What's new? Log in Free sign up

Spirit Of America Investment Fund NPORT-PSpirit of America Large Cap Value Fund (Sep 2024 report)

Filed: 29 Nov 24, 1:10pm

Search this filing

Filing tables

Export all tables to Excel

Filing exhibits

Spirit Of America Investment Fund similar filings

Filing view

Default size S M L
Default font Times Arial

External links

Share this filing

Spirit

of

America

Real

Estate

Income

and

Growth

Fund

Schedule

of

Investments

September

30,

2024

(Unaudited)

1

Common

Stocks

96.88%

Shares

Market

Value

Communications

0.51%

DigitalBridge

Group,

Inc.

28,000‌

$

395,640‌

Consumer

Discretionary

1.22%

Amazon.com,

Inc.

(a)

4,100‌

763,953‌

D.R.

Horton,

Inc.

1,000‌

190,770‌

954,723‌

Data

Center

REITs

12.19%

Digital

Realty

Trust,

Inc.

25,381‌

4,107,407‌

Equinix,

Inc.

6,110‌

5,423,419‌

9,530,826‌

Energy

0.92%

Cheniere

Energy

Partners

LP

1,613‌

78,586‌

Energy

Transfer

LP

18,000‌

288,900‌

Enterprise

Products

Partners

LP

6,000‌

174,660‌

MPLX

LP

4,000‌

177,840‌

719,986‌

Gaming

REITs

5.45%

Gaming

and

Leisure

Properties,

Inc.

28,885‌

1,486,133‌

VICI

Properties,

Inc.

83,297‌

2,774,623‌

4,260,756‌

Health

Care

REITs

9.04%

CareTrust

REIT,

Inc.

5,000‌

154,300‌

Global

Medical

REIT,

Inc.

15,000‌

148,650‌

Healthcare

Realty

Trust,

Inc.

8,000‌

145,200‌

Healthpeak

Properties,

Inc.

18,869‌

431,534‌

Omega

Healthcare

Investors,

Inc.

25,000‌

1,017,500‌

Ventas,

Inc.

10,450‌

670,159‌

Welltower,

Inc.

35,175‌

4,503,455‌

7,070,798‌

Homebuilding

0.45%

Lennar

Corp.,

Class

A

925‌

173,419‌

Toll

Brothers,

Inc.

1,175‌

181,526‌

354,945‌

Hotel

REITs

2.01%

Apple

Hospitality

REIT,

Inc.

28,210‌

418,918‌

Host

Hotels

&

Resorts,

Inc.

47,900‌

843,040‌

Park

Hotels

&

Resorts,

Inc.

9,250‌

130,425‌

Summit

Hotel

Properties,

Inc.

6,000‌

41,160‌

Sunstone

Hotel

Investors,

Inc.

13,700‌

141,384‌

1,574,927‌

Spirit

of

America

Real

Estate

Income

and

Growth

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

2

Common

Stocks

96.88%

(continued)

Shares

Market

Value

Industrial

REITs

12.04%

Lineage,

Inc.

(a)

2,100‌

$

164,598‌

Plymouth

Industrial

REIT

Inc.

1,500‌

33,900‌

Prologis,

Inc.

31,601‌

3,990,574‌

Rexford

Industrial

Realty,

Inc.

14,500‌

729,495‌

STAG

Industrial,

Inc.

45,950‌

1,796,186‌

Terreno

Realty

Corp.

40,400‌

2,699,932‌

9,414,685‌

Industrials

0.34%

Vertiv

Holdings

Co.

2,700‌

268,623‌

Infrastructure

REITs

0.90%

American

Tower

Corp.,

Class

A

1,720‌

400,003‌

Crown

Castle

International

Corp.

2,540‌

301,320‌

701,323‌

Midstream

-

Oil

&

Gas

0.12%

Plains

All

American

Pipeline

LP

2,000‌

34,740‌

Plains

GP

Holdings

LP,

Class

A

(a)

3,000‌

55,500‌

90,240‌

Mortgage

Finance

0.31%

Blackstone

Mortgage

Trust,

Inc.,

Class

A

5,200‌

98,852‌

Starwood

Property

Trust,

Inc.

7,000‌

142,660‌

241,512‌

Multi

Asset

Class

REITs

0.94%

Lexington

Realty

Trust

2,700‌

27,135‌

One

Liberty

Properties,

Inc.

2,500‌

68,850‌

WP

Carey,

Inc.

10,200‌

635,460‌

731,445‌

Office

REITs

2.17%

Alexandria

Real

Estate

Equities,

Inc.

5,350‌

635,312‌

Boston

Properties,

Inc.

6,415‌

516,151‌

COPT

Defense

Properties

4,000‌

121,320‌

Cousins

Properties,

Inc.

6,500‌

191,620‌

Empire

State

Realty

Trust,

Inc.,

Class

A

1,000‌

11,080‌

Kilroy

Realty

Corp.

4,265‌

165,056‌

Net

Lease

Office

Properties

1,872‌

57,321‌

1,697,860‌

Residential

REITs

20.79%

American

Homes

4

Rent,

Class

A

36,300‌

1,393,557‌

AvalonBay

Communities,

Inc.

15,190‌

3,421,547‌

Camden

Property

Trust

9,600‌

1,185,888‌

Equity

LifeStyle

Properties,

Inc.

18,550‌

1,323,357‌

Equity

Residential

31,215‌

2,324,269‌

Spirit

of

America

Real

Estate

Income

and

Growth

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

3

Common

Stocks

96.88%

(continued)

Shares

Market

Value

Residential

REITs

20.79%

(continued)

Essex

Property

Trust,

Inc.

6,536‌

$

1,930,865‌

Invitation

Homes,

Inc.

6,000‌

211,560‌

Mid-America

Apartment

Communities,

Inc.

7,272‌

1,155,521‌

Sun

Communities,

Inc.

9,150‌

1,236,623‌

UDR,

Inc.

45,600‌

2,067,504‌

16,250,691‌

Retail

REITs

12.51%

Agree

Realty

Corp.

8,100‌

610,173‌

Brixmor

Property

Group,

Inc.

41,475‌

1,155,493‌

Federal

Realty

Investment

Trust

9,700‌

1,115,209‌

Four

Corners

Property

Trust,

Inc.

5,000‌

146,550‌

Getty

Realty

Corp.

1,000‌

31,810‌

Kimco

Realty

Corp.

25,569‌

593,712‌

National

Retail

Properties,

Inc.

17,750‌

860,698‌

Realty

Income

Corp.

25,985‌

1,647,969‌

Regency

Centers

Corp.

13,400‌

967,882‌

Simon

Property

Group,

Inc.

13,500‌

2,281,770‌

Tanger

Factory

Outlet

Centers,

Inc.

11,000‌

364,980‌

9,776,246‌

Self-Storage

REITs

9.04%

CubeSmart

19,450‌

1,046,994‌

Extra

Space

Storage,

Inc.

15,280‌

2,753,303‌

Public

Storage

8,975‌

3,265,733‌

7,066,030‌

Specialty

REITs

5.70%

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

717‌

24,715‌

Iron

Mountain,

Inc.

36,900‌

4,384,827‌

Postal

Realty

Trust,

Inc.

3,000‌

43,920‌

4,453,462‌

Timber

REITs

0.23%

Weyerhaeuser

Co.

5,300‌

179,458‌

Total

Common

Stocks

(Cost $57,098,370)

75,734,176‌

Preferred

Stocks

2.62%

Shares

Market

Value

Data

Center

REITs

0.12%

Digital

Realty

Trust,

Inc.,

Series

J,

5.25%

4,000‌

97,040‌

Hotel

REITs

1.13%

Ashford

Hospitality

Trust,

Inc.,

Series

F,

7.38%

6,000‌

96,001‌

Pebblebrook

Hotel

Trust,

Series

F,

6.30%

2,500‌

55,550‌

Pebblebrook

Hotel

Trust,

Series

G,

6.38%

4,000‌

88,320‌

Spirit

of

America

Real

Estate

Income

and

Growth

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

4

Preferred

Stocks

2.62%

(continued)

Shares

Market

Value

Hotel

REITs

1.13%

(continued)

Pebblebrook

Hotel

Trust,

Series

H,

6.38%

6,000‌

$

118,800‌

Sotherly

Hotels,

Inc.,

Series

B,

8.00%

6,000‌

109,020‌

Sotherly

Hotels,

Inc.,

Series

C,

7.88%

2,000‌

35,900‌

Summit

Hotel

Properties,

Inc.,

Series

F,

5.88%

10,000‌

209,800‌

Sunstone

Hotel

Investors,

Inc.,

Series

H,

6.13%

4,000‌

89,640‌

Sunstone

Hotel

Investors,

Inc.,

Series

I,

5.70%

4,000‌

87,560‌

890,591‌

Mortgage

Finance

0.06%

New

York

Mortgage

Trust

Inc.,

Series

G,

7.00%

2,000‌

43,280‌

Multi

Asset

Class

REITs

0.06%

Vornado

Realty

Trust,

Series

M,

5.25%

2,500‌

44,825‌

Office

REITs

0.07%

Hudson

Pacific

Properties

Inc.,

Series

C,

4.75%

4,000‌

54,880‌

Residential

REITs

0.06%

American

Homes

4

Rent,

Series

G,

5.88%

2,000‌

50,540‌

Retail

REITs

0.25%

CTO

Realty

Growth,

Inc.,

Series

A,

6.38%

2,000‌

47,060‌

Federal

Realty

Investment

Trust,

Series

C,

5.00%

6,500‌

150,540‌

197,600‌

Self-Storage

REITs

0.87%

Public

Storage,

Series

I,

4.88%

1,917‌

44,589‌

Public

Storage,

Series

K,

4.75%

4,000‌

91,360‌

Public

Storage,

Series

L,

4.63%

2,000‌

43,840‌

Public

Storage,

Series

M,

4.13%

1,167‌

23,655‌

Public

Storage,

Series

N,

3.88%

4,000‌

74,440‌

Public

Storage,

Series

P,

4.00%

2,000‌

38,380‌

Public

Storage,

Series

Q,

3.95%

4,000‌

75,840‌

Public

Storage,

Series

R,

4.00%

4,000‌

78,120‌

Public

Storage,

Series

S,

4.10%

10,000‌

199,200‌

669,424‌

Total

Preferred

Stocks

(Cost $2,516,326)

2,048,180‌

Spirit

of

America

Real

Estate

Income

and

Growth

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

5

Shares

Market

Value

Money

Market

Funds

0.20%

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio,

Institutional

Class,

4.83%

(b)

159,100‌

$

159,100‌

Total

Money

Market

Funds

(Cost $159,100)

159,100‌

Total

Investments

—

99.70%

(Cost

$59,773,796)

77,941,456‌

Other

Assets

in

Excess

of

Liabilities

—

0.30%

236,492‌

NET

ASSETS

-

100.00%

$

78,177,948‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

September

30,

2024.

Spirit

of

America

Large

Cap

Value

Fund

Schedule

of

Investments

September

30,

2024

(Unaudited)

6

Common

Stocks

99.58%

Shares

Market

Value

Communications

6.70%

Alphabet,

Inc.,

Class

A

44,400‌

$

7,363,740‌

Alphabet,

Inc.,

Class

C

2,550‌

426,335‌

AT&T,

Inc.

9,500‌

209,000‌

DigitalBridge

Group,

Inc.

11,000‌

155,430‌

Meta

Platforms,

Inc.,

Class

A

875‌

500,885‌

Netflix,

Inc.

(a)

1,100‌

780,197‌

Verizon

Communications,

Inc.

28,540‌

1,281,731‌

Walt

Disney

Co.

(The)

20,900‌

2,010,371‌

12,727,689‌

Consumer

Discretionary

7.31%

Amazon.com,

Inc.

(a)

25,650‌

4,779,364‌

Chipotle

Mexican

Grill,

Inc.

(a)

58,000‌

3,341,960‌

Home

Depot,

Inc.

(The)

6,138‌

2,487,118‌

Lowe's

Companies,

Inc.

3,400‌

920,890‌

Masco

Corp.

8,500‌

713,490‌

McDonald's

Corp.

2,580‌

785,636‌

NIKE,

Inc.,

Class

B

1,500‌

132,600‌

Tesla,

Inc.

(a)

2,300‌

601,749‌

TKO

Group

Holdings

Inc

(a)

900‌

111,339‌

13,874,146‌

Consumer

Staples

8.56%

Altria

Group,

Inc.

12,650‌

645,656‌

Coca-Cola

Co.

(The)

7,600‌

546,136‌

Colgate-Palmolive

Co.

1,500‌

155,715‌

Conagra

Brands,

Inc.

3,100‌

100,812‌

Constellation

Brands,

Inc.,

Class

A

1,400‌

360,766‌

Costco

Wholesale

Corp.

6,831‌

6,055,818‌

Kroger

Co.

(The)

9,000‌

515,700‌

Lamb

Weston

Holdings,

Inc.

1,800‌

116,532‌

PepsiCo,

Inc.

2,200‌

374,110‌

Philip

Morris

International,

Inc.

4,800‌

582,720‌

Procter

&

Gamble

Co.

(The)

7,265‌

1,258,298‌

Target

Corp.

11,130‌

1,734,722‌

Wal-Mart

Stores,

Inc.

47,052‌

3,799,449‌

16,246,434‌

Energy

7.81%

Antero

Midstream

Corp.

5,000‌

75,250‌

Baker

Hughes

Co.

4,750‌

171,712‌

Cheniere

Energy,

Inc.

9,450‌

1,699,488‌

Chevron

Corp.

12,510‌

1,842,348‌

CNX

Resources

Corp.

(a)

4,000‌

130,280‌

ConocoPhillips

4,900‌

515,872‌

Devon

Energy

Corp.

800‌

31,296‌

Diamondback

Energy,

Inc.

2,650‌

456,860‌

Spirit

of

America

Large

Cap

Value

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

7

Common

Stocks

99.58%

(continued)

Shares

Market

Value

Energy

7.81%

(continued)

EOG

Resources,

Inc.

3,900‌

$

479,427‌

Exxon

Mobil

Corp.

20,558‌

2,409,809‌

Halliburton

Co.

2,500‌

72,625‌

Kinder

Morgan,

Inc.

7,750‌

171,197‌

Marathon

Oil

Corp.

500‌

13,315‌

Marathon

Petroleum

Corp.

950‌

154,764‌

Occidental

Petroleum

Corp.

6,000‌

309,240‌

ONEOK,

Inc.

1,800‌

164,034‌

Phillips

66

5,450‌

716,403‌

Targa

Resources

Corp.

5,600‌

828,856‌

Valero

Energy

Corp.

15,265‌

2,061,233‌

Williams

Companies,

Inc.

(The)

55,200‌

2,519,880‌

14,823,889‌

Financials

7.43%

American

Express

Co.

5,000‌

1,356,000‌

Bank

of

America

Corp.

24,850‌

986,048‌

Berkshire

Hathaway,

Inc.,

Class

B

(a)

3,970‌

1,827,232‌

Blackstone

Group,

Inc.

(The),

Class

A

11,750‌

1,799,277‌

Carlyle

Group,

Inc.

(The)

6,050‌

260,513‌

Citigroup,

Inc.

18,700‌

1,170,620‌

CME

Group,

Inc.

1,404‌

309,793‌

Coinbase

Global,

Inc.,

Class

A

(a)

150‌

26,726‌

Goldman

Sachs

Group,

Inc.

(The)

2,715‌

1,344,224‌

JPMorgan

Chase

&

Co.

21,792‌

4,595,061‌

Morgan

Stanley

3,000‌

312,720‌

Wells

Fargo

&

Co.

2,000‌

112,980‌

14,101,194‌

Health

Care

9.19%

Abbott

Laboratories

3,100‌

353,431‌

AbbVie,

Inc.

22,700‌

4,482,796‌

Amgen,

Inc.

500‌

161,105‌

Bristol-Myers

Squibb

Co.

7,500‌

388,050‌

Centene

Corp.

(a)

7,300‌

549,544‌

Edwards

LifeSciences

Corp.

(a)

3,000‌

197,970‌

Eli

Lilly

&

Co.

3,365‌

2,981,188‌

Humana,

Inc.

1,350‌

427,599‌

McKesson

Corp.

4,845‌

2,395,465‌

Medtronic

PLC

7,069‌

636,422‌

Merck

&

Co.,

Inc.

18,350‌

2,083,826‌

Quest

Diagnostics,

Inc.

4,500‌

698,625‌

Thermo

Fisher

Scientific,

Inc.

1,090‌

674,241‌

UnitedHealth

Group,

Inc.

2,350‌

1,373,998‌

Vertex

Pharmaceuticals,

Inc.

(a)

100‌

46,508‌

17,450,768‌

Spirit

of

America

Large

Cap

Value

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

8

Common

Stocks

99.58%

(continued)

Shares

Market

Value

Industrials

8.47%

Caterpillar,

Inc.

11,490‌

$

4,493,969‌

CSX

Corp.

36,600‌

1,263,798‌

Cummins,

Inc.

3,550‌

1,149,454‌

Deere

&

Co.

6,110‌

2,549,886‌

FedEx

Corp.

1,800‌

492,624‌

Honeywell

International,

Inc.

8,900‌

1,839,719‌

ITT,

Inc.

300‌

44,853‌

Johnson

Controls

International

PLC

8,753‌

679,320‌

Lockheed

Martin

Corp.

750‌

438,420‌

Raytheon

Technologies

Corp.

2,100‌

254,436‌

United

Parcel

Service,

Inc.,

Class

B

2,550‌

347,667‌

Vertiv

Holdings

Co.

1,750‌

174,108‌

Waste

Connections,

Inc.

13,175‌

2,355,954‌

16,084,208‌

Materials

1.35%

CF

Industries

Holdings,

Inc.

7,200‌

617,760‌

Corteva,

Inc.

7,233‌

425,228‌

Dow,

Inc.

6,083‌

332,314‌

DuPont

de

Nemours,

Inc.

6,500‌

579,215‌

New

Linde

PLC

1,300‌

619,918‌

2,574,435‌

Real

Estate

Investment

Trusts

(REITs)

1.61%

Digital

Realty

Trust,

Inc.

2,650‌

428,849‌

Equinix,

Inc.

1,170‌

1,038,527‌

Iron

Mountain,

Inc.

1,600‌

190,128‌

Mid-America

Apartment

Communities,

Inc.

250‌

39,725‌

Prologis,

Inc.

6,300‌

795,564‌

Sun

Communities,

Inc.

1,850‌

250,027‌

Terreno

Realty

Corp.

2,075‌

138,672‌

VICI

Properties,

Inc.

2,073‌

69,052‌

Welltower,

Inc.

650‌

83,220‌

Weyerhaeuser

Co.

500‌

16,930‌

3,050,694‌

Technology

38.25%

Accenture

PLC,

Class

A ADR

3,725‌

1,316,713‌

Adobe,

Inc.

(a)

1,250‌

647,225‌

Advanced

Micro

Devices,

Inc.

(a)

7,350‌

1,205,988‌

Apple,

Inc.

45,382‌

10,574,006‌

Applied

Materials,

Inc.

14,220‌

2,873,151‌

ARM

Holdings

PLC ADR

(a)

200‌

28,602‌

Broadcom,

Inc.

3,300‌

569,250‌

Cisco

Systems,

Inc.

16,750‌

891,435‌

Cognizant

Technology

Solutions

Corp.,

Class

A

4,600‌

355,028‌

Corning,

Inc.

8,000‌

361,200‌

Crowdstrike

Holdings,

Inc.,

Class

A

(a)

2,800‌

785,316‌

Spirit

of

America

Large

Cap

Value

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

9

Common

Stocks

99.58%

(continued)

Shares

Market

Value

Technology

38.25%

(continued)

Dell

Technologies,

Inc.,

Class

C

1,624‌

$

192,509‌

Garmin

Ltd.

1,000‌

176,030‌

HP,

Inc.

500‌

17,935‌

International

Business

Machines

Corp.

2,668‌

589,841‌

MasterCard,

Inc.,

Class

A

2,450‌

1,209,810‌

Microchip

Technology,

Inc.

6,450‌

517,870‌

Microsoft

Corp.

19,499‌

8,390,420‌

NetApp,

Inc.

2,600‌

321,126‌

NortonLifeLock,

Inc.

24,700‌

677,521‌

NVIDIA

Corp.

222,220‌

26,986,397‌

Oracle

Corp.

26,875‌

4,579,500‌

Palo

Alto

Networks,

Inc.

(a)

2,550‌

871,590‌

Paychex,

Inc.

3,850‌

516,631‌

QUALCOMM,

Inc.

3,750‌

637,688‌

ServiceNow,

Inc.

(a)

1,130‌

1,010,661‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd. ADR

300‌

52,101‌

Texas

Instruments,

Inc.

9,625‌

1,988,236‌

Visa,

Inc.,

Class

A

7,550‌

2,075,873‌

Workday,

Inc.,

Class

A

(a)

7,380‌

1,803,746‌

Zscaler,

Inc.

(a)

2,250‌

384,615‌

72,608,014‌

Utilities

2.90%

AES

Corp.

7,000‌

140,420‌

American

Electric

Power

Company,

Inc.

1,850‌

189,810‌

Constellation

Energy

Corp.

2,050‌

533,041‌

Dominion

Energy,

Inc.

11,500‌

664,585‌

Duke

Energy

Corp.

1,800‌

207,540‌

Edison

International

2,600‌

226,434‌

Entergy

Corp.

500‌

65,805‌

NextEra

Energy,

Inc.

22,675‌

1,916,718‌

Talen

Energy

Corp.

(a)

500‌

89,120‌

UGI

Corp.

1,000‌

25,020‌

Vistra

Energy

Corp.

4,000‌

474,160‌

WEC

Energy

Group,

Inc.

10,100‌

971,418‌

5,504,071‌

Total

Common

Stocks

(Cost $78,221,090)

189,045,542‌

Preferred

Stocks

0.56%

Shares

Market

Value

Financials

0.49%

Arch

Capital

Group

Ltd.,

Series

F,

5.45%

2,000‌

46,640‌

Arch

Capital

Group

Ltd.,

Series

G,

4.55%

2,000‌

40,880‌

Athene

Holding

Ltd.,

Series

C,

6.38%

2,000‌

49,880‌

Bank

of

America

Corp.,

Series

GG,

6.00%

4,000‌

100,680‌

Bank

of

America

Corp.,

Series

HH,

5.88%

2,000‌

50,460‌

Spirit

of

America

Large

Cap

Value

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

10

Preferred

Stocks

0.56%

(continued)

Shares

Market

Value

Financials

0.49%

(continued)

Bank

of

America

Corp.,

Series

LL,

5.00%

2,000‌

$

46,820‌

Bank

of

America

Corp.,

Series

SS,

4.75%

2,000‌

45,620‌

Charles

Schwab

Corp.

(The),

Series

J,

4.45%

2,000‌

44,660‌

Globe

Life,

Inc.,

4.25%

1,000‌

18,210‌

JPMorgan

Chase

&

Co.,

Series

EE,

6.00%

2,000‌

50,920‌

JPMorgan

Chase

&

Co.,

Series

JJ,

4.55%

2,000‌

45,140‌

JPMorgan

Chase

&

Co.,

Series

LL

4.63%

6,000‌

137,400‌

JPMorgan

Chase

&

Co.,

Series

MM,

4.20%

6,000‌

126,900‌

Northern

Trust

Corp.,

Series

E,

4.70%

1,360‌

31,212‌

Prudential

Financial,

Inc.,

5.63%

2,000‌

49,900‌

RenaissanceRE

Holdings

Ltd.,

Series

G,

4.20%

150‌

2,781‌

U.S.

Bancorp,

Series

O,

4.50%

2,000‌

44,120‌

932,223‌

Utilities

0.07%

Brookfield

Infrastructure

Partners

LP,

5.00%

2,000‌

40,560‌

DTE

Energy

Co.,

4.38%

2,000‌

42,380‌

Entergy

Louisiana

LLC,

4.88%

2,000‌

45,620‌

128,560‌

Total

Preferred

Stocks

(Cost $1,167,070)

1,060,783‌

Money

Market

Funds

0.02%

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio,

Institutional

Class,

4.83%

(b)

36,050‌

36,050‌

Total

Money

Market

Funds

(Cost $36,050)

36,050‌

Total

Investments

—

100.16%

(Cost

$79,424,210)

190,142,375‌

Liabilities

in

Excess

of

Other

Assets

—

(0.16)%

(306,908‌)

NET

ASSETS

-

100.00%

$

189,835,467‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

September

30,

2024.

ADR

-

American

Depositary

Receipt

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

September

30,

2024

(Unaudited)

11

Municipal

Bonds

98.86%

Principal

Amount

Market

Value

Arizona

1.62%

City

of

Phoenix,

AZ,

General

Obligation

Unlimited

,

Callable

7/1/2026

@

100,

5.00%,

7/1/2027

$

500,000‌

$

522,085‌

California

6.17%

California

Health

Facilities

Financing

,

Callable

11/15/2027

@

100,

5.00%,

11/15/2056

250,000‌

258,866‌

California

State

Public

Works

Board,

Revenue

Bonds

,

Callable

11/1/2026

@

100,

5.00%,

11/1/2029

600,000‌

630,017‌

Los

Angeles

Community

College

District,

General

Obligation

Refunding

Bonds

Unlimited

,

Callable

8/1/2026

@

100,

4.00%,

8/1/2038

500,000‌

504,777‌

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue,

Revenue

Bond

,

Callable

5/15/2026

@

100,

4.00%,

5/15/2037

145,000‌

145,922‌

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

20,149‌

State

of

California,

General

Obligation

Unlimited

,

Callable

8/1/2025

@

100,

5.00%,

8/1/2029

250,000‌

254,838‌

State

of

California,

General

Obligation

Unlimited

,

Callable

9/1/2026

@

100,

4.00%,

9/1/2036

175,000‌

177,960‌

1,992,529‌

Colorado

1.87%

City

&

County

of

Denver

CO

Pledged

Excise

Tax

,

Callable

8/1/2026

@

100,

5.00%,

8/1/2044

100,000‌

102,714‌

City

of

Colorado

Springs

CO

Utilities

System

,

5.00%,

11/15/2044

500,000‌

500,924‌

603,638‌

Connecticut

4.30%

City

of

New

Haven,

CT,

General

Obligation

Unlimited

,

Callable

8/15/2026

@

100,

5.00%,

8/15/2036

230,000‌

236,860‌

Connecticut

Housing

Finance

Authority,

Multi-Family

Housing,

Revenue

Bonds

,

Callable

11/15/2025

@

100,

3.25%,

11/15/2036

250,000‌

245,441‌

Connecticut

Housing

Finance

Authority,

Revenue

Bonds

,

Callable

5/15/2027

@

100,

3.40%,

11/15/2037

25,000‌

25,012‌

Connecticut

State

Health

&

Educational

Facility

Authority,

Revenue

Bonds

,

Callable

7/1/2026

@

100,

5.00%,

7/1/2034

250,000‌

256,891‌

Connecticut

State

Health

&

Educational

Facility

Authority,

Revenue

Bonds

,

5.00%,

7/1/2034

100,000‌

100,048‌

State

of

Connecticut,

General

Obligation

Unlimited

,

Callable

4/15/2027

@

100,

5.00%,

4/15/2032

500,000‌

523,842‌

1,388,094‌

Delaware

0.70%

Delaware

Transportation

Authority

,

Callable

6/1/2025

@

100,

5.00%,

6/1/2055

225,000‌

226,749‌

District

of

Columbia

2.45%

District

of

Columbia

Housing

Finance

Agency,

State

Multi-Family

Housing,

Revenue

Bonds,

(Fannie

Mae)

,

4.45%,

6/15/2031

315,000‌

316,572‌

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

12

Municipal

Bonds

98.86%

(continued)

Principal

Amount

Market

Value

District

of

Columbia

2.45%

(continued)

District

of

Columbia

Water

&

Sewer

Authority,

Revenue

Bonds

,

Callable

4/1/2026

@

100,

5.00%,

10/1/2036

$

250,000‌

$

256,910‌

District

of

Columbia

Water

&

Sewer

Authority,

Revenue

Bonds

,

Callable

4/1/2026

@

100,

5.00%,

10/1/2034

150,000‌

154,413‌

District

of

Columbia

Water

&

Sewer

Authority,

Revenue

Bonds

,

Callable

10/1/2029

@

100,

4.00%,

10/1/2049

65,000‌

64,697‌

792,592‌

Florida

10.73%

Central

Florida

Expressway

Authority,

Revenue

Bonds

,

Callable

7/1/2026

@

100,

4.00%,

7/1/2035

150,000‌

153,896‌

City

of

Orlando,

FL,

Public

Improvements,

Revenue

Bonds

,

Callable

10/1/2024

@

100,

5.00%,

10/1/2046

1,000,000‌

1,001,203‌

Florida

Keys

Aqueduct

Authority

,

5.00%,

9/1/2049

150,000‌

151,199‌

FSU

Financial

Assistance,

Inc.,

State

Single-Family

Housing,

Refunding

Revenue

Bonds

,

5.00%,

10/1/2030

500,000‌

500,933‌

Miami-Dade

County

Educational

Facilities

Authority,

University

&

College

Improvements,

Revenue

Bonds,

(AMBAC)

,

5.25%,

4/1/2031

260,000‌

294,756‌

Miami-Dade

County

Expressway

Authority

,

5.00%,

7/1/2040

350,000‌

351,226‌

School

Board

of

Miami-Dade

County

(The),

Certificates

of

Participation

,

Callable

2/1/2026

@

100,

4.00%,

2/1/2033

1,000,000‌

1,013,346‌

3,466,559‌

Georgia

2.23%

Atlanta

GA

Water

&

Wastewater

Revenue,

Revenue

Bonds

,

Callable

11/1/2029

@

100,

3.00%,

11/1/2037

500,000‌

468,877‌

Municipal

Electric

Authority

of

Georgia

,

Callable

7/1/2025

@

100,

5.00%,

7/1/2060

250,000‌

250,906‌

719,783‌

Illinois

3.97%

Chicago

Transit

Authority

Sales

,

Callable

12/1/2029

@

100,

4.00%,

12/1/2055

250,000‌

240,354‌

City

of

Chicago

IL

Waterworks

Revenue

,

5.00%,

11/1/2044

500,000‌

501,815‌

City

of

Chicago

IL

Waterworks

Revenue

,

Callable

11/1/2024

@

100,

5.00%,

11/1/2039

150,000‌

150,545‌

Illinois

State

Finance

Authority,

Revenue

Bonds

Series

2020

A

,

Callable

4/1/2030

@

100,

4.00%,

4/1/2050

85,000‌

82,824‌

Illinois

State

Toll

Highway

Authority

,

5.00%,

1/1/2041

300,000‌

308,051‌

1,283,589‌

Iowa

0.80%

State

of

Iowa,

Revenue

Bonds

,

Callable

6/1/2026

@

100,

5.00%,

6/1/2027

250,000‌

259,951‌

Louisiana

0.45%

City

of

Shreveport

LA

Water

&

Sewer

Revenue

,

Callable

12/1/2028

@

100,

4.00%,

12/1/2049

150,000‌

143,758‌

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

13

Municipal

Bonds

98.86%

(continued)

Principal

Amount

Market

Value

Maine

0.88%

Maine

State

Housing

Authority,

State

Single-Family

Housing,

Revenue

Bonds

,

Callable

11/15/2024

@

100,

3.75%,

11/15/2044

$

100,000‌

$

95,733‌

Maine

State

Housing

Authority,

State

Single-Family

Housing,

Revenue

Bonds

,

3.60%,

11/15/2036

95,000‌

94,226‌

Maine

State

Housing

Authority,

State

Single-Family

Housing,

Revenue

Bonds

,

3.45%,

11/15/2032

45,000‌

43,694‌

Maine

Turnpike

Authority,

Refunding

Revenue

Bonds

,

Callable

7/1/2025

@

100,

5.00%,

7/1/2026

50,000‌

50,876‌

284,529‌

Massachusetts

6.61%

Commonwealth

of

Massachusetts

,

5.00%,

6/1/2044

250,000‌

250,164‌

Massachusetts

Bay

Transportation

Authority

Sales

,

Callable

7/1/2025

@

100,

5.00%,

7/1/2045

150,000‌

151,380‌

Massachusetts

Development

,

5.00%,

12/1/2046

250,000‌

254,273‌

Massachusetts

Housing

Finance

Agency,

Revenue

Bonds

,

Callable

12/1/2025

@

100,

3.25%,

12/1/2036

575,000‌

536,468‌

Massachusetts

Housing

Finance

Agency,

Revenue

Bonds

,

Callable

12/1/2026

@

100,

3.75%,

12/1/2037

250,000‌

251,014‌

Massachusetts

Housing

Finance

Agency,

Revenue

Bonds

,

Callable

12/1/2027

@

100,

3.25%,

12/1/2032

200,000‌

195,830‌

Massachusetts

Housing

Finance

Agency,

Revenue

Bonds

,

Callable

12/1/2026

@

100,

3.55%,

12/1/2037

85,000‌

83,427‌

Massachusetts

Housing

Finance

Agency,

Revenue

Bonds

,

Callable

6/1/2026

@

100,

3.15%,

12/1/2026

40,000‌

40,099‌

Massachusetts

Housing

Finance

Agency,

State

Multi-Family

Housing,

Revenue

Bonds

,

4.85%,

12/1/2029

5,000‌

5,003‌

Massachusetts

School

Building

Authority,

Revenue

Bonds

,

Callable

8/15/2025

@

100,

5.00%,

8/15/2026

100,000‌

102,165‌

Massachusetts

State

,

5.00%,

5/1/2047

250,000‌

264,882‌

2,134,705‌

Michigan

3.12%

Michigan

Finance

Authority

Revenue

,

Callable

11/1/2025

@

100,

5.00%,

11/1/2044

250,000‌

252,193‌

Michigan

Public

Educational

Facilities

Authority,

School

Improvements,

Refunding

Revenue

Bonds

,

6.00%,

12/1/2035

500,000‌

499,548‌

Michigan

State

Building

Authority

,

Callable

10/15/2026

@

100,

5.00%,

10/15/2051

250,000‌

255,331‌

1,007,072‌

Minnesota

1.78%

Southern

Minnesota

Municipal

Power

Agency

Power

Supply

System,

Revenue

Bonds

,

Callable

1/1/2026

@

100,

5.00%,

1/1/2041

565,000‌

576,344‌

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

14

Municipal

Bonds

98.86%

(continued)

Principal

Amount

Market

Value

Missouri

1.81%

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

$

488,081‌

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

Healthcare,

Hospital

&

Nursing

Home

Improvements,

Revenue

Bonds,

(OID)

,

3.75%,

11/15/2039

100,000‌

97,688‌

585,769‌

Nebraska

2.30%

Omaha

Public

Power

District

Nebraska

City

Station

,

Callable

2/1/2026

@

100,

5.00%,

2/1/2049

125,000‌

127,810‌

University

of

Nebraska

Facilities

Corp.

(The)

,

4.00%,

7/15/2062

630,000‌

613,955‌

741,765‌

Nevada

2.96%

Las

Vegas

Convention

&

Visitors

Authority

,

Callable

7/1/2028

@

100,

4.00%,

7/1/2049

250,000‌

239,147‌

Nevada

System

of

Higher

Education,

Certificates

of

Participation

,

Callable

7/1/2026

@

100,

4.00%,

7/1/2027

700,000‌

717,290‌

956,437‌

New

Jersey

3.73%

Borough

of

Seaside

Heights,

NJ,

General

Obligation

Unlimited

,

Callable

4/1/2025

@

100,

4.00%,

4/1/2026

125,000‌

125,901‌

Hudson

County

Improvement

Authority,

Refunding

Revenue

Bonds,

(AGM)

,

5.40%,

10/1/2025

150,000‌

153,971‌

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

(OID)

,

5.00%,

7/1/2027

10,000‌

10,011‌

New

Jersey

Housing

&

Mortgage

Finance

Agency,

Revenue

Bonds

,

Callable

11/1/2025

@

100,

3.50%,

11/1/2036

500,000‌

496,878‌

New

Jersey

Housing

&

Mortgage

Finance

Agency,

Revenue

Bonds

,

Callable

11/1/2025

@

100,

3.90%,

11/1/2050

175,000‌

166,771‌

State

of

New

Jersey,

Public

Improvements,

General

Obligation

Unlimited

,

Callable

6/1/2025

@

100,

4.00%,

6/1/2034

250,000‌

251,961‌

1,205,493‌

New

Mexico

0.78%

New

Mexico

Finance

Authority

,

Callable

6/1/2025

@

100,

5.25%,

6/1/2053

250,000‌

252,374‌

New

York

15.74%

Metropolitan

Transportation

Authority,

Refunding

Revenue

Bonds

,

Callable

11/15/2027

@

100,

5.00%,

11/15/2037

250,000‌

262,603‌

Metropolitan

Transportation

Authority,

Revenue

Bonds

,

5.00%,

11/15/2028

250,000‌

272,625‌

Metropolitan

Transportation

Authority,

Revenue

Bonds

,

Callable

11/15/2027

@

100,

5.00%,

11/15/2035

250,000‌

263,515‌

Metropolitan

Transportation

Authority,

Transit

Improvements,

Refunding

Revenue

Bonds

,

5.00%,

11/15/2028

250,000‌

253,262‌

New

York

City

Housing

Development

Corp.,

Revenue

Bonds

,

Callable

2/1/2026

@

100,

3.50%,

11/1/2032

150,000‌

150,224‌

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

15

Municipal

Bonds

98.86%

(continued)

Principal

Amount

Market

Value

New

York

15.74%

(continued)

New

York

City

Housing

Development

Corp.,

Revenue

Bonds

,

Callable

11/1/2025

@

100,

3.60%,

11/1/2031

$

250,000‌

$

250,985‌

New

York

City

Housing

Development

Corp.,

Revenue

Bonds

,

Callable

5/1/2025

@

100,

3.10%,

11/1/2032

250,000‌

246,443‌

New

York

City

Transitional

Finance

Authority

,

5.00%,

8/1/2042

150,000‌

150,193‌

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

251,540‌

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue,

Revenue

Bonds

,

5.00%,

7/15/2031

250,000‌

257,368‌

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

101,423‌

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

25,437‌

New

York

City

Water

&

Sewer

System,

Revenue

Bonds

,

Callable

6/15/2027

@

100,

5.00%,

6/15/2032

100,000‌

105,953‌

New

York

State

Dormitory

Authority

,

Callable

7/1/2030

@

100,

4.00%,

7/1/2052

230,000‌

224,747‌

New

York

State

Dormitory

Authority,

Refunding

Revenue

Bonds,

(State

Aid

Withholding)

,

3.25%,

4/1/2031

280,000‌

279,950‌

New

York

State

Dormitory

Authority,

Revenue

Bonds

,

Callable

7/1/2025

@

100,

5.00%,

7/1/2037

135,000‌

137,176‌

New

York

State

Dormitory

Authority,

Revenue

Bonds

,

4.75%,

10/1/2040

5,000‌

5,004‌

New

York

State

Thruway

Authority

,

Callable

1/1/2026

@

100,

5.00%,

1/1/2046

250,000‌

253,883‌

New

York

State

Thruway

Authority,

Revenue

Bonds

,

Callable

1/1/2026

@

100,

4.00%,

1/1/2037

100,000‌

100,461‌

New

York,

NY,

General

Obligation

Unlimited

,

Callable

8/1/2029

@

100,

5.00%,

8/1/2043

30,000‌

31,982‌

Port

Authority

of

New

York

&

New

Jersey,

Revenue

Bonds

,

Callable

11/15/2027

@

100,

5.00%,

11/15/2037

250,000‌

264,133‌

Port

Authority

of

New

York

&

New

Jersey,

Revenue

Bonds

,

Callable

11/15/2027

@

100,

5.00%,

11/15/2030

250,000‌

266,967‌

Triborough

Bridge

&

Tunnel

Authority,

Revenue

Bonds

,

Callable

11/15/2025

@

100,

5.00%,

11/15/2035

250,000‌

255,157‌

Triborough

Bridge

&

Tunnel

Authority,

Revenue

Bonds

,

5.00%,

11/15/2027

100,000‌

102,771‌

Triborough

Bridge

&

Tunnel

Authority,

Revenue

Bonds

,

Callable

11/15/2025

@

100,

5.00%,

11/15/2040

310,000‌

315,535‌

TSASC,

Inc./NY

,

Callable

6/1/2027

@

100,

5.00%,

6/1/2041

250,000‌

255,361‌

5,084,698‌

North

Carolina

1.40%

North

Carolina

Turnpike

Authority

,

Callable

1/1/2034

@

100,

5.00%,

1/1/2058

125,000‌

134,944‌

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

16

Municipal

Bonds

98.86%

(continued)

Principal

Amount

Market

Value

North

Carolina

1.40%

(continued)

North

Carolina

Turnpike

Authority

,

Callable

1/1/2030

@

100,

5.00%,

1/1/2049

$

110,000‌

$

115,476‌

University

of

North

Carolina

at

Charlotte

(The),

Revenue

Bonds

,

Callable

10/1/2027

@

100,

4.00%,

10/1/2037

100,000‌

101,423‌

University

of

North

Carolina

at

Charlotte

(The),

University

&

College

Improvements,

Revenue

Bonds

,

Callable

4/1/2025

@

100,

5.00%,

4/1/2040

100,000‌

101,055‌

452,898‌

North

Dakota

0.31%

City

of

Bismarck,

ND,

Sanitary

Sewer

Revenue,

Revenue

Bonds

,

Callable

5/1/2025

@

100,

3.00%,

5/1/2029

100,000‌

100,131‌

Oklahoma

0.31%

Grand

River

Dam

Authority

,

5.00%,

6/1/2039

100,000‌

100,058‌

Pennsylvania

8.45%

City

of

Philadelphia

PA

Water

&

Wastewater

Revenue

,

5.00%,

10/1/2052

450,000‌

463,349‌

Geisinger

PA

Authority

Health

System

,

5.00%,

2/15/2045

145,000‌

148,392‌

Pennsylvania

Higher

Educational

Facilities

,

Callable

8/15/2027

@

100,

5.00%,

8/15/2047

250,000‌

255,719‌

Pennsylvania

Higher

Educational

Facilities

Authority,

Hospital

Improvements,

Revenue

Bonds

,

5.00%,

5/1/2037

100,000‌

85,161‌

Pennsylvania

Higher

Educational

Facilities

Authority,

Hospital

Improvements,

Revenue

Bonds

,

5.00%,

5/1/2042

100,000‌

80,564‌

Pennsylvania

Higher

Educational

Facilities

Authority,

Hospital

Improvements,

Revenue

Bonds,

(OID)

,

4.00%,

5/1/2032

100,000‌

85,267‌

Pennsylvania

Housing

Finance

Agency

,

Callable

4/1/2033

@

100,

5.45%,

4/1/2051

150,000‌

159,756‌

Pennsylvania

Housing

Finance

Agency,

Revenue

Bonds

,

Callable

4/1/2027

@

100,

3.65%,

10/1/2042

100,000‌

96,829‌

Pennsylvania

State

Turnpike

Authority

,

Callable

12/1/2025

@

100,

5.00%,

12/1/2045

250,000‌

253,226‌

Pennsylvania

State

University,

Revenue

Bonds

,

Callable

9/1/2026

@

100,

5.00%,

9/1/2034

190,000‌

197,315‌

Pennsylvania

State

University,

Revenue

Bonds

,

Callable

9/1/2026

@

100,

5.00%,

9/1/2035

125,000‌

129,717‌

Pennsylvania

State

University,

Revenue

Bonds

,

Callable

9/1/2026

@

100,

5.00%,

9/1/2036

100,000‌

103,641‌

Pennsylvania

Turnpike

Commission,

Revenue

Bonds

,

Callable

12/1/2025

@

100,

5.00%,

12/1/2045

500,000‌

505,853‌

Pennsylvania

Turnpike

Commission,

Revenue

Refunding

Bonds

Series

2005

A

,

5.25%,

7/15/2028

150,000‌

164,700‌

2,729,489‌

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

17

Municipal

Bonds

98.86%

(continued)

Principal

Amount

Market

Value

Rhode

Island

0.83%

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

,

Callable

10/1/2032

@

100,

5.45%,

10/1/2053

$

250,000‌

$

267,146‌

South

Dakota

0.89%

South

Dakota

Housing

Development

Authority,

Revenue

Bonds

,

Callable

11/1/2025

@

100,

2.45%,

5/1/2027

250,000‌

246,190‌

South

Dakota

Housing

Development

Authority,

Revenue

Bonds

,

Callable

11/1/2025

@

100,

3.13%,

11/1/2036

45,000‌

41,915‌

288,105‌

Tennessee

1.03%

City

of

Memphis,

TN

,

5.00%,

4/1/2044

80,000‌

80,138‌

Metropolitan

Government

of

Nashville

&

Davidson

County

Convention

Center

Authority,

Public

Improvements,

Revenue

Bonds

,

5.00%,

7/1/2026

200,000‌

200,429‌

Tennessee

Housing

Development

Agency,

Revenue

Bonds

,

Callable

1/1/2027

@

100,

3.40%,

7/1/2037

55,000‌

52,817‌

333,384‌

Texas

8.81%

Austin

TX

Electric

Utility

System

Revenue,

Revenue

Bonds

Series

2019

B

,

Callable

11/15/2029

@

100,

5.00%,

11/15/2049

15,000‌

15,836‌

City

of

Austin

TX

Electric

Utility

Revenue

,

Callable

11/15/2025

@

100,

5.00%,

11/15/2045

250,000‌

253,387‌

City

of

Houston

TX

Combined

Utility

System

,

Callable

11/15/2024

@

100,

5.00%,

11/15/2044

250,000‌

250,408‌

City

Public

Service

Board

of

San

Antonio,

TX,

Revenue

Bonds

,

Callable

8/1/2026

@

100,

5.00%,

2/1/2032

250,000‌

259,326‌

Clifton

Higher

Education

Finance

Corp.,

School

Improvements,

Refunding

Revenue

Bonds

,

4.00%,

8/15/2044

500,000‌

491,221‌

Comal

Independent

School

District,

Unlimited

Tax

School

Building

Bonds

,

Callable

2/1/2026

@

100,

4.00%,

2/1/2034

250,000‌

252,098‌

Harris

County

Cultural

Education

Facilities

Finance

Corp.,

Revenue

Bonds

,

Callable

5/15/2026

@

100,

4.00%,

11/15/2030

130,000‌

131,230‌

North

Texas

Tollway

Authority

,

Callable

1/1/2028

@

100,

5.00%,

1/1/2048

250,000‌

258,105‌

San

Antonio

Public

Facilities

Corp.,

Public

Improvements,

Refunding

Revenue

Bonds,

(OID)

,

4.00%,

9/15/2042

250,000‌

245,077‌

San

Antonio

Water

System,

Refunding

Revenue

Bonds

,

Callable

11/15/2029

@

100,

5.00%,

5/15/2034

190,000‌

209,411‌

San

Antonio

Water

System,

Revenue

Bonds

Series

2020

A

,

Callable

5/15/2030

@

100,

5.00%,

5/15/2050

40,000‌

42,530‌

Texas

Public

Finance

Authority,

Revenue

Bonds

,

Callable

12/1/2026

@

100,

4.00%,

12/1/2031

200,000‌

203,761‌

Texas

State

Water

Development

Board,

Revenue

Bonds

,

Callable

10/15/2028

@

100,

5.00%,

4/15/2049

35,000‌

36,815‌

Spirit

of

America

Municipal

Tax

Free

Bond

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

18

Municipal

Bonds

98.86%

(continued)

Principal

Amount

Market

Value

Texas

8.81%

(continued)

White

Oak,

TX,

Independent

School

District,

Unlimited

Tax

School

Building

Bonds

,

Callable

2/15/2027

@

100,

4.00%,

2/15/2029

$

190,000‌

$

195,980‌

2,845,185‌

Vermont

0.23%

Vermont

Housing

Finance

Agency,

State

Multi-Family

Housing,

Revenue

Bonds

,

3.75%,

8/15/2037

75,000‌

74,911‌

Virginia

0.78%

Virginia

State

Resource

Authority

Infrastructure,

Revenue

Bonds

,

Callable

11/1/2025

@

100,

4.00%,

11/1/2033

75,000‌

75,496‌

Virginia

State

Resource

Authority

Infrastructure,

Revenue

Bonds,

Pre-

Refunded

,

Callable

11/1/2025

@

100,

4.00%,

11/1/2033

175,000‌

177,431‌

252,927‌

Washington

0.79%

Snohomish

County

Public

Utility

District

No.1

,

5.00%,

12/1/2045

250,000‌

253,771‌

Wisconsin

0.03%

Wisconsin

Housing

&

Economic

Development

Authority,

State

Multi-Family

Housing,

Revenue

Bonds,

(OID)

,

5.63%,

11/1/2035

10,000‌

10,219‌

Total

Municipal

Bonds

(Cost $32,078,751)

31,936,737‌

Total

Investments

—

98.86%

(Cost

$32,078,751)

31,936,737‌

Other

Assets

in

Excess

of

Liabilities

—

1.14%

367,281‌

NET

ASSETS

-

100.00%

$

32,304,018‌

AGM

-

Assured

Guaranty

Municipal

Corp.

AMBAC

-

American

Municipal

Bond

Assurance

Corp.

OID

-

Original

Issue

Disco

unt

Spirit

of

America

Income

Fund

Schedule

of

Investments

September

30,

2024

(Unaudited)

19

Common

Stocks

8.70%

Shares

Market

Value

Communications

0.49%

Verizon

Communications,

Inc.

7,500‌

$

336,825‌

Consumer

Staples

0.97%

Philip

Morris

International,

Inc.

5,500‌

667,700‌

Energy

4.69%

Chevron

Corp.

4,000‌

589,080‌

Enbridge,

Inc.

20,000‌

812,200‌

Kinder

Morgan,

Inc.

25,000‌

552,250‌

TC

Energy

Corp.

15,000‌

713,250‌

Williams

Companies,

Inc.

(The)

12,500‌

570,625‌

3,237,405‌

Financials

0.32%

Blackstone

Mortgage

Trust,

Inc.,

Class

A

11,565‌

219,851‌

Health

Care

0.57%

AbbVie,

Inc.

2,000‌

394,960‌

Real

Estate

1.66%

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

7,000‌

241,290‌

Healthpeak

Properties,

Inc.

1,348‌

30,829‌

Realty

Income

Corp.

3,048‌

193,304‌

Simon

Property

Group,

Inc.

4,000‌

676,080‌

1,141,503‌

Total

Common

Stocks

(Cost $4,559,774)

5,998,244‌

Preferred

Stocks

18.57%

Shares

Market

Value

Financials

12.73%

Affiliated

Managers

Group,

Inc.,

4.20%

15,000‌

267,600‌

Affiliated

Managers

Group,

Inc.,

4.75%

10,000‌

199,900‌

Allstate

Corp.

(The),

Series

I,

4.75%

10,000‌

237,400‌

American

Financial

Group,

Inc.,

5.13%

15,000‌

336,750‌

American

Financial

Group,

Inc.,

5.63%

20,000‌

509,600‌

Athene

Holding

Ltd.,

Series

C,

6.38%

10,000‌

249,400‌

Athene

Holding

Ltd.,

Series

D,

4.88%

20,000‌

388,000‌

Bank

of

America

Corp.,

Series

HH,

5.88%

8,000‌

201,840‌

Bank

of

America

Corp.,

Series

LL,

5.00%

15,000‌

351,150‌

Bank

of

America

Corp.,

Series

PP,

4.13%

16,667‌

334,673‌

Bank

of

America

Corp.,

Series

QQ,

4.25%

10,000‌

204,500‌

Brighthouse

Financial,

Inc.,

Series

C,

5.38%

20,000‌

417,200‌

Capital

One

Financial

Corp.,

Series

J,

4.80%

10,000‌

202,300‌

Capital

One

Financial

Corp.,

Series

K,

4.63%

18,500‌

379,435‌

CNO

Financial

Group,

Inc.,

5.13%

2,000‌

43,080‌

Equitable

Holdings,

Inc.,

Series

C,

4.30%

20,000‌

403,600‌

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

20

Preferred

Stocks

18.57%

(continued)

Shares

Market

Value

Financials

12.73%

(continued)

Fulton

Financial

Corp.,

Series

A,

5.13%

6,000‌

$

116,340‌

Huntington

Bancshares,

Inc.,

Series

H,

4.50%

10,000‌

204,400‌

JPMorgan

Chase

&

Co.,

Series

EE,

6.00%

20,000‌

509,200‌

JPMorgan

Chase

&

Co.,

Series

GG,

4.75%

10,000‌

236,700‌

KeyCorp,

Series

G,

5.63%

15,000‌

348,750‌

MetLife,

Inc.,

Series

F,

4.75%

10,000‌

226,900‌

Northern

Trust

Corp.,

Series

E,

4.70%

10,000‌

229,500‌

Prudential

Financial,

Inc.,

5.63%

10,000‌

249,500‌

RenaissanceRE

Holdings

Ltd.,

Series

G,

4.20%

850‌

15,759‌

Selective

Insurance

Group,

Inc.,

Series

B,

4.60%

1,000‌

19,760‌

State

Street

Corp.,

5.35%

1,000‌

24,670‌

U.S.

Bancorp,

Series

L,

3.75%

20,000‌

364,000‌

U.S.

Bancorp,

Series

M,

4.00%

10,000‌

197,500‌

W.R.

Berkley

Corp.,

5.10%

20,000‌

470,000‌

Washington

Federal,

Inc.,

Series

A,

4.88%

10,000‌

195,000‌

Wells

Fargo

&

Co.,

Series

AA,

4.70%

10,000‌

216,300‌

Wells

Fargo

&

Co.,

Series

CC,

4.38%

10,000‌

207,600‌

Wells

Fargo

&

Co.,

Series

Z,

4.75%

10,000‌

216,900‌

8,775,207‌

Real

Estate

2.22%

Brookfield

Property

Partners

LP,

Series

A,

5.75%

7,500‌

111,000‌

Diversified

Healthcare

Trust,

5.63%

26,660‌

445,489‌

Federal

Realty

Investment

Trust,

Series

C,

5.00%

7,500‌

173,700‌

Public

Storage,

Series

N,

3.88%

20,000‌

372,200‌

Public

Storage,

Series

S,

4.10%

10,000‌

199,200‌

Vornado

Realty

Trust,

5.40%

12,298‌

231,448‌

1,533,037‌

Technology

0.17%

Pitney

Bowes,

Inc.,

6.70%

5,700‌

113,544‌

Utilities

3.45%

BIP

Bermuda

Holdings

I

Ltd.,

5.13%

10,000‌

196,100‌

Brookfield

Infrastructure

Partners

LP,

5.00%

10,000‌

202,800‌

Brookfield

Infrastructure

Partners

LP,

5.13%

25,000‌

495,000‌

DTE

Energy

Co.,

Series

G,

4.38%

15,000‌

320,550‌

Entergy

Arkansas,

Inc.,

4.88%

10,000‌

229,100‌

Entergy

Louisiana

LLC,

4.88%

10,000‌

228,100‌

Entergy

Mississippi,

Inc.,

4.90%

15,000‌

341,550‌

Southern

Co.,

4.95%

10,000‌

237,400‌

Southern

Co.,

Series

C,

4.20%

6,000‌

132,540‌

2,383,140‌

Total

Preferred

Stocks

(Cost $14,977,969)

12,804,928‌

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

21

Collateralized

Mortgage

Obligations

0.07%

Principal

Amount

Market

Value

CHL

Mortgage

Pass-Through

Trust,

Series

2005-21,

Class

A27,

5.50%,

10/25/2035

$

15,694‌

$

8,981‌

CHL

Mortgage

Pass-Through

Trust,

Series

2005-21,

Class

A7,

5.50%,

10/25/2035

16,967‌

9,710‌

Citicorp

Mortgage

Securities,

Inc.,

Class

1A12,

5.00%,

2/25/2035

31,950‌

31,113‌

Total

Collateralized

Mortgage

Obligations

(Cost $48,863)

49,804‌

Corporate

Bonds

11.16%

Principal

Amount

Market

Value

Bank

of

New

York

Mellon

Corp.

(The),

4.63%,

12/20/2049

500,000‌

496,094‌

Bank

of

New

York

Mellon

Corp.

(The),

3.70%,

3/20/2169

100,000‌

97,524‌

Entergy

Texas,

Inc.,

5.15%,

6/1/2045

100,000‌

97,421‌

Exelon

Generation

Co.

LLC,

5.60%,

6/15/2042

(a)(b)

400,000‌

372,769‌

Fifth

Third

Bancorp,

8.25%,

3/1/2038

250,000‌

314,586‌

Goldman

Sachs

Group,

Inc.

(The),

6.75%,

10/1/2037

850,000‌

977,396‌

Goldman

Sachs

Group,

Inc.

(The),

6.45%,

5/1/2036

500,000‌

561,320‌

Kinder

Morgan

Energy

Partners

LP,

6.50%,

2/1/2037

250,000‌

273,439‌

MetLife,

Inc.,

9.25%,

4/8/2038

(b)

1,500,000‌

1,792,590‌

MetLife,

Inc.,

10.75%,

8/1/2039

1,000,000‌

1,430,610‌

PECO

Energy

Capital

Trust

IV,

5.75%,

6/15/2033

1,000,000‌

1,013,460‌

Valero

Energy

Corp.,

8.75%,

6/15/2030

224,000‌

267,072‌

Total

Corporate

Bonds

(Cost $7,616,669)

7,694,281‌

Municipal

Bonds

59.29%

Principal

Amount

Market

Value

Alabama

2.92%

Health

Care

Authority

for

Baptist

Health

(The),

Refunding

Revenue

Bonds

,

5.50%,

11/15/2043

2,000,000‌

2,016,171‌

Arizona

0.60%

Arizona

School

Facilities

Board,

School

Improvements,

Certificates

of

Participation

,

6.00%,

9/1/2027

225,000‌

234,588‌

Phoenix

Arizona

Civic

Improvement

Corp.

Excise

Tax

Revenue,

Revenue

Bonds

,

Callable

7/1/2030

@

100,

2.70%,

7/1/2045

250,000‌

180,224‌

414,812‌

California

4.18%

Alhambra

Unified

School

District,

University

&

College

Improvements,

General

Obligation

Unlimited

,

6.70%,

2/1/2026

465,000‌

477,773‌

California

State

University,

Revenue

Bonds

Series

2020

B

,

Callable

5/1/2030

@

100,

3.07%,

11/1/2042

100,000‌

78,916‌

City

&

County

of

San

Francisco,

CA,

General

Obligation

Unlimited

,

6.26%,

6/15/2030

450,000‌

489,335‌

Peralta

Community

College

District,

Refunding

Revenue

Bonds

,

6.91%,

8/1/2025

500,000‌

507,098‌

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

22

Municipal

Bonds

59.29%

(continued)

Principal

Amount

Market

Value

California

4.18%

(continued)

Peralta

Community

College

District,

Refunding

Revenue

Bonds

,

7.31%,

8/1/2031

$

310,000‌

$

338,196‌

San

Bernardino

City

Unified

School

District,

School

Improvements,

Certificates

of

Participation,

(AGM)

(OID)

,

8.25%,

2/1/2026

500,000‌

513,543‌

University

of

California

Revenues,

Revenue

Bonds

,

4.13%,

5/15/2045

250,000‌

235,977‌

University

of

California,

University

&

College

Improvements,

Refunding

Revenue

Bonds

,

3.66%,

5/15/2027

250,000‌

247,796‌

2,888,634‌

Colorado

0.83%

Colorado

Mesa

University,

University

&

College

Improvements,

Build

America

Revenue

Bonds,

(State

Higher

Education

Intercept

Program)

,

6.75%,

5/15/2042

500,000‌

574,580‌

Connecticut

0.44%

State

of

Connecticut,

General

Obligation

Unlimited

,

5.85%,

3/15/2032

280,000‌

303,520‌

Florida

3.88%

City

of

Miami

Gardens,

FL,

Public

Improvements,

Build

America

Bonds,

Certificates

of

Participation

,

7.17%,

6/1/2026

455,000‌

468,347‌

County

of

Miami-Dade,

FL

Transit

System,

Transit

Improvements,

Build

America

Revenue

Bonds

,

5.53%,

7/1/2032

500,000‌

521,424‌

County

of

Miami-Dade,

FL,

Port,

Airport

&

Marina

Improvements,

Build

America

Revenue

Bonds,

(AGM)

(OID)

,

7.50%,

4/1/2040

1,000,000‌

1,232,974‌

County

of

Miami-Dade,

FL,

Recreational

Facility

Improvements,

Revenue

Bonds,

(AGM)

,

7.08%,

10/1/2029

250,000‌

285,443‌

Town

of

Miami

Lakes,

FL,

Public

Improvements,

Build

America

Revenue

Bonds

,

7.59%,

12/1/2030

150,000‌

167,462‌

2,675,650‌

Georgia

3.97%

Cobb

Marietta

Georgia

Coliseum,

Revenue

Bonds

,

Callable

1/1/2026

@

100,

4.50%,

1/1/2047

100,000‌

94,084‌

Municipal

Electric

Authority

of

Georgia,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds

,

7.06%,

4/1/2057

1,389,000‌

1,639,770‌

State

of

Georgia,

Public

Improvements,

General

Obligation

Unlimited

,

3.84%,

2/1/2032

1,000,000‌

999,252‌

2,733,106‌

Hawaii

0.72%

State

of

Hawaii,

General

Obligation

Unlimited

,

Callable

10/1/2025

@

100,

4.05%,

10/1/2032

495,000‌

493,325‌

Illinois

2.13%

City

of

Chicago,

IL

Waterworks

Revenue,

Water

Utility

Improvements,

Build

America

Revenue

Bonds

,

6.74%,

11/1/2040

250,000‌

282,862‌

Village

of

Glenwood,

IL,

Public

Improvements,

Build

America

Bonds,

General

Obligation

Unlimited,

(AGM)

,

7.03%,

12/1/2028

1,130,000‌

1,188,045‌

1,470,907‌

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

23

Municipal

Bonds

59.29%

(continued)

Principal

Amount

Market

Value

Indiana

2.86%

Anderson

School

Building

Corp.,

Refunding

Bonds,

General

Obligation

Limited

,

Callable

7/5/2025

@

100,

3.95%,

7/5/2029

$

1,000,000‌

$

986,913‌

Anderson

School

Building

Corp.,

Refunding

Bonds,

General

Obligation

Limited,

(OID)

,

Callable

7/5/2025

@

100,

3.75%,

7/5/2028

1,000,000‌

984,457‌

1,971,370‌

Kansas

0.57%

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

393,568‌

Louisiana

0.11%

East

Baton

Rouge

Parish,

LA

Sewerage

Commission,

Revenue

Refunding

Bonds

Series

2020

B

,

2.44%,

2/1/2039

100,000‌

78,014‌

Massachusetts

0.55%

City

of

Worcester,

MA,

Pension

Funding,

General

Obligation

Limited,

(AGM)

(OID)

,

6.25%,

1/1/2028

85,000‌

88,596‌

Massachusetts

Health

&

Educational

Facilities

Authority,

Refunding

Revenue

Bonds

,

6.43%,

10/1/2035

250,000‌

276,408‌

University

of

Massachusetts

Building

Authority,

University

&

College

Improvements,

Build

America

Revenue

Bonds

,

6.57%,

5/1/2039

15,000‌

15,019‌

380,023‌

Michigan

0.96%

Michigan

Finance

Authority,

School

Improvements,

Revenue

Bonds

,

6.38%,

11/1/2025

500,000‌

500,825‌

Onsted

Community

Schools,

School

Improvements,

General

Obligation

Unlimited

,

5.90%,

5/1/2027

150,000‌

151,323‌

St.

Johns

Public

Schools,

General

Obligation

Unlimited

,

6.65%,

5/1/2040

5,000‌

5,032‌

657,180‌

Mississippi

1.03%

Mississippi

Development

Bank,

Highway

Improvements,

Build

America

Revenue

Bonds

,

6.59%,

1/1/2035

650,000‌

712,811‌

Missouri

4.65%

City

of

Kansas

City,

MO,

Revenue

Bonds

,

7.83%,

4/1/2040

2,165,000‌

2,607,511‌

Missouri

Joint

Municipal

Electric

Utility

Commission,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds

,

7.73%,

1/1/2039

475,000‌

600,232‌

3,207,743‌

Nebraska

0.30%

Nebraska

Public

Power

District,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds

,

5.32%,

1/1/2030

200,000‌

205,100‌

Nevada

1.72%

County

of

Washoe,

NV,

Public

Improvements,

Build

America

Revenue

Bonds

,

7.97%,

2/1/2040

690,000‌

851,831‌

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

24

Municipal

Bonds

59.29%

(continued)

Principal

Amount

Market

Value

Nevada

1.72%

(continued)

County

of

Washoe,

NV,

Public

Improvements,

Build

America

Revenue

Bonds

,

7.88%,

2/1/2040

$

250,000‌

$

334,330‌

1,186,161‌

New

Jersey

0.61%

New

Jersey

Educational

Facilities

Authority,

University

&

College

Improvements,

Build

America

Revenue

Bonds

,

6.19%,

7/1/2040

500,000‌

419,145‌

New

York

4.20%

City

of

New

York,

NY,

Public

Improvements,

Build

America

Bonds,

General

Obligation

Unlimited

,

5.70%,

3/1/2027

145,000‌

149,021‌

City

of

New

York,

NY,

Public

Improvements,

Build

America

Bonds,

General

Obligation

Unlimited

,

5.21%,

10/1/2031

100,000‌

102,011‌

Long

Island

Power

Authority,

Revenue

Bonds,

(OID)

,

5.85%,

5/1/2041

195,000‌

209,402‌

Metropolitan

Transportation

Authority,

Transit

Improvements,

Build

America

Revenue

Bonds

,

6.59%,

11/15/2030

145,000‌

155,690‌

Metropolitan

Transportation

Authority,

Transit

Improvements,

Build

America

Revenue

Bonds

,

6.20%,

11/15/2026

85,000‌

86,434‌

New

York

City

Industrial

Development

Agency,

Recreational

Facilities

Improvements

Revenue

Bonds,

(NATL-RE)

,

5.90%,

3/1/2046

500,000‌

516,585‌

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue,

School

Improvements,

Build

America

Revenue

Bonds,

(State

Aid

Withholding)

,

6.83%,

7/15/2040

470,000‌

527,636‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

Public

Improvements,

Build

America

Revenue

Bonds

,

5.47%,

5/1/2036

815,000‌

854,242‌

Port

Authority

of

New

York

&

New

Jersey,

Port,

Airport

&

Marina

Improvements,

Revenue

Bonds

,

3.92%,

10/15/2028

115,000‌

114,997‌

Western

Nassau

County

Water

Authority,

Build

America

Revenue

Bonds

,

6.70%,

4/1/2040

150,000‌

170,332‌

2,886,350‌

North

Carolina

0.34%

County

of

Cabarrus,

NC,

School

Improvements,

Revenue

Bonds

,

5.50%,

4/1/2026

235,000‌

235,942‌

Ohio

3.88%

American

Municipal

Power,

Inc.,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds

,

7.50%,

2/15/2050

495,000‌

617,800‌

American

Municipal

Power,

Inc.,

Revenue

Bonds

,

6.27%,

2/15/2050

455,000‌

502,663‌

Cincinnati

City

School

District,

Refunding

Bonds,

Certificates

of

Participation,

(OID)

,

Callable

12/15/2024

@

100,

4.00%,

12/15/2032

200,000‌

196,025‌

County

of

Cuyahoga,

OH,

Hospital

Improvements,

Build

America

Revenue

Bonds

,

8.22%,

2/15/2040

1,000,000‌

1,155,393‌

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

200,171‌

2,672,052‌

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

25

Municipal

Bonds

59.29%

(continued)

Principal

Amount

Market

Value

Pennsylvania

4.55%

City

of

Reading,

PA

,

Callable

11/1/2024

@

100,

5.30%,

11/1/2033

$

500,000‌

$

500,135‌

Pennsylvania

Turnpike

Commission

Turnpike

Revenue,

Revenue

Bonds

,

Callable

12/1/2029

@

100,

3.58%,

12/1/2043

390,000‌

330,026‌

Pennsylvania

Turnpike

Commission,

Build

America

Revenue

Bonds

,

6.38%,

12/1/2037

520,000‌

576,576‌

Philadelphia

Authority

for

Industrial

Development,

Pension

Funding,

Revenue

Bonds,

(AGM)

(OID)

,

6.35%,

4/15/2028

130,000‌

138,136‌

Philadelphia

Municipal

Authority,

Public

Improvements,

Revenue

Bonds

,

5.09%,

3/15/2028

500,000‌

505,337‌

Sports

&

Exhibition

Authority

of

Pittsburgh

and

Allegheny

County,

Recreational

Facilities

Improvements,

Revenue

Bonds

,

7.04%,

11/1/2039

1,000,000‌

1,090,391‌

3,140,601‌

Rhode

Island

0.56%

Narragansett

Bay

Commission,

Revenue

Bonds

Series

2020

A

,

Callable

9/1/2030

@

100,

2.92%,

9/1/2043

500,000‌

384,815‌

Texas

1.86%

Frisco

Economic

Development

Corp.,

Public

Improvements,

Revenue

Bonds

,

4.20%,

2/15/2034

1,000,000‌

993,602‌

Midland

County

Hospital

District,

Health,

Hospital

&

Nursing

Home

Improvements,

Build

America

Bonds,

General

Obligation

Limited

,

6.44%,

5/15/2039

260,000‌

289,828‌

1,283,430‌

Virgin

Islands

2.45%

Virgin

Islands

Water

&

Power

Authority

-

Electric

System,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds,

(AGM)

,

6.85%,

7/1/2035

1,000,000‌

1,085,456‌

Virgin

Islands

Water

&

Power

Authority

-

Electric

System,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds,

(AGM)

,

6.65%,

7/1/2028

585,000‌

606,745‌

1,692,201‌

Virginia

6.56%

Tobacco

Settlement

Financing

Corp.,

Refunding

Revenue

Bonds,

(OID)

,

Callable

6/1/2025

@

100,

6.71%,

6/1/2046

5,325,000‌

4,526,936‌

Washington

1.86%

City

of

Seattle,

WA,

Municipal

Light

&

Power

Revenue,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds,

(OID)

,

5.57%,

2/1/2040

250,000‌

262,403‌

Douglas

County

Public

Utility

District

No.

1,

Electric

Lights

&

Power

Improvements,

Revenue

Bonds

,

5.35%,

9/1/2030

196,899‌

205,827‌

Public

Utility

District

No.

1

of

Cowlitz

County,

WA,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds

,

6.88%,

9/1/2032

500,000‌

551,586‌

Spirit

of

America

Income

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

26

Municipal

Bonds

59.29%

(continued)

Principal

Amount

Market

Value

Washington

1.86%

(continued)

Snohomish

County

Public

Utility

District

No.

1,

Electric

Lights

&

Power

Improvements,

Build

America

Revenue

Bonds,

(OID)

,

5.68%,

12/1/2040

$

250,000‌

$

259,893‌

1,279,709‌

Total

Municipal

Bonds

(Cost $40,803,946)

40,883,856‌

Money

Market

Funds

1.11%

Shares

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio,

Institutional

Class,

4.83%

(c)

769,648‌

769,648‌

Total

Money

Market

Funds

(Cost $769,648)

769,648‌

Total

Investments

—

98.90%

(Cost

$68,776,869)

68,200,761‌

Other

Assets

in

Excess

of

Liabilities

—

1.10%

758,307‌

NET

ASSETS

-

100.00%

$

68,959,068‌

(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.

(c)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

September

30,

2024.

AGM

-

Assured

Guaranty

Municipal

Corp.

NATL-RE

-

Insured

by

National

Public

Finance

Guarantee

Corp.

OID

-

Original

Issue

Discount

Spirit

of

America

Utilities

Fund

Schedule

of

Investments

September

30,

2024

(Unaudited)

27

Common

Stocks

93.36%

Shares

Market

Value

Energy

0.77%

ONEOK,

Inc.

250‌

$

22,782‌

Targa

Resources

Corp.

150‌

22,202‌

Williams

Companies,

Inc.

(The)

2,900‌

132,385‌

177,369‌

Industrials

0.86%

Waste

Management,

Inc.

950‌

197,220‌

Utilities

91.73%

AES

Corp.

22,000‌

441,320‌

Alliant

Energy

Corp.

4,550‌

276,139‌

Ameren

Corp.

8,700‌

760,902‌

American

Electric

Power

Company,

Inc.

9,150‌

938,790‌

American

Water

Works

Company,

Inc.

1,350‌

197,424‌

Atmos

Energy

Corp.

3,400‌

471,614‌

Brookfield

Renewable

Corp.,

Class

A

1,150‌

37,559‌

CenterPoint

Energy,

Inc.

15,500‌

456,010‌

Chesapeake

Utilities

Corp.

1,500‌

186,255‌

Clearway

Energy,

Inc.,

Class

C

6,800‌

208,624‌

CMS

Energy

Corp.

10,800‌

762,804‌

Constellation

Energy

Corp.

4,350‌

1,131,087‌

Dominion

Energy,

Inc.

2,600‌

150,254‌

DTE

Energy

Co.

8,050‌

1,033,700‌

Duke

Energy

Corp.

8,450‌

974,285‌

Edison

International

7,100‌

618,339‌

Entergy

Corp.

7,750‌

1,019,977‌

Essential

Utilities,

Inc.

18,000‌

694,260‌

Evergy,

Inc.

4,950‌

306,949‌

Eversource

Energy

11,950‌

813,197‌

Exelon

Corp.

13,700‌

555,535‌

FirstEnergy

Corp.

13,700‌

607,595‌

IDACORP,

Inc.

900‌

92,781‌

National

Fuel

Gas

Co.

1,550‌

93,946‌

New

Jersey

Resources

Corp.

1,200‌

56,640‌

NextEra

Energy,

Inc.

18,150‌

1,534,220‌

Nisource,

Inc.

21,750‌

753,638‌

Northwest

Natural

Holdings

Co.

1,900‌

77,558‌

NorthWestern

Corp.

1,000‌

57,220‌

NRG

Energy,

Inc.

1,000‌

91,100‌

PNM

Resources,

Inc.

2,300‌

100,671‌

Portland

General

Electric

Co.

6,000‌

287,400‌

PPL

Corp.

25,100‌

830,308‌

Public

Service

Enterprise

Group,

Inc.

10,350‌

923,324‌

Sempra

Energy

12,050‌

1,007,742‌

Southern

Co.

3,450‌

311,121‌

Southwest

Gas

Corp.

2,650‌

195,464‌

Vistra

Energy

Corp.

7,300‌

865,342‌

Spirit

of

America

Utilities

Fund

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

28

Common

Stocks

93.36%

(continued)

Shares

Market

Value

Utilities

91.73%

(continued)

WEC

Energy

Group,

Inc.

6,650‌

$

639,597‌

Xcel

Energy,

Inc.

8,400‌

548,520‌

21,109,211‌

Total

Common

Stocks

(Cost $17,869,229)

21,483,800‌

Preferred

Stocks

0.65%

Utilities

0.65%

Southern

Co.,

5.25%

6,000‌

149,940‌

Total

Preferred

Stocks

(Cost $146,850)

149,940‌

Money

Market

Funds

5.95%

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio,

Institutional

Class,

4.83%

(a)

1,369,782‌

1,369,782‌

Total

Money

Market

Funds

(Cost $1,369,782)

1,369,782‌

Total

Investments

—

99.96%

(Cost

$19,385,861)

23,003,522‌

Other

Assets

in

Excess

of

Liabilities

—

0.04%

8,388‌

NET

ASSETS

-

100.00%

$

23,011,910‌

(a)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

September

30,

2024.

We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.