united states
securities and exchange commission
washington, d.c. 20549
form n-csr
certified shareholder report of registered
management investment companies
| Investment Company Act file number: | 811-08231 | |
Spirit of America Investment Fund, Inc.
(Exact name of registrant as specified in charter)
477 Jericho Turnpike
P.O. Box 9006
Syosset, NY 11791-9006
(Address of principal executive offices) (Zip code)
Mr. David Lerner
David Lerner Associates
477 Jericho Turnpike
P.O. Box 9006
Syosset, NY 11791-9006
(Name and address of agent for service)
| Registrant’s telephone number, including area code: | 516-390-5565 | |
| Date of fiscal year end: | December 31 | |
| | | |
| Date of reporting period: | June 30, 2024 | |
Explanatory Note: The Registrant is filing this amendment to its Form N-CSRS for the reporting period ended June 30, 2024, originally filed with the Securities and Exchange Commission on September 6, 2024 (Accession Number 0001580642-24-005308). The sole purpose of this amendment is to correct Item 1. Reports to Stockholders. The corrections within Item 1 are due to missing graphical tables within the Utilities Fund Class A Tailored Shareholder Report. Except as set forth above, this amendment does not amend, update or change any other items or disclosures found in the original Form N-CSR filing.
Item 1. Reports to Stockholders.
Spirit of America Income Fund
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about Spirit of America Income Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A Shares | $57 | 1.15% |
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Spirit of America Income Fund - Class A Shares | Bloomberg U.S. Aggregate Bond Index |
|---|
| Dec-2008 | $9,524 | $10,000 |
| Jun-2009 | $10,188 | $10,190 |
| Jun-2010 | $12,011 | $11,158 |
| Jun-2011 | $12,910 | $11,593 |
| Jun-2012 | $14,841 | $12,460 |
| Jun-2013 | $15,242 | $12,374 |
| Jun-2014 | $16,340 | $12,915 |
| Jun-2015 | $16,934 | $13,155 |
| Jun-2016 | $18,407 | $13,945 |
| Jun-2017 | $18,622 | $13,901 |
| Jun-2018 | $19,186 | $13,846 |
| Jun-2019 | $20,636 | $14,935 |
| Jun-2020 | $21,123 | $16,240 |
| Jun-2021 | $23,280 | $16,186 |
| Jun-2022 | $21,254 | $14,520 |
| Jun-2023 | $21,316 | $14,384 |
| Jun-2024 | $22,517 | $14,763 |
- Net Assets$66,008,372
- Number of Portfolio Holdings157
- Advisory Fee (net of waivers)$168,208
- Portfolio Turnover0%
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Spirit of America Income Fund - Class A Shares | | | |
| Without Load | 5.64% | 1.76% | 3.26% |
| With Load | 0.58% | 0.78% | 2.76% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | -0.23% | 1.35% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Econ & Indust Development | 2.4% |
| City | 3.0% |
| Integrated Electric Utilities | 3.3% |
| Banks | 3.5% |
| Higher Education | 3.6% |
| Other | 4.0% |
| Midstream - Oil & Gas | 4.3% |
| Hospitals | 4.6% |
| School District | 4.7% |
| Electricity And Public Power | 5.8% |
| Miscellaneous Tax | 6.3% |
| Local Authority | 6.5% |
| Life Insurance | 7.5% |
| Tobacco | 7.9% |
| Other Sectors | 32.6% |
No material changes occurred during the period ended June 30, 2024.
Spirit of America Income Fund - Class A Shares (SOAIX)
Semi-Annual Shareholder Report - June 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.funddocs.filepoint.com/soa/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Income Fund
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about Spirit of America Income Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C Shares | $94 | 1.90% |
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Spirit of America Income Fund - Class C Shares | Bloomberg U.S. Aggregate Bond Index |
|---|
| Mar-2016 | $10,000 | $10,000 |
| Jun-2016 | $10,584 | $10,343 |
| Jun-2017 | $10,625 | $10,310 |
| Jun-2018 | $10,867 | $10,269 |
| Jun-2019 | $11,600 | $11,077 |
| Jun-2020 | $11,776 | $12,045 |
| Jun-2021 | $12,883 | $12,005 |
| Jun-2022 | $11,675 | $10,770 |
| Jun-2023 | $11,621 | $10,669 |
| Jun-2024 | $12,186 | $10,949 |
- Net Assets$66,008,372
- Number of Portfolio Holdings157
- Advisory Fee (net of waivers)$168,208
- Portfolio Turnover0%
Average Annual Total Returns
| 1 Year | 5 Years | Since Inception (March 15, 2016) |
|---|
| Spirit of America Income Fund - Class C Shares | | | |
| Without Load | 4.86% | 0.99% | 2.41% |
| With Load | 3.87% | 0.99% | 2.41% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | -0.23% | 1.10% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Econ & Indust Development | 2.4% |
| City | 3.0% |
| Integrated Electric Utilities | 3.3% |
| Banks | 3.5% |
| Higher Education | 3.6% |
| Other | 4.0% |
| Midstream - Oil & Gas | 4.3% |
| Hospitals | 4.6% |
| School District | 4.7% |
| Electricity And Public Power | 5.8% |
| Miscellaneous Tax | 6.3% |
| Local Authority | 6.5% |
| Life Insurance | 7.5% |
| Tobacco | 7.9% |
| Other Sectors | 32.6% |
No material changes occurred during the period ended June 30, 2024.
Spirit of America Income Fund - Class C Shares (SACTX)
Semi-Annual Shareholder Report - June 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.funddocs.filepoint.com/soa/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Income Fund
Institutional Shares (SOITX)
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about Spirit of America Income Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $45 | 0.91% |
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Spirit of America Income Fund - Institutional Shares | Bloomberg U.S. Aggregate Bond Index |
|---|
| May-2020 | $10,000 | $10,000 |
| Jun-2020 | $10,289 | $10,122 |
| Jun-2021 | $11,364 | $10,088 |
| Jun-2022 | $10,405 | $9,050 |
| Jun-2023 | $10,452 | $8,965 |
| Jun-2024 | $11,067 | $9,201 |
- Net Assets$66,008,372
- Number of Portfolio Holdings157
- Advisory Fee (net of waivers)$168,208
- Portfolio Turnover0%
Average Annual Total Returns
| 1 Year | Since Inception (May 1, 2020) |
|---|
| Spirit of America Income Fund - Institutional Shares | | |
| Without Load | 5.88% | 2.46% |
| With Load | 5.88% | 2.46% |
| Bloomberg U.S. Aggregate Bond Index | 2.63% | -1.98% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Econ & Indust Development | 2.4% |
| City | 3.0% |
| Integrated Electric Utilities | 3.3% |
| Banks | 3.5% |
| Higher Education | 3.6% |
| Other | 4.0% |
| Midstream - Oil & Gas | 4.3% |
| Hospitals | 4.6% |
| School District | 4.7% |
| Electricity And Public Power | 5.8% |
| Miscellaneous Tax | 6.3% |
| Local Authority | 6.5% |
| Life Insurance | 7.5% |
| Tobacco | 7.9% |
| Other Sectors | 32.6% |
No material changes occurred during the period ended June 30, 2024.
Spirit of America Income Fund - Institutional Shares (SOITX)
Semi-Annual Shareholder Report - June 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.funddocs.filepoint.com/soa/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Large Cap Value Fund
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about Spirit of America Large Cap Value Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A Shares | $75 | 1.51% |
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Spirit of America Large Cap Value Fund - Class A Shares | S&P 500® Index |
|---|
| Jun-2014 | $9,473 | $10,000 |
| Jun-2015 | $9,909 | $10,742 |
| Jun-2016 | $9,836 | $11,171 |
| Jun-2017 | $11,293 | $13,170 |
| Jun-2018 | $12,522 | $15,064 |
| Jun-2019 | $13,566 | $16,633 |
| Jun-2020 | $14,294 | $17,881 |
| Jun-2021 | $19,835 | $25,175 |
| Jun-2022 | $17,686 | $22,503 |
| Jun-2023 | $21,389 | $26,912 |
| Jun-2024 | $28,863 | $33,521 |
- Net Assets$187,488,991
- Number of Portfolio Holdings167
- Advisory Fee $822,948
- Portfolio Turnover5%
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Spirit of America Large Cap Value Fund - Class A Shares | | | |
| Without Load | 34.94% | 16.30% | 11.79% |
| With Load | 27.86% | 15.05% | 11.18% |
S&P 500® Index | 24.56% | 15.05% | 12.86% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -0.8% |
| Money Market Funds | 0.2% |
| Materials | 1.3% |
| Real Estate Investment Trusts (REITs) | 1.4% |
| Utilities | 2.2% |
| Communications | 7.0% |
| Consumer Discretionary | 7.0% |
| Financials | 7.4% |
| Consumer Staples | 7.9% |
| Industrials | 8.2% |
| Energy | 8.8% |
| Health Care | 9.5% |
| Technology | 39.9% |
No material changes occurred during the period ended June 30, 2024.
Spirit of America Large Cap Value Fund - Class A Shares (SOAVX)
Semi-Annual Shareholder Report - June 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( www.funddocs.filepoint.com/soa/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Large Cap Value Fund
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about Spirit of America Large Cap Value Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C Shares | $110 | 2.21% |
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Spirit of America Large Cap Value Fund - Class C Shares | S&P 500® Index |
|---|
| 03/15/16 | $10,000 | $10,000 |
| 06/30/16 | $10,393 | $10,474 |
| 06/30/17 | $11,838 | $12,348 |
| 06/30/18 | $13,038 | $14,123 |
| 06/30/19 | $14,023 | $15,595 |
| 06/30/20 | $14,678 | $16,765 |
| 06/30/21 | $20,221 | $23,604 |
| 06/30/22 | $17,903 | $21,099 |
| 06/30/23 | $21,503 | $25,233 |
| 06/30/24 | $28,805 | $31,429 |
- Net Assets$187,488,991
- Number of Portfolio Holdings167
- Advisory Fee $822,948
- Portfolio Turnover5%
Average Annual Total Returns
| 1 Year | 5 Years | Since Inception (March 15, 2016) |
|---|
| Spirit of America Large Cap Value Fund - Class C Shares | | | |
| Without Load | 33.96% | 15.49% | 13.61% |
| With Load | 32.96% | 15.49% | 13.61% |
S&P 500® Index | 24.56% | 15.05% | 14.81% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -0.8% |
| Money Market Funds | 0.2% |
| Materials | 1.3% |
| Real Estate Investment Trusts (REITs) | 1.4% |
| Utilities | 2.2% |
| Communications | 7.0% |
| Consumer Discretionary | 7.0% |
| Financials | 7.4% |
| Consumer Staples | 7.9% |
| Industrials | 8.2% |
| Energy | 8.8% |
| Health Care | 9.5% |
| Technology | 39.9% |
No material changes occurred during the period ended June 30, 2024.
Spirit of America Large Cap Value Fund - Class C Shares (SACVX)
Semi-Annual Shareholder Report - June 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( www.funddocs.filepoint.com/soa/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Large Cap Value Fund
Institutional Shares (SOIVX)
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about Spirit of America Large Cap Value Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $60 | 1.21% |
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Spirit of America Large Cap Value Fund - Institutional Shares | S&P 500® Index |
|---|
| May-2020 | $10,000 | $10,000 |
| Jun-2020 | $11,017 | $10,992 |
| Jun-2021 | $15,332 | $15,476 |
| Jun-2022 | $13,708 | $13,833 |
| Jun-2023 | $16,635 | $16,543 |
| Jun-2024 | $22,505 | $20,606 |
- Net Assets$187,488,991
- Number of Portfolio Holdings167
- Advisory Fee $822,948
- Portfolio Turnover5%
Average Annual Total Returns
| 1 Year | Since Inception (May 1, 2020) |
|---|
| Spirit of America Large Cap Value Fund - Institutional Shares | 35.29% | 21.50% |
S&P 500® Index | 24.56% | 18.96% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -0.8% |
| Money Market Funds | 0.2% |
| Materials | 1.3% |
| Real Estate Investment Trusts (REITs) | 1.4% |
| Utilities | 2.2% |
| Communications | 7.0% |
| Consumer Discretionary | 7.0% |
| Financials | 7.4% |
| Consumer Staples | 7.9% |
| Industrials | 8.2% |
| Energy | 8.8% |
| Health Care | 9.5% |
| Technology | 39.9% |
No material changes occurred during the period ended June 30, 2024.
Spirit of America Large Cap Value Fund - Institutional Shares (SOIVX)
Semi-Annual Shareholder Report - June 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( www.funddocs.filepoint.com/soa/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Municipal Tax Free Bond Fund
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about Spirit of America Municipal Tax Free Bond Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A Shares | $46 | 0.92% |
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Spirit of America Municipal Tax Free Bond Fund - Class A Shares | Bloomberg Municipal Bond Index |
|---|
| Jun-2014 | $9,526 | $10,000 |
| Jun-2015 | $9,809 | $10,300 |
| Jun-2016 | $10,685 | $11,088 |
| Jun-2017 | $10,544 | $11,034 |
| Jun-2018 | $10,714 | $11,207 |
| Jun-2019 | $11,205 | $11,958 |
| Jun-2020 | $11,557 | $12,490 |
| Jun-2021 | $11,868 | $13,011 |
| Jun-2022 | $10,892 | $11,895 |
| Jun-2023 | $11,105 | $12,274 |
| Jun-2024 | $11,339 | $12,669 |
- Net Assets$33,025,896
- Number of Portfolio Holdings146
- Advisory Fee (net of waivers)$35,886
- Portfolio Turnover4%
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Spirit of America Municipal Tax Free Bond Fund - Class A Shares | | | |
| Without Load | 2.11% | 0.24% | 1.76% |
| With Load | -2.77% | -0.73% | 1.26% |
| Bloomberg Municipal Bond Index | 3.21% | 1.16% | 2.39% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 0.9% |
| Idr & Pcr | 0.8% |
| Money Market Funds | 1.7% |
| State | 4.5% |
| Health Care | 5.5% |
| Local | 5.9% |
| Special Tax | 7.1% |
| Education | 12.8% |
| Housing | 13.7% |
| Transportation | 14.8% |
| Lease | 15.9% |
| Utilities | 16.4% |
No material changes occurred during the period ended June 30, 2024.
Spirit of America Municipal Tax Free Bond Fund - Class A Shares (SOAMX)
Semi-Annual Shareholder Report - June 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( www.funddocs.filepoint.com/soa/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Municipal Tax Free Bond Fund
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about Spirit of America Municipal Tax Free Bond Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C Shares | $88 | 1.77% |
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Spirit of America Municipal Tax Free Bond Fund - Class C Shares | Bloomberg Municipal Bond Index |
|---|
| 03/15/16 | $10,000 | $10,000 |
| 06/30/16 | $10,380 | $10,333 |
| 06/30/17 | $10,133 | $10,283 |
| 06/30/18 | $10,208 | $10,444 |
| 06/30/19 | $10,587 | $11,144 |
| 06/30/20 | $10,828 | $11,640 |
| 06/30/21 | $11,027 | $12,125 |
| 06/30/22 | $10,033 | $11,085 |
| 06/30/23 | $10,142 | $11,438 |
| 06/30/24 | $10,257 | $11,806 |
- Net Assets$33,025,896
- Number of Portfolio Holdings146
- Advisory Fee (net of waivers)$35,886
- Portfolio Turnover4%
Average Annual Total Returns
| 1 Year | 5 Years | Since Inception (March 15, 2016) |
|---|
| Spirit of America Municipal Tax Free Bond Fund - Class C Shares | | | |
| Without Load | 1.13% | -0.63% | 0.31% |
| With Load | 0.14% | -0.63% | 0.31% |
| Bloomberg Municipal Bond Index | 3.21% | 1.16% | 2.02% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 0.9% |
| Idr & Pcr | 0.8% |
| Money Market Funds | 1.7% |
| State | 4.5% |
| Health Care | 5.5% |
| Local | 5.9% |
| Special Tax | 7.1% |
| Education | 12.8% |
| Housing | 13.7% |
| Transportation | 14.8% |
| Lease | 15.9% |
| Utilities | 16.4% |
No material changes occurred during the period ended June 30, 2024.
Spirit of America Municipal Tax Free Bond Fund - Class C Shares (SACFX)
Semi-Annual Shareholder Report - June 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( www.funddocs.filepoint.com/soa/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Municipal Tax Free Bond Fund
Institutional Shares (SOIMX)
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about Spirit of America Municipal Tax Free Bond Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $38 | 0.77% |
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Spirit of America Municipal Tax Free Bond Fund - Institutional Shares | Bloomberg Municipal Bond Index |
|---|
| May-2020 | $10,000 | $10,000 |
| Jun-2020 | $10,229 | $10,368 |
| Jun-2021 | $10,521 | $10,800 |
| Jun-2022 | $9,669 | $9,875 |
| Jun-2023 | $9,884 | $10,189 |
| Jun-2024 | $10,096 | $10,517 |
- Net Assets$33,025,896
- Number of Portfolio Holdings146
- Advisory Fee (net of waivers)$35,886
- Portfolio Turnover4%
Average Annual Total Returns
| 1 Year | Since Inception (May 1, 2020) |
|---|
| Spirit of America Municipal Tax Free Bond Fund - Institutional Shares | 2.15% | 0.23% |
| Bloomberg Municipal Bond Index | 3.21% | 1.22% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 0.9% |
| Idr & Pcr | 0.8% |
| Money Market Funds | 1.7% |
| State | 4.5% |
| Health Care | 5.5% |
| Local | 5.9% |
| Special Tax | 7.1% |
| Education | 12.8% |
| Housing | 13.7% |
| Transportation | 14.8% |
| Lease | 15.9% |
| Utilities | 16.4% |
No material changes occurred during the period ended June 30, 2024.
Spirit of America Municipal Tax Free Bond Fund - Institutional Shares (SOIMX)
Semi-Annual Shareholder Report - June 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( www.funddocs.filepoint.com/soa/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Real Estate Income and Growth Fund
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about Spirit of America Real Estate Income and Growth Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A Shares | $80 | 1.61% |
How has the Fund performed over the last ten years?
Total Return Based on $10,000 Investment
| Spirit of America Real Estate Income and Growth Fund - Class A Shares | S&P 500® Index | MSCI US REIT Index |
|---|
| Jun-2014 | $9,473 | $10,000 | $10,001 |
| Jun-2015 | $9,827 | $10,742 | $10,394 |
| Jun-2016 | $11,060 | $11,171 | $12,899 |
| Jun-2017 | $11,140 | $13,170 | $12,664 |
| Jun-2018 | $11,562 | $15,064 | $13,116 |
| Jun-2019 | $12,782 | $16,633 | $14,567 |
| Jun-2020 | $11,846 | $17,881 | $12,693 |
| Jun-2021 | $15,216 | $25,175 | $17,522 |
| Jun-2022 | $14,000 | $22,503 | $16,399 |
| Jun-2023 | $13,713 | $26,912 | $16,384 |
| Jun-2024 | $14,401 | $33,521 | $17,629 |
- Net Assets$69,092,094
- Number of Portfolio Holdings104
- Advisory Fee $343,626
- Portfolio Turnover5%
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Spirit of America Real Estate Income and Growth Fund - Class A Shares | | | |
| Without Load | 5.02% | 2.41% | 4.28% |
| With Load | -0.49% | 1.31% | 3.71% |
S&P 500® Index | 24.56% | 15.05% | 12.86% |
| MSCI US REIT Index | 7.59% | 3.89% | 5.83% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 0.5% |
| Industrials | 0.2% |
| Communications | 0.5% |
| Money Market Funds | 0.7% |
| Consumer Discretionary | 1.1% |
| Energy | 1.3% |
| Real Estate | 95.7% |
No material changes occurred during the period ended June 30, 2024.
Spirit of America Real Estate Income and Growth Fund - Class A Shares (SOAAX)
Semi-Annual Shareholder Report - June 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( www.funddocs.filepoint.com/soa/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Real Estate Income and Growth Fund
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about Spirit of America Real Estate Income and Growth Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C Shares | $115 | 2.32% |
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Spirit of America Real Estate Income and Growth Fund - Class C Shares | S&P 500® Index | MSCI US REIT Index |
|---|
| 03/15/16 | $10,000 | $10,000 | $10,000 |
| 06/30/16 | $10,904 | $10,474 | $11,145 |
| 06/30/17 | $10,900 | $12,348 | $10,942 |
| 06/30/18 | $11,230 | $14,123 | $11,332 |
| 06/30/19 | $12,325 | $15,595 | $12,586 |
| 06/30/20 | $11,349 | $16,765 | $10,967 |
| 06/30/21 | $14,471 | $23,604 | $15,140 |
| 06/30/22 | $13,222 | $21,099 | $14,169 |
| 06/30/23 | $12,869 | $25,233 | $14,156 |
| 06/30/24 | $13,424 | $31,429 | $15,232 |
- Net Assets$69,092,094
- Number of Portfolio Holdings104
- Advisory Fee $343,626
- Portfolio Turnover5%
Average Annual Total Returns
| 1 Year | 5 Years | Since Inception (March 15, 2016) |
|---|
| Spirit of America Real Estate Income and Growth Fund - Class C Shares | | | |
| Without Load | 4.31% | 1.72% | 3.61% |
| With Load | 3.36% | 1.72% | 3.61% |
S&P 500® Index | 24.56% | 15.05% | 14.81% |
| MSCI US REIT Index | 7.59% | 3.89% | 5.20% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 0.5% |
| Industrials | 0.2% |
| Communications | 0.5% |
| Money Market Funds | 0.7% |
| Consumer Discretionary | 1.1% |
| Energy | 1.3% |
| Real Estate | 95.7% |
No material changes occurred during the period ended June 30, 2024.
Spirit of America Real Estate Income and Growth Fund - Class C Shares (SACRX)
Semi-Annual Shareholder Report - June 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( www.funddocs.filepoint.com/soa/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Real Estate Income and Growth Fund
Institutional Shares (SOIAX)
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about Spirit of America Real Estate Income and Growth Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $65 | 1.31% |
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Spirit of America Real Estate Income and Growth Fund - Institutional Shares | S&P 500® Index | MSCI US REIT Index |
|---|
| May-2020 | $10,000 | $10,000 | $10,000 |
| Jun-2020 | $10,486 | $10,992 | $10,700 |
| Jun-2021 | $13,515 | $15,476 | $14,772 |
| Jun-2022 | $12,473 | $13,833 | $13,824 |
| Jun-2023 | $12,252 | $16,543 | $13,812 |
| Jun-2024 | $12,907 | $20,606 | $14,862 |
- Net Assets$69,092,094
- Number of Portfolio Holdings104
- Advisory Fee $343,626
- Portfolio Turnover5%
Average Annual Total Returns
| 1 Year | Since Inception (May 1, 2020) |
|---|
| Spirit of America Real Estate Income and Growth Fund - Institutional Shares | 5.35% | 6.32% |
S&P 500® Index | 24.56% | 18.96% |
| MSCI US REIT Index | 7.59% | 9.98% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 0.5% |
| Industrials | 0.2% |
| Communications | 0.5% |
| Money Market Funds | 0.7% |
| Consumer Discretionary | 1.1% |
| Energy | 1.3% |
| Real Estate | 95.7% |
No material changes occurred during the period ended June 30, 2024.
Spirit of America Real Estate Income and Growth Fund - Institutional Shares (SOIAX)
Semi-Annual Shareholder Report - June 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( www.funddocs.filepoint.com/soa/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Utilities Fund
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about Spirit of America Utilities Fund (the "Fund") for the period of January 1, 2024 through June 30, 2024. You can find additional information about the Fund at www.funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A Shares | $77 | 1.54% |
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Spirit of America Utilities Fund - Class A Shares | S&P 500® Index | S&P 500 Utilities Sector Index |
|---|
| Jan-2023 | $9,425 | $10,000 | $10,000 |
| Jun-2023 | $9,152 | $10,998 | $9,624 |
| Jun-2024 | $9,787 | $13,699 | $10,376 |
- Net Assets$16,907,249
- Number of Portfolio Holdings44
- Advisory Fee (net of waivers)$32,900
- Portfolio Turnover0%
Average Annual Total Returns
| 1 Year | Since Inception (January 31, 2023) |
|---|
| Spirit of America Utilities Fund - Class A Shares | | |
| Without Load | 6.95% | 2.71% |
| With Load | 0.81% | -1.51% |
S&P 500® Index | 24.56% | 24.99% |
| S&P 500 Utilities Sector Index | 7.82% | 2.65% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -1.3% |
| Industrials | 0.6% |
| Energy | 0.6% |
| Money Market Funds | 3.2% |
| Utilities | 96.9% |
No material changes occurred during the period ended June 30, 2024.
Spirit of America Utilities Fund - Class A Shares (SOAUX)
Semi-Annual Shareholder Report - June 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( www.funddocs.filepoint.com/soa/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Utilities Fund
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about Spirit of America Utilities Fund (the "Fund") for the period of January 1, 2024 through June 30, 2024. You can find additional information about the Fund at www.funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C Shares | $114 | 2.29% |
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Spirit of America Utilities Fund - Class C Shares | S&P 500® Index | S&P 500 Utilities Sector Index |
|---|
| Jan-2023 | $10,000 | $10,000 | $10,000 |
| Jun-2023 | $9,676 | $10,998 | $9,624 |
| Jun-2024 | $10,272 | $13,699 | $10,376 |
- Net Assets$16,907,249
- Number of Portfolio Holdings44
- Advisory Fee (net of waivers)$32,900
- Portfolio Turnover0%
Average Annual Total Returns
| 1 Year | Since Inception (January 31, 2023) |
|---|
| Spirit of America Utilities Fund - Class C Shares | | |
| Without Load | 6.16% | 1.92% |
| With Load | 5.18% | 1.92% |
S&P 500® Index | 24.56% | 24.99% |
| S&P 500 Utilities Sector Index | 7.82% | 2.65% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -1.3% |
| Industrials | 0.6% |
| Energy | 0.6% |
| Money Market Funds | 3.2% |
| Utilities | 96.9% |
No material changes occurred during the period ended June 30, 2024.
Spirit of America Utilities Fund - Class C Shares (SOCUX)
Semi-Annual Shareholder Report - June 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( www.funddocs.filepoint.com/soa/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Utilities Fund
Institutional Shares (SOIUX)
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about Spirit of America Utilities Fund (the "Fund") for the period of January 1, 2024 through June 30, 2024. You can find additional information about the Fund at www.funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional Shares | $64 | 1.28% |
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Spirit of America Utilities Fund - Institutional Shares | S&P 500® Index | S&P 500 Utilities Sector Index |
|---|
| Jan-2023 | $10,000 | $10,000 | $10,000 |
| Jun-2023 | $9,715 | $10,998 | $9,624 |
| Jun-2024 | $10,419 | $13,699 | $10,376 |
- Net Assets$16,907,249
- Number of Portfolio Holdings44
- Advisory Fee (net of waivers)$32,900
- Portfolio Turnover0%
Average Annual Total Returns
| 1 Year | Since Inception (January 31, 2023) |
|---|
| Spirit of America Utilities Fund - Institutional Shares | 7.24% | 2.95% |
S&P 500® Index | 24.56% | 24.99% |
| S&P 500 Utilities Sector Index | 7.82% | 2.65% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Liabilities in Excess of Other Assets | -1.3% |
| Industrials | 0.6% |
| Energy | 0.6% |
| Money Market Funds | 3.2% |
| Utilities | 96.9% |
No material changes occurred during the period ended June 30, 2024.
Spirit of America Utilities Fund - Institutional Shares (SOIUX)
Semi-Annual Shareholder Report - June 30, 2024
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( www.funddocs.filepoint.com/soa/ ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Item 2. Code of Ethics.
Not Applicable – disclosed with annual report
Item 3. Audit Committee Financial Expert.
Not Applicable – disclosed with annual report
Item 4. Principal Accountant Fees and Services.
Not Applicable – disclosed with annual report
Item 5. Audit Committee of Listed Registrants.
Not Applicable – disclosed with annual report
Item 6. Investments.
The Registrant’s schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
 | |
| | |
| | |
| FINANCIAL STATEMENTS | |
| June 30, 2024 | |
| | |
| | |
| | |
| | |
| | |
| | Spirit of America Real Estate Income and Growth Fund |
| | |
| | Spirit of America Large Cap Value Fund |
| | |
| | Spirit of America Municipal Tax Free Bond Fund |
| | |
| | Spirit of America Income Fund |
| | |
| | Spirit of America Utilities Fund |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND |
| SCHEDULE OF INVESTMENTS | JUNE 30, 2024 (UNAUDITED) |
| | | Shares | | | Market Value | |
| | | | | | | | | |
| Common Stocks 96.09% | | | | | | | | |
| | | | | | | | | |
| Communications 0.48% | | | | | | | | |
| DigitalBridge Group, Inc. | | | 24,000 | | | $ | 328,800 | |
| | | | | | | | | |
| Consumer Discretionary 1.13% | | | | | | | | |
| Amazon.com, Inc.(a) | | | 3,300 | | | | 637,725 | |
| D.R. Horton, Inc. | | | 1,000 | | | | 140,930 | |
| | | | | | | | 778,655 | |
| Data Center REITs 12.33% | | | | | | | | |
| Digital Realty Trust, Inc. | | | 25,381 | | | | 3,859,181 | |
| Equinix, Inc. | | | 6,160 | | | | 4,660,656 | |
| | | | | | | | 8,519,837 | |
| Energy 1.11% | | | | | | | | |
| Cheniere Energy Partners LP | | | 1,613 | | | | 79,215 | |
| Energy Transfer LP | | | 20,000 | | | | 324,400 | |
| Enterprise Products Partners LP | | | 6,000 | | | | 173,880 | |
| MPLX LP | | | 4,500 | | | | 191,655 | |
| | | | | | | | 769,150 | |
| Gaming REITs 5.54% | | | | | | | | |
| Gaming and Leisure Properties, Inc. | | | 29,385 | | | | 1,328,496 | |
| VICI Properties, Inc. | | | 87,297 | | | | 2,500,186 | |
| | | | | | | | 3,828,682 | |
| Health Care REITs 7.78% | | | | | | | | |
| CareTrust REIT, Inc. | | | 5,000 | | | | 125,500 | |
| Global Medical REIT, Inc. | | | 15,000 | | | | 136,200 | |
| Healthcare Realty Trust, Inc. | | | 10,000 | | | | 164,800 | |
| Healthpeak Properties, Inc. | | | 18,869 | | | | 369,832 | |
| Omega Healthcare Investors, Inc. | | | 14,500 | | | | 496,625 | |
| Ventas, Inc. | | | 8,050 | | | | 412,643 | |
| Welltower, Inc. | | | 35,175 | | | | 3,666,994 | |
| | | | | | | | 5,372,594 | |
| Homebuilding 0.40% | | | | | | | | |
| Lennar Corp., Class A | | | 925 | | | | 138,630 | |
| Toll Brothers, Inc. | | | 1,175 | | | | 135,336 | |
| | | | | | | | 273,966 | |
| Hotel REITs 2.61% | | | | | | | | |
| Apple Hospitality REIT, Inc. | | | 35,710 | | | | 519,223 | |
| Host Hotels & Resorts, Inc. | | | 48,900 | | | | 879,222 | |
| Park Hotels & Resorts, Inc. | | | 9,250 | | | | 138,565 | |
| Pebblebrook Hotel Trust | | | 4,781 | | | | 65,739 | |
| Summit Hotel Properties, Inc. | | | 6,000 | | | | 35,940 | |
| Sunstone Hotel Investors, Inc. | | | 15,700 | | | | 164,222 | |
| | | | | | | | 1,802,911 | |
| Industrial REITs 12.53% | | | | | | | | |
| Americold Realty Trust | | | 3,700 | | | | 94,498 | |
| Plymouth Industrial REIT Inc. | | | 1,500 | | | | 32,070 | |
| Prologis, Inc. | | | 32,801 | | | | 3,683,880 | |
| Rexford Industrial Realty, Inc. | | | 18,000 | | | | 802,620 | |
| STAG Industrial, Inc. | | | 45,950 | | | | 1,656,957 | |
| Terreno Realty Corp. | | | 40,400 | | | | 2,390,872 | |
| | | | | | | | 8,660,897 | |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND |
| SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED) |
| | | Shares | | | Market Value | |
| | | | | | | | | |
| Industrials 0.23% | | | | | | | | |
| Vertiv Holdings Co. | | | 1,800 | | | $ | 155,826 | |
| | | | | | | | | |
| Infrastructure REITs 0.84% | | | | | | | | |
| American Tower Corp., Class A | | | 1,720 | | | | 334,334 | |
| Crown Castle International Corp. | | | 2,540 | | | | 248,158 | |
| | | | | | | | 582,492 | |
| Midstream - Oil & Gas 0.14% | | | | | | | | |
| Plains All American Pipeline LP | | | 2,000 | | | | 35,720 | |
| Plains GP Holdings LP, Class A(a) | | | 3,000 | | | | 56,460 | |
| | | | | | | | 92,180 | |
| Mortgage Finance 0.32% | | | | | | | | |
| Blackstone Mortgage Trust, Inc., Class A | | | 5,200 | | | | 90,584 | |
| Starwood Property Trust, Inc. | | | 7,000 | | | | 132,580 | |
| | | | | | | | 223,164 | |
| Multi Asset Class REITs 1.33% | | | | | | | | |
| Lexington Realty Trust | | | 2,700 | | | | 24,624 | |
| One Liberty Properties, Inc. | | | 2,500 | | | | 58,700 | |
| WP Carey, Inc. | | | 15,200 | | | | 836,760 | |
| | | | | | | | 920,084 | |
| Office REITs 2.21% | | | | | | | | |
| Alexandria Real Estate Equities, Inc. | | | 5,900 | | | | 690,123 | |
| Boston Properties, Inc. | | | 6,415 | | | | 394,908 | |
| COPT Defense Properties | | | 2,000 | | | | 50,060 | |
| Cousins Properties, Inc. | | | 6,500 | | | | 150,475 | |
| Empire State Realty Trust, Inc., Class A | | | 1,000 | | | | 9,380 | |
| Hudson Pacific Properties, Inc. | | | 11,000 | | | | 52,910 | |
| Kilroy Realty Corp. | | | 4,265 | | | | 132,940 | |
| Net Lease Office Properties | | | 1,872 | | | | 46,097 | |
| | | | | | | | 1,526,893 | |
| Residential REITs 21.60% | | | | | | | | |
| American Homes 4 Rent, Class A | | | 35,300 | | | | 1,311,748 | |
| AvalonBay Communities, Inc. | | | 14,990 | | | | 3,101,281 | |
| Camden Property Trust | | | 9,400 | | | | 1,025,634 | |
| Equity LifeStyle Properties, Inc. | | | 21,550 | | | | 1,403,552 | |
| Equity Residential | | | 30,715 | | | | 2,129,778 | |
| Essex Property Trust, Inc. | | | 5,936 | | | | 1,615,779 | |
| Invitation Homes, Inc. | | | 5,000 | | | | 179,450 | |
| Mid-America Apartment Communities, Inc. | | | 7,272 | | | | 1,037,060 | |
| Sun Communities, Inc. | | | 10,700 | | | | 1,287,638 | |
| UDR, Inc. | | | 44,600 | | | | 1,835,290 | |
| | | | | | | | 14,927,210 | |
| Retail REITs 12.12% | | | | | | | | |
| Agree Realty Corp. | | | 7,750 | | | | 480,035 | |
| Brixmor Property Group, Inc. | | | 41,475 | | | | 957,658 | |
| Federal Realty Investment Trust | | | 9,700 | | | | 979,409 | |
| Four Corners Property Trust, Inc. | | | 5,000 | | | | 123,350 | |
| Getty Realty Corp. | | | 1,000 | | | | 26,660 | |
| Kimco Realty Corp. | | | 25,569 | | | | 497,573 | |
| National Retail Properties, Inc. | | | 17,750 | | | | 756,150 | |
| Realty Income Corp. | | | 25,985 | | | | 1,372,527 | |
| Regency Centers Corp. | | | 13,400 | | | | 833,480 | |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND |
| SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED) |
| | | Shares | | | Market Value | |
| | | | | | | | | |
| Retail REITs (cont.) | | | | | | | | |
| Simon Property Group, Inc. | | | 13,500 | | | $ | 2,049,300 | |
| Tanger Factory Outlet Centers, Inc. | | | 11,000 | | | | 298,210 | |
| | | | | | | | 8,374,352 | |
| Self-Storage REITs 8.44% | | | | | | | | |
| CubeSmart | | | 19,450 | | | | 878,556 | |
| Extra Space Storage, Inc. | | | 15,280 | | | | 2,374,665 | |
| Public Storage | | | 8,975 | | | | 2,581,659 | |
| | | | | | | | 5,834,880 | |
| Specialty REITs 4.73% | | | | | | | | |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | 717 | | | | 21,223 | |
| Iron Mountain, Inc. | | | 35,750 | | | | 3,203,915 | |
| Postal Realty Trust, Inc. | | | 3,000 | | | | 39,990 | |
| | | | | | | | 3,265,128 | |
| Timber REITs 0.22% | | | | | | | | |
| Weyerhaeuser Co. | | | 5,300 | | | | 150,467 | |
| | | | | | | | | |
| Total Common Stocks | | | | | | | | |
| (Cost $56,067,497) | | | | | | | 66,388,168 | |
| | | | | | | | | |
| Preferred Stocks 2.74% | | | | | | | | |
| | | | | | | | | |
| Data Center REITs 0.13% | | | | | | | | |
| Digital Realty Trust, Inc., Series J, 5.25% | | | 4,000 | | | | 86,600 | |
| | | | | | | | | |
| Hotel REITs 1.21% | | | | | | | | |
| Ashford Hospitality Trust, Inc., Series F, 7.38% | | | 6,000 | | | | 83,460 | |
| Pebblebrook Hotel Trust, Series F, 6.30% | | | 2,500 | | | | 49,925 | |
| Pebblebrook Hotel Trust, Series G, 6.38% | | | 4,000 | | | | 78,360 | |
| Pebblebrook Hotel Trust, Series H, 6.38% | | | 6,000 | | | | 109,200 | |
| Sotherly Hotels, Inc., Series B, 8.00% | | | 6,000 | | | | 109,920 | |
| Sotherly Hotels, Inc., Series C, 7.88% | | | 2,000 | | | | 36,900 | |
| Summit Hotel Properties, Inc., Series F, 5.88% | | | 10,000 | | | | 200,100 | |
| Sunstone Hotel Investors, Inc., Series H, 6.13% | | | 4,000 | | | | 87,240 | |
| Sunstone Hotel Investors, Inc., Series I, 5.70% | | | 4,000 | | | | 80,480 | |
| | | | | | | | 835,585 | |
| Mortgage Finance 0.06% | | | | | | | | |
| New York Mortgage Trust Inc., Series G, 7.00% | | | 2,000 | | | | 39,660 | |
| | | | | | | | | |
| Multi Asset Class REITs 0.05% | | | | | | | | |
| Vornado Realty Trust, Series M, 5.25% | | | 2,500 | | | | 37,375 | |
| | | | | | | | | |
| Office REITs 0.08% | | | | | | | | |
| Hudson Pacific Properties Inc., Series C, 4.75% | | | 4,000 | | | | 54,760 | |
| | | | | | | | | |
| Residential REITs 0.06% | | | | | | | | |
| American Homes 4 Rent, Series G, 5.88% | | | 2,000 | | | | 44,760 | |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND |
| SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED) |
| | | Shares | | | Market Value | |
| | | | | | | | | |
| Retail REITs 0.26% | | | | | | | | |
| CTO Realty Growth, Inc., Series A, 6.38% | | | 2,000 | | | $ | 40,260 | |
| Federal Realty Investment Trust, Series C, 5.00% | | | 6,500 | | | | 136,955 | |
| | | | | | | | 177,215 | |
| Self-Storage REITs 0.89% | | | | | | | | |
| Public Storage, Series I, 4.88% | | | 1,917 | | | | 41,676 | |
| Public Storage, Series K, 4.75% | | | 4,000 | | | | 84,920 | |
| Public Storage, Series L, 4.63% | | | 2,000 | | | | 40,780 | |
| Public Storage, Series M, 4.13% | | | 1,167 | | | | 21,706 | |
| Public Storage, Series N, 3.88% | | | 4,000 | | | | 68,680 | |
| Public Storage, Series P, 4.00% | | | 2,000 | | | | 35,900 | |
| Public Storage, Series Q, 3.95% | | | 4,000 | | | | 70,080 | |
| Public Storage, Series R, 4.00% | | | 4,000 | | | | 72,880 | |
| Public Storage, Series S, 4.10% | | | 10,000 | | | | 181,400 | |
| | | | | | | | 618,022 | |
| Total Preferred Stocks | | | | | | | | |
| (Cost $2,516,326) | | | | | | | 1,893,977 | |
| | | | | | | | | |
| Money Market Funds 0.68% | | | | | | | | |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 5.22%(b) | | | 473,738 | | | | 473,738 | |
| | | | | | | | | |
| Total Money Market Funds | | | | | | | | |
| (Cost $473,738) | | | | | | | 473,738 | |
| | | | | | | | | |
| Total Investments — 99.51% | | | | | | | | |
| (Cost $59,057,561) | | | | | | | 68,755,883 | |
| Other Assets in Excess of Liabilities — 0.49% | | | | | | | 336,211 | |
| NET ASSETS — 100.00% | | | | | | $ | 69,092,094 | |
| (a) | Non-income producing security. |
| (b) | Rate disclosed is the seven day effective yield as of June 30, 2024. |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA LARGE CAP VALUE FUND |
| SCHEDULE OF INVESTMENTS | JUNE 30, 2024 (UNAUDITED) |
| | | Shares | | | Market Value | |
| | | | | | | | | |
| Common Stocks 100.03% | | | | | | | | |
| | | | | | | | | |
| Communications 6.98% | | | | | | | | |
| Alphabet, Inc., Class A | | | 44,400 | | | $ | 8,087,460 | |
| Alphabet, Inc., Class C | | | 2,250 | | | | 412,695 | |
| AT&T, Inc. | | | 9,500 | | | | 181,545 | |
| DigitalBridge Group, Inc. | | | 11,000 | | | | 150,700 | |
| Meta Platforms, Inc., A | | | 725 | | | | 365,559 | |
| Netflix, Inc.(a) | | | 1,000 | | | | 674,880 | |
| Verizon Communications, Inc. | | | 28,540 | | | | 1,176,990 | |
| Walt Disney Co. (The) | | | 20,600 | | | | 2,045,374 | |
| | | | | | | | 13,095,203 | |
| Consumer Discretionary 6.99% | | | | | | | | |
| Amazon.com, Inc.(a) | | | 25,250 | | | | 4,879,563 | |
| Chipotle Mexican Grill, Inc.(a) | | | 58,000 | | | | 3,633,700 | |
| Home Depot, Inc. (The) | | | 6,138 | | | | 2,112,945 | |
| Lowe’s Companies, Inc. | | | 3,400 | | | | 749,564 | |
| Masco Corp. | | | 8,500 | | | | 566,695 | |
| McDonald’s Corp. | | | 2,580 | | | | 657,487 | |
| NIKE, Inc., Class B | | | 700 | | | | 52,759 | |
| Tesla, Inc.(a) | | | 2,300 | | | | 455,124 | |
| | | | | | | | 13,107,837 | |
| Consumer Staples 7.93% | | | | | | | | |
| Altria Group, Inc. | | | 12,650 | | | | 576,208 | |
| Coca-Cola Co. (The) | | | 7,600 | | | | 483,740 | |
| Colgate-Palmolive Co. | | | 1,500 | | | | 145,560 | |
| Conagra Brands, Inc. | | | 5,100 | | | | 144,942 | |
| Constellation Brands, Inc., Class A | | | 1,400 | | | | 360,192 | |
| Costco Wholesale Corp. | | | 6,781 | | | | 5,763,782 | |
| Kroger Co. (The) | | | 9,000 | | | | 449,370 | |
| Lamb Weston Holdings, Inc. | | | 1,800 | | | | 151,344 | |
| PepsiCo, Inc. | | | 2,400 | | | | 395,832 | |
| Philip Morris International, Inc. | | | 4,800 | | | | 486,384 | |
| Procter & Gamble Co. (The) | | | 7,265 | | | | 1,198,144 | |
| Target Corp. | | | 11,130 | | | | 1,647,685 | |
| Wal-Mart Stores, Inc. | | | 45,252 | | | | 3,064,013 | |
| | | | | | | | 14,867,196 | |
| Energy 8.81% | | | | | | | | |
| Antero Midstream Corp. | | | 5,000 | | | | 73,700 | |
| Baker Hughes Co. | | | 6,750 | | | | 237,397 | |
| Cheniere Energy, Inc. | | | 9,650 | | | | 1,687,109 | |
| Chevron Corp. | | | 13,260 | | | | 2,074,129 | |
| CNX Resources Corp.(a) | | | 4,000 | | | | 97,200 | |
| ConocoPhillips | | | 5,300 | | | | 606,214 | |
| Devon Energy Corp. | | | 4,800 | | | | 227,520 | |
| Diamondback Energy, Inc. | | | 2,650 | | | | 530,504 | |
| Enbridge, Inc. | | | 2,000 | | | | 71,180 | |
| EOG Resources, Inc. | | | 4,400 | | | | 553,828 | |
| Exxon Mobil Corp. | | | 23,058 | | | | 2,654,437 | |
| Halliburton Co. | | | 2,500 | | | | 84,450 | |
| Kinder Morgan, Inc. | | | 7,750 | | | | 153,993 | |
| Marathon Oil Corp. | | | 500 | | | | 14,335 | |
| Marathon Petroleum Corp. | | | 1,150 | | | | 199,502 | |
| Occidental Petroleum Corp. | | | 6,500 | | | | 409,695 | |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA LARGE CAP VALUE FUND |
| SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED) |
| | | Shares | | | Market Value | |
| | | | | | | | | |
| Energy (cont.) | | | | | | | | |
| ONEOK, Inc. | | | 2,000 | | | $ | 163,100 | |
| Phillips 66 | | | 7,250 | | | | 1,023,483 | |
| Targa Resources Corp. | | | 5,600 | | | | 721,168 | |
| Valero Energy Corp. | | | 16,065 | | | | 2,518,349 | |
| Williams Companies, Inc. (The) | | | 57,000 | | | | 2,422,500 | |
| | | | | | | | 16,523,793 | |
| Financials 6.86% | | | | | | | | |
| American Express Co. | | | 5,000 | | | | 1,157,750 | |
| Bank of America Corp. | | | 24,850 | | | | 988,284 | |
| Berkshire Hathaway, Inc., Class B(a) | | | 3,970 | | | | 1,614,996 | |
| Blackstone Group, Inc. (The), Class A | | | 11,550 | | | | 1,429,890 | |
| Carlyle Group, Inc. (The) | | | 6,050 | | | | 242,908 | |
| Citigroup, Inc. | | | 18,700 | | | | 1,186,702 | |
| CME Group, Inc. | | | 1,404 | | | | 276,026 | |
| Coinbase Global, Inc., Class A(a) | | | 150 | | | | 33,335 | |
| Goldman Sachs Group, Inc. (The) | | | 2,715 | | | | 1,228,049 | |
| JPMorgan Chase & Co. | | | 21,192 | | | | 4,286,294 | |
| Morgan Stanley | | | 3,000 | | | | 291,570 | |
| Wells Fargo & Co. | | | 2,000 | | | | 118,780 | |
| | | | | | | | 12,854,584 | |
| Health Care 9.52% | | | | | | | | |
| Abbott Laboratories | | | 3,100 | | | | 322,121 | |
| AbbVie, Inc. | | | 24,357 | | | | 4,177,713 | |
| Amgen, Inc. | | | 500 | | | | 156,225 | |
| Bristol-Myers Squibb Co. | | | 15,650 | | | | 649,944 | |
| Centene Corp.(a) | | | 7,300 | | | | 483,990 | |
| CVS Health Corp. | | | 1,811 | | | | 106,958 | |
| Edwards LifeSciences Corp.(a) | | | 3,000 | | | | 277,110 | |
| Eli Lilly & Co. | | | 3,365 | | | | 3,046,604 | |
| Humana, Inc. | | | 1,350 | | | | 504,427 | |
| McKesson Corp. | | | 4,845 | | | | 2,829,674 | |
| Medtronic PLC | | | 7,069 | | | | 556,401 | |
| Merck & Co., Inc. | | | 18,350 | | | | 2,271,730 | |
| Quest Diagnostics, Inc. | | | 4,500 | | | | 615,960 | |
| Thermo Fisher Scientific, Inc. | | | 1,090 | | | | 602,770 | |
| UnitedHealth Group, Inc. | | | 2,350 | | | | 1,196,761 | |
| Vertex Pharmaceuticals, Inc.(a) | | | 100 | | | | 46,872 | |
| | | | | | | | 17,845,260 | |
| Industrials 8.21% | | | | | | | | |
| Boeing Co. (The)(a) | | | 3,155 | | | | 574,242 | |
| Caterpillar, Inc. | | | 11,490 | | | | 3,827,319 | |
| CSX Corp. | | | 36,600 | | | | 1,224,270 | |
| Cummins, Inc. | | | 3,550 | | | | 983,101 | |
| Deere & Co. | | | 6,410 | | | | 2,394,968 | |
| FedEx Corp. | | | 1,800 | | | | 539,712 | |
| Honeywell International, Inc. | | | 8,900 | | | | 1,900,506 | |
| ITT, Inc. | | | 300 | | | | 38,754 | |
| Johnson Controls International PLC | | | 8,753 | | | | 581,812 | |
| Lockheed Martin Corp. | | | 650 | | | | 303,615 | |
| Raytheon Technologies Corp. | | | 2,100 | | | | 210,819 | |
| United Parcel Service, Inc., Class B | | | 2,550 | | | | 348,967 | |
| Vertiv Holdings Co. | | | 1,750 | | | | 151,498 | |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA LARGE CAP VALUE FUND |
| SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED) |
| | | Shares | | | Market Value | |
| | | | | | | | | |
| Industrials (cont.) | | | | | | | | |
| Waste Connections, Inc. | | | 13,175 | | | $ | 2,310,368 | |
| | | | | | | | 15,389,951 | |
| Materials 1.29% | | | | | | | | |
| CF Industries Holdings, Inc. | | | 8,200 | | | | 607,784 | |
| Corteva, Inc. | | | 7,233 | | | | 390,148 | |
| Dow, Inc. | | | 6,083 | | | | 322,703 | |
| DuPont de Nemours, Inc. | | | 6,500 | | | | 523,185 | |
| New Linde PLC | | | 1,300 | | | | 570,453 | |
| | | | | | | | 2,414,273 | |
| Real Estate Investment Trusts (REITs) 1.37% | | | | | | | | |
| Digital Realty Trust, Inc. | | | 2,650 | | | | 402,932 | |
| Equinix, Inc. | | | 1,170 | | | | 885,222 | |
| Mid-America Apartment Communities, Inc. | | | 250 | | | | 35,652 | |
| Prologis, Inc. | | | 6,300 | | | | 707,553 | |
| Sun Communities, Inc. | | | 2,600 | | | | 312,884 | |
| Terreno Realty Corp. | | | 2,075 | | | | 122,799 | |
| VICI Properties, Inc. | | | 3,073 | | | | 88,011 | |
| Weyerhaeuser Co. | | | 500 | | | | 14,195 | |
| | | | | | | | 2,569,248 | |
| Technology 39.84% | | | | | | | | |
| Accenture PLC, Class A | | | 3,725 | | | | 1,130,202 | |
| Adobe, Inc.(a) | | | 1,250 | | | | 694,425 | |
| Advanced Micro Devices, Inc.(a) | | | 6,900 | | | | 1,119,249 | |
| Apple, Inc. | | | 46,382 | | | | 9,768,977 | |
| Applied Materials, Inc. | | | 14,220 | | | | 3,355,778 | |
| ARM Holdings PLC ADR(a) | | | 200 | | | | 32,724 | |
| Broadcom, Inc. | | | 145 | | | | 232,802 | |
| Cisco Systems, Inc. | | | 16,750 | | | | 795,792 | |
| Cognizant Technology Solutions Corp., Class A | | | 4,600 | | | | 312,800 | |
| Corning, Inc. | | | 8,000 | | | | 310,800 | |
| Crowdstrike Holdings, Inc., Class A(a) | | | 2,150 | | | | 823,858 | |
| Dell Technologies, Inc., Class C | | | 1,624 | | | | 223,966 | |
| Garmin Ltd. | | | 1,000 | | | | 162,920 | |
| HP, Inc. | | | 500 | | | | 17,510 | |
| International Business Machines Corp. | | | 2,668 | | | | 461,431 | |
| MasterCard, Inc., Class A | | | 2,400 | | | | 1,058,784 | |
| Microchip Technology, Inc. | | | 6,450 | | | | 590,175 | |
| Microsoft Corp. | | | 19,499 | | | | 8,715,078 | |
| NetApp, Inc. | | | 2,600 | | | | 334,880 | |
| NortonLifeLock, Inc. | | | 24,700 | | | | 617,006 | |
| NVIDIA Corp. | | | 252,370 | | | | 31,177,790 | |
| Oracle Corp. | | | 26,875 | | | | 3,794,750 | |
| Palo Alto Networks, Inc.(a) | | | 2,450 | | | | 830,574 | |
| Paychex, Inc. | | | 3,850 | | | | 456,456 | |
| QUALCOMM, Inc. | | | 3,550 | | | | 707,089 | |
| ServiceNow, Inc.(a) | | | 1,080 | | | | 849,604 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | | 300 | | | | 52,143 | |
| Texas Instruments, Inc. | | | 10,425 | | | | 2,027,975 | |
| Visa, Inc., Class A | | | 7,450 | | | | 1,955,401 | |
| Workday, Inc., Class A(a) | | | 7,380 | | | | 1,649,873 | |
| Zscaler, Inc.(a) | | | 2,250 | | | | 432,428 | |
| | | | | | | | 74,693,240 | |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA LARGE CAP VALUE FUND |
| SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED) |
| | | Shares | | | Market Value | |
| | | | | | | | | |
| Utilities 2.23% | | | | | | | | |
| AES Corp. | | | 7,000 | | | $ | 122,990 | |
| American Electric Power Company, Inc. | | | 1,850 | | | | 162,319 | |
| Constellation Energy Corp. | | | 1,600 | | | | 320,432 | |
| Dominion Energy, Inc. | | | 11,500 | | | | 563,500 | |
| Duke Energy Corp. | | | 1,800 | | | | 180,414 | |
| Edison International | | | 2,600 | | | | 186,706 | |
| NextEra Energy, Inc. | | | 22,025 | | | | 1,559,590 | |
| UGI Corp. | | | 1,000 | | | | 22,900 | |
| Vistra Energy Corp. | | | 3,250 | | | | 279,435 | |
| WEC Energy Group, Inc. | | | 10,100 | | | | 792,446 | |
| | | | | | | | 4,190,732 | |
| Total Common Stocks | | | | | | | | |
| (Cost $78,719,120) | | | | | | | 187,551,317 | |
| | | | | | | | | |
| Preferred Stocks 0.53% | | | | | | | | |
| | | | | | | | | |
| Financials 0.47% | | | | | | | | |
| Arch Capital Group Ltd., Series F, 5.45% | | | 2,000 | | | | 44,800 | |
| Arch Capital Group Ltd., Series G, 4.55% | | | 2,000 | | | | 38,500 | |
| Athene Holding Ltd., Series C, 6.38% | | | 2,000 | | | | 50,300 | |
| Bank of America Corp., Series GG, 6.00% | | | 4,000 | | | | 99,840 | |
| Bank of America Corp., Series HH, 5.88% | | | 2,000 | | | | 50,000 | |
| Bank of America Corp., Series LL, 5.00% | | | 2,000 | | | | 43,900 | |
| Bank of America Corp., Series SS, 4.75% | | | 2,000 | | | | 41,620 | |
| Charles Schwab Corp. (The), Series J, 4.45% | | | 2,000 | | | | 40,080 | |
| Globe Life, Inc., 4.25% | | | 1,000 | | | | 14,960 | |
| JPMorgan Chase & Co., Series EE, 6.00% | | | 2,000 | | | | 50,200 | |
| JPMorgan Chase & Co., Series JJ, 4.55% | | | 2,000 | | | | 41,380 | |
| JPMorgan Chase & Co., Series LL 4.63% | | | 6,000 | | | | 125,640 | |
| JPMorgan Chase & Co., Series MM, 4.20% | | | 6,000 | | | | 114,540 | |
| Northern Trust Corp., Series E, 4.70% | | | 1,360 | | | | 27,935 | |
| Prudential Financial, Inc., 5.63% | | | 2,000 | | | | 49,020 | |
| RenaissanceRE Holdings Ltd., Series G, 4.20% | | | 150 | | | | 2,643 | |
| U.S. Bancorp, Series O, 4.50% | | | 2,000 | | | | 39,440 | |
| | | | | | | | 874,798 | |
| Utilities 0.06% | | | | | | | | |
| Brookfield Infrastructure Partners LP, 5.00% | | | 2,000 | | | | 34,780 | |
| DTE Energy Co., 4.38% | | | 2,000 | | | | 39,700 | |
| Entergy Louisiana LLC, 4.88% | | | 2,000 | | | | 43,360 | |
| | | | | | | | 117,840 | |
| Total Preferred Stocks | | | | | | | | |
| (Cost $1,167,070) | | | | | | | 992,638 | |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA LARGE CAP VALUE FUND |
| SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED) |
| | | Shares | | | Market Value | |
| | | | | | | | | |
| Money Market Funds 0.21% | | | | | | | | |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 5.22%(b) | | | 386,715 | | | $ | 386,715 | |
| | | | | | | | | |
| Total Money Market Funds | | | | | | | | |
| (Cost $386,715) | | | | | | | 386,715 | |
| | | | | | | | | |
| Total Investments — 100.77% | | | | | | | | |
| (Cost $80,272,905) | | | | | | | 188,930,670 | |
| Liabilities in Excess of Other Assets — (0.77)% | | | | | | | (1,441,679 | ) |
| NET ASSETS — 100.00% | | | | | | $ | 187,488,991 | |
| (a) | Non-income producing security. |
| (b) | Rate disclosed is the seven day effective yield as of June 30, 2024. |
ADR — American Depositary Receipt
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
| SCHEDULE OF INVESTMENTS | JUNE 30, 2024 (UNAUDITED) |
| | | Principal Amount | | | Market Value | |
| | | | | | | | | |
| Municipal Bonds 97.38% | | | | | | | | |
| | | | | | | | | |
| Arizona 1.57% | | | | | | | | |
| City of Phoenix, AZ, General Obligation Unlimited, Callable 7/1/2026 @ 100, 5.00%, 7/1/2027 | | $ | 500,000 | | | $ | 517,887 | |
| | | | | | | | | |
| California 5.98% | | | | | | | | |
| California Health Facilities Financing, Callable 11/15/2027 @ 100, 5.00%, 11/15/2056 | | | 250,000 | | | | 257,673 | |
| California State Public Works Board, Revenue Bonds, Callable 11/1/2026 @ 100, 5.00%, 11/1/2029 | | | 600,000 | | | | 623,392 | |
| Los Angeles Community College District, General Obligation Refunding Bonds Unlimited, Callable 8/1/2026 @ 100, 4.00%, 8/1/2038 | | | 500,000 | | | | 500,272 | |
| Regents of the University of California Medical Center Pooled Revenue, Revenue Bond, Callable 5/15/2026 @ 100, 4.00%, 5/15/2037 | | | 145,000 | | | | 144,181 | |
| San Francisco City & County Public Utilities Commission Water Revenue, Revenue Bonds Series 2020 A, Callable 4/1/2028 @ 100, 4.00%, 10/1/2043 | | | 20,000 | | | | 19,997 | |
| State of California, General Obligation Unlimited, Callable 8/1/2025 @ 100, 5.00%, 8/1/2029 | | | 250,000 | | | | 254,383 | |
| State of California, General Obligation Unlimited, Callable 9/1/2026 @ 100, 4.00%, 9/1/2036 | | | 175,000 | | | | 175,694 | |
| | | | | | | | 1,975,592 | |
| Colorado 1.83% | | | | | | | | |
| City & County of Denver CO Pledged Excise Tax, Callable 8/1/2026 @ 100, 5.00%, 8/1/2044 | | | 100,000 | | | | 101,507 | |
| City of Colorado Springs CO Utilities System, 5.00%, 11/15/2044 | | | 500,000 | | | | 501,261 | |
| | | | | | | | 602,768 | |
| Connecticut 4.15% | | | | | | | | |
| City of New Haven, CT, General Obligation Unlimited, Callable 8/15/2026 @ 100, 5.00%, 8/15/2036 | | | 230,000 | | | | 235,690 | |
| Connecticut Housing Finance Authority, Multi-Family Housing, Revenue Bonds, Callable 11/15/2025 @ 100, 3.25%, 11/15/2036 | | | 250,000 | | | | 234,440 | |
| Connecticut Housing Finance Authority, Revenue Bonds, Callable 5/15/2027 @ 100, 3.40%, 11/15/2037 | | | 25,000 | | | | 24,256 | |
| Connecticut State Health & Educational Facility Authority, Revenue Bonds, Callable 7/1/2026 @ 100, 5.00%, 7/1/2034 | | | 250,000 | | | | 254,981 | |
| Connecticut State Health & Educational Facility Authority, Revenue Bonds, Callable 7/1/2024 @ 100, 5.00%, 7/1/2034 | | | 100,000 | | | | 100,022 | |
| State of Connecticut, General Obligation Unlimited, Callable 4/15/2027 @ 100, 5.00%, 4/15/2032 | | | 500,000 | | | | 521,044 | |
| | | | | | | | 1,370,433 | |
| Delaware 0.69% | | | | | | | | |
| Delaware Transportation Authority, Callable 6/1/2025 @ 100, 5.00%, 6/1/2055 | | | 225,000 | | | | 226,404 | |
| | | | | | | | | |
| District of Columbia 2.39% | | | | | | | | |
| District of Columbia Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (Fannie Mae), 4.45%, 6/15/2031 | | | 315,000 | | | | 316,363 | |
| District of Columbia Water & Sewer Authority, Revenue Bonds, Callable 4/1/2026 @ 100, 5.00%, 10/1/2036 | | | 250,000 | | | | 256,134 | |
| District of Columbia Water & Sewer Authority, Revenue Bonds, Callable 4/1/2026 @ 100, 5.00%, 10/1/2034 | | | 150,000 | | | | 153,937 | |
| District of Columbia Water & Sewer Authority, Revenue Bonds, Callable 10/1/2029 @ 100, 4.00%, 10/1/2049 | | | 65,000 | | | | 63,205 | |
| | | | | | | | 789,639 | |
| Florida 10.45% | | | | | | | | |
| Central Florida Expressway Authority, Revenue Bonds, Callable 7/1/2026 @ 100, 4.00%, 7/1/2035 | | | 150,000 | | | | 149,664 | |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
| SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED) |
| | | Principal Amount | | | Market Value | |
| | | | | | | | | |
| Florida (cont.) | | | | | | | | |
| City of Orlando, FL, Public Improvements, Revenue Bonds, Callable 10/1/2024 @ 100, 5.00%, 10/1/2046 | | $ | 1,000,000 | | | $ | 1,002,014 | |
| Florida Keys Aqueduct Authority, 5.00%, 9/1/2049 | | | 150,000 | | | | 150,919 | |
| FSU Financial Assistance, Inc., State Single-Family Housing, Refunding Revenue Bonds, 5.00%, 10/1/2030 | | | 500,000 | | | | 500,684 | |
| Miami-Dade County Educational Facilities Authority, University & College Improvements, Revenue Bonds, (AMBAC), 5.25%, 4/1/2031 | | | 260,000 | | | | 288,706 | |
| Miami-Dade County Expressway Authority, 5.00%, 7/1/2040 | | | 350,000 | | | | 350,076 | |
| School Board of Miami-Dade County (The), Certificates of Participation, Callable 2/1/2026 @ 100, 4.00%, 2/1/2033 | | | 1,000,000 | | | | 1,007,595 | |
| | | | | | | | 3,449,658 | |
| Georgia 2.13% | | | | | | | | |
| Atlanta GA Water & Wastewater Revenue, Revenue Bonds, Callable 11/1/2029 @ 100, 3.00%, 11/1/2037 | | | 500,000 | | | | 453,970 | |
| Municipal Electric Authority of Georgia, Callable 7/1/2025 @ 100, 5.00%, 7/1/2060 | | | 250,000 | | | | 250,685 | |
| | | | | | | | 704,655 | |
| Illinois 4.95% | | | | | | | | |
| Chicago Transit Authority Sales, Callable 12/1/2029 @ 100, 4.00%, 12/1/2055 | | | 250,000 | | | | 236,055 | |
| City of Chicago IL Waterworks Revenue, 5.00%, 11/1/2044 | | | 500,000 | | | | 500,883 | |
| City of Chicago IL Waterworks Revenue, Callable 11/1/2024 @ 100, 5.00%, 11/1/2039 | | | 150,000 | | | | 150,261 | |
| Illinois State Finance Authority, Revenue Bonds Series 2020 A, Callable 4/1/2030 @ 100, 4.00%, 4/1/2050 | | | 85,000 | | | | 81,860 | |
| Illinois State Toll Highway Authority, 5.00%, 1/1/2041 | | | 300,000 | | | | 305,709 | |
| University of Illinois, 5.00%, 4/1/2044 | | | 250,000 | | | | 250,240 | |
| University of Illinois, 5.00%, 4/1/2039 | | | 110,000 | | | | 110,141 | |
| | | | | | | | 1,635,149 | |
| Iowa 0.78% | | | | | | | | |
| State of Iowa, Revenue Bonds, Callable 6/1/2026 @ 100, 5.00%, 6/1/2027 | | | 250,000 | | | | 257,717 | |
| | | | | | | | | |
| Louisiana 0.42% | | | | | | | | |
| City of Shreveport LA Water & Sewer Revenue, Callable 12/1/2028 @ 100, 4.00%, 12/1/2049 | | | 150,000 | | | | 139,010 | |
| | | | | | | | | |
| Maine 0.83% | | | | | | | | |
| Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, 3.60%, 11/15/2036 | | | 95,000 | | | | 90,593 | |
| Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, Callable 11/15/2024 @ 100, 3.75%, 11/15/2044 | | | 100,000 | | | | 89,255 | |
| Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, 3.45%, 11/15/2032 | | | 45,000 | | | | 42,241 | |
| Maine Turnpike Authority, Refunding Revenue Bonds, Callable 7/1/2025 @ 100, 5.00%, 7/1/2026 | | | 50,000 | | | | 50,842 | |
| | | | | | | | 272,931 | |
| Massachusetts 6.33% | | | | | | | | |
| Commonwealth of Massachusetts, 5.00%, 6/1/2044 | | | 250,000 | | | | 250,110 | |
| Massachusetts Bay Transportation Authority Sales, Callable 7/1/2025 @ 100, 5.00%, 7/1/2045 | | | 150,000 | | | | 151,419 | |
| Massachusetts Development, 5.00%, 12/1/2046 | | | 250,000 | | | | 253,814 | |
| Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2025 @ 100, 3.25%, 12/1/2036 | | | 575,000 | | | | 514,736 | |
| Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100, 3.75%, 12/1/2037 | | | 250,000 | | | | 244,369 | |
| Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2027 @ 100, 3.25%, 12/1/2032 | | | 200,000 | | | | 189,495 | |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
| SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED) |
| | | Principal Amount | | | Market Value | |
| | | | | | | | | |
| Massachusetts (cont.) | | | | | | | | |
| Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100, 3.55%, 12/1/2037 | | $ | 85,000 | | | $ | 77,784 | |
| Massachusetts Housing Finance Agency, Revenue Bonds, Callable 6/1/2026 @ 100, 3.15%, 12/1/2026 | | | 40,000 | | | | 39,156 | |
| Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, 4.85%, 12/1/2029 | | | 5,000 | | | | 5,002 | |
| Massachusetts School Building Authority, Revenue Bonds, Callable 8/15/2025 @ 100, 5.00%, 8/15/2026 | | | 100,000 | | | | 101,911 | |
| Massachusetts State, 5.00%, 5/1/2047 | | | 250,000 | | | | 262,765 | |
| | | | | | | | 2,090,561 | |
| Michigan 3.02% | | | | | | | | |
| Michigan Finance Authority Revenue, Callable 11/1/2025 @ 100, 5.00%, 11/1/2044 | | | 250,000 | | | | 252,750 | |
| Michigan Public Educational Facilities Authority, School Improvements, Refunding Revenue Bonds, 6.00%, 12/1/2035 | | | 500,000 | | | | 491,071 | |
| Michigan State Building Authority, Callable 10/15/2026 @ 100, 5.00%, 10/15/2051 | | | 250,000 | | | | 254,588 | |
| | | | | | | | 998,409 | |
| Minnesota 1.74% | | | | | | | | |
| Southern Minnesota Municipal Power Agency Power Supply System, Revenue Bonds, Callable 1/1/2026 @ 100, 5.00%, 1/1/2041 | | | 565,000 | | | | 572,919 | |
| | | | | | | | | |
| Missouri 1.73% | | | | | | | | |
| 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 | | | | 476,645 | |
| Health & Educational Facilities Authority of the State of Missouri, Healthcare, Hospital& Nursing Home Improvements, Revenue Bonds, (OID), 3.75%, 11/15/2039 | | | 100,000 | | | | 94,374 | |
| | | | | | | | 571,019 | |
| Nebraska 2.18% | | | | | | | | |
| Omaha Public Power District Nebraska City Station, Callable 2/1/2026 @ 100, 5.00%, 2/1/2049 | | | 125,000 | | | | 126,988 | |
| University of Nebraska Facilities Corp. (The), 4.00%, 7/15/2062 | | | 630,000 | | | | 592,930 | |
| | | | | | | | 719,918 | |
| Nevada 2.86% | | | | | | | | |
| Las Vegas Convention & Visitors Authority, Callable 7/1/2028 @ 100, 4.00%, 7/1/2049 | | | 250,000 | | | | 236,445 | |
| Nevada System of Higher Education, Certificates of Participation, Callable 7/1/2026 @ 100, 4.00%, 7/1/2027 | | | 700,000 | | | | 708,318 | |
| | | | | | | | 944,763 | |
| New Jersey 3.57% | | | | | | | | |
| Borough of Seaside Heights, NJ, General Obligation Unlimited, Callable 4/1/2025 @ 100, 4.00%, 4/1/2026 | | | 125,000 | | | | 125,653 | |
| Hudson County Improvement Authority, Refunding Revenue Bonds, (AGM), 5.40%, 10/1/2025 | | | 150,000 | | | | 153,976 | |
| New Jersey Health Care Facilities Financing Authority, Revenue Bonds, (OID), 5.00%, 7/1/2027 | | | 15,000 | | | | 15,007 | |
| New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Callable 11/1/2025 @ 100, 3.50%, 11/1/2036 | | | 500,000 | | | | 471,184 | |
| New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Callable 11/1/2025 @ 100, 3.90%, 11/1/2050 | | | 175,000 | | | | 160,142 | |
| State of New Jersey, Public Improvements, General Obligation Unlimited, Callable 6/1/2025 @ 100, 4.00%, 6/1/2034 | | | 250,000 | | | | 251,652 | |
| | | | | | | | 1,177,614 | |
| New Mexico 0.76% | | | | | | | | |
| New Mexico Finance Authority, Callable 6/1/2025 @ 100, 5.25%, 6/1/2053 | | | 250,000 | | | | 252,381 | |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
| SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED) |
| | | Principal Amount | | | Market Value | |
| | | | | | | | | |
| New York 15.68% | | | | | | | | |
| Metropolitan Transportation Authority, Refunding Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2037 | | $ | 250,000 | | | $ | 261,200 | |
| Metropolitan Transportation Authority, Revenue Bonds, 5.00%, 11/15/2028 | | | 250,000 | | | | 266,902 | |
| Metropolitan Transportation Authority, Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2035 | | | 250,000 | | | | 261,606 | |
| Metropolitan Transportation Authority, Transit Improvements, Refunding Revenue Bonds, 5.00%, 11/15/2028 | | | 250,000 | | | | 253,618 | |
| New York City Housing Development Corp., Revenue Bonds, Callable 5/1/2025 @ 100, 3.10%, 11/1/2032 | | | 250,000 | | | | 232,462 | |
| New York City Housing Development Corp., Revenue Bonds, Callable 11/1/2025 @ 100, 3.60%, 11/1/2031 | | | 250,000 | | | | 247,134 | |
| New York City Housing Development Corp., Revenue Bonds, Callable 2/1/2026 @ 100, 3.50%, 11/1/2032 | | | 150,000 | | | | 144,066 | |
| New York City Transitional Finance Authority, Callable 8/1/2024 @ 100, 5.00%, 8/1/2042 | | | 150,000 | | | | 150,133 | |
| New York City Transitional Finance Authority, 5.00%, 8/1/2024 | | | 40,000 | | | | 40,047 | |
| New York City Transitional Finance Authority, 5.00%, 8/1/2024 | | | 60,000 | | | | 60,061 | |
| 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 | | | | 252,269 | |
| New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds, 5.00%, 7/15/2031 | | | 250,000 | | | | 255,131 | |
| 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 | | | | 25,415 | |
| 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 | | | | 100,293 | |
| New York City Water & Sewer System, Revenue Bonds, Callable 6/15/2027 @ 100, 5.00%, 6/15/2032 | | | 100,000 | | | | 104,508 | |
| New York State Dormitory Authority, Callable 7/1/2030 @ 100, 4.00%, 7/1/2052 | | | 230,000 | | | | 212,020 | |
| New York State Dormitory Authority, Refunding Revenue Bonds, (State Aid Withholding), 3.25%, 4/1/2031 | | | 280,000 | | | | 270,063 | |
| New York State Dormitory Authority, Revenue Bonds, Callable 7/1/2025 @ 100, 5.00%, 7/1/2037 | | | 135,000 | | | | 137,274 | |
| New York State Dormitory Authority, Revenue Bonds, 4.75%, 10/1/2040 | | | 5,000 | | | | 5,003 | |
| New York State Thruway Authority, Callable 1/1/2026 @ 100, 5.00%, 1/1/2046 | | | 250,000 | | | | 252,307 | |
| New York State Thruway Authority, Revenue Bonds, Callable 1/1/2026 @ 100, 4.00%, 1/1/2037 | | | 100,000 | | | | 99,848 | |
| New York, NY, General Obligation Unlimited, Callable 8/1/2029 @ 100, 5.00%, 8/1/2043 | | | 30,000 | | | | 31,785 | |
| Port Authority of New York & New Jersey, Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2037 | | | 250,000 | | | | 261,947 | |
| Port Authority of New York & New Jersey, Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2030 | | | 250,000 | | | | 262,810 | |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, 5.00%, 11/15/2027 | | | 100,000 | | | | 102,531 | |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2025 @ 100, 5.00%, 11/15/2035 | | | 250,000 | | | | 254,361 | |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 5/15/2031 @ 100, 5.00%, 11/15/2051 | | | 60,000 | | | | 63,856 | |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2025 @ 100, 5.00%, 11/15/2040 | | | 310,000 | | | | 314,701 | |
| TSASC, Inc./NY, Callable 6/1/2027 @ 100, 5.00%, 6/1/2041 | | | 250,000 | | | | 254,329 | |
| | | | | | | | 5,177,680 | |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
| SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED) |
| | | Principal Amount | | | Market Value | |
| | | | | | | | | |
| North Carolina 1.36% | | | | | | | | |
| North Carolina Turnpike Authority, Callable 1/1/2030 @ 100, 5.00%, 1/1/2049 | | $ | 110,000 | | | $ | 115,006 | |
| North Carolina Turnpike Authority, Callable 1/1/2034 @ 100, 5.00%, 1/1/2058 | | | 125,000 | | | | 132,203 | |
| University of North Carolina at Charlotte (The), Revenue Bonds, Callable 10/1/2027 @ 100, 4.00%, 10/1/2037 | | | 100,000 | | | | 101,084 | |
| University of North Carolina at Charlotte (The), University & College Improvements, Revenue Bonds, Callable 4/1/2025 @ 100, 5.00%, 4/1/2040 | | | 100,000 | | | | 101,220 | |
| | | | | | | | 449,513 | |
| North Dakota 0.29% | | | | | | | | |
| City of Bismarck, ND, Sanitary Sewer Revenue, Revenue Bonds, Callable 5/1/2025 @ 100, 3.00%, 5/1/2029 | | | 100,000 | | | | 96,982 | |
| | | | | | | | | |
| Oklahoma 0.30% | | | | | | | | |
| Grand River Dam Authority, 5.00%, 6/1/2039 | | | 100,000 | | | | 100,063 | |
| | | | | | | | | |
| Pennsylvania 8.22% | | | | | | | | |
| City of Philadelphia PA Water & Wastewater Revenue, 5.00%, 10/1/2052 | | | 450,000 | | | | 460,636 | |
| Geisinger PA Authority Health System, 5.00%, 2/15/2045 | | | 145,000 | | | | 147,361 | |
| Pennsylvania Higher Educational Facilities, Callable 8/15/2027 @ 100, 5.00%, 8/15/2047 | | | 250,000 | | | | 253,772 | |
| Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, 5.00%, 5/1/2037 | | | 100,000 | | | | 86,671 | |
| Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, 5.00%, 5/1/2042 | | | 100,000 | | | | 82,090 | |
| Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, (OID), 4.00%, 5/1/2032 | | | 100,000 | | | | 86,842 | |
| Pennsylvania Housing Finance Agency, Callable 4/1/2033 @ 100, 5.45%, 4/1/2051 | | | 150,000 | | | | 157,398 | |
| Pennsylvania Housing Finance Agency, Revenue Bonds, Callable 4/1/2027 @ 100, 3.65%, 10/1/2042 | | | 100,000 | | | | 92,431 | |
| Pennsylvania State Turnpike Authority, Callable 12/1/2025 @ 100, 5.00%, 12/1/2045 | | | 250,000 | | | | 253,117 | |
| Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100, 5.00%, 9/1/2034 | | | 190,000 | | | | 196,495 | |
| Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100, 5.00%, 9/1/2035 | | | 125,000 | | | | 129,167 | |
| Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100, 5.00%, 9/1/2036 | | | 100,000 | | | | 103,143 | |
| Pennsylvania Turnpike Commission, Revenue Bonds, Callable 12/1/2025 @ 100, 5.00%, 12/1/2045 | | | 500,000 | | | | 505,949 | |
| Pennsylvania Turnpike Commission, Revenue Refunding Bonds Series 2005 A, 5.25%, 7/15/2028 | | | 150,000 | | | | 161,219 | |
| | | | | | | | 2,716,291 | |
| Rhode Island 0.80% | | | | | | | | |
| Rhode Island Housing & Mortgage Finance Corp., Callable 10/1/2032 @ 100, 5.45%, 10/1/2053 | | | 250,000 | | | | 263,604 | |
| | | | | | | | | |
| South Dakota 0.84% | | | | | | | | |
| South Dakota Housing Development Authority, Revenue Bonds, Callable 11/1/2025 @ 100, 2.45%, 5/1/2027 | | | 250,000 | | | | 237,321 | |
| South Dakota Housing Development Authority, Revenue Bonds, Callable 11/1/2025 @ 100, 3.13%, 11/1/2036 | | | 45,000 | | | | 40,256 | |
| | | | | | | | 277,577 | |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
| SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED) |
| | | Principal Amount | | | Market Value | |
| | | | | | | | | |
| Tennessee 1.00% | | | | | | | | |
| City of Memphis, TN, 5.00%, 4/1/2044 | | $ | 80,000 | | | $ | 80,042 | |
| Metropolitan Government of Nashville & Davidson County Convention Center Authority, Public Improvements, Revenue Bonds, 5.00%, 7/1/2026 | | | 200,000 | | | | 200,276 | |
| Tennessee Housing Development Agency, Revenue Bonds, Callable 1/1/2027 @ 100, 3.40%, 7/1/2037 | | | 55,000 | | | | 50,516 | |
| | | | | | | | 330,834 | |
| Texas 8.52% | | | | | | | | |
| Austin TX Electric Utility System Revenue, Revenue Bonds Series 2019 B, Callable 11/15/2029 @ 100, 5.00%, 11/15/2049 | | | 15,000 | | | | 15,727 | |
| City of Austin TX Electric Utility Revenue, Callable 11/15/2025 @ 100, 5.00%, 11/15/2045 | | | 250,000 | | | | 251,893 | |
| City of Houston TX Combined Utility System, Callable 11/15/2024 @ 100, 5.00%, 11/15/2044 | | | 250,000 | | | | 250,639 | |
| City Public Service Board of San Antonio, TX, Revenue Bonds, Callable 8/1/2026 @ 100, 5.00%, 2/1/2032 | | | 250,000 | | | | 257,541 | |
| Clifton Higher Education Finance Corp., School Improvements, Refunding Revenue Bonds, 4.00%, 8/15/2044 | | | 500,000 | | | | 481,570 | |
| Comal Independent School District, Unlimited Tax School Building Bonds, Callable 2/1/2026 @ 100, 4.00%, 2/1/2034 | | | 250,000 | | | | 250,743 | |
| Harris County Cultural Education Facilities Finance Corp., Revenue Bonds, Callable 5/15/2026 @ 100, 4.00%, 11/15/2030 | | | 130,000 | | | | 129,858 | |
| North Texas Tollway Authority, Callable 1/1/2028 @ 100, 5.00%, 1/1/2048 | | | 250,000 | | | | 257,470 | |
| San Antonio Public Facilities Corp., Public Improvements, Refunding Revenue Bonds, (OID), 4.00%, 9/15/2042 | | | 250,000 | | | | 238,657 | |
| San Antonio Water System, Refunding Revenue Bonds, Callable 11/15/2029 @ 100, 5.00%, 5/15/2034 | | | 190,000 | | | | 206,806 | |
| San Antonio Water System, Revenue Bonds Series 2020 A, Callable 5/15/2030 @ 100, 5.00%, 5/15/2050 | | | 40,000 | | | | 42,081 | |
| Texas Public Finance Authority, Revenue Bonds, Callable 12/1/2026 @ 100, 4.00%, 12/1/2031 | | | 200,000 | | | | 201,339 | |
| Texas State Water Development Board, Revenue Bonds, Callable 10/15/2028 @ 100, 5.00%, 4/15/2049 | | | 35,000 | | | | 36,429 | |
| White Oak, TX, Independent School District, Unlimited Tax School Building Bonds, Callable 2/15/2027 @ 100, 4.00%, 2/15/2029 | | | 190,000 | | | | 193,012 | |
| | | | | | | | 2,813,765 | |
| Vermont 0.46% | | | | | | | | |
| Vermont Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, 3.75%, 8/15/2037 | | | 155,000 | | | | 151,165 | |
| | | | | | | | | |
| Virginia 0.76% | | | | | | | | |
| Virginia State Resource Authority Infrastructure, Revenue Bonds, Callable 11/1/2025 @ 100, 4.00%, 11/1/2033 | | | 75,000 | | | | 75,155 | |
| Virginia State Resource Authority Infrastructure, Revenue Bonds, Pre-Refunded, Callable 11/1/2025 @ 100, 4.00%, 11/1/2033 | | | 175,000 | | | | 176,558 | |
| | | | | | | | 251,713 | |
| Washington 0.76% | | | | | | | | |
| Snohomish County Public Utility District No.1, 5.00%, 12/1/2045 | | | 250,000 | | | | 252,234 | |
| | | | | | | | | |
| Wisconsin 0.03% | | | | | | | | |
| Wisconsin Housing & Economic Development Authority, State Multi-Family Housing, Revenue Bonds, (OID), 5.63%, 11/1/2035 | | | 10,000 | | | | 10,202 | |
| | | | | | | | | |
| Total Municipal Bonds | | | | | | | | |
| (Cost $32,763,014) | | | | | | | 32,161,050 | |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
| SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED) |
| | | Shares | | | Market Value | |
| | | | | | | | | |
| Money Market Funds 1.72% | | | | | | | | |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 5.22%(a) | | | 566,648 | | | $ | 566,648 | |
| | | | | | | | | |
| Total Money Market Funds | | | | | | | | |
| (Cost $566,648) | | | | | | | 566,648 | |
| | | | | | | | | |
| Total Investments — 99.10% | | | | | | | | |
| (Cost $33,329,662) | | | | | | | 32,727,698 | |
| Other Assets in Excess of Liabilities — 0.90% | | | | | | | 298,198 | |
| NET ASSETS — 100.00% | | | | | | $ | 33,025,896 | |
| (a) | Rate disclosed is the seven day effective yield as of June 30, 2024. |
AGM — Assured Guaranty Municipal Corp.
AMBAC — American Municipal Bond Assurance Corp.
OID — Original Issue Discount
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA INCOME FUND |
| SCHEDULE OF INVESTMENTS | JUNE 30, 2024 (UNAUDITED) |
| | | Shares | | | Market Value | |
| | | | | | | | | |
| Common Stocks 9.18% | | | | | | | | |
| | | | | | | | | |
| Communications 0.47% | | | | | | | | |
| Verizon Communications, Inc. | | | 7,500 | | | $ | 309,300 | |
| | | | | | | | | |
| Consumer Staples 1.07% | | | | | | | | |
| Philip Morris International, Inc. | | | 7,000 | | | | 709,310 | |
| | | | | | | | | |
| Energy 4.76% | | | | | | | | |
| Chevron Corp. | | | 4,000 | | | | 625,680 | |
| Enbridge, Inc. | | | 20,000 | | | | 711,800 | |
| Kinder Morgan, Inc. | | | 30,000 | | | | 596,100 | |
| TC Energy Corp. | | | 15,000 | | | | 568,500 | |
| Williams Companies, Inc. (The) | | | 15,000 | | | | 637,500 | |
| | | | | | | | 3,139,580 | |
| Financials 0.31% | | | | | | | | |
| Blackstone Mortgage Trust, Inc., Class A | | | 11,565 | | | | 201,462 | |
| | | | | | | | | |
| Health Care 0.91% | | | | | | | | |
| AbbVie, Inc. | | | 3,500 | | | | 600,320 | |
| | | | | | | | | |
| Real Estate 1.51% | | | | | | | | |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | 7,000 | | | | 207,200 | |
| Healthpeak Properties, Inc. | | | 1,348 | | | | 26,421 | |
| Realty Income Corp. | | | 3,048 | | | | 160,996 | |
| Simon Property Group, Inc. | | | 4,000 | | | | 607,200 | |
| | | | | | | | 1,001,817 | |
| Utilities 0.15% | | | | | | | | |
| Duke Energy Corp. | | | 1,000 | | | | 100,230 | |
| | | | | | | | | |
| Total Common Stocks | | | | | | | | |
| (Cost $4,905,888) | | | | | | | 6,062,019 | |
| | | | | | | | | |
| Preferred Stocks 17.74% | | | | | | | | |
| | | | | | | | | |
| Financials 12.26% | | | | | | | | |
| Affiliated Managers Group, Inc., 4.20% | | | 15,000 | | | | 249,750 | |
| Affiliated Managers Group, Inc., 4.75% | | | 10,000 | | | | 188,600 | |
| Allstate Corp. (The), Series I, 4.75% | | | 10,000 | | | | 202,700 | |
| American Financial Group, Inc., 5.13% | | | 15,000 | | | | 312,300 | |
| American Financial Group, Inc., 5.63% | | | 20,000 | | | | 482,000 | |
| Athene Holding Ltd., Series C, 6.38% | | | 10,000 | | | | 251,500 | |
| Athene Holding Ltd., Series D, 4.88% | | | 20,000 | | | | 376,600 | |
| Bank of America Corp., Series HH, 5.88% | | | 8,000 | | | | 200,000 | |
| Bank of America Corp., Series LL, 5.00% | | | 15,000 | | | | 329,250 | |
| Bank of America Corp., Series PP, 4.13% | | | 16,667 | | | | 306,839 | |
| Bank of America Corp., Series QQ, 4.25% | | | 10,000 | | | | 186,300 | |
| Brighthouse Financial, Inc., Series C, 5.38% | | | 20,000 | | | | 386,400 | |
| Capital One Financial Corp., Series J, 4.80% | | | 10,000 | | | | 188,100 | |
| Capital One Financial Corp., Series K, 4.63% | | | 18,500 | | | | 350,205 | |
| CNO Financial Group, Inc., 5.13% | | | 2,000 | | | | 38,800 | |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA INCOME FUND |
| SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED) |
| | | Shares | | | Market Value | |
| | | | | | | | | |
| Financials (cont.) | | | | | | | | |
| Equitable Holdings, Inc., Series C, 4.30% | | | 20,000 | | | $ | 361,400 | |
| Fulton Financial Corp., Series A, 5.13% | | | 6,000 | | | | 106,080 | |
| Huntington Bancshares, Inc., Series H, 4.50% | | | 10,000 | | | | 178,700 | |
| JPMorgan Chase & Co., Series EE, 6.00% | | | 20,000 | | | | 502,000 | |
| JPMorgan Chase & Co., Series GG, 4.75% | | | 10,000 | | | | 211,800 | |
| KeyCorp, Series G, 5.63% | | | 15,000 | | | | 298,650 | |
| MetLife, Inc., Series F, 4.75% | | | 10,000 | | | | 203,300 | |
| Northern Trust Corp., Series E, 4.70% | | | 10,000 | | | | 205,400 | |
| Prudential Financial, Inc., 5.63% | | | 10,000 | | | | 245,100 | |
| RenaissanceRE Holdings Ltd., Series G, 4.20% | | | 850 | | | | 14,977 | |
| Selective Insurance Group, Inc., Series B, 4.60% | | | 1,000 | | | | 18,150 | |
| State Street Corp., 5.35% | | | 1,000 | | | | 24,040 | |
| U.S. Bancorp, Series L, 3.75% | | | 20,000 | | | | 327,200 | |
| U.S. Bancorp, Series M, 4.00% | | | 10,000 | | | | 174,300 | |
| W.R. Berkley Corp., 5.10% | | | 20,000 | | | | 421,600 | |
| Washington Federal, Inc., Series A, 4.88% | | | 10,000 | | | | 146,600 | |
| Wells Fargo & Co., Series AA, 4.70% | | | 10,000 | | | | 203,100 | |
| Wells Fargo & Co., Series CC, 4.38% | | | 10,000 | | | | 192,600 | |
| Wells Fargo & Co., Series Z, 4.75% | | | 10,000 | | | | 204,100 | |
| | | | | | | | 8,088,441 | |
| Real Estate 1.96% | | | | | | | | |
| Brookfield Property Partners LP, Series A, 5.75% | | | 7,500 | | | | 88,950 | |
| Diversified Healthcare Trust, 5.63% | | | 26,660 | | | | 338,315 | |
| Federal Realty Investment Trust, Series C, 5.00% | | | 7,500 | | | | 158,025 | |
| Public Storage, Series N, 3.88% | | | 20,000 | | | | 343,400 | |
| Public Storage, Series S, 4.10% | | | 10,000 | | | | 181,400 | |
| Vornado Realty Trust, 5.40% | | | 12,298 | | | | 187,176 | |
| | | | | | | | 1,297,266 | |
| Technology 0.17% | | | | | | | | |
| Pitney Bowes, Inc., 6.70% | | | 5,700 | | | | 109,041 | |
| | | | | | | | | |
| Utilities 3.35% | | | | | | | | |
| BIP Bermuda Holdings I Ltd., 5.13% | | | 10,000 | | | | 179,400 | |
| Brookfield Infrastructure Partners LP, 5.00% | | | 10,000 | | | | 173,900 | |
| Brookfield Infrastructure Partners LP, 5.13% | | | 25,000 | | | | 464,000 | |
| DTE Energy Co., Series G, 4.38% | | | 15,000 | | | | 289,800 | |
| Entergy Arkansas, Inc., 4.88% | | | 10,000 | | | | 216,600 | |
| Entergy Louisiana LLC, 4.88% | | | 10,000 | | | | 216,800 | |
| Entergy Mississippi, Inc., 4.90% | | | 15,000 | | | | 331,350 | |
| Southern Co., 4.95% | | | 10,000 | | | | 220,700 | |
| Southern Co., Series C, 4.20% | | | 6,000 | | | | 121,200 | |
| | | | | | | | 2,213,750 | |
| Total Preferred Stocks | | | | | | | | |
| (Cost $14,977,969) | | | | | | | 11,708,498 | |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA INCOME FUND |
| SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED) |
| | | Principal Amount | | | Market Value | |
| | | | | | | | | |
| Collateralized Mortgage Obligations 0.07% | | | | | | | | |
| CHL Mortgage Pass-Through Trust, Series 2005-21, Class A7, 5.50%, 10/25/2035 | | $ | 16,967 | | | $ | 9,424 | |
| CHL Mortgage Pass-Through Trust, Series 2005-21, Class A27, 5.50%, 10/25/2035 | | | 15,694 | | | | 8,717 | |
| Citicorp Mortgage Securities, Inc., Class 1A12, 5.00%, 2/25/2035 | | | 32,518 | | | | 30,362 | |
| | | | | | | | | |
| Total Collateralized Mortgage Obligations | | | | | | | | |
| (Cost $49,083) | | | | | | | 48,503 | |
| | | | | | | | | |
| Corporate Bonds 11.18% | | | | | | | | |
| Bank of New York Mellon Corp. (The), 4.63%, 12/20/2049 | | | 500,000 | | | | 483,565 | |
| Bank of New York Mellon Corp. (The), 3.70%, 3/20/2169 | | | 100,000 | | | | 95,434 | |
| Entergy Texas, Inc., 5.15%, 6/1/2045 | | | 100,000 | | | | 91,467 | |
| Exelon Generation Co. LLC, 5.60%, 6/15/2042(a)(b) | | | 400,000 | | | | 347,419 | |
| Fifth Third Bancorp, 8.25%, 3/1/2038 | | | 250,000 | | | | 296,797 | |
| Goldman Sachs Group, Inc. (The), 6.75%, 10/1/2037 | | | 850,000 | | | | 920,013 | |
| Goldman Sachs Group, Inc. (The), 6.45%, 5/1/2036 | | | 500,000 | | | | 534,738 | |
| Kinder Morgan Energy Partners LP, 6.50%, 2/1/2037 | | | 250,000 | | | | 263,259 | |
| MetLife, Inc., 9.25%, 4/8/2038(b) | | | 1,500,000 | | | | 1,739,023 | |
| MetLife, Inc., 10.75%, 8/1/2039 | | | 1,000,000 | | | | 1,339,531 | |
| PECO Energy Capital Trust IV, 5.75%, 6/15/2033 | | | 1,000,000 | | | | 1,007,083 | |
| Valero Energy Corp., 8.75%, 6/15/2030 | | | 224,000 | | | | 261,674 | |
| | | | | | | | | |
| Total Corporate Bonds | | | | | | | | |
| (Cost $7,620,886) | | | | | | | 7,380,003 | |
| | | | | | | | | |
| Municipal Bonds 61.87% | | | | | | | | |
| | | | | | | | | |
| Alabama 2.89% | | | | | | | | |
| Health Care Authority for Baptist Health (The), Refunding Revenue Bonds, 5.50%, 11/15/2043 | | | 2,000,000 | | | | 1,907,964 | |
| | | | | | | | | |
| Arizona 0.61% | | | | | | | | |
| Arizona School Facilities Board, School Improvements, Certificates of Participation, 6.00%, 9/1/2027 | | | 225,000 | | | | 230,148 | |
| Phoenix Arizona Civic Improvement Corp. Excise Tax Revenue, Revenue Bonds, Callable 7/1/2030 @ 100, 2.70%, 7/1/2045 | | | 250,000 | | | | 171,328 | |
| | | | | | | | 401,476 | |
| California 4.29% | | | | | | | | |
| Alhambra Unified School District, University & College Improvements, General Obligation Unlimited, 6.70%, 2/1/2026 | | | 465,000 | | | | 471,845 | |
| California State University, Revenue Bonds Series 2020 B, Callable 5/1/2030 @ 100, 3.07%, 11/1/2042 | | | 100,000 | | | | 74,894 | |
| City & County of San Francisco, CA, General Obligation Unlimited, 6.26%, 6/15/2030 | | | 450,000 | | | | 472,817 | |
| Peralta Community College District, Refunding Revenue Bonds, 6.91%, 8/1/2025 | | | 500,000 | | | | 503,308 | |
| Peralta Community College District, Refunding Revenue Bonds, 7.31%, 8/1/2031 | | | 310,000 | | | | 328,224 | |
| San Bernardino City Unified School District, School Improvements, Certificates of Participation, (AGM)(OID), 8.25%, 2/1/2026 | | | 500,000 | | | | 512,012 | |
| University of California Revenues, Revenue Bonds, 4.13%, 5/15/2045 | | | 250,000 | | | | 223,458 | |
| University of California, University & College Improvements, Refunding Revenue Bonds, 3.66%, 5/15/2027 | | | 250,000 | | | | 242,066 | |
| | | | | | | | 2,828,624 | |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA INCOME FUND |
| SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED) |
| | | Principal Amount | | | Market Value | |
| | | | | | | | | |
| Colorado 0.85% | | | | | | | | |
| Colorado Mesa University, University & College Improvements, Build America Revenue Bonds, (State Higher Education Intercept Program), 6.75%, 5/15/2042 | | $ | 500,000 | | | $ | 561,378 | |
| | | | | | | | | |
| Connecticut 0.45% | | | | | | | | |
| State of Connecticut, General Obligation Unlimited, 5.85%, 3/15/2032 | | | 280,000 | | | | 296,102 | |
| | | | | | | | | |
| Florida 4.40% | | | | | | | | |
| City of Miami Gardens, FL, Public Improvements, Build America Bonds, Certificates of Participation, 7.17%, 6/1/2026 | | | 455,000 | | | | 464,004 | |
| City of Tallahassee, FL, Utility System Revenue, Build America Revenue Bonds, 5.22%, 10/1/2040 | | | 300,000 | | | | 296,846 | |
| County of Miami-Dade, FL Transit System, Transit Improvements, Build America Revenue Bonds, 5.53%, 7/1/2032 | | | 500,000 | | | | 506,765 | |
| County of Miami-Dade, FL, Port, Airport & Marina Improvements, Build America Revenue Bonds, (AGM)(OID), 7.50%, 4/1/2040 | | | 1,000,000 | | | | 1,195,553 | |
| County of Miami-Dade, FL, Recreational Facility Improvements, Revenue Bonds, (AGM), 7.08%, 10/1/2029 | | | 250,000 | | | | 277,452 | |
| Town of Miami Lakes, FL, Public Improvements, Build America Revenue Bonds, 7.59%, 12/1/2030 | | | 150,000 | | | | 163,408 | |
| | | | | | | | 2,904,028 | |
| Georgia 3.92% | | | | | | | | |
| Cobb Marietta Georgia Coliseum, Revenue Bonds, Callable 1/1/2026 @ 100, 4.50%, 1/1/2047 | | | 100,000 | | | | 89,157 | |
| Municipal Electric Authority of Georgia, Electric Lights & Power Improvements, Build America Revenue Bonds, 7.06%, 4/1/2057 | | | 1,389,000 | | | | 1,551,300 | |
| State of Georgia, Public Improvements, General Obligation Unlimited, 3.84%, 2/1/2032 | | | 1,000,000 | | | | 941,789 | |
| | | | | | | | 2,582,246 | |
| Hawaii 0.71% | | | | | | | | |
| State of Hawaii, General Obligation Unlimited, Callable 10/1/2025 @ 100, 4.05%, 10/1/2032 | | | 495,000 | | | | 471,518 | |
| | | | | | | | | |
| Idaho 0.26% | | | | | | | | |
| Idaho Water Resource Board, Water Utility Improvements, Revenue Bonds, (OID), 5.25%, 9/1/2024 | | | 170,000 | | | | 169,894 | |
| | | | | | | | | |
| Illinois 2.20% | | | | | | | | |
| City of Chicago, IL Waterworks Revenue, Water Utility Improvements, Build America Revenue Bonds, 6.74%, 11/1/2040 | | | 250,000 | | | | 275,108 | |
| Village of Glenwood, IL, Public Improvements, Build America Bonds, General Obligation Unlimited, (AGM), 7.03%, 12/1/2028 | | | 1,130,000 | | | | 1,173,959 | |
| | | | | | | | 1,449,067 | |
| Indiana 2.90% | | | | | | | | |
| Anderson School Building Corp., Refunding Bonds, General Obligation Limited, Callable 7/5/2024 @ 100, 3.95%, 7/5/2029 | | | 1,000,000 | | | | 954,357 | |
| Anderson School Building Corp., Refunding Bonds, General Obligation Limited, (OID), Callable 7/5/2024 @ 100, 3.75%, 7/5/2028 | | | 1,000,000 | | | | 955,774 | |
| | | | | | | | 1,910,131 | |
| Kansas 0.56% | | | | | | | | |
| 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 | | | | 370,705 | |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA INCOME FUND |
| SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED) |
| | | Principal Amount | | | Market Value | |
| | | | | | | | | |
| Louisiana 0.11% | | | | | | | | |
| East Baton Rouge Parish, LA Sewerage Commission, Revenue Refunding Bonds Series 2020 B, 2.44%, 2/1/2039 | | $ | 100,000 | | | $ | 72,780 | |
| | | | | | | | | |
| Massachusetts 0.56% | | | | | | | | |
| City of Worcester, MA, Pension Funding, General Obligation Limited, (AGM)(OID), 6.25%, 1/1/2028 | | | 85,000 | | | | 87,698 | |
| Massachusetts Health & Educational Facilities Authority, Refunding Revenue Bonds, 6.43%, 10/1/2035 | | | 250,000 | | | | 268,218 | |
| University of Massachusetts Building Authority, University & College Improvements, Build America Revenue Bonds, 6.57%, 5/1/2039 | | | 15,000 | | | | 15,010 | |
| | | | | | | | 370,926 | |
| Michigan 1.00% | | | | | | | | |
| Michigan Finance Authority, School Improvements, Revenue Bonds, 6.38%, 11/1/2025 | | | 500,000 | | | | 500,359 | |
| Onsted Community Schools, School Improvements, General Obligation Unlimited, 5.90%, 5/1/2027 | | | 150,000 | | | | 151,118 | |
| St. Johns Public Schools, General Obligation Unlimited, 6.65%, 5/1/2040 | | | 5,000 | | | | 5,028 | |
| | | | | | | | 656,505 | |
| Mississippi 1.05% | | | | | | | | |
| Mississippi Development Bank, Highway Improvements, Build America Revenue Bonds, 6.59%, 1/1/2035 | | | 650,000 | | | | 693,002 | |
| | | | | | | | | |
| Missouri 4.71% | | | | | | | | |
| City of Kansas City, MO, Revenue Bonds, 7.83%, 4/1/2040 | | | 2,165,000 | | | | 2,531,604 | |
| Missouri Joint Municipal Electric Utility Commission, Electric Lights & Power Improvements, Build America Revenue Bonds, 7.73%, 1/1/2039 | | | 475,000 | | | | 576,326 | |
| | | | | | | | 3,107,930 | |
| Nebraska 0.30% | | | | | | | | |
| Nebraska Public Power District, Electric Lights & Power Improvements, Build America Revenue Bonds, 5.32%, 1/1/2030 | | | 200,000 | | | | 200,803 | |
| | | | | | | | | |
| Nevada 1.74% | | | | | | | | |
| County of Washoe, NV, Public Improvements, Build America Revenue Bonds, 7.88%, 2/1/2040 | | | 250,000 | | | | 320,539 | |
| County of Washoe, NV, Public Improvements, Build America Revenue Bonds, 7.97%, 2/1/2040 | | | 690,000 | | | | 826,776 | |
| | | | | | | | 1,147,315 | |
| New Jersey 0.61% | | | | | | | | |
| New Jersey Educational Facilities Authority, University & College Improvements, Build America Revenue Bonds, 6.19%, 7/1/2040 | | | 500,000 | | | | 403,965 | |
| | | | | | | | | |
| New York 4.96% | | | | | | | | |
| City of New York, NY, Public Improvements, Build America Bonds, General Obligation Unlimited, 5.70%, 3/1/2027 | | | 145,000 | | | | 146,614 | |
| City of New York, NY, Public Improvements, Build America Bonds, General Obligation Unlimited, 5.21%, 10/1/2031 | | | 100,000 | | | | 99,952 | |
| Long Island Power Authority, Revenue Bonds, (OID), 5.85%, 5/1/2041 | | | 195,000 | | | | 200,028 | |
| Metropolitan Transportation Authority, Revenue Bonds, 5.87%, 11/15/2039 | | | 200,000 | | | | 206,116 | |
| Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 6.59%, 11/15/2030 | | | 145,000 | | | | 151,771 | |
| Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 5.99%, 11/15/2030 | | | 125,000 | | | | 127,800 | |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA INCOME FUND |
| SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED) |
| | | Principal Amount | | | Market Value | |
| | | | | | | | | |
| New York (cont.) | | | | | | | | |
| Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 6.20%, 11/15/2026 | | $ | 85,000 | | | $ | 85,466 | |
| New York City Industrial Development Agency, Recreational Facilities Improvements Revenue Bonds, (NATL-RE), 5.90%, 3/1/2046 | | | 500,000 | | | | 497,825 | |
| 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 | | | | 533,464 | |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Build America Revenue Bonds, 5.47%, 5/1/2036 | | | 815,000 | | | | 814,384 | |
| Port Authority of New York & New Jersey, Port, Airport & Marina Improvements, Revenue Bonds, 3.92%, 10/15/2028 | | | 115,000 | | | | 111,153 | |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2033 @ 100, 5.55%, 11/15/2040 | | | 150,000 | | | | 147,710 | |
| Western Nassau County Water Authority, Build America Revenue Bonds, 6.70%, 4/1/2040 | | | 150,000 | | | | 164,401 | |
| | | | | | | | 3,286,684 | |
| North Carolina 0.36% | | | | | | | | |
| County of Cabarrus, NC, School Improvements, Revenue Bonds, 5.50%, 4/1/2026 | | | 235,000 | | | | 235,687 | |
| | | | | | | | | |
| Ohio 3.90% | | | | | | | | |
| American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds, 7.50%, 2/15/2050 | | | 495,000 | | | | 591,142 | |
| American Municipal Power, Inc., Revenue Bonds, 6.27%, 2/15/2050 | | | 455,000 | | | | 482,593 | |
| Cincinnati City School District, Refunding Bonds, Certificates of Participation, (OID), Callable 12/15/2024 @ 100, 4.00%, 12/15/2032 | | | 200,000 | | | | 187,809 | |
| County of Cuyahoga, OH, Hospital Improvements, Build America Revenue Bonds, 8.22%, 2/15/2040 | | | 1,000,000 | | | | 1,116,201 | |
| 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 | | | | 200,047 | |
| | | | | | | | 2,577,792 | |
| Pennsylvania 4.63% | | | | | | | | |
| City of Reading, PA, Callable 11/1/2024 @ 100, 5.30%, 11/1/2033 | | | 500,000 | | | | 499,425 | |
| Pennsylvania Turnpike Commission Turnpike Revenue, Revenue Bonds, Callable 12/1/2029 @ 100, 3.58%, 12/1/2043 | | | 390,000 | | | | 307,301 | |
| Pennsylvania Turnpike Commission, Build America Revenue Bonds, 6.38%, 12/1/2037 | | | 520,000 | | | | 560,021 | |
| Philadelphia Authority for Industrial Development, Pension Funding, Revenue Bonds, (AGM) (OID), 6.35%, 4/15/2028 | | | 130,000 | | | | 136,545 | |
| Philadelphia Municipal Authority, Public Improvements, Revenue Bonds, 5.09%, 3/15/2028 | | | 500,000 | | | | 496,793 | |
| Sports & Exhibition Authority of Pittsburgh and Allegheny County, Recreational Facilities Improvements, Revenue Bonds, 7.04%, 11/1/2039 | | | 1,000,000 | | | | 1,050,823 | |
| | | | | | | | 3,050,908 | |
| Rhode Island 0.56% | | | | | | | | |
| Narragansett Bay Commission, Revenue Bonds Series 2020 A, Callable 9/1/2030 @ 100, 2.92%, 9/1/2043 | | | 500,000 | | | | 369,427 | |
| | | | | | | | | |
| Texas 1.86% | | | | | | | | |
| Frisco Economic Development Corp., Public Improvements, Revenue Bonds, 4.20%, 2/15/2034 | | | 1,000,000 | | | | 952,277 | |
| Midland County Hospital District, Health, Hospital & Nursing Home Improvements, Build America Bonds, General Obligation Limited, 6.44%, 5/15/2039 | | | 260,000 | | | | 279,864 | |
| | | | | | | | 1,232,141 | |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA INCOME FUND |
| SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED) |
| | | Principal Amount | | | Market Value | |
| | | | | | | | | |
| Virgin Islands 2.73% | | | | | | | | |
| Virgin Islands Water & Power Authority - Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM), 6.65%, 7/1/2028 | | $ | 715,000 | | | $ | 729,408 | |
| Virgin Islands Water & Power Authority - Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM), 6.85%, 7/1/2035 | | | 1,000,000 | | | | 1,070,145 | |
| | | | | | | | 1,799,553 | |
| Virginia 6.83% | | | | | | | | |
| Tobacco Settlement Financing Corp., Refunding Revenue Bonds, (OID), Callable 6/1/2025 @ 100, 6.71%, 6/1/2046 | | | 5,325,000 | | | | 4,508,406 | |
| | | | | | | | | |
| Washington 1.92% | | | | | | | | |
| City of Seattle, WA, Municipal Light & Power Revenue, Electric Lights & Power Improvements, Build America Revenue Bonds, (OID), 5.57%, 2/1/2040 | | | 250,000 | | | | 253,056 | |
| Douglas County Public Utility District No. 1, Electric Lights & Power Improvements, Revenue Bonds, 5.35%, 9/1/2030 | | | 224,100 | | | | 229,616 | |
| Public Utility District No. 1 of Cowlitz County, WA, Electric Lights & Power Improvements, Build America Revenue Bonds, 6.88%, 9/1/2032 | | | 500,000 | | | | 534,725 | |
| Snohomish County Public Utility District No. 1, Electric Lights & Power Improvements, Build America Revenue Bonds, (OID), 5.68%, 12/1/2040 | | | 250,000 | | | | 251,359 | |
| | | | | | | | 1,268,756 | |
| Total Municipal Bonds | | | | | | | | |
| (Cost $42,057,245) | | | | | | | 40,835,713 | |
| | | | | | | | | |
Total Investments — 100.04% | | | | | | | | |
| (Cost $69,611,071) | | | | | | | 66,034,736 | |
| Liabilities in Excess of Other Assets — (0.04)% | | | | | | | (26,364 | ) |
| NET ASSETS — 100.00% | | | | | | $ | 66,008,372 | |
| (a) | Security is currently being valued according to the fair value procedures approved by the Board of Directors. |
| (b) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
AGM — Assured Guaranty Municipal Corp.
NATL-RE — Insured by National Public Finance Guarantee Corp.
OID — Original Issue Discount
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA UTILITIES FUND |
| SCHEDULE OF INVESTMENTS | JUNE 30, 2024 (UNAUDITED) |
| | | Shares | | | Market Value | |
| | | | | | | | | |
| Common Stocks 97.29% | | | | | | | | |
| | | | | | | | | |
| Energy 0.63% | | | | | | | | |
| Williams Companies, Inc. (The) | | | 2,500 | | | $ | 106,250 | |
| | | | | | | | | |
| Industrials 0.57% | | | | | | | | |
| Waste Management, Inc. | | | 450 | | | | 96,003 | |
| | | | | | | | | |
| Utilities 96.09% | | | | | | | | |
| AES Corp. | | | 20,000 | | | | 351,400 | |
| Alliant Energy Corp. | | | 4,250 | | | | 216,325 | |
| Ameren Corp. | | | 8,450 | | | | 600,879 | |
| American Electric Power Company, Inc. | | | 9,150 | | | | 802,821 | |
| American Water Works Company, Inc. | | | 1,350 | | | | 174,366 | |
| Atmos Energy Corp. | | | 3,050 | | | | 355,782 | |
| Brookfield Renewable Corp., Class A | | | 1,150 | | | | 32,637 | |
| CenterPoint Energy, Inc. | | | 15,500 | | | | 480,190 | |
| Chesapeake Utilities Corp. | | | 1,000 | | | | 106,200 | |
| Clearway Energy, Inc., Class C | | | 5,800 | | | | 143,202 | |
| CMS Energy Corp. | | | 10,450 | | | | 622,088 | |
| Constellation Energy Corp. | | | 4,050 | | | | 811,093 | |
| Dominion Energy, Inc. | | | 2,600 | | | | 127,400 | |
| DTE Energy Co. | | | 7,350 | | | | 815,923 | |
| Duke Energy Corp. | | | 7,400 | | | | 741,702 | |
| Edison International | | | 5,800 | | | | 416,498 | |
| Entergy Corp. | | | 7,750 | | | | 829,250 | |
| Essential Utilities, Inc. | | | 16,000 | | | | 597,280 | |
| Evergy, Inc. | | | 2,900 | | | | 153,613 | |
| Eversource Energy | | | 9,650 | | | | 547,252 | |
| Exelon Corp. | | | 12,700 | | | | 439,547 | |
| FirstEnergy Corp. | | | 12,700 | | | | 486,029 | |
| IDACORP, Inc. | | | 900 | | | | 83,835 | |
| National Fuel Gas Co. | | | 850 | | | | 46,062 | |
| New Jersey Resources Corp. | | | 500 | | | | 21,370 | |
| NextEra Energy, Inc. | | | 16,600 | | | | 1,175,446 | |
| Nisource, Inc. | | | 21,000 | | | | 605,010 | |
| Northwest Natural Holdings Co. | | | 1,900 | | | | 68,609 | |
| NorthWestern Corp. | | | 1,000 | | | | 50,080 | |
| NRG Energy, Inc. | | | 500 | | | | 38,930 | |
| PNM Resources, Inc. | | | 500 | | | | 18,480 | |
| Portland General Electric Co. | | | 3,800 | | | | 164,312 | |
| PPL Corp. | | | 23,750 | | | | 656,688 | |
| Public Service Enterprise Group, Inc. | | | 10,350 | | | | 762,795 | |
| Sempra Energy | | | 10,750 | | | | 817,645 | |
| Southern Co. | | | 3,250 | | | | 252,103 | |
| Southwest Gas Corp. | | | 2,400 | | | | 168,912 | |
| Vistra Energy Corp. | | | 6,400 | | | | 550,272 | |
| WEC Energy Group, Inc. | | | 6,650 | | | | 521,759 | |
| Xcel Energy, Inc. | | | 7,350 | | | | 392,564 | |
| | | | | | | | 16,246,349 | |
| Total Common Stocks | | | | | | | | |
| (Cost $15,882,629) | | | | | | | 16,448,602 | |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA UTILITIES FUND |
| SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED) |
| | | Shares | | | Market Value | |
| | | | | | | | | |
| Preferred Stocks 0.83% | | | | | | | | |
| | | | | | | | | |
| Utilities 0.83% | | | | | | | | |
| Southern Co., 5.25% | | | 6,000 | | | $ | 140,220 | |
| | | | | | | | | |
| Total Preferred Stocks | | | | | | | | |
| (Cost $146,850) | | | | | | | 140,220 | |
| | | | | | | | | |
| Money Market Funds 3.20% | | | | | | | | |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 5.22%(a) | | | 541,453 | | | | 541,453 | |
| | | | | | | | | |
| Total Money Market Funds | | | | | | | | |
| (Cost $541,453) | | | | | | | 541,453 | |
| | | | | | | | | |
| Total Investments — 101.32% | | | | | | | | |
| (Cost $16,570,932) | | | | | | | 17,130,275 | |
| Liabilities in Excess of Other Assets — (1.32)% | | | | | | | (223,026 | ) |
| NET ASSETS — 100.00% | | | | | | $ | 16,907,249 | |
| (a) | Rate disclosed is the seven day effective yield as of June 30, 2024. |
See accompanying notes which are an integral part of these financial statements.
| STATEMENTS OF ASSETS AND LIABILITIES |
| JUNE 30, 2024 (UNAUDITED) |
| | | Spirit of America
Real Estate Income
and Growth Fund | | | Spirit of America
Large Cap Value
Fund | | | Spirit of America
Municipal Tax Free
Bond Fund | | | Spirit of America
Income Fund | | | Spirit of America
Utilities Fund | |
| | | | | | | | | | | | | | | | | | | | | |
| ASSETS | | | | | | | | | | | | | | | | | | | | |
| Investments in securities at fair value (cost $59,057,561, $80,272,905, $33,329,662, $69,611,071 and $16,570,932, respectively) | | $ | 68,755,883 | | | $ | 188,930,670 | | | $ | 32,727,698 | | | $ | 66,034,736 | | | $ | 17,130,275 | |
| Cash | | | 1,013,286 | | | | 1,250 | | | | — | | | | — | | | | — | |
| Receivable for investments sold | | | 147,059 | | | | 61,968 | | | | — | | | | — | | | | — | |
| Receivable for Fund shares sold | | | — | | | | 4,105 | | | | 24 | | | | 56,983 | | | | 12,000 | |
| Dividends and interest receivable | | | 266,542 | | | | 70,672 | | | | 383,233 | | | | 860,128 | | | | 29,764 | |
| Prepaid expenses | | | 29,163 | | | | 46,336 | | | | 28,632 | | | | 30,361 | | | | 25,058 | |
| TOTAL ASSETS | | | 70,211,933 | | | | 189,115,001 | | | | 33,139,587 | | | | 66,982,208 | | | | 17,197,097 | |
| | | | | | | | | | | | | | | | | | | | | |
| LIABILITIES | | | | | | | | | | | | | | | | | | | | |
| Cash overdraft | | | — | | | | — | | | | — | | | | — | | | | 1,618 | |
| Line of credit payable | | | — | | | | — | | | | — | | | | 741,968 | | | | — | |
| Payable for Fund shares redeemed | | | 27,784 | | | | 258,654 | | | | 48,906 | | | | 29,538 | | | | — | |
| Payable for distributions to shareholders | | | 988,801 | | | | 1,125,800 | | | | 27,533 | | | | 127,422 | | | | 251,321 | |
| Payable for investment advisory fees | | | 54,886 | | | | 148,577 | | | | 4,871 | | | | 24,638 | | | | 8,763 | |
| Payable for distribution (12b-1) fees | | | 17,210 | | | | 45,706 | | | | 4,465 | | | | 14,803 | | | | 3,355 | |
| Payable for accounting and administration fees | | | 3,921 | | | | 9,727 | | | | 2,857 | | | | 4,309 | | | | 2,263 | |
| Payable for Chief Compliance Officer fees | | | 188 | | | | 609 | | | | 104 | | | | 213 | | | | 54 | |
| Payable for transfer agent fees | | | 1,463 | | | | 1,895 | | | | 519 | | | | 1,854 | | | | 429 | |
| Other accrued expenses | | | 25,586 | | | | 35,042 | | | | 24,436 | | | | 29,091 | | | | 22,045 | |
| TOTAL LIABILITIES | | | 1,119,839 | | | | 1,626,010 | | | | 113,691 | | | | 973,836 | | | | 289,848 | |
| NET ASSETS | | $ | 69,092,094 | | | $ | 187,488,991 | | | $ | 33,025,896 | | | $ | 66,008,372 | | | $ | 16,907,249 | |
| | | | | | | | | | | | | | | | | | | | | |
| SOURCE OF NET ASSETS | | | | | | | | | | | | | | | | | | | | |
| As of June 30, 2024, net assets consisted of: | | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | $ | 59,084,564 | | | $ | 76,740,079 | | | $ | 43,734,757 | | | $ | 69,223,229 | | | $ | 16,907,537 | |
| Accumulated earnings (deficits) | | | 10,007,530 | | | | 110,748,912 | | | | (10,708,861 | ) | | | (3,214,857 | ) | | | (288 | ) |
| NET ASSETS | | $ | 69,092,094 | | | $ | 187,488,991 | | | $ | 33,025,896 | | | $ | 66,008,372 | | | $ | 16,907,249 | |
| | | | | | | | | | | | | | | | | | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | | | | | |
| Class A Shares | | $ | 69,009,198 | | | $ | 187,132,002 | | | $ | 32,884,735 | | | $ | 65,520,603 | | | $ | 16,886,560 | |
| Class C Shares | | $ | 69,986 | | | $ | 334,482 | | | $ | 132,075 | | | $ | 475,594 | | | $ | 10,271 | |
| Institutional Shares | | $ | 12,910 | | | $ | 22,507 | | | $ | 9,086 | | | $ | 12,175 | | | $ | 10,418 | |
| SHARES OUTSTANDING ($0.001 par value, 500,000,000 authorized shares): | | | | | | | | | | | | | | | | | | | | |
| Class A Shares | | | 7,982,947 | | | | 5,799,827 | | | | 3,851,773 | | | | 6,500,861 | | | | 933,297 | |
| Class C Shares | | | 8,246 | | | | 10,367 | | | | 15,514 | | | | 47,171 | | | | 563 | |
| Institutional Shares | | | 1,537 | | | | 698 | | | | 1,067 | | | | 1,204 | | | | 576 | |
| NET ASSET VALUE AND REDEMPTION PRICE PER SHARE | | | | | | | | | | | | | | | | | | | | |
| Class A Shares(a) | | $ | 8.64 | | | $ | 32.27 | | | $ | 8.54 | | | $ | 10.08 | | | $ | 18.09 | |
| Class C Shares(b) | | $ | 8.49 | | | $ | 32.26 | | | $ | 8.51 | | | $ | 10.08 | | | $ | 18.25 | (c) |
| Institutional Shares | | $ | 8.40 | | | $ | 32.25 | (c) | | $ | 8.52 | | | $ | 10.11 | | | $ | 18.10 | (c) |
| OFFERING PRICE PER SHARE (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share: | | | | | | | | | | | | | | | | | | | | |
| Class A Shares | | $ | 9.12 | | | $ | 34.06 | | | $ | 8.97 | | | $ | 10.58 | | | $ | 19.19 | |
| MAXIMUM SALES CHARGE: | | | | | | | | | | | | | | | | | | | | |
| Class A Shares | | | 5.25 | % | | | 5.25 | % | | | 4.75 | % | | | 4.75 | % | | | 5.75 | % |
| (a) | A contingent deferred sales charge of 1.00% may be charged on shares held less than one year where an indirect commission was paid. |
| (b) | A contingent deferred sales charge of 1.00% may be charged on shares held less than 13 months. |
| (c) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
See accompanying notes which are an integral part of these financial statements.
| STATEMENTS OF OPERATIONS |
| FOR THE SIX MONTHS ENDED JUNE 30, 2024 (UNAUDITED) |
| | | Spirit of America
Real Estate Income
and Growth Fund | | | Spirit of America
Large Cap Value
Fund | | | Spirit of America
Municipal Tax Free
Bond Fund | | | Spirit of America
Income Fund | | | Spirit of America
Utilities Fund | |
| | | | | | | | | | | | | | | | | | | | | |
| INVESTMENT INCOME | | | | | | | | | | | | | | | | | | | | |
| Dividends | | $ | 1,410,873 | | | $ | 1,318,144 | | | $ | 5,076 | | | $ | 587,694 | | | $ | 291,167 | |
| Foreign dividend taxes withheld | | | — | | | | (1,582 | ) | | | — | | | | (7,205 | ) | | | (382 | ) |
| Interest | | | — | | | | — | | | | 613,876 | | | | 1,477,132 | | | | — | |
| TOTAL INVESTMENT INCOME | | | 1,410,873 | | | | 1,316,562 | | | | 618,952 | | | | 2,057,621 | | | | 290,785 | |
| | | | | | | | | | | | | | | | | | | | | |
| EXPENSES | | | | | | | | | | | | | | | | | | | | |
| Investment advisory | | | 343,626 | | | | 822,948 | | | | 101,736 | | | | 207,972 | | | | 75,825 | |
| Distribution (12b-1) - Class A Shares | | | 106,098 | | | | 254,031 | | | | 25,330 | | | | 86,063 | | | | 19,518 | |
| Distribution (12b-1) - Class C Shares | | | 527 | | | | 1,528 | | | | 654 | | | | 2,311 | | | | 49 | |
| Accounting and Administration | | | 26,303 | | | | 61,833 | | | | 13,511 | | | | 26,114 | | | | 7,045 | |
| Registration | | | 15,520 | | | | 14,441 | | | | 18,944 | | | | 18,083 | | | | 18,715 | |
| Auditing | | | 13,025 | | | | 13,025 | | | | 13,025 | | | | 13,025 | | | | 14,026 | |
| Insurance | | | 10,195 | | | | 14,368 | | | | 4,194 | | | | 8,808 | | | | 360 | |
| Transfer agent | | | 9,450 | | | | 12,890 | | | | 3,353 | | | | 11,856 | | | | 1,346 | |
| Directors | | | 7,957 | | | | 15,706 | | | | 3,792 | | | | 7,380 | | | | 1,036 | |
| Printing | | | 7,062 | | | | 12,450 | | | | 4,557 | | | | 8,070 | | | | 3,946 | |
| Sub transfer agent | | | 6,411 | | | | 19,489 | | | | 3,807 | | | | 5,206 | | | | 2,453 | |
| Custodian | | | 3,949 | | | | 7,878 | | | | 2,477 | | | | 2,601 | | | | 3,912 | |
| Interest | | | 3,625 | | | | 5,103 | | | | 2,149 | | | | 16,717 | | | | — | |
| Legal | | | 3,377 | | | | 8,437 | | | | 1,637 | | | | 3,333 | | | | 1,053 | |
| Line of credit | | | 2,078 | | | | 5,311 | | | | 1,030 | | | | 2,087 | | | | 498 | |
| Chief Compliance Officer | | | 1,435 | | | | 3,491 | | | | 697 | | | | 1,422 | | | | 319 | |
| Pricing | | | 778 | | | | 1,341 | | | | 12,447 | | | | 9,207 | | | | 322 | |
| Other | | | 9,603 | | | | 12,067 | | | | 8,793 | | | | 11,135 | | | | 12,645 | |
| TOTAL EXPENSES | | | 571,019 | | | | 1,286,337 | | | | 222,133 | | | | 441,390 | | | | 163,068 | |
| Fees waived by Adviser | | | — | | | | — | | | | (65,850 | ) | | | (39,764 | ) | | | (42,925 | ) |
| NET EXPENSES | | | 571,019 | | | | 1,286,337 | | | | 156,283 | | | | 401,626 | | | | 120,143 | |
| NET INVESTMENT INCOME | | | 839,854 | | | | 30,225 | | | | 462,669 | | | | 1,655,995 | | | | 170,642 | |
| | | | | | | | | | | | | | | | | | | | | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) from investment transactions | | | 2,839,475 | | | | 5,850,454 | | | | (212,900 | ) | | | (188,973 | ) | | | — | |
| Net realized loss on foreign currency transactions | | | — | | | | (2 | ) | | | — | | | | (275 | ) | | | — | |
| Net change in unrealized appreciation (depreciation) of investments | | | (4,236,826 | ) | | | 31,892,915 | | | | (186,584 | ) | | | 89,881 | | | | 1,088,203 | |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | | | (1,397,351 | ) | | | 37,743,367 | | | | (399,484 | ) | | | (99,367 | ) | | | 1,088,203 | |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (557,497 | ) | | $ | 37,773,592 | | | $ | 63,185 | | | $ | 1,556,628 | | | $ | 1,258,845 | |
See accompanying notes which are an integral part of these financial statements.
| STATEMENTS OF CHANGES IN NET ASSETS |
| | | Spirit of America
Real Estate Income and Growth Fund | | | Spirit of America
Large Cap Value Fund | |
| | | For the
Six Months Ended
June 30,
2024
(Unaudited) | | | For the
Year Ended
December 31,
2023 | | | For the
Six Months Ended
June 30,
2024
(Unaudited) | | | For the
Year Ended
December 31,
2023 | |
| | | | | | | | | | | | | | | | | |
| OPERATIONS | | | | | | | | | | | | | | | | |
| Net investment income | | $ | 839,854 | | | $ | 1,449,269 | | | $ | 30,225 | | | $ | 684,840 | |
| Net realized gain (loss) from investment and foreign currency transactions | | | 2,839,475 | | | | 4,803,436 | | | | 5,850,452 | | | | 4,409,233 | |
Net change in unrealized appreciation (depreciation) of investments and
foreign currenct transactions | | | (4,236,826 | ) | | | 806,560 | | | | 31,892,915 | | | | 25,800,058 | |
| Net increase (decrease) in net assets resulting from operations | | | (557,497 | ) | | | 7,059,265 | | | | 37,773,592 | | | | 30,894,131 | |
| DISTRIBUTIONS TO SHAREHOLDERS FROM | | | | | | | | | | | | | | | | |
| Earnings: | | | | | | | | | | | | | | | | |
| Class A Shares | | | (3,281,253 | ) | | | (6,260,241 | ) | | | (4,002,889 | ) | | | (5,586,772 | ) |
| Class C Shares | | | (3,047 | ) | | | (13,807 | ) | | | (6,187 | ) | | | (10,280 | ) |
| Institutional Shares | | | (640 | ) | | | (1,038 | ) | | | (507 | ) | | | (675 | ) |
| Return of capital: | | | | | | | | | | | | | | | | |
| Class A Shares | | | — | | | | (929,346 | ) | | | — | | | | (2,095,341 | ) |
| Class C Shares | | | — | | | | (1,593 | ) | | | — | | | | (2,315 | ) |
| Institutional Shares | | | — | | | | (158 | ) | | | — | | | | (289 | ) |
| Total distributions to shareholders | | | (3,284,940 | ) | | | (7,206,183 | ) | | | (4,009,583 | ) | | | (7,695,672 | ) |
| CAPITAL TRANSACTIONS | | | | | | | | | | | | | | | | |
| Class A Shares: | | | | | | | | | | | | | | | | |
| Shares sold | | | 3,158,087 | | | | 6,697,171 | | | | 15,717,661 | | | | 23,592,723 | |
| Shares issued from reinvestment of distributions | | | 2,294,508 | | | | 5,122,972 | | | | 2,881,758 | | | | 5,644,409 | |
| Shares redeemed | | | (9,052,624 | ) | | | (25,793,999 | ) | | | (14,864,154 | ) | | | (25,029,873 | ) |
| Total Class A Shares | | | (3,600,029 | ) | | | (13,973,856 | ) | | | 3,735,265 | | | | 4,207,259 | |
| Class C Shares: | | | | | | | | | | | | | | | | |
| Shares sold | | | — | | | | — | | | | — | | | | 69,499 | |
| Shares issued from reinvestment of distributions | | | 991 | | | | 7,813 | | | | 1,518 | | | | 3,814 | |
| Shares redeemed | | | (106,882 | ) | | | (5,000 | ) | | | (33,240 | ) | | | (110 | ) |
| Total Class C Shares | | | (105,891 | ) | | | 2,813 | | | | (31,722 | ) | | | 73,203 | |
| Institutional Shares: | | | | | | | | | | | | | | | | |
| Shares sold | | | — | | | | — | | | | — | | | | — | |
| Shares issued from reinvestment of distributions | | | 640 | | | | 1,196 | | | | 507 | | | | 964 | |
| Total Institutional Shares | | | 640 | | | | 1,196 | | | | 507 | | | | 964 | |
| Increase (decrease) in net assets derived from capital share transactions | | | (3,705,280 | ) | | | (13,969,847 | ) | | | 3,704,050 | | | | 4,281,426 | |
| Total increase (decrease) in Net Assets | | | (7,547,717 | ) | | | (14,116,765 | ) | | | 37,468,059 | | | | 27,479,885 | |
| NET ASSETS | | | | | | | | | | | | | | | | |
| Beginning of period | | | 76,639,811 | | | | 90,756,576 | | | | 150,020,932 | | | | 122,541,047 | |
| End of period | | $ | 69,092,094 | | | $ | 76,639,811 | | | $ | 187,488,991 | | | $ | 150,020,932 | |
| SHARE TRANSACTIONS | | | | | | | | | | | | | | | | |
| Class A Shares: | | | | | | | | | | | | | | | | |
| Shares sold | | | 359,015 | | | | 727,486 | | | | 527,269 | | | | 958,692 | |
| Shares issued from reinvestment of distributions | | | 265,568 | | | | 561,715 | | | | 89,301 | | | | 219,285 | |
| Shares redeemed | | | (1,028,022 | ) | | | (2,831,077 | ) | | | (493,893 | ) | | | (1,026,500 | ) |
| Total Class A Shares | | | (403,439 | ) | | | (1,541,876 | ) | | | 122,677 | | | | 151,477 | |
| Class C Shares: | | | | | | | | | | | | | | | | |
| Shares sold | | | — | | | | — | | | | — | | | | 2,690 | |
| Shares issued from reinvestment of distributions | | | 117 | | | | 872 | | | | 47 | | | | 147 | |
| Shares redeemed | | | (12,066 | ) | | | (554 | ) | | | (1,266 | ) | | | (5 | ) |
| Total Class C Shares | | | (11,949 | ) | | | 318 | | | | (1,219 | ) | | | 2,832 | |
| Institutional Shares: | | | | | | | | | | | | | | | | |
| Shares sold | | | — | | | | — | | | | — | | | | — | |
| Shares issued from reinvestment of distributions | | | 77 | | | | 134 | | | | 16 | | | | 37 | |
| Total Institutional Shares | | | 77 | | | | 134 | | | | 16 | | | | 37 | |
| (a) | For the period January 31, 2023 (commencement of operations) to December 31, 2023. |
See accompanying notes which are an integral part of these financial statements.
| STATEMENTS OF CHANGES IN NET ASSETS (CONT.) |
Spirit of America
Municipal Tax Free
Bond Fund | | | Spirit of America
Income Fund | | | Spirit of America
Utilities Fund | |
For the
Six Months Ended
June 30,
2024
(Unaudited) | | | For the
Year Ended
December 31,
2023 | | | For the
Six Months Ended
June 30,
2024
(Unaudited) | | | For the
Year Ended
December 31,
2023 | | | For the
Six Months Ended
June 30,
2024
(Unaudited) | | | For the
Year Ended
December 31,
2023(a) | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| $ | 462,669 | | | $ | 732,375 | | | $ | 1,655,995 | | | $ | 3,824,310 | | | $ | 170,642 | | | $ | 208,634 | |
| | (212,900 | ) | | | (1,879,671 | ) | | | (189,248 | ) | | | 68,626 | | | | — | | | | (1 | ) |
| (186,584 | ) | | | 2,735,962 | | | | 89,881 | | | | 1,150,390 | | | | 1,088,203 | | | | (528,860 | ) |
| | 63,185 | | | | 1,588,666 | | | | 1,556,628 | | | | 5,043,326 | | | | 1,258,845 | | | | (320,227 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | (461,154 | ) | | | (730,621 | ) | | | (1,633,113 | ) | | | (4,500,248 | ) | | | (768,467 | ) | | | (169,308 | ) |
| | (1,237 | ) | | | (1,560 | ) | | | (9,474 | ) | | | (22,751 | ) | | | (423 | ) | | | (103 | ) |
| | (130 | ) | | | (193 | ) | | | (300 | ) | | | (730 | ) | | | (478 | ) | | | (127 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | (1,008,731 | ) |
| | — | | | | — | | | | — | | | | — | | | | — | | | | (616 | ) |
| | — | | | | — | | | | — | | | | — | | | | — | | | | (759 | ) |
| | (462,521 | ) | | | (732,374 | ) | | | (1,642,887 | ) | | | (4,523,729 | ) | | | (769,368 | ) | | | (1,179,644 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 800,531 | | | | 1,694,668 | | | | 3,071,689 | | | | 9,385,322 | | | | 2,511,938 | | | | 15,559,166 | |
| | 293,304 | | | | 463,737 | | | | 904,645 | | | | 2,545,056 | | | | 517,147 | | | | 788,414 | |
| | (2,791,238 | ) | | | (7,340,005 | ) | | | (9,695,475 | ) | | | (18,888,109 | ) | | | (1,080,759 | ) | | | (400,769 | ) |
| | (1,697,403 | ) | | | (5,181,600 | ) | | | (5,719,141 | ) | | | (6,957,731 | ) | | | 1,948,326 | | | | 15,946,811 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 660 | | | | 2,160 | | | | 25,000 | | | | 23,997 | | | | — | | | | 10,000 | |
| | 1,025 | | | | 1,256 | | | | 7,842 | | | | 18,586 | | | | 423 | | | | 719 | |
| | (75 | ) | | | (13,323 | ) | | | (250 | ) | | | (355 | ) | | | — | | | | — | |
| | 1,610 | | | | (9,907 | ) | | | 32,592 | | | | 42,228 | | | | 423 | | | | 10,719 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | 10,000 | |
| | 130 | | | | 193 | | | | 300 | | | | 730 | | | | 478 | | | | 886 | |
| | 130 | | | | 193 | | | | 300 | | | | 730 | | | | 478 | | | | 10,886 | |
| | (1,695,663 | ) | | | (5,191,314 | ) | | | (5,686,249 | ) | | | (6,914,773 | ) | | | 1,949,227 | | | | 15,968,416 | |
| | (2,094,999 | ) | | | (4,335,022 | ) | | | (5,772,508 | ) | | | (6,395,176 | ) | | | 2,438,704 | | | | 14,468,545 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 35,120,895 | | | | 39,455,917 | | | | 71,780,880 | | | | 78,176,056 | | | | 14,468,545 | | | | — | |
| $ | 33,025,896 | | | $ | 35,120,895 | | | $ | 66,008,372 | | | $ | 71,780,880 | | | $ | 16,907,249 | | | $ | 14,468,545 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 93,718 | | | | 199,095 | | | | 303,340 | | | | 926,415 | | | | 137,579 | | | | 805,386 | |
| | 34,323 | | | | 54,599 | | | | 89,636 | | | | 252,632 | | | | 28,587 | | | | 43,980 | |
| | (326,554 | ) | | | (860,857 | ) | | | (958,782 | ) | | | (1,868,923 | ) | | | (59,653 | ) | | | (22,582 | ) |
| | (198,513 | ) | | | (607,163 | ) | | | (565,806 | ) | | | (689,876 | ) | | | 106,513 | | | | 826,784 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 78 | | | | 257 | | | | 2,475 | | | | 2,411 | | | | — | | | | 500 | |
| | 120 | | | | 148 | | | | 777 | | | | 1,846 | | | | 23 | | | | 40 | |
| | (9 | ) | | | (1,542 | ) | | | (25 | ) | | | (34 | ) | | | — | | | | — | |
| | 189 | | | | (1,137 | ) | | | 3,227 | | | | 4,223 | | | | 23 | | | | 540 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | 500 | |
| | 16 | | | | 22 | | | | 30 | | | | 72 | | | | 27 | | | | 49 | |
| | 16 | | | | 22 | | | | 30 | | | | 72 | | | | 27 | | | | 549 | |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND |
| CLASS A SHARES |
| FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| | | For the
Six Months
Ended
June 30, 2024 | | | For the Year Ended December 31 | |
| | | (Unaudited) | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | $ | 9.12 | | | $ | 9.12 | | | $ | 13.90 | | | $ | 10.45 | | | $ | 11.96 | | | $ | 10.03 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| From Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.12 | 1 | | | 0.16 | 1 | | | 0.14 | 1 | | | 0.08 | 1 | | | 0.15 | 1 | | | 0.09 | |
| Net realized and unrealized gain (loss) on investments | | | (0.17 | ) | | | 0.69 | | | | (4.07 | ) | | | 4.22 | | | | (0.81 | ) | | | 2.69 | |
| Total from investment operations | | | (0.05 | ) | | | 0.85 | | | | (3.93 | ) | | | 4.30 | | | | (0.66 | ) | | | 2.78 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.43 | ) | | | (0.16 | ) | | | (0.17 | ) | | | (0.14 | ) | | | (0.11 | ) | | | (0.09 | ) |
| Distributions from net capital gains | | | — | | | | (0.58 | ) | | | (0.55 | ) | | | (0.71 | ) | | | (0.04 | ) | | | (0.76 | ) |
| Distributions from return of capital | | | — | | | | (0.11 | ) | | | (0.13 | ) | | | — | | | | (0.70 | ) | | | — | |
| Total distributions | | | (0.43 | ) | | | (0.85 | ) | | | (0.85 | ) | | | (0.85 | ) | | | (0.85 | ) | | | (0.85 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 8.64 | | | $ | 9.12 | | | $ | 9.12 | | | $ | 13.90 | | | $ | 10.45 | | | $ | 11.96 | |
| Total Return2 | | | (0.60 | )%3 | | | 9.53 | % | | | (28.46 | )% | | | 42.03 | % | | | (5.13 | )% | | | 28.06 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | $ | 69,009 | | | $ | 76,446 | | | $ | 90,567 | | | $ | 133,371 | | | $ | 82,609 | | | $ | 90,679 | |
| Ratio of net expenses to average net assets | | | 1.61 | %4,5 | | | 1.60 | %6 | | | 1.54 | % | | | 1.52 | % | | | 1.59 | % | | | 1.54 | % |
| Ratio of net investment income to average net assets | | | 2.37 | %4 | | | 1.76 | % | | | 1.28 | % | | | 0.68 | % | | | 1.05 | % | | | 0.74 | % |
| Portfolio turnover rate | | | 5 | %3 | | | 4 | % | | | 16 | % | | | 17 | % | | | 18 | % | | | 4 | % |
| 1 | Calculated based on the average number of shares outstanding during the period. |
| 2 | Calculation does not reflect sales load. |
| 3 | Not annualized. |
| 4 | Annualized. |
| 5 | Includes interest expense of 0.01%. |
| 6 | Includes interest expense of 0.02%. |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND |
| CLASS C SHARES |
| FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| | | For the
Six Months Ended
June 30,
2024 | | | For the Year Ended December 31 | |
| | | (Unaudited) | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | $ | 8.94 | | | $ | 8.96 | | | $ | 13.68 | | | $ | 10.26 | | | $ | 11.77 | | | $ | 9.90 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| From Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.08 | 1 | | | 0.10 | 1 | | | 0.07 | 1 | | | 0.01 | 1 | | | 0.08 | 1 | | | 0.08 | |
| Net realized and unrealized gain (loss) on investments | | | (0.16 | ) | | | 0.67 | | | | (4.01 | ) | | | 4.14 | | | | (0.81 | ) | | | 2.57 | |
| Total from investment operations | | | (0.08 | ) | | | 0.77 | | | | (3.94 | ) | | | 4.15 | | | | (0.73 | ) | | | 2.65 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.37 | ) | | | (0.13 | ) | | | (0.13 | ) | | | (0.02 | ) | | | (0.10 | ) | | | (0.08 | ) |
| Distributions from net capital gains | | | — | | | | (0.58 | ) | | | (0.55 | ) | | | (0.71 | ) | | | (0.04 | ) | | | (0.70 | ) |
| Distributions from return of capital | | | — | | | | (0.08 | ) | | | (0.10 | ) | | | — | | | | (0.64 | ) | | | — | |
| Total distributions | | | (0.37 | ) | | | (0.79 | ) | | | (0.78 | ) | | | (0.73 | ) | | | (0.78 | ) | | | (0.78 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 8.49 | | | $ | 8.94 | | | $ | 8.96 | | | $ | 13.68 | | | $ | 10.26 | | | $ | 11.77 | |
| Total Return2 | | | (0.84 | )%3 | | | 8.75 | % | | | (28.98 | )% | | | 41.07 | % | | | (5.85 | )% | | | 27.15 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | $ | 70 | | | $ | 181 | | | $ | 178 | | | $ | 216 | | | $ | 222 | | | $ | 211 | |
| Ratio of net expenses to average net assets | | | 2.31 | %4,5 | | | 2.30 | %6 | | | 2.25 | % | | | 2.22 | % | | | 2.29 | % | | | 2.24 | % |
| Ratio of net investment income to average net assets | | | 1.34 | %4 | | | 1.12 | % | | | 0.62 | % | | | 0.06 | % | | | 0.41 | % | | | 0.16 | % |
| Portfolio turnover rate | | | 5 | %3 | | | 4 | % | | | 16 | % | | | 17 | % | | | 18 | % | | | 4 | % |
| 1 | Calculated based on the average number of shares outstanding during the period. |
| 2 | Calculation does not reflect contingent deferred sales charge. |
| 3 | Not annualized. |
| 4 | Annualized. |
| 5 | Includes interest expense of 0.01%. |
| 6 | Includes interest expense of 0.02%. |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND |
| INSTITUTIONAL SHARES |
| FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| | | For the
Six Months Ended
June 30,
2024 | | | For the
Year Ended
December 31 | | | For the
Period Ended
December 31, | |
| | | (Unaudited) | | | 2023 | | | 2022 | | | 2021 | | | 20201 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | $ | 8.87 | | | $ | 8.90 | | | $ | 13.60 | | | $ | 10.24 | | | $ | 9.67 | |
| | | | | | | | | | | | | | | | | | | | | |
| From Investment Operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income2 | | | 0.13 | | | | 0.19 | | | | 0.17 | | | | 0.11 | | | | 0.14 | |
| Net realized and unrealized gain (loss) on investments | | | (0.16 | ) | | | 0.66 | | | | (3.99 | ) | | | 4.14 | | | | 1.31 | |
| Total from investment operations | | | (0.03 | ) | | | 0.85 | | | | (3.82 | ) | | | 4.25 | | | | 1.45 | |
| | | | | | | | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.44 | ) | | | (0.18 | ) | | | (0.19 | ) | | | (0.18 | ) | | | (0.12 | ) |
| Distributions from net capital gains | | | — | | | | (0.58 | ) | | | (0.55 | ) | | | (0.71 | ) | | | (0.04 | ) |
| Distributions from return of capital | | | — | | | | (0.12 | ) | | | (0.14 | ) | | | — | | | | (0.72 | ) |
| Total distributions | | | (0.44 | ) | | | (0.88 | ) | | | (0.88 | ) | | | (0.89 | ) | | | (0.88 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 8.40 | | | $ | 8.87 | | | $ | 8.90 | | | $ | 13.60 | | | $ | 10.24 | |
| Total Return | | | (0.36 | )%3 | | | 9.77 | % | | | (28.26 | )% | | | 42.39 | % | | | 15.52 | %3 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | $ | 13 | | | $ | 13 | | | $ | 12 | | | $ | 16 | | | $ | 14 | |
| Ratio of net expenses to average net assets | | | 1.31 | %4,5 | | | 1.30 | %6 | | | 1.24 | % | | | 1.22 | % | | | 1.29 | %4 |
| Ratio of net investment income to average net assets | | | 2.72 | %4 | | | 2.13 | % | | | 1.59 | % | | | 0.89 | % | | | 1.53 | %4 |
| Portfolio turnover rate | | | 5 | %3 | | | 4 | % | | | 16 | % | | | 17 | % | | | 18 | %3 |
| 1 | For the period May 1, 2020 (commencement of operations) to December 31, 2020. |
| 2 | Calculated based on the average number of shares outstanding during the period. |
| 3 | Not annualized. |
| 4 | Annualized. |
| 5 | Includes interest expense of 0.01%. |
| 6 | Includes interest expense of 0.02%. |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA LARGE CAP VALUE FUND |
| CLASS A SHARES |
| FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| | | For the
Six Months Ended
June 30,
2024 | | | For the Year Ended December 31 | |
| | | (Unaudited) | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | $ | 26.37 | | | $ | 22.14 | | | $ | 29.57 | | | $ | 24.47 | | | $ | 22.53 | | | $ | 18.53 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| From Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income1 | | | 0.01 | | | | 0.12 | | | | 0.12 | | | | 0.02 | | | | 1.08 | | | | 0.13 | |
| Net realized and unrealized gain (loss) on investments | | | 6.59 | | | | 5.51 | | | | (5.38 | ) | | | 7.05 | | | | 2.26 | | | | 5.27 | |
| Total from investment operations | | | 6.60 | | | | 5.63 | | | | (5.26 | ) | | | 7.07 | | | | 3.34 | | | | 5.40 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.70 | ) | | | (0.11 | ) | | | (0.10 | ) | | | (0.01 | ) | | | (0.17 | ) | | | (0.13 | ) |
| Distributions from net capital gains | | | — | | | | (0.90 | ) | | | (1.97 | ) | | | (1.79 | ) | | | (0.90 | ) | | | (0.80 | ) |
| Distributions from return of capital | | | — | | | | (0.39 | ) | | | (0.10 | ) | | | (0.17 | ) | | | (0.33 | ) | | | (0.47 | ) |
| Total distributions | | | (0.70 | ) | | | (1.40 | ) | | | (2.17 | ) | | | (1.97 | ) | | | (1.40 | ) | | | (1.40 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 32.27 | | | $ | 26.37 | | | $ | 22.14 | | | $ | 29.57 | | | $ | 24.47 | | | $ | 22.53 | |
| Total Return2 | | | 25.03 | %3 | | | 25.67 | % | | | (17.70 | )% | | | 29.27 | % | | | 15.49 | % | | | 29.54 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | $ | 187,132 | | | $ | 149,697 | | | $ | 122,333 | | | $ | 157,478 | | | $ | 128,680 | | | $ | 113,819 | |
| Ratio of net expenses to average net assets | | | 1.51 | %4,5 | | | 1.53 | %5 | | | 1.51 | % | | | 1.50 | % | | | 1.53 | % | | | 1.52 | % |
| Ratio of net investment income to average net assets | | | 0.04 | %4 | | | 0.51 | % | | | 0.48 | % | | | 0.06 | % | | | 0.82 | % | | | 0.60 | % |
| Portfolio turnover rate | | | 5 | %3 | | | 5 | % | | | 10 | % | | | 11 | % | | | 15 | % | | | 8 | % |
| 1 | Calculated based on the average number of shares outstanding during the period. |
| 2 | Calculation does not reflect sales load. |
| 3 | Not annualized. |
| 4 | Annualized. |
| 5 | Includes interest expense of 0.01%. |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA LARGE CAP VALUE FUND |
| CLASS C SHARES |
| FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| | | For the
Six Months Ended
June 30,
2024 | | | For the Year Ended December 31 | |
| | | (Unaudited) | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | $ | 26.38 | | | $ | 22.17 | | | $ | 29.56 | | | $ | 24.48 | | | $ | 22.59 | | | $ | 18.52 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| From Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment (loss) income1 | | | (0.09 | ) | | | (0.05 | ) | | | (0.06 | ) | | | (0.18 | ) | | | 0.88 | | | | (0.02 | ) |
| Net realized and unrealized gain (loss) on investments | | | 6.57 | | | | 5.50 | | | | (5.36 | ) | | | 7.05 | | | | 2.30 | | | | 5.26 | |
| Total from investment operations | | | 6.48 | | | | 5.45 | | | | (5.42 | ) | | | 6.87 | | | | 3.18 | | | | 5.24 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.60 | ) | | | (0.08 | ) | | | — | | | | — | | | | (0.13 | ) | | | (0.08 | ) |
| Distributions from net capital gains | | | — | | | | (0.90 | ) | | | (1.97 | ) | | | (1.79 | ) | | | (0.90 | ) | | | (0.80 | ) |
| Distributions from return of capital | | | — | | | | (0.26 | ) | | | — | | | | — | | | | (0.26 | ) | | | (0.29 | ) |
| Total distributions | | | (0.60 | ) | | | (1.24 | ) | | | (1.97 | ) | | | (1.79 | ) | | | (1.29 | ) | | | (1.17 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 32.26 | | | $ | 26.38 | | | $ | 22.17 | | | $ | 29.56 | | | $ | 24.48 | | | $ | 22.59 | |
| Total Return2 | | | 24.56 | %3 | | | 24.80 | % | | | (18.29 | )% | | | 28.37 | % | | | 14.70 | % | | | 28.59 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | $ | 334 | | | $ | 306 | | | $ | 194 | | | $ | 308 | | | $ | 263 | | | $ | 40 | |
| Ratio of net expenses to average net assets | | | 2.21 | %4,5 | | | 2.23 | %5 | | | 2.21 | % | | | 2.20 | % | | | 2.23 | % | | | 2.22 | % |
| Ratio of net investment loss to average net assets | | | (0.66 | )%4 | | | (0.18 | )% | | | (0.24 | )% | | | (0.64 | )% | | | (0.09 | )% | | | (0.10 | )% |
| Portfolio turnover rate | | | 5 | %3 | | | 5 | % | | | 10 | % | | | 11 | % | | | 15 | % | | | 8 | % |
| 1 | Calculated based on the average number of shares outstanding during the period. |
| 2 | Calculation does not reflect contingent deferred sales charge. |
| 3 | Not annualized. |
| 4 | Annualized. |
| 5 | Includes interest expense of 0.01%. |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA LARGE CAP VALUE FUND |
| INSTITUTIONAL SHARES |
| FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| | | For the
Six Months Ended
June 30,
2024 | | | For the
Year Ended
December 31 | | | For the
Period Ended
December 31, | |
| | | (Unaudited) | | | 2023 | | | 2022 | | | 2021 | | | 20201 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | $ | 26.35 | | | $ | 22.12 | | | $ | 29.56 | | | $ | 24.46 | | | $ | 19.57 | |
| | | | | | | | | | | | | | | | | | | | | |
| From Investment Operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income2 | | | 0.06 | | | | 0.20 | | | | 0.20 | | | | 0.10 | | | | 1.02 | |
| Net realized and unrealized gain (loss) on investments | | | 6.58 | | | | 5.50 | | | | (5.39 | ) | | | 7.06 | | | | 5.34 | |
| Total from investment operations | | | 6.64 | | | | 5.70 | | | | (5.19 | ) | | | 7.16 | | | | 6.36 | |
| | | | | | | | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.74 | ) | | | (0.13 | ) | | | (0.15 | ) | | | (0.02 | ) | | | (0.19 | ) |
| Distributions from net capital gains | | | — | | | | (0.90 | ) | | | (1.97 | ) | | | (1.79 | ) | | | (0.90 | ) |
| Distributions from return of capital | | | — | | | | (0.44 | ) | | | (0.13 | ) | | | (0.25 | ) | | | (0.38 | ) |
| Total distributions | | | (0.74 | ) | | | (1.47 | ) | | | (2.25 | ) | | | (2.06 | ) | | | (1.47 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 32.25 | | | $ | 26.35 | | | $ | 22.12 | | | $ | 29.56 | | | $ | 24.46 | |
| Total Return | | | 25.21 | %3 | | | 26.05 | % | | | (17.48 | )% | | | 29.64 | % | | | 33.28 | %3 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | $ | 23 | | | $ | 18 | | | $ | 14 | | | $ | 17 | | | $ | 13 | |
| Ratio of net expenses to average net assets | | | 1.21 | %4,5 | | | 1.23 | %5 | | | 1.21 | % | | | 1.20 | % | | | 1.23 | %4 |
| Ratio of net investment income to average net assets | | | 0.34 | %4 | | | 0.80 | % | | | 0.78 | % | | | 0.36 | % | | | 0.80 | %4 |
| Portfolio turnover rate | | | 5 | %3 | | | 5 | % | | | 10 | % | | | 11 | % | | | 15 | %3 |
| 1 | For the period May 1, 2020 (commencement of operations) to December 31, 2020. |
| 2 | Calculated based on the average number of shares outstanding during the period. |
| 3 | Not annualized. |
| 4 | Annualized. |
| 5 | Includes interest expense of 0.01%. |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
| CLASS A SHARES |
| FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| | | For the
Six Months Ended
June 30,
2024 | | | For the Year Ended December 31 | |
| | | (Unaudited) | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | $ | 8.64 | | | $ | 8.44 | | | $ | 9.44 | | | $ | 9.54 | | | $ | 9.45 | | | $ | 9.26 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| From Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.12 | | | | 0.17 | | | | 0.17 | | | | 0.18 | | | | 0.24 | | | | 0.27 | |
| Net realized and unrealized gain (loss) on investments | | | (0.10 | ) | | | 0.20 | | | | (1.00 | ) | | | (0.10 | ) | | | 0.09 | | | | 0.19 | |
| Total from investment operations | | | 0.02 | | | | 0.37 | | | | (0.83 | ) | | | 0.08 | | | | 0.33 | | | | 0.46 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.12 | ) | | | (0.17 | ) | | | (0.17 | ) | | | (0.18 | ) | | | (0.24 | ) | | | (0.27 | ) |
| Total distributions | | | (0.12 | ) | | | (0.17 | ) | | | (0.17 | ) | | | (0.18 | ) | | | (0.24 | ) | | | (0.27 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 8.54 | | | $ | 8.64 | | | $ | 8.44 | | | $ | 9.44 | | | $ | 9.54 | | | $ | 9.45 | |
| Total Return1 | | | 0.20 | %2 | | | 4.48 | % | | | (8.87 | )% | | | 0.88 | % | | | 3.56 | % | | | 5.06 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | $ | 32,885 | | | $ | 34,980 | | | $ | 39,309 | | | $ | 62,397 | | | $ | 70,947 | | | $ | 69,002 | |
| Ratio of expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Before expense waiver or recoupment | | | 1.31 | %3,4 | | | 1.26 | %5 | | | 1.19 | % | | | 1.10 | % | | | 1.11 | % | | | 1.13 | %5 |
| After expense waiver or recoupment | | | 0.92 | %3,4 | | | 0.92 | %5 | | | 0.92 | % | | | 0.90 | % | | | 0.90 | % | | | 0.92 | %5 |
| Ratio of net investment income to average net assets | | | 2.73 | %3 | | | 2.03 | % | | | 1.90 | % | | | 1.94 | % | | | 2.55 | % | | | 2.92 | % |
| Portfolio turnover rate | | | 4 | %2 | | | 24 | % | | | — | % | | | 11 | % | | | 18 | % | | | 6 | % |
| 1 | Calculation does not reflect sales load. |
| 2 | Not annualized. |
| 3 | Annualized. |
| 4 | Includes interest expense of 0.01%. |
| 5 | Includes interest expense of 0.02%. |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
| CLASS C SHARES |
| FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| | | For the
Six Months Ended
June 30,
2024 | | | For the Year Ended December 31 | |
| | | (Unaudited) | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | $ | 8.61 | | | $ | 8.42 | | | $ | 9.42 | | | $ | 9.52 | | | $ | 9.43 | | | $ | 9.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| From Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.08 | | | | 0.10 | | | | 0.09 | | | | 0.10 | | | | 0.16 | | | | 0.19 | |
| Net realized and unrealized gain (loss) on investments | | | (0.10 | ) | | | 0.19 | | | | (1.00 | ) | | | (0.10 | ) | | | 0.09 | | | | 0.20 | |
| Total from investment operations | | | (0.02 | ) | | | 0.29 | | | | (0.91 | ) | | | — | | | | 0.25 | | | | 0.39 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.08 | ) | | | (0.10 | ) | | | (0.09 | ) | | | (0.10 | ) | | | (0.16 | ) | | | (0.19 | ) |
| Total distributions | | | (0.08 | ) | | | (0.10 | ) | | | (0.09 | ) | | | (0.10 | ) | | | (0.16 | ) | | | (0.19 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 8.51 | | | $ | 8.61 | | | $ | 8.42 | | | $ | 9.42 | | | $ | 9.52 | | | $ | 9.43 | |
| Total Return1 | | | (0.23 | )%2 | | | 3.49 | % | | | (9.66 | )% | | | 0.03 | % | | | 2.70 | % | | | 4.30 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | $ | 132 | | | $ | 132 | | | $ | 139 | | | $ | 153 | | | $ | 333 | | | $ | 335 | |
| Ratio of expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Before expense waiver or recoupment | | | 2.16 | %3,4 | | | 2.11 | %5 | | | 2.04 | % | | | 1.95 | % | | | 1.96 | % | | | 1.98 | %5 |
| After expense waiver or recoupment | | | 1.77 | %3,4 | | | 1.77 | %5 | | | 1.77 | % | | | 1.75 | % | | | 1.75 | % | | | 1.77 | %5 |
| Ratio of net investment income to average net assets | | | 1.89 | %3 | | | 1.19 | % | | | 1.06 | % | | | 1.11 | % | | | 1.71 | % | | | 2.03 | % |
| Portfolio turnover rate | | | 4 | %2 | | | 24 | % | | | — | % | | | 11 | % | | | 18 | % | | | 6 | % |
| 1 | Calculation does not reflect contingent deferred sales charge. |
| 2 | Not annualized. |
| 3 | Annualized. |
| 4 | Includes interest expense of 0.01%. |
| 5 | Includes interest expense of 0.02%. |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND |
| INSTITUTIONAL SHARES |
| FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| | | For the
Six Months Ended
June 30,
2024 | | | For the Year Ended
December 31 | | | For the
Period Ended
December 31, | |
| | | (Unaudited) | | | 2023 | | | 2022 | | | 2021 | | | 20201 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | $ | 8.62 | | | $ | 8.42 | | | $ | 9.42 | | | $ | 9.52 | | | $ | 9.28 | |
| | | | | | | | | | | | | | | | | | | | | |
| From Investment Operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.12 | | | | 0.19 | | | | 0.18 | | | | 0.20 | | | | 0.16 | |
| Net realized and unrealized gain (loss) on investments | | | (0.10 | ) | | | 0.20 | | | | (1.00 | ) | | | (0.10 | ) | | | 0.24 | |
| Total from investment operations | | | 0.02 | | | | 0.39 | | | | (0.82 | ) | | | 0.10 | | | | 0.40 | |
| | | | | | | | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.12 | ) | | | (0.19 | ) | | | (0.18 | ) | | | (0.20 | ) | | | (0.16 | ) |
| Total distributions | | | (0.12 | ) | | | (0.19 | ) | | | (0.18 | ) | | | (0.20 | ) | | | (0.16 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 8.52 | | | $ | 8.62 | | | $ | 8.42 | | | $ | 9.42 | | | $ | 9.52 | |
| Total Return | | | 0.27 | %2 | | | 4.64 | % | | | (8.75 | )% | | | 1.03 | % | | | 4.37 | %2 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | $ | 9 | | | $ | 9 | | | $ | 9 | | | $ | 9 | | | $ | 9 | |
| Ratio of expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
| Before expense waiver or recoupment | | | 1.16 | %3,4 | | | 1.11 | %5 | | | 1.04 | % | | | 0.95 | % | | | 0.96 | %3 |
| After expense waiver or recoupment | | | 0.77 | %3,4 | | | 0.77 | %5 | | | 0.77 | % | | | 0.75 | % | | | 0.75 | %3 |
| Ratio of net investment income to average net assets | | | 2.89 | %3 | | | 2.19 | % | | | 2.06 | % | | | 2.08 | % | | | 2.60 | %3 |
| Portfolio turnover rate | | | 4 | %2 | | | 24 | % | | | — | % | | | 11 | % | | | 18 | %2 |
| 1 | For the period May 1, 2020 (commencement of operations) to December 31, 2020. |
| 2 | Not annualized. |
| 3 | Annualized. |
| 4 | Includes interest expense of 0.01%. |
| 5 | Includes interest expense of 0.02%. |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA INCOME FUND |
| CLASS A SHARES |
| FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| | | For the
Six Months Ended
June 30,
2024 | | |
For the Year Ended December 31 | |
| | | (Unaudited) | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | $ | 10.09 | | | $ | 10.03 | | | $ | 12.39 | | | $ | 12.44 | | | $ | 12.21 | | | $ | 11.42 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| From Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.24 | | | | 0.52 | | | | 0.44 | | | | 0.50 | | | | 0.44 | | | | 0.44 | |
| Net realized and unrealized gain (loss) on investments | | | (0.01 | ) | | | 0.16 | | | | (1.99 | ) | | | 0.06 | | | | 0.26 | | | | 0.87 | |
| Total from investment operations | | | 0.23 | | | | 0.68 | | | | (1.55 | ) | | | 0.56 | | | | 0.70 | | | | 1.31 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.24 | ) | | | (0.48 | ) | | | (0.43 | ) | | | (0.46 | ) | | | (0.43 | ) | | | (0.39 | ) |
| Distributions from net capital gains | | | — | | | | (0.14 | ) | | | (0.38 | ) | | | (0.15 | ) | | | (0.04 | ) | | | (0.07 | ) |
| Distributions from return of capital | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.06 | ) |
| Total distributions | | | (0.24 | ) | | | (0.62 | ) | | | (0.81 | ) | | | (0.61 | ) | | | (0.47 | ) | | | (0.52 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 10.08 | | | $ | 10.09 | | | $ | 10.03 | | | $ | 12.39 | | | $ | 12.44 | | | $ | 12.21 | |
| Total Return1 | | | 2.31 | %2 | | | 6.94 | % | | | (12.69 | )% | | | 4.59 | % | | | 5.95 | % | | | 11.64 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | $ | 65,521 | | | $ | 71,325 | | | $ | 77,767 | | | $ | 119,137 | | | $ | 135,162 | | | $ | 132,166 | |
| Ratio of expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Before expense waiver or recoupment | | | 1.27 | %3,4 | | | 1.24 | %5 | | | 1.18 | % | | | 1.14 | %4 | | | 1.15 | % | | | 1.14 | %6 |
| After expense waiver or recoupment | | | 1.15 | %3,4 | | | 1.14 | %5 | | | 1.12 | % | | | 1.11 | %4 | | | 1.10 | % | | | 1.11 | %6 |
| Ratio of net investment income to average net assets | | | 4.78 | %3 | | | 5.10 | % | | | 3.83 | % | | | 3.98 | % | | | 3.70 | % | | | 3.74 | % |
| Portfolio turnover rate | | | — | %2 | | | 2 | % | | | 1 | % | | | 4 | % | | | 20 | % | | | 3 | % |
| 1 | Calculation does not reflect sales load. |
| 2 | Not annualized. |
| 3 | Annualized. |
| 4 | Includes interest expense of 0.05%. |
| 5 | Includes interest expense of 0.03%. |
| 6 | Includes interest expense of 0.01%. |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA INCOME FUND |
| CLASS C SHARES |
| FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| | | For the
Six Months Ended
June 30,
2024 | | | For the Year Ended December 31 | |
| | | (Unaudited) | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | $ | 10.10 | | | $ | 10.03 | | | $ | 12.39 | | | $ | 12.45 | | | $ | 12.22 | | | $ | 11.43 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| From Investment Operations: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.20 | | | | 0.44 | | | | 0.35 | | | | 0.40 | | | | 0.36 | | | | 0.38 | |
| Net realized and unrealized gain (loss) on investments | | | (0.02 | ) | | | 0.18 | | | | (1.98 | ) | | | 0.06 | | | | 0.25 | | | | 0.84 | |
| Total from investment operations | | | 0.18 | | | | 0.62 | | | | (1.63 | ) | | | 0.46 | | | | 0.61 | | | | 1.22 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.20 | ) | | | (0.41 | ) | | | (0.35 | ) | | | (0.37 | ) | | | (0.34 | ) | | | (0.32 | ) |
| Distributions from net capital gains | | | — | | | | (0.14 | ) | | | (0.38 | ) | | | (0.15 | ) | | | (0.04 | ) | | | (0.07 | ) |
| Distributions from return of capital | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.04 | ) |
| Total distributions | | | (0.20 | ) | | | (0.55 | ) | | | (0.73 | ) | | | (0.52 | ) | | | (0.38 | ) | | | (0.43 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 10.08 | | | $ | 10.10 | | | $ | 10.03 | | | $ | 12.39 | | | $ | 12.45 | | | $ | 12.22 | |
| Total Return1 | | | 1.84 | %2 | | | 6.25 | % | | | (13.34 | )% | | | 3.72 | % | | | 5.18 | % | | | 10.79 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | $ | 476 | | | $ | 444 | | | $ | 398 | | | $ | 437 | | | $ | 465 | | | $ | 422 | |
| Ratio of expenses to average net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Before expense waiver or recoupment | | | 2.02 | %3,4 | | | 1.99 | %5 | | | 1.93 | % | | | 1.89 | %4 | | | 1.90 | % | | | 1.89 | %6 |
| After expense waiver or recoupment | | | 1.91 | %3,4 | | | 1.89 | %5 | | | 1.87 | % | | | 1.86 | %4 | | | 1.85 | % | | | 1.86 | %6 |
| Ratio of net investment income to average net assets | | | 4.06 | %3 | | | 4.36 | % | | | 3.12 | % | | | 3.23 | % | | | 2.92 | % | | | 2.97 | % |
| Portfolio turnover rate | | | — | %2 | | | 2 | % | | | 1 | % | | | 4 | % | | | 20 | % | | | 3 | % |
| 1 | Calculation does not reflect contingent deferred sales charge. |
| 2 | Not annualized. |
| 3 | Annualized. |
| 4 | Includes interest expense of 0.05%. |
| 5 | Includes interest expense of 0.03%. |
| 6 | Includes interest expense of 0.01%. |
See accompanying notes which are an integral part of these financial statements.
SPIRIT OF AMERICA INCOME FUND |
| INSTITUTIONAL SHARES |
| FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| | | For the
Six Months Ended
June 30,
2024 | | | For the Year Ended December 31 | | | For the
Period Ended
December 31, | |
| | | (Unaudited) | | | 2023 | | | 2022 | | | 2021 | | | 20201 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | $ | 10.13 | | | $ | 10.06 | | | $ | 12.43 | | | $ | 12.48 | | | $ | 11.66 | |
| | | | | | | | | | | | | | | | | | | | | |
| From Investment Operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | 0.25 | | | | 0.54 | | | | 0.46 | | | | 0.53 | | | | 0.31 | |
| Net realized and unrealized gain (loss) on investments | | | (0.02 | ) | | | 0.18 | | | | (1.99 | ) | | | 0.07 | | | | 0.83 | |
| Total from investment operations | | | 0.23 | | | | 0.72 | | | | (1.53 | ) | | | 0.59 | | | | 1.14 | |
| | | | | | | | | | | | | | | | | | | | | |
| Less Distributions: | | | | | | | | | | | | | | | | | | | | |
| Distributions from net investment income | | | (0.25 | ) | | | (0.51 | ) | | | (0.46 | ) | | | (0.50 | ) | | | (0.28 | ) |
| Distributions from net capital gains | | | — | | | | (0.14 | ) | | | (0.38 | ) | | | (0.15 | ) | | | (0.04 | ) |
| Total distributions | | | (0.25 | ) | | | (0.65 | ) | | | (0.84 | ) | | | (0.65 | ) | | | (0.32 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 10.11 | | | $ | 10.13 | | | $ | 10.06 | | | $ | 12.43 | | | $ | 12.48 | |
| Total Return | | | 2.33 | %2 | | | 7.30 | % | | | (12.51 | )% | | | 4.83 | % | | | 9.89 | %2 |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | $ | 12 | | | $ | 12 | | | $ | 11 | | | $ | 13 | | | $ | 12 | |
| Ratio of expenses to average net assets: | | | | | | | | | | | | | | | | | | | | |
| Before expense waiver or recoupment | | | 1.02 | %3,4 | | | 0.99 | %5 | | | 0.93 | % | | | 0.89 | %6 | | | 0.90 | %3 |
| After expense waiver or recoupment | | | 0.91 | %3,4 | | | 0.89 | %5 | | | 0.87 | % | | | 0.86 | %6 | | | 0.85 | %3 |
| Ratio of net investment income to average net assets | | | 5.02 | %3 | | | 5.34 | % | | | 4.10 | % | | | 4.21 | % | | | 3.80 | %3 |
| Portfolio turnover rate | | | — | %2 | | | 2 | % | | | 1 | % | | | 4 | % | | | 20 | %2 |
| 1 | For the period May 1, 2020 (commencement of operations) to December 31, 2020. |
| 2 | Not annualized. |
| 3 | Annualized. |
| 4 | Includes interest expense of 0.05%. |
| 5 | Includes interest expense of 0.03%. |
| 6 | Includes interest expense of 0.01%. |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA UTILITIES FUND |
| CLASS A SHARES |
| FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| | | For the
Six Months Ended
June 30,
2024 | | | For the
Period Ended
December 31,
20231 | |
| | | (Unaudited) | | | | |
| | | | | | | | | |
| Net Asset Value, Beginning of Period | | $ | 17.48 | | | $ | 20.00 | |
| | | | | | | | | |
| From Investment Operations: | | | | | | | | |
| Net investment income2 | | | 0.20 | | | | 0.39 | |
| Net realized and unrealized gain (loss) on investments | | | 1.26 | | | | (1.21 | ) |
| Total from investment operations | | | 1.46 | | | | (0.82 | ) |
| | | | | | | | | |
| Less Distributions: | | | | | | | | |
| Distributions from net investment income | | | (0.85 | ) | | | (0.24 | ) |
| Distributions from return of capital | | | — | | | | (1.46 | ) |
| Total distributions | | | (0.85 | ) | | | (1.70 | ) |
| | | | | | | | | |
| Net Asset Value, End of Period | | $ | 18.09 | | | $ | 17.48 | |
| Total Return3,4 | | | 8.35 | % | | | (4.16 | )% |
| | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | |
| Net assets, end of period (000) | | $ | 16,887 | | | $ | 14,449 | |
| Ratio of expenses to average net assets: | | | | | | | | |
| Before expense waiver or recoupment5 | | | 2.09 | % | | | 2.56 | % |
| After expense waiver or recoupment5 | | | 1.54 | % | | | 1.53 | % |
| Ratio of net investment income to average net assets5 | | | 2.18 | % | | | 2.29 | % |
| Portfolio turnover rate4 | | | — | % | | | — | % |
| 1 | For the period January 31, 2023 (commencement of operations) to December 31, 2023. |
| 2 | Calculated based on the average number of shares outstanding during the period. |
| 3 | Calculation does not reflect sales load. |
| 4 | Not annualized. |
| 5 | Annualized. |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA UTILITIES FUND |
| CLASS C SHARES |
| FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| | | For the
Six Months Ended
June 30,
2024 | | | For the
Period Ended
December 31,
20231 | |
| | | (Unaudited) | | | | |
| | | | | | | | | |
| Net Asset Value, Beginning of Period | | $ | 17.63 | | | $ | 20.00 | |
| | | | | | | | | |
| From Investment Operations: | | | | | | | | |
| Net investment income2 | | | 0.15 | | | | 0.29 | |
| Net realized and unrealized gain (loss) on investments | | | 1.25 | | | | (1.25 | ) |
| Total from investment operations | | | 1.40 | | | | (0.96 | ) |
| | | | | | | | | |
| Less Distributions: | | | | | | | | |
| Distributions from net investment income | | | (0.78 | ) | | | (0.20 | ) |
| Distributions from return of capital | | | — | | | | (1.21 | ) |
| Total distributions | | | (0.78 | ) | | | (1.41 | ) |
| | | | | | | | | |
| Net Asset Value, End of Period | | $ | 18.25 | | | $ | 17.63 | |
| Total Return3,4 | | | 7.96 | % | | | (4.85 | )% |
| | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | |
| Net assets, end of period (000) | | $ | 10 | | | $ | 10 | |
| Ratio of expenses to average net assets: | | | | | | | | |
| Before expense waiver or recoupment5 | | | 2.83 | % | | | 4.90 | % |
| After expense waiver or recoupment5 | | | 2.29 | % | | | 2.28 | % |
| Ratio of net investment income to average net assets5 | | | 1.43 | % | | | 1.71 | % |
| Portfolio turnover rate4 | | | — | % | | | — | % |
| 1 | For the period January 31, 2023 (commencement of operations) to December 31, 2023. |
| 2 | Calculated based on the average number of shares outstanding during the period. |
| 3 | Calculation does not reflect contingent deferred sales charge. |
| 4 | Not annualized. |
| 5 | Annualized. |
See accompanying notes which are an integral part of these financial statements.
| SPIRIT OF AMERICA UTILITIES FUND |
| INSTITUTIONAL SHARES |
| FINANCIAL HIGHLIGHTS |
The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| | | For the
Six Months Ended
June 30,
2024 | | | For the
Period Ended
December 31,
20231 | |
| | | (Unaudited) | | | | |
| | | | | | | | | |
| Net Asset Value, Beginning of Period | | $ | 17.48 | | | $ | 20.00 | |
| | | | | | | | | |
| From Investment Operations: | | | | | | | | |
| Net investment income2 | | | 0.25 | | | | 0.47 | |
| Net realized and unrealized gain (loss) on investments | | | 1.24 | | | | (1.26 | ) |
| Total from investment operations | | | 1.49 | | | | (0.79 | ) |
| | | | | | | | | |
| Less Distributions: | | | | | | | | |
| Distributions from net investment income | | | (0.87 | ) | | | (0.25 | ) |
| Distributions from return of capital | | | — | | | | (1.48 | ) |
| Total distributions | | | (0.87 | ) | | | (1.73 | ) |
| | | | | | | | | |
| Net Asset Value, End of Period | | $ | 18.10 | | | $ | 17.48 | |
| Total Return3 | | | 8.53 | % | | | (4.00 | )% |
| | | | | | | | | |
| Ratios and Supplemental Data: | | | | | | | | |
| Net assets, end of period (000) | | $ | 10 | | | $ | 10 | |
| Ratio of expenses to average net assets: | | | | | | | | |
| Before expense waiver or recoupment4 | | | 1.83 | % | | | 3.90 | % |
| After expense waiver or recoupment4 | | | 1.28 | % | | | 1.28 | % |
| Ratio of net investment income to average net assets4 | | | 2.43 | % | | | 2.71 | % |
| Portfolio turnover rate3 | | | — | % | | | — | % |
| 1 | For the period January 31, 2023 (commencement of operations) to December 31, 2023. |
| 2 | Calculated based on the average number of shares outstanding during the period. |
| 3 | Not annualized. |
| 4 | Annualized. |
See accompanying notes which are an integral part of these financial statements.
NOTES TO FINANCIAL STATEMENTS | JUNE 30, 2024 (UNAUDITED)
Note 1 – Organization
Spirit of America Investment Fund, Inc. (the “Company”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company was incorporated under the laws of Maryland on May 15, 1997. The Company offers 6 separate series, or mutual funds (the “Spirit of America Funds”), each with its own investment objective and strategy. This report includes the following funds, each operating as a diversified fund as defined by the 1940 Act (individually, a “Fund”, or collectively, the “Funds”):
Spirit of America Real Estate Income and Growth Fund (the “Real Estate Income and Growth Fund”) commenced operations on January 9, 1998. The Real Estate Income and Growth Fund seeks current income and growth of capital by investing in equity real estate investment trusts (“REITs”) and the equity securities of real estate industry companies.
Spirit of America Large Cap Value Fund (the “Large Cap Value Fund”) commenced operations on August 1, 2002. The Large Cap Value Fund seeks capital appreciation with a secondary objective of current income by investing in equity securities in the large cap value segment of the U.S. equity market.
Spirit of American Municipal Tax Free Bond Fund (the “Municipal Tax Free Bond Fund”) commenced operations on February 29, 2008. The Municipal Tax Free Bond Fund seeks high current income that is exempt from federal income tax, including the alternative minimum tax (“AMT”), investing at least 80% of its assets in municipal bonds.
Spirit of America Income Fund (the “Income Fund”) commenced operations on December 31, 2008. The Income Fund seeks high current income, investing at least 80% of its assets in a portfolio of taxable municipal bonds, income producing convertible securities, preferred stocks, high yield U.S. corporate bonds (frequently called “junk” bonds), and collateralized mortgage obligations (“CMOs”).
Spirit of America Utilities Fund (the “Utilities Fund”) commenced operations on January 31, 2023. The Utilities Fund seeks current income and capital appreciation by investing at least 80% of its net assets plus any borrowings in a combination of securities and other assets of utility and utility related companies.
Each Fund currently offers Class A Shares, Class C Shares and Institutional Shares. Each class of shares for each Fund has identical rights and privileges except with respect to distribution (12b-1) and service fees, voting rights on matters affecting a single class of shares, exchange privileges of each class of shares and sales charges. The price at which the Funds will offer or redeem shares is the net asset value (“NAV”) per share next determined after the order is considered received, subject to any applicable front end or contingent deferred sales charges. Class A Shares have a maximum sales charge on purchases of 5.25% for the Real Estate Income and Growth Fund and Large Cap Value Fund, 4.75% for the Municipal Tax Free Bond Fund and Income Fund, and 5.75% for the Utilities Fund, as a percentage of the original purchase price. A Contingent Deferred Sales Charge (“CDSC”) of 1.00% may be imposed on redemptions of $1 million or more of Class A Shares that were purchased within one year of the redemption date where an indirect commission was paid. CDSC on Class C Shares applies to shares sold within 13 months of purchase.
Note 2 – Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”) for investment companies.
Regulatory Update – Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds (“ETFs”) – Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024.
NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED)
A. Security Valuation: The offering price and NAV per share for the Funds are calculated as of the close of regular trading on the New York Stock Exchange (“NYSE”), currently 4:00 p.m., Eastern Time on each day the NYSE is open for trading. Each Fund’s securities are valued at the official close or the last reported sales price on the principal exchange on which the security trades, or if no sales price is reported, the mean of the latest bid and ask prices is used. Securities traded over-the-counter are priced at the mean of the latest bid and ask prices. Unlisted securities traded in the over-the-counter market are valued using an evaluated quote provided by the independent pricing service, or, if an evaluated quote is unavailable, such securities are valued using prices received from dealers, provided that if the dealer supplies both bid and ask prices, the price to be used is the mean of the bid and ask prices. The independent pricing service derives an evaluated quote by obtaining dealer quotes, analyzing the listed markets, reviewing trade execution data and employing sensitivity analysis. Evaluated quotes may also reflect appropriate factors such as individual characteristics of the issue, communications with broker-dealers, and other market data. Pursuant to Rule 2a-5 under the 1940 Act, the Company’s Board of Directors (the “Board”) has designated Spirit of America Management Corp., the Company’s investment adviser, as the Company’s Valuation Designee, to perform any fair value determinations for securities and other assets held by the Funds for which market quotations are not readily available in accordance with the Company’s Valuation Procedures.
B. Fair Value Measurements: Various inputs are used in determining the fair value of investments which are as follows:
| ● | Level 1 – | Unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date. |
| | | | |
| ● | Level 2 – | Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| | | | |
| ● | Level 3 – | Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including each Fund’s own assumptions used in determining the fair value of investments). |
The summary of inputs used to value each Fund’s net assets as of June 30, 2024 is as follows:
| | | Value Inputs | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Real Estate Income and Growth Fund | | | | | | | | | | | | | | | | |
| Assets: | | | | | | | | | | | | | | | | |
| Common Stocks1 | | $ | 66,388,168 | | | $ | — | | | $ | — | | | $ | 66,388,168 | |
| Preferred Stocks1 | | | 1,893,977 | | | | — | | | | — | | | | 1,893,977 | |
| Money Market Funds | | | 473,738 | | | | — | | | | — | | | | 473,738 | |
| Total | | $ | 68,755,883 | | | $ | — | | | $ | — | | | $ | 68,755,883 | |
| | | | | | | | | | | | | | | | | |
| Large Cap Value Fund | | | | | | | | | | | | | | | | |
| Assets: | | | | | | | | | | | | | | | | |
| Common Stocks1 | | $ | 187,551,317 | | | $ | — | | | $ | — | | | $ | 187,551,317 | |
| Preferred Stocks1 | | | 992,638 | | | | — | | | | — | | | | 992,638 | |
| Money Market Funds | | | 386,715 | | | | — | | | | — | | | | 386,715 | |
| Total | | $ | 188,930,670 | | | $ | — | | | $ | — | | | $ | 188,930,670 | |
| | | | | | | | | | | | | | | | | |
| Municipal Tax Free Bond Fund | | | | | | | | | | | | | | | | |
| Assets: | | | | | | | | | | | | | | | | |
| Municipal Bonds | | $ | — | | | $ | 32,161,050 | | | $ | — | | | $ | 32,161,050 | |
| Money Market Funds | | | 566,648 | | | | — | | | | — | | | | 566,648 | |
| Total | | $ | 566,648 | | | $ | 32,161,050 | | | $ | — | | | $ | 32,727,698 | |
| | | | | | | | | | | | | | | | | |
NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED)
| | | Value Inputs | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Income Fund | | | | | | | | | | | | | | | | |
| Assets: | | | | | | | | | | | | | | | | |
| Common Stocks1 | | $ | 6,062,019 | | | $ | — | | | $ | — | | | $ | 6,062,019 | |
| Preferred Stocks1 | | | 11,708,498 | | | | — | | | | — | | | | 11,708,498 | |
| Collateralized Mortgage Obligations | | | — | | | | 48,503 | | | | — | | | | 48,503 | |
| Corporate Bonds | | | — | | | | 7,032,584 | | | | 347,419 | | | | 7,380,003 | |
| Municipal Bonds | | | — | | | | 40,835,713 | | | | — | | | | 40,835,713 | |
| Total | | $ | 17,770,517 | | | $ | 47,916,800 | | | $ | 347,419 | | | $ | 66,034,736 | |
| | | | | | | | | | | | | | | | | |
| Utilities Fund | | | | | | | | | | | | | | | | |
| Assets: | | | | | | | | | | | | | | | | |
| Common Stocks1 | | $ | 16,448,602 | | | $ | — | | | $ | — | | | $ | 16,448,602 | |
| Preferred Stocks1 | | | 140,220 | | | | — | | | | — | | | | 140,220 | |
| Money Market Funds | | | 541,453 | | | | — | | | | — | | | | 541,453 | |
| Total | | $ | 17,130,275 | | | $ | — | | | $ | — | | | $ | 17,130,275 | |
| | | | | | | | | | | | | | | | | |
| 1 | Refer to Schedule of Investments for sector/industry classification. |
In the absence of a listed price quote, or a supplied price quote which is deemed to be unrepresentative of the actual market price, Spirit of America Management Corp. shall use any or all of the following criteria to value Level 3 securities:
| ● | Price given by pricing service |
| ● | Last quoted bid & asked price |
| ● | Third party bid & asked price |
The significant unobservable inputs that may be used in the fair value measurement of a Fund’s investments in common stock, corporate bonds and convertible corporate bonds for which market quotations are not readily available include: broker quotes, discounts from the most recent trade or “stale price” and estimates from trustees (in bankruptcies) on disbursements. A change in the assumption used for each of the inputs listed above may indicate a directionally similar change in the fair value of the investment.
The following provides quantitative information about the Income Fund’s significant Level 3 fair value measurements as of June 30, 2024:
| Quantitative Information about Significant Level 3 Fair Value Measurements | |
| Asset Category | | Fair Value
June 30,
2024 | | | Valuation Techniques | | Unobservable Input(s) | | Range | |
| Corporate Bonds | | $ | 347,419 | | | Comparable Security Analysis | | Discount for Lack of Marketability | | 10%1 | |
| | | | | | | | | | | | |
| 1 | Significant changes in this range would result in a significantly higher or lower fair value measurement. |
Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for the Income Fund:
| | | Balance as of
December 31,
2023 | | | Amortization/
Accretion | | | Change in
Unrealized
Depreciation | | | Balance as of
June 30,
2024 | |
| Corporate Bonds | | $ | 360,305 | | | $ | (304 | ) | | $ | (12,582 | ) | | $ | 347,419 | |
| | | | | | | | | | | | | | | | | |
NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED)
Investment Income and Securities Transactions: Security transactions are accounted for on the date the securities are purchased or sold (trade date) for financial reporting purposes. Cost is determined and gains and losses are based on the identified cost basis for both financial statement and federal income tax purposes. Dividend income and distributions to shareholders are reported on the ex-dividend date. Interest income and expenses are accrued daily.
C. Federal Income Taxes: The Funds intend to comply with all requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.
D. Use of Estimates: In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
E. Distributions to Shareholders: The Funds intend to distribute substantially all of their net investment income and capital gains to shareholders each year. The Real Estate Income and Growth Fund intends to pay two semi-annual income dividends and other distributions on June 30 and December 31 in the annual minimum amount of $0.85 per share. The Large Cap Value Fund intends to pay two semi-annual income dividends and other distributions on June 30 and December 31 in the annual minimum amount of $1.40 per share. The Utilities Fund intends to pay two semi-annual income dividends and other distributions on June 30 and December 31. For the Income Fund and Municipal Tax Free Bond Fund, income distributions will typically be declared daily and paid monthly. Capital gains, if any, for all of the Funds, will be distributed annually in December, but may be distributed more frequently if deemed advisable by the Board. All such distributions are taxable to the shareholders whether received in cash or reinvested in shares.
The Real Estate Income and Growth Fund and Large Cap Value Fund have made certain investments in REITs which pay distributions to their shareholders based upon available funds from operations. Each REIT reports annually the tax character of its distributions. It is quite common for these distributions to exceed the REIT’s taxable earnings and profits resulting in the excess portion of such distributions being designated as a return of capital or long-term capital gain. The Funds intend to include the gross distributions from such REITs in their distributions to their shareholders; accordingly, a portion of the distributions paid to the Funds and subsequently distributed to shareholders may be re-characterized based on the prior calendar year’s actual reported return of capital. The final determination of the amount of each Fund’s return of capital distribution for the period will be made after the end of each calendar year.
F. Allocation of Income, Expenses, Gains and Losses. Expenses incurred by the Company that do not relate to a specific Fund of the Company are allocated to the individual Funds by or under the direction of the Board in such a manner as the Board determines to be fair and equitable. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.
Note 3 – Derivative Transactions
Written Options Contracts – The Real Estate Income and Growth Fund and Large Cap Value Fund may write options contracts for which premiums received are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. Investing in written options contracts exposes a Fund to equity price risk.
The Funds did not use derivatives for the six months ended June 30, 2024.
NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED)
Note 4 – Purchases and Sales of Securities
Purchases and proceeds from the sales of securities for the six months ended June 30, 2024, excluding short-term investments and U.S. government obligations, were as follows:
| Fund | | Purchases | | | Sales | |
| Real Estate Income and Growth Fund | | $ | 3,526,612 | | | $ | 10,648,967 | |
| Large Cap Value Fund | | | 8,387,333 | | | | 8,424,141 | |
| Municipal Tax Free Bond Fund | | | 1,409,890 | | | | 3,444,558 | |
| Income Fund | | | — | | | | 5,353,148 | |
| Utilities Fund | | | 1,968,565 | | | | — | |
| | | | | | | | | |
There were no purchases or sales of long-term U.S. Government Obligations during the six months ended June 30, 2024.
Note 5 – Investment Management Fee and Other Transactions with Affiliates
Spirit of America Management Corp. (the “Adviser”) has been retained to act as the Company’s investment adviser pursuant to an Investment Advisory Agreement (the “Advisory Agreement”). The Adviser was incorporated in 1997 and is a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser, under the terms of the Advisory Agreement with respect to each Fund, manages the Funds’ investments. As compensation for its management services, each Fund is obligated to pay the Adviser a fee based on each Fund’s average daily net assets as follows:
| Fund | | Fee Rate | | | Advisory
Fees Earned | |
| Real Estate Income and Growth Fund | | | 0.97 | % | | $ | 343,626 | |
| Large Cap Value Fund | | | 0.97 | % | | | 822,948 | |
| Municipal Tax Free Bond Fund | | | 0.60 | % | | | 101,736 | |
| Income Fund | | | 0.60 | % | | | 207,972 | |
| Utilities Fund | | | 0.97 | % | | | 75,825 | |
| | | | | | | | | |
The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses for the Real Estate Income and Growth Fund, Large Cap Value Fund, Municipal Tax Free Bond Fund and Income Fund (based on average daily net assets) through April 30, 2025 and the Utilities Fund through May 1, 2025 so that the total operating expenses will not exceed the amounts presented in the table below. The waiver does not include front end or contingent deferred loads, taxes, interest, dividend expenses, brokerage commissions or expenses incurred in connection with any merger, reorganization, or extraordinary expenses such as litigation. Additionally, for the six months ended June 30, 2024, the Adviser waived advisory fees, as indicated:
| Fund | | Class A Shares | | | Class C Shares | | | Institutional
Shares | | | Fees Recouped
(Waived) | |
| Municipal Tax Free Bond Fund | | | 0.90 | % | | | 1.75 | % | | | 0.75 | % | | $ | (65,850 | ) |
| Income Fund | | | 1.10 | % | | | 1.85 | % | | | 0.85 | % | | | (39,764 | ) |
| Utilities Fund | | | 1.53 | % | | | 2.28 | % | | | 1.28 | % | | | (42,925 | ) |
| | | | | | | | | | | | | | | | | |
Any amounts waived or reimbursed by the Adviser are subject to repayment by a Fund within a period of three years after such waivers or expenses were incurred, provided the Fund is able to make such repayments and remain in compliance with the expense limitation as stated above.
NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED)
The amounts subject to repayment by the Funds, pursuant to the aforementioned conditions, are as follows:
| Recoverable through | | Municipal
Tax Free
Bond Fund | | | Income
Fund | | | Utilities
Fund | |
| December 31, 2024 | | $ | 58,536 | | | $ | 6,004 | | | $ | — | |
| December 31, 2025 | | | 128,720 | | | | 57,831 | | | | — | |
| December 31, 2026 | | | 121,624 | | | | 81,736 | | | | 93,577 | |
| June 30, 2027 | | | 65,850 | | | | 39,764 | | | | 42,925 | |
| | | | | | | | | | | | | |
The Funds’ Class A Shares and Class C Shares have adopted a plan of distribution pursuant to Rule 12b-1 (the “Plan”). The Plan permits each Fund’s Class A Shares and Class C Shares to pay David Lerner Associates, Inc. (the “Distributor”) an annual fee, accrued daily and paid monthly based on each Class of each Fund’s average daily net assets for the Distributor’s services and expenses in distributing shares of each Fund and providing personal services and/or maintaining shareholder accounts. For the six months ended June 30, 2024, the annual fee rate and the fees paid to the Distributor under the Plan were as follows:
| | | Class A Shares | | | Class C Shares | |
| Fund | | Annual Rate | | | Fees Paid | | | Annual Rate | | | Fees Paid | |
| Real Estate Income and Growth Fund | | | 0.30 | % | | $ | 106,098 | | | | 1.00 | % | | $ | 527 | |
| Large Cap Value Fund | | | 0.30 | % | | | 254,031 | | | | 1.00 | % | | | 1,528 | |
| Municipal Tax Free Bond Fund | | | 0.15 | % | | | 25,330 | | | | 1.00 | % | | | 654 | |
| Income Fund | | | 0.25 | % | | | 86,063 | | | | 1.00 | % | | | 2,311 | |
| Utilities Fund | | | 0.25 | % | | | 19,518 | | | | 1.00 | % | | | 49 | |
| | | | | | | | | | | | | | | | | |
Each Fund’s Class A Shares are subject to an initial sales charge imposed at the time of purchase, in accordance with the Fund’s current prospectus. A CDSC of 1.00% may be imposed on redemptions of $1 million or more of Class A Shares that were purchased within one year of the redemption date where an indirect commission was paid. CDSC on Class C Shares applies to shares sold within 13 months of purchase. For the six months ended June 30, 2024, sales charges received by the Distributor from each of the Funds were as follows:
| Fund | | Front-End Sales
Charges Received
by Distributor | | | CDSC Fees
Received by
Distributor | |
| Real Estate Income and Growth Fund | | $ | 147,565 | | | $ | — | |
| Large Cap Value Fund | | | 751,915 | | | | 319 | |
| Municipal Tax Free Bond Fund | | | 36,116 | | | | — | |
| Income Fund | | | 141,067 | | | | — | |
| Utilities Fund | | | 101,789 | | | | — | |
| | | | | | | | | |
Certain Officers and Directors of the Company are “affiliated persons”, as that term is defined in the 1940 Act, of the Adviser or the Distributor. Each Director of the Company, who is not an affiliated person of the Adviser or Distributor, receives a quarterly retainer of $6,000, $1,500 for each Board meeting attended, $500 for each special meeting attended, and $500 for each committee meeting attended plus reimbursement for certain travel and other out-of-pocket expenses incurred in connection with attending Board meetings. The Company does not compensate the Officers for the services they provide. There are no Directors’ fees paid to Interested Directors of the Company. For the six months ended June 30, 2024, the Funds were allocated $7,364 of the Chief Compliance Officer’s salary.
Note 6 – Concentration and Other Risks
The performance of the Municipal Tax Free Bond Fund and Income Fund could be adversely affected by interest rate risk, which is the possibility that overall bond prices will decline because of rising interest rates. Interest rate risk is expected to be high for these Funds because they invest mainly in long-term bonds, whose prices are much more sensitive to interest fluctuations than are the prices of short-term bonds.
NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED)
The Municipal Tax Free Bond Fund and Income Fund may be affected by credit risk, which is the possibility that the issuer of a bond will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. This risk may be greater to the extent that these Funds may invest in taxable fixed income or municipal securities rated below investment grade, or unrated of similar quality (frequently called “junk bonds”).
The Municipal Tax Free Bond Fund and Income Fund may be affected by credit risk of lower grade securities, which is the possibility that junk bonds may be subject to greater price fluctuations and risks of loss of income and principal than investment-grade taxable fixed income or municipal securities. Securities that are (or that have fallen) below investment-grade have a greater risk that the issuers may not meet their debt obligations. These types of securities are generally considered speculative in relation to the issuer’s ongoing ability to make principal and interest payments. During periods of rising interest rates or economic downturn, the trading market for these securities may not be active and may reduce the Funds’ ability to sell these securities at an acceptable price. If the issuer of securities is in default in payment of interest or principal, a Fund may lose its entire investment in those securities.
The Real Estate Income and Growth Fund invests primarily in real estate related securities. A fund that concentrates its investments among fewer sectors is subject to greater risk of loss than a fund that has more sector diversification. Investments in real estate and real estate-related equity securities involve risks different from, and in certain cases greater than, the risks presented by equity securities generally. The main risks are those presented by direct ownership of real estate or real estate industry securities, including possible declines in the value of real estate, environmental problems and changes in interest rates. To the extent that assets underlying the Fund’s investments are concentrated geographically, by property type or in certain other respects, the Fund may be subject to these risks to a greater extent. The stocks purchased by the Fund may not appreciate in value as the Adviser anticipates. In addition, if the Fund receives rental income or income from the disposition of real property acquired as a result of a default on securities the Fund owns, its ability to retain its tax status as a regulated investment company may be adversely affected.
The Large Cap Value Fund and Utilities Fund may, at times, concentrate their investments in a particular sector, such as technology or utilities, if the Adviser believes stocks in that particular sector are performing more favorably. If the Funds invest a significant portion of their total assets in certain sectors, their investment portfolios will be more susceptible to the financial, economic, business, and political developments that affect those sectors.
Other risks to the Funds may include income risk, liquidity risk, prepayment risk on collateralized mortgage obligations, municipal project specific risk, municipal lease obligation risk, zero coupon securities risk, market risk, manager risk, taxability risk, state-specific risk and exchange-traded funds risk. The Funds’ prospectus contains more information regarding these risks and other risks related to the Funds as well as other information about the Funds, and should be read carefully before investing.
Note 7 – Restricted Securities
Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Funds or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid. The Funds will not incur any registration costs upon such resale. The Funds’ restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined by the Board. At June 30, 2024, the Income Fund held illiquid restricted securities representing 3% of net assets, as listed below:
| Issuer Description | | Acquisition | | | Principal | | | | | | | |
| Corporate Bonds | | Date | | | Amount | | | Cost | | | Value | |
| Exelon Generation Co. LLC, 5.60%, 6/15/2042 | | | 7/12/2012 | | | $ | 400,000 | | | $ | 417,558 | | | $ | 347,419 | |
| MetLife Inc., 9.25%, 4/8/2038 | | | 6/4/2013 | | | | 1,500,000 | | | | 2,097,224 | | | | 1,739,023 | |
| | | | | | | | | | | | | | | | | |
NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED)
Note 8 – Federal Income Taxes
The adjusted cost basis of investment and gross unrealized appreciation and depreciation of investments for federal income tax purposes for each of the Funds as of June 30, 2024, were as follows:
Fund |
|
Gross
Unrealized
Appreciation |
|
|
Gross
Unrealized
Depreciation |
|
| Net
Unrealized
Appreciation/
(Depreciation)1 |
|
|
Cost Basis of
Investments |
|
| Real Estate Income and Growth Fund | | $ | 13,976,104 | | | $ | (4,362,963 | ) | | $ | 9,613,141 | | | $ | 59,142,742 | |
| Large Cap Value Fund | | | 110,171,113 | | | | (1,293,295 | ) | | | 108,877,818 | | | | 80,052,852 | |
| Municipal Tax Free Bond Fund | | | 82,133 | | | | (686,373 | ) | | | (604,240 | ) | | | 33,331,938 | |
| Income Fund | | | 3,070,808 | | | | (6,542,500 | ) | | | (3,471,692 | ) | | | 68,764,460 | |
| Utilities Fund | | | 1,381,415 | | | | (782,976 | ) | | | 598,439 | | | | 16,531,836 | |
| | | | | | | | | | | | | | | | | |
| 1 | The difference between book-basis and tax-basis net unrealized appreciation/(depreciation) is primarily due to wash sales, tax treatment of Trust Preferred securities and partnership investments. |
The tax character of distributions paid by each of the Funds for the fiscal year ended December 31, 2023, was as follows:
Fund |
| Ordinary
Income |
|
| Tax-Exempt
Income |
|
| Net Long-Term
Capital Gains |
|
| Return of
Capital |
|
| Total
Distributions |
|
| Real Estate Income and Growth Fund | | $ | 1,450,009 | | | $ | — | | | $ | 4,825,077 | | | $ | 931,097 | | | $ | 7,206,183 | |
| Large Cap Value Fund | | | 608,958 | | | | — | | | | 4,988,769 | | | | 2,097,945 | | | | 7,695,672 | |
| Municipal Tax Free Bond Fund | | | 9,342 | | | | 723,032 | | | | — | | | | — | | | | 732,374 | |
| Income Fund | | | 3,558,133 | | | | — | | | | 965,596 | | | | — | | | | 4,523,729 | |
| Utilities Fund | | | 169,538 | | | | — | | | | — | | | | 1,010,106 | | | | 1,179,644 | |
| | | | | | | | | | | | | | | | | | | | | |
Distribution classifications may differ from the Statements of Changes in Net Assets as a result of the treatment of short-term capital gains as ordinary income for tax purposes.
At December 31, 2023, the components of accumulated distributable earnings for each Fund on a tax basis were as follows:
Fund |
|
Undistributed
Tax-Exempt
Income |
|
|
Undistributed
Ordinary
Income |
|
|
Undistributed
Long-Term
Capital Gains |
|
|
Accumulated
Capital and
Other Losses |
|
|
Unrealized
Appreciation
(Depreciation) |
|
| Total
Accumulated
Earnings
(Losses) |
|
| Real Estate Income and | | | | | | | | | | | | | | | | | | | | | | | | |
| Growth Fund | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 13,849,967 | | | $ | 13,849,967 | |
| Large Cap Value Fund | | | — | | | | — | | | | — | | | | — | | | | 76,984,903 | | | | 76,984,903 | |
| Municipal Tax Free Bond Fund | | | 3 | | | | — | | | | — | | | | (9,891,872 | ) | | | (417,656 | ) | | | (10,309,525 | ) |
| Income Fund | | | — | | | | 61,804 | | | | 371,172 | | | | — | | | | (3,561,574 | ) | | | (3,128,598 | ) |
| Utilities Fund | | | — | | | | — | | | | — | | | | (1 | ) | | | (489,764 | ) | | | (489,765 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
At December 31, 2023, for federal income tax purposes and the treatment of distributions payable, the following Funds had capital loss carryforwards available to offset future gains, if any, to the extent provided by the Treasury regulations:
| | | No Expiration | | | | |
| Fund | | Short-Term | | | Long-Term | | | Total | |
| Municipal Tax Free Bond Fund | | $ | 2,781,584 | | | $ | 7,110,288 | | | $ | 9,891,872 | |
| Utilities Fund | | | 1 | | | | — | | | | 1 | |
| | | | | | | | | | | | | |
Management of the Funds have reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last three tax year ends and the interim tax period since then). Management believes there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.
NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2024 (UNAUDITED)
Note 9 – Line of Credit
The Company participates in a short-term credit agreement (“Line of Credit) with The Huntington National Bank, the custodian of the Funds’ investments expiring on May 15, 2025. Borrowings under this agreement bear interest at the 1-Month Secured Overnight Financing Rate plus 1.625%. Maximum borrowings for the Company is the lesser of $5,000,000 or 10% of the Spirit of America Funds’ daily market value. At June 30, 2024, the Income Fund had outstanding borrowings of $741,968. During the six months ended June 30, 2024, each Fund’s borrowing activity was as follows:
| | | Real Estate
Income and
Growth Fund | | | Large Cap
Value Fund | | | Municipal Tax
Free Bond Fund | | | Income Fund | | | Utilities Fund | |
| Total bank line of credit as of June 30, 2024 | | $ | 5,000,000 | | | $ | 5,000,000 | | | $ | 3,302,590 | | | $ | 4,258,032 | | | $ | 1,690,725 | |
| Average borrowings during period | | $ | 71,887 | | | $ | 150,911 | | | $ | 48,947 | | | $ | 71,020 | | | $ | — | |
| Number of days outstanding1 | | | 29 | | | | 26 | | | | 16 | | | | 87 | | | | — | |
| Average interest rate during period | | | 6.953 | % | | | 6.955 | % | | | 6.949 | % | | | 6.952 | % | | | — | |
| Highest balance drawn during period | | $ | 153,692 | | | $ | 530,722 | | | $ | 293,485 | | | $ | 375,465 | | | $ | — | |
| Highest balance interest rate | | | 6.983 | % | | | 6.983 | % | | | 6.983 | % | | | 6.983 | % | | | 6.983 | % |
| Interest expense incurred | | $ | 3,625 | | | $ | 5,103 | | | $ | 2,149 | | | $ | 16,717 | | | $ | — | |
| Interest rate at June 30, 2024 | | | 6.957 | % | | | 6.957 | % | | | 6.957 | % | | | 6.957 | % | | | 6.957 | % |
| | | | | | | | | | | | | | | | | | | | | |
| 1 | Number of days outstanding represents the total days during the six months ended June 30, 2024 that each Fund utilized the line of credit. |
Note 10 – Commitments and Contingencies
The Company indemnifies its officers and trustees for certain liabilities that may arise from their performance of their duties to the Company or the Funds. Additionally, in the normal course of business, the Company enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred.
Note 11 – Subsequent Events
Management of the Funds has evaluated the need for disclosures resulting from subsequent events through the date these financial statements were issued. Management has determined that there were no additional items requiring additional disclosure.
APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT (UNAUDITED)
The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the continuance of a registered management investment company’s investment advisory agreement be approved annually by both the board of directors and also by a majority of its directors who are not parties to the investment advisory agreement or “interested persons” (as defined by the 1940 Act) of any such party (the “Independent Directors”). At a meeting held on May 14, 2024, the Board of Directors (the “Board” or “Directors”) of Spirit of America Investment Fund, Inc. (the “Company”) met in person (the “Meeting”) to, among other things, consider the approval of the Investment Advisory Agreement (the “Advisory Agreement”) by and between Spirit of America Management Corp. (the “Adviser”) and the Company, on behalf of the Spirit of America Municipal Tax Free Bond Fund (the “Municipal Fund”), Spirit of America Income Fund (the “Income Fund”), Spirit of America Real Estate Income and Growth Fund (the “Real Estate Fund”), Spirit of America Large Cap Value Fund (the “Value Fund”), and Spirit of America Utilities Fund (the “Utilities Fund”) (each a “Fund”; collectively, the “Funds”). At the Meeting, after determining that the Adviser’s compensation continues to be not unreasonable pursuant to the terms of the Advisory Agreement, the Board concluded that the approval of the Advisory Agreement would be in the best interest of each Fund’s shareholders, and the Board, including the Independent Directors voting separately, approved the Advisory Agreement. The Board’s approval was based on consideration and evaluation of the information and materials provided to the Board and a variety of specific factors discussed at the Meeting and at prior meetings of the Board, including the factors described below.
As part of the approval process and oversight of the advisory relationship, counsel to the Independent Directors (“Independent Counsel”) sent an information request letter to the Adviser seeking certain relevant information and the Directors received, for their review in advance of the Meeting, the Adviser’s responses. In addition, the Directors were provided with the opportunity to request additional materials. In advance of the Meeting, the Board including the Independent Directors, requested and received materials provided by the Adviser and Independent Counsel, including, among other things, the following: (i) Independent Counsel’s 15(c) questionnaire prepared on behalf of the Independent Directors and the responses thereto provided by the Adviser; (ii) comparative information on the investment performance of each Fund, relevant indices and Morningstar category peer funds in the form of reports generated by the Funds’ administrator; (iii) graphs of fee comparisons for the minimum fee, maximum fee, average fee and median fee in the form of reports provided by the Funds’ administrator; (iv) graphs of performance comparisons for the minimum performing fund, maximum performing fund, average performing fund and median performing fund for various time periods in the form of reports provided by the Funds’ administrator; (v) the allocation of each Fund’s brokerage commissions, (vi) the record of compliance with the Funds’ investment policies and restrictions and with the Funds’ Code of Ethics, in addition to the structure and responsibilities of the Adviser’s compliance department; (vii) the profitability of each Fund’s investment advisory business to the Adviser taking into account both advisory fees and any other potential direct or indirect benefits; (viii) the Adviser’s Form ADV; and (ix) a memorandum from Independent Counsel with respect to the responsibilities of the Independent Directors regarding the approval of the Advisory Agreement.
In evaluating the Advisory Agreement, the Independent Directors requested, reviewed and considered materials furnished by the Adviser and questioned certain personnel of the Adviser, including the Funds’ portfolio managers, with respect to, among other things, personnel, each Fund’s performance, operations and financial condition of the Adviser. Among other information, the Independent Directors requested and was provided information regarding:
| ● | The investment performance of each Fund over various time periods both by itself and in relation to relevant indices; |
| ● | The fees charged by the Adviser for investment advisory services, as well as the compensation received by the Adviser and its affiliates; |
| ● | The waiver of fees and reimbursement of expenses at various times by the Adviser with respect to certain Funds under the Operating Expenses Agreement; |
| ● | The investment performance, fees and total expenses of mutual funds with similar objectives and strategies managed by other investment advisers; |
| ● | The investment management staffing and the experience of the Adviser, as well as the Adviser’s administrative and other personnel providing services to the Funds and the historical quality of the services provided by the Adviser; and |
APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT (UNAUDITED) (CONT.)
| ● | The profitability to the Adviser of managing, and to its affiliate of distributing, each Fund, and the methodology in allocating expenses to each Fund’s management. |
The following is a summary of the Board’s discussion and views regarding the factors it considered in evaluating the continuation of the Advisory Agreement:
1. Nature, Extent, and Quality of Services.
The Board, including the Independent Directors, evaluated the nature, extent and quality of advisory, administrative and shareholder services provided by the Adviser, which included the following considerations: determination and execution of investment decisions for each Fund; regulatory filings and disclosure to the Funds’ shareholders, general oversight of the Funds’ service providers, coordination of Fund marketing initiatives, review of Fund legal issues and other services. The Board, including the Independent Directors, noted the ever-increasing responsibilities of the Adviser given the increasing regulations within the mutual fund industry. The Board, including the Independent Directors, concluded that the services provided to the Funds are extensive in nature, that the Adviser delivered a high level of service to each Fund, and that the Adviser is positioned to continue providing such quality of service in the future.
2. Investment Performance of the Funds and the Adviser.
The Board, including the Independent Directors, reviewed the Funds’ short-term and long-term investment performance over various periods of time as compared to both relevant indices and the performance of such Funds’ peer groups. The Municipal Fund’s performance for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2024 was 1.47%, -1.24%, 0.45% and 2.02%, respectively, as compared to the median of its peer group of 2.90%, -0.81%, 1.07% and 1.97% for the same periods, respectively. The Income Fund’s performance for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2024 was 6.19%, 0.23%, 2.41% and 3.81%, respectively, as compared to the median of its peer group of 2.18%, -5.17%, 0.45% and 2.52% for the same periods, respectively. The Real Estate Fund’s performance for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2024 was 5.57%, 1.86%, 2.91% and 5.18%, respectively, as compared to the median of its peer group of 8.99%, 1.94%, 3.03% and 6.04% for the same periods, respectively. The Value Fund’s performance for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2024 was 36.60%, 13.62%, 15.71% and 11.62%, respectively, as compared to the median of its peer group of 28.01%, 10.01%, 13.43% and 10.87% for the same periods, respectively. The Utilities Fund’s performance for the 1-year period ended March 31, 2024 was 0.35% as compared to the median of its peer group of 1.06% for the same period.
The Board then determined that each Fund was delivering reasonable performance results, especially over the long-term, and that each Fund’s results were consistent with the investment strategies followed by each Fund.
3. Costs of Services and Profits Realized by the Adviser.
a. Fund Fees and Performance. The Board, including the Independent Directors, reviewed the information (as of March 31, 2024) provided by the Funds’ administrator, including the comparative graphs, regarding each Fund’s management fee and overall expense ratio relative to industry averages for each Fund’s peer group category. The Municipal Fund had a management fee of 0.60% as compared to the median in its peer group of 0.42%. The Income Fund had a management fee of 0.60% as compared to the median in its peer group of 0.58%. The Real Estate Fund had a management fee of 0.97% as compared to the median in its peer group of 0.79%. The Value Fund had a management fee of 0.97% as compared to the median in its peer group of 0.70%. The Utilities Fund had a management fee of 0.97% as compared to the median in its peer group of 0.75%. The Directors considered favorably the current and historic willingness of the Adviser to limit the overall expense ratios of certain of the Funds, as appropriate. Noting that the fees paid by the Funds were higher than certain of the comparable funds and higher than the medians in the Funds’ peer groups, the Board nevertheless stated that the fees were still close enough to the medians in each case. The Board indicated that, although higher than the fees of certain other funds in their respective groups, in light of the investment advisory services provided by the Adviser to each of the Funds, the fees were not unreasonable.
b. Profitability and Costs of Services to the Adviser. The Board, including the Independent Directors, reviewed estimates of the Adviser’s profitability and costs attributable to the Funds through 2023. The Board reviewed profitability analyses prepared by the Adviser based on each Fund’s asset levels and considered the total profits of the Adviser from its relationship with each of the Funds on a fund-by-fund basis and for all funds that the Adviser manages in the aggregate. The Board
APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT (UNAUDITED) (CONT.)
observed that, in recent years, increased fixed costs and, of particular note, legal and audit fees to address increasing regulations, have had a greater impact on small fund families, such as the Funds, than on larger fund complexes, and overall expenses of the Funds may compare unfavorably to the overall expenses of some funds identified as peers. Further, the Board considered whether the amount of the Adviser’s profit is a fair profit for managing the Funds and determined that the Adviser has devoted a large amount of its resources to the Funds throughout the years. The Adviser’s management observed that the fund-by-fund expense analysis does not reflect all of the overhead costs paid by David Lerner Associates, Inc. (“DLA”), some of which may be attributed to the Adviser. The Board, including the Independent Directors, then concluded that the Adviser’s profitability, if any, from its relationship with each Fund, and on an aggregate basis, was not excessive.
4. Extent of Economies of Scale as the Funds Grow.
The Board, including the Independent Directors, considered whether there had been economies of scale regarding the management of the Funds and whether the Funds would appropriately benefit from any economies of scale. Due to the relatively small size of each Fund, however, the Board did not believe that significant (if any) economies of scale had been achieved at this time.
5. Whether Fee Levels Reflect Economies of Scale.
The Board, including the Independent Directors, noted that the Adviser does not at this time offer breakpoints in its fees that would otherwise allow investors to benefit directly from economies of scale in the form of lower fees as Fund assets grow. The Board further noted, however, that the Adviser had provided enhancements in services to the Funds, without any increase in fees. The Board confirmed that it would continue to review the concept of breakpoints in future years as the Funds’ assets increase.
6. Other Relevant Considerations.
a. Personnel and Methods. The Board, including the Independent Directors, reviewed the Adviser’s Form ADV, with the Adviser responding to the Board’s questions with respect to the size, experience and education of the Adviser’s staff, its fundamental research capabilities, and its approach to recruiting, training and retaining portfolio managers and other research and management personnel. The Board then determined that such factors permit the Adviser to provide a high level of service to the Funds. In addition, the Board members took note of the history, reputation, qualifications and background of the Adviser as well as the qualifications of the Adviser’s personnel.
b. The Board, including the Independent Directors, reviewed the character and amount of other direct and incidental benefits received by the Adviser and its affiliates due to their association with the Funds, including the benefits received by the affiliated distributor, DLA. The Board determined that potential “fall-out” benefits that the Adviser and its affiliates might receive, which might include greater name recognition or increased ability to obtain research services (although the Board noted that the Adviser currently does not use soft dollars for research services), seemed to be reasonable, and in some instances might benefit the Funds.
Conclusions. The Board members, including the Independent Directors, did not consider any one factor as all-important or all-controlling, instead, they viewed the aforementioned factors and other factors collectively in light of the Funds’ surrounding circumstances. Each Independent Director gave the weight to each factor that he deemed appropriate in his own judgment. The Independent Directors considered the renewal of the Advisory Agreement on a Fund-by-Fund basis and concluded that the renewal of the Advisory Agreement was in the best interests of each Fund as well as its shareholders. Further, the Independent Directors concluded that the fees charged by the Adviser to each Fund for the services provided were not unreasonable and the profitability of the Adviser, on a Fund-by-Fund basis and an aggregate basis, was not excessive. Therefore, the Board, including the Independent Directors, determined that continuation of the Advisory Agreement was in the best interests of each Fund and its shareholders.
[THIS PAGE INTENTIONALLY LEFT BLANK]
Proxy Voting Information The Funds’ Statement of Additional Information containing a description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, along with the Funds’ proxy voting record relating to portfolio securities held during the 12-month period ended June 30 are available (i) without charge, upon request, by calling (516) 390-5565; and (ii) on the SEC’s website at www.sec.gov. Portfolio Disclosure The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov and on the Funds’ website at www.soafunds.com. | Investment Adviser Spirit of America Management Corp. 477 Jericho Turnpike P.O. Box 9006 Syosset, NY 11791-9006 Distributor David Lerner Associates, Inc. 477 Jericho Turnpike P.O. Box 9006 Syosset, NY 11791-9006 Shareholder Services Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, OH 45246 Custodian The Huntington National Bank 7 Easton Oval Columbus, OH 43219 Independent Registered Public Accounting Firm Tait, Weller & Baker LLP Two Liberty Place 50 South 16th Street, Suite 2900 Philadelphia, PA 19102-2529 Counsel Blank Rome LLP 1271 Avenue of the Americas New York, NY 10020 |
For additional information about the Funds, call (800) 452-4892 or (610) 382-7819.
This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective Prospectus which includes details regarding each Fund’s objectives, risks, policies, expenses, and other information.
©Copyright 2024 Spirit of America
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not Applicable
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not Applicable
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included under Item 7
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included under Item 7
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable
Item 15. Submission of Matters to a Vote of Security Holders.
None
Item 16. Controls and Procedures
| (a) | The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR. |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable
Item 18. Recovery of Erroneously Awarded Compensation.
Item 19. Exhibits.
| (a)(1) | Not applicable – disclosed with annual report. |
| (a)(3) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | Spirit of America Investment Fund, Inc. | |
| By | /s/ David Lerner | |
| | David Lerner, Principal Executive Officer | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By | /s/ David Lerner | |
| | David Lerner, Principal Executive Officer | |
| By | /s/ Alan P. Chodosh | |
| | Alan P. Chodosh, Principal Financial Officer | |
