Spirit Of America Investment Fund NPORT-P Spirit of America Income Fund (Mar 2022 report)

Spirit

of

America

Large

Cap

Value

Fund

Schedule

of

Investments

March

31,

2022

-

(Unaudited)

1

Shares

Market

Value

Common

Stocks

98.40%

Communications

6.45%

Alphabet,

Inc.,

Class

A

(a)

1,820‌

$

5,062,057‌

Netflix,

Inc.

(a)

1,050‌

393,319‌

Uber

Technologies,

Inc.

(a)

3,000‌

107,040‌

Verizon

Communications,

Inc.

28,540‌

1,453,828‌

Walt

Disney

Co.

(The)

(a)

18,950‌

2,599,182‌

9,615,426‌

Consumer

Discretionary

5.35%

Amazon.com,

Inc.

(a)

730‌

2,379,763‌

D.R.

Horton,

Inc.

8,050‌

599,806‌

Home

Depot,

Inc.

(The)

7,588‌

2,271,316‌

Lennar

Corp.,

Class

A

6,850‌

556,015‌

Lowe's

Cos.,

Inc.

1,750‌

353,833‌

Masco

Corp.

10,500‌

535,500‌

McDonald's

Corp.

3,580‌

885,262‌

NIKE,

Inc.,

Class

B

1,100‌

148,016‌

Toll

Brothers,

Inc.

5,150‌

242,153‌

7,971,664‌

Consumer

Staples

8.64%

Altria

Group,

Inc.

12,250‌

640,063‌

Coca-Cola

Co.

(The)

7,400‌

458,800‌

Colgate-Palmolive

Co.

1,500‌

113,745‌

Conagra

Brands,

Inc.

7,100‌

238,347‌

Constellation

Brands,

Inc.,

Class

A

1,200‌

276,384‌

Costco

Wholesale

Corp.

6,051‌

3,484,468‌

Kroger

Co.

(The)

9,000‌

516,330‌

Lamb

Weston

Holdings,

Inc.

4,300‌

257,613‌

PepsiCo,

Inc.

2,400‌

401,712‌

Philip

Morris

International,

Inc.

7,600‌

713,944‌

Procter

&

Gamble

Co.

(The)

7,265‌

1,110,092‌

Target

Corp.

12,380‌

2,627,284‌

Wal-Mart

Stores,

Inc.

13,684‌

2,037,821‌

12,876,603‌

Energy

8.42%

Antero

Midstream

Corp.

5,000‌

54,350‌

Baker

Hughes

Co.

7,750‌

282,177‌

Cheniere

Energy,

Inc.

1

9,400‌

1,303,310‌

Chevron

Corp.

15,710‌

2,558,059‌

ConocoPhillips

10,300‌

1,030,000‌

Devon

Energy

Corp.

4,500‌

266,085‌

Diamondback

Energy,

Inc.

1,450‌

198,766‌

Enbridge,

Inc.

3,000‌

138,270‌

EOG

Resources,

Inc.

2,350‌

280,191‌

Exxon

Mobil

Corp.

7,350‌

607,037‌

Halliburton

Co.

4,000‌

151,480‌

Spirit

of

America

Large

Cap

Value

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

2

Energy

(cont.)

Kinder

Morgan,

Inc.

22,750‌

$

430,203‌

Occidental

Petroleum

Corp.

2,500‌

141,850‌

ONEOK,

Inc.

2,000‌

141,260‌

Phillips

66

5,900‌

509,701‌

Pioneer

Natural

Resources

Co.

3,600‌

900,108‌

Schlumberger

Ltd.

500‌

20,655‌

Targa

Resources

Corp.

3,600‌

271,692‌

TC

Energy

Corp.

500‌

28,210‌

Valero

Energy

Corp.

15,415‌

1,565,239‌

Williams

Cos,

Inc.

(The)

50,000‌

1,670,500‌

12,549,143‌

Financials

10.44%

American

Express

Co.

5,000‌

935,000‌

Bank

of

America

Corp.

29,600‌

1,220,112‌

Berkshire

Hathaway,

Inc.,

Class

B

(a)

3,470‌

1,224,598‌

Blackstone

Group,

Inc.

(The),

Class

A

11,250‌

1,428,075‌

Carlyle

Group,

Inc.

(The)

6,050‌

295,906‌

Citigroup,

Inc.

17,200‌

918,480‌

CME

Group,

Inc.

1,404‌

333,955‌

Goldman

Sachs

Group,

Inc.

(The)

2,915‌

962,241‌

JPMorgan

Chase

&

Co.

20,992‌

2,861,629‌

Morgan

Stanley

3,000‌

262,200‌

Signature

Bank

10,675‌

3,133,006‌

SVB

Financial

Group

(a)

2,973‌

1,663,245‌

Wells

Fargo

&

Co.

6,500‌

314,990‌

15,553,437‌

Health

Care

9.95%

Abbott

Laboratories

3,100‌

366,916‌

AbbVie,

Inc.

22,957‌

3,721,559‌

Amgen,

Inc.

2,900‌

701,278‌

Bristol-Myers

Squibb

Co.

16,250‌

1,186,737‌

Centene

Corp.

(a)

10,100‌

850,319‌

CVS

Health

Corp.

7,611‌

770,309‌

Edwards

LifeSciences

Corp.

(a)

3,000‌

353,160‌

Humana,

Inc.

1,350‌

587,479‌

McKesson

Corp.

2,250‌

688,792‌

Medtronic

PLC

7,069‌

784,306‌

Merck

&

Co.,

Inc.

18,050‌

1,481,003‌

Moderna

,

Inc.

(a)

1,000‌

172,260‌

Pfizer,

Inc.

8,150‌

421,926‌

Quest

Diagnostics,

Inc.

4,500‌

615,870‌

Thermo

Fisher

Scientific,

Inc.

1,540‌

909,601‌

UnitedHealth

Group,

Inc.

2,375‌

1,211,179‌

14,822,694‌

Industrials

9.09%

3M

Co.

640‌

95,283‌

Spirit

of

America

Large

Cap

Value

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

3

Industrials

(cont.)

Boeing

Co.

(The)

(a)

3,355‌

$

642,482‌

Caterpillar,

Inc.

10,675‌

2,378,603‌

CSX

Corp.

42,525‌

1,592,561‌

Cummins,

Inc.

3,550‌

728,140‌

Deere

&

Co.

5,375‌

2,233,098‌

FedEx

Corp.

4,950‌

1,145,381‌

Honeywell

International,

Inc.

8,300‌

1,615,014‌

Johnson

Controls

International

PLC

8,253‌

541,149‌

Raytheon

Technologies

Corp.

2,100‌

208,047‌

Union

Pacific

Corp.

1

150‌

40,982‌

United

Parcel

Service,

Inc.,

Class

B

2,250‌

482,535‌

Waste

Connections,

Inc.

13,175‌

1,840,548‌

13,543,823‌

Materials

1.72%

CF

Industries

Holdings,

Inc.

7,700‌

793,562‌

Corteva

,

Inc.

7,233‌

415,753‌

Dow,

Inc.

6,083‌

387,609‌

DuPont

de

Nemours,

Inc.

6,500‌

478,270‌

International

Paper

Co.

500‌

23,075‌

Linde

PLC

1,400‌

447,202‌

Sylvamo

Corp.

(a)

45‌

1,497‌

WestRock

Co.

500‌

23,515‌

2,570,483‌

Real

Estate

0.14%

MGM

Growth

Properties

LLC,

Class

A

2,250‌

87,075‌

Mid-America

Apartment

Communities,

Inc.

500‌

104,725‌

Weyerhaeuser

Co.

500‌

18,950‌

210,750‌

Real

Estate

Investment

Trusts

(REITs)

2.68%

American

Tower

Corp.,

Class

A

1,040‌

261,269‌

Crown

Castle

International

Corp.

2,690‌

496,574‌

Equinix

,

Inc.

1,425‌

1,056,808‌

Prologis,

Inc.

7,950‌

1,283,766‌

Simon

Property

Group,

Inc.

700‌

92,092‌

Sun

Communities,

Inc.

3,700‌

648,573‌

Terreno

Realty

Corp.

2,075‌

153,654‌

3,992,736‌

Technology

32.27%

Accenture

PLC,

Class

A

4,325‌

1,458,520‌

Adobe,

Inc.

(a)

1,700‌

774,554‌

Advanced

Micro

Devices,

Inc.

(a)

2,100‌

229,614‌

Apple,

Inc.

56,332‌

9,836,131‌

Applied

Materials,

Inc.

17,120‌

2,256,416‌

Cisco

Systems,

Inc.

17,250‌

961,860‌

Cognizant

Technology

Solutions

Corp.,

Class

A

4,600‌

412,482‌

Corning,

Inc.

10,000‌

369,100‌

Spirit

of

America

Large

Cap

Value

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

4

Technology

(cont.)

Crowdstrike

Holdings,

Inc.,

Class

A

(a)

3,375‌

$

766,395‌

Dell

Technologies,

Inc.,

Class

C

(a)

1,624‌

81,509‌

Garmin

Ltd.

1,900‌

225,359‌

HP,

Inc.

15,600‌

566,280‌

International

Business

Machines

Corp.

2,668‌

346,893‌

MasterCard,

Inc.,

Class

A

2,400‌

857,712‌

Microchip

Technology,

Inc.

6,450‌

484,653‌

Microsoft

Corp.

23,539‌

7,257,309‌

NetApp,

Inc.

2,600‌

215,800‌

NortonLifeLock

,

Inc.

27,700‌

734,604‌

NVIDIA

Corp.

37,992‌

10,366,497‌

Oracle

Corp.

31,475‌

2,603,927‌

Paychex,

Inc.

3,850‌

525,409‌

QUALCOMM,

Inc.

3,550‌

542,511‌

Texas

Instruments,

Inc.

12,375‌

2,270,565‌

Visa,

Inc.,

Class

A

7,150‌

1,585,655‌

Workday,

Inc.,

Class

A

(a)

9,830‌

2,353,892‌

48,083,647‌

Utilities

3.25%

AES

Corp.

4,000‌

102,920‌

American

Electric

Power

Co.,

Inc.

1,850‌

184,574‌

Dominion

Energy,

Inc.

12,000‌

1,019,640‌

Duke

Energy

Corp.

950‌

106,077‌

Edison

International

2,100‌

147,210‌

NextEra

Energy,

Inc.

29,125‌

2,467,179‌

WEC

Energy

Group,

Inc.

8,200‌

818,442‌

4,846,042‌

Total

Common

Stocks

(Cost $69,794,096)

146,636,448‌

Shares

Market

Value

Preferred

Stocks

1.34%

Financials

1.18%

Annaly

Capital

Management,

Inc.,

Series

F,

6.95%

2,000‌

48,620‌

Arch

Capital

Group

Ltd.,

Series

F,

5.45%

2,000‌

48,840‌

Arch

Capital

Group

Ltd.,

Series

G,

4.55%

2,000‌

42,220‌

Athene

Holding

Ltd.,

Series

C,

6.38%

2,000‌

53,060‌

Bank

of

America

Corp.,

Series

GG,

6.00%

4,000‌

104,160‌

Bank

of

America

Corp.,

Series

HH,

5.88%

2,000‌

51,060‌

Bank

of

America

Corp.,

Series

LL,

5.00%

2,000‌

48,360‌

Bank

of

America

Corp.,

Series

PP,

4.13%,

B

3,333‌

71,026‌

Bank

of

America

Corp.,

Series

QQ,

4.25%

2,000‌

43,180‌

Bank

of

America

Corp.,

Series

SS,

4.75%

2,000‌

46,340‌

Charles

Schwab

Corp.

(The),

Series

J,

4.45%

2,000‌

45,760‌

First

Republic

Bank,

Series

L,

4.25%,

B

2,000‌

41,520‌

First

Republic

Bank,

Series

M,

4.00%

4,000‌

80,040‌

First

Republic

Bank,

Series

N,

4.50%

2,000‌

44,160‌

Spirit

of

America

Large

Cap

Value

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

5

Financials

(cont.)

Globe

Life,

Inc.,

4.25%

1,000‌

$

22,180‌

JPMorgan

Chase

&

Co,

Series

MM,

4.20%

6,000‌

126,480‌

JPMorgan

Chase

&

Co.,

Series

EE,

6.00%

2,000‌

52,640‌

JPMorgan

Chase

&

Co.,

Series

JJ,

4.55%

2,000‌

43,720‌

JPMorgan

Chase

&

Co.,

Series

LL

4.63%

6,000‌

132,060‌

KeyCorp,

Series

G,

5.63%

2,000‌

50,300‌

KKR

Group

Finance

Co.

IX

LLC,

4.63%

2,000‌

43,920‌

Ladenburg

Thalmann

Financial

Services,

Inc.,

Series

A,

8.00%

7,000‌

110,600‌

Morgan

Stanley,

Series

O,

4.25%

2,000‌

43,020‌

Northern

Trust

Corp.,

Series

E,

4.70%

1,360‌

33,647‌

Prudential

Financial,

Inc.,

4.13%

705‌

16,201‌

Prudential

Financial,

Inc.,

5.63%

2,000‌

52,340‌

RenaissanceRE

Holdings

Ltd.,

Series

G,

4.20%

150‌

3,168‌

U.S.

Bancorp,

Series

M,

4.00%,

B

2,000‌

41,360‌

US

Bancorp,

Series

O,

4.5%

2,000‌

45,120‌

Wells

Fargo

&

Co.,

Series

CC,

4.38%,

B

4,000‌

83,800‌

Wells

Fargo

&

Co.,

Series

DD,

4.25%

5,000‌

103,450‌

1,772,352‌

Real

Estate

0.03%

Public

Storage,

Series

P,

4.00%

2,000‌

40,980‌

Real

Estate

Investment

Trusts

(REITs)

0.03%

Digital

Realty

Trust,

Inc.,

Series

L,

5.20%

2,000‌

49,800‌

Utilities

0.10%

Brookfield

Infrastructure

Partners

LP,

5.00%,

B

2,000‌

40,600‌

DTE

Energy

Co.,

4.38%

2,000‌

46,540‌

Entergy

Louisiana

LLC,

4.88%

2,000‌

50,560‌

137,700‌

Total

Preferred

Stocks

(Cost $2,266,750)

2,000,832‌

Shares

Market

Value

Money

Market

Funds

0.51%

Morgan

Stanley

Institutional

Liquidity

Fund,

Institutional

Class,

0.12%

(b)

754,589‌

754,589‌

Total

Money

Market

Funds

(Cost $754,589)

754,589‌

Total

Investments

—

100.25%

(Cost

$72,815,435)

149,391,869‌

Liabilities

in

Excess

of

Other

Assets 

—

(0.25)%

(366,793‌)

NET

ASSETS

-

100.00%

$

149,025,076‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

March

31,

2022.

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

March

31,

2022

-

(Unaudited)

6

Principal

Amount

Market

Value

Municipal

Bonds 

101.14%

Arizona

1.06%

City

of

Phoenix,

AZ,

General

Obligation

Unlimited

Series

,

Callable

7/1/2026

@

100,

  5%,

7/1/2027

$

500,000‌

$

559,721‌

California

5.76%

California

State

Public

Work

s

Board,

Revenue

Bonds

Series

,

Callable

11/1/2026

@

100,

  5%,

11/1/2029

600,000‌

671,294‌

City

of

Los

Angeles,

CA

Wastewater

System

Revenue,

Refunding

Revenue

Bonds,

(OID)

Series

,

Callable

6/1/2022

@

100,

  3.375%,

6/1/2029

100,000‌

100,383‌

Los

Angeles

CA

Department

of

Water

&

Power,

Revenue

Bonds

Series

,

Callable

1/1/2029

@

100,

  5.25%,

7/1/2049

200,000‌

231,710‌

Los

Angeles

Community

College

District,

General

Obligation

Unlimited

Series

,

Callable

8/1/2026

@

100,

  4%,

8/1/2038

500,000‌

529,304‌

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue,

Revenue

Bond

Series

,

Callable

5/15/2026

@

100,

  4%,

5/15/2037

145,000‌

153,557‌

San

Francisco

City

&

County

Public

Utilities

Commission

Water

Revenue,

Revenue

Bonds

Series

,

Callable

11/1/2030

@

100,

  5%,

11/1/2050

500,000‌

583,643‌

San

Francisco

City

&

County

Public

Utilities

Commission

Water

Revenue,

Revenue

Bonds

Series

A

,

Callable

4/1/2028

@

100,

  4%,

10/1/2043

100,000‌

106,443‌

San

Francisco

Municipal

Transportation

Agency

Series

,

Callable

3/1/2027

@

100,

  4%,

3/1/2046

200,000‌

211,794‌

State

of

California,

General

Obligation

Unlimited

Series

,

Callable

8/1/2025

@

100,

  5%,

8/1/2029

250,000‌

274,263‌

State

of

California,

General

Obligation

Unlimited

Series

,

Callable

9/1/2026

@

100,

  4%,

9/1/2036

175,000‌

185,264‌

3,047,655‌

Connecticut

8.90%

City

of

New

Haven,

CT,

General

Obligation

Unlimited

Series

,

Callable

8/15/2026

@

100,

  5%,

8/15/2036

230,000‌

252,614‌

Connecticut

Housing

Finance

Authority,

Multi-Family

Housing,

Revenue

Bonds

Series

,

Callable

11/15/2025

@

100,

  3.25%,

11/15/2036

250,000‌

251,559‌

Connecticut

Housing

Finance

Authority,

Refunding

Revenue

Bonds

Series

,

Callable

5/15/2022

@

100,

  3.05%,

5/15/2031

135,000‌

135,073‌

Connecticut

Housing

Finance

Authority,

Revenue

Bonds

Series

,

Callable

5/15/2027

@

100,

  3.4%,

11/15/2037

25,000‌

25,291‌

Connecticut

State

Health

&

Educational

Facility

Authority,

Hospital

Improvements,

Revenue

Bonds

Series

,

Callable

7/1/2022

@

100,

  5%,

7/1/2042

500,000‌

504,682‌

Connecticut

State

Health

&

Educational

Facility

Authority,

Hospital

Improvements,

Revenue

Bonds

Series

,

Callable

7/1/2022

@

100,

  4.5%,

7/1/2038

500,000‌

504,082‌

Connecticut

State

Health

&

Educational

Facility

Authority,

Hospital

Improvements,

Revenue

Bonds,

(OID)

Series

,

Callable

7/1/2022

@

100,

  4.25%,

7/1/2031

500,000‌

503,781‌

Connecticut

State

Health

&

Educational

Facility

Authority,

Private

Primary

Schools,

Revenue

Bonds

Series

,

Callable

7/1/2022

@

100,

  4%,

7/1/2033

100,000‌

100,293‌

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

7

Connecticut

State

Health

&

Educational

Facility

Authority,

Revenue

Bonds

Series

,

Callable

7/1/2026

@

100,

  5%,

7/1/2034

$

250,000‌

$

273,931‌

Connecticut

State

Health

&

Educational

Facility

Authority,

Revenue

Bonds

Series

,

Callable

7/1/2024

@

100,

  5%,

7/1/2034

100,000‌

105,504‌

State

of

Connecticut

Special

Tax

Revenue,

Highway

Improvements,

Revenue

Bonds

Series

,

Callable

10/1/2023

@

100,

  5%,

10/1/2030

250,000‌

261,018‌

State

of

Connecticut

Special

Tax

Revenue,

Public

Improvements,

Revenue

Bonds

Series

,

Callable

1/1/2023

@

100,

  5%,

1/1/2028

445,000‌

455,057‌

State

of

Connecticut,

General

Obligation

Unlimited

Series

,

Callable

4/15/2027

@

100,

  5%,

4/15/2032

500,000‌

557,839‌

State

of

Connecticut,

General

Obligation

Unlimited

Series

,

  5%,

6/15/2024

250,000‌

266,221‌

State

of

Connecticut,

Public

Improvements,

General

Obligation

Unlimited

Series

,

Callable

4/15/2022

@

100,

  4%,

4/15/2032

250,000‌

250,336‌

University

of

Connecticut,

University

&

College

Improvements,

Revenue

Bonds

Series

,

Callable

2/15/2024

@

100,

  5%,

2/15/2034

250,000‌

262,422‌

4,709,703‌

District

of

Columbia

2.62%

District

of

Columbia

Housing

Finance

Agency,

State

Multi-Family

Housing,

Revenue

Bonds,

(Fannie

Mae)

Series

,

  4.45%,

6/15/2031

320,000‌

326,525‌

District

of

Columbia

Housing

Finance

Agency,

State

Single-Family

Housing,

Revenue

Bonds,

(Fannie

Mae)

Series

,

  4.9%,

6/1/2040

280,000‌

280,529‌

District

of

Columbia

Water

&

Sewer

Authority,

Revenue

Bonds

Series

,

Callable

10/1/2029

@

100,

  4%,

10/1/2049

315,000‌

337,647‌

District

of

Columbia

Water

&

Sewer

Authority,

Revenue

Bonds

Series

,

Callable

4/1/2026

@

100,

  5%,

10/1/2036

250,000‌

275,779‌

District

of

Columbia

Water

&

Sewer

Authority,

Revenue

Bonds

Series

,

Callable

4/1/2026

@

100,

  5%,

10/1/2034

150,000‌

165,648‌

1,386,128‌

Florida

7.92%

Central

Florida

Expressway

Authority,

Revenue

Bonds

Series

,

Callable

7/1/2026

@

100,

  4%,

7/1/2035

150,000‌

157,668‌

City

of

Orlando,

FL,

Public

Improvements,

Revenue

Bonds

Series

,

Callable

10/1/2024

@

100,

  5%,

10/1/2046

1,000,000‌

1,062,378‌

Florida

Municipal

Loan

Council,

Water

Utility

Improvements,

Revenue

Bonds,

(AGM)

(OID)

Series

,

  5.5%,

10/1/2041

100,000‌

100,348‌

Florida

Municipal

Loan

Council,

Water

Utility

Improvements,

Revenue

Bonds,

(AGM)

(OID)

Series

,

  5.25%,

10/1/2033

100,000‌

100,312‌

FSU

Financial

Assistance,

Inc.,

State

Single-Family

Housing,

Refunding

Revenue

Bonds

Series

,

Callable

10/1/2022

@

100,

  5%,

10/1/2030

500,000‌

507,161‌

Greater

Orlando

Aviation

Authority,

Port,

Airport

&

Marina

Improvements,

Revenue

Bonds

Series

,

  5%,

10/1/2025

120,000‌

121,232‌

Miami

Dade

County

FL

Transit

System

Sales

Surtax

Revenue,

Revenue

Bonds

Series

,

Callable

7/1/2030

@

100,

  4%,

7/1/2050

500,000‌

529,410‌

Miami

Dade

County

FL

Water

&

Sewage

System,

Revenue

Bonds

Series

,

  4%,

10/1/2044

150,000‌

158,668‌

Miami-Dade

County

Educational

Facilities

Authority,

University

&

College

Improvements,

Revenue

Bonds,

(AMBAC)

Series

,

  5.25%,

4/1/2031

260,000‌

310,095‌

School

Board

of

Miami-Dade

County

(The),

Certificate

of

Participation

Series

,

Callable

2/1/2026

@

100,

  4%,

2/1/2033

1,000,000‌

1,044,072‌

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

8

Tampa-Hillsborough

County

Expressway

Authority,

Refunding

Revenue

Bonds

Series

,

Callable

7/1/2022

@

100,

  5%,

7/1/2037

$

100,000‌

$

100,961‌

4,192,305‌

Georgia

1.69%

Atlanta

GA

Water

&

Wastewater

Revenue,

Revenue

Bonds

Series

,

Callable

11/1/2029

@

100,

  3%,

11/1/2037

500,000‌

501,623‌

Atlanta

GA

Water

&

Wastewater

Revenue,

Revenue

Bonds

Series

,

Callable

11/1/2027

@

100,

  5%,

11/1/2047

125,000‌

139,512‌

Fulton

County

Development

Authority,

Georgia

Tech

Athletic

Association,

Refunding

Revenue

Bonds,

(OID)

Series

,

Callable

10/1/2022

@

100,

  4.25%,

10/1/2037

100,000‌

101,487‌

Fulton

County

Development

Authority,

Georgia

Tech

Athletic

Association,

Revenue

Bonds

Series

,

  5%,

10/1/2022

145,000‌

147,651‌

Fulton

County

Development

Authority,

Georgia

Tech

Athletic

Association,

Revenue

Bonds

Series

,

  5%,

10/1/2022

5,000‌

5,091‌

895,364‌

Illinois

1.79%

Illinois

State

Finance

Authority

Series

A

,

Callable

4/1/2030

@

100,

  4%,

4/1/2050

900,000‌

947,012‌

Indiana

2.75%

Indiana

Finance

Authority

Wastewater

Utility

Revenue,

Revenue

Bonds

Series

,

Callable

10/1/2026

@

100,

  5%,

10/1/2046

600,000‌

665,037‌

Indiana

Finance

Authority

Wastewater

Utility

Revenue,

Revenue

Bonds

Series

,

Callable

10/1/2030

@

100,

  5%,

10/1/2050

500,000‌

581,290‌

Indiana

State

Finance

Authority

Health

Systems

Revenue,

Revenue

Bonds

Series

,

Callable

11/1/2025

@

100,

  4%,

11/1/2051

200,000‌

209,500‌

1,455,827‌

Iowa

0.53%

State

of

Iowa,

Revenue

Bonds

Series

,

Callable

6/1/2026

@

100,

  5%,

6/1/2027

250,000‌

279,980‌

Louisiana

1.16%

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority,

Sewer

Improvements,

Revenue

Bonds

Series

,

Callable

2/1/2023

@

100,

  4%,

2/1/2048

500,000‌

510,468‌

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority,

Sewer

Improvements,

Revenue

Bonds

Series

,

Callable

2/1/2023

@

100,

  5%,

2/1/2035

100,000‌

102,911‌

613,379‌

Maine

2.86%

Maine

Health

&

Higher

Educational

Facilities

Authority,

Refunding

Revenue

Bonds,

(OID)

Series

,

Callable

7/1/2022

@

100,

  3.625%,

7/1/2041

500,000‌

503,201‌

Maine

Health

&

Higher

Educational

Facilities

Authority,

Revenue

Bonds

Series

,

Callable

7/1/2030

@

100,

  4%,

7/1/2045

385,000‌

406,962‌

Maine

State

Health

&

Higher

Educational

Facilities

Authority

Revenue,

Revenue

Bonds

Series

,

Callable

7/1/2024

@

100,

  4%,

7/1/2044

250,000‌

256,857‌

Maine

State

Housing

Authority,

State

Single-Family

Housing,

Revenue

Bonds

Series

,

Callable

11/15/2024

@

100,

  3.75%,

11/15/2044

100,000‌

100,322‌

Maine

State

Housing

Authority,

State

Single-Family

Housing,

Revenue

Bonds

Series

,

Callable

11/15/2022

@

100,

  3.6%,

11/15/2036

95,000‌

95,229‌

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

9

Maine

State

Housing

Authority,

State

Single-Family

Housing,

Revenue

Bonds

Series

,

Callable

11/15/2022

@

100,

  3.45%,

11/15/2032

$

95,000‌

$

95,182‌

Maine

Turnpike

Authority,

Refunding

Revenue

Bonds

Series

,

Callable

7/1/2025

@

100,

  5%,

7/1/2026

50,000‌

54,608‌

1,512,361‌

Maryland

0.81%

City

of

Baltimore

MD,

Water

Projects,

Revenue

Bonds

Series

,

Callable

7/1/2029

@

100,

  4%,

7/1/2049

405,000‌

428,079‌

Massachusetts

3.81%

Massachusetts

Housing

Finance

Agency

Series

,

Callable

12/1/2027

@

100,

  3.25%,

12/1/2032

200,000‌

202,269‌

Massachusetts

Housing

Finance

Agency,

Revenue

Bonds

Series

,

Callable

12/1/2025

@

100,

  3.25%,

12/1/2036

575,000‌

578,612‌

Massachusetts

Housing

Finance

Agency,

Revenue

Bonds

Series

,

Callable

12/1/2026

@

100,

  3.75%,

12/1/2037

250,000‌

257,301‌

Massachusetts

Housing

Finance

Agency,

Revenue

Bonds

Series

,

Callable

12/1/2026

@

100,

  3.55%,

12/1/2037

130,000‌

131,141‌

Massachusetts

Housing

Finance

Agency,

Revenue

Bonds

Series

,

Callable

6/1/2026

@

100,

  3.15%,

12/1/2026

40,000‌

40,836‌

Massachusetts

Housing

Finance

Agency,

State

Multi-Family

Housing,

Revenue

Bonds

Series

,

  5.125%,

12/1/2039

65,000‌

65,058‌

Massachusetts

Housing

Finance

Agency,

State

Multi-Family

Housing,

Revenue

Bonds

Series

,

  4.85%,

12/1/2029

60,000‌

60,042‌

Massachusetts

Housing

Finance

Agency,

State

Multi-Family

Housing,

Revenue

Bonds,

(FHA)

(INS)

Series

,

  5.25%,

12/1/2035

5,000‌

5,035‌

Massachusetts

School

Building

Authority,

Revenue

Bonds

Series

,

Callable

2/15/2028

@

100,

  5.25%,

2/15/2048

500,000‌

567,993‌

Massachusetts

School

Building

Authority,

Revenue

Bonds

Series

,

Callable

8/15/2025

@

100,

  5%,

8/15/2026

100,000‌

109,809‌

2,018,096‌

Michigan

2.29%

Michigan

Public

Educational

Facilities

Authority,

School

Improvements,

Refunding

Revenue

Bonds

Series

,

  6%,

12/1/2035

500,000‌

500,000‌

Michigan

State

Housing

Development

Authority,

State

Multi-Family

Housing,

Revenue

Bonds,

(GO

OF

AUTH)

Series

,

Callable

4/1/2022

@

100,

  4.5%,

10/1/2036

710,000‌

710,000‌

1,210,000‌

Minnesota

1.16%

Southern

Minnesota

Municipal

Power

Agency

Power

Supply

System,

Revenue

Bonds

Series

,

Callable

1/1/2026

@

100,

  5%,

1/1/2041

565,000‌

614,843‌

Missouri

1.88%

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

Healthcare,

Hospital

&

Nursing

Home

Improvements,

Revenue

Bonds,

(OID)

Series

,

Callable

11/15/2024

@

100,

  4%,

11/15/2045

500,000‌

520,447‌

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

Healthcare,

Hospital

&

Nursing

Home

Improvements,

Revenue

Bonds,

(OID)

Series

,

Callable

11/15/2022

@

100,

  3.75%,

11/15/2039

100,000‌

100,392‌

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

10

Missouri

State

Health

&

Educational

Facilities

Authority,

Health

Facilities

Revenue.

Revenue

Bonds

Series

,

Callable

11/15/2027

@

100,

  4%,

11/15/2049

$

360,000‌

$

376,296‌

997,135‌

Nevada

1.42%

Nevada

System

of

Higher

Education,

Certification

of

Participation

Series

,

Callable

7/1/2026

@

100,

  4%,

7/1/2027

700,000‌

749,714‌

New

Jersey

4.98%

Borough

of

Seaside

Heights,

NJ,

General

Obligation

Unlimited

Series

,

Callable

4/1/2025

@

100,

  4%,

4/1/2026

125,000‌

132,009‌

Hudson

County

Improvement

Authority,

Refunding

Revenue

Bonds,

(AGM)

Series

,

  5.4%,

10/1/2025

150,000‌

167,036‌

New

Jersey

Economic

Development

Authority,

School

Improvements,

Refunding

Revenue

Bonds

Series

,

Callable

3/1/2023

@

100,

  5%,

3/1/2031

300,000‌

308,988‌

New

Jersey

Economic

Development

Authority,

University

&

College

Improvements,

Revenue

Bonds

Series

,

Callable

6/15/2023

@

100,

  5%,

6/15/2030

250,000‌

259,814‌

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

(OID)

Series

,

  5%,

7/1/2027

15,000‌

15,049‌

New

Jersey

Housing

&

Mortgage

Finance

Agency,

Revenue

Bonds

Series

,

Callable

11/1/2025

@

100,

  3.5%,

11/1/2036

500,000‌

505,103‌

New

Jersey

Housing

&

Mortgage

Finance

Agency,

Revenue

Bonds

Series

,

Callable

11/1/2025

@

100,

  3.9%,

11/1/2050

175,000‌

177,374‌

New

Jersey

St

Transportation

Trust

Fund

Authority,

Revenue

Bonds

Series

,

Callable

12/15/2030

@

100,

  4%,

6/15/2045

100,000‌

101,868‌

New

Jersey

Turnpike

Authority,

Highway

Improvements,

Revenue

Bonds

Series

,

  5%,

1/1/2031

200,000‌

201,947‌

State

of

New

Jersey,

Public

Improvements,

General

Obligation

Unlimited

Series

,

Callable

6/1/2025

@

100,

  4%,

6/1/2034

250,000‌

262,406‌

Tenafly

School

District,

Refunding

Bonds,

General

Obligation

Unlimited,

(OID)

Series

,

Callable

7/15/2022

@

100,

  3%,

7/15/2029

250,000‌

251,387‌

Tenafly

School

District,

Refunding

Bonds,

General

Obligation

Unlimited,

(OID)

Series

,

Callable

7/15/2022

@

100,

  3%,

7/15/2030

250,000‌

251,387‌

2,634,368‌

New

Mexico

0.95%

New

Mexico

Hospital

Equipment

Loan

Council,

Hospital

Improvements

Revenue

Bonds,

(OID)

Series

,

Callable

8/1/2022

@

100,

  4%,

8/1/2042

500,000‌

504,830‌

New

York

17.47%

City

of

New

York

NY,

General

Obligation

Unlimited

Series

,

Callable

10/1/2029

@

100,

  5%,

10/1/2039

145,000‌

166,472‌

City

of

New

York

NY,

General

Obligation

Unlimited

Series

,

Callable

4/1/2028

@

100,

  5%,

4/1/2040

305,000‌

342,012‌

City

of

New

York

NY,

General

Obligation

Unlimited

Series

,

Callable

3/1/2030

@

100,

  5%,

3/1/2043

150,000‌

170,937‌

City

of

New

York

NY,

General

Obligation

Unlimited

Series

,

Callable

4/1/2028

@

100,

  5%,

4/1/2043

195,000‌

217,788‌

Hudson

Yards

Infrastructure

Corp.,

Revenue

Bonds,

Series

A

,

Callable

2/15/2027

@

100,

  4%,

2/15/2044

575,000‌

602,514‌

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

11

Metropolitan

Transportation

Authority,

Refunding

Revenue

Bonds

Series

,

  5.25%,

11/15/2028

$

50,000‌

$

52,786‌

Metropolitan

Transportation

Authority,

Refunding

Revenue

Bonds

Series

,

Callable

11/15/2027

@

100,

  5%,

11/15/2037

250,000‌

279,085‌

Metropolitan

Transportation

Authority,

Revenue

Bonds

Series

,

  5%,

11/15/2028

250,000‌

283,428‌

Metropolitan

Transportation

Authority,

Revenue

Bonds

Series

,

Callable

11/15/2027

@

100,

  5%,

11/15/2035

250,000‌

279,239‌

Metropolitan

Transportation

Authority,

Transit

Improvements,

Refunding

Revenue

Bonds

Series

,

  5%,

11/15/2028

250,000‌

273,077‌

Metropolitan

Transportation

Authority,

Transit

Improvements,

Revenue

Bonds

Series

,

Callable

5/15/2023

@

100,

  5%,

11/15/2033

100,000‌

102,874‌

New

York

City

Housing

Development

Corp.,

Revenue

Bonds

Series

,

Callable

2/1/2026

@

100,

  3.5%,

11/1/2032

150,000‌

152,809‌

New

York

City

Housing

Development

Corp.,

Revenue

Bonds

Series

,

Callable

5/1/2025

@

100,

  3.1%,

11/1/2032

250,000‌

250,889‌

New

York

City

Housing

Development

Corp.,

Revenue

Bonds

Series

,

Callable

11/1/2025

@

100,

  3.6%,

11/1/2031

250,000‌

255,873‌

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue,

Public

Improvements,

Revenue

Bonds,

(State

Aid

Withholding)

Series

,

Callable

1/15/2025

@

100,

  5%,

7/15/2027

250,000‌

269,937‌

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue,

Revenue

Bonds

Series

,

  5%,

7/15/2031

250,000‌

275,011‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

Series

,

Callable

5/1/2027

@

100,

  4%,

5/1/2044

300,000‌

310,595‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

Public

Improvements,

Revenue

Bonds

Series

,

  5%,

8/1/2023

100,000‌

104,388‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

Public

Improvements,

Revenue

Bonds

Series

,

Callable

8/1/2025

@

100,

  5%,

8/1/2027

25,000‌

27,333‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

Public

Improvements,

Revenue

Bonds

Series

,

Callable

8/1/2026

@

100,

  4%,

8/1/2035

100,000‌

105,065‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

Public

Improvements,

Revenue

Bonds

Series

A-1

,

  5%,

8/1/2024

100,000‌

106,791‌

New

York

City

Water

&

Sewer

System,

Revenue

Bonds

Series

,

Callable

6/15/2027

@

100,

  5%,

6/15/2032

100,000‌

113,523‌

New

York

City

Water

&

Sewer

System,

Revenue

Bonds

Series

,

Callable

6/15/2028

@

100,

  5%,

6/15/2049

500,000‌

560,220‌

New

York

State

Dormitory

Authority,

Refunding

Revenue

Bonds,

(State

Aid

Withholding)

Series

,

Callable

10/1/2022

@

100,

  3.25%,

4/1/2031

280,000‌

281,306‌

New

York

State

Dormitory

Authority,

Revenue

Bonds

Series

,

  4.75%,

10/1/2040

5,000‌

5,009‌

New

York

State

Dormitory

Authority,

Revenue

Bonds

Series

,

Callable

7/1/2025

@

100,

  5%,

7/1/2037

385,000‌

421,239‌

New

York

State

Dormitory

Authority,

Revenue

Bonds

Series

,

  5%,

5/15/2022

165,000‌

165,779‌

New

York

State

Dormitory

Authority,

Revenue

Bonds,

Series

,

Callable

3/15/2028

@

100,

  5%,

3/15/2043

250,000‌

281,049‌

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

12

New

York

State

Thruway

Authority,

Revenue

Bonds

Series

,

Callable

1/1/2026

@

100,

  4%,

1/1/2037

$

100,000‌

$

103,857‌

New

York,

NY,

General

Obligation

Unlimited

Series

,

Callable

8/1/2029

@

100,

  5%,

8/1/2043

500,000‌

569,052‌

Port

Authority

of

New

York

&

New

Jersey,

Revenue

Bonds

Series

,

Callable

11/15/2027

@

100,

  5%,

11/15/2030

250,000‌

286,592‌

Port

Authority

of

New

York

&

New

Jersey,

Revenue

Bonds

Series

,

Callable

11/15/2027

@

100,

  5%,

11/15/2037

250,000‌

285,599‌

Triborough

Bridge

&

Tunnel

Authority,

Revenue

Bonds

Series

,

Callable

11/15/2025

@

100,

  5%,

11/15/2040

310,000‌

337,964‌

Triborough

Bridge

&

Tunnel

Authority,

Revenue

Bonds

Series

,

  5%,

11/15/2027

100,000‌

110,598‌

Triborough

Bridge

&

Tunnel

Authority,

Revenue

Bonds

Series

,

  5%,

11/15/2023

100,000‌

105,223‌

Triborough

Bridge

&

Tunnel

Authority,

Revenue

Bonds

Series

,

Callable

11/15/2025

@

100,

  5%,

11/15/2035

250,000‌

273,733‌

Triborough

Bridge

&

Tunnel

Authority,

Revenue

Bonds

Series

,

Callable

11/15/2030

@

100,

  5%,

11/15/2049

500,000‌

571,955‌

Triborough

Bridge

&

Tunnel

Authority,

Revenue

Bonds

Series

,

Callable

5/15/2031

@

100,

  5%,

11/15/2051

125,000‌

143,731‌

9,245,332‌

North

Carolina

0.41%

University

of

North

Carolina

at

Charlotte

(The),

Revenue

Bonds

Series

,

Callable

10/1/2027

@

100,

  4%,

10/1/2037

100,000‌

108,017‌

University

of

North

Carolina

at

Charlotte

(The),

University

&

College

Improvements,

Revenue

Bonds

Series

,

Callable

4/1/2025

@

100,

  5%,

4/1/2040

100,000‌

108,737‌

216,754‌

North

Dakota

0.19%

City

of

Bismarck,

ND,

Sanitary

Sewer

Revenue,

Revenue

Bonds

Series

,

Callable

5/1/2025

@

100,

  3%,

5/1/2029

100,000‌

101,940‌

Ohio

1.00%

Hamilton

County

OH

Hospital

Facilities

Revenue,

Refunding

Revenue

Bonds

Series

,

Callable

8/15/2030

@

100,

  4%,

8/15/2050

500,000‌

528,289‌

Oklahoma

0.48%

Oklahoma

Municipal

Power

Authority,

Electric

Lights

&

Power

Improvements,

Revenue

Bonds

Series

,

Callable

1/1/2023

@

100,

  4%,

1/1/2047

250,000‌

254,737‌

Oregon

0.07%

Oregon

Health

&

Science

University,

Refunding

Revenue

Bonds

Series

,

Callable

7/1/2022

@

100,

  5%,

7/1/2032

35,000‌

35,341‌

Pennsylvania

10.26%

Allegheny

County

PA

Hospital,

Development

Authority,

Revenue

Bonds

Series

,

Callable

4/1/2028

@

100,

  4%,

4/1/2044

150,000‌

156,756‌

Chester

County

Health

and

Education,

Revenue

Bonds

Series

,

Callable

9/1/2030

@

100,

  4%,

9/1/2050

500,000‌

535,658‌

City

of

Philadelphia,

PA

Water

&

Wastewater

Revenue,

Revenue

Bonds,

Series

C

,

Callable

10/1/2031

@

100,

  5%,

10/1/2046

500,000‌

579,710‌

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

13

City

of

Philadelphia,

PA

Water

&

Wastewater

Revenue,

Revenue

Bonds,

Series

C

,

Callable

10/1/2031

@

100,

  4%,

10/1/2051

$

500,000‌

$

536,349‌

Commonwealth

Financing

Authority,

Tobacco

Master

Settlement

Payment

Revenue,

Revenue

Bonds

Series

,

Callable

6/1/2028

@

100,

  4%,

6/1/2039

250,000‌

262,440‌

Lehigh

County

PA

General

Purpose

Authority

Hospital

Revenue,

Revenue

Bonds

Series

,

Callable

7/1/2029

@

100,

  4%,

7/1/2049

500,000‌

522,875‌

Pennsylvania

Higher

Educational

Facilities

Authority,

Hospital

Improvements,

Revenue

Bonds

Series

,

Callable

11/1/2022

@

100,

  5%,

5/1/2042

100,000‌

100,393‌

Pennsylvania

Higher

Educational

Facilities

Authority,

Hospital

Improvements,

Revenue

Bonds

Series

,

Callable

11/1/2022

@

100,

  5%,

5/1/2037

100,000‌

100,492‌

Pennsylvania

Higher

Educational

Facilities

Authority,

Hospital

Improvements,

Revenue

Bonds

(OID)

Series

,

Callable

11/1/2022

@

100,

  4%,

5/1/2032

100,000‌

98,935‌

Pennsylvania

Housing

Finance

Agency,

Revenue

Bonds

Series

,

Callable

4/1/2027

@

100,

  3.65%,

10/1/2042

100,000‌

101,329‌

Pennsylvania

State

Economic

Development

Financing

Authority,

Revenue

Bonds

Series

A

,

Callable

11/15/2027

@

100,

  4%,

11/15/2047

400,000‌

415,689‌

Pennsylvania

State

University,

Revenue

Bonds

Series

,

Callable

9/1/2026

@

100,

  5%,

9/1/2034

190,000‌

211,695‌

Pennsylvania

State

University,

Revenue

Bonds

Series

,

Callable

9/1/2026

@

100,

  5%,

9/1/2035

125,000‌

139,106‌

Pennsylvania

State

University,

Revenue

Bonds

Series

,

Callable

9/1/2026

@

100,

  5%,

9/1/2036

100,000‌

111,241‌

Pennsylvania

Turnpike

Commission,

Revenue

Bonds

Series

A

,

  5.25%,

7/15/2028

150,000‌

177,289‌

Pennsylvania

Turnpike

Commission,

Revenue

Bonds

Series

,

Callable

12/1/2025

@

100,

  5%,

12/1/2045

500,000‌

542,678‌

Philadelphia

PA

Water

&

Wastewater

Revenue,

Revenue

Bonds

Series

,

Callable

11/1/2030

@

100,

  5%,

11/1/2045

500,000‌

576,888‌

West

View

Municipal

Authority

Water

Revenue,

Water

Utility

Improvements,

Revenue

Bonds,

(OID)

Series

,

Callable

11/15/2024

@

100,

  4%,

11/15/2043

250,000‌

263,315‌

5,432,838‌

Puerto

Rico

0.48%

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority,

Refunding

Revenue

Bonds

Series

,

  5%,

7/1/2022

250,000‌

252,249‌

South

Dakota

0.56%

South

Dakota

Housing

Development

Authority,

Revenue

Bonds

Series

,

Callable

11/1/2025

@

100,

  2.45%,

5/1/2027

250,000‌

249,295‌

South

Dakota

Housing

Development

Authority,

Revenue

Bonds

Series

,

Callable

11/1/2025

@

100,

  3.125%,

11/1/2036

45,000‌

45,230‌

294,525‌

Tennessee

0.69%

City

of

Memphis,

TN,

General

Obligation

Unlimited

Series

,

Callable

4/1/2024

@

100,

  5%,

4/1/2044

100,000‌

105,320‌

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

14

Metropolitan

Government

of

Nashville

&

Davidson

County

Convention

Center

Authority,

Public

Improvements,

Revenue

Bonds

Series

,

  5%,

7/1/2026

$

200,000‌

$

200,436‌

Tennessee

Housing

Development

Agency,

Revenue

Bonds

Series

,

Callable

1/1/2027

@

100,

  3.4%,

7/1/2037

60,000‌

60,315‌

366,071‌

Texas

10.43%

Austin

TX

Electric

Utility

System

Revenue,

Revenue

Bonds

Series

B

,

Callable

11/15/2029

@

100,

  5%,

11/15/2049

500,000‌

581,106‌

City

of

Houston,

TX,

Refunding

Revenue

Bonds

Series

,

Callable

3/1/2029

@

100,

  4%,

3/1/2049

500,000‌

532,123‌

City

Public

Service

Board

of

San

Antonio,

TX,

Revenue

Bonds

Series

,

Callable

8/1/2026

@

100,

  5%,

2/1/2032

250,000‌

278,511‌

Clifton

Higher

Education

Finance

Corporation,

School

Improvements,

Refunding

Revenue

Bonds

Series

,

  4%,

8/15/2044

500,000‌

511,573‌

Comal

Independent

School

District,

School

Improvements,

General

Obligation

Unlimited

Series

,

Callable

2/1/2026

@

100,

  4%,

2/1/2034

250,000‌

264,936‌

Harris

County

Cultural

Education

Facilities

Finance

Corp.,

Revenue

Bonds

Series

,

Callable

5/15/2026

@

100,

  4%,

11/15/2030

130,000‌

136,646‌

North

Texas

Tollway

Authority

Revenue,

Revenue

Bonds,

Series

A

,

Callable

1/1/2028

@

100,

  4%,

1/1/2043

470,000‌

492,741‌

San

Antonio

Public

Facilities

Corp.,

Public

Improvements,

Refunding

Revenue

Bonds,

(OID)

Series

,

Callable

9/15/2022

@

100,

  4%,

9/15/2042

250,000‌

252,113‌

San

Antonio

Water

System,

Refunding

Revenue

Bonds

Series

,

Callable

11/15/2029

@

100,

  5%,

5/15/2034

190,000‌

223,480‌

San

Antonio

Water

System,

Revenue

Bonds

Series

A

,

Callable

5/15/2030

@

100,

  5%,

5/15/2050

205,000‌

238,132‌

Texas

Public

Finance

Authority,

Revenue

Bonds

Series

,

Callable

12/1/2026

@

100,

  4%,

12/1/2031

200,000‌

213,056‌

Texas

State

Water

Development

Board,

Revenue

Bonds

Series

,

Callable

10/15/2028

@

100,

  5%,

4/15/2049

450,000‌

516,391‌

Texas

State

Water

Development

Board,

Revenue

Bonds,

Series

A

,

Callable

10/15/2029

@

100,

  4%,

10/15/2037

500,000‌

543,253‌

Texas

State

Water

Development

Board,

Revenue

Bonds,

Series

A

,

Callable

10/15/2029

@

100,

  4%,

10/15/2054

500,000‌

532,169‌

White

Oak,

TX,

Independent

School

District,

General

Obligation

Unlimited

Series

,

Callable

2/15/2027

@

100,

  4%,

2/15/2029

190,000‌

204,539‌

5,520,769‌

Utah

1.59%

University

of

Utah

(The),

University

&

College

Improvements,

Revenue

Bonds

Series

,

  5%,

8/1/2043

250,000‌

260,870‌

Utah

County

Utah

Hospital

Revenue

IHC

Health

Services,

Revenue

Bonds

Series

,

Callable

5/15/2026

@

100,

  5%,

5/15/2050

500,000‌

576,882‌

Utah

Housing

Corp.,

State

Single-Family

Housing,

Revenue

Bonds

Series

,

  5.25%,

1/1/2025

5,000‌

5,006‌

842,758‌

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

15

Vermont

0.47%

Vermont

Housing

Finance

Agency,

State

Multi-Family

Housing,

Revenue

Bonds

Series

,

Callable

8/15/2022

@

100,

  3.75%,

8/15/2037

$

245,000‌

$

246,270‌

Virgin

Islands

0.09%

Virgin

Islands

Public

Finance

Authority,

Refunding

Revenue

Bonds

Series

,

  5%,

10/1/2025

50,000‌

50,237‌

Virginia

0.50%

Virginia

State

Resource

Authority

Infrastructure,

Revenue

Bonds

Series

,

Callable

11/1/2025

@

100,

  4%,

11/1/2033

75,000‌

79,914‌

Virginia

State

Resource

Authority

Infrastructure,

Revenue

Bonds,

Prerefunded

Series

,

Callable

11/1/2025

@

100,

  4%,

11/1/2033

175,000‌

187,028‌

266,942‌

Washington

1.96%

Spokane

Public

Facilities

District,

Public

Improvements,

Revenue

Bonds

Series

,

Callable

6/1/2023

@

100,

  5%,

5/1/2043

1,000,000‌

1,038,583‌

Wisconsin

0.15%

Wisconsin

Housing

&

Economic

Development

Authority,

State

Multi-Family

Housing,

Revenue

Bonds,

(OID)

Series

,

  5.625%,

11/1/2035

80,000‌

81,593‌

Total

Municipal

Bonds

(Cost $54,266,590)

53,531,728‌

Total

Investments

—

101.14%

(Cost

$54,266,590)

53,531,728‌

Liabilities

in

Excess

of

Other

Assets 

—

(1.14)%

(603,766‌)

NET

ASSETS

-

100.00%

$

52,927,962‌

AGM

-

Assured

Guaranty

Municipal

Corp.

AMBAC

-

American

Municipal

Bond

Assurance

Corp.

FHA

-

Insured

by

Federal

Housing

Administration

GO

-

General

Obligation

INS

-

Insured

NATL-RE

-

Insured

by

National

Public

Finance

Guarantee

Corp.

OID

-

Original

Issue

Discount

Spirit

of

America

Income

Fund

Schedule

of

Investments

March

31,

2022

-

(Unaudited)

16

Shares

Market

Value

Common

Stocks

17.95%

Communications

1.16%

AT&T,

Inc.

10,000‌

$

236,300‌

Verizon

Communications,

Inc.

20,000‌

1,018,800‌

1,255,100‌

Consumer

Staples

0.96%

Philip

Morris

International,

Inc.

11,000‌

1,033,340‌

Energy

9.08%

Chevron

Corp.

11,000‌

1,791,130‌

Enbridge,

Inc.

29,763‌

1,371,777‌

Energy

Transfer

LP

30,000‌

335,700‌

Enterprise

Products

Partners

LP

20,000‌

516,200‌

Kinder

Morgan,

Inc.

40,000‌

756,400‌

MPLX

LP

20,000‌

663,600‌

Phillips

66

8,000‌

691,120‌

TC

Energy

Corp.

20,536‌

1,158,641‌

Valero

Energy

Corp.

11,000‌

1,116,940‌

Williams

Cos,

Inc.

(The)

42,500‌

1,419,925‌

9,821,433‌

Financials

1.42%

Blackstone

Group,

Inc.

(The),

Class

A

3,750‌

476,025‌

Blackstone

Mortgage

Trust,

Inc.,

Class

A

11,565‌

367,651‌

Citigroup,

Inc.

13,000‌

694,200‌

1,537,876‌

Health

Care

2.88%

AbbVie,

Inc.

15,000‌

2,431,650‌

Gilead

Sciences,

Inc.

3,000‌

178,350‌

Merck

&

Co.,

Inc.

6,000‌

492,300‌

3,102,300‌

Real

Estate

1.08%

City

Office

REIT,

Inc.

10,000‌

176,600‌

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

10,000‌

474,300‌

Medical

Properties

Trust,

Inc.

5,000‌

105,700‌

Physicians

Realty

Trust

2,000‌

35,080‌

Simon

Property

Group,

Inc.

1,500‌

197,340‌

Spirit

MTA

REIT

(a)

2,000‌

850‌

Spirit

Realty

Capital,

Inc.

4,000‌

184,080‌

1,173,950‌

Utilities

1.37%

Dominion

Energy,

Inc.

5,000‌

424,850‌

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

17

Duke

Energy

Corp.

9,500‌

$

1,060,770‌

1,485,620‌

Total

Common

Stocks

(Cost $14,046,785)

19,409,619‌

Shares

Market

Value

Preferred

Stocks

17.83%

Financials

12.10%

Affiliated

Managers

Group,

Inc.,

4.20%

10,000‌

199,400‌

Affiliated

Managers

Group,

Inc.,

4.75%

10,000‌

219,600‌

Allstate

Corporation

(The),

Series

I,

4.75%

20,000‌

493,800‌

American

Financial

Group,

Inc.,

5.13%

15,000‌

368,100‌

American

Financial

Group,

Inc.,

5.63%

20,000‌

507,400‌

Athene

Holding

Ltd.,

Series

C,

6.38%

10,000‌

265,300‌

Athene

Holding

Ltd.,

Series

D,

4.88%,

B

20,000‌

434,600‌

Bank

of

America

Corp.,

Series

HH,

5.88%

8,000‌

204,240‌

Bank

of

America

Corp.,

Series

LL,

5.00%

20,000‌

483,600‌

Bank

of

America

Corp.,

Series

NN,

4.38%

10,000‌

216,500‌

Bank

of

America

Corp.,

Series

PP,

4.13%,

B

16,667‌

355,174‌

Bank

of

America

Corp.,

Series

QQ,

4.25%

10,000‌

215,900‌

Brighthouse

Financial,

Inc.,

Series,

C,

5.38%

20,000‌

455,800‌

Capital

One

Financial

Corp,

Series

J,

4.80%,

J

10,000‌

220,600‌

Capital

One

Financial

Corp.,

Series

K,

4.63%

12,334‌

267,401‌

CNO

Financial

Group,

Inc.,

5.13%

2,000‌

44,400‌

Equitable

Holdings,

Inc.,

Series

C,

4.30%,

B

20,000‌

397,600‌

First

Republic

Bank,

Series

J,

4.70%

20,000‌

447,600‌

First

Republic

Bank,

Series

K,

4.13%

13,667‌

281,814‌

First

Republic

Bank,

Series

L,

4.25%,

B

10,000‌

207,600‌

First

Republic

Bank,

Series

N,

4.50%

10,000‌

220,800‌

Fulton

Financial

Corp.,

Series,

A,

5.13%

6,000‌

133,920‌

Huntington

Bancshares,

Inc.,

Series

H,

4.50%

10,000‌

209,200‌

JPMorgan

Chase

&

Co.,

Series

EE,

6.00%

20,000‌

526,400‌

JPMorgan

Chase

&

Co.,

Series

GG,

4.75%

20,000‌

459,000‌

JPMorgan

Chase

&

Co.,

Series

JJ,

4.55%

10,000‌

218,600‌

KeyCorp,

Series

G,

5.63%

15,000‌

377,250‌

MetLife,

Inc.,

Series

F,

4.75%

25,000‌

596,000‌

Morgan

Stanley,

Series

O,

4.25%

10,000‌

215,100‌

Northern

Trust

Corp.,

Series

E,

4.70%

18,640‌

461,154‌

Prudential

Financial,

Inc.,

4.13%

3,530‌

81,119‌

Prudential

Financial,

Inc.,

5.63%

10,000‌

261,700‌

RenaissanceRE

Holdings

Ltd.,

Series

G,

4.20%

500‌

10,560‌

Selective

Insurance

Group,

Inc.,

Series

B,

4.60%,

B

1,000‌

20,950‌

State

Street

Corporation,

5.35%

1,000‌

26,470‌

Truist

Financial

Corp.,

Series

R,

4.75%

16,334‌

373,885‌

U.S.

Bancorp,

Series

L,

3.75%

20,000‌

394,200‌

U.S.

Bancorp,

Series

M,

4.00%,

B

10,000‌

206,800‌

W.R.

Berkley

Corporation,

5.10%

20,000‌

487,600‌

Washington

Federal,

Inc.,

Series

A,

4.88%

10,000‌

217,000‌

Wells

Fargo

&

Co.,

Series

AA,

4.70%

20,000‌

441,000‌

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

18

Wells

Fargo

&

Co.,

Series

CC,

4.38%,

B

20,000‌

$

419,000‌

Wells

Fargo

&

Co.,

Series

Z,

4.75%

20,000‌

443,400‌

13,087,537‌

Real

Estate

2.45%

Brookfield

Property

Partners

LP,

Series

A,

5.75%,

A

7,500‌

158,100‌

Diversified

Healthcare

Trust,

5.63%

26,660‌

482,812‌

Federal

Realty

Investment

Trust

7,500‌

189,450‌

PS

Business

Parks,

Inc.,

5.20%

4,000‌

99,320‌

PS

Business

Parks,

Inc.,

5.25%

10,000‌

252,300‌

Public

Storage,

Series

I,

4.88%

9,583‌

233,538‌

Public

Storage,

Series

L,

4.63%

10,000‌

232,800‌

Public

Storage,

Series

M,

4.13%

3,889‌

84,625‌

Public

Storage,

Series

N,

3.88%

20,000‌

409,600‌

Public

Storage,

Series

S,

4.10%

10,000‌

207,700‌

Vornado

Realty

Trust,

5.40%

12,298‌

289,249‌

2,639,494‌

Technology

0.12%

Pitney

Bowes,

Inc.,

6.70%

5,700‌

126,597‌

Utilities

3.16%

BIP

Bernuda

Holdings

I

Ltd,

5.125%

10,000‌

226,200‌

Brookfield

Infrastructure

Partners

LP,

5.00%,

B

10,000‌

203,000‌

Brookfield

Infrastructure

Partners

LP,

5.13%

20,000‌

411,400‌

DTE

Energy

Co.,

Series

G,

4.38%

20,000‌

445,220‌

Entergy

Arkansas,

Inc.,

4.88%

20,000‌

500,000‌

Entergy

Louisiana

LLC,

4.88%

10,000‌

252,800‌

Entergy

Mississippi,

Inc.,

4.90%

30,000‌

738,300‌

Southern

Co.,

4.95%

21,000‌

506,730‌

Southern

Co.,

Series

C,

4.20%

6,000‌

133,860‌

3,417,510‌

Total

Preferred

Stocks

(Cost $21,149,294)

19,271,138‌

Principal

Amount

Market

Value

Collateralized

Mortgage

Obligations 

0.08%

CHL

Mortgage

Pass-Through

Trust,

2005-21,

A27,

5.50%,

10/25/2035

$

22,633‌

16,414‌

CHL

Mortgage

Pass-Through

Trust,

2005-21,

A7,

5.50%,

10/25/2035

24,468‌

17,744‌

Citicorp

Mortgage

Securities,

Inc.,

1A12,

5.00%,

2/25/2035

46,192‌

46,632‌

Total

Collateralized

Mortgage

Obligations 

(Cost $67,699)

80,790‌

Principal

Amount

Market

Value

Corporate

Bonds 

8.74%

Bank

of

New

York

Mellon

Corp.

(The),

4.625%,

12/20/2049

500,000‌

493,750‌

Bank

of

New

York

Mellon

Corp.

(The),

3.7%,

3/20/2169

100,000‌

95,375‌

Entergy

Texas,

Inc.,

5.15%,

6/1/2045

100,000‌

102,754‌

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

19

Exelon

Generation

Co.

LLC,

5.6%,

6/15/2042

(b)

(c)

$

400,000‌

$

384,130‌

Fifth

Third

Bancorp,

8.25%,

3/1/2038

250,000‌

370,648‌

General

Electric

Co.,

4.156%,

12/29/2049

765,000‌

737,269‌

Goldman

Sachs

Group,

Inc.

(The),

6.75%,

10/1/2037

850,000‌

1,074,288‌

Goldman

Sachs

Group,

Inc.

(The),

6.45%,

5/1/2036

500,000‌

610,917‌

Hospitality

Properties

Trust,

4.5%,

3/15/2025

500,000‌

469,348‌

Kinder

Morgan

Energy

Partners

LP,

6.5%,

2/1/2037

250,000‌

293,753‌

MetLife,

Inc.,

9.25%,

4/8/2038

(b)

1,500,000‌

1,950,596‌

MetLife,

Inc.,

10.75%,

8/1/2039

1,000,000‌

1,458,940‌

PECO

Energy

Capital

Trust

IV,

5.75%,

6/15/2033

1,000,000‌

1,109,197‌

Valero

Energy

Corporation,

8.75%,

6/15/2030

224,000‌

294,969‌

Total

Corporate

Bonds

(Cost $8,855,236)

9,445,934‌

Principal

Amount

Market

Value

Municipal

Bonds 

54.91%

Alabama

2.14%

Health

Care

Authority

for

Baptist

Health

(The),

Refunding

Revenue

Bonds

Series

,

  5.5%,

11/15/2043

2,000,000‌

2,310,013‌

Arizona

0.44%

Arizona

School

Facilities

Board,

School

Improvements,

Certificate

of

Participation

Series

,

  6%,

9/1/2027

225,000‌

258,508‌

Phoenix

Arizona

Civic

Improvement

Corp.

Excise

Tax

Revenue,

Revenue

Bonds

Series

,

Callable

7/1/2030

@

100,

  2.704%,

7/1/2045

250,000‌

213,583‌

472,091‌

California

4.77%

Alhambra

Unified

School

District,

University

&

College

Improvements,

General

Obligation

Unlimited

Series

,

  6.7%,

2/1/2026

465,000‌

507,120‌

California

State

University,

Revenue

Bonds,

Series

B

,

Callable

5/1/2030

@

100,

  3.065%,

11/1/2042

50,000‌

43,959‌

City

&

County

of

San

Francisco,

CA,

General

Obligation

Unlimited

Series

,

  6.26%,

6/15/2030

450,000‌

558,623‌

County

of

San

Bernardino,

CA,

Refunding

Revenue

Bonds

Series

,

  6.02%,

8/1/2023

85,000‌

87,809‌

Peralta

Community

College

District,

Refunding

Revenue

Bonds

Series

,

  6.909%,

8/1/2025

500,000‌

550,427‌

Peralta

Community

College

District,

Refunding

Revenue

Bonds

Series

,

  7.309%,

8/1/2031

310,000‌

369,861‌

San

Bernardino

City

Unified

School

District,

School

Improvements,

Certificate

of

Participation,

(AGM)

(OID)

Series

,

  8.053%,

2/1/2023

1,000,000‌

1,051,003‌

San

Bernardino

City

Unified

School

District,

School

Improvements,

Certificate

of

Participation,

(AGM)

(OID)

Series

,

  8.253%,

2/1/2026

500,000‌

581,994‌

University

of

California

Revenues,

Revenue

Bonds

Series

,

  4.131%,

5/15/2045

530,000‌

543,472‌

University

of

California

Revenues,

Revenue

Bonds

Series

,

Callable

5/15/2030

@

100,

  6.296%,

5/15/2050

260,000‌

303,817‌

University

of

California,

University

&

College

Improvements,

Refunding

Revenue

Bonds

Series

,

  3.659%,

5/15/2027

250,000‌

256,182‌

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

20

West

Contra

Costa

Unified

School

District,

School

Improvements,

General

Obligation

Unlimited

Series

,

  6.25%,

8/1/2030

$

250,000‌

$

303,680‌

5,157,947‌

Colorado

0.64%

Colorado

Mesa

University,

University

&

College

Improvements,

Build

America

Revenue

Bonds,

(State

Higher

Education

Intercept

Program)

Series

,

  6.746%,

5/15/2042

500,000‌

689,151‌

Connecticut

0.31%

State

of

Connecticut,

General

Obligation

Unlimited

Series

,

  5.85%,

3/15/2032

280,000‌

332,833‌

Florida

3.71%

City

of

Miami

Gardens,

FL,

Public

Improvements,

Build

America

Bonds,

Certificate

of

Participation

Series

,

  7.17%,

6/1/2026

1,065,000‌

1,148,349‌

City

of

Tallahassee,

FL,

Utility

System

Revenue,

Build

America

Revenue

Bonds

Series

,

  5.218%,

10/1/2040

300,000‌

351,810‌

County

of

Miami-Dade,

FL

Transit

System,

Transit

Improvements,

Build

America

Revenue

Bonds

Series

,

  5.534%,

7/1/2032

500,000‌

571,858‌

County

of

Miami-Dade,

FL,

Port,

Airport

&

Marina

Improvements,

Build

America

Revenue

Bonds,

(AGM)

(OID)

Series

,

  7.5%,

4/1/2040

1,000,000‌

1,414,848‌

County

of

Miami-Dade,

FL,

Recreational

Facility

Improvements,

Revenue

Bonds,

(AGM)

Series

,

  7.083%,

10/1/2029

250,000‌

321,880‌

Town

of

Miami

Lakes,

FL,

Public

Improvements,

Build

America

Revenue

Bonds

Series

,

  7.587%,

12/1/2030

150,000‌

188,884‌

3,997,629‌

Georgia

4.24%

Cobb

Marietta

Georgia

Coliseum,

Revenue

Bonds

Series

,

Callable

1/1/2026

@

100,

  4.5%,

1/1/2047

600,000‌

645,606‌

Municipal

Electric

Authority

of

Georgia,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds

Series

,

  7.055%,

4/1/2057

1,438,000‌

1,892,975‌

State

of

Georgia,

Public

Improvements,

General

Obligation

Unlimited

Series

,

Callable

2/1/2024

@

100,

  3.84%,

2/1/2032

2,000,000‌

2,042,304‌

4,580,885‌

Hawaii

0.47%

State

of

Hawaii,

General

Obligation

Unlimited

Series

,

Callable

10/1/2025

@

100,

  4.05%,

10/1/2032

495,000‌

512,777‌

Idaho

0.37%

Idaho

Water

Resource

Board,

Water

Utility

Improvements,

Revenue

Bonds,

(OID)

Series

,

Callable

9/1/2022

@

100,

  5.25%,

9/1/2024

400,000‌

402,269‌

Illinois

1.87%

City

of

Chicago,

IL

Waterworks

Revenue,

Water

Utility

Improvements,

Build

America

Revenue

Bonds

Series

,

  6.742%,

11/1/2040

250,000‌

311,899‌

Village

of

Glenwood,

IL,

Public

Improvements,

Build

America

Bonds,

General

Obligation

Unlimited,

(AGM)

Series

,

  7.03%,

12/1/2028

1,500,000‌

1,710,824‌

2,022,723‌

Indiana

1.87%

Anderson

School

Building

Corporation,

Refunding

Bonds,

General

Obligation

Limited

Series

,

Callable

7/5/2023

@

100,

  3.95%,

7/5/2029

1,000,000‌

1,012,814‌

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

21

Anderson

School

Building

Corporation,

Refunding

Bonds,

General

Obligation

Limited,

(OID)

Series

,

Callable

7/5/2023

@

100,

  3.75%,

7/5/2028

$

1,000,000‌

$

1,010,463‌

2,023,277‌

Kansas

0.29%

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

314,803‌

Kentucky

0.39%

Kentucky

State

Property

&

Building

Commission,

Economic

Improvements,

University

&

College

Improvements,

Build

America

Revenue

Bonds

Series

,

  5.373%,

11/1/2025

400,000‌

418,635‌

Massachusetts

0.43%

City

of

Worcester,

MA,

Pension

Funding,

General

Obligation

Limited,

(AGM)

(OID)

Series

,

  6.25%,

1/1/2028

125,000‌

138,522‌

Massachusetts

Health

&

Educational

Facilities

Authority,

Refunding

Revenue

Bonds

Series

,

  6.432%,

10/1/2035

250,000‌

315,495‌

University

of

Massachusetts

Building

Authority,

University

&

College

Improvements,

Build

America

Revenue

Bonds

Series

,

  6.573%,

5/1/2039

15,000‌

15,048‌

469,065‌

Michigan

1.34%

Comstock

Park

Public

Schools,

School

Improvements,

General

Obligation

Unlimited

Series

,

  6.2%,

5/1/2024

200,000‌

200,542‌

County

of

Macomb,

MI,

Retirement

Facilities,

General

Obligation

Limited

Series

,

Callable

11/1/2025

@

100,

  4.126%,

11/1/2030

250,000‌

263,059‌

Michigan

Finance

Authority,

Revenue

Bonds

Series

,

Callable

9/1/2025

@

100,

  3.896%,

9/1/2030

250,000‌

261,770‌

Michigan

Finance

Authority,

School

Improvements,

Revenue

Bonds

Series

,

  6.375%,

11/1/2025

500,000‌

501,188‌

Michigan

Finance

Authority,

School

Improvements,

Revenue

Bonds

Series

,

  6.2%,

5/1/2022

80,000‌

80,302‌

Onsted

Community

Schools,

School

Improvements,

General

Obligation

Unlimited

Series

,

  5.9%,

5/1/2027

150,000‌

150,304‌

St

Johns

Public

Schools,

General

Obligation

Unlimited

Series

,

  6.65%,

5/1/2040

5,000‌

5,015‌

1,462,180‌

Mississippi

0.85%

East

Baton

Rouge

Parish,

LA

Sewerage

Commission,

Revenue

Bonds

Series

B

,

  2.437%,

2/1/2039

100,000‌

88,330‌

Mississippi

Development

Bank,

Highway

Improvements,

Build

America

Revenue

Bonds

Series

,

  6.589%,

1/1/2035

650,000‌

833,409‌

921,739‌

Missouri

3.69%

City

of

Kansas

City,

MO,

Revenue

Bonds

Series

,

  7.83%,

4/1/2040

2,355,000‌

3,301,561‌

Missouri

Joint

Municipal

Electric

Utility

Commission,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds

Series

,

  7.73%,

1/1/2039

475,000‌

692,709‌

3,994,270‌

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

22

Nebraska

0.20%

Nebraska

Public

Power

District,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds

Series

,

  5.323%,

1/1/2030

$

200,000‌

$

220,713‌

Nevada

1.14%

County

of

Washoe,

NV,

Public

Improvements,

Build

America

Revenue

Bonds

Series

,

  7.969%,

2/1/2040

590,000‌

843,886‌

County

of

Washoe,

NV,

Public

Improvements,

Build

America

Revenue

Bonds

Series

,

  7.875%,

2/1/2040

250,000‌

389,024‌

1,232,910‌

New

Jersey

2.14%

New

Jersey

Educational

Facilities

Authority,

University

&

College

Improvements,

Build

America

Revenue

Bonds

Series

,

  6.19%,

7/1/2040

500,000‌

500,986‌

Township

of

Brick,

NJ,

General

Obligation

Unlimited

Series

,

  3.75%,

9/1/2028

1,780,000‌

1,819,951‌

2,320,937‌

New

York

6.34%

City

of

New

York,

NY,

Public

Improvements,

Build

America

Bonds,

General

Obligation

Unlimited

Series

,

  5.698%,

3/1/2027

145,000‌

162,396‌

City

of

New

York,

NY,

Public

Improvements,

Build

America

Bonds,

General

Obligation

Unlimited

Series

,

  5.206%,

10/1/2031

100,000‌

110,138‌

County

of

Nassau,

NY,

Public

Improvements,

Build

America

Bonds,

General

Obligation

Unlimited

Series

,

  5.375%,

10/1/2024

500,000‌

521,394‌

Long

Island

Power

Authority,

Revenue

Bonds,

(OID)

Series

,

  5.85%,

5/1/2041

195,000‌

249,702‌

Metropolitan

Transportation

Authority,

Revenue

Bonds

Series

,

  5.871%,

11/15/2039

200,000‌

233,060‌

Metropolitan

Transportation

Authority,

Transit

Improvements,

Build

America

Revenue

Bonds

Series

,

  6.2%,

11/15/2026

375,000‌

402,894‌

Metropolitan

Transportation

Authority,

Transit

Improvements,

Build

America

Revenue

Bonds

Series

,

  6.587%,

11/15/2030

145,000‌

170,134‌

Metropolitan

Transportation

Authority,

Transit

Improvements,

Build

America

Revenue

Bonds

Series

,

  5.989%,

11/15/2030

125,000‌

145,225‌

New

York

City

Industrial

Development

Agency,

Recreational

Facilities

Improvements

Revenue

Bonds,

(NATL-RE)

Series

,

  5.9%,

3/1/2046

580,000‌

667,794‌

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue,

School

Improvements,

Build

America

Revenue

Bonds,

(State

Aid

Withholding)

Series

,

  6.828%,

7/15/2040

500,000‌

659,955‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

Public

Improvements,

Build

America

Revenue

Bonds

Series

,

  5.467%,

5/1/2036

815,000‌

977,867‌

Port

Authority

of

New

York

&

New

Jersey

Series

,

Callable

6/1/2025

@

100,

  4.823%,

6/1/2045

500,000‌

526,806‌

Port

Authority

of

New

York

&

New

Jersey,

Port,

Airport

&

Marina

Improvements,

Revenue

Bonds

Series

,

  3.921%,

10/15/2028

1,615,000‌

1,650,600‌

Triborough

Bridge

&

Tunnel

Authority,

Revenue

Bonds

Series

,

Callable

11/15/2033

@

100,

  5.55%,

11/15/2040

150,000‌

180,234‌

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

23

Western

Nassau

County

Water

Authority,

Build

America

Revenue

Bonds

Series

,

  6.701%,

4/1/2040

$

150,000‌

$

197,607‌

6,855,806‌

North

Carolina

0.23%

County

of

Cabarrus,

NC,

School

Improvements,

Revenue

Bonds

Series

,

  5.5%,

4/1/2026

235,000‌

247,858‌

Ohio

3.34%

American

Municipal

Power,

Inc.,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds

Series

,

  7.499%,

2/15/2050

500,000‌

720,849‌

American

Municipal

Power,

Inc.,

Revenue

Bonds

Series

,

  6.27%,

2/15/2050

480,000‌

605,681‌

Cincinnati

City

School

District,

Refunding

Bonds,

Certificate

of

Participation,

(OID)

Series

,

Callable

12/15/2024

@

100,

  4%,

12/15/2032

200,000‌

207,680‌

County

of

Cuyahoga,

OH,

Hospital

Improvements,

Build

America

Revenue

Bonds

Series

,

  8.223%,

2/15/2040

1,000,000‌

1,363,348‌

Olentangy

Local

School

District,

Refunding

Bonds,

General

Obligation

Unlimited

Series

,

  3.5%,

12/1/2029

500,000‌

512,242‌

Springfield

Local

School

District/Summit

County,

School

Improvements,

Build

America

Bonds,

General

Obligation

Unlimited,

(School

District

Credit

Program)

Series

,

  5.65%,

9/1/2031

200,000‌

200,471‌

3,610,271‌

Pennsylvania

3.17%

Pennsylvania

Turnpike

Commission

Turnpike

Revenue,

Revenue

Bonds

Series

,

Callable

12/1/2029

@

100,

  3.579%,

12/1/2043

390,000‌

388,704‌

Pennsylvania

Turnpike

Commission,

Build

America

Revenue

Bonds

Series

,

  6.378%,

12/1/2037

520,000‌

656,000‌

Philadelphia

Authority

for

Industrial

Development,

Pension

Funding,

Revenue

Bonds,

(AGM)

(OID)

Series

,

  6.35%,

4/15/2028

630,000‌

727,685‌

Philadelphia

Municipal

Authority,

Public

Improvements,

Revenue

Bonds

Series

,

  5.087%,

3/15/2028

500,000‌

494,555‌

Sports

&

Exhibition

Authority

of

Pittsburgh

and

Allegheny

County,

Recreational

Facilities

Improvements,

Revenue

Bonds

Series

,

  7.04%,

11/1/2039

1,000,000‌

1,157,365‌

3,424,309‌

Rhode

Island

0.40%

Narragansett

Bay

Commission,

Revenue

Bonds,

Series

2020A

,

Callable

9/1/2030

@

100,

  2.917%,

9/1/2043

500,000‌

428,340‌

Texas

1.34%

Frisco

Economic

Development

Corporation,

Public

Improvements,

Revenue

Bonds

Series

,

  4.2%,

2/15/2034

1,000,000‌

1,020,818‌

Grand

Parkway

Transportation

Corp.,

Revenue

Bonds,

Series

B

,

Callable

4/1/2030

@

100,

  3.236%,

10/1/2052

100,000‌

90,473‌

Midland

County

Hospital

District,

Health,

Hospital

&

Nursing

Home

Improvements,

Build

America

Bonds,

General

Obligation

Limited

Series

,

  6.44%,

5/15/2039

260,000‌

344,759‌

1,456,050‌

Virgin

Islands

1.93%

Virgin

Islands

Water

&

Power

Authority-

Electric

System,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds,

(AGM)

Series

,

  6.85%,

7/1/2035

1,000,000‌

1,177,771‌

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

24

Virgin

Islands

Water

&

Power

Authority-

Electric

System,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds,

(AGM)

Series

,

  6.65%,

7/1/2028

$

840,000‌

$

910,674‌

2,088,445‌

Virginia

5.36%

Tobacco

Settlement

Financing

Corporation,

Refunding

Revenue

Bonds,

(OID)

Series

,

  6.706%,

6/1/2046

5,710,000‌

5,792,567‌

Washington

1.41%

City

of

Seattle,

WA,

Municipal

Light

&

Power

Revenue,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds,

(OID)

Series

,

  5.57%,

2/1/2040

250,000‌

301,154‌

Douglas

County

Public

Utility

District

No.

1,

Electric

Lights

&

Power

Improvements,

Revenue

Bonds

Series

,

  5.345%,

9/1/2030

250,000‌

276,329‌

Public

Utility

District

No.

1

of

Cowlitz

County,

WA,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds

Series

,

  6.884%,

9/1/2032

500,000‌

635,205‌

Snohomish

County

Public

Utility

District

No.

1,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds,

(OID)

Series

,

  5.68%,

12/1/2040

250,000‌

299,497‌

1,512,185‌

Wisconsin

0.09%

State

of

Wisconsin,

General

Obligation

Unlimited

Series

,

  2.347%,

5/1/2031

100,000‌

94,922‌

Total

Municipal

Bonds

(Cost $54,094,691)

59,367,600‌

Total

Investments

—

99.51%

(Cost

$98,213,705)

107,575,081‌

Other

Assets

in

Excess

of

Liabilities 

—

0.49%

534,235‌

NET

ASSETS

-

100.00%

$

108,109,316‌

(a)

Non-income

producing

security.

(b)

Security

exempt

from

registration

under

Rule

144A

or

Section

4(2)

of

the

Securities

Act

of

1933.

The

security

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

(c)

Security

is

currently

being

valued

according

to

the

fair

value

procedures

approved

by

the

Board

of

Directors.

AGM

-

Assured

Guaranty

Municipal

Corp.

OID

-

Original

Issue

Discount

Spirit

of

America

Income

&

Opportunity

Fund

Schedule

of

Investments

March

31,

2022

-

(Unaudited)

25

Shares

Market

Value

Common

Stocks

46.62%

Communications

7.07%

Alphabet,

Inc.,

Class

A

(a)

250‌

$

695,337‌

Alphabet,

Inc.,

Class

C

(a)

190‌

530,668‌

AT&T,

Inc.

4,114‌

97,214‌

Netflix,

Inc.

(a)

500‌

187,295‌

Uber

Technologies,

Inc.

(a)

4,000‌

142,720‌

Verizon

Communications,

Inc.

5,000‌

254,700‌

1,907,934‌

Consumer

Discretionary

4.07%

Amazon.com,

Inc.

(a)

175‌

570,491‌

Home

Depot,

Inc.

(The)

1,000‌

299,330‌

Lennar

Corp.,

Class

A

2,800‌

227,276‌

1,097,097‌

Energy

5.01%

Cheniere

Energy

Partners

LP

2,300‌

129,628‌

Energy

Transfer

LP

17,350‌

194,146‌

Enterprise

Products

Partners

LP

10,805‌

278,877‌

Kinder

Morgan,

Inc.

7,500‌

141,825‌

Magellan

Midstream

Partners

LP

2,725‌

133,716‌

MPLX

LP

8,850‌

293,643‌

Viper

Energy

Partners

LP

3,200‌

94,624‌

Williams

Cos,

Inc.

(The)

2,500‌

83,525‌

1,349,984‌

Financials

5.09%

Blackstone

Group,

Inc.

(The),

Class

A

5,500‌

698,170‌

Blackstone

Mortgage

Trust,

Inc.,

Class

A

3,207‌

101,950‌

Citigroup,

Inc.

3,500‌

186,900‌

Fifth

Third

Bancorp

3,400‌

146,336‌

JPMorgan

Chase

&

Co.

1,000‌

136,320‌

Starwood

Property

Trust,

Inc.

4,175‌

100,910‌

1,370,586‌

Health

Care

2.40%

AbbVie,

Inc.

4,000‌

648,440‌

Industrials

2.75%

Caterpillar,

Inc.

700‌

155,974‌

Deere

&

Co.

1,150‌

477,779‌

Honeywell

International,

Inc.

550‌

107,019‌

740,772‌

Materials

0.24%

Dow,

Inc.

1,000‌

63,720‌

Spirit

of

America

Income

&

Opportunity

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

26

Real

Estate

Investment

Trusts

(REITs)

4.99%

Prologis,

Inc.

3,000‌

$

484,440‌

Sun

Communities,

Inc.

714‌

125,157‌

Terreno

Realty

Corp.

7,000‌

518,350‌

Welltower,

Inc.

1,160‌

111,522‌

WP

Carey,

Inc.

1,340‌

108,326‌

1,347,795‌

Technology

14.16%

Apple,

Inc.

3,250‌

567,483‌

Crowdstrike

Holdings,

Inc.,

Class

A

(a)

350‌

79,478‌

MasterCard,

Inc.,

Class

A

200‌

71,476‌

Microsoft

Corp.

2,000‌

616,620‌

NVIDIA

Corp.

8,180‌

2,231,995‌

PayPal

Holdings,

Inc.

(a)

1,500‌

173,475‌

Visa,

Inc.,

Class

A

350‌

77,620‌

3,818,147‌

Utilities

0.84%

American

Electric

Power

Co.,

Inc.

1,155‌

115,234‌

Duke

Energy

Corp.

1,000‌

111,660‌

226,894‌

Total

Common

Stocks

(Cost $6,609,981)

12,571,369‌

Shares

Market

Value

Exchange-Traded

Funds

0.52%

ProShares

Short

S&P

500

ETF

(a)

10,000‌

140,900‌

Total

Exchange-Traded

Funds

(Cost $152,650)

140,900‌

Shares

Market

Value

Preferred

Stocks

10.04%

Financials

6.01%

Affiliated

Managers

Group,

Inc.,

4.20%

5,000‌

99,700‌

Arch

Capital

Group

Ltd.,

Series

G,

4.55%

5,000‌

105,550‌

Bank

of

America

Corp.,

Series

QQ,

4.25%

5,000‌

107,950‌

Bank

of

America

Corp.,

Series

SS,

4.75%

5,000‌

115,850‌

Brighthouse

Financial,

Inc.

Series

D,

4.63%

6,000‌

124,980‌

Capital

One

Financial

Corp.,

Series

K,

4.63%

6,166‌

133,679‌

First

Republic

Bank,

Series

K,

4.13%

1,333‌

27,486‌

Globe

Life,

Inc.,

4.25%

1,000‌

22,180‌

JPMorgan

Chase

&

Co.,

Series

JJ,

4.55%

5,000‌

109,300‌

JPMorgan

Chase

&

Co.,

Series

LL

4.63%

6,000‌

132,060‌

Morgan

Stanley,

Series

O,

4.25%

5,000‌

107,550‌

Prudential

Financial,

Inc.,

4.13%

1,765‌

40,560‌

RenaissanceRE

Holdings

Ltd.,

Series

G,

4.20%

350‌

7,392‌

Truist

Financial

Corp.,

Series

R,

4.75%

8,166‌

186,920‌

U.S.

Bancorp,

Series

L,

3.75%

10,000‌

197,100‌

Spirit

of

America

Income

&

Opportunity

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

27

Wells

Fargo

&

Co.,

Series

DD,

4.25%

5,000‌

$

103,450‌

1,621,707‌

Real

Estate

1.95%

Hudson

Pacific

Properties

Inc.,

Series

C,

4.75%

6,000‌

129,180‌

Public

Storage,

5.05%

5,000‌

125,350‌

Public

Storage,

Series

M,

4.13%

1,944‌

42,301‌

Public

Storage,

Series

R,

4.00%

6,000‌

123,780‌

Public

Storage,

Series

S,

4.10%

5,000‌

103,850‌

524,461‌

Utilities

2.08%

Brookfield

Infrastructure

Partners

LP,

5.13%

10,000‌

205,700‌

Southern

Co.,

5.25%

14,000‌

354,340‌

560,040‌

Total

Preferred

Stocks

(Cost $3,093,922)

2,706,208‌

Principal

Amount

Market

Value

Corporate

Bonds 

1.80%

Apple,

Inc.,

2.2%,

9/11/2029

$

250,000‌

238,608‌

Microsoft

Corp.,

3.3%,

2/6/2027

240,000‌

247,528‌

Total

Corporate

Bonds

(Cost $499,749)

486,136‌

Principal

Amount

Market

Value

Municipal

Bonds 

37.27%

Arizona

2.63%

City

of

Tucson,

AZ,

Certificate

of

Participation,

(AGM)

Series

,

  4.831%,

7/1/2034

620,000‌

708,105‌

California

4.22%

California

State

University,

Revenue

Bonds,

Series

B

,

Callable

5/1/2030

@

100,

  3.065%,

11/1/2042

50,000‌

43,959‌

City

of

Newport

Beach,

CA,

Public

Improvements,

Certificate

of

Participation

Series

,

  7.168%,

7/1/2040

800,000‌

1,095,640‌

1,139,599‌

Florida

3.94%

Pasco

County

School

Board,

School

Improvements,

Certificate

of

Participation

Series

,

  5%,

12/1/2037

1,000,000‌

1,063,212‌

Kansas

4.69%

Kansas

Development

Finance

Authority,

Revenue

Bonds

Series

,

  4.727%,

4/15/2037

1,000,000‌

1,102,568‌

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

162,171‌

1,264,739‌

Spirit

of

America

Income

&

Opportunity

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

28

Nevada

0.53%

County

of

Washoe,

NV,

Public

&

Highway

Improvements,

Build

America

Revenue

Bonds

Series

,

  7.969%,

2/1/2040

$

100,000‌

$

143,031‌

New

York

5.06%

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue,

School

Improvements,

Miscellaneous

Purposes

Revenue

Bonds

Series

,

  5%,

7/15/2030

300,000‌

337,040‌

New

York

State

Dormitory

Authority,

Revenue

Bonds

Series

,

Callable

7/1/2026

@

100,

  3.879%,

7/1/2046

750,000‌

762,144‌

Port

Authority

of

New

York

&

New

Jersey

Series

,

Callable

6/1/2025

@

100,

  4.823%,

6/1/2045

250,000‌

263,403‌

1,362,587‌

Ohio

5.93%

American

Municipal

Power,

Inc.,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds

Series

,

  7.834%,

2/15/2041

1,000,000‌

1,469,840‌

American

Municipal

Power,

Inc.,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds

Series

,

  5.939%,

2/15/2047

100,000‌

129,711‌

1,599,551‌

Pennsylvania

3.95%

City

of

Reading,

PA,

General

Obligation

Unlimited,

(AGM)

(OID)

Series

,

Callable

11/1/2024

@

100,

  5.3%,

11/1/2033

1,000,000‌

1,065,851‌

Rhode

Island

1.59%

Narragansett

Bay

Commission,

Revenue

Bonds,

Series

2020A

,

Callable

9/1/2030

@

100,

  2.917%,

9/1/2043

500,000‌

428,340‌

Tennessee

2.95%

Metropolitan

Government

of

Nashville

&

Davidson

County

Convention

Center

Authority,

Public

Improvements,

Revenue

Bonds

Series

,

  7.431%,

7/1/2043

500,000‌

690,089‌

Metropolitan

Government

of

Nashville

&

Davidson

County,

General

Obligation

Unlimited

Series

,

  3.493%,

7/1/2029

100,000‌

104,254‌

794,343‌

Texas

1.78%

Grand

Parkway

Transportation

Corporation,

Revenue

Bonds,

Series

B

,

Callable

4/1/2030

@

100,

  3.236%,

10/1/2052

50,000‌

45,237‌

Texas

Transportation

Commission,

General

Obligation

Unlimited

Series

,

Callable

4/1/2030

@

100,

  2.562%,

4/1/2042

500,000‌

433,984‌

479,221‌

Total

Municipal

Bonds

(Cost $9,432,967)

10,048,579‌

Principal

Amount

Market

Value

U.S.

Government

&

Agency

Obligations 

3.32%

U.S.

Treasury

Notes

1.375%,

2022-10-15

250,000‌

250,329‌

U.S.

Treasury

Notes

1.5%,

2023-01-15

400,000‌

400,031‌

U.S.

Treasury

Notes

1.5%,

2024-10-31

250,000‌

244,151‌

Total

U.S.

Government

&

Agency

Obligations

(Cost $898,973)

894,511‌

Spirit

of

America

Income

&

Opportunity

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

29

Shares

Market

Value

Money

Market

Funds

0.10%

Morgan

Stanley

Institutional

Liquidity

Fund,

Institutional

Class,

0.12%

(b)

$

27,587‌

$

27,587‌

Total

Money

Market

Funds

(Cost $27,587)

27,587‌

Total

Investments

—

99.67%

(Cost

$20,715,829)

26,875,290‌

Other

Assets

in

Excess

of

Liabilities 

—

0.33%

87,704‌

NET

ASSETS

-

100.00%

$

26,962,994‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

March

31,

2022.

AGM

-

Assured

Guaranty

Municipal

Corp.

OID

-

Original

Issue

Discount

Spirit

of

America

Real

Estate

Income

and

Growth

Fund

Schedule

of

Investments

March

31,

2022

-

(Unaudited)

30

Shares

Market

Value

Common

Stocks

92.92%

Communications

0.51%

Switch,

Inc.,

Class

A

21,000‌

$

647,220‌

Consumer

Discretionary

0.61%

D.R.

Horton,

Inc.

2,600‌

193,726‌

Lennar

Corp.,

Class

A

4,000‌

324,680‌

Toll

Brothers,

Inc.

5,600‌

263,312‌

781,718‌

Data

Center

REITs

7.52%

Digital

Realty

Trust,

Inc.

32,831‌

4,655,436‌

Equinix,

Inc.

6,610‌

4,902,108‌

9,557,544‌

Energy

0.26%

Cheniere

Energy

Partners

LP

2,000‌

112,720‌

Energy

Transfer

LP

2,500‌

27,975‌

Enterprise

Products

Partners

LP

2,000‌

51,620‌

MPLX

LP

2,000‌

66,360‌

Targa

Resources

Corp.

1,000‌

75,470‌

334,145‌

Financials

0.33%

Blackstone

Group,

Inc.

(The),

Class

A

3,300‌

418,902‌

Gaming

REITs

3.15%

Gaming

and

Leisure

Properties,

Inc.

32,885‌

1,543,293‌

MGM

Growth

Properties

LLC,

Class

A

48,900‌

1,892,430‌

VICI

Properties,

Inc.

20,000‌

569,200‌

4,004,923‌

Health

Care

REITs

4.17%

Global

Medical

REIT,

Inc.

15,000‌

244,800‌

Healthcare

Trust

of

America,

Inc.,

Class

A

10,000‌

313,400‌

Healthpeak

Properties,

Inc.

39,568‌

1,358,369‌

Medical

Properties

Trust,

Inc.

29,500‌

623,630‌

Omega

Healthcare

Investors,

Inc.

5,000‌

155,800‌

Physicians

Realty

Trust

15,850‌

278,009‌

Ventas,

Inc.

5,550‌

342,768‌

Welltower,

Inc.

20,675‌

1,987,695‌

5,304,471‌

Hotel

REITs

1.81%

Apple

Hospitality

REIT,

Inc.

22,210‌

399,114‌

Host

Hotels

&

Resorts,

Inc.

1

30,400‌

590,672‌

Park

Hotels

&

Resorts,

Inc.

9,250‌

180,652‌

Pebblebrook

Hotel

Trust

35,081‌

858,783‌

Summit

Hotel

Properties,

Inc.

(a)

9,000‌

89,640‌

Spirit

of

America

Real

Estate

Income

and

Growth

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

31

Hotel

REITs

(cont.)

Sunstone

Hotel

Investors,

Inc.

(a)

15,700‌

$

184,946‌

2,303,807‌

Industrial

REITs

20.36%

Americold

Realty

Trust

9,700‌

270,436‌

Duke

Realty

Corp.

3,750‌

217,725‌

Innovative

Industrial

Properties,

Inc.

24,250‌

4,980,950‌

Prologis,

Inc.

93,770‌

15,141,980‌

Rexford

Industrial

Realty,

Inc.

3,800‌

283,442‌

STAG

Industrial,

Inc.

45,950‌

1,900,032‌

Terreno

Realty

Corp.

41,900‌

3,102,695‌

25,897,260‌

Infrastructure

REITs

3.36%

American

Tower

Corp.,

Class

A

7,060‌

1,773,613‌

Crown

Castle

International

Corp.

13,530‌

2,497,638‌

4,271,251‌

Mortgage

Finance

1.10%

Blackstone

Mortgage

Trust,

Inc.,

Class

A

23,700‌

753,423‌

Starwood

Property

Trust,

Inc.

27,000‌

652,590‌

1,406,013‌

Multi

Asset

Class

REITs

1.94%

Gladstone

Commercial

Corp.

22,500‌

495,450‌

Lexington

Realty

Trust

2,700‌

42,390‌

One

Liberty

Properties,

Inc.

2,500‌

76,975‌

WP

Carey,

Inc.

22,950‌

1,855,278‌

2,470,093‌

Office

REITs

5.02%

Alexandria

Real

Estate

Equities,

Inc.

14,350‌

2,887,938‌

American

Assets

Trust,

Inc.

3,500‌

132,615‌

Boston

Properties,

Inc.

7,165‌

922,852‌

City

Office

REIT,

Inc.

59,308‌

1,047,379‌

Hudson

Pacific

Properties,

Inc.

29,050‌

806,138‌

Kilroy

Realty

Corp.

7,115‌

543,728‌

Orion

Office

REIT,

Inc.

2,848‌

39,872‌

6,380,522‌

Residential

REITs

23.21%

American

Campus

Communities,

Inc.

1,000‌

55,970‌

American

Homes

4

Rent,

Class

A

15,050‌

602,451‌

Apartment

Income

REIT

Corp.

1

25,902‌

1,384,721‌

AvalonBay

Communities,

Inc.

16,790‌

4,170,132‌

Camden

Property

Trust

13,800‌

2,293,560‌

Equity

LifeStyle

Properties,

Inc.

36,150‌

2,764,752‌

Equity

Residential

30,715‌

2,761,893‌

Essex

Property

Trust,

Inc.

7,936‌

2,741,729‌

Invitation

Homes,

Inc.

21,600‌

867,888‌

Spirit

of

America

Real

Estate

Income

and

Growth

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

32

Residential

REITs

(cont.)

Mid-America

Apartment

Communities,

Inc.

18,322‌

$

3,837,543‌

Sun

Communities,

Inc.

28,950‌

5,074,646‌

UDR,

Inc.

47,100‌

2,702,127‌

UMH

Properties,

Inc.

10,500‌

258,195‌

29,515,607‌

Retail

REITs

10.68%

Agree

Realty

Corp.

3,250‌

215,670‌

Brixmor

Property

Group,

Inc.

47,475‌

1,225,330‌

Federal

Realty

Investment

Trust

13,700‌

1,672,359‌

Four

Corners

Property

Trust,

Inc.

5,000‌

135,200‌

Getty

Realty

Corp.

1,000‌

28,620‌

Kimco

Realty

Corp.

27,569‌

680,954‌

National

Retail

Properties,

Inc.

17,750‌

797,685‌

Realty

Income

Corp.

29,485‌

2,043,310‌

Regency

Centers

Corp.

30,000‌

2,140,200‌

Simon

Property

Group,

Inc.

31,300‌

4,117,828‌

Spirit

MTA

REIT

(a)

1,140‌

485‌

STORE

Capital

Corp.

3,000‌

87,690‌

Tanger

Factory

Outlet

Centers,

Inc.

25,100‌

431,469‌

13,576,800‌

Self-Storage

REITs

7.97%

CubeSmart

20,750‌

1,079,622‌

Extra

Space

Storage,

Inc.

13,195‌

2,712,892‌

Life

Storage,

Inc.

22,150‌

3,110,525‌

Public

Storage

8,275‌

3,229,567‌

10,132,606‌

Specialty

REITs

0.82%

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

4,717‌

223,727‌

Iron

Mountain,

Inc.

14,750‌

817,298‌

1,041,025‌

Timber

REITs

0.10%

Weyerhaeuser

Co.

3,300‌

125,070‌

Total

Common

Stocks

(Cost $72,736,056)

118,168,977‌

Shares

Market

Value

Preferred

Stocks

2.02%

Data

Center

REITs

0.08%

Digital

Realty

Trust,

Inc.,

Series

J,

5.25%

4,000‌

99,640‌

Hotel

REITs

0.97%

Ashford

Hospitality

Trust,

Inc.,

Series

F,

7.38%

6,000‌

136,080‌

Hersha

Hospitality

Trust,

Series

D,

6.50%

5,000‌

110,750‌

Hersha

Hospitality

Trust,

Series

E,

6.50%

5,000‌

112,009‌

Pebblebrook

Hotel

Trust,

Series

F,

6.30%

2,500‌

60,425‌

Spirit

of

America

Real

Estate

Income

and

Growth

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

33

Hotel

REITs

(cont.)

Pebblebrook

Hotel

Trust,

Series

G,

6.38%

4,000‌

$

98,800‌

Pebblebrook

Hotel

Trust,

Series

H,

6.38%

6,000‌

136,080‌

Sotherly

Hotels,

Inc.,

Series

B,

8.00%

6,000‌

111,210‌

Sotherly

Hotels,

Inc.,

Series

C,

7.88%

2,000‌

37,020‌

Summit

Hotel

Properties,

Inc.,

Series

F,

5.88%

10,000‌

234,200‌

Sunstone

Hotel

Investors,

Inc.,

Series

H,

6.13%

4,000‌

96,440‌

Sunstone

Hotel

Investors,

Inc.,

Series

I,

5.70%

4,000‌

91,320‌

1,224,334‌

Mortgage

Finance

0.04%

New

York

Mortgage

Trust

Inc.,

Series

G,

7.00%

2,000‌

44,440‌

Multi

Asset

Class

REITs

0.04%

Vornado

Realty

Trust,

Series

M,

5.25%

2,500‌

57,850‌

Office

REITs

0.07%

Hudson

Pacific

Properties

Inc.,

Series

C,

4.75%

4,000‌

86,120‌

Residential

REITs

0.10%

American

Homes

4

Rent,

Series

G,

5.88%

2,000‌

50,160‌

Bluerock

Residential

Growth

REIT,

Inc.,

Series

A,

7.13%

3,000‌

75,240‌

125,400‌

Retail

REITs

0.17%

CTO

Realty

Growth,

Inc.,

Series

A,

6.38%

2,000‌

50,300‌

Federal

Realty

Investment

Trust

6,500‌

164,190‌

214,490‌

Self-Storage

REITs

0.55%

Public

Storage,

Series

I,

4.88%

1,917‌

46,717‌

Public

Storage,

Series

K,

4.75%

4,000‌

97,920‌

Public

Storage,

Series

L,

4.63%

2,000‌

46,560‌

Public

Storage,

Series

M,

4.13%

1,167‌

25,394‌

Public

Storage,

Series

N,

3.88%

4,000‌

81,920‌

Public

Storage,

Series

P,

4.00%

2,000‌

40,980‌

Public

Storage,

Series

Q,

3.95%

4,000‌

81,400‌

Public

Storage,

Series

R,

4.00%

4,000‌

82,520‌

Public

Storage,

Series

S,

4.10%

10,000‌

207,700‌

711,111‌

Total

Preferred

Stocks

(Cost $2,818,838)

2,563,385‌

Principal

Amount

Market

Value

Municipal

Bonds 

0.14%

Franklin

County

Convention

Facilities

Authority,

Revenue

Bonds

Series

,

  6.54%,

12/1/2036

$

140,000‌

174,937‌

Spirit

of

America

Real

Estate

Income

and

Growth

Fund

Schedule

of

Investments

(continued)

March

31,

2022

-

(Unaudited)

34

Self-Storage

REITs

(cont.)

Total

Municipal

Bonds

(Cost $160,983)

$

174,937‌

Shares

Market

Value

Money

Market

Funds

5.20%

Morgan

Stanley

Institutional

Liquidity

Fund,

Institutional

Class,

0.12%

(b)

6,615,112‌

6,615,112‌

Total

Money

Market

Funds

(Cost $6,615,112)

6,615,112‌

Total

Investments

—

100.28%

(Cost

$82,330,989)

127,522,411‌

Liabilities

in

Excess

of

Other

Assets 

—

(0.28)%

(354,174‌)

NET

ASSETS

-

100.00%

$

127,168,237‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

March

31,

2022.