Form N-CSRS SPIRIT OF AMERICA INVEST For: Jun 30

Article

FREE Breaking News Alerts from StreetInsider.com!

StreetInsider.com Top Tickers, 4/25/2024

1. TSLA
2. META
3. ENPH
4. TXN
5. BA

6. SPOT
7. IBM
8. V
9. HCP
10. KMB

Top News Most Read Special Reports

September 7, 2021 3:02 PM EDT

E-mail

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: 1-516-390-5565

Date of fiscal year end: December 31

Date of reporting period: June 30, 2021

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

SEMI-ANNUAL REPORT

June 30, 2021


	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 Income & Opportunity Fund

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
PERFORMANCE UPDATE (UNAUDITED)

Summary of Portfolio Holdings (Unaudited)

As of June 30, 2021

Residential REITs	21.65	%	$	21,998,152
Industrial REITs	21.30	%		21,633,844
Data Center (REITs)	21.01	%		21,338,557
Retail REITs	10.08	%		10,239,210
Self-Storage REITs	5.91	%		6,000,995
Office REITs	5.02	%		5,098,788
Health Care REITs	3.46	%		3,512,375
Infrastructure REITs	2.93	%		2,976,333
Hotel REITs	2.72	%		2,767,074
Multi Asset Class REITs	1.85	%		1,882,844
Gaming REITs	1.49	%		1,509,187
Money Market	0.92	%		930,159
Specialty REITs	0.56	%		573,685
Consumer Discretionary	0.53	%		533,471
Mortage Finance	0.31	%		318,773
Municipal Bonds	0.20	%		200,790
Timber REITs	0.06	%		61,956
Total Investments	100.00	%	$	101,576,193

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
PERFORMANCE UPDATE (UNAUDITED) (CONT.)

Average Annual Returns (Unaudited)

For the periods ended June 30, 2021

	Six Months	1 Year	5 Year	10 Year	Expense Ratios⁴
Class A Shares - with load	10.74%	21.69%	5.44%	7.10%	1.59%
Class A Shares - no load	16.89%	28.45%	6.59%	7.68%	1.59%
Class C Shares - with load¹	15.46%	26.51%	5.82%	6.92%	2.29%
Class C Shares - no load¹	16.46%	27.51%	5.82%	6.92%	2.29%
Institutional Class Shares²	17.00%	28.88%	6.91%	8.00%	1.29%
MSCI US REIT Index³	21.81%	38.06%	6.32%	9.38%

The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns, with load, include the 5.25% maximum sales charge for the Class A Shares or the 1.00% maximum deferred sales charge for the Class C Shares. Total returns for periods less than one year are not annualized.

Class C Shares commenced operations on March 15, 2016. Prior to March 15, 2016, performance is based on the performance of Class A Shares adjusted for the Class C Shares’ 12b-1 fees and contingent deferred sales charge.

Institutional Shares commenced operations on May 1, 2020. Prior to May 1, 2020, performance is based on the performance of Class A Shares.

The Morgan Stanley Capital International (“MSCI”) US REIT Index is an unmanaged index. The MSCI US REIT Index is a free float- adjusted market capitalization weighted index that is comprised of equity Real Estate Investment Trusts (“REITs”) that are included in the MSCI US Investable Market 2500 Index, with the exception of specialty equity REITs that do not generate a majority of their revenue and income from real estate rental and leasing operations. The index represents approximately 85% of the US REIT universe. The performance of an index assumes no transaction costs, taxes, management fees or other expenses. A direct investment in an index is not possible.

⁴

Reflects the expense ratio as disclosed in the Fund’s prospectus dated May 1, 2021. Additional information pertaining to the Fund’s expense ratios as of June 30, 2021, can be found in the financial highlights.

Fixed Distribution Policy (Unaudited)

The Board of Directors of the Fund has set a fixed distribution policy whereby the Fund will declare semi-annual distributions comprised of income earned, if any, realized long-term capital gains, if any, and to the extent necessary, return of capital, payable as of June 30 and December 31 of each year in the annual aggregate minimum amount of $0.85 per share. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of these distributions. The Fund’s total return based on net asset value is presented on the prior page as well as in the Financial Highlights tables.

2	SPIRIT OF AMERICA

SPIRIT OF AMERICA LARGE CAP VALUE FUND

PERFORMANCE UPDATE (UNAUDITED)

Summary of Portfolio Holdings (Unaudited)

As of June 30, 2021

Technology	33.94	%	$	49,690,718
Financials	11.58	%		16,947,758
Health Care	9.92	%		14,529,590
Industrials	9.19	%		13,451,097
Consumer Staples	8.18	%		11,974,134
Communications	7.70	%		11,270,551
Consumer Discretionary	6.57	%		9,618,783
Real Estate	4.29	%		6,275,933
Energy	3.76	%		5,511,297
Utilities	2.80	%		4,103,928
Materials	1.41	%		2,067,051
Money Market	0.66	%		965,662
Total Investments	100.00	%	$	146,406,502

SPIRIT OF AMERICA LARGE CAP VALUE FUND

PERFORMANCE UPDATE (UNAUDITED) (CONT.)

Average Annual Returns (Unaudited)

For the periods ended June 30, 2021

	Six Months	1 Year	5 Year	10 Year	Expense Ratios⁴
Class A Shares - with load	8.83%	31.51%	13.83%	11.17%	1.53%
Class A Shares - no load	14.88%	38.77%	15.06%	11.77%	1.53%
Class C Shares - with load¹	13.47%	36.76%	14.24%	10.97%	2.23%
Class C Shares - no load¹	14.47%	37.76%	14.24%	10.97%	2.23%
Institutional Class Shares²	15.04%	39.17%	15.41%	12.11%	1.23%
S&P 500 Index³	15.25%	40.79%	17.65%	14.84%

Institutional Shares commenced operations on May 1, 2020. Prior to May 1, 2020, performance is based on the performance of Class A Shares.

S&P 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure the performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The performance of an index assumes no transaction costs, taxes, management fees or other expenses. A direct investment in an index is not possible.

Fixed Distribution Policy (Unaudited)

The Board of Directors of the Fund has set a fixed distribution policy whereby the Fund will declare semi-annual distributions comprised of income earned, if any, realized long-term capital gains, if any, and to the extent necessary, return of capital, payable as of June 30 and December 31 of each year in the annual aggregate minimum amount of $1.40 per share. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of these distributions. The Fund’s total return based on net asset value is presented in the table above as well as in the Financial Highlights tables.

4	SPIRIT OF AMERICA

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

PERFORMANCE UPDATE (UNAUDITED)

Summary of Portfolio Holdings (Unaudited)

As of June 30, 2021

New York	21.12	%	$	14,255,441	Louisiana	0.95	%	$	638,031
Texas	9.23	%		6,231,953	Arizona	0.90	%		608,991
Connecticut	8.80	%		5,939,557	Ohio	0.86	%		582,168
Florida	8.05	%		5,427,510	Puerto Rico	0.85	%		570,438
Pennsylvania	6.45	%		4,349,061	Alaska	0.74	%		500,777
Indiana	4.99	%		3,366,662	Tennessee	0.59	%		399,089
California	4.63	%		3,120,432	South Dakota	0.57	%		385,040
Money Market	4.46	%		3,007,159	Iowa	0.45	%		303,518
New Jersey	4.39	%		2,961,530	Virginia	0.43	%		287,116
Massachusetts	3.93	%		2,649,662	Oklahoma	0.39	%		264,195
Michigan	3.11	%		2,096,029	Nebraska	0.38	%		255,875
Maine	1.98	%		1,333,343	Vermont	0.37	%		251,932
District of Columbia	1.63	%		1,098,516	North Carolina	0.34	%		230,599
Washington	1.62	%		1,090,029	Illinois	0.30	%		200,938
Georgia	1.45	%		976,959	North Dakota	0.16	%		107,266
Utah	1.37	%		925,926	Wisconsin	0.12	%		81,576
Nevada	1.20	%		809,703	Virgin Islands	0.11	%		75,189
New Mexico	1.09	%		738,458	Oregon	0.05	%		36,698
Minnesota	0.98	%		660,818	Total Investments	100.00	%	$	67,463,522
Missouri	0.96	%		645,338

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

PERFORMANCE UPDATE (UNAUDITED) (CONT.)

Average Annual Returns (Unaudited)

For the periods ended June 30, 2021

					Expense Ratios⁴
						With Applicable
	Six Months	1 Year	5 Year	10 Year	Gross	Waivers
Class A Shares - with load	(4.10)%	(2.16)%	1.14%	3.23%	1.11%	0.90%
Class A Shares - no load	0.73%	2.69%	2.12%	3.73%	1.11%	0.90%
Class C Shares - with load¹	(0.69)%	0.83%	1.22%	2.83%	1.96%	1.75%
Class C Shares - no load¹	0.31%	1.83%	1.22%	2.83%	1.96%	1.75%
Institutional Class Shares²	0.81%	2.85%	2.28%	3.89%	0.96%	0.75%
Bloomberg Barclays Municipal Bond Index³	1.06%	4.17%	3.25%	4.28%

The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns, with load, include the 4.75% maximum sales charge for the Class A Shares or the 1.00% maximum deferred sales charge for the Class C Shares. Total returns for periods less than one year are not annualized.

Institutional Shares commenced operations on May 1, 2020. Prior to May 1, 2020, performance is based on the performance of Class A Shares.

The Bloomberg Barclays Municipal Bond Index is an unmanaged index. The performance of an index assumes no transaction costs, taxes, management fees or other expenses. A direct investment in an index is not possible.

Reflects the expense ratio as disclosed in the Fund’s prospectus dated May 1, 2021. Spirit of America Management Corp. (the “Adviser”) has contractually agreed to waive advisory fees and/or reimburse expenses under an Operating Expenses Agreement so that the total operating expenses will not exceed 0.90%, 1.75% and 0.75% of the Class A Shares, Class C Shares and Institutional Shares average daily net assets, respectively, through April 30, 2022. 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. Any amounts waived or reimbursed by the Adviser are subject to reimbursement by the Fund within the following three years, provided the Fund is able to make such reimbursement and remain in compliance with the expense limitations stated above. The Operating Expense Agreement may be terminated at any time, by the Board of Directors, on behalf of the Fund, upon sixty days written notice to the Adviser. Additional information pertaining to the Fund’s expense ratios as of June 30, 2021, can be found in the financial highlights.

6	SPIRIT OF AMERICA

SPIRIT OF AMERICA INCOME FUND

PERFORMANCE UPDATE (UNAUDITED)

Summary of Portfolio Holdings (Unaudited)

As of June 30, 2021

Municipal Bonds	55.56	%		71,640,110
Preferred Stocks	19.80	%		25,522,488
Common Stocks	16.24	%		20,932,637
Corporate Bonds	8.32	%		10,729,227
Collateralized Mortgage Obligations	0.08	%		106,717
Total Investments	100.00	%	$	128,931,179

Average Annual Returns (Unaudited)

For the periods ended June 30, 2021

					Expense Ratios⁴
						With Applicable
	Six Months	1 Year	5 Year	10 Year	Gross	Waivers
Class A Shares - with load	(1.61)%	4.99%	3.79%	5.56%	1.16%	1.11%
Class A Shares - no load	3.29%	10.21%	4.81%	6.07%	1.16%	1.11%
Class C Shares - with load¹	1.82%	8.40%	4.01%	5.27%	1.91%	1.86%
Class C Shares - no load¹	2.82%	9.40%	4.01%	5.27%	1.91%	1.86%
Institutional Class Shares²	3.41%	10.45%	5.06%	6.33%	0.91%	0.86%
Bloomberg Barclays U.S. Aggregate Bond Index³	(1.60)%	(0.33)%	3.03%	3.39%

The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns, with load, include the 4.75% maximum sales charge for the Class A Shares or the 1.00% maximum deferred sales charge for the Class C Shares. Total returns for periods less than one year are not annualized.

Institutional Shares commenced operations on May 1, 2020. Prior to May 1, 2020, performance is based on the performance of Class A Shares.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index. The performance of an index assumes no transaction costs, taxes, management fees or other expenses. A direct investment in an index is not possible.

⁴

Reflects the expense ratio as disclosed in the Fund’s prospectus dated May 1, 2021. Spirit of America Management Corp. (the “Adviser”) has contractually agreed to waive advisory fees and/or reimburse expenses under an Operating Expenses Agreement so that the total operating expenses will not exceed 1.10%, 1.85% and 0.85% of the Class A Shares, Class C Shares and Institutional Shares average daily net assets, respectively, through April 30, 2022. 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. Any amounts waived or reimbursed by the Adviser are subject to reimbursement by the Fund within the following three years, provided the Fund is able to make such reimbursement and remain in compliance with the expense limitations stated above. The Operating Expense Agreement may be terminated at any time, by the Board of Directors, on behalf of the Fund, upon sixty days written notice to the Adviser. Additional information pertaining to the Fund’s expense ratios as of June 30, 2021, can be found in the financial highlights.

SPIRIT OF AMERICA INCOME & OPPORTUNITY FUND

PERFORMANCE UPDATE (UNAUDITED)

Summary of Portfolio Holdings (Unaudited)

As of June 30, 2021

Common Stocks	41.49	%	$	11,383,906
Municipal Bonds	40.33	%		11,067,534
Preferred Stocks	9.32	%		2,557,400
Money Market	3.59	%		983,915
U.S. Government & Agency Obligations	3.35	%		920,187
Corporate Bonds	1.92	%		527,895
Total Investments	100.00	%	$	27,440,837

Average Annual Returns (Unaudited)

For the periods ended June 30, 2021

					Expense Ratios⁴
				Since
				Inception		With
				(July 8,		Applicable
	Six Months	1 Year	5 Year	2013)	Gross	Waivers
Class A Shares - with load	3.71%	13.51%	5.73%	5.24%	1.47%	1.26%
Class A Shares - no load	8.88%	19.17%	6.76%	5.89%	1.47%	1.26%
Class C Shares - with load¹	7.54%	17.29%	5.99%	5.04%	2.22%	2.01%
Class C Shares - no load¹	8.54%	18.29%	5.99%	5.04%	2.22%	2.01%
Institutional Class Shares²	9.05%	19.56%	7.04%	6.16%	1.22%	1.01%
Bloomberg Barclays U.S. Aggregate Bond Index³	(1.60)%	(0.33)%	3.03%	3.50%

The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns, with load, include the 4.75% maximum sales charge for the Class A Shares or the 1.00% maximum deferred sales charge for the Class C Shares. Total returns for periods less than one year are not annualized.

Institutional Shares commenced operations on May 1, 2020. Prior to May 1, 2020, performance is based on the performance of Class A Shares.

⁴

Reflects the expense ratio as disclosed in the Fund’s prospectus dated May 1, 2021. Spirit of America Management Corp. (the “Adviser”) has contractually agreed to waive advisory fees and/or reimburse expenses under an Operating Expenses Agreement so that the total operating expenses will not exceed 1.25%, 2.00% and 1.00% of the Class A Shares, Class C Shares and Institutional Shares average daily net assets, respectively, through April 30, 2022. 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. Any amounts waived or reimbursed by the Adviser are subject to reimbursement by the Fund within the following three years, provided the Fund is able to make such reimbursement and remain in compliance with the expense limitations stated above. The Operating Expense Agreement may be terminated at any time, by the Board of Directors, on behalf of the Fund, upon sixty days written notice to the Adviser. Additional information pertaining to the Fund’s expense ratios as of June 30, 2021, can be found in the financial highlights.

8	SPIRIT OF AMERICA

SPIRIT OF AMERICA INCOME & OPPORTUNITY FUND

PERFORMANCE UPDATE (UNAUDITED) (CONT.)

Fixed Distribution Policy (Unaudited)

The Board of Directors of the Fund has set a fixed distribution policy whereby the Fund will declare semi-annual distributions comprised of income earned, if any, realized long-term capital gains, if any, and to the extent necessary, return of capital, payable as of June 30 and December 31 of each year in the annual aggregate minimum amount of $0.60 per share. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of these distributions. The Fund’s total return based on net asset value is presented on the prior page as well as in the Financial Highlights tables.

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND

SCHEDULE OF INVESTMENTS | JUNE 30, 2021 (UNAUDITED)

	Shares		Market Value
Common Stocks 97.14%

Data Center REITs 20.91%
CoreSite Realty Corp.		28,425	$	3,826,005
CyrusOne, Inc.		44,100		3,154,032
Digital Realty Trust, Inc.		35,081		5,278,287
Equinix, Inc.		5,125		4,113,325
QTS Realty Trust, Inc., Class A		61,575		4,759,748
				21,131,397
Gaming REITs 1.49%
Gaming and Leisure Properties, Inc.		3,685		170,726
MGM Growth Properties LLC, Class A		36,550		1,338,461
				1,509,187
Health Care REITs 3.47%
Global Medical REIT, Inc.		15,000		221,400
Healthcare Trust of America, Inc., Class A		7,500		200,250
Healthpeak Properties, Inc.		33,668		1,120,808
Medical Properties Trust, Inc.		12,500		251,250
Omega Healthcare Investors, Inc.		1,000		36,290
Physicians Realty Trust		5,850		108,049
Ventas, Inc.		5,050		288,355
Welltower, Inc.		15,475		1,285,973
				3,512,375
Homebuilding 0.53%
D.R. Horton, Inc.		500		45,185
Lennar Corp., Class A		2,500		248,375
Toll Brothers, Inc.		4,150		239,911
				533,471
Hotel REITs 1.91%
Apple Hospitality REIT, Inc.		10,210		155,805
Host Hotels & Resorts, Inc.(a)		25,000		427,250
Park Hotels & Resorts, Inc.(a)		7,750		159,727
Pebblebrook Hotel Trust(a)		29,581		696,633
Summit Hotel Properties, Inc.(a)		18,000		167,940
Sunstone Hotel Investors, Inc.		25,700		319,194
				1,926,549
Industrial REITs 21.30%
Americold Realty Trust		30,200		1,143,070
Duke Realty Corp.		3,750		177,562
Innovative Industrial Properties, Inc.		24,050		4,594,031
Prologis, Inc.		93,970		11,232,234
STAG Industrial, Inc.		44,950		1,682,479
Terreno Realty Corp.		41,900		2,703,388
				21,532,764
Infrastructure REITs 2.94%
American Tower Corp., Class A		5,110		1,380,415
Crown Castle International Corp.		8,180		1,595,918
				2,976,333

See accompanying notes which are an integral part of these financial statements.

10	SPIRIT OF AMERICA

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

	Shares		Market Value

Mortgage Finance 0.32%
Blackstone Mortgage Trust, Inc., Class A		2,200	$	70,158
Starwood Property Trust, Inc.		9,500		248,615
				318,773
Multi Asset Class REITs 1.80%
Lexington Realty Trust		2,700		32,265
One Liberty Properties, Inc.		2,500		70,975
WP Carey, Inc.		22,950		1,712,529
				1,815,769
Office REITs 5.04%
Alexandria Real Estate Equities, Inc.		12,650		2,301,541
Boston Properties, Inc.		6,965		798,119
City Office REIT, Inc.		59,308		737,198
Hudson Pacific Properties, Inc.		27,550		766,441
Kilroy Realty Corp.		7,115		495,489
				5,098,788
Residential REITs 21.63%
American Campus Communities, Inc.		1,000		46,720
American Homes 4 Rent, Class A		1,500		58,275
Apartment Income REIT Corp.		25,902		1,228,532
AvalonBay Communities, Inc.		10,190		2,126,551
Camden Property Trust		12,750		1,691,543
Equity LifeStyle Properties, Inc.		35,000		2,600,850
Equity Residential		25,415		1,956,955
Essex Property Trust, Inc.		6,286		1,885,863
Invitation Homes, Inc.		32,800		1,223,112
Mid-America Apartment Communities, Inc.		17,072		2,875,266
Sun Communities, Inc.		26,100		4,473,540
UDR, Inc.		34,750		1,702,055
				21,869,262
Retail REITs 9.63%
Agree Realty Corp.		1,500		105,735
Brixmor Property Group, Inc.		35,175		805,156
Federal Realty Investment Trust		11,300		1,324,021
Four Corners Property Trust, Inc.		2,000		55,220
Kimco Realty Corp.		26,069		543,539
National Retail Properties, Inc.		14,750		691,480
Realty Income Corp.		24,280		1,620,447
Regency Centers Corp.		23,300		1,492,831
Simon Property Group, Inc.		20,900		2,727,032
Spirit MTA REIT(b)		1,140		484
STORE Capital Corp.		3,000		103,530
Tanger Factory Outlet Centers, Inc.		11,500		216,775
VEREIT, Inc.		1,000		45,930
				9,732,180
Self-Storage REITs 5.54%
CubeSmart		19,750		914,820
Extra Space Storage, Inc.		11,645		1,907,684
Life Storage, Inc.		17,750		1,905,462
Public Storage		2,900		872,001
				5,599,967

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, 2021 (UNAUDITED)

	Shares		Market Value

Specialty REITs 0.57%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		10,217	$	573,685

Timber REITs 0.06%
Weyerhaeuser Co.		1,800		61,956

Total Common Stocks
(Cost $56,017,763)				98,192,456

Preferred Stocks 2.23%

Data Center REITs 0.20%
Digital Realty Trust, Inc., Series J, 5.25%		4,000		104,000
QTS Realty Trust, Inc., 7.13%		4,000		103,160
				207,160
Hotel REITs 0.84%
Ashford Hospitality Trust, Inc., Series F, 7.38%		6,000		159,900
Hersha Hospitality Trust, Series D, 6.50%		5,000		117,750
Hersha Hospitality Trust, Series E, 6.50%		5,000		117,750
Pebblebrook Hotel Trust, Series F, 6.30%		2,500		63,225
Pebblebrook Hotel Trust, Series G, 6.38%		4,000		109,040
Sotherly Hotels, Inc., Series B, 8.00%		6,000		120,000
Sotherly Hotels, Inc., Series C, 7.88%		2,000		39,300
Sunstone Hotel Investors, Inc., Series H 6.13%		4,000		113,560
				840,525
Industrial REITs 0.10%
Monmouth Real Estate Investment Corp., Series C, 6.13%		4,000		101,080

Multi Asset Class REITs 0.07%
Vornado Realty Trust, Series M, 5.25%		2,500		67,075

Residential REITs 0.13%
American Homes 4 Rent, Series G, 5.88%		2,000		51,640
Bluerock Residential Growth REIT, Inc., Series A, 7.13%		3,000		77,250
				128,890
Retail REITs 0.50%
CTO Realty Growth, Inc., Series A, 6.38%		2,000		50,840
Federal Realty Investment Trust, Series C, 5.00%		6,500		171,730
National Retail Properties, Inc., Series F, 5.20%		11,000		284,460
				507,030
Self-Storage REITs 0.39%
Public Storage, Series I, 4.88%		1,917		52,948
Public Storage, Series K, 4.75%		4,000		110,320
Public Storage, Series L, 4.63%		2,000		55,080
Public Storage, Series M, 4.13%		1,167		30,400
Public Storage, Series N, 3.88%		4,000		101,720
Public Storage, Series P, 4.00%		2,000		50,560
				401,028
Total Preferred Stocks
(Cost $2,184,818)				2,252,788

See accompanying notes which are an integral part of these financial statements.

12	SPIRIT OF AMERICA

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

	Principal
	Amount		Market Value

Municipal Bonds 0.20%
Franklin County Convention Facilities Authority, Revenue Bonds, 6.54%, 12/1/2036	$	140,000	$	200,790

Total Municipal Bonds
(Cost $161,908)				200,790

	Shares

Money Market Funds 0.92%
Morgan Stanley Institutional Liquidity Fund, Institutional Class, 0.03%(c)		930,159		930,159

Total Money Market Funds
(Cost $930,159)				930,159

Total Investments — 100.49%
(Cost $59,294,648)				101,576,193
Liabilities in Excess of Other Assets — (0.49)%				(494,278	)
NET ASSETS — 100.00%			$	101,081,915

(a)

Non-income producing security.

(b)

Security is currently being valued according to the fair value procedures approved by the Board of Directors.

(c)

Rate disclosed is the seven day effective yield as of June 30, 2021.

See accompanying notes which are an integral part of these financial statements.

SPIRIT OF AMERICA LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS | JUNE 30, 2021 (UNAUDITED)

	Shares		Market Value
Common Stocks 98.68%

Communications 7.75%
Alphabet, Inc., Class A(a)		1,820	$	4,444,058
Comcast Corp., Class A		16,200		923,724
Netflix, Inc.(a)		1,750		924,367
Uber Technologies, Inc.(a)		5,000		250,600
Verizon Communications, Inc.		28,540		1,599,096
Walt Disney Co. (The)		17,800		3,128,706
				11,270,551
Consumer Discretionary 6.62%
Amazon.com, Inc.(a)		645		2,218,903
D.R. Horton, Inc.		8,050		727,478
Home Depot, Inc. (The)		10,388		3,312,629
Lennar Corp., Class A		6,850		680,548
Lowe’s Cos., Inc.		1,750		339,448
Masco Corp.		11,500		677,465
McDonald’s Corp.		4,880		1,127,231
NIKE, Inc., Class B		1,100		169,939
TJX Cos., Inc. (The)		1,000		67,420
Toll Brothers, Inc.		5,150		297,722
				9,618,783
Consumer Staples 8.24%
Altria Group, Inc.		11,250		536,400
Clorox Co. (The)		950		170,914
Coca-Cola Co. (The)		7,400		400,414
Colgate-Palmolive Co.		2,500		203,375
Conagra Brands, Inc.		7,100		258,298
Constellation Brands, Inc., Class A		650		152,028
Costco Wholesale Corp.		5,901		2,334,849
Kroger Co. (The)		9,000		344,790
Lamb Weston Holdings, Inc.		4,300		346,838
PepsiCo, Inc.		2,400		355,608
Philip Morris International, Inc.		7,600		753,236
Procter & Gamble Co. (The)		6,915		933,041
Target Corp.		13,580		3,282,829
Wal-Mart Stores, Inc.		13,484		1,901,514
				11,974,134
Energy 3.79%
Antero Midstream Corp.		5,000		51,950
Baker Hughes Co.		1,000		22,870
Cheniere Energy, Inc.(a)		3,650		316,601
Chevron Corp.		13,010		1,362,667
ConocoPhillips		10,300		627,270
EOG Resources, Inc.		900		75,096
Exxon Mobil Corp.		6,100		384,788
First Solar, Inc.(a)		1,000		90,510
Halliburton Co.		1,000		23,120
Kinder Morgan, Inc.		22,750		414,733
Pioneer Natural Resources Co.		1,400		227,528
Targa Resources Corp.		3,600		160,020

See accompanying notes which are an integral part of these financial statements.

14	SPIRIT OF AMERICA

SPIRIT OF AMERICA LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

	Shares		Market Value

Energy (cont.)
Valero Energy Corp.		13,115	$	1,024,019
Williams Cos, Inc. (The)		27,500		730,125
				5,511,297
Financials 10.52%
American Express Co.		10,250		1,693,607
Bank of America Corp.		29,600		1,220,408
Berkshire Hathaway, Inc., Class B(a)		3,020		839,318
Blackstone Group, Inc. (The), Class A		8,250		801,405
Carlyle Group, Inc. (The)		6,050		281,204
Citigroup, Inc.		17,200		1,216,900
CME Group, Inc.		1,404		298,603
Goldman Sachs Group, Inc. (The)		2,815		1,068,377
JPMorgan Chase & Co.		20,892		3,249,542
Morgan Stanley		3,000		275,070
Signature Bank		10,500		2,579,325
SVB Financial Group(a)		2,723		1,515,159
Wells Fargo & Co.		5,500		249,095
				15,288,013
Health Care 9.99%
Abbott Laboratories		3,100		359,383
AbbVie, Inc.		22,957		2,585,876
Amgen, Inc.		2,900		706,875
Bristol-Myers Squibb Co.		16,250		1,085,825
Centene Corp.(a)		10,100		736,593
CVS Health Corp.		7,611		635,062
Edwards LifeSciences Corp.(a)		3,000		310,710
Gilead Sciences, Inc.		2,750		189,365
Humana, Inc.		1,450		641,944
Johnson & Johnson		4,597		757,310
McKesson Corp.		2,250		430,290
Medtronic PLC		7,069		877,475
Merck & Co., Inc.		17,750		1,380,417
Moderna, Inc.(a)		500		117,490
Pfizer, Inc.		8,150		319,154
Quest Diagnostics, Inc.		4,500		593,865
Thermo Fisher Scientific, Inc.		2,140		1,079,566
UnitedHealth Group, Inc.		2,725		1,091,199
Vertex Pharmaceuticals, Inc.(a)		3,050		614,972
Viatris, Inc.(a)		1,135		16,219
				14,529,590
Industrials 9.25%
3M Co.		1,290		256,233
Boeing Co. (The)		3,355		803,724
Caterpillar, Inc.		10,225		2,225,267
CSX Corp.		42,525		1,364,202
Cummins, Inc.		3,550		865,525
Deere & Co.		4,975		1,754,732
FedEx Corp.		4,950		1,476,734
Honeywell International, Inc.		8,300		1,820,605
Johnson Controls International PLC		8,253		566,403
Raytheon Technologies Corp.		2,100		179,151

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, 2021 (UNAUDITED)

	Shares		Market Value

Industrials (cont.)
Southwest Airlines Co.		3,200	$	169,888
United Parcel Service, Inc., Class B		1,900		395,143
Waste Connections, Inc.		13,175		1,573,490
				13,451,097
Materials 1.42%
CF Industries Holdings, Inc.		7,700		396,165
Corteva, Inc.		7,233		320,784
Dow, Inc.		6,083		384,932
DuPont de Nemours, Inc.		6,500		503,165
International Paper Co.		500		30,655
Linde PLC		1,400		404,740
WestRock Co.		500		26,610
				2,067,051
Real Estate Investment Trusts (REITs) 4.17%
Alexandria Real Estate Equities, Inc.		1,550		282,007
American Tower Corp., Class A		1,040		280,946
CoreSite Realty Corp.		400		53,840
Crown Castle International Corp.		2,540		495,554
CyrusOne, Inc.		11,100		793,872
Digital Realty Trust, Inc.		1,100		165,506
Equinix, Inc.		1,425		1,143,705
Invitation Homes, Inc.		1,000		37,290
MGM Growth Properties LLC, Class A		2,250		82,395
Mid-America Apartment Communities, Inc.		500		84,210
Prologis, Inc.		7,500		896,475
QTS Realty Trust, Inc., Class A		9,400		726,620
Realty Income Corp.		2,200		146,828
Simon Property Group, Inc.		700		91,336
Sun Communities, Inc.		3,700		634,180
Terreno Realty Corp.		2,075		133,879
Weyerhaeuser Co.		500		17,210
				6,065,853
Technology 34.18%
Accenture PLC, Class A		4,325		1,274,967
Adobe, Inc.(a)		1,700		995,588
Advanced Micro Devices, Inc.(a)		2,100		197,253
Apple, Inc.		65,332		8,947,871
Applied Materials, Inc.		17,970		2,558,928
Cisco Systems, Inc.		19,050		1,009,650
Cognizant Technology Solutions Corp., Class A		5,100		353,226
Corning, Inc.		10,000		409,000
Crowdstrike Holdings, Inc., Class A(a)		500		125,655
Dell Technologies, Inc., Class C(a)		1,624		161,864
Fiserv, Inc.(a)		1,950		208,435
Garmin Ltd.		1,900		274,816
HP, Inc.		20,500		618,895
International Business Machines Corp.		2,868		420,420
MasterCard, Inc., Class A		5,200		1,898,468
Microchip Technology, Inc.		3,225		482,912
Microsoft Corp.		28,039		7,595,765
NetApp, Inc.		2,600		212,732

See accompanying notes which are an integral part of these financial statements.

16	SPIRIT OF AMERICA

SPIRIT OF AMERICA LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

	Shares		Market Value

Technology (cont.)
NortonLifeLock, Inc.		27,700	$	753,994
NVIDIA Corp.		9,923		7,939,392
Oracle Corp.		33,375		2,597,910
Paychex, Inc.		3,850		413,105
PayPal Holdings, Inc.(a)		1,475		429,933
QUALCOMM, Inc.		4,700		671,771
Texas Instruments, Inc.		13,775		2,648,933
Visa, Inc., Class A		14,500		3,390,390
Workday, Inc., Class A(a)		12,980		3,098,845
				49,690,718
Utilities 2.75%
AES Corp.		4,000		104,280
American Electric Power Co., Inc.		1,850		156,492
Brookfield Renewable Corp., Class A		563		23,591
Brookfield Renewable Partners LP		2,250		86,783
Dominion Energy, Inc.		11,000		809,270
Duke Energy Corp.		950		93,784
Edison International		2,100		121,422
Eversource Energy		250		20,060
NextEra Energy, Inc.		25,325		1,855,816
WEC Energy Group, Inc.		8,200		729,390
				4,000,888
Total Common Stocks
(Cost $68,499,321)				143,467,975

Preferred Stocks 1.36%

Financials 1.14%
Annaly Capital Management, Inc., Series F, 6.95%		2,000		52,180
Arch Capital Group Ltd., Series E, 5.25%		2,000		50,780
Arch Capital Group Ltd., Series F, 5.45%		2,000		52,340
Arch Capital Group Ltd., Series G, 4.55%		2,000		51,620
Athene Holding Ltd., Series C, 6.38%		2,000		56,460
Bank of America Corp., Series GG, 6.00%		4,000		109,520
Bank of America Corp., Series HH, 5.88%		2,000		54,960
Bank of America Corp., Series LL, 5.00%		2,000		54,600
Bank of America Corp., Series PP, 4.13%		3,333		87,191
Charles Schwab Corp. (The), Series J, 4.45%		2,000		53,000
First Republic Bank, Series L, 4.25%		2,000		53,460
Globe Life, Inc., 4.25%		1,000		26,110
Globe Life, Inc., 6.13%		5,000		125,600
JPMorgan Chase & Co., Series EE, 6.00%		2,000		57,660
JPMorgan Chase & Co., Series JJ, 4.55%		2,000		53,240
JPMorgan Chase & Co., Series LL 4.63%		6,000		159,780
KeyCorp, Series G, 5.63%		2,000		56,960
KKR & Co. LP, Series B, 6.50%		2,000		50,640
KKR Group Finance Co. IX LLC, 4.63%		2,000		51,620
Ladenburg Thalmann Financial Services, Inc., Series A, 8.00%		7,000		136,430
Northern Trust Corp., Series E, 4.70%		1,360		37,726
Prudential Financial, Inc., 4.13%		705		18,408
Prudential Financial, Inc., 5.63%		2,000		55,900
US Bancorp, Series M, 4.00%		2,000		52,000

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, 2021 (UNAUDITED)

	Shares		Market Value

Financials (cont.)
Wells Fargo & Co., Series CC, 4.38%		4,000	$	101,560
				1,659,745
Real Estate 0.14%
Digital Realty Trust, Inc., Series L, 5.20%		2,000		56,360
Public Storage, Series P, 4.00%		2,000		50,560
QTS Realty Trust, Inc., 7.13%		4,000		103,160
				210,080
Utilities 0.08%
Brookfield Infrastructure Partners LP, 5.00%		2,000		52,020
Entergy Louisiana LLC, 4.88%		2,000		51,020
				103,040
Total Preferred Stocks
(Cost $1,914,270)				1,972,865

Money Market Funds 0.67%
Morgan Stanley Institutional Liquidity Fund, Institutional Class, 0.03%(b)		965,662		965,662

Total Money Market Funds
(Cost $965,662)				965,662

Total Investments — 100.71%
(Cost $71,379,253)				146,406,502
Liabilities in Excess of Other Assets — (0.71)%				(1,026,190	)
NET ASSETS — 100.00%			$	145,380,312

(a)

Non-income producing security.

(b)

Rate disclosed is the seven day effective yield as of June 30, 2021.

See accompanying notes which are an integral part of these financial statements.

18	SPIRIT OF AMERICA

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS | JUNE 30, 2021 (UNAUDITED)

	Principal
	Amount		Market Value
Municipal Bonds 94.68%

Alaska 0.74%
Northern Tobacco Securitization Corp., Refunding Revenue Bonds, (OID), 5.00%, 6/1/2032	$	500,000	$	500,777

Arizona 0.89%
City of Phoenix, AZ, General Obligation Unlimited, Callable 7/1/2026 @ 100, 5.00%, 7/1/2027		500,000		608,991

California 4.58%
California Educational Facilities Authority, Callable 10/1/2021 @ 100, 6.13%, 10/1/2030		130,000		131,899
California State Public Works Board, Revenue Bonds, Callable 11/1/2026 @ 100, 5.00%, 11/1/2029		600,000		737,303
City of Los Angeles, CA Wastewater System Revenue, Refunding Revenue Bonds, (OID), Callable 6/1/2022 @ 100, 3.38%, 6/1/2029		100,000		102,322
Los Angeles CA Department of Water & Power, Revenue Bonds, Callable 1/1/2029 @ 100, 5.25%, 7/1/2049		200,000		257,010
Los Angeles Community College District, General Obligation Unlimited, Callable 8/1/2026 @ 100, 4.00%, 8/1/2038		500,000		580,136
Regents of the University of California Medical Center Pooled Revenue, Revenue Bond, Callable 5/15/2026 @ 100, 4.00%, 5/15/2037		145,000		163,947
San Francisco City & County Public Utilities Commission Water Revenue, Revenue Bonds, Callable 11/1/2030 @ 100, 5.00%, 11/1/2050		500,000		649,922
State of California, General Obligation Unlimited, Callable 8/1/2025 @ 100, 5.00%, 8/1/2029		250,000		295,884
State of California, General Obligation Unlimited, Callable 9/1/2026 @ 100, 4.00%, 9/1/2036		175,000		202,009
				3,120,432
Connecticut 8.72%
City of New Haven, CT, General Obligation Unlimited, Callable 8/15/2026 @ 100, 5.00%, 8/15/2036		230,000		272,594
Connecticut Housing Finance Authority, Multi-Family Housing, Revenue Bonds, Callable 11/15/2025 @ 100, 3.25%, 11/15/2036		250,000		263,743
Connecticut Housing Finance Authority, Refunding Revenue Bonds, Callable 5/15/2022 @ 100, 3.05%, 5/15/2031		195,000		198,321
Connecticut Housing Finance Authority, Refunding Revenue Bonds, (OID), Callable 11/15/2021 @ 100, 3.30%, 11/15/2037		250,000		252,591
Connecticut Housing Finance Authority, Revenue Bonds, Callable 5/15/2027 @ 100, 3.40%, 11/15/2037		25,000		27,063
Connecticut State Health & Educational Facility Authority, Healthcare, Hospital, & Nursing Home Improvements, Refunding Revenue Bonds, Callable 7/1/2021 @ 100, 5.00%, 7/1/2032		440,000		440,000
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds, Callable 7/1/2022 @ 100, 5.00%, 7/1/2042		500,000		517,432
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds, Callable 7/1/2022 @ 100, 4.50%, 7/1/2038		500,000		515,061
Connecticut State Health & Educational Facility Authority, Hospital Improvements, Revenue Bonds, (OID), Callable 7/1/2022 @ 100, 4.25%, 7/1/2031		500,000		515,004
Connecticut State Health & Educational Facility Authority, Private Primary Schools, Revenue Bonds, Callable 7/1/2022 @ 100, 4.00%, 7/1/2033		100,000		102,044
Connecticut State Health & Educational Facility Authority, Revenue Bonds, Callable 7/1/2024 @ 100, 5.00%, 7/1/2034		100,000		110,818
Connecticut State Health & Educational Facility Authority, Revenue Bonds, Callable 7/1/2026 @ 100, 5.00%, 7/1/2034		250,000		294,504

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, 2021 (UNAUDITED)

	Principal
	Amount		Market Value

Connecticut (cont.)
Connecticut State Health & Educational Facility Authority, Revenue Bonds, (AGM) (OID), Callable 7/1/2021 @ 100, 4.00%, 7/1/2037	$	250,000	$	250,000
State of Connecticut Special Tax Revenue, Highway Improvements, Revenue Bonds, Callable 10/1/2023 @ 100, 5.00%, 10/1/2030		250,000		274,671
State of Connecticut Special Tax Revenue, Public Improvements, Revenue Bonds, Callable 1/1/2023 @ 100, 5.00%, 1/1/2028		445,000		475,602
State of Connecticut, General Obligation Unlimited, 5.00%, 6/15/2024		250,000		284,487
State of Connecticut, General Obligation Unlimited, Callable 4/15/2027 @ 100, 5.00%, 4/15/2032		500,000		611,465
State of Connecticut, Public Improvements, General Obligation Unlimited, Callable 4/15/2022 @ 100, 4.00%, 4/15/2032		250,000		256,310
University of Connecticut, University & College Improvements, Revenue Bonds, Callable 2/15/2024 @ 100, 5.00%, 2/15/2034		250,000		277,847
				5,939,557
District of Columbia 1.61%
District of Columbia Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (Fannie Mae), 4.45%, 6/15/2031		320,000		336,065
District of Columbia Housing Finance Agency, State Single-Family Housing, Revenue Bonds, (Fannie Mae), Callable 12/1/2021 @ 100, 4.90%, 6/1/2040		280,000		284,215
District of Columbia Water & Sewer Authority, Revenue Bonds, Callable 4/1/2026 @ 100, 5.00%, 10/1/2036		250,000		298,801
District of Columbia Water & Sewer Authority, Revenue Bonds, Callable 4/1/2026 @ 100, 5.00%, 10/1/2034		150,000		179,435
				1,098,516
Florida 7.97%
Central Florida Expressway Authority, Revenue Bonds, Callable 7/1/2026 @ 100, 4.00%, 7/1/2035		150,000		172,220
City of Orlando, FL, Public Improvements, Revenue Bonds, Callable 10/1/2024 @ 100, 5.00%, 10/1/2046		1,000,000		1,132,722
Florida Municipal Loan Council, Water Utility Improvements, Revenue Bonds, (AGM) (OID), Callable 10/1/2021 @ 100, 5.50%, 10/1/2041		100,000		101,213
Florida Municipal Loan Council, Water Utility Improvements, Revenue Bonds, (AGM) (OID), Callable 10/1/2021 @ 100, 5.25%, 10/1/2033		100,000		101,199
FSU Financial Assistance, Inc., State Single-Family Housing, Refunding Revenue Bonds, Callable 10/1/2022 @ 100, 5.00%, 10/1/2030		500,000		525,811
Greater Orlando Aviation Authority, Port, Airport & Marina Improvements, Revenue Bonds, Callable 8/23/2021 @ 100, 5.00%, 10/1/2025		200,000		200,786
Hillsborough County Industrial Development Authority, School Improvements, Revenue Bonds, 5.13%, 5/15/2037		210,000		210,538
Miami Dade County FL Transit System Sales Surtax Revenue, Revenue Bonds, Callable 7/1/2030 @ 100, 4.00%, 7/1/2050		500,000		594,292
Miami Dade County FL Water & Sewage System, Revenue Bonds, Callable 10/1/2029 @ 100, 4.00%, 10/1/2049		500,000		589,635
Miami Dade County FL Water & Sewage System, Revenue Bonds, 4.00%, 10/1/2044		150,000		178,513
Miami-Dade County Educational Facilities Authority, University & College Improvements, Revenue Bonds, (AMBAC), 5.25%, 4/1/2031		260,000		350,090
Palm Beach County School District, Refunding Bonds, Certificate of Participation, 5.00%, 8/1/2024		45,000		45,178
School Board of Miami-Dade County (The), Certificate of Participation, Callable 2/1/2026 @ 100, 4.00%, 2/1/2033		1,000,000		1,120,461

See accompanying notes which are an integral part of these financial statements.

20	SPIRIT OF AMERICA

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

	Principal
	Amount		Market Value

Florida (cont.)
Tampa-Hillsborough County Expressway Authority, Refunding Revenue Bonds, Callable 7/1/2022 @ 100, 5.00%, 7/1/2037	$	100,000	$	104,852
				5,427,510
Georgia 1.43%
Atlanta GA Water & Wastewater Revenue, Revenue Bonds, Callable 11/1/2029 @ 100, 3.00%, 11/1/2037		500,000		559,470
Atlanta GA Water & Wastewater Revenue, Revenue Bonds, Callable 11/1/2027 @ 100, 5.00%, 11/1/2047		125,000		154,657
Fulton County Development Authority, Georgia Tech Athletic Association, Refunding Revenue Bonds, (OID), Callable 10/1/2022 @ 100, 4.25%, 10/1/2037		100,000		103,929
Fulton County Development Authority, Georgia Tech Athletic Association, Revenue Bonds, 5.00%, 10/1/2022		145,000		153,609
Fulton County Development Authority, Georgia Tech Athletic Association, Revenue Bonds, 5.00%, 10/1/2022		5,000		5,294
				976,959
Illinois 0.29%
Illinois Finance Authority, Hospital Improvements, Revenue Bonds, (OID), Callable 8/15/2021 @ 100, 5.88%, 8/15/2034		100,000		100,685
University of Illinois, University & College Improvements, Revenue Bonds, Callable 7/19/2021 @ 100, 5.50%, 4/1/2031		100,000		100,253
				200,938
Indiana 4.95%
Indiana Finance Authority Wastewater Utility Revenue, Revenue Bonds, Callable 10/1/2026 @ 100, 5.00%, 10/1/2046		600,000		718,375
Indiana Finance Authority Wastewater Utility Revenue, Revenue Bonds, Callable 10/1/2030 @ 100, 5.00%, 10/1/2050		500,000		644,689
Town of Munster, IN, Public Improvements, Tax Allocation Bonds, (OID), Callable 7/15/2021 @ 100, 5.13%, 1/15/2031		2,000,000		2,003,598
				3,366,662
Iowa 0.45%
State of Iowa, Revenue Bonds, Callable 6/1/2026 @ 100, 5.00%, 6/1/2027		250,000		303,518

Louisiana 0.94%
Louisiana Local Government Environmental Facilities & Community Development Authority, Sewer Improvements, Revenue Bonds, Callable 2/1/2023 @ 100, 4.00%, 2/1/2048		500,000		530,378
Louisiana Local Government Environmental Facilities & Community Development Authority, Sewer Improvements, Revenue Bonds, Callable 2/1/2023 @ 100, 5.00%, 2/1/2035		100,000		107,653
				638,031
Maine 1.96%
Maine Health & Higher Educational Facilities Authority, Refunding Revenue Bonds, (OID), Callable 7/1/2022 @ 100, 3.63%, 7/1/2041		500,000		517,256
Maine Health & Higher Educational Facilities Authority, Revenue Bonds, Callable 7/1/2030 @ 100, 4.00%, 7/1/2045		385,000		451,699
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, Callable 11/15/2024 @ 100, 3.75%, 11/15/2044		100,000		106,356
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, Callable 11/15/2022 @ 100, 3.60%, 11/15/2036		100,000		102,120
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, Callable 11/15/2022 @ 100, 3.45%, 11/15/2032		95,000		96,922

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, 2021 (UNAUDITED)

	Principal
	Amount		Market Value

Maine (cont.)
Maine Turnpike Authority, Refunding Revenue Bonds, Callable 7/1/2025 @ 100, 5.00%, 7/1/2026	$	50,000	$	58,990
				1,333,343
Massachusetts 3.89%
Massachusetts Educational Financing Authority, Refunding Revenue Bonds, (OID), 5.20%, 1/1/2027		20,000		20,129
Massachusetts Educational Financing Authority, Refunding Revenue Bonds, (OID), 5.25%, 1/1/2029		10,000		10,097
Massachusetts Housing Finance Agency, Callable 12/1/2027 @ 100, 3.25%, 12/1/2032		200,000		217,533
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2025 @ 100, 3.25%, 12/1/2036		575,000		606,921
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100, 3.75%, 12/1/2037		250,000		272,780
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100, 3.55%, 12/1/2037		235,000		250,769
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100, 3.25%, 12/1/2032		130,000		138,783
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 6/1/2026 @ 100, 3.15%, 12/1/2026		120,000		131,088
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, 5.13%, 12/1/2039		65,000		65,096
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, 4.85%, 12/1/2029		60,000		60,079
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (FHA) (INS), Callable 8/13/2021 @ 100, 5.25%, 12/1/2035		125,000		126,047
Massachusetts School Building Authority, Revenue Bonds, Callable 2/15/2028 @ 100, 5.25%, 2/15/2048		500,000		631,807
Massachusetts School Building Authority, Revenue Bonds, Callable 8/15/2025 @ 100, 5.00%, 8/15/2026		100,000		118,533
				2,649,662
Michigan 3.08%
Michigan Public Educational Facilities Authority, School Improvements, Refunding Revenue Bonds, 6.00%, 12/1/2035		500,000		500,557
Michigan State Building Authority, Refunding Revenue Bonds, (OID), Callable 10/15/2021 @ 100, 5.20%, 10/15/2031		750,000		760,960
Michigan State Building Authority, Refunding Revenue Bonds, (OID), Callable 10/15/2021 @ 100, 5.38%, 10/15/2036		100,000		101,512
Michigan State Housing Development Authority, State Multi-Family Housing, Revenue Bonds, (GO OF AUTH), Callable 4/1/2022 @ 100, 4.50%, 10/1/2036		710,000		733,000
				2,096,029
Minnesota 0.97%
Southern Minnesota Municipal Power Agency Power Supply System, Revenue Bonds, Callable 1/1/2026 @ 100, 5.00%, 1/1/2041		565,000		660,818

Missouri 0.95%
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		542,007

See accompanying notes which are an integral part of these financial statements.

22	SPIRIT OF AMERICA

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

	Principal
	Amount		Market Value

Missouri (cont.)
Health & Educational Facilities Authority of the State of Missouri, Healthcare, Hospital & Nursing Home Improvements, Revenue Bonds, (OID), Callable 11/15/2022 @ 100, 3.75%, 11/15/2039	$	100,000	$	103,331
				645,338
Nebraska 0.38%
Nebraska Public Power District, Electric Lights & Power Improvements, Revenue Bonds, 5.00%, 1/1/2025 prerefunded 1/1/2022 @ 100		155,000		158,735
Nebraska Public Power District, Electric Lights & Power Improvements, Revenue Bonds, Callable 1/1/2022 @ 100, 5.00%, 1/1/2025		95,000		97,140
				255,875
Nevada 1.19%
Nevada System of Higher Education, Certification of Participation, Callable 7/1/2026 @ 100, 4.00%, 7/1/2027		700,000		809,703

New Jersey 4.35%
Borough of Seaside Heights, NJ, General Obligation Unlimited, Callable 4/1/2025 @ 100, 4.00%, 4/1/2026		125,000		140,967
Hudson County Improvement Authority, Refunding Revenue Bonds, (AGM), 5.40%, 10/1/2025		150,000		180,680
New Jersey Economic Development Authority, School Improvements, Refunding Revenue Bonds, Callable 3/1/2023 @ 100, 5.00%, 3/1/2031		300,000		321,536
New Jersey Economic Development Authority, University & College Improvements, Revenue Bonds, Callable 6/15/2023 @ 100, 5.00%, 6/15/2030		250,000		273,221
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, (OID), 6.00%, 7/1/2037		200,000		200,000
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, (OID), 5.00%, 7/1/2027		15,000		15,056
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Callable 11/1/2025 @ 100, 3.50%, 11/1/2036		500,000		529,640
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Callable 11/1/2025 @ 100, 3.90%, 11/1/2050		175,000		186,044
New Jersey St Transportation Trust Fund Authority, Revenue Bonds, Callable 12/15/2030 @ 100, 4.00%, 6/15/2045		100,000		116,779
New Jersey Turnpike Authority, Highway Improvements, Revenue Bonds, 5.00%, 1/1/2031		200,000		209,704
State of New Jersey, Public Improvements, General Obligation Unlimited, Callable 6/1/2025 @ 100, 4.00%, 6/1/2034		250,000		276,631
Tenafly School District, Refunding Bonds, General Obligation Unlimited, (OID), Callable 7/15/2022 @ 100, 3.00%, 7/15/2029		250,000		255,708
Tenafly School District, Refunding Bonds, General Obligation Unlimited, (OID), Callable 7/15/2022 @ 100, 3.00%, 7/15/2030		250,000		255,564
				2,961,530
New Mexico 1.08%
New Mexico Hospital Equipment Loan Council, Hospital Improvements Revenue Bonds, (OID), Callable 8/1/2022 @ 100, 4.00%, 8/1/2042		500,000		520,887
New Mexico Mortgage Finance Authority, Revenue Bonds, (Freddie Mac) (Fannie Mae) (Ginnie Mae) (GTD) (INS), Callable 3/1/2022 @ 100, 3.55%, 9/1/2032		120,000		121,285
New Mexico Mortgage Finance Authority, Revenue Bonds, (Freddie Mac) (Fannie Mae) (Ginnie Mae) (GTD) (INS), Callable 3/1/2022 @ 100, 3.25%, 9/1/2027		95,000		96,286
				738,458

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, 2021 (UNAUDITED)

	Principal
	Amount		Market Value

New York 20.94%
City of New York NY, General Obligation Unlimited, Callable 10/1/2029 @ 100, 5.00%, 10/1/2039	$	145,000	$	184,907
City of New York NY, General Obligation Unlimited, Callable 3/1/2030 @ 100, 5.00%, 3/1/2043		150,000		190,547
City of New York NY, General Obligation Unlimited, Callable 4/1/2028 @ 100, 5.00%, 4/1/2043		195,000		239,479
City of New York NY, General Obligation Unlimited, Callable 4/1/2028 @ 100, 5.00%, 4/1/2040		305,000		375,913
Hudson Yards Infrastructure Corp., Public Improvements, Revenue Bonds, Callable 2/15/2022 @ 100, 5.75%, 2/15/2047		85,000		85,366
Hudson Yards Infrastructure Corp., Revenue Bonds, Callable 2/15/2022 @ 100, 5.25%, 2/15/2047		180,000		180,680
Hudson Yards Infrastructure Corp., Revenue Bonds, Series A, Callable 2/15/2027 @ 100, 4.00%, 2/15/2044		575,000		646,671
Metropolitan Transportation Authority, Refunding Revenue Bonds, 5.25%, 11/15/2028		50,000		56,004
Metropolitan Transportation Authority, Refunding Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2037		250,000		305,945
Metropolitan Transportation Authority, Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2035		250,000		307,349
Metropolitan Transportation Authority, Revenue Bonds, 5.00%, 11/15/2028		250,000		319,884
Metropolitan Transportation Authority, Revenue Bonds, (OID), 4.75%, 11/15/2036		110,000		111,669
Metropolitan Transportation Authority, Revenue Bonds, (OID), 4.75%, 11/15/2036		140,000		142,409
Metropolitan Transportation Authority, Transit Improvements, Refunding Revenue Bonds, 5.00%, 11/15/2028		250,000		294,322
Metropolitan Transportation Authority, Transit Improvements, Revenue Bonds, Callable 5/15/2023 @ 100, 5.00%, 11/15/2033		100,000		107,235
New York City Housing Development Corp., Revenue Bonds, Callable 5/1/2025 @ 100, 3.10%, 11/1/2032		250,000		267,019
New York City Housing Development Corp., Revenue Bonds, Callable 11/1/2025 @ 100, 3.60%, 11/1/2031		250,000		274,849
New York City Housing Development Corp., Revenue Bonds, Callable 2/1/2026 @ 100, 3.50%, 11/1/2032		150,000		162,931
New York City Municipal Water Finance Authority Water & Sewer System Revenue, Revenue Bonds, Callable 12/15/2021 @ 100, 5.00%, 6/15/2045		215,000		219,699
New York City Municipal Water Finance Authority Water & Sewer System Revenue, Revenue Bonds, Callable 12/15/2030 @ 100, 4.00%, 6/15/2050		250,000		296,706
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		290,613
New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds, 5.00%, 7/15/2031		250,000		297,580
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Callable 5/1/2027 @ 100, 4.00%, 5/1/2044		300,000		341,593
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds, 5.00%, 8/1/2021		100,000		100,395
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		29,555
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds, 5.00%, 8/1/2023		100,000		110,011
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		114,557

See accompanying notes which are an integral part of these financial statements.

24	SPIRIT OF AMERICA

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

	Principal
	Amount		Market Value

New York (cont.)
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds, Callable 5/1/2031 @ 100, 4.00%, 11/1/2038	$	250,000	$	303,448
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds, 5.00%, 8/1/2024		100,000		114,442
New York City Water & Sewer System, Revenue Bonds, Callable 6/15/2027 @ 100, 5.00%, 6/15/2032		100,000		123,855
New York City Water & Sewer System, Revenue Bonds, Callable 6/15/2028 @ 100, 5.00%, 6/15/2049		500,000		623,564
New York City Water & Sewer System, Revenue Bonds, 5.00%, 6/15/2045		35,000		35,778
New York State Dormitory Authority, Refunding Revenue Bonds, (State Aid Withholding), Callable 10/1/2022 @ 100, 3.25%, 4/1/2031		280,000		287,508
New York State Dormitory Authority, Revenue Bonds, 5.00%, 8/15/2021		100,000		100,584
New York State Dormitory Authority, Revenue Bonds, Callable 8/23/2021 @ 100, 4.75%, 10/1/2040		5,000		5,013
New York State Dormitory Authority, Revenue Bonds, 5.00%, 5/15/2022		165,000		171,996
New York State Dormitory Authority, Revenue Bonds, Callable 2/15/2030 @ 100, 5.00%, 2/15/2048		500,000		633,667
New York State Dormitory Authority, Revenue Bonds, Callable 3/15/2028 @ 100, 5.00%, 3/15/2043		250,000		312,098
New York State Dormitory Authority, Revenue Bonds, Callable 2/15/2030 @ 100, 4.00%, 2/15/2047		500,000		586,211
New York State Dormitory Authority, Revenue Bonds, Callable 7/1/2025 @ 100, 5.00%, 7/1/2037		385,000		448,065
New York State Dormitory Authority, University & College Improvements, Revenue Bonds, (OID), 5.25%, 7/1/2031		40,000		40,000
New York State Thruway Authority, Revenue Bonds, Callable 1/1/2026 @ 100, 4.00%, 1/1/2037		100,000		111,446
New York, NY, General Obligation Unlimited, Callable 8/1/2029 @ 100, 4.00%, 8/1/2044		250,000		293,097
New York, NY, General Obligation Unlimited, Callable 8/1/2029 @ 100, 5.00%, 8/1/2043		500,000		630,532
Port Authority of New York & New Jersey, Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2037		250,000		311,431
Port Authority of New York & New Jersey, Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2030		250,000		313,888
State of New York Mortgage Agency, State Single-Family Housing, Revenue Bonds, Callable 10/1/2021 @ 100, 3.75%, 10/1/2032		1,000,000		1,004,833
Triborough Bridge & Tunnel Authority, Revenue Bonds, 5.00%, 11/15/2023		100,000		111,250
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2025 @ 100, 5.00%, 11/15/2035		250,000		295,844
Triborough Bridge & Tunnel Authority, Revenue Bonds, 5.00%, 11/15/2021		50,000		50,907
Triborough Bridge & Tunnel Authority, Revenue Bonds, 5.00%, 11/15/2027		100,000		119,857
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2030 @ 100, 5.00%, 11/15/2049		500,000		646,133
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 5/15/2031 @ 100, 5.00%, 11/15/2051		125,000		162,764
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2025 @ 100, 5.00%, 11/15/2040		310,000		363,342
				14,255,441

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, 2021 (UNAUDITED)

	Principal
	Amount		Market Value

North Carolina 0.34%
University of North Carolina at Charlotte (The), Revenue Bonds, Callable 10/1/2027 @ 100, 4.00%, 10/1/2037	$	100,000	$	115,842
University of North Carolina at Charlotte (The), University & College Improvements, Revenue Bonds, Callable 4/1/2025 @ 100, 5.00%, 4/1/2040		100,000		114,757
				230,599
North Dakota 0.16%
City of Bismarck, ND, Sanitary Sewer Revenue, Revenue Bonds, Callable 5/1/2025 @ 100, 3.00%, 5/1/2029		100,000		107,266

Ohio 0.86%
Hamilton County OH Hospital Facilities Revenue, Refunding Revenue Bonds, Callable 8/15/2030 @ 100, 4.00%, 8/15/2050		500,000		582,168

Oklahoma 0.39%
Oklahoma Municipal Power Authority, Electric Lights & Power Improvements, Revenue Bonds, Callable 1/1/2023 @ 100, 4.00%, 1/1/2047		250,000		264,195

Oregon 0.05%
Oregon Health & Science University, Refunding Revenue Bonds, Callable 7/1/2022 @ 100, 5.00%, 7/1/2032		35,000		36,698

Pennsylvania 6.39%
Allegheny County Sanitary Authority, Sewer Improvements, Revenue Bonds, Callable 12/1/2023 @ 100, 5.25%, 12/1/2044		500,000		556,911
Chester County Health and Education, Revenue Bonds, Callable 9/1/2030 @ 100, 4.00%, 9/1/2050		500,000		588,018
Lehigh County PA General Purpose Authority Hospital Revenue, Revenue Bonds, Callable 7/1/2029 @ 100, 4.00%, 7/1/2049		500,000		580,200
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, Callable 11/1/2022 @ 100, 5.00%, 5/1/2037		100,000		103,355
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, Callable 11/1/2022 @ 100, 5.00%, 5/1/2042		100,000		103,155
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds (OID), Callable 11/1/2022 @ 100, 4.00%, 5/1/2032		100,000		101,856
Pennsylvania Housing Finance Agency, Revenue Bonds, Callable 4/1/2027 @ 100, 3.65%, 10/1/2042		100,000		107,252
Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100, 5.00%, 9/1/2034		190,000		228,457
Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100, 5.00%, 9/1/2035		125,000		150,011
Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100, 5.00%, 9/1/2036		100,000		119,961
Pennsylvania Turnpike Commission, Revenue Bonds, Callable 12/1/2025 @ 100, 5.00%, 12/1/2045		500,000		585,992
Pennsylvania Turnpike Commission, Revenue Bonds, 5.25%, 7/15/2028		150,000		195,253
Philadelphia PA Water & Wastewater Revenue, Revenue Bonds, Callable 11/1/2030 @ 100, 5.00%, 11/1/2045		500,000		647,474
West View Municipal Authority Water Revenue, Water Utility Improvements, Revenue Bonds, (OID), Callable 11/15/2024 @ 100, 4.00%, 11/15/2043		250,000		281,166
				4,349,061

See accompanying notes which are an integral part of these financial statements.

26	SPIRIT OF AMERICA

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

	Principal
	Amount		Market Value

Puerto Rico 0.84%
Commonwealth of Puerto Rico, General Obligation Unlimited, (AGM) (OID), Callable 7/1/2021 @ 100, 5.25%, 7/1/2026	$	100,000	$	100,590
Commonwealth of Puerto Rico, Refunding Bonds, General Obligation Unlimited (AGM), 5.00%, 7/1/2031		200,000		206,000
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding Revenue Bonds, 5.00%, 7/1/2022		250,000		263,848
				570,438
South Dakota 0.57%
South Dakota Housing Development Authority, Revenue Bonds, Callable 11/1/2025 @ 100, 2.45%, 5/1/2027		250,000		264,171
South Dakota Housing Development Authority, Revenue Bonds, Callable 11/1/2025 @ 100, 3.13%, 11/1/2036		115,000		120,869
				385,040
Tennessee 0.59%
City of Memphis, TN, General Obligation Unlimited, Callable 4/1/2024 @ 100, 5.00%, 4/1/2044		100,000		112,049
Metropolitan Government of Nashville & Davidson County Convention Center Authority, Public Improvements, Revenue Bonds, Callable 8/23/2021 @ 100, 5.00%, 7/1/2026		200,000		200,705
Tennessee Housing Development Agency, Revenue Bonds, Callable 1/1/2027 @ 100, 3.40%, 7/1/2037		80,000		86,335
				399,089
Texas 9.15%
Austin TX Electric Utility System Revenue, Revenue Bonds Series B, Callable 11/15/2029 @ 100, 5.00%, 11/15/2049		500,000		638,761
City of Houston, TX, Refunding Revenue Bonds, Callable 3/1/2029 @ 100, 4.00%, 3/1/2049		500,000		579,401
City of Houston, TX, Refunding Revenue Bonds, Callable 9/1/2021 @ 100, 5.25%, 9/1/2029		500,000		503,223
City Public Service Board of San Antonio, TX, Revenue Bonds, Callable 8/1/2026 @ 100, 5.00%, 2/1/2032		250,000		301,418
Clifton Higher Education Finance Corporation, School Improvements, Refunding Revenue Bonds, 4.00%, 8/15/2044		500,000		533,807
Comal Independent School District, School Improvements, General Obligation Unlimited, Callable 2/1/2026 @ 100, 4.00%, 2/1/2034		250,000		284,314
Fort Bend Grand Parkway Toll Road Authority, Refunding Revenue Bonds, Callable 3/1/2022 @ 100, 4.00%, 3/1/2046		250,000		254,513
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds, Callable 5/15/2026 @ 100, 4.00%, 11/15/2030		130,000		144,835
San Antonio Public Facilities Corp., Public Improvements, Refunding Revenue Bonds, (OID), Callable 9/15/2022 @ 100, 4.00%, 9/15/2042		250,000		258,613
San Antonio Water System, Refunding Revenue Bonds, Callable 11/15/2029 @ 100, 5.00%, 5/15/2034		190,000		249,382
San Antonio Water System, Revenue Bonds Series A, Callable 5/15/2030 @ 100, 5.00%, 5/15/2050		205,000		260,131
Texas Public Finance Authority, Revenue Bonds, Callable 12/1/2026 @ 100, 4.00%, 12/1/2031		200,000		230,419
Texas Water Development Board, Revenue Bonds, Callable 10/15/2029 @ 100, 4.00%, 10/15/2037		500,000		607,590
Texas Water Development Board, Revenue Bonds, Callable 10/15/2030 @ 100, 4.00%, 4/15/2051		500,000		598,522
Texas Water Development Board, Revenue Bonds, Callable 10/15/2028 @ 100, 5.00%, 4/15/2049		450,000		565,223

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, 2021 (UNAUDITED)

	Principal
	Amount		Market Value

Texas (cont.)
White Oak, TX, Independent School District, General Obligation Unlimited, Callable 2/15/2027 @ 100, 4.00%, 2/15/2029	$	190,000	$	221,801
				6,231,953
Utah 1.36%
University of Utah (The), University & College Improvements, Revenue Bonds, 5.00%, 8/1/2043		250,000		275,012
Utah County Utah Hospital Revenue IHC Health Services, Revenue Bonds, Callable 5/15/2026 @ 100, 5.00%, 5/15/2050		500,000		635,880
Utah Housing Corp., State Single-Family Housing, Revenue Bonds, Callable 8/13/2021 @ 100, 5.25%, 1/1/2025		10,000		10,022
Utah Housing Corp., State Single-Family Housing, Revenue Bonds, Callable 8/13/2021 @ 100, 5.75%, 1/1/2033		5,000		5,012
				925,926
Vermont 0.37%
Vermont Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, Callable 8/15/2022 @ 100, 3.75%, 8/15/2037		245,000		251,932

Virgin Islands 0.11%
Virgin Islands Public Finance Authority, Refunding Revenue Bonds, 5.00%, 10/1/2025		75,000		75,189

Virginia 0.42%
Virginia State Resource Authority Infrastructure, Revenue Bonds, Callable 11/1/2025 @ 100, 4.00%, 11/1/2033		75,000		85,666
Virginia State Resource Authority Infrastructure, Revenue Bonds, Prerefunded, Callable 11/1/2025 @ 100, 4.00%, 11/1/2033		175,000		201,450
				287,116
Washington 1.60%
Spokane Public Facilities District, Public Improvements, Revenue Bonds, Callable 6/1/2023 @ 100, 5.00%, 5/1/2043		1,000,000		1,090,029

Wisconsin 0.12%
Wisconsin Housing & Economic Development Authority, State Multi-Family Housing, Revenue Bonds, (OID), 5.63%, 11/1/2035		80,000		81,576

Total Municipal Bonds
(Cost $61,352,231)				64,456,363

See accompanying notes which are an integral part of these financial statements.

28	SPIRIT OF AMERICA

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

	Shares		Market Value

Money Market Funds 4.42%
Federated Hermes Government Obligations Fund, Institutional Class, 0.01%(a)		94,841	$	94,841
Morgan Stanley Institutional Liquidity Fund, Institutional Class, 0.03%(a)		2,912,318		2,912,318

Total Money Market Funds
(Cost $3,007,159)				3,007,159

Total Investments — 99.10%
(Cost $64,359,390)				67,463,522
Other Assets in Excess of Liabilities — 0.90%				610,619
NET ASSETS — 100.00%			$	68,074,141

(a)

Rate disclosed is the seven day effective yield as of June 30, 2021.

AGM — Assured Guaranty Municipal Corp.

AMBAC — American Municipal Bond Assurance Corp.

FHA — Insured by Federal Housing Administration

GO — General Obligation

GTD — Guaranteed

INS — Insured

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, 2021 UNAUDITED

	Shares		Market Value
Common Stocks 16.19%

Communications 1.27%
AT&T, Inc.		18,000	$	518,040
Verizon Communications, Inc.		20,000		1,120,600
				1,638,640
Consumer Staples 0.84%
Philip Morris International, Inc.		11,000		1,090,210

Energy 7.08%
Chevron Corp.		14,000		1,466,360
Enbridge, Inc.		29,763		1,191,710
Energy Transfer LP		30,000		318,900
Enterprise Products Partners LP		20,000		482,600
Kinder Morgan, Inc.		40,000		729,200
Magellan Midstream Partners LP		8,700		425,517
MPLX LP		24,269		718,605
Phillips 66		9,000		772,380
TC Energy Corp.		20,536		1,016,943
Valero Energy Corp.		11,500		897,920
Williams Cos, Inc. (The)		42,500		1,128,375
				9,148,510
Financials 1.65%
Blackstone Group, Inc. (The), Class A		4,600		446,844
Blackstone Mortgage Trust, Inc., Class A		11,565		368,808
Citigroup, Inc.		16,000		1,132,000
JPMorgan Chase & Co.		1,250		194,425
				2,142,077
Health Care 2.15%
AbbVie, Inc.		17,000		1,914,880
Gilead Sciences, Inc.		3,000		206,580
Merck & Co., Inc.		6,000		466,620
Pfizer, Inc.		5,000		195,800
				2,783,880
Real Estate 1.23%
City Office REIT, Inc.		10,000		124,300
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		20,000		1,123,000
Medical Properties Trust, Inc.		5,000		100,500
Physicians Realty Trust		2,000		36,940
Spirit MTA REIT(a)		2,000		850
Spirit Realty Capital, Inc.		4,000		191,360
				1,576,950
Utilities 1.97%
Dominion Energy, Inc.		13,000		956,410
Duke Energy Corp.		10,500		1,036,560
PPL Corp.		20,000		559,400
				2,552,370

Total Common Stocks (Cost $18,186,898)				20,932,637

See accompanying notes which are an integral part of these financial statements.

30	SPIRIT OF AMERICA

SPIRIT OF AMERICA INCOME FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

	Shares		Market Value
Preferred Stocks 19.74%

Financials 12.01%
Affiliated Managers Group, Inc., 4.75%		10,000	$	259,800
Allstate Corporation (The), Series I, 4.75%		20,000		551,800
American Financial Group, Inc., 5.13%		15,000		405,900
American Financial Group, Inc., 5.63%		20,000		569,800
Arch Capital Group Ltd., 5.25%		20,000		507,800
Athene Holding Ltd., Series C, 6.38%		10,000		282,300
Athene Holding Ltd., Series D, 4.88%		20,000		516,600
Bank of America Corp., Series HH, 5.88%		8,000		219,840
Bank of America Corp., Series LL, 5.00%		20,000		546,000
Bank of America Corp., Series NN, 4.38%		10,000		262,000
Bank of America Corp., Series PP, 4.13%		16,667		436,009
Brighthouse Financial, Inc., Series, C, 5.38%		20,000		544,200
Capital One Financial Corp, Series J, 4.80%		10,000		263,900
Capital One Financial Corp., Series K, 4.63%		12,334		330,304
CNO Financial Group, Inc., 5.13%		2,000		53,900
Equitable Holdings, Inc., Series C, 4.30%		20,000		506,200
First Republic Bank, Series J, 4.70%		20,000		548,400
First Republic Bank, Series K, 4.13%		13,667		350,559
First Republic Bank, Series L, 4.25%		10,000		267,300
Fulton Financial Corp., Series, A, 5.13%		6,000		160,980
Globe Life, Inc., 6.13%		10,000		251,200
Huntington Bancshares, Inc., Series H, 4.50%		10,000		260,000
JPMorgan Chase & Co., Series EE, 6.00%		20,000		576,600
JPMorgan Chase & Co., Series GG, 4.75%		20,000		546,200
JPMorgan Chase & Co., Series JJ, 4.55%		10,000		266,200
KeyCorp, Series G, 5.63%		15,000		427,200
KKR & Co. LP, Series B, 6.50%		10,000		253,200
MetLife, Inc., Series F, 4.75%		25,000		674,750
Northern Trust Corp., Series E, 4.70%		18,640		517,074
Prudential Financial, Inc., 4.13%		3,530		92,168
Prudential Financial, Inc., 5.63%		10,000		279,500
Selective Insurance Group, Inc., Series B, 4.60%		1,000		25,430
State Street Corporation, 5.35%		1,000		30,090
Truist Financial Corp., Series R, 4.75%		16,334		434,811
U.S. Bancorp, Series F, 6.50%		7,300		188,997
U.S. Bancorp, Series L, 3.75%		20,000		499,400
US Bancorp, Series M, 4.00%		10,000		260,000
W.R. Berkley Corporation, 5.10%		20,000		541,000
Washington Federal, Inc., Series A, 4.88%		10,000		267,500
Wells Fargo & Co., Series AA, 4.70%		20,000		523,000
Wells Fargo & Co., Series CC, 4.38%		20,000		507,800
Wells Fargo & Co., Series Z, 4.75%		20,000		523,000
				15,528,712
Real Estate 3.70%
Brookfield Property Partners LP, Series A, 5.75%		7,500		187,275
Diversified Healthcare Trust, 5.63%		26,660		644,905
Federal Realty Investment Trust, 5.00%		7,500		198,150
National Retail Properties, Inc., 5.20%		25,000		646,500
PS Business Parks, Inc., 5.20%		10,000		254,900
PS Business Parks, Inc., 5.20%		4,000		106,840

See accompanying notes which are an integral part of these financial statements.

SPIRIT OF AMERICA INCOME FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

	Shares		Market Value
Real Estate (cont.)
PS Business Parks, Inc., 5.25%		10,000	$	265,700
Public Storage, 4.90%		20,000		510,200
Public Storage, 4.95%		20,000		501,600
Public Storage, Series I, 4.88%		9,583		264,683
Public Storage, Series L, 4.63%		10,000		275,400
Public Storage, Series M, 4.13%		3,889		101,308
Public Storage, Series N, 3.88%		20,000		508,600
Vornado Realty Trust, 5.40%		12,298		319,010
				4,785,071
Technology 0.11%
Pitney Bowes, Inc., 6.70%		5,700		143,070

Utilities 3.92%
Brookfield Infrastructure Partners LP, 5.00%		10,000		260,100
Brookfield Infrastructure Partners LP, 5.13%		20,000		523,200
DTE Energy Co., Series F, 6.00%		20,000		513,400
DTE Energy Co., Series G, 4.38%		20,000		519,000
Duke Energy Corp., 5.13%		9,030		239,295
Entergy Arkansas, Inc., 4.88%		20,000		511,600
Entergy Louisiana LLC, 4.88%		10,000		255,100
Entergy Mississippi, Inc., 4.90%		30,000		761,400
NextEra Energy Capital Holdings, Inc., 5.25%		10,000		253,600
Southern Co., 4.95%		21,000		563,220
Southern Co., 5.25%		20,000		510,800
Southern Co., Series C, 4.20%		6,000		154,920
				5,065,635
Total Preferred Stocks (Cost $24,187,552)				25,522,488

	Principal
	Amount
Collateralized Mortgage Obligations 0.08%
CHL Mortgage Pass-Through Trust, 2005-21, A27, 5.50%, 10/25/2035	$	25,116		20,763
CHL Mortgage Pass-Through Trust, 2005-21, A7, 5.50%, 10/25/2035		27,153		22,446
Citicorp Mortgage Securities, Inc., 1A12, 5.00%, 2/25/2035		62,571		63,508

Total Collateralized Mortgage Obligations (Cost $82,621)				106,717

Corporate Bonds 8.30%
Bank of New York Mellon Corp. (The), 4.63%, 12/20/2049		500,000		552,100
Bank of New York Mellon Corp. (The), 3.70%, 3/20/2169		100,000		104,500
Entergy Texas, Inc., 5.15%, 6/1/2045		100,000		110,920
Exelon Generation Co. LLC, 5.60%, 6/15/2042(a)(b)		400,000		423,084
Fifth Third Bancorp, 8.25%, 3/1/2038		250,000		418,309
General Electric Co., 3.45%, 12/29/2049		765,000		753,334
Goldman Sachs Group, Inc. (The), 6.75%, 10/1/2037		850,000		1,239,701
Goldman Sachs Group, Inc. (The), 6.45%, 5/1/2036		500,000		712,621
Hospitality Properties Trust, 4.50%, 3/15/2025		500,000		498,500
Kinder Morgan Energy Partners LP, 6.50%, 2/1/2037		250,000		343,962
MetLife, Inc., 9.25%, 4/8/2038(b)		1,500,000		2,277,954

See accompanying notes which are an integral part of these financial statements.

32	SPIRIT OF AMERICA

SPIRIT OF AMERICA INCOME FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

	Principal
	Amount		Market Value

Corporate Bonds (cont.)
MetLife, Inc., 10.75%, 8/1/2039	$	1,000,000	$	1,732,990
PECO Energy Capital Trust IV, 5.75%, 6/15/2033		1,000,000		1,224,934
Valero Energy Corporation, 8.75%, 6/15/2030		224,000		336,318

Total Corporate Bonds (Cost $8,863,867)				10,729,227

Municipal Bonds 55.40%

Alabama 2.01%
Health Care Authority for Baptist Health (The), Refunding Revenue Bonds, 5.50%, 11/15/2043		2,000,000		2,593,511

Arizona 0.41%
Arizona School Facilities Board, School Improvements, Certificate of Participation, 6.00%, 9/1/2027		225,000		281,660
Phoenix Arizona Civic Improvement Corp. Excise Tax Revenue, Revenue Bonds, Callable 7/1/2030 @ 100, 2.70%, 7/1/2045		250,000		242,718
				524,378
California 4.65%
Alhambra Unified School District, University & College Improvements, General Obligation Unlimited, 6.70%, 2/1/2026		465,000		534,814
California State University, Revenue Bonds, Callable 5/1/2030 @ 100, 3.07%, 11/1/2042		50,000		51,531
City & County of San Francisco, CA, General Obligation Unlimited, 6.26%, 6/15/2030		450,000		606,237
County of San Bernardino, CA, Refunding Revenue Bonds, 6.02%, 8/1/2023		120,000		127,927
Peralta Community College District, Refunding Revenue Bonds, 6.91%, 8/1/2025		500,000		617,165
Peralta Community College District, Refunding Revenue Bonds, 7.31%, 8/1/2031		310,000		432,807
San Bernardino City Unified School District, School Improvements, Certificate of Participation, (AGM) (OID), 8.05%, 2/1/2023		1,000,000		1,117,058
San Bernardino City Unified School District, School Improvements, Certificate of Participation, (AGM) (OID), 8.25%, 2/1/2026		500,000		637,919
University of California Revenues, Revenue Bonds, Callable 5/15/2030 @ 100, 6.30%, 5/15/2050		510,000		645,698
University of California Revenues, Revenue Bonds, 4.13%, 5/15/2045		530,000		634,249
University of California, University & College Improvements, Refunding Revenue Bonds, 3.66%, 5/15/2027		250,000		281,860
West Contra Costa Unified School District, School Improvements, General Obligation Unlimited, 6.25%, 8/1/2030		250,000		338,516
				6,025,781
Colorado 0.59%
Colorado Mesa University, University & College Improvements, Build America Revenue Bonds, (State Higher Education Intercept Program), 6.75%, 5/15/2042		500,000		762,975

Connecticut 0.80%
State of Connecticut, General Obligation Unlimited, 5.85%, 3/15/2032		780,000		1,040,001

Florida 3.54%
City of Miami Gardens, FL, Public Improvements, Build America Bonds, Certificate of Participation, 7.17%, 6/1/2026		1,065,000		1,227,907

See accompanying notes which are an integral part of these financial statements.

SPIRIT OF AMERICA INCOME FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

	Principal
	Amount		Market Value

Florida (cont.)
City of Tallahassee, FL, Utility System Revenue, Build America Revenue Bonds, 5.22%, 10/1/2040	$	300,000	$	404,439
County of Miami-Dade, FL Transit System, Transit Improvements, Build America Revenue Bonds, 5.53%, 7/1/2032		500,000		618,648
County of Miami-Dade, FL, Port, Airport & Marina Improvements, Build America Revenue Bonds, (AGM) (OID), 7.50%, 4/1/2040		1,000,000		1,535,653
County of Miami-Dade, FL, Recreational Facility Improvements, Revenue Bonds, (AGM), 7.08%, 10/1/2029		250,000		348,825
Florida State Board of Governors, University & College Improvements, Build America Revenue Bonds, 7.50%, 11/1/2035		250,000		250,607
Town of Miami Lakes, FL, Public Improvements, Build America Revenue Bonds, 7.59%, 12/1/2030		150,000		197,123
				4,583,202
Georgia 4.97%
Cobb Marietta Georgia Coliseum, Revenue Bonds, Callable 1/1/2026 @ 100, 4.50%, 1/1/2047		600,000		668,555
Municipal Electric Authority of Georgia, Electric Lights & Power Improvements, Build America Revenue Bonds, 7.06%, 4/1/2057		2,438,000		3,609,494
State of Georgia, Public Improvements, General Obligation Unlimited, Callable 2/1/2024 @ 100, 3.84%, 2/1/2032		2,000,000		2,145,935
				6,423,984
Hawaii 0.43%
State of Hawaii, General Obligation Unlimited, Callable 10/1/2025 @ 100, 4.05%, 10/1/2032		495,000		552,592

Idaho 0.32%
Idaho Water Resource Board, Water Utility Improvements, Revenue Bonds, (OID), Callable 9/1/2022 @ 100, 5.25%, 9/1/2024		400,000		415,367

Illinois 1.72%
City of Chicago, IL Waterworks Revenue, Water Utility Improvements, Build America Revenue Bonds, Callable 11/1/2031 @ 100, 6.74%, 11/1/2040		250,000		356,213
Village of Glenwood, IL, Public Improvements, Build America Bonds, General Obligation Unlimited, (AGM), 7.03%, 12/1/2028		1,500,000		1,858,493
				2,214,706
Indiana 1.62%
Anderson School Building Corporation, Refunding Bonds, General Obligation Limited, Callable 7/5/2023 @ 100, 3.95%, 7/5/2029		1,000,000		1,044,946
Anderson School Building Corporation, Refunding Bonds, General Obligation Limited, (OID), Callable 7/5/2023 @ 100, 3.75%, 7/5/2028		1,000,000		1,043,159
				2,088,105
Kansas 0.26%
Wyandotte County Unified School District No. 500 Kansas City, General Obligation Unlimited, Callable 9/1/2030 @ 100, 3.17%, 9/1/2046		330,000		334,985

Kentucky 0.35%
Kentucky State Property & Building Commission, Economic Improvements, University & College Improvements, Build America Revenue Bonds, 5.37%, 11/1/2025		400,000		447,290

See accompanying notes which are an integral part of these financial statements.

34	SPIRIT OF AMERICA

SPIRIT OF AMERICA INCOME FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

	Principal
	Amount		Market Value

Louisiana 0.27%
Tangipahoa Parish Hospital Service District No. 1, Hospital Improvements, Build America Revenue Bonds, 7.20%, 2/1/2042	$	340,000	$	352,870

Massachusetts 0.40%
City of Worcester, MA, Pension Funding, General Obligation Limited, (AGM) (OID), 6.25%, 1/1/2028		140,000		164,783
Massachusetts Health & Educational Facilities Authority, Refunding Revenue Bonds, 6.43%, 10/1/2035		250,000		342,163
University of Massachusetts Building Authority, University & College Improvements, Build America Revenue Bonds, 6.57%, 5/1/2039		15,000		15,060
				522,006
Michigan 1.16%
Comstock Park Public Schools, School Improvements, General Obligation Unlimited, Callable 8/23/2021 @ 100, 6.20%, 5/1/2024		200,000		200,919
County of Macomb, MI, Retirement Facilities, General Obligation Limited, Callable 11/1/2025 @ 100, 4.13%, 11/1/2030		250,000		285,643
Michigan Finance Authority, Revenue Bonds, Callable 9/1/2025 @ 100, 3.90%, 9/1/2030		250,000		276,036
Michigan Finance Authority, School Improvements, Revenue Bonds, 6.38%, 11/1/2025		500,000		502,069
Michigan Finance Authority, School Improvements, Revenue Bonds, Callable 8/23/2021 @ 100, 6.20%, 5/1/2022		80,000		80,354
Onsted Community Schools, School Improvements, General Obligation Unlimited, 5.90%, 5/1/2027		150,000		150,499
St Johns Public Schools, General Obligation Unlimited, 6.65%, 5/1/2040		5,000		5,019
				1,500,539
Mississippi 0.79%
East Baton Rouge Parish, LA Sewerage Commission, Revenue Bonds Series B, 2.44%, 2/1/2039		100,000		99,726
Mississippi Development Bank, Highway Improvements, Build America Revenue Bonds, 6.59%, 1/1/2035		650,000		912,740
				1,012,466
Missouri 3.25%
City of Kansas City, MO, Revenue Bonds, 7.83%, 4/1/2040		2,355,000		3,444,158
Missouri Joint Municipal Electric Utility Commission, Electric Lights & Power Improvements, Build America Revenue Bonds, 7.73%, 1/1/2039		475,000		762,201
				4,206,359
Nebraska 0.19%
Nebraska Public Power District, Electric Lights & Power Improvements, Build America Revenue Bonds, 5.32%, 1/1/2030		200,000		242,958

Nevada 1.03%
County of Washoe, NV, Public Improvements, Build America Revenue Bonds, 7.97%, 2/1/2040		590,000		908,750
County of Washoe, NV, Public Improvements, Build America Revenue Bonds, 7.88%, 2/1/2040		250,000		425,489
				1,334,239
New Jersey 2.08%
New Jersey Economic Development Authority, Revenue Bonds, 7.43%, 2/15/2029		250,000		324,693
New Jersey Educational Facilities Authority, University & College Improvements, Build America Revenue Bonds, Callable 8/23/2021 @ 100, 6.19%, 7/1/2040		500,000		501,304

See accompanying notes which are an integral part of these financial statements.

SPIRIT OF AMERICA INCOME FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

	Principal
	Amount		Market Value

New Jersey (cont.)
Township of Brick, NJ, General Obligation Unlimited, 3.75%, 9/1/2028	$	1,780,000	$	1,863,828
				2,689,825
New York 8.09%
City of New York, NY, Public Improvements, Build America Bonds, General Obligation Unlimited, 5.21%, 10/1/2031		100,000		122,639
City of New York, NY, Public Improvements, Build America Bonds, General Obligation Unlimited, 5.70%, 3/1/2027		145,000		178,885
County of Nassau, NY, Public Improvements, Build America Bonds, General Obligation Unlimited, 5.38%, 10/1/2024		500,000		558,763
Long Island Power Authority, Revenue Bonds, (OID), 5.85%, 5/1/2041		195,000		268,997
Metropolitan Transportation Authority, Revenue Bonds, 5.87%, 11/15/2039		200,000		267,653
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 6.20%, 11/15/2026		375,000		433,327
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 5.99%, 11/15/2030		125,000		160,314
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 6.59%, 11/15/2030		395,000		514,730
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 6.69%, 11/15/2040		500,000		727,193
New York City Industrial Development Agency, Recreational Facilities Improvements Revenue Bonds, (NATL-RE), 5.90%, 3/1/2046		580,000		687,587
New York City Transitional Finance Authority Building Aid Revenue, School Improvements, Build America Revenue Bonds, (State Aid Withholding), 6.83%, 7/15/2040		500,000		721,311
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Build America Revenue Bonds, 5.47%, 5/1/2036		815,000		1,097,919
New York State Dormitory Authority, Revenue Bonds, Callable 7/1/2029 @ 100, 4.29%, 7/1/2044		250,000		282,659
New York State Dormitory Authority, Revenue Bonds, Callable 8/1/2028 @ 100, 4.95%, 8/1/2048		500,000		573,272
Port Authority of New York & New Jersey, Callable 6/1/2025 @ 100, 4.82%, 6/1/2045		1,000,000		1,131,438
Port Authority of New York & New Jersey, Port, Airport & Marina Improvements, Revenue Bonds, 3.92%, 10/15/2028		2,115,000		2,306,802
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2033 @ 100, 5.55%, 11/15/2040		150,000		205,771
Western Nassau County Water Authority, Build America Revenue Bonds, 6.70%, 4/1/2040		150,000		224,097
				10,463,357
North Carolina 0.18%
County of Cabarrus, NC, School Improvements, Revenue Bonds,
Callable 8/23/2021 @ 100, 5.50%, 4/1/2026		235,000		235,599

Ohio 2.96%
American Municipal Power, Inc., Electric Lights & Power Improvements,
Build America Revenue Bonds, 7.50%, 2/15/2050		500,000		815,828
American Municipal Power, Inc., Revenue Bonds, 6.27%, 2/15/2050		495,000		698,578
Cincinnati City School District, Refunding Bonds, Certificate of Participation, (OID), Callable 12/15/2024 @ 100, 4.00%, 12/15/2032		200,000		216,044
County of Cuyahoga, OH, Hospital Improvements, Build America Revenue Bonds, 8.22%, 2/15/2040		1,000,000		1,356,322

See accompanying notes which are an integral part of these financial statements.

36	SPIRIT OF AMERICA

SPIRIT OF AMERICA INCOME FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

	Principal
	Amount		Market Value

Ohio (cont.)
Olentangy Local School District, Refunding Bonds, General Obligation Unlimited, 3.50%, 12/1/2029	$	500,000	$	532,810
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		200,709
				3,820,291
Pennsylvania 3.27%
Pennsylvania Turnpike Commission Turnpike Revenue, Revenue Bonds, Callable 12/1/2029 @ 100, 3.58%, 12/1/2043		890,000		944,773
Pennsylvania Turnpike Commission, Build America Revenue Bonds, 6.38%, 12/1/2037		520,000		732,992
Philadelphia Authority for Industrial Development, Pension Funding, Revenue Bonds, (AGM) (OID), 6.35%, 4/15/2028		630,000		796,223
Philadelphia Municipal Authority, Public Improvements, Revenue Bonds, 5.09%, 3/15/2028		500,000		522,966
Sports & Exhibition Authority of Pittsburgh and Allegheny County, Recreational Facilities Improvements, Revenue Bonds, 7.04%, 11/1/2039		1,000,000		1,231,383
				4,228,337
Rhode Island 0.39%
Narragansett Bay Commission, Revenue Bonds, Callable 9/1/2030 @ 100, 2.92%, 9/1/2043		500,000		510,376

South Dakota 0.24%
South Dakota State Building Authority, University & College Improvements, Build America Revenue Bonds, Callable 8/23/2021 @ 100, 6.15%, 6/1/2031		315,000		316,310

Texas 1.18%
Frisco Economic Development Corporation, Public Improvements, Revenue Bonds, 4.20%, 2/15/2034		1,000,000		1,061,809
Grand Parkway Transportation Corp., Revenue Bonds, Callable 4/1/2030 @ 100, 3.24%, 10/1/2052		100,000		102,327
Midland County Hospital District, Health, Hospital & Nursing Home Improvements, Build America Bonds, General Obligation Limited, 6.44%, 5/15/2039		260,000		364,924
				1,529,060
Virgin Islands 1.70%
Virgin Islands Water & Power Authority- Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM), 6.85%, 7/1/2035		1,000,000		1,247,368
Virgin Islands Water & Power Authority- Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM), 6.65%, 7/1/2028		840,000		954,624
				2,201,992
Virginia 4.64%
Tobacco Settlement Financing Corporation, Refunding Revenue Bonds, (OID), 6.71%, 6/1/2046		5,710,000		6,000,301

Washington 1.83%
City of Seattle, WA, Municipal Light & Power Revenue, Electric Lights & Power Improvements, Build America Revenue Bonds, (OID), 5.57%, 2/1/2040		250,000		328,195
Douglas County Public Utility District No. 1, Electric Lights & Power Improvements, Revenue Bonds, 5.35%, 9/1/2030		250,000		298,018
Klickitat County Public Utility District No. 1, Electric Lights & Power Improvements, Refunding Revenue Bonds, Callable 12/1/2021 @ 100, 5.25%, 12/1/2029		705,000		719,748

See accompanying notes which are an integral part of these financial statements.

SPIRIT OF AMERICA INCOME FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

	Principal
	Amount		Market Value

Washington (cont.)
Public Utility District No. 1 of Cowlitz County, WA, Electric Lights & Power Improvements, Build America Revenue Bonds, 6.88%, 9/1/2032	$	500,000	$	683,283
Snohomish County Public Utility District No. 1, Electric Lights & Power Improvements, Build America Revenue Bonds, (OID), 5.68%, 12/1/2040		250,000		331,137
				2,360,381
Wisconsin 0.08%
State of Wisconsin, General Obligation Unlimited, 2.35%, 5/1/2031		100,000		105,967

Total Municipal Bonds (Cost $59,844,990)				71,640,110

Total Investments — 99.71% (Cost $111,165,928)				128,931,179
Other Assets in Excess of Liabilities — 0.29%				378,876
NET ASSETS — 100.00%			$	129,310,055

(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.

38	SPIRIT OF AMERICA

SPIRIT OF AMERICA INCOME & OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS | JUNE 30, 2021 UNAUDITED

	Shares		Market Value
Common Stocks 41.69%

Communications 7.45%
Alphabet, Inc., Class A(a)		250	$	610,447
Alphabet, Inc., Class C(a)		190		476,201
AT&T, Inc.		4,114		118,401
Netflix, Inc.(a)		800		422,568
Uber Technologies, Inc.(a)		2,500		125,300
Verizon Communications, Inc.		5,000		280,150
				2,033,067
Consumer Discretionary 4.08%
Amazon.com, Inc.(a)		150		516,024
Home Depot, Inc. (The)		1,000		318,890
Lennar Corp., Class A		2,800		278,180
				1,113,094
Energy 4.40%
Cheniere Energy Partners LP		2,300		101,867
Energy Transfer LP		17,350		184,430
Enterprise Products Partners LP		10,805		260,725
Kinder Morgan, Inc.		7,500		136,725
Magellan Midstream Partners LP		2,725		133,280
MPLX LP		8,850		262,049
Viper Energy Partners LP		3,200		60,256
Williams Cos, Inc. (The)		2,500		66,375
				1,205,707
Financials 4.70%
Blackstone Group, Inc. (The), Class A		5,500		534,270
Blackstone Mortgage Trust, Inc., Class A		3,207		102,271
Citigroup, Inc.		3,500		247,625
Fifth Third Bancorp		3,400		129,982
JPMorgan Chase & Co.		1,000		155,540
Starwood Property Trust, Inc.		4,175		109,260
				1,278,948
Health Care 1.65%
AbbVie, Inc.		4,000		450,560

Industrials 2.49%
Caterpillar, Inc.		700		152,341
Deere & Co.		1,150		405,616
Honeywell International, Inc.		550		120,643
				678,600
Materials 0.23%
Dow, Inc.		1,000		63,280

Real Estate Investment Trusts (REITs) 4.13%
Prologis, Inc.		3,000		358,590
Sun Communities, Inc.		714		122,379
Terreno Realty Corp.		7,000		451,640
Welltower, Inc.		1,160		96,396
WP Carey, Inc.		1,340		99,991
				1,128,996

See accompanying notes which are an integral part of these financial statements.

SPIRIT OF AMERICA INCOME & OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

	Shares		Market Value

Technology 11.84%
Apple, Inc.		3,250	$	445,120
Microsoft Corp.		2,000		541,800
NVIDIA Corp.		2,045		1,636,205
PayPal Holdings, Inc.(a)		2,100		612,108
				3,235,233
Utilities 0.72%
American Electric Power Co., Inc.		1,155		97,701
Duke Energy Corp.		1,000		98,720
				196,421
Total Common Stocks (Cost $6,930,739)				11,383,906

Preferred Stocks 9.37%

Financials 4.85%
Arch Capital Group Ltd., Series G, 4.55%		5,000		129,050
Capital One Financial Corp., Series K, 4.63%		6,166		165,126
First Republic Bank, Series K, 4.13%		1,333		34,191
Globe Life, Inc., 4.25%		1,000		26,110
JPMorgan Chase & Co., Series JJ, 4.55%		5,000		133,100
JPMorgan Chase & Co., Series LL 4.63%		6,000		159,780
KKR & Company LP, 6.50%		6,481		164,099
Prudential Financial, Inc., 4.13%		1,765		46,084
Truist Financial Corp., Series R, 4.75%		8,166		217,379
U.S. Bancorp, Series L, 3.75%		10,000		249,700
				1,324,619
Real Estate 1.24%
National Retail Properties, Inc., 5.20%		6,000		155,160
Public Storage, 5.05%		5,000		132,400
Public Storage, Series M, 4.13%		1,944		50,641
				338,201
Utilities 3.28%
Brookfield Infrastructure Partners LP, 5.13%		10,000		261,600
Southern Co., 5.25%		14,000		377,580
Southern Co., 5.25%		10,000		255,400
				894,580
Total Preferred Stocks (Cost $2,459,989)				2,557,400

	Principal
	Amount

Corporate Bonds 1.93%
Apple, Inc., 2.20%, 9/11/2029	$	250,000		260,743
Microsoft Corp., 3.30%, 2/6/2027		240,000		267,152

Total Corporate Bonds (Cost $501,420)				527,895

See accompanying notes which are an integral part of these financial statements.

40	SPIRIT OF AMERICA

SPIRIT OF AMERICA INCOME & OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

	Principal
	Amount		Market Value
Municipal Bonds 40.53%

Arizona 2.89%
City of Tucson, AZ, Certificate of Participation, (AGM), 4.83%, 7/1/2034	$	620,000	$	788,383

California 4.61%
California State University, Revenue Bonds, Callable 5/1/2030 @ 100, 3.07%, 11/1/2042		50,000		51,531
City of Newport Beach, CA, Public Improvements, Certificate of Participation, 7.17%, 7/1/2040		800,000		1,206,340
				1,257,871
Florida 4.03%
Pasco County School Board, School Improvements, Certificate of Participation, 5.00%, 12/1/2037		1,000,000		1,101,022

Kansas 5.14%
Kansas Development Finance Authority, Revenue Bonds, 4.73%, 4/15/2037		1,000,000		1,231,259
Wyandotte County Unified School District No. 500 Kansas City, General Obligation Unlimited, Callable 9/1/2030 @ 100, 3.17%, 9/1/2046		170,000		172,568
				1,403,827
Nevada 0.56%
County of Washoe, NV, Public & Highway Improvements, Build America Revenue Bonds, 7.97%, 2/1/2040		100,000		154,025

New York 5.39%
New York City Transitional Finance Authority Building Aid Revenue, School
Improvements, Miscellaneous Purposes Revenue Bonds, 5.00%, 7/15/2030		300,000		368,008
New York State Dormitory Authority, Revenue Bonds, Callable 7/1/2026 @ 100, 3.88%, 7/1/2046		750,000		823,090
Port Authority of New York & New Jersey, Callable 6/1/2025 @ 100, 4.82%, 6/1/2045		250,000		282,859
				1,473,957
Ohio 6.61%
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds, 7.83%, 2/15/2041		1,000,000		1,656,721
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds, 5.94%, 2/15/2047		100,000		147,317
				1,804,038
Pennsylvania 4.21%
City of Reading, PA, General Obligation Unlimited, (AGM) (OID), Callable 11/1/2024 @ 100, 5.30%, 11/1/2033		1,000,000		1,150,767

Rhode Island 1.87%
Narragansett Bay Commission, Revenue Bonds, Callable 9/1/2030 @ 100, 2.92%, 9/1/2043		500,000		510,376

Tennessee 3.17%
Metropolitan Government of Nashville & Davidson County Convention Center Authority, Public Improvements, Revenue Bonds, 7.43%, 7/1/2043		500,000		749,975
Metropolitan Government of Nashville & Davidson County, General Obligation Unlimited, 3.49%, 7/1/2029		100,000		114,935
				864,910

See accompanying notes which are an integral part of these financial statements.

SPIRIT OF AMERICA INCOME & OPPORTUNITY FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

	Principal
	Amount		Market Value

Texas 2.05%
Grand Parkway Transportation Corporation, Revenue Bonds, Callable 4/1/2030 @ 100, 3.24%, 10/1/2052	$	50,000	$	51,164
Texas Transportation Commission, General Obligation Unlimited, Callable 4/1/2030 @ 100, 2.56%, 4/1/2042		500,000		507,194
				558,358
Total Municipal Bonds (Cost $8,956,211)				11,067,534

U.S. Government & Agency Obligations 3.37%
U.S. Treasury Notes 1.38%, 10/15/2022		250,000		253,984
U.S. Treasury Notes 1.50%, 1/15/2023		400,000		408,156
U.S. Treasury Notes 1.50%, 10/31/2024		250,000		258,047

Total U.S. Government & Agency Obligations (Cost $898,236)				920,187

	Shares
Money Market Funds 3.60%
Morgan Stanley Institutional Liquidity Fund, Institutional Class, 0.03%(b)		983,915		983,915

Total Money Market Funds (Cost $983,915)				983,915

Total Investments — 100.49% (Cost $20,730,510)				27,440,837
Liabilities in Excess of Other Assets — (0.49)%				(133,406	)
NET ASSETS — 100.00%			$	27,307,431

(a)

Non-income producing security.

(b)

Rate disclosed is the seven day effective yield as of June 30, 2021.

AGM — Assured Guaranty Municipal Corp.

OID — Original Issue Discount

See accompanying notes which are an integral part of these financial statements.

42	SPIRIT OF AMERICA

STATEMENTS OF ASSETS AND LIABILITIES

JUNE 30, 2021 (UNAUDITED)

	Spirit of America			Spirit of America			Spirit of America						Spirit of America
	Real Estate Income			Large Cap Value			Municipal Tax Free			Spirit of America			Income &
	and Growth Fund			Fund			Bond Fund			Income Fund			Opportunity Fund
ASSETS
Investments in securities at fair value (cost $59,294,648, $71,379,253, $64,359,390, $111,165,928 and $20,730,510)	$	101,576,193		$	146,406,502		$	67,463,522		$	128,931,179		$	27,440,837
Cash		73,700			8,792			—			533,422			3,969
Receivable for investments sold		—			—			—			—			—
Receivable for Fund shares sold		207,706			9,570			—			24,337			7,144
Dividends and interest receivable		377,832			80,550			735,150			1,134,253			179,555
Prepaid expenses		31,104			34,524			33,055			39,961			23,068
TOTAL ASSETS		102,266,535			146,539,938			68,231,727			130,663,152			27,654,573

LIABILITIES
Line of credit payable		—			—			—			735,956			—
Payable for Fund shares redeemed		50,290			92,123			20,000			274,350			—
Payable for investments purchased		50,000			—			—			—			—
Payable for distributions to shareholders		911,974			837,747			40,340			168,049			279,147
Payable for investment advisory fees		79,039			114,724			22,258			60,060			10,470
Payable for distribution (12b-1) fees		24,483			35,618			8,660			26,961			5,920
Payable for accounting and administration fees		4,263			6,708			3,725			6,897			1,342
Chief Compliance Officer		279			439			246			465			87
Payable for transfer agent fees		2,409			2,357			1,204			4,218			1,933
Other accrued expenses		61,883			69,910			61,153			76,141			48,243
TOTAL LIABILITIES		1,184,620			1,159,626			157,586			1,353,097			347,142
NET ASSETS	$	101,081,915		$	145,380,312		$	68,074,141		$	129,310,055		$	27,307,431

SOURCE OF NET ASSETS
As of June 30, 2021, net assets consisted of:
Paid-in capital	$	61,320,620		$	66,831,182		$	72,677,521		$	110,204,917		$	22,550,361
Accumulated earnings (deficits)		39,761,295			78,549,130			(4,603,380	)		19,105,138			4,757,070
NET ASSETS	$	101,081,915		$	145,380,312		$	68,074,141		$	129,310,055		$	27,307,431

NET ASSETS:
Class A Shares	$	100,993,866		$	145,121,774		$	67,725,836		$	128,851,388		$	26,712,408
Class C Shares	$	71,265		$	243,206		$	338,834		$	446,166		$	584,274
Institutional Shares	$	16,784		$	15,332		$	9,471		$	12,501		$	10,749
SHARES OUTSTANDING ($0.001 par value, 500,000,000 authorized shares):
Class A Shares		8,565,569			5,294,160			7,120,319			10,204,016			2,516,976
Class C Shares		6,127			8,869			35,705			35,313			55,216
Institutional Shares		1,455			560			998			987			1,018
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A Shares^(a)	$	11.79		$	27.41		$	9.51		$	12.63		$	10.61
Class C Shares^(b)	$	11.63		$	27.42		$	9.49		$	12.63		$	10.58
Institutional Shares	$	11.54		$	27.40	^(c)	$	9.49		$	12.67		$	10.56
OFFERING PRICE PER SHARE (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share:
Class A Shares	$	12.44		$	28.93		$	9.98		$	13.26		$	11.14
MAXIMUM SALES CHARGE:
Class A Shares		5.25	%		5.25	%		4.75	%		4.75	%		4.75	%

(a)

A contingent deferred sales charge (“CDSC”) 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 (“CDSC”) of 1.00% may be charged on shares held less than 13 months.

(c)

Per share amounts may not recalculate due to rounds of net assets and/or shares outstanding.

See accompanying notes which are an integral part of these financial statements.

STATEMENTS OF OPERATIONS

SIX MONTHS ENDED JUNE 30, 2021 (UNAUDITED)

	Spirit of America			Spirit of America			Spirit of America						Spirit of America
	Real Estate Income			Large Cap Value			Municipal Tax Free			Spirit of America			Income &
	and Growth Fund			Fund			Bond Fund			Income Fund			Opportunity Fund
INVESTMENT INCOME
Dividends	$	1,340,587		$	1,091,702		$	217		$	1,169,778		$	184,484
Foreign dividend taxes withheld		(32	)		(1,242	)		—			(10,635	)		(2	)
Interest		3,955			—			1,032,100			1,974,811			232,517
TOTAL INVESTMENT INCOME		1,344,510			1,090,460			1,032,317			3,133,954			416,999

EXPENSES
Investment advisory		420,862			652,002			206,284			391,436			82,360
Distribution (12b-1) — Class A		129,918			201,263			51,314			162,513			30,983
Distribution (12b-1) — Class C		740			1,221			1,665			2,277			2,723
Accounting and Administration		27,274			42,648			22,412			42,699			8,067
Registration		19,381			18,456			23,910			27,134			17,147
Auditing		13,142			13,142			13,142			13,142			13,142
Transfer agent		11,916			13,791			5,982			20,079			4,815
Sub transfer agent		10,499			12,170			5,097			17,336			4,474
Printing		9,911			13,992			6,984			15,632			2,988
Directors		7,456			11,657			6,186			11,759			2,223
Insurance		7,383			11,063			6,779			12,464			2,235
Legal		5,166			8,101			4,198			7,988			1,504
Custodian		4,959			6,648			3,110			5,209			2,388
Chief Compliance Officer		1,638			2,568			1,349			2,561			485
Line of credit		869			1,344			667			1,263			253
Interest		785			1,327			—			4,035			188
Pricing		306			683			18,603			10,850			2,255
Other		7,615			9,006			8,763			11,457			7,807
TOTAL EXPENSES		679,820			1,021,082			386,445			759,834			186,037
Fees waived by Adviser		—			—			(75,023	)		(35,385	)		(25,097	)
NET EXPENSES		679,820			1,021,082			311,422			724,449			160,940
NET INVESTMENT INCOME		664,690			69,378			720,895			2,409,505			256,059

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain from investment transactions		1,888,837			7,092,738			12,754			749,205			39,818
Net realized gain (loss) on foreign currency transactions		—			(2	)		—			445			—
Net realized gain on written option transactions		570			1,734			—			—			—
Net change in unrealized appreciation (depreciation) of investments		11,121,920			11,622,175			(257,960	)		993,113			1,926,273
Net change in unrealized depreciation of foreign currency transactions		—			(1	)		—			(5	)		—
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		13,011,327			18,716,644			(245,206	)		1,742,758			1,966,091
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	13,676,017		$	18,786,022		$	475,689		$	4,152,263		$	2,222,150

See accompanying notes which are an integral part of these financial statements.

44	SPIRIT OF AMERICA

[THIS PAGE INTENTIONALLY LEFT BLANK]

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						For the Six Months
	Ended			For the Year			Ended			For the Year
	June 30, 2021			Ended			June 30, 2021			Ended
	(Unaudited)			December 31, 2020			(Unaudited)			December 31, 2020
OPERATIONS
Net investment income	$	664,690		$	843,781		$	69,378		$	944,409
Net realized gain (loss) on investment transactions		1,889,407			(1,992,756	)		7,094,470			4,577,878
Net change in unrealized appreciation (depreciation) of investments		11,121,920			(3,570,120	)		11,622,174			12,628,249
Net increase (decrease) in net assets resulting from operations		13,676,017			(4,719,095	)		18,786,022			18,150,536
DISTRIBUTIONS TO SHAREHOLDERS FROM
Earnings:
Class A		(3,539,930	)		(1,176,494	)		(3,636,455	)		(5,524,631	)
Class C		(1,923	)		(2,935	)		(5,299	)		(10,923	)
Institutional		(617	)		(191	)		(402	)		(579	)
Return of capital:
Class A		—			(5,306,367	)		—			(1,741,930	)
Class C		—			(13,238	)		—			(3,444	)
Institutional		—			(862	)		—			(183	)
Total distributions to shareholders		(3,542,470	)		(6,500,087	)		(3,642,156	)		(7,281,690	)
CAPITAL TRANSACTIONS
Class A:
Shares sold		11,411,431			13,163,566			13,627,784			22,784,053
Shares issued from reinvestment of distributions		2,628,828			5,113,338			2,802,290			5,846,628
Shares redeemed		(5,768,642	)		(15,159,168	)		(15,102,017	)		(24,604,410	)
Total – Class A		8,271,617			3,117,736			1,328,057			4,026,271
Class C:
Shares sold		657			35,222			—			273,081
Shares issued from reinvestment of distributions		1,052			12,083			1,716			7,270
Shares redeemed		(170,986	)		(4,225	)		(49,707	)		(89,410	)
Total – Class C		(169,277	)		43,080			(47,991	)		190,941
Institutional:
Shares sold		—			12,763	^(a)		—			10,000	^(a)
Shares issued from reinvestment of distributions		617			932	^(a)		402			762	^(a)
Total – Institutional		617			13,695	^(a)		402			10,762	^(a)
Increase (decrease) in net assets derived from capital share transactions		8,102,957			3,174,511			1,280,468			4,227,974
Total increase (decrease) in Net Assets		18,236,504			(8,044,671	)		16,424,334			15,096,820
NET ASSETS
Beginning of period		82,845,411			90,890,082			128,955,978			113,859,158
End of period	$	101,081,915		$	82,845,411		$	145,380,312		$	128,955,978
SHARE TRANSACTIONS
Class A:
Shares sold		969,350			1,266,841			514,429			1,049,085
Shares issued from reinvestment of distributions		222,971			505,292			102,236			260,881
Shares redeemed		(528,827	)		(1,450,729	)		(581,514	)		(1,102,953	)
Total – Class A		663,494			321,404			35,151			207,013
Class C:
Shares sold		61			2,883			—			12,786
Shares issued from reinvestment of distributions		90			1,214			62			329
Shares redeemed		(15,675	)		(351	)		(1,944	)		(4,134	)
Total – Class C		(15,524	)		3,746			(1,882	)		8,981
Institutional:
Shares sold		—			1,307	^(a)		—			511	^(a)
Shares issued from reinvestment of distributions		54			94	^(a)		15			34	^(a)
Total – Institutional		54			1,401	^(a)		15			545	^(a)

(a)

For the period May 1, 2020 (commencement of operations) to December 31, 2020.

See accompanying notes which are an integral part of these financial statements.

46	SPIRIT OF AMERICA

STATEMENTS OF CHANGES IN NET ASSETS (CONT.)

Spirit of America Municipal Tax Free												Spirit of America Income &
Bond Fund						Spirit of America Income Fund						Opportunity Fund
For the Six Months						For the Six Months						For the Six Months
Ended			For the Year			Ended			For the Year			Ended			For the Year
June 30, 2021			Ended			June 30, 2021			Ended			June 30, 2021			Ended
(Unaudited)			December 31, 2020			(Unaudited)			December 31, 2020			(Unaudited)			December 31, 2020

$	720,895		$	1,748,466		$	2,409,505		$	4,827,835		$	256,059		$	519,948
	12,754			309,266			749,650			310,694			39,818			95,498
	(257,960	)		363,720			993,108			2,605,172			1,926,273			1,731,895

	475,689			2,421,452			4,152,263			7,743,701			2,222,150			2,347,341

	(718,697	)		(1,742,505	)		(2,239,623	)		(5,097,767	)		(741,809	)		(537,720	)
	(2,093	)		(5,802	)		(6,137	)		(11,007	)		(14,154	)		(10,400	)
	(105	)		(159	)		(224	)		(306	)		(309	)		(223	)
	—			—			—			—			—			(880,041	)
	—			—			—			—			—			(17,022	)
	—			—			—			—			—			(365	)
	(720,895	)		(1,748,466	)		(2,245,984	)		(5,109,080	)		(756,272	)		(1,445,771	)


	4,138,114			13,562,033			7,116,209			28,349,690			2,525,527			6,260,421
	459,786			1,099,127			1,407,106			3,273,733			462,662			863,165
	(7,575,285	)		(13,384,849	)		(16,734,506	)		(31,249,733	)		(2,298,910	)		(6,444,521	)
	(2,977,385	)		1,276,311			(8,211,191	)		373,690			689,279			679,065

	4,700			15,780			30,000			218,970			11,735			75,434
	1,972			5,294			4,126			7,763			14,154			27,422
	(150	)		(26,541	)		(58,474	)		(195,241	)		(30,222	)		(1,085	)
	6,522			(5,467	)		(24,348	)		31,492			(4,333	)		101,771

	—			9,000	^(a)		—			11,000	^(a)		—			8,500	^(a)
	105			160	^(a)		224			305	^(a)		309			588	^(a)
	105			9,160	^(a)		224			11,305	^(a)		309			9,088	^(a)

	(2,970,758	)		1,280,004			(8,235,315	)		416,487			685,255			789,924
	(3,215,964	)		1,952,990			(6,329,036	)		3,051,108			2,151,133			1,691,494

	71,290,105			69,337,115			135,639,091			132,587,983			25,156,298			23,464,804
$	68,074,141		$	71,290,105		$	129,310,055		$	135,639,091		$	27,307,431		$	25,156,298

	435,316			1,432,204			572,597			2,358,638			241,752			644,138
	48,474			115,975			113,500			272,382			43,606			88,940
	(797,487	)		(1,416,136	)		(1,346,596	)		(2,588,672	)		(222,929	)		(668,175	)
	(313,697	)		132,043			(660,499	)		42,348			62,429			64,903

	501			1,668			2,407			18,306			1,107			7,803
	208			560			332			645			1,338			2,830
	(16	)		(2,796	)		(4,744	)		(16,149	)		(3,019	)		(113	)
	693			(568	)		(2,005	)		2,802			(574	)		10,520

	—			970	^(a)		—			944	^(a)		—			928	^(a)
	11			17	^(a)		18			25	^(a)		29			61	^(a)
	11			987	^(a)		18			969	^(a)		29			989	^(a)

See accompanying notes which are an integral part of these financial statements.

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND

CLASS A

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, 2021			For the Year Ended December 31
	(Unaudited)			2020			2019			2018			2017			2016
Net Asset Value, Beginning of Period	$	10.45		$	11.96		$	10.03		$	11.65		$	11.67		$	11.81

From Investment Operations:
Net investment income		0.09			0.15	¹		0.09			0.15	¹		0.14	¹		0.21
Net realized and unrealized gain (loss) on investments		1.68			(0.81	)		2.69			(0.92	)		0.64			0.45
Total from investment operations		1.77			(0.66	)		2.78			(0.77	)		0.78			0.66

Less Distributions:
Distributions from net investment income		(0.43	)		(0.11	)		(0.09	)		(0.40	)		(0.80	)		(0.21	)
Distributions from net capital gains		—			(0.04	)		(0.76	)		(0.45	)		—			(0.59	)
Distributions from return of capital		—			(0.70	)		—			—			—			—
Total distributions		(0.43	)		(0.85	)		(0.85	)		(0.85	)		(0.80	)		(0.80	)

Net Asset Value, End of Period	$	11.79		$	10.45		$	11.96		$	10.03		$	11.65		$	11.67
Total Return²		16.89	% ³		(5.13	)%		28.06	%		(6.85	)%		6.79	%		5.66	%

Ratios and Supplemental Data:
Net assets, end of period (000)	$	100,994		$	82,609		$	90,679		$	80,761		$	107,101		$	108,790
Ratio of net expenses to average net assets		1.56	% ⁴		1.59	%		1.54	%		1.54	%		1.48	%		1.54	%
Ratio of net investment income to average net assets		1.53	% ⁴		1.05	%		0.74	%		1.35	%		1.18	%		1.65	%
Portfolio turnover rate		6	% ³		18	%		4	%		4	%		8	%		10	%

Calculated based on the average number of shares outstanding during the period.

Calculation does not reflect sales load.

Not annualized.

⁴

Annualized.

See accompanying notes which are an integral part of these financial statements.

48	SPIRIT OF AMERICA

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND

CLASS C

FINANCIAL HIGHLIGHTS

The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.

	For the
	Six Months															For the
	Ended															Period Ended
	June 30, 2021			For the Year Ended December 31												December 31,
	(Unaudited)			2020			2019			2018			2017			2016*
Net Asset Value, Beginning of Period	$	10.26		$	11.77		$	9.90		$	11.56		$	11.61		$	11.73

From Investment Operations:
Net investment income		0.09			0.08	¹		0.08			0.11	¹		0.07	¹		0.10	¹
Net realized and unrealized gain (loss) on investments		1.60			(0.81	)		2.57			(0.94	)		0.63			0.55
Total from investment operations		1.69			(0.73	)		2.65			(0.83	)		0.70			0.65

Less Distributions:
Distributions from net investment income		(0.32	)		(0.10	)		(0.08	)		(0.38	)		(0.75	)		(0.18	)
Distributions from net capital gains		—			(0.04	)		(0.70	)		(0.45	)		—			(0.59	)
Distributions from return of capital		—			(0.64	)		—			—			—			—
Total distributions		(0.32	)		(0.78	)		(0.78	)		(0.83	)		(0.75	)		(0.77	)

Net Asset Value, End of Period	$	11.63		$	10.26		$	11.77		$	9.90		$	11.56		$	11.61
Total Return²		16.46	% ³		(5.85	)%		27.15	%		(7.44	)%		6.10	%		5.69	% ³

Ratios and Supplemental Data:
Net assets, end of period (000)	$	71		$	222		$	211		$	118		$	41		$	10
Ratio of net expenses to average net assets		2.26	% ⁴		2.29	%		2.24	%		2.24	%		2.18	%		2.24	% ⁴
Ratio of net investment income to average net assets		0.69	% ⁴		0.41	%		0.16	%		0.97	%		0.59	%		1.07	% ⁴
Portfolio turnover rate		6	% ³		18	%		4	%		4	%		8	%		10	% ³

For the period March 15, 2016 (commencement of operations) to December 31, 2016.

Calculated based on the average number of shares outstanding during the period.

Calculation does not reflect CDSC.

Not annualized.

⁴

Annualized.

See accompanying notes which are an integral part of these financial statements.

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND

INSTITUTIONAL CLASS

FINANCIAL HIGHLIGHTS

The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.

	For the
	Six Months			For the
	Ended			Period Ended
	June 30, 2021			December 31,
	(Unaudited)			2020*
Net Asset Value, Beginning of Period	$	10.24		$	9.67

From Investment Operations:
Net investment income		0.11			0.14	¹
Net realized and unrealized gain on investments		1.63			1.31
Total from investment operations		1.74			1.45

Less Distributions:
Distributions from net investment income		(0.44	)		(0.12	)
Distributions from net capital gains		—			(0.04	)
Distributions from return of capital		—			(0.72	)
Total distributions		(0.44	)		(0.88	)

Net Asset Value, End of Period	$	11.54		$	10.24
Total Return		17.00	% ¹		15.52	% ¹

Ratios and Supplemental Data:
Net assets, end of period (000)	$	17		$	14
Ratio of net expenses to average net assets		1.26	% ²		1.29	% ²
Ratio of net investment income to average net assets		1.79	% ²		1.53	% ²
Portfolio turnover rate		6	% ¹		18	% ¹

For the period May 1, 2020 (commencement of operations) to December 31, 2020.

Not annualized.

Annualized.

See accompanying notes which are an integral part of these financial statements.

50	SPIRIT OF AMERICA

SPIRIT OF AMERICA LARGE CAP VALUE FUND

CLASS A

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, 2021			For the Year Ended December 31
	(Unaudited)			2020			2019			2018			2017			2016
Net Asset Value, Beginning of Period	$	24.47		$	22.53		$	18.53		$	21.59		$	19.01		$	18.63

From Investment Operations:
Net investment income		0.03			1.08	¹		0.13	¹		0.15	¹		0.22	¹		0.29
Net realized and unrealized gain (loss) on investments		3.61			2.26			5.27			(1.81	)		3.56			1.29
Total from investment operations		3.64			3.34			5.40			(1.66	)		3.78			1.58

Less Distributions:
Distributions from net investment income		(0.70	)		(0.17	)		(0.13	)		(0.15	)		(0.24	)		(0.25	)
Distributions from net capital gains		—			(0.90	)		(0.80	)		(0.78	)		(0.24	)		(0.95	)
Distributions from return of capital		—			(0.33	)		(0.47	)		(0.47	)		(0.72	)		—
Total distributions		(0.70	)		(1.40	)		(1.40	)		(1.40	)		(1.20	)		(1.20	)

Net Asset Value, End of Period	$	27.41		$	24.47		$	22.53		$	18.53		$	21.59		$	19.01
Total Return²		14.88	% ³		15.49	%		29.54	%		(7.87	)%		20.22	%		8.49	%

Ratios and Supplemental Data:
Net assets, end of period (000)	$	145,122		$	128,680		$	113,819		$	88,939		$	101,054		$	77,579
Ratio of net expenses to average net assets		1.52	% ⁴		1.53	%		1.52	%		1.52	%		1.47	%		1.57	%
Ratio of net investment income to average net assets		0.10	% ⁴		0.82	%		0.60	%		0.70	%		1.05	%		1.56	%
Portfolio turnover rate		8	% ³		15	%		8	%		13	%		3	%		24	%

Calculated based on the average number of shares outstanding during the period.

Calculation does not reflect sales load.

Not annualized.

⁴

Annualized.

See accompanying notes which are an integral part of these financial statements.

SPIRIT OF AMERICA LARGE CAP VALUE FUND

CLASS C

FINANCIAL HIGHLIGHTS

The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.

	For the
	Six Months															For the
	Ended															Period Ended
	June 30, 2021			For the Year Ended December 31												December 31,
	(Unaudited)			2020			2019			2018			2017			2016*
Net Asset Value, Beginning of Period	$	24.48		$	22.59		$	18.52		$	21.62		$	19.14		$	18.29

From Investment Operations:
Net investment income (loss)		(0.08	)		0.88	¹		(0.02	) ¹		—	^1,2		0.08	¹		0.10	¹
Net realized and unrealized gain (loss) on investments		3.62			2.30			5.26			(1.80	)		3.57			1.70
Total from investment operations		3.54			3.18			5.24			(1.80	)		3.65			1.80

Less Distributions:
Distributions from net investment income		(0.60	)		(0.13	)		(0.08	)		(0.12	)		(0.23	)		—
Distributions from net capital gains		—			(0.90	)		(0.80	)		(0.78	)		(0.24	)		(0.95	)
Distributions from return of capital		—			(0.26	)		(0.29	)		(0.40	)		(0.70	)		—
Total distributions		(0.60	)		(1.29	)		(1.17	)		(1.30	)		(1.17	)		(0.95	)

Net Asset Value, End of Period	$	27.42		$	24.48		$	22.59		$	18.52		$	21.62		$	19.14
Total Return³		14.47	% ⁴		14.70	%		28.59	%		(8.50	)%		19.37	%		9.65	% ⁴

Ratios and Supplemental Data:
Net assets, end of period (000)	$	243		$	263		$	40		$	83		$	39		$	1
Ratio of net expenses to average net assets		2.22	% ⁵		2.23	%		2.22	%		2.22	%		2.17	%		2.27	% ⁵
Ratio of net investment income (loss) to average net assets		(0.59	)% ⁵		(0.09	)%		(0.10	)%		0.01	%		0.39	%		0.64	% ⁵
Portfolio turnover rate		8	% ⁴		15	%		8	%		13	%		3	%		24	% ⁴

For the period March 15, 2016 (commencement of operations) to December 31, 2016.

Calculated based on the average number of shares outstanding during the period.

Rounds to less than 0.005 per share.

Calculation does not reflect CDSC.

⁴

Not annualized.

⁵

Annualized.

See accompanying notes which are an integral part of these financial statements.

52	SPIRIT OF AMERICA

SPIRIT OF AMERICA LARGE CAP VALUE FUND

INSTITUTIONAL CLASS

FINANCIAL HIGHLIGHTS

The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.

	For the
	Six Months			For the
	Ended			Period Ended
	June 30, 2021			December 31,
	(Unaudited)			2020*
Net Asset Value, Beginning of Period	$	24.46		$	19.57

From Investment Operations:
Net investment income		0.07			1.02	¹
Net realized and unrealized gain on investments		3.61			5.34
Total from investment operations		3.68			6.36

Less Distributions:
Distributions from net investment income		(0.74	)		(0.19	)
Distributions from net capital gains		—			(0.90	)
Distributions from return of capital		—			(0.38	)
Total distributions		(0.74	)		(1.47	)

Net Asset Value, End of Period	$	27.40		$	24.46
Total Return		15.04	% ²		33.28	% ²

Ratios and Supplemental Data:
Net assets, end of period (000)	$	15		$	13
Ratio of net expenses to average net assets		1.22	% ³		1.23	% ³
Ratio of net investment income to average net assets		0.41	% ³		0.80	% ³
Portfolio turnover rate		8	% ²		15	% ²

For the period May 1, 2020 (commencement of operations) to December 31, 2020.

Calculated based on the average number of shares outstanding during the period.

Not annualized.

Annualized.

See accompanying notes which are an integral part of these financial statements.

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

CLASS A

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, 2021			For the Year Ended December 31
	(Unaudited)			2020			2019			2018			2017			2016
Net Asset Value, Beginning of Period	$	9.54		$	9.45		$	9.26		$	9.47		$	9.33		$	9.57

From Investment Operations:
Net investment income		0.10			0.24			0.27			0.30			0.30			0.31
Net realized and unrealized gain (loss) on investments		(0.03	)		0.09			0.19			(0.21	)		0.14			(0.24	)
Total from investment operations		0.07			0.33			0.46			0.09			0.44			0.07

Less Distributions:
Distributions from net investment income		(0.10	)		(0.24	)		(0.27	)		(0.30	)		(0.30	)		(0.31	)
Total distributions		(0.10	)		(0.24	)		(0.27	)		(0.30	)		(0.30	)		(0.31	)

Net Asset Value, End of Period	$	9.51		$	9.54		$	9.45		$	9.26		$	9.47		$	9.33
Total Return¹		0.73	% ²		3.56	%		5.06	%		0.96	%		4.75	%		0.64	%

Ratios and Supplemental Data:
Net assets, end of period (000)	$	67,726		$	70,947		$	69,002		$	72,818		$	99,159		$	106,984
Ratio of expenses to average net assets:
Before expense waiver or recoupment		1.12	% ³		1.11	%		1.13	% ⁵		1.11	% ⁵		1.02	% ⁴		1.04	%
After expense waiver or recoupment		0.90	% ³		0.90	%		0.92	% ⁵		0.92	% ⁵		0.91	% ⁴		0.90	%
Ratio of net investment income to average net assets		2.10	% ³		2.55	%		2.92	%		3.21	%		3.16	%		3.17	%
Portfolio turnover rate		2	% ²		18	%		6	%		—	%		5	%		10	%

Calculation does not reflect sales load.

Not annualized.

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.

54	SPIRIT OF AMERICA

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

CLASS C

FINANCIAL HIGHLIGHTS

The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.

	For the
	Six Months															For the
	Ended															Period Ended
	June 30, 2021			For the Year Ended December 31												December 31,
	(Unaudited)			2020			2019			2018			2017			2016*
Net Asset Value, Beginning of Period	$	9.52		$	9.43		$	9.23		$	9.45		$	9.31		$	9.59

From Investment Operations:
Net investment income		0.06			0.16			0.19			0.22			0.22			0.17
Net realized and unrealized gain (loss) on investments		(0.03	)		0.09			0.20			(0.22	)		0.14			(0.28	)
Total from investment operations		0.03			0.25			0.39			—			0.36			(0.11	)

Less Distributions:
Distributions from net investment income		(0.06	)		(0.16	)		(0.19	)		(0.22	)		(0.22	)		(0.17	)
Total distributions		(0.06	)		(0.16	)		(0.19	)		(0.22	)		(0.22	)		(0.17	)

Net Asset Value, End of Period	$	9.49		$	9.52		$	9.43		$	9.23		$	9.45		$	9.31
Total Return¹		0.31	% ²		2.70	%		4.30	%		0.00	%		3.87	%		(1.19	)% ²

Ratios and Supplemental Data:
Net assets, end of period (000)	$	339		$	333		$	335		$	155		$	80		$	28
Ratio of expenses to average net assets:
Before expense waiver or recoupment		1.97	% ³		1.96	%		1.98	% ⁴		1.96	% ⁴		1.87	% ⁵		1.89	% ³
After expense waiver or recoupment		1.75	% ³		1.75	%		1.77	% ⁴		1.77	% ⁴		1.76	% ⁵		1.75	% ³
Ratio of net investment income to average net assets		1.26	% ³		1.71	%		2.03	%		2.27	%		2.31	%		2.19	% ³
Portfolio turnover rate		2	% ²		18	%		6	%		—	%		5	%		10	% ²

For the period March 15, 2016 (commencement of operations) to December 31, 2016.

Calculation does not reflect CDSC.

Not annualized.

Annualized.

⁴

Includes interest expense of 0.02%.

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

INSTITUTIONAL CLASS

FINANCIAL HIGHLIGHTS

The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.

	For the
	Six Months			For the
	Ended			Period Ended
	June 30, 2021			December 31,
	(Unaudited)			2020*
Net Asset Value, Beginning of Period	$	9.52		$	9.28

From Investment Operations:
Net investment income		0.11			0.16
Net realized and unrealized gain (loss) on investments		(0.03	)		0.24
Total from investment operations		0.08			0.40

Less Distributions:
Distributions from net investment income		(0.11	)		(0.16	)
Total distributions		(0.11	)		(0.16	)

Net Asset Value, End of Period	$	9.49		$	9.52
Total Return		0.81	% ¹		4.37	% ¹

Ratios and Supplemental Data:
Net assets, end of period (000)	$	9		$	9
Ratio of expenses to average net assets:
Before expense waiver or recoupment		0.97	% ²		0.96	% ²
After expense waiver or recoupment		0.75	% ²		0.75	% ²
Ratio of net investment income to average net assets		2.25	% ²		2.60	% ²
Portfolio turnover rate		2	% ¹		18	% ¹

For the period May 1, 2020 (commencement of operations) to December 31, 2020.

Not annualized.

Annualized.

See accompanying notes which are an integral part of these financial statements.

56	SPIRIT OF AMERICA

SPIRIT OF AMERICA INCOME FUND

CLASS A

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, 2021			For the Year Ended December 31
	(Unaudited)			2020			2019			2018			2017			2016
Net Asset Value, Beginning of Period	$	12.44		$	12.21		$	11.42		$	12.06		$	11.72		$	11.66

From Investment Operations:
Net investment income		0.23			0.44			0.44			0.44			0.48			0.46
Net realized and unrealized gain (loss) on investments		0.17			0.26			0.87			(0.54	)		0.39			0.13
Total from investment operations		0.40			0.70			1.31			(0.10	)		0.87			0.59

Less Distributions:
Distributions from net investment income		(0.21	)		(0.43	)		(0.39	)		(0.48	)		(0.48	)		(0.46	)
Distributions from net capital gains		—			(0.04	)		(0.07	)		—			—			—
Distributions from return of capital		—			—			(0.06	)		(0.06	)		(0.05	)		(0.07	)
Total distributions		(0.21	)		(0.47	)		(0.52	)		(0.54	)		(0.53	)		(0.53	)

Net Asset Value, End of Period	$	12.63		$	12.44		$	12.21		$	11.42		$	12.06		$	11.72
Total Return¹		3.29	% ²		5.95	%		11.64	%		(0.87	)%		7.51	%		4.99	%

Ratios and Supplemental Data:
Net assets, end of period (000)	$	128,851		$	135,162		$	132,166		$	136,223		$	205,138		$	222,220
Ratio of expenses to average net assets:
Before expense waiver or recoupment		1.16	% ^3,4		1.15	%		1.14	% ⁴		1.13	% ⁵		1.05	%		1.09	%
After expense waiver or recoupment		1.11	% ^3,4		1.10	%		1.11	% ⁴		1.12	% ⁵		1.10	%		1.10	%
Ratio of net investment income to average net assets		3.70	% ³		3.70	%		3.74	%		3.87	%		4.00	%		3.75	%
Portfolio turnover rate		3	% ²		20	%		3	%		1	%		—	%		4	%

Calculation does not reflect sales load.

Not annualized.

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 C

FINANCIAL HIGHLIGHTS

The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.

	For the
	Six Months															For the
	Ended															Period Ended
	June 30, 2021			For the Year Ended December 31												December 31,
	(Unaudited)			2020			2019			2018			2017			2016*
Net Asset Value, Beginning of Period	$	12.45		$	12.22		$	11.43		$	12.08		$	11.73		$	11.78

From Investment Operations:
Net investment income		0.19			0.36			0.38			0.38			0.39			0.28
Net realized and unrealized gain (loss) on investments		0.16			0.25			0.84			(0.58	)		0.39			0.01
Total from investment operations		0.35			0.61			1.22			(0.20	)		0.78			0.29

Less Distributions:
Distributions from net investment income		(0.17	)		(0.34	)		(0.32	)		(0.40	)		(0.39	)		(0.29	)
Distributions from net capital gains		—			(0.04	)		(0.07	)		—			—			—
Distributions from return of capital		—			—			(0.04	)		(0.05	)		(0.04	)		(0.05	)
Total distributions		(0.17	)		(0.38	)		(0.43	)		(0.45	)		(0.43	)		(0.34	)

Net Asset Value, End of Period	$	12.63		$	12.45		$	12.22		$	11.43		$	12.08		$	11.73
Total Return¹		2.82	% ²		5.18	%		10.79	%		(1.69	)%		6.77	%		2.43	% ²

Ratios and Supplemental Data:
Net assets, end of period (000)	$	446		$	465		$	422		$	293		$	132		$	95
Ratio of expenses to average net assets:
Before expense waiver or recoupment		1.91	% ^3,4		1.90	%		1.89	% ⁴		1.88	% ⁵		1.80	%		1.84	% ³
After expense waiver or recoupment		1.86	% ^3,4		1.85	%		1.86	% ⁴		1.87	% ⁵		1.85	%		1.85	% ³
Ratio of net investment income to average net assets		2.95	% ³		2.92	%		2.97	%		3.12	%		3.24	%		2.77	% ³
Portfolio turnover rate		3	% ²		20	%		3	%		1	%		—	%		4	% ²

For the period March 15, 2016 (commencement of operations) to December 31, 2016.

Calculation does not reflect CDSC.

Not annualized.

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.

58	SPIRIT OF AMERICA

SPIRIT OF AMERICA INCOME FUND

INSTITUTIONAL CLASS

FINANCIAL HIGHLIGHTS

The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.

	For the
	Six Months			For the
	Ended			Period Ended
	June 30, 2021			December 31,
	(Unaudited)			2020*
Net Asset Value, Beginning of Period	$	12.48		$	11.66

From Investment Operations:
Net investment income		0.24			0.31
Net realized and unrealized gain on investments		0.18			0.83
Total from investment operations		0.42			1.14

Less Distributions:
Distributions from net investment income		(0.23	)		(0.28	)
Distributions from net capital gains		—			(0.04	)
Total distributions		(0.23	)		(0.32	)

Net Asset Value, End of Period	$	12.67		$	12.48
Total Return		3.41	% ¹		9.89	% ¹

Ratios and Supplemental Data:
Net assets, end of period (000)	$	13		$	12
Ratio of expenses to average net assets:
Before expense waiver or recoupment		0.91	% ^2,3		0.90	% ²
After expense waiver or recoupment		0.86	% ^2,3		0.85	% ²
Ratio of net investment income to average net assets		3.94	% ²		3.80	% ²
Portfolio turnover rate		3	% ¹		20	% ¹

For the period May 1, 2020 (commencement of operations) to December 31, 2020.

Not annualized.

Annualized.

Includes interest expense of 0.01%.

See accompanying notes which are an integral part of these financial statements.

SPIRIT OF AMERICA INCOME & OPPORTUNITY FUND

CLASS A

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, 2021			For the Year Ended December 31
	(Unaudited)			2020			2019			2018			2017			2016
Net Asset Value, Beginning of Period	$	10.02		$	9.64		$	9.12		$	9.87		$	9.50		$	9.16

From Investment Operations:
Net investment income		0.11			0.22			0.38			0.16			0.32			0.19
Net realized and unrealized gain (loss) on investments		0.78			0.76			0.74			(0.52	)		0.47			0.58
Total from investment operations		0.89			0.98			1.12			(0.36	)		0.79			0.77

Less Distributions:
Distributions from net investment income		(0.30	)		(0.23	)		(0.33	)		(0.16	)		(0.33	)		(0.19	)
Distributions from return of capital		—			(0.37	)		(0.27	)		(0.23	)		(0.09	)		(0.24	)
Total distributions		(0.30	)		(0.60	)		(0.60	)		(0.39	)		(0.42	)		(0.43	)

Net Asset Value, End of Period	$	10.61		$	10.02		$	9.64		$	9.12		$	9.87		$	9.50
Total Return¹		8.88	% ²		10.46	%		12.37	%		(3.70	)%		8.41	%		8.40	%

Ratios and Supplemental Data:
Net assets, end of period (000)	$	26,712		$	24,589		$	23,029		$	25,177		$	52,523		$	57,829
Ratio of expenses to average net assets:
Before expense waiver or recoupment		1.45	% ³		1.46	%		1.43	% ⁴		1.33	% ⁵		1.15	%		1.22	%
After expense waiver or recoupment		1.25	% ³		1.25	%		1.26	% ⁴		1.27	% ⁵		1.25	%		1.25	%
Ratio of net investment income to average net assets		2.04	% ³		2.22	%		3.82	%		1.89	%		3.24	%		1.93	%
Portfolio turnover rate		2	% ²		19	%		23	%		4	%		6	%		12	%

Calculation does not reflect sales load.

Not annualized.

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.

60	SPIRIT OF AMERICA

SPIRIT OF AMERICA INCOME & OPPORTUNITY FUND

CLASS C

FINANCIAL HIGHLIGHTS

The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.

	For the
	Six Months															For the
	Ended															Period Ended
	June 30, 2021			For the Year Ended December 31												December 31,
	(Unaudited)			2020			2019			2018			2017			2016*
Net Asset Value, Beginning of Period	$	9.99		$	9.62		$	9.10		$	9.85		$	9.48		$	9.14

From Investment Operations:
Net investment income		0.07			0.14			0.34			0.12			0.24			0.18
Net realized and unrealized gain (loss) on investments		0.78			0.76			0.70			(0.55	)		0.47			0.44
Total from investment operations		0.85			0.90			1.04			(0.43	)		0.71			0.62

Less Distributions:
Distributions from net investment income		(0.26	)		(0.20	)		(0.29	)		(0.13	)		(0.27	)		(0.12	)
Distributions from return of capital		—			(0.33	)		(0.23	)		(0.19	)		(0.07	)		(0.16	)
Total distributions		(0.26	)		(0.53	)		(0.52	)		(0.32	)		(0.34	)		(0.28	)

Net Asset Value, End of Period	$	10.58		$	9.99		$	9.62		$	9.10		$	9.85		$	9.48
Total Return¹		8.54	% ²		9.62	%		11.58	%		(4.43	)%		7.61	%		6.59	% ²

Ratios and Supplemental Data:
Net assets, end of period (000)	$	584		$	557		$	435		$	394		$	285		$	194
Ratio of expenses to average net assets:
Before expense waiver or recoupment		2.20	% ³		2.21	%		2.18	% ⁴		2.08	% ⁵		1.90	%		1.97	% ³
After expense waiver or recoupment		2.00	% ³		2.00	%		2.01	% ⁴		2.02	% ⁵		2.00	%		2.00	% ³
Ratio of net investment income to average net assets		1.30	% ³		1.48	%		3.08	%		1.14	%		2.50	%		0.65	% ³
Portfolio turnover rate		2	% ²		19	%		23	%		4	%		6	%		12	% ²

For the period March 15, 2016 (commencement of operations) to December 31, 2016.

Calculation does not reflect CDSC.

Not annualized.

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 AND OPPORTUNITY FUND

INSTITUTIONAL CLASS

FINANCIAL HIGHLIGHTS

The table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.

	For the
	Six Months			For the
	Ended			Period Ended
	June 30, 2021			December 31,
	(Unaudited)			2020*
Net Asset Value, Beginning of Period	$	9.97		$	9.16

From Investment Operations:
Net investment income		0.12			0.15
Net realized and unrealized gain on investments		0.78			1.28
Total from investment operations		0.90			1.43

Less Distributions:
Distributions from net investment income		(0.31	)		(0.23	)
Distributions from return of capital		—			(0.39	)
Total distributions		(0.31	)		(0.62	)

Net Asset Value, End of Period	$	10.56		$	9.97
Total Return		9.05	% ¹		15.99	% ¹

Ratios and Supplemental Data:
Net assets, end of period (000)	$	11		$	10
Ratio of expenses to average net assets:
Before expense waiver or recoupment		1.20	% ²		1.21	% ²
After expense waiver or recoupment		1.00	% ²		1.00	% ²
Ratio of net investment income to average net assets		2.30	% ²		2.27	% ²
Portfolio turnover rate		2	% ¹		19	% ¹

For the period May 1, 2020 (commencement of operations) to December 31, 2020.

Not annualized.

Annualized.

See accompanying notes which are an integral part of these financial statements.

62	SPIRIT OF AMERICA

NOTES TO FINANCIAL STATEMENTS | JUNE 30, 2021 (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 Fund”) commenced operations on January 9, 1998. The Real Estate 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 “Value Fund”) commenced operations on August 1, 2002. The 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 Fund”) commenced operations on February 29, 2008. The Municipal 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 Income & Opportunity Fund (the “Opportunity Fund”) commenced operations on July 8, 2013. The Opportunity Fund seeks to achieve its investment objective of providing shareholders with current income and the potential for capital appreciation by investing a substantial percentage of its total assets in a portfolio of common and preferred stocks, fixed income securities of any grade, as well non-rated fixed income securities, both short-term and long-term, including zero-coupon securities, taxable and tax-free municipal bonds, income producing convertible securities, corporate bonds, including high-yield U.S. corporate bonds, floating rate bonds and step coupon bonds, municipal lease agreements, certificates of participation and collateralized mortgage obligations (“CMOs”), U.S. government agency securities, including securities issued by the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”), and the Government National Mortgage Association (“GNMA”), equity real estate investment companies (“REITs”), which are subject to federal income tax, and Master Limited Partnerships (“MLPs”).

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 Real Estate Fund and Value Fund, and 4.75% for Municipal Fund, Income Fund and Opportunity 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.

NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2021 (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. Fund securities for which market quotations are not readily available are valued at fair value as determined in good faith under procedures established by and under the supervision of the Board of Directors (the “Board”).

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, 2021 is as follows:

	Value Inputs
Real Estate Fund	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks*	$	98,191,972	$	—	$	484	$	98,192,456
Preferred Stocks*		2,252,788		—		—		2,252,788
Municipal Bonds		—		200,790		—		200,790
Money Market Funds		930,159		—		—		930,159
Total	$	101,374,919	$	200,790	$	484	$	101,576,193

Value Fund
Assets:
Common Stocks*	$	143,467,975	$	—	$	—	$	143,467,975
Preferred Stocks*		1,972,865		—		—		1,972,865
Money Market Funds		965,662		—		—		965,662
Total	$	146,406,502	$	—	$	—	$	146,406,502

Municipal Fund
Assets:
Municipal Bonds	$	—	$	64,456,363	$	—	$	64,456,363
Money Market Funds		3,007,159		—		—		3,007,159
Total	$	3,007,159	$	64,456,363	$	—	$	67,463,522

64	SPIRIT OF AMERICA

NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

	Value Inputs
Income Fund	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks*	$	20,931,787	$	—	$	850	$	20,932,637
Preferred Stocks*		25,522,488		—		—		25,522,488
Collateralized Mortgage Obligations		—		106,717		—		106,717
Corporate Bonds		—		10,306,143		423,084		10,729,227
Municipal Bonds		—		71,640,110		—		71,640,110
Total	$	46,454,275	$	82,052,970	$	423,934	$	128,931,179

Opportunity Fund
Assets:
Common Stocks*	$	11,383,906	$	—	$	—	$	11,383,906
Preferred Stocks*		2,557,400		—		—		2,557,400
Corporate Bonds		—		527,895		—		527,895
Municipal Bonds		—		11,067,534		—		11,067,534
U.S. Government & Agency Obligations		—		920,187		—		920,187
Money Market Funds		983,915		—		—		983,915
Total	$	14,925,221	$	12,515,616	$	—	$	27,440,837

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, the Adviser shall use any or all of the following criteria to value Level 3 securities:

●

Last sales price

●

Price given by pricing service

●

Last quoted bid & asked price

●

Third party bid & asked price

●

Indicated opening range

The significant unobservable inputs that may be used in the fair value measurement of the 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 Real Estate Fund’s significant Level 3 fair value measurements as of June 30, 2021:

Quantitative Information about Significant Level 3 Fair Value Measurements
	Fair Value At
Asset Category	June 30, 2021	Valuation Techniques	Unobservable Input(s)	Range
Common Stocks	$484	Asset Liquidation Analysis	Liquidation Proceeds	N/A

NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

The following provides quantitative information about the Income Fund’s significant Level 3 fair value measurements as of June 30, 2021:

Quantitative Information about Significant Level 3 Fair Value Measurements
	Fair Value At
Asset Category	June 30, 2021	Valuation Techniques	Unobservable Input(s)	Range
Common Stocks	$850	Asset Liquidation Analysis	Liquidation Proceeds	N/A
Corporate Bonds	$423,084	Comparable Security Analysis	Discount for Lack of Marketability	1%-20%

Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for the Real Estate Fund:

			Change in
	Balance as of		unrealized
	December 31,		appreciation			Balance as of
	2020		(depreciation)			June 30, 2021
Common Stocks	$	858	$	(374	)	$	484

Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for the Income Fund:

						Change in
	Balance as of					unrealized
	December 31,		Amortization/			appreciation			Balance as of
	2020		Accretion			(depreciation)			June 30, 2021
Common Stocks	$	1,506	$	—		$	(656	)	$	850
Corporate Bonds		410,353		(261	)		12,992			423,084

C. 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.

D. 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.

E. 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.

F. Distributions to Shareholders: The Funds intend to distribute substantially all of its net investment income and capital gains to shareholders each year. The Real Estate Fund intends to pay two semi-annual income dividends and other distributions on June 30 and December 31 in the annual minimum amount of $.85 per share. The 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 Opportunity Fund intends to pay two semi-annual income dividends and other distributions on June 30 and December 31 in the annual minimum amount of $.60 per share. For the Income Fund and Municipal Fund, income distributions will typically be declared daily and paid monthly. Capital gains, if any, for all 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.

66	SPIRIT OF AMERICA

NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

The Real Estate Fund, Value Fund and Opportunity 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 its distributions to its 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.

G. 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 determine 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 Fund, Value Fund and Opportunity 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’ use of derivatives for the six months ended June 30, 2021, was limited to written options.

Following is a summary of how these derivatives are treated in the financial statements and their impact on the Funds. The month-end average notional amount for the six months ended June 30, 2021 was $35,307 and $37,703 for Real Estate Fund and Value Fund, respectively. Following is a summary of how these derivatives are treated in the financial statements and their impact on the Funds. There were no derivatives outstanding as of June 30, 2021.

	Statements of Operations
		Amount of		Amount of
		Realized		Unrealized
Fund/Financial Instrument Type	Location of Gain (Loss) on Derivatives Recognized	Gain (Loss)		Gain (Loss)
Real Estate Fund
Written Call Options (Equity Contracts)	Net realized gain from written option transactions	$	570
	Net change in unrealized appreciation of written option contracts			$	—

Value Fund
Written Call Options (Equity Contracts)	Net realized gain from written option transactions	$	1,734
	Net change in unrealized appreciation of written option contracts			$	—

Note 4 – Purchases and Sales of Securities

Purchases and proceeds from the sales of securities for the six months ended June 30, 2021, excluding short-term investments, were as follows:

Fund	Purchases		Sales
Real Estate Fund	$	9,893,770	$	5,662,221
Value Fund		10,406,532		13,288,274
Municipal Fund		1,072,151		4,995,000
Income Fund		3,849,354		7,596,194
Opportunity Fund		582,842		1,197,293

NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

There were no purchases or sales of Long Term U.S. Government Obligations during the six months ended June 30, 2021.

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:

		Advisory
Fund	Fee Rate	Fees Earned
Real Estate Fund	0.97%	$	420,862
Value Fund	0.97%		652,002
Municipal Fund	0.60%		206,284
Income Fund	0.60%		391,436
Opportunity Fund	0.65%		82,360

The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses for the following funds (based on average daily net assets) through April 30, 2022 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, 2021, the Adviser waived advisory fees, as indicated:

				Fees
				Recouped
Fund	Class A	Class C	Institutional Shares	(Waived)
Municipal Fund	0.90%	1.75%	0.75%	$	(75,023	)
Income Fund	1.10%	1.85%	0.85%		(35,385	)
Opportunity Fund	1.25%	2.00%	1.00%		(25,097	)

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.

The amounts subject to repayment by the Funds, pursuant to the aforementioned conditions are as follows:

	Municipal		Income		Opportunity
Recoverable through	Fund		Fund		Fund
December 31, 2021	$	83,027	$	22,960	$	19,462
December 31, 2022		145,082		35,800		40,653
December 31, 2023		146,088		60,762		49,944
June 30, 2024		75,023		35,385		25,097

The Funds’ Class A 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 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

68	SPIRIT OF AMERICA

NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

and expenses in distributing shares of each Fund and providing personal services and/or maintaining shareholder accounts. For the six months ended June 30, 2021, the annual fee rate and the fees paid to the Distributor under the Plan were as follows:

	Class A			Class C
Fund	Annual Rate		Fees Paid	Annual Rate		Fees Paid
Real Estate Fund	0.30%	$	129,918	1.00%	$	740
Value Fund	0.30%		201,263	1.00%		1,221
Municipal Fund	0.15%		51,314	1.00%		1,665
Income Fund	0.25%		162,513	1.00%		2,277
Opportunity Fund	0.25%		30,983	1.00%		2,723

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, 2021, sales charges received by the Distributor from each of the Funds were as follows:

	Front-End Sales		CDSC Fees
	Charges Received		Received by
Fund	by Distributor		Distributor
Real Estate Fund	$	511,133	$	—
Value Fund		519,537		27
Municipal Fund		149,922		—
Income Fund		304,922		—
Opportunity Fund		110,124		24

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, 2021, the Funds were allocated $8,601 of the Chief Compliance Officer’s salary.

Note 6 – Concentration and Other Risks

The performance of the Municipal Fund, Income Fund and Opportunity 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 the 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.

The Municipal Fund, Income Fund and Opportunity 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 the Funds may invest in junk bonds.

The Municipal Fund, Income Fund and Opportunity Fund may be affected by credit risk of lower grade securities, which is the possibility that taxable fixed income or municipal securities rated below investment grade, or unrated of similar quality, (frequently called “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

NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

periods of rising interest rates or economic downturn, the trading market for these securities may not be active and may reduce the Fund’s ability to sell these securities at an acceptable price. If the issuer of securities is in default in payment of interest or principal, the Fund may lose its entire investment in those securities.

The Real Estate 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 Value Fund may, at times, concentrate its investments in a particular sector, such as information technology, if the Adviser believes stocks in that particular sector are performing more favorably. If the Fund invests a significant portion of its total assets in certain sectors, its investment portfolio 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

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, 2021, the Income Fund held illiquid restricted securities representing 2% of net assets, as listed below:

Issuer Description	Acquisition	Principal
Corporate Bonds	Date	Amount		Cost		Value
Exelon Generation Co. LLC, 5.60%, 06/15/42	7/12/2012	$	400,000	$	419,283	$	423,084
MetLife Capital Trust X, 9.25%, 04/08/38	6/4/2013	$	1,500,000	$	2,103,986	$	2,277,954

70	SPIRIT OF AMERICA

NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2021 (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, 2021, were as follows:

						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation/		Cost Basis of
Fund	Appreciation		Depreciation			(Depreciation) ^(a)		Investments
Real Estate Fund	$	42,652,034	$	(430,633	)	$	42,221,401	$	59,354,792
Value Fund		75,377,251		(324,580	)		75,052,671		71,353,831
Municipal Fund		3,101,856		—			3,101,856		64,361,666
Income Fund		18,909,072		(1,179,129	)		17,729,943		111,201,236
Opportunity Fund		6,964,337		(269,991	)		6,694,346		20,746,491

(a)

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 year ended December 31, 2020, was as follows:

	Ordinary		Tax Exempt		Net Long-Term		Return of		Total
Fund	Income		Income		Capital Gains		Capital		Distributions
Real Estate Fund	$	841,065	$	—	$	338,555	$	5,320,467	$	6,500,087
Value Fund		874,399		—		4,661,734		1,745,557		7,281,690
Municipal Fund		13,284		1,735,182		—		—		1,748,466
Income Fund		4,864,925		—		410,724		—		5,275,649
Opportunity Fund		548,343		—		—		897,428		1,445,771

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, 2020, the components of accumulated distributable earnings for each Fund on a tax basis were as follows:

												Total
	Undistributed		Undistributed				Accumulated			Unrealized		Accumulated
	Ordinary		Long-Term		Distributions		Capital and			Appreciation		Earnings
Fund	Income		Capital Gains		Payable		Other Losses			(Depreciation)		(Losses)
Real Estate Fund	$	—	$	—	$	—	$	(1,471,733	)	$	31,099,481	$	29,627,748
Value Fund		7,738		—		—		(32,972	)		63,430,497		63,405,263
Municipal Fund		2		—		—		(7,717,992	)		3,359,816		(4,358,174	)
Income Fund		—		462,018		—		—			16,736,841		17,198,859
Opportunity Fund		—		—		—		(1,476,881	)		4,768,072		3,291,191

At December 31, 2020, 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
Real Estate Fund	$	—	$	1,471,733	$	1,471,733
Municipal Fund		2,770,180		4,947,812		7,717,992
Opportunity Fund		1,476,880		—		1,476,880

NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

Certain capital and qualified late year losses incurred after October 31 and within the current taxable year are deemed to arise on the first business day of the Funds’ following taxable year. For the tax year ended December 31, 2020, the following Fund’s deferred post October capital and late year ordinary losses as follows:

			Qualified
	Post-October		Late Year
Fund	Capital Losses		Ordinary Losses
Value Fund	$	32,972	$	—

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.

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 19, 2022. Borrowings under this agreement bear interest at London Interbank Offered Rate (“LIBOR”) plus 1.500%. Maximum borrowings for the Company is the lesser of $3,000,000 or 10% of the Spirit of America Funds’ daily market value. At June 30, 2021, the Income Fund had outstanding borrowings of $735,956. During the six months ended June 30, 2021, each Fund’s borrowing activity was as follows:

	Real Estate												Income &
	Income and			Large Cap			Municipal Tax			Income			Opportunity
	Growth Fund			Value Fund			Free Bond Fund			Fund			Fund
Total bank line of credit as of June 30, 2021	$	3,000,000		$	3,000,000		$	3,000,000		$	2,264,044		$	3,000,000
Average borrowings during period	$	92,402		$	98,525		$	—		$	122,187		$	33,481
Number of days outstanding*		22			32			—			64			18
Average interest rate during period		2.000	%		2.000	%		2.000	%		2.000	%		2.000	%
Highest balance drawn during period	$	284,088		$	502,878		$	—		$	465,313		$	166,168
Highest balance interest rate		2.000	%		2.000	%		2.000	%		2.000	%		2.000	%
Interest expense incurred	$	785		$	1,327		$	—		$	4,035		$	188
Interest rate at June 30, 2021		2.000	%		2.000	%		2.000	%		2.000	%		2.000	%

Number of days outstanding represents the total days during the six months ended June 30, 2021 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 – Coronovirus (COVID-19) Pandemic

COVID-19 pandemic has caused financial markets to experience periods of increased volatility due to uncertainty that exists around its long-term effects. COVID-19 has resulted in varying levels of travel restrictions, quarantines, disruptions to supply chains and customer activity, leading to general concern and economic uncertainty. The full impact and duration of the pandemic cannot necessarily be foreseen. Management continues to monitor developments and navigate accordingly, further evaluating the anticipated impact to financial markets.

Note 12 – 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.

72	SPIRIT OF AMERICA

NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2021 (UNAUDITED)

Liquidity Risk Management Program (Unaudited)

The Funds have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940. The Program is reasonably designed to assess and manage the Funds’ liquidity risk, taking into consideration, among other factors, each Fund’s investment strategy and the liquidity of their portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Board approved the appointment of an Administrator, who is responsible for the Program’s administration in conjunction with the Adviser’s Liquidity Risk Committee. The Administrator maintains Program oversight and reports to the Board on at least an annual basis regarding the Program’s operational effectiveness through a written report (the “Report”). The Report outlined the operation of the Program and the adequacy and effectiveness of the Program’s implementation and was presented to the Board for consideration at its meeting held on May 12, 2021. During the review period, the Funds did not experience unusual stress or disruption to its operations related to purchase and redemption activity. Also, during the review period the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. The Report concluded that (i) the Program was adequately designed and (ii) the Program has been effectively implemented.

DISCLOSURE OF FUND EXPENSES (UNAUDITED)

FOR THE SIX MONTH PERIOD JANUARY 1, 2021 TO JUNE 30, 2021 (UNAUDITED)

We believe it is important for you to understand the impact of fees regarding your investment. All mutual funds have operating expenses. As a shareholder of a Fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from the Fund’s gross income, directly reduce the investment return of the Fund.

Each Fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing fees (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the six month period, January 1, 2021 to June 30, 2021.

Actual Fund Return: This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, the third column shows the period’s annualized expense ratio, and the last column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund at the beginning of the period. You may use the information here, together with your account value, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”

Hypothetical 5% Return: This section is intended to help you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had a return of 5% before expenses during the period shown, but that the expense ratio is unchanged. In this case, because the return used is not the Fund’s actual return, the results do not apply to your investment. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), or redemption fees.

74	SPIRIT OF AMERICA

DISCLOSURE OF FUND EXPENSES (UNAUDITED) (CONT.)

FOR THE SIX MONTH PERIOD JULY 1, 2020 TO JUNE 30, 2021 (UNAUDITED)

		Beginning	Ending		Expenses
		Account Value	Account Value	Annualized	Paid During
		January 1, 2021	June 30, 2021	Expense Ratio	the Period¹
Spirit of America Real Estate Income and Growth Fund
Class A	Actual	$1,000.00	$1,168.90	1.56%	$8.39
	Hypothetical²	$1,000.00	$1,017.06	1.56%	$7.80
Class C	Actual	$1,000.00	$1,164.60	2.26%	$12.13
	Hypothetical²	$1,000.00	$1,013.59	2.26%	$11.28
Institutional Class Shares	Actual	$1,000.00	$1,170.00	1.26%	$6.78
	Hypothetical²	$1,000.00	$1,018.55	1.26%	$6.31
Spirit of America Large Cap Value Fund
Class A	Actual	$1,000.00	$1,148.80	1.52%	$8.10
	Hypothetical²	$1,000.00	$1,017.26	1.52%	$7.60
Class C	Actual	$1,000.00	$1,144.70	2.22%	$11.81
	Hypothetical²	$1,000.00	$1,013.79	2.22%	$11.08
Institutional Class Shares	Actual	$1,000.00	$1,150.40	1.22%	$6.50
	Hypothetical²	$1,000.00	$1,018.74	1.22%	$6.11
Spirit of America Municipal Tax Free Bond Fund
Class A	Actual	$1,000.00	$1,007.30	0.90%	$4.48
	Hypothetical²	$1,000.00	$1,020.33	0.90%	$4.51
Class C	Actual	$1,000.00	$1,003.10	1.75%	$8.69
	Hypothetical²	$1,000.00	$1,016.12	1.75%	$8.75
Institutional Class Shares	Actual	$1,000.00	$1,008.10	0.75%	$3.73
	Hypothetical²	$1,000.00	$1,021.08	0.75%	$3.76
Spirit of America Income Fund
Class A	Actual	$1,000.00	$1,032.90	1.11%	$5.59
	Hypothetical²	$1,000.00	$1,019.29	1.11%	$5.56
Class C	Actual	$1,000.00	$1,028.20	1.86%	$9.35
	Hypothetical²	$1,000.00	$1,015.57	1.86%	$9.30
Institutional Class Shares	Actual	$1,000.00	$1,034.10	0.86%	$4.34
	Hypothetical²	$1,000.00	$1,020.53	0.86%	$4.31
Spirit of America Income & Opportunity Fund
Class A	Actual	$1,000.00	$1,088.80	1.25%	$6.47
	Hypothetical²	$1,000.00	$1,018.60	1.25%	$6.26
Class C	Actual	$1,000.00	$1,085.40	2.00%	$10.34
	Hypothetical²	$1,000.00	$1,014.88	2.00%	$9.99
Institutional Class Shares	Actual	$1,000.00	$1,090.50	1.00%	$5.18
	Hypothetical²	$1,000.00	$1,019.84	1.00%	$5.01

Expenses are equal to each Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The annualized expense ratios reflect reimbursement/recoupment of expenses by the Funds’ Adviser for the period beginning January 1, 2021 to June 30, 2021. The “Financial Highlights” tables in the Funds’ financial statements, included in the report, also show the gross expense ratios, without such reimbursements.

Assumes a 5% annual return before expenses.

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 12, 2021, the Board of Directors (the “Board” or “Directors”) of Spirit of America Investment Fund, Inc. (the “Company”) met telephonically (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 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 Income & Opportunity Fund (the “Opportunity Fund”) (each a “Fund”; collectively, the “Funds”). The Directors noted that the Meeting was held telephonically in accordance with relief granted by the U.S. Securities and Exchange Commission (the “SEC”) to ease certain governance obligations in light of travel concerns related to the COVID-19 pandemic and acknowledged that all actions that required a vote of the Directors at an in-person meeting, including the approval of the Advisory Agreement, would be ratified at the Board’s next in-person meeting, as required by the SEC’s relief. At the Meeting, after determining that the Adviser’s compensation continues to be fair and reasonable pursuant to the terms of the Advisory Agreement, the Board concluded that the approval of the Advisory Agreement would be in the best interests 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 a questionnaire 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 information and 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 and the responses provided by the Adviser; (ii) comparative information on the investment performance of the Funds, 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 generated 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 generated by the Funds’ administrator; (v) the allocation of the Funds’ brokerage commissions, (vi) the record of compliance with the Funds’ investment policies and restrictions and with the Funds’ Code of Ethics as well as the structure and responsibilities of the Adviser’s compliance department; (vii) the profitability of the Funds’ 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 regarding the responsibilities of the Independent Directors related to the approval of the Advisory Agreement.

In evaluating the Advisory Agreement, the Board, including the Independent Directors, requested, reviewed and considered materials furnished by the Adviser and questioned personnel of the Adviser, including the Funds’ portfolio managers, with respect to, among other things, personnel, each Fund’s performance, operations and the financial condition of the Adviser. Among other information, the Board, including 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 reimbursements 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;

76	SPIRIT OF AMERICA

APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT (UNAUDITED) (CONT.)

●

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

●

The profitability to the Adviser of managing and to its affiliate of distributing the Funds, and the methodology in allocating expenses to the management of the Funds.

At the Meeting, Independent Counsel also referred to the “Gartenberg Memorandum” which had been distributed to each Director in advance of the Meeting, outlining the legal standards applicable to the Independent Directors under the 1940 Act with respect to the approval of the continuation of the Advisory Agreement on behalf of each of the Funds. Independent Counsel explained that the Board must consider: (1) the nature, extent and quality of services to be provided by the Adviser to the Funds; (2) the investment performance of each Fund independently; (3) the costs of the services provided and profits realized by the Adviser and its affiliates from the relationship with each Fund; (4) the extent to which economies of scale have been realized as each Fund grows; (5) whether fee levels reflect these economies of scale for the benefit of each Fund’s investors; and (6) any other relevant considerations that the Board deems appropriate.

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 encompassed the following: 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, acknowledged the ever-increasing responsibilities of the Adviser in response to the increasing regulations of the mutual fund industry. The Board also noted that there was no significant disruption or impact to services provided to the Funds by the Adviser as a result of the COVID-19 pandemic as the Adviser was able to operate effectively under its business continuity plan. The Board, including the Independent Directors, determined 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 period ended March 31, 2021 was 2.98% as compared to the median of its peer group of 5.20%. The Income Fund’s performance for the 1-year period ended March 31, 2021 was 11.65% as compared to the median of its peer group of 11.64%. The Real Estate Fund’s performance for the 1-year period ended March 31, 2021 was 27.22% as compared to the median of its peer group of 35.70%. The Value Fund’s performance for the 1-year period was 53.37% as compared to the median of its peer group of 53.33%. The Opportunity Fund’s performance for the 1-year period ended March 31, 2021 was 21.92% as compared to the median of its peer group of 24.23%. 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, 2021) 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 and the advisory fees charged by the Adviser to other accounts. The Municipal Fund had a management fee of 0.60% as compared to the median in its peer group of 0.43%. The Income Fund had a management fee of 0.60% as compared to the median in its peer group of 0.60%. The Real Estate Fund had a management fee of 0.97% as compared to the median in its peer group of 0.80%. The Value Fund had a management fee of 0.97% as compared to the median in its peer group of 0.75%. The Opportunity Fund had a management fee of 0.65% as compared to the median in its peer group of 0.55%. The Board viewed favorably the current and historic willingness of the Adviser to limit the overall expense ratios of the Funds, as appropriate. Acknowledging that the fees paid by the Funds were higher than certain of the comparable funds and, except in the case of the Income Fund,

APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT (UNAUDITED) (CONT.)

higher than the medians in the Funds’ peer groups, the Board nevertheless noted that the fees were still close enough to the medians in each case. The Board noted that, although higher than the fees of certain other funds in their respective groups, 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 2020. The Board noted that, in recent years, increased fixed costs and, in particular, legal and audit fees in response to 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. Additionally, the Board considered whether the amount of the Adviser’s profit is a fair profit for managing the Funds and observed that the Adviser has devoted a large amount of its resources to the Funds throughout the years. The Adviser’s management noted that the fund-by-fund expense analysis does not reflect all of the overhead costs paid by its affiliate, David Lerner & Associates, Inc. (“DLA”), which may be attributed to the Adviser. The Board, including the Independent Directors, then determined that the Adviser’s profitability was at a fair and acceptable level, especially given the quality of the services being provided to the Funds, and that it bore a reasonable relationship to the services rendered.

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. However, due to the relatively small size of each Fund, 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, discussed the fact 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 observed, however, that the Adviser had provided enhancements in personnel and services to the Funds, without any fee increase. The Board stated that it would continue to review the concept of breakpoints in future years as the Funds’ assets grow.

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 regarding 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 concluded that such factors allow the Adviser to provide a high level of service to the Funds. In addition, the Board members considered the history, reputation, qualifications and background of the Adviser as well as the qualifications of the Adviser’s personnel.

b. Other Benefits. The Board, including the Independent Directors, then considered 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 DLA, the affiliated distributor. The Board concluded 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, including the Independent Directors, considered the aforementioned factors and other factors collectively in light of the Funds’ surrounding circumstances and did not identify any factor as all-important or all-controlling. 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 determined that the renewal of the Advisory Agreement was in the best interests of the shareholders of each Fund. The Independent Directors also determined that the fees charged to each Fund for the services provided were not unreasonable. 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.

78	SPIRIT OF AMERICA

The following notice does not constitute part of and is not

incorporated into the prospectus of the Funds.

PRIVACY NOTICE

Rev. 5/2018

FACTS	WHAT DO THE 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 AND SPIRIT OF AMERICA INCOME & OPPORTUNITY FUND (THE “FUNDS”) DO WITH YOUR PERSONAL INFORMATION?

Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ● Social Security number ● account balances ● account transactions ● transaction history ● wire transfer instructions ● checking account information When you are no longer our customer, we continue to share your information as described in this notice.

How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Spirit of America Investment Fund, Inc. chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information		Do the Funds share?	Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus		Yes	No
For our marketing purposes – to offer our products and services to you		No	We don’t share
For joint marketing with other financial companies		No	We don’t share
For our affiliates’ everyday business purposes – information about your transactions and experiences		Yes	No
For our affiliates’ everyday business purposes – information about your creditworthiness		No	We don’t share
For our affiliates to market to you		No	We don’t share
For non-affiliates to market to you		No	We don’t share

Questions?	Call (516) 390-5565

What we do
Who is providing this notice?	Funds advised by Spirit of America Management Corp. A complete list is included below.
How do the Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How do the Funds collect my personal information?	We collect your personal information, typically through David Lerner Associates, Inc., (“DLA”) for example, when you ● open an account ● provide account information ● give DLA your contact information ● make a wire transfer ● tell DLA where to send the money DLA may collect your information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ● sharing for affiliates’ everyday business purposes – information about your creditworthiness ● affiliates from using your information to market to you ● sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and non-financial companies. ● Our affiliates include: Spirit of America Management Corp; David Lerner Associates, Inc.; The Great Art Fund, LLC; and SRLA, Inc.
Non-affiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ● The Funds do not share with non-affiliates so they can market to you.
Joint Marketing	● The Funds do not jointly market.
List of funds providing this notice
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 Income & Opportunity Fund

80	SPIRIT OF AMERICA

[THIS PAGE INTENTIONALLY LEFT BLANK]







Proxy Voting Information The Funds’ Statement of Additional Information (“SAI”) 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 http://www.sec.gov. Portfolio Disclosure The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov.	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

(SPIRIT OF AMERICA LOGO)

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 Fund unless preceded or accompanied by an effective Prospectus which includes details regarding each Fund’s objectives, risks, policies, expenses, and other information.

SOAFunds-SAR-21

(b)Not

applicable.

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. Principle Accountant Fees and Services. NOT APPLICABLE – disclosed with annual report

Item 5. Audit Committee of Listed Companies. NOT APPLICABLE – applies to listed companies only

Item 6. Schedule of Investments. Schedule filed with Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. NOT APPLICABLE – applies to closed-end funds only

Item 8. Portfolio Managers of Closed-End Investment Companies. NOT APPLICABLE – applies to closed-end funds only

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. NOT APPLICABLE – applies to closed-end funds only

Item 10. Submission of Matters to a Vote of Security Holders.

NOT APPLICABLE

Item 11. 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 within 90 days of the filing 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 (17 CFR 270.30a-3(d)) that occurred 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 12. Disclosure of Securities Lending Activities for Closed-End Investment Companies.

Not Applicable.

Item 13. Exhibits.

(a)(1) Not Applicable – filed with annual report

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.

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 (Signature and Title) /s/ David Lerner

David Lerner, Principal Executive Officer

Date 8/30/2021

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 (Signature and Title) /s/ David Lerner

David Lerner, Principal Executive Officer

Date8/30/2021

By (Signature and Title /s/ Alan P. Chodosh

Alan P. Chodosh, Principal Financial Officer

Date8/30/2021

CERTIFICATIONS

I, Alan P. Chodosh, certify that:

1. I have reviewed this report on Form N-CSR of Spirit of America Investment Fund, Inc. (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

8/30/2021 Date		/s/ Alan P. Chodosh Alan P. Chodosh
		Principal Financial Officer

CERTIFICATIONS

I, David Lerner, certify that:

1. I have reviewed this report on Form N-CSR of Spirit of America Investment Fund, Inc. (the “registrant”);

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

8/30/2021 Date		/s/ David Lerner David Lerner
		Principal Financial Officer

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2021 of Spirit of America Investment Fund, Inc. (the “Registrant”).

I, Alan P. Chodosh, the Principal Financial Officer of the Registrant, certify that, to the best of my knowledge:

the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(a) or 78o(d)); and

the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

8/30/2021

Date

/s/ Alan P. Chodosh

Alan P. Chodosh

Principal Financial Officer

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

I, David Lerner, the Principal Executive Officer of the Registrant, certify that, to the best of my knowledge:

the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(a) or 78o(d)); and

the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

8/30/2021

Date

/s/ David Lerner

David Lerner

Principal Executive Officer

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

Create E-mail Alert Related Categories

SEC Filings

Sign up for StreetInsider Free!

Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!

Form N-CSRS SPIRIT OF AMERICA INVEST For: Jun 30

You May Also Be Interested In

Create E-mail Alert Related Categories

Sign up for StreetInsider Free!

Free News Feed