Spirit
of
America
Real
Estate
Income
and
Growth
Fund
Schedule
of
Investments
September
30,
2021
-
(Unaudited)
1
Shares
Market
Value
Common
Stocks
96.71%
Data
Center
REITs
16.86%
CoreSite
Realty
Corp.
31,225
$
4,325,912
CyrusOne
,
Inc.
63,000
4,876,830
Digital
Realty
Trust,
Inc.
35,081
5,067,450
Equinix
,
Inc.
5,685
4,491,889
18,762,081
Gaming
REITs
2.02%
Gaming
and
Leisure
Properties,
Inc.
13,985
647,785
MGM
Growth
Properties
LLC,
Class
A
41,800
1,600,940
2,248,725
Health
Care
REITs
3.68%
Global
Medical
REIT,
Inc.
15,000
220,500
Healthcare
Trust
of
America,
Inc.,
Class
A
10,000
296,600
Healthpeak
Properties,
Inc.
39,568
1,324,737
Medical
Properties
Trust,
Inc.
13,500
270,945
Omega
Healthcare
Investors,
Inc.
1,000
29,960
Physicians
Realty
Trust
15,850
279,277
Ventas,
Inc.
5,550
306,415
Welltower
,
Inc.
16,625
1,369,900
4,098,334
Homebuilding
0.79%
D.R.
Horton,
Inc.
2,600
218,322
Lennar
Corp.,
Class
A
3,700
346,616
Toll
Brothers,
Inc.
5,600
309,624
874,562
Hotel
REITs
1.73%
Apple
Hospitality
REIT,
Inc.
10,210
160,604
Host
Hotels
&
Resorts,
Inc.
(a)
27,400
447,442
Park
Hotels
&
Resorts,
Inc.
(a)
9,250
177,045
Pebblebrook
Hotel
Trust
(a)
29,581
662,910
Summit
Hotel
Properties,
Inc.
(a)
18,000
173,340
Sunstone
Hotel
Investors,
Inc.
25,700
306,858
1,928,199
Industrial
REITs
20.47%
Americold
Realty
Trust
29,200
848,260
Duke
Realty
Corp.
3,750
179,512
Innovative
Industrial
Properties,
Inc.
24,050
5,559,639
Prologis,
Inc.
93,970
11,786,657
STAG
Industrial,
Inc.
44,950
1,764,288
Terreno
Realty
Corp.
41,900
2,649,337
22,787,693
Infrastructure
REITs
3.27%
American
Tower
Corp.,
Class
A
6,760
1,794,171
Spirit
of
America
Real
Estate
Income
and
Growth
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
2
Infrastructure
REITs
(cont.)
Crown
Castle
International
Corp.
10,680
$
1,851,058
3,645,229
Mortgage
Finance
0.27%
Blackstone
Mortgage
Trust,
Inc.,
Class
A
2,200
66,704
Starwood
Property
Trust,
Inc.
9,500
231,895
298,599
Multi
Asset
Class
REITs
1.61%
Lexington
Realty
Trust
2,700
34,425
One
Liberty
Properties,
Inc.
2,500
76,225
WP
Carey,
Inc.
22,950
1,676,268
1,786,918
Office
REITs
5.13%
Alexandria
Real
Estate
Equities,
Inc.
13,850
2,646,319
Boston
Properties,
Inc.
7,215
781,745
City
Office
REIT,
Inc.
59,308
1,059,241
Hudson
Pacific
Properties,
Inc.
28,550
750,009
Kilroy
Realty
Corp.
7,115
471,084
5,708,398
Residential
REITs
23.09%
American
Campus
Communities,
Inc.
1,000
48,450
American
Homes
4
Rent,
Class
A
13,050
497,466
Apartment
Income
REIT
Corp.
25,902
1,264,277
AvalonBay
Communities,
Inc.
12,340
2,735,037
Camden
Property
Trust
13,400
1,976,098
Equity
LifeStyle
Properties,
Inc.
35,500
2,772,550
Equity
Residential
28,815
2,331,710
Essex
Property
Trust,
Inc.
7,086
2,265,678
Invitation
Homes,
Inc.
46,100
1,767,013
Mid-America
Apartment
Communities,
Inc.
17,922
3,346,933
Sun
Communities,
Inc.
26,100
4,831,110
UDR,
Inc.
35,250
1,867,545
25,703,867
Retail
REITs
10.51%
Agree
Realty
Corp.
3,250
215,247
Brixmor
Property
Group,
Inc.
42,475
939,122
Federal
Realty
Investment
Trust
13,200
1,557,468
Four
Corners
Property
Trust,
Inc.
5,000
134,300
Kimco
Realty
Corp.
27,569
572,057
National
Retail
Properties,
Inc.
17,250
745,027
Realty
Income
Corp.
27,780
1,801,811
Regency
Centers
Corp.
24,600
1,656,318
Simon
Property
Group,
Inc.
27,100
3,522,187
Spirit
MTA
REIT
(b)
1,140
485
STORE
Capital
Corp.
3,000
96,090
Tanger
Factory
Outlet
Centers,
Inc.
25,100
409,130
Spirit
of
America
Real
Estate
Income
and
Growth
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
3
Retail
REITs
(cont.)
VEREIT,
Inc.
1,000
$
45,230
11,694,472
Self-Storage
REITs
6.19%
CubeSmart
19,750
956,887
Extra
Space
Storage,
Inc.
11,745
1,973,043
Life
Storage,
Inc.
18,450
2,116,953
Public
Storage
6,200
1,842,020
6,888,903
Specialty
REITs
0.98%
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
9,717
519,665
Iron
Mountain,
Inc.
13,250
575,713
1,095,378
Timber
REITs
0.11%
Weyerhaeuser
Co.
3,300
117,381
Total
Common
Stocks
(Cost $66,945,287)
107,638,739
Shares
Market
Value
Preferred
Stocks
2.42%
Data
Center
REITs
0.09%
Digital
Realty
Trust,
Inc.,
Series
J,
5.25%
4,000
103,520
Hotel
REITs
1.15%
Ashford
Hospitality
Trust,
Inc.,
Series
F,
7.38%
6,000
156,000
Hersha
Hospitality
Trust,
Series
D,
6.50%
5,000
122,000
Hersha
Hospitality
Trust,
Series
E,
6.50%
5,000
123,700
Pebblebrook
Hotel
Trust,
Series
F,
6.30%
2,500
62,050
Pebblebrook
Hotel
Trust,
Series
G,
6.38%
4,000
102,200
Pebblebrook
Hotel
Trust,
Series
H
,
6.38%
6,000
150,000
Sotherly
Hotels,
Inc.,
Series
B,
8.00%
6,000
93,000
Sotherly
Hotels,
Inc.,
Series
C,
7.88%
2,000
31,460
Summit
Hotel
Properties,
Inc.,
Series
F,
5.88%
10,000
261,316
Sunstone
Hotel
Investors,
Inc.,
Series
H,
6.13%
4,000
103,440
Sunstone
Hotel
Investors,
Inc.,
Series
I,
5.70%
4,000
101,280
1,306,446
Industrial
REITs
0.09%
Monmouth
Real
Estate
Investment
Corp.,
Series
C,
6.13%
4,000
100,880
Multi
Asset
Class
REITs
0.06%
Vornado
Realty
Trust,
Series
M,
5.25%
2,500
65,200
Residential
REITs
0.12%
American
Homes
4
Rent,
Series
G,
5.88%
2,000
51,860
Spirit
of
America
Real
Estate
Income
and
Growth
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
4
Residential
REITs
(cont.)
Bluerock
Residential
Growth
REIT,
Inc.,
Series
A,
7.13%
3,000
$
76,200
128,060
Retail
REITs
0.45%
CTO
Realty
Growth,
Inc.,
Series
A,
6.38%
2,000
51,340
Federal
Realty
Investment
Trust,
Series
C,
5.00%
6,500
165,555
National
Retail
Properties,
Inc.,
Series
F,
5.20%
11,000
275,660
492,555
Self-Storage
REITs
0.46%
Public
Storage,
Series
I,
4.88%
1,917
52,564
Public
Storage,
Series
K,
4.75%
4,000
109,480
Public
Storage,
Series
L,
4.63%
2,000
54,560
Public
Storage,
Series
M,
4.13%
1,167
30,459
Public
Storage,
Series
N,
3.88%
4,000
102,640
Public
Storage,
Series
P,
4.00%
2,000
51,080
Public
Storage,
Series
Q,
3.95%
4,000
101,520
502,303
Total
Preferred
Stocks
(Cost $2,684,818)
2,698,964
Principal
Amount
Market
Value
Municipal
Bonds
0.18%
Franklin
County
Convention
Facilities
Authority,
Revenue
Bonds
,
6.54%,
12/1/2036
$
140,000
198,561
Total
Municipal
Bonds
(Cost $161,602)
198,561
Shares
Market
Value
Money
Market
Funds
0.46%
Morgan
Stanley
Institutional
Liquidity
Fund,
Institutional
Class,
0.03%
(c)
515,491
515,491
Total
Money
Market
Funds
(Cost $515,491)
515,491
Total
Investments
—
99.77%
(Cost
$70,307,198)
111,051,755
Other
Assets
in
Excess
of
Liabilities
—
0.23%
251,621
NET
ASSETS
-
100.00%
$
111,303,376
(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
September
30,
2021.
Spirit
of
America
Large
Cap
Value
Fund
Schedule
of
Investments
September
30,
2021
-
(Unaudited)
5
Shares
Market
Value
Common
Stocks
98.65%
Communications
7.91%
Alphabet,
Inc.,
Class
A
(a)
1,820
$
4,865,806
Comcast
Corp.,
Class
A
13,700
766,241
Netflix,
Inc.
(a)
1,350
823,959
Uber
Technologies,
Inc.
(a)
5,000
224,000
Verizon
Communications,
Inc.
28,540
1,541,445
Walt
Disney
Co.
(The)
18,950
3,205,772
11,427,223
Consumer
Discretionary
6.52%
Amazon.com,
Inc.
(a)
685
2,250,252
D.R.
Horton,
Inc.
8,050
675,958
Home
Depot,
Inc.
(The)
9,688
3,180,183
Lennar
Corp.,
Class
A
6,850
641,708
Lowe's
Cos.,
Inc.
1,750
355,005
Masco
Corp.
11,500
638,825
McDonald's
Corp.
4,880
1,176,617
NIKE,
Inc.,
Class
B
1,100
159,753
TJX
Cos.,
Inc.
(The)
1,000
65,980
Toll
Brothers,
Inc.
5,150
284,744
9,429,025
Consumer
Staples
8.45%
Altria
Group,
Inc.
12,250
557,620
Clorox
Co.
(The)
950
157,329
Coca-Cola
Co.
(The)
7,400
388,278
Colgate-Palmolive
Co.
2,500
188,950
Conagra
Brands,
Inc.
7,100
240,477
Constellation
Brands,
Inc.,
Class
A
1,200
252,828
Costco
Wholesale
Corp.
6,051
2,719,017
Kroger
Co.
(The)
9,000
363,870
Lamb
Weston
Holdings,
Inc.
4,300
263,891
PepsiCo,
Inc.
2,400
360,984
Philip
Morris
International,
Inc.
7,600
720,404
Procter
&
Gamble
Co.
(The)
7,265
1,015,647
Target
Corp.
13,580
3,106,697
Wal-Mart
Stores,
Inc.
13,484
1,879,400
12,215,392
Energy
3.86%
Antero
Midstream
Corp.
5,000
52,100
Baker
Hughes
Co.
1,000
24,730
Cheniere
Energy,
Inc.
(a)
3,650
356,495
Chevron
Corp.
13,010
1,319,864
ConocoPhillips
10,300
698,031
EOG
Resources,
Inc.
900
72,243
Exxon
Mobil
Corp.
6,100
358,802
First
Solar,
Inc.
(a)
1,000
95,460
Spirit
of
America
Large
Cap
Value
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
6
Energy
(cont.)
Halliburton
Co.
1,000
$
21,620
Kinder
Morgan,
Inc.
22,750
380,608
Pioneer
Natural
Resources
Co.
1,400
233,114
Targa
Resources
Corp.
3,600
177,156
Valero
Energy
Corp.
13,115
925,526
Williams
Cos,
Inc.
(The)
33,500
868,990
5,584,739
Financials
11.11%
American
Express
Co.
9,250
1,549,653
Bank
of
America
Corp.
29,600
1,256,520
Berkshire
Hathaway,
Inc.,
Class
B
(a)
3,220
878,867
Blackstone
Group,
Inc.
(The),
Class
A
8,250
959,805
Carlyle
Group,
Inc.
(The)
6,050
286,044
Citigroup,
Inc.
17,200
1,207,096
CME
Group,
Inc.
1,404
271,506
Goldman
Sachs
Group,
Inc.
(The)
2,815
1,064,154
JPMorgan
Chase
&
Co.
20,892
3,419,811
Morgan
Stanley
3,000
291,930
Signature
Bank
10,500
2,858,940
SVB
Financial
Group
(a)
2,723
1,761,454
Wells
Fargo
&
Co.
5,500
255,255
16,061,035
Health
Care
9.60%
Abbott
Laboratories
3,100
366,203
AbbVie,
Inc.
22,957
2,476,372
Amgen,
Inc.
2,900
616,685
Bristol-Myers
Squibb
Co.
16,250
961,512
Centene
Corp.
(a)
10,100
629,331
CVS
Health
Corp.
7,611
645,869
Edwards
LifeSciences
Corp.
(a)
3,000
339,630
Gilead
Sciences,
Inc.
2,750
192,087
Humana,
Inc.
1,350
525,352
Johnson
&
Johnson
1,947
314,441
McKesson
Corp.
2,250
448,605
Medtronic
PLC
7,069
886,099
Merck
&
Co.,
Inc.
17,750
1,333,203
Moderna,
Inc.
(a)
1,200
461,832
Pfizer,
Inc.
9,150
393,542
Quest
Diagnostics,
Inc.
4,500
653,895
Thermo
Fisher
Scientific,
Inc.
2,140
1,222,646
UnitedHealth
Group,
Inc.
2,375
928,008
Vertex
Pharmaceuticals,
Inc.
(a)
2,550
462,545
Viatris,
Inc.
1,135
15,379
13,873,236
Industrials
8.61%
3M
Co.
1,290
226,292
Spirit
of
America
Large
Cap
Value
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
7
Industrials
(cont.)
Boeing
Co.
(The)
3,355
$
737,899
Caterpillar,
Inc.
10,225
1,962,893
CSX
Corp.
42,525
1,264,693
Cummins,
Inc.
3,550
797,188
Deere
&
Co.
4,975
1,666,973
FedEx
Corp.
4,950
1,085,486
Honeywell
International,
Inc.
8,300
1,761,924
Johnson
Controls
International
PLC
8,253
561,864
Raytheon
Technologies
Corp.
2,100
180,516
Southwest
Airlines
Co.
3,200
164,576
United
Parcel
Service,
Inc.,
Class
B
2,050
373,305
Waste
Connections,
Inc.
13,175
1,659,128
12,442,737
Materials
1.38%
CF
Industries
Holdings,
Inc.
7,700
429,814
Corteva,
Inc.
7,233
304,365
Dow,
Inc.
6,083
350,137
DuPont
de
Nemours,
Inc.
6,500
441,935
International
Paper
Co.
500
27,960
Linde
PLC
1,400
410,732
WestRock
Co.
500
24,915
1,989,858
Real
Estate
Investment
Trusts
(REITs)
3.87%
Alexandria
Real
Estate
Equities,
Inc.
1,550
296,159
American
Tower
Corp.,
Class
A
1,040
276,026
CoreSite
Realty
Corp.
400
55,416
Crown
Castle
International
Corp.
2,540
440,233
CyrusOne,
Inc.
11,100
859,251
Digital
Realty
Trust,
Inc.
1,100
158,895
Equinix,
Inc.
1,625
1,283,961
Invitation
Homes,
Inc.
1,000
38,330
MGM
Growth
Properties
LLC,
Class
A
2,250
86,175
Mid-America
Apartment
Communities,
Inc.
500
93,375
Prologis,
Inc.
7,500
940,725
Realty
Income
Corp.
2,200
142,692
Simon
Property
Group,
Inc.
700
90,979
Sun
Communities,
Inc.
3,700
684,870
Terreno
Realty
Corp.
2,075
131,202
Weyerhaeuser
Co.
500
17,785
5,596,074
Technology
34.48%
Accenture
PLC,
Class
A
4,325
1,383,654
Adobe,
Inc.
(a)
1,700
978,724
Advanced
Micro
Devices,
Inc.
(a)
2,100
216,090
Apple,
Inc.
63,582
8,996,853
Applied
Materials,
Inc.
17,820
2,293,969
Spirit
of
America
Large
Cap
Value
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
8
Technology
(cont.)
Cisco
Systems,
Inc.
19,050
$
1,036,891
Cognizant
Technology
Solutions
Corp.,
Class
A
4,600
341,366
Corning,
Inc.
10,000
364,900
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
2,975
731,195
Dell
Technologies,
Inc.,
Class
C
(a)
1,624
168,961
Fiserv,
Inc.
(a)
1,950
211,575
Garmin
Ltd.
1,900
295,374
HP,
Inc.
15,600
426,816
International
Business
Machines
Corp.
2,868
398,451
MasterCard,
Inc.,
Class
A
5,100
1,773,168
Microchip
Technology,
Inc.
3,225
495,005
Microsoft
Corp.
27,739
7,820,179
NetApp,
Inc.
2,600
233,376
NortonLifeLock,
Inc.
27,700
700,810
NVIDIA
Corp.
39,692
8,222,595
Oracle
Corp.
33,375
2,907,964
Paychex,
Inc.
3,850
432,933
PayPal
Holdings,
Inc.
(a)
1,475
383,810
QUALCOMM,
Inc.
4,050
522,369
Texas
Instruments,
Inc.
13,775
2,647,693
Visa,
Inc.,
Class
A
13,600
3,029,400
Workday,
Inc.,
Class
A
(a)
1
11,280
2,818,759
49,832,880
Utilities
2.86%
AES
Corp.
4,000
91,320
American
Electric
Power
Co.,
Inc.
1,850
150,183
Brookfield
Renewable
Corp.,
Class
A
563
21,831
Brookfield
Renewable
Partners
LP
2,250
83,047
Dominion
Energy,
Inc.
11,500
839,730
Duke
Energy
Corp.
950
92,710
Edison
International
2,100
116,487
Eversource
Energy
250
20,440
NextEra
Energy,
Inc.
25,325
1,988,519
WEC
Energy
Group,
Inc.
8,200
723,240
4,127,507
Total
Common
Stocks
(Cost $69,300,985)
142,579,706
Shares
Market
Value
Preferred
Stocks
1.36%
Financials
1.22%
Annaly
Capital
Management,
Inc.,
Series
F,
6.95%
2,000
51,680
Arch
Capital
Group
Ltd.,
Series
F,
5.45%
2,000
51,500
Arch
Capital
Group
Ltd.,
Series
G,
4.55%
2,000
52,400
Athene
Holding
Ltd.,
Series
C,
6.38%
2,000
56,740
Bank
of
America
Corp.,
Series
GG,
6.00%
4,000
107,920
Bank
of
America
Corp.,
Series
HH,
5.88%
2,000
54,000
Spirit
of
America
Large
Cap
Value
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
9
Financials
(cont.)
Bank
of
America
Corp.,
Series
LL,
5.00%
2,000
$
53,500
Bank
of
America
Corp.,
Series
PP,
4.13%
3,333
85,692
Charles
Schwab
Corp.
(The),
Series
J,
4.45%
2,000
52,400
First
Republic
Bank,
Series
L,
4.25%
2,000
50,200
First
Republic
Bank,
Series
M,
4.00%
4,000
97,280
Globe
Life,
Inc.,
4.25%
1,000
25,470
JPMorgan
Chase
&
Co.,
Series
EE,
6.00%
2,000
55,440
JPMorgan
Chase
&
Co.,
Series
JJ,
4.55%
2,000
52,200
JPMorgan
Chase
&
Co.,
Series
LL
4.63%
6,000
158,400
JPMorgan
Chasse
&
Co,
Series
MM,
4.20%
6,000
151,500
KeyCorp,
Series
G,
5.63%
2,000
54,020
KKR
Group
Finance
Co.
IX
LLC,
4.63%
2,000
52,280
Ladenburg
Thalmann
Financial
Services,
Inc.,
Series
A,
8.00%
7,000
101,500
Northern
Trust
Corp.,
Series
E,
4.70%
1,360
37,332
Prudential
Financial,
Inc.,
4.13%
705
18,231
Prudential
Financial,
Inc.,
5.63%
2,000
53,900
RenaissanceRE
Holdings
Ltd.,
Series
G,
4.20%
150
3,735
US
Bancorp,
Series
M,
4.00%
2,000
50,360
Wells
Fargo
&
Co.,
Series
CC,
4.38%
4,000
102,000
Wells
Fargo
&
Co.,
Series
DD,
4.25%
5,000
125,200
1,754,880
Real
Estate
Investment
Trusts
(REITs)
0.07%
Digital
Realty
Trust,
Inc.,
Series
L,
5.20%
2,000
54,400
Public
Storage,
Series
P,
4.00%
2,000
51,080
105,480
Utilities
0.07%
Brookfield
Infrastructure
Partners
LP,
5.00%
2,000
50,840
Entergy
Louisiana
LLC,
4.88%
2,000
50,500
101,340
Total
Preferred
Stocks
(Cost $1,966,750)
1,961,700
Total
Investments
—
100.01%
(Cost
$71,267,735)
144,541,406
Liabilities
in
Excess
of
Other
Assets
—
(0.01)%
(13,832)
NET
ASSETS
-
100.00%
$
144,527,574
(a)
Non-income
producing
security.
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
September
30,
2021
-
(Unaudited)
10
Principal
Amount
Market
Value
Municipal
Bonds
98.57%
Arizona
0.91%
City
of
Phoenix,
AZ,
General
Obligation
Unlimited
,
Callable
7/1/2026
@
100,
5.00%,
7/1/2027
$
500,000
$
602,030
California
5.18%
California
Educational
Facilities
Authority
,
Callable
10/1/2021
@
100,
6.13%,
10/1/2030
130,000
130,000
California
State
Public
Works
Board,
Revenue
Bonds
,
Callable
11/1/2026
@
100,
5.00%,
11/1/2029
600,000
728,342
City
of
Los
Angeles,
CA
Wastewater
System
Revenue,
Refunding
Revenue
Bonds,
(OID)
,
Callable
6/1/2022
@
100,
3.38%,
6/1/2029
100,000
101,614
Los
Angeles
CA
Department
of
Water
&
Power,
Revenue
Bonds
,
Callable
1/1/2029
@
100,
5.25%,
7/1/2049
200,000
251,072
Los
Angeles
Community
College
District,
General
Obligation
Unlimited
,
Callable
8/1/2026
@
100,
4.00%,
8/1/2038
500,000
571,970
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue,
Revenue
Bond
,
Callable
5/15/2026
@
100,
4.00%,
5/15/2037
145,000
162,210
San
Francisco
City
&
County
Public
Utilities
Commission
Water
Revenue,
Revenue
Bonds
,
Callable
11/1/2030
@
100,
5.00%,
11/1/2050
500,000
639,976
San
Francisco
City
&
County
Public
Utilities
Commission
Water
Revenue,
Revenue
Bonds
Series
A
,
Callable
4/1/2028
@
100,
4.00%,
10/1/2043
100,000
115,904
San
Francisco
Municipal
Transportation
Agency
,
Callable
3/1/2027
@
100,
4.00%,
3/1/2046
200,000
224,909
State
of
California,
General
Obligation
Unlimited
,
Callable
8/1/2025
@
100,
5.00%,
8/1/2029
250,000
291,888
State
of
California,
General
Obligation
Unlimited
,
Callable
9/1/2026
@
100,
4.00%,
9/1/2036
175,000
200,189
3,418,074
Connecticut
7.89%
City
of
New
Haven,
CT,
General
Obligation
Unlimited
,
Callable
8/15/2026
@
100,
5.00%,
8/15/2036
230,000
269,831
Connecticut
Housing
Finance
Authority,
Multi-Family
Housing,
Revenue
Bonds
,
Callable
11/15/2025
@
100,
3.25%,
11/15/2036
250,000
261,488
Connecticut
Housing
Finance
Authority,
Refunding
Revenue
Bonds
,
Callable
5/15/2022
@
100,
3.05%,
5/15/2031
185,000
187,108
Connecticut
Housing
Finance
Authority,
Refunding
Revenue
Bonds,
(OID)
,
Callable
11/15/2021
@
100,
3.30%,
11/15/2037
250,000
250,755
Connecticut
Housing
Finance
Authority,
Revenue
Bonds
,
Callable
5/15/2027
@
100,
3.40%,
11/15/2037
25,000
26,769
Connecticut
State
Health
&
Educational
Facility
Authority,
Hospital
Improvements,
Revenue
Bonds
,
Callable
7/1/2022
@
100,
5.00%,
7/1/2042
500,000
517,509
Connecticut
State
Health
&
Educational
Facility
Authority,
Hospital
Improvements,
Revenue
Bonds
,
Callable
7/1/2022
@
100,
4.50%,
7/1/2038
500,000
515,658
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
11
Connecticut
State
Health
&
Educational
Facility
Authority,
Hospital
Improvements,
Revenue
Bonds,
(OID)
,
Callable
7/1/2022
@
100,
4.25%,
7/1/2031
$
500,000
$
514,733
Connecticut
State
Health
&
Educational
Facility
Authority,
Private
Primary
Schools,
Revenue
Bonds
,
Callable
7/1/2022
@
100,
4.00%,
7/1/2033
100,000
101,432
Connecticut
State
Health
&
Educational
Facility
Authority,
Revenue
Bonds
,
Callable
7/1/2024
@
100,
5.00%,
7/1/2034
100,000
111,632
Connecticut
State
Health
&
Educational
Facility
Authority,
Revenue
Bonds
,
Callable
7/1/2026
@
100,
5.00%,
7/1/2034
250,000
290,571
State
of
Connecticut
Special
Tax
Revenue,
Highway
Improvements,
Revenue
Bonds
,
Callable
10/1/2023
@
100,
5.00%,
10/1/2030
250,000
272,249
State
of
Connecticut
Special
Tax
Revenue,
Public
Improvements,
Revenue
Bonds
,
Callable
1/1/2023
@
100,
5.00%,
1/1/2028
445,000
470,849
State
of
Connecticut,
General
Obligation
Unlimited
,
5.00%,
6/15/2024
250,000
281,795
State
of
Connecticut,
General
Obligation
Unlimited
,
Callable
4/15/2027
@
100,
5.00%,
4/15/2032
500,000
604,740
State
of
Connecticut,
Public
Improvements,
General
Obligation
Unlimited
,
Callable
4/15/2022
@
100,
4.00%,
4/15/2032
250,000
254,621
University
of
Connecticut,
University
&
College
Improvements,
Revenue
Bonds
,
Callable
2/15/2024
@
100,
5.00%,
2/15/2034
250,000
275,058
5,206,798
District
of
Columbia
2.21%
District
of
Columbia
Housing
Finance
Agency,
State
Multi-Family
Housing,
Revenue
Bonds,
(Fannie
Mae)
,
4.45%,
6/15/2031
320,000
335,171
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
281,536
District
of
Columbia
Water
&
Sewer
Authority,
Revenue
Bonds
,
Callable
10/1/2029
@
100,
4.00%,
10/1/2049
315,000
366,029
District
of
Columbia
Water
&
Sewer
Authority,
Revenue
Bonds
,
Callable
4/1/2026
@
100,
5.00%,
10/1/2036
250,000
295,621
District
of
Columbia
Water
&
Sewer
Authority,
Revenue
Bonds
,
Callable
4/1/2026
@
100,
5.00%,
10/1/2034
150,000
177,518
1,455,875
Florida
7.59%
Central
Florida
Expressway
Authority,
Revenue
Bonds
,
Callable
7/1/2026
@
100,
4.00%,
7/1/2035
150,000
170,082
City
of
Orlando,
FL,
Public
Improvements,
Revenue
Bonds
,
Callable
10/1/2024
@
100,
5.00%,
10/1/2046
1,000,000
1,122,331
Florida
Municipal
Loan
Council,
Water
Utility
Improvements,
Revenue
Bonds,
(AGM)
(OID)
,
Callable
10/1/2021
@
100,
5.50%,
10/1/2041
100,000
100,408
Florida
Municipal
Loan
Council,
Water
Utility
Improvements,
Revenue
Bonds,
(AGM)
(OID)
,
Callable
10/1/2021
@
100,
5.25%,
10/1/2033
100,000
100,367
FSU
Financial
Assistance,
Inc.,
State
Single-Family
Housing,
Refunding
Revenue
Bonds
,
Callable
10/1/2022
@
100,
5.00%,
10/1/2030
500,000
519,977
Greater
Orlando
Aviation
Authority,
Port,
Airport
&
Marina
Improvements,
Revenue
Bonds
,
Callable
12/6/2021
@
100,
5.00%,
10/1/2025
120,000
120,439
Miami
Dade
County
FL
Transit
System
Sales
Surtax
Revenue,
Revenue
Bonds
,
Callable
7/1/2030
@
100,
4.00%,
7/1/2050
500,000
575,777
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
12
Miami
Dade
County
FL
Water
&
Sewage
System,
Revenue
Bonds
,
Callable
10/1/2029
@
100,
4.00%,
10/1/2049
$
500,000
$
571,798
Miami
Dade
County
FL
Water
&
Sewage
System,
Revenue
Bonds
,
4.00%,
10/1/2044
150,000
173,415
Miami-Dade
County
Educational
Facilities
Authority,
University
&
College
Improvements,
Revenue
Bonds,
(AMBAC)
,
5.25%,
4/1/2031
260,000
344,789
School
Board
of
Miami-Dade
County
(The),
Certificate
of
Participation
,
Callable
2/1/2026
@
100,
4.00%,
2/1/2033
1,000,000
1,108,654
Tampa-Hillsborough
County
Expressway
Authority,
Refunding
Revenue
Bonds
,
Callable
7/1/2022
@
100,
5.00%,
7/1/2037
100,000
103,578
5,011,615
Georgia
1.46%
Atlanta
GA
Water
&
Wastewater
Revenue,
Revenue
Bonds
,
Callable
11/1/2029
@
100,
3.00%,
11/1/2037
500,000
551,689
Atlanta
GA
Water
&
Wastewater
Revenue,
Revenue
Bonds
,
Callable
11/1/2027
@
100,
5.00%,
11/1/2047
125,000
152,824
Fulton
County
Development
Authority,
Georgia
Tech
Athletic
Association,
Refunding
Revenue
Bonds,
(OID)
,
Callable
10/1/2022
@
100,
4.25%,
10/1/2037
100,000
103,101
Fulton
County
Development
Authority,
Georgia
Tech
Athletic
Association,
Revenue
Bonds
,
5.00%,
10/1/2022
145,000
151,862
Fulton
County
Development
Authority,
Georgia
Tech
Athletic
Association,
Revenue
Bonds
,
5.00%,
10/1/2022
5,000
5,233
964,709
Illinois
1.56%
Illinois
State
Finance
Authority
Series
A
,
Callable
4/1/2030
@
100,
4.00%,
4/1/2050
900,000
1,030,593
Indiana
2.36%
Indiana
Finance
Authority
Wastewater
Utility
Revenue,
Revenue
Bonds
,
Callable
10/1/2026
@
100,
5.00%,
10/1/2046
600,000
706,718
Indiana
Finance
Authority
Wastewater
Utility
Revenue,
Revenue
Bonds
,
Callable
10/1/2030
@
100,
5.00%,
10/1/2050
500,000
632,114
Indiana
State
Finance
Authority
Health
Systems
Revenue,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
4.00%,
11/1/2051
200,000
219,918
1,558,750
Iowa
0.45%
State
of
Iowa,
Revenue
Bonds
,
Callable
6/1/2026
@
100,
5.00%,
6/1/2027
250,000
299,505
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
525,196
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority,
Sewer
Improvements,
Revenue
Bonds
,
Callable
2/1/2023
@
100,
5.00%,
2/1/2035
100,000
106,362
631,558
Maine
2.39%
Maine
Health
&
Higher
Educational
Facilities
Authority,
Refunding
Revenue
Bonds,
(OID)
,
Callable
7/1/2022
@
100,
3.63%,
7/1/2041
500,000
512,874
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
13
Maine
Health
&
Higher
Educational
Facilities
Authority,
Revenue
Bonds
,
Callable
7/1/2030
@
100,
4.00%,
7/1/2045
$
385,000
$
442,779
Maine
State
Health
&
Higher
Educational
Facilities
Authority
Revenue,
Revenue
Bonds
,
Callable
7/1/2024
@
100,
4.00%,
7/1/2044
250,000
266,120
Maine
State
Housing
Authority,
State
Single-Family
Housing,
Revenue
Bonds
,
Callable
11/15/2024
@
100,
3.75%,
11/15/2044
100,000
105,422
Maine
State
Housing
Authority,
State
Single-Family
Housing,
Revenue
Bonds
,
Callable
11/15/2022
@
100,
3.60%,
11/15/2036
95,000
96,445
Maine
State
Housing
Authority,
State
Single-Family
Housing,
Revenue
Bonds
,
Callable
11/15/2022
@
100,
3.45%,
11/15/2032
95,000
96,443
Maine
Turnpike
Authority,
Refunding
Revenue
Bonds
,
Callable
7/1/2025
@
100,
5.00%,
7/1/2026
50,000
58,364
1,578,447
Maryland
0.70%
City
of
Baltimore
MD,
Revenue
Bonds
,
Callable
7/1/2029
@
100,
4.00%,
7/1/2049
405,000
464,591
Massachusetts
3.65%
Massachusetts
Housing
Finance
Agency
,
Callable
12/1/2027
@
100,
3.25%,
12/1/2032
200,000
215,448
Massachusetts
Housing
Finance
Agency,
Revenue
Bonds
,
Callable
12/1/2025
@
100,
3.25%,
12/1/2036
575,000
601,694
Massachusetts
Housing
Finance
Agency,
Revenue
Bonds
,
Callable
12/1/2026
@
100,
3.75%,
12/1/2037
250,000
269,827
Massachusetts
Housing
Finance
Agency,
Revenue
Bonds
,
Callable
12/1/2026
@
100,
3.55%,
12/1/2037
195,000
206,217
Massachusetts
Housing
Finance
Agency,
Revenue
Bonds
,
Callable
6/1/2026
@
100,
3.15%,
12/1/2026
120,000
130,150
Massachusetts
Housing
Finance
Agency,
State
Multi-Family
Housing,
Revenue
Bonds
,
5.13%,
12/1/2039
65,000
65,079
Massachusetts
Housing
Finance
Agency,
State
Multi-Family
Housing,
Revenue
Bonds
,
4.85%,
12/1/2029
60,000
60,066
Massachusetts
Housing
Finance
Agency,
State
Multi-Family
Housing,
Revenue
Bonds,
(FHA)
(INS)
,
Callable
11/24/2021
@
100,
5.25%,
12/1/2035
125,000
125,928
Massachusetts
School
Building
Authority,
Revenue
Bonds
,
Callable
2/15/2028
@
100,
5.25%,
2/15/2048
500,000
620,229
Massachusetts
School
Building
Authority,
Revenue
Bonds
,
Callable
8/15/2025
@
100,
5.00%,
8/15/2026
100,000
117,145
2,411,783
Michigan
3.15%
Michigan
Public
Educational
Facilities
Authority,
School
Improvements,
Refunding
Revenue
Bonds
,
6.00%,
12/1/2035
500,000
500,453
Michigan
State
Building
Authority,
Refunding
Revenue
Bonds,
(OID)
,
Callable
10/15/2021
@
100,
5.20%,
10/15/2031
750,000
751,168
Michigan
State
Building
Authority,
Refunding
Revenue
Bonds,
(OID)
,
Callable
10/15/2021
@
100,
5.38%,
10/15/2036
100,000
100,161
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
14
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
$
725,102
2,076,884
Minnesota
0.99%
Southern
Minnesota
Municipal
Power
Agency
Power
Supply
System,
Revenue
Bonds
,
Callable
1/1/2026
@
100,
5.00%,
1/1/2041
565,000
654,395
Missouri
1.59%
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
541,850
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
102,525
Missouri
State
Health
&
Educational
Facilities
Authority,
Health
Facilities
Revenue.
Revenue
Bonds
,
Callable
11/15/2027
@
100,
4.00%,
11/15/2049
360,000
402,041
1,046,416
Nebraska
0.38%
Nebraska
Public
Power
District,
Electric
Lights
&
Power
Improvements,
Revenue
Bonds
,
5.00%,
1/1/2025
prerefunded
1/1/2022
@
100
155,000
156,815
Nebraska
Public
Power
District,
Electric
Lights
&
Power
Improvements,
Revenue
Bonds
,
Callable
1/1/2022
@
100,
5.00%,
1/1/2025
95,000
96,113
252,928
Nevada
1.21%
Nevada
System
of
Higher
Education,
Certification
of
Participation
,
Callable
7/1/2026
@
100,
4.00%,
7/1/2027
700,000
801,363
New
Jersey
4.14%
Borough
of
Seaside
Heights,
NJ,
General
Obligation
Unlimited
,
Callable
4/1/2025
@
100,
4.00%,
4/1/2026
125,000
139,661
Hudson
County
Improvement
Authority,
Refunding
Revenue
Bonds,
(AGM)
,
5.40%,
10/1/2025
150,000
178,614
New
Jersey
Economic
Development
Authority,
School
Improvements,
Refunding
Revenue
Bonds
,
Callable
3/1/2023
@
100,
5.00%,
3/1/2031
300,000
318,374
New
Jersey
Economic
Development
Authority,
University
&
College
Improvements,
Revenue
Bonds
,
Callable
6/15/2023
@
100,
5.00%,
6/15/2030
250,000
270,143
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
(OID)
,
5.00%,
7/1/2027
15,000
15,055
New
Jersey
Housing
&
Mortgage
Finance
Agency,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
3.50%,
11/1/2036
500,000
525,029
New
Jersey
Housing
&
Mortgage
Finance
Agency,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
3.90%,
11/1/2050
175,000
184,132
New
Jersey
St
Transportation
Trust
Fund
Authority,
Revenue
Bonds
,
Callable
12/15/2030
@
100,
4.00%,
6/15/2045
100,000
114,875
New
Jersey
Turnpike
Authority,
Highway
Improvements,
Revenue
Bonds
,
5.00%,
1/1/2031
200,000
207,233
State
of
New
Jersey,
Public
Improvements,
General
Obligation
Unlimited
,
Callable
6/1/2025
@
100,
4.00%,
6/1/2034
250,000
275,146
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
15
Tenafly
School
District,
Refunding
Bonds,
General
Obligation
Unlimited,
(OID)
,
Callable
7/15/2022
@
100,
3.00%,
7/15/2029
$
250,000
$
254,126
Tenafly
School
District,
Refunding
Bonds,
General
Obligation
Unlimited,
(OID)
,
Callable
7/15/2022
@
100,
3.00%,
7/15/2030
250,000
254,013
2,736,401
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
515,992
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
115,000
115,703
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
90,000
90,719
722,414
New
York
20.95%
City
of
New
York
NY,
General
Obligation
Unlimited
,
Callable
4/1/2028
@
100,
5.00%,
4/1/2040
305,000
369,854
City
of
New
York
NY,
General
Obligation
Unlimited
,
Callable
10/1/2029
@
100,
5.00%,
10/1/2039
145,000
182,147
City
of
New
York
NY,
General
Obligation
Unlimited
,
Callable
3/1/2030
@
100,
5.00%,
3/1/2043
150,000
187,081
City
of
New
York
NY,
General
Obligation
Unlimited
,
Callable
4/1/2028
@
100,
5.00%,
4/1/2043
195,000
235,242
Hudson
Yards
Infrastructure
Corp.,
Public
Improvements,
Revenue
Bonds
,
Callable
2/15/2022
@
100,
5.75%,
2/15/2047
85,000
85,359
Hudson
Yards
Infrastructure
Corp.,
Revenue
Bonds
,
Callable
2/15/2022
@
100,
5.25%,
2/15/2047
180,000
180,648
Hudson
Yards
Infrastructure
Corp.,
Revenue
Bonds,
Series
A
,
Callable
2/15/2027
@
100,
4.00%,
2/15/2044
575,000
646,077
Metropolitan
Transportation
Authority,
Refunding
Revenue
Bonds
,
5.25%,
11/15/2028
50,000
55,324
Metropolitan
Transportation
Authority,
Refunding
Revenue
Bonds
,
Callable
11/15/2027
@
100,
5.00%,
11/15/2037
250,000
305,381
Metropolitan
Transportation
Authority,
Revenue
Bonds
,
5.00%,
11/15/2028
250,000
308,933
Metropolitan
Transportation
Authority,
Revenue
Bonds
,
Callable
11/15/2027
@
100,
5.00%,
11/15/2035
250,000
306,370
Metropolitan
Transportation
Authority,
Revenue
Bonds,
(OID)
,
4.75%,
11/15/2036
110,000
110,576
Metropolitan
Transportation
Authority,
Revenue
Bonds,
(OID)
,
4.75%,
11/15/2036
140,000
140,741
Metropolitan
Transportation
Authority,
Transit
Improvements,
Refunding
Revenue
Bonds
,
5.00%,
11/15/2028
250,000
291,317
Metropolitan
Transportation
Authority,
Transit
Improvements,
Revenue
Bonds
,
Callable
5/15/2023
@
100,
5.00%,
11/15/2033
100,000
106,255
New
York
City
Housing
Development
Corp.,
Revenue
Bonds
,
Callable
5/1/2025
@
100,
3.10%,
11/1/2032
250,000
264,855
New
York
City
Housing
Development
Corp.,
Revenue
Bonds
,
Callable
2/1/2026
@
100,
3.50%,
11/1/2032
150,000
161,338
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
16
New
York
City
Housing
Development
Corp.,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
3.60%,
11/1/2031
$
250,000
$
272,255
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
290,134
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
217,055
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
286,966
New
York
City
Transitional
Finance
Authority
Building
Aid
Revenue,
Revenue
Bonds
,
5.00%,
7/15/2031
250,000
294,659
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds
,
Callable
5/1/2027
@
100,
4.00%,
5/1/2044
300,000
338,311
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
Public
Improvements,
Revenue
Bonds
Series
A-1
,
5.00%,
8/1/2024
100,000
113,255
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
Public
Improvements,
Revenue
Bonds
,
Callable
8/1/2026
@
100,
4.00%,
8/1/2035
100,000
113,154
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
29,241
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
Public
Improvements,
Revenue
Bonds
,
5.00%,
8/1/2023
100,000
108,767
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
295,970
New
York
City
Water
&
Sewer
System,
Revenue
Bonds
,
Callable
6/15/2028
@
100,
5.00%,
6/15/2049
500,000
618,884
New
York
City
Water
&
Sewer
System,
Revenue
Bonds
,
5.00%,
6/15/2045
35,000
35,338
New
York
City
Water
&
Sewer
System,
Revenue
Bonds
,
Callable
6/15/2027
@
100,
5.00%,
6/15/2032
100,000
121,824
New
York
State
Dormitory
Authority,
Refunding
Revenue
Bonds,
(State
Aid
Withholding)
,
Callable
10/1/2022
@
100,
3.25%,
4/1/2031
280,000
285,688
New
York
State
Dormitory
Authority,
Revenue
Bonds
,
Callable
12/6/2021
@
100,
4.75%,
10/1/2040
5,000
5,011
New
York
State
Dormitory
Authority,
Revenue
Bonds
,
Callable
2/15/2030
@
100,
5.00%,
2/15/2048
500,000
616,700
New
York
State
Dormitory
Authority,
Revenue
Bonds
,
Callable
3/15/2028
@
100,
5.00%,
3/15/2043
250,000
305,707
New
York
State
Dormitory
Authority,
Revenue
Bonds
,
Callable
2/15/2030
@
100,
4.00%,
2/15/2047
500,000
574,549
New
York
State
Dormitory
Authority,
Revenue
Bonds
,
Callable
7/1/2025
@
100,
5.00%,
7/1/2037
385,000
443,821
New
York
State
Dormitory
Authority,
Revenue
Bonds
,
5.00%,
5/15/2022
165,000
169,918
New
York
State
Thruway
Authority,
Revenue
Bonds
,
Callable
1/1/2026
@
100,
4.00%,
1/1/2037
100,000
110,459
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
17
New
York,
NY,
General
Obligation
Unlimited
,
Callable
8/1/2029
@
100,
5.00%,
8/1/2043
$
500,000
$
620,146
New
York,
NY,
General
Obligation
Unlimited
,
Callable
8/1/2029
@
100,
4.00%,
8/1/2044
250,000
288,264
Port
Authority
of
New
York
&
New
Jersey,
Revenue
Bonds
,
Callable
11/15/2027
@
100,
5.00%,
11/15/2030
250,000
309,326
Port
Authority
of
New
York
&
New
Jersey,
Revenue
Bonds
,
Callable
11/15/2027
@
100,
5.00%,
11/15/2037
250,000
306,856
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
1,000,000
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
5.00%,
11/15/2023
100,000
110,043
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
5.00%,
11/15/2027
100,000
118,660
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
Callable
11/15/2025
@
100,
5.00%,
11/15/2035
250,000
292,982
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
Callable
5/15/2031
@
100,
5.00%,
11/15/2051
125,000
157,737
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
5.00%,
11/15/2021
50,000
50,279
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
Callable
11/15/2030
@
100,
5.00%,
11/15/2049
500,000
633,286
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
Callable
11/15/2025
@
100,
5.00%,
11/15/2040
310,000
361,378
13,834,121
North
Carolina
0.35%
University
of
North
Carolina
at
Charlotte
(The),
Revenue
Bonds
,
Callable
10/1/2027
@
100,
4.00%,
10/1/2037
100,000
114,469
University
of
North
Carolina
at
Charlotte
(The),
University
&
College
Improvements,
Revenue
Bonds
,
Callable
4/1/2025
@
100,
5.00%,
4/1/2040
100,000
113,490
227,959
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
106,463
Ohio
0.87%
Hamilton
County
OH
Hospital
Facilities
Revenue,
Refunding
Revenue
Bonds
,
Callable
8/15/2030
@
100,
4.00%,
8/15/2050
500,000
571,526
Oklahoma
0.40%
Oklahoma
Municipal
Power
Authority,
Electric
Lights
&
Power
Improvements,
Revenue
Bonds
,
Callable
1/1/2023
@
100,
4.00%,
1/1/2047
250,000
261,711
Oregon
0.05%
Oregon
Health
&
Science
University,
Refunding
Revenue
Bonds
,
Callable
7/1/2022
@
100,
5.00%,
7/1/2032
35,000
36,266
Pennsylvania
9.68%
Allegheny
County
PA
Hospital,
Development
Authority,
Revenue
Bonds
,
Callable
4/1/2028
@
100,
4.00%,
4/1/2044
150,000
168,601
Allegheny
County
Sanitary
Authority,
Sewer
Improvements,
Revenue
Bonds
,
Callable
12/1/2023
@
100,
5.25%,
12/1/2044
500,000
550,715
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
18
Chester
County
Health
and
Education,
Revenue
Bonds
,
Callable
9/1/2030
@
100,
4.00%,
9/1/2050
$
500,000
$
577,976
City
of
Philadelphia,
PA
Water
&
Wasewater
Revenue,
Revenue
Bonds
Series
C
,
Callable
10/1/2031
@
100,
5.00%,
10/1/2046
500,000
634,225
City
of
Philadelphia,
PA
Water
&
Wasewater
Revenue,
Revenue
Bonds
,
Callable
10/1/2031
@
100,
4.00%,
10/1/2051
500,000
579,165
Commonwealth
Financing
Authority,
Tobacco
Master
Settlement
Payment
Revenue,
Revenue
Bonds
,
Callable
6/1/2028
@
100,
4.00%,
6/1/2039
250,000
283,762
Lehigh
County
PA
General
Purpose
Authority
Hospital
Revenue,
Revenue
Bonds
,
Callable
7/1/2029
@
100,
4.00%,
7/1/2049
500,000
568,178
Pennsylvania
Higher
Educational
Facilities
Authority,
Hospital
Improvements,
Revenue
Bonds
,
Callable
11/1/2022
@
100,
5.00%,
5/1/2037
100,000
102,258
Pennsylvania
Higher
Educational
Facilities
Authority,
Hospital
Improvements,
Revenue
Bonds
,
Callable
11/1/2022
@
100,
5.00%,
5/1/2042
100,000
102,072
Pennsylvania
Higher
Educational
Facilities
Authority,
Hospital
Improvements,
Revenue
Bonds
(OID)
,
Callable
11/1/2022
@
100,
4.00%,
5/1/2032
100,000
101,260
Pennsylvania
Housing
Finance
Agency,
Revenue
Bonds
,
Callable
4/1/2027
@
100,
3.65%,
10/1/2042
100,000
106,034
Pennsylvania
State
Economic
Development
Financing
Authority,
Revenue
Bonds
,
Callable
11/15/2027
@
100,
4.00%,
11/15/2047
400,000
448,491
Pennsylvania
State
University,
Revenue
Bonds
,
Callable
9/1/2026
@
100,
5.00%,
9/1/2034
190,000
226,177
Pennsylvania
State
University,
Revenue
Bonds
,
Callable
9/1/2026
@
100,
5.00%,
9/1/2035
125,000
148,635
Pennsylvania
State
University,
Revenue
Bonds
,
Callable
9/1/2026
@
100,
5.00%,
9/1/2036
100,000
118,698
Pennsylvania
Turnpike
Commission,
Revenue
Bonds
,
5.25%,
7/15/2028
150,000
192,276
Pennsylvania
Turnpike
Commission,
Revenue
Bonds
,
Callable
12/1/2025
@
100,
5.00%,
12/1/2045
500,000
574,629
Philadelphia
PA
Water
&
Wastewater
Revenue,
Revenue
Bonds
,
Callable
11/1/2030
@
100,
5.00%,
11/1/2045
500,000
630,509
West
View
Municipal
Authority
Water
Revenue,
Water
Utility
Improvements,
Revenue
Bonds,
(OID)
,
Callable
11/15/2024
@
100,
4.00%,
11/15/2043
250,000
278,647
6,392,308
Puerto
Rico
0.85%
Commonwealth
of
Puerto
Rico,
General
Obligation
Unlimited,
(AGM)
(OID)
,
Callable
7/1/2022
@
100,
5.25%,
7/1/2026
100,000
100,931
Commonwealth
of
Puerto
Rico,
Refunding
Bonds,
General
Obligation
Unlimited
(AGM)
,
5.00%,
7/1/2031
200,000
201,396
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority,
Refunding
Revenue
Bonds
,
5.00%,
7/1/2022
250,000
258,850
561,177
South
Dakota
0.51%
South
Dakota
Housing
Development
Authority,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
2.45%,
5/1/2027
250,000
262,362
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
19
South
Dakota
Housing
Development
Authority,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
3.13%,
11/1/2036
$
70,000
$
72,372
334,734
Tennessee
0.59%
City
of
Memphis,
TN,
General
Obligation
Unlimited
,
Callable
4/1/2024
@
100,
5.00%,
4/1/2044
100,000
110,901
Metropolitan
Government
of
Nashville
&
Davidson
County
Convention
Center
Authority,
Public
Improvements,
Revenue
Bonds
,
5.00%,
7/1/2026
200,000
200,648
Tennessee
Housing
Development
Agency,
Revenue
Bonds
,
Callable
1/1/2027
@
100,
3.40%,
7/1/2037
75,000
80,089
391,638
Texas
10.25%
Austin
TX
Electric
Utility
System
Revenue,
Revenue
Bonds
Series
B
,
Callable
11/15/2029
@
100,
5.00%,
11/15/2049
500,000
626,132
City
of
Houston,
TX,
Refunding
Revenue
Bonds
,
Callable
3/1/2029
@
100,
4.00%,
3/1/2049
500,000
569,887
City
Public
Service
Board
of
San
Antonio,
TX,
Revenue
Bonds
,
Callable
8/1/2026
@
100,
5.00%,
2/1/2032
250,000
298,981
Clifton
Higher
Education
Finance
Corporation,
School
Improvements,
Refunding
Revenue
Bonds
,
4.00%,
8/15/2044
500,000
535,795
Comal
Independent
School
District,
School
Improvements,
General
Obligation
Unlimited
,
Callable
2/1/2026
@
100,
4.00%,
2/1/2034
250,000
281,924
Fort
Bend
Grand
Parkway
Toll
Road
Authority,
Refunding
Revenue
Bonds
,
Callable
3/1/2022
@
100,
4.00%,
3/1/2046
250,000
252,764
Harris
County
Cultural
Education
Facilities
Finance
Corp.,
Revenue
Bonds
,
Callable
5/15/2026
@
100,
4.00%,
11/15/2030
130,000
145,295
North
Texas
Tollway
Authority
Revenue,
Revenue
Bonds
,
Callable
1/1/2028
@
100,
4.00%,
1/1/2043
470,000
530,296
San
Antonio
Public
Facilities
Corp.,
Public
Improvements,
Refunding
Revenue
Bonds,
(OID)
,
Callable
9/15/2022
@
100,
4.00%,
9/15/2042
250,000
256,727
San
Antonio
Water
System,
Refunding
Revenue
Bonds
,
Callable
11/15/2029
@
100,
5.00%,
5/15/2034
190,000
245,486
San
Antonio
Water
System,
Revenue
Bonds
Series
A
,
Callable
5/15/2030
@
100,
5.00%,
5/15/2050
205,000
256,317
Texas State
Water
Development
Board,
Revenue
Bonds
,
Callable
10/15/2030
@
100,
4.00%,
4/15/2051
500,000
585,721
Texas
Public
Finance
Authority,
Revenue
Bonds
,
Callable
12/1/2026
@
100,
4.00%,
12/1/2031
200,000
227,702
Texas
State
Water
Development
Board,
Revenue
Bonds
Series
A
,
Callable
10/15/2029
@
100,
4.00%,
10/15/2054
500,000
578,553
Texas
State
Water
Development
Board,
Revenue
Bonds
,
Callable
10/15/2029
@
100,
4.00%,
10/15/2037
500,000
598,060
Texas
State
Water
Development
Board,
Revenue
Bonds
,
Callable
10/15/2028
@
100,
5.00%,
4/15/2049
450,000
556,636
White
Oak,
TX,
Independent
School
District,
General
Obligation
Unlimited
,
Callable
2/15/2027
@
100,
4.00%,
2/15/2029
190,000
219,412
6,765,688
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
20
Utah
1.37%
University
of
Utah
(The),
University
&
College
Improvements,
Revenue
Bonds
,
5.00%,
8/1/2043
$
250,000
$
271,896
Utah
County
Utah
Hospital
Revenue
IHC
Health
Services,
Revenue
Bonds
,
Callable
5/15/2026
@
100,
5.00%,
5/15/2050
500,000
624,712
Utah
Housing
Corp.,
State
Single-Family
Housing,
Revenue
Bonds
,
Callable
11/24/2021
@
100,
5.25%,
1/1/2025
5,000
5,010
901,618
Vermont
0.38%
Vermont
Housing
Finance
Agency,
State
Multi-Family
Housing,
Revenue
Bonds
,
Callable
8/15/2022
@
100,
3.75%,
8/15/2037
245,000
250,033
Virgin
Islands
0.11%
Virgin
Islands
Public
Finance
Authority,
Refunding
Revenue
Bonds
,
5.00%,
10/1/2025
75,000
75,176
Virginia
0.43%
Virginia
State
Resource
Authority
Infrastructure,
Revenue
Bonds,
,
Callable
11/1/2025
@
100,
4.00%,
11/1/2033
75,000
84,649
Virginia
State
Resource
Authority
Infrastructure,
Revenue
Bonds,
Prerefunded
,
Callable
11/1/2025
@
100,
4.00%,
11/1/2033
175,000
199,828
284,477
Washington
1.64%
Spokane
Public
Facilities
District,
Public
Improvements,
Revenue
Bonds
,
Callable
6/1/2023
@
100,
5.00%,
5/1/2043
1,000,000
1,079,600
Wisconsin
0.12%
Wisconsin
Housing
&
Economic
Development
Authority,
State
Multi-Family
Housing,
Revenue
Bonds,
(OID)
,
5.63%,
11/1/2035
80,000
81,332
Total
Municipal
Bonds
(Cost $62,734,703)
65,080,956
Shares
Market
Value
Money
Market
Funds
2.18%
Morgan
Stanley
Institutional
Liquidity
Fund,
Institutional
Class,
0.03%
(a)
$
1,436,673
1,436,673
Total
Money
Market
Funds
(Cost $1,436,673)
1,436,673
Total
Investments
—
100.75%
(Cost
$64,171,376)
66,517,629
Liabilities
in
Excess
of
Other
Assets
—
(0.75)%
(496,427)
NET
ASSETS
-
100.00%
$
66,021,202
(a)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
September
30,
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
NATL-RE
-
Insured
by
National
Public
Finance
Guarantee
Corp.
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
21
OID
-
Original
Issue
Discount
Spirit
of
America
Income
Fund
Schedule
of
Investments
September
30,
2021
-
(Unaudited)
22
Shares
Market
Value
Common
Stocks
15.66%
Communications
1.23%
AT&T,
Inc.
18,000
$
486,180
Verizon
Communications,
Inc.
20,000
1,080,200
1,566,380
Consumer
Staples
0.82%
Philip
Morris
International,
Inc.
11,000
1,042,690
Energy
6.81%
Chevron
Corp.
14,000
1,420,300
Enbridge,
Inc.
29,763
1,184,567
Energy
Transfer
LP
30,000
287,400
Enterprise
Products
Partners
LP
20,000
432,800
Kinder
Morgan,
Inc.
40,000
669,200
Magellan
Midstream
Partners
LP
8,700
396,546
MPLX
LP
24,269
690,938
Phillips
66
9,000
630,270
TC
Energy
Corp.
20,536
987,576
Valero
Energy
Corp.
11,500
811,555
Williams
Cos,
Inc.
(The)
42,500
1,102,450
8,613,602
Financials
1.67%
Blackstone
Group,
Inc.
(The),
Class
A
3,750
436,275
Blackstone
Mortgage
Trust,
Inc.,
Class
A
11,565
350,651
Citigroup,
Inc.
16,000
1,122,880
JPMorgan
Chase
&
Co.
1,250
204,613
2,114,419
Health
Care
2.15%
AbbVie,
Inc.
17,000
1,833,790
Gilead
Sciences,
Inc.
3,000
209,550
Merck
&
Co.,
Inc.
6,000
450,660
Pfizer,
Inc.
5,000
215,050
2,709,050
Real
Estate
0.98%
City
Office
REIT,
Inc.
10,000
178,600
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
14,000
748,720
Medical
Properties
Trust,
Inc.
5,000
100,350
Physicians
Realty
Trust
2,000
35,240
Spirit
MTA
REIT
(a)
2,000
850
Spirit
Realty
Capital,
Inc.
4,000
184,160
1,247,920
Utilities
2.00%
Dominion
Energy,
Inc.
13,000
949,260
Duke
Energy
Corp.
10,500
1,024,695
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
23
PPL
Corp.
20,000
$
557,600
2,531,555
Total
Common
Stocks
(Cost $18,074,181)
19,825,616
Shares
Market
Value
Preferred
Stocks
18.89%
Financials
11.50%
Affiliated
Managers
Group,
Inc.,
4.20%
10,000
246,000
Affiliated
Managers
Group,
Inc.,
4.75%
10,000
259,700
Allstate
Corporation
(The),
Series
I,
4.75%
20,000
549,400
American
Financial
Group,
Inc.,
5.13%
15,000
405,600
American
Financial
Group,
Inc.,
5.63%
20,000
564,800
Athene
Holding
Ltd.,
Series
C,
6.38%
10,000
283,700
Athene
Holding
Ltd.,
Series
D,
4.88%
20,000
522,600
Bank
of
America
Corp.,
Series
HH,
5.88%
8,000
216,000
Bank
of
America
Corp.,
Series
LL,
5.00%
20,000
535,000
Bank
of
America
Corp.,
Series
NN,
4.38%
10,000
263,500
Bank
of
America
Corp.,
Series
PP,
4.13%
16,667
428,508
Brighthouse
Financial,
Inc.,
Series,
C,
5.38%
20,000
531,600
Capital
One
Financial
Corp,
Series
J,
4.80%
10,000
262,300
Capital
One
Financial
Corp.,
Series
K,
4.63%
12,334
318,341
CNO
Financial
Group,
Inc.,
5.13%
2,000
53,300
Equitable
Holdings,
Inc.,
Series
C,
4.30%
20,000
500,000
First
Republic
Bank,
Series
J,
4.70%
20,000
535,000
First
Republic
Bank,
Series
K,
4.13%
13,667
341,538
First
Republic
Bank,
Series
L,
4.25%
10,000
251,000
Fulton
Financial
Corp.,
Series,
A,
5.13%
6,000
160,440
Huntington
Bancshares,
Inc.,
Series
H,
4.50%
10,000
255,500
JPMorgan
Chase
&
Co.,
Series
EE,
6.00%
20,000
554,400
JPMorgan
Chase
&
Co.,
Series
GG,
4.75%
20,000
522,600
JPMorgan
Chase
&
Co.,
Series
JJ,
4.55%
10,000
261,000
KeyCorp,
Series
G,
5.63%
15,000
405,150
MetLife,
Inc.,
Series
F,
4.75%
25,000
669,250
Northern
Trust
Corp.,
Series
E,
4.70%
18,640
511,668
Prudential
Financial,
Inc.,
4.13%
3,530
91,286
Prudential
Financial,
Inc.,
5.63%
10,000
269,500
RenaissanceRE
Holdings
Ltd.,
Series
G,
4.20%
500
12,450
Selective
Insurance
Group,
Inc.,
Series
B,
4.60%
1,000
26,030
State
Street
Corporation,
5.35%
1,000
29,230
Truist
Financial
Corp.,
Series
R,
4.75%
16,334
433,668
U.S.
Bancorp,
Series
F,
6.50%
7,300
185,639
U.S.
Bancorp,
Series
L,
3.75%
20,000
492,200
US
Bancorp,
Series
M,
4.00%
10,000
251,800
W.R.
Berkley
Corporation,
5.10%
20,000
531,400
Washington
Federal,
Inc.,
Series
A,
4.88%
10,000
261,800
Wells
Fargo
&
Co.,
Series
AA,
4.70%
20,000
525,600
Wells
Fargo
&
Co.,
Series
CC,
4.38%
20,000
510,000
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
24
Wells
Fargo
&
Co.,
Series
Z,
4.75%
20,000
$
523,800
14,552,298
Real
Estate
3.34%
Brookfield
Property
Partners
LP,
Series
A,
5.75%
7,500
176,025
Diversified
Healthcare
Trust,
5.63%
26,660
642,773
Federal
Realty
Investment
Trust,
5.00%
7,500
191,025
National
Retail
Properties,
Inc.,
5.20%
25,000
626,500
PS
Business
Parks,
Inc.,
5.20%
10,000
252,200
PS
Business
Parks,
Inc.,
5.20%
4,000
105,080
PS
Business
Parks,
Inc.,
5.25%
10,000
264,600
Public
Storage,
4.90%
20,000
501,800
Public
Storage,
Series
I,
4.88%
9,583
262,766
Public
Storage,
Series
L,
4.63%
10,000
272,800
Public
Storage,
Series
M,
4.13%
3,889
101,503
Public
Storage,
Series
N,
3.88%
20,000
513,200
Vornado
Realty
Trust,
5.40%
12,298
316,796
4,227,068
Technology
0.11%
Pitney
Bowes,
Inc.,
6.70%
5,700
142,956
Utilities
3.94%
Brookfield
Infrastructure
Partners
LP,
5.00%
10,000
254,200
Brookfield
Infrastructure
Partners
LP,
5.13%
20,000
511,000
DTE
Energy
Co.,
Series
F,
6.00%
20,000
511,600
DTE
Energy
Co.,
Series
G,
4.38%
20,000
510,000
Duke
Energy
Corp.,
5.13%
9,030
228,278
Entergy
Arkansas,
Inc.,
4.88%
20,000
503,000
Entergy
Louisiana
LLC,
4.88%
10,000
252,500
Entergy
Mississippi,
Inc.,
4.90%
30,000
761,700
NextEra
Energy
Capital
Holdings,
Inc.,
5.25%
10,000
252,500
Southern
Co.,
4.95%
21,000
555,450
Southern
Co.,
5.25%
20,000
500,200
Southern
Co.,
Series
C,
4.20%
6,000
153,600
4,994,028
Total
Preferred
Stocks
(Cost $22,949,752)
23,916,350
Principal
Amount
Market
Value
Collateralized
Mortgage
Obligations
0.08%
CHL
Mortgage
Pass-Through
Trust,
2005-21,
A27,
5.50%,
10/25/2035
$
24,343
19,775
CHL
Mortgage
Pass-Through
Trust,
2005-21,
A7,
5.50%,
10/25/2035
26,316
21,378
Citicorp
Mortgage
Securities,
Inc.,
1A12,
5.00%,
2/25/2035
56,593
58,148
Total
Collateralized
Mortgage
Obligations
(Cost $77,375)
99,301
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
25
Principal
Amount
Market
Value
Corporate
Bonds
8.45%
Bank
of
New
York
Mellon
Corp.
(The),
4.63%,
12/20/2049
$
500,000
$
543,750
Bank
of
New
York
Mellon
Corp.
(The),
3.70%,
3/20/2169
100,000
105,189
Entergy
Texas,
Inc.,
5.15%,
6/1/2045
100,000
109,850
Exelon
Generation
Co.
LLC,
5.60%,
6/15/2042
(a),(b)
400,000
434,699
Fifth
Third
Bancorp,
8.25%,
3/1/2038
250,000
414,498
General
Electric
Co.,
3.45%,
12/29/2049
765,000
751,185
Goldman
Sachs
Group,
Inc.
(The),
6.75%,
10/1/2037
850,000
1,215,680
Goldman
Sachs
Group,
Inc.
(The),
6.45%,
5/1/2036
500,000
688,853
Hospitality
Properties
Trust,
4.50%,
3/15/2025
500,000
500,625
Kinder
Morgan
Energy
Partners
LP,
6.50%,
2/1/2037
250,000
339,037
MetLife,
Inc.,
9.25%,
4/8/2038
(b)
1,500,000
2,284,415
MetLife,
Inc.,
10.75%,
8/1/2039
1,000,000
1,748,943
PECO
Energy
Capital
Trust
IV,
5.75%,
6/15/2033
1,000,000
1,226,430
Valero
Energy
Corporation,
8.75%,
6/15/2030
224,000
326,647
Total
Corporate
Bonds
(Cost $8,861,026)
10,689,801
Principal
Amount
Market
Value
Municipal
Bonds
56.24%
Alabama
2.07%
Health
Care
Authority
for
Baptist
Health
(The),
Refunding
Revenue
Bonds
,
5.50%,
11/15/2043
2,000,000
2,615,658
Arizona
0.41%
Arizona
School
Facilities
Board,
School
Improvements,
Certificate
of
Participation
,
6.00%,
9/1/2027
225,000
282,024
Phoenix
Arizona
Civic
Improvement
Corp.
Excise
Tax
Revenue,
Revenue
Bonds
,
Callable
7/1/2030
@
100,
2.70%,
7/1/2045
250,000
242,603
524,627
California
4.72%
Alhambra
Unified
School
District,
University
&
College
Improvements,
General
Obligation
Unlimited
,
6.70%,
2/1/2026
465,000
538,741
California
State
University,
Revenue
Bonds
Series
B
,
Callable
5/1/2030
@
100,
3.07%,
11/1/2042
50,000
50,807
City
&
County
of
San
Francisco,
CA,
General
Obligation
Unlimited
,
6.26%,
6/15/2030
450,000
604,235
County
of
San
Bernardino,
CA,
Refunding
Revenue
Bonds
,
6.02%,
8/1/2023
85,000
91,414
Peralta
Community
College
District,
Refunding
Revenue
Bonds
,
6.91%,
8/1/2025
500,000
609,249
Peralta
Community
College
District,
Refunding
Revenue
Bonds
,
7.31%,
8/1/2031
310,000
428,185
San
Bernardino
City
Unified
School
District,
School
Improvements,
Certificate
of
Participation,
(AGM)
(OID)
,
8.05%,
2/1/2023
1,000,000
1,098,518
San
Bernardino
City
Unified
School
District,
School
Improvements,
Certificate
of
Participation,
(AGM)
(OID)
,
8.25%,
2/1/2026
500,000
628,517
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
26
University
of
California
Revenues,
Revenue
Bonds
,
Callable
5/15/2030
@
100,
6.30%,
5/15/2050
$
510,000
$
666,190
University
of
California
Revenues,
Revenue
Bonds
,
4.13%,
5/15/2045
530,000
624,747
University
of
California,
University
&
College
Improvements,
Refunding
Revenue
Bonds
,
3.66%,
5/15/2027
250,000
279,815
West
Contra
Costa
Unified
School
District,
School
Improvements,
General
Obligation
Unlimited
,
6.25%,
8/1/2030
250,000
337,914
5,958,332
Colorado
0.60%
Colorado
Mesa
University,
University
&
College
Improvements,
Build
America
Revenue
Bonds,
(State
Higher
Education
Intercept
Program)
,
6.75%,
5/15/2042
500,000
759,438
Connecticut
0.81%
State
of
Connecticut,
General
Obligation
Unlimited
,
5.85%,
3/15/2032
780,000
1,029,092
Florida
3.40%
City
of
Miami
Gardens,
FL,
Public
Improvements,
Build
America
Bonds,
Certificate
of
Participation
,
7.17%,
6/1/2026
1,065,000
1,212,759
City
of
Tallahassee,
FL,
Utility
System
Revenue,
Build
America
Revenue
Bonds
,
5.22%,
10/1/2040
300,000
402,657
County
of
Miami-Dade,
FL
Transit
System,
Transit
Improvements,
Build
America
Revenue
Bonds
,
5.53%,
7/1/2032
500,000
613,643
County
of
Miami-Dade,
FL,
Port,
Airport
&
Marina
Improvements,
Build
America
Revenue
Bonds,
(AGM)
(OID)
,
7.50%,
4/1/2040
1,000,000
1,534,029
County
of
Miami-Dade,
FL,
Recreational
Facility
Improvements,
Revenue
Bonds,
(AGM)
,
7.08%,
10/1/2029
250,000
344,787
Town
of
Miami
Lakes,
FL,
Public
Improvements,
Build
America
Revenue
Bonds
,
7.59%,
12/1/2030
150,000
203,788
4,311,663
Georgia
5.04%
Cobb
Marietta
Georgia
Coliseum,
Revenue
Bonds
,
Callable
1/1/2026
@
100,
4.50%,
1/1/2047
600,000
655,771
Municipal
Electric
Authority
of
Georgia,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
7.06%,
4/1/2057
2,438,000
3,592,627
State
of
Georgia,
Public
Improvements,
General
Obligation
Unlimited
,
Callable
2/1/2024
@
100,
3.84%,
2/1/2032
2,000,000
2,125,974
6,374,372
Hawaii
0.43%
State
of
Hawaii,
General
Obligation
Unlimited
,
Callable
10/1/2025
@
100,
4.05%,
10/1/2032
495,000
544,060
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
411,995
Illinois
1.73%
City
of
Chicago,
IL
Waterworks
Revenue,
Water
Utility
Improvements,
Build
America
Revenue
Bonds
,
6.74%,
11/1/2040
250,000
354,536
Village
of
Glenwood,
IL,
Public
Improvements,
Build
America
Bonds,
General
Obligation
Unlimited,
(AGM)
,
7.03%,
12/1/2028
1,500,000
1,834,865
2,189,401
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
27
Indiana
1.64%
Anderson
School
Building
Corporation,
Refunding
Bonds,
General
Obligation
Limited
,
Callable
7/5/2023
@
100,
3.95%,
7/5/2029
$
1,000,000
$
1,038,322
Anderson
School
Building
Corporation,
Refunding
Bonds,
General
Obligation
Limited,
(OID)
,
Callable
7/5/2023
@
100,
3.75%,
7/5/2028
1,000,000
1,036,712
2,075,034
Kansas
0.27%
Wyandotte
County
Unified
School
District
No.
500
Kansas
City,
General
Obligation
Unlimited
Series
B
,
Callable
9/1/2030
@
100,
3.17%,
9/1/2046
330,000
336,629
Kentucky
0.35%
Kentucky
State
Property
&
Building
Commission,
Economic
Improvements,
University
&
College
Improvements,
Build
America
Revenue
Bonds
,
5.37%,
11/1/2025
400,000
440,962
Louisiana
0.27%
Tangipahoa
Parish
Hospital
Service
District
No.
1,
Hospital
Improvements,
Build
America
Revenue
Bonds
,
7.20%,
2/1/2042
340,000
341,129
Massachusetts
0.41%
City
of
Worcester,
MA,
Pension
Funding,
General
Obligation
Limited,
(AGM)
(OID)
,
6.25%,
1/1/2028
140,000
162,154
Massachusetts
Health
&
Educational
Facilities
Authority,
Refunding
Revenue
Bonds
,
6.43%,
10/1/2035
250,000
339,656
University
of
Massachusetts
Building
Authority,
University
&
College
Improvements,
Build
America
Revenue
Bonds
,
6.57%,
5/1/2039
15,000
15,056
516,866
Michigan
1.18%
Comstock
Park
Public
Schools,
School
Improvements,
General
Obligation
Unlimited
,
Callable
12/6/2021
@
100,
6.20%,
5/1/2024
200,000
200,856
County
of
Macomb,
MI,
Retirement
Facilities,
General
Obligation
Limited
,
Callable
11/1/2025
@
100,
4.13%,
11/1/2030
250,000
283,137
Michigan
Finance
Authority,
Revenue
Bonds
,
Callable
9/1/2025
@
100,
3.90%,
9/1/2030
250,000
274,182
Michigan
Finance
Authority,
School
Improvements,
Revenue
Bonds
,
6.38%,
11/1/2025
500,000
501,910
Michigan
Finance
Authority,
School
Improvements,
Revenue
Bonds
,
Callable
12/6/2021
@
100,
6.20%,
5/1/2022
80,000
80,331
Onsted
Community
Schools,
School
Improvements,
General
Obligation
Unlimited
,
5.90%,
5/1/2027
150,000
150,458
St
Johns
Public
Schools,
General
Obligation
Unlimited
,
6.65%,
5/1/2040
5,000
5,018
1,495,892
Mississippi
0.80%
East
Baton
Rouge
Parish,
LA
Sewerage
Commission,
Revenue
Bonds
Series
B
,
2.44%,
2/1/2039
100,000
98,037
Mississippi
Development
Bank,
Highway
Improvements,
Build
America
Revenue
Bonds
,
6.59%,
1/1/2035
650,000
915,303
1,013,340
Missouri
3.30%
City
of
Kansas
City,
MO,
Revenue
Bonds
,
7.83%,
4/1/2040
2,355,000
3,421,905
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
28
Missouri
Joint
Municipal
Electric
Utility
Commission,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
7.73%,
1/1/2039
$
475,000
$
757,883
4,179,788
Nebraska
0.19%
Nebraska
Public
Power
District,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
5.32%,
1/1/2030
200,000
240,891
Nevada
1.04%
County
of
Washoe,
NV,
Public
Improvements,
Build
America
Revenue
Bonds
,
7.97%,
2/1/2040
590,000
902,915
County
of
Washoe,
NV,
Public
Improvements,
Build
America
Revenue
Bonds
,
7.88%,
2/1/2040
250,000
423,160
1,326,075
New
Jersey
2.15%
New
Jersey
Economic
Development
Authority,
Revenue
Bonds
,
7.43%,
2/15/2029
250,000
320,760
New
Jersey
Educational
Facilities
Authority,
University
&
College
Improvements,
Build
America
Revenue
Bonds
,
6.19%,
7/1/2040
500,000
501,210
Township
of
Brick,
NJ,
General
Obligation
Unlimited
,
3.75%,
9/1/2028
1,780,000
1,893,072
2,715,042
New
York
8.23%
City
of
New
York,
NY,
Public
Improvements,
Build
America
Bonds,
General
Obligation
Unlimited
,
5.21%,
10/1/2031
100,000
120,707
City
of
New
York,
NY,
Public
Improvements,
Build
America
Bonds,
General
Obligation
Unlimited
,
5.70%,
3/1/2027
145,000
175,234
County
of
Nassau,
NY,
Public
Improvements,
Build
America
Bonds,
General
Obligation
Unlimited
,
5.38%,
10/1/2024
500,000
554,109
Long
Island
Power
Authority,
Revenue
Bonds,
(OID)
,
5.85%,
5/1/2041
195,000
270,784
Metropolitan
Transportation
Authority,
Revenue
Bonds
,
5.87%,
11/15/2039
200,000
265,832
Metropolitan
Transportation
Authority,
Transit
Improvements,
Build
America
Revenue
Bonds
,
6.20%,
11/15/2026
375,000
430,464
Metropolitan
Transportation
Authority,
Transit
Improvements,
Build
America
Revenue
Bonds
,
5.99%,
11/15/2030
125,000
158,044
Metropolitan
Transportation
Authority,
Transit
Improvements,
Build
America
Revenue
Bonds
,
6.59%,
11/15/2030
395,000
514,171
Metropolitan
Transportation
Authority,
Transit
Improvements,
Build
America
Revenue
Bonds
,
6.69%,
11/15/2040
500,000
718,149
New
York
City
Industrial
Development
Agency,
Recreational
Facilities
Improvements
Revenue
Bonds,
(NATL-RE)
,
5.90%,
3/1/2046
580,000
692,902
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
719,392
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
Public
Improvements,
Build
America
Revenue
Bonds
,
5.47%,
5/1/2036
815,000
1,099,166
New
York
State
Dormitory
Authority,
Revenue
Bonds
,
Callable
7/1/2029
@
100,
4.29%,
7/1/2044
250,000
284,991
New
York
State
Dormitory
Authority,
Revenue
Bonds
,
Callable
8/1/2028
@
100,
4.95%,
8/1/2048
500,000
566,597
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
29
Port
Authority
of
New
York
&
New
Jersey
,
Callable
6/1/2025
@
100,
4.82%,
6/1/2045
$
1,000,000
$
1,107,772
Port
Authority
of
New
York
&
New
Jersey,
Port,
Airport
&
Marina
Improvements,
Revenue
Bonds
,
3.92%,
10/15/2028
2,115,000
2,300,960
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
Callable
11/15/2033
@
100,
5.55%,
11/15/2040
150,000
203,910
Western
Nassau
County
Water
Authority,
Build
America
Revenue
Bonds
,
6.70%,
4/1/2040
150,000
222,571
10,405,755
North
Carolina
0.19%
County
of
Cabarrus,
NC,
School
Improvements,
Revenue
Bonds
,
Callable
12/6/2021
@
100,
5.50%,
4/1/2026
235,000
235,549
Ohio
3.10%
American
Municipal
Power,
Inc.,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
7.50%,
2/15/2050
500,000
814,588
American
Municipal
Power,
Inc.,
Revenue
Bonds
,
6.27%,
2/15/2050
495,000
700,850
Cincinnati
City
School
District,
Refunding
Bonds,
Certificate
of
Participation,
(OID)
,
Callable
12/15/2024
@
100,
4.00%,
12/15/2032
200,000
214,414
County
of
Cuyahoga,
OH,
Hospital
Improvements,
Build
America
Revenue
Bonds
,
8.22%,
2/15/2040
1,000,000
1,450,617
Olentangy
Local
School
District,
Refunding
Bonds,
General
Obligation
Unlimited
,
3.50%,
12/1/2029
500,000
547,162
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
200,654
3,928,285
Pennsylvania
3.31%
Pennsylvania
Turnpike
Commission
Turnpike
Revenue,
Revenue
Bonds
,
Callable
12/1/2029
@
100,
3.58%,
12/1/2043
890,000
927,603
Pennsylvania
Turnpike
Commission,
Build
America
Revenue
Bonds
,
6.38%,
12/1/2037
520,000
736,839
Philadelphia
Authority
for
Industrial
Development,
Pension
Funding,
Revenue
Bonds,
(AGM)
(OID)
,
6.35%,
4/15/2028
630,000
786,609
Philadelphia
Municipal
Authority,
Public
Improvements,
Revenue
Bonds
,
5.09%,
3/15/2028
500,000
520,653
Sports
&
Exhibition
Authority
of
Pittsburgh
and
Allegheny
County,
Recreational
Facilities
Improvements,
Revenue
Bonds
,
7.04%,
11/1/2039
1,000,000
1,227,475
4,199,179
Rhode
Island
0.40%
Narragansett
Bay
Commission,
Revenue
Bonds,
Series
A
,
Callable
9/1/2030
@
100,
2.92%,
9/1/2043
500,000
512,235
South
Dakota
0.25%
South
Dakota
State
Building
Authority,
University
&
College
Improvements,
Build
America
Revenue
Bonds
,
Callable
12/6/2021
@
100,
6.15%,
6/1/2031
315,000
316,208
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
30
Texas
1.21%
Frisco
Economic
Development
Corporation,
Public
Improvements,
Revenue
Bonds
,
4.20%,
2/15/2034
$
1,000,000
$
1,055,290
Grand
Parkway
Transportation
Corp.,
Revenue
Bonds
Series
B
,
Callable
4/1/2030
@
100,
3.24%,
10/1/2052
100,000
103,425
Midland
County
Hospital
District,
Health,
Hospital
&
Nursing
Home
Improvements,
Build
America
Bonds,
General
Obligation
Limited
,
6.44%,
5/15/2039
260,000
375,646
1,534,361
Virgin
Islands
1.78%
Virgin
Islands
Water
&
Power
Authority-
Electric
System,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds,
(AGM)
,
6.85%,
7/1/2035
1,000,000
1,285,569
Virgin
Islands
Water
&
Power
Authority-
Electric
System,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds,
(AGM)
,
6.65%,
7/1/2028
840,000
963,780
2,249,349
Virginia
4.71%
Tobacco
Settlement
Financing
Corporation,
Refunding
Revenue
Bonds,
(OID)
,
6.71%,
6/1/2046
5,710,000
5,964,302
Washington
1.84%
City
of
Seattle,
WA,
Municipal
Light
&
Power
Revenue,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds,
(OID)
,
5.57%,
2/1/2040
250,000
330,675
Douglas
County
Public
Utility
District
No.
1,
Electric
Lights
&
Power
Improvements,
Revenue
Bonds
,
5.35%,
9/1/2030
250,000
295,323
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
710,699
Public
Utility
District
No.
1
of
Cowlitz
County,
WA,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
6.88%,
9/1/2032
500,000
677,116
Snohomish
County
Public
Utility
District
No.
1,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds,
(OID)
,
5.68%,
12/1/2040
250,000
329,508
2,343,321
Wisconsin
0.08%
State
of
Wisconsin,
General
Obligation
Unlimited
,
2.35%,
5/1/2031
100,000
105,326
Total
Municipal
Bonds
(Cost $60,855,892)
71,194,156
Total
Investments
—
99.32%
(Cost
$110,818,226)
125,725,224
Other
Assets
in
Excess
of
Liabilities
—
0.68%
862,899
NET
ASSETS
-
100.00%
$
126,588,123
(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.
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
31
AGM
-
Assured
Guaranty
Municipal
Corp.
OID
-
Original
Issue
Discount
Spirit
of
America
Income
&
Opportunity
Fund
Schedule
of
Investments
September
30,
2021
-
(Unaudited)
32
Shares
Market
Value
Common
Stocks
41.65%
Communications
7.96%
Alphabet,
Inc.,
Class
A
(a)
250
$
668,380
Alphabet,
Inc.,
Class
C
(a)
190
506,409
AT&T,
Inc.
4,114
111,119
Netflix,
Inc.
(a)
800
488,272
Uber
Technologies,
Inc.
(a)
4,000
179,200
Verizon
Communications,
Inc.
5,000
270,050
2,223,430
Consumer
Discretionary
4.17%
Amazon.com,
Inc.
(a)
175
574,882
Home
Depot,
Inc.
(The)
1,000
328,260
Lennar
Corp.,
Class
A
2,800
262,304
1,165,446
Energy
4.05%
Cheniere
Energy
Partners
LP
2,300
93,541
Energy
Transfer
LP
17,350
166,213
Enterprise
Products
Partners
LP
10,805
233,820
Kinder
Morgan,
Inc.
7,500
125,475
Magellan
Midstream
Partners
LP
2,725
124,205
MPLX
LP
8,850
251,960
Viper
Energy
Partners
LP
3,200
69,920
Williams
Cos,
Inc.
(The)
2,500
64,850
1,129,984
Financials
5.00%
Blackstone
Group,
Inc.
(The),
Class
A
5,500
639,870
Blackstone
Mortgage
Trust,
Inc.,
Class
A
3,207
97,236
Citigroup,
Inc.
3,500
245,630
Fifth
Third
Bancorp
3,400
144,296
JPMorgan
Chase
&
Co.
1,000
163,690
Starwood
Property
Trust,
Inc.
4,175
101,912
1,392,634
Health
Care
1.54%
AbbVie,
Inc.
4,000
431,480
Industrials
2.28%
Caterpillar,
Inc.
700
134,379
Deere
&
Co.
1,150
385,330
Honeywell
International,
Inc.
550
116,754
636,463
Materials
0.21%
Dow,
Inc.
1,000
57,560
Spirit
of
America
Income
&
Opportunity
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
33
Real
Estate
Investment
Trusts
(REITs)
4.09%
Prologis,
Inc.
3,000
$
376,290
Sun
Communities,
Inc.
714
132,161
Terreno
Realty
Corp.
7,000
442,610
Welltower
,
Inc.
1,160
95,584
WP
Carey,
Inc.
1,340
97,874
1,144,519
Technology
11.67%
Apple,
Inc.
3,250
459,875
Microsoft
Corp.
2,000
563,840
NVIDIA
Corp.
8,180
1,694,569
PayPal
Holdings,
Inc.
(a)
2,100
546,441
3,264,725
Utilities
0.68%
American
Electric
Power
Co.,
Inc.
1,155
93,763
Duke
Energy
Corp.
1,000
97,590
191,353
Total
Common
Stocks
(Cost $7,073,548)
11,637,594
Shares
Market
Value
Exchange-Traded
Funds
0.54%
ProShares
Short
S&P
500
ETF
10,000
152,300
Total
Exchange-Traded
Funds
(Cost $152,650)
152,300
Shares
Market
Value
Preferred
Stocks
9.32%
Financials
5.02%
Affiliated
Managers
Group,
Inc.,
4.20%
5,000
123,000
Arch
Capital
Group
Ltd.,
Series
G,
4.55%
5,000
131,000
Capital
One
Financial
Corp.,
Series
K,
4.63%
6,166
159,145
First
Republic
Bank,
Series
K,
4.13%
1,333
33,312
Globe
Life,
Inc.,
4.25%
1,000
25,470
JPMorgan
Chase
&
Co.,
Series
JJ,
4.55%
5,000
130,500
JPMorgan
Chase
&
Co.,
Series
LL
4.63%
6,000
158,400
Prudential
Financial,
Inc.,
4.13%
1,765
45,643
RenaissanceRE
Holdings
Ltd.,
Series
G,
4.20%
350
8,715
Truist
Financial
Corp.,
Series
R,
4.75%
8,166
216,807
U.S.
Bancorp,
Series
L,
3.75%
10,000
246,100
Wells
Fargo
&
Co.,
Series
DD,
4.25%
5,000
125,200
1,403,292
Real
Estate
1.18%
National
Retail
Properties,
Inc.,
5.20%
6,000
150,360
Public
Storage,
5.05%
5,000
127,800
Spirit
of
America
Income
&
Opportunity
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
34
Public
Storage,
Series
M,
4.13%
1,944
$
50,738
328,898
Utilities
3.12%
Brookfield
Infrastructure
Partners
LP,
5.13%
10,000
255,500
Southern
Co.,
5.25%
14,000
366,800
Southern
Co.,
5.25%
10,000
250,100
872,400
Total
Preferred
Stocks
(Cost $2,543,922)
2,604,590
Principal
Amount
Market
Value
Corporate
Bonds
1.87%
Apple,
Inc.,
2.20%,
9/11/2029
$
250,000
257,303
Microsoft
Corp.,
3.30%,
2/6/2027
240,000
265,475
Total
Corporate
Bonds
(Cost $500,861)
522,778
Principal
Amount
Market
Value
Municipal
Bonds
39.37%
Arizona
2.77%
City
of
Tucson,
AZ,
Certificate
of
Participation,
(AGM)
,
4.83%,
7/1/2034
620,000
774,420
California
4.50%
California
State
University,
Revenue
Bonds,
Series
B
,
Callable
5/1/2030
@
100,
3.07%,
11/1/2042
50,000
50,807
City
of
Newport
Beach,
CA,
Public
Improvements,
Certificate
of
Participation
,
7.17%,
7/1/2040
800,000
1,208,132
1,258,939
Florida
3.91%
Pasco
County
School
Board,
School
Improvements,
Certificate
of
Participation
,
5.00%,
12/1/2037
1,000,000
1,093,265
Kansas
5.08%
Kansas
Development
Finance
Authority,
Revenue
Bonds
,
4.73%,
4/15/2037
1,000,000
1,245,287
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
173,415
1,418,702
Nevada
0.55%
County
of
Washoe,
NV,
Public
&
Highway
Improvements,
Build
America
Revenue
Bonds
,
7.97%,
2/1/2040
100,000
153,036
New
York
5.20%
New
York
City
Transitional
Finance
Authority
Building
Aid
Revenue,
School
Improvements,
Miscellaneous
Purposes
Revenue
Bonds
,
5.00%,
7/15/2030
300,000
361,491
New
York
State
Dormitory
Authority,
Revenue
Bonds
,
Callable
7/1/2026
@
100,
3.88%,
7/1/2046
750,000
816,203
Spirit
of
America
Income
&
Opportunity
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
35
Port
Authority
of
New
York
&
New
Jersey
,
Callable
6/1/2025
@
100,
4.82%,
6/1/2045
$
250,000
$
276,943
1,454,637
Ohio
6.37%
American
Municipal
Power,
Inc.,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
7.83%,
2/15/2041
1,000,000
1,632,839
American
Municipal
Power,
Inc.,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
5.94%,
2/15/2047
100,000
149,125
1,781,964
Pennsylvania
4.08%
City
of
Reading,
PA,
General
Obligation
Unlimited,
(AGM)
(OID)
,
Callable
11/1/2024
@
100,
5.30%,
11/1/2033
1,000,000
1,138,920
Rhode
Island
1.83%
Narragansett
Bay
Commission,
Revenue
Bonds,
Series
A
,
Callable
9/1/2030
@
100,
2.92%,
9/1/2043
500,000
512,236
Tennessee
3.08%
Metropolitan
Government
of
Nashville
&
Davidson
County
Convention
Center
Authority,
Public
Improvements,
Revenue
Bonds
,
7.43%,
7/1/2043
500,000
746,119
Metropolitan
Government
of
Nashville
&
Davidson
County,
General
Obligation
Unlimited
,
3.49%,
7/1/2029
100,000
113,584
859,703
Texas
2.00%
Grand
Parkway
Transportation
Corporation,
Revenue
Bonds,
Series
B
,
Callable
4/1/2030
@
100,
3.24%,
10/1/2052
50,000
51,713
Texas
Transportation
Commission,
General
Obligation
Unlimited
,
Callable
4/1/2030
@
100,
2.56%,
4/1/2042
500,000
505,913
557,626
Total
Municipal
Bonds
(Cost $9,444,269)
11,003,448
Principal
Amount
Market
Value
U.S.
Government
&
Agency
Obligations
3.28%
U.S.
Treasury
Notes
1.38%,
10/15/2022
250,000
253,294
U.S.
Treasury
Notes
1.50%,
01/15/2023
400,000
407,039
U.S.
Treasury
Notes
1.50%,
10/31/2024
250,000
257,344
Total
U.S.
Government
&
Agency
Obligations
(Cost $898,481)
917,677
Spirit
of
America
Income
&
Opportunity
Fund
Schedule
of
Investments
(continued)
September
30,
2021
-
(Unaudited)
36
Shares
Market
Value
Money
Market
Funds
3.64%
Morgan
Stanley
Institutional
Liquidity
Fund,
Institutional
Class,
0.03%
(b)
$
1,016,256
$
1,016,256
Total
Money
Market
Funds
(Cost $1,016,256)
1,016,256
Total
Investments
—
99.67%
(Cost
$21,629,987)
27,854,643
Other
Assets
in
Excess
of
Liabilities
—
0.33%
93,456
NET
ASSETS
-
100.00%
$
27,948,099
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
September
30,
2021.
AGM
-
Assured
Guaranty
Municipal
Corp.
OID
-
Original
Issue
Discount