Spirit
of
America
Real
Estate
Income
and
Growth
Fund
Schedule
of
Investments
September
30,
2023
(Unaudited)
1
Common
Stocks
96.46%
Shares
Market
Value
Data
Center
REITs
10.70%
Digital
Realty
Trust,
Inc.
25,381
$
3,071,609
Equinix,
Inc.
6,420
4,662,589
7,734,198
Energy
1.76%
Black
Stone
Minerals
LP
7,000
120,610
Cheniere
Energy
Partners
LP
4,363
236,431
Energy
Transfer
LP
32,500
455,975
Enterprise
Products
Partners
LP
7,000
191,590
MPLX
LP
7,500
266,775
1,271,381
Gaming
REITs
5.94%
Gaming
and
Leisure
Properties,
Inc.
33,385
1,520,687
VICI
Properties,
Inc.
95,297
2,773,143
4,293,830
Health
Care
REITs
4.54%
Global
Medical
REIT,
Inc.
15,000
134,550
Healthcare
Realty
Trust,
Inc.
10,000
152,700
Healthpeak
Properties,
Inc.
14,568
267,468
Omega
Healthcare
Investors,
Inc.
11,000
364,760
Physicians
Realty
Trust
9,350
113,977
Ventas,
Inc.
6,050
254,887
Welltower,
Inc.
24,325
1,992,704
3,281,046
Hotel
REITs
3.27%
Apple
Hospitality
REIT,
Inc.
45,210
693,521
Host
Hotels
&
Resorts,
Inc.
48,900
785,823
Park
Hotels
&
Resorts,
Inc.
9,250
113,960
Pebblebrook
Hotel
Trust
42,281
574,599
Summit
Hotel
Properties,
Inc.
9,000
52,200
Sunstone
Hotel
Investors,
Inc.
15,700
146,795
2,366,898
Industrial
REITs
19.40%
Americold
Realty
Trust
4,700
142,927
Plymouth
Industrial
REIT
Inc.
1,500
31,425
Prologis,
Inc.
79,751
8,948,860
Rexford
Industrial
Realty,
Inc.
19,000
937,650
STAG
Industrial,
Inc.
45,950
1,585,734
Terreno
Realty
Corp.
41,900
2,379,920
14,026,516
Infrastructure
REITs
1.41%
American
Tower
Corp.,
Class
A
3,060
503,217
Spirit
of
America
Real
Estate
Income
and
Growth
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
2
Common
Stocks
96.46%
(continued)
Shares
Market
Value
Infrastructure
REITs
1.41%
(continued)
Crown
Castle
International
Corp.
5,630
$
518,129
1,021,346
Midstream
-
Oil
&
Gas
0.39%
Plains
All
American
Pipeline
LP
10,000
153,200
Plains
GP
Holdings
LP,
Class
A
(a)
5,000
80,600
Western
Midstream
Partners
LP
1,750
47,652
281,452
Mortgage
Finance
0.80%
Blackstone
Mortgage
Trust,
Inc.,
Class
A
13,200
287,100
Starwood
Property
Trust,
Inc.
15,000
290,250
577,350
Multi
Asset
Class
REITs
2.26%
Lexington
Realty
Trust
2,700
24,030
One
Liberty
Properties,
Inc.
2,500
47,175
WP
Carey,
Inc.
28,950
1,565,616
1,636,821
Office
REITs
1.72%
Alexandria
Real
Estate
Equities,
Inc.
7,200
720,720
Boston
Properties,
Inc.
6,215
369,668
Cousins
Properties,
Inc.
1,000
20,370
Kilroy
Realty
Corp.
4,265
134,817
1,245,575
Residential
REITs
21.04%
American
Homes
4
Rent,
Class
A
18,050
608,104
Apartment
Income
REIT
Corp.
25,902
795,191
AvalonBay
Communities,
Inc.
15,390
2,643,079
Camden
Property
Trust
13,200
1,248,456
Equity
LifeStyle
Properties,
Inc.
25,950
1,653,275
Equity
Residential
30,715
1,803,278
Essex
Property
Trust,
Inc.
5,836
1,237,757
Mid-America
Apartment
Communities,
Inc.
15,222
1,958,310
Sun
Communities,
Inc.
14,500
1,715,930
UDR,
Inc.
43,600
1,555,212
15,218,592
Retail
REITs
10.54%
Agree
Realty
Corp.
8,250
455,730
Brixmor
Property
Group,
Inc.
47,475
986,530
Federal
Realty
Investment
Trust
12,600
1,141,938
Four
Corners
Property
Trust,
Inc.
5,000
110,950
Getty
Realty
Corp.
1,000
27,730
Kimco
Realty
Corp.
27,569
484,939
National
Retail
Properties,
Inc.
17,750
627,285
Realty
Income
Corp.
30,985
1,547,391
Spirit
of
America
Real
Estate
Income
and
Growth
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
3
Common
Stocks
96.46%
(continued)
Shares
Market
Value
Retail
REITs
10.54%
(continued)
Regency
Centers
Corp.
15,300
$
909,432
Simon
Property
Group,
Inc.
12,300
1,328,769
Spirit
MTA
REIT
(a)(b)
1,140
–
7,620,694
Self-Storage
REITs
10.44%
CubeSmart
21,450
817,889
Extra
Space
Storage,
Inc.
35,730
4,344,053
Public
Storage
9,075
2,391,444
7,553,386
Specialty
REITs
2.07%
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
4,717
100,000
Iron
Mountain,
Inc.
23,500
1,397,075
1,497,075
Timber
REITs
0.18%
Weyerhaeuser
Co.
4,300
131,838
Total
Common
Stocks
(Cost $62,047,064)
69,757,998
Preferred
Stocks
2.88%
Shares
Market
Value
Data
Center
REITs
0.11%
Digital
Realty
Trust,
Inc.,
Series
J,
5.25%
4,000
81,360
Hotel
REITs
1.50%
Ashford
Hospitality
Trust,
Inc.,
Series
F,
7.38%
6,000
58,620
Hersha
Hospitality
Trust,
Series
D,
6.50%
5,000
123,750
Hersha
Hospitality
Trust,
Series
E,
6.50%
5,000
123,700
Pebblebrook
Hotel
Trust,
Series
F,
6.30%
2,500
49,800
Pebblebrook
Hotel
Trust,
Series
G,
6.38%
4,000
78,760
Pebblebrook
Hotel
Trust,
Series
H,
6.38%
6,000
110,520
Sotherly
Hotels,
Inc.,
Series
B,
8.00%
6,000
141,000
Sotherly
Hotels,
Inc.,
Series
C,
7.88%
2,000
46,000
Summit
Hotel
Properties,
Inc.,
Series
F,
5.88%
10,000
184,300
Sunstone
Hotel
Investors,
Inc.,
Series
H,
6.13%
4,000
85,040
Sunstone
Hotel
Investors,
Inc.,
Series
I,
5.70%
4,000
82,400
1,083,890
Mortgage
Finance
0.05%
New
York
Mortgage
Trust
Inc.,
Series
G,
7.00%
2,000
34,040
Multi
Asset
Class
REITs
0.05%
Vornado
Realty
Trust,
Series
M,
5.25%
2,500
36,550
Spirit
of
America
Real
Estate
Income
and
Growth
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
4
Preferred
Stocks
2.88%
(continued)
Shares
Market
Value
Office
REITs
0.07%
Hudson
Pacific
Properties
Inc.,
Series
C,
4.75%
4,000
$
49,760
Residential
REITs
0.06%
American
Homes
4
Rent,
Series
G,
5.88%
2,000
43,500
Retail
REITs
0.23%
CTO
Realty
Growth,
Inc.,
Series
A,
6.38%
2,000
36,580
Federal
Realty
Investment
Trust,
Series
C,
5.00%
6,500
130,195
166,775
Self-Storage
REITs
0.81%
Public
Storage,
Series
I,
4.88%
1,917
40,391
Public
Storage,
Series
K,
4.75%
4,000
78,920
Public
Storage,
Series
L,
4.63%
2,000
39,400
Public
Storage,
Series
M,
4.13%
1,167
20,971
Public
Storage,
Series
N,
3.88%
4,000
66,240
Public
Storage,
Series
P,
4.00%
2,000
34,700
Public
Storage,
Series
Q,
3.95%
4,000
66,760
Public
Storage,
Series
R,
4.00%
4,000
68,720
Public
Storage,
Series
S,
4.10%
10,000
169,800
585,902
Total
Preferred
Stocks
(Cost $2,752,766)
2,081,777
Shares
Market
Value
Money
Market
Funds
0.26%
Morgan
Stanley
Institutional
Liquidity
Funds
Government
Portfolio,
Institutional
Class,
5.27%
(c)
190,797
190,797
Total
Money
Market
Funds
(Cost $190,797)
190,797
Total
Investments
—
99.60%
(Cost
$64,990,627)
72,030,572
Other
Assets
in
Excess
of
Liabilities
—
0.40%
288,459
NET
ASSETS
-
100.00%
$
72,319,031
(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,
2023.
Spirit
of
America
Large
Cap
Value
Fund
Schedule
of
Investments
September
30,
2023
(Unaudited)
5
Common
Stocks
99.23%
Shares
Market
Value
Communications
5.77%
Alphabet,
Inc.,
Class
A
(a)
39,100
$
5,116,626
AT&T,
Inc.
9,500
142,690
Netflix,
Inc.
(a)
300
113,280
Verizon
Communications,
Inc.
28,540
924,981
Walt
Disney
Co.
(The)
(a)
20,400
1,653,420
7,950,997
Consumer
Discretionary
4.83%
Amazon.com,
Inc.
(a)
15,900
2,021,208
Chipotle
Mexican
Grill,
Inc.
(a)
195
357,207
Home
Depot,
Inc.
(The)
6,038
1,824,442
Lowe's
Companies,
Inc.
3,100
644,304
Masco
Corp.
8,500
454,325
McDonald's
Corp.
2,980
785,051
NIKE,
Inc.,
Class
B
700
66,934
Tesla,
Inc.
(a)
2,000
500,440
6,653,911
Consumer
Staples
8.58%
Altria
Group,
Inc.
12,650
531,933
Coca-Cola
Co.
(The)
7,900
442,242
Colgate-Palmolive
Co.
1,500
106,665
Conagra
Brands,
Inc.
5,100
139,842
Constellation
Brands,
Inc.,
Class
A
1,400
351,862
Costco
Wholesale
Corp.
6,551
3,701,053
Kroger
Co.
(The)
9,000
402,750
Lamb
Weston
Holdings,
Inc.
4,300
397,578
PepsiCo,
Inc.
2,400
406,656
Philip
Morris
International,
Inc.
7,350
680,463
Procter
&
Gamble
Co.
(The)
7,265
1,059,673
Target
Corp.
11,130
1,230,644
Wal-Mart
Stores,
Inc.
14,884
2,380,398
11,831,759
Energy
11.99%
Antero
Midstream
Corp.
5,000
59,900
Baker
Hughes
Co.
8,750
309,050
Cheniere
Energy,
Inc.
12,900
2,140,884
Chevron
Corp.
13,460
2,269,625
CNX
Resources
Corp.
(a)
4,000
90,320
ConocoPhillips
5,300
634,940
Devon
Energy
Corp.
7,800
372,060
Diamondback
Energy,
Inc.
2,650
410,432
Enbridge,
Inc.
2,000
66,380
EOG
Resources,
Inc.
4,400
557,744
Exxon
Mobil
Corp.
7,550
887,729
Halliburton
Co.
3,000
121,500
Spirit
of
America
Large
Cap
Value
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
6
Common
Stocks
99.23%
(continued)
Shares
Market
Value
Energy
11.99%
(continued)
Kinder
Morgan,
Inc.
22,750
$
377,195
Marathon
Oil
Corp.
2,000
53,500
Marathon
Petroleum
Corp.
1,150
174,041
Occidental
Petroleum
Corp.
6,500
421,720
ONEOK,
Inc.
2,000
126,860
Phillips
66
7,250
871,088
Pioneer
Natural
Resources
Co.
7,575
1,738,841
Schlumberger
Ltd.
500
29,150
Targa
Resources
Corp.
5,600
480,032
Valero
Energy
Corp.
16,765
2,375,768
Williams
Companies,
Inc.
(The)
58,000
1,954,020
16,522,779
Financials
6.88%
American
Express
Co.
5,000
745,950
Bank
of
America
Corp.
25,850
707,773
Berkshire
Hathaway,
Inc.,
Class
B
(a)
3,970
1,390,691
Blackstone
Group,
Inc.
(The),
Class
A
11,550
1,237,467
Carlyle
Group,
Inc.
(The)
6,050
182,468
Citigroup,
Inc.
16,700
686,871
CME
Group,
Inc.
1,404
281,109
Goldman
Sachs
Group,
Inc.
(The)
2,715
878,492
JPMorgan
Chase
&
Co.
20,992
3,044,260
Morgan
Stanley
3,000
245,010
Wells
Fargo
&
Co.
2,000
81,720
9,481,811
Health
Care
11.12%
Abbott
Laboratories
3,100
300,235
AbbVie,
Inc.
25,157
3,749,902
Amgen,
Inc.
850
228,446
Bristol-Myers
Squibb
Co.
16,650
966,366
Centene
Corp.
(a)
7,300
502,824
CVS
Health
Corp.
1,811
126,444
Edwards
LifeSciences
Corp.
(a)
3,000
207,840
Eli
Lilly
&
Co.
3,200
1,718,816
Humana,
Inc.
1,350
656,802
McKesson
Corp.
4,800
2,087,280
Medtronic
PLC
7,069
553,927
Merck
&
Co.,
Inc.
18,350
1,889,133
Quest
Diagnostics,
Inc.
4,500
548,370
Thermo
Fisher
Scientific,
Inc.
1,090
551,725
UnitedHealth
Group,
Inc.
2,450
1,235,266
15,323,376
Industrials
9.55%
Boeing
Co.
(The)
(a)
3,355
643,086
Caterpillar,
Inc.
11,490
3,136,770
Spirit
of
America
Large
Cap
Value
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
7
Common
Stocks
99.23%
(continued)
Shares
Market
Value
Industrials
9.55%
(continued)
CSX
Corp.
36,600
$
1,125,450
Cummins,
Inc.
3,550
811,033
Deere
&
Co.
6,410
2,419,006
FedEx
Corp.
1,600
423,872
Honeywell
International,
Inc.
8,900
1,644,186
Johnson
Controls
International
PLC
8,753
465,747
Lockheed
Martin
Corp.
400
163,584
Raytheon
Technologies
Corp.
2,100
151,137
United
Parcel
Service,
Inc.,
Class
B
2,450
381,881
Waste
Connections,
Inc.
13,375
1,796,263
13,162,015
Materials
1.71%
CF
Industries
Holdings,
Inc.
8,200
703,068
Corteva,
Inc.
7,233
370,040
Dow,
Inc.
6,083
313,640
DuPont
de
Nemours,
Inc.
6,500
484,835
New
Linde
PLC
1,300
484,055
2,355,638
Real
Estate
Investment
Trusts
(REITs)
1.70%
American
Tower
Corp.,
Class
A
1,040
171,028
Crown
Castle
International
Corp.
2,690
247,561
Equinix,
Inc.
900
653,634
Mid-America
Apartment
Communities,
Inc.
250
32,163
Prologis,
Inc.
6,300
706,923
Sun
Communities,
Inc.
2,600
307,684
Terreno
Realty
Corp.
2,075
117,860
VICI
Properties,
Inc.
3,073
89,424
Weyerhaeuser
Co.
500
15,330
2,341,607
Technology
34.46%
Accenture
PLC,
Class
A
3,825
1,174,696
Adobe,
Inc.
(a)
1,350
688,365
Advanced
Micro
Devices,
Inc.
(a)
5,900
606,638
Apple,
Inc.
49,032
8,394,769
Applied
Materials,
Inc.
14,220
1,968,759
Cisco
Systems,
Inc.
16,750
900,480
Cognizant
Technology
Solutions
Corp.,
Class
A
4,600
311,604
Corning,
Inc.
8,000
243,760
Dell
Technologies,
Inc.,
Class
C
1,624
111,894
Garmin
Ltd.
1,000
105,200
HP,
Inc.
15,600
400,920
International
Business
Machines
Corp.
2,668
374,320
MasterCard,
Inc.,
Class
A
2,400
950,184
Microchip
Technology,
Inc.
6,450
503,422
Microsoft
Corp.
19,689
6,216,802
Spirit
of
America
Large
Cap
Value
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
8
Common
Stocks
99.23%
(continued)
Shares
Market
Value
Technology
34.46%
(continued)
NetApp,
Inc.
2,600
$
197,288
NortonLifeLock,
Inc.
24,700
436,696
NVIDIA
Corp.
34,692
15,090,673
Oracle
Corp.
26,875
2,846,600
Palo
Alto
Networks,
Inc.
(a)
200
46,888
Paychex,
Inc.
3,850
444,020
QUALCOMM,
Inc.
3,550
394,263
Texas
Instruments,
Inc.
10,425
1,657,679
Visa,
Inc.,
Class
A
7,150
1,644,572
Workday,
Inc.,
Class
A
(a)
7,280
1,564,108
Zscaler,
Inc.
(a)
1,400
217,826
47,492,426
Utilities
2.64%
AES
Corp.
7,000
106,400
American
Electric
Power
Company,
Inc.
1,850
139,157
Dominion
Energy,
Inc.
13,000
580,710
Duke
Energy
Corp.
2,000
176,520
Edison
International
2,600
164,554
NextEra
Energy,
Inc.
28,625
1,639,926
UGI
Corp.
1,000
23,000
WEC
Energy
Group,
Inc.
10,100
813,555
3,643,822
Total
Common
Stocks
(Cost $70,832,675)
136,760,141
Preferred
Stocks
0.72%
Shares
Market
Value
Financials
0.64%
Arch
Capital
Group
Ltd.,
Series
F,
5.45%
2,000
41,200
Arch
Capital
Group
Ltd.,
Series
G,
4.55%
2,000
35,780
Athene
Holding
Ltd.,
Series
C,
6.38%
2,000
48,100
Bank
of
America
Corp.,
Series
GG,
6.00%
4,000
96,280
Bank
of
America
Corp.,
Series
HH,
5.88%
2,000
46,360
Bank
of
America
Corp.,
Series
LL,
5.00%
2,000
40,660
Bank
of
America
Corp.,
Series
SS,
4.75%
2,000
38,360
Charles
Schwab
Corp.
(The),
Series
J,
4.45%
2,000
37,220
Globe
Life,
Inc.,
4.25%
1,000
18,650
JPMorgan
Chase
&
Co.,
Series
EE,
6.00%
2,000
49,580
JPMorgan
Chase
&
Co.,
Series
JJ,
4.55%
2,000
38,080
JPMorgan
Chase
&
Co.,
Series
LL
4.63%
6,000
117,420
JPMorgan
Chase
&
Co.,
Series
MM,
4.20%
6,000
108,600
Morgan
Stanley,
Series
O,
4.25%
2,000
34,100
Northern
Trust
Corp.,
Series
E,
4.70%
1,360
28,601
Prudential
Financial,
Inc.,
4.13%
705
13,578
Prudential
Financial,
Inc.,
5.63%
2,000
48,080
RenaissanceRE
Holdings
Ltd.,
Series
G,
4.20%
150
2,325
Spirit
of
America
Large
Cap
Value
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
9
Preferred
Stocks
0.72%
(continued)
Shares
Market
Value
Financials
0.64%
(continued)
U.S.
Bancorp,
Series
O,
4.50%
2,000
$
36,580
879,554
Utilities
0.08%
Brookfield
Infrastructure
Partners
LP,
5.00%
2,000
33,300
DTE
Energy
Co.,
4.38%
2,000
37,040
Entergy
Louisiana
LLC,
4.88%
2,000
44,640
114,980
Total
Preferred
Stocks
(Cost $1,234,695)
994,534
Money
Market
Funds
0.02%
Morgan
Stanley
Institutional
Liquidity
Funds
Government
Portfolio,
Institutional
Class,
5.27%
(b)
29,893
29,893
Total
Money
Market
Funds
(Cost $29,893)
29,893
Total
Investments
—
99.97%
(Cost
$72,097,263)
137,784,568
Other
Assets
in
Excess
of
Liabilities
—
0.03%
38,543
NET
ASSETS
-
100.00%
$
137,823,111
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
September
30,
2023.
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
September
30,
2023
(Unaudited)
10
Municipal
Bonds
99.52%
Principal
Amount
Market
Value
Arizona
1.54%
City
of
Phoenix,
AZ,
General
Obligation
Unlimited
,
Callable
7/1/2026
@
100,
5.00%,
7/1/2027
$
500,000
$
516,836
California
6.42%
California
State
Public
Works
Board,
Revenue
Bonds
,
Callable
11/1/2026
@
100,
5.00%,
11/1/2029
600,000
626,310
Los
Angeles
CA
Department
of
Water
&
Power,
Revenue
Bonds
,
Callable
1/1/2029
@
100,
5.25%,
7/1/2049
200,000
207,828
Los
Angeles
Community
College
District,
General
Obligation
Refunding
Bonds
Unlimited
,
Callable
8/1/2026
@
100,
4.00%,
8/1/2038
500,000
484,181
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue,
Revenue
Bond
,
Callable
5/15/2026
@
100,
4.00%,
5/15/2037
145,000
137,703
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
93,362
San
Francisco
Municipal
Transportation
Agency
,
Callable
3/1/2027
@
100,
4.00%,
3/1/2046
200,000
181,793
State
of
California,
General
Obligation
Unlimited
,
Callable
8/1/2025
@
100,
5.00%,
8/1/2029
250,000
256,026
State
of
California,
General
Obligation
Unlimited
,
Callable
9/1/2026
@
100,
4.00%,
9/1/2036
175,000
171,911
2,159,114
Connecticut
6.23%
City
of
New
Haven,
CT,
General
Obligation
Unlimited
,
Callable
8/15/2026
@
100,
5.00%,
8/15/2036
230,000
234,960
Connecticut
Housing
Finance
Authority,
Multi-Family
Housing,
Revenue
Bonds
,
Callable
11/15/2025
@
100,
3.25%,
11/15/2036
250,000
212,771
Connecticut
Housing
Finance
Authority,
Revenue
Bonds
,
Callable
5/15/2027
@
100,
3.40%,
11/15/2037
25,000
22,073
Connecticut
State
Health
&
Educational
Facility
Authority,
Revenue
Bonds
,
Callable
7/1/2026
@
100,
5.00%,
7/1/2034
250,000
255,508
Connecticut
State
Health
&
Educational
Facility
Authority,
Revenue
Bonds
,
Callable
7/1/2024
@
100,
5.00%,
7/1/2034
100,000
100,423
State
of
Connecticut
Special
Tax
Revenue,
Highway
Improvements,
Revenue
Bonds
,
Callable
10/1/2023
@
100,
5.00%,
10/1/2030
250,000
250,124
State
of
Connecticut,
General
Obligation
Unlimited
,
Callable
4/15/2027
@
100,
5.00%,
4/15/2032
500,000
519,977
State
of
Connecticut,
General
Obligation
Unlimited
,
5.00%,
6/15/2024
250,000
251,911
University
of
Connecticut,
University
&
College
Improvements,
Revenue
Bonds
,
Callable
2/15/2024
@
100,
5.00%,
2/15/2034
250,000
250,618
2,098,365
District
of
Columbia
2.31%
District
of
Columbia
Housing
Finance
Agency,
State
Multi-Family
Housing,
Revenue
Bonds,
(Fannie
Mae)
,
4.45%,
6/15/2031
320,000
315,296
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
11
Municipal
Bonds
99.52%
(continued)
Principal
Amount
Market
Value
District
of
Columbia
2.31%
(continued)
District
of
Columbia
Water
&
Sewer
Authority,
Revenue
Bonds
,
Callable
4/1/2026
@
100,
5.00%,
10/1/2036
$
250,000
$
253,162
District
of
Columbia
Water
&
Sewer
Authority,
Revenue
Bonds
,
Callable
4/1/2026
@
100,
5.00%,
10/1/2034
150,000
152,464
District
of
Columbia
Water
&
Sewer
Authority,
Revenue
Bonds
,
Callable
10/1/2029
@
100,
4.00%,
10/1/2049
65,000
58,030
778,952
Florida
9.05%
Central
Florida
Expressway
Authority,
Revenue
Bonds
,
Callable
7/1/2026
@
100,
4.00%,
7/1/2035
150,000
141,905
City
of
Orlando,
FL,
Public
Improvements,
Revenue
Bonds
,
Callable
10/1/2024
@
100,
5.00%,
10/1/2046
1,000,000
1,003,380
FSU
Financial
Assistance,
Inc.,
State
Single-Family
Housing,
Refunding
Revenue
Bonds
,
5.00%,
10/1/2030
500,000
500,473
Greater
Orlando
Aviation
Authority,
Port,
Airport
&
Marina
Improvements,
Revenue
Bonds
,
5.00%,
10/1/2025
120,000
120,059
Miami-Dade
County
Educational
Facilities
Authority,
University
&
College
Improvements,
Revenue
Bonds,
(AMBAC)
,
5.25%,
4/1/2031
260,000
278,638
School
Board
of
Miami-Dade
County
(The),
Certificates
of
Participation
,
Callable
2/1/2026
@
100,
4.00%,
2/1/2033
1,000,000
1,000,060
3,044,515
Georgia
1.59%
Atlanta
GA
Water
&
Wastewater
Revenue,
Revenue
Bonds
,
Callable
11/1/2029
@
100,
3.00%,
11/1/2037
500,000
407,671
Atlanta
GA
Water
&
Wastewater
Revenue,
Revenue
Bonds
,
Callable
11/1/2027
@
100,
5.00%,
11/1/2047
125,000
125,996
533,667
Illinois
0.22%
Illinois
State
Finance
Authority,
Revenue
Bonds
Series
2020
A
,
Callable
4/1/2030
@
100,
4.00%,
4/1/2050
85,000
72,983
Indiana
3.78%
Indiana
Finance
Authority
Wastewater
Utility
Revenue,
Revenue
Bonds
,
Callable
10/1/2026
@
100,
5.00%,
10/1/2046
600,000
600,264
Indiana
Finance
Authority
Wastewater
Utility
Revenue,
Revenue
Bonds
,
Callable
10/1/2030
@
100,
5.00%,
10/1/2050
500,000
505,826
Indiana
State
Finance
Authority
Health
Systems
Revenue,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
4.00%,
11/1/2051
200,000
166,658
1,272,748
Iowa
0.76%
State
of
Iowa,
Revenue
Bonds
,
Callable
6/1/2026
@
100,
5.00%,
6/1/2027
250,000
257,127
Maine
1.75%
Maine
Health
&
Higher
Educational
Facilities
Authority,
Revenue
Bonds
,
Callable
7/1/2030
@
100,
4.00%,
7/1/2045
385,000
331,604
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
12
Municipal
Bonds
99.52%
(continued)
Principal
Amount
Market
Value
Maine
1.75%
(continued)
Maine
State
Housing
Authority,
State
Single-Family
Housing,
Revenue
Bonds
,
3.60%,
11/15/2036
$
95,000
$
83,852
Maine
State
Housing
Authority,
State
Single-Family
Housing,
Revenue
Bonds
,
Callable
11/15/2024
@
100,
3.75%,
11/15/2044
100,000
82,207
Maine
State
Housing
Authority,
State
Single-Family
Housing,
Revenue
Bonds
,
3.45%,
11/15/2032
45,000
41,303
Maine
Turnpike
Authority,
Refunding
Revenue
Bonds
,
Callable
7/1/2025
@
100,
5.00%,
7/1/2026
50,000
51,052
590,018
Maryland
1.04%
City
of
Baltimore
MD,
Water
Projects,
Revenue
Bonds
,
Callable
7/1/2029
@
100,
4.00%,
7/1/2049
405,000
350,821
Massachusetts
5.17%
Massachusetts
Housing
Finance
Agency,
Revenue
Bonds
,
Callable
12/1/2025
@
100,
3.25%,
12/1/2036
575,000
479,891
Massachusetts
Housing
Finance
Agency,
Revenue
Bonds
,
Callable
12/1/2026
@
100,
3.75%,
12/1/2037
250,000
218,712
Massachusetts
Housing
Finance
Agency,
Revenue
Bonds
,
Callable
12/1/2027
@
100,
3.25%,
12/1/2032
200,000
182,807
Massachusetts
Housing
Finance
Agency,
Revenue
Bonds
,
Callable
12/1/2026
@
100,
3.55%,
12/1/2037
85,000
79,206
Massachusetts
Housing
Finance
Agency,
Revenue
Bonds
,
Callable
6/1/2026
@
100,
3.15%,
12/1/2026
40,000
38,706
Massachusetts
Housing
Finance
Agency,
State
Multi-Family
Housing,
Revenue
Bonds
,
5.13%,
12/1/2039
65,000
65,025
Massachusetts
Housing
Finance
Agency,
State
Multi-Family
Housing,
Revenue
Bonds
,
4.85%,
12/1/2029
60,000
60,012
Massachusetts
School
Building
Authority,
Revenue
Bonds
,
Callable
2/15/2028
@
100,
5.25%,
2/15/2048
500,000
513,835
Massachusetts
School
Building
Authority,
Revenue
Bonds
,
Callable
8/15/2025
@
100,
5.00%,
8/15/2026
100,000
101,944
1,740,138
Michigan
1.35%
Michigan
Public
Educational
Facilities
Authority,
School
Improvements,
Refunding
Revenue
Bonds
,
6.00%,
12/1/2035
500,000
456,018
Minnesota
1.70%
Southern
Minnesota
Municipal
Power
Agency
Power
Supply
System,
Revenue
Bonds
,
Callable
1/1/2026
@
100,
5.00%,
1/1/2041
565,000
571,493
Missouri
2.46%
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
437,129
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
13
Municipal
Bonds
99.52%
(continued)
Principal
Amount
Market
Value
Missouri
2.46%
(continued)
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri,
Healthcare,
Hospital
&
Nursing
Home
Improvements,
Revenue
Bonds,
(OID)
,
3.75%,
11/15/2039
$
100,000
$
83,754
Missouri
State
Health
&
Educational
Facilities
Authority,
Health
Facilities
Revenue.
Revenue
Bonds
,
Callable
11/15/2027
@
100,
4.00%,
11/15/2049
360,000
305,480
826,363
Nevada
2.10%
Nevada
System
of
Higher
Education,
Certificates
of
Participation
,
Callable
7/1/2026
@
100,
4.00%,
7/1/2027
700,000
705,374
New
Jersey
3.63%
Borough
of
Seaside
Heights,
NJ,
General
Obligation
Unlimited
,
Callable
4/1/2025
@
100,
4.00%,
4/1/2026
125,000
125,380
Hudson
County
Improvement
Authority,
Refunding
Revenue
Bonds,
(AGM)
,
5.40%,
10/1/2025
150,000
154,852
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
(OID)
,
5.00%,
7/1/2027
15,000
15,001
New
Jersey
Housing
&
Mortgage
Finance
Agency,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
3.50%,
11/1/2036
500,000
446,671
New
Jersey
Housing
&
Mortgage
Finance
Agency,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
3.90%,
11/1/2050
175,000
140,131
New
Jersey
St
Transportation
Trust
Fund
Authority,
Revenue
Bonds
,
Callable
12/15/2030
@
100,
4.00%,
6/15/2045
100,000
88,773
State
of
New
Jersey,
Public
Improvements,
General
Obligation
Unlimited
,
Callable
6/1/2025
@
100,
4.00%,
6/1/2034
250,000
249,310
1,220,118
New
York
20.36%
City
of
New
York
NY,
General
Obligation
Unlimited
,
Callable
4/1/2028
@
100,
5.00%,
4/1/2040
305,000
311,113
City
of
New
York
NY,
General
Obligation
Unlimited
,
Callable
10/1/2029
@
100,
5.00%,
10/1/2039
145,000
149,547
City
of
New
York
NY,
General
Obligation
Unlimited
,
Callable
3/1/2030
@
100,
5.00%,
3/1/2043
150,000
153,124
City
of
New
York
NY,
General
Obligation
Unlimited
,
Callable
4/1/2028
@
100,
5.00%,
4/1/2043
195,000
198,846
Hudson
Yards
Infrastructure
Corp.,
Revenue
Bonds
Series
2017
A
,
Callable
2/15/2027
@
100,
4.00%,
2/15/2044
575,000
513,005
Metropolitan
Transportation
Authority,
Refunding
Revenue
Bonds
,
5.25%,
11/15/2028
50,000
50,074
Metropolitan
Transportation
Authority,
Refunding
Revenue
Bonds
,
Callable
11/15/2027
@
100,
5.00%,
11/15/2037
250,000
258,159
Metropolitan
Transportation
Authority,
Revenue
Bonds
,
Callable
11/15/2027
@
100,
5.00%,
11/15/2035
250,000
261,143
Metropolitan
Transportation
Authority,
Revenue
Bonds
,
5.00%,
11/15/2028
250,000
258,561
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
14
Municipal
Bonds
99.52%
(continued)
Principal
Amount
Market
Value
New
York
20.36%
(continued)
Metropolitan
Transportation
Authority,
Transit
Improvements,
Refunding
Revenue
Bonds
,
5.00%,
11/15/2028
$
250,000
$
254,950
Metropolitan
Transportation
Authority,
Transit
Improvements,
Revenue
Bonds
,
5.00%,
11/15/2033
100,000
100,007
New
York
City
Housing
Development
Corp.,
Revenue
Bonds
,
Callable
2/1/2026
@
100,
3.50%,
11/1/2032
150,000
138,429
New
York
City
Housing
Development
Corp.,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
3.60%,
11/1/2031
250,000
234,982
New
York
City
Housing
Development
Corp.,
Revenue
Bonds
,
Callable
5/1/2025
@
100,
3.10%,
11/1/2032
250,000
224,211
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
253,174
New
York
City
Transitional
Finance
Authority
Building
Aid
Revenue,
Revenue
Bonds
,
5.00%,
7/15/2031
250,000
256,550
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds
,
Callable
5/1/2027
@
100,
4.00%,
5/1/2044
300,000
270,514
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
25,442
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
99,123
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
100,963
New
York
City
Water
&
Sewer
System,
Revenue
Bonds
,
Callable
6/15/2028
@
100,
5.00%,
6/15/2049
500,000
508,582
New
York
City
Water
&
Sewer
System,
Revenue
Bonds
,
Callable
6/15/2027
@
100,
5.00%,
6/15/2032
100,000
104,521
New
York
State
Dormitory
Authority,
Refunding
Revenue
Bonds,
(State
Aid
Withholding)
,
3.25%,
4/1/2031
280,000
257,703
New
York
State
Dormitory
Authority,
Revenue
Bonds
,
Callable
3/15/2028
@
100,
5.00%,
3/15/2043
250,000
254,075
New
York
State
Dormitory
Authority,
Revenue
Bonds
,
4.75%,
10/1/2040
5,000
5,000
New
York
State
Dormitory
Authority,
Revenue
Bonds
,
Callable
7/1/2025
@
100,
5.00%,
7/1/2037
135,000
137,904
New
York
State
Thruway
Authority,
Revenue
Bonds
,
Callable
1/1/2026
@
100,
4.00%,
1/1/2037
100,000
94,792
New
York,
NY,
General
Obligation
Unlimited
,
Callable
8/1/2029
@
100,
5.00%,
8/1/2043
30,000
30,559
Port
Authority
of
New
York
&
New
Jersey,
Revenue
Bonds
,
Callable
11/15/2027
@
100,
5.00%,
11/15/2030
250,000
261,155
Port
Authority
of
New
York
&
New
Jersey,
Revenue
Bonds
,
Callable
11/15/2027
@
100,
5.00%,
11/15/2037
250,000
256,753
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
15
Municipal
Bonds
99.52%
(continued)
Principal
Amount
Market
Value
New
York
20.36%
(continued)
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
5.00%,
11/15/2023
$
100,000
$
100,115
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
Callable
11/15/2025
@
100,
5.00%,
11/15/2040
310,000
312,665
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
Callable
5/15/2031
@
100,
5.00%,
11/15/2051
60,000
60,734
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
Callable
11/15/2025
@
100,
5.00%,
11/15/2035
250,000
254,421
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
5.00%,
11/15/2027
100,000
102,653
6,853,549
North
Carolina
0.59%
University
of
North
Carolina
at
Charlotte
(The),
Revenue
Bonds
,
Callable
10/1/2027
@
100,
4.00%,
10/1/2037
100,000
96,393
University
of
North
Carolina
at
Charlotte
(The),
University
&
College
Improvements,
Revenue
Bonds
,
Callable
4/1/2025
@
100,
5.00%,
4/1/2040
100,000
101,829
198,222
North
Dakota
0.28%
City
of
Bismarck,
ND,
Sanitary
Sewer
Revenue,
Revenue
Bonds
,
Callable
5/1/2025
@
100,
3.00%,
5/1/2029
100,000
94,171
Pennsylvania
10.87%
Allegheny
County
PA
Hospital,
Development
Authority,
Revenue
Bonds
,
Callable
4/1/2028
@
100,
4.00%,
4/1/2044
150,000
121,953
City
of
Philadelphia,
PA
Water
&
Wastewater
Revenue,
Revenue
Bonds
Series
2021
C
,
Callable
10/1/2031
@
100,
5.00%,
10/1/2046
500,000
507,940
City
of
Philadelphia,
PA
Water
&
Wastewater
Revenue,
Revenue
Bonds
Series
2021
C
,
Callable
10/1/2031
@
100,
4.00%,
10/1/2051
500,000
405,713
Commonwealth
Financing
Authority,
Tobacco
Master
Settlement
Payment
Revenue,
Revenue
Bonds
,
Callable
6/1/2028
@
100,
4.00%,
6/1/2039
250,000
226,881
Lehigh
County
PA
General
Purpose
Authority
Hospital
Revenue,
Revenue
Bonds
,
Callable
7/1/2029
@
100,
4.00%,
7/1/2049
325,000
273,049
Pennsylvania
Higher
Educational
Facilities
Authority,
Hospital
Improvements,
Revenue
Bonds
,
5.00%,
5/1/2042
100,000
79,206
Pennsylvania
Higher
Educational
Facilities
Authority,
Hospital
Improvements,
Revenue
Bonds
,
5.00%,
5/1/2037
100,000
85,310
Pennsylvania
Higher
Educational
Facilities
Authority,
Hospital
Improvements,
Revenue
Bonds,
(OID)
,
4.00%,
5/1/2032
100,000
85,829
Pennsylvania
Housing
Finance
Agency,
Revenue
Bonds
,
Callable
4/1/2027
@
100,
3.65%,
10/1/2042
100,000
81,291
Pennsylvania
State
Economic
Development
Financing
Authority,
Revenue
Bonds
Series
2017
A
,
Callable
11/15/2027
@
100,
4.00%,
11/15/2047
400,000
340,583
Pennsylvania
State
University,
Revenue
Bonds
,
Callable
9/1/2026
@
100,
5.00%,
9/1/2034
190,000
195,650
Pennsylvania
State
University,
Revenue
Bonds
,
Callable
9/1/2026
@
100,
5.00%,
9/1/2035
125,000
128,543
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
16
Municipal
Bonds
99.52%
(continued)
Principal
Amount
Market
Value
Pennsylvania
10.87%
(continued)
Pennsylvania
State
University,
Revenue
Bonds
,
Callable
9/1/2026
@
100,
5.00%,
9/1/2036
$
100,000
$
102,420
Pennsylvania
Turnpike
Commission,
Revenue
Bonds
,
Callable
12/1/2025
@
100,
5.00%,
12/1/2045
500,000
499,718
Pennsylvania
Turnpike
Commission,
Revenue
Refunding
Bonds
Series
2005
A
,
5.25%,
7/15/2028
150,000
162,314
Philadelphia
PA
Water
&
Wastewater
Revenue,
Revenue
Bonds
,
Callable
11/1/2030
@
100,
5.00%,
11/1/2045
355,000
360,710
3,657,110
South
Dakota
0.84%
South
Dakota
Housing
Development
Authority,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
2.45%,
5/1/2027
250,000
236,624
South
Dakota
Housing
Development
Authority,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
3.13%,
11/1/2036
45,000
44,404
281,028
Tennessee
1.04%
City
of
Memphis,
TN
,
Callable
4/1/2024
@
100,
5.00%,
4/1/2044
80,000
80,056
City
of
Memphis,
TN
,
5.00%,
4/1/2044
20,000
20,097
Metropolitan
Government
of
Nashville
&
Davidson
County
Convention
Center
Authority,
Public
Improvements,
Revenue
Bonds
,
5.00%,
7/1/2026
200,000
200,199
Tennessee
Housing
Development
Agency,
Revenue
Bonds
,
Callable
1/1/2027
@
100,
3.40%,
7/1/2037
55,000
50,463
350,815
Texas
11.54%
Austin
TX
Electric
Utility
System
Revenue,
Revenue
Bonds
Series
2019
B
,
Callable
11/15/2029
@
100,
5.00%,
11/15/2049
15,000
15,212
City
Public
Service
Board
of
San
Antonio,
TX,
Revenue
Bonds
,
Callable
8/1/2026
@
100,
5.00%,
2/1/2032
250,000
256,992
Clifton
Higher
Education
Finance
Corp.,
School
Improvements,
Refunding
Revenue
Bonds
,
4.00%,
8/15/2044
500,000
429,764
Comal
Independent
School
District,
Unlimited
Tax
School
Building
Bonds
,
Callable
2/1/2026
@
100,
4.00%,
2/1/2034
250,000
250,977
Harris
County
Cultural
Education
Facilities
Finance
Corp.,
Revenue
Bonds
,
Callable
5/15/2026
@
100,
4.00%,
11/15/2030
130,000
125,397
North
Texas
Tollway
Authority
Revenue,
Revenue
Bonds,
Series
2017
A
,
Callable
1/1/2028
@
100,
4.00%,
1/1/2043
470,000
421,018
San
Antonio
Public
Facilities
Corp.,
Public
Improvements,
Refunding
Revenue
Bonds,
(OID)
,
4.00%,
9/15/2042
250,000
218,673
San
Antonio
Water
System,
Refunding
Revenue
Bonds
,
Callable
11/15/2029
@
100,
5.00%,
5/15/2034
190,000
201,166
San
Antonio
Water
System,
Revenue
Bonds
Series
2020
A
,
Callable
5/15/2030
@
100,
5.00%,
5/15/2050
205,000
207,444
Texas
Public
Finance
Authority,
Revenue
Bonds
,
Callable
12/1/2026
@
100,
4.00%,
12/1/2031
200,000
196,105
Spirit
of
America
Municipal
Tax
Free
Bond
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
17
Municipal
Bonds
99.52%
(continued)
Principal
Amount
Market
Value
Texas
11.54%
(continued)
Texas
State
Water
Development
Board,
Revenue
Bonds
Series
2019
A
,
Callable
10/15/2029
@
100,
4.00%,
10/15/2037
$
500,000
$
480,731
Texas
State
Water
Development
Board,
Revenue
Bonds
,
Callable
10/15/2028
@
100,
5.00%,
4/15/2049
450,000
459,797
Texas
State
Water
Development
Board,
Revenue
Bonds
Series
2019
A
,
Callable
10/15/2029
@
100,
4.00%,
10/15/2054
500,000
430,987
White
Oak,
TX,
Independent
School
District,
Unlimited
Tax
School
Building
Bonds
,
Callable
2/15/2027
@
100,
4.00%,
2/15/2029
190,000
190,842
3,885,105
Utah
1.38%
Utah
County
Utah
Hospital
Revenue
IHC
Health
Services,
Revenue
Bonds
,
Callable
5/15/2026
@
100,
5.00%,
5/15/2050
465,000
466,097
Vermont
0.57%
Vermont
Housing
Finance
Agency,
State
Multi-Family
Housing,
Revenue
Bonds
,
3.75%,
8/15/2037
200,000
190,816
Virginia
0.74%
Virginia
State
Resource
Authority
Infrastructure,
Revenue
Bonds
,
Callable
11/1/2025
@
100,
4.00%,
11/1/2033
75,000
74,640
Virginia
State
Resource
Authority
Infrastructure,
Revenue
Bonds,
Pre-
Refunded
,
Callable
11/1/2025
@
100,
4.00%,
11/1/2033
175,000
176,094
250,734
Wisconsin
0.21%
Wisconsin
Housing
&
Economic
Development
Authority,
State
Multi-Family
Housing,
Revenue
Bonds,
(OID)
,
5.63%,
11/1/2035
70,000
71,330
Total
Municipal
Bonds
(Cost $36,922,384)
33,493,627
Total
Investments
—
99.52%
(Cost
$36,922,384)
33,493,627
Other
Assets
in
Excess
of
Liabilities
—
0.48%
161,918
NET
ASSETS
-
100.00%
$
33,655,545
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,
2023
(Unaudited)
18
Common
Stocks
10.26%
Shares
Market
Value
Communications
0.35%
Verizon
Communications,
Inc.
7,500
$
243,075
Consumer
Staples
1.05%
Philip
Morris
International,
Inc.
8,000
740,640
Energy
5.79%
Chevron
Corp.
4,500
758,790
Enbridge,
Inc.
25,000
829,750
Kinder
Morgan,
Inc.
40,000
663,200
Phillips
66
2,500
300,375
TC
Energy
Corp.
15,000
516,150
Williams
Companies,
Inc.
(The)
30,000
1,010,700
4,078,965
Financials
0.36%
Blackstone
Mortgage
Trust,
Inc.,
Class
A
11,565
251,539
Health
Care
1.16%
AbbVie,
Inc.
5,500
819,830
Real
Estate
1.17%
City
Office
REIT,
Inc.
10,000
42,500
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
8,000
169,600
Medical
Properties
Trust,
Inc.
5,000
27,250
Physicians
Realty
Trust
2,000
24,380
Simon
Property
Group,
Inc.
4,000
432,120
Spirit
MTA
REIT
(a)(b)
2,000
–
Spirit
Realty
Capital,
Inc.
4,000
134,120
829,970
Utilities
0.38%
Duke
Energy
Corp.
3,000
264,780
Total
Common
Stocks
(Cost $6,509,739)
7,228,799
Preferred
Stocks
19.93%
Shares
Market
Value
Financials
13.43%
Affiliated
Managers
Group,
Inc.,
4.20%
15,000
230,100
Affiliated
Managers
Group,
Inc.,
4.75%
10,000
164,600
Allstate
Corp.
(The),
Series
I,
4.75%
20,000
367,200
American
Financial
Group,
Inc.,
5.13%
15,000
302,100
American
Financial
Group,
Inc.,
5.63%
20,000
437,800
Athene
Holding
Ltd.,
Series
C,
6.38%
10,000
240,500
Athene
Holding
Ltd.,
Series
D,
4.88%
20,000
327,600
Bank
of
America
Corp.,
Series
HH,
5.88%
8,000
185,440
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
19
Preferred
Stocks
19.93%
(continued)
Shares
Market
Value
Financials
13.43%
(continued)
Bank
of
America
Corp.,
Series
LL,
5.00%
20,000
$
406,600
Bank
of
America
Corp.,
Series
NN,
4.38%
10,000
176,100
Bank
of
America
Corp.,
Series
PP,
4.13%
16,667
279,339
Bank
of
America
Corp.,
Series
QQ,
4.25%
10,000
170,500
Brighthouse
Financial,
Inc.,
Series
C,
5.38%
20,000
360,000
Capital
One
Financial
Corp.,
Series
J,
4.80%
10,000
176,900
Capital
One
Financial
Corp.,
Series
K,
4.63%
18,500
318,570
CNO
Financial
Group,
Inc.,
5.13%
2,000
31,060
Equitable
Holdings,
Inc.,
Series
C,
4.30%
20,000
302,200
Fulton
Financial
Corp.,
Series
A,
5.13%
6,000
92,100
Huntington
Bancshares,
Inc.,
Series
H,
4.50%
10,000
168,400
JPMorgan
Chase
&
Co.,
Series
EE,
6.00%
20,000
495,800
JPMorgan
Chase
&
Co.,
Series
GG,
4.75%
20,000
409,800
KeyCorp,
Series
G,
5.63%
15,000
277,950
MetLife,
Inc.,
Series
F,
4.75%
15,000
304,350
Morgan
Stanley,
Series
O,
4.25%
10,000
170,500
Northern
Trust
Corp.,
Series
E,
4.70%
18,640
391,999
Prudential
Financial,
Inc.,
4.13%
3,530
67,988
Prudential
Financial,
Inc.,
5.63%
10,000
240,400
Prudential
Financial,
Inc.,
5.95%
10,000
244,300
RenaissanceRE
Holdings
Ltd.,
Series
G,
4.20%
850
13,175
Selective
Insurance
Group,
Inc.,
Series
B,
4.60%
1,000
16,320
State
Street
Corp.,
5.35%
1,000
23,200
U.S.
Bancorp,
Series
L,
3.75%
20,000
304,200
U.S.
Bancorp,
Series
M,
4.00%
10,000
160,100
W.R.
Berkley
Corp.,
5.10%
20,000
389,600
Washington
Federal,
Inc.,
Series
A,
4.88%
10,000
131,200
Wells
Fargo
&
Co.,
Series
AA,
4.70%
20,000
370,600
Wells
Fargo
&
Co.,
Series
CC,
4.38%
20,000
347,400
Wells
Fargo
&
Co.,
Series
Z,
4.75%
20,000
371,600
9,467,591
Real
Estate
2.53%
Brookfield
Property
Partners
LP,
Series
A,
5.75%
7,500
95,550
Diversified
Healthcare
Trust,
5.63%
26,660
383,904
Federal
Realty
Investment
Trust,
Series
C,
5.00%
7,500
150,225
Public
Storage,
Series
I,
4.88%
9,583
201,914
Public
Storage,
Series
L,
4.63%
10,000
197,000
Public
Storage,
Series
M,
4.13%
3,889
69,885
Public
Storage,
Series
N,
3.88%
20,000
331,200
Public
Storage,
Series
S,
4.10%
10,000
169,800
Vornado
Realty
Trust,
5.40%
12,298
177,706
1,777,184
Technology
0.14%
Pitney
Bowes,
Inc.,
6.70%
5,700
97,299
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
20
Preferred
Stocks
19.93%
(continued)
Shares
Market
Value
Utilities
3.83%
BIP
Bermuda
Holdings
I
Ltd,
5.13%
10,000
$
159,800
Brookfield
Infrastructure
Partners
LP,
5.00%
10,000
166,500
Brookfield
Infrastructure
Partners
LP,
5.13%
25,000
436,000
DTE
Energy
Co.,
Series
G,
4.38%
20,000
386,200
Entergy
Arkansas,
Inc.,
4.88%
20,000
438,000
Entergy
Louisiana
LLC,
4.88%
10,000
223,200
Entergy
Mississippi,
Inc.,
4.90%
15,000
336,450
Southern
Co.,
4.95%
21,000
442,050
Southern
Co.,
Series
C,
4.20%
6,000
116,820
2,705,020
Total
Preferred
Stocks
(Cost $18,747,922)
14,047,094
Collateralized
Mortgage
Obligations
0.07%
Principal
Amount
CHL
Mortgage
Pass-Through
Trust,
Series
2005-21,
Class
A27,
5.50%,
10/25/2035
$
16,134
9,245
CHL
Mortgage
Pass-Through
Trust,
Series
2005-21,
Class
A7,
5.50%,
10/25/2035
17,442
9,994
Citicorp
Mortgage
Securities,
Inc.,
Class
1A12,
5.00%,
2/25/2035
35,496
32,732
Total
Collateralized
Mortgage
Obligations
(Cost $51,383)
51,971
Corporate
Bonds
10.53%
Bank
of
New
York
Mellon
Corp.
(The),
4.625%,
12/20/2049
500,000
451,117
Bank
of
New
York
Mellon
Corp.
(The),
3.7%,
3/20/2169
100,000
90,062
Entergy
Texas,
Inc.,
5.15%,
6/1/2045
100,000
85,342
Exelon
Generation
Co.
LLC,
5.6%,
6/15/2042
(b)(c)
400,000
323,602
Fifth
Third
Bancorp,
8.25%,
3/1/2038
250,000
266,875
Goldman
Sachs
Group,
Inc.
(The),
6.75%,
10/1/2037
850,000
861,812
Goldman
Sachs
Group,
Inc.
(The),
6.45%,
5/1/2036
500,000
498,997
Hospitality
Properties
Trust,
4.5%,
3/15/2025
500,000
468,598
Kinder
Morgan
Energy
Partners
LP,
6.5%,
2/1/2037
250,000
244,899
MetLife,
Inc.,
9.25%,
4/8/2038
(c)
1,500,000
1,687,222
MetLife,
Inc.,
10.75%,
8/1/2039
1,000,000
1,273,223
PECO
Energy
Capital
Trust
IV,
5.75%,
6/15/2033
1,000,000
911,987
Valero
Energy
Corp.,
8.75%,
6/15/2030
224,000
256,714
Total
Corporate
Bonds
(Cost $8,132,825)
7,420,450
Municipal
Bonds
58.13%
Principal
Amount
Market
Value
Alabama
2.46%
Health
Care
Authority
for
Baptist
Health
(The),
Refunding
Revenue
Bonds
,
5.50%,
11/15/2043
2,000,000
1,734,286
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
21
Municipal
Bonds
58.13%
(continued)
Principal
Amount
Market
Value
Arizona
0.54%
Arizona
School
Facilities
Board,
School
Improvements,
Certificates
of
Participation
,
6.00%,
9/1/2027
$
225,000
$
228,443
Phoenix
Arizona
Civic
Improvement
Corp.
Excise
Tax
Revenue,
Revenue
Bonds
,
Callable
7/1/2030
@
100,
2.70%,
7/1/2045
250,000
155,064
383,507
California
4.35%
Alhambra
Unified
School
District,
University
&
College
Improvements,
General
Obligation
Unlimited
,
6.70%,
2/1/2026
465,000
475,122
California
State
University,
Revenue
Bonds
Series
2020
B
,
Callable
5/1/2030
@
100,
3.07%,
11/1/2042
100,000
69,608
City
&
County
of
San
Francisco,
CA,
General
Obligation
Unlimited
,
6.26%,
6/15/2030
450,000
474,809
Peralta
Community
College
District,
Refunding
Revenue
Bonds
,
6.91%,
8/1/2025
500,000
505,763
Peralta
Community
College
District,
Refunding
Revenue
Bonds
,
7.31%,
8/1/2031
310,000
317,988
San
Bernardino
City
Unified
School
District,
School
Improvements,
Certificates
of
Participation,
(AGM)
(OID)
,
8.25%,
2/1/2026
500,000
516,765
University
of
California
Revenues,
Revenue
Bonds
,
Callable
5/15/2030
@
100,
6.30%,
5/15/2050
260,000
263,880
University
of
California
Revenues,
Revenue
Bonds
,
4.13%,
5/15/2045
250,000
209,627
University
of
California,
University
&
College
Improvements,
Refunding
Revenue
Bonds
,
3.66%,
5/15/2027
250,000
237,224
3,070,786
Colorado
0.74%
Colorado
Mesa
University,
University
&
College
Improvements,
Build
America
Revenue
Bonds,
(State
Higher
Education
Intercept
Program)
,
6.75%,
5/15/2042
500,000
518,858
Connecticut
0.41%
State
of
Connecticut,
General
Obligation
Unlimited
,
5.85%,
3/15/2032
280,000
286,464
Florida
4.30%
City
of
Miami
Gardens,
FL,
Public
Improvements,
Build
America
Bonds,
Certificates
of
Participation
,
7.17%,
6/1/2026
670,000
684,849
City
of
Tallahassee,
FL,
Utility
System
Revenue,
Build
America
Revenue
Bonds
,
5.22%,
10/1/2040
300,000
276,775
County
of
Miami-Dade,
FL
Transit
System,
Transit
Improvements,
Build
America
Revenue
Bonds
,
5.53%,
7/1/2032
500,000
502,242
County
of
Miami-Dade,
FL,
Port,
Airport
&
Marina
Improvements,
Build
America
Revenue
Bonds,
(AGM)
(OID)
,
7.50%,
4/1/2040
1,000,000
1,139,271
County
of
Miami-Dade,
FL,
Recreational
Facility
Improvements,
Revenue
Bonds,
(AGM)
,
7.08%,
10/1/2029
250,000
269,927
Town
of
Miami
Lakes,
FL,
Public
Improvements,
Build
America
Revenue
Bonds
,
7.59%,
12/1/2030
150,000
164,261
3,037,325
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
22
Municipal
Bonds
58.13%
(continued)
Principal
Amount
Market
Value
Georgia
3.38%
Cobb
Marietta
Georgia
Coliseum,
Revenue
Bonds
,
Callable
1/1/2026
@
100,
4.50%,
1/1/2047
$
100,000
$
84,241
Municipal
Electric
Authority
of
Georgia,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
7.06%,
4/1/2057
1,406,000
1,379,019
State
of
Georgia,
Public
Improvements,
General
Obligation
Unlimited
,
Callable
2/1/2024
@
100,
3.84%,
2/1/2032
1,000,000
916,186
2,379,446
Hawaii
0.64%
State
of
Hawaii,
General
Obligation
Unlimited
,
Callable
10/1/2025
@
100,
4.05%,
10/1/2032
495,000
449,577
Idaho
0.24%
Idaho
Water
Resource
Board,
Water
Utility
Improvements,
Revenue
Bonds,
(OID)
,
5.25%,
9/1/2024
170,000
169,081
Illinois
2.35%
City
of
Chicago,
IL
Waterworks
Revenue,
Water
Utility
Improvements,
Build
America
Revenue
Bonds
,
6.74%,
11/1/2040
250,000
267,125
Village
of
Glenwood,
IL,
Public
Improvements,
Build
America
Bonds,
General
Obligation
Unlimited,
(AGM)
,
7.03%,
12/1/2028
1,330,000
1,385,339
1,652,464
Indiana
2.63%
Anderson
School
Building
Corp.,
Refunding
Bonds,
General
Obligation
Limited
,
Callable
7/5/2024
@
100,
3.95%,
7/5/2029
1,000,000
921,221
Anderson
School
Building
Corp.,
Refunding
Bonds,
General
Obligation
Limited,
(OID)
,
Callable
7/5/2024
@
100,
3.75%,
7/5/2028
1,000,000
928,487
1,849,708
Kansas
0.48%
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
500,000
340,142
Kentucky
0.43%
Kentucky
State
Property
&
Building
Commission,
Economic
Improvements,
University
&
College
Improvements,
Build
America
Revenue
Bonds
Series
2010C
,
5.37%,
11/1/2025
305,000
302,141
Louisiana
0.10%
East
Baton
Rouge
Parish,
LA
Sewerage
Commission,
Revenue
Refunding
Bonds
Series
2020
B
,
2.44%,
2/1/2039
100,000
69,443
Massachusetts
0.54%
City
of
Worcester,
MA,
Pension
Funding,
General
Obligation
Limited,
(AGM)
(OID)
,
6.25%,
1/1/2028
105,000
107,578
Massachusetts
Health
&
Educational
Facilities
Authority,
Refunding
Revenue
Bonds
,
6.43%,
10/1/2035
250,000
262,291
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
23
Municipal
Bonds
58.13%
(continued)
Principal
Amount
Market
Value
Massachusetts
0.54%
(continued)
University
of
Massachusetts
Building
Authority,
University
&
College
Improvements,
Build
America
Revenue
Bonds
,
6.57%,
5/1/2039
$
15,000
$
15,007
384,876
Michigan
1.21%
Comstock
Park
Public
Schools,
School
Improvements,
General
Obligation
Unlimited
,
6.20%,
5/1/2024
200,000
200,046
Michigan
Finance
Authority,
School
Improvements,
Revenue
Bonds
,
6.38%,
11/1/2025
500,000
500,279
Onsted
Community
Schools,
School
Improvements,
General
Obligation
Unlimited
,
5.90%,
5/1/2027
150,000
151,037
St.
Johns
Public
Schools,
General
Obligation
Unlimited
,
6.65%,
5/1/2040
5,000
5,024
856,386
Mississippi
0.96%
Mississippi
Development
Bank,
Highway
Improvements,
Build
America
Revenue
Bonds
,
6.59%,
1/1/2035
650,000
679,189
Missouri
4.32%
City
of
Kansas
City,
MO,
Revenue
Bonds
,
7.83%,
4/1/2040
2,235,000
2,497,400
Missouri
Joint
Municipal
Electric
Utility
Commission,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
7.73%,
1/1/2039
475,000
551,590
3,048,990
Nebraska
0.28%
Nebraska
Public
Power
District,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
5.32%,
1/1/2030
200,000
199,255
Nevada
1.58%
County
of
Washoe,
NV,
Public
Improvements,
Build
America
Revenue
Bonds
,
7.97%,
2/1/2040
690,000
809,654
County
of
Washoe,
NV,
Public
Improvements,
Build
America
Revenue
Bonds
,
7.88%,
2/1/2040
250,000
303,945
1,113,599
New
Jersey
0.56%
New
Jersey
Educational
Facilities
Authority,
University
&
College
Improvements,
Build
America
Revenue
Bonds
,
6.19%,
7/1/2040
500,000
393,435
New
York
4.68%
City
of
New
York,
NY,
Public
Improvements,
Build
America
Bonds,
General
Obligation
Unlimited
,
5.70%,
3/1/2027
145,000
146,513
City
of
New
York,
NY,
Public
Improvements,
Build
America
Bonds,
General
Obligation
Unlimited
,
5.21%,
10/1/2031
100,000
98,321
Long
Island
Power
Authority,
Revenue
Bonds,
(OID)
,
5.85%,
5/1/2041
195,000
195,938
Metropolitan
Transportation
Authority,
Revenue
Bonds
,
5.87%,
11/15/2039
200,000
190,921
Metropolitan
Transportation
Authority,
Transit
Improvements,
Build
America
Revenue
Bonds
,
6.59%,
11/15/2030
145,000
147,140
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
24
Municipal
Bonds
58.13%
(continued)
Principal
Amount
Market
Value
New
York
4.68%
(continued)
Metropolitan
Transportation
Authority,
Transit
Improvements,
Build
America
Revenue
Bonds
,
5.99%,
11/15/2030
$
125,000
$
128,042
Metropolitan
Transportation
Authority,
Transit
Improvements,
Build
America
Revenue
Bonds
,
6.20%,
11/15/2026
105,000
105,359
New
York
City
Industrial
Development
Agency,
Recreational
Facilities
Improvements
Revenue
Bonds,
(NATL-RE)
,
5.90%,
3/1/2046
580,000
551,266
New
York
City
Transitional
Finance
Authority
Building
Aid
Revenue,
School
Improvements,
Build
America
Revenue
Bonds,
(State
Aid
Withholding)
,
6.83%,
7/15/2040
485,000
520,738
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
Public
Improvements,
Build
America
Revenue
Bonds
,
5.47%,
5/1/2036
815,000
803,997
Port
Authority
of
New
York
&
New
Jersey,
Port,
Airport
&
Marina
Improvements,
Revenue
Bonds
,
3.92%,
10/15/2028
115,000
108,407
Triborough
Bridge
&
Tunnel
Authority,
Revenue
Bonds
,
Callable
11/15/2033
@
100,
5.55%,
11/15/2040
150,000
144,719
Western
Nassau
County
Water
Authority,
Build
America
Revenue
Bonds
,
6.70%,
4/1/2040
150,000
157,728
3,299,089
North
Carolina
0.33%
County
of
Cabarrus,
NC,
School
Improvements,
Revenue
Bonds
,
5.50%,
4/1/2026
235,000
235,584
Ohio
3.57%
American
Municipal
Power,
Inc.,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
7.50%,
2/15/2050
500,000
581,370
American
Municipal
Power,
Inc.,
Revenue
Bonds
,
6.27%,
2/15/2050
465,000
478,177
Cincinnati
City
School
District,
Refunding
Bonds,
Certificates
of
Participation,
(OID)
,
Callable
12/15/2024
@
100,
4.00%,
12/15/2032
200,000
179,644
County
of
Cuyahoga,
OH,
Hospital
Improvements,
Build
America
Revenue
Bonds
,
8.22%,
2/15/2040
1,000,000
1,070,147
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
200,130
2,509,468
Pennsylvania
4.17%
City
of
Reading,
PA
,
Callable
11/1/2024
@
100,
5.30%,
11/1/2033
500,000
498,544
Pennsylvania
Turnpike
Commission
Turnpike
Revenue,
Revenue
Bonds
,
Callable
12/1/2029
@
100,
3.58%,
12/1/2043
390,000
288,869
Pennsylvania
Turnpike
Commission,
Build
America
Revenue
Bonds
,
6.38%,
12/1/2037
520,000
545,284
Philadelphia
Authority
for
Industrial
Development,
Pension
Funding,
Revenue
Bonds,
(AGM)
(OID)
,
6.35%,
4/15/2028
130,000
133,065
Philadelphia
Municipal
Authority,
Public
Improvements,
Revenue
Bonds
,
5.09%,
3/15/2028
500,000
483,553
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
25
Municipal
Bonds
58.13%
(continued)
Principal
Amount
Market
Value
Pennsylvania
4.17%
(continued)
Sports
&
Exhibition
Authority
of
Pittsburgh
and
Allegheny
County,
Recreational
Facilities
Improvements,
Revenue
Bonds
,
7.04%,
11/1/2039
$
1,000,000
$
983,334
2,932,649
Rhode
Island
0.48%
Narragansett
Bay
Commission,
Revenue
Bonds
Series
2020
A
,
Callable
9/1/2030
@
100,
2.92%,
9/1/2043
500,000
339,514
Texas
1.69%
Frisco
Economic
Development
Corp.,
Public
Improvements,
Revenue
Bonds
,
4.20%,
2/15/2034
1,000,000
916,852
Midland
County
Hospital
District,
Health,
Hospital
&
Nursing
Home
Improvements,
Build
America
Bonds,
General
Obligation
Limited
,
6.44%,
5/15/2039
260,000
271,024
1,187,876
Virgin
Islands
2.56%
Virgin
Islands
Water
&
Power
Authority
-
Electric
System,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds,
(AGM)
,
6.85%,
7/1/2035
1,000,000
1,069,864
Virgin
Islands
Water
&
Power
Authority
-
Electric
System,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds,
(AGM)
,
6.65%,
7/1/2028
715,000
733,819
1,803,683
Virginia
6.37%
Tobacco
Settlement
Financing
Corp.,
Refunding
Revenue
Bonds,
(OID)
,
Callable
6/1/2025
@
100,
6.71%,
6/1/2046
5,420,000
4,490,278
Washington
1.78%
City
of
Seattle,
WA,
Municipal
Light
&
Power
Revenue,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds,
(OID)
,
5.57%,
2/1/2040
250,000
244,978
Douglas
County
Public
Utility
District
No.
1,
Electric
Lights
&
Power
Improvements,
Revenue
Bonds
,
5.35%,
9/1/2030
224,100
224,361
Public
Utility
District
No.
1
of
Cowlitz
County,
WA,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds
,
6.88%,
9/1/2032
500,000
538,420
Snohomish
County
Public
Utility
District
No.
1,
Electric
Lights
&
Power
Improvements,
Build
America
Revenue
Bonds,
(OID)
,
5.68%,
12/1/2040
250,000
246,474
1,254,233
Total
Municipal
Bonds
(Cost $43,656,256)
40,971,332
Total
Investments
—
98.92%
(Cost
$77,098,125)
69,719,646
Other
Assets
in
Excess
of
Liabilities
—
1.08%
761,174
NET
ASSETS
-
100.00%
$
70,480,820
Spirit
of
America
Income
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
26
(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.
NATL-RE
-
Insured
by
National
Public
Finance
Guarantee
Corp.
OID
-
Original
Issue
Discount
Spirit
of
America
Utilities
Fund
Schedule
of
Investments
September
30,
2023
(Unaudited)
27
Common
Stocks
93.60%
Shares
Market
Value
Energy
0.51%
Williams
Companies,
Inc.
(The)
2,000
$
67,380
Industrials
0.29%
Waste
Management,
Inc.
250
38,110
Utilities
92.80%
AES
Corp.
19,500
296,400
Alliant
Energy
Corp.
3,350
162,307
Ameren
Corp.
7,850
587,415
American
Electric
Power
Company,
Inc.
8,800
661,936
American
Water
Works
Company,
Inc.
750
92,872
Atmos
Energy
Corp.
2,600
275,418
Brookfield
Renewable
Corp.,
Class
A
1,150
27,531
CenterPoint
Energy,
Inc.
14,500
389,325
Chesapeake
Utilities
Corp.
250
24,437
Clearway
Energy,
Inc.,
Class
C
5,300
112,148
CMS
Energy
Corp.
8,100
430,191
Constellation
Energy
Corp.
3,900
425,412
Dominion
Energy,
Inc.
2,600
116,142
DTE
Energy
Co.
6,400
635,392
Duke
Energy
Corp.
6,350
560,451
Edison
International
3,600
227,844
Entergy
Corp.
7,300
675,250
Essential
Utilities,
Inc.
12,800
439,424
Evergy,
Inc.
1,300
65,910
Eversource
Energy
8,050
468,108
Exelon
Corp.
11,900
449,701
FirstEnergy
Corp.
12,300
420,414
IDACORP,
Inc.
600
56,190
National
Fuel
Gas
Co.
600
31,146
NextEra
Energy,
Inc.
14,350
822,112
Nisource,
Inc.
16,500
407,220
Northwest
Natural
Holdings
Co.
1,900
72,504
NorthWestern
Corp.
1,000
48,060
Portland
General
Electric
Co.
800
32,384
PPL
Corp.
21,250
500,650
Public
Service
Enterprise
Group,
Inc.
9,600
546,336
Sempra
Energy
10,050
683,702
Southern
Co.
2,850
184,452
Southwest
Gas
Corp.
2,150
129,882
Vistra
Energy
Corp.
6,000
199,080
WEC
Energy
Group,
Inc.
6,650
535,658
Spirit
of
America
Utilities
Fund
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
28
Common
Stocks
93.60%
(continued)
Shares
Market
Value
Utilities
92.80%
(continued)
Xcel
Energy,
Inc.
6,700
$
383,374
12,176,778
Total
Common
Stocks
(Cost $13,791,653)
12,282,268
Preferred
Stocks
1.03%
Utilities
1.03%
Southern
Co.,
5.25%
6,000
135,240
Total
Preferred
Stocks
(Cost $146,850)
135,240
Money
Market
Funds
5.07%
Morgan
Stanley
Institutional
Liquidity
Funds
Government
Portfolio,
Institutional
Class,
5.27%
(a)
664,930
664,930
Total
Money
Market
Funds
(Cost $664,930)
664,930
Total
Investments
—
99.70%
(Cost
$14,603,433)
13,082,438
Other
Assets
in
Excess
of
Liabilities
—
0.30%
39,669
NET
ASSETS
-
100.00%
$
13,122,107
(a)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
September
30,
2023.