5/15/2031		250,000		252,715
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		455,523
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds, Callable 7/1/2022 @ 100,  5.00%, 7/1/2042		500,000		520,645
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds, Callable 7/1/2022 @ 100,  4.50%, 7/1/2038		500,000		516,085
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds, (OID), Callable 7/1/2022 @ 100,  4.25%, 7/1/2031		500,000		516,000
Connecticut State Health & Educational Facility Authority, Private Primary Schools, Revenue Bonds, Callable 7/1/2022 @ 100,  4.00%, 7/1/2033		100,000		103,581

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 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	$	292,003
Connecticut State Health & Educational Facility Authority, Revenue Bonds, Callable 7/1/2024 @ 100,  5.00%, 7/1/2034		100,000		113,175
Connecticut State Health & Educational Facility Authority, Revenue Bonds, (AGM) (OID), Callable 7/1/2021 @ 100,  4.00%, 7/1/2037		250,000		253,293
Connecticut State Health & Educational Facility Authority, University & College Improvements, Revenue Bonds, Callable 1/1/2021 @ 100,  5.00%, 7/1/2028		100,000		100,000
State of Connecticut Special Tax Revenue, Highway Improvements, Revenue Bonds, Callable 11/1/2020 @ 100,  5.00%, 11/1/2022		100,000		100,384
State of Connecticut Special Tax Revenue, Highway Improvements, Revenue Bonds, Callable 10/1/2023 @ 100,  5.00%, 10/1/2030		250,000		282,020
State of Connecticut Special Tax Revenue, Public Improvements, Revenue Bonds, Callable 1/1/2023 @ 100,  5.00%, 1/1/2028		445,000		488,979
State of Connecticut, General Obligation Unlimited, Callable 4/15/2027 @ 100,  5.00%, 4/15/2032		500,000		614,190
State of Connecticut, General Obligation Unlimited,   5.00%, 6/15/2024		250,000		291,745
State of Connecticut, General Obligation Unlimited,   5.00%, 11/1/2020		100,000		100,390
State of Connecticut, Public Improvements, General Obligation Unlimited, Callable 4/15/2022 @ 100,  4.00%, 4/15/2032		250,000		259,225
University of Connecticut, University & College Improvements, Revenue Bonds, Callable 2/15/2024 @ 100,  5.00%, 2/15/2034		250,000		277,975
University of Connecticut, University & College Improvements, Revenue Bonds, (GO OF UNIVERSITY),   5.00%, 2/15/2028		50,000		50,183
				7,326,647
District of Columbia 1.63%
District of Columbia Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (Fannie Mae),   4.45%, 6/15/2031		320,000		341,875
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		291,040
District of Columbia Water & Sewer Authority, Revenue Bonds, Callable 4/1/2026 @ 100,  5.00%, 10/1/2036		250,000		304,048

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 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	$	182,789
				1,119,752
Florida 8.22%
Central Florida Expressway Authority, Revenue Bonds, Callable 7/1/2026 @ 100,  4.00%, 7/1/2035		150,000		169,399
City of Orlando, FL, Public Improvements, Revenue Bonds, Callable 10/1/2024 @ 100,  5.00%, 10/1/2046		1,000,000		1,161,690
County of Miami-Dade FL Water & Sewage System, Revenue Bonds,   4.00%, 10/1/2044		150,000		175,326
County of Miami-Dade FL Water & Sewage System, Revenue Bonds, Callable 10/1/2029 @ 100,  4.00%, 10/1/2049		500,000		580,205
Florida Gulf Coast University Financing Corp., University & College Improvements, Revenue Bonds, Callable 2/1/2021 @ 100,  5.00%, 2/1/2028		100,000		101,074
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		133,705
Florida Municipal Loan Council, Water Utility Improvements, Revenue Bonds, (AGM) (OID), Callable 10/1/2021 @ 100,  5.50%, 10/1/2041		100,000		104,782
Florida Municipal Loan Council, Water Utility Improvements, Revenue Bonds, (AGM) (OID), Callable 10/1/2021 @ 100,  5.25%, 10/1/2033		100,000		104,729
FSU Financial Assistance, Inc., State Single-Family Housing, Refunding Revenue Bonds, Callable 10/1/2022 @ 100,  5.00%, 10/1/2030		500,000		533,495
Greater Orlando Aviation Authority, Port, Airport & Marina Improvements, Revenue Bonds, Callable 10/1/2020 @ 100,  5.00%, 10/1/2025		200,000		200,710
Hillsborough County Industrial Development Authority, School Improvements, Revenue Bonds,   5.13%, 5/15/2037		210,000		210,158
Miami-Dade County Aviation Revenue, Revenue Bonds, (OID), Callable 10/1/2020 @ 100,  5.25%, 10/1/2030		115,000		115,000
Miami-Dade County Aviation Revenue, Revenue Bonds, (OID),   5.25%, 10/1/2030		35,000		35,000
Miami-Dade County Educational Facilities Authority, University & College Improvements, Revenue Bonds, (AMBAC),   5.25%, 4/1/2031		260,000		344,911

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Florida (cont.)
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	$	400,000
Palm Beach County School District, Refunding Bonds, Certificate of Participation,   5.00%, 8/1/2024		45,000		46,818
School Board of Miami-Dade County (The), Certificate of Participation, Callable 2/1/2026 @ 100,  4.00%, 2/1/2033		1,000,000		1,110,460
Tampa-Hillsborough County Expressway Authority, Refunding Revenue Bonds, Callable 7/1/2022 @ 100,  5.00%, 7/1/2037		100,000		108,349
				5,635,811
Georgia 2.72%
Albany-Dougherty Inner City Authority, University & College Improvements, Revenue Bonds, Callable 1/1/2021 @ 100,  5.00%, 7/1/2035		250,000		250,795
Albany-Dougherty Payroll Development Authority, University & College Improvements, Revenue Bonds, (AGM) (OID), Callable 12/15/2020 @ 100,  5.50%, 6/15/2036		325,000		326,274
City of Atlanta GA Water & Wastewater Revenue, Revenue Bonds, Callable 11/1/2029 @ 100,  3.00%, 11/1/2037		500,000		561,010
City of Atlanta GA Water & Wastewater Revenue, Revenue Bonds, Callable 11/1/2027 @ 100,  5.00%, 11/1/2047		125,000		153,369
Fulton County Development Authority, Georgia Tech Athletic Association, Refunding Revenue Bonds, (OID), Callable 10/1/2022 @ 100,  4.25%, 10/1/2037		100,000		104,461
Fulton County Development Authority, Georgia Tech Athletic Association, Revenue Bonds,   5.00%, 10/1/2022		145,000		158,652
Fulton County Development Authority, Georgia Tech Athletic Association, Revenue Bonds,   5.00%, 10/1/2022		5,000		5,402
Fulton County Development Authority, University & College Improvements, Revenue Bonds, (OID), Callable 4/1/2021 @ 100,  5.75%, 10/1/2041		250,000		256,967
Fulton County Development Authority, University & College Improvements, Revenue Bonds, (OID), Callable 4/1/2021 @ 100,  5.75%, 10/1/2031		50,000		51,393
				1,868,323

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Illinois 0.68%
Illinois Finance Authority, Hospital Improvements, Revenue Bonds, (OID), Callable 8/15/2021 @ 100,  5.88%, 8/15/2034	$	100,000	$	103,733
Railsplitter Tobacco Settlement Authority, Public Improvements, Revenue Bonds, (OID),   6.00%, 6/1/2028		250,000		259,753
University of Illinois, University & College Improvements, Revenue Bonds, Callable 4/1/2021 @ 100,  5.50%, 4/1/2031		100,000		101,914
				465,400
Indiana 3.02%
Town of Munster, IN, Public Improvements, Tax Allocation Bonds, (OID), Callable 7/15/2021 @ 100,  5.13%, 1/15/2031		2,000,000		2,069,680
Iowa 0.45%
State of Iowa, Revenue Bonds, Callable 6/1/2026 @ 100,  5.00%, 6/1/2027		250,000		311,973
Louisiana 0.96%
Louisiana Local Government Environmental Facilities & Community Development Authority, Sewer Improvements, Revenue Bonds, Callable 2/1/2023 @ 100,  4.00%, 2/1/2048		500,000		544,520
Louisiana Local Government Environmental Facilities & Community Development Authority, Sewer Improvements, Revenue Bonds, Callable 2/1/2023 @ 100,  5.00%, 2/1/2035		100,000		111,229
				655,749
Maine 1.35%
Maine Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (OID), Callable 7/1/2022 @ 100,  3.63%, 7/1/2041		500,000		529,945
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, Callable 11/15/2024 @ 100,  3.75%, 11/15/2044		100,000		105,109
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, Callable 11/15/2022 @ 100,  3.45%, 11/15/2032		100,000		103,285
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, Callable 11/15/2022 @ 100,  3.60%, 11/15/2036		100,000		102,817
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, Callable 11/15/2022 @ 100,  4.50%, 11/15/2037		25,000		26,123

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Maine (cont.)
Maine Turnpike Authority, Refunding Revenue Bonds, Callable 7/1/2025 @ 100,  5.00%, 7/1/2026	$	50,000	$	60,335
				927,614
Maryland 0.50%
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		345,811
Massachusetts 4.05%
Massachusetts Educational Financing Authority, Refunding Revenue Bonds, (OID),   5.20%, 1/1/2027		30,000		30,193
Massachusetts Educational Financing Authority, Refunding Revenue Bonds, (OID),   5.25%, 1/1/2029		10,000		10,096
Massachusetts Housing Finance Agency, Callable 12/1/2027 @ 100,  3.25%, 12/1/2032		200,000		219,204
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2025 @ 100,  3.25%, 12/1/2036		575,000		606,246
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100,  3.75%, 12/1/2037		250,000		273,613
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100,  3.55%, 12/1/2037		235,000		252,801
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100,  3.25%, 12/1/2032		190,000		205,836
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 6/1/2026 @ 100,  3.15%, 12/1/2026		120,000		133,212
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds,   5.13%, 12/1/2039		65,000		65,090
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds,   4.85%, 12/1/2029		60,000		60,079
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (FHA) (INS), Callable 12/1/2020 @ 100,  5.25%, 12/1/2035		175,000		175,467
Massachusetts School Building Authority, Callable 2/15/2028 @ 100,  5.25%, 2/15/2048		500,000		622,425

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Massachusetts (cont.)
Massachusetts School Building Authority, Revenue Bonds, Callable 8/15/2025 @ 100,  5.00%, 8/15/2026	$	100,000	$	122,142
				2,776,404
Michigan 4.34%
Michigan Public Educational Facilities Authority, School Improvements, Refunding Revenue Bonds,   6.00%, 12/1/2035		500,000		500,155
Michigan State Building Authority, Refunding Revenue Bonds, (OID), Callable 10/15/2021 @ 100,  5.20%, 10/15/2031		750,000		789,195
Michigan State Building Authority, Refunding Revenue Bonds, (OID), Callable 10/15/2021 @ 100,  5.38%, 10/15/2036		100,000		105,407
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		735,255
Michigan Tobacco Settlement Finance Authority, Miscellaneous Purposes, Revenue Bonds, (OID),   6.00%, 6/1/2048		595,000		597,939
Michigan Tobacco Settlement Finance Authority, Refunding Revenue Bonds,   6.88%, 6/1/2042		250,000		251,372
				2,979,323
Minnesota 0.98%
Southern Minnesota Municipal Power Agency, Revenue Bonds, Callable 1/1/2026 @ 100,  5.00%, 1/1/2041		565,000		669,406
Missouri 1.28%
Hanley Road Corridor Transportation Development District, Refunding Revenue Bonds, (OID),   5.88%, 10/1/2036		245,000		245,568
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		532,950
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		102,796
				881,314
Nebraska 0.39%
Nebraska Public Power District, Electric Lights & Power Improvements, Revenue Bonds,   5.00%, 1/1/2025 prerefunded 1/1/2022 @ 100		155,000		164,364

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Nebraska (cont.)
Nebraska Public Power District, Electric Lights & Power Improvements, Revenue Bonds, Callable 1/1/2022 @ 100,  5.00%, 1/1/2025	$	95,000	$	100,526
				264,890
Nevada 1.21%
City of Reno, NV, Revenue Bonds, (AMBAC) (OID), Callable 6/1/2021 @ 100,  5.50%, 6/1/2028		5,000		5,018
Nevada System of Higher Education, Certification of Participation, Callable 7/1/2026 @ 100,  4.00%, 7/1/2027		700,000		827,848
				832,866
New Jersey 6.05%
Borough of Seaside Heights, NJ, General Obligation Unlimited, Callable 4/1/2025 @ 100,  4.00%, 4/1/2026		125,000		141,192
Essex County Improvement Authority, Public Improvements, Revenue Bonds, (AGM) (OID),   5.75%, 11/1/2030		250,000		251,110
Hudson County Improvement Authority, Refunding Revenue Bonds, (AGM),   5.40%, 10/1/2025		150,000		186,923
New Jersey Economic Development Authority, Refunding Revenue Bonds, (State Appropriation) (OID), Callable 3/1/2021 @ 100,  5.25%, 9/1/2026		420,000		426,838
New Jersey Economic Development Authority, School Improvements, Refunding Revenue Bonds, Callable 3/1/2023 @ 100,  5.00%, 3/1/2031		300,000		319,173
New Jersey Economic Development Authority, University & College Improvements, Revenue Bonds, Callable 6/15/2023 @ 100,  5.00%, 6/15/2030		250,000		282,185
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, (OID),   5.00%, 7/1/2027		15,000		15,048
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, (OID),   6.00%, 7/1/2037		200,000		208,750
New Jersey Higher Education Student Assistance Authority, Refunding Revenue Bonds, Callable 12/1/2020 @ 100,  5.00%, 12/1/2036		65,000		65,363
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Callable 11/1/2025 @ 100,  3.90%, 11/1/2050		175,000		185,407
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Callable 11/1/2025 @ 100,  3.50%, 11/1/2036		500,000		529,620

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
New Jersey (cont.)
New Jersey Transportation Trust Fund Authority, Revenue Bonds,   5.00%, 6/15/2021	$	150,000	$	154,254
New Jersey Transportation Trust Fund Authority, Transit Improvements, Revenue Bonds, (State Appropriation), Callable 6/15/2021 @ 100,  5.00%, 6/15/2022		150,000		155,161
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		225,080
New Jersey Turnpike Authority, Highway Improvements, Revenue Bonds,   5.00%, 1/1/2031		200,000		216,882
State of New Jersey, Public Improvements, General Obligation Unlimited, Callable 6/1/2025 @ 100,  4.00%, 6/1/2034		250,000		273,360
Tenafly School District, Refunding Bonds, General Obligation Unlimited, (OID), Callable 7/15/2022 @ 100,  3.00%, 7/15/2030		250,000		257,875
Tenafly School District, Refunding Bonds, General Obligation Unlimited, (OID), Callable 7/15/2022 @ 100,  3.00%, 7/15/2029		250,000		258,490
				4,152,711
New Mexico 1.13%
New Mexico Hospital Equipment Loan Council, Hospital Improvements Revenue Bonds, (OID), Callable 8/1/2022 @ 100,  4.00%, 8/1/2042		500,000		535,080
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		135,000		138,101
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		100,000		102,987
				776,168
New York 22.06%
Hudson Yards Infrastructure Corp., Public Improvements, Revenue Bonds,   5.25%, 2/15/2047		10,000		10,190
Hudson Yards Infrastructure Corp., Public Improvements, Revenue Bonds, Callable 2/15/2021 @ 100,  5.75%, 2/15/2047		95,000		96,806
Hudson Yards Infrastructure Corp., Revenue Bonds, Callable 2/15/2021 @ 100,  5.25%, 2/15/2047		190,000		193,131

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
New York (cont.)
Hudson Yards Infrastructure Corp., Revenue Bonds, Series A, Callable 2/15/2027 @ 100,  4.00%, 2/15/2044	$	575,000	$	625,353
Metropolitan Transportation Authority, Refunding Revenue Bonds,   5.25%, 11/15/2028		50,000		57,916
Metropolitan Transportation Authority, Refunding Revenue Bonds, Callable 11/15/2027 @ 100,  5.00%, 11/15/2037		250,000		296,495
Metropolitan Transportation Authority, Revenue Bonds, Callable 11/15/2027 @ 100,  5.00%, 11/15/2035		250,000		297,742
Metropolitan Transportation Authority, Revenue Bonds,   5.00%, 11/15/2028		250,000		268,900
Metropolitan Transportation Authority, Revenue Bonds, (OID),   4.75%, 11/15/2036		110,000		110,627
Metropolitan Transportation Authority, Revenue Bonds, (OID),   4.75%, 11/15/2036		140,000		147,249
Metropolitan Transportation Authority, Transit Improvements, Refunding Revenue Bonds,   5.00%, 11/15/2028		250,000		304,247
Metropolitan Transportation Authority, Transit Improvements, Revenue Bonds, Callable 5/15/2023 @ 100,  5.00%, 11/15/2033		100,000		102,298
Monroe County Industrial Development Corp., Hospital Improvements, Revenue Bonds, (INS), Callable 2/15/2021 @ 100,  5.75%, 8/15/2035		250,000		253,913
New York City Housing Development Corp., Local Multi-Family Housing Revenue Bonds, Callable 11/1/2020 @ 100,  4.75%, 5/1/2041		250,000		250,615
New York City Housing Development Corp., Revenue Bonds, Callable 5/1/2025 @ 100,  3.10%, 11/1/2032		250,000		264,130
New York City Housing Development Corp., Revenue Bonds, Callable 2/1/2026 @ 100,  3.50%, 11/1/2032		150,000		162,836
New York City Housing Development Corp., Revenue Bonds, Callable 11/1/2025 @ 100,  3.60%, 11/1/2031		250,000		272,830
New York City Industrial Development Agency, Recreational Facility Improvements, Revenue Bonds, (FGIC),   5.00%, 3/1/2046		1,500,000		1,504,845
New York City Industrial Development Agency, Recreational Facility Improvements, Revenue Bonds, (FGIC),   5.00%, 3/1/2031		145,000		145,468
New York City Industrial Development Agency, Recreational Facility Improvements, Revenue Bonds, (FGIC) (OID),   4.50%, 3/1/2039		100,000		100,290

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
New York (cont.)
New York City Industrial Development Agency, Recreational Facility Improvements, Revenue Bonds, (NATL-RE),   5.00%, 3/1/2036	$	115,000	$	115,371
New York City Industrial Development Agency, Recreational Facility Improvements, Revenue Bonds, (OID), Callable 1/1/2021 @ 100,  6.50%, 1/1/2046		650,000		653,179
New York City Transitional Finance Authority Building Aid Revenue, Public Improvements, Revenue Bonds, (State Aid Withholding), Callable 1/15/2025 @ 100,  5.00%, 7/15/2027		250,000		296,755
New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds,   5.00%, 7/15/2031		250,000		301,130
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Callable 5/1/2027 @ 100,  4.00%, 5/1/2044		300,000		334,257
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		112,491
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds,   5.00%, 8/1/2021		100,000		104,067
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds,   5.00%, 8/1/2023		100,000		113,231
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds,   5.00%, 8/1/2024		100,000		117,531
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds, Callable 8/1/2025 @ 100,  5.00%, 8/1/2027		25,000		30,183
New York City Water & Sewer System, Callable 12/15/2021 @ 100,  5.00%, 6/15/2045		215,000		226,339
New York City Water & Sewer System, Revenue Bonds,   5.00%, 6/15/2045		35,000		37,030
New York City Water & Sewer System, Revenue Bonds, Callable 6/15/2027 @ 100,  5.00%, 6/15/2032		100,000		125,243
New York State Dormitory Authority, Refunding Revenue Bonds, (State Aid Withholding), Callable 10/1/2022 @ 100,  3.25%, 4/1/2031		280,000		288,607
New York State Dormitory Authority, Revenue Bonds,   5.00%, 8/15/2021		100,000		103,925

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
New York (cont.)
New York State Dormitory Authority, Revenue Bonds,   4.75%, 10/1/2040	$	5,000	$	5,012
New York State Dormitory Authority, Revenue Bonds, Callable 7/1/2025 @ 100,  5.00%, 7/1/2037		385,000		441,576
New York State Dormitory Authority, Revenue Bonds,   5.00%, 5/15/2022		165,000		177,939
New York State Dormitory Authority, Revenue Bonds, Callable 2/15/2030 @ 100,  5.00%, 2/15/2048		500,000		617,440
New York State Dormitory Authority, Revenue Bonds, Callable 2/15/2030 @ 100,  4.00%, 2/15/2047		500,000		568,150
New York State Dormitory Authority, Revenue Bonds, Callable 3/15/2028 @ 100,  5.00%, 3/15/2043		250,000		302,907
New York State Dormitory Authority, Revenue Bonds,   4.75%, 10/1/2040		160,000		160,000
New York State Dormitory Authority, University & College Improvements, Revenue Bonds, (OID),   5.25%, 7/1/2031		40,000		41,510
New York State Housing Finance Agency, State Multi-Family Housing, Revenue Bonds,   4.85%, 11/1/2036		100,000		100,104
New York State Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (SONYMA),   5.20%, 5/1/2042		500,000		500,905
New York State Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (SONYMA),   4.75%, 5/1/2031		200,000		200,360
New York State Thruway Authority, Revenue Bonds, Callable 1/1/2026 @ 100,  4.00%, 1/1/2037		100,000		110,037
New York, NY, General Obligation Unlimited, Callable 8/1/2029 @ 100,  5.00%, 8/1/2043		500,000		607,035
New York, NY, General Obligation Unlimited, Callable 8/1/2029 @ 100,  4.00%, 8/1/2044		250,000		282,513
Port Authority of New York & New Jersey, Revenue Bonds, Callable 11/15/2027 @ 100,  5.00%, 11/15/2030		250,000		311,560
Port Authority of New York & New Jersey, Revenue Bonds, Callable 11/15/2027 @ 100,  5.00%, 11/15/2037		250,000		302,750
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		1,019,660

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
New York (cont.)
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2025 @ 100,  5.00%, 11/15/2035	$	250,000	$	298,208
Triborough Bridge & Tunnel Authority, Revenue Bonds,  5.00%, 11/15/2021		50,000		52,595
Triborough Bridge & Tunnel Authority, Revenue Bonds,   5.00%, 11/15/2023		100,000		113,832
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2025 @ 100,  5.00%, 11/15/2040		310,000		366,724
Triborough Bridge & Tunnel Authority, Revenue Bonds,   5.00%, 11/15/2027		100,000		124,205
				15,130,242
North Carolina 0.33%
University of North Carolina at Charlotte (The), Revenue Bonds, Callable 10/1/2027 @ 100,  4.00%, 10/1/2037		100,000		114,613
University of North Carolina at Charlotte (The), University & College Improvements, Revenue Bonds, Callable 4/1/2025 @ 100,  5.00%, 4/1/2040		100,000		114,356
				228,969
North Dakota 0.16%
City of Bismarck, ND, Sanitary Sewer Revenue, Revenue Bonds, Callable 5/1/2025 @ 100,  3.00%, 5/1/2029		100,000		107,738
Oklahoma 0.38%
Oklahoma Municipal Power Authority, Electric Lights & Power Improvements, Revenue Bonds, Callable 1/1/2023 @ 100,  4.00%, 1/1/2047		250,000		261,055
Oregon 0.06%
Oregon Health & Science University, Refunding Revenue Bonds, Callable 7/1/2022 @ 100,  5.00%, 7/1/2032		35,000		37,954
Pennsylvania 3.69%
Allegheny County Sanitary Authority, Sewer Improvements, Revenue Bonds, Callable 12/1/2023 @ 100,  5.25%, 12/1/2044		500,000		567,590

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Pennsylvania (cont.)
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, Callable 11/1/2022 @ 100,  5.00%, 5/1/2037	$	100,000	$	101,994
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, Callable 11/1/2022 @ 100,  5.00%, 5/1/2042		100,000		101,644
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds (OID), Callable 11/1/2022 @ 100,  4.00%, 5/1/2032		100,000		99,722
Pennsylvania Housing Finance Agency, Revenue Bonds, Callable 4/1/2027 @ 100,  3.65%, 10/1/2042		100,000		105,473
Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100,  5.00%, 9/1/2034		190,000		229,700
Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100,  5.00%, 9/1/2035		125,000		150,670
Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100,  5.00%, 9/1/2036		100,000		120,172
Pennsylvania Turnpike Commission, Revenue Bonds, Callable 12/1/2025 @ 100,  5.00%, 12/1/2045		500,000		567,080
Pennsylvania Turnpike Commission, Revenue Bonds,   5.25%, 7/15/2028		150,000		201,273
West View Municipal Authority Water Revenue, Water Utility Improvements, Revenue Bonds, (OID), Callable 11/15/2024 @ 100,  4.00%, 11/15/2043		250,000		288,730
				2,534,048
Puerto Rico 0.82%
Commonwealth of Puerto Rico, General Obligation Unlimited, (AGM) (OID), Callable 7/1/2021 @ 100,  5.25%, 7/1/2026		100,000		102,436
Commonwealth of Puerto Rico, Refunding Bonds, General Obligation Unlimited (AGM),   5.00%, 7/1/2031		200,000		200,886
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding Revenue Bonds,   5.00%, 7/1/2022		250,000		258,230
				561,552
Rhode Island 1.19%
Rhode Island Housing & Mortgage Finance Corp., Refunding Revenue Bonds, Callable 4/1/2021 @ 100,  3.45%, 4/1/2026		500,000		506,175

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Rhode Island (cont.)
Rhode Island Housing & Mortgage Finance Corp., Refunding Revenue Bonds, Callable 4/1/2021 @ 100,  4.10%, 10/1/2037	$	45,000	$	45,654
Rhode Island Housing & Mortgage Finance Corp., State Single-Family Housing, Revenue Bonds, (Freddie Mac) (Fannie Mae) (Ginnie Mae), Callable 4/1/2022 @ 100,  3.45%, 4/1/2035		225,000		230,164
Rhode Island Turnpike & Bridge Authority, Highway Improvements, Revenue Bonds, (OID), Callable 12/1/2020 @ 100,  5.00%, 12/1/2039		35,000		35,276
				817,269
South Dakota 0.62%
South Dakota Housing Development Authority, Revenue Bonds, Callable 11/1/2025 @ 100,  2.45%, 5/1/2027		250,000		265,610
South Dakota Housing Development Authority, Revenue Bonds, Callable 11/1/2025 @ 100,  3.13%, 11/1/2036		150,000		158,270
				423,880
Tennessee 0.62%
City of Memphis, TN, General Obligation Unlimited, Callable 4/1/2024 @ 100,  5.00%, 4/1/2044		100,000		112,993
Metropolitan Government of Nashville & Davidson County Convention Center Authority, Public Improvements, Revenue Bonds, Callable 1/1/2021 @ 100,  5.00%, 7/1/2026		200,000		200,686
Tennessee Housing Development Agency, Revenue Bonds, Callable 1/1/2027 @ 100,  3.40%, 7/1/2037		100,000		108,432
				422,111
Texas 8.25%
City of Austin TX Electric Utility Revenue, Revenue Bonds Series B, Callable 11/15/2029 @ 100,  5.00%, 11/15/2049		500,000		637,340
City of Houston, TX, Refunding Revenue Bonds, Callable 3/1/2029 @ 100,  4.00%, 3/1/2049		500,000		571,390
City of Houston, TX, Refunding Revenue Bonds, Callable 9/1/2021 @ 100,  5.25%, 9/1/2029		500,000		508,120
City Public Service Board of San Antonio, TX, Revenue Bonds, Callable 8/1/2026 @ 100,  5.00%, 2/1/2032		250,000		307,785
Clifton Higher Education Finance Corporation, School Improvements, Refunding Revenue Bonds,   4.00%, 8/15/2044		500,000		542,735

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Texas (cont.)
Comal Independent School District, School Improvements, General Obligation Unlimited, Callable 2/1/2026 @ 100,  4.00%, 2/1/2034	$	250,000	$	291,213
Fort Bend Grand Parkway Toll Road Authority, Refunding Revenue Bonds, Callable 3/1/2022 @ 100,  4.00%, 3/1/2046		250,000		258,515
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds, Callable 5/15/2026 @ 100,  4.00%, 11/15/2030		130,000		145,297
San Antonio Public Facilities Corp., Public Improvements, Refunding Revenue Bonds, (OID), Callable 9/15/2022 @ 100,  4.00%, 9/15/2042		250,000		260,208
San Antonio Water System, Refunding Revenue Bonds, Callable 11/15/2029 @ 100,  5.00%, 5/15/2034		190,000		252,282
San Antonio Water System, Revenue Bonds Series A, Callable 5/15/2030 @ 100,  5.00%, 5/15/2050		205,000		261,947
Texas Public Finance Authority, Revenue Bonds, Callable 12/1/2026 @ 100,  4.00%, 12/1/2031		200,000		224,276
Texas Water Development Board, Revenue Bonds, Callable 10/15/2029 @ 100,  4.00%, 10/15/2037		500,000		606,100
Texas Water Development Board, Revenue Bonds, Callable 10/15/2028 @ 100,  5.00%, 4/15/2049		450,000		566,896
White Oak, TX, Independent School District, General Obligation Unlimited, Callable 2/15/2027 @ 100,  4.00%, 2/15/2029		190,000		225,891
				5,659,995
Utah 0.44%
University of Utah (The), University & College Improvements, Revenue Bonds,   5.00%, 8/1/2043		250,000		284,005
Utah Housing Corp., State Single-Family Housing, Revenue Bonds, Callable 1/1/2021 @ 100,  5.75%, 1/1/2033		10,000		10,114
Utah Housing Corp., State Single-Family Housing, Revenue Bonds, Callable 1/1/2021 @ 100,  5.25%, 1/1/2025		10,000		10,104
				304,223
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		251,845

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Virgin Islands 0.14%
Virgin Islands Public Finance Authority, Refunding Revenue Bonds,   5.00%, 10/1/2025	$	100,000	$	99,628
Virginia 0.42%
Virginia Resources Authority, Revenue Bonds, Callable 11/1/2025 @ 100,  4.00%, 11/1/2033		250,000		287,385
Washington 1.51%
Spokane Public Facilities District, Public Improvements, Revenue Bonds, Callable 6/1/2023 @ 100,  5.00%, 5/1/2043		1,000,000		1,035,470
Wisconsin 0.12%
Wisconsin Housing & Economic Development Authority, State Multi-Family Housing, Revenue Bonds, (OID),   5.63%, 11/1/2035		80,000		80,223
Wyoming 0.41%
Wyoming Community Development Authority, State Single-Family Housing, Revenue Bonds, Callable 6/1/2024 @ 100,  3.70%, 6/1/2039		265,000		278,051
Total Municipal Bonds
(Cost $63,442,385)				66,438,925

	Shares
Money Market Funds 1.98%
Morgan Stanley Institutional Liquidity Fund, Institutional, 0.02%(a)		1,359,931	$	1,359,931
Total Money Market Funds
(Cost $1,359,931)				1,359,931
Total Investments — 98.83%
(Cost $64,802,316)				67,798,856
Other Assets in Excess of Liabilities — 1.17%				800,778
NET ASSETS - 100.00%			$	68,599,634

(a) Rate disclosed is the seven day effective yield as of September 30, 2020.

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED)
	Shares		Market Value
Common Stocks 13.05%
Communications 1.25%
AT&T, Inc.		18,000	$	513,180
Verizon Communications, Inc.		19,000		1,130,310
				1,643,490
Consumer Staples 0.46%
Philip Morris International, Inc.		8,000		599,920
Energy 4.94%
Chevron Corp.		14,000		1,008,000
Enbridge, Inc.		29,763		869,080
Energy Transfer LP		39,571		214,475
Enterprise Products Partners LP		24,400		385,276
Kinder Morgan, Inc.		40,000		493,200
Magellan Midstream Partners LP		8,700		297,540
MPLX LP		24,269		381,994
Phillips 66		11,500		596,160
Plains All American Pipeline LP		3,200		19,136
Targa Resources Corporation		2,739		38,428
TC Energy Corp.		15,500		651,310
TC PipeLines LP		7,195		184,048
Valero Energy Corp.		11,500		498,180
Williams Cos, Inc. (The)		42,500		835,125
				6,471,952
Financials 1.15%
Blackstone Group, Inc. (The), Class A		4,600		240,120
Blackstone Mortgage Trust, Inc., Class A		11,565		254,083
Citigroup, Inc.		19,000		819,090
JPMorgan Chase & Co.		2,000		192,540
				1,505,833

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Health Care 1.49%
AbbVie, Inc.		15,000	$	1,313,850
Gilead Sciences, Inc.		2,000		126,380
Merck & Co., Inc.		4,000		331,800
Pfizer, Inc.		5,000		183,500
				1,955,530
Real Estate Investment Trusts (REITs) 1.38%
City Office REIT, Inc.		10,000		75,200
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		37,792		1,597,468
Spirit MTA REIT		2,000		1,505
Spirit Realty Capital, Inc.		4,000		135,000
				1,809,173
Utilities 2.38%
Brookfield Renewable Corp., Class A		1,250		73,250
Brookfield Renewable Partners LP		5,000		262,750
Dominion Energy, Inc.		16,500		1,302,345
Duke Energy Corp.		10,500		929,880
PPL Corp.		20,000		544,200
				3,112,425
Total Common Stocks
(Cost $19,146,487)				17,098,323
Preferred Stocks 16.53%
Financials 8.44%
Affiliated Managers Group, Inc., 4.75%		10,000		256,300
Allstate Corporation (The), Series I, 4.75%		20,000		535,000
American Financial Group, Inc., 5.13%		15,000		399,750
American Financial Group, Inc., 5.63%		20,000		539,800
American Financial Group, Inc., 6.00%		8,700		220,197
Arch Capital Group Ltd., 5.25%		20,000		506,200
Athene Holding Ltd., Series C, 6.38%		10,000		271,000
Bank of America Corp., 5.88%		8,000		218,560
Bank of America Corp., Series LL, 5.00%		20,000		524,800

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Financials (cont.)
Bank of New York Mellon Corp. (The), 5.20%		8,700	$	221,763
Capital One Financial Corp., Series K, 4.63%		12,334		299,716
First Republic Bank, 5.70%		9,000		225,360
First Republic Bank, Series J, 4.70%		20,000		523,400
First Republic Bank, Series K, 4.13%		3,667		93,142
Globe Life, Inc., 6.13%		10,000		257,300
Hancock Whitney Corp., 5.95%		3,700		98,457
JPMorgan Chase & Co., Series EE, 6.00%		20,000		548,800
JPMorgan Chase & Co., Series GG, 4.75%		20,000		529,200
KeyCorp, Series G, 5.63%		15,000		406,350
KKR & Co. LP, Series B, 6.50%		10,000		261,400
MetLife, Inc., Series F, 4.75%		25,000		650,500
Northern Trust Corp., Series E, 4.70%		18,640		503,466
Prudential Financial, Inc., 4.13%		3,530		89,839
Prudential Financial, Inc., 5.63%		10,000		273,900
State Street Corporation, 5.35%		1,000		27,730
Truist Financial Corp., Series R, 4.75%		16,334		423,867
U.S. Bancorp, Series F, 6.50%		7,300		194,472
W.R. Berkley Corporation, 5.10%		20,000		524,400
Wells Fargo & Co., Series Z, 4.75%		20,000		502,800
Wells Fargo & Company, 5.20%		15,850		402,273
Wells Fargo & Company, 5.70%		20,000		512,200
				11,041,942
Real Estate 4.04%
Brookfield Property Partners LP, Series A, 5.75%		7,500		134,025
Diversified Healthcare Trust, 5.625%		26,660		487,345
Federal Realty Investment Trust, 5.00%		7,500		201,525
National Retail Properties, Inc., 5.20%		25,000		642,000
PS Business Parks, Inc., 5.20%		10,000		258,800
PS Business Parks, Inc., 5.20%		4,000		106,000
PS Business Parks, Inc., 5.25%		10,000		267,400
Public Storage, 4.90%		20,000		518,000
Public Storage, 4.95%		20,000		514,000
Public Storage, 5.13%		10,000		255,700
Public Storage, Series I, 4.88%		9,583		259,124
Public Storage, Series L, 4.63%		10,000		269,200

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Real Estate (cont.)
Public Storage, Series M, 4.13%		3,889		100,842
Public Storage, Series N, 3.88%		20,000		496,000
Taubman Centers, Inc., 6.25%		13,046	$	279,706
Taubman Centers, Inc., 6.50%		9,416		204,327
Vornado Realty Trust, 5.40%		12,298		308,557
				5,302,551
Technology 0.08%
Pitney Bowes, Inc., 6.70%		5,700		106,305
Utilities 3.97%
Brookfield Infrastructure Partners LP, 5.13%		20,000		515,000
DTE Energy Co., Series G, 4.38%		20,000		501,400
DTE Energy Company, 5.38%		10,000		254,000
DTE Energy Company, 6.00%		20,000		527,000
Duke Energy Corp., 5.13%		9,030		230,265
Entergy Arkansas, Inc., 4.88%		20,000		512,600
Entergy Louisiana LLC, 4.88%		10,000		257,500
Entergy Mississippi, Inc., 4.90%		30,000		765,600
NextEra Energy Capital Holdings, Inc., 5.00%		6,700		169,644
NextEra Energy Capital Holdings, Inc., 5.25%		10,000		255,000
Southern Co., 4.95%		21,000		553,560
Southern Co., 5.25%		20,000		513,000
Southern Co., Series C, 4.20%		6,000		150,300
				5,204,869
Total Preferred Stocks
(Cost $21,178,271)				21,655,667

	Principal Amount
Collateralized Mortgage Obligations 0.11%
CHL Mortgage Pass-Through Trust, 2005-21, A27, 5.50%, 10/25/2035		28,965		25,108
CHL Mortgage Pass-Through Trust, 2005-21, A7, 5.50%, 10/25/2035		31,313		27,143
Citicorp Mortgage Securities, Inc., 1A12, 5.00%, 2/25/2035		85,754		87,940
Total Collateralized Mortgage Obligations (Cost $104,186)			$	140,191

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Corporate Bonds 8.47%
Bank of New York Mellon Corp. (The), 4.63%, 12/20/2049		500,000		518,437
Dow Chemical Company (The), 3.05%, 2/15/2022		1,000,000		1,000,785
Entergy Texas, Inc., 5.15%, 6/1/2045		100,000		107,760
Exelon Generation Company LLC, 5.60%, 6/15/2042(a)		400,000		426,216
Fifth Third Bancorp, 8.25%, 3/1/2038		250,000		408,539
General Electric Company, 5.00%, 12/29/2049		765,000		610,760
Goldman Sachs Group, Inc. (The), 6.75%, 10/1/2037		850,000		1,237,803
Goldman Sachs Group, Inc. (The), 6.45%, 5/1/2036		500,000		679,904
Hospitality Properties Trust, 4.50%, 3/15/2025		500,000		452,500
Kinder Morgan Energy Partners LP, 6.50%, 2/1/2037		250,000		311,732
MetLife, Inc., 9.25%, 4/8/2038(a)		1,500,000		2,271,518
MetLife, Inc., 10.75%, 8/1/2039		1,000,000		1,629,087
PECO Energy Capital Trust IV, 5.75%, 6/15/2033		1,000,000		1,143,124
Valero Energy Corporation, 8.75%, 6/15/2030		224,000		306,703
Total Corporate Bonds
(Cost $9,765,569)				11,104,868
Municipal Bonds 59.39%
Alabama 2.06%
Health Care Authority for Baptist Health (The), Refunding Revenue Bonds,   5.50%, 11/15/2043		2,000,000		2,697,280
Arizona 0.41%
Arizona School Facilities Board, School Improvements, Certificate of Participation,   6.00%, 9/1/2027		225,000		285,284

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Arizona (cont.)
City of Phoenix, AZ Civic Improvement Corp., Revenue Bonds, Callable 7/1/2030 @ 100,  2.70%, 7/1/2045	$	250,000	$	249,905
				535,189
California 4.24%
Alhambra Unified School District, University & College Improvements, General Obligation Unlimited,   6.70%, 2/1/2026		465,000		558,749
California State University, Revenue Bonds Series B, Callable 5/1/2030 @ 100,  3.07%, 11/1/2042		50,000		51,331
City & County of San Francisco, CA, General Obligation Unlimited,   6.26%, 6/15/2030		450,000		626,233
County of San Bernardino, CA, Refunding Revenue Bonds,   6.02%, 8/1/2023		120,000		131,320
Peralta Community College District, Refunding Revenue Bonds,   6.91%, 8/1/2025		500,000		641,065
Peralta Community College District, Refunding Revenue Bonds,   7.31%, 8/1/2031		310,000		438,371
San Bernardino City Unified School District, School Improvements, Certificate of Participation, (AGM) (OID),   8.05%, 2/1/2023		1,000,000		1,157,070
San Bernardino City Unified School District, School Improvements, Certificate of Participation, (AGM) (OID),   8.25%, 2/1/2026		500,000		653,820
University of California, Revenue Bonds, Callable 5/15/2030 @ 100,  6.30%, 5/15/2050		510,000		673,139
University of California, University & College Improvements, Refunding Revenue Bonds,   3.66%, 5/15/2027		250,000		288,245
West Contra Costa Unified School District, School Improvements, General Obligation Unlimited,   6.25%, 8/1/2030		250,000		339,240
				5,558,583
Colorado 0.80%
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		252,360
Colorado Mesa University, University & College Improvements, Build America Revenue Bonds, (State Higher Education Intercept Program),   6.75%, 5/15/2042		500,000		805,510
				1,057,870

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Connecticut 0.83%
State of Connecticut, General Obligation Unlimited,   5.85%, 3/15/2032	$	780,000	$	1,089,309
Florida 3.69%
City of Miami Gardens, FL, Public Improvements, Build America Bonds, Certificate of Participation,   7.17%, 6/1/2026		1,250,000		1,434,088
City of Tallahassee, FL, Utility System Revenue, Build America Revenue Bonds,   5.22%, 10/1/2040		300,000		404,058
County of Miami-Dade, FL Transit System, Transit Improvements, Build America Revenue Bonds,   5.53%, 7/1/2032		500,000		617,030
County of Miami-Dade, FL, Port, Airport & Marina Improvements, Build America Revenue Bonds, (AGM) (OID),   7.50%, 4/1/2040		1,000,000		1,591,150
County of Miami-Dade, FL, Recreational Facility Improvements, Revenue Bonds, (AGM),   7.08%, 10/1/2029		250,000		345,745
Florida State Board of Governors, University & College Improvements, Build America Revenue Bonds, Callable 11/1/2020 @ 100,  7.50%, 11/1/2035		250,000		251,200
Town of Miami Lakes, FL, Public Improvements, Build America Revenue Bonds,   7.59%, 12/1/2030		150,000		210,662
				4,853,933
Georgia 4.95%
Cobb Marietta Georgia Coliseum, Revenue Bonds, Callable 1/1/2026 @ 100,  4.50%, 1/1/2047		600,000		681,144
Municipal Electric Authority of Georgia, Electric Lights & Power Improvements, Build America Revenue Bonds,   7.06%, 4/1/2057		2,463,000		3,628,713
State of Georgia, Public Improvements, General Obligation Unlimited, Callable 2/1/2024 @ 100,  3.84%, 2/1/2032		2,000,000		2,180,120
				6,489,977
Hawaii 0.43%
State of Hawaii, General Obligation Unlimited, Callable 10/1/2025 @ 100,  4.05%, 10/1/2032		495,000		567,602
Idaho 0.33%
Idaho Water Resource Board, Water Utility Improvements, Revenue Bonds, (OID), Callable 9/1/2022 @ 100,  5.25%, 9/1/2024		400,000		426,300

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Illinois 1.80%
City of Chicago Heights, IL, Refunding Bonds, General Obligation Unlimited, (AGM) (OID), Callable 1/15/2021 @ 100,  6.00%, 1/15/2028	$	150,000	$	152,377
City of Chicago, IL Waterworks Revenue, Water Utility Improvements, Build America Revenue Bonds,   6.74%, 11/1/2040		250,000		357,415
Village of Glenwood, IL, Public Improvements, Build America Bonds, General Obligation Unlimited, (AGM),   7.03%, 12/1/2028		1,500,000		1,851,390
				2,361,182
Indiana 1.61%
Anderson School Building Corporation, Refunding Bonds, General Obligation Limited, Callable 7/5/2023 @ 100,  3.95%, 7/5/2029		1,000,000		1,054,760
Anderson School Building Corporation, Refunding Bonds, General Obligation Limited, (OID), Callable 7/5/2023 @ 100,  3.75%, 7/5/2028		1,000,000		1,051,200
				2,105,960
Kansas 0.26%
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		342,791
Kentucky 0.35%
Kentucky State Property & Building Commission, Economic Improvements, University & College Improvements, Build America Revenue Bonds,   5.37%, 11/1/2025		400,000		458,396
Louisiana 0.26%
Tangipahoa Parish Hospital Service District No. 1, Hospital Improvements, Build America Revenue Bonds,   7.20%, 2/1/2042		340,000		342,458
Massachusetts 0.78%
City of Worcester, MA, Pension Funding, General Obligation Limited, (AGM) (OID),   6.25%, 1/1/2028		160,000		187,547
Commonwealth of Massachusetts, Callable 7/9/2020 @ 100,  2.51%, 7/1/2041		500,000		502,155

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Massachusetts (cont.)
Massachusetts Health & Educational Facilities Authority, Refunding Revenue Bonds,   6.43%, 10/1/2035	$	250,000	$	333,955
University of Massachusetts Building Authority, University & College Improvements, Build America Revenue Bonds,   6.57%, 5/1/2039		15,000		15,060
				1,038,717
Michigan 2.95%
Comstock Park Public Schools, School Improvements, General Obligation Unlimited, Callable 5/1/2021 @ 100,  6.20%, 5/1/2024		200,000		205,892
County of Macomb, MI, Retirement Facilities, General Obligation Limited, Callable 11/1/2025 @ 100,  4.13%, 11/1/2030		250,000		289,028
Michigan Finance Authority, Revenue Bonds, Callable 9/1/2025 @ 100,  3.90%, 9/1/2030		250,000		276,910
Michigan Finance Authority, School Improvements, Revenue Bonds, Callable 11/1/2020 @ 100,  6.38%, 11/1/2025		500,000		501,595
Michigan Finance Authority, School Improvements, Revenue Bonds, Callable 5/1/2021 @ 100,  6.20%, 5/1/2022		160,000		163,626
Michigan Tobacco Settlement Finance Authority, Miscellaneous Purposes Revenue Bonds, (OID),   7.31%, 6/1/2034		2,230,000		2,277,856
Onsted Community Schools, School Improvements, General Obligation Unlimited,   5.90%, 5/1/2027		150,000		150,540
St Johns Public Schools, General Obligation Unlimited,   6.65%, 5/1/2040		5,000		5,019
				3,870,466
Mississippi 0.77%
East Baton Rouge Parish, LA Sewerage Commission, Revenue Bonds Series B,   2.44%, 2/1/2039		100,000		99,443
Mississippi Development Bank, Highway Improvements, Build America Revenue Bonds,   6.59%, 1/1/2035		650,000		897,741
				997,184
Missouri 3.29%
City of Kansas City, MO, Revenue Bonds,   7.83%, 4/1/2040		2,410,000		3,524,962
Missouri Joint Municipal Electric Utility Commission, Electric Lights & Power Improvements, Build America Revenue Bonds,   7.73%, 1/1/2039		475,000		783,517
				4,308,479

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Nebraska 0.19%
Nebraska Public Power District, Electric Lights & Power Improvements, Build America Revenue Bonds,   5.32%, 1/1/2030	$	200,000	$	249,390
Nevada 1.06%
County of Washoe, NV, Public Improvements, Build America Revenue Bonds,   7.97%, 2/1/2040		590,000		941,693
County of Washoe, NV, Public Improvements, Build America Revenue Bonds,   7.88%, 2/1/2040		250,000		441,082
				1,382,775
New Jersey 2.07%
New Jersey Economic Development Authority, Revenue Bonds,   7.43%, 2/15/2029		250,000		311,245
New Jersey Educational Facilities Authority, University & College Improvements, Build America Revenue Bonds, Callable 1/1/2021 @ 100,  6.19%, 7/1/2040		500,000		501,485
Township of Brick, NJ, General Obligation Unlimited,   3.75%, 9/1/2028		1,780,000		1,906,433
				2,719,163
New York 7.64%
City of New York, NY, Public Improvements, Build America Bonds, General Obligation Unlimited,   5.21%, 10/1/2031		100,000		124,842
City of New York, NY, Public Improvements, Build America Bonds, General Obligation Unlimited,   5.70%, 3/1/2027		145,000		183,067
County of Nassau, NY, Public Improvements, Build America Bonds, General Obligation Unlimited,   5.38%, 10/1/2024		500,000		575,400
Long Island Power Authority, Revenue Bonds, (OID),   5.85%, 5/1/2041		195,000		288,811
Metropolitan Transportation Authority, Revenue Bonds,   5.87%, 11/15/2039		200,000		232,884
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds,   5.99%, 11/15/2030		125,000		154,838
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds,   6.59%, 11/15/2030		395,000		482,030
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds,   6.20%, 11/15/2026		375,000		418,703
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds,   6.69%, 11/15/2040		500,000		629,745

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
New York (cont.)
New York City Industrial Development Agency, Recreational Facilities Improvements Revenue Bonds, (NATL-RE),   5.90%, 3/1/2046	$	680,000	$	822,310
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		760,775
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Build America Revenue Bonds,   5.47%, 5/1/2036		815,000		1,152,923
New York State Dormitory Authority, Revenue Bonds, Callable 7/1/2029 @ 100,  4.29%, 7/1/2044		250,000		278,740
Port Authority of New York & New Jersey, Callable 6/1/2025 @ 100,  4.82%, 6/1/2045		1,000,000		1,128,210
Port Authority of New York & New Jersey, Port, Airport & Marina Improvements, Revenue Bonds,   3.92%, 10/15/2028		2,115,000		2,329,715
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2033 @ 100,  5.55%, 11/15/2040		150,000		213,213
Western Nassau County Water Authority, Build America Revenue Bonds,   6.70%, 4/1/2040		150,000		220,294
				9,996,500
North Carolina 0.18%
County of Cabarrus, NC, School Improvements, Revenue Bonds, Callable 4/1/2021 @ 100,  5.50%, 4/1/2026		235,000		239,105
Ohio 3.06%
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds,   7.50%, 2/15/2050		500,000		842,675
American Municipal Power, Inc., Revenue Bonds,   6.27%, 2/15/2050		500,000		725,205
Cincinnati City School District, Refunding Bonds, Certificate of Participation, (OID), Callable 12/15/2024 @ 100,  4.00%, 12/15/2032		200,000		214,586
County of Cuyahoga, OH, Hospital Improvements, Build America Revenue Bonds,   8.22%, 2/15/2040		1,000,000		1,402,980
Mariemont City School District, General Obligation Unlimited,   5.90%, 12/1/2030		105,000		105,945

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 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	$	5,039
Olentangy Local School District, Refunding Bonds, General Obligation Unlimited,   3.50%, 12/1/2029		500,000		532,555
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		200,534
				4,029,519
Pennsylvania 2.65%
Pennsylvania Turnpike Commission, Build America Revenue Bonds,   6.38%, 12/1/2037		520,000		766,485
Philadelphia Authority for Industrial Development, Pension Funding, Revenue Bonds, (AGM) (OID),   6.35%, 4/15/2028		630,000		795,835
Philadelphia Municipal Authority, Public Improvements, Revenue Bonds,   5.09%, 3/15/2028		500,000		535,925
Sports & Exhibition Authority of Pittsburgh and Allegheny County, Recreational Facilities Improvements, Revenue Bonds,   7.04%, 11/1/2039		1,000,000		1,362,050
				3,460,295
Rhode Island 0.39%
Narragansett Bay Commission, Revenue Bonds, Series A, Callable 9/1/2030 @ 100,  2.92%, 9/1/2043		500,000		505,425
South Carolina 0.19%
Moncks Corner Regional Recreation Corporation, Recreational Facility Improvements, Build America Revenue Bonds, Callable 12/1/2020 @ 100,  6.55%, 12/1/2039		250,000		252,515
South Dakota 0.32%
South Dakota State Building Authority, University & College Improvements, Build America Revenue Bonds, Callable 6/1/2021 @ 100,  6.15%, 6/1/2031		400,000		413,600

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Texas 2.07%
Frisco Economic Development Corporation, Public Improvements, Revenue Bonds,   4.20%, 2/15/2034	$	1,000,000	$	1,091,650
Grand Parkway Transportation Corp., Revenue Bonds Series B, Callable 4/1/2030 @ 100,  3.24%, 10/1/2052		100,000		104,050
Midland County Hospital District, Health, Hospital & Nursing Home Improvements, Build America Bonds, General Obligation Limited,   6.44%, 5/15/2039		260,000		376,961
Orchard Cultural Education Facilities Finance Corporation, Recreational Facility Improvements, Revenue Bonds,   6.48%, 11/15/2034		110,000		110,798
Texas Transportation Commission, General Obligation Unlimited, Callable 4/1/2030 @ 100,  2.56%, 4/1/2042		1,000,000		1,034,450
				2,717,909
Virgin Islands 1.68%
Virgin Islands Water & Power Authority- Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM),   6.85%, 7/1/2035		1,000,000		1,231,500
Virgin Islands Water & Power Authority- Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM),   6.65%, 7/1/2028		840,000		967,193
				2,198,693
Virginia 4.61%
Tobacco Settlement Financing Corporation, Refunding Revenue Bonds, (OID),   6.71%, 6/1/2046		5,850,000		6,040,418
Washington 1.87%
City of Seattle, WA, Municipal Light & Power Revenue, Electric Lights & Power Improvements, Build America Revenue Bonds, (OID),   5.57%, 2/1/2040		250,000		336,015
Douglas County Public Utility District No. 1, Electric Lights & Power Improvements, Revenue Bonds,   5.35%, 9/1/2030		250,000		308,090
Klickitat County Public Utility District No. 1, Electric Lights & Power Improvements, Refunding Revenue Bonds, Callable 12/1/2021 @ 100,  5.25%, 12/1/2029		705,000		743,091

SPIRIT OF AMERICA INCOME FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Washington (cont.)
Public Utility District No. 1 of Cowlitz County, WA, Electric Lights & Power Improvements, Build America Revenue Bonds,   6.88%, 9/1/2032	$	500,000	$	706,165
Snohomish County Public Utility District No. 1, Electric Lights & Power Improvements, Build America Revenue Bonds, (OID),   5.68%, 12/1/2040		250,000		335,775
				2,429,136
West Virginia 1.52%
Tobacco Settlement Finance Authority, Miscellaneous Purposes Revenue Bonds,   7.47%, 6/1/2047		1,855,000		1,986,445
Wisconsin 0.08%
State of Wisconsin, General Obligation Unlimited,   2.35%, 5/1/2031		100,000		110,512
Total Municipal Bonds (Cost $65,489,145)				77,833,076
		Shares
Money Market Funds 2.38%
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional, 0.02%(b)		3,121,554	$	3,121,554
Total Money Market Funds
(Cost $3,121,554)				3,121,554
Total Investments — 99.93%
(Cost $118,805,212)				130,953,679
Other Assets in Excess of Liabilities — 0.07%				94,704
NET ASSETS - 100.00%			$	131,048,383

(a)	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.
(b)	Rate disclosed is the seven day effective yield as of September 30, 2020.

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED)
	Shares		Market Value
Common Stocks 33.28%
Communications 5.85%
Alphabet, Inc., Class A(a)		250	$	366,400
Alphabet, Inc., Class C(a)		190		279,224
AT&T, Inc.		4,114		117,290
Netflix, Inc.(a)		800		400,024
Verizon Communications, Inc.		5,000		297,450
				1,460,388
Consumer Discretionary 3.92%
Amazon.com, Inc.(a)		150		472,309
Home Depot, Inc. (The)		1,000		277,710
Lennar Corp., Class A		2,800		228,704
				978,723
Energy 3.04%
Cheniere Energy Partners LP		2,300		76,498
Energy Transfer LP		17,350		94,037
Enterprise Products Partners LP		10,805		170,611
Kinder Morgan, Inc.		7,500		92,475
Magellan Midstream Partners LP		2,725		93,195
MPLX LP		8,850		139,299
Targa Resources Corp.		1,305		18,309
Viper Energy Partners LP		3,200		24,064
Williams Cos, Inc. (The)		2,500		49,125
				757,613
Financials 3.02%
Blackstone Group, Inc. (The), Class A		6,175		322,335
Blackstone Mortgage Trust, Inc., Class A		3,207		70,458
Citigroup, Inc.		3,000		129,330
Fifth Third Bancorp		3,400		72,488
JPMorgan Chase & Co.		1,000		96,270

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Financials (cont.)
Starwood Property Trust, Inc.		4,175	$	63,001
				753,882
Health Care 1.41%
AbbVie, Inc.		4,000		350,360
Industrials 1.80%
Caterpillar, Inc.		700		104,405
Deere & Co.		1,150		254,875
Honeywell International, Inc.		550		90,536
				449,816
Materials 0.36%
Dow, Inc.		1,900		89,395
Real Estate Investment Trusts (REITs) 3.84%
Prologis, Inc.		3,000		301,860
Sun Communities, Inc.		714		100,396
Terreno Realty Corp.		7,362		403,143
Welltower, Inc.		1,160		63,904
WP Carey, Inc.		1,340		87,314
				956,617
Technology 9.30%
Apple, Inc.		3,250		376,382
Microsoft Corp.		2,000		420,660
NVIDIA Corp.		2,045		1,106,795
PayPal Holdings, Inc.(a)		2,100		413,763
				2,317,600
Utilities 0.74%
American Electric Power Co., Inc.		1,155		94,398

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Utilities (cont.)
Duke Energy Corp.		1,000	$	88,560
				182,958
Total Common Stocks (Cost $6,877,716)				8,297,352
Preferred Stocks 11.65%
Consumer Discretionary 1.03%
eBay, Inc., 6.00%		10,000		256,100
Financials 4.73%
Bank of America Corp., 6.00%		3,800		98,344
Capital One Financial Corp., Series K, 4.63%		6,166		149,834
First Republic Bank, 5.70%		9,000		225,360
First Republic Bank, Series K, 4.13%		1,333		33,858
Hancock Whitney Corp., 5.95%		9,200		244,812
KKR & Company LP, 6.50%		6,481		169,413
Prudential Financial, Inc., 4.13%		1,765		44,919
Truist Financial Corp., Series R, 4.75%		8,166		211,908
				1,178,448
Real Estate 2.37%
National Retail Properties, Inc., 5.20%		6,000		154,080
Public Storage, 5.05%		5,000		131,400
Public Storage, Series B, 5.40%		10,000		255,300
Public Storage, Series M, 4.13%		1,944		50,408
				591,188
Utilities 3.52%
Brookfield Infrastructure Partners LP		10,000		257,500
Southern Co., 5.25%		14,000		364,560

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Shares		Market Value
Utilities (cont.)
Southern Co., 5.25%		10,000	$	256,500
				878,560
Total Preferred Stocks
(Cost $2,834,805)				2,904,296

	Principal Amount
Corporate Bonds 2.18%
Apple, Inc., 2.20%, 9/11/2029	250,000	269,280
Microsoft Corp., 3.30%, 2/6/2027	240,000	274,606
Total Corporate Bonds
(Cost $503,067)		543,886
Municipal Bonds 45.11%
Arizona 3.08%
City of Tucson, AZ, Certificate of Participation, (AGM),   4.83%, 7/1/2034	620,000	767,541
California 5.32%
California State University, Revenue Bonds, Series B, Callable 5/1/2030 @ 100,  3.07%, 11/1/2042	50,000	51,331
City of Newport Beach, CA, Public Improvements, Certificate of Participation,   7.17%, 7/1/2040	800,000	1,274,768
		1,326,099
Florida 4.69%
Pasco County School Board, School Improvements, Certificate of Participation,   5.00%, 12/1/2037	1,000,000	1,169,300
Kansas 5.81%
Kansas Development Finance Authority, Revenue Bonds,   4.73%, 4/15/2037	1,000,000	1,270,460

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 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	$	176,589
				1,447,049
Nevada 0.64%
County of Washoe, NV, Public & Highway Improvements, Build America Revenue Bonds,   7.97%, 2/1/2040		100,000		159,609
New York 5.94%
New York City Transitional Finance Authority Building Aid Revenue, School Improvements, Miscellaneous Purposes Revenue Bonds,   5.00%, 7/15/2030		300,000		383,286
New York State Dormitory Authority, Revenue Bonds, Callable 7/1/2026 @ 100,  3.88%, 7/1/2046		750,000		815,183
Port Authority of New York & New Jersey, Callable 6/1/2025 @ 100,  4.82%, 6/1/2045		250,000		282,053
				1,480,522
Ohio 7.35%
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds,   7.83%, 2/15/2041		1,000,000		1,683,030
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds,   5.94%, 2/15/2047		100,000		150,823
				1,833,853
Pennsylvania 4.39%
City of Reading, PA, General Obligation Unlimited, (AGM) (OID), Callable 11/1/2024 @ 100,  5.30%, 11/1/2033		1,000,000		1,095,440
Rhode Island 2.03%
Narragansett Bay Commission, Revenue Bonds, Series A, Callable 9/1/2030 @ 100,  2.92%, 9/1/2043		500,000		505,425
Tennessee 3.58%
Metropolitan Government of Nashville & Davidson County Convention Center Authority, Public Improvements, Revenue Bonds,   7.43%, 7/1/2043		500,000		778,490

SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS | SEPTEMBER 30, 2020 (UNAUDITED) (CONT.)
	Principal Amount		Market Value
Tennessee (cont.)
Metropolitan Government of Nashville & Davidson County, General Obligation Unlimited,   3.49%, 7/1/2029	$	100,000	$	115,917
				894,407
Texas 2.28%
Grand Parkway Transportation Corporation, Revenue Bonds, Series B, Callable 4/1/2030 @ 100,  3.24%, 10/1/2052		50,000		52,025
Texas Transportation Commission, General Obligation Unlimited, Callable 4/1/2030 @ 100,  2.56%, 4/1/2042		500,000		517,225
				569,250
Total Municipal Bonds
(Cost $9,466,143)				11,248,495
U.S. Government & Agency Obligations 4.98%
U.S. Treasury Notes 1.38%, 10/15/2022		350,000		358,921
U.S. Treasury Notes 1.50%, 10/31/2024		350,000		368,307
U.S. Treasury Notes 1.50%, 1/152023		500,000		515,605
Total U.S. Government & Agency Obligations
(Cost $1,196,641)				1,242,833

	Shares
Money Market Funds 2.18%
Morgan Stanley Institutional Liquidity Fund, Institutional, 0.02%(b)	544,541	$	544,541
Total Money Market Funds
(Cost $544,541)			544,541
Total Investments — 99.38%
(Cost $21,422,913)			24,781,403
Other Assets in Excess of Liabilities — 0.62%			154,578
NET ASSETS - 100.00%		$	24,935,981

(a) Non-income producing security.

(b) Rate disclosed is the seven day effective yield as of September 30, 2020.

The adjusted cost basis of investment and gross unrealized appreciation and depreciation of investments for federal income tax purposes for each of the Funds as of September 30, 2020, were as follows:

Fund	Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation		Cost Basis of Investments
Real Estate Fund	$	30,087,828	$	(3,815,274	)	$	26,272,554	$	51,712,273
Value Fund		55,062,754		(2,146,701	)		52,916,053		69,241,011
Municipal Fund		3,059,837		(65,573	)		2,994,264		64,804,592
Income Fund		18,677,156		(4,012,170	)		14,664,986		116,288,694
Opportunity Fund		4,753,101		(732,591	)		4,020,510		20,760,893

SPIRIT OF AMERICA INVESTMENT FUND, INC.

NOTES TO SCHEDULES OF INVESTMENTS

September 30, 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

September 30, 2020

(UNAUDITED)

The summary of inputs used to value each Fund’s net assets as of September 30, 2020, is as follows:

	Value Inputs
	LEVEL 1			LEVEL 2			LEVEL 3		Total
Real Estate Fund
Assets:
Common Stocks*	$	76,180,642		$	-		$	-	$	76,180,642
Preferred Stocks*		1,569,489			-			-		1,569,489
Municipal Bonds		-			207,827			-		207,827
Money Market Funds		29,469			-			-		29,469
Total	$	77,779,600		$	207,827		$	-	$	77,987,427
Liabilities
Written Call Options		(2,600	)		-			-		(2,600	)
Total	$	-		$	-		$	-	$	(2,600	)
Value Fund
Assets:
Common Stocks*	$	119,557,676		$	-		$	-	$	119,557,676
Preferred Stocks*		2,010,880			-			-		2,010,880
Money Market Funds		590,118			-			-		590,118
Total	$	122,158,674		$	-		$	-	$	122,158,674
Liabilities					-			-
Written Call Options	$	(1,610	)	$	-		$	-	$	(1,610	)
Total Total Investments	$	(1,610	)	$	-		$	-	$	(1,610	)
Municipal Fund
Assets:
Municipal Bonds	$	-		$	66,438,925		$	-	$	66,438,925
Money Market Funds		1,359,931			-			-		1,359,931
Total	$	1,359,931		$	66,438,925		$	-	$	67,798,856
Income Fund
Assets:
Common Stocks*	$	17,098,323		$	-		$	-	$	17,098,323
Preferred Stocks*		21,655,667			-			-		21,655,667
Collateralized Mortgage Obligations		-			140,191			-		140,191
Corporate Bonds		-			10,678,652			426,216		11,104,868
Municipal Bonds		-			77,833,076			-		77,833,076
Money Market Funds		3,121,554			-			-		3,121,554
Total	$	41,875,544		$	88,651,919		$	426,216	$	130,953,679
Opportunity Fund
Assets:
Common Stocks*	$	8,297,352		$	-		$	-	$	8,297,352
Preferred Stocks*		2,904,296			-			-		2,904,296
Corporate Bonds		-			543,886			-		543,886
Municipal Bonds		-			11,248,495			-		11,248,495
U.S. Government & Agency Obligations		-			1,242,833			-		1,242,833
Money Market Funds		544,541			-	��		-		544,541
Total	$	11,746,189		$	13,035,214		$	-	$	24,781,403

* Refer to Schedule of Investments for industry classifications.

SPIRIT OF AMERICA INVESTMENT FUND, INC.

NOTES TO SCHEDULES OF INVESTMENTS

September 30, 2020

(UNAUDITED)

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

• Last sales price

• Price given by pricing service

• Last quoted bid & asked price

• Third party bid & asked price

• Indicated opening range

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

The following provides quantitative information about the Income Fund’s significant Level 3 fair value measurements as of September 30, 2020:

Quantitative Information about Significant Level 3 Fair Value Measurements
Asset Category	Fair Value At September 30, 2020	Valuation Techniques	Unobservable Input(s)	Range
Corporate Bonds	426,216	Comparable Security Analysis	Discount for Lack of Marketability	1%-20%

Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for the Income Fund

	Balance as of December 31, 2019		Amortization/Accretion		Change in unrealized appreciation (depreciation)		Balance as of September 30, 2020
Corporate Bonds	$	412,146	$	376	$	13,694	$	426,216

SPIRIT OF AMERICA INVESTMENT FUND, INC.

NOTES TO SCHEDULES OF INVESTMENTS

September 30, 2020

(UNAUDITED)

C. Restricted Securities: Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Funds or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid. The Funds will not incur any registration costs upon such resale. The Funds’ restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined by the Board. At September 30, 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	$	419,674	$	426,216
MetLife Capital, Inc., 9.25%, 04/08/38	6/4/2013	$	1,500,000	$	2,105,481	$	2,271,518

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.