SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) | ||
Shares | Market Value | |
Common Stocks 97.13% | ||
Data Center REIT 22.26% | ||
CoreSite Realty Corp. | 28,425 | $ 3,406,737 |
CyrusOne, Inc. | 44,100 | 2,986,452 |
Digital Realty Trust, Inc. | 35,781 | 5,039,396 |
Equinix, Inc. | 5,175 | 3,516,878 |
QTS Realty Trust, Inc., Class A | 62,275 | 3,863,541 |
18,813,004 | ||
Gaming REIT 1.22% | ||
Gaming and Leisure Properties, Inc. | 1,035 | 43,915 |
MGM Growth Properties LLC, Class A | 30,250 | 986,755 |
1,030,670 | ||
Health Care REIT 3.20% | ||
Global Medical REIT, Inc. | 15,000 | 196,650 |
Healthcare Trust of America, Inc., Class A | 7,500 | 206,850 |
Healthpeak Properties, Inc. | 25,518 | 809,942 |
Medical Properties Trust, Inc. | 1,500 | 31,920 |
Omega Healthcare Investors, Inc. | 1,000 | 36,630 |
Physicians Realty Trust | 5,000 | 88,350 |
Ventas, Inc. | 5,050 | 269,367 |
Welltower, Inc. | 14,875 | 1,065,496 |
2,705,205 | ||
Hotel REIT 1.97% | ||
Apple Hospitality REIT, Inc. | 8,810 | 128,362 |
Host Hotels & Resorts, Inc.(a) | 22,500 | 379,125 |
Pebblebrook Hotel Trust | 26,881 | 652,939 |
Summit Hotel Properties, Inc.(a) | 18,000 | 182,880 |
Sunstone Hotel Investors, Inc.(a) | 25,700 | 320,222 |
1,663,528 | ||
Industrial REIT 23.96% | ||
Americold Realty Trust | 34,000 | 1,307,980 |
Duke Realty Corp. | 3,750 | 157,238 |
Innovative Industrial Properties, Inc. | 24,250 | 4,368,880 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Shares | Market Value | |
Industrial REIT (cont.) | ||
Prologis, Inc. | 96,170 | $ 10,194,020 |
STAG Industrial, Inc. | 48,950 | 1,645,209 |
Terreno Realty Corp. | 44,675 | 2,580,875 |
20,254,202 | ||
Infrastructure REIT 2.76% | ||
American Tower Corp., Class A | 4,500 | 1,075,770 |
Crown Castle International Corp. | 7,300 | 1,256,549 |
2,332,319 | ||
Mortgage Finance 0.36% | ||
Blackstone Mortgage Trust, Inc., Class A | 2,200 | 68,200 |
Starwood Property Trust, Inc. | 9,500 | 235,030 |
303,230 | ||
Multi Asset Class REIT 1.96% | ||
Lexington Realty Trust | 2,700 | 29,997 |
WP Carey, Inc. | 22,950 | 1,623,942 |
1,653,939 | ||
Office REIT 5.53% | ||
Alexandria Real Estate Equities, Inc. | 12,850 | 2,111,255 |
Boston Properties, Inc. | 6,965 | 705,276 |
City Office REIT, Inc. | 59,308 | 629,851 |
Hudson Pacific Properties, Inc. | 28,050 | 760,997 |
Kilroy Realty Corp. | 7,115 | 466,957 |
4,674,336 | ||
Residential REIT 21.06% | ||
Apartment Income REIT Corp.(a) | 26,902 | 1,150,330 |
AvalonBay Communities, Inc. | 7,790 | 1,437,333 |
Camden Property Trust | 12,750 | 1,401,352 |
Equity LifeStyle Properties, Inc. | 38,200 | 2,431,048 |
Equity Residential | 22,915 | 1,641,401 |
Essex Property Trust, Inc. | 5,036 | 1,368,986 |
Invitation Homes, Inc. | 19,500 | 623,805 |
Mid-America Apartment Communities, Inc. | 15,172 | 2,190,230 |
Sun Communities, Inc. | 26,850 | 4,028,574 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Shares | Market Value | |
Residential REIT (cont.) | ||
UDR, Inc. | 34,750 | $ 1,524,135 |
17,797,194 | ||
Retail REIT 7.12% | ||
Brixmor Property Group, Inc. | 29,675 | 600,325 |
Federal Realty Investment Trust | 9,750 | 989,138 |
Kimco Realty Corp. | 25,569 | 479,419 |
National Retail Properties, Inc. | 13,750 | 605,962 |
Realty Income Corp. | 23,530 | 1,494,155 |
Regency Centers Corp. | 10,700 | 606,797 |
Simon Property Group, Inc. | 10,000 | 1,137,700 |
Spirit MTA REIT(b) | 1,140 | 484 |
STORE Capital Corp. | 2,000 | 67,000 |
VEREIT, Inc. | 1,000 | 38,620 |
6,019,600 | ||
Self-Storage REIT 4.42% | ||
CubeSmart | 16,750 | 633,653 |
Extra Space Storage, Inc. | 11,095 | 1,470,642 |
Life Storage, Inc. | 16,950 | 1,456,852 |
Public Storage | 700 | 172,732 |
3,733,879 | ||
Specialty REIT 1.29% | ||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 19,517 | 1,094,904 |
Timber REIT 0.02% | ||
Weyerhaeuser Co. | 500 | 17,800 |
Total REIT (Cost $48,551,752) | 82,093,810 | |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Shares | Market Value | |
Preferred Stocks 2.25% | ||
Data Center REIT 0.26% | ||
Digital Realty Trust, Inc., Series J, 5.25% | 4,000 | $ 106,080 |
QTS Realty Trust, Inc., 7.13% | 4,000 | 111,840 |
217,920 | ||
Electric Transmission & Distribution 0.06% | ||
Entergy Louisiana LLC, 4.88% | 2,000 | 50,900 |
Hotel REIT 0.70% | ||
Ashford Hospitality Trust, Inc., Series F, 7.38% | 6,000 | 143,490 |
Hersha Hospitality Trust, Series D, 6.50% | 5,000 | 121,450 |
Hersha Hospitality Trust, Series E, 6.50% | 5,000 | 121,450 |
Pebblebrook Hotel Trust, Series F, 6.30% | 2,500 | 60,625 |
Sotherly Hotels, Inc., Series B, 8.00% | 6,000 | 110,820 |
Sotherly Hotels, Inc., Series C, 7.88% | 2,000 | 36,420 |
594,255 | ||
Industrial REIT 0.12% | ||
Monmouth Real Estate Investment Corp., Series C, 6.13% | 4,000 | 101,680 |
Multi Asset Class REIT 0.08% | ||
Vornado Realty Trust, Series M, 5.25% | 2,500 | 63,425 |
P&C Insurance 0.12% | ||
Arch Capital Group Ltd., Series E, 5.25% | 2,000 | 51,240 |
Arch Capital Group Ltd., Series F, 5.45% | 2,000 | 52,480 |
103,720 | ||
Residential REIT 0.15% | ||
American Homes 4 Rent, Series G, 5.88% | 2,000 | 51,960 |
Bluerock Residential Growth REIT, Inc., Series A, 7.13% | 3,000 | 78,045 |
130,005 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Shares | Market Value | |
Retail REIT 0.53% | ||
Federal Realty Investment Trust, Series C, 5.00% | 6,500 | $ 171,535 |
National Retail Properties, Inc., Series F, 5.20% | 11,000 | 281,600 |
453,135 | ||
Self-Storage REIT 0.23% | ||
Public Storage, Series K, 4.75% | 2,000 | 54,880 |
Public Storage, Series M, 4.13% | 1,167 | 30,120 |
Public Storage, Series N, 3.88% | 4,000 | 100,040 |
185,040 | ||
Total Preferred Stocks (Cost $1,870,997) | 1,900,080 | |
Principal Amount | ||
Municipal Bonds 0.23% | ||
Franklin County Convention Facilities Authority, Revenue Bonds, 6.54%, 12/1/2036 | $ 140,000 | 196,577 |
Total Municipal Bonds (Cost $162,209) | 196,577 | |
Shares | ||
Money Market Funds 0.04% | ||
Morgan Stanley Institutional Liquidity Fund, Institutional, 0.03%(c) | 31,075 | 31,075 |
Total Money Market Funds (Cost $31,075) | 31,075 | |
Total Investments — 99.65% (Cost $50,616,033) | 84,221,542 | |
Other Assets in Excess of Liabilities — 0.35% | 297,887 | |
NET ASSETS - 100.00% | $ 84,519,429 | |
See accompanying notes which are an integral part of this schedule of investments.
(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, 2021. |
SPIRIT OF AMERICA LARGE CAP VALUE FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) | ||
Shares | Market Value | |
Common Stocks 98.30% | ||
Communications 8.24% | ||
Alphabet, Inc., Class A(a) | 1,820 | $ 3,753,786 |
AT&T, Inc. | 14,400 | 435,888 |
Comcast Corp., Class A | 17,200 | 930,692 |
Netflix, Inc.(a) | 1,850 | 965,071 |
Verizon Communications, Inc. | 28,540 | 1,659,601 |
Walt Disney Co. (The) | 17,500 | 3,229,100 |
10,974,138 | ||
Consumer Discretionary 6.82% | ||
Amazon.com, Inc.(a) | 645 | 1,995,682 |
D.R. Horton, Inc. | 7,550 | 672,856 |
Home Depot, Inc. (The) | 11,438 | 3,491,449 |
Lennar Corp., Class A | 4,650 | 470,720 |
Lowe's Cos., Inc. | 1,000 | 190,180 |
Masco Corp. | 11,500 | 688,850 |
McDonald's Corp. | 4,880 | 1,093,803 |
NIKE, Inc., Class B | 1,300 | 172,757 |
Ross Stores, Inc. | 2,000 | 239,820 |
TJX Cos., Inc. (The) | 1,000 | 66,150 |
9,082,267 | ||
Consumer Staples 7.82% | ||
Altria Group, Inc. | 10,750 | 549,970 |
Clorox Co. (The) | 950 | 183,236 |
Coca-Cola Co. (The) | 7,400 | 390,054 |
Colgate-Palmolive Co. | 2,500 | 197,075 |
Conagra Brands, Inc. | 7,100 | 266,960 |
Constellation Brands, Inc., Class A | 150 | 34,200 |
Costco Wholesale Corp. | 5,001 | 1,762,752 |
Kroger Co. (The) | 9,000 | 323,910 |
See accompanying notes which are an integral part of this schedule of investments.
Lamb Weston Holdings, Inc. | 4,300 | 333,164 |
PepsiCo, Inc. | 2,400 | 339,480 |
Philip Morris International, Inc. | 7,350 | 652,239 |
Procter & Gamble Co. (The) | 6,365 | 862,012 |
Target Corp. | 13,580 | 2,689,791 |
SPIRIT OF AMERICA LARGE CAP VALUE FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Shares | Market Value | |
Consumer Staples (cont.) | ||
Wal-Mart Stores, Inc. | 13,484 | $ 1,831,532 |
10,416,375 | ||
Energy 2.40% | ||
Cheniere Energy, Inc.(a) | 2,250 | 162,022 |
Chevron Corp. | 9,510 | 996,553 |
ConocoPhillips | 9,800 | 519,106 |
Exxon Mobil Corp. | 6,100 | 340,563 |
First Solar, Inc.(a) | 1,000 | 87,300 |
Kinder Morgan, Inc. | 7,750 | 129,038 |
Pioneer Natural Resources Co. | 650 | 103,233 |
Valero Energy Corp. | 12,000 | 859,200 |
3,197,015 | ||
Financials 9.50% | ||
American Express Co. | 10,250 | 1,449,760 |
Bank of America Corp. | 29,600 | 1,145,224 |
Berkshire Hathaway, Inc., Class B(a) | 1,620 | 413,861 |
Blackstone Group, Inc. (The), Class A | 8,250 | 614,872 |
Carlyle Group, Inc. (The) | 6,050 | 222,398 |
Citigroup, Inc. | 17,200 | 1,251,300 |
CME Group, Inc. | 1,404 | 286,739 |
Goldman Sachs Group, Inc. (The) | 2,815 | 920,505 |
JPMorgan Chase & Co. | 20,892 | 3,180,389 |
Signature Bank | 8,054 | 1,821,010 |
SVB Financial Group(a) | 2,723 | 1,344,236 |
12,650,294 | ||
Health Care 10.88% | ||
Abbott Laboratories | 3,100 | 371,504 |
AbbVie, Inc. | 23,257 | 2,516,873 |
Amgen, Inc. | 3,200 | 796,192 |
See accompanying notes which are an integral part of this schedule of investments.
Bristol-Myers Squibb Co. | 16,750 | 1,057,428 |
Centene Corp.(a) | 10,100 | 645,491 |
CVS Health Corp. | 7,611 | 572,576 |
Edwards LifeSciences Corp.(a) | 3,000 | 250,920 |
Gilead Sciences, Inc. | 4,500 | 290,835 |
SPIRIT OF AMERICA LARGE CAP VALUE FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Shares | Market Value | |
Health Care (cont.) | ||
Humana, Inc. | 1,450 | $ 607,912 |
Johnson & Johnson | 4,597 | 755,517 |
McKesson Corp. | 2,250 | 438,840 |
Medtronic PLC | 7,469 | 882,313 |
Merck & Co., Inc. | 17,750 | 1,368,347 |
Moderna, Inc.(a) | 500 | 65,475 |
Pfizer, Inc. | 8,150 | 295,274 |
Quest Diagnostics, Inc. | 4,500 | 577,530 |
Thermo Fisher Scientific, Inc. | 2,290 | 1,045,110 |
UnitedHealth Group, Inc. | 2,725 | 1,013,891 |
Vertex Pharmaceuticals, Inc.(a) | 4,300 | 924,027 |
Viatris, Inc.(a) | 1,135 | 15,856 |
14,491,911 | ||
Industrials 9.89% | ||
3M Co. | 1,290 | 248,557 |
Boeing Co. (The) | 3,355 | 854,586 |
Caterpillar, Inc. | 10,225 | 2,370,871 |
CSX Corp. | 14,175 | 1,366,754 |
Cummins, Inc. | 3,550 | 919,840 |
Deere & Co. | 4,700 | 1,758,458 |
FedEx Corp. | 4,950 | 1,405,998 |
Honeywell International, Inc. | 8,300 | 1,801,681 |
Johnson Controls International PLC | 8,253 | 492,457 |
Raytheon Technologies Corp. | 2,100 | 162,267 |
Southwest Airlines Co.(a) | 3,200 | 195,392 |
United Parcel Service, Inc., Class B | 1,000 | 169,990 |
Waste Connections, Inc. | 13,175 | 1,422,636 |
13,169,487 | ||
Materials 1.23% | ||
CF Industries Holdings, Inc. | 7,700 | 349,426 |
See accompanying notes which are an integral part of this schedule of investments.
Corteva, Inc. | 7,233 | 337,202 |
Dow, Inc. | 6,083 | 388,947 |
DuPont de Nemours, Inc. | 6,500 | 502,320 |
International Paper Co. | 500 | 27,035 |
SPIRIT OF AMERICA LARGE CAP VALUE FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Shares | Market Value | |
Materials (cont.) | ||
WestRock Co. | 500 | $ 26,025 |
1,630,955 | ||
Real Estate Investment Trusts (REITs) 3.99% | ||
Alexandria Real Estate Equities, Inc. | 1,550 | 254,665 |
American Tower Corp., Class A | 1,450 | 346,637 |
CoreSite Realty Corp. | 400 | 47,940 |
Crown Castle International Corp. | 3,120 | 537,046 |
CyrusOne, Inc. | 11,100 | 751,692 |
Digital Realty Trust, Inc. | 1,100 | 154,924 |
Equinix, Inc. | 1,425 | 968,416 |
Prologis, Inc. | 7,500 | 795,000 |
QTS Realty Trust, Inc., Class A | 9,400 | 583,176 |
Realty Income Corp. | 2,200 | 139,700 |
Sun Communities, Inc. | 3,700 | 555,148 |
Terreno Realty Corp. | 3,050 | 176,198 |
5,310,542 | ||
Technology 35.24% | ||
Accenture PLC, Class A | 5,600 | 1,547,000 |
Adobe, Inc.(a) | 2,675 | 1,271,615 |
Advanced Micro Devices, Inc.(a) | 4,100 | 321,850 |
Apple, Inc. | 69,832 | 8,529,979 |
Applied Materials, Inc. | 17,970 | 2,400,792 |
Box, Inc., Class A(a) | 7,200 | 165,312 |
Cisco Systems, Inc. | 19,050 | 985,075 |
Cognizant Technology Solutions Corp., Class A | 5,450 | 425,754 |
Corning, Inc. | 14,000 | 609,140 |
Dell Technologies, Inc., Class C(a) | 1,624 | 143,156 |
Fiserv, Inc.(a) | 1,950 | 232,128 |
Garmin Ltd. | 1,900 | 250,515 |
HP, Inc. | 21,500 | 682,625 |
International Business Machines Corp. | 2,868 | 382,190 |
See accompanying notes which are an integral part of this schedule of investments.
MasterCard, Inc., Class A | 5,200 | 1,851,460 |
Microchip Technology, Inc. | 3,225 | 500,584 |
Microsoft Corp. | 30,714 | 7,241,440 |
NetApp, Inc. | 2,600 | 188,942 |
SPIRIT OF AMERICA LARGE CAP VALUE FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Shares | Market Value | |
Technology (cont.) | ||
NortonLifeLock, Inc. | 27,700 | $ 588,902 |
NVIDIA Corp. | 10,023 | 5,351,580 |
Oracle Corp. | 34,375 | 2,412,094 |
Paychex, Inc. | 3,850 | 377,377 |
PayPal Holdings, Inc.(a) | 1,475 | 358,189 |
QUALCOMM, Inc. | 7,250 | 961,277 |
Texas Instruments, Inc. | 14,875 | 2,811,226 |
Visa, Inc., Class A | 14,500 | 3,070,085 |
Workday, Inc., Class A(a) | 13,130 | 3,261,886 |
46,922,173 | ||
Utilities 2.29% | ||
AES Corp. | 4,000 | 107,240 |
American Electric Power Co., Inc. | 1,850 | 156,695 |
Brookfield Renewable Corp., Class A | 563 | 26,325 |
Brookfield Renewable Partners LP | 2,250 | 95,850 |
Edison International | 1,100 | 64,460 |
Eversource Energy | 250 | 21,648 |
NextEra Energy, Inc. | 24,000 | 1,814,640 |
WEC Energy Group, Inc. | 8,200 | 767,438 |
3,054,296 | ||
Total Common Stocks (Cost $63,324,559) | 130,899,453 | |
Preferred Stocks 1.60% | ||
Communications 0.16% | ||
Telephone & Data Systems, Inc., 7.00% | 4,000 | 101,480 |
United States Cellular Corp., 7.25% | 2,500 | 63,600 |
United States Cellular Corp., 7.25% | 2,000 | 50,960 |
216,040 |
See accompanying notes which are an integral part of this schedule of investments.
Financials 1.16% | ||
Annaly Capital Management, Inc., Series F, 6.95% | 2,000 | 50,000 |
Ares Management Corp., Series A, 7.00% | 2,500 | 63,875 |
SPIRIT OF AMERICA LARGE CAP VALUE FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Shares Market Value | ||
Financials (cont.) | ||
Athene Holding Ltd., Series C, 6.38% | 2,000 | $ 56,200 |
Bank of America Corp., Series EE, 6.00% | 2,500 | 62,500 |
Bank of America Corp., Series GG, 6.00% | 4,000 | 108,800 |
Bank of America Corp., Series HH, 5.88% | 2,000 | 54,580 |
Bank of America Corp., Series LL, 5.00% | 2,000 | 52,940 |
Bank of America Corp., Series PP, 4.13% | 3,333 | 82,592 |
Charles Schwab Corp. (The), Series C, 6.00% | 2,000 | 50,640 |
Charles Schwab Corp. (The), Series J, 4.45% | 2,000 | 50,000 |
First Republic Bank, Series L, 4.25% | 2,000 | 51,640 |
Globe Life, Inc., 6.13% | 5,000 | 127,500 |
Hancock Whitney Corp., 5.95% | 2,500 | 64,025 |
JPMorgan Chase & Co., Series EE, 6.00% | 2,000 | 54,960 |
JPMorgan Chase & Co., Series JJ, 4.55% | 2,000 | 51,240 |
KeyCorp, Series G, 5.63% | 2,000 | 55,760 |
KKR & Co. LP, Series B, 6.50% | 2,000 | 51,340 |
KKR Group Finance Co. IX LLC, 4.63% | 2,000 | 49,800 |
Ladenburg Thalmann Financial Services, Inc., Series A, 8.00% | 7,000 | 140,000 |
Northern Trust Corp., Series E, 4.70% | 1,360 | 36,448 |
Prudential Financial, Inc., 4.13% | 705 | 17,858 |
Prudential Financial, Inc., 5.63% | 2,000 | 55,000 |
US Bancorp, Series M, 4.00% | 2,000 | 49,620 |
Wells Fargo & Co., Series CC, 4.38% | 4,000 | 100,000 |
1,537,318 | ||
Real Estate 0.24% | ||
Digital Realty Trust, Inc., Series L, 5.20% | 2,000 | 53,300 |
Public Storage, Series I, 4.88% | 1,917 | 51,337 |
Public Storage, Series K, 4.75% | 2,000 | 54,880 |
Public Storage, Series L, 4.63% | 2,000 | 53,720 |
QTS Realty Trust, Inc., 7.13% | 4,000 | 111,840 |
325,077 |
See accompanying notes which are an integral part of this schedule of investments.
Utilities 0.04% | ||
Brookfield Infrastructure Partners LP, 5.00% | 2,000 | 50,460 |
Total Preferred Stocks (Cost $2,078,873) | 2,128,895 | |
SPIRIT OF AMERICA LARGE CAP VALUE FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Shares | Market Value | |
Money Market Funds 0.14% | ||
Morgan Stanley Institutional Liquidity Fund, Institutional, 0.03%(b) | 185,434 | $ 185,434 |
Total Money Market Funds (Cost $185,434) | 185,434 | |
Total Investments — 100.04% | ||
(Cost $65,588,866) | 133,213,782 | |
Liabilities in Excess of Other Assets — (0.04)% | (58,146 ) | |
NET ASSETS - 100.00% | $ 133,155,636 | |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day effective yield as of March 31, 2021. |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) | ||
Principal Amount | Market Value | |
Municipal Bonds 97.28% | ||
Alaska 0.74% | ||
Northern Tobacco Securitization Corp., Refunding Revenue Bonds, (OID), 5.00%, 6/1/2032 | $ 500,000 | $ 507,417 |
Arizona 0.89% | ||
City of Phoenix, AZ, General Obligation Unlimited, Callable 7/1/2026 @ 100, 5.00%, 7/1/2027 | 500,000 | 611,168 |
California 4.49% | ||
California Educational Facilities Authority, Callable 10/1/2021 @ 100, 6.13%, 10/1/2030 | 130,000 | 133,782 |
California State Public Works Board, Revenue Bonds, Callable 11/1/2026 @ 100, 5.00%, 11/1/2029 | 600,000 | 737,646 |
City of Los Angeles, CA Wastewater System Revenue, Refunding Revenue Bonds, (OID), Callable 6/1/2022 @ 100, 3.38%, 6/1/2029 | 100,000 | 102,815 |
Los Angeles CA Department of Water & Power, Revenue Bonds, Callable 1/1/2029 @ 100, 5.25%, 7/1/2049 | 200,000 | 250,820 |
Los Angeles Community College District, General Obligation Unlimited, Callable 8/1/2026 @ 100, 4.00%, 8/1/2038 | 500,000 | 577,832 |
Regents of the University of California Medical Center Pooled Revenue, Revenue Bond, Callable 5/15/2026 @ 100, 4.00%, 5/15/2037 | 145,000 | 163,203 |
San Francisco City & County Public Utilities Commission Water Revenue, Revenue Bonds, Callable 11/1/2030 @ 100, 5.00%, 11/1/2050 | 500,000 | 637,343 |
State of California, General Obligation Unlimited, Callable 8/1/2025 @ 100, 5.00%, 8/1/2029 | 250,000 | 295,939 |
State of California, General Obligation Unlimited, Callable 9/1/2026 @ 100, 4.00%, 9/1/2036 | 175,000 | 199,880 |
3,099,260 | ||
Connecticut 10.04% | ||
City of New Haven, CT, General Obligation Unlimited, Callable 8/15/2026 @ 100, 5.00%, 8/15/2036 | 230,000 | 269,263 |
Connecticut Housing Finance Authority, Multi-Family Housing, Revenue Bonds, Callable 11/15/2025 @ 100, 3.25%, 11/15/2036 | 250,000 | 262,118 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
Connecticut (cont.) | ||
Connecticut Housing Finance Authority, Multi-Family Housing, Revenue Bonds, (GO OF AUTH), Callable 5/15/2021 @ 100, 4.63%, 11/15/2041 | $ 215,000 | $ 215,585 |
Connecticut Housing Finance Authority, Refunding Revenue Bonds, Callable 5/15/2021 @ 100, 3.25%, 11/15/2027 | 150,000 | 150,525 |
Connecticut Housing Finance Authority, Refunding Revenue Bonds, Callable 5/15/2022 @ 100, 3.05%, 5/15/2031 | 195,000 | 198,987 |
Connecticut Housing Finance Authority, Refunding Revenue Bonds, (GO OF AUTH), Callable 5/15/2021 @ 100, 3.35%, 5/15/2028 | 250,000 | 250,563 |
Connecticut Housing Finance Authority, Refunding Revenue Bonds, (OID), Callable 11/15/2021 @ 100, 3.30%, 11/15/2037 | 250,000 | 252,568 |
Connecticut Housing Finance Authority, Revenue Bonds, Callable 5/15/2027 @ 100, 3.40%, 11/15/2037 | 25,000 | 26,821 |
Connecticut Housing Finance Authority, State Single-Family Housing, Revenue Bonds, Callable 5/15/2021 @ 100, 3.50%, 5/15/2031 | 250,000 | 250,944 |
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 | 445,169 |
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds, Callable 7/1/2022 @ 100, 4.50%, 7/1/2038 | 500,000 | 517,163 |
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds, Callable 7/1/2022 @ 100, 5.00%, 7/1/2042 | 500,000 | 519,923 |
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds, (OID), Callable 7/1/2022 @ 100, 4.25%, 7/1/2031 | 500,000 | 517,692 |
Connecticut State Health & Educational Facility Authority, Private Primary Schools, Revenue Bonds, Callable 7/1/2022 @ 100, 4.00%, 7/1/2033 | 100,000 | 102,345 |
Connecticut State Health & Educational Facility Authority, Revenue Bonds, Callable 7/1/2026 @ 100, 5.00%, 7/1/2034 | 250,000 | 293,662 |
Connecticut State Health & Educational Facility Authority, Revenue Bonds, Callable 7/1/2024 @ 100, 5.00%, 7/1/2034 | 100,000 | 111,369 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
Connecticut (cont.) | ||
Connecticut State Health & Educational Facility Authority, Revenue Bonds, (AGM) (OID), Callable 7/1/2021 @ 100, 4.00%, 7/1/2037 | $ 250,000 | $ 250,967 |
State of Connecticut Special Tax Revenue, Highway Improvements, Revenue Bonds, Callable 10/1/2023 @ 100, 5.00%, 10/1/2030 | 250,000 | 277,088 |
State of Connecticut Special Tax Revenue, Highway Improvements, Revenue Bonds, Callable 5/12/2021 @ 100, 5.00%, 11/1/2022 | 100,000 | 100,352 |
State of Connecticut Special Tax Revenue, Public Improvements, Revenue Bonds, Callable 1/1/2023 @ 100, 5.00%, 1/1/2028 | 445,000 | 480,501 |
State of Connecticut, General Obligation Unlimited, 5.00%, 6/15/2024 | 250,000 | 286,716 |
State of Connecticut, General Obligation Unlimited, Callable 4/15/2027 @ 100, 5.00%, 4/15/2032 | 500,000 | 605,204 |
State of Connecticut, Public Improvements, General Obligation Unlimited, Callable 4/15/2022 @ 100, 4.00%, 4/15/2032 | 250,000 | 257,146 |
University of Connecticut, University & College Improvements, Revenue Bonds, Callable 2/15/2024 @ 100, 5.00%, 2/15/2034 | 250,000 | 278,551 |
6,921,222 | ||
District of Columbia 1.60% | ||
District of Columbia Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (Fannie Mae), 4.45%, 6/15/2031 | 320,000 | 337,193 |
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 | 286,252 |
District of Columbia Water & Sewer Authority, Revenue Bonds, Callable 4/1/2026 @ 100, 5.00%, 10/1/2036 | 250,000 | 297,971 |
District of Columbia Water & Sewer Authority, Revenue Bonds, Callable 4/1/2026 @ 100, 5.00%, 10/1/2034 | 150,000 | 179,590 |
1,101,006 | ||
Florida 8.02% | ||
Central Florida Expressway Authority, Revenue Bonds, Callable 7/1/2026 @ 100, 4.00%, 7/1/2035 | 150,000 | 170,244 |
City of Orlando, FL, Public Improvements, Revenue Bonds, Callable 10/1/2024 @ 100, 5.00%, 10/1/2046 | 1,000,000 | 1,137,423 |
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 | 130,000 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
Florida (cont.) | ||
Florida Municipal Loan Council, Water Utility Improvements, Revenue Bonds, (AGM) (OID), Callable 10/1/2021 @ 100, 5.50%, 10/1/2041 | $ 100,000 | $ 102,370 |
Florida Municipal Loan Council, Water Utility Improvements, Revenue Bonds, (AGM) (OID), Callable 10/1/2021 @ 100, 5.25%, 10/1/2033 | 100,000 | 102,343 |
FSU Financial Assistance, Inc., State Single-Family Housing, Refunding Revenue Bonds, Callable 10/1/2022 @ 100, 5.00%, 10/1/2030 | 500,000 | 529,955 |
Greater Orlando Aviation Authority, Port, Airport & Marina Improvements, Revenue Bonds, Callable 6/7/2021 @ 100, 5.00%, 10/1/2025 | 200,000 | 200,680 |
Hillsborough County Industrial Development Authority, School Improvements, Revenue Bonds, 5.13%, 5/15/2037 | 210,000 | 210,268 |
Miami Dade County FL Transit System Sales Surtax Revenue, Revenue Bonds, Callable 7/1/2030 @ 100, 4.00%, 7/1/2050 | 500,000 | 575,709 |
Miami Dade County FL Water & Sewage System, Revenue Bonds, Callable 10/1/2029 @ 100, 4.00%, 10/1/2049 | 500,000 | 579,354 |
Miami Dade County FL Water & Sewage System, Revenue Bonds, 4.00%, 10/1/2044 | 150,000 | 175,904 |
Miami-Dade County Educational Facilities Authority, University & College Improvements, Revenue Bonds, (AMBAC), 5.25%, 4/1/2031 | 260,000 | 344,618 |
Palm Beach County School District, Refunding Bonds, Certificate of Participation, 5.00%, 8/1/2024 | 45,000 | 45,713 |
School Board of Miami-Dade County (The), Certificate of Participation, Callable 2/1/2026 @ 100, 4.00%, 2/1/2033 | 1,000,000 | 1,119,432 |
Tampa-Hillsborough County Expressway Authority, Refunding Revenue Bonds, Callable 7/1/2022 @ 100, 5.00%, 7/1/2037 | 100,000 | 106,000 |
5,530,013 | ||
Georgia 1.84% | ||
Atlanta GA Water & Wastewater Revenue, Revenue Bonds, Callable 11/1/2029 @ 100, 3.00%, 11/1/2037 | 500,000 | 552,029 |
Atlanta GA Water & Wastewater Revenue, Revenue Bonds, Callable 11/1/2027 @ 100, 5.00%, 11/1/2047 | 125,000 | 154,109 |
Fulton County Development Authority, Georgia Tech Athletic Association, Refunding Revenue Bonds, (OID), Callable 10/1/2022 @ 100, 4.25%, 10/1/2037 | 100,000 | 104,685 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
Georgia (cont.) | ||
Fulton County Development Authority, Georgia Tech Athletic Association, Revenue Bonds, 5.00%, 10/1/2022 | $ 145,000 | $ 155,342 |
Fulton County Development Authority, Georgia Tech Athletic Association, Revenue Bonds, 5.00%, 10/1/2022 | 5,000 | 5,338 |
Fulton County Development Authority, University & College Improvements, Revenue Bonds, (OID), Callable 4/1/2021 @ 100, 5.75%, 10/1/2041 | 250,000 | 250,000 |
Fulton County Development Authority, University & College Improvements, Revenue Bonds, (OID), Callable 4/1/2021 @ 100, 5.75%, 10/1/2031 | 50,000 | 50,000 |
1,271,503 | ||
Illinois 0.66% | ||
Illinois Finance Authority, Hospital Improvements, Revenue Bonds, (OID), Callable 8/15/2021 @ 100, 5.88%, 8/15/2034 | 100,000 | 101,642 |
Railsplitter Tobacco Settlement Authority, Public Improvements, Revenue Bonds, (OID), 6.00%, 6/1/2028 | 250,000 | 252,293 |
University of Illinois, University & College Improvements, Revenue Bonds, Callable 4/1/2021 @ 100, 5.50%, 4/1/2031 | 100,000 | 100,318 |
454,253 | ||
Indiana 4.88% | ||
Indiana Finance Authority Wastewater Utility Revenue, Revenue Bonds, Callable 10/1/2026 @ 100, 5.00%, 10/1/2046 | 600,000 | 714,473 |
Indiana Finance Authority Wastewater Utility Revenue, Revenue Bonds, Callable 10/1/2030 @ 100, 5.00%, 10/1/2050 | 500,000 | 628,868 |
Town of Munster, IN, Public Improvements, Tax Allocation Bonds, (OID), Callable 7/15/2021 @ 100, 5.13%, 1/15/2031 | 2,000,000 | 2,023,360 |
3,366,701 | ||
Iowa 0.44% | ||
State of Iowa, Revenue Bonds, Callable 6/1/2026 @ 100, 5.00%, 6/1/2027 | 250,000 | 304,803 |
Louisiana 0.93% | ||
Louisiana Local Government Environmental Facilities & Community Development Authority, Sewer Improvements, Revenue Bonds, Callable 2/1/2023 @ 100, 4.00%, 2/1/2048 | 500,000 | 535,206 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
Louisiana (cont.) | ||
Louisiana Local Government Environmental Facilities & Community Development Authority, Sewer Improvements, Revenue Bonds, Callable 2/1/2023 @ 100, 5.00%, 2/1/2035 | $ 100,000 | $ 108,861 |
644,067 | ||
Maine 1.93% | ||
Maine Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (OID), Callable 7/1/2022 @ 100, 3.63%, 7/1/2041 | 500,000 | 521,625 |
Maine Health & Higher Educational Facilities Authority, Revenue Bonds, Callable 7/1/2030 @ 100, 4.00%, 7/1/2045 | 385,000 | 439,907 |
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, Callable 11/15/2024 @ 100, 3.75%, 11/15/2044 | 100,000 | 105,844 |
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, Callable 11/15/2022 @ 100, 3.60%, 11/15/2036 | 100,000 | 102,154 |
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, Callable 11/15/2022 @ 100, 3.45%, 11/15/2032 | 100,000 | 102,148 |
Maine Turnpike Authority, Refunding Revenue Bonds, Callable 7/1/2025 @ 100, 5.00%, 7/1/2026 | 50,000 | 59,170 |
1,330,848 | ||
Massachusetts 3.88% | ||
Massachusetts Educational Financing Authority, Refunding Revenue Bonds, (OID), 5.20%, 1/1/2027 | 20,000 | 20,086 |
Massachusetts Educational Financing Authority, Refunding Revenue Bonds, (OID), 5.25%, 1/1/2029 | 10,000 | 10,064 |
Massachusetts Housing Finance Agency, Callable 12/1/2027 @ 100, 3.25%, 12/1/2032 | 200,000 | 216,301 |
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2025 @ 100, 3.25%, 12/1/2036 | 575,000 | 603,072 |
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100, 3.75%, 12/1/2037 | 250,000 | 270,717 |
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100, 3.55%, 12/1/2037 | 235,000 | 248,646 |
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100, 3.25%, 12/1/2032 | 130,000 | 139,353 |
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 6/1/2026 @ 100, 3.15%, 12/1/2026 | 120,000 | 131,195 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
Massachusetts (cont.) | ||
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, 5.13%, 12/1/2039 | $ 65,000 | $ 65,071 |
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, 4.85%, 12/1/2029 | 60,000 | 60,060 |
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (FHA) (INS), Callable 6/1/2021 @ 100, 5.25%, 12/1/2035 | 175,000 | 176,219 |
Massachusetts School Building Authority, Revenue Bonds, Callable 2/15/2028 @ 100, 5.25%, 2/15/2048 | 500,000 | 613,914 |
Massachusetts School Building Authority, Revenue Bonds, Callable 8/15/2025 @ 100, 5.00%, 8/15/2026 | 100,000 | 119,395 |
2,674,093 | ||
Michigan 3.05% | ||
Michigan Public Educational Facilities Authority, School Improvements, Refunding Revenue Bonds, 6.00%, 12/1/2035 | 500,000 | 500,321 |
Michigan State Building Authority, Refunding Revenue Bonds, (OID), Callable 10/15/2021 @ 100, 5.20%, 10/15/2031 | 750,000 | 770,258 |
Michigan State Building Authority, Refunding Revenue Bonds, (OID), Callable 10/15/2021 @ 100, 5.38%, 10/15/2036 | 100,000 | 102,794 |
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 | 731,226 |
2,104,599 | ||
Minnesota 0.96% | ||
Southern Minnesota Municipal Power Agency Power Supply System, Revenue Bonds, Callable 1/1/2026 @ 100, 5.00%, 1/1/2041 | 565,000 | 662,791 |
Missouri 0.92% | ||
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 | 531,512 |
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 | 102,383 |
633,895 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
Nebraska 0.37% | ||
Nebraska Public Power District, Electric Lights & Power Improvements, Revenue Bonds, 5.00%, 1/1/2025 prerefunded 1/1/2022 @ 100 | $ 155,000 | $ 160,573 |
Nebraska Public Power District, Electric Lights & Power Improvements, Revenue Bonds, Callable 1/1/2022 @ 100, 5.00%, 1/1/2025 | 95,000 | 98,186 |
258,759 | ||
Nevada 1.18% | ||
Nevada System of Higher Education, Certification of Participation, Callable 7/1/2026 @ 100, 4.00%, 7/1/2027 | 700,000 | 812,033 |
New Jersey 5.15% | ||
Borough of Seaside Heights, NJ, General Obligation Unlimited, Callable 4/1/2025 @ 100, 4.00%, 4/1/2026 | 125,000 | 140,868 |
Hudson County Improvement Authority, Refunding Revenue Bonds, (AGM), 5.40%, 10/1/2025 | 150,000 | 181,882 |
New Jersey Economic Development Authority, School Improvements, Refunding Revenue Bonds, Callable 3/1/2023 @ 100, 5.00%, 3/1/2031 | 300,000 | 321,816 |
New Jersey Economic Development Authority, University & College Improvements, Revenue Bonds, Callable 6/15/2023 @ 100, 5.00%, 6/15/2030 | 250,000 | 276,203 |
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, (OID), 6.00%, 7/1/2037 | 200,000 | 202,817 |
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, (OID), 5.00%, 7/1/2027 | 15,000 | 15,047 |
New Jersey Higher Education Student Assistance Authority, Refunding Revenue Bonds, 5.00%, 12/1/2036 | 65,000 | 65,037 |
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Callable 11/1/2025 @ 100, 3.90%, 11/1/2050 | 175,000 | 184,554 |
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Callable 11/1/2025 @ 100, 3.50%, 11/1/2036 | 500,000 | 526,602 |
New Jersey St Transportation Trust Fund Authority, Revenue Bonds, 5.00%, 6/15/2021 | 150,000 | 151,387 |
New Jersey St Transportation Trust Fund Authority, Revenue Bonds, Callable 12/15/2030 @ 100, 4.00%, 6/15/2045 | 100,000 | 111,874 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
New Jersey (cont.) | ||
New Jersey Transportation Trust Fund Authority, Transit Improvements, Revenue Bonds, (State Appropriation), Callable 6/15/2021 @ 100, 5.00%, 6/15/2022 | $ 150,000 | $ 151,419 |
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 | 221,859 |
New Jersey Turnpike Authority, Highway Improvements, Revenue Bonds, 5.00%, 1/1/2031 | 200,000 | 212,130 |
State of New Jersey, Public Improvements, General Obligation Unlimited, Callable 6/1/2025 @ 100, 4.00%, 6/1/2034 | 250,000 | 275,444 |
Tenafly School District, Refunding Bonds, General Obligation Unlimited, (OID), Callable 7/15/2022 @ 100, 3.00%, 7/15/2029 | 250,000 | 255,896 |
Tenafly School District, Refunding Bonds, General Obligation Unlimited, (OID), Callable 7/15/2022 @ 100, 3.00%, 7/15/2030 | 250,000 | 255,387 |
3,550,222 | ||
New Mexico 1.09% | ||
New Mexico Hospital Equipment Loan Council, Hospital Improvements Revenue Bonds, (OID), Callable 8/1/2022 @ 100, 4.00%, 8/1/2042 | 500,000 | 525,760 |
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 | 125,000 | 126,667 |
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 | 101,776 |
754,203 | ||
New York 20.43% | ||
City of New York NY, General Obligation Unlimited, Callable 4/1/2028 @ 100, 5.00%, 4/1/2040 | 305,000 | 370,703 |
City of New York NY, General Obligation Unlimited, Callable 10/1/2029 @ 100, 5.00%, 10/1/2039 | 145,000 | 180,844 |
City of New York NY, General Obligation Unlimited, Callable 3/1/2030 @ 100, 5.00%, 3/1/2043 | 150,000 | 185,794 |
City of New York NY, General Obligation Unlimited, Callable 4/1/2028 @ 100, 5.00%, 4/1/2043 | 195,000 | 235,712 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
New York (cont.) | ||
Hudson Yards Infrastructure Corp., Public Improvements, Revenue Bonds, Callable 2/15/2022 @ 100, 5.75%, 2/15/2047 | $ 95,000 | $ 95,367 |
Hudson Yards Infrastructure Corp., Revenue Bonds, Callable 2/15/2022 @ 100, 5.25%, 2/15/2047 | 185,000 | 185,626 |
Hudson Yards Infrastructure Corp., Revenue Bonds, Series A, Callable 2/15/2027 @ 100, 4.00%, 2/15/2044 | 575,000 | 635,085 |
Metropolitan Transportation Authority, Refunding Revenue Bonds, 5.25%, 11/15/2028 | 50,000 | 56,629 |
Metropolitan Transportation Authority, Refunding Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2037 | 250,000 | 303,035 |
Metropolitan Transportation Authority, Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2035 | 250,000 | 304,872 |
Metropolitan Transportation Authority, Revenue Bonds, 5.00%, 11/15/2028 | 250,000 | 313,154 |
Metropolitan Transportation Authority, Revenue Bonds, (OID), 4.75%, 11/15/2036 | 110,000 | 111,879 |
Metropolitan Transportation Authority, Revenue Bonds, (OID), 4.75%, 11/15/2036 | 140,000 | 144,002 |
Metropolitan Transportation Authority, Transit Improvements, Refunding Revenue Bonds, 5.00%, 11/15/2028 | 250,000 | 296,506 |
Metropolitan Transportation Authority, Transit Improvements, Revenue Bonds, Callable 5/15/2023 @ 100, 5.00%, 11/15/2033 | 100,000 | 107,516 |
New York City Housing Development Corp., Revenue Bonds, Callable 11/1/2025 @ 100, 3.60%, 11/1/2031 | 250,000 | 274,772 |
New York City Housing Development Corp., Revenue Bonds, Callable 5/1/2025 @ 100, 3.10%, 11/1/2032 | 250,000 | 266,623 |
New York City Housing Development Corp., Revenue Bonds, Callable 2/1/2026 @ 100, 3.50%, 11/1/2032 | 150,000 | 161,123 |
New York City Municipal Water Finance Authority Water & Sewer System Revenue, Revenue Bonds, Callable 12/15/2030 @ 100, 4.00%, 6/15/2050 | 250,000 | 291,921 |
New York City Municipal Water Finance Authority Water & Sewer System Revenue, Revenue Bonds, Callable 12/15/2021 @ 100, 5.00%, 6/15/2045 | 215,000 | 221,994 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
New York (cont.) | ||
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 | $ 290,456 |
New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds, 5.00%, 7/15/2031 | 250,000 | 298,569 |
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Callable 5/1/2027 @ 100, 4.00%, 5/1/2044 | 300,000 | 338,486 |
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds, 5.00%, 8/1/2023 | 100,000 | 111,125 |
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds, 5.00%, 8/1/2024 | 100,000 | 115,348 |
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds, Callable 5/1/2031 @ 100, 4.00%, 11/1/2038 | 250,000 | 294,139 |
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 | 29,629 |
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds, 5.00%, 8/1/2021 | 100,000 | 101,588 |
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 | 112,531 |
New York City Water & Sewer System, Revenue Bonds, Callable 6/15/2027 @ 100, 5.00%, 6/15/2032 | 100,000 | 122,467 |
New York City Water & Sewer System, Revenue Bonds, Callable 6/15/2028 @ 100, 5.00%, 6/15/2049 | 500,000 | 602,000 |
New York City Water & Sewer System, Revenue Bonds, 5.00%, 6/15/2045 | 35,000 | 36,198 |
New York State Dormitory Authority, Refunding Revenue Bonds, (State Aid Withholding), Callable 10/1/2022 @ 100, 3.25%, 4/1/2031 | 280,000 | 286,210 |
New York State Dormitory Authority, Revenue Bonds, 5.00%, 8/15/2021 | 100,000 | 101,639 |
New York State Dormitory Authority, Revenue Bonds, 4.75%, 10/1/2040 | 5,000 | 5,011 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
New York (cont.) | ||
New York State Dormitory Authority, Revenue Bonds, 5.00%, 5/15/2022 | $ 165,000 | $ 173,900 |
New York State Dormitory Authority, Revenue Bonds, Callable 2/15/2030 @ 100, 5.00%, 2/15/2048 | 500,000 | 615,507 |
New York State Dormitory Authority, Revenue Bonds, Callable 3/15/2028 @ 100, 5.00%, 3/15/2043 | 250,000 | 302,814 |
New York State Dormitory Authority, Revenue Bonds, Callable 2/15/2030 @ 100, 4.00%, 2/15/2047 | 500,000 | 566,296 |
New York State Dormitory Authority, Revenue Bonds, Callable 7/1/2025 @ 100, 5.00%, 7/1/2037 | 385,000 | 439,783 |
New York State Dormitory Authority, University & College Improvements, Revenue Bonds, (OID), 5.25%, 7/1/2031 | 40,000 | 40,490 |
New York State Thruway Authority, Revenue Bonds, Callable 1/1/2026 @ 100, 4.00%, 1/1/2037 | 100,000 | 110,158 |
New York, NY, General Obligation Unlimited, Callable 8/1/2029 @ 100, 4.00%, 8/1/2044 | 250,000 | 282,998 |
New York, NY, General Obligation Unlimited, Callable 8/1/2029 @ 100, 5.00%, 8/1/2043 | 500,000 | 614,558 |
Port Authority of New York & New Jersey, Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2037 | 250,000 | 305,534 |
Port Authority of New York & New Jersey, Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2030 | 250,000 | 310,786 |
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 | 1,008,913 |
Triborough Bridge & Tunnel Authority, Revenue Bonds, 5.00%, 11/15/2023 | 100,000 | 112,291 |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2025 @ 100, 5.00%, 11/15/2035 | 250,000 | 295,242 |
Triborough Bridge & Tunnel Authority, Revenue Bonds, 5.00%, 11/15/2021 | 50,000 | 51,500 |
Triborough Bridge & Tunnel Authority, Revenue Bonds, 5.00%, 11/15/2027 | 100,000 | 120,690 |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2030 @ 100, 5.00%, 11/15/2049 | 500,000 | 623,467 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
New York (cont.) | ||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 5/15/2031 @ 100, 5.00%, 11/15/2051 | $ 125,000 | $ 157,018 |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2025 @ 100, 5.00%, 11/15/2040 | 310,000 | 363,194 |
14,083,692 | ||
North Carolina 0.33% | ||
University of North Carolina at Charlotte (The), Revenue Bonds, Callable 10/1/2027 @ 100, 4.00%, 10/1/2037 | 100,000 | 112,909 |
University of North Carolina at Charlotte (The), University & College Improvements, Revenue Bonds, Callable 4/1/2025 @ 100, 5.00%, 4/1/2040 | 100,000 | 114,691 |
227,600 | ||
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 | 107,094 |
Ohio 0.83% | ||
Hamilton County OH Hospital Facilities Revenue, Refunding Revenue Bonds, Callable 8/15/2030 @ 100, 4.00%, 8/15/2050 | 500,000 | 570,643 |
Oklahoma 0.37% | ||
Oklahoma Municipal Power Authority, Electric Lights & Power Improvements, Revenue Bonds, Callable 1/1/2023 @ 100, 4.00%, 1/1/2047 | 250,000 | 258,095 |
Oregon 0.05% | ||
Oregon Health & Science University, Refunding Revenue Bonds, Callable 7/1/2022 @ 100, 5.00%, 7/1/2032 | 35,000 | 37,123 |
Pennsylvania 6.26% | ||
Allegheny County Sanitary Authority, Sewer Improvements, Revenue Bonds, Callable 12/1/2023 @ 100, 5.25%, 12/1/2044 | 500,000 | 561,044 |
Chester County Health and Education, Revenue Bonds, Callable 9/1/2030 @ 100, 4.00%, 9/1/2050 | 500,000 | 576,864 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
Pennsylvania (cont.) | ||
Lehigh County PA General Purpose Authority Hospital Revenue, Revenue Bonds, Callable 7/1/2029 @ 100, 4.00%, 7/1/2049 | $ 500,000 | $ 570,393 |
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, Callable 11/1/2022 @ 100, 5.00%, 5/1/2037 | 100,000 | 102,504 |
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, Callable 11/1/2022 @ 100, 5.00%, 5/1/2042 | 100,000 | 102,196 |
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds (OID), Callable 11/1/2022 @ 100, 4.00%, 5/1/2032 | 100,000 | 100,787 |
Pennsylvania Housing Finance Agency, Revenue Bonds, Callable 4/1/2027 @ 100, 3.65%, 10/1/2042 | 100,000 | 106,297 |
Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100, 5.00%, 9/1/2034 | 190,000 | 227,302 |
Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100, 5.00%, 9/1/2035 | 125,000 | 149,264 |
Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100, 5.00%, 9/1/2036 | 100,000 | 119,194 |
Pennsylvania Turnpike Commission, Revenue Bonds, Callable 12/1/2025 @ 100, 5.00%, 12/1/2045 | 500,000 | 581,926 |
Pennsylvania Turnpike Commission, Revenue Bonds, 5.25%, 7/15/2028 | 150,000 | 195,305 |
Philadelphia PA Water & Wastewater Revenue, Revenue Bonds, Callable 11/1/2030 @ 100, 5.00%, 11/1/2045 | 500,000 | 640,379 |
West View Municipal Authority Water Revenue, Water Utility Improvements, Revenue Bonds, (OID), Callable 11/15/2024 @ 100, 4.00%, 11/15/2043 | 250,000 | 283,101 |
4,316,556 | ||
Puerto Rico 0.83% | ||
Commonwealth of Puerto Rico, General Obligation Unlimited, (AGM) (OID), Callable 7/1/2021 @ 100, 5.25%, 7/1/2026 | 100,000 | 101,751 |
Commonwealth of Puerto Rico, Refunding Bonds, General Obligation Unlimited (AGM), 5.00%, 7/1/2031 | 200,000 | 206,486 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
Puerto Rico (cont.) | ||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding Revenue Bonds, 5.00%, 7/1/2022 | $ 250,000 | $ 262,933 |
571,170 | ||
Rhode Island 0.98% | ||
Rhode Island Housing & Mortgage Finance Corp., Refunding Revenue Bonds, Callable 4/1/2021 @ 100, 3.45%, 4/1/2026 | 500,000 | 500,845 |
Rhode Island Housing & Mortgage Finance Corp., Refunding Revenue Bonds, Callable 4/1/2021 @ 100, 4.10%, 10/1/2037 | 45,000 | 45,091 |
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 | 130,000 | 132,101 |
678,037 | ||
South Dakota 0.56% | ||
South Dakota Housing Development Authority, Revenue Bonds, Callable 11/1/2025 @ 100, 2.45%, 5/1/2027 | 250,000 | 264,134 |
South Dakota Housing Development Authority, Revenue Bonds, Callable 11/1/2025 @ 100, 3.13%, 11/1/2036 | 115,000 | 120,122 |
384,256 | ||
Tennessee 0.59% | ||
City of Memphis, TN, General Obligation Unlimited, Callable 4/1/2024 @ 100, 5.00%, 4/1/2044 | 100,000 | 112,790 |
Metropolitan Government of Nashville & Davidson County Convention Center Authority, Public Improvements, Revenue Bonds, Callable 6/7/2021 @ 100, 5.00%, 7/1/2026 | 200,000 | 200,613 |
Tennessee Housing Development Agency, Revenue Bonds, Callable 1/1/2027 @ 100, 3.40%, 7/1/2037 | 85,000 | 91,048 |
404,451 | ||
Texas 8.96% | ||
Austin TX Electric Utility System Revenue, Revenue Bonds Series B, Callable 11/15/2029 @ 100, 5.00%, 11/15/2049 | 500,000 | 623,339 |
City of Houston, TX, Refunding Revenue Bonds, Callable 3/1/2029 @ 100, 4.00%, 3/1/2049 | 500,000 | 562,938 |
City of Houston, TX, Refunding Revenue Bonds, Callable 9/1/2021 @ 100, 5.25%, 9/1/2029 | 500,000 | 506,537 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
Texas (cont.) | ||
City Public Service Board of San Antonio, TX, Revenue Bonds, Callable 8/1/2026 @ 100, 5.00%, 2/1/2032 | $ 250,000 | $ 301,969 |
Clifton Higher Education Finance Corporation, School Improvements, Refunding Revenue Bonds, 4.00%, 8/15/2044 | 500,000 | 535,289 |
Comal Independent School District, School Improvements, General Obligation Unlimited, Callable 2/1/2026 @ 100, 4.00%, 2/1/2034 | 250,000 | 285,262 |
Fort Bend Grand Parkway Toll Road Authority, Refunding Revenue Bonds, Callable 3/1/2022 @ 100, 4.00%, 3/1/2046 | 250,000 | 255,925 |
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds, Callable 5/15/2026 @ 100, 4.00%, 11/15/2030 | 130,000 | 143,119 |
San Antonio Public Facilities Corp., Public Improvements, Refunding Revenue Bonds, (OID), Callable 9/15/2022 @ 100, 4.00%, 9/15/2042 | 250,000 | 260,330 |
San Antonio Water System, Refunding Revenue Bonds, Callable 11/15/2029 @ 100, 5.00%, 5/15/2034 | 190,000 | 246,827 |
San Antonio Water System, Revenue Bonds Series A, Callable 5/15/2030 @ 100, 5.00%, 5/15/2050 | 205,000 | 254,256 |
Texas Public Finance Authority, Revenue Bonds, Callable 12/1/2026 @ 100, 4.00%, 12/1/2031 | 200,000 | 226,291 |
Texas Water Development Board, Revenue Bonds, Callable 10/15/2029 @ 100, 4.00%, 10/15/2037 | 500,000 | 601,521 |
Texas Water Development Board, Revenue Bonds, Callable 10/15/2030 @ 100, 4.00%, 4/15/2051 | 500,000 | 590,658 |
Texas Water Development Board, Revenue Bonds, Callable 10/15/2028 @ 100, 5.00%, 4/15/2049 | 450,000 | 560,099 |
White Oak, TX, Independent School District, General Obligation Unlimited, Callable 2/15/2027 @ 100, 4.00%, 2/15/2029 | 190,000 | 220,804 |
6,175,164 | ||
Utah 1.33% | ||
University of Utah (The), University & College Improvements, Revenue Bonds, 5.00%, 8/1/2043 | 250,000 | 277,973 |
Utah County Utah Hospital Revenue IHC Health Services, Revenue Bonds, Callable 5/15/2026 @ 100, 5.00%, 5/15/2050 | 500,000 | 624,840 |
Utah Housing Corp., State Single-Family Housing, Revenue Bonds, Callable 5/27/2021 @ 100, 5.25%, 1/1/2025 | 10,000 | 10,018 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
Utah (cont.) | ||
Utah Housing Corp., State Single-Family Housing, Revenue Bonds, Callable 5/27/2021 @ 100, 5.75%, 1/1/2033 | $ 5,000 | $ 5,010 |
917,841 | ||
Vermont 0.36% | ||
Vermont Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, Callable 8/15/2022 @ 100, 3.75%, 8/15/2037 | 245,000 | 249,984 |
Virgin Islands 0.11% | ||
Virgin Islands Public Finance Authority, Refunding Revenue Bonds, 5.00%, 10/1/2025 | 75,000 | 75,169 |
Virginia 0.42% | ||
Virginia State Resource Authority Infrastructure, Revenue Bonds,, Callable 11/1/2025 @ 100, 4.00%, 11/1/2033 | 75,000 | 85,686 |
Virginia State Resource Authority Infrastructure, Revenue Bonds, Prerefunded, Callable 11/1/2025 @ 100, 4.00%, 11/1/2033 | 175,000 | 202,481 |
288,167 | ||
Washington 1.53% | ||
Spokane Public Facilities District, Public Improvements, Revenue Bonds, Callable 6/1/2023 @ 100, 5.00%, 5/1/2043 | 1,000,000 | 1,055,149 |
Wisconsin 0.12% | ||
Wisconsin Housing & Economic Development Authority, State Multi-Family Housing, Revenue Bonds, (OID), 5.63%, 11/1/2035 | 80,000 | 80,199 |
Total Municipal Bonds (Cost $64,495,356) | 67,073,246 | |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Shares | Market Value | |
Money Market Funds 2.32% | ||
Morgan Stanley Institutional Liquidity Fund, Institutional, 0.03%(a) | 1,595,336 | $ 1,595,336 |
Total Money Market Funds (Cost $1,595,336) | 1,595,336 | |
Total Investments — 99.60% (Cost $66,090,692) | 68,668,582 | |
Other Assets in Excess of Liabilities — 0.40% | 279,191 | |
NET ASSETS - 100.00% | $ 68,947,773 | |
(a) | Rate disclosed is the seven day effective yield as of March 31, 2021. |
AGM — Assured Guaranty Municipal Corp.
AMBAC — American Municipal Bond Assurance Corp.
FHA — Insured by Federal Housing Administration
GO — General Obligation
GTD — Guaranteed
INS — Insured
OID — Original Issue Discount
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA INCOME FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) | ||
Shares | Market Value | |
Common Stocks 16.40% | ||
Communications 1.31% | ||
AT&T, Inc. | 18,000 | $ $544,860 |
Verizon Communications, Inc. | 20,000 | 1,163,000 |
1,707,860 | ||
Consumer Staples 0.75% | ||
Philip Morris International, Inc. | 11,000 | 976,140 |
Energy 6.51% | ||
Chevron Corp. | 14,000 | 1,467,060 |
Enbridge, Inc. | 29,763 | 1,083,373 |
Energy Transfer LP | 30,000 | 230,400 |
Enterprise Products Partners LP | 20,000 | 440,400 |
Kinder Morgan, Inc. | 40,000 | 666,000 |
Magellan Midstream Partners LP | 8,700 | 377,232 |
MPLX LP | 24,269 | 622,015 |
Phillips 66 | 10,000 | $ 815,400 |
TC Energy Corp. | 20,536 | 939,522 |
Valero Energy Corp. | 11,500 | 823,400 |
Williams Cos, Inc. (The) | 42,500 | 1,006,825 |
8,471,627 | ||
Financials 1.78% | ||
Blackstone Group, Inc. (The), Class A | 4,600 | 342,838 |
Blackstone Mortgage Trust, Inc., Class A | 11,565 | 358,515 |
Citigroup, Inc. | 18,000 | 1,309,500 |
JPMorgan Chase & Co. | 2,000 | 304,460 |
2,315,313 | ||
Health Care 2.07% | ||
AbbVie, Inc. | 17,000 | 1,839,740 |
Gilead Sciences, Inc. | 3,000 | 193,890 |
Merck & Co., Inc. | 6,000 | 462,540 |
Pfizer, Inc. | 5,000 | 181,150 |
2,677,320 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA INCOME FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Shares | Market Value | |
Real Estate 1.78% | ||
City Office REIT, Inc. | 10,000 | $106,200 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 35,000 | 1,963,500 |
Medical Properties Trust, Inc. | 2,000 | 42,560 |
Physicians Realty Trust | 2,000 | 35,340 |
Spirit MTA REIT(a) | 2,000 | 850 |
Spirit Realty Capital, Inc. | 4,000 | 170,000 |
2,318,450 | ||
Utilities 2.20% | ||
Brookfield Renewable Partners LP | 5,000 | 213,000 |
Dominion Energy, Inc. | 14,000 | 1,063,440 |
Duke Energy Corp. | 10,500 | 1,013,565 |
PPL Corp. | 20,000 | $ 576,800 |
2,866,805 | ||
Total REIT (Cost $18,782,531) | 21,333,515 | |
Preferred Stocks 19.82% | ||
Financials 11.83% | ||
Affiliated Managers Group, Inc., 4.75% | 10,000 | 252,900 |
Allstate Corporation (The), Series I, 4.75% | 20,000 | 530,200 |
American Financial Group, Inc., 5.13% | 15,000 | 401,250 |
American Financial Group, Inc., 5.63% | 20,000 | 553,000 |
Arch Capital Group Ltd., 5.25% | 20,000 | 512,400 |
Athene Holding Ltd., Series C, 6.38% | 10,000 | 281,000 |
Athene Holding Ltd., Series D, 4.88% | 20,000 | 505,000 |
Bank of America Corp., Series HH, 5.88% | 8,000 | 218,320 |
Bank of America Corp., Series LL, 5.00% | 20,000 | 529,400 |
Bank of America Corp., Series NN, 4.38% | 10,000 | 250,000 |
Bank of America Corp., Series PP, 4.13% | 16,667 | 413,008 |
Brighthouse Financial, Inc., Series, C, 5.38% | 20,000 | 532,000 |
Capital One Financial Corp, Series J, 4.80% | 10,000 | 251,400 |
Capital One Financial Corp., Series K, 4.63% | 12,334 | 313,900 |
CNO Financial Group, Inc., 5.13% | 2,000 | 50,400 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA INCOME FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Shares | Market Value | |
Financials (cont.) | ||
Equitable Holdings, Inc., Series C, 4.30% | 20,000 | $498,000 |
First Republic Bank, Series J, 4.70% | 20,000 | 512,200 |
First Republic Bank, Series K, 4.13% | 13,667 | 341,675 |
First Republic Bank, Series L, 4.25% | 10,000 | 258,200 |
Fulton Financial Corp., Series, A, 5.13% | 6,000 | 157,140 |
Globe Life, Inc., 6.13% | 10,000 | 255,000 |
Hancock Whitney Corp., 5.95% | 3,700 | 94,757 |
Huntington Bancshares, Inc., Series H, 4.50% | 10,000 | 252,900 |
JPMorgan Chase & Co., Series EE, 6.00% | 20,000 | 549,600 |
JPMorgan Chase & Co., Series GG, 4.75% | 20,000 | 528,400 |
JPMorgan Chase & Co., Series JJ, 4.55% | 10,000 | 256,200 |
KeyCorp, Series G, 5.63% | 15,000 | 418,200 |
KKR & Co. LP, Series B, 6.50% | 10,000 | $ 256,700 |
MetLife, Inc., Series F, 4.75% | 25,000 | 661,500 |
Northern Trust Corp., Series E, 4.70% | 18,640 | 499,552 |
Prudential Financial, Inc., 4.13% | 3,530 | 89,415 |
Prudential Financial, Inc., 5.63% | 10,000 | 275,000 |
Selective Insurance Group, Inc., Series B, 4.60% | 1,000 | 24,950 |
State Street Corporation, 5.35% | 1,000 | 28,870 |
Truist Financial Corp., Series R, 4.75% | 16,334 �� | 420,601 |
U.S. Bancorp, Series F, 6.50% | 7,300 | 189,873 |
U.S. Bancorp, Series L, 3.75% | 20,000 | 476,000 |
U.S. Bancorp, Series M, 4.00% | 10,000 | 248,100 |
W.R. Berkley Corporation, 5.10% | 20,000 | 529,800 |
Washington Federal, Inc., Series A, 4.88% | 10,000 | 254,900 |
Wells Fargo & Co., Series AA, 4.70% | 20,000 | 509,000 |
Wells Fargo & Co., Series CC, 4.38% | 20,000 | 500,000 |
Wells Fargo & Co., Series Z, 4.75% | 20,000 | 510,600 |
Wells Fargo & Co., 5.20% | 7,397 | 191,656 |
15,382,967 | ||
Real Estate 3.83% | ||
Brookfield Property Partners LP, Series A, 5.75% | 7,500 | 186,225 |
Diversified Healthcare Trust, 5.63% | 26,660 | 615,846 |
Federal Realty Investment Trust, 5.00% | 7,500 | 197,925 |
National Retail Properties, Inc., 5.20% | 25,000 | 640,000 |
PS Business Parks, Inc., 5.20% | 10,000 | 259,800 |
PS Business Parks, Inc., 5.20% | 4,000 | 105,200 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA INCOME FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Shares | Market Value | |
Real Estate (cont.) | ||
PS Business Parks, Inc., 5.25% | 10,000 | $260,900 |
Public Storage, 4.90% | 20,000 | 516,800 |
Public Storage, 4.95% | 20,000 | 504,800 |
Public Storage, 5.13% | 10,000 | 256,100 |
Public Storage, Series I, 4.88% | 9,583 | 256,633 |
Public Storage, Series L, 4.63% | 10,000 | 268,600 |
Public Storage, Series M, 4.13% | 3,889 | 100,375 |
Public Storage, Series N, 3.88% | 20,000 | 500,200 |
Vornado Realty Trust, 5.40% | 12,298 | 311,754 |
4,981,158 | ||
Technology 0.11% | ||
Pitney Bowes, Inc., 6.70% | 5,700 | $ 139,650 |
Utilities 4.05% | ||
Brookfield Infrastructure Partners LP, 5.00% | 10,000 | 252,300 |
Brookfield Infrastructure Partners LP, 5.13% | 20,000 | 511,600 |
DTE Energy Co., 5.38% | 10,000 | 254,900 |
DTE Energy Co., 6.00% | 20,000 | 518,200 |
DTE Energy Co., Series G, 4.38% | 20,000 | 502,600 |
Duke Energy Corp., 5.13% | 9,030 | 233,877 |
Entergy Arkansas, Inc., 4.88% | 20,000 | 508,400 |
Entergy Louisiana LLC, 4.88% | 10,000 | 254,500 |
Entergy Mississippi, Inc., 4.90% | 30,000 | 766,500 |
NextEra Energy Capital Holdings, Inc., 5.25% | 10,000 | 253,600 |
Southern Co., 4.95% | 21,000 | 552,720 |
Southern Co., 5.25% | 20,000 | 509,600 |
Southern Co., Series C, 4.20% | 6,000 | 149,100 |
5,267,897 | ||
Total Preferred Stocks (Cost $24,962,986) | 25,771,672 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA INCOME FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
Collateralized Mortgage Obligations 0.09% | ||
CHL Mortgage Pass-Through Trust, 2005-21, A27, 5.50%, 10/25/2035 | $26,564 | $22,132 |
CHL Mortgage Pass-Through Trust, 2005-21, A7, 5.50%, 10/25/2035 | 28,718 | 23,927 |
Citicorp Mortgage Securities, Inc., 1A12, 5.00%, 2/25/2035 | 67,802 | 68,816 |
Total Collateralized Mortgage Obligations (Cost $88,265) | 114,875 | |
Corporate Bonds 7.89% | ||
Bank of New York Mellon Corp. (The), 4.63%, 12/20/2049 | 500,000 | 528,750 |
Bank of New York Mellon Corp. (The), 3.70%, 3/20/2169 | $ 100,000 | $ 103,255 |
Entergy Texas, Inc., 5.15%, 6/1/2045 | 100,000 | 107,109 |
Exelon Generation Co. LLC, 5.60%, 6/15/2042(a)(b) | 400,000 | 396,373 |
Fifth Third Bancorp, 8.25%, 3/1/2038 | 250,000 | 403,267 |
General Electric Co., 3.51%, 12/29/2049 | 765,000 | 722,734 |
Goldman Sachs Group, Inc. (The), 6.75%, 10/1/2037 | 850,000 | 1,197,699 |
Goldman Sachs Group, Inc. (The), 6.45%, 5/1/2036 | 500,000 | 677,525 |
Hospitality Properties Trust, 4.50%, 3/15/2025 | 500,000 | 493,437 |
Kinder Morgan Energy Partners LP, 6.50%, 2/1/2037 | 250,000 | 316,293 |
MetLife, Inc., 9.25%, 4/8/2038(b) | 1,500,000 | 2,199,633 |
MetLife, Inc., 10.75%, 8/1/2039 | 1,000,000 | 1,673,754 |
PECO Energy Capital Trust IV, 5.75%, 6/15/2033 | 1,000,000 | 1,125,651 |
Valero Energy Corporation, 8.75%, 6/15/2030 | 224,000 | 314,689 |
Total Corporate Bonds (Cost $8,866,645) | 10,260,169 | |
Municipal Bonds 55.45% | ||
Alabama 1.92% | ||
Health Care Authority for Baptist Health (The), Refunding Revenue Bonds, 5.50%, 11/15/2043 | 2,000,000 | 2,490,201 |
Arizona 0.39% | ||
Arizona School Facilities Board, School Improvements, Certificate of Participation, 6.00%, 9/1/2027 | 225,000 | 280,844 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA INCOME FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
Arizona (cont.) | ||
Phoenix Arizona Civic Improvement Corp. Excise Tax Revenue, Revenue Bonds, Callable 7/1/2030 @ 100, 2.70%, 7/1/2045 | $ $250,000 | $227,146 |
507,990 | ||
California 4.59% | ||
Alhambra Unified School District, University & College Improvements, General Obligation Unlimited, 6.70%, 2/1/2026 | 465,000 | 539,641 |
California State University, Revenue Bonds, Callable 5/1/2030 @ 100, 3.07%, 11/1/2042 | 50,000 | 50,396 |
City & County of San Francisco, CA, General Obligation Unlimited, 6.26%, 6/15/2030 | $ 450,000 | $ 597,780 |
County of San Bernardino, CA, Refunding Revenue Bonds, 6.02%, 8/1/2023 | 120,000 | 129,609 |
Peralta Community College District, Refunding Revenue Bonds, 6.91%, 8/1/2025 | 500,000 | 623,234 |
Peralta Community College District, Refunding Revenue Bonds, 7.31%, 8/1/2031 | 310,000 | 427,119 |
San Bernardino City Unified School District, School Improvements, Certificate of Participation, (AGM) (OID), 8.05%, 2/1/2023 | 1,000,000 | 1,133,725 |
San Bernardino City Unified School District, School Improvements, Certificate of Participation, (AGM) (OID), 8.25%, 2/1/2026 | 500,000 | 641,495 |
University of California Revenues, Revenue Bonds, Callable 5/15/2030 @ 100, 6.30%, 5/15/2050 | 510,000 | 626,849 |
University of California Revenues, Revenue Bonds, 4.13%, 5/15/2045 | 530,000 | 601,224 |
University of California, University & College Improvements, Refunding Revenue Bonds, 3.66%, 5/15/2027 | 250,000 | 279,023 |
West Contra Costa Unified School District, School Improvements, General Obligation Unlimited, 6.25%, 8/1/2030 | 250,000 | 324,117 |
5,974,212 | ||
Colorado 0.56% | ||
Colorado Mesa University, University & College Improvements, Build America Revenue Bonds, (State Higher Education Intercept Program), 6.75%, 5/15/2042 | 500,000 | 733,318 |
Connecticut 0.80% | ||
State of Connecticut, General Obligation Unlimited, 5.85%, 3/15/2032 | 780,000 | 1,036,297 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA INCOME FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
Florida 3.57% | ||
City of Miami Gardens, FL, Public Improvements, Build America Bonds, Certificate of Participation, 7.17%, 6/1/2026 | $1,250,000 | $1,390,632 |
City of Tallahassee, FL, Utility System Revenue, Build America Revenue Bonds, 5.22%, 10/1/2040 | 300,000 | 390,275 |
County of Miami-Dade, FL Transit System, Transit Improvements, Build America Revenue Bonds, 5.53%, 7/1/2032 | 500,000 | 598,860 |
County of Miami-Dade, FL, Port, Airport & Marina Improvements, Build America Revenue Bonds, (AGM) (OID), 7.50%, 4/1/2040 | $ 1,000,000 | $ 1,493,728 |
County of Miami-Dade, FL, Recreational Facility Improvements, Revenue Bonds, (AGM), 7.08%, 10/1/2029 | 250,000 | 325,930 |
Florida State Board of Governors, University & College Improvements, Build America Revenue Bonds, 7.50%, 11/1/2035 | 250,000 | 250,942 |
Town of Miami Lakes, FL, Public Improvements, Build America Revenue Bonds, 7.59%, 12/1/2030 | 150,000 | 194,993 |
4,645,360 | ||
Georgia 4.78% | ||
Cobb Marietta Georgia Coliseum, Revenue Bonds, Callable 1/1/2026 @ 100, 4.50%, 1/1/2047 | 600,000 | 655,062 |
Municipal Electric Authority of Georgia, Electric Lights & Power Improvements, Build America Revenue Bonds, 7.06%, 4/1/2057 | 2,463,000 | 3,430,730 |
State of Georgia, Public Improvements, General Obligation Unlimited, Callable 2/1/2024 @ 100, 3.84%, 2/1/2032 | 2,000,000 | 2,133,407 |
6,219,199 | ||
Hawaii 0.42% | ||
State of Hawaii, General Obligation Unlimited, Callable 10/1/2025 @ 100, 4.05%, 10/1/2032 | 495,000 | 548,242 |
Idaho 0.32% | ||
Idaho Water Resource Board, Water Utility Improvements, Revenue Bonds, (OID), Callable 9/1/2022 @ 100, 5.25%, 9/1/2024 | 400,000 | 418,774 |
Illinois 1.68% | ||
City of Chicago, IL Waterworks Revenue, Water Utility Improvements, Build America Revenue Bonds, Callable 11/1/2031 @ 100, 6.74%, 11/1/2040 | 250,000 | 330,918 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA INCOME FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
Illinois (cont.) | ||
Village of Glenwood, IL, Public Improvements, Build America Bonds, General Obligation Unlimited, (AGM), 7.03%, 12/1/2028 | $1,500,000 | $1,858,697 |
2,189,615 | ||
Indiana 1.60% | ||
Anderson School Building Corporation, Refunding Bonds, General Obligation Limited, Callable 7/5/2023 @ 100, 3.95%, 7/5/2029 | 1,000,000 | 1,044,538 |
Anderson School Building Corporation, Refunding Bonds, General Obligation Limited, (OID), Callable 7/5/2023 @ 100, 3.75%, 7/5/2028 | $ 1,000,000 | $ 1,043,225 |
2,087,763 | ||
Kansas 0.25% | ||
Wyandotte County Unified School District No. 500 Kansas City, General Obligation Unlimited, Callable 9/1/2030 @ 100, 3.17%, 9/1/2046 | 330,000 | 322,866 |
Kentucky 0.34% | ||
Kentucky State Property & Building Commission, Economic Improvements, University & College Improvements, Build America Revenue Bonds, 5.37%, 11/1/2025 | 400,000 | 447,997 |
Louisiana 0.26% | ||
Tangipahoa Parish Hospital Service District No. 1, Hospital Improvements, Build America Revenue Bonds, 7.20%, 2/1/2042 | 340,000 | 341,177 |
Massachusetts 0.76% | ||
City of Worcester, MA, Pension Funding, General Obligation Limited, (AGM) (OID), 6.25%, 1/1/2028 | 140,000 | 160,408 |
Commonwealth of Massachusetts, 2.51%, 7/1/2041 | 500,000 | 495,914 |
Massachusetts Health & Educational Facilities Authority, Refunding Revenue Bonds, 6.43%, 10/1/2035 | 250,000 | 320,572 |
University of Massachusetts Building Authority, University & College Improvements, Build America Revenue Bonds, 6.57%, 5/1/2039 | 15,000 | 15,046 |
991,940 | ||
Michigan 1.21% | ||
Comstock Park Public Schools, School Improvements, General Obligation Unlimited, Callable 5/1/2021 @ 100, 6.20%, 5/1/2024 | 200,000 | 200,727 |
County of Macomb, MI, Retirement Facilities, General Obligation Limited, Callable 11/1/2025 @ 100, 4.13%, 11/1/2030 | 250,000 | 286,215 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA INCOME FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
Michigan (cont.) | ||
Michigan Finance Authority, Revenue Bonds, Callable 9/1/2025 @ 100, 3.90%, 9/1/2030 | $250,000 | $273,227 |
Michigan Finance Authority, School Improvements, Revenue Bonds, 6.38%, 11/1/2025 | 500,000 | 501,299 |
Michigan Finance Authority, School Improvements, Revenue Bonds, Callable 5/1/2021 @ 100, 6.20%, 5/1/2022 | $ 160,000 | $ 160,635 |
Onsted Community Schools, School Improvements, General Obligation Unlimited, 5.90%, 5/1/2027 | 150,000 | 150,428 |
St Johns Public Schools, General Obligation Unlimited, 6.65%, 5/1/2040 | 5,000 | 5,014 |
1,577,545 | ||
Mississippi 0.75% | ||
East Baton Rouge Parish, LA Sewerage Commission, Revenue Bonds Series B, 2.44%, 2/1/2039 | 100,000 | 94,951 |
Mississippi Development Bank, Highway Improvements, Build America Revenue Bonds, 6.59%, 1/1/2035 | 650,000 | 877,901 |
972,852 | ||
Missouri 3.11% | ||
City of Kansas City, MO, Revenue Bonds, 7.83%, 4/1/2040 | 2,410,000 | 3,310,605 |
Missouri Joint Municipal Electric Utility Commission, Electric Lights & Power Improvements, Build America Revenue Bonds, 7.73%, 1/1/2039 | 475,000 | 725,376 |
4,035,981 | ||
Nebraska 0.18% | ||
Nebraska Public Power District, Electric Lights & Power Improvements, Build America Revenue Bonds, 5.32%, 1/1/2030 | 200,000 | 236,940 |
Nevada 1.00% | ||
County of Washoe, NV, Public Improvements, Build America Revenue Bonds, 7.97%, 2/1/2040 | 590,000 | 886,433 |
County of Washoe, NV, Public Improvements, Build America Revenue Bonds, 7.88%, 2/1/2040 | 250,000 | 411,108 |
1,297,541 | ||
New Jersey 2.06% | ||
New Jersey Economic Development Authority, Revenue Bonds, 7.42%, 2/15/2029 | 250,000 | 320,281 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA INCOME FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
New Jersey (cont.) | ||
New Jersey Educational Facilities Authority, University & College Improvements, Build America Revenue Bonds, Callable 6/7/2021 @ 100, 6.19%, 7/1/2040 | $500,000 | $501,051 |
Township of Brick, NJ, General Obligation Unlimited, 3.75%, 9/1/2028 | $ 1,780,000 | $ 1,846,164 |
2,667,496 | ||
New York 7.91% | ||
City of New York, NY, Public Improvements, Build America Bonds, General Obligation Unlimited, 5.21%, 10/1/2031 | 100,000 | 120,508 |
City of New York, NY, Public Improvements, Build America Bonds, General Obligation Unlimited, 5.70%, 3/1/2027 | 145,000 | 178,227 |
County of Nassau, NY, Public Improvements, Build America Bonds, General Obligation Unlimited, 5.38%, 10/1/2024 | 500,000 | 563,742 |
Long Island Power Authority, Revenue Bonds, (OID), 5.85%, 5/1/2041 | 195,000 | 258,772 |
Metropolitan Transportation Authority, Revenue Bonds, 5.87%, 11/15/2039 | 200,000 | 253,439 |
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 6.20%, 11/15/2026 | 375,000 | 430,293 |
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 5.99%, 11/15/2030 | 125,000 | 158,738 |
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 6.59%, 11/15/2030 | 395,000 | 496,386 |
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 6.69%, 11/15/2040 | 500,000 | 683,905 |
New York City Industrial Development Agency, Recreational Facilities Improvements Revenue Bonds, (NATL-RE), 5.90%, 3/1/2046 | 580,000 | 665,456 |
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 | 703,854 |
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Build America Revenue Bonds, 5.47%, 5/1/2036 | 815,000 | 1,076,829 |
New York State Dormitory Authority, Revenue Bonds, Callable 7/1/2029 @ 100, 4.30%, 7/1/2044 | 250,000 | 274,529 |
New York State Dormitory Authority, Revenue Bonds, Callable 8/1/2028 @ 100, 4.95%, 8/1/2048 | 500,000 | 559,224 |
Port Authority of New York & New Jersey, Callable 6/1/2025 @ 100, 4.82%, 6/1/2045 | 1,000,000 | 1,125,855 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA INCOME FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
New York (cont.) | ||
Port Authority of New York & New Jersey, Port, Airport & Marina Improvements, Revenue Bonds, 3.92%, 10/15/2028 | $ $2,115,000 | $ $2,328,313 |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2033 @ 100, 5.55%, 11/15/2040 | 150,000 | 190,651 |
Western Nassau County Water Authority, Build America Revenue Bonds, 6.70%, 4/1/2040 | 150,000 | 208,166 |
10,276,887 | ||
North Carolina 0.18% | ||
County of Cabarrus, NC, School Improvements, Revenue Bonds, Callable 4/1/2021 @ 100, 5.50%, 4/1/2026 | 235,000 | 235,521 |
Ohio 2.82% | ||
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds, 7.50%, 2/15/2050 | 500,000 | 774,989 |
American Municipal Power, Inc., Revenue Bonds, 6.27%, 2/15/2050 | 495,000 | 674,275 |
Cincinnati City School District, Refunding Bonds, Certificate of Participation, (OID), Callable 12/15/2024 @ 100, 4.00%, 12/15/2032 | 200,000 | 214,728 |
County of Cuyahoga, OH, Hospital Improvements, Build America Revenue Bonds, 8.22%, 2/15/2040 | 1,000,000 | 1,256,026 |
Olentangy Local School District, Refunding Bonds, General Obligation Unlimited, 3.50%, 12/1/2029 | 500,000 | 529,343 |
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 | 200,584 |
3,649,945 | ||
Pennsylvania 3.13% | ||
Pennsylvania Turnpike Commission Turnpike Revenue, Revenue Bonds, Callable 12/1/2029 @ 100, 3.58%, 12/1/2043 | 890,000 | 897,508 |
Pennsylvania Turnpike Commission, Build America Revenue Bonds, 6.38%, 12/1/2037 | 520,000 | 697,415 |
Philadelphia Authority for Industrial Development, Pension Funding, Revenue Bonds, (AGM) (OID), 6.35%, 4/15/2028 | 630,000 | 757,557 |
Philadelphia Municipal Authority, Public Improvements, Revenue Bonds, 5.09%, 3/15/2028 | 500,000 | 518,667 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA INCOME FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
Pennsylvania (cont.) | ||
Sports & Exhibition Authority of Pittsburgh and Allegheny County, Recreational Facilities Improvements, Revenue Bonds, 7.04%, 11/1/2039 | $ $1,000,000 | $ $1,195,537 |
4,066,684 | ||
Rhode Island 0.37% | ||
Narragansett Bay Commission, Revenue Bonds,, Callable 9/1/2030 @ 100, 2.92%, 9/1/2043 | 500,000 | 487,116 |
South Dakota 0.31% | ||
South Dakota State Building Authority, University & College Improvements, Build America Revenue Bonds, Callable 6/1/2021 @ 100, 6.15%, 6/1/2031 | 400,000 | 403,021 |
Texas 1.91% | ||
Frisco Economic Development Corporation, Public Improvements, Revenue Bonds, 4.20%, 2/15/2034 | 1,000,000 | 1,057,798 |
Grand Parkway Transportation Corp., Revenue Bonds, Callable 4/1/2030 @ 100, 3.24%, 10/1/2052 | 100,000 | 100,619 |
Midland County Hospital District, Health, Hospital & Nursing Home Improvements, Build America Bonds, General Obligation Limited, 6.44%, 5/15/2039 | 260,000 | 354,693 |
Texas Transportation Commission, General Obligation Unlimited, Callable 4/1/2030 @ 100, 2.56%, 4/1/2042 | 1,000,000 | 978,066 |
2,491,176 | ||
Virgin Islands 1.69% | ||
Virgin Islands Water & Power Authority- Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM), 6.85%, 7/1/2035 | 1,000,000 | 1,233,058 |
Virgin Islands Water & Power Authority- Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM), 6.65%, 7/1/2028 | 840,000 | 956,603 |
2,189,661 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA INCOME FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
Virginia 4.72% | ||
Tobacco Settlement Financing Corporation, Refunding Revenue Bonds, (OID), 6.71%, 6/1/2046 | $ $5,850,000 | $ $6,141,617 |
Washington 1.78% | ||
City of Seattle, WA, Municipal Light & Power Revenue, Electric Lights & Power Improvements, Build America Revenue Bonds, (OID), 5.57%, 2/1/2040 | 250,000 | 311,411 |
Douglas County Public Utility District No. 1, Electric Lights & Power Improvements, Revenue Bonds, 5.35%, 9/1/2030 | 250,000 | 295,386 |
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 | 728,396 |
Public Utility District No. 1 of Cowlitz County, WA, Electric Lights & Power Improvements, Build America Revenue Bonds, 6.88%, 9/1/2032 | 500,000 | 661,187 |
Snohomish County Public Utility District No. 1, Electric Lights & Power Improvements, Build America Revenue Bonds, (OID), 5.68%, 12/1/2040 | 250,000 | 311,775 |
2,308,155 | ||
Wisconsin 0.08% | ||
State of Wisconsin, General Obligation Unlimited, 2.35%, 5/1/2031 | 100,000 | 103,880 |
Total Municipal Bonds (Cost $61,960,596) | 72,096,969 | |
Total Investments — 99.65% (Cost $114,661,023) | 129,577,200 | |
Other Assets in Excess of Liabilities — 0.35% | 454,974 | |
NET ASSETS - 100.00% | $ 130,032,174 | |
(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. |
See accompanying notes which are an integral part of this schedule of investments.
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 this schedule of investments.
SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) | ||
Shares | Market Value | |
Common Stocks 39.52% | ||
Communications 7.00% | ||
Alphabet, Inc., Class A(a) | 250 | $ 515,630 |
Alphabet, Inc., Class C(a) | 190 | 393,040 |
AT&T, Inc. | 4,114 | 124,531 |
Netflix, Inc.(a) | 800 | 417,328 |
Verizon Communications, Inc. | 5,000 | 290,750 |
1,741,279 | ||
Consumer Discretionary 4.24% | ||
Amazon.com, Inc.(a) | 150 | 464,112 |
Home Depot, Inc. (The) | 1,000 | 305,250 |
Lennar Corp., Class A | 2,800 | 283,444 |
1,052,806 | ||
Energy 4.19% | ||
Cheniere Energy Partners LP | 2,300 | 95,565 |
Energy Transfer LP | 17,350 | 133,248 |
Enterprise Products Partners LP | 10,805 | 237,926 |
Kinder Morgan, Inc. | 7,500 | 124,875 |
Magellan Midstream Partners LP | 2,725 | 118,156 |
MPLX LP | 8,850 | 226,825 |
Viper Energy Partners LP | 3,200 | 46,592 |
Williams Cos, Inc. (The) | 2,500 | 59,225 |
1,042,412 | ||
Financials 4.47% | ||
Blackstone Group, Inc. (The), Class A | 5,500 | 409,915 |
Blackstone Mortgage Trust, Inc., Class A | 3,207 | 99,417 |
Citigroup, Inc. | 3,000 | 218,250 |
Fifth Third Bancorp | 3,400 | 127,330 |
JPMorgan Chase & Co. | 1,000 | 152,230 |
Starwood Property Trust, Inc. | 4,175 | 103,289 |
1,110,431 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Shares | Market Value | |
Health Care 1.74% | ||
AbbVie, Inc. | 4,000 | $ 432,880 |
Industrials 2.86% | ||
Caterpillar, Inc. | 700 | 162,309 |
Deere & Co. | 1,150 | 430,261 |
Honeywell International, Inc. | 550 | 119,388 |
711,958 | ||
Materials 0.26% | ||
Dow, Inc. | 1,000 | 63,940 |
Real Estate Investment Trusts (REITs) 4.05% | ||
Prologis, Inc. | 3,000 | 318,000 |
Sun Communities, Inc. | 714 | 107,129 |
Terreno Realty Corp. | 7,000 | 404,390 |
Welltower, Inc. | 1,160 | 83,091 |
WP Carey, Inc. | 1,340 | 94,818 |
1,007,428 | ||
Technology 9.93% | ||
Apple, Inc. | 3,250 | 396,988 |
Microsoft Corp. | 2,000 | 471,540 |
NVIDIA Corp. | 2,045 | 1,091,887 |
PayPal Holdings, Inc.(a) | 2,100 | 509,964 |
2,470,379 | ||
Utilities 0.78% | ||
American Electric Power Co., Inc. | 1,155 | 97,828 |
Duke Energy Corp. | 1,000 | 96,530 |
194,358 | ||
Total Common Stocks (Cost $6,772,897) | 9,827,871 | |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Shares | Market Value | |
Preferred Stocks 10.15% | ||
Financials 5.26% | ||
Bank of America Corp., 6.00% | 3,800 | $ 95,000 |
Capital One Financial Corp., Series K, 4.63% | 6,166 | 156,925 |
First Republic Bank, Series K, 4.13% | 1,333 | 33,325 |
Hancock Whitney Corp., 5.95% | 9,200 | 235,612 |
JPMorgan Chase & Co., Series JJ, 4.55% | 5,000 | 128,100 |
KKR & Company LP, 6.50% | 6,481 | 166,367 |
Prudential Financial, Inc., 4.13% | 1,765 | 44,708 |
Truist Financial Corp., Series R, 4.75% | 8,166 | 210,274 |
U.S. Bancorp, Series L, 3.75% | 10,000 | 238,000 |
1,308,311 | ||
Real Estate 1.35% | ||
National Retail Properties, Inc., 5.20% | 6,000 | 153,600 |
Public Storage, 5.05% | 5,000 | 131,400 |
Public Storage, Series M, 4.13% | 1,944 | 50,175 |
335,175 | ||
Utilities 3.54% | ||
Brookfield Infrastructure Partners LP, 5.13% | 10,000 | 255,800 |
Southern Co., 5.25% | 14,000 | 370,300 |
Southern Co., 5.25% | 10,000 | 254,800 |
880,900 | ||
Total Preferred Stocks (Cost $2,486,056) | 2,524,386 | |
Principal Amount | ||
Corporate Bonds 2.08% | ||
Apple, Inc., 2.20%, 9/11/2029 | $ 250,000 | 253,432 |
Microsoft Corp., 3.30%, 2/6/2027 | 240,000 | 264,544 |
Total Corporate Bonds (Cost $501,978) | 517,976 | |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
Municipal Bonds 43.15% | ||
Arizona 3.03% | ||
City of Tucson, AZ, Certificate of Participation, (AGM), 4.83%, 7/1/2034 | $ 620,000 | $ 752,849 |
California 4.83% | ||
California State University, Revenue Bonds,, Callable 5/1/2030 @ 100, 3.07%, 11/1/2042 | 50,000 | 50,396 |
City of Newport Beach, CA, Public Improvements, Certificate of Participation, 7.17%, 7/1/2040 | 800,000 | 1,152,136 |
1,202,532 | ||
Florida 4.41% | ||
Pasco County School Board, School Improvements, Certificate of Participation, 5.00%, 12/1/2037 | 1,000,000 | 1,095,575 |
Kansas 5.48% | ||
Kansas Development Finance Authority, Revenue Bonds, 4.73%, 4/15/2037 | 1,000,000 | 1,197,094 |
Wyandotte County Unified School District No. 500 Kansas City, General Obligation Unlimited,, Callable 9/1/2030 @ 100, 3.17%, 9/1/2046 | 170,000 | 166,325 |
1,363,419 | ||
Nevada 0.60% | ||
County of Washoe, NV, Public & Highway Improvements, Build America Revenue Bonds, 7.97%, 2/1/2040 | 100,000 | 150,243 |
New York 5.77% | ||
New York City Transitional Finance Authority Building Aid Revenue, School Improvements, Miscellaneous Purposes Revenue Bonds, 5.00%, 7/15/2030 | 300,000 | 361,894 |
New York State Dormitory Authority, Revenue Bonds, Callable 7/1/2026 @ 100, 3.88%, 7/1/2046 | 750,000 | 793,513 |
Port Authority of New York & New Jersey, Callable 6/1/2025 @ 100, 4.82%, 6/1/2045 | 250,000 | 281,464 |
1,436,871 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Utilities (cont.) | ||
Principal Amount | Market Value | |
Ohio 6.83% | ||
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds, 7.83%, 2/15/2041 | $ 1,000,000 | $ 1,556,382 |
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds, 5.94%, 2/15/2047 | 100,000 | 140,923 |
1,697,305 | ||
Pennsylvania 4.68% | ||
City of Reading, PA, General Obligation Unlimited, (AGM) (OID), Callable 11/1/2024 @ 100, 5.30%, 11/1/2033 | 1,000,000 | 1,162,881 |
Rhode Island 1.96% | ||
Narragansett Bay Commission, Revenue Bonds,, Callable 9/1/2030 @ 100, 2.92%, 9/1/2043 | 500,000 | 487,116 |
Tennessee 3.39% | ||
Metropolitan Government of Nashville & Davidson County Convention Center Authority, Public Improvements, Revenue Bonds, 7.43%, 7/1/2043 | 500,000 | 727,698 |
Metropolitan Government of Nashville & Davidson County, General Obligation Unlimited, 3.49%, 7/1/2029 | 100,000 | 114,096 |
841,794 | ||
Texas 2.17% | ||
Grand Parkway Transportation Corporation, Revenue Bonds,, Callable 4/1/2030 @ 100, 3.24%, 10/1/2052 | 50,000 | 50,310 |
Texas Transportation Commission, General Obligation Unlimited, Callable 4/1/2030 @ 100, 2.56%, 4/1/2042 | 500,000 | 489,033 |
539,343 | ||
Total Municipal Bonds (Cost $8,961,740) | 10,729,928 | |
U.S. Government & Agency Obligations 3.71% | ||
U.S. Treasury Notes 1.38%, 10/15/2022 | 250,000 | 254,795 |
U.S. Treasury Notes 1.50%, 1/15/2023 | 400,000 | 409,672 |
See accompanying notes which are an integral part of this schedule of investments.
SPIRIT OF AMERICA INCOME AND OPPORTUNITY FUND | ||
SCHEDULE OF INVESTMENTS | MARCH 31, 2021 (UNAUDITED) (CONT.) | ||
Principal Amount | Market Value | |
U.S. Treasury Notes 1.50%, 10/31/2024 | $ 250,000 | $ 258,510 |
Total U.S. Government & Agency Obligations (Cost $897,992) | 922,977 | |
Shares | ||
Money Market Funds 0.93% | ||
Morgan Stanley Institutional Liquidity Fund, Institutional, 0.03%(b) | 229,941 | 229,941 |
Total Money Market Funds (Cost $229,941) | 229,941 | |
Total Investments — 99.54% (Cost $19,850,604) | 24,753,079 | |
Other Assets in Excess of Liabilities — 0.46% | 114,476 | |
NET ASSETS - 100.00% | $ 24,867,555 | |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day effective yield as of March 31, 2021. |
AGM — Assured Guaranty Municipal Corp.
OID — Original Issue Discount
See accompanying notes which are an integral part of this schedule of investments.