Spirit
of
America
Large
Cap
Value
Fund
Schedule
of
Investments
September
30,
2022
-
(Unaudited)
1
Shares
Market
Value
Common
Stocks
98.52%
Communications
5.82%
Alphabet,
Inc.,
Class
A
(a)
36,300
$
3,472,095
AT&T,
Inc.
6,500
99,710
Netflix,
Inc.
(a)
1,050
247,212
Verizon
Communications,
Inc.
28,540
1,083,664
Walt
Disney
Co.
(The)
(a)
18,950
1,787,553
6,690,234
Consumer
Discretionary
4.41%
Amazon.com,
Inc.
(a)
14,600
1,649,800
Home
Depot,
Inc.
(The)
6,938
1,914,472
Lowe's
Companies,
Inc.
1,750
328,668
Masco
Corp.
8,500
396,865
McDonald's
Corp.
2,980
687,605
NIKE,
Inc.,
Class
B
1,100
91,432
5,068,842
Consumer
Staples
9.27%
Altria
Group,
Inc.
12,250
494,655
Coca-Cola
Co.
(The)
7,400
414,548
Colgate-Palmolive
Co.
1,500
105,375
Conagra
Brands,
Inc.
7,100
231,673
Constellation
Brands,
Inc.,
Class
A
1,200
275,616
Costco
Wholesale
Corp.
6,251
2,952,160
Kroger
Co.
(The)
9,000
393,750
Lamb
Weston
Holdings,
Inc.
4,300
332,734
PepsiCo,
Inc.
2,400
391,824
Philip
Morris
International,
Inc.
7,350
610,123
Procter
&
Gamble
Co.
(The)
7,265
917,206
Target
Corp.
11,830
1,755,454
Wal-Mart
Stores,
Inc.
13,684
1,774,815
10,649,933
Energy
12.86%
Antero
Midstream
Corp.
5,000
45,900
Baker
Hughes
Co.
8,750
183,400
Cheniere
Energy,
Inc.
13,150
2,181,716
Chevron
Corp.
16,710
2,400,726
CNX
Resources
Corp.
(a)
4,000
62,120
ConocoPhillips
10,300
1,054,102
Continental
Resources,
Inc.
1,000
66,810
Devon
Energy
Corp.
10,500
631,365
Diamondback
Energy,
Inc.
2,650
319,219
Enbridge,
Inc.
3,000
111,300
EOG
Resources,
Inc.
4,400
491,612
Exxon
Mobil
Corp.
7,550
659,190
Halliburton
Co.
4,000
98,480
Kinder
Morgan,
Inc.
22,750
378,560
Spirit
of
America
Large
Cap
Value
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
2
Energy
(cont.)
Marathon
Oil
Corp.
1,000
$
22,580
Marathon
Petroleum
Corp.
250
24,833
Occidental
Petroleum
Corp.
6,000
368,700
ONEOK,
Inc.
2,000
102,480
Phillips
66
7,250
585,220
Pioneer
Natural
Resources
Co.
6,375
1,380,379
Schlumberger
Ltd.
500
17,950
Targa
Resources
Corp.
3,600
217,224
TC
Energy
Corp.
500
20,145
Valero
Energy
Corp.
16,565
1,769,970
Williams
Companies,
Inc.
(The)
55,000
1,574,650
14,768,631
Financials
8.37%
American
Express
Co.
5,000
674,550
Bank
of
America
Corp.
29,600
893,920
Berkshire
Hathaway,
Inc.,
Class
B
(a)
3,770
1,006,665
Blackstone
Group,
Inc.
(The),
Class
A
11,250
941,625
Carlyle
Group,
Inc.
(The)
6,050
156,332
Citigroup,
Inc.
17,200
716,724
CME
Group,
Inc.
1,404
248,691
Goldman
Sachs
Group,
Inc.
(The)
2,915
854,241
JPMorgan
Chase
&
Co.
20,992
2,193,664
Morgan
Stanley
3,000
237,030
Signature
Bank
4,175
630,425
SVB
Financial
Group
(a)
2,373
796,806
Wells
Fargo
&
Co.
6,500
261,430
9,612,103
Health
Care
13.02%
Abbott
Laboratories
3,100
299,956
AbbVie,
Inc.
23,157
3,107,901
Amgen,
Inc.
2,700
608,580
Bristol-Myers
Squibb
Co.
16,650
1,183,648
Centene
Corp.
(a)
9,800
762,538
CVS
Health
Corp.
7,611
725,861
Edwards
LifeSciences
Corp.
(a)
3,000
247,890
Eli
Lilly
&
Co.
2,600
840,710
Humana,
Inc.
1,350
655,006
McKesson
Corp.
3,850
1,308,500
Medtronic
PLC
7,069
570,822
Merck
&
Co.,
Inc.
18,350
1,580,302
Moderna,
Inc.
(a)
1,000
118,250
Pfizer,
Inc.
8,150
356,644
Quest
Diagnostics,
Inc.
4,500
552,105
Thermo
Fisher
Scientific,
Inc.
1,490
755,713
UnitedHealth
Group,
Inc.
2,525
1,275,226
14,949,652
Spirit
of
America
Large
Cap
Value
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
3
Industrials
9.51%
Boeing
Co.
(The)
(a)
3,355
$
406,223
Caterpillar,
Inc.
10,940
1,795,035
CSX
Corp.
42,525
1,132,866
Cummins,
Inc.
3,550
722,460
Deere
&
Co.
5,535
1,848,081
FedEx
Corp.
4,950
734,927
Honeywell
International,
Inc.
8,300
1,385,851
Johnson
Controls
International
PLC
8,253
406,213
Raytheon
Technologies
Corp.
2,100
171,906
Union
Pacific
Corp.
750
146,115
United
Parcel
Service,
Inc.,
Class
B
2,450
395,773
Waste
Connections,
Inc.
13,175
1,780,338
10,925,788
Materials
1.92%
CF
Industries
Holdings,
Inc.
8,200
789,250
Corteva,
Inc.
7,233
413,366
Dow,
Inc.
6,083
267,226
DuPont
de
Nemours,
Inc.
6,500
327,600
International
Paper
Co.
500
15,850
Linde
PLC
1,400
377,426
WestRock
Co.
500
15,445
2,206,163
Real
Estate
Investment
Trusts
(REITs)
2.69%
American
Tower
Corp.,
Class
A
1,040
223,288
Crown
Castle
International
Corp.
2,690
388,840
Equinix,
Inc.
1,425
810,597
Mid-America
Apartment
Communities,
Inc.
500
77,535
Prologis,
Inc.
7,950
807,720
Simon
Property
Group,
Inc.
700
62,825
Sun
Communities,
Inc.
3,700
500,721
Terreno
Realty
Corp.
2,075
109,954
VICI
Properties,
Inc.
3,073
91,729
Weyerhaeuser
Co.
500
14,280
3,087,489
Technology
26.64%
Accenture
PLC,
Class
A
4,325
1,112,822
Adobe,
Inc.
(a)
1,700
467,840
Advanced
Micro
Devices,
Inc.
(a)
2,100
133,056
Apple,
Inc.
51,982
7,183,912
Applied
Materials,
Inc.
14,620
1,197,817
Cisco
Systems,
Inc.
17,250
690,000
Cognizant
Technology
Solutions
Corp.,
Class
A
4,600
264,224
Corning,
Inc.
10,000
290,200
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
3,375
556,234
Dell
Technologies,
Inc.,
Class
C
1,624
55,492
Garmin
Ltd.
1,600
128,496
Spirit
of
America
Large
Cap
Value
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
4
Technology
(cont.)
HP,
Inc.
15,600
$
388,752
International
Business
Machines
Corp.
2,668
316,985
MasterCard,
Inc.,
Class
A
2,400
682,416
Microchip
Technology,
Inc.
6,450
393,643
Microsoft
Corp.
20,739
4,830,113
NetApp,
Inc.
2,600
160,810
NortonLifeLock,
Inc.
27,700
557,878
NVIDIA
Corp.
35,892
4,356,930
Oracle
Corp.
27,875
1,702,326
Paychex,
Inc.
3,850
432,008
QUALCOMM,
Inc.
3,550
401,079
Texas
Instruments,
Inc.
11,425
1,768,362
Visa,
Inc.,
Class
A
7,150
1,270,198
Workday,
Inc.,
Class
A
(a)
8,230
1,252,771
30,594,364
Utilities
4.01%
AES
Corp.
4,000
90,400
American
Electric
Power
Co.,
Inc.
1,850
159,933
Dominion
Energy,
Inc.
13,000
898,430
Duke
Energy
Corp.
2,000
186,040
Edison
International
2,600
147,108
NextEra
Energy,
Inc.
28,625
2,244,486
UGI
Corp.
1,000
32,330
WEC
Energy
Group,
Inc.
9,500
849,585
4,608,312
Total
Common
Stocks
(Cost $72,647,850)
113,161,511
Shares
Market
Value
Preferred
Stocks
1.50%
Financials
1.33%
Annaly
Capital
Management,
Inc.,
Series
F,
6.95%
2,000
47,660
Arch
Capital
Group
Ltd.,
Series
F,
5.45%
2,000
43,560
Arch
Capital
Group
Ltd.,
Series
G,
4.55%
2,000
37,520
Athene
Holding
Ltd.,
Series
C,
6.38%
2,000
50,440
Bank
of
America
Corp.,
Series
GG,
6.00%
4,000
95,600
Bank
of
America
Corp.,
Series
HH,
5.88%
2,000
46,740
Bank
of
America
Corp.,
Series
LL,
5.00%
2,000
40,940
Bank
of
America
Corp.,
Series
PP,
4.13%
3,333
57,394
Bank
of
America
Corp.,
Series
QQ,
4.25%
2,000
34,700
Bank
of
America
Corp.,
Series
SS,
4.75%
2,000
39,200
Charles
Schwab
Corp.
(The),
Series
J,
4.45%
2,000
38,140
First
Republic
Bank,
Series
L,
4.25%
2,000
35,660
First
Republic
Bank,
Series
M,
4.00%
4,000
66,240
First
Republic
Bank,
Series
N,
4.50%
2,000
37,060
Globe
Life,
Inc.,
4.25%
1,000
17,220
JPMorgan
Chase
&
Co,
Series
MM,
4.20%
6,000
108,240
Spirit
of
America
Large
Cap
Value
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
5
Financials
(cont.)
JPMorgan
Chase
&
Co.,
Series
EE,
6.00%
2,000
$
49,960
JPMorgan
Chase
&
Co.,
Series
JJ,
4.55%
2,000
38,000
JPMorgan
Chase
&
Co.,
Series
LL
4.63%
6,000
116,880
KeyCorp,
Series
G,
5.63%
2,000
46,000
KKR
Group
Finance
Co.
IX
LLC,
4.63%
2,000
36,600
Ladenburg
Thalmann
Financial
Services,
Inc.,
Series
A,
8.00%
7,000
91,525
Morgan
Stanley,
Series
O,
4.25%
2,000
35,940
Northern
Trust
Corp.,
Series
E,
4.70%
1,360
28,723
Prudential
Financial,
Inc.,
4.13%
705
14,072
Prudential
Financial,
Inc.,
5.63%
2,000
48,980
RenaissanceRE
Holdings
Ltd.,
Series
G,
4.20%
150
2,646
U.S.
Bancorp,
Series
M,
4.00%
2,000
34,020
U.S.
Bancorp,
Series
O,
4.5%
2,000
38,720
Wells
Fargo
&
Co.,
Series
CC,
4.38%
4,000
69,360
Wells
Fargo
&
Co.,
Series
DD,
4.25%
5,000
85,950
1,533,690
Real
Estate
0.03%
Public
Storage,
Series
P,
4.00%
2,000
34,140
Real
Estate
Investment
Trusts
(REITs)
0.04%
Digital
Realty
Trust,
Inc.,
Series
L,
5.20%
2,000
42,100
Utilities
0.10%
Brookfield
Infrastructure
Partners
LP,
5.00%
2,000
30,960
DTE
Energy
Co.,
4.38%
2,000
36,420
Entergy
Louisiana
LLC,
4.88%
2,000
45,940
113,320
Total
Preferred
Stocks
(Cost $2,266,750)
1,723,250
Shares
Market
Value
Money
Market
Funds
0.16%
Morgan
Stanley
Institutional
Liquidity
Funds
Government
Portfolio,
Institutional
Class,
2.11%
(b)
182,457
182,457
Total
Money
Market
Funds
(Cost $182,457)
182,457
Total
Investments
—
100.18%
(Cost
$75,097,057)
115,067,218
Liabilities
in
Excess
of
Other
Assets
—
(0.18)%
(203,494)
NET
ASSETS
-
100.00%
$
114,863,724
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
September
30,
2022.
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
September
30,
2022
-
(Unaudited)
6
Principal
Amount
Market
Value
Municipal
Bonds
98.64%
Arizona
1.30%
City
of
Phoenix,
AZ,
General
Obligation
Unlimited
,
Callable
7/1/2026
@
100,
5.00%,
7/1/2027
$
500,000
$
530,448
California
6.61%
California
State
Public
Works
Board,
Revenue
Bonds
,
Callable
11/1/2026
@
100,
5.00%,
11/1/2029
600,000
639,278
Los
Angeles
CA
Department
of
Water
&
Power,
Revenue
Bonds
,
Callable
1/1/2029
@
100,
5.25%,
7/1/2049
200,000
211,207
Los
Angeles
Community
College
District,
General
Obligation
Refunding
Bonds
Unlimited
,
Callable
8/1/2026
@
100,
4.00%,
8/1/2038
500,000
476,049
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue,
Revenue
Bond
,
Callable
5/15/2026
@
100,
4.00%,
5/15/2037
145,000
137,190
San
Francisco
City
&
County
Public
Utilities
Commission
Water
Revenue,
Revenue
Bonds
,
Callable
11/1/2030
@
100,
5.00%,
11/1/2050
500,000
523,774
San
Francisco
City
&
County
Public
Utilities
Commission
Water
Revenue,
Revenue
Bonds
Series
2020
A
,
Callable
4/1/2028
@
100,
4.00%,
10/1/2043
100,000
92,066
San
Francisco
Municipal
Transportation
Agency
,
Callable
3/1/2027
@
100,
4.00%,
3/1/2046
200,000
179,622
State
of
California,
General
Obligation
Unlimited
,
Callable
8/1/2025
@
100,
5.00%,
8/1/2029
250,000
262,299
State
of
California,
General
Obligation
Unlimited
,
Callable
9/1/2026
@
100,
4.00%,
9/1/2036
175,000
173,922
2,695,407
Connecticut
6.33%
City
of
New
Haven,
CT,
General
Obligation
Unlimited
,
Callable
8/15/2026
@
100,
5.00%,
8/15/2036
230,000
239,196
Connecticut
Housing
Finance
Authority,
Multi-Family
Housing,
Revenue
Bonds
,
Callable
11/15/2025
@
100,
3.25%,
11/15/2036
250,000
219,241
Connecticut
Housing
Finance
Authority,
Revenue
Bonds
,
Callable
5/15/2027
@
100,
3.40%,
11/15/2037
25,000
21,981
Connecticut
State
Health
&
Educational
Facility
Authority,
Revenue
Bonds
,
Callable
7/1/2026
@
100,
5.00%,
7/1/2034
250,000
256,302
Connecticut
State
Health
&
Educational
Facility
Authority,
Revenue
Bonds
,
Callable
7/1/2024
@
100,
5.00%,
7/1/2034
100,000
100,802
State
of
Connecticut
Special
Tax
Revenue,
Highway
Improvements,
Revenue
Bonds
,
Callable
10/1/2023
@
100,
5.00%,
10/1/2030
250,000
254,044
State
of
Connecticut
Special
Tax
Revenue,
Public
Improvements,
Revenue
Bonds
,
Callable
1/1/2023
@
100,
5.00%,
1/1/2028
445,000
446,815
State
of
Connecticut,
General
Obligation
Unlimited
,
Callable
4/15/2027
@
100,
5.00%,
4/15/2032
500,000
530,972
State
of
Connecticut,
General
Obligation
Unlimited
,
5.00%,
6/15/2024
250,000
257,463
University
of
Connecticut,
University
&
College
Improvements,
Revenue
Bonds
,
Callable
2/15/2024
@
100,
5.00%,
2/15/2034
250,000
254,220
2,581,036
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
7
District
of
Columbia
2.49%
District
of
Columbia
Housing
Finance
Agency,
State
Multi-Family
Housing,
Revenue
Bonds,
(Fannie
Mae)
,
4.45%,
6/15/2031
$
320,000
$
321,714
District
of
Columbia
Water
&
Sewer
Authority,
Revenue
Bonds
,
Callable
10/1/2029
@
100,
4.00%,
10/1/2049
315,000
279,774
District
of
Columbia
Water
&
Sewer
Authority,
Revenue
Bonds
,
Callable
4/1/2026
@
100,
5.00%,
10/1/2036
250,000
259,207
District
of
Columbia
Water
&
Sewer
Authority,
Revenue
Bonds
,
Callable
4/1/2026
@
100,
5.00%,
10/1/2034
150,000
155,872
1,016,567
Florida
8.91%
Central
Florida
Expressway
Authority,
Revenue
Bonds
,
Callable
7/1/2026
@
100,
4.00%,
7/1/2035
150,000
146,389
City
of
Orlando,
FL,
Public
Improvements,
Revenue
Bonds
,
Callable
10/1/2024
@
100,
5.00%,
10/1/2046
1,000,000
1,019,996
FSU
Financial
Assistance,
Inc.,
State
Single-Family
Housing,
Refunding
Revenue
Bonds
,
Callable
10/1/2022
@
100,
5.00%,
10/1/2030
500,000
500,542
Greater
Orlando
Aviation
Authority,
Port,
Airport
&
Marina
Improvements,
Revenue
Bonds
,
5.00%,
10/1/2025
120,000
120,140
Miami
Dade
County
FL
Transit
System
Sales
Surtax
Revenue,
Revenue
Bonds
,
Callable
7/1/2030
@
100,
4.00%,
7/1/2050
500,000
433,413
Miami
Dade
County
FL
Water
&
Sewage
System,
Revenue
Bonds
,
4.00%,
10/1/2044
150,000
134,068
Miami-Dade
County
Educational
Facilities
Authority,
University
&
College
Improvements,
Revenue
Bonds,
(AMBAC)
,
5.25%,
4/1/2031
260,000
281,198
School
Board
of
Miami-Dade
County
(The),
Certificates
of
Participation
,
Callable
2/1/2026
@
100,
4.00%,
2/1/2033
1,000,000
999,925
3,635,671
Georgia
1.93%
Atlanta
GA
Water
&
Wastewater
Revenue,
Revenue
Bonds
,
Callable
11/1/2029
@
100,
3.00%,
11/1/2037
500,000
407,015
Atlanta
GA
Water
&
Wastewater
Revenue,
Revenue
Bonds
,
Callable
11/1/2027
@
100,
5.00%,
11/1/2047
125,000
129,598
Fulton
County
Development
Authority,
Georgia
Tech
Athletic
Association,
Refunding
Revenue
Bonds,
(OID)
,
Callable
10/1/2022
@
100,
4.25%,
10/1/2037
100,000
100,000
Fulton
County
Development
Authority,
Georgia
Tech
Athletic
Association,
Revenue
Bonds
,
5.00%,
10/1/2022
145,000
145,000
Fulton
County
Development
Authority,
Georgia
Tech
Athletic
Association,
Revenue
Bonds
,
5.00%,
10/1/2022
5,000
5,000
786,613
Illinois
1.90%
Illinois
State
Finance
Authority,
Revenue
Bonds
Series
2020
A
,
Callable
4/1/2030
@
100,
4.00%,
4/1/2050
900,000
775,209
Indiana
3.20%
Indiana
Finance
Authority
Wastewater
Utility
Revenue,
Revenue
Bonds
,
Callable
10/1/2026
@
100,
5.00%,
10/1/2046
600,000
612,802
Indiana
Finance
Authority
Wastewater
Utility
Revenue,
Revenue
Bonds
,
Callable
10/1/2030
@
100,
5.00%,
10/1/2050
500,000
521,178
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
8
Indiana
State
Finance
Authority
Health
Systems
Revenue,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
4.00%,
11/1/2051
$
200,000
$
170,724
1,304,704
Iowa
0.65%
State
of
Iowa,
Revenue
Bonds
,
Callable
6/1/2026
@
100,
5.00%,
6/1/2027
250,000
263,770
Louisiana
0.25%
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority,
Sewer
Improvements,
Revenue
Bonds
,
Callable
2/1/2023
@
100,
5.00%,
2/1/2035
100,000
100,607
Maine
1.57%
Maine
Health
&
Higher
Educational
Facilities
Authority,
Revenue
Bonds
,
Callable
7/1/2030
@
100,
4.00%,
7/1/2045
385,000
331,471
Maine
State
Housing
Authority,
State
Single-Family
Housing,
Revenue
Bonds
,
Callable
11/15/2022
@
100,
3.45%,
11/15/2032
95,000
87,966
Maine
State
Housing
Authority,
State
Single-Family
Housing,
Revenue
Bonds
,
Callable
11/15/2022
@
100,
3.60%,
11/15/2036
95,000
85,843
Maine
State
Housing
Authority,
State
Single-Family
Housing,
Revenue
Bonds
,
Callable
11/15/2024
@
100,
3.75%,
11/15/2044
100,000
83,036
Maine
Turnpike
Authority,
Refunding
Revenue
Bonds
,
Callable
7/1/2025
@
100,
5.00%,
7/1/2026
50,000���
52,330
640,646
Maryland
0.88%
City
of
Baltimore
MD,
Water
Projects,
Revenue
Bonds
,
Callable
7/1/2029
@
100,
4.00%,
7/1/2049
405,000
359,839
Massachusetts
4.34%
Massachusetts
Housing
Finance
Agency,
Revenue
Bonds
,
Callable
12/1/2025
@
100,
3.25%,
12/1/2036
575,000
487,717
Massachusetts
Housing
Finance
Agency,
Revenue
Bonds
,
Callable
12/1/2026
@
100,
3.75%,
12/1/2037
250,000
221,690
Massachusetts
Housing
Finance
Agency,
Revenue
Bonds
,
Callable
12/1/2027
@
100,
3.25%,
12/1/2032
200,000
182,614
Massachusetts
Housing
Finance
Agency,
Revenue
Bonds
,
Callable
12/1/2026
@
100,
3.55%,
12/1/2037
90,000
87,915
Massachusetts
Housing
Finance
Agency,
Revenue
Bonds
,
Callable
6/1/2026
@
100,
3.15%,
12/1/2026
40,000
38,942
Massachusetts
Housing
Finance
Agency,
State
Multi-Family
Housing,
Revenue
Bonds
,
5.13%,
12/1/2039
65,000
65,030
Massachusetts
Housing
Finance
Agency,
State
Multi-Family
Housing,
Revenue
Bonds
,
4.85%,
12/1/2029
60,000
60,017
Massachusetts
School
Building
Authority,
Revenue
Bonds
,
Callable
2/15/2028
@
100,
5.25%,
2/15/2048
500,000
521,793
Massachusetts
School
Building
Authority,
Revenue
Bonds
,
Callable
8/15/2025
@
100,
5.00%,
8/15/2026
100,000
105,056
1,770,774
Michigan
1.10%
Michigan
Public
Educational
Facilities
Authority,
School
Improvements,
Refunding
Revenue
Bonds
,
6.00%,
12/1/2035
500,000
449,857
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
9
Minnesota
1.44%
Southern
Minnesota
Municipal
Power
Agency
Power
Supply
System,
Revenue
Bonds
,
Callable
1/1/2026
@
100,
5.00%,
1/1/2041
$
565,000
$
589,004
Missouri
2.02%
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
436,178
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
84,565
Missouri
State
Health
&
Educational
Facilities
Authority,
Health
Facilities
Revenue.
Revenue
Bonds
,
Callable
11/15/2027
@
100,
4.00%,
11/15/2049
360,000
303,617
824,360
Nevada
1.75%
Nevada
System
of
Higher
Education,
Certificates
of
Participation
,
Callable
7/1/2026
@
100,
4.00%,
7/1/2027
700,000
714,310
New
Jersey
3.12%
Borough
of
Seaside
Heights,
NJ,
General
Obligation
Unlimited
,
Callable
4/1/2025
@
100,
4.00%,
4/1/2026
125,000
127,053
Hudson
County
Improvement
Authority,
Refunding
Revenue
Bonds,
(AGM)
,
5.40%,
10/1/2025
150,000
159,020
New
Jersey
Economic
Development
Authority,
School
Improvements,
Refunding
Revenue
Bonds
,
Callable
3/1/2023
@
100,
5.00%,
3/1/2031
50,000
50,378
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
(OID)
,
5.00%,
7/1/2027
15,000
15,010
New
Jersey
Housing
&
Mortgage
Finance
Agency,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
3.50%,
11/1/2036
500,000
444,407
New
Jersey
Housing
&
Mortgage
Finance
Agency,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
3.90%,
11/1/2050
175,000
143,462
New
Jersey
St
Transportation
Trust
Fund
Authority,
Revenue
Bonds
,
Callable
12/15/2030
@
100,
4.00%,
6/15/2045
100,000
84,621
State
of
New
Jersey,
Public
Improvements,
General
Obligation
Unlimited
,
Callable
6/1/2025
@
100,
4.00%,
6/1/2034
250,000
246,289
1,270,240
New
York
19.91%
City
of
New
York
NY,
General
Obligation
Unlimited
,
Callable
3/1/2030
@
100,
5.00%,
3/1/2043
150,000
154,940
City
of
New
York
NY,
General
Obligation
Unlimited
,
Callable
4/1/2028
@
100,
5.00%,
4/1/2043
195,000
199,866
City
of
New
York
NY,
General
Obligation
Unlimited
,
Callable
4/1/2028
@
100,
5.00%,
4/1/2040
305,000
314,034
City
of
New
York
NY,
General
Obligation
Unlimited
,
Callable
10/1/2029
@
100,
5.00%,
10/1/2039
145,000
150,762
Hudson
Yards
Infrastructure
Corp.,
Revenue
Bonds
Series
2017
A
,
Callable
2/15/2027
@
100,
4.00%,
2/15/2044
575,000
514,674
Metropolitan
Transportation
Authority,
Refunding
Revenue
Bonds
,
5.25%,
11/15/2028
50,000
51,157
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
10
Metropolitan
Transportation
Authority,
Refunding
Revenue
Bonds
,
Callable
11/15/2027
@
100,
5.00%,
11/15/2037
$
250,000
$
264,883
Metropolitan
Transportation
Authority,
Revenue
Bonds
,
5.00%,
11/15/2028
250,000
259,492
Metropolitan
Transportation
Authority,
Revenue
Bonds
,
Callable
11/15/2027
@
100,
5.00%,
11/15/2035
250,000
265,721
Metropolitan
Transportation
Authority,
Transit
Improvements,
Refunding
Revenue
Bonds
,
5.00%,
11/15/2028
250,000
261,470
Metropolitan
Transportation
Authority,
Transit
Improvements,
Revenue
Bonds
,
Callable
5/15/2023
@
100,
5.00%,
11/15/2033
100,000
99,995
New
York
City
Housing
Development
Corp.,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
3.60%,
11/1/2031
250,000
240,541
New
York
City
Housing
Development
Corp.,
Revenue
Bonds
,
Callable
5/1/2025
@
100,
3.10%,
11/1/2032
250,000
222,640
New
York
City
Housing
Development
Corp.,
Revenue
Bonds
,
Callable
2/1/2026
@
100,
3.50%,
11/1/2032
150,000
140,735
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
259,022
New
York
City
Transitional
Finance
Authority
Building
Aid
Revenue,
Revenue
Bonds
,
5.00%,
7/15/2031
250,000
259,090
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds
,
Callable
5/1/2027
@
100,
4.00%,
5/1/2044
300,000
273,244
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
Public
Improvements,
Revenue
Bonds
Series
2016
A-1
,
5.00%,
8/1/2024
100,000
103,215
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
26,019
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
97,547
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
Public
Improvements,
Revenue
Bonds
,
5.00%,
8/1/2023
100,000
101,584
New
York
City
Water
&
Sewer
System,
Revenue
Bonds
,
Callable
6/15/2027
@
100,
5.00%,
6/15/2032
100,000
105,826
New
York
City
Water
&
Sewer
System,
Revenue
Bonds
,
Callable
6/15/2028
@
100,
5.00%,
6/15/2049
500,000
513,465
New
York
State
Dormitory
Authority,
Refunding
Revenue
Bonds,
(State
Aid
Withholding)
,
Callable
10/1/2022
@
100,
3.25%,
4/1/2031
280,000
270,960
New
York
State
Dormitory
Authority,
Revenue
Bonds
,
4.75%,
10/1/2040
5,000
5,001
New
York
State
Dormitory
Authority,
Revenue
Bonds
,
Callable
3/15/2028
@
100,
5.00%,
3/15/2043
250,000
257,650
New
York
State
Dormitory
Authority,
Revenue
Bonds
,
Callable
7/1/2025
@
100,
5.00%,
7/1/2037
135,000
141,290
New
York
State
Thruway
Authority,
Revenue
Bonds
,
Callable
1/1/2026
@
100,
4.00%,
1/1/2037
100,000
94,431
New
York,
NY,
General
Obligation
Unlimited
,
Callable
8/1/2029
@
100,
5.00%,
8/1/2043
500,000
514,454
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
11
Port
Authority
of
New
York
&
New
Jersey,
Revenue
Bonds
,
Callable
11/15/2027
@
100,
5.00%,
11/15/2037
$
250,000
$
262,743
Port
Authority
of
New
York
&
New
Jersey,
Revenue
Bonds
,
Callable
11/15/2027
@
100,
5.00%,
11/15/2030
250,000
267,815
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
Callable
5/15/2031
@
100,
5.00%,
11/15/2051
125,000
128,566
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
5.00%,
11/15/2027
100,000
105,398
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
Callable
11/15/2025
@
100,
5.00%,
11/15/2035
250,000
257,938
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
5.00%,
11/15/2023
100,000
102,020
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
Callable
11/15/2025
@
100,
5.00%,
11/15/2040
310,000
316,195
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
Callable
11/15/2030
@
100,
5.00%,
11/15/2049
500,000
516,874
8,121,257
North
Carolina
0.49%
University
of
North
Carolina
at
Charlotte
(The),
Revenue
Bonds
,
Callable
10/1/2027
@
100,
4.00%,
10/1/2037
100,000
94,089
University
of
North
Carolina
at
Charlotte
(The),
University
&
College
Improvements,
Revenue
Bonds
,
Callable
4/1/2025
@
100,
5.00%,
4/1/2040
100,000
104,266
198,355
North
Dakota
0.24%
City
of
Bismarck,
ND,
Sanitary
Sewer
Revenue,
Revenue
Bonds
,
Callable
5/1/2025
@
100,
3.00%,
5/1/2029
100,000
96,611
Ohio
1.03%
Hamilton
County
OH
Hospital
Facilities
Revenue,
Refunding
Revenue
Bonds
,
Callable
8/15/2030
@
100,
4.00%,
8/15/2050
500,000
418,946
Pennsylvania
10.94%
Allegheny
County
PA
Hospital,
Development
Authority,
Revenue
Bonds
,
Callable
4/1/2028
@
100,
4.00%,
4/1/2044
150,000
129,578
Chester
County
Health
and
Education,
Revenue
Bonds
,
Callable
9/1/2030
@
100,
4.00%,
9/1/2050
500,000
429,083
City
of
Philadelphia,
PA
Water
&
Wastewater
Revenue,
Revenue
Bonds
Series
2021
C
,
Callable
10/1/2031
@
100,
5.00%,
10/1/2046
500,000
518,913
City
of
Philadelphia,
PA
Water
&
Wastewater
Revenue,
Revenue
Bonds
Series
2021
C
,
Callable
10/1/2031
@
100,
4.00%,
10/1/2051
500,000
431,721
Commonwealth
Financing
Authority,
Tobacco
Master
Settlement
Payment
Revenue,
Revenue
Bonds
,
Callable
6/1/2028
@
100,
4.00%,
6/1/2039
250,000
233,081
Lehigh
County
PA
General
Purpose
Authority
Hospital
Revenue,
Revenue
Bonds
,
Callable
7/1/2029
@
100,
4.00%,
7/1/2049
500,000
422,054
Pennsylvania
Higher
Educational
Facilities
Authority,
Hospital
Improvements,
Revenue
Bonds
,
Callable
11/1/2022
@
100,
5.00%,
5/1/2042
100,000
86,396
Pennsylvania
Higher
Educational
Facilities
Authority,
Hospital
Improvements,
Revenue
Bonds
,
Callable
11/1/2022
@
100,
5.00%,
5/1/2037
100,000
89,563
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
12
Pennsylvania
Higher
Educational
Facilities
Authority,
Hospital
Improvements,
Revenue
Bonds,
(OID)
,
Callable
11/1/2022
@
100,
4.00%,
5/1/2032
$
100,000
$
85,065
Pennsylvania
Housing
Finance
Agency,
Revenue
Bonds
,
Callable
4/1/2027
@
100,
3.65%,
10/1/2042
100,000
82,956
Pennsylvania
State
Economic
Development
Financing
Authority,
Revenue
Bonds
Series
2017
A
,
Callable
11/15/2027
@
100,
4.00%,
11/15/2047
400,000
341,740
Pennsylvania
State
University,
Revenue
Bonds
,
Callable
9/1/2026
@
100,
5.00%,
9/1/2035
125,000
131,605
Pennsylvania
State
University,
Revenue
Bonds
,
Callable
9/1/2026
@
100,
5.00%,
9/1/2036
100,000
105,172
Pennsylvania
State
University,
Revenue
Bonds
,
Callable
9/1/2026
@
100,
5.00%,
9/1/2034
190,000
200,252
Pennsylvania
Turnpike
Commission,
Revenue
Bonds
,
Callable
12/1/2025
@
100,
5.00%,
12/1/2045
500,000
493,105
Pennsylvania
Turnpike
Commission,
Revenue
Refunding
Bonds
Series
2005
A
,
5.25%,
7/15/2028
150,000
165,246
Philadelphia
PA
Water
&
Wastewater
Revenue,
Revenue
Bonds
,
Callable
11/1/2030
@
100,
5.00%,
11/1/2045
500,000
518,066
4,463,596
South
Dakota
0.69%
South
Dakota
Housing
Development
Authority,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
2.45%,
5/1/2027
250,000
236,459
South
Dakota
Housing
Development
Authority,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
3.13%,
11/1/2036
45,000
44,089
280,548
Tennessee
0.87%
City
of
Memphis,
TN
,
Callable
4/1/2024
@
100,
5.00%,
4/1/2044
80,000
81,171
City
of
Memphis,
TN
,
5.00%,
4/1/2044
20,000
20,526
Metropolitan
Government
of
Nashville
&
Davidson
County
Convention
Center
Authority,
Public
Improvements,
Revenue
Bonds
,
5.00%,
7/1/2026
200,000
200,254
Tennessee
Housing
Development
Agency,
Revenue
Bonds
,
Callable
1/1/2027
@
100,
3.40%,
7/1/2037
55,000
52,987
354,938
Texas
12.01%
Austin
TX
Electric
Utility
System
Revenue,
Revenue
Bonds
Series
2019
B
,
Callable
11/15/2029
@
100,
5.00%,
11/15/2049
500,000
514,799
City
of
Houston,
TX,
Refunding
Revenue
Bonds
,
Callable
3/1/2029
@
100,
4.00%,
3/1/2049
500,000
427,983
City
Public
Service
Board
of
San
Antonio,
TX,
Revenue
Bonds
,
Callable
8/1/2026
@
100,
5.00%,
2/1/2032
250,000
263,329
Clifton
Higher
Education
Finance
Corp.,
School
Improvements,
Refunding
Revenue
Bonds
,
4.00%,
8/15/2044
500,000
460,203
Comal
Independent
School
District,
Unlimited
Tax
School
Building
Bonds
,
Callable
2/1/2026
@
100,
4.00%,
2/1/2034
250,000
251,528
Harris
County
Cultural
Education
Facilities
Finance
Corp.,
Revenue
Bonds
,
Callable
5/15/2026
@
100,
4.00%,
11/15/2030
130,000
130,474
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
13
North
Texas
Tollway
Authority
Revenue,
Revenue
Bonds,
Series
2017
A
,
Callable
1/1/2028
@
100,
4.00%,
1/1/2043
$
470,000
$
422,180
San
Antonio
Public
Facilities
Corp.,
Public
Improvements,
Refunding
Revenue
Bonds,
(OID)
,
4.00%,
9/15/2042
250,000
231,930
San
Antonio
Water
System,
Refunding
Revenue
Bonds
,
Callable
11/15/2029
@
100,
5.00%,
5/15/2034
190,000
204,395
San
Antonio
Water
System,
Revenue
Bonds
Series
2020
A
,
Callable
5/15/2030
@
100,
5.00%,
5/15/2050
205,000
213,193
Texas
Public
Finance
Authority,
Revenue
Bonds
,
Callable
12/1/2026
@
100,
4.00%,
12/1/2031
200,000
203,253
Texas
State
Water
Development
Board,
Revenue
Bonds
Series
2019
A
,
Callable
10/15/2029
@
100,
4.00%,
10/15/2037
500,000
481,886
Texas
State
Water
Development
Board,
Revenue
Bonds
,
Callable
10/15/2028
@
100,
5.00%,
4/15/2049
450,000
464,683
Texas
State
Water
Development
Board,
Revenue
Bonds
Series
2019
A
,
Callable
10/15/2029
@
100,
4.00%,
10/15/2054
500,000
434,622
White
Oak,
TX,
Independent
School
District,
Unlimited
Tax
School
Building
Bonds
,
Callable
2/15/2027
@
100,
4.00%,
2/15/2029
190,000
193,656
4,898,114
Utah
1.25%
Utah
County
Utah
Hospital
Revenue
IHC
Health
Services,
Revenue
Bonds
,
Callable
5/15/2026
@
100,
5.00%,
5/15/2050
500,000
511,526
Vermont
0.60%
Vermont
Housing
Finance
Agency,
State
Multi-Family
Housing,
Revenue
Bonds
,
3.75%,
8/15/2037
245,000
245,024
Virginia
0.62%
Virginia
State
Resource
Authority
Infrastructure,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
4.00%,
11/1/2033
75,000
75,268
Virginia
State
Resource
Authority
Infrastructure,
Revenue
Bonds,
Pre-
Refunded
,
Callable
11/1/2025
@
100,
4.00%,
11/1/2033
175,000
178,834
254,102
Wisconsin
0.20%
Wisconsin
Housing
&
Economic
Development
Authority,
State
Multi-Family
Housing,
Revenue
Bonds,
(OID)
,
5.63%,
11/1/2035
80,000
81,515
Total
Municipal
Bonds
(Cost $45,040,808)
40,233,594
Shares
Market
Value
Money
Market
Funds
0.02%
Morgan
Stanley
Institutional
Liquidity
Funds
Government
Portfolio,
Institutional
Class,
2.11%
(a)
$
7,154
7,154
Total
Money
Market
Funds
(Cost $7,154)
7,154
Total
Investments
—
98.66%
(Cost
$45,047,962)
40,240,748
Other
Assets
in
Excess
of
Liabilities
—
1.34%
546,022
NET
ASSETS
-
100.00%
$
40,786,770
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
14
(a)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
September
30,
2022.
AGM
-
Assured
Guaranty
Municipal
Corp.
AMBAC
-
American
Municipal
Bond
Assurance
Corp.
OID
-
Original
Issue
Discount
Spirit
of
America
Income
Fund
Schedule
of
Investments
September
30,
2022
-
(Unaudited)
15
Shares
Market
Value
Common
Stocks
13.59%
Communications
0.46%
Verizon
Communications,
Inc.
10,000
$
379,700
Warner
Bros.
Discovery,
Inc.
(a)
19
219
379,919
Consumer
Staples
1.10%
Philip
Morris
International,
Inc.
11,000
913,110
Energy
7.45%
Chevron
Corp.
8,500
1,221,195
Enbridge,
Inc.
29,763
1,104,207
Kinder
Morgan,
Inc.
40,000
665,600
Phillips
66
8,000
645,760
TC
Energy
Corp.
20,536
827,395
Valero
Energy
Corp.
5,000
534,250
Williams
Companies,
Inc.
(The)
42,500
1,216,775
6,215,182
Financials
0.95%
Blackstone
Group,
Inc.
(The),
Class
A
3,750
313,875
Blackstone
Mortgage
Trust,
Inc.,
Class
A
11,565
269,927
Citigroup,
Inc.
5,000
208,350
792,152
Health
Care
1.99%
AbbVie,
Inc.
11,000
1,476,310
Gilead
Sciences,
Inc.
3,000
185,070
1,661,380
Real
Estate
1.08%
City
Office
REIT,
Inc.
10,000
99,700
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
10,000
299,300
Medical
Properties
Trust,
Inc.
5,000
59,300
Physicians
Realty
Trust
2,000
30,080
Simon
Property
Group,
Inc.
3,000
269,250
Spirit
MTA
REIT
(a)(b)
2,000
–
Spirit
Realty
Capital,
Inc.
4,000
144,640
902,270
Utilities
0.56%
Duke
Energy
Corp.
5,000
465,100
Total
Common
Stocks
(Cost $9,770,245)
11,329,113
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
16
Shares
Market
Value
Preferred
Stocks
19.94%
Financials
13.82%
Affiliated
Managers
Group,
Inc.,
4.20%
10,000
$
171,300
Affiliated
Managers
Group,
Inc.,
4.75%
10,000
186,200
Allstate
Corp.
(The),
Series
I,
4.75%
20,000
391,400
American
Financial
Group,
Inc.,
5.13%
15,000
315,300
American
Financial
Group,
Inc.,
5.63%
20,000
453,200
Athene
Holding
Ltd.,
Series
C,
6.38%
10,000
252,200
Athene
Holding
Ltd.,
Series
D,
4.88%
20,000
370,000
Bank
of
America
Corp.,
Series
HH,
5.88%
8,000
186,960
Bank
of
America
Corp.,
Series
LL,
5.00%
20,000
409,400
Bank
of
America
Corp.,
Series
NN,
4.38%
10,000
182,800
Bank
of
America
Corp.,
Series
PP,
4.13%
16,667
287,006
Bank
of
America
Corp.,
Series
QQ,
4.25%
10,000
173,500
Brighthouse
Financial,
Inc.,
Series
C,
5.38%
20,000
390,000
Capital
One
Financial
Corp.,
Series
J,
4.80%
10,000
183,900
Capital
One
Financial
Corp.,
Series
K,
4.63%
12,334
222,382
CNO
Financial
Group,
Inc.,
5.13%
2,000
39,240
Equitable
Holdings,
Inc.,
Series
C,
4.30%
20,000
335,000
First
Republic
Bank,
Series
J,
4.70%
20,000
385,800
First
Republic
Bank,
Series
K,
4.13%
13,667
235,072
First
Republic
Bank,
Series
L,
4.25%
10,000
178,300
First
Republic
Bank,
Series
N,
4.50%
10,000
185,300
Fulton
Financial
Corp.,
Series
A,
5.13%
6,000
124,680
Huntington
Bancshares,
Inc.,
Series
H,
4.50%
10,000
180,000
JPMorgan
Chase
&
Co.,
Series
EE,
6.00%
20,000
499,600
JPMorgan
Chase
&
Co.,
Series
GG,
4.75%
20,000
421,200
JPMorgan
Chase
&
Co.,
Series
JJ,
4.55%
10,000
190,000
KeyCorp,
Series
G,
5.63%
15,000
345,000
MetLife,
Inc.,
Series
F,
4.75%
25,000
519,500
Morgan
Stanley,
Series
O,
4.25%
10,000
179,700
Northern
Trust
Corp.,
Series
E,
4.70%
18,640
393,677
Prudential
Financial,
Inc.,
4.13%
3,530
70,459
Prudential
Financial,
Inc.,
5.63%
10,000
244,900
Prudential
Financial,
Inc.,
5.95%
10,000
241,500
RenaissanceRE
Holdings
Ltd.,
Series
G,
4.20%
500
8,820
Selective
Insurance
Group,
Inc.,
Series
B,
4.60%
1,000
17,470
State
Street
Corp.,
5.35%
1,000
24,450
Truist
Financial
Corp.,
Series
R,
4.75%
16,334
324,067
U.S.
Bancorp,
Series
L,
3.75%
20,000
321,400
U.S.
Bancorp,
Series
M,
4.00%
10,000
170,100
W.R.
Berkley
Corp.,
5.10%
20,000
425,400
Washington
Federal,
Inc.,
Series
A,
4.88%
10,000
196,900
Wells
Fargo
&
Co.,
Series
AA,
4.70%
20,000
370,600
Wells
Fargo
&
Co.,
Series
CC,
4.38%
20,000
346,800
Wells
Fargo
&
Co.,
Series
Z,
4.75%,
B
20,000
375,600
11,526,083
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
17
Real
Estate
2.41%
Brookfield
Property
Partners
LP,
Series
A,
5.75%,
A
7,500
$
127,500
Diversified
Healthcare
Trust,
5.63%
26,660
315,388
Federal
Realty
Investment
Trust,
Series
C,
5.00%
7,500
156,975
PS
Business
Parks,
Inc.,
5.20%
4,000
59,400
PS
Business
Parks,
Inc.,
5.25%
10,000
149,000
Public
Storage,
Series
I,
4.88%
9,583
204,501
Public
Storage,
Series
L,
4.63%
10,000
201,500
Public
Storage,
Series
M,
4.13%
3,889
70,974
Public
Storage,
Series
N,
3.88%
20,000
324,000
Public
Storage,
Series
S,
4.10%
10,000
174,300
Vornado
Realty
Trust,
5.40%
12,298
227,144
2,010,682
Technology
0.13%
Pitney
Bowes,
Inc.,
6.70%
5,700
105,621
Utilities
3.58%
BIP
Bermuda
Holdings
I
Ltd,
5.125%
10,000
194,700
Brookfield
Infrastructure
Partners
LP,
5.00%
10,000
154,800
Brookfield
Infrastructure
Partners
LP,
5.13%
20,000
335,800
DTE
Energy
Co.,
Series
G,
4.38%
20,000
353,000
Entergy
Arkansas,
Inc.,
4.88%
20,000
468,200
Entergy
Louisiana
LLC,
4.88%
10,000
229,700
Entergy
Mississippi,
Inc.,
4.90%
30,000
699,600
Southern
Co.,
4.95%
21,000
433,440
Southern
Co.,
Series
C,
4.20%
6,000
114,000
2,983,240
Total
Preferred
Stocks
(Cost $21,399,294)
16,625,626
Principal
Amount
Market
Value
Collateralized
Mortgage
Obligations
0.08%
CHL
Mortgage
Pass-Through
Trust,
Series
2005-21,
Class
A27,
5.50%,
10/25/2035
$
17,644
11,261
CHL
Mortgage
Pass-Through
Trust,
Series
2005-21,
Class
A7,
5.50%,
10/25/2035
19,075
12,175
Citicorp
Mortgage
Securities,
Inc.,
Class
1A12,
5.00%,
2/25/2035
42,450
40,349
Total
Collateralized
Mortgage
Obligations
(Cost $58,009)
63,785
Principal
Amount
Market
Value
Corporate
Bonds
9.82%
Bank
of
New
York
Mellon
Corp.
(The),
4.625%,
12/20/2049
500,000
441,979
Bank
of
New
York
Mellon
Corp.
(The),
3.70%,
3/20/2169
100,000
88,438
Entergy
Texas,
Inc.,
5.15%,
6/1/2045
100,000
90,017
Exelon
Generation
Co.
LLC,
5.60%,
6/15/2042
(b)
,(c)
400,000
323,458
Fifth
Third
Bancorp,
8.25%,
3/1/2038
250,000
296,705
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
18
General
Electric
Co.,
6.623%,
12/29/2049
$
765,000
$
718,567
Goldman
Sachs
Group,
Inc.
(The),
6.75%,
10/1/2037
850,000
848,548
Goldman
Sachs
Group,
Inc.
(The),
6.45%,
5/1/2036
500,000
489,989
Hospitality
Properties
Trust,
4.50%,
3/15/2025
500,000
418,826
Kinder
Morgan
Energy
Partners
LP,
6.50%,
2/1/2037
250,000
241,640
MetLife,
Inc.,
9.25%,
4/8/2038
(c)
1,500,000
1,725,361
MetLife,
Inc.,
10.75%,
8/1/2039
1,000,000
1,306,339
PECO
Energy
Capital
Trust
IV,
5.75%,
6/15/2033
1,000,000
936,407
Valero
Energy
Corp.,
8.75%,
6/15/2030
224,000
261,529
Total
Corporate
Bonds
(Cost $8,849,135)
8,187,803
Principal
Amount
Market
Value
Municipal
Bonds
56.08%
Alabama
2.22%
Health
Care
Authority
for
Baptist
Health
(The),
Refunding
Revenue
Bonds
,
5.50%,
11/15/2043
2,000,000
1,854,146
Arizona
0.47%
Arizona
School
Facilities
Board,
School
Improvements,
Certificates
of
Participation
,
6.00%,
9/1/2027
225,000
234,190
Phoenix
Arizona
Civic
Improvement
Corp.
Excise
Tax
Revenue,
Revenue
Bonds
,
Callable
7/1/2030
@
100,
2.70%,
7/1/2045
250,000
158,763
392,953
California
5.31%
Alhambra
Unified
School
District,
University
&
College
Improvements,
General
Obligation
Unlimited
,
6.70%,
2/1/2026
465,000
486,771
California
State
University,
Revenue
Bonds
Series
2020
B
,
Callable
5/1/2030
@
100,
3.07%,
11/1/2042
50,000
36,830
City
&
County
of
San
Francisco,
CA,
General
Obligation
Unlimited
,
6.26%,
6/15/2030
450,000
490,840
County
of
San
Bernardino,
CA,
Refunding
Revenue
Bonds
,
6.02%,
8/1/2023
45,000
45,539
Peralta
Community
College
District,
Refunding
Revenue
Bonds
,
6.91%,
8/1/2025
500,000
518,644
Peralta
Community
College
District,
Refunding
Revenue
Bonds
,
7.31%,
8/1/2031
310,000
332,220
San
Bernardino
City
Unified
School
District,
School
Improvements,
Certificates
of
Participation,
(AGM)
(OID)
,
8.05%,
2/1/2023
1,000,000
1,010,998
San
Bernardino
City
Unified
School
District,
School
Improvements,
Certificates
of
Participation,
(AGM)
(OID)
,
8.25%,
2/1/2026
500,000
541,548
University
of
California
Revenues,
Revenue
Bonds
,
4.13%,
5/15/2045
530,000
465,445
University
of
California
Revenues,
Revenue
Bonds
,
Callable
5/15/2030
@
100,
6.30%,
5/15/2050
260,000
273,786
University
of
California,
University
&
College
Improvements,
Refunding
Revenue
Bonds
,
3.66%,
5/15/2027
250,000
237,144
4,439,765
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
19
Colorado
0.69%
Colorado
Mesa
University,
University
&
College
Improvements,
Build
America
Revenue
Bonds,
(State
Higher
Education
Intercept
Program)
,
6.75%,
5/15/2042
$
500,000
$
573,188
Connecticut
0.35%
State
of
Connecticut,
General
Obligation
Unlimited
,
5.85%,
3/15/2032
280,000
295,109
Florida
4.07%
City
of
Miami
Gardens,
FL,
Public
Improvements,
Build
America
Bonds,
Certificates
of
Participation
,
7.17%,
6/1/2026
875,000
914,532
City
of
Tallahassee,
FL,
Utility
System
Revenue,
Build
America
Revenue
Bonds
,
5.22%,
10/1/2040
300,000
301,000
County
of
Miami-Dade,
FL
Transit
System,
Transit
Improvements,
Build
America
Revenue
Bonds
,
5.53%,
7/1/2032
500,000
509,435
County
of
Miami-Dade,
FL,
Port,
Airport
&
Marina
Improvements,
Build
America
Revenue
Bonds,
(AGM)
(OID)
,
7.50%,
4/1/2040
1,000,000
1,206,295
County
of
Miami-Dade,
FL,
Recreational
Facility
Improvements,
Revenue
Bonds,
(AGM)
,
7.08%,
10/1/2029
250,000
281,801
Town
of
Miami
Lakes,
FL,
Public
Improvements,
Build
America
Revenue
Bonds
,
7.59%,
12/1/2030
150,000
171,594
3,384,657
Georgia
3.00%
Cobb
Marietta
Georgia
Coliseum,
Revenue
Bonds
,
Callable
1/1/2026
@
100,
4.50%,
1/1/2047
100,000
92,924
Municipal
Electric
Authority
of
Georgia,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
7.06%,
4/1/2057
1,422,000
1,474,167
State
of
Georgia,
Public
Improvements,
General
Obligation
Unlimited
,
Callable
2/1/2024
@
100,
3.84%,
2/1/2032
1,000,000
936,573
2,503,664
Hawaii
0.55%
State
of
Hawaii,
General
Obligation
Unlimited
,
Callable
10/1/2025
@
100,
4.05%,
10/1/2032
495,000
461,596
Idaho
0.48%
Idaho
Water
Resource
Board,
Water
Utility
Improvements,
Revenue
Bonds,
(OID)
,
5.25%,
9/1/2024
400,000
400,124
Illinois
2.25%
City
of
Chicago,
IL
Waterworks
Revenue,
Water
Utility
Improvements,
Build
America
Revenue
Bonds
,
6.74%,
11/1/2040
250,000
271,061
Village
of
Glenwood,
IL,
Public
Improvements,
Build
America
Bonds,
General
Obligation
Unlimited,
(AGM)
,
7.03%,
12/1/2028
1,500,000
1,600,488
1,871,549
Indiana
2.27%
Anderson
School
Building
Corp.,
Refunding
Bonds,
General
Obligation
Limited
,
Callable
7/5/2023
@
100,
3.95%,
7/5/2029
1,000,000
944,818
Anderson
School
Building
Corp.,
Refunding
Bonds,
General
Obligation
Limited,
(OID)
,
Callable
7/5/2023
@
100,
3.75%,
7/5/2028
1,000,000
947,380
1,892,198
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
20
Kansas
0.28%
Wyandotte
County
Unified
School
District
No.
500
Kansas
City,
General
Obligation
Unlimited
Series
2020
B
,
Callable
9/1/2030
@
100,
3.17%,
9/1/2046
$
330,000
$
233,706
Kentucky
0.48%
Kentucky
State
Property
&
Building
Commission,
Economic
Improvements,
University
&
College
Improvements,
Build
America
Revenue
Bonds
,
5.37%,
11/1/2025
400,000
399,828
Louisiana
0.09%
East
Baton
Rouge
Parish,
LA
Sewerage
Commission,
Revenue
Refunding
Bonds
Series
2020
B
,
2.44%,
2/1/2039
100,000
71,069
Massachusetts
0.50%
City
of
Worcester,
MA,
Pension
Funding,
General
Obligation
Limited,
(AGM)
(OID)
,
6.25%,
1/1/2028
125,000
128,832
Massachusetts
Health
&
Educational
Facilities
Authority,
Refunding
Revenue
Bonds
,
6.43%,
10/1/2035
250,000
272,885
University
of
Massachusetts
Building
Authority,
University
&
College
Improvements,
Build
America
Revenue
Bonds
,
6.57%,
5/1/2039
15,000
15,015
416,732
Michigan
1.03%
Comstock
Park
Public
Schools,
School
Improvements,
General
Obligation
Unlimited
,
6.20%,
5/1/2024
200,000
200,245
Michigan
Finance
Authority,
School
Improvements,
Revenue
Bonds
,
6.38%,
11/1/2025
500,000
500,510
Onsted
Community
Schools,
School
Improvements,
General
Obligation
Unlimited
,
5.90%,
5/1/2027
150,000
150,124
St
Johns
Public
Schools,
General
Obligation
Unlimited
,
6.65%,
5/1/2040
5,000
5,011
855,890
Mississippi
0.86%
Mississippi
Development
Bank,
Highway
Improvements,
Build
America
Revenue
Bonds
,
6.59%,
1/1/2035
650,000
718,702
Missouri
3.89%
City
of
Kansas
City,
MO,
Revenue
Bonds
,
7.83%,
4/1/2040
2,295,000
2,662,852
Missouri
Joint
Municipal
Electric
Utility
Commission,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
7.73%,
1/1/2039
475,000
579,444
3,242,296
Nebraska
0.24%
Nebraska
Public
Power
District,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
5.32%,
1/1/2030
200,000
203,401
Nevada
1.27%
County
of
Washoe,
NV,
Public
Improvements,
Build
America
Revenue
Bonds
,
7.97%,
2/1/2040
590,000
729,883
County
of
Washoe,
NV,
Public
Improvements,
Build
America
Revenue
Bonds
,
7.88%,
2/1/2040
250,000
323,257
1,053,140
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
21
New
Jersey
2.69%
New
Jersey
Educational
Facilities
Authority,
University
&
College
Improvements,
Build
America
Revenue
Bonds
,
6.19%,
7/1/2040
$
500,000
$
470,473
Township
of
Brick,
NJ,
General
Obligation
Unlimited
,
3.75%,
9/1/2028
1,780,000
1,773,491
2,243,964
New
York
4.75%
City
of
New
York,
NY,
Public
Improvements,
Build
America
Bonds,
General
Obligation
Unlimited
,
5.70%,
3/1/2027
145,000
148,763
City
of
New
York,
NY,
Public
Improvements,
Build
America
Bonds,
General
Obligation
Unlimited
,
5.21%,
10/1/2031
100,000
100,036
County
of
Nassau,
NY,
Public
Improvements,
Build
America
Bonds,
General
Obligation
Unlimited
,
5.38%,
10/1/2024
500,000
504,214
Long
Island
Power
Authority,
Revenue
Bonds,
(OID)
,
5.85%,
5/1/2041
195,000
206,614
Metropolitan
Transportation
Authority,
Revenue
Bonds
,
5.87%,
11/15/2039
200,000
200,672
Metropolitan
Transportation
Authority,
Transit
Improvements,
Build
America
Revenue
Bonds
,
6.59%,
11/15/2030
145,000
148,772
Metropolitan
Transportation
Authority,
Transit
Improvements,
Build
America
Revenue
Bonds
,
5.99%,
11/15/2030
125,000
130,142
Metropolitan
Transportation
Authority,
Transit
Improvements,
Build
America
Revenue
Bonds
,
6.20%,
11/15/2026
125,000
126,182
New
York
City
Industrial
Development
Agency,
Recreational
Facilities
Improvements
Revenue
Bonds,
(NATL-RE)
,
5.90%,
3/1/2046
580,000
568,251
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
566,531
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
Public
Improvements,
Build
America
Revenue
Bonds
,
5.47%,
5/1/2036
815,000
828,039
Port
Authority
of
New
York
&
New
Jersey,
Port,
Airport
&
Marina
Improvements,
Revenue
Bonds
,
3.92%,
10/15/2028
115,000
108,579
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
Callable
11/15/2033
@
100,
5.55%,
11/15/2040
150,000
153,342
Western
Nassau
County
Water
Authority,
Build
America
Revenue
Bonds
,
6.70%,
4/1/2040
150,000
167,142
3,957,279
North
Carolina
0.28%
County
of
Cabarrus,
NC,
School
Improvements,
Revenue
Bonds
,
5.50%,
4/1/2026
235,000
235,708
Ohio
3.24%
American
Municipal
Power,
Inc.,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
7.50%,
2/15/2050
500,000
604,475
American
Municipal
Power,
Inc.,
Revenue
Bonds
,
6.27%,
2/15/2050
480,000
511,618
Cincinnati
City
School
District,
Refunding
Bonds,
Certificates
of
Participation,
(OID)
,
Callable
12/15/2024
@
100,
4.00%,
12/15/2032
200,000
185,566
County
of
Cuyahoga,
OH,
Hospital
Improvements,
Build
America
Revenue
Bonds
,
8.22%,
2/15/2040
1,000,000
1,203,151
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
22
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
$
200,201
2,705,011
Pennsylvania
3.02%
Pennsylvania
Turnpike
Commission
Turnpike
Revenue,
Revenue
Bonds
,
Callable
12/1/2029
@
100,
3.58%,
12/1/2043
390,000
305,155
Pennsylvania
Turnpike
Commission,
Build
America
Revenue
Bonds
,
6.38%,
12/1/2037
520,000
572,974
Philadelphia
Authority
for
Industrial
Development,
Pension
Funding,
Revenue
Bonds,
(AGM)
(OID)
,
6.35%,
4/15/2028
130,000
135,859
Philadelphia
Municipal
Authority,
Public
Improvements,
Revenue
Bonds
,
5.09%,
3/15/2028
500,000
485,715
Sports
&
Exhibition
Authority
of
Pittsburgh
and
Allegheny
County,
Recreational
Facilities
Improvements,
Revenue
Bonds
,
7.04%,
11/1/2039
1,000,000
1,016,499
2,516,202
Rhode
Island
0.42%
Narragansett
Bay
Commission,
Revenue
Bonds
Series
2020A
,
Callable
9/1/2030
@
100,
2.92%,
9/1/2043
500,000
349,978
Texas
1.55%
Frisco
Economic
Development
Corp.,
Public
Improvements,
Revenue
Bonds
,
4.20%,
2/15/2034
1,000,000
941,369
Grand
Parkway
Transportation
Corp.,
Revenue
Bonds
Series
2020
B
,
Callable
4/1/2030
@
100,
3.24%,
10/1/2052
100,000
69,976
Midland
County
Hospital
District,
Health,
Hospital
&
Nursing
Home
Improvements,
Build
America
Bonds,
General
Obligation
Limited
,
6.44%,
5/15/2039
260,000
285,616
1,296,961
Virgin
Islands
2.33%
Virgin
Islands
Water
&
Power
Authority-
Electric
System,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds,
(AGM)
,
6.85%,
7/1/2035
1,000,000
1,067,604
Virgin
Islands
Water
&
Power
Authority-
Electric
System,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds,
(AGM)
,
6.65%,
7/1/2028
840,000
871,553
1,939,157
Virginia
5.80%
Tobacco
Settlement
Financing
Corp.,
Refunding
Revenue
Bonds,
(OID)
,
Callable
6/1/2025
@
100,
6.71%,
6/1/2046
5,540,000
4,833,764
Washington
1.60%
City
of
Seattle,
WA,
Municipal
Light
&
Power
Revenue,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds,
(OID)
,
5.57%,
2/1/2040
250,000
259,078
Douglas
County
Public
Utility
District
No.
1,
Electric
Lights
&
Power
Improvements,
Revenue
Bonds
,
5.35%,
9/1/2030
250,000
254,069
Public
Utility
District
No.
1
of
Cowlitz
County,
WA,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
6.88%,
9/1/2032
500,000
558,494
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
23
Snohomish
County
Public
Utility
District
No.
1,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds,
(OID)
,
5.68%,
12/1/2040
$
250,000
$
258,416
1,330,057
Wisconsin
0.10%
State
of
Wisconsin,
General
Obligation
Unlimited
,
2.35%,
5/1/2031
100,000
83,579
Total
Municipal
Bonds
(Cost $47,941,249)
46,755,373
Total
Investments
—
99.51%
(Cost
$88,017,932)
82,961,700
Other
Assets
in
Excess
of
Liabilities
—
0.49%
408,103
NET
ASSETS
-
100.00%
$
83,369,803
(a)
Non-income
producing
security.
(b)
Security
is
currently
being
valued
according
to
the
fair
value
procedures
approved
by
the
Board
of
Directors.
(c)
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.
AGM
-
Assured
Guaranty
Municipal
Corp.
OID
-
Original
Issue
Discount
Spirit
of
America
Income
&
Opportunity
Fund
Schedule
of
Investments
September
30,
2022
-
(Unaudited)
24
Shares
Market
Value
Common
Stocks
43.96%
Communications
6.36%
Alphabet,
Inc.,
Class
A
(a)
5,000
$
478,250
Alphabet,
Inc.,
Class
C
(a)
3,800
365,370
Uber
Technologies,
Inc.
(a)
4,000
106,000
Verizon
Communications,
Inc.
5,000
189,850
Walt
Disney
Co.
(The)
(a)
1,000
94,330
1,233,800
Consumer
Discretionary
4.52%
Amazon.com,
Inc.
(a)
3,500
395,500
Home
Depot,
Inc.
(The)
1,000
275,940
Lennar
Corp.,
Class
A
2,800
208,740
880,180
Energy
6.04%
Cheniere
Energy
Partners
LP
2,300
122,728
Energy
Transfer
LP
15,000
165,450
Enterprise
Products
Partners
LP
10,000
237,800
Kinder
Morgan,
Inc.
7,500
124,800
Magellan
Midstream
Partners
LP
2,000
95,020
MPLX
LP
8,850
265,588
Viper
Energy
Partners
LP
3,200
91,712
Williams
Companies,
Inc.
(The)
2,500
71,575
1,174,673
Financials
4.99%
Blackstone
Group,
Inc.
(The),
Class
A
5,500
460,350
Blackstone
Mortgage
Trust,
Inc.,
Class
A
3,207
74,851
Citigroup,
Inc.
3,500
145,845
Fifth
Third
Bancorp
3,400
108,664
JPMorgan
Chase
&
Co.
1,000
104,500
Starwood
Property
Trust,
Inc.
4,175
76,068
970,278
Health
Care
2.76%
AbbVie,
Inc.
4,000
536,840
Industrials
3.04%
Caterpillar,
Inc.
700
114,856
Deere
&
Co.
1,150
383,974
Honeywell
International,
Inc.
550
91,834
590,664
Materials
0.23%
Dow,
Inc.
1,000
43,930
Real
Estate
Investment
Trusts
(REITs)
4.30%
Prologis,
Inc.
3,000
304,800
Spirit
of
America
Income
&
Opportunity
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
25
Sun
Communities,
Inc.
714
$
96,626
Terreno
Realty
Corp.
5,000
264,950
Welltower,
Inc.
1,160
74,611
WP
Carey,
Inc.
1,340
93,532
834,519
Technology
10.73%
Apple,
Inc.
3,250
449,150
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
350
57,683
MasterCard,
Inc.,
Class
A
200
56,868
Microsoft
Corp.
2,000
465,800
NVIDIA
Corp.
8,180
992,970
Visa,
Inc.,
Class
A
350
62,178
2,084,649
Utilities
0.99%
American
Electric
Power
Co.,
Inc.
1,155
99,850
Duke
Energy
Corp.
1,000
93,020
192,870
Total
Common
Stocks
(Cost $6,527,482)
8,542,403
Shares
Market
Value
Exchange-Traded
Funds
0.89%
ProShares
Short
S&P
500
ETF
(a)
10,000
172,800
Total
Exchange-Traded
Funds
(Cost $152,650)
172,800
Shares
Market
Value
Preferred
Stocks
11.75%
Financials
7.04%
Affiliated
Managers
Group,
Inc.,
4.20%
5,000
85,650
Arch
Capital
Group
Ltd.,
Series
G,
4.55%
5,000
93,800
Bank
of
America
Corp.,
Series
QQ,
4.25%
5,000
86,750
Bank
of
America
Corp.,
Series
SS,
4.75%
5,000
98,000
Brighthouse
Financial,
Inc.
Series
D,
4.63%
6,000
101,400
Capital
One
Financial
Corp.,
Series
K,
4.63%
6,166
111,173
First
Republic
Bank,
Series
K,
4.13%
1,333
22,928
Globe
Life,
Inc.,
4.25%
1,000
17,220
JPMorgan
Chase
&
Co.,
Series
JJ,
4.55%
5,000
95,000
JPMorgan
Chase
&
Co.,
Series
LL
4.63%
6,000
116,880
Morgan
Stanley,
Series
O,
4.25%
5,000
89,850
Prudential
Financial,
Inc.,
4.13%
1,765
35,229
RenaissanceRE
Holdings
Ltd.,
Series
G,
4.20%
350
6,174
Truist
Financial
Corp.,
Series
R,
4.75%
8,166
162,013
U.S.
Bancorp,
Series
L,
3.75%
10,000
160,700
Wells
Fargo
&
Co.,
Series
DD,
4.25%
5,000
85,950
1,368,717
Spirit
of
America
Income
&
Opportunity
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
26
Real
Estate
2.23%
Hudson
Pacific
Properties
Inc.,
Series
C,
4.75%
6,000
$
100,140
Public
Storage,
5.05%
5,000
108,000
Public
Storage,
Series
M,
4.13%
1,944
35,478
Public
Storage,
Series
R,
4.00%
6,000
101,760
Public
Storage,
Series
S,
4.10%
5,000
87,150
432,528
Utilities
2.48%
Brookfield
Infrastructure
Partners
LP,
5.13%
10,000
167,900
Southern
Co.,
5.25%
14,000
314,160
482,060
Total
Preferred
Stocks
(Cost $3,093,922)
2,283,305
Principal
Amount
Market
Value
Corporate
Bonds
2.27%
Apple,
Inc.,
2.2%,
9/11/2029
$
250,000
213,253
Microsoft
Corp.,
3.3%,
2/6/2027
240,000
228,670
Total
Corporate
Bonds
(Cost $498,610)
441,923
Principal
Amount
Market
Value
Municipal
Bonds
42.28%
Arizona
3.09%
City
of
Tucson,
AZ,
Certificates
of
Participation,
(AGM)
,
4.83%,
7/1/2034
620,000
600,648
California
5.00%
California
State
University,
Revenue
Bonds
Series
2020
B
,
Callable
5/1/2030
@
100,
3.07%,
11/1/2042
50,000
36,830
City
of
Newport
Beach,
CA,
Public
Improvements,
Certificates
of
Participation
,
7.17%,
7/1/2040
800,000
934,788
971,618
Florida
4.92%
Pasco
County
School
Board,
School
Improvements,
Certificates
of
Participation
,
5.00%,
12/1/2037
1,000,000
955,365
Kansas
5.50%
Kansas
Development
Finance
Authority,
Revenue
Bonds
,
4.73%,
4/15/2037
1,000,000
947,528
Wyandotte
County
Unified
School
District
No.
500
Kansas
City,
General
Obligation
Unlimited
Series
2020
B
,
Callable
9/1/2030
@
100,
3.17%,
9/1/2046
170,000
120,394
1,067,922
Nevada
0.64%
County
of
Washoe,
NV,
Public
&
Highway
Improvements,
Build
America
Revenue
Bonds
,
7.97%,
2/1/2040
100,000
123,709
Spirit
of
America
Income
&
Opportunity
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
27
New
York
3.78%
New
York
City
Transitional
Finance
Authority
Building
Aid
Revenue,
School
Improvements,
Miscellaneous
Purposes
Revenue
Bonds
,
5.00%,
7/15/2030
$
300,000
$
298,563
New
York
State
Dormitory
Authority,
Revenue
Bonds
,
Callable
7/1/2026
@
100,
3.88%,
7/1/2046
250,000
201,649
Port
Authority
of
New
York
&
New
Jersey
,
Callable
6/1/2025
@
100,
4.82%,
6/1/2045
250,000
233,729
733,941
Ohio
6.90%
American
Municipal
Power,
Inc.,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
7.83%,
2/15/2041
1,000,000
1,236,135
American
Municipal
Power,
Inc.,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
5.94%,
2/15/2047
100,000
104,727
1,340,862
Pennsylvania
5.22%
City
of
Reading,
PA,
General
Obligation
Unlimited,
(AGM)
(OID)
,
Callable
11/1/2024
@
100,
5.30%,
11/1/2033
1,000,000
1,015,370
Rhode
Island
1.80%
Narragansett
Bay
Commission,
Revenue
Bonds
Series
2020A
,
Callable
9/1/2030
@
100,
2.92%,
9/1/2043
500,000
349,979
Tennessee
3.42%
Metropolitan
Government
of
Nashville
&
Davidson
County
Convention
Center
Authority,
Public
Improvements,
Revenue
Bonds
,
7.43%,
7/1/2043
500,000
570,920
Metropolitan
Government
of
Nashville
&
Davidson
County,
General
Obligation
Unlimited
,
3.49%,
7/1/2029
100,000
92,751
663,671
Texas
2.01%
Grand
Parkway
Transportation
Corp.,
Revenue
Bonds
Series
2020
B
,
Callable
4/1/2030
@
100,
3.24%,
10/1/2052
50,000
34,988
Texas
Transportation
Commission,
General
Obligation
Unlimited
,
Callable
4/1/2030
@
100,
2.56%,
4/1/2042
500,000
356,768
391,756
Total
Municipal
Bonds
(Cost $8,918,878)
8,214,841
Total
Investments
—
101.15%
(Cost
$19,191,542)
19,655,272
Liabilities
in
Excess
of
Other
Assets
—
(1.15)%
(223,723)
NET
ASSETS
-
100.00%
$
19,431,549
(a)
Non-income
producing
security.
AGM
-
Assured
Guaranty
Municipal
Corp.
OID
-
Original
Issue
Discount
Spirit
of
America
Real
Estate
Income
and
Growth
Fund
Schedule
of
Investments
September
30,
2022
-
(Unaudited)
28
Shares
Market
Value
Common
Stocks
97.01%
Data
Center
REITs
7.45%
Digital
Realty
Trust,
Inc.
30,131
$
2,988,393
Equinix,
Inc.
7,010
3,987,568
6,975,961
Energy
2.46%
Black
Stone
Minerals
LP
18,000
281,700
Cheniere
Energy
Partners
LP
13,000
693,680
Energy
Transfer
LP
42,500
468,775
Enterprise
Products
Partners
LP
7,000
166,460
Magellan
Midstream
Partners
LP
600
28,506
MPLX
LP
7,000
210,070
Targa
Resources
Corp.
4,600
277,564
Viper
Energy
Partners
LP
6,000
171,960
2,298,715
Financials
0.30%
Blackstone
Group,
Inc.
(The),
Class
A
3,300
276,210
Gaming
REITs
4.57%
Gaming
and
Leisure
Properties,
Inc.
33,885
1,499,072
VICI
Properties,
Inc.
93,297
2,784,916
4,283,988
Health
Care
REITs
4.05%
Global
Medical
REIT,
Inc.
15,000
127,800
Healthcare
Realty
Trust,
Inc.
10,000
208,500
Healthpeak
Properties,
Inc.
39,568
906,899
Medical
Properties
Trust,
Inc.
29,500
349,870
Omega
Healthcare
Investors,
Inc.
11,000
324,390
Physicians
Realty
Trust
16,350
245,904
Ventas,
Inc.
6,050
243,028
Welltower,
Inc.
21,475
1,381,272
3,787,663
Hotel
REITs
2.41%
Apple
Hospitality
REIT,
Inc.
42,710
600,503
Host
Hotels
&
Resorts,
Inc.
45,900
728,892
Park
Hotels
&
Resorts,
Inc.
9,250
104,155
Pebblebrook
Hotel
Trust
42,281
613,497
Summit
Hotel
Properties,
Inc.
9,000
60,480
Sunstone
Hotel
Investors,
Inc.
15,700
147,894
2,255,421
Industrial
REITs
16.59%
Americold
Realty
Trust
5,700
140,220
Duke
Realty
Corp.
5,750
277,150
Innovative
Industrial
Properties,
Inc.
21,200
1,876,200
Spirit
of
America
Real
Estate
Income
and
Growth
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
29
Industrial
REITs
(cont.)
Prologis,
Inc.
88,470
$
8,988,552
Rexford
Industrial
Realty,
Inc.
14,000
728,000
STAG
Industrial,
Inc.
45,950
1,306,359
Terreno
Realty
Corp.
41,900
2,220,281
15,536,762
Infrastructure
REITs
3.91%
American
Tower
Corp.,
Class
A
7,960
1,709,012
Crown
Castle
International
Corp.
13,530
1,955,761
3,664,773
Midstream
-
Oil
&
Gas
0.31%
Hess
Midstream
LP,
Class
A
1,000
25,520
Plains
All
American
Pipeline
LP
11,000
115,720
Plains
GP
Holdings
LP,
Class
A
(a)
5,000
54,550
Western
Midstream
Partners
LP
3,750
94,350
290,140
Mortgage
Finance
1.25%
Blackstone
Mortgage
Trust,
Inc.,
Class
A
27,700
646,518
Starwood
Property
Trust,
Inc.
29,000
528,380
1,174,898
Multi
Asset
Class
REITs
2.70%
Gladstone
Commercial
Corp.
22,500
348,750
Lexington
Realty
Trust
2,700
24,732
One
Liberty
Properties,
Inc.
2,500
52,550
WP
Carey,
Inc.
30,150
2,104,470
2,530,502
Office
REITs
4.38%
Alexandria
Real
Estate
Equities,
Inc.
14,150
1,983,688
American
Assets
Trust,
Inc.
3,500
90,020
Boston
Properties,
Inc.
9,915
743,328
City
Office
REIT,
Inc.
54,308
541,451
Cousins
Properties,
Inc.
1,000
23,350
Hudson
Pacific
Properties,
Inc.
31,250
342,187
Kilroy
Realty
Corp.
9,015
379,622
4,103,646
Residential
REITs
22.74%
American
Homes
4
Rent,
Class
A
15,050
493,790
Apartment
Income
REIT
Corp.
25,902
1,000,335
AvalonBay
Communities,
Inc.
16,790
3,092,550
Camden
Property
Trust
13,800
1,648,410
Equity
LifeStyle
Properties,
Inc.
35,150
2,208,826
Equity
Residential
30,715
2,064,662
Essex
Property
Trust,
Inc.
7,936
1,922,337
Invitation
Homes,
Inc.
2,000
67,540
Mid-America
Apartment
Communities,
Inc.
18,322
2,841,193
Spirit
of
America
Real
Estate
Income
and
Growth
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
30
Residential
REITs
(cont.)
Sun
Communities,
Inc.
28,250
$
3,823,073
UDR,
Inc.
47,100
1,964,541
UMH
Properties,
Inc.
10,500
169,575
21,296,832
Retail
REITs
11.20%
Agree
Realty
Corp.
8,250
557,535
Brixmor
Property
Group,
Inc.
50,475
932,273
Federal
Realty
Investment
Trust
13,700
1,234,644
Four
Corners
Property
Trust,
Inc.
5,000
120,950
Getty
Realty
Corp.
1,000
26,890
Kimco
Realty
Corp.
29,569
544,366
National
Retail
Properties,
Inc.
17,750
707,515
Realty
Income
Corp.
31,485
1,832,427
Regency
Centers
Corp.
30,000
1,615,500
Simon
Property
Group,
Inc.
27,600
2,477,100
Spirit
MTA
REIT
(a)(b)
1,140
–
STORE
Capital
Corp.
3,000
93,990
Tanger
Factory
Outlet
Centers,
Inc.
25,100
343,368
10,486,558
Self-Storage
REITs
9.25%
CubeSmart
20,750
831,245
Extra
Space
Storage,
Inc.
13,395
2,313,450
Life
Storage,
Inc.
25,850
2,863,146
Public
Storage
9,075
2,657,251
8,665,092
Specialty
REITs
1.21%
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
4,717
141,180
Iron
Mountain,
Inc.
22,500
989,325
1,130,505
Timber
REITs
0.10%
Weyerhaeuser
Co.
3,300
94,248
Wireline
Telecommunications
2.13%
Switch,
Inc.,
Class
A
59,100
1,991,079
Total
Common
Stocks
(Cost $81,239,159)
90,842,993
Shares
Market
Value
Preferred
Stocks
2.27%
Data
Center
REITs
0.09%
Digital
Realty
Trust,
Inc.,
Series
J,
5.25%
4,000
85,920
Hotel
REITs
1.07%
Ashford
Hospitality
Trust,
Inc.,
Series
F,
7.38%
6,000
92,400
Spirit
of
America
Real
Estate
Income
and
Growth
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
31
Hotel
REITs
(cont.)
Hersha
Hospitality
Trust,
Series
D,
6.50%
5,000
$
93,550
Hersha
Hospitality
Trust,
Series
E,
6.50%
5,000
96,300
Pebblebrook
Hotel
Trust,
Series
F,
6.30%
2,500
47,350
Pebblebrook
Hotel
Trust,
Series
G,
6.38%
4,000
74,800
Pebblebrook
Hotel
Trust,
Series
H,
6.38%
6,000
101,100
Sotherly
Hotels,
Inc.,
Series
B,
8.00%
6,000
124,740
Sotherly
Hotels,
Inc.,
Series
C,
7.88%
2,000
42,300
Summit
Hotel
Properties,
Inc.,
Series
F,
5.88%
10,000
180,800
Sunstone
Hotel
Investors,
Inc.,
Series
H,
6.13%
4,000
81,000
Sunstone
Hotel
Investors,
Inc.,
Series
I,
5.70%
4,000
74,160
1,008,500
Mortgage
Finance
0.03%
New
York
Mortgage
Trust
Inc.,
Series
G,
7.00%
2,000
30,600
Multi
Asset
Class
REITs
0.05%
Vornado
Realty
Trust,
Series
M,
5.25%
2,500
43,575
Office
REITs
0.07%
Hudson
Pacific
Properties
Inc.,
Series
C,
4.75%
4,000
66,760
Residential
REITs
0.13%
American
Homes
4
Rent,
Series
G,
5.88%
2,000
45,000
Bluerock
Residential
Growth
REIT,
Inc.,
Series
A,
7.13%
3,000
74,880
119,880
Retail
REITs
0.20%
CTO
Realty
Growth,
Inc.,
Series
A,
6.38%
2,000
43,920
Federal
Realty
Investment
Trust,
Series
C,
5.00%
6,500
136,045
179,965
Self-Storage
REITs
0.63%
Public
Storage,
Series
I,
4.88%
1,917
40,909
Public
Storage,
Series
K,
4.75%
4,000
80,560
Public
Storage,
Series
L,
4.63%
2,000
40,300
Public
Storage,
Series
M,
4.13%
1,167
21,297
Public
Storage,
Series
N,
3.88%
4,000
64,800
Public
Storage,
Series
P,
4.00%
2,000
34,140
Public
Storage,
Series
Q,
3.95%
4,000
65,880
Public
Storage,
Series
R,
4.00%
4,000
67,840
Public
Storage,
Series
S,
4.10%
10,000
174,300
590,026
Total
Preferred
Stocks
(Cost $2,818,838)
2,125,226
Spirit
of
America
Real
Estate
Income
and
Growth
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
32
Self-Storage
REITs
(cont.)
Principal
Amount
Market
Value
Municipal
Bonds
0.16%
Franklin
County
Convention
Facilities
Authority,
Revenue
Bonds
,
6.54%,
12/1/2036
$
140,000
$
152,804
Total
Municipal
Bonds
(Cost $160,347)
152,804
Shares
Market
Value
Money
Market
Funds
0.18%
Morgan
Stanley
Institutional
Liquidity
Funds
Government
Portfolio,
Institutional
Class,
2.11%
(c)
169,674
169,674
Total
Money
Market
Funds
(Cost $169,674)
169,674
Total
Investments
—
99.62%
(Cost
$84,388,018)
93,290,697
Other
Assets
in
Excess
of
Liabilities
—
0.38%
356,341
NET
ASSETS
-
100.00%
$
93,647,038
(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,
2022.